/raid1/www/Hosts/bankrupt/TCRAP_Public/061011.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 11, 2006, Vol. 9, No. 202
Headlines
A U S T R A L I A & N E W Z E A L A N D
AWB LIMITED: Various Parties Face Criminal Charges from Inquiry
AWB LIMITED: Makes AU$778-Million Third Distribution to Pool
BENMYTH PTY: Members and Creditors to Hear Wind-Up Report
CHRIS & RICK'S: Supreme Court Orders Wind-Up
CROMWELL'S: Closes Pyrmont Branch for Good
DRAGON STAR: Final Meeting Slated for October 17
ERIN INTERIORS: Final Meeting Fixed on October 18
FELTEX CARPETS: 134 Christchurch Staff Unemployed
FORTESCUE METALS: Tells Court BHP Does Not Own Pilbara Railways
GENERAL MILLS: Earns US$267 Million in 2006 Fiscal First Quarter
GLENLARK PTY: Members Resolve to Wind Up Firm
GREEN OASIS: Commences Wind-Up of Operations
INTERNATIONAL STANDARDS: Creditors' Proofs of Debt Due Oct. 20
JDA NOMINEES: To Hold Final Meeting on October 18
JOLLY ROGER: Creditors' Proofs of Claim Due on November 3
LAURA PTY: Members Agree to Liquidate Business
LAVALLETTE PTY: Members Decide to Wind Up Firm
LEBONG PTY: Courts Issue Wind-Up Order
M5 BRICKLAYING: Inability to Pay Debts Prompts Wind-Up
MEDIA GROUP: Liquidation Commenced on September 18
MERCHANT ACCOUNTING: Creditors Must Prove Debts by October 20
MIKWEN PTY: Liquidator to Present Wind-Up Report
MJR INSURANCE: Final Meeting Scheduled on October 18
NGATI KAHU: Official Assignee to Act as Liquidator
NO COMMISSION: Appoints Official Liquidator
NORTH WESTERN: Creditors' Proofs of Debt Due on October 12
ONE RED DOG: Names Official Assignee as Liquidator
ONE STOP: Creditors Must Prove Debts by December 21
OMNIBUS LEASING: Members Resolve to Shut Down Business
PELKAR PTY: Inability to Pay Debts Prompts Wind-Up
PHILIPS CONSTRUCTION: Members and Creditors to Meet on Oct. 18
POLAR KING: Appoints Joint and Several Liquidators
R & P SEALANTS: Liquidator McVeigh to Give Wind-Up Report
RAIL LEASING: Members Resolve to Close Business
RAPID WALL: Pass Resolution to Wind Up Operations
ROBINA PROPERTIES: Court Restrains Couple from Leaving Australia
RIVER BOYNE: Members Opt for Voluntary Wind-up
SALACIOUS SOLUTIONS: Creditors' Proofs of Claim Due on Oct. 20
SERVICE STATION: Creditors Must Prove Debts by October 21
SILK ROAD: Court Appoints Joint Liquidators
STOCKFORD (DERMODY): Will Declare Third Dividend on October 13
STOCKFORD (HOSKING): Prepares to Declare Third Dividend
STOCKFORD (LEESON): To Declare Third Dividend on October 13
STOCKFORD (LISTER): To Distribute Third Dividend on October 13
STOCKFORD (MCKAY): To Declare Third Dividend on October 13
SUPREME MANUFACTURING: Undergoes Wind-Up Proceedings
TRESALCO PTY: Creditors Appoint Joint Liquidators
WESTPOINT GROUP: Court Extends Asset-Freeze Order to Dec. 24
ZERMATT LTD: Placed Under Members' Voluntary Wind-Up
C H I N A & H O N G K O N G
AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
BOMBARDIER INC: Gets US$1.35B Aircraft Order from Northwest Air
BUSINESS INVESTMENT: Creditors' Proofs of Claim Due on Oct. 29
ELECTRONIC RENTALS: Members Opt to Close Operations
FILA CHINA: Undergoes Members' Voluntary Wind-Up
GENESIS ENGINEERING: Court Favors Wind-Up
GOLD-FACE HOLDINGS: Liquidation Process Initiated
H. K. FULLSON: Creditors and Contributories to Meet on Oct. 24
HEALTH CROWN: Court to Hear Wind-Up Petition on November 1
IAC BANK: Starts Biggest IPO Worth US$21-Bln. at Bargain Price
JOS DEPOT: Liquidators Cease to Act for the Company
JOS SERVICES: Joint Liquidators Step Aside
KUKAN INTERIORS: Placed Under Voluntary Wind-Up
LEPEAKCO INDUSTRIAL: Faces Wind-Up Proceedings
ORANGE NASSAU: Members' Final Meeting Set on November 10
RIM SEMICONDUCTOR: Incurs US$15.1-Million Net Loss in Third Qtr.
SHARP UNION: Receives Wind-Up Order from Court
SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition
WORLDTEX (H.K.): Members to Hear Wind-Up Report
WORLD UNIVERSAL: Appoints Jacky Chung Wing Muk as Liquidator
I N D I A
AES CORP: Makes BRL1.3-Billion Payment to Banco Nacional
ALLAHABAD BANK: CARE assigns 'AA+' to Tier II Series VI Bonds
AMERICAN AXLE: Attrition Program Cues S&P to Affirm BB Rating
BANK OF BARODA: Broking Firm Sees INR2.96B Net Profit for Q2FY07
BANK OF INDIA: Sees Improved Results for 2nd Quarter/FY2006-2007
BHARTI AIRTEL: Seeks Shareholders Nod on Amalgamation Scheme
BHARTI AIRTEL: Increases GSM Subscribers Base to 27.06 Million
BPL LIMITED: JV with Sanyo Raised US$20-Mil. to Fund Expansion
EXIM BANK: To Raise US$250-Mil. in Japan & US$1-Bil. in Europe
EXIM BANK: Extends US$10-Mil. Credit Line to PTA Bank
GENERAL MOTORS: Ratings Remain on CreditWatch, S&P Says
GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan
MERRILL COMMS: Moody's Puts B3 Rating on Proposed 2nd-Lien Loan
I N D O N E S I A
BEARINGPOINT INC: Moody's Lowers Rating on US$250MM to B3
CA INC: Moody's Assigns Loss-Given-Default Ratings
GARUDA INDONESIA: Delays Debt Restructuring to November
MCDERMOTT INT'L: Moody's Assigns Loss-Given-Default Ratings
PHILLIPS-VAN HEUSEN: Moody's Assigns Loss-Given-Default Rating
PHILLIPS-VAN HEUSEN: Discloses Investment Plans' Blackout Period
VERITAS DGC: Moody's Assigns Loss-Given-Default Rating
J A P A N
ATTACHMATE CORP: Moody's Assigns Loss-Given-Default Ratings
INFOR GLOBAL: Moody's Assigns Loss-Given-Default Rating
PGMI INC: McKennon Wilson Raises Going Concern Doubt
QUIKSILVER INC: Moody's Assigns Loss-Given-Default Rating
K O R E A
BURGER KING: Repays Additional US$35 Million in Debt
HYNIX SEMICONDUCTOR: FnGuide Sees Better Results in 3rd Quarter
WARNACO GROUP: Moody's Assigns Loss-Given-Default Ratings
M A L A Y S I A
ARMSTRONG WORLD: Bankruptcy Exit Prompts S&P to Raise Ratings
METROPLEX BERHAD: Capital Deficit is MYR224 Mil. for 2nd Quarter
METROPLEX BERHAD: MSEMI Wants Injunction Against Metroplex Unit
PAN MALAYSIAN: Cancels Rights Issue & Share Consolidation
POLYMATE HOLDINGS: Subsidiaries Commence Wind-Up of Operations
SETEGAP BERHAD: Buyers Extend Time to Fulfill Sale Approval
TENGGARA OIL: Ong Ban Chai Demands Payment from Unit
TENGGARA OIL: Posts Lower Revenue at MYR9.14 Mil for 2nd Qtr.'06
P H I L I P P I N E S
BENGUET CORP: Hires Citigroup as Financial Advisor for Kingking
PHILIPPINE LONG DISTANCE: Plans to Extend Service Nationwide
RIZAL COMMERCIAL BANKING: Receives BSP Approval to Issue Notes
* BSP Says Inflation May Rise in October Due to "Milenyo"
S I N G A P O R E
AFFYMETRIX INC: Inks Licensing Agreement with NimbleGen
CHEMTURA CORP: Settles Federal Rubber Chemicals Suit for US$51M
DIGILAND INTERNATIONAL: To Seek Shareholders' OK for Proposals
ISOFT GROUP: Discloses Contractual Changes to NPfIT Engagements
LEVI STRAUSS: Moody's Assigns Loss-Given-Default Rating
PETROLEO BRASILEIRO: Unit Raises US$500MM in Global Notes
REFCO INC: Will Pay US$705 Mil. to Resolve All Secured Claims
SEA CONTAINERS: Filing Delay Prompts NYSE to Suspend Trading
T H A I L A N D
SIAM COMMERCIAL: Board Appoints Vicharn as Bank Director
TOTAL ACCESS: Plans Selling 25% Stake in IPO Before Year Ends
* BAM to Buy Commercial Bank's NPAs Worth THB30-Billion
* Upcoming Meetings, Conferences and Seminars
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
AWB LIMITED: Various Parties Face Criminal Charges from Inquiry
---------------------------------------------------------------
Commissioner Terence Cole has set an October 17, 2006 deadline
for AWB Limited's lawyers to hand in written submissions from
companies and individuals that were investigated by the Cole
Inquiry, including AWB, the Sydney Morning Herald reports.
The paper relates that these parties that were investigated by
Mr. Cole have been sent notices detailing the proposed adverse
findings against them, including recommendations for criminal
charges.
The report says that when Mr. Cole hands his report on his
investigation into the AU$290 million Iraqi kickbacks scandal to
the federal government in November 24, 2006, AWB is likely to
face damning findings.
Tim Goodacre, the chief executive officer of Zespri
International, is one of the individuals asked to respond to the
Inquiry's notices. Mr. Goodacre was a senior manager at AWB at
the time of the alleged incident and a witness has said he knew
of the payments to the Iraqi government, newswire.co.nz relates.
Zespri is a grower-owned company, which markets kiwifruit
globally.
Mr. Goodacre has until October 20, 2006, to submit his response.
The Sydney Herald recounts that on September 29, 2006, the
Commission's public hearings into the scandal revealed that AWB
could face terrorism-related charges.
According to the paper, the inquiry produced evidence suggesting
that some of AWB's staff knew money being funneled to Iraq could
have been funding atrocities against the Iraqi people.
Mr. Cole could also recommend charging AWB of bribing foreign
officials, which would be the first prosecution in Australia,
the Sydney Herald notes.
About AWB
AWB Limited -- http://www.awb.com.au/-- is Australia's leading
agribusiness and one of the world's largest wheat marketing
companies. It is also one of Australia's top 100 publicly
listed companies. The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk. The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world. The
company employs more than 2,700 staff reaching over 100,000
customers. AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.
In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program. A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime. The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal. The "Cole Inquiry" is currently underway. The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.
In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry. As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.
* * *
The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes. According to the TCR-AP report, more farmers are
considering joining the class action.
The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.
The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of AU$4.54
billion, showing total equity of AU$1.16 billion.
AWB LIMITED: Makes AU$778-Million Third Distribution to Pool
------------------------------------------------------------
This week, AWB Limited will make a third distribution worth
AU$778 million, which after allowing for site-to-sea charges,
will provide AU$635 million payment to growers who participated
in the 2005-2006 AWB National Pool.
Acting General Manager AWB National Pool David Johnson says AWB
had a particularly strong sales and shipping program over the
past few months, with August the largest monthly shipping
program for the year.
Mr. Johnson further says that for benchmark APW, 59.70% of the
total Estimated Pool Return had already been sold and
distributed. With a current EPR of AU$190 per ton for APW, the
base rate for this third distribution is AU$44.64 per ton.
"The third distribution has been authorized and approved by AWB
International and includes strong payments for the higher
protein grades in particular," Mr. Johnson relates.
"Sales pace for these grades had been slower earlier in the
year, when there was limited physical demand for harder wheat as
customers looked toward cheaper options. However, AWB has been
able to capture the stronger demand for hard wheat in the past
two months, with good sales to markets in the Middle East and
Africa, as well as further sales to India," Mr. Johnson says.
According to Mr. Johnson, AWB's shipping program is on schedule,
despite the challenges of the large volumes in the Pool.
"As a result of the strong international sales progress, AWB
shipping program in August was the largest monthly program for
the year. The National Pool has also managed to sell
significant volumes into the domestic market, with these sales
to be reflected in the next distribution," Mr. Johnson notes.
Rather than having higher than average carryout, AWB is now
expecting stocks to be at a similar level to last year by the
end of the shipping year on November 30, 2006.
Distributions are calculated using actual sales receipts for
each pay grade, as well as added value from pool management and
associated operating expenses incurred to-date.
The fourth distribution is due in January 2007.
To access further information about AWB Distributions, Growers
may visit the AWB Web site at http://www.awb.com.au/growers/
Alternatively, contact the Grower Service Centre on 1800 054 433
for more information.
About AWB
AWB Limited -- http://www.awb.com.au/-- is Australia's leading
agribusiness and one of the world's largest wheat marketing
companies. It is also one of Australia's top 100 publicly
listed companies. The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk. The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world. The
company employs more than 2,700 staff reaching over 100,000
customers. AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.
In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program. A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime. The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal. The "Cole Inquiry" is currently underway. The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.
In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry. As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.
* * *
The Troubled Company Reporter - Asia Pacific reported on July
12, 2006, that six American wheat farmers have launched a AU$1-
billion class action against AWB in the United States, claiming
its dealings in overseas markets damaged their own incomes.
According to the TCR-AP report, more farmers are considering
joining the class action.
The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.
The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of AU$4.54
billion, showing total equity of AU$1.16 billion.
BENMYTH PTY: Members and Creditors to Hear Wind-Up Report
---------------------------------------------------------
Members and creditors of Benmyth Pty Ltd, which is in
liquidation, will hold a final meeting on October 18, 2006, at
9:00 a.m., to receive Liquidator McVeigh's report on the
company's wind-up proceedings and property disposal exercises.
The Liquidator can be reached at:
Dean R. Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
CHRIS & RICK'S: Supreme Court Orders Wind-Up
--------------------------------------------
On September 13, 2006, the Supreme Court of Victoria ordered
Chris and Rick's Enterprises Pty Ltd to wind up its operations.
Accordingly, Adrian Brown was appointed as official liquidator.
The Official Liquidator can be reached at:
Adrian Brown
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
CROMWELL'S: Closes Pyrmont Branch for Good
------------------------------------------
On September 29, 2006, auction house Cromwell's, owned by
businessman Jim Byrnes, finally closed its doors at Pyrmont in
Sydney's inner west, The Australian reports.
The paper relates that on September 27, 2006, Mr. Byrnes offered
148 people who had sold goods through Cromwell's Sydney auction
house just 44 cents in the dollar for debts totaling AU$268,394.
The Australian relates that the closure of Cromwell's in Pyrmont
follows the failure of Cromwell's Auctioneers and Valuers in
Rozelle and Cromwell's Sydney, which is in the hands of
administrator Gavin Moss.
The items provided by the 148 vendors to the company were
auctioned, but the vendors never received any of the proceeds,
The Australian cites Mr. Moss' report to creditors.
The paper also cites Geoff Cassidy, head of Australian paintings
at Sotheby's, as saying, "given Jim Byrnes' history of
bankruptcies, we would not recommend any clients to deal with
Cromwell's."
The Australian reveals that the Australian Securities and
Investments Commission recently banned Mr. Byrnes from being a
company director for five years for his involvement in four
company collapses, including Cromwell's Rozelle.
According to the ASIC, Mr. Byrnes' management of the four failed
companies demonstrated "incompetence, a lack of commercial
morality and a disregard for his statutory duties as a
director."
The Australian notes that Bauhaus Pyrmont, Curlew Apartments,
and Cromwell's Auctioneers and Valuers Rozelle were wound up,
owing AU$6 million to creditors.
According to liquidator PPB, Cromwell's Rozelle, which lists Mr.
Byrnes as sole director and company secretary, went under owing
the Australian Tax office AU$44,859.51, the paper relates.
DRAGON STAR: Final Meeting Slated for October 17
------------------------------------------------
A final meeting of the members and creditors of Dragon Star
Queensland Pty Ltd, which is in liquidation, will be held on
October 17, 2006, at 10:00 a.m.
During the meeting, Liquidators Currie and Biazos will report on
the company's wind-up proceedings and property disposal
exercises.
