/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/070417.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 Tuesday, April 17, 2007, Vol. 10, No. 75 Headlines A U S T R A L I A A.J. NEATE: Placed Under Voluntary Liquidation A.W. DICKSON: Placed Under Members' Voluntary Wind-Up ALLIANCE ATLANTIS: Ontario Court Sets May 18 Fairness Hearing AMERICAN MEDICAL: Q1 Earnings Conference Call Set April 30 ARMOR HOLDINGS: To Unveil First Quarter 2007 Results on Thursday AUSTRALIAN EQUITY: Members' Final Meeting Set for April 26 BLYTH INC: Declares US$0.27 per Share Semi-Annual Cash Dividend BLYTH INC: Posts US$103 Mil. Loss for Year Ended Jan. 31, 2007 CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006 CLAM ENGINEERING: Final General Meeting Set for May 17 CUSTOM LEASE: Final Meeting Set for April 26 EIGHTH WELPRES: Commences Liquidation Proceedings INDEPENDENT PROPERTY: Members Agree to Shut Down Firm PARKES CHEMICALS: Taps David Scott as Liquidator PARKFAM HOLDINGS: Undergoes Members' Voluntary Liquidation PASMINCO LIMITED: Creditors Set to Meet on May 1 SAVAGE RESOURCES: Creditors' Meeting Set for May 1 TOPACAL PTY: Members Resolve to Wind Up Operations VICTORIAN BOAT: Will Declare Final Dividend on May 18 C H I N A & H O N G K O N G ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006 BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2 BRIGHT EVER: Appoints Joint & Several Liquidators CLASSIC FINE: Chan Sek Kwan Rays Quits Liquidator Post CHAMPION BILLION: Liquidator Quits Post CHINA CONSTRUCTION: Tax Cut Absence Lowers Profit to CNY46.32BB CHINA CONSTRUCTION: Yangtze Power Sells 400 Million Shares DAWN TIME: Taps Thomas Corkhill & Iain Bruce as Liquidators DUN & BRADSTREET: Dec. 31 Balance Sheet Upside-Down by US$399.1M DUN & BRADSTREET: Amends U.S. Qualified Plan and 401(k) Plan EASTERN GLOBAL: Wind-Up Petition Hearing Set for May 16 ELITE MATE: Faces Bank of China's Wind-Up Petition EVERBRIGHT BANK: Buying 35% Stake in Everbright Pramerica FOCUS ONLINE: Creditors Must Prove Debts by May 14 FUJITSU GENERAL: Placed Under Members' Voluntary Wind-Up GOH HONG KONG: Commences Liquidation Proceedings GUANGDONG DEVELOPMENT: Moody's Reviews Ratings for Upgrade IMC SHIPPING: Taps Hui Hing Suen as Liquidator K. L. CORPORATE: Appoints Sze Lin Tang as Liquidator MISSLER SOFTWARE: Liquidator Quits Post STAR ASSETS: Members' Final General Meeting Set for May 14 SHIMAO PROPERTY: Private Firm Mulls Tie-Up in Manila Project TRENDFIELD LIMITED: Court to Hear Wind-Up Petition on May 16 * Taiwan's Securities Sector Still Needs Reform, Fitch Says I N D I A IMAX CORP: Provides Update on Delayed Filing NXP BV: Moody's Assigns Loss-Given-Default Rating SUN MICROSYSTEMS: Will Acquire SavaJe Technologies IP Assets I N D O N E S I A ALCATEL-LUCENT: Wins Network Transformation Contract in Spain ANEKA TAMBANG: Plans to Buy Gold Mines in Kalimantan & Sulawesi ANIXTER INTER'L: To Report 1Q 2007 Financial Results on April 24 HANOVER: Calls for US$29.9-Million Notes Redemption on May 8 PERTAMINA: Plans to Set Up More Biopertamax Gas Stations TELKOM INDONESIA: To Speed Up US$500-Million Debt Repayment TUPPERWARE BRANDS: 1Q 2007 Earnings Conference Call on April 26 J A P A N COSMO OIL: Says Earthquake Didn't Affect Operations ITOCHU CORP: Joint Venture to Build Methanol Plant in Brunei JAPAN AIRLINES: Order for Boeing's 787 Dreamliner Totals 35 MAZDA MOTOR: Recalls 4,300 Bongo Commercial Vehicles MAZDA MOTOR: Wins 3 Best Car Awards in Thailand MAZDA MOTOR: Takes Over Distribution in Belgium and Luxembourg NIKKO CORDIAL: Citigroup to Borrow JPY950 Billion from Banks K O R E A DRESSER INC: S&P Junks Rating on Proposed US$750 Mil. Facilities KRISPY KREME: Posts US$24.4 Mil. Net Loss in Qtr. Ended Jan. 28 NATIONAL AGRICULTURAL: Moody's Rates Sub. Notes Due 2017 at Baa1 NATIONAL AGRICULTURAL: S&P Rates Lower Tier II Notes at A- SSAMZIE CO: Expects KRW139 Billion Revenue in 2007 TI AUTOMOTIVE: Moody's Assigns Loss-Given-Default Rating TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3 M A L A Y S I A DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating FOAMEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$396.4 Mil. TANCO HOLDINGS: Secures Capital Funding from Lehman Brothers THERMADYNE HOLDINGS: Posts US$23 Mil. Net Loss in Full Year 2006 S I N G A P O R E LEAR CORP: Annual Stockholders' Meeting Slated for June 27 PETROLEO BRASILEIRO: Hires Skanska to Build Propane-Making Unit PETROLEO BRASILEIRO: May Purchase Tankers to Aid Ethanol Export PETROLEO BRASILEIRO: Must Follow Government's