/raid1/www/Hosts/bankrupt/TCRAP_Public/070119.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
Friday, January 19, 2007, Vol. 10, No. 14
Headlines
A U S T R A L I A
A1 TEL: Commences Wind-Up Proceedings
AWB LIMITED: To Hold Annual General Meeting on February 22
BTR AUTOMOTIVE: Members Pass Resolution to Wind Up Firm
BUILD CAPITAL: Undergoes Liquidation Proceedings
EVANS & TATE: Yarraman Still Interested in Merger Proposal
G & L KING: Final Meeting Slated for February 12
GOUT PTY: Creditors Must Prove Debts by February 7
KING ISLAND: Receivers and Managers Cease to Act
M & E BRABHAM: Members to Receive Liquidator's Report
MODERN MARKETING: Members Decide to Close Business
PLANT-IT-RITE: To Declare First Dividend on February 13
PORT MARINE: Enters Voluntary Liquidation
RYMO PTY: To Declare First and Final Dividend on February 7
SEDGWICK NOBLE: Members Decide to Wind Up Operations
SPECTRE MANAGEMENT: Creditors' Proofs of Claim Due on Feb. 10
TAHA MICROELECTRONICS: Schedules Final Meeting on February 12
TAHA RESEARCH: Liquidator to Present Wind-Up Report on Feb. 12
ZONTA CONSTRUCTION: Placed Under Voluntary Liquidation
C H I N A & H O N G K O N G
BENQ CORP: Mobile Unit Continues Sale Talks; Bacoc May Bid
BOMBARDIER INC: To Lay Off 170 Business-Jet Jobs in Montreal
DANA CORP: Moody's Assigns Low B Ratings on DIP Facilities
DICKSON CONSTRUCTION: First Meetings Slated for Feb. 6
HAWKINS DEVELOPMENT: Faces Wind-Up Proceedings
MAINLINE GLOBAL: Creditors Must Submit Claims by February 2
PARAMOUNT NETWORKING: Schedules Final Meeting on February 15
RATONAL INDUSTRIAL: Court Appoints Joint Liquidators
SEE LEE: Court Sets Wind-Up Hearing on February 14
SINCERE METAL: Petition Hearing Slated for February 14
SINO HERITAGE: Creditors' Proofs of Debt Due on February 15
VIC GARMENT: Contributories Scheduled to Meet on Jan. 26
VORTECH SYSTEMS: Court to Hear Wind-Up Petition on March 7
WING TAT: Creditors' Proofs of Claim Due on February 12
I N D I A
EASTMAN KODAK: Onex Deal Prompts Moody's to Continue Review
EASTMAN KODAK: Closing Logistics and Warehousing Facilities
IFCI LTD: To Sell 21% Stake in ICRA Via Initial Public Offering
INDIAN OIL: Unit Inks Settlement Pact with Sri Lanka Government
INDIAN OIL: To Take on Record December 2006 Results on Jan. 29
INDUSIND BANK: Into Bancassurance Tie-Up with Aviva Life
INDUSTRIAL DEVELOPMENT: Board Meeting Slated for Jan. 22
ITI LTD: Discloses Results of 56th Annual General Meeting
JAMMU & KASHMIR: Board Meeting Postponed to January 22
JIK INDUSTRIES: Issues 6,04,23,977 Shares Pursuant to BIFR Order
JIK INDUSTRIES: Sets Feb. 14 as Record Date for Consolidation
I N D O N E S I A
APEXINDO PRATAMA: Secures US$3-Million Drilling Contract
BAKRIE SUMATERA: Buys 2,700 Shares from PT Nibung Arthamulia
FREEPORT-MCMORAN: 4Q Profit Falls 8% as Indonesian Ops Decline
J A P A N
FORD MOTOR: Closing Plants & Cutting Jobs Ahead of Schedule
FORD MOTOR: CEO Alan Mulally Considers Selling Jaguar Brand
FORD MOTOR: Sees Auto Parts Supplier Bankruptcies Likely in Feb.
METROLOGIC: Names Cecil F. Bowes as National Sales Manager
SHINSEI BANK: Fitch Affirms 'C' Individual Rating
K O R E A
KOREA EXCHANGE: Offers Domestic Services to Overseas Accounts
TOWER AUTOMOTIVE: Equity Rights Offering Terminated
M A L A Y S I A
NORTH BORNEO: Approves All Resolutions at 56th AGM
OLYMPIA INDUSTRIES: Government Asserts MYR2.23-Million Claim
PARK MAY: Seeks to Extend Maturity Date of Commercial Papers
SOLUTIA INC: Expects Profit Growth in 5 Years After Ch. 11 Exit
TRIPLC BHD: Incurs MYR315,000 Net Loss in August Quarter
N E W Z E A L A N D
CENTRAL INTERNATIONAL: Faces Liquidation Proceedings
DE BRUIJN: CIR Files Liquidation Petition
DIY ONLINE: Liquidation Hearing Slated for February 8
SOLWAY HOMES: Court Sets Liquidation Hearing on February 8
TAX STRATEGY: Court to Hear Liquidation Petition on Jan. 25
P H I L I P P I N E S
ALLIED BANKING: Compliance Officer Retires
APC GROUP: Reduces Directors from 16 to Seven
ATLAS CONSOLIDATED: Carmen Copper To Invest PHP12BB in Toledo
BANCO DE ORO: To Pay PHP0.80 Cash Dividend on February 9
EAST ASIA POWER: Creditor Files TOR on Rehabilitation Petition
MANILA ELECTRIC: Clarifies Lower January 2007 Generation Charge
MAYNILAD WATER: DMCI-MPIC Consortium Raises Capital to PHP6 Bln.
RIZAL COMMERCIAL: Board Approves Appointment of L. Tan as CEO
VITARICH CORP: Ernesto Del Valle Arceo Resigns as Officer
S I N G A P O R E
AAR CORP: Names Peter K. Chapman as Chief Commercial Officer
COASTAL PALEMBANG: Liquidators to Receive Claims Until Feb. 8
COMPACT METAL: Discloses Shareholder's Sale of Direct Interest
FALMAC LIMITED: Shareholder Reduces Deemed Shares
I-INVEST PRIVATE: Members Resolve to Close Business
LEAR CORP: To Unveil Annual & Quarterly Results on Jan. 25
MIYAMA FOOD: Creditors' First Meeting Set on Jan. 17
PDC CORP: Notes Shareholders' Change of Interests
REFCO INC: Court Denies Michael McNeil's Stay Request
REFCO INC: Court Directs Grant Thornton to Produce Documents
SPECTRUM BRANDS: Receives Notice of Default from Noteholders
SPECTRUM BRANDS: Balks at Noteholders' Claims of Default
T H A I L A N D
CIRCUIT ELECTRONICS: Updates on Rehab Plan Progress as of 3Q '06
TANAYONG PCL: Directors Appoint Audit Committee Members
TOTAL ACCESS: Files Lawsuit Against TOT Over Network Access
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
A1 TEL: Commences Wind-Up Proceedings
-------------------------------------
At an extraordinary general meeting held on Dec. 21, 2006, the
members of A1 Tel Australia Pty Ltd resolved to voluntarily wind
up the company's operations.
Subsequently, R. Grant was appointed liquidator at the
creditors' meeting held later that day.
The Joint and Several Liquidator can be reached at:
R. Grant
Dye & Co. Pty Ltd
Chartered Accountants
165 Camberwell Road
Hawthorn East 3123
Australia
About A1 Tel
A1 Tel Australia Pty Ltd is a special trade contractor.
The company is located in Victoria, Australia.
AWB LIMITED: To Hold Annual General Meeting on February 22
----------------------------------------------------------
AWB Limited will hold its Annual General Meeting at 12:00 noon
on February 22, 2007, at the Melbourne Park Function Centre,
Swan Street, in Melbourne, Victoria.
There will be two meetings held this year:
1. AWB Limited Annual General Meeting; and
2. AWB (International) Limited NSW/ACT Election Meeting
Shareholders will elect one A class director and one B class
director to the Board of AWB Limited. A class shareholders in
the NSW/ACT region will elect a person to be appointed as a
director to the Board of AWB (International) Limited.
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.
However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.
Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.
* * *
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.
AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.
BTR AUTOMOTIVE: Members Pass Resolution to Wind Up Firm
-------------------------------------------------------
The members of BTR Automotive Australia Ltd met on Dec. 21,
2006, and passed a special resolution to voluntarily wind up the
company's operations.
The liquidator can be reached at:
Nicholas Brooke
115 Kalinda Road
Ringwood North Victoria 3134
Australia
About BTR Automotive
BTR Automotive Australia Limited is a distributor of motor
vehicle parts and accessories.
The company is located in Victoria, Australia.
BUILD CAPITAL: Undergoes Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on Dec. 11, 2006, the
members of Build Capital Pty Ltd resolved to voluntarily wind up
the company's operations.
Consequently, John Ross Lindholm was appointed liquidator at the
creditors' meeting held that same day.
The Liquidator can be reached at:
John Ross Lindholm
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
About Build Capital
Build Capital Pty Ltd is a distributor of electronics and
appliances.
The company is located in Victoria, Australia.
EVANS & TATE: Yarraman Still Interested in Merger Proposal
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
January 15, 2007, Evans & Tate Limited did not accept the merger
proposal from Yarraman Winery, Inc., in its current form.
However, a report from the Australian Associated Press relates
that Yarraman refuses to give up, despite the official expiry of
its offer on January 16.
The Australian cites an Evans & Tate spokesman as saying that
there had been no change in the company's position and no
further negotiations between the boards of Yarraman and Evans &
Tate.
Nonetheless, a source close to Yarraman said that the company is
still discussing the terms of a possible deal with a number of
people from Evans & Tate, the paper relates.
According to AAP, Yarraman has filed documents with the
Australian Securities Exchange revealing it had originally
intended to make an even lower offer comprising one of its own
shares for each 15 shares in Evans & Tate, and one Yarraman
share for each 6.3 convertible notes.
As noted by the TCR-AP, under the current Yarraman offer, Evans
& Tate shareholders will receive two Yarraman shares for every
nine Evans & Tate shares held whereas the Evans & Tate common
shareholders receive one Yarraman share for each nine Evans &
Tate common shares held.
The Australian says Evans & Tate's objections to the offer are
understood to center on Yarraman's scrip, which trades on the
Over-The-Counter Bulletin Board exchange in the United State --
a highly illiquid, second-tier market.
Yarraman said that it hadn't discussed the possibility of making
a cash-based offer for the company, despite making a deal to pay
20c cash per share to major Evans & Tate shareholder Franklin
Tate in return for a 19.9% stake, AAP relates.
About Yarraman Winery
Yarraman Winery Inc. -- http://www.yarramanestate.com-- which
operates through its Australia-based wholly owned subsidiary
Yarraman Estate, commenced trading as a public company in the
USA in December 2005. The company has a current market
capitalization of US$58.75 million (as at December 21, 2006)
with high quality branded winery and vineyard assets.
The company made the strategic decision to publicly list in the
USA to gain access to US equity and distribution markets.
Following the US listing, the company secured senior managers
from Allied Domecq World Wines as its management team, who bring
many years experience in the global wine industry.
Yarraman produces and sells award-winning premium, super-
premium, and ultra-premium wines made from grapes grown on
vineyards in the Upper Hunter Valley and Gundagai. The wines
are produced at its 2,500 tonne state of the art winery at
Wybong, in the Upper Hunter Valley. Yarraman's wines are sold
in Australia and internationally, principally under Yarraman's
own labels.
About Evans & Tate
Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange. The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.
In June 2005, rumors began brewing that the winemaker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt. A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited. It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies." Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank. The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries. In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.
The Troubled Company Reporter - Asia Pacific reported on
July 18, 2006, that Evans & Tate has already written down the
value of its inventory by AU$39 million over the past year and
reported a AU$44-million first-half loss.
In the first half of 2006, Evans & Tate had taken steps to sell
its Griffith and Mildura Wineries to reduce debts, which are
estimated to be more than AU$160 million, and meet restructuring
costs.
On August 25, 2006, it completed the sale of its Griffith winery
in the New South Wales Riverina to TWG Australia, which is the
Australian subsidiary of California-based The Wine Group LLC,
for AU$8 million. The Griffith Winery Sale, the TCR-AP had
noted, brings the amount that Evans & Tate will get from asset
realization to more than AU$30 million.
Furthermore, a company statement disclosed that on August 29,
2006, the sale of its Mildura Winery to Roberts Estate was
completed for a total consideration of AU$22 million.
G & L KING: Final Meeting Slated for February 12
------------------------------------------------
The final meeting of the members and creditors of G & L King
Nominees Pty Ltd, which is in liquidation, will be held on
Feb. 12, 2007, at 9:30 a.m.
During the meeting, the members and creditors will receive the
liquidators' account of the company's wind-up proceedings and
property disposal activities.
The liquidators can be reached at:
Robyn Erskine
Peter Goodin
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road
Hawthorn East 3123
Australia
Telephone:(03) 9882 6666
About G & L King
G & L King Nominees Pty Ltd is an investor relation company.
The company is located in Victoria, Australia.
GOUT PTY: Creditors Must Prove Debts by February 7
--------------------------------------------------
Gout Pty Ltd will declare the first and final dividend on
Feb. 7, 2007.
Accordingly, creditors are required to prove their debts by that
day to be included in the dividend distribution.
The liquidator can be reached at:
Richard Judson
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192
Australia
About Gout Pty
Gout Pty Ltd -- trading as Alia Bar -- operates bars or taverns.
The company is located in Victoria, Australia.
KING ISLAND: Receivers and Managers Cease to Act
------------------------------------------------
On Dec. 21, 2006, Robyn McKern and John Cronin ceased to act as
receivers and managers of King Island Milk Pty Ltd.
The former Receivers and Managers can be reached at:
Robyn Mckern
John Cronin
McGrathNicol+Partners
Level 8, IBM Centre
60 City Road, Southbank Victoria 3006
Australia
Website: http://www.mcgrathnicol.com
About King Island
King Island Milk Pty Ltd is a distributor of dairy products,
except dried or canned.
The company is located in Tasmania, Australia.
M & E BRABHAM: Members to Receive Liquidator's Report
-----------------------------------------------------
M & E Brabham Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Feb. 12, 2007, at 10:30 a.m.
At the meeting, the members will receive the liquidator's report
regarding the company's wind-up proceedings.
The Liquidator can be reached at:
T. M. S. Holden
INPACT McDonald Carter
Level 6, 31 Queen Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 8613 8888
Facsimile:(03) 8613 8800
About M & E Brabham
M & E Brabham Pty Ltd operates offices of holding companies.
The company is located in Victoria, Australia.
MODERN MARKETING: Members Decide to Close Business
--------------------------------------------------
The members of Modern Marketing Concepts Pty Ltd met on Dec. 21,
2006, and decided to close the company's business.
In this regard, Anthony Robert Cant was appointed as liquidator.
The Liquidator can be reached at:
Anthony Robert Cant
Romanis Cant
Chartered Accountants
106 Hardware Street, Melbourne
Australia
About Modern Marketing
Modern Marketing Concepts Pty Ltd is involved in the book
printing business.
The company is located in Victoria, Australia.
PLANT-IT-RITE: To Declare First Dividend on February 13
-------------------------------------------------------
Plant-It-Rite (Aust.) Pty Ltd, which is in liquidation, will
declare the first dividend on Feb. 13, 2007.
Creditors are required to prove their debts by Jan. 30, or they
will be excluded from participating in any distribution the
company will make.
The liquidator can be reached at:
John Lindholm
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
About Plant-It-Rite
Plant-It-Rite (Aust) Pty Ltd is a manufacturer of garden tools,
which includes: plastic pots, nursery containers, labels,
ladders, saucers, propagation tubes & trays, square pots, tubs,
flower buckets, decorative pots, hanging baskets, window boxes,
weedmat, osmocote, bamboo stakes, and easilift bags.
The company is located in Victoria, Australia.