The Liquidators can be reached at:
I. A. Currie
P. G. Biazos
Currie Biazos
PO Box 10098 Adelaide Street
Brisbane Queensland 4000
Australia
Telephone: 07 3220 0994
Facsimile: 07 3220 0996
ERIN INTERIORS: Final Meeting Fixed on October 18
-------------------------------------------------
Erin Interiors Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 18, 2006,
at 9:30 a.m.
At the meeting, Liquidator McVeigh will present an account
regarding the company's wind-up proceedings and property
disposal exercises.
The Liquidator can be reached at:
Dean R. Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
FELTEX CARPETS: 134 Christchurch Staff Unemployed
-------------------------------------------------
Godfrey Hirst New Zealand Limited informs Feltex Carpets
Limited's receiver -- McGrathNicol + Partners -- that it does
not intend to offer re-employment to 134 staff at the Upper
Riccarton plant in Christchurch.
The decision was taken after the provision of further
information and documentation to Godfrey Hirst last week.
Tania Pauling, General Manager of Godfrey Hirst New Zealand
says, "there are significant issues relating to the financial
performance and future prospects of the plant and those issues
have been present for sometime."
Ms. Pauling notes that "of immediate concern is the order book.
This currently stands at around 13,000 broadloom meters, or
46,000 square meters, all of which will be completed by November
19, 2006, adding that the Feltex directors and senior management
should have been aware of this situation."
Of further concern are the terms of sale for the woven carpet
produced at Upper Riccarton.
According to Ms. Pauling, Feltex was bidding for contracts at or
below the cost of production to compete with low cost producers
in Asia, which was clearly unsustainable. "Realistically, this
plant should have been closed several years ago when the
production of woven carpets was transferred to low cost centers
by most other manufacturers in Australia, Europe, and North
America," Ms. Pauling further says.
Until all all Feltex employees receive redundancy payments,
McGrathNicol will continue to operate the Upper Riccarton plant.
Thirty-five employees will be offered employment until the end
of November to complete the existing contracts.
Godfrey Hirst Employment Contract
Nine sales, design, and IT staff will be offered contracts of
employment with Godfrey Hirst.
Furthermore, Godfrey Hirst's Christchurch yarn mill, Canterbury
Spinners Limited, intends to offer employment to 20 Riccarton
employees, and Clive Scour in Napier has 15 positions available
for offer to Feltex Kakariki staff.
Ms. Pauling confirms that all staff at Feltex's four other New
Zealand plants in Lower Hutt, Foxton, Feilding, and Dannevirke
will be offered employment by Godfrey Hirst and it will be
business as usual at those plants. In addition, all staff at
the Auckland and Wellington sales offices will be offered re-
employment, Ms. Pauling notes.
Accordingly, over 660 people will be offered permanent positions
with Godfrey Hirst.
"Our overarching strategy now is to build on the good brands of
Feltex, invest in its future, and provide the best management
practices and skills to make Feltex a strong carpet manufacturer
again," Ms. Pauling says.
Union Will Take Legal Action
According to Newstalk ZB, the number of redundancies at Feltex's
Christchurch Plant is almost twice the original 70 announced for
redundancy.
The union representing Feltex workers will be talking about
avenues for action, stuff.co.nz cites Union spokeswoman Laila
Harre.
Ms. Harre contends that many of the workers are nearing
retirement and their opportunities to find new jobs in
Christchurch are very limited.
National Distribution Union organizer Bob Brough disclosed that
all redundancy packages are capped at NZ$15,000, despite there
being a number of workers who have completed 20 or 30 years
employment with Feltex, Newstalk relates.
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.
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.
The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.
FORTESCUE METALS: Tells Court BHP Does Not Own Pilbara Railways
---------------------------------------------------------------
Fortescue Metals Group Ltd has told the Federal Court that BHP
Billiton is neither the owner nor the operator of two railways
in West Australia's Pilbara region, the Australian Associated
Press relates.
As reported in the Troubled Company Reporter - Asia Pacific on
June 15, 2006, Fortescue Chief Executive Officer Andrew Forrest
appealed to the Australian Competition Tribunal to have BHP's
Mt. Newman rail line opened to third-party access under the
Trade Practices Act.
According to the TCR-AP, the BHP rail deal would have allowed
Fortescue to use its trains to cart 60-70 million tons of iron
ore in the next decade on BHP's rail line from the small Mindy
Mindy deposit to Port Hedland.
AAP relates that Fortescue's lawyer Norman O'Bryan QC told
Federal Court Justice John Middleton in Perth that the company
only wants access to the "below rail" service, or the actual
railways and not the haulage service.
According to Mr. O'Bryan, the "below rail" service and the
haulage service are two different services. Mr O'Bryan asserted
that BHP is neither the owner nor the operator of the below line
service, The Age relates.
AAP reveals that the railways are owned by a number of joint
ventures, which have access agreements with BHP, noting that BHP
is the major partner. Other partners include Korean, Japanese,
and Chinese companies, AAP says.
The Age says BHP argued that the railway lines should be closed
to third parties because they are part of the production
process.
However, the National Competition Council thinks otherwise.
Thus, NCC lawyer Charles Scerri QC told Justice Middleton that
he intended to call expert witnesses and use economic testing to
prove the actual railways were not involved in producing iron
ore, AAP relates.
According to The Age, BHP will rely on a precedent case that
ruled railways could be part of the process.
However, Mr. Scerri argued the ruling had been wrong and was not
based on economic analysis, The Age relates.
A TCR-AP report in May 2006 stated that the Australian
Government barred Fortescue from gaining access to BHP
Billiton's Pilbara rail line despite the NCC's recommendation
that the miner be granted the right to negotiate with BHP.
The hearing continues in Perth this week and is expected to move
to the Federal Court in Melbourne next week, AAP notes.
About Fortescue
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor. The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia. In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products. The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.
The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004. In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters. The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.
* * *
Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.
Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.
GENERAL MILLS: Earns US$267 Million in 2006 Fiscal First Quarter
----------------------------------------------------------------
For the first quarter of fiscal 2007, General Mills, Inc.,
reported net sales for the 13 weeks ended August 27, 2006,
increased 7% to US$2.86 billion, as worldwide unit volume rose
4%. Segment operating profits grew 7% to US$532 million. Net
earnings totaled US$267 million, up 6% despite higher interest
expense and the adoption of a new accounting standard for stock-
based compensation in the quarter.
Chairman and Chief Executive Officer Steve Sanger said, "This is
a solid start to the year, driven by good unit volume and sales
gains in each of our three operating segments -- U.S. Retail,
International, and Bakeries & Foodservice. The sales strength
reflects continued growth momentum in our established
businesses, along with new product introductions under way in
markets around the world."
International Segment Results
Net sales for General Mills' consolidated international
businesses grew 13% to US$505 million. Unit volume increased
7%, including strong contributions from new products, and
foreign exchange contributed 4 points of net sales growth.
Operating profits totaled US$56 million. This was $3 million
below year-ago levels, due to strong levels of new-product
marketing support in this year's quarter and comparison to a 74%
profit increase in the period last year.
Joint Venture Summary
After-tax earnings from joint ventures totaled US$19 million in
the first quarter, matching prior year results. This year's
results include a US$2 million after-tax charge that is part of
a previously announced restructuring of the Cereal Partners
Worldwide manufacturing plants in the United Kingdom. Net sales
for CPW grew 7% in the quarter. Net sales for the Haagen-Dazs
joint ventures in Asia declined 4%. The 8th Continent joint
venture with DuPont posted a 2% net sales increase.
Corporate Items
Corporate unallocated expense totaled a net US$43 million for
the quarter compared to US$37 million net expense a year ago.
Fiscal 2007 results include the incremental effects of adopting
SFAS 123R for stock-based compensation, which represented US$40
million pretax expense in the quarter. Prior year first-quarter
corporate expense included a US$10 million charge to write down
the asset value of a low-income housing investment.
Restructuring and other exit items contributed income of US$2
million in the quarter, including a US$9 million gain on the
sale of a former manufacturing facility in Spain and a US$6
million
charge associated with divestiture of a par-baked bread business
that was part of our Bakeries and Foodservice segment.
Interest expense for the quarter totaled US$105 million, up 17%
due to higher rates. The effective tax rate for the quarter was
35.8%.
Cash Flow Items
Operating cash flow for the first quarter was US$104 million,
down from US$158 million in the same period last year due to
higher working capital use. During the first quarter, General
Mills repurchased 14 million of the company's common shares at
an average price of US$52.08 per share. Dividends grew to
US$126 million, reflecting two increases to the quarterly
dividend rate effective in February 2006 and August 2006.
Capital expenditures during the quarter were US$61 million.
Outlook
"This is an excellent start to the fiscal year, as we are seeing
strong operating performance across all business segments,"
Sanger said. General Mills reaffirmed its fiscal 2007 guidance
for low single-digit net sales growth, mid single-digit growth
in segment operating profits, and diluted EPS of US$3.03 to
US$3.08, including an estimated 11 to 12 cent impact from the
adoption SFAS 123R for stock-based compensation.
About General Mills
General Mills, Inc. (NYSE:GIS) -- http://www.generalmills.com/
-- is a cereal maker. General Mills' building blocks in its
International business include "Megabrands," like Haagen-Dazs,
Old El Paso, Green Giant, Pillsbury and Betty Crocker, with
market-leading local brands, like Wanchai Ferry in China and
Latina fresh pasta in Australia, driving strong local market
growth.
Through its consolidated businesses, the company sells products
in more than 100 countries, with offices or manufacturing
facilities in more than 30 countries. The International
division accounts for more than US$1.5 billion in annual sales,
including the foodservice segment.
* * *
As reported in the Troubled Company Reporter on May 1, 2006,
Moody's Investors Service placed under review for possible
upgrade the long-term debt ratings of General Mills, Inc. and
affirmed its Prime-2 short-term debt ratings. The review
included Moody's (P)Ba1 rating on the Company's Preferred shelf.
General Mills reported a 6% gain in quarterly earnings, helped
by improved sales and volume gains.
GLENLARK PTY: Members Resolve to Wind Up Firm
---------------------------------------------
Members of Glenlark Pty Ltd on September 12, 2006, passed a
special resolution to voluntarily wind up the company's
operations.
Subsequently, Ian Charles Francis and Michael Joseph Patrick
Ryan were appointed as joint and several liquidators.
The Joint and Several Liquidators can be reached at:
Ian Charles Francis
Michael Joseph Patrick Ryan
Taylor Woodings
Level 6, 30 The Esplanade
Perth, Western Australia 6000
Australia
GREEN OASIS: Commences Wind-Up of Operations
--------------------------------------------
Members of Green Oasis (Vic) Pty Ltd held a general meeting on
September 12, 2006, and resolved to voluntarily wind up the
company's operations.
Subsequently, Andrew McLellan was appointed liquidator at the
creditors' meeting held that same day.
The Liquidator can be reached at:
Andrew Mclellan
PPB
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
INTERNATIONAL STANDARDS: Creditors' Proofs of Debt Due Oct. 20
--------------------------------------------------------------
On September 22, 2006, Jeffrey Philip Meltzer and Michael
Lamacraft were appointed as joint and several liquidators of
International Standards Certifications (NZ) Ltd.
Accordingly, the joint liquidators required the company's
creditors to prove their debts by October 20, 2006, or be
excluded from the benefit of distribution.
The Joint Liquidators can be reached at:
Jeffrey Philip Meltzer
Michael Lamacraft
Meltzer Mason Heath
P.O. Box 6302, Wellesley Street
Auckland, New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
JDA NOMINEES: To Hold Final Meeting on October 18
-------------------------------------------------
A final meeting of the members and creditors of JDA Nominees Pty
Ltd, which is in liquidation, will be held on October 18, 2006,
at 11:30 a.m.
During the meeting, the members and creditors will receive
Liquidator McVeigh's report on the activities that transpired
during the wind-up period.
The Liquidator can be reached at:
Dean R. Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
JOLLY ROGER: Creditors' Proofs of Claim Due on November 3
---------------------------------------------------------
On September 21, 2006, shareholders of Jolly Roger Restaurant
(Manukau) Ltd, which is in liquidation, appointed John Trevor
Whitfield and Dennis John Wood as joint and several liquidators.
Accordingly, the Liquidators required the creditors to file
proofs of claim by November 3, 2006. Failure to prove their
debt will exclude a creditor from sharing in any distribution
the company will make.
The Joint Liquidators can be reached at:
Dennis Wood
McDonald Vague, P.O. Box 6092
Wellesley Street Post Office
Auckland, New Zealand
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Web site: www.mvp.co.nz
LAURA PTY: Members Agree to Liquidate Business
----------------------------------------------
At a general meeting of Laura Pty Ltd held on September 12,
2006, the company's members resolved to voluntarily liquidate
the company's business and appoint George Georges as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
LAVALLETTE PTY: Members Decide to Wind Up Firm
----------------------------------------------
On September 12, 2006, during a general meeting, the members of
Lavallette Pty Ltd resolved to wind up the company's operations.
Accordingly, George Georges was appointed as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
LEBONG PTY: Courts Issue Wind-Up Order
--------------------------------------
On September 8, 2006, the Federal Court of Australia issued an
order to wind up Lebong Pty Ltd.
On September 12, 2006, the Supreme Court of New South Wales also
ordered the company's wind-up.
In this regard, Steven Nicols was appointed as liquidator.
The Liquidator can be reached at:
Steven Nicols
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
M5 BRICKLAYING: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
On September 13, 2006, the members of M5 Bricklaying Pty Ltd
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when they fall due.
In this regard, Geoffrey Reidy was named as liquidator.
The Liquidator can be reached at:
Geoffrey Reidy
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
MEDIA GROUP: Liquidation Commenced on September 18
--------------------------------------------------
The liquidation of Media Group NZ Ltd commenced on September 18,
2006, with the appointment of Robert Laurie Merlo as liquidator.
Accordingly, Mr. Merlo required the company's creditors to prove
their debts by October 25, 2006, or be excluded from sharing in
any distribution the company will make.
The Liquidator can be reached at:
R. L. Merlo
Merlo Burgess & Co. Limited
P.O. Box 51-486, Pakuranga
Auckland, New Zealand
Telephone: (09) 520 7101
Facsimile: (09) 529 1360
Email: merloburgess&co@xtra.co.nz
MERCHANT ACCOUNTING: Creditors Must Prove Debts by October 20
-------------------------------------------------------------
Merchant Accounting Pty Ltd, which is in liquidation, will
declare the first and final dividend to its creditors on
October 26, 2006. Creditors who are unable to formally prove
their debts by October 20, 2006, will be excluded from sharing
in the distribution.
The Troubled Company Reporter - Asia Pacific, reported that on
September 11, 2006, the company commenced a wind-up of its
operations.
The Liquidator can be reached at:
Peter Goodin
Brooke Bird & Co
471 Riversdale Road
Hawthorn East Victoria 3123
Australia
Telephone: 9882 6666
MIKWEN PTY: Liquidator to Present Wind-Up Report
------------------------------------------------
The members and creditors of Mikwen Pty Ltd, which is in
liquidation, will hold a final meeting on October 18, 2006, at
12:00 noon.
At the meeting, Liquidator McVeigh will report the company's
wind-up proceedings and the manner of property disposal.
The Liquidator can be reached at:
Dean R. Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
MJR INSURANCE: Final Meeting Scheduled on October 18
----------------------------------------------------
A final meeting of the members and creditors of MJR Insurance
Services Pty Ltd, which is liquidation, will be held on
October 18, 2006, at 11:00 a.m., to receive Liquidator McVeigh's
account on the company's wind-up proceedings and property
disposal exercises.
The Liquidator can be reached at:
Dean R. Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
NGATI KAHU: Official Assignee to Act as Liquidator
--------------------------------------------------
On September 18, 2006, the official assignee for Ngati Kahu o
Torongare/Parawhau Hapu Trust was appointed as the company's
liquidator.
According to the Troubled Company Reporter - Asia Pacific,
Southcomb Distributors Ltd filed a liquidation petition against
the company on August 8, 2006. The petition was heard before
the High Court of Whangarei on September 18, 2006.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone: 0508 467 658
Web site: www.insolvency.govt.nz
NO COMMISSION: Appoints Official Liquidator
-------------------------------------------
No Commission Property Sales Dunedin North appointed its
official assignee to act as liquidator on September 18, 2006.
As reported by the Troubled Company Reporter - Asia Pacific,
Associated Press Ltd filed a liquidation petition against the
company on August 23, 2006. The petition was heard before the
High Court of Dunedin on September 21, 2006.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone: 0508 467 658
Web site: www.insolvency.govt.nz
NORTH WESTERN: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------------
North Western Resources Pty Ltd, which is in members' voluntary
liquidation, will declare the final dividend on October 13,
2006.