Development Scheme SEA CONTAINERS: Wants to Employ PwC Legal as U.K. Labor Counsel SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit T H A I L A N D G STEEL: Sets Annual General Meeting on April 23 HANTEX: Gets Court Approval to Increase Registered Capital POWER-P: Names Surachai Arunbutr as New CEO SAFARI WORLD: Prepares Rehabilitation Plan to Avoid Delisting SIAM CITY: Optimistic on Profit Growth for 2007 * BOND PRICING: For the Week 9 April to 13 April 2007 - - - - - - - - ================= A U S T R A L I A ================= A.J. NEATE: Placed Under Voluntary Liquidation ---------------------------------------------- On March 27, 2007, the members of A.J. Neate Pty Ltd had a meeting and decided to voluntarily wind up the company's operations. Paul Vartelas was appointed as the company's liquidator at the creditors' meeting held later that day. About A.J. Neate Located in Victoria, Australia, A.J. Neate Pty Ltd provides business services. A.W. DICKSON: Placed Under Members' Voluntary Wind-Up ----------------------------------------------------- The members of A.W. Dickson Pty. Ltd. had their general meeting on March 27, 2007, and agreed to liquidate the company's business. S. L. Horne was appointed as liquidator The Liquidator can be reached at: S. L. Horne Draper Dillon 499 St Kilda Road Melbourne, Victoria 3004 Australia About A.W. Dickson A W Dickson Pty Ltd does business with real estate agents and managers. The company is located in Victoria, Australia. ALLIANCE ATLANTIS: Ontario Court Sets May 18 Fairness Hearing ------------------------------------------------------------- Alliance Atlantis Communications Inc. disclosed that, at its request, the Ontario Superior Court scheduled on May 18, 2007, a fairness hearing in connection with the Plan of Arrangement pursuant to which AA Acquisition Corp. (formerly 6681859 Canada Inc.) would acquire all of the outstanding shares of Alliance Atlantis for US$53.00 cash per share. Alliance Atlantis and AA Acquisition Corp. agreed with Movie Distribution Income Fund to schedule the fairness hearing on this date and have also agreed that the claim by the Fund relating to whether the Fund's consent was required in connection with the Arrangement would be heard on the same date. The Fund is the indirect owner of 49% of Motion Picture Distribution LP and it has publicly stated that it believes, based on publicly available information, the Fund's consent is required in connection with the Arrangement. Alliance Atlantis indirectly owns 51% of MPD and previously responded in a media release on April 5 that it does not believe the Arrangement itself requires the Fund's consent. "Scheduling the court date for the fairness hearing on May 18 will give the parties time to properly respond to the claim made by the Fund. We do not expect the new date to have any impact on the timing of closing of the Plan of Arrangement, which is currently expected to occur in July or early August," said David Lazzarato, Executive VP and Chief Financial Officer of Alliance Atlantis. "As I indicated on April 5, we understand that the Fund trustees, together with AA Acquisition Corp. and management of MPD, continue to engage in discussions. We believe there is ample time for this process to run its course and we are hopeful that the parties will reach a satisfactory understanding but, of course, we cannot currently predict its outcome." About Alliance Atlantis Headquartered in Toronto, Canada, Alliance Atlantis Communications Inc. -- http://www.allianceatlantis.com/-- is a specialty channel broadcaster with a 50% ownership interest in the CSI TV franchise. The company has worldwide offices in the United Kingdom, Spain and Australia. * * * In January 2007, Standard & Poor's Ratings Services reported that the ratings on Alliance Atlantis Communications Inc., including the 'BB' long-term corporate credit rating, remain on CreditWatch. The implications, however, have been revised to negative from developing. The ratings were first placed on CreditWatch with developing implications Dec. 20, 2006, after Alliance Atlantis' disclosure that it is exploring strategic alternatives, namely the possible sale of the entire company. At the same time Moody's Investors Service placed the Ba2 Corporate Family, Ba1 Senior Secured and Ba3 Probability of Default ratings of Alliance Atlantis Communications Inc. under review for possible downgrade. AMERICAN MEDICAL: Q1 Earnings Conference Call Set April 30 ---------------------------------------------------------- American Medical