PORT MARINE: Enters Voluntary Liquidation
-----------------------------------------
On Dec. 21, 2006, the members of Port Marine Services - Hulten
Engineers Pty Ltd met and resolved to voluntarily liquidate the
company's business.
Dennis Anthony Turner was subsequently appointed as liquidator
at the creditors' meeting held that same day.
The Liquidator can be reached at:
Dennis Anthony Turner
PKF
Chartered Accountants
Level 11, 485 La Trobe Street
Melbourne, Victoria 3000
Australia
About Port Marine
Port Marine Services - Hulten Engineers Pty Ltd specializes in
the design and manufacture of unique lifting equipment, mainly
for the stevedoring industry.
The company is located in Melbourne, Australia.
RYMO PTY: To Declare First and Final Dividend on February 7
-----------------------------------------------------------
Rymo Pty Ltd will declare the first and final dividend for its
creditors on Feb. 7, 2007. Failure to submit proofs of claim by
that day, will exclude a creditor from sharing in the
distribution.
As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on Oct. 11, 2006.
The liquidator can be reached at:
Richard Judson
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192
Australia
About Rymo Pty
Rymo Pty Ltd operates miscellaneous retail stores.
The company is located in South Australia, Australia.
SEDGWICK NOBLE: Members Decide to Wind Up Operations
----------------------------------------------------
At a general meeting held on Dec. 21, 2006, the members of
Sedgwick Noble Lowndes Asia Pacific Ltd resolved to voluntarily
wind up the company's operations and appointed Richard Mansell
as liquidator.
Accordingly, Mr. Mansell requires the company's creditors to
lodge their claims by Jan. 30, 2007, as he intends to distribute
the company's assets.
The Liquidator can be reached at:
Richard Mansell
R. G. Mansell & Associates
Level 3, 118 Queen Street, Melbourne
Australia
Telephone: 03 9603 0090
Facsimile: 03 9603 0099
About Sedgwick Noble
Sedgwick Noble Lowndes Asia Pacific Limited operates holding
companies.
The company is located in New South Wales, Australia.
SPECTRE MANAGEMENT: Creditors' Proofs of Claim Due on Feb. 10
-------------------------------------------------------------
The creditors of Spectre Management Pty Ltd are required to
submit their proofs of debt by Feb. 10, 2007. Failure to prove
claims on the due date will exclude a creditor from sharing in
the company's declaration of dividend on Feb. 14, 2007.
The company's members resolved to voluntarily wind up the
company's operations and appointed Peter Goodin as liquidator on
Dec. 22, 2006.
The Liquidator can be reached at:
Peter Goodin
Chartered Accountant
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road
East Hawthorn, 3123
Australia
About Spectre Management
Spectre Management Pty Ltd is a distributor of electronics and
appliances.
The company is located in Victoria, Australia.
TAHA MICROELECTRONICS: Schedules Final Meeting on February 12
-------------------------------------------------------------
Taha Microelectronics Pty Ltd, which is in liquidation, will
hold a final meeting for its members on Feb. 12, 2007, at 10:00
a.m.
During the meeting, the members will receive the liquidator's
account on how the company was wound up and the properties
disposed of.
The liquidator can be reached at:
Robyn Beverley Mckern
McGrathNicol+Partners
Level 8, IBM Centre, 60 City Road
Southbank, Victoria 3006
Australia
Telephone:(03) 9038 3137
Website: http://www.mcgrathnicol.com
About Taha Microelectronics
Taha Microelectronics Pty Ltd provides management-consulting
services.
The company is located in New South Wales, Australia.
TAHA RESEARCH: Liquidator to Present Wind-Up Report on Feb. 12
--------------------------------------------------------------
The final meeting of the members of Taha Research Marketing Pty
Ltd, which is in liquidation, will be held on Feb. 12, 2007, at
10:00 a.m.
At the meeting, Robyn Beverley McKern, the appointed liquidator,
will present a report regarding the company's wind-up
proceedings and property disposal exercises.
The Liquidator can be reached at:
Robyn Beverley Mckern
McGrathNicol+Partners
Level 8, IBM Centre, 60 City Road
Southbank, Victoria 3006
Australia
Telephone:(03) 9038 3137
Website: http://www.mcgrathnicol.com
About Taha Research
Taha Research Marketing Pty Ltd provides management-consulting
services.
The company is located in Victoria, Australia.
ZONTA CONSTRUCTION: Placed Under Voluntary Liquidation
------------------------------------------------------
On Dec. 20, 2006, the members of Zonta Construction Group Pty
Ltd met and resolved to voluntarily liquidate the company's
business.
At the creditors' meeting held that same day, Paul Vartelas was
appointed as liquidator.
The Liquidator can be reached at:
Paul Vartelas
B. K. Taylor & Co.
8th Floor, 608 St Kilda Road
Melbourne
Australia
About Zonta Construction
Zonta Construction Group Pty Ltd is a dealer of lumber and other
building materials.
The company is located in Victoria, Australia.
================================
C H I N A & H O N G K O N G
================================
BENQ CORP: Mobile Unit Continues Sale Talks; Bacoc May Bid
----------------------------------------------------------
BenQ Mobile GmbH & Co. OHG are in talks with German laptop
computer company Bacoc over the latter's plans to acquire the
bankrupt German unit of Taiwan-based BenQ Corp., Germany's
Handelsblatt newspaper cited a spokeswoman for insolvency
administrator Martin Prager as saying.
Handelsblatt reports that Bacoc, which eyes a two-thirds
reduction of BenQ's work force, would retain the firm's facility
in Kamp-Lintfort in North Rhine-Westphalia and close down the
central office in Munich. Bacoc currently employs 100 staff and
reports EUR95 million in sales. It plans to expand its product
range to include mobile phones, targeting sales of 4.5 million
units in 2007, Handelsblatt adds.
U.S.-German Consortium Bid
Meanwhile, Gilbert Amelia, a former chairman of Apple Computer
Inc., and Hansjorg Beha, a former Daimler-Benz executive, are
reportedly among a group of investors planning to acquire BenQ
Mobile, Frankfurter Allgemeine Zeitung says.
As reported in the Troubled Company Reporter on Jan. 10, a
consortium of U.S.-German investors with IT and
telecommunications backgrounds is one of several groups
interested in BenQ.
According to the German daily, the group is suggesting that BenQ
Mobile specialize in the production of a limited number of
expensive, high-quality mobile phones. Mr. Prager, however,
believes that there is little chance the group's offer will
succeed because of its incomplete financing concept, the daily
relates.
Unnamed sources told German news magazine Spiegel that the
investor group is seeking:
-- up to EUR100 million in state-backed credit lines;
-- compensation for employing 800 BenQ Mobile employees, who
have since been transferred to a temporary organization
funded by Siemens and the Federal Employment Agency; and
-- rights to BenQ Corp.'s brand names.
Sentex Bid
In a TCR-Europe report on Jan. 12, Henrik Rubinstein, president
of Sentex Sensing Technologies Inc., revealed plans to acquire
BenQ Mobile and disclosed of its position to the firm's
creditors.
Mr. Rubinstein explained in detail its financial model, which
showed its fair value as well as the incentives for the
employees with strong growth in the NewCo -- SENSe Mobile GmbH.
He provided the description of the mobile prototypes, which
showed clearly what the SENSe Mobile Division could create
versus the competition.
Sentex has received a written statement of Nord Rhein Westfahlen
again on a country endorsement for working capital of EUR25
million, which was forwarded to the Bank for approval.
Sentex is in serious discussions with several Financial
Institutions for the strategic financing for the deal to
succeed.
About BenQ
Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products. It is also a major provider of
3G handset, 3G handset, Camera phones, and other products. BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany. BenQ Mobile filed for insolvency
in Germany on Sept. 29, with Martin Prager serving as insolvency
manager. The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ. BenQ Mobile has
lost market share against giant competitors.
The Troubled Company Reporter - Asia Pacific reported on Dec.
05, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.
The outlook on the long-term rating is negative. At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.
The ratings reflect BenQ's:
* continuing operating losses from its handset operations;
* high leverage; and
* the competitive nature and low profitability of the LCD
monitor industry.
BOMBARDIER INC: To Lay Off 170 Business-Jet Jobs in Montreal
------------------------------------------------------------
Bombardier Inc. will cut 170 jobs at its business-jet unit in
Montreal next month, Frederic Tomesco writes for Bloomberg.
Bombardier spokesman Leo Knaapen told Bloomberg that about 90
workers on the Challenger 604 model and 80 workers on the Global
Express jet would lose their jobs. Mr. Knaapen disclosed that
there were about 1,860 workers on the two planes at painting and
interior-finishing plants near the city's airport.
Citing Mr. Knaapen, Bloomberg relates that the company, which
reorganizes production to cut cost, is getting the workforce in
line with the completion requirements. "There is just a handful
of 604 aircraft currently in completion, and they will be
completed by the second quarter of this year." Mr. Knaapen
adds.
Bloomberg reports that the company will move its manufacturing
and painting to a single facility between April and September,
to make the operation more efficient. Bombairdier's Challenger
605 model, which will replace the 604, won't be available in
service until September.
About Bombardier
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.
* * *
The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings has downgraded the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc.:
Bombardier Inc.
-- IDR to 'BB-' from 'BB';
-- Senior unsecured debt to 'BB-' from 'BB';
-- Credit facilities to 'BB-' from 'BB';
-- Preferred stock to 'B' from 'B+'.
Bombardier Capital Inc.
-- IDR to 'BB-' from 'BB';
-- Senior unsecured debt to 'BB-' from 'BB'.
On November 2, 2006, the TCR-AP reported that Moody's Investors
Service assigned its Ba2 rating to Bombardier Inc.'s proposed
EUR1.8 billion in new senior unsecured notes and affirms all
current ratings.
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Montreal, Que.-based Bombardier Inc.
At the same time, Standard & Poor's assigned its 'BB' issue
rating to Bombardier's proposed issuance of up to EUR1.8 billion
seven-to-ten-year multitranche senior unsecured notes. The
notes are to be used to refinance EUR1.175 billion of debt
maturing on or before Feb. 22, 2008. The remainder will form
part of the collateral required for a new LOC issuance credit
facility to be arranged after the completion of the bond issue.
The outlook is negative.
Fitch Ratings placed the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc. on Rating Watch
Negative. The existing ratings are:
Bombardier Inc.
-- IDR BB;
-- Senior unsecured debt BB;
-- Bank facilities BB; and
-- Preferred stock B+.
Bombardier Capital Inc.
-- IDR BB; and
-- Senior unsecured debt BB.
These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock. Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.
Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.
DANA CORP: Moody's Assigns Low B Ratings on DIP Facilities
----------------------------------------------------------
Moody's Investors Service has assigned ratings to the amended
US$1.55 billion debtor-in-possession financing of Dana Corp. as
a Debtor-in-Possession. The assigned ratings include a B1
rating for the US$650 million (downsized from US$750 million in
the original DIP facility) super priority senior secured asset
based revolving credit, and a B2 rating for the US$900 million
(upsized from US$700 million in the original DIP facility) super
priority senior secured term loan B.
The ratings are assigned on a point-in-time basis, will not be
monitored going forward, and, as a result, do not have an
assigned rating outlook. While a plan of reorganization
continues to be developed, the ratings incorporate Dana's
progress on identifying restructuring components in the areas of
improved pricing terms with its OEM customers, facility
rationalizations, and overhead cost reductions that should
facilitate an eventual emergence from Chapter 11. The ratings
also continue to reflect the challenging automotive environment
for North American OEMs.
The ratings also consider the additional protection afforded DIP
lenders by the collateral package underlying both facilities,
and the benefits of a borrowing base governing availability
under the revolving credit facility. The US$650 million asset
based revolving credit facility has a super priority first lien
claim on all domestic current assets and a second lien on assets
securing the DIP Term Loan B. The DIP Term Loan B has a super
priority first lien claim on all domestic assets (excluding
current assets), 66% of the stock of the foreign subsidiaries,
and a second lien on assets securing the asset based revolving
credit facility.
Moody's assigned these ratings on a point in time basis:
Dana Corp. as a Debtor-in-Possession
-- US$650 million secured revolving credit, B1; and
-- US$900 million upsized secured term loan B, B2.
The additional cash provided by the upsized term loan will be
used to provide additional liquidity to Dana over the remainder
of the life of the existing DIP facility. This need is driven
by the impact of North American production declines during the
last quarter of 2006, and the up front cash cost of planned
restructuring initiatives in 2007. The DIP facilities will
continue to be guaranteed by substantially all of Dana's direct
and indirect domestic subsidiaries that filed for Chapter 11
protection. Both the revolving credit and upsized term loan B
will continue to have a maturity of the earlier of March 3,
2008, or the date of substantial consummation of a Plan of
Reorganization.
The revolving credit is governed by a borrowing base of up to
85% of eligible trade accounts receivables of the DIP Loan
Parties, and up to the lesser of (A) 85% of the net orderly
liquidation value of eligible inventory of the DIP Loan Parties
and (B) 65% of eligible inventory. Due to Dana's considerable
exposure to U.S. auto OEMs the revolving credit borrowings are
also subject to concentration limits.
Moody's assessment of risk for DIP facilities addresses two
factors. The first is the probability of the company
successfully reorganizing and emerging from bankruptcy with DIP
indebtedness being paid in full. The second, should
reorganization be unsuccessful, is the extent of protection
provided to DIP lenders by the liquidation value and character
of the collateral.
Moody's continues to expect that it is probable that Dana will
emerge from bankruptcy. Dana is a leading global automotive
supplier of light-and heavy-drivetrain products, structures,
thermal, and sealing systems with long-standing relationships
with leading OEMs. The revolving credit facility and additional
cash from the upsized term loan is expected to provide
sufficient liquidity through the planned reorganization. Dana
has made progress on identifying targets for cost reduction and
profit improvements. However, implementation of many of these
initiatives is still in process. Restructuring targets include
renegotiated customer contracts, savings from facility closures
and consolidations, overhead cost improvements, and reductions
in labor and benefit costs. These initiatives are expected to
primarily impact Dana's domestic debtor operations. As a result
of these initiatives and the upsized term loan, availability
under the downsized DIP revolving credit facility is expected to
be adequate through its maturity. Dana's international
operations are expected to remain profitable, tempered by lower
expected growth in demand in Western Europe. Dana will also
continue to benefit from shifting its manufacturing base to
lower cost countries. The proposed amendments to the DIP
facilities also include accommodations to permit increased
secured debt at certain foreign subsidiaries and permit the
efficient repatriation of funds from foreign subsidiaries. The
success of these efforts will supplement domestic liquidity.
Dana continues to be exposed to North American production
volumes and the loss of market share of the Big 3 OEMs. Dana
also remains exposed to fluctuations in its raw material costs
with a limited ability to pass increases on to customers. While
Moody's believes the potential for labor actions that could
disrupt automotive production lessened over the recent months,
the ratings reflect the risk of a potential disruption at key
customers. The proposed amendment to the DIP facility includes
modifications to the minimum consolidated EBITDAR financial
covenant which delays the ramp up minimum thresholds under this
test and could provide flexibility in the event of any labor
disruptions.
The B1 rating for the revolving credit benefits from the first
lien pledge of current assets and will continue to be supported
by regular borrowing base reporting, and quarterly field
examinations. This collateral package, along with the advance
limitations contained in the borrowing base is expected to
provide strong asset protection for revolving credit lenders.
The B2 rating for the term loan considers its first claim on
fixed assets and stock of subsidiaries, as well as its second
priority claim on current assets behind the revolver. An updated
appraisal of real estate, and machinery and equipment was not
performed as part of the facility amendment. However,
considering the net orderly liquidation values used at the
inception of the DIP facility and the current estimated values
of the stock of the foreign subsidiaries, the term loan B
continues to be adequately supported.
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies. Dana employs 46,000
people in 28 countries. Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually. Dana has facilities in China, Argentina and
Italy.