Creditors must submit their proofs of debt by October 12, 2006,
to be included in the company's distribution of dividend.
The Liquidator can be reached at:
Keiran Hutchison
Ernst & Young
680 George Street
Sydney, New South Wales 2000
Australia
Telephone: 02 9248 5864
ONE RED DOG: Names Official Assignee as Liquidator
--------------------------------------------------
On September 18, 2006, One Red Dog Ponsonby Ltd appointed its
official assignee as the company's liquidator.
The Troubled Company Reporter - Asia Pacific reported that the
company was facing a liquidation petition from Crean Foodservice
Ltd. The petition was heard before the High Court of Auckland
on September 21, 2006.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone: 0508 467 658
Web site: http://www.insolvency.govt.nz
ONE STOP: Creditors Must Prove Debts by December 21
---------------------------------------------------
Shareholders of One Stop Hydraulics Ltd on September 21, 2006,
appointed Vivian Judith Fatupaito and Richard Dale Agnew as
liquidators to act jointly and severally.
The liquidators fixed December 21, 2006, as the last day for
creditors to prove their debts or claims.
The Liquidators can be reached at:
Vivian Judith Fatupaito
Richard Dale Agnew
PricewaterhouseCoopers
Level 8, PricewaterhouseCoopers Tower
188 Quay Street, (Private Bag 92-162)
Auckland, New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
OMNIBUS LEASING: Members Resolve to Shut Down Business
------------------------------------------------------
On September 12, 2006, the members of Omnibus Leasing (1978) Ltd
resolved to wind up the company's operations and appointed
George Georges as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
PELKAR PTY: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
On September 13, 2006, shareholders of Pelkar Pty Ltd passed a
special resolution to voluntarily wind up the company's
operations due to its inability to pay debts when they fall due.
Geoffrey Reidy was consequently appointed as liquidator.
The Liquidator can be reached at:
Geoffrey Reidy
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
PHILIPS CONSTRUCTION: Members and Creditors to Meet on Oct. 18
--------------------------------------------------------------
Members and creditors of Philips Construction Group (Aust) Pty
Ltd, which is in liquidation, will hold a final meeting on
October 18, 2006, at 10:00 a.m.
During the meeting, Liquidator McVeigh will present a report
regarding the company's wind-up proceedings and property
disposal exercises.
The Liquidator can be reached at:
Dean R. McVeigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
POLAR KING: Appoints Joint and Several Liquidators
--------------------------------------------------
On September 21, 2006, shareholders of Polar King Ltd appointed
Vivian Judith Fatupaito and Richard Dale Agnew as joint and
several liquidators.
Consequently, the liquidators required the company's creditors
to file proofs of claim by December 21, 2006. Failure to prove
their debt will exclude a creditor from sharing in any
distribution the company will make.
The Liquidators can be reached at:
Vivian Judith Fatupaito
Richard Dale Agnew
PricewaterhouseCoopers
Level 8, PricewaterhouseCoopers Tower
188 Quay Street, (Private Bag 92-162)
Auckland, New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
R & P SEALANTS: Liquidator McVeigh to Give Wind-Up Report
---------------------------------------------------------
A final meeting will be held on October 18, 2006, at 10:30 a.m.,
for the members and creditors of R & P Sealants Pty Ltd, which
was placed under liquidation.
At the meeting, Liquidator McVeigh will give an account
regarding the company's wind-up proceedings and property
disposal activities.
The Liquidator can be reached at:
Dean R. McVeigh
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
RAIL LEASING: Members Resolve to Close Business
-----------------------------------------------
Members of Rail Leasing Ltd held a general meeting on
September 12, 2006, and resolved to close the company's
business.
George Georges was consequently appointed as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
RAPID WALL: Pass Resolution to Wind Up Operations
-------------------------------------------------
At a general meeting held on September 12, 2006, the members of
Rapid Wall Technologies Victoria Pty Ltd passed a special
resolution to voluntarily wind up the company's operations.
Accordingly, Andre Janis Strazdins and Nicholas David Cooper
were appointed as joint and several liquidators.
The Joint and Several Liquidators can be reached at:
Andre Janis Strazdins
Nicholas David Cooper
SimsPartners
Level 4, 12 Pirie Street
Adelaide, South Australia 5000
Australia
ROBINA PROPERTIES: Court Restrains Couple from Leaving Australia
----------------------------------------------------------------
The Supreme Court of Queensland has extended orders obtained ex
parte by the Australian Securities and Investments Commission on
September 28, 2006, preventing the couple -- Nebojsa Jovicic and
Lisa Jovicic -- from leaving the country.
The ASIC took this action as a result of concerns raised by
David Stimpson of SV Partners Pty Ltd.
Mr. Stimpson is the liquidator of Robina Properties (Qld) Pty
Ltd and Perpetual Acquisitions Pty Ltd, which went into
liquidation on July 25, 2006. Mr. and Mrs. Jovicic were
associated with both companies.
The Court also appointed William Fletcher of Bentleys MRI as
receiver over Mr. and Mrs. Jovicic's property.
The orders also restrain Michael Spicer, a former director of
the companies, from dealing with his assets.
In a report to creditors, Mr. Stimpson stated that the companies
obtained loans from private investors and were to use these
funds to invest in property developments including the purchase
of properties at discounted prices.
Mr. Stimpson noted that although this did occur to a limited
extent it is apparent that a substantial amount of funds cannot
be properly accounted for.
ASIC's investigations are continuing.
RIVER BOYNE: Members Opt for Voluntary Wind-up
----------------------------------------------
At a general meeting held on September 12, 2006, the members of
River Boyne Pty Ltd resolved to voluntarily wind up the
company's operations.
In this regard, George Georges was appointed as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
SALACIOUS SOLUTIONS: Creditors' Proofs of Claim Due on Oct. 20
--------------------------------------------------------------
Salacious Solutions Pty Ltd will declare the first and final
dividend to its creditors on October 26, 2006.
Creditors are required to submit their proofs of debt by
October 20, to be included in the company's distribution of
dividend.
According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on September 8,
2006.
The Liquidator can be reached at:
Peter Goodin
Brooke Bird & Co
471 Riversdale Road
Hawthorn East Victoria 3123
Australia
Telephone: 9882 6666
SERVICE STATION: Creditors Must Prove Debts by October 21
---------------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were appointed on
September 21, 2006, to act as joint and several liquidators in
the liquidation of The Service Station Ltd.
In this regard, creditors of the company are required to prove
their debts to the Liquidators on or before December 21, 2006.
On September 13, 2006, the Troubled Company Reporter - Asia
Pacific reported that the company was facing a liquidation
proceeding from a petition filed by the Commissioner of Inland
Revenue on June 29, 2006.
The petition was heard before the High Court of Auckland on
September 21, 2006.
The Joint Liquidators can be reached at:
Vivian Fatupaito
PricewaterhouseCoopers, Level 8
PricewaterhouseCoopers Tower
188 Quay Street, (Private Bag 92-162)
Auckland, New Zealand
Telephone: (09) 355 8000
Facsimile: (09) 355 8013
SILK ROAD: Court Appoints Joint Liquidators
-------------------------------------------
The High Court of Wellington on September 18, 2006, appointed
John Trevor Whitfield and Dennis John Wood as joint and several
liquidators in the liquidation of Silk Road Development Ltd.
Subsequently, the liquidators required the creditors of the
company to prove their debts by October 27, 2006. Failure to
present proofs of debt will exclude a creditor from sharing in
any distribution the company will make.
On September 13, 2006, the Troubled Company Reporter - Asia
Pacific reported that the company was facing liquidation
proceedings from a petition filed by Carter, a division of
Carter Holt Harvey Ltd. The petition was heard on September 18,
2006.
The Joint Liquidators can be reached at:
Dennis Wood
McDonald Vague, P.O. Box 6092
Wellesley Street Post Office
Auckland, New Zealand
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Web site: http://www.mvp.co.nz
STOCKFORD (DERMODY): Will Declare Third Dividend on October 13
--------------------------------------------------------------
Stockford (Dermody) Pty Ltd, which is subject to a deed of
company arrangement, 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 in the company's distribution of dividend.
The Deed Administrator can be reached at:
Mark A. Korda
KordaMentha
Level 24, 333 Collins Street
Melbourne, Victoria 3000
Australia
STOCKFORD (HOSKING): Prepares to Declare Third Dividend
-------------------------------------------------------
Stockford (Hosking) Pty Ltd, which is subject to a deed of
company arrangement, will declare the third dividend for its
creditors on October 13, 2006.
Creditors who failed to submit their proofs of claim on
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
STOCKFORD (LEESON): To Declare Third Dividend on October 13
-----------------------------------------------------------
Stockford (Leeson) Pty Ltd, which is subject to a deed of
company arrangement, will declare the third dividend for its
creditors on October 13, 2006.
Creditors who were able to admit their debts on October 3, 2006,
are included in 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
STOCKFORD (LISTER): To Distribute Third Dividend on October 13
--------------------------------------------------------------
Stockford (Lister) Pty Ltd, which is subject to a deed of
company arrangement, will declare the third dividend for its
creditors on October 13, 2006.
Creditors who were not able to prove their claims on 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
STOCKFORD (MCKAY): To Declare Third Dividend on October 13
----------------------------------------------------------
Stockford (Mckay) Pty Ltd, which is subject to a deed of company
arrangement, will distribute the third dividend for its
creditors on October 13, 2006.
Only those creditors who were able to prove their debts on
October 3, 2006, are included 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
SUPREME MANUFACTURING: Undergoes Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on September 13, 2006,
the members of Supreme Manufacturing Co. Pty Ltd resolved that a
voluntary wind-up of the company's operations is appropriate and
necessary.
Raymond George Tolcher was subsequently appointed as liquidator
at the creditors' meeting held that same day.
The Liquidator can be reached at:
Raymond George Tolcher
Lawler Partners
763 Hunter Street
Newcastle, West New South Wales 2302
Australia
TRESALCO PTY: Creditors Appoint Joint Liquidators
-------------------------------------------------
Creditors of Tresalco Pty Ltd on September 13, 2006, resolved to
voluntarily wind up the company's operations and appoint Daniel
Jean Civil and Roderick Mackay Sutherland as joint and several
liquidators.
The Joint and Several Liquidators can be reached at:
Daniel Jean Civil
Roderick Mackay Sutherland
Jirsch Sutherland
Level 2, 84 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9233 2111
Facsimile:(02) 9233 2144
WESTPOINT GROUP: Court Extends Asset-Freeze Order to Dec. 24
------------------------------------------------------------
Justice Robert French warned the Australian Securities and
Investments Commission that it would have to work for an
extension of orders freezing the assets of Westpoint boss Norm
Carey and three of his lieutenants, Neale Prior of the West
Australian reports.
Judge French clarified that the freezing orders he granted in
April were not based on any final determination about
liabilities and were put in place to protect assets in case
third parties wanted to make claims, West Australian relates.
As reported in the Troubled Company Reporter - Asia Pacific on
April 17, 2006, the ASIC obtained interim court orders freezing
the assets of four Westpoint companies and former Westpoint
directors Norman Phillip Carey, Graeme John Rundle, Cedric
Richard Palmer Beck, and John Norman Dixon.
According to Judge French, he would have to be satisfied before
granting a year-long extension beyond the October 20 expiry,
West Australian says.
ASIC lawyer Stephen Owen-Conway assured Judge French that
substantial amounts of material will be presented to support the
ASIC's extension application, including details of its
investigations, West Australian relates.
According to West Australian, the freezing orders also cover
seven companies linked to Mr. Carey or his sister, Karen Carey.
Justice French extended the freezing orders to Christmas Eve and
ordered the lawyers to come before the Court on December 11,
2006, to schedule legal argument for that week, West Australian
relates.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a
total value of over AU$300 million. The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings. The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years. These wind-up actions are
still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
ZERMATT LTD: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------
The members of Zermatt Ltd resolved on September 12, 2006, to
voluntarily wind up the company's operations and appoint George
Georges as liquidator.
The Liquidator can be reached at:
George Georges
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
================================
C H I N A & H O N G K O N G
================================
AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
-------------------------------------------------------------
Affiliated Computer Services, Inc., has acquired Systech
Integrators, Inc., an information technology solutions company
offering SAP services. The terms of the acquisition specify a
purchase price of US$65 million plus contingent payments based
on future financial performance. The transaction will be funded
with a combination of cash on hand and borrowings under ACS'
existing credit facility.
ACS will leverage this acquisition to increase its stronghold as
a provider of SAP-based solutions, and solidify its market
position with FORTUNE 1000 and mid-market companies. Systech's
services include SAP consulting services, systems integration,
and custom application development and maintenance. ACS will
also leverage Systech's SAP footprint to further enhance its BPO
offerings and offshore-based consulting services specific to SAP
solutions.
"The acquisition of Systech furthers ACS' ability to offer cost-
effective, end-to-end IT outsourcing to the rapidly expanding
mid-market," said Ann Vezina, Group President of ACS Commercial
Solutions. "By augmenting our existing SAP solutions with
advanced systems integration, strategic consulting, onshore &
offshore custom application development, and robust hosting
capabilities, we will enhance our position as a comprehensive
provider of SAP services across numerous markets."
Ms. Vezina also cited Systech's strong relationship with SAP as
a deciding factor in the acquisition. Systech has long been a
premier partner of SAP America, and is one of the few U.S. IT
services firms focusing exclusively on SAP services. ACS will
build on Systech's success in shaping what is considered SAP's
most responsive and resourceful consulting alliance.
"Systech Integrators has been an outstanding partner of SAP
America. Together, we have helped many mid-market customers
achieve increased efficiency and business value," said Greg
Tomb, SAP Executive Vice President Field Services - Americas.
"The combined strengths of Systech and ACS create an attractive
alternative for end-to-end system integration services in the
market."
"ACS is committed to expanding the market for SAP services.
Systech's services, clients, and affiliation with SAP have
created a solid foundation for ACS to offer a full spectrum of
SAP solutions that will generate ongoing opportunities with
existing customers and success in new markets," said Gary Gauba
and Sam Tyagi, Co-CEOs of Systech Integrators. "The addition of
our client base and employees will help ACS build upon its
already growing reputation in SAP, and broaden its overall
capabilities as a pioneer in IT outsourcing."
About Systech
Systech Integrators, Inc. -- http://www.systechi.com/-- is a
global IT solutions and services company that offers SAP
solutions in ERP, CRM, BI, SCM, SEM, SRM and Enterprise Portals,
among others, with an emphasis on NetWeaver and emerging
technologies. Systech has offices across the U.S. and
development centers in San Jose and India, and is a Premier
Services, Offshore and Channel Partner for SAP Americas
About Affiliated Computer
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 China, Brazil, 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.
BOMBARDIER INC: Gets US$1.35B Aircraft Order from Northwest Air
---------------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that Northwest Airlines Corp. has placed an order for
36 Bombardier CRJ900 aircraft and has taken options on an
additional 96, for a total of 132 aircraft if all options are
exercised.
The transaction is conditional upon Northwest Airlines receiving
approval from the U.S. Bankruptcy Court for Southern District of
New York.
The value of the orders based on CRJ900 aircraft list price
would be approximately US$1.35 billion. The value could rise to
US$5.18 billion if all options are exercised.
The aircraft will be offered in a dual class configuration with
12 First Class and 64 Economy Class seats within a spacious
cabin. Concurrent with the purchase of these CRJ900 aircraft,
Northwest has agreed to continue to operate all 141
CRJ200/CRJ440 aircraft as part of the Northwest Airlink
operation.
"The order builds on an established relationship with Bombardier
and will provide our customers with a comfortable and efficient
flight experience," said Doug Steenland, Northwest president and
chief executive. "The new aircraft will lower our operating
costs through a combination of significantly lower fuel
consumption along with inherent maintenance cost advantages."
"Major airlines are shifting short- and medium-haul flying to
larger and more fuel-efficient state-of-the-art aircraft," said
Steven Ridolfi, President, Bombardier Regional Aircraft. "The
CRJ900 aircraft fills this requirement perfectly."
Northwest is the 10th customer for the CRJ900 aircraft since the
aircraft was introduced into revenue service in 2003. The
CRJ900 aircraft has established itself as having the lowest
operating costs of any jet in the 90-seat class. It is also
very popular with passengers due to its comfortable seating with
increased legroom, modern amenities and additional baggage
storage capacity.
As of July 31, 2006, firm orders for the Bombardier CRJ900
airliner stood at 102 aircraft with 59 delivered. Orders for
the CRJ family of regional jets numbered 1,449, making it the
fifth best-selling commercial jetliner family in aviation
history.