Systems Inc. will hold a conference call at 4:00 p.m. Central Time on April 30 to discuss the company's first quarter results for 2007. Three senior officers will take part in the conference call -- Marty Emerson, President and Chief Executive Officer; Mark Heggestad, Executive Vice President and Chief Financial Officer; and Ross Longhini, Executive Vice President and Chief Operating Officer. To participate, call: -- toll-free: 800-886-7217 -- outside the United States: 706-679-3821 Reference Conference ID is 4248401. To listen to a live webcast of the conference call, go to http://www.americanmedicalsystems.com/on the investor relations portion. The webcast replay will be available beginning April 30, at 7:00 p.m. central time and for 90 days following the call. The company will issue a post-market earnings release on April 30. About American Medical Systems Headquartered in Minnetonka, MI, American Medical Systems Inc. -- http://www.americanmedicalsystems.com/-- develops and delivers pelvic health products for both men and women. AMS has operation in Australia, Austria, Brazil, Canada, Germany, The Netherlands, France, Spain, Portugal, the United Kingdom, and the U.S.A. In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, the rating agency confirmed its B1 Corporate Family Rating for American Medical Systems Inc. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Secured Revolver due 2012 Ba3 Ba2 LGD2 22% Senior Secured Term Loan B due 2012 Ba3 Ba2 LGD2 22% ARMOR HOLDINGS: To Unveil First Quarter 2007 Results on Thursday ---------------------------------------------------------------- Armor Holdings Inc. will release its 2007 first quarter results on Thursday, April 19, 2007, after the close of the market. The Company also will host its regularly scheduled earnings conference call at 5:00 p.m. (eastern) on the same date. There are two ways to participate in the conference call -- via teleconference or webcast. The webcast may be accessed by visiting http://www.armorholdings.com/and listen by selecting Investor Relations and clicking on the microphone. Via telephone, the dial-in number is 1-888-428-4479 for domestic callers or 1-612-332-0637 for international callers. There is no passcode required for this call. There will be a question/answer session at the end of the conference call, at which point only securities analysts will be able to ask questions. However, all callers will be able to listen to the questions and answers during this period. Headquartered in Jacksonville, Florida, Armor Holdings, Inc. -- http://www.armorholdings.com/-- manufactures and distributes security products and vehicle armor systems for the law enforcement, military, homeland security, and commercial markets. The company has operations in Australia, England and Brazil. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, the rating agency confirmed its Ba3 Corporate Family Rating for Armor Holdings Inc. Additionally, Moody's affirmed its B1 ratings on the company's 2% Convertible Senior Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes Due 2013. Moody's assigned those debentures an LGD5 rating suggesting noteholders will experience a 77% loss in the event of default. AUSTRALIAN EQUITY: Members' Final Meeting Set for April 26 ---------------------------------------------------------- The members of Australian Equity Corporation Ltd will have their final meeting on April 26, 2007, at 10:15 a.m., to receive a report about the company's wind-up proceedings and property disposal. The company's liquidator is: A. G. Hodgson Ferrier Hodgson 600 Bourke Street, Level 29 Melbourne, Victoria 3000 Australia About Australian Equity Australian Equity Corporation Ltd is involved with personal credit institutions. The company is located in New South Wales, Australia. BLYTH INC: Declares US$0.27 per Share Semi-Annual Cash Dividend --------------------------------------------------------------- Blyth Inc. has declared a semi-annual cash dividend of US$0.27 per share on the Company's common stock for the six months ended Jan. 31, 2007. This represents an increase of US$0.04 per share, or approximately 17%, above the semi-annual dividend paid for the comparable period last year and an equal amount to the semi- annual dividend paid in November 2006. The dividend, authorized at the March 27, 2007 Board of Directors meeting, will be payable to shareholders of record as of May 1, 2007, and will be paid on May 15, 2007. About Blyth Headquartered in Greenwich, CT, Blyth Inc. -- http://www.blyth.com/-- designs, manufactures and markets a line of candles and home fragrance products, tabletop heating products, candle accessories and home decor and giftware products. The company has operations in Italy, Spain, Hong Kong, China, and Australia. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. consumer products sector, the rating agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc. Additionally, Moody's held its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$125-million senior unsecured bonds due 2009 Ba3 Ba3 LGD4 55% US$100-million senior unsecured bonds due 2013 Ba3 Ba3 LGD4 55% BLYTH INC: Posts US$103 Mil. Loss for Year Ended Jan. 31, 2007 -------------------------------------------------------------- Blyth Inc. released its financial results for the fourth quarter and year ended Jan. 31, 2007. Blyth posted a US$103.17 million net loss on US$1.22 billion net revenues for the year ended Jan. 31, 2007, compared with US$24.85 million net profit on US$1.25 billion net revenues for the year ended Jan. 31, 2005. The company registered US$17 million net profit on US$379.84 million net revenues for the fourth quarter ended Jan. 31, 2007, compared with a US$12.30 million net loss on US$380.71 million net revenues for the fourth quarter ended Jan. 31, 2005. "Fiscal year 2007 has been one of significant transition for Blyth, as demonstrated by our fourth quarter and full year restructuring charges," Robert B. Goergen, Blyth's Chairman of the Board and CEO, said. "Most of these unusual charges are non-cash, and Blyth continues to generate strong cash flow, achieving US$95 million in Cash Flow From Operations in fiscal year 2007. Restructuring efforts within the Multi-channel Group of Wholesale and Catalog & Internet businesses, as well as the Direct Selling segment, have further streamlined operations, eliminated numerous less profitable customers and continued to improve the efficiency of our asset base. We believe that these steps will position the Company for improved performance and profitability in fiscal year 2008. Due to the complexity of our fourth quarter and full year results, we have included a summary table of unusual items to assist investors in understanding Blyth's financials." "The divestiture of our European Wholesale businesses was completed in the fourth quarter with the sale of our Colony premium candle company in the U.K. Blyth has narrowed its European focus to direct selling, which is where we believe we have the best opportunities for profitable growth," Mr. Goergen continued. "This year's strong, double-digit sales growth in markets such as France and the Nordic region support our conclusion." About Blyth Headquartered in Greenwich, CT, Blyth Inc. -- http://www.blyth.com/-- designs, manufactures and markets a line of candles and home fragrance products, tabletop heating products, candle accessories and home decor and giftware products. The company has operations in Italy, Spain, Hong Kong, China, and Australia. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. consumer products sector, the rating agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc. Additionally, Moody's held its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$125M senior unsecured bonds due 2009 Ba3 Ba3 LGD4 55% US$100M senior unsecured bonds due 2013 Ba3 Ba3 LGD4 55% CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006 -------------------------------------------------------------- Chattem Inc. reported US$45.1 million of net income on US$300.5 million of revenues for the year ended Nov. 30, 2006, compared with US$36 million of net income on US$279.3 million of revenues for the year ended Nov. 30, 2005. Total revenues increased 11% over the prior year excluding sales of pHisoderm(R), which was divested in November 2005. Revenue growth for fiscal year 2006 was led by Gold Bond, Dexatrim, Selsun, BullFrog and Pamprin along with the new product launch of Icy Hot Pro-Therapy. Net income for the fourth quarter of fiscal 2006 was US$4.9 million, compared with US$2.4 million in the prior year quarter. In the fourth quarter of fiscal 2006, the company recorded a reserve for Icy Hot Pro-Therapy retail and in-house inventory exposure totaling US$5.3 million, which resulted in negative sales for the brand and higher costs of sales during the fiscal fourth quarter of 2006. Total revenues for the fourth quarter of fiscal 2006 were US$65.1 million, compared to total revenues of US$63.9 million in the prior year quarter, representing a 2% increase. Revenue growth for the quarter was driven by the