DICKSON CONSTRUCTION: First Meetings Slated for Feb. 6
------------------------------------------------------
The first meetings of the creditors and contributories of
Dickson Construction Co Ltd will be held on Feb. 6, 2007, at
10:00 a.m. and 11:00 a.m., respectively, at the Auditorium of
the Hong Kong Council of Social Service 1st Floor, Duke of
Windsor Social Service Building, No. 15 Hennessy Road in
Wanchai, Hong Kong.
According to the Troubled Company Reporter - Asia Pacific, the
High Court of Hong Kong heard the wind up petition against the
company on Oct. 25, 2006, filed by The Hong Kong Housing
Authority.
HAWKINS DEVELOPMENT: Faces Wind-Up Proceedings
----------------------------------------------
On Nov. 23, 2006, Chan Che Shing filed a petition to wind up the
operations of Hawkins Development Ltd.
The petition will be heard before the High Court of Hong Kong on
Jan. 24, 2007, at 9:30 a.m.
Chan Che's solicitors can be reached at:
Chiu, Szeto & Cheng
17/F, C.M.A. Building
64 Connaught Road Central
Hong Kong
Tel: 2529-9191
Fax: 2529-9116
MAINLINE GLOBAL: Creditors Must Submit Claims by February 2
-----------------------------------------------------------
Creditors of Mainline Global Hong Kong Ltd are required to
submit their proofs of debt to Ying Hing Chiu and Chung Miu Yin
Diana, the appointed liquidators, by Feb. 2, 2007, or they will
be excluded from any distribution the company will make.
The Joint Liquidators can be reached at:
Ying Hing Chiu
Chung Miu Yin, Diana
Level 28 Three Pacific Place
1 Queen's Road East
Hong Kong
PARAMOUNT NETWORKING: Schedules Final Meeting on February 15
------------------------------------------------------------
Paramount Networking Ltd, which is in creditors' voluntary
liquidation, will hold concurrent final meetings for its
creditors and contributories on Feb. 15, 2007, at 11:00 a.m.
During the meeting, the liquidator will present an account of
the company's wind-up proceedings and property disposal
exercises.
The liquidator can be reached at:
Desmond Chung Seng Chiong
Ferrier Hodgson Limited
14th Floor, Hong Kong Club Building
3A Chater Road, Central
Hong Kong
RATONAL INDUSTRIAL: Court Appoints Joint Liquidators
----------------------------------------------------
On Dec. 13, 2006, the High Court of Hong Kong appointed Stephen
Liu Yiu Keung and Robert Armor Morris as joint and several
liquidators of Ratonal Industrial Ltd.
The Joint and Several Liquidators can be reached at:
Stephen Liu Yiu Keung
Robert Armor Morris
c/o Ernst & Young Transactions Limited
18/F, Two International Finance Centre
8 Finance Street, Central
Hong Kong
SEE LEE: Court Sets Wind-Up Hearing on February 14
--------------------------------------------------
Wong Man Kuen Connie filed with the High Court of Hong Kong a
petition to wind up See Lee Shoes Factory Ltd on Dec. 13, 2006.
The Court will hear the petition on Feb. 14, 2007, at 9:30 a.m.
Wong Man's solicitor can be reached at:
Chong Yan-Tung Chris
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
SINCERE METAL: Petition Hearing Slated for February 14
------------------------------------------------------
On Dec. 11, 2006, the High Court of Hong Kong received a
petition to wind-up Sincere Metal Engineering Co. Ltd from PT.
Bank Mandiri (Persero) Tbk, Hong Kong Branch.
The petition will be heard on Feb. 14, 2007, at 9:30 a.m.
PT Bank's solicitor can be reached at:
Sidley Austin
Level 39, Two International Finance Centre
8 Finance Street, Central
Hong Kong
SINO HERITAGE: Creditors' Proofs of Debt Due on February 15
-----------------------------------------------------------
Lau Mui Sum, the appointed liquidator, requires the creditors of
Sino Heritage Ltd to submit their proofs of debt by Feb. 15,
2007.
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:
Lau Mui Sum
Rm. 1621-33, 16/F, Sun Hung Kai Centre
30 Harbour Road
Hong Kong
VIC GARMENT: Contributories Scheduled to Meet on Jan. 26
--------------------------------------------------------
The contributories of VIC Garment Factory Ltd will meet on
Jan. 26, 2007, 3:00 p.m., at Unit A, 14/F, JCG Building, 16 Mong
Kok Road, Mongkok in Kowloon, Hong Kong.
As reported by the Troubled Company Reporter - Asia Pacific, the
creditors and contributories of the company held a meeting on
Feb. 28, 2006.
VORTECH SYSTEMS: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Vortech Systems Ltd on March 7, 2007, at 9:30 a.m.
Toptech Co. Ltd filed the petition against the company on
Jan. 3, 2007.
Toptech's solicitors can be reached at:
Chow, Griffiths & Chan
Rooms 1902-4, 19th Floor
77 Des Voeux Road, Central
Hong Kong
WING TAT: Creditors' Proofs of Claim Due on February 12
-------------------------------------------------------
The creditors of Wing Tat Industrial Company Ltd are required to
submit their proofs of claim to the company's liquidator by
Feb. 12, 2007.
Failure to prove claims by the due date will exclude a creditor
from sharing in any distribution the company will make.
The Liquidator can be reached at:
Lee Kwok On, Alexander
Rooms 1901-2
Park-In Commercial Centre
56 Dundas Street, Kowloon
Hong Kong
=========
I N D I A
=========
EASTMAN KODAK: Onex Deal Prompts Moody's to Continue Review
-----------------------------------------------------------
Moody's Investors Service commented that it is continuing its
review for possible downgrade for the Eastman Kodak Company,
which will focus on not only the company's reported sale of the
Kodak Health Group, but also on the fundamental operating
performance of the company.
Kodak reported that it has reached an agreement to sell its
Health Group to Onex Healthcare Holdings, a subsidiary of Onex
Corporation, for up to US$2.55 billion, comprised of US$2.35
billion in cash at closing, plus up to US$200 million in
additional future payments if Onex achieves an internal rate of
return in excess of 25% on their investment.
Moody's expects it will likely conclude its review concurrent
with the closing of the Health Group sale, which Kodak expects
to occur by June 30, 2007.
"With this Health Group sale announcement, the company has
established plans to make substantial improvements to its
balance sheet" commented John Moore, VP/Senior Analyst.
The company plans to use a portion of these sale proceeds to
fully repay its approximately US$1.15 billion of secured term
debt. Because of tax-loss carry forwards, Kodak expects to
obtain the vast majority of the initial US$2.35 billion cash
proceeds. At the same time the company continues to face
challenges as it invests in new business development and
transitions from a film to digital business portfolio.
The review for possible downgrade continues to focus on the
potential Health Group sale consummation, the application of
proceeds from the Health Group sale toward debt reduction or any
other potential uses, the company's management of recurring
restructuring costs, and its prospects to grow earnings.
In addition, Moody's will focus on the potential for separation
and restructuring costs associated with the Health Group sale.
The company expects to discuss other potential uses of Health
Group sale proceeds at its investor meeting, scheduled for
Feb. 8.
Ratings on Review for Possible Downgrade:
-- Corporate Family Rating B1
-- Senior Unsecured Rating B2
-- Senior Secured Credit Facilities Ba3
About Eastman Kodak Co.
Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging
products and services. The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.
The company has operations in India, Australia, China, Hong
Kong, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.
EASTMAN KODAK: Closing Logistics and Warehousing Facilities
-----------------------------------------------------------
Eastman Kodak Company reported that a logistics center and a
materials management operation at Kodak Park in Rochester, New
York, will close later this year, along with a manufacturing
operation that produces specialized solvent-coated products for
various lines of business.
The closure of the logistics and warehousing facilities will
impact about 400 employees. The company disclosed that some of
the operations will be relocated to other Kodak facilities, both
in and outside Rochester. Kodak noted that the closure of the
logistics center is part of the company's digital transformation
and will help align the supply chain and logistics function to
the digitally oriented operating model of the company's business
units.
Kodak also disclosed that the Solvent Coating manufacturing
operation at Kodak Park would close during the second quarter of
2007, impacting about 85 employees. The company said that
declining demand for products manufactured at the facility,
combined with available production capacity at other Kodak
facilities, led to the closure decision. The facility is housed
in Bldg. 329 in a section of Kodak Park south of Ridge Road and
west of Mount Read Boulevard, adjacent to the Koda-Vista
Neighborhood in the Town of Greece.
Kodak emphasized that neither closure decision was related to
the performance of employees. All impacted employees will be
eligible to receive termination benefits that include up to a
year's pay, continuation of health, dental and life insurance
benefits for four months, a retraining allowance and
outplacement counseling.
In association with the actions, Kodak will take a US$65 million
restructuring charge in the first quarter of 2007 to cover costs
including asset write-offs and employee terminations.
About Kodak Park South
The product logistics center that will close is housed in
Bldg. 605 at Kodak Park, and a materials receiving warehouse
that will also close is located in Bldg. 502. Both facilities
are in Kodak Park South, a section of the site that is largely
in the Town of Greece, south of Ridgeway Avenue and west of
Mount Read Boulevard, and also bounded by Lexington Avenue and
Lee Road.
KPS has only four out of more than 125 major buildings currently
at Kodak Park, but contains 328 acres of industrial-zoned land.
The land and buildings will be put up for sale as a single
parcel, with availability by the end of 2007. Bldg. 605 is a
2.1 million square feet edifice with modern climate-controlled
warehouse.
About Eastman Kodak
Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging
products and services. The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.
The company has operations in India, Australia, China, Hong
Kong, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.
IFCI LTD: To Sell 21% Stake in ICRA Via Initial Public Offering
---------------------------------------------------------------
IFCI Ltd decides to sell its 21% stake in Investment Information
and Credit Rating Agency of India through an initial public
offering, a regulatory filing with the Bombay Stock Exchange
reveals.
In that regard, ICRA has filed a draft prospectus with
Securities and Exchange Board of India.
IFCI will sell its 21% stake along with Specified Undertaking of
UTI's holding of 8% in ICRA.
With the news of the planned IPO, IFCI's shares gained nearly 7%
to close at INR26.70 on BSE on Jan. 18, The Telegraph notes.
As reported in the Troubled Company Reporter - Asia Pacific
yesterday, IFCI just signed an agreement to offload 7% of its
total holdings in the National Stock Exchange of India Ltd.
IFCI tells BSE that the company has not entered into any other
agreement, so far, to sell any other strategic investments,
including equity, in its associates or subsidiaries. However,
the company continues, it keeps on disinvesting, in small
quantities, its holding in listed companies through stock
exchanges and unlisted equity of borrower companies through
negotiations.
IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector. The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services. Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs. Non-
project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project. Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.
* * *
Fitch Ratings, on June 29 2006, affirmed IFCI Limited's support
rating at '4'. The outlook on the rating is stable.
Additionally, on February 15, 2006, Credit Analysis and Research
Limited retained a CARE D rating to the long and medium term
debt aggregating INR248 crore. Instruments carrying this rating
are judged to be of the lowest category. They are either in
default or likely to be in default soon.
INDIAN OIL: Unit Inks Settlement Pact with Sri Lanka Government
---------------------------------------------------------------
Indian Oil Corporation Ltd's subsidiary, Lanka IOC Ltd., signed
a settlement agreement on Jan. 5, 2007, with the government of
Sri Lanka to compensate its under-realization in sale of
petroleum products in the island nation.
As agreed by the parties, the outstanding under-realization for
the period January 2004 to June 2006 total SLR7.41 billion
(INR308 crore) of which SLR2.25 billion (INR93 crore) was
received earlier from Sri Lanka.
Under the signed deal, the balance of SLR5.16 billion (INR215
crore) has been settled in full, with Lanka IOC receiving:
-- a cheque for SLR700 million (INR29.17 crore); and
-- the balance SLR4.46 billion (INR185.83 crore) in the form
of government bonds.
The bonds are non-tradable in nature, bearing an interest rate
of 11% and a maturity period of two years.
Indian Oil says the settlement is "a much-awaited breakthrough."
Effective July 1, 2006, pricing of petrol and diesel has been
de-regulated in Sri Lanka and the players have been allowed to
fix the end-prices reckoning market conditions, Indian Oil
relats. Consequently, no subsidy is payable to Lanka IOC by the
Sri Lankan government beyond June 30, 2006.
Lanka IOC was incorporated to carry out retail marketing of
petroleum products, bulk supply to industrial consumers,
building and operating storage facilities at the Trincomalee
Tank farm, etc. I t is making phased investments to the tune of
about INR450 crore to provide petroleum products and services to
the Sri Lankan customers.
Headquartered in New Delhi, Indian Oil Corporation Ltd --
http://www.iocl.com/-- is engaged in the sale of petroleum
products. Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures. The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel. AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines. The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors. It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).
* * *
The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable. At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company. The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.
Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.
INDIAN OIL: To Take on Record December 2006 Results on Jan. 29
--------------------------------------------------------------
Indian Oil Corporation Ltd, in a regulatory filing with the
Bombay Stock Exchange, discloses that it will hold a meeting for
its board of directors to, inter alia, to take on record the
company's unaudited quarterly financial results (provisional)
for the third quarter ending Dec. 31, 2006.
Indian Oil schedules the board meeting on Jan. 29, 2007.
Auditors' Observations on Sept. Quarter Review
In another filing with BSE, Indian Oil discloses its auditors'
observations in the limited review report for the quarter ended
Sept. 30, 2006:
"We have relied on the Management's representation that:
(a) No provision for diminution in the value of investment
in IBP Company Ltd is required in view of the long-
term strategic nature of the investment and also
amalgamation of IBP Company Ltd with the Company is
pending for final orders from Ministry of Company
Affairs.
(b) The testing of assets / cash generating units for the
purpose of impairment will be done at the year end and
accordingly, the impact thereof will be considered at
the year end.
(c) The revised accounting standard AS-15 "Employee
Benefits" effective from April 01, 2006 is being
reviewed by the Company and the impact, if any, will
be considered at the year end."
The company registered a net profit of INR3,050 crore for the
second quarter ended Sept. 30, 2006.
Headquartered in New Delhi, Indian Oil Corporation Ltd --
http://www.iocl.com/-- is engaged in the sale of petroleum
products. Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures. The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel. AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines. The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors. It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).
* * *
The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable. At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company. The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.
Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.
INDUSIND BANK: Into Bancassurance Tie-Up with Aviva Life
--------------------------------------------------------
Indusind Bank Ltd ties up with Aviva Life Insurance as
Bancassurance partners.
"With this tie-up, we are now well on our way to offer an
assortment of retail banking products to our account holders," a
joint press release quoted Indusind Bank's Managing Director
Bhaskar Ghose as saying.
The parties believe that the new partnership would bring in the
best in each of them, which would translate in making products
and services innovative to customers.
Indusind Bank says it shares the vision and values of Aviva and
expects to provide Insurance products like LifeLong, SaveGuard,
SaveGuard Junior, EasyLife Plus and Pensions Plus to Bank
customers in the first phase. Subsequently, the bank plans to
introduce innovative and segmented propositions for the
customers.
"The partnership will be on a referral type business model," the
release noted.
Private-sector bank, Indusind Bank Ltd. -- http://indusind.com/
provides commercial, transactional and electronic banking
products to corporate clients in India.
Headquartered in Pune, India, the bank offers corporate banking
services, including working capital finance, term loans, trade
and transactional services, foreign exchange and cash management
services. The bank also offers international banking products
and services to its clients.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 8, 2006, Fitch Ratings gave the bank an Individual
Rating of 'D.'
INDUSTRIAL DEVELOPMENT: Board Meeting Slated for Jan. 22
--------------------------------------------------------
Industrial Development Bank of India Ltd's board of directors
will hold a meeting to consider the bank's unaudited financial
accounts of the bank for the quarter ended Dec. 31, 2006,
subjected to a limited review by the auditors.
The bank scheduled the meeting on Jan. 22, 2007.
As previously reported by the Troubled Company Reporter - Asia
Pacific, IDBI's financials for the quarter ended Sept. 30, 2006,
showed a net profit of INR290 crore.