About Northwest Airlines
Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents. The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930). Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel. When
the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.
About Bombardier Inc.
Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment. The company has
operations in North America, Europe and China.
* * *
Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDN$250 million senior secured revolver
and a B1 rating to BRP's CDN$880 million senior secured term
loan. At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.
BUSINESS INVESTMENT: Creditors' Proofs of Claim Due on Oct. 29
--------------------------------------------------------------
Creditors of Business Investment Ltd are required to submit
their proofs of claim to Liquidator Chan Yee Por, Simon by
October 29, 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:
Chan Yee Por, Simon
15/F, Pico Tower
66 Gloucester Road
Wanchai, Hong Kong
ELECTRONIC RENTALS: Members Opt to Close Operations
---------------------------------------------------
At an extraordinary general meeting on September 26, 2006, the
members of Electronic Rentals (Hong Kong) Ltd passed a special
resolution to shut down the company's operations.
Subsequently, Thomas Andrew Corkhill and Iain Ferguson Bruce
were appointed as joint and several liquidators.
The Joint Liquidators can be reached at:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8/F, Gloucester Tower
The Landmark, 11 Pedder Street
Central, Hong Kong
FILA CHINA: Undergoes Members' Voluntary Wind-Up
------------------------------------------------
On September 29, 2006, the members of Fila China Ltd passed a
resolution to voluntarily wind up the company's operations.
Accordingly, Puen Wing Fai and Lo Yeuk Ki, Alice were appointed
as joint and several liquidators.
The Joint Liquidators can be reached at:
Puen Wing Fai
Lo Yeuk Ki, Alice
21/F, Kwan Chart Tower
6 Tonnochy Road, Wanchai
Hong Kong
GENESIS ENGINEERING: Court Favors Wind-Up
-----------------------------------------
The High Court of Hong Kong issued a wind-up order against
Genesis Engineering Transportation Company Ltd on September 27,
2006.
The Troubled Company Reporter - Asia Pacific previously reported
that Lo Yan Ping filed the wind-up petition with the Court on
July 14, 2006.
GOLD-FACE HOLDINGS: Liquidation Process Initiated
-------------------------------------------------
The High Court of Hong Kong issued a wind-up order against Gold-
Face Holdings Ltd on September 25, 2006.
According to the Troubled Company Reporter - Asia Pacific, China
Overseas Building Construction Ltd filed the petition with the
Court on September 3, 2004.
H. K. FULLSON: Creditors and Contributories to Meet on Oct. 24
--------------------------------------------------------------
Creditors and contributories of H. K. Fullson Company Ltd will
hold separate meetings on October 24, 2006, at the company's
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.
HEALTH CROWN: Court to Hear Wind-Up Petition on November 1
----------------------------------------------------------
A wind-up petition filed against Health Crown Ltd will be heard
before the High Court of Hong Kong on November 1, 2006, at 9:30
a.m.
So Kai Tong Stanley filed the petition with the Court on
September 6, 2006.
The Solicitors for the Petitioner can be reached at:
W. S. Szeto & Lee
20/F, Fung House
19-20 Connaught Road Central
Hong Kong
IAC BANK: Starts Biggest IPO Worth US$21-Bln. at Bargain Price
--------------------------------------------------------------
On October 9, 2006, Industrial and Commercial Bank of China
started accepting subscriptions for the world's largest initial
public offering worth as much as US$21 billion, the China Daily
reports, adding that the IPO was set at a lower-than-expected
price.
IAC Bank has set an indicative price range for Hong Kong H
shares of HK$2.56 to HK$3.07 per share, lower than original
market estimate range, various sources say. Meanwhile, the
price range for the mainland A share offering is its exact yuan
equivalent, Financial Times adds.
As reported by the Troubled Company Reporter - Asia Pacific on
September 28, 2006, the bank is selling 35.39 billion H shares
and 13 billion A shares in Hong Kong and Shanghai.
According to The Standard, the H-share institutional portion was
subscribed six times, attracting orders of US$56 billion or
HK$436.8 billion.
The Standard says the listing document revealed that about 20%
of the offer is shares sold by its largest shareholders Central
State Administration of Foreign Exchange Investments, and
Ministry of Finance.
Central SAFE Investments holds 72.48% of ICBC together with the
Ministry of Finance. These shareholders are there for the long
term, The Standard cites vice chairman Jesse Wang, as saying.
Mr. Wang is also chairman of the IPO sponsor China International
Capital Corporation.
"It's a massive offering at a bargain price and the
participation of the dominant investment banks and influential
wealthy individuals will attract a lot of interest from
investors. It also has strong potential to become a major
component of the Hang Seng Index," China Daily cites Andes
Cheng, as saying. Mr. Cheng is the associate director of South
China Research Ltd, a Hong Kong-based research firm.
The Standard relates that Peter Woo Kwong-ching, chairman of
Wharf Holdings and Wheelock Holdings, became the latest
cornerstone investor of ICBC, plowing HK$1.6 billion through
private entities, based on the preliminary offering document.
Mr. Woo's H-share subscription represents 1.5% of the enlarged
share capital.
Moreover, IAC Bank's presentation attracted representatives from
Cheung Kong (Holdings), CITIC Pacific, Henderson Land
Development, Nan Fung Development, Sun Hung Kai Properties, Bank
of East Asia, Hopewell Holdings, and Hang Seng Bank, The
Standard says.
IAC Bank is reported to have already attracted enough orders to
cover the deal's institutional order book in Hong Kong, China
Daily relates.
* * *
The Industrial and Commercial Bank of China --
http://www.icbc.com.cn-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.
On September 18, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC' Individual D/E
rating.
Moody's Investors Service on August 9, 2006, placed on review
for upgrade Industrial and Commercial Bank of China's E+ Bank
Financial Strength Rating. This follows Moody's earlier rating
action in November 2005 when the outlook for ICBC's BFSR was
revised to positive from stable.
JOS DEPOT: Liquidators Cease to Act for the Company
---------------------------------------------------
Ying Hing Chu and Chung Miu Yin, Diana ceased to act as joint
and several liquidators of Jos Depot (HK) Ltd on September 25,
2006.
The former Liquidators can be reached at:
Ying Hing Chu
Chung Miu Yin, Diana
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
JOS SERVICES: Joint Liquidators Step Aside
------------------------------------------
On September 25, 2006, Ying Hing Chu and Chung Miu Yin, Diana,
ceased to act as joint and several liquidators of Jos Services
(HK) Ltd.
The former Liquidators can be reached at:
Ying Hing Chu
Chung Miu Yin, Diana
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
KUKAN INTERIORS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On September 29, 2006, the shareholders of Kukan Interiors Ltd
resolved to voluntarily wind up the company's operations and
appoint Chan Kai Kit as liquidator.
The Liquidator can be reached at:
Chan Kai Kit
Unit 1602, 16/F
Malaysia Building, 50 Gloucester Road
Wanchai, Hong Kong
LEPEAKCO INDUSTRIAL: Faces Wind-Up Proceedings
----------------------------------------------
A petition to wind up Lepeakco Industrial Ltd will be heard
before the High Court of Hong Kong on November 8, 2006, at 9:30
a.m.
Sze Lan Ying filed the petition with the Court on September 8,
2006.
The Solicitors for the Petitioner can be reached at:
Joe Poon
34/F., Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
ORANGE NASSAU: Members' Final Meeting Set on November 10
--------------------------------------------------------
A final general meeting of the members of Orange Nassau Asia Ltd
will be held on November 10, 2006, at 10:00 a.m.
During the meeting, Liquidator Natalia K M Seng will report on
the company's wind-up and property disposal exercises.
As reported by the Troubled Company Reporter - Asia Pacific,
members of the Company resolved to voluntarily wind up the
company's operations on July 14, 2006.
The Joint and Several Liquidator can be reached at:
Natalia K M Seng
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
RIM SEMICONDUCTOR: Incurs US$15.1-Million Net Loss in Third Qtr.
----------------------------------------------------------------
Rim Semiconductor Company filed its third-quarter financial
statements for the three months ended July 31, 2006, with the
Securities and Exchange Commission.
The company incurred a US$15.1 million net loss on US$1,025 of
net revenues for the three months ended July 31, 2006, compared
to a US$897,920 net loss on US$10,360 of net revenues in 2005.
At July 31, 2006, the company's balance sheet showed US$11.0
million in total assets and US$27.1 million in total
liabilities, resulting in a US$16.1 million stockholders'
deficit.
The company's July 31 balance sheet also showed strained
liquidity with US$3.1 million in total current assets available
to pay US$26 million in total current liabilities coming due
within the next 12 months.
A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1312
Going Concern Doubt
Marcum & Kliegman LLP expressed substantial doubt about Rim
Semiconductor's ability to continue as a going concern after it
audited the company's financial statements for the fiscal years
ended Oct. 31, 2005, and 2004. The auditing firm pointed to the
company's US$3,145,391 working capital deficiency at Oct. 31,
2005.
The company's October 31 balance sheet showed strained liquidity
with US$407,512 in current assets available to pay US$3,552,903
of current liabilities coming due within the next 12 months.
About Rim Semiconductor
Headquartered in Portland, Oregon, Rim Semiconductor Company fka
New Visual Corporation -- http://www.rimsemi.com/-- is an
emerging fabless communications semiconductor company. It has
made available an advanced technology that allows data to be
transmitted at greater speed and across extended distances over
existing copper wire.
The company has operations in China, Hong Kong and Taiwan.
SHARP UNION: Receives Wind-Up Order from Court
----------------------------------------------
Sharp Union Ltd received on September 27, 2006, a wind-up order
from the High Court of Hong Kong.
As previously reported by the Troubled Company Reporter - Asia
Pacific, the Bank of China (Hong Kong) filed the petition with
the Court on May 2, 2006.
SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition
-------------------------------------------------------------
The Shaw Group Inc. disclosed that, through a 100% owned special
purpose acquisition subsidiary, Nuclear Energy Holdings, L.L.C.,
it will join with Toshiba Corp. to acquire Westinghouse Electric
Co.
Earlier in the year, Toshiba was declared the successful bidder
to acquire Westinghouse from British Nuclear Fuels Limited for
US$5.4 billion. Toshiba has formed two acquisition companies (a
U.S. entity and a U.K. entity) to make the acquisition. At
closing, expected to occur in October 2006, Toshiba will own 77%
of each of the Westinghouse Acquisition Companies, Nuclear
Energy 20%, and Ishikawajima-Harima Heavy Industries Co., Ltd.
3%. Nuclear Energy's participation in this transaction is
conditioned on the successful and timely closing of a US$1.08
billion private placement bond financing and other customary
closing conditions.
Nuclear Eenergy intends to finance its acquisition with funding
it is seeking to raise through a private placement of Japanese
Yen-denominated bonds with an approximate principal amount of
US$1.08 billion, currently being marketed in Japan and outside
the U.S. These limited-recourse Bonds are expected to have a
term of approximately 6.5 years.
In connection with the acquisition, Nuclear Eenergy will have an
option to sell all or part of its 20% ownership interest in the
Westinghouse Acquisition Companies to Toshiba prior to the
maturity of the Bonds. The Bonds will be secured by the assets
of and 100% of the membership interests in NEH, its shares in
the Westinghouse Acquisition Companies, along with the
corresponding Toshiba option, a US$36 million letter of credit
established by Shaw for the benefit of Nuclear Energyand the
Interest LCs. The Bonds will have no further recourse to Shaw.
In connection with the issuance of the Bonds, Shaw will
establish one or more letters of credit for the benefit of
Nuclear Energy in an aggregate amount to cover Bond interest
payments for a specified period and certain other transaction
costs and expenses. The initial Interest LC is expected to be
approximately US$91 million in the aggregate to cover interest
until the beginning of the option period, although the exact
amount will depend upon the Yen coupon rate of the Bonds. Other
than the Principal LC and the Interest LC delivered at the
closing of the Bonds, Shaw is not required to provide any
additional letters of credit or cash to or for the benefit of
Nuclear Energy.
In addition, in connection with the Westinghouse transaction,
Shaw will execute a Commercial Relationship Agreement that
provides Shaw with certain exclusive opportunities to perform
engineering, procurement and construction services on future
Westinghouse AP 1000 Nuclear Power Plants, along with other
commercial opportunities, such as the supply of piping for those
units. Westinghouse technology forms the basis for 63 of 104
licensed reactors in the United States and roughly half of those
worldwide. Westinghouse's AP1000 passive Generation III design,
has obtained Design Certification from the United States Nuclear
Regulatory Commission and is the current technology selection
for 10 proposed new units in the U.S. Westinghouse and Shaw are
consortium partners in proposing the AP1000 technology for 4 new
reactors expected to be built in China. Shaw has performed as
architect-engineer on 17 nuclear units and is currently
completing the construction restart of the Browns Ferry Unit 1
in Alabama for the Tennessee Valley Authority.
Shaw has received approval from its lenders to amend its
revolving credit agreement to allow for the investment in
Westinghouse and to allow for an increase in the facility from
its current US$750 million to up to US$1 billion. The company
expects to make effective US$100 million of the approved
increase, thus increasing the capacity of the facility to US$850
million, in conjunction with this amendment. Subject to
outstanding amounts, the entire credit facility, as amended,
would be available for performance letters of credit, and up to
US$525 million would be available for revolving credit loans and
financial letters of credit until Nov. 30, 2007, and US$425
million thereafter. The amendment and increase will be effective
upon closing of the Westinghouse transaction.
Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com-- is a global provider of services to
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers. It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries. The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M). In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.
The company has operations in China, Japan, Malaysia, Chile, the
United Kingdom and Venezuela, among others.
The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.
WORLDTEX (H.K.): Members to Hear Wind-Up Report
-----------------------------------------------
Members of Worldtex (H.K.) Ltd will hold a final general meeting
on November 7, 2006, at 10:00 a.m., to receive Liquidator Ko Chi
Keung's report on the company's wind-up and property disposal
exercises.
According to the Troubled Company Reporter - Asia Pacific,
Liquidator Keung required the creditors of the company to submit
their proofs of claim on June 30, 2006.
The Liquidator can be reached at:
Ko Chi Keung
Rooms 510-511, 5/F
Nan Fung Tower, 173 Des Voeux Road
Central, Hong Kong
WORLD UNIVERSAL: Appoints Jacky Chung Wing Muk as Liquidator
------------------------------------------------------------
Jacky Chung Wing Muk was appointed liquidator of World Universal
Investment Ltd, which is in creditors voluntary wind-up, on
September 26, 2006.
The Troubled Company Reporter - Asia Pacific reported that
former liquidator Gabriel Chi Kok Tam ceased to act for the
company on September 26.
The new Liquidator can be reached at:
Jacky Chung Wing Muk
KPMG
8/F, Prince's Bulding
10 Chater Road, Central
Hong Kong
=========
I N D I A
=========
AES CORP: Makes BRL1.3-Billion Payment to Banco Nacional
--------------------------------------------------------
Brazilian power group Brasiliana said in a filing with Bovespa
-- the Sao Paulo stock exchange -- that parent firm AES Corp.
has paid down the BRL1.3 billion owed to Banco Nacional
Desenvolvimento Economico e Social SA.
Business News Americas relates that the debt was mainly the
responsibility of Eletropaulo Metropolitana, another subsidiary
of AES Corp.
The early payment of the debt will help reduce Eletropaulo
Metropolitana's BRL4.8-billion gross debt, BNamericas states.
According to BNamericas, the payment was made by cashing in 11-
year convertible debentures that were issued to Banco Nacional
in December 2003, as part of a US$1.2-billion debt-for-equity
settlement.
The cash used to pay Banco Nacional was raised from a September
2006 offering of Eletropaulo stock in Brazil and abroad,
BNamericas reports.
About Brasiliana
Brasiliana controls AES Corp.'s power assets in Brazil
including:
-- distributor Eletropaulo,
-- generation company AES Tiete, and
-- power trading firm Inforenergy.
AES Corp. has a 50.01% voting right stake in Brasiliana. Banco
Nacional holds the remaining 49.99% stake.
About AES Corp.
AES Corporation -- http://www.aes.com/-- is a global power
company. The company operates in South America, Europe, Africa,
Asia and the Caribbean countries. Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies. The
company has Asian presence in China, India and Sri Lanka.
* * *
Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'. Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt. Fitch said the rating
outlook for all remaining instruments is stable.
In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'. S&P said the outlook is stable.
Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt. Moody's said the rating outlook remains stable.
ALLAHABAD BANK: CARE assigns 'AA+' to Tier II Series VI Bonds
-------------------------------------------------------------
Credit Analysis & Research Ltd. assigned a "CARE AA+" rating to
the Tier II Bond (Series VI) issue of INR600 crores (including
greenshoe option of INR300 crore) of Allahabad Bank, issued on a
private placement basis.