continued strength of the Gold Bond, Dexatrim, BullFrog and Pamprin businesses offset by a reduction in sales of Icy Hot Pro-Therapy resulting from a reserve for retail returns recorded in the fourth quarter. Financial Highlights Gross margin for fiscal 2006 was 68.7%, as compared with 71.4% during fiscal 2005 largely attributable to the launch of Icy Hot Pro-Therapy, which has lower gross margins than the company's other products. Advertising and promotion expense was 32% for fiscal 2006, as compared with 27.5% during fiscal 2005, due primarily to increased spending to support the company's new product introductions. Selling, general and administrative expenses decreased to 15.6% during fiscal 2006, as compared with 16.9% during fiscal 2005 reflecting lower restricted stock and variable compensation expense, offset by share-based payment expense under SFAS 123R. During fiscal 2006, the company repurchased 1.2 million shares at an average cost of US$33.57 per share, or US$39.3 million in the aggregate. The company completed a private offering of US$125 million 2% Convertible Senior Notes, the proceeds of which were used to fund in part the acquisition of brands from Johnson & Johnson. The company successfully resolved its Dexatrim PPA litigation and recovered US$19.3 million, net of legal expenses. At Nov. 30, 2006, the company's balance sheet showed US$415.3 million in total assets, US$279.7 million in total liabilities, and US$135.6 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the year ended Nov. 30, 2006, are available for free at http://researcharchives.com/t/s?1a1c Acquisition of Brands On Jan. 2, 2007, the company completed the closing of the previously announced agreement to acquire the U.S. rights to five leading consumer and over-the-counter brands from Johnson & Johnson for US$410 million. The acquired brands include ACT(R), an anti-cavity mouthwash/mouth rinse; Cortizone, a hydrocortisone anti-itch product; Unisom(R), an OTC sleep aid; Kaopectate(R), an anti-diarrhea product; and Balmex(R), a diaper rash product. The acquisition was funded in part with the proceeds from a new US$300 million term loan arranged and led by Bank of America pursuant to a Fifth Amendment to and restatement of the company's Credit Agreement, with the remaining funds principally provided through the use of a portion of the proceeds derived from the company's previously announced sale of US$125 million 2% Convertible Senior Notes due 2013. "The company completed another outstanding year in fiscal 2006, highlighted by several key events. Most significantly, we reached an agreement to acquire five major brands from Johnson & Johnson, a transaction, which subsequently closed on Jan. 2, 2007," said chief executive officer Zan Guerry. About Chattem Inc. Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a marketer and manufacturer of a broad portfolio of a broad portfolio of branded over the counter healthcare products, toiletries and dietary supplements. The company's portfolio of products includes well-recognized brands such as Icy Hot, Gold Bond, Selsun Blue, ACT, Cortizone and Unisom. Chattem conducts a portion of its global business through subsidiaries in the United Kingdom, Ireland and Canada. * * * Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014 carry Moody's Investors Service's 'B2' rating and Standard & Poor's 'B' rating. CLAM ENGINEERING: Final General Meeting Set for May 17 ------------------------------------------------------ The members and creditors of Clam Engineering Pty Ltd will have their final general meeting on May 17, 2007, at 10:00 a.m., to hear a report about the company's wind-up proceedings and property disposal. The company's liquidator is: Craig Crosbie PPB Chartered Accountants Level 10, 90 Collins Street Melbourne, Victoria 3000 Australia About Clam Engineering Clam Engineering Pty Ltd provides engineering services. The company is located in Victoria, Australia. CUSTOM LEASE: Final Meeting Set for April 26 -------------------------------------------- A final meeting will be held for the members of Custom Lease Pty Ltd on April 26, 2007, at 10:15 a.m. At the meeting, the members will hear a report about the company's wind-up proceeding and property disposal. About Custom Lease Located in Victoria, Australia, Custom Lease Pty Ltd is involved with miscellaneous business credit institution. EIGHTH WELPRES: Commences Liquidation Proceedings ------------------------------------------------- On March 26, 2007, the members of Eighth Welpres Proprietary Limited