Industrial Development Bank of India --
http://www.idbi.com/-- is a scheduled bank having its
registered office at Mumbai, India. IDBI enjoys the status of a
public financial institution. IDBI is also categorized under a
new sub-group 'Other Public Sector Banks'. The government of
India holds 52.68% of the issued capital of IDBI.
IDBI provides a wide range of products and services in the
financial sector to both retail and corporate clientele. As
part of IDBI's development activities, the bank has been
instrumental in sponsoring and supporting the development of key
institutions involved in India's financial sector. In this
mode, IDBI has played a key role in the formation of the
Securities and Exchange Board of India. IDBI has also sponsored
the National Stock Exchange of India Limited, which first
introduced electronic trading in securities in India.
* * *
The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited. All ratings have stable outlooks. The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.
Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.
ITI LTD: Discloses Results of 56th Annual General Meeting
---------------------------------------------------------
ITI Ltd informs the Bombay Stock Exchange that the company's
members at its 56th Annual General Meeting have agreed on the:
-- appointment of Mathew George and Ravi Agarwal as the
company's directors; and
-- reappointment of Pankaj Agrawala and Pritam Singh, as
directors.
The shareholders also agreed to authorize the board of directors
to fix the remuneration of the company's statutory and branch
auditors to be appointed by Comptroller and Auditor General of
India for the financial year 2005-2006.
Additionally, the shareholders gave their nods to the adoption
the audited balance sheet as on March 31, 2006, and the profit
and loss account for the year ended on that date along with
financial notes and the related directors' and auditors'
reports.
The 56th AGM was held on Dec. 15, 2006.
ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions. Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to ITI's INR550 million 'J-1' Series long-term
bonds.
Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.
JAMMU & KASHMIR: Board Meeting Postponed to January 22
------------------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, Jammu & Kashmir Bank Ltd's board of directors was set
to meet on Jan. 15, 2007. The board intended to, among others,
consider the bank's financial results for the third quarter
ended Dec. 31, 2006.
In an update, the bank informs the Bombay Stock Exchange that
the board meeting has been postponed to Jan. 22.
India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses. The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization. The bank, through
its operations, is focusing on banking, insurance and asset
management.
Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.
JIK INDUSTRIES: Issues 6,04,23,977 Shares Pursuant to BIFR Order
----------------------------------------------------------------
JIK Industries Ltd issued 6,04,23,977 equity shares with face
value INR1 each in lieu of and in discharge of the company's
debts totaling INR8,15,72,370. The shares were issued on a
private placement basis.
The move was pursuant to the order of the Board for Industrial
and Financial Reconstruction, the company said.
In that regard, JIK Industries entered into an agreement with
five secured creditors, allotting them the equity shares to
discharge the debt. These five creditors are:
-- Dombivili Nagrik Sahakari Bank Ltd,
-- Janakalyan Sahakari Bank Ltd,
-- Malad Sahakari Bank Ltd,
-- Mandvi Co-operative Bank Ltd, and
-- Canbank Factors Ltd;
According to JIK Industries, the agreement will enable the
company to reduce its interest and debt burden thereby improving
its net worth.
Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade non-
lead crystalware segment and is the only organized player in the
country. JIK has had over seven years of experience in
manufacturing and marketing crystal. Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra. The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit. The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded. Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.
On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package. The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%. The package allowed the Company to
complete the major part of its debt and business restructuring.
So far, the Company's chemical division is shelved closed and
discontinued as whole. Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.
JIK INDUSTRIES: Sets Feb. 14 as Record Date for Consolidation
-------------------------------------------------------------
JIK Industries Ltd informs the Bombay Stock Exchange that it has
fixed Feb. 14, 2007, as the Record Date for the purpose of
consolidation of shares.
JIK Industries's board of directors on Nov. 8, 2006, resolved
that all of the company's authorized equity shares with a value
of INR1 each will be consolidated into one equity share with a
value of INR10 each fully paid up by consolidating every 10
fully paid equity share of INR1 each into one equity share of
INR10 each.
As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 22, JIK's shareholders later approved the share
consolidation.
Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade non-
lead crystalware segment and is the only organized player in the
country. JIK has had over seven years of experience in
manufacturing and marketing crystal. Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra. The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit. The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded. Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.
On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package. The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%. The package allowed the Company to
complete the major part of its debt and business restructuring.
So far, the Company's chemical division is shelved closed and
discontinued as whole. Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.
=================
I N D O N E S I A
=================
APEXINDO PRATAMA: Secures US$3-Million Drilling Contract
--------------------------------------------------------
PT Apexindo Pratama Duta Tbk has secured a US$3.476-million
contract from the Pertamina-Medco E&P joint operating body for
onshore drilling on Sulawesi island, Antara News reports.
According to the report, Apexindo's corporate secretary, Ade R.
Saptari, said in a statement to the Jakarta Stock Exchange that
under the contract signed on Jan. 15, the company will conduct
onshore drilling on rig no. 2 in the Senaro-Toli Block in
Sulawesi.
Antara notes that Mr. Saptari said the company expects to
complete the drilling on April 21.
Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.
Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.
Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524-billion net loss in
2004.
BAKRIE SUMATERA: Buys 2,700 Shares from PT Nibung Arthamulia
------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk bought 2,700 shares from PT
Nibung Arthamulia, which is based in Palembang, South Sumatera,
Antara News reports.
The shares have a face value of IDR1,000 each.
The Antara report notes that Bakrie Sumatera's corporate
secretary, Fitri Barnas, said in a report to the Capital Market
Supervisory Agency-Financial that the transaction was made in
accordance with the articles of corporation and the prevailing
law.
Mr. Barnas, however, did not disclose the value of the
transaction and the percentage of Bakrie Sumatera's stake in
Nibung Arthamulia, Antara says.
Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third-largest largest publicly traded
plantation company. It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex. It was listed in 1990 on the Jakarta Stock Exchange.
As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 20, 2006, Moody's Investor Services has affirmed Bakrie
Sumatera Plantations' B2 corporate family rating and B2 senior
secured bond rating after the successful completion of the
US$110 million 5-year bond issue. The provisional status of the
two ratings has also been removed. The outlook for both ratings
is stable.
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Indonesia's PT Bakrie Sumatera Plantations Tbk.
At the same time, Standard & Poor's assigned its 'B' issue
rating to the proposed US$110-million senior secured notes
issued by the company's wholly-owned subsidiary, BSP Finance
B.V.
FREEPORT-MCMORAN: 4Q Profit Falls 8% as Indonesian Ops Decline
--------------------------------------------- ----------------
Freeport-McMoRan Copper & Gold Inc.'s fourth-quarter profit fell
8%, as production at its core Indonesian operations decreased,
The Associated Press reports.
According to the report, quarterly earnings applicable to common
shareholders declined to US$426.4 million, or US$1.99 per share,
from US$463.2 million, or US$2.19 per share, during the fourth
quarter of 2005.
The AP notes that the results included a loss US$73.9 million,
or 33 cents per share, related to debt reduction, as well as a
gain of US$29.7 million, or 13 cents per share, related to land
disposition and royalty rights at the company's Spanish smelting
unit. Excluding the special items, the company earned US$2.19
per share in the period.
Revenue grew 10% to US$1.64 billion from US$1.49 billion during
the same period a year ago and that analysts expected revenue of
US$1.72 billion, the report says.
The company said that copper production at its core Indonesian
operations in the period fell 8% to 435.2 million pounds, while
gold production fell by more than half to 514 million ounces,
the report relates.
For the year, the company earnings applicable to common
shareholders rose 49% to US$1.4 billion, or US$6.63 per share,
from US$934.6 million, or US$4.67 per share, in 2005, while
full-year revenue grew 39% to US$5.79 billion from US$4.18
billion, the report says.
Analysts forecast a full-year profit of US$6.91 per share on
revenue of US$5.88 billion, Chron.com posts.
The report adds that looking ahead, the company said that its
Indonesian unit would likely sell about 1.1 billion pounds of
copper and 1.8 million ounces of gold in 2007 and it expects
annual sales over the five-year period from 2007 to 2011 to
average about 1.2 billion pounds of copper and 1.8 million
ounces of gold.
Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,
engages in the exploration, mining, and production of copper,
gold, and silver. The company has operations in Indonesia.
* * *
The Troubled Company Reporter - Asia Pacific reported on
November 24, 2006, that Standard & Poor's placed its 'BB-'
corporate credit and its other ratings on Freeport-McMoRan on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications. The actions followed
the report that Freeport entered into an agreement with Phelps
Dodge to acquire Phelps in a transaction valued at US$25.9
billion.
The TCR-AP stated on Oct. 18, 2006, Moody's Investors Service
confirmed Freeport-McMoran's Ba3 Corporate Family Rating in
connection with the rating agency's implementation of its ne
Probability-of-Default and Loss-Given-Default rating
methodology.
Dominion Bond Rating Service confirmed in April the rating of
Freeport-McMoRan Copper & Gold Inc. at BB (low). DBRS said the
trend is Stable.
=========
J A P A N
=========
FORD MOTOR: Closing Plants & Cutting Jobs Ahead of Schedule
-----------------------------------------------------------
Ford Motor Co. will be implementing its cost reduction plan,
including plant closures and job cuts, earlier than scheduled,
Reuters reports, citing the company's chief executive officer,
Alan Mulally.
The car company, Reuters says, is closing 16 plants and cutting
nearly 45,000 jobs in a bid to return its North American
automotive operations to profits.
According to Mr. Mulally, the plan, which spans a five-year time
frame, intends to reduce the number of vehicle platforms the
company uses around the world and increase the number of shared
parts.
Ford is set to spend US$17 billion cash over the next three
years in restructuring and its automotive operations, Reuters
relates.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents. With more than 324,000
employees worldwide, including Mexico, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury, and Volvo. Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.
The company also has operations in Japan.
* * *
As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.
The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.
On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.
FORD MOTOR: CEO Alan Mulally Considers Selling Jaguar Brand
-----------------------------------------------------------
Ford Motor Co. CEO Alan Mulally revealed that he might consider
selling the company's Jaguar brand, threatening about 8,000 car
workers' jobs, The Scotsman reports.
The company launched "Way Forward," a turnaround plan that
includes the sale of Aston Martin, in an effort to stem multi-
billion-pound losses, states The Scotsman. Ford has explored
strategic options for its Aston Martin sports-car unit in
August, with particular emphasis on a potential sale of all or a
portion of the unit.
"All good businesses continually review their portfolio, and we
will continue to evaluate our portfolio going forward," Mr.
Mulally said. "I feel more confident now than when I arrived
that we can create a viable Ford." However, he noted that it
was a "critical time" for the whole car industry.
As reported in the Troubled Company Reporter on Aug. 30, 2006,
Sir Anthony Bamford, JC Bamford Excavators Ltd.'s chairman of
the board, was looking at the possibility of buying the Jaguar
brand from Ford.
However, Mr. Bamford subsequently disclosed that he has
abandoned plans of buying the Jaguar brand from Ford after
executives from Ford Europe and the Premier Automotive Group,
revealed that it has no intentions of selling the brand at the
moment. According to Mr. Bamford, cited in the Financial Times,
Ford was only interested in selling the Jaguar brand together
with the profitable Land Rover operations.
JC Bamford is a U.K.-based construction-machinery company. Mr.
Bamford said that the brand has potential although Jaguar needs
to cut ties with Land Rover for him to consider his plans
further.
Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- which includes other brands like Volvo, Land Rover,
and Aston Martin. In Ford's second quarter results, the segment
incurred a $180 million net loss. The company's management said
the decline in earnings in the PAG segment primarily reflected
unfavorable currency exchange related to the expiration of
favorable hedges, adjustments to warranty accruals for prior
model-year vehicles, mainly at Land Rover and Jaguar, and lower
market share at Volvo associated with new model changeovers,
offset partially by favorable product and market mix and lower
overhead costs.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents. With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.
The company also has operations in Japan.
* * *
As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.
The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.
On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.
FORD MOTOR: Sees Auto Parts Supplier Bankruptcies Likely in Feb.
----------------------------------------------------------------
February could see more auto parts supplier bankruptcies than
ever before, according to Ford Motor Co.'s global purchasing
chief Tony Brown, Bryce G. Hoffman of The Detroit News reports.
"Industry experts and others at restructuring firms working with
financially troubled suppliers expect we may well see in
February the largest number of bankruptcy filings in the U.S.
and Europe ever," Mr. Brown said Wednesday during a speech at
the 2007 Automotive News World Congress.
"The number of financially distressed suppliers that Ford has on
our 'watch list' in 2007 has grown by 44% compared to this time
last year," Mr. Brown added.
According to Mr. Brown, there could be some "Tier 1" suppliers
that will file in February, but he did not specify.
Ford wants to make a steel purchasing exchange that will help it
weather steel prices, The Detroit News said. Ford broached the
subject to the other five largest automakers, Mr. Brown said.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents. With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.
The company also has operations in Japan.
* * *
As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.
The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.
On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.
METROLOGIC: Names Cecil F. Bowes as National Sales Manager
----------------------------------------------------------
Metrologic Instruments, Inc., has appointed Cecil F. Bowes as
national sales manager. In this role, Mr. Bowes will be
responsible for supporting strategic sales initiatives for
Metrologic's line of bi-optic and hand-held bar code scanning
products as well as mobile computers for food and drugstore
retailers in North and South America.
"Cecil has a fantastic reputation within the industry and his
experience will give Metrologic momentum in two marketplaces
essential to our continued success," said Mark Behrman,
Metrologic's director of strategic sales.
Metrologic retained Mr. Bowes because of his ability to develop
successful sales programs directed toward the three major tiers
of both the POS and AIDC industries: end users, value-added
resellers and distributors. For Mr. Bowes, Metrologic is the
right company at the right time.
"Joining Metrologic is an ideal situation for me," said Mr.
Bowes. "The way Metrologic has positioned their products to
improve retailer productivity worldwide along with their focus
on customer support and service, creates a win-win situation for
both parties. I am pleased to be associated with such an
impressive company and look forward to getting Metrologic
products into the Tier-1 retailers."
Prior to joining Metrologic, Mr. Bowes spent 15 years with PSC
Inc., a provider of data capture technology and services.
During his tenure there, Mr. Bowes held several executive
positions, including vice president of sales for North and South
America and the Asian-Pacific region.
Headquartered in Blackwood, New Jersey, Metrologic Instruments,
Inc., is a global supplier for data capture and collection
hardware, and image processing software. The company had LTM
September 2006 revenues of approximately US$210 million. The
company has operations in Japan, Brazil, Singapore, and Germany.
The Troubled Company Reporter - Asia Pacific reported on Dec. 6,
2006, that Moody's Investors Service has assigned a B2 corporate
family rating to Metrologic Instruments, Inc. At the same time,
Moody's assigned a B1 rating to the proposed 1st lien senior
secured credit facility (US$125 million term loan and US$35
million undrawn revolver) and a Caa1 rating to the proposed
US$75 million 2nd lien senior secured credit facility. The
ratings for the two senior secured facilities reflect both the
overall probability of default of the company, to which Moody's
assigns a PDR of B2, and a loss given default of LGD 3 for the
first lien and LGD 5 for the second lien. The rating outlook is
stable.
SHINSEI BANK: Fitch Affirms 'C' Individual Rating
-------------------------------------------------
Fitch Ratings has affirmed Shinsei Bank's Long-term foreign and
local currency Issuer Default ratings at 'BBB+', Short-term
foreign and local currency IDRs and 'F2'. Its Individual 'C'
and Support '3' are also affirmed. The Outlooks on the IDRs are
Stable.
The affirmation follows Shinsei's announcement that it has
revised its consolidated net income forecast downwards for the
fiscal year to March 2007 to JPY40 billion from JPY76 billion.
On an unconsolidated basis, however, Shinsei is maintaining its
forecast net income at JPY75 billion.