The Troubled Company Reporter - Asia Pacific reported on
October 10, 2006, that the Bank opened its INR600 crores
Unsecured, Redeemable, Non-convertible, Taxable Subordinated
Bonds on September 27, 2006, and closed on September 29.
The Bonds, issued in the form of Promissory Notes, is redeemable
at par at the end of 120 months from the deemed date of
allotment. Coupon rate is 8.85% p.a. payable annually.
Instruments with CARE's AA+ rating are considered to offer high
safety for timely servicing of debt obligations, carrying very
low credit risk.
According to CARE, the rating draws from:
-- the Government of India's 55% equity stake in the Bank;
-- the Bank's very long track record and wide branch network;
-- equity infusion of INR820 crore;
-- continuous improvement in core lending activities; and
-- a considerable reduction in the gross and Net NPAs level.
Furthermore, CARE asserts that the Bank's satisfactory and
stable deposit base with relatively high proportion of low cost
deposits, comfortable investment portfolio, and satisfactory
financial position support the rating.
However, CARE adds, the rating is constrained by:
-- challenges arising out of BASEL II compliance;
-- intense competition in the domestic banking industry; and
-- adverse interest outlook.
"Ability to maintain high level of lending income vis-…-vis
profitability and maintaining a tight leash on incremental NPAs
would remain the key rating sensitivities," CARE said.
Among others, the Rating Agency notes the Bank's continuous
improvement of its performance over the last few years, with
increase in income from the core lending activity. The Bank's
asset quality also improved over the years, CARE added.
About Allahabad Bank
Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India. The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan. The Company offers a
range of deposit schemes to the non-resident Indians. The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.
The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank. The Support rating is affirmed
at '4'. The outlook on the rating is stable.
AMERICAN AXLE: Attrition Program Cues S&P to Affirm BB Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings on American Axle & Manufacturing Inc. and parent
company American Axle & Manufacturing Holdings Inc.
The affirmation follows the company's announcement that it will
offer a costly special attrition program that will initially
raise debt levels but should also rapidly and permanently reduce
the company's cost structure.
The ratings outlook is negative. The company has about
US$1.1 billion million of debt, including the present value of
operating leases and US$425 million of underfunded employee
benefit liabilities.
American Axle's special attrition program will be offered to all
6,000 of its United Auto Worker employees at the company's five
master agreement facilities in the U.S. The program includes a
range of early retirement incentives, buy-outs, and educational
assistance. American Axle will undertake additional
restructuring actions to align its production capacity and cost
structure with current business conditions.
Total costs for the attrition program and restructuring actions
will range between US$150 million and US$250 million in 2006. A
significant portion of these costs will be cash charges, causing
debt levels to rise, depending on the level of acceptance by the
company's UAW employees.
Credit protection measures have been satisfactory for the
ratings, but they will weaken this year as retirement incentives
and buyout payments are made near year-end with little-to-no
offsetting savings. Nevertheless, American Axle should see a
meaningful reduction in its labor costs in 2007, resulting in
higher earnings and cash flow even if currently difficult
industry conditions persist.
About American Axle
American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars. In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, Japan, Mexico, Poland, Scotland
and India.
* * *
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).
The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative. The company has about
US$717 million of lease-adjusted debt and US$425 million of
underfunded employee benefit liabilities.
As reported by the Troubled Company Reporter - Asia Pacific
reported on October 5, 2006, Moody's Investors Service confirmed
its Ba3 Corporate Family Rating for the company and its
subsidiary American Axle & Manufacturing Holdings Inc.
Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on two bond issues and
loan.
BANK OF BARODA: Broking Firm Sees INR2.96B Net Profit for Q2FY07
----------------------------------------------------------------
Angel Broking Ltd, an Indian retail brokerage house, sees Bank
of Baroda posting a INR296-crore net profit in the second
quarter of fiscal year 2007, with earnings per share at around
INR27.2, Moneycontrol.com reports
Furthermore, Moneycontrol adds, the brokerage firm also
anticipates the Bank to earn net interest income of INR974 crore
in the second quarter.
Angel Broking recommended hold rating on the Bank's stock.
About Bank of Baroda
Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.
Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.
BANK OF INDIA: Sees Improved Results for 2nd Quarter/FY2006-2007
----------------------------------------------------------------
Bank of India expects improved performance in the second quarter
of financial year ending March 31, 2007, compared with the first
quarter, Reuters relates, citing the Bank's chairman and
managing director, M. Balachandran.
Reuters did not mention actual figures.
Among others, Mr. Balachandran told Reuters, the Bank expects
to:
-- end the current fiscal year to March 2007 with a capital
adequacy ratio of 11.25%;
-- maintain its loan growth in the fiscal year at the current
rate of 25 %, and deposit growth at 15%; and
-- see a 30% incremental growth in agricultural advances.
As reported by the Troubled Company Reporter - Asia Pacific, the
Bank posted a net income of INR208.73 crore for the quarter
ended June 30, 2006.
About Bank of India
Bank of India -- http://www.bankofindia.com/-- 2,628 branches
in India spread over all states/union territories, including 93
specialized branches. The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds. It also extends finance to
small and medium enterprises and small-scale industries. It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans. The bank offers Internet banking services for both
the retail and corporate clients.
The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.
* * *
The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.
At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.
S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.
BHARTI AIRTEL: Seeks Shareholders Nod on Amalgamation Scheme
------------------------------------------------------------
Bharti Airtel Ltd asks its equity shareholders to approve a
proposed scheme of amalgamation with its two subsidiaries:
1. Satcom Broadband Equipment Ltd, and
2. Bharti Broadband Ltd.
The shareholders' approval or negative response to Bharti
Airtel's merger with the subsidiary will be collected by postal
ballot.
The Honorable High Court of Delhi, at New Delhi, appointed
Sangram Patnik, Advocate, as the Chairperson and Mohit Jolly,
Advocate, as the scrutinizer for the purpose of conducting
business through postal ballot.
Shareholders have until October 31, 2006, to complete and submit
their postal ballot to the scrutinizer. The scrutinizer will
submit his report to the Chairperson after completion of the
scrutiny.
The Chairperson will announce the results of the postal ballot
on November 4, 2006.
About Bharti Airtel
Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services. The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India. The B&TS business unit provides broadband and
telephone services in 90 cities across India. The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates. Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services. The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.
* * *
The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+. The outlook on the rating remains stable.
Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.
BHARTI AIRTEL: Increases GSM Subscribers Base to 27.06 Million
--------------------------------------------------------------
Bharti Airtel adds 1.41 million users of its Global System for
Mobile Communications services in September 2006, MarketWAtch,
Inc. says, citing data obtained from the Cellular Operators'
Association of India.
The previous month, the company new GSM subscribers total 1.31
million.
The September 2006 addition increased the mobile operator's
total GSM subscribers base to 27.06 million, MarketWatch points
out.
About Bharti Airtel
Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services. The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India. The B&TS business unit provides broadband and
telephone services in 90 cities across India. The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates. Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services. The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.
* * *
The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+. The outlook on the rating remains stable.
Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.
BPL LIMITED: JV with Sanyo Raised US$20-Mil. to Fund Expansion
--------------------------------------------------------------
BPL Limited's 50-50 joint venture with Sanyo Electric Company --
Sanyo BPL Private Limited -- raised US$20 million through debt
to fund the joint venture's expansion plans, IRIS Business
Services reports.
Standard Chartered Bank reportedly loaned Sanyo-BPL the money on
Sanyo Corp.'s corporate guarantees.
Citing a report from the Business Standard, IRIS says that the
joint venture is planning to raise around US$10 million more in
the near future.
According to another report by the Business Standard, the joint
venture is currently eyeing the top spot in slim TV segment.
Hence, the joint venture has embarked on a marketing campaign to
achieve an over-all share of the slim-TV market of up to 16%
from the current almost 5%, the daily adds.
About BPL Limited
Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors. The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products. Its plants are located at Kerala, Karnataka
and Uttar Pradesh. The Group operates only in India.
Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business. The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry. As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.
* * *
On January 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes. The ratings indicate that the company continues to
be in default on its rated debt.
These ratings are reaffirmed:
* INR600 Million Non-Convertible Debenture at D
* INR210 Million Non-Convertible Debenture at D
* INRFixed Deposit Programme at FD
EXIM BANK: To Raise US$250-Mil. in Japan & US$1-Bil. in Europe
--------------------------------------------------------------
The Export-Import Bank of India will raise US$250 million in
Samurai bonds from the Japanese debt market by December 2006,
Reuters says, citing the Bank's chairman T.C. Venkat
Subramanian.
Samurais are yen bonds issued in Japan by non-Japanese entities,
Mr. Subramanian explains.
Exim Bank believes that the US$250-million Bonds, which is yen-
denominated that will be swapped in U.S. dollars, would lower
its borrowing costs.
The Bank will also borrow another US$1 billion through medium-
term notes in tranches from the European market, the Bank
chairman told Reuters.
According to Mr. Subramanian, the Bank had committed
US$2 billion in lines of credit to various overseas banks so
that Indian exporters could get export credit without incurring
payment risks.
About Exim Bank
Export-Import Bank of India -- http://www.eximbankindia.com/--
was set up by an Act of Parliament in September 1981. The
special purpose bank is wholly owned by the Government of India.
It aims to provide financial assistance to exporters and
importers, and to function as the principal financial
institution for coordinating the working of institutions engaged
in financing export and import of goods and services.
Headquartered in Mumbai, India, the bank also has overseas
offices in Budapest, Johannesburg, London, Singapore, Washington
DC.
On February 2, 2005, Standard and Poor's Ratings Service gave
Exim Bank's long-term foreign issuer credit a BB+ rating.
EXIM BANK: Extends US$10-Mil. Credit Line to PTA Bank
-----------------------------------------------------
The Export-Import Bank of India and the Eastern and Southern
African Trade and Development Bank signed an Agreement in New
Delhi on October 9, 2006, for a US$10 million Line of Credit
from Exim Bank to E&S African, to promote India's exports to 18
E&S African member countries.
The Agreement was signed by T. C. Venkat Subramanian, Chairman &
Managing Director of Exim Bank and Dr. Michael Gondwe, President
of E&S African, at the Inaugural Plenary Session of "Conclave on
India-Africa Project Partnership" being held in New Delhi from
October 8 to 11, 2006. The Conclave is being attended by large
number of participants from 32 African countries as well as
several institutions and agencies from Africa besides a large
number of participants from trade, industry, banking, diplomatic
and government representatives from India.
This is the seventh LOC extended by Exim Bank to E&S African.
The total value of LOCs extended to PTA Bank over the past years
amounted to US$40 million of which US$13 million has been
repaid. Under these earlier LOCs, exports of items like sugar
plant, cement plant, tissue paper plant, medical equipment and
pharmaceutical products, were catalyzed.
E&S African is a Regional Development Bank, established in 1985,
pursuant to the Treaty for the Common Market for Eastern and
Southern African States. E&S African's regional member
countries are Burundi, Comoros, Djibouti, Egypt, Eritrea,
Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia,
Sudan, Tanzania, Uganda, Zambia and Zimbabwe. African
Development Bank is also a member of E&S African. E&S African
provides financial and technical assistance to promote economic
and social development in member countries.
Exim Bank has in place 37 Lines of Credit, covering 39 countries
in Africa, with credit commitments amounting to US$1.35 billion.
Exim Bank's LOCs afford a risk-free, non-recourse export
financing option to Indian exporters. Exim Bank has in place a
number of LOCs covering 82 countries worldwide, with credit
commitments amounting to US$2.15 billion for promoting India's
exports to countries in Africa, Asia, Latin America and Europe.
About Exim Bank
Export-Import Bank of India -- http://www.eximbankindia.com/--
was set up by an Act of Parliament in September 1981. The
special purpose bank is wholly owned by the Government of India.
It aims to provide financial assistance to exporters and
importers, and to function as the principal financial
institution for coordinating the working of institutions engaged
in financing export and import of goods and services.
Headquartered in Mumbai, India, the bank also has overseas
offices in Budapest, Johannesburg, London, Singapore, Washington
DC.
On February 2, 2005, Standard and Poor's Ratings Service gave
Exim Bank's long-term foreign issuer credit a BB+ rating.
GENERAL MOTORS: Ratings Remain on CreditWatch, S&P Says
-------------------------------------------------------
Standard & Poor's Ratings Services today said that its 'B' long-
term and 'B-3' short-term corporate credit ratings on General
Motors Corp. would remain on CreditWatch with negative
implications, where they were placed March 29, 2006. The
CreditWatch update follows the announcement that GM, Nissan
Motor Co. Ltd., and Renault S.A. are no longer in talks to
explore a global automotive partnership. We had not factored
any potential benefits of an alliance into GM's ratings.
"Although such an alliance might have brought some cost savings
in manufacturing, purchasing, or marketing," said Standard &
Poor's credit analyst Robert Schulz, "any benefits would likely
have taken a long time to materialize and would have been
accompanied by substantial execution risks, given the complexity
involved."
GM's ratings are likely to remain on CreditWatch until we are
able to ascertain the financial effect on GM of its exposure to
bankrupt former unit Delphi Corp., and until the sale of a 51%
stake in GMAC LLC (formerly General Motors Acceptance Corp.) to
an investor consortium is at or near completion.
We believe the Delphi situation will be resolved first, although
resolution is not required for the GMAC sale.
Beyond these events, we will focus on GM's progress in improving
its troubled North American automotive operations. The
possibility that Kirk Kerkorian's Tracinda Corp. will increase
its ownership stake in GM to about 12% from 9.9% could increase
pressure on management to shift from existing strategies.
However, given Tracinda's existing board representation, the
potential effect of a higher stake is not likely to be a
significant factor in the CreditWatch resolution.
GM is suffering from meaningful market share erosion in the U.S.
and marked deterioration of its product mix, most notably a
precipitous weakening of sales of its midsize and large SUVs.
These negative trends have vividly exposed the extent of
capacity and cost challenges that need to be addressed in North
America.
GM is undertaking yet another significant round of cost
reductions, production capacity cuts, and workforce
rationalization. Yet, sustainable improvements in North America
will also require success with product acceptance and pricing,
in addition to cost reductions. Some -- but not all -- new
products launched in 2006 are selling well. Prospects for GM's
important late 2006 launch of a new full-size pickup truck are
uncertain, given softness and competition in that segment.
Executed cost reductions include the negotiation of an agreement
with the United Auto Workers providing for reduced health care
costs. Yet, this agreement will only partly address the
competitive disadvantage posed by GM's health care burden.
Moreover, cash savings will not be realized until 2008 because
GM agreed to make a total of US$2 billion in contributions to a
newly formed VEBA trust during 2006 and 2007.
GM is also substantially reducing headcount through an
accelerated attrition plan under which more than 34,000 hourly
employees have agreed to leave. Although up to 5,000 Delphi
employees can return to GM, GM will reach its 2008 goal of
reducing 30,000 manufacturing jobs about two years early. GM
took a net after-tax charge in the second quarter of about
US$3.7 billion related to the attrition program.
The most pressing near-term issue remains GM's exposure to
Delphi, its former unit and important supplier. Hearings on
Delphi's request to reject its labor contracts and unprofitable
supply contracts with GM have been postponed a number of times
during 2006, although we expect negotiations between Delphi, the
United Auto Workers, and GM to continue. The court has
scheduled a conference for Oct. 19. We expect a resolution that
does not entail a Delphi strike, partly because Delphi's
attrition program was also very successful, but also because a
strike would be catastrophic for GM. Delphi's much lower
headcount is likely to be an important factor in resolving GM's
exposure to the Delphi situation.
Deterioration of GM's credit quality has limited GMAC's funding
capabilities, and GM has agreed to sell a 51% ownership stake in
GMAC to a consortium headed by unrated Cerberus Capital
Management. If the sale is completed, net cash proceeds to GM
at closing are expected to be about US$8 billion, which
represents about US$10 billion received by closing less amounts
reinvested in GMAC as part of the transaction. These proceeds
would bolster GM's liquidity significantly. Several key closing
conditions have recently been satisfied. However, the
consortium is now considering how to deal with an unexpected
six-month FDIC moratorium on approving ownership changes
affecting industrial loan companies to avoid delaying the
targeted closing date of late 2006.
About General Motors
General Motors Corp. -- http://www.gm.com/-- the world's
largest automaker, has been the global industry sales leader for
75 years. With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries. In India, GM is
headquartered in Panchmahals, Gujarat.
On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the
'B'corporate credit rating and the 'B+' bank loan rating,
butexcluding the '1' recovery rating -- on Credit Watch with
negative implications, where they were placed March 29, 2006.