had their general meeting and decided to voluntarily wind up the company's operations. The company's liquidator is: David H. Scott Chartered Accountant Jones Condon Chartered Accountants 173 Burke Road, Level 1 Glen Iris, Victoria 3146 Australia About Eighth Welpres Located in Victoria, Australia, Eighth Welpres Proprietary Limited is an investor relation company. INDEPENDENT PROPERTY: Members Agree to Shut Down Firm ----------------------------------------------------- At an extraordinary general meeting held on March 30, 2007, the members of Independent Property Services Pty Ltd agreed to voluntarily wind up the company's operations. Leonard A. Milner was appointed as liquidator. About Independent Property Independent Property Services Pty Ltd is a general contractor of non-residential buildings. The company is located in Victoria, Australia. PARKES CHEMICALS: Taps David Scott as Liquidator ------------------------------------------------ At a general meeting held on March 26, 2007, the members of Parkes Chemicals (Australia) Pty Ltd resolved to voluntarily wind up the company's operations. David H. Scott was appointed as liquidator. The Liquidator can be reached at: David H. Scott Chartered Accountant Jones Condon Chartered Accountants 173 Burke Road, Level 1 Glen Iris, Victoria 3146 Australia About Parkes Chemicals Parkes Chemicals (Australia) Pty Ltd is a distributor of chemicals and allied products. The company is located in Victoria, Australia. PARKFAM HOLDINGS: Undergoes Members' Voluntary Liquidation ---------------------------------------------------------- The members of Parkfam Holdings Proprietary Limited had their general meeting on March 26, 2007, and agreed to voluntarily liquidate the company's business. David H. Scott was appointed as liquidator. The Liquidator can be reached at: David H. Scott Chartered Accountant Jones Condon Chartered Accountants 173 Burke Road, Level 1 Glen Iris, Victoria 3146 Australia About Parkfam Holdings Located in Victoria, Australia, Parkfam Holdings Proprietary Limited is an investor relation company. PASMINCO LIMITED: Creditors Set to Meet on May 1 ------------------------------------------------ Pasminco Limited, which is subject to deed of company arrangement, will hold a meeting for its creditors on May 1, 2007, at 10:00 a.m. At the meeting, the creditors will be provided an update to the status of the administration and also be given an opportunity to ask questions regarding to it. The creditors will also be asked to approve the fees of the deed administrators and other unpaid accounts. The company's deed administrator is: Peter McCluskey Ferrier Hodgson 600 Bourke Street, Level 29 Melbourne, Victoria 3000 Australia About Pasminco Limited Pasminco Limited -- also trading as Pasminco Mining; Pasminco Metals Aust Sme; and Europe Overseas Smelting -- is involved with lead-zinc ore mining. The company is located in Victoria, Australia. SAVAGE RESOURCES: Creditors' Meeting Set for May 1 -------------------------------------------------- The creditors of Savage Resources Limited, which is subject to deed of company arrangement, will have a meeting on May 1, 2007, at 10:00 a.m. At the meeting, the creditors will be provided an update to the status of the administration and also be given an opportunity to ask questions regarding to it. The creditors will also be asked to approve the fees of the deed administrators and other unpaid accounts. The company's deed administrator is: Peter McCluskey Ferrier Hodgson 600 Bourke Street, Level 29 Melbourne, Victoria 3000 Australia About Savage Resources Savage Resources Limited operates offices of holding companies. The company is located in Victoria, Australia. TOPACAL PTY: Members Resolve to Wind Up Operations -------------------------------------------------- At an extraordinary general meeting held on March 21, 2007, the members of Topacal Pty Ltd resolved to voluntarily wind up the company's operations. John Ross Lindholm and Peter Damien McCluskey were appointed as the company's liquidators at the creditors' meeting held that same day. The Liquidators can be reached at: John Ross Lindholm Peter Damien McCluskey Ferrier Hodgson 600 Bourke Street, Level 29 Melbourne, Victoria 3000 Australia About Topacal Pty Topacal Pty Ltd provides health and allied services. The company is located in New South Wales, Australia. VICTORIAN BOAT: Will Declare Final Dividend on May 18 ----------------------------------------------------- Victorian Boat Co Pty Ltd will declare a first and final dividend on May 18