Although the revision affects Shinsei's profitability,
significant capital deterioration is not expected as the current
revision did not reflect likely amortisation of goodwill, which
will reduce the bank's net income for FYE07. Nevertheless, as
goodwill has already been deducted from its Tier 1 capital, any
amortization itself would not erode regulatory capital. While
Fitch takes a positive view of the prompt action taken by
Shinsei to transform its consumer finance subsidiary by changing
its business model, Fitch will continue to monitor any further
impact to profitability and capital from possible impairment of
goodwill and investments as well as support provided by the bank
in the form of capital to its subsidiary that sustains one of
the bank's main pillars of its Consumer and Commercial Finance
business.
The profit forecast reduction comes after the consolidated net
income forecast at Aplus Co., Ltd, a 68.9%-owned subsidiary, was
revised to a loss of JPY25.2 billion from a profit of JPY1.5
billion. Aplus announced a restructuring programme, which along
with the recent legislative changes, have resulted in higher
provisioning for loan losses, possible losses on reimbursements
of excess interest payments and payment for voluntary employee
retirement and other restructuring costs.
About Shinsei Bank
Headquartered in Tokyo, Shinsei Bank Limited
-- http://www.shinseibank.com/english/-- was built in 2000 from
the remains of the collapsed Long-Term Credit Bank of Japan by a
group of foreign investors. It is traditionally focused on
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.
The Bank offers standard services such as deposits, mortgages,
and investments. Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005. Shinsei Bank has about 30 branches.
=========
K O R E A
=========
KOREA EXCHANGE: Offers Domestic Services to Overseas Accounts
-------------------------------------------------------------
Korea Exchange Bank began offering deposit and withdrawal
services domestically for accounts opened through its
independent international business networks from its overseas
branches starting Jan. 8, a company release states.
According to KEB, it has now connected networks between domestic
and overseas branches through its exclusive network in 2005.
"With the implementation of the domestic deposit & withdrawal
services, for overseas accounts, KEB has built a two-way
network," the release points out.
Under the new service, customers holding accounts at KEB's
overseas branches can now make deposit or withdrawal on a real-
time basis from their own accounts directly without passing
through local remittance procedures. The bank believes the
service will be very useful for employees at overseas trading
companies or Koreans abroad. The service is also available for
foreign customers.
Eighteen of KEB branches are already able to provide the
service:
-- Tokyo and Osaka branches in Japan;
-- Beijing, Tianjin, Dalian, Shanghai and Hong Kong branches
in China;
-- Hanoi branch in Vietnam;
-- Manila branch in the Philippines;
-- Singapore branch;
-- a locally incorporated firm in Indonesia;
-- London branch;
-- Paris branch;
-- Amsterdam branch;
-- a locally incorporated firm in Germany;
-- Bahrain branch;
-- Panama branch; and
-- a locally incorporated firm in Canada.
"The use of the service is available only for individual
customers who present passport domestically after applying for
the use of the service at overseas branch," the release says.
"The maximum limit on withdrawal from overseas accounts
domestically is US$20,000 per day (US$5,000 for China, the
Philippines and Indonesia). The limit on deposits in overseas
accounts in Korea will face restrictions according to Korea's
foreign exchange transaction law."
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
established in 1967, is one of seven national banks in South
Korea with over 300 domestic branches and 28 overseas networks
constituting the most extensive global banking network of any
Korean bank. KEB Futures -- http://www.kebf.com/english/-- is
a clearing member of KOFEX and is a subsidiary of Korea Exchange
Bank, the official F/X settlement bank for Korean Futures
Exchange.
* * *
Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.
Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.
TOWER AUTOMOTIVE: Equity Rights Offering Terminated
---------------------------------------------------
Tower Automotive disclosed that on Jan. 10, 2007, investment
funds managed by Strategic Value Partners LLC, Wayzata
Investment Partners LLC and Stark Investments notified Tower
that they terminated their Dec. 19, 2006 Commitment Letter to
underwrite an equity rights offering.
Under the Commitment Letter three entities, which collectively
own in excess of US$225 million of unsecured claims against
Tower, agreed to underwrite a US$250 million equity rights
offering that will form the basis of a reorganization plan and
Tower's emergence from bankruptcy. The three bondholders agreed
to backstop a rights offering to eligible accredited unsecured
creditors and purchase their respective pro rata shares in the
rights offering, subject to the terms and conditions outlined in
the Commitment Letter.
Tower has received other proposals from interested investors and
continues to evaluate those proposals with the goal of
completing its restructuring process in the first half of 2007.
Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries. DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers. It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries. The company has three locations in Asia: in
China, Japan and Korea.
* * *
The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Fitch Ratings placed one tranche from one
public collateralized debt obligation and one tranche from
private CDO on Rating Watch Negative following Dura Automotive
Corp.'s filing for protection under Chapter 11.
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'. The
rating outlook is negative.
* * *
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel. Togut, Segal & Segal LLP is the Debtors'
conflicts counsel. Miller Buckfire & Co., LLC is the Debtors'
investment banker. Glass & Associates Inc., gives financial
advice to the Debtor. Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors. As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities. (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
===============
M A L A Y S I A
===============
NORTH BORNEO: Approves All Resolutions at 56th AGM
--------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Jan. 2,
2007, that The North Borneo Corporation Bhd will be holding its
56th Annual General Meeting on Jan. 15, at 3.00 p.m.
In an update, the company disclosed with the Bursa Malaysia
Securities Bhd that all the resolutions, except for resolution
number 5, were approved during the meeting.
The Resolutions Submitted for Approval on the Company's 56th AGM
were:
As Ordinary Business:
1. To receive and adopt the Audited Financial Statements for the
year ended December 31, 2005 together with the Reports of the
Directors and Auditors. (Resolution 1)
2. To re-elect the following Directors:
a. Leonard Harris D'cruz who retires in accordance with
Article 92 of the Company's Articles of Association and,
being eligible, offers himself for re-election.
(Resolution 2)
b. Kam Fong Kai who retires in accordance with Article 92 of
the Company's Articles of Association and, being eligible,
offers himself for re-election. (Resolution 3)
c. Yeong Kow Chai who retires in accordance with Article 92
of the Company's Articles of Association and, being
eligible, offers himself for re-election. (Resolution 4)
3. To approve the payment of Directors' fees in respect of the
year ended December 31, 2005. (Resolution 5)
4. To re-appoint Pannell Kerr Forster as Auditors of the Company
and to authorized the Directors to fix their remuneration.
(Resolution 6)
As Special Business:
To consider, and if thought fit, to pass the following as
Ordinary Resolution:
The authority to Allot and Issue Shares Pursuant to Section 132D
of the Companies Act, 1965; pursuant to Section 132D of the
Companies Act, 1965 and subject to the approvals of the relevant
governmental and regulatory authorities, the Directors be and
are hereby empowered to issue shares in the company, at any time
and upon such terms and conditions and for such purposes as the
Directors may, in their absolute discretion, deem fit, provided
that the aggregate number of shares issued pursuant to this
Resolution in one financial year does not 10% of the issued and
paid-up share capital of the Company for the time being; and
such authority will commence immediately upon the passing of
this Resolution and continue to be in force until the conclusion
of the next Annual General Meeting of the Company."
5. To transact any other business for which due notice has been
given to the Company. (Resolution 7)
* * *
Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding. The Group operates in Malaysia and Bermuda.
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition. On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts. The Plan, however, met objections from
creditors. On March 6, 2006, two scheme creditors -- Sabah
Development Bank and Prokhas Sdn Bhd -- withdrew their support
of the Company's proposed debt restructuring, saying that they
are no longer agreeable to the terms of the planned business
disposal as part of the restructuring program.
The company's Sept. 30, 2006 balance sheet showed a shareholders
funds' deficit of MYR112.969 million.
OLYMPIA INDUSTRIES: Government Asserts MYR2.23-Million Claim
------------------------------------------------------------
Olympia Industries Bhd, on January 10, 2007, received a Writ of
Summons and Statement of Claim from the Government of Malaysia
amounting to MYR2,233,860.53, including interest charged at the
rate of 10%.
The claim arose as a result of the disposal of shares in Rambai
Realty Sdn Bhd and Olympia Land Berhad to Mycom Berhad under the
restructuring scheme of the company, which is currently in the
process of implementation.
Olympia will consult its solicitors on this matter, which it
intends to settle after completion of the restructuring schemes
of the company and Mycom Berhad.
* * *
Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development. Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.
Operations are carried out in Malaysia, Papua New Guinea and
Singapore. The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.
Olympia's balance sheet as of Sept. 30, 2006, reflected
MYR1.01 billion in total assets and MYR2.07 billion in total
liabilities, resulting to a shareholders' deficit of MYR1.06
billion.
The company is currently operating pursuant to a restructuring
scheme.
PARK MAY: Seeks to Extend Maturity Date of Commercial Papers
------------------------------------------------------------
Park May Bhd asks the Securities Commission to extend until
June 26, 2007, the final maturity and redemption date of its
outstanding Commercial Papers with nominal value of
MYR63 million.
The outstanding CP will mature on Jan. 27.
Affin Investment Bank Berhad, as Principal Adviser, asserted
that the Proposed Extension is to allow the company sufficient
time to complete the implementation of the Proposed
Restructuring Scheme, which had been approved by the SC on
Dec. 20, 2006.
Affin Investment, the sole noteholder and underwriter for the
CP, had earlier agreed to grant Park May an extension until
June 26, 2007, to complete the implementation of the Proposed
Restructuring Scheme.
The Troubled Company Reporter - Asia Pacific reported on Jan. 4,
2007, that the Securities Commission also approved Park May's
request to extend until June 26 its time to complete and
implement its proposed restructuring scheme.
* * *
Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus
transportation in Peninsular Malaysia, categorized as stage bus
and express bus. Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6-million Combined and Converted
Short Term Loan Facility due on April8, 1999. On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt-restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million. On April 17, 2000, the
Securities Commission approved Park May's Proposals. On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category. As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.
As of September 30, 2006, Park May's balance sheet reflected
MYR40.79 million in total assets and MYR96.05 million in total
liabilities, resulting in a shareholders' deficit of
MYR55.26 million.
SOLUTIA INC: Expects Profit Growth in 5 Years After Ch. 11 Exit
---------------------------------------------------------------
Solutia Inc. expects its earnings to rise in the next five years
following its exit from Chapter 11, according to its revised
business plan provided to certain holders of 6.72% notes due
Oct. 15, 2037, or the 7.375% notes due Oct. 15, 2027, it issued
pursuant to an Indenture dated Oct. 1, 1997.
Solutia presented the business plan, which includes both
historical and projected financial information, to Noteholders
pursuant to the terms of a confidentiality agreement entered
into on Dec. 8, 2006.
Solutia's net income of US$8,000,000, including a US$44,000,000
gain from one-time items, for the year 2006 changed little from
2005. Solutia expects its profit from continuing operations,
which excludes some items, to be US$79,000,000 in 2007;
US$124,000,000 in 2008; US$166,000,000 in 2009; US$197,000,000
in 2010; and US$228,000,000 in 2011.
Solutia's financial projections assume emergence from Chapter 11
on Dec. 31, 2006. Each quarter delay in emergence accounts for
an additional cash outlay of US$25,000,000 for lack of OPEB
funding and reorganization professional fees. Total cash paid
at emergence is assumed to be US$301,000,000:
-- US$152,000,000 for exit related costs; and
-- US$149,000,000 to fund the 2007 domestic pension plan.
A full-text copy of the Dec. 8, 2006, draft business plan is
available for free at http://researcharchives.com/t/s?184c
About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications. Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.
The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.
TRIPLC BHD: Incurs MYR315,000 Net Loss in August Quarter
--------------------------------------------------------
TRIPLC Berhad posted a MYR315,000 net loss on MYR20.81 million
of revenues in the first quarter ended August 31, 2006, as
compared with a MYR242,000 net loss on MYR30.51 million of
revenues in the same quarter of 2005.
As of end-August 2006, the company's consolidated balance sheet
showed strained liquidity with current assets of
MYR204.04 million available to pay MYR231.98 million in current
liabilities.
TRIPLC's consolidated total assets as of end-August 2006,
amounted to MYR331 million and total liabilities reached
MYR309.54 million, resulting to a shareholders' equity of
MYR20.56 million.
* * *
TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian-
based provider of property development, construction and related
project management services. The Company operates in four
segments: property development, which is engaged in the
development of residential and commercial properties; property
construction, which is involved in the construction of
commercial properties; manufacturing and trading, engaged in the
manufacturing and trading of plywood, blockboard and timber
products, and others, which is engaged in investment holding and
investment of property.
On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd. Accordingly, as stipulated in
the listing requirements of the bourse, the company is required
to submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.
=====================
N E W Z E A L A N D
=====================
CENTRAL INTERNATIONAL: Faces Liquidation Proceedings
----------------------------------------------------
On Nov. 30, 2006, the Commissioner of Inland Revenue filed with
the High Court of Christchurch a petition to liquidate Central
International Ltd.
The Court will hear the liquidation petition on Feb. 12, 2007,
at 10:30 a.m.
The CIR's solicitor can be reached at:
Julia Dykema
Inland Revenue Department
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception
518 Colombo Street (PO Box 1782)
Christchurch 8140
Australia
Telephone:(03) 968 0809
Facsimile:(03) 977 9853
DE BRUIJN: CIR Files Liquidation Petition
-----------------------------------------
On Nov. 23, 2006, the Commissioner of Inland Revenue filed
before the High Court of Invercargill a liquidation petition
against De Bruijn Landbouwbedrijf Besloten Vennootschap.
The petition is scheduled for hearing on Jan. 23, 2007, at
10:00 a.m.
The CIR's solicitor can be reached at:
Julia Dykema
Inland Revenue Department
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception
518 Colombo Street (PO Box 1782)
Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile:(03) 977 9853
DIY ONLINE: Liquidation Hearing Slated for February 8
-----------------------------------------------------
A petition to liquidate DIY Online Ltd will be heard before the
High Court of Auckland on Feb. 8, 2007, at 10:00 a.m.
Tanner Group Ltd filed the petition with the Court on Oct. 26,
2006.
Tanner's solicitor can be reached at:
Malcolm Whitlock
Debt Recovery Group NZ Limited
149 Ti Rakau Drive
Pakuranga, Auckland
New Zealand
SOLWAY HOMES: Court Sets Liquidation Hearing on February 8
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Solway Homes Ltd on Feb. 8, 2007, at 10:45 a.m.
Officemax New Zealand Ltd filed the petition with the Court on
Nov. 7, 2006.
Officemax's solicitor can be reached at:
Kevin Patrick McDonald
11th Floor, Global House
19-21 Como Street (PO Box 331065 or DX BP 66086)
Takapuna, Auckland
New Zealand
Telephone:(09) 486 6827
Facsimile:(09) 486 5082
TAX STRATEGY: Court to Hear Liquidation Petition on Jan. 25
-----------------------------------------------------------
On Nov. 27, 2006, the High Court of Nelson received a petition
to liquidate Tax Strategy Ltd from the Commissioner of Inland
Revenue.
The petition will be heard on Jan. 25, 2007, at 10:00 a.m.
The CIR's solicitor can be reached at:
Julia Dykema
Inland Revenue Department
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception
518 Colombo Street (PO Box 1782)
Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile:(03) 977 985
=====================
P H I L I P P I N E S
=====================
ALLIED BANKING: Compliance Officer Retires
------------------------------------------
Allied Banking Corporation informs the Philippine Stock Exchange
that Bonifacio T. Bigting, the bank's Compliance Officer, has
retired on December 31, 2006.
About Allied Banking Corp.
Allied Banking Corporation -- http://www.alliedbank.com.ph/--
is a universal bank incorporated in the Philippines on April 4,
1977. The Company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients. Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services. In addition, the Bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.
The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Allied Banking Corp.'s foreign currency long-term deposit rating
of B1 to stable from negative. The bank's foreign currency Not-
Prime short-term deposit rating and bank financial strength
rating of E+ remain stable.
This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.
On October 31, 2006, Fitch Ratings affirmed Allied Banking
Corporation's Individual rating at 'D' and Support rating at '4'
after a review of the bank.