On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility. The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.
On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.
Moody'ssaid the rating outlook is negative.
GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan
----------------------------------------------------------
Investor Kirk Kerkorian has ditched plans to raise his stake in
General Motors Corporation following the collapse of alliance
talks between GM and Renault-Nissan, BBC News Reports.
The three automakers had agreed to conduct a 90-day study of the
benefits of a possible alliance after Mr. Kerkorian, who owns a
9.9% stake in GM, broached the idea early this year.
According to BBC News, Mr. Kerkorian was displeased over GM's
termination of the negotiations prior to the end of the 90-day
period and without first obtaining an independent review from
its Board of Directors. Sarah Karush at the Associated Press
reported last week that Mr. Kerkorian had considered increasing
his stake in GM by much as 12%.
GM ended negotiations after concluding that the alliance
framework required by Renault-Nissan would substantially
disadvantage GM shareholders. GM also asked Renault and Nissan
to pay a premium as part of a potential alliance. Renault-
Nissan was unwilling to pay for this premium saying that payment
for this additional compensation was contrary to the spirit of
any successful partnership.
Jerome York, Mr. Kerkorian's representative to GM, resigned from
the automaker's board after negotiations with Renault-Nissan
ended. In a letter dated October 6 filed with the Securities
and Exchange Commission, Mr. York expressed his reservations
over the ability of GM's current business model to successfully
compete in the marketplace with Asian auto manufacturers.
GM, however, remains committed and focused in its turnaround
program. The Company maintains that it is making real progress
in its efforts. According to GM, these actions are already
yielding significant improvement in its results including more
than US$9 billion in yearly cost savings on a running rate basis
by the end of 2006, and record revenues in the first two
quarters of this year.
About General Motors
General Motors Corp. -- http://www.gm.com/-- the world's
largest automaker, has been the global industry sales leader for
75 years. With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries. In India, GM is
headquartered in Panchmahals, Gujarat.
On June 30, 2006, Standard & Poor's Ratings Services held allits
ratings on General Motors Corp. -- including the 'B'corporate
credit rating and the 'B+' bank loan rating, butexcluding the
'1' recovery rating -- on Credit Watch with negative
implications, where they were placed March 29, 2006.
On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility. The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.
On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.
Moody'ssaid the rating outlook is negative.
MERRILL COMMS: Moody's Puts B3 Rating on Proposed 2nd-Lien Loan
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family
rating of Merrill Corporation and assigned a B3 rating to its
proposed second lien term loan, which will fund a shareholder
dividend.
The transaction increases debt and creates no additional value
for lenders, but the B1 corporate family rating can sustain the
approximately one turn increase in leverage given expectations
for continued positive free cash flow.
Merrill intends to apply approximately US$50 million of the term
loan to redeem its preferred stock, which Moody's considered
debt, resulting in an approximately US$150 million net increase
in debt. Pro forma for the transaction, Moody's estimates
Merrill's leverage will rise to slightly over 6 times debt-to-
EBITDA from 5.2 times (based on trailing twelve months through
July 31 and as per Moody's standard adjustments), which
positions Merrill weakly in the B1 corporate family rating.
Moody's also upgraded the first lien bank rating to Ba3 due to
the introduction of junior debt to the capital structure.
Consistent with the Loss Given Default Methodology, Moody's
changed Merrill's probability of default rating to B1 from B2.
These are the rating actions:
* Merrill Communications, LLC
-- Assigned B3 rating to senior secured second lien term
loan, LGD 5, 85%
-- Upgraded to Ba3 from B1 rating on senior secured first
lien bank credit facility, LGD 3, 35%
* Merrill Corporation
-- Affirmed B1 corporate family rating
-- Changed PDR to B1 from B2
Merrill's B1 corporate family rating incorporates high financial
risk, strategic risk as Merrill continues to transform its
business model, and remaining sensitivity to the capital markets
cycle and the decline in printed material. A track record of
positive free cash flow, improved diversification, a diverse
customer base, and the considerable stream of recurring and
contractual revenue support the ratings.
Headquartered in St Paul, Minnesota, Merrill Corporation
provides document and data management services, litigation
support, branded communication programs, fulfillment, imaging,
and printing. The company recorded revenues of approximately
US$900 million for the twelve months ended July 31, 2006.
The company has global locations in India, France, and
affiliates in Latin America.
=================
I N D O N E S I A
=================
BEARINGPOINT INC: Moody's Lowers Rating on US$250MM to B3
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of
BearingPoint, Inc. and has placed the company's ratings on
review for further possible downgrade. The rating actions
reflect the company's YTD September 2006 cash outflows, which
have largely been driven by higher than expected finance and
accounting systems costs, delays in filing its annual financial
reports with the SEC, and increased Q2 2006 voluntary employee
turnover.
The review will focus on the company's prospects for reducing
costs to operate its accounting and financial systems, prospects
for becoming current on the filing of its SEC periodic reports,
reducing its voluntary turnover, and generating free cash flow.
As part of the review, Moody's will also assess the company's
prospects for either achieving bondholder consents or appealing
litigation (or disputing damage claims) stemming from a
September 2006 New York State Supreme Court Order, which grants
summary judgment to plaintiffs and finds the company in breach
under the indenture governing the company's 2.75% Series B
convertible subordinated debentures.
On September 26, 2006, the company announced it has further
delayed the filing of its FY 2005 10-K as a direct consequence
of the September 2006 Order and does not expect to be current on
the filing of its SEC financial statements until the spring of
2007 at the earliest. The company also announced that it
expects 2006 cash will be negatively impacted by unanticipated,
unusual, and ongoing costs to operate its accounting and
financial systems and by unanticipated and unusual costs to
retain its employees.
Ratings downgraded and placed on review for further possible
downgrade:
* Corporate Family Rating --downgraded to B2 from B1
* US$250 million series A subordinated convertible bonds due
2024 --downgraded to B3 from B2
* US$200 million series B subordinated convertible bonds due
2024 --downgraded to B3 from B2
Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide. The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.
BearingPoint has global locations in Indonesia, Australia,
Austria, Brazil, China, France, India, Japan, Mexico, Portugal,
Singapore and Thailand, among others.
CA INC: 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 U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.
Additionally, Moody's revised or held 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$350 Million
6.5% Senior
Unsecured Notes
due 2008 Ba1 Ba1 LGD4 54%
US$1 Billion
Senior Global
Notes due 2011 Ba1 Ba1 LGD4 54%
US$460 Million
Convertible
Senior Unsecured
Notes due 2009 Ba1 Ba1 LGD4 54%
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-
umeric 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 Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT. Founded in 1976, CA serves customers in
more than 140 countries. In the Asia-Pacific region, the
company has operations in Indonesia, Australia, China, Japan,
Hong Kong, India, Philippines and Thailand.
GARUDA INDONESIA: Delays Debt Restructuring to November
-------------------------------------------------------
PT Garuda Indonesia's proposed restructuring of debts owed to
domestic and foreign creditors has been delayed, Tempo
Interactive states.
According to the report, Garuda had presented two debt
restructuring schemes in September, but the Government had not
decided which scheme should be used to settle debts. As a
result, Tempo says, debt restructuring will almost certainly be
delayed until the beginning of November.
Tempo says that Garuda submitted the schemes to the Garuda
Indonesia debt restructuring team set up by the Government and
led by Sahala Lumban Gaol, Deputy Coordinating Minister for the
Economy from the Macro Economy and Finance Division. This team
will present the schemes to the State Enterprises Ministry in
October.
The debt restructuring proposals, Mr. Gaol said, were addressed
to all creditors because all of them want the same treatment.
Tempo relates that Garuda Indonesia's debt aggregates
US$794 million, or IDR7.3 trillion. Currently, the highest debt
is owed to the European Credit Agency, amounting to
US$497 million. The remaining debts to creditors are:
* floating rate notes holders -- US$130.6 million;
* Export Development of Canada -- US$12.1 million;
* Bank Negara Indonesia -- US$11 million;
* Bank Mandiri syndicate -- US$2.5 million and in the form of
mandatory convertible bond US$136.8 million.
The Troubled Company Reporter - Asia Pacific reported on June 8,
2006, that Garuda Indonesia aims to finalize its restructuring
plan by the end of 2006, which plan includes a recapitalization
by the Indonesian Government and a debt repayment agreement
worked out with its creditors.
The TCR-AP also cited Garuda Chief Executive Officer Emirsyah
Satar as stating that the airline drew up a new five-year
restructuring plan in April and presented it to creditors at
meetings in the United Kingdom and Singapore. He said that the
restructuring plan provides for, among others, immediate overall
cost-cuts of 5-10%, as well as fleet and network changes. Mr.
Satar did not elaborate on the proposals presented to creditors,
saying only that they had several options.
Moreover, the TCR-AP report stated that Garuda's restructuring
plan foresees its debt being reduced to US$274 million from
US$794 million, in part through the conversion of debt into
equity.
Tempo, citing Garuda Finance Director Alex Maneklaran, says that
the delay in the implementation of a restructuring scheme is
also "because of the fasting month and the Eid holidays, the
government is concentrating more on these."
Yet, according to the report, what is certain is that the
schemes will support Garuda's performance in order to meet its
profit targets of IDR65 billion in 2007 and IDR444 billion in
2008.
"At the least, the schemes support Garuda to reach a point of
equilibrium in 2007," Mr. Maneklaran told Tempo.
Tempo points out that Garuda has also asked the Government to
complete the Government Regulation on state co-financing so that
fund supply to Garuda of IDR500 billion can be disbursed.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves another 10 domestic routes. Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that PT Garuda Indonesia will get fresh capital
of IDR1 trillion from the Government to enable the airline to
turn around its business.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due last December 31,
2005.
MCDERMOTT INT'L: 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 oilfield service and refining and marketing
sectors last week, the rating agency confirmed its B1 Corporate
Family Rating for McDermott International Inc.
Moody's also 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
---------- ------- ------- ------ ----------
Multiple Seniority
Shelf (Senior
Unsecured) (P)B3 (P)B3 LGD6 97%
Multiple Seniority
Shelf (Subordinate) (P)Caa2 (P)B3 LGD6 97%
Multiple Seniority
Shelf (Preferred) (P)Caa3 (P)B3 LGD6 97%
In addition, Moody's revised its rating on subsidiary McDermott
Inc.'s Pollution Control Revenue Bonds Due 2009 to B3 from B2,
and assigned those bond obligations an LGD6 rating suggesting a
94% projected loss-given default.
Furthermore, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations for another McDermott subsidiary, The Babcock &
Wilcox Company:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
Sr. Sec. Gtd.
Revolving Credit
Facility Due 2011 B1 Ba2 LGD2 19%
Sr. Sec. Gtd.
Delayed Draw Term
Loan B1 Ba2 LGD2 19%
Sr. Sec. Gtd.
Letter of Credit
Facility B1 Ba2 LGD2 19%
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 Houston Texas, McDermott International, Inc. --
http://www.mcdermott.com/-- through its subsidiaries, operates
as an energy services company worldwide, including Indonesia.
PHILLIPS-VAN HEUSEN: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Phillips
Van Heusen Corporation. Additionally, Moody's revised or held
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$100 million senior
secured notes Ba3 Ba1 LGD2 20%
Various senior
unsecured notes B1 B1 LGD5 73%
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 corporatefamily 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%).
Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns
and markets the Calvin Klein brand worldwide. It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.
It has operations in Asia-Pacific, including in Indonesia,
China, Philippines, Malaysia, and Thailand.
PHILLIPS-VAN HEUSEN: Discloses Investment Plans' Blackout Period
----------------------------------------------------------------
Phillips-Van Heusen Corporation notified its employees that, as
a result of a change in the recordkeeper for the company's
Associates Investment Plans, there will be a blackout period
that will begin on Oct. 31, 2006, at 4:00 p.m. Eastern Time and
is expected to end on Nov. 5, 2006.
The company disclosed that during the Blackout Period,
participants in the Plan will be temporarily unable to access
their individual accounts under the Plan, including being able
to direct or diversify their investment of existing account
balances or future contributions made to their individual
accounts, changing their contribution rate, obtaining a loan
under the Plan, or obtaining a withdrawal or other distribution
from the Plan.
As a result of the Blackout Period, on Sept. 26, 2006, the
company sent a notice to its directors and executive officers
informing them that during the Blackout Period the directors and
executive officers will be prohibited from, directly or
indirectly, purchasing, selling, or otherwise acquiring or
transferring any equity or derivative security of the company
acquired in connection with their services as a director or
employment as an executive officer.
Participants in the Plan, stockholders of the company or other
interested persons may obtain, without charge, information
regarding the Blackout Period, including the actual ending date
of the Blackout Period, by contacting Mary Kazan, Human
Resources-Employee Benefits, Phillips-Van Heusen Corporation,
1001 Frontier Road, Bridgewater, New Jersey 08807, at telephone
number (908) 685-0050, during the Blackout Period and for a
period of two years after the ending of the Blackout Period.
Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns
and markets the Calvin Klein brand worldwide. It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.
It has operations in Asia-Pacific, including in Indonesia,
China, Philippines, Malaysia, and Thailand.
* * *
Phillips-Van Heusen's 7-3/4% Debentures due 2023 carry Moody's
Investors Service's Ba3 rating and Standard and Poor's BB+
rating.
VERITAS DGC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Veritas DGC.
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 Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- is a leading provider of
integrated geophysical information and services to the petroleum
industry worldwide. Veritas is listed on New York Stock
Exchange under the ticker VTS, and has offices in Malaysia and
Indonesia.
=========
J A P A N
=========
ATTACHMATE CORP: 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 U.S. Technology Software sectors this week,
the rating agency confirmed its B3 Corporate Family Rating for
Attachmate Corporation.
Additionally, Moody's revised or held 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$20 Million
Senior Secured
Revolving Credit
Facility B2 B1 LGD2 28%
US$300 Million
Senior Secured
First Lien B2 B1 LGD2 28%
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-
umeric 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%).
Based in Seattle, Washington, Attachmate Corporation is a
software services provider specializing in host access and
integration solutions.
Attachmate has offices in Japan, Sweden and Brazil.
INFOR GLOBAL: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B3 Corporate Family Rating for
Infor Global Solutions Holdings Ltd.
Additionally, Moody's revised or held 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$150 Million
Senior Secured
Revolving Credit
Facility due 2012 B2 B1 LGD2 25%
US$2 Billion
Senior Secured
First Lien
due 2012 B2 B1 LGD2 25%
US$1.675 Billion
Senior
Subordinated
Notes due 2013 Caa2 Caa2 LGD5 80%
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%).
Infor Global Solutions Holdings Ltd., -- http://www.infor.com/-
- headquartered in Alpharetta, Georgia and a Cayman Islands
exempted company, is a global provider of financial and
enterprise applications software. The company has locations in
Japan, Australia, Austria, China, France, India, Netherlands,
Singapore, and Spain, among others.
PGMI INC: McKennon Wilson Raises Going Concern Doubt
----------------------------------------------------
McKennon, Wilson & Morgan LLP expressed substantial about PGMI,
Inc.'s ability to continue as a going concern after auditing the
company's financial statements for the fiscal years ended
June 30, 2006, and 2005. The auditing firm pointed to the
company's losses, working capital deficiency at June 30, 2006,
and commitments to fund new store expansions.
PGMI incurred a US$2,098,887 net loss for the year ended
June 30, 2006, versus a net loss of US$1,625,313 for the year
ended June 30, 2005. This increase in net loss can be
attributed to approximately US$2,333,000 of one time reverse
acquisition fees incurred during the year June 30, 2006, and
increased income tax expense in the amount of US$640,000 due to
increased taxable income in the company's Japan operations.
Consistent with the gaming industry, the company reports
revenues as the net of wagers less payouts. During the year,
gaming revenues increased from US$21,533,976 in 2005 to
US$22,696,178 in 2006, an increase of 5.4 %.
Gross wagers increased by US$95,118 or 0.05% from the year
ending June 30, 2005 to US$187,972,786 in the year ending
June 30, 2006. The new store that opened in March 2005
contributed US$28,892,726 to the increase in wagers. Four
stores increased their gross wagers to a total of US$29,541,223
for the year ended June 30, 2006, while nine stores decreased
their gross wagers to US$15,819,076.
Payouts decreased by US$1,067,084 or 0.6% from the year ending
June 30, 2005, to US$165,276,608 in the year ending June 30,
2006. Payouts as a percentage of wagers slightly decreased from
88.5% in 2005 to 87.9% in 2006 due to a high payout rate
campaign to promote the grand opening of two new stores in the
year ended June 30, 2005, while no stores opened in the year
ended June 30, 2006.