APC GROUP: Reduces Directors from 16 to Seven
---------------------------------------------
In a letter to the Philippine Stock Exchange dated January 5,
2007, APC Group, Inc., disclosed that on November 28, 2006, the
Securities and Exchange Commission approved the company's
Articles of Incorporation reducing the number of directors from
13 to seven.
Accordingly, the six directors who received the least number of
votes in the election held during the stockholders' meeting held
on August 17, 2006, ceased to be directors:
1. Sabino E. Acut, Jr.,
2. Bernard B. Lopez,
3. Maritoni Z. Liwanag,
4. Martin Israel L. Pison,
5. Paul Mar C. Arias,
6. Girlie Isabel D. Umali
The SEC has also approved the company's Amended By-Laws, which
provides for rules and procedures in the "nomination of election
of independent directors."
About APC Group
APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines. The Company is 46.6% owned by
Belle Corporation. APC has investments in telecommunications,
a cement project, and manpower outsourcing businesses.
As of Sept. 30, 2006, APC Group's balance sheet reflected total
assets of PHP3.76 billion and total liabilities of
PHP12.58 billion. Capital deficiency as of Sept. 30, 2006,
amounted to PHP8.89 billion.
ATLAS CONSOLIDATED: Carmen Copper To Invest PHP12BB in Toledo
-------------------------------------------------------------
Carmen Copper Corp., a newly formed, wholly owned subsidiary of
Atlas Consolidated Mining and Development Corp., is investing
PHP12.475 billion to re-open and rehabilitate the Toledo mines
in Cebu, Manila Standard Today reports.
In a statement with the Philippine Stock Exchange, Atlas
Consolidated disclosed that the amount pertains to the estimated
cost of undertaking activities, which are geared towards the
preparation of the Toledo Copper Mine for operations. The sum
was computed based on the projected expenses related to:
1. the acquisition of mining permits and other government
licenses;
2. the development of the mining site;
3. importation and installation of equipment during the first
five years of the project; and
4. commencement of the commercial operation phase of the
project.
The cost estimate was presented to the Board of Investments in
connection with Carmen Copper's application for registration and
was adopted by the BOI in laying out the Specific Terms and
Conditions governing CCC's registration.
As reported in the Troubled Company Reporter - Asia Pacific on
December 15, 2006, the BOI has confirmed the registration of
Carmen Copper as a non-pioneer enterprise. By virtue of the
registration, Carmen Copper as operator of the Toledo Mining
Project will enjoy fiscal incentives, which include a four-year
income tax holiday and duty free importation of capital
equipment, the TCR-AP said.
According to Atlas Consolidated, Carmen Copper is still in the
process of concluding agreements with respect to a loan facility
to be guaranteed by the Philippine Export-Import Credit Agency.
Manila Standard says Carmen Copper will engage in the mining and
milling of copper ore with an annual capacity of 15.204 million
tons per year or 42,000 metric tons per day to produce:
* Copper -- 46,577 dry metric tons;
* gold -- 41,066 ounces;
* silver -- 147,860 oz.;
* pyrite -- 162,860 tons; and
* magnetite -- 506,290 tons
The project is expected to generate a total of 3,455 new jobs
once it starts commercial operations in November 2007, Manila
Standard notes.
About Atlas Consolidated
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate its assets since
copper and nickel prices have recovered.
According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005. Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.
As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.
BANCO DE ORO: To Pay PHP0.80 Cash Dividend on February 9
--------------------------------------------------------
In a Philippine Stock Exchange's Circular for Brokers dated
May 8, 2006, it was disclosed that the Board of Directors of
Banco de Oro Universal Bank approved the bank's declaration of
PHP0.80 cash dividend per share.
In this regard, the bank advised the PSE in a letter dated
January 8, 2007, that the Board has set January 22 as the record
date and February 9 as payment date of the dividend.
About Banco de Oro
Banco de Oro Universal Bank -- http://www.bdo.com.ph/--
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.
Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.
Its asset quality indicators (non-performing loans & non-
performing assets) are among the lowest in the industry.
* * *
The Troubled Company Reporter - Asia Pacific reported on
November 9, 2006, that Fitch Ratings affirmed the ratings of
Banco De Oro Universal Bank, as follows:
* Individual 'C/D', and
* Support '3'
The bank's senior unsecured debt carries Moody's Ba3 rating.
EAST ASIA POWER: Creditor Files TOR on Rehabilitation Petition
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
December 12, 2006, East Asia Power Resources Corporation
informed the Philippine Stock Exchange that on December 11, its
subsidiary, East Asia Diesel filed with the Regional Trial Court
of Malabon a petition for rehabilitation for itself and Duracom.
In a letter to the Philippine Stock Exchange dated January 5,
2007, East Asia Power Resources disclosed that Philippine
Opportunities for Growth and Income, Inc., one of the creditors
of East Asia Diesel, filed a Petition for Review with Prayer for
the Issuance of a Writ of Temporary Restraining Order and
Preliminary Injunction with the Court of Appeals, in relation to
the Petition for the Rehabilitation of East Asia Diesel and
Duracom Mobile.
East Asia Diesel owns 40% of Duracom. East Asia Diesel and
Duracom are engaged in the power generation business, the TCR-AP
noted.
About East Asia Power
East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation. It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992. Consequently, the Company changed its
primary purpose from mining to holdings. In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.
East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China. In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities. The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.
* * *
The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005. SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.
On Dec. 8, 2006, the TCR-AP reported that East Asia Power has
total assets of US$92.55 million and total stockholders' equity
of US$64.61 million as of Dec. 7.
MANILA ELECTRIC: Clarifies Lower January 2007 Generation Charge
---------------------------------------------------------------
In a disclosure with the Philippine Stock Exchange, dated
January 5, 2007, Manila Electric Company emphasized that the
latest generation charge adjustment is revenue neutral to the
company. From a level of PHP4.7096 per kwh which was billed to
customers in November and December 2006, the Generation Charge
under the Energy Regulatory Commission's recent Order will
slightly go down to PHP4.6904 per kwh in January 2007.
Meralco Vice President for Corporate Communication Elpi Cuna,
Jr., explained "this merely reflects the adjustment in the cost
of generation for the supply month of September which under an
automatic adjustment scheme should have been reflected in
consumers' bills in October. This is in compliance with the
ERC's provisional approval and merely allows Meralco to recover
what it had already paid to its power suppliers."
Meralco also clarified that the September 2006 cost was already
recalculated. This was after the company called the attention
of the Philippine Electricity Market Corporation, the operator
of the WESM, to soaring prices in the market during the third
and fourth month of operation. "From what was billed to Meralco
for WESM supply in September, ERC made a recalculation of WESM
purchases for that month of NPC's Time-of-Use rates. This
explains the slight reduction reflected in the Generation Charge
this month," Mr. Cuna said.
It will be recalled that the Supreme Court, in an August 2006
ruling, directed Meralco to stop collection from its customers,
adjustments in its generation charge previously authorized under
an automatic adjustment mechanism.
Recovery of adjustments in the cost of generation will now be
implemented only after filing of an appropriate application
before the ERC.
According to Mr. Cuna, the confusion on the increase pertained
to the differential adjustment allowed by ERC of 26.14 centavos
per kwh in the Generation Charge for October 2006. He explained
that due to the lag imposed by the process of adjusting even
pass-through charges after the SC decision, what was billed to
customers in October 2006 was a Generation Charge of PHP4.4290
per kwh, reflective of July 2006 costs. Based on actual
September 2006 costs, the Generation Charge that should have
been billed to customers in October 2006 should have been
PHP4.6904 per kwh, resulting to an "increase" or a differential
adjustment of 26.14 centavos. The differential billing merely
allows Meralco to address its under-recovery in Generation
Charge collection for October 2006.
Mr. Cuna clarified that "Meralco will not earn from the
generation charge adjustment."
Meralco ensures that its rates include only costs necessary for
providing electric service, Mr. Cuna noted.
About Manila Electric
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
* * *
A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.
In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.
MAYNILAD WATER: DMCI-MPIC Consortium Raises Capital to PHP6 Bln.
----------------------------------------------------------------
In a disclosure with the Philippine Stock Exchange, Metro
Pacific Corp., confirms the report of The Philippine Star dated
January 2, 2007, stating that DMCI-MPIC Water Co. Inc., has
increased its capital stock to PHP6 billion from only PHP1
million.
According to the Philippine Star, DMCI Holdings Inc. and Metro
Pacific Investments Corp., each subscribed PHP2.99 billion to
the capital increase.
The paper relates that the capital increase was one of the
government's requirements to ensure that the company that will
continue the operations of the west zone for the remaining years
of the 25-year concession -- has enough funds.
As reported in the Troubled Company Reporter - Asia Pacific on
December 7, 2006, the Consunji family-controlled DMCI Holdings
Inc., together with Metro Pacific Corp., on the auction for the
ownership of the government's 83.97% stake in Maynilad Water
Services Inc.
DMCI-MPIC is a 50/50% joint venture formed by DMCI Holdings and
Metro Pacific Investments for the purposes of participating in
the Maynilad auction and for its future ownership and
management, the TCR-AP said.
About MPIC
Metro Pacific Investments Corporation is a Manila-based
investment management company focused on long-term value
creation in the Philippines' property and infrastructure
sectors. MPIC is the product of an extensive rehabilitation
program recently concluded by Metro Pacific Corporation. MPIC
will list its shares on the Philippine Stock Exchange under the
symbol "MPA" beginning December 15, 2006.
About DMCI
DMCI is among the Philippines' largest construction firms, with
a core competency in providing water utility services through
its investment and management of Subic Water and Sewerage
Company Inc., the primary water and sewerage and sanitation
provider for the Subic Bay Freeport, a special economic zone
located to east of Metro Manila. DMCI also has considerable
interests in real estate and in mining.
About Maynilad Water
Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.
According to a report by the TCR-AP on November 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.
On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004. On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:
-- the financial obligation of Maynilad Water with various
banks; and
-- the unpaid Concession Fees of Maynilad Water under the
Concession Agreement.
Debt Capital and Restructuring Agreement
On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water. The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval. The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.
RIZAL COMMERCIAL: Board Approves Appointment of L. Tan as CEO
-------------------------------------------------------------
In a recent disclosure to the Philippine Stock Exchange,
Rizalino S. Navarro, Executive Vice Chairman and Chief Executive
Officer of Rizal Commercial Banking Corporation, has announced
his retirement from the bank.
Lorenzo Tan, President and CEO of Sun Life Financial Plans,
Inc., will succeed Mr. Navarro as RCBC CEO effective February 1,
2007.
Mr. Tan played a pivotal role in significantly growing Sun
Life's life and mutual funds business by more than 70% above
2004 record, and boosting its pre-need performance more than
110% within the first six months of his post.
As former head of the Philippine National Bank, Mr. Tan was also
credited for the bank's phenomenal turnaround through an
aggressive rehabilitation program that put it back in the black
in 2003.
In the interim, Helen Y. Dee, eldest daughter of Taipan
Ambassador Alfonso T. Yuchengco, who is currently chairman of
the bank, will hold concurrent the position of CEO and Executive
Vice Chairman until January 31.
Ms. Dee envisions Mr. Tan to continue the strong programs that
Mr. Navarro implemented to increase the bank's capital and
reduce its non-performing loans and ROPA portfolio.
Mr. Navarro will continue to serve in the bank's board of
directors, and as Senior Advisor. He will refocus his energy as
Chairman of other companies under the Yuchengco Group and
maintain directorship positions in other companies.
In the same disclosure to the PSE, RCBC also announced the
retirement of former Prime Minister Cesar E.A. Virata from his
senior officer responsibilities in the bank but will continue to
serve as its Corporate Vice-Chairman, Director and Senior
Advisor.
The Board of Directors, at its special meeting held on January
5, 2007, approved the officers' appointments and retirements.
About RCBC
Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking, and 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.
On November 2, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has assigned a final rating
of 'B-' to Rizal Commercial Banking Corporation's hybrid issue
of up to US$100 million. The rating action follows the receipt
of final documents conforming to information previously
received.
The TCR-AP also reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook for RCBC's foreign currency senior
debt rating of Ba3, foreign currency Hybrid Tier 1 of B3, and
foreign currency long-term deposit rating of B1 to stable from
negative. The outlook for RCBC's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
E+ remains stable, the TCR-AP said.
The TCR-AP reported on Oct. 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to RCBC's (RCBC;
B/Stable/B) US$100 million non-cumulative step-up callable
perpetual capital securities.
VITARICH CORP: Ernesto Del Valle Arceo Resigns as Officer
---------------------------------------------------------
Vitarich Corporation informs the Philippine Stock Exchange that
its Assistant Corporate Secretary, Officer-in-Charge and
Compliance Officer, Atty. Ernesto Del Valle Arceo, has resigned
effective on January 8, 2007.
The company's director, Atty. Ma. Victoria M. Sarmiento, will
assume the vacated positions.
About Vitarich
Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated
producers and wholesalers of poultry and animal feed products in
the Philippines. The Company also develops, produces and sells
animal health products. It is dedicated to the poultry and
feeds industry, committing all of its resources to the
production of poultry products, including upstream production
activities such as feed milling, and additional ventures where
the company's knowledge of the poultry and feeds production
process provides it with competitive advantage.
Despite the Company's expansion into other areas, its core
business remains rooted in poultry. VITA is presently engaged
in the manufacture and distribution of various poultry products
like chicken, animal and aqua feeds, and day-old chicks, among
others.
* * *
The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt on the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to
PHP1.8 billion as of Dec. 31, 2005.
=================
S I N G A P O R E
=================
AAR CORP: Names Peter K. Chapman as Chief Commercial Officer
------------------------------------------------------------
AAR Corp. appointed Peter K. Chapman as its chief commercial
officer, a company release dated Jan. 17, 2007, reveals. In his
new role, Mr. Chapman will be responsible for leading AAR's
commercial marketing strategy and expansion into new markets.
"Peter is an exceptional leader with tremendous energy and a
global industry perspective," David P. Storch, AAR Corp.
chairman, president and chief executive officer says. "As AAR's
chief commercial officer, we look to Peter to advance the
company's standing in our markets.".
Mr. Chapman joined AAR in 1997 as Vice President of Marketing
and Business Development. Prior to joining the company, he
served as:
-- president and CEO of Young Brothers Development Co., Ltd.,
a diverse holding company in Hong Kong;
-- president of Douglas Aircraft - China; and
-- president and CEO of Dalfort Aviation.
Previously, he held various senior leadership positions at
United Technologies, which included president and CEO of United
Technologies International, Executive Vice President of Pratt &
Whitney Commercial engines and Vice President for International
Programs of Sikorsky Aircraft.
About AAR Corp.
AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry. With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing. In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded
AAR Corp.'s corporate credit rating from 'BB-' to 'BB'. The
outlook is stable.
The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment. The ratings outlook is stable.
COASTAL PALEMBANG: Liquidators to Receive Claims Until Feb. 8
-------------------------------------------------------------
Assan Masood, as liquidator of Coastal Palembang Power
(Singapore) Pte Ltd, will receive proofs of debt from the
company's creditors until Feb. 8, 2007.
Failure to prove claims by the due date will exclude a creditor
from sharing in the company's distribution of dividend.
The Liquidator can be reached at:
Assan Masood
c/o MGI Menon & Associates
50 Robinson Road
#15-00 VTB Building
Singapore 068882
COMPACT METAL: Discloses Shareholder's Sale of Direct Interest
--------------------------------------------------------------
Compact Metal Industries Ltd disclosed on Jan. 15, 2007, that
Tan Kay Tho, a substantial shareholder of the company has sold
his direct shares in the open market.
After the sale, Mr. Tan doesn't hold any direct shares. Prior
to tan, Mr. Tan held 347,920 direct shares with 0.157% issued
share capital.
About Compact Metal
Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products. The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects. Its other
activities include trading aluminium and related products, and
hotel ownership and others.
As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:
i. the group's and company's current liabilities that
exceeded their current assets by SGD81.96 million and
SGD78.82 million, respectively, as of December 31, 2005;
ii. the group's and company's recorded net liabilities
attributable to equity holders of the parent of
SGD43.10 million and US$43.83 million, respectively, as
of December 31, 2005; and
iii. the group's recorded recurring losses with net losses
attributable to equity holders of the parent of
US$24.09 million for the year ended December 31, 2005.