At June 30, 2006, the company's balance sheet showed
US$60,240,196 in total assets and US$52,177,597 in total
liabilities.
A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?1318
PGMI is a provider of pachinko gaming entertainment in Japan.
The company traces its origin to its founder Gakushin Kanemoto's
pachinko business in 1951. It later incorporated in Japan as
Marugin Co., Ltd in 1972. The management team brings many
decades of experience in the pachinko industry to PGMI.
Currently the company operates 13 locations in Japan.
QUIKSILVER INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Quiksilver,
Inc., and upgraded to Ba3 its B1 rating on the company's
US$400 million senior unsecured notes. Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 58% 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%).
Quiksilver, Inc. (NYSE:ZQK) -- http://www.quiksilver.com/--
designs, produces and distributes a diversified mix of branded
apparel, wintersports and golf equipment, footwear, accessories
and related products.
The company has operations in Europe, China, Australia and
Japan.
=========
K O R E A
=========
BURGER KING: Repays Additional US$35 Million in Debt
----------------------------------------------------
Burger King Holdings Inc. has retired an additional US$35
million in debt, using cash generated from operations. Since
the company's IPO on May 18, the company has retired a total of
US$435 million in debt, reducing its debt level by more than
30%.
On May 26, approximately US$350 million of the US$392 million in
net proceeds raised in the IPO was used to retire debt. On
Monday, July 31, the company retired an additional US$50 million
in debt, also using cash generated from operations.
Chief Financial Officer Ben Wells said, "Our operational cash
flow continues to be strong and has enabled us to pay down US$85
million in debt during the first four months of our 2007 fiscal
year. This reduced debt level strengthens our balance sheet and
gives us greater flexibility in financial markets.
Additionally, our deleveraging will increase cash flow for
investment spending, which, in the long term, will benefit our
shareholders and investors."
About Burger King(R)
The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide, including
Korea, Australia, China, Hong Kong, Malaysia, New Zealand,
Philippines, Singapore, Taiwan and Thailand. Approximately 90%
of Burger King restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been
in business for decades.
* * *
Fitch assigned initial ratings for Burger King Corp., the
world's second largest fast food hamburger restaurant chain.
Fitch assigned the Company its 'B+' Issuer Default Rating.
Fitch also rated the Company's US$150 million revolving credit
facility maturing June 2011; and US$967 million aggregate
remaining term loan A and B outstandings maturing June 2011 and
June 2012, respectively, at 'BB/RR2'. Fitch said that the
Outlook on all Ratings is Positive.
The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Standard & Poor's Ratings Services
raised the corporate credit and senior secured debt ratings on
Burger King to 'BB-' from 'B+' to reflect improved operating
performance. The outlook is stable.
As reported in the TCR - Asia Pacific on Oct. 3, 2006, Moody's
Investors Service confirmed its Ba2 Corporate Family Rating and
assigned its Ba3 probability-of-default rating for Burger King.
Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on certain loan facilities
based on proposed IPO and proposed bank financing with corporate
family rating of B1.
HYNIX SEMICONDUCTOR: FnGuide Sees Better Results in 3rd Quarter
---------------------------------------------------------------
FnGuide, a Korean online stock information provider, sees Hynix
Semiconductor Inc. experiencing a 12.4% increase to
KRW1.8 trillion in sales in the third quarter, The Korea Times
says.
As reported by the Troubled Company Reporter - Asia Pacific on
July 24, 2006, Hynix Semiconductor recorded consolidated
revenues of KRW1.67 trillion for the quarter ending June 30,
2006, a 15% increase compared to the KRW1.45-trillion revenue
recorded for the quarter ended March 31, 2006.
According to FnGuide, strong chip and liquid crystal display
product prices helps Hynix and other tech firms like Samsung
Electronics and LG Electronics to report positive results in the
third quarter.
FnGuide estimates that Hynix's operating profit would rise 28.2%
to KRW438 billion, The Times adds.
About Hynix Semiconductor
Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.
WARNACO GROUP: 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 U.S. and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Warnaco
Group, Inc. Additionally, Moody's revised or held 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$175 million senior
secured revolver Ba2 Ba1 LGD2 22%
US$180 million senior
secured term loan Ba2 Ba1 LGD2 22%
US$205 million senior
unsecured notes B1 B1 LGD5 78%
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%).
The Warnaco Group, Inc., headquartered in New York, is a leading
apparel company engaged in the business of designing, marketing
and selling intimate apparel, menswear, jeanswear, swimwear,
men's and women's sportswear and accessories under such owned
and licensed brands as Warner's(R), Olga(R), Lejaby(R), Body
Nancy Ganz(TM), Speedo(R), Anne Cole Collection(R), Cole of
California(R) and Catalina(R) as well as Chaps(R) sportswear and
denim, JLO by Jennifer Lopez(R) lingerie, Nautica(R) swimwear
and Calvin Klein(R) men's and women's underwear, men's
accessories, men's, women's, junior women's and children's jeans
and women's and juniors swimwear.
The company has operations in Korea.
===============
M A L A Y S I A
===============
ARMSTRONG WORLD: Bankruptcy Exit Prompts S&P to Raise Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2, 2006. The outlook is stable.
The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed. The bank loan rating was assigned
on Sept. 28, 2006, based on the assumption that Armstrong would
exit bankruptcy as well as satisfy other conditions.
"Significant liquidity and a reasonable capital structure should
give Armstrong time to continue addressing the cost and demand
challenges it faces in a number of businesses," said Standard &
Poor's credit analyst John Kennedy.
"We expect the company to remain free cash flow positive and
sufficiently profitable to maintain the ratings. We could
revise the outlook to negative if Armstrong's weak flooring
products and cabinet businesses continue to further compress
overall margins and dampen cash. We could revise the outlook to
positive if the company is able to significantly improve its
performance in these business units, increase its cash flow, and
reduce debt levels beyond our current expectations."
Armstrong has leading positions in ceiling systems and vinyl and
wood flooring; a fair balance between residential and commercial
end markets and between new construction and remodeling
activities; and adequate liquidity upon emergence from
bankruptcy.
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.
The company has Asia-Pacific locations in Malaysia, Australia,
China, Hong Kong, Indonesia, Japan, Philippines, Singapore,
South Korea, Taiwan, Thailand and Vietnam. It also has
locations in Colombia, Costa Rica, Greece and Iceland, among
others.
METROPLEX BERHAD: Capital Deficit is MYR224 Mil. for 2nd Quarter
----------------------------------------------------------------
On September 29, 2006, Metroplex Berhad filed with the Bursa
Malaysia Securities Berhad its financial report for the second
quarter ended July 31, 2006.
For the quarter under review, the Group's revenue rose to
MYR36.78 million from the MYR34.80 million posted in the same
quarter last financial year. The company posted a
MYR20.51-million loss in the second quarter of 2006, which is
slightly higher than the MYR16.72-million loss in the second
quarter of 2005.
As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.
The Group's Second Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_Metroplexfinancials.xls
About Metroplex Berhad
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong, and the Philippines.
On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court. In the event the wind-up petition succeeds,
the Company will be put into liquidation.
As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.
As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.
METROPLEX BERHAD: MSEMI Wants Injunction Against Metroplex Unit
---------------------------------------------------------------
Metroplex Holdings Sdn Bhd, a wholly owned subsidiary of
Metroplex Berhad, has been served with an application of
injunction dated October 2, 2006, by Morgan Stanley Emerging
Markets Inc.
The injunction is for the purpose of:
* restraining Metroplex Berhad and Metroplex Holdings and their
directors, agents and servants from:
-- selling or disposing the Legend Hotel, forming part of the
integrated retail office and hotel development
commercially known as the Putra Place and erected on a
piece of freehold land held under No. Hakmilik 10012, Lot
No.38, Section 51, Bandar Kuala Lumpur, Daerah Kuala
Lumpur, Negeri Wilayah Persekutuan to Metroplex Realty Sdn
Bhd or other individuals; and
-- implementing the proposal for the issuance of bonds
by MRSB for and behalf of Metroplex Berhad.
The application is fixed for hearing on October 10, 2006.
Metroplex Berhad and Metroplex Holdings have instructed their
solicitors to set aside the injunction application.
The solicitors of Morgan Stanley have served a wind-up petition
against Metroplex Berhad on April 26, 2005. Moreover, Morgan
Stanley asserts payment of its US$7,126,960 claim for the credit
facilities granted by a syndicate of lenders to Legend
International Resorts Limited, whose obligations were guaranteed
by Metroplex.
About Metroplex Berhad
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong, and the Philippines.
On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court. In the event the wind-up petition succeeds,
the Company will be put into liquidation.
Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.
As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.
As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.
PAN MALAYSIAN: Cancels Rights Issue & Share Consolidation
---------------------------------------------------------
Pan Malaysian Industries Berhad has withdrawn its application
for a Proposed Share Consolidation and Proposed Rights Issue to
the Securities Commission on October 6, 2006.
Currently, the Group is formulating a revised Regularization
Plan, which is anticipated to raise more funds as compared to
the Proposed Rights Issue and will place the Company on a
stronger financial footing.
About Pan Malaysian Industries
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket. Its other activities
include investment and property holding. The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.
The Group has been suffering recurring losses since 1999.
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.
POLYMATE HOLDINGS: Subsidiaries Commence Wind-Up of Operations
--------------------------------------------------------------
Pursuant to Paragraph 9.19 of the Listing Requirements of Bursa
Malaysia Securities Berhad, Polymate Holdings Berhad's
subsidiaries on October 5, 2006, were placed under a members'
voluntary wind-up due to their inability to pay liabilities.
In this regard, Daniel J.Civil of Jirsch Sutherland, in Sydney,
New South Wales, has been appointed as liquidators of these
Polymate subsidiaries:
(i) ABI-BSM Pty Limited, which is a wholly owned subsidiary of
ABI (NSW) Pty Ltd, which in turn is a wholly owned
subsidiary of ABI Australia Limited that is 77% owned by
ABI (Malaysia) Sdn Bhd, which is a wholly owned subsidiary
of Polymate;
(ii) ABI (NSW) Pty Ltd, which is a wholly owned subsidiary of
ABI Australia Limited, which in turn is 77% owned by ABI
(Malaysia) Sdn Bhd, which is a wholly owned subsidiary of
Polymate;
(iii) ABI Australia Limited, which is a 77% owned subsidiary of
ABI (Malaysia) Sdn Bhd, which in turn is a 100% owned
subsidiary of Polymate;
The wind-up of ABI-BSM Pty Limited, ABI (NSW) Pty Ltd and ABI
Australia Limited will not have any financial and operational
impact on Polymate.
There will be no further expected losses arising from the wind
up proceedings as the losses have already been fully provided.
About Polymate Holdings
Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the
manufacturing and marketing of lead acid batteries for the
automotive and related industries. It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding, and provision of corporate and financial
support services. The Group operates in Malaysia, Australia,
New Zealand, and Europe.
Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.
For the third quarter ended June 30, 2006, the company's
revenue had significantly reduced to MYR19.71 million as
compared with last fiscal year's corresponding period revenue of
MYR92.83 million.
SETEGAP BERHAD: Buyers Extend Time to Fulfill Sale Approval
-----------------------------------------------------------
Setegap Berhad has disclosed on October 9, 2006, that Sentanas
Sdn Bhd, purchaser of landed property in Serdang, Samaharta Sdn
Bhd, and Loong Chee Meng, purchaser of Asphalt Industries,
agreed on October 2 to extend the period to fulfill sale
conditions until January 31, 2007.
About Setegap Berhad
Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying. The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix. The Group also
provides mechanical and electrical services, leases machinery
and investment holding.
Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997/98. As of March 31, 2006, the
Company's balance sheet showed MYR71,401,000 in total assets and
MYR176,007,000 in total liabilities, resulting in a
stockholders' deficit of MYR104,606,000.
TENGGARA OIL: Ong Ban Chai Demands Payment from Unit
----------------------------------------------------
On October 2, 2006, Tenggara Oil Berhad's wholly owned
subsidiary, Tenggara Concrete Sdn. Bhd, has been served a notice
from Ong Ban Chai & Co. on behalf of Tampin Metal "Pang
Brothers" Sdn. Bhd. of Plot 37, Kawasan Perindustrian Pulau
Sebang, 73000 Tampin Pos, Melaka, demanding payment of
MYR34,682.81. The claim amount represents the total outstanding
amount owed by Tenggara Concrete to Tampin Metal as of Aug. 31,
2006.
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.
TENGGARA OIL: Posts Lower Revenue at MYR9.14 Mil for 2nd Qtr.'06
----------------------------------------------------------------
Teggara Oil Berhad has submitted to the Bursa Securities on
September 29, 2006, its financial report for the quarter ended
July 31, 2006.
The company's financial report for the second quarter of
financial year ending January 31, 2007, revealed that the
company has lowered its revenues to MYR3.62 million, compared
with the MYR7.62 posted in the same quarter of financial year
ended January 31, 2006.
Tenggara also incurred MYR2.02 million in net losses for the
second quarter of FY2006-2007, as compared with the
MYR1.26-million net loss for the second quarter of FY2005-2006.
As of July 31, 2006, Tenggara's consolidated balance sheet
showed total assets of MYR11.964 million and total liabilities
of MYR8.763 million.
Tenggara's Second Quarter Report for FY ending January 31, 2007,
is available for free at:
http://bankrupt.com/misc/tcrap_tenggara.xls
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 is in the process of formulating a debt-restructuring
scheme with relevant parties. Tenggara has been incurring
losses, with a MYR3.728-million loss for the 12-month period to
July 31, 2006, and a MYR2.848-million loss for the same period
to July 31, 2005.
=====================
P H I L I P P I N E S
=====================
BENGUET CORP: Hires Citigroup as Financial Advisor for Kingking
---------------------------------------------------------------
During the mining conference held on September 11 to 15, 2006,
which was attended by African government leaders and South
African-based mining companies, several interests were expressed
in investing in various local mining projects, including Benguet
Corporation's Kingking project, in Kingking, Pantukan,
Compostela Valley.
Accordingly, Benguet Corp. advises the Philippines Stock
Exchange Commission that it has entered into discussion with
some South African investors regarding the Kingking Project but
notes that there is nothing specific or definite that would
warrant further disclosure.
However, the company reveals that it has engaged Citigroup as
its financial advisor for the Kingking Copper Project to conduct
a selection process for joint venture that can offer the best
terms and benefits to develop the property.
About Benguet Corporation
Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining. It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.
As of March 31, 2006, Benguet Corp.'s liabilities to its
creditor-banks amount to PHP1.7 billion.
* * *
In a financial report for the quarter ended March 31, 2006, the
Company posted PHP310.66 million in current assets available to
pay PHP3.865 billion in current liabilities due within the next
12 months. Benguet Corp.'s total assets for the period amount
to PHP3.213 billion, compared with total liabilities of
PHP4.909 billion, resulting to a PHP1.695-billion stockholder's
equity deficit.
PHILIPPINE LONG DISTANCE: Plans to Extend Service Nationwide
------------------------------------------------------------
Philippine Long Distance Telephone Co. filed a petition before
the National Telecommunications Commission for a planned capital
expenditure, which will be spread over a five-year period, to
expand its service to other areas not covered by its present
license, Darwin G. Amojelar of Manila Times reports.
According to the report, PLDT's petition stated that it would
spend about PHP323.76 million to establish, install, operate,
and maintain telecommunications, value-added services, and
information communication and technology services particularly
local telephone service.
Manila Times reveals that the company proposed to complete the
roll out in three phases.
The paper further says that the company plans to:
(a) extend its service to 963 cities and municipalities
nationwide;
(b) charge direct line residential subscribers from
PHP629.65 to PHP710 a month, while business subscribers
would be billed a monthly PHP1,091.71 to PHP1,169.28; and
(c) charge subscribers with trunk lines for PHP2,464.54 per
month.
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.
RIZAL COMMERCIAL BANKING: Receives BSP Approval to Issue Notes
--------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Rizal Commercial
Banking Corporation advises that last week, the Bangko Sentral
and Pilipinas Monetary Board has already approved RCBC's plan to
issue up to US$100 million of Hybrid Tier 1 Notes.
The joint bookrunners and joint lead managers for the issue are
Citigroup and Credit Suisse.
As earlier disclosed, RCBC also plans to issue up to 200 million
preferred shares in either pesos or dollars in the last quarter
of 2006.
The Troubled Company Reporter - Asia Pacific reported on
August 24, 2006, that RCBC was preparing to issue a
US$130 million hybrid Tier 1 capital in September 2006.
The TCR-AP cited RCBC president Francisco Magsajo as saying the
"plan is to tap the offshore market. . .because the spreads have
tightened."