FALMAC LIMITED: Shareholder Reduces Deemed Shares
-------------------------------------------------
Falmac Limited disclosed on Jan. 15, 2007, that United Overseas
Bank Limited has reduced its holdings of deemed interests in the
company.
Prior to the change, United Overseas held 19,340,300 deemed
shares with 12.47% issued share capital. Presently, the bank
holds 18,590,300 deemed shares with 11.99% issued share capital.
The reduction of deemed shares of United Overseas was due to a
sale in an open market.
About Falmac Ltd.
Headquartered in Singapore, Falmac Limited manufactures and
trades knitting machines and related precision parts and
components, as well as cotton yarn.
A report by the Troubled Company Reporter - Asia Pacific on
July 8, 2004, stated that the company has entered into these
definitive agreements in relation to the company's restructuring
on July 6, 2004:
(1) Restructuring Deed with Ho Liong Fen, Falmac
Investment Holdings Pte Ltd, and the creditor banks
of the Company.
(2) Shareholder's Loan Agreement with Sino Equity.
(3) Strategic Subscription Agreement with Sino Equity.
Moreover, the TCR-AP reported on Aug. 16, 2006, that the company
registered a widening shareholders' deficit, from a shortfall of
SGD1.21 million as of December 31, 2005, to a deficit of
SGD1.88 million as of June 30, 2006.
The company's total assets as of June 30, 2006, stood at
SGD17.62 million, while the total liabilities figure was at
SGD19.50 million. The company has SGD10.39 million of secured
loans repayable within in one year, but current assets stands at
SGD7.23 million.
I-INVEST PRIVATE: Members Resolve to Close Business
---------------------------------------------------
The members of I-Invest Private Limited resolved to voluntarily
wind up the company's operations at an extraordinary general
meeting held on Jan. 12, 2007.
The shareholders also appointed Tay Joo Soon as the company's
liquidator.
In this regard, creditors are required to submit their proofs of
debt by Feb. 12, to be included in the company's distribution of
dividend.
The company's Liquidator can be reached at:
Tay Joo Soon, CPA
1 North Bridge Road
#13-03 High Street Centre
Singapore 179094
LEAR CORP: To Unveil Annual & Quarterly Results on Jan. 25
----------------------------------------------------------
Lear Corp. will release its fourth quarter and full year 2006
financial results on Jan. 25 before the stock market opens.
The company financial results and related matters at 9:00 a.m.
EST on the same day.
To participate in the conference call:
-- Domestic calls: 1-800-789-4751
-- International calls: 1-706-679-3323
The audio replay will be available two hours following the call
at:
-- Domestic calls: 1-800-642-1687
-- International calls: 1-706-645-9291
The audio replay will be available until Feb. 8.
A live audio Web cast of the call, in listen only mode, is
available at http://www.lear.com/
Inquiries can be addressed to:
Melissa Skauradchun
Manager, Investor Relations
Lear Corporation
Tel: (248) 447-5648
E-mail: mskauradchun@lear.com
About Lear Corporation
Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components. Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.
Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.
* * *
Moody's Investors Service assigned a B3, LGD4, 61% rating to
Lear Corp.'s new offering of US$700 million of unsecured notes.
At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook. All other long-term ratings are unchanged.
Standard & Poor's Ratings Services also assigned its 'B-'
ratings to Lear Corp.'s US$300 million senior notes due 2013 and
its US$400 million senior notes due 2016. Lear's 'B+' corporate
credit and other ratings were affirmed. S&P said the outlook is
negative.
Standard & Poor's also affirmed the 'B+' rating on the US$1
billion first-lien term loan. Standard & Poor's corporate
credit rating on Lear Corp. is B+/Negative/B-2. The
speculative-grade rating reflects the company's depressed
operating performance caused by severe industry pressures.
Moreover, Moody's Investors Service has raised Lear
Corporation's rating outlook to stable from negative and
affirmed all the company's other ratings, as reported by the
TCR-AP on Dec. 7, 2006.
MIYAMA FOOD: Creditors' First Meeting Set on Jan. 17
----------------------------------------------------
The creditors of Miyama Food Pte Ltd -- in liquidation -- will
hold their first meeting on Jan. 17, 2007, at 12:00 noon.
At the meeting, the creditors will be asked to:
-- receive a full statement of the company's affairs,
showing the assets and liabilities of the company;
-- appoint a Committee of Inspection if deemed necessary; and
-- discuss other matters.
As reported by the Troubled Company Reporter - Asia Pacific, Teo
Keng Thwan filed the wind-up petition against the company on
Aug. 18, 2006.
The liquidator can be reached at:
Don M. Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705
Telephone: 6532 0320 (8 lines)
Facsimile: 6532 0331
PDC CORP: Notes Shareholders' Change of Interests
-------------------------------------------------
PDC Corp Ltd disclosed on Jan. 16, 2007,that Goh Bak Heng and
Hsu Hung-Chun, two of the company's substantial shareholders,
reduced their holdings of direct shares.
Mr. Goh cuts his direct shares from 109,400,000 shares with
8.82% issued share capital, to 67,400,000 shares with 5.44%
issued share capital.
The reduction of Mr. Goh's direct shares was due to sale of
shares by way of married deal.
On the other hand, Mr. Hsu sold some of his stake reducing it to
130,000,000 with 10.48% issued share capital. Prior to that,
Mr. Hsu held 150,000,000 direct shares with 12.10% issued share
capital.
About PDC Corp.
Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment. Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.
* * *
PDC Corporation's Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.
As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.
REFCO INC: Court Denies Michael McNeil's Stay Request
-----------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York denied the request of Michael A.
McNeil to grant a stay on the Dec. 15, 2006 Court order
confirming the Modified Chapter 11 Plan filed by Refco Inc. and
its debtor-affiliates, so that the Debtors' assets would not be
distributed until the Jan. 9, 2007 hearing.
Judge Drain said the request is not appropriate under given
circumstances.
Mr. McNeil, a commodity futures customer of Refco F/X Associates
LLC, states that if Judge Drain denies his request, he will be
completing the process of his appeal from the Plan Confirmation
Order to the District Court, to have any of his requests
considered by the appellate court.
Plan Administrators Supports Denying Stay
Priort to the Court's order, RJM, LLC, as Plan Administrator,
and Marc S. Kirschner, Chapter 11 Trustee of Refco Capital
Markets, Ltd., and acting as the RCM Plan Administrator under
the Modified Plan, ask the Court to deny the Stay Motion because
Mr. McNeil has failed to:
(a) show that the extraordinary remedy of substantive
consolidation would be appropriate in the Debtors' cases;
(b) demonstrate that FXA should be considered a commodity
broker, and that the Court erred as a matter of fact when
it found that the Debtors' case presents "unusual
circumstances" sufficient to permit the Debtors,
including a Debtor preliminarily adjudged to be broker,
to be in Chapter 11; or
(c) prove an entitlement to a constructive trust that would
prefer him over similarly situated creditors.
Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
tells Judge Drain that Mr. McNeil should not be permitted to
jeopardize the myriad debtor-creditor, inter-debtor and inter-
creditor compromises, and releases as embodied in the Plan.
Mr. DeSieno states that since the entry of the Confirmation
Order, the Plan has been substantially consummated.
"This renders Mr. McNeil's appeal moot, further reducing the
chances that Mr. McNeil can prevail on appeal," Mr. DeSieno
states.
In addition, Mr. DeSieno argues that Mr. McNeil has failed to
show any risk of irreparable injury to himself if the requested
stay is not granted. Mr. DeSieno notes that Mr. McNeil is a
creditor with a US$68,000 claim against FXA and is currently
entitled to all of the benefits afforded under the Plan to
others similarly situated.
Mr. DeSieno further contends that the risks to the settlements
embodied in the Plan would be greatly increased by an indefinite
stay, and the remaining distributions to other FXA creditors and
the other Refco estates would be delayed. Other creditors in
the Debtors' Chapter 11 cases should not be the ones to bear
those risks and delays, Mr. DeSieno maintains.
Moreover, Mr. DeSieno avers that Mr. McNeil has failed to show
that the public interest would favor granting a stay. Indeed,
Mr. DeSieno points out, the interests of the bulk of creditors
in the Debtors' case would be harmed, not served, by the
requested stay.
In the unlikely event that the Court is inclined to grant a
stay, the Administrators insist that Mr. McNeil should be
required to post a bond to protect the thousands of other
creditors against the harm that will befall them if Mr. McNeil
is unsuccessful in his appeal.
The Administrators maintain that the creditors must await the
resolution of Mr. McNeil's appellate litigation order to receive
their Plan-specified distributions.
About Refco Inc.
Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
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).
Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
Plan Update
On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.
On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement. On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.
On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court. That Plan became effective on Dec. 26,
2007.
REFCO INC: Court Directs Grant Thornton to Produce Documents
------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York granted the request of Joshua R.
Hochberg, the duly appointed examiner in Refco Inc. and its
debtor-affiliates' Chapter 11 cases, to compel Grant Thornton
LLP to produce certain documents under its custody.
The Lead Plaintiff's objection is overruled.
Judge Drain requires Grant Thornton to produce the documents on
or before the date that is 20 days after service of subpoenas
compelling the production as authorized by the Order.
Absent further Court order, the documents designated as
"Confidential" and produced in response to the subpoenas will or
may be made available to, and may be reviewed by:
(a) the Examiner and attorneys McKenna Long & Aldridge LLP,
which has been retained by the Examiner to aid in the
discharge of his duties;
(b) consultants retained by the Examiner;
(c) attorneys employed by Milbank, Tweed, Hadley & McCloy,
LLP, counsel to the Official Committee of Unsecured
Creditors;
(d) consultants retained by the Committee, the Additional
Official Committee of Unsecured Creditors or the Joint
Subcommittee, including Houlihan Lokey Howard and Zukin,
FTI Consulting Inc. and Alix Partners;
(e) attorneys employed by Kasowitz, Benson, Torres & Friedman
LLP, conflicts counsel to the Committee and counsel to
the Additional Official Committee;
(f) attorneys employed by Skadden, Arps, Slate, Meagher &
Flom LLP, counsel to the Refco Debtors;
(g) consultants employed by the Debtors, including Goldin
Associates, LLC, and any of the consultants;
(h) Marc S. Kirschner, the Chapter 11 Trustee of Refco
Capital Markets, Ltd., and Bingham McCutchen LLP;
(i) consultants retained by the RCM Trustee;
(j) the United States Attorney's Office for the Southern
District of New York; and
(k) individuals who have been noticed for depositions,
scheduled for interviews, or subpoenaed for testimony at
a trial or hearing.
The production, review and handling of the Documents and
materials produced in response to the Subpoenas will be governed
by the terms of a protective order governing the production and
use of confidential material.
The Examiner believes that Grant Thornton is likely in
possession of documents detailing:
(i) the procedures and policies applicable to audits and
reviews performed on the Debtors' financial statements
from Aug. 1, 2002, to Nov. 30, 2005; and
(ii) the activities of individual Grant Thornton members,
professionals, and staff in connection with the audits
or reviews during the period.
Grant Thornton became the auditor for several of the Refco
companies from August 2002 through the Petition Date. Grant
Thornton also conducted quarterly reviews of the Debtors'
financial statements.
For a significant period of time prior to becoming Refco's
auditor, Grant Thornton served as tax accountants to Phillip
Bennett, Refco's chairman and chief executive officer.
Based on his understanding of standard practice in the
accounting industry, the Examiner believes it is likely that
other members of Refco's senior management may have been tax
clients of Grant Thornton or may have received tax-related
information or services from the firm as well.
The Examiner states that the documents and information could
have a significant impact on his assessment of the potential
existence of claims against those within the scope of his
investigation.
The Examiner reserves his right to seek depositions at a future
date and to serve requests for supplemental and additional
documents.
A schedule of the Documents to be produced by Grant Thornton is
available at no charge at: http://researcharchives.com/t/s?1894
Brokerage Customer Class Plaintiffs Object
The Court-appointed lead plaintiff in In re Refco Capital
Markets, Ltd. Brokerage Customer Securities Litigation, 06-CIV
643 (GEL), pending in the U.S. District Court for the Southern
District of New York opposes to the Motion to the extent that it
does not enumerate the Lead Plaintiff's counsel -- Cole, Schotz,
Meisel, Forman & Leonard, P.A., and Kirby McInerney and Squire,
LLP -- as one of the several parties which will be permitted
access to the Documents under certain restrictions.
The Lead Plaintiff wants the proposed order expanded to provide
its Lead Counsel the same access to the Documents as the other
listed entities.
About Refco Inc.
Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
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 $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada. Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).
Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
Plan Update
On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.
On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement. On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.
On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court. That Plan became effective on Dec. 26,
2007.
SPECTRUM BRANDS: Receives Notice of Default from Noteholders
------------------------------------------------------------
Spectrum Brands Inc. received a purported notice of default from
entities claiming to be the holders of or to have discretionary
authority in respect of its 8-1/2% Senior Subordinated Notes due
2013.
The Notice asserted that the company's incurrence of
indebtedness under its Fourth Amended and Restated Credit
Agreement dated as of Feb. 7, 2005, gave rise to certain
defaults relating to the incurrence of indebtedness, incurrence
of liens and delivery of proper notice under the Indenture,
dated as of Sept. 30, 2003, between the company and the U.S.
Bank National Association, as trustee, governing the Notes.
The company believes that it is not in default under the terms
of the Indenture.
The company believes that all existing indebtedness was incurred
in compliance with the provisions of the Indenture and that no
default has occurred under the Indenture.
The default provisions of the Indenture provide that if the
company had incurred indebtedness other than in compliance with
the Indenture and thereafter received written notice of a
default from either the Trustee or holders representing 25% or
more of the aggregate principal amount of the Notes then
outstanding, the failure by the company for 60 days after such
written notice to comply with the agreements set forth in the
Indenture would constitute an "Event of Default" under the
Indenture.
If an "Event of Default" were found to have occurred, the
Trustee or holders of at least 25% in aggregate principal amount
of the Notes then outstanding would have the contractual right
to declare all unpaid principal, and any accrued, default or
additional interest, on the Notes then outstanding to be due and
payable.
Such an "Event of Default" could also result in the acceleration
of indebtedness under (i) the company's 7-3/8% Senior
Subordinated Notes due 2015 by action of the trustee under the
indenture governing those notes or the respective holders of at
least 25% in principal amount of those notes outstanding and
(ii) the Credit Agreement by action of the requisite lenders
under the Credit Agreement.
The company has carefully considered the allegations set forth
in the Notice and has concluded that there is no default under
the Indenture.
The Credit Agreement, the indebtedness under which ranks senior
to the indebtedness under the Notes and the 7-3/8% Notes,
includes a revolving credit facility for borrowings of up to
US$300 million; contains customary minimum interest coverage and
maximum leverage ratio tests; and contains a customary debt
incurrence covenant permitting the indebtedness under the Notes
and the 7-3/8% Notes, indebtedness necessary to support its
ordinary course operations and a general basket for other
unsecured indebtedness in the aggregate amount of US$50 million.
It believes that the company and its subsidiary borrowers are in
compliance with the terms and provisions of the Credit
Agreement, including those relating to limitations on
indebtedness.
As of Sept. 30, 2006, there was:
(a) approximately US$350 million in aggregate principal
amount of the Notes outstanding and approximately US$15
million of accrued but unpaid interest;
(b) approximately US$700 million in aggregate principal
amount of the 7-3/8% Notes outstanding and approximately
US$9 million of accrued but unpaid interest; and
(c) approximately US$26 million under the Revolving Credit
Facility and approximately US$1,144 million in other
indebtedness was outstanding under the Credit Agreement.
A full-text copy of the Notice of Default is available for free
at http://ResearchArchives.com/t/s?189e
A full-text copy of the company's response is available for free
at http://ResearchArchives.com/t/s?189f
About Spectrum Brands
Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world. The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, Moody's Investors Service confirmed Spectrum
Brands Inc.'s B3 Corporate Family Rating in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.
SPECTRUM BRANDS: Balks at Noteholders' Claims of Default
--------------------------------------------------------
Spectrum Brands Inc. denies claims that it defaulted on its 8.5%
senior subordinate notes due 2013 by entering into a revised
credit agreement in February 2005, the Associated Press reports.
Citing a filing with the U.S. Securities and Exchange
Commission, the AP relates that Spectrum received a notice from
Castlerigg Master Investments Ltd., Sandelman Partners LP, and
Cerion Capital Partners, asserting that the company defaulted on
its senior notes.
Spectrum insisted that the noteholders were "confused" and that
their claims were "flawed."
The paper says that Spectrum warned that if the allegations will
cause significant damage to the company, it would take necessary
steps to seek reparation for any damages.
Spectrum's shares dropped 6 cents Tuesday afternoon to US$11.91
on the New York Stock Exchange.
About Spectrum Brands
Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world. The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, Moody's Investors Service confirmed Spectrum
Brands Inc.'s B3 Corporate Family Rating in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.
===============
T H A I L A N D
===============
CIRCUIT ELECTRONICS: Updates on Rehab Plan Progress as of 3Q '06
----------------------------------------------------------------
Circuit Electronics Pcl updates the Stock Exchange of Thailand
on the status of the company's rehabilitation plan.
For the third quarter of 2006, the company has made this
progress:
Aug. 21, 2006: The creditors meeting had the resolution to
approve the rehabilitation plan by majority
votes by which the company has already
summarized the plan on Sept. 8, 2006.
Aug. 24, 2006: The bankruptcy court approved the plan.
Aug. 25, 2006: The company started to process by calculating
and paying the interest as planned.
The company provided the SET a table summarizing the principal
and interests:
Creditors group I Creditors group II
----------------- ------------------
Principal THB625,856,700 THB1,097,048,726
Interest Paid
(Aug. 25 to
Sept. 30,2006) 4,916,833 2,838,591
Hanging debt with no interest THB863,440,920
Interest Waived THB772,609,601
* * *
Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others. The Group operates in the United States
of America, Europe and Asia.
Cirkit's consolidated balance sheet as of June 30, 2006, shows
total liabilities of THB3.486 billion compared to total assets
of THB821.478 million. Total shareholders' equity deficit as of
June 30, is at THB2.665 billion.
TANAYONG PCL: Directors Appoint Audit Committee Members
-------------------------------------------------------
Tanayong Pcl's shareholders and its board of directors passed a
resolution on Dec. 18, 2006, to appoint members to the company's
audit committee.
The appointed members are:
1. Lieutenant Gen. Phisal Thepsithar: Chairman of the Audit
Committee
2. Dr. Anat Arbhabhirama: Member of the Audit Committee
3. Pol.Maj.Gen. Vara Ieammongkol: Member of the Audit
Committee
The Audit Committee, who will report directly to the company's
board of directors, is responsible for:
1. reviewing the company's financial reporting process to ensure
accuracy and adequate disclosure;
2. ensuring that the company has suitable and efficient
internal control system;
3. reviewing the performance of the company and ensuring its
compliance with the securities and exchange law and the other
laws relating to business of the company;
4. selecting and nominating an external auditor of the company;
5. reviewing athe disclosure of information of the company in
case that there is a connected transaction or transaction
that may lead to conflict of interest so as to ensure
accurateness and completeness;
6. preparing a report on the Committee's activities and
disclosing it in an annual report of the company, which
report must be signed by the Committee's chairman; and
7. performing any other act as delegated by the board and
approved by the Committee.
* * *
Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.
The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.
Currently, SET categorized the Company under the "non-performing
group." Companies under the group will retain their listing
status and will be obligated to comply with certain SET
requirements.
Tanayong, in the second quarter ended September 2006, turns
around by recording THB2.651 billion net profit on THB2.772
billion revenues, compared with THB377.246 million net loss on
THB82.94 million revenues posted in the same period the previous
year.
The company's balance sheet, at the end of September 30, 2006,
showed strained liquidity with THB3.660 billion in current
assets available to pay THB31.608 billion in current
liabilities.
Going Concern
Supachai Phanyawattano of Ernst & Young Office Ltd expressed
substantial doubt about Tanayong Pcl's ability to continue as a
going concern after auditing the company's financial statement
for the second quarter ended September 30, 2006.
Mr. Supachai pointed to the company's ability to realize asset
increments and settle its liabilities in the ordinary course of
business, which is stipulated in Tanayong Pcl's rehabilitation
plan.
TOTAL ACCESS: Files Lawsuit Against TOT Over Network Access
-----------------------------------------------------------
Total Access Communication filed a lawsuit against state telecom
enterprise TOT Plc at the Central Administrative Court over a
network access dispute, the Nation reports. Total Access
demanded more than THB73 million in compensation from the state
agency.
According to the report, Total Access has asked the court to
issue an injunction to prevent TOT from disconnecting its
services. The THB73-million compensation claim is for damage
relating to the dispute, plus an additional THB15 million per
day for lost business opportunities.
The dispute began when TOT refused to integrate 1.5 million new
phone numbers from Total Access into its network, citing their
refusal to pay its access charges.
As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 12, 2007, Total Access threatened to file a lawsuit against
TOT if it does not accept the application filed by the company
to add its new numbers to the state firm's network.
Total Access reportedly said it would only pay a quarterly
interconnection charge to TOT instead of paying the access
charge as in the past. It will pay the interconnection charge
at a rate of THB1.25 per minute, instead of the access charge at
THB8 per minute.
A telecom company needs all other operators to integrate its new
numbers into their switching systems so that the numbers are
recognized by other networks, the Nation says. TOT's refusal to
integrate their new numbers means calls from TOT's fixed-line
phones will not reach Total Access' new numbers.
* * *
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.
On Jan. 12, 2007, Fitch Ratings affirmed the ratings of Total
Access Communication following the proposed amendments to the
Thailand's Foreign Business Act.
-- Long-term foreign currency Issuer Default rating at BB+;
-- National Long-term rating at A(tha);
-- National Short-term rating at F2(tha); and
-- National senior unsecured rating at A(tha).
The Outlook on DTAC's ratings is Stable.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker ($MM) ($MM)
------- ------ ------ ------------
AUSTRALIA
Advance Healthcare Group Ltd. AHG 16.47 -4.93
Allstate Explorations NL ALX 12.65 -51.62
Austar United Communications Ltd. AUN 231.54 -52.58
Hutchison Telecommunications
(Aust) Ltd. HTA 1696.65 -786.31
Indophil Resources NL IRN 37.79 -69.96
Intellect Holdings Limited IHG 15.01 -0.83
KH Foods Ltd KHF 62.30 -1.71
Lafayette Mining Limited LAF 78.17 -127.82
Life Therapeutics Limited LFE 59.00 -0.38
RP Data Ltd RPX 24.25 -6.30
Stadium Australia Group SAX 135.23 -41.84
Tooth & Company Limited TTH 97.05 -70.08
CHINA AND HONG KONG
Artel Solutions Group
Holdings Limited 931 29.19 -18.65
Asia Telemedia Limited 376 10.89 -5.50
Bestway International
Holdings Limited 2994 25.00 -0.67
Chang Ling Group 561 77.48 -76.83
Chengdu Book - A 600083 21.50 -3.07
China Liaoning International
Cooperation Holdings Ltd. 638 20.12 -42.96
China Kejian Co. Ltd. 35 54.71 -179.23
Datasys Technology
Holdings Ltd 8057 14.1 -2.07
Dynamic Global Holdings Ltd. 231 39.43 -2.21
Everpride Biopharmaceutical
Company Limited 8019 10.16 -2.16
Fujian Changyuan Investment
Holdings Limited 592 31.36 -54.04
Guangdong Kelon Electrical
Holdings Co Ltd 921 685.74 -96.88
Guangdong Meiya Group
Company Ltd. 529 107.16 -49.54
Guangxia (Yinchuan) Industry
Co. Ltd. 557 62.19 -115.50
Hainan Overseas Chinese
Investment Co. Ltd. 600759 32.70 -15.28
Hans Energy Company Limited 554 94.75 -10.76
Heilongjiang Sun & Field
Science & Tech. 620 29.96 -49.18
Hualing Holdings Limited 382 242.26 -28.15
Huda Technology & Education
Development Co. Ltd. 600892 17.29 -0.19
Hunan Anplas Co., Ltd. 156 94.17 -65.04
Hunan GuoGuang Ceramic
Co., Ltd. 600286 87.44 -68.55
Hunan Hengyang 600762 68.45 -7.20
Innovo Leisure Recreation
Holdings Ltd. 703 13.37 -3.89
Jiamusi Paper Co. Ltd. 699 120.30 -56.84
Jiangxi Paper Industry
Co., Ltd 600053 19.58 -12.80
Junefield Department
Store Group Limited 758 16.80 -6.34
Lan Bao Tech. Information
Co., Ltd 631 191.26 -16.49
Loulan Holdings Limited 8039 13.01 -1.04
Mindong Electric Group Co., Ltd. 536 21.63 -1.50
New City (Beijing) Development
Limited 456 242.25 -21.46
New World Mobile Holdings Ltd 862 295.66 -12.53
Orient Power Holdings Ltd. 615 176.86 -64.20
Plus Holdings Ltd. 1013 18.52 -3.34
Shenyang Hejin Holding
Company Ltd. 633 83.18 -20.87
Shenz China Bi-A 17 39.13 -224.64
Shenzhen Dawncom Business Tech
and Service Co., Ltd 863 79.84 -37.30
Shenzhen Shenxin Taifeng
Group Co., Ltd. 34 95.27 -44.65
Shenzen Techo Telecom Co., Ltd. 555 14.84 -6.25
Sichuan Changjiang Packaging
Holding Co. Ltd. 600137 13.11 -72.76
Sichuan Topsoft Investment
Company Limited 583 113.12 -148.61
SMI Publishing Group Ltd. 8010 10.48 -7.83
Songliao Automobile Co. Ltd. 600715 49.56 -3.76
Success Information
Industry Group Co. 517 88.67 -18.67
Taiyuan Tianlong Group Co.
Ltd 600234 13.47 -87.63
UDL Holdings Limited 620 12.04 -9.31
Winowner Group Co. Ltd. 600681 38.03 -62.88
Xinjiang Hops Co. Ltd 600090 86.63 -11.26
Yantai Hualian Development
Group Co. Ltd. 600766 59.99 -7.66
Yueyang Hengli Air-Cooling
Equipment Inc. 622 49.89 -17.71
Zarva Technology Co. Ltd. 688 101.76 -102.01
Zhejiang Haina Sporting and
Touring Goods Co. Ltd. 925 21.43 -33.33
INDONESIA
Ades Waters Indonesia Tbk ADES 21.35 -8.93
Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21
Hotel Sahid Jaya SHID 71.05 -4.26
Jakarta Kyoei Ste JKSW 44.72 -38.57
Mulialand Tbk MLND 141.33 -45.99
Panca Wiratama Sakti Tbk PWSI 39.72 -18.82
Steady Safe SAFE 19.65 -2.43
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 29.08 -5.87
Wicaksana Overseas
International Tbk WICO 43.09 -46.36
Sekar Bumi Tbk SKBM 23.07 -41.95
Suba Indah Tbk SUBA 85.17 -9.18
Surya Dumai Industri Tbk SUDI 105.06 -30.49
JAPAN
Mamiya-OP Co., Ltd. 7991 152.37 -67.11
Montecarlo Co. Ltd. 7569 66.29 -3.05
Nihon Seimitsu Sokki Co., Ltd. 7771 23.82 -1.10
Tsuchiya Twoby Home Co., Ltd. 1753 24.01 -2.05
Sumiya Co., Ltd. 9939 89.32 -11.57
Yakinikuya Sakai Co., Ltd. 7622 79.44 -11.14
MALAYSIA
Ark Resources Bhd ARK 25.91 -28.35
Antah Holdings Bhd ANT 184.60 -98.30
Ark Resources Berhad ARK 25.91 -28.35
Cygal Bhd CYG 58.47 -69.79
Comsa Farms Bhd CFB 50.74 -25.55
Mentiga Corporation Berhad MENT 22.13 -18.25
Metroplex Bhd MEX 323.51 -49.28
Mycom Bhd MYC 222.58 -136.17
Lityan Holdings Bhd LIT 22.22 -19.11
Olympia Industries Bhd OLYM 272.49 -281.44
Pan Malay Industries PMRI 199.08 -6.30
Panglobal Bhd PGL 188.83 -60.07
Park May Bhd PMY 11.04 -13.58
PSC Industries Bhd PSC 62.80 -116.18
Sateras Resources Bhd SRM 43.84 -27.08
Setegap Berhad STG 19.92 -26.88
Wembley Industries Holdings Bhd WMY 111.72 -204.61
PHILIPPINES
APC Group Inc. APC 67.04 -163.14
Atlas Consolidated Mining and
Development Corp. AT 33.59 -57.17
Cyber Bay Corporation CYBR 11.54 -58.06
East Asia Power Resources Corp. PWR 92.55 -64.61
Fil-Estate Corporation FC 33.30 -5.80
Filsyn Corporation FYN 19.20 -8.83
Geograce Resources Phils. Inc. GEO 24.18 -1.81
Gotesco Land, Inc. GO 17.34 -9.59
Prime Orion Philippines Inc. POPI 98.36 -74.34
Swift Foods Inc. SFI 26.95 -8.23
Unioil Resources & Holdings
Company Inc. UNI 10.64 -9.86
United Paragon Mining Corp. UPM 21.19 -21.52
Universal Rightfield Property
Holdings Inc. UP 45.12 -13.48
Uniwide Holdings Inc. UW 61.45 -30.31
Victorias Milling Company Inc. VMC 127.83 -32.21
SINGAPORE
ADV Systems Auto ASA 14.32 -8.54
China Aviation Oil (Singapore)
Corporation CAO 211.96 -390.07
Compact Metal Industries Ltd. CMI 54.36 -25.64
Falmac Limited FAL 10.90 -0.73
Gul Technologies Singapore
Limited GUL 152.80 -27.74
HLG Enterprise HLGE 150.70 -12.72
Informatics Holdings Ltd INFO 22.30 -9.14
L&M Group of Companies LNM 57.98 -5.20
Liang Huat Aluminium Ltd. LHA 19.30 -76.43
Lindeteves-Jacoberg Limited LJ 225.52 -53.23
Pacific Century Regional PAC 1381.26 -107.11
See Hup Seng Ltd. SHS 17.36 -0.09
SOUTH KOREA
BHK Inc 3990 24.36 -17.38
C & C Enterprise Co. Ltd. 38420 28.05 -14.50
Cenicone Co. Ltd. 56060 36.82 -1.46
Cheil Entech Co. Ltd. 53330 37.25 -0.31
DaeyuVesper Co. Ltd. 41140 19.06 -1.60
Dewell Elecom Inc. 32590 10.93 -6.92
Everex Inc. 47600 23.15 -5.10
EG Greentech Co. 55250 186.00 -1.50
EG Semicon Co. Ltd. 38720 166.70 -12.34
Tong Yang Major 1520 2332.81 -86.95
TriGem Computer Inc 14900 629.32 -292.96
THAILAND
Bangkok Rubber PCL BRC 70.19 -56.98
Central Paper Industry PCL CPICO 40.41 -37.02
Circuit Electronic
Industries PCL CIRKIT 20.37 -64.80
Daidomon Group Pcl DAIDO 12.92 -8.51
Datamat PCL DTM 12.69 -6.13
Kuang Pei San Food Products
Public Co. POMPUI 12.51 -9.87
Sahamitr Pressure Container
Public Co. Ltd. SMPC 20.77 -28.13
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Tanayong PCL TYONG 178.27 -734.30
Thai-Denmark PCL DMARK 21.37 -18.88
Thai-Wah PCL TWC 91.56 -41.24
*********
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, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.
Copyright 2007. 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 US$625 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 US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***