About RCBC
Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking. It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services. In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.
* * *
Moody's Investors Service gave Rizal Commercial Banking a 'Ba3'
Long-Term Bank Deposit Rating effective May 25, 2006.
On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank. The Outlook of the
Long-term rating is Stable.
* BSP Says Inflation May Rise in October Due to "Milenyo"
---------------------------------------------------------
The Bangko Sentral ng Pilipinas deputy governor Diwa Guinigundo
said inflation may rise a bit higher in October due to typhoon
"Milenyo," which hit the country in September, Malaya News
relates.
As reported in the Troubled Company REporter - Asia Pacific on
October 9, 2006, the Philippines' inflation rate for September
is pegged at 5.7%.
The typhoon, the strongest to hit the country in 20 years,
damaged nearly PHP3 billion of property including PHP2 billion
of agriculture, Malaya reports, citing National Disaster
Coordinating Council data.
According to Mr. Guinigundo, the typhoon's impact can be
expected only in the following month, noting the possibility of
slight increases in prices of chicken due to the damage to
poultry.
However, change in vegetable prices will be insignificant
because "not all the vegetable [plantations] were destroyed."
Mr. Guinigundo further said prices of rice will remain stable
through the last quarter as the government has completed its
grains importation, Malaya relates.
* * *
"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
=================
AFFYMETRIX INC: Inks Licensing Agreement with NimbleGen
-------------------------------------------------------
Affymetrix Inc. has entered into a non-exclusive licensing
agreement with NimbleGen Systems, according to ag-IP-news.
The licensing agreement will give NimbleGen a license for
several Affymetrix patents that cover the manufacture, use and
sale of nucleic acid tests used for genetic research and related
products and services in the research field, adds the ag-IP-
news.
"This licensing agreement with NimbleGen follows from a
commercial relationship and enables both companies to better
serve customers within the growing microarray market," said Alan
Sherr, Vice President and Chief Counsel for Licensing of
Affymetrix.
Mr. Sherr also disclosed that since the inception of the
licensing program, Affymetrix has signed many agreements that
validate the company's position as the clear market innovator
and leader.
No financial terms were disclosed on the licensing agreement.
About NimbleGen
NimbleGen Systems is headquartered in Madison, USA and was
established in 1999. It produces high-density arrays of
isothermal long oligos that provide superior results for
advanced genomic analysis methods like CGH, ChIP, microbial
whole-genome resequencing and expression tiling.
About Affymetrix Inc.
Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic
information that are used by pharmaceutical, biotechnology,
agrichemical, diagnostics and consumer products companies. The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia (including Singapore,
Japan and China, as well as Australia, New Zealand, Hong Kong,
India, Japan, Malaysia, and Taiwan) and has about 1,100
employees worldwide.
* * *
Affymetrix Inc.'s noteholders issued a notice of default on
Aug. 17, 2006, under the indenture governing the US$120 million
0.75% Senior Convertible Notes due 2033 as a result of the
company's failure to file its Form 10-Q for the quarter ended
June 30, 2006, with the United States Securities and Exchange
Commission.
CHEMTURA CORP: Settles Federal Rubber Chemicals Suit for US$51M
---------------------------------------------------------------
Chemtura Corp. agreed to pay US$51 million to resolve federal
class actions involving rubber chemicals. This agreement,
combined with settlements with other entities, means that
Chemtura has now resolved over 90 percent of its exposure for
U.S. rubber chemicals claims.
The US$51 million settlement, which will be paid in the fourth
quarter, is subject to court approval. In anticipation of this
settlement, US$12.2 million was added to already existing rubber
chemicals reserves in the third quarter.
"This represents another important step in Chemtura's resolution
of legacy issues so that we may continue to focus on the
future," said Robert Wood, chairman and chief executive officer.
Chemtura has previously pleaded guilty in a federal case and was
fined by European regulators for its role in artificially
boosting prices of chemicals to make rubber between 1995 and
2001.
In 2005, Chemtura Corp. disclosed that the European Commission
has imposed a fine of US$16 million on the company in connection
with the EC's rubber chemicals investigation (Class Action
Reporter, Dec. 27, 2005).
About Chemtura
Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and
marketer of specialty chemicals, crop protection and pool, spa
and home care products. The Company has approximately 6,400
employees around the world and sells its products in more than
100 countries. In Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Thailand.
* * *
Moody's Investors Service assigned a Ba1 rating to Chemtura
Corp.'s US$400 million of senior notes due 2016 and affirmed the
Ba1 ratings for its other debt and the corporate family rating.
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016. Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating. The outlook remains positive.
DIGILAND INTERNATIONAL: To Seek Shareholders' OK for Proposals
--------------------------------------------------------------
The shareholders of Digiland International Limited will hold an
extraordinary general meeting on October 31, 2006, at
10:30 a.m., following the adjournment of the annual general
meeting to be held at The Grassroots' Club, 190 Ang Mo Kio
Avenue 8, in Function Room 1, Level 1, in Singapore 568046.
At the meeting, these resolutions will be passed for
shareholders' approval:
-- acquisition and exercise of an option to subscribe for
shares in Ximeta, Inc, constituting 6.96% of the enlarged
issued share capital of Ximeta;
-- proposed shareholders' mandate for interested person
transactions;
-- proposed Digiland Performance Share Plan;
-- proposed share purchase mandate; and
-- proposed alteration of the Memorandum and Articles of
Association of the Company.
Moreover, on September 29, 2006, the Singapore Exchange
Securities Trading Limited has approved in principle the listing
and quotation of new Shares, which will be allotted and issued
pursuant to the Digiland Performance Share Plan. This will also
be subjected to shareholders' approval at the general meeting.
About Digiland
Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific. The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited. It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific. The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry. Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production. Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.
The group's balance sheet as of June 30, 2006, reflected total
current assets of US$10.14 million available to pay total
current liabilities of US$11.03 million, resulting into a net
current deficit of US$0.89 million.
The group has also remained insolvent from July 2006, up to the
present.
ISOFT GROUP: Discloses Contractual Changes to NPfIT Engagements
---------------------------------------------------------------
iSOFT Group plc disclosed material changes to its engagements
with the U.K. National Programme for IT.
iSOFT plc currently has two principal contracts to deliver
software and services as part of the NPfIT.
On April 2, 2004, the Company signed a contract with Accenture
(U.K.) Limited to deliver software and services in the North-
East and East & East Midlands regions.
On April 28, 2004, the Company signed a contract with Computer
Sciences Limited to deliver software and services to the North-
West & West Midlands region.
On Aug. 11, iSOFT signed a Memorandum of Understanding with CSC
confirming the schedule under which it will provide deliveries
to CSC in respect of the existing CSC agreement, with the
opportunity to win additional business in future through CSC.
Under the agreement, iSOFT made a number of commitments with
respect to the future development of its products for the NPfIT.
The agreement offers greater certainty of cash flow to iSOFT,
with payments tied to the achievement of specific milestones.
New Arrangements
NHS Connecting for Health, Accenture and CSC disclosed a change
of Local Service Provider for delivery of the NHS National
Programme for IT in the North-East and East & East Midlands
regions. As a result, the contract between iSOFT and Accenture
will be terminated, although iSOFT will provide transitional
services until Jan. 8, 2007.
Under the termination arrangements, iSOFT and Accenture have
agreed that no further payments will be made between the two
parties and any potential litigation relating to the period
between April 2, 2004 and [thurs]day's date will be annulled.
Accenture will transfer responsibility for the delivery of its
obligations within the NPfIT to CSC by Jan. 8 2007, and CSC will
continue to fulfill its contractual obligations to provide
services to the North West & West Midlands region.
The CSC-led alliance will design, deliver and operate an
integrated patient care record system, improving the way in
which patient information is accessed and shared.
The service will provide all NHS patients with an individual
lifelong electronic care record, promoting seamless care for
patients through physicians, hospitals and community services,
while allowing healthcare professionals to focus on delivering
quality patient care more effectively.
iSOFT is the principal CSC alliance member and its application
suite forms the core of the CSC alliance's software solution
already being implemented in the North-West & West Midlands.
iSOFT will retain exclusivity in providing core software
solutions in the North-East region and exclusivity for interim
solutions in the East & East Midlands region. iSOFT will retain
preferred supplier status for future solutions in the East &
East Midlands region, subject to a benchmarking review.
iSOFT Chairman and Chief Executive John Weston commented, "This
is a further demonstration of confidence in iSOFT's ability to
develop and deliver leading healthcare software products and we
are very pleased to be extending our close working relationship
with CSC."
About iSoft
Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector. Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services. In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.
* * *
An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005. The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator. According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation. After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.
The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.
The irregularities uncovered to date do not appear to have
affected the group's cash position.
LEVI STRAUSS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its B2 Corporate Family Rating for Levi Strauss
& Co., and its B3 rating on the company's Various senior
unsecured notes. Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
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%).
About Levi Strauss
Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.
The company's global divisions are based in Singapore, San
Francisco and Brussels.
PETROLEO BRASILEIRO: Unit Raises US$500MM in Global Notes
---------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras disclosed that through
its wholly-owned subsidiary Petrobras International Finance
Company closed the placement at the international capital market
of US$500 million in Global Notes.
The bonds have a yield to investor of 6.185%, a 10-year maturity
term, and represent PIFCo's lowest placement cost for equivalent
term, the rate being 1.55% superior to the American Treasury
Security with similar term. The global notes were offered by
99.557% of the face value, with coupon of 6.125% p.a.
The operation represents Petrobras' first issue after receiving
the investment grade classification by Moody's and its main
purposes were to keep the presence of the company at the capital
market, to establish a new cost referential which reflects the
current financing conditions of the company, and to access a new
base of investors associated to the high grade market.
Moreover, the company improved its covenants to reflect its
investment grade condition.
Petrobras has received tender offers of nearly US$1.3 billion
and the pricing occurred on Sept. 29, 2006. The wide selling of
bonds recognizes Petrobras' credit quality in international
capital markets, with approximately 85% of the bonds being
placed in "investment grade" markets.
The issue's strategy is aligned to the buyback of old bonds,
recently effected by the Company, which were issued with higher
coupons.
The operation was conducted by Morgan Stanley & Co. Incorporated
and UBS Securities.
About Petrobras
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in
1953. The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various
wholesale customers and retaildistributors in Brazil.
Petrobras has operations in China, India, Japan, and Singapore.
* * *
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.
* * *
Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:
Maturity Date Amount Rate Ratings
------------- ------ ---- -------
April 1, 2008 US$400,000,000 9% BB+
July 2, 2013 US$750,000,000 9.125% BB+
Sept. 15, 2014 US$650,000,000 7.75% BB+
Dec. 10, 2018 US$750,000,000 8.375% BB+
* * *
Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006
REFCO INC: Will Pay US$705 Mil. to Resolve All Secured Claims
-------------------------------------------------------------
Refco Group Ltd., LLC and its affiliated debtors received
approval from the U.S. Bankruptcy Court for the Southern
District of New York, on Sept. 27, 2006, to pay its secured
creditors, including a group of banks led by Banc of America
Securities, as agent, approximately US$705 million to settle all
secured claims against Refco.
"We are very pleased with the Court's decision," said Refco's
Chief Restructuring Officer David Pauker, who testified at the
hearing. "The approval of this settlement was a necessary step
toward effecting the global settlement, obtaining approval of
the Debtor's bankruptcy plan and making distributions to
unsecured creditors."
Under the terms of the settlement approved by the Court, Refco's
secured lenders will receive payment in full of principal, plus
interest at the contract rate, through the payment date, but
have agreed to forego payment of default interest. In addition,
the Debtors, lenders and certain third parties will exchange
mutual releases.
In papers filed with the Bankruptcy Court, Refco said that the
agreement with the secured creditors was in the best interest of
the Refco estates and their creditors because, among other
things, it limits "potentially substantial secured claims for
additional interest, fees and indemnities."
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada. Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262)
SEA CONTAINERS: Filing Delay Prompts NYSE to Suspend Trading
------------------------------------------------------------
The New York Stock Exchange has suspended Sea Containers Ltd.'s
common shares and its Senior Notes from trading on the NYSE and
NYSE Arca prior to the market opening on Oct. 3. The NYSE will
submit an application to the Securities and Exchange Commission
to delist these securities.
NYSE reached its decision because Sea Containers has not filed
its 2005 annual report on Form 10-K with the Securities and
Exchange Commission within six months following the due date of
such filing. The NYSE also noted that the company has not yet
filed its quarterly reports on Form 10-Q during 2006. These
conditions subjected Sea Containers' securities to the NYSE's
suspension and delisting procedures.
Sea Containers informed the NYSE that, due to its focus on its
proposed restructuring and potential reorganization and the fact
that the company remains uncertain as to when it will be able to
file its annual report, the company is not in a position to
contest the involuntary suspension and proposed delisting of its
common shares and its Senior Notes. The Company expects these
securities to be delisted from the NYSE upon approval by the
Securities and Exchange Commission.
The suspension applies to these NYSE listed securities of Sea
Containers Ltd:
-- Class A Common Shares;
-- Class B Common Shares;
-- 10 3/4% Senior Notes Due 2006;
-- 7 7/8% Senior Notes Due 2008;
-- 12 1/2% Senior Notes Due 2009; and
-- 10 1/2% Senior Notes Due 2012.
And these NYSE ARCA listed securities:
-- Class A Common Shares; and
-- Class B Common Shares.
About Sea Containers
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 2006 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 reported on Aug. 15,
2006, that Standard & Poor's Ratings Services 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.
===============
T H A I L A N D
===============
SIAM COMMERCIAL: Board Appoints Vicharn as Bank Director
--------------------------------------------------------
The Board of Directors of The Siam Commercial Bank Pcl appointed
Vicharn Panich as its new bank director on September 29, 2006.
Prof. Vicharn, before his appointment, was the director of the
Knowledge Management Institute, a special adviser to the
Thailand Research Fund and chairman of the University Council of
Mahidol University.
Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.
The Troubled Company Reporter - Asia Pacific reported on
August 23, 2006, that Moody's Investors Service has confirmed
Siam Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.
TOTAL ACCESS: Plans Selling 25% Stake in IPO Before Year Ends
-------------------------------------------------------------
Total Access Communication Pcl on October 10, 2006, said in a
statement submitted for approval with the Securities and
Exchange Commission and the Stock Exchange of Thailand that it
plans to sell up to 44.4 million shares -- 25% stake -- in a
Thai initial public offering by the end of this year, Reuters
reports.
According to Reuters, Total Access -- a 43%-owned unit of Thai
telecom firm United Communication -- said it would issue
16.4 million new shares and the rest would come from UCOM, which
would sell up to 28 million TAC shares.
Meanwhile, UCOM, in a separate statement, told the exchange that
it expected to gain about THB4 billion from the share sale and
would delist after the IPO, Reuters notes.
Reuters recounts that the company said last year it would raise
about US$50 million in an IPO to repay loans, fund future
expansion and investments while keeping foreign shareholding at
49%, the limit for a company to be legally Thai.
TAC, majority-owned by Norway's Telenor ASA, will become the
first Thai firm to have dual listings on the Thai and Singapore
markets.
In June, TAC had a paid-up capital of THB4.58 billion and 10.62
million subscribers, representing a 31% market share.
Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.
* * *
Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.
DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.
Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha). The company's National Short-term rating
was also affirmed at F1(tha). The Outlook on the ratings is
Stable.
* BAM to Buy Commercial Bank's NPAs Worth THB30-Billion
--------------------------------------------------------
Bangkok Commercial Asset Management Co signed a deal and has
finalized contracts with the Thai Bankers' Association to
purchase THB30 billion worth of non-performing assets from 13
banks and three debt-management companies, The Bangkok Post
reports.
The deal represents more than 17% of the THB175.8-billion worth
of non-performing assets currently held by local banks, The Post
says.
At present, BAM, a restructuring firm set up by the central
bank's Financial Institutions Development Fund, has 11,655 NPAs
under management, valued at a total of THB38.78 billion, or
22.05% of the Kingdom's total bad assets, The Nation relates.
Overall banking-industry NPAs are valued at THBB175.87 billion.
In addition, The Nation says that the restructuring firm is
expected to follow up the deal with the purchase of distressed
loans from local banks later this year.
The purchase prices for the distressed assets range from 12% to
33% of the appraised values of the assets based on a four-step
grading scale from A to D. BAM will pay for the assets through
zero-coupon bonds with a maturity ranging from two to nine
years.
Interim Deputy Prime Minister and Finance Minister Pridiyathorn
Devakula chaired the agreement-signing ceremony, and said it was
his initiative to clean up bank's bad debts and strengthen the
country's banking industry.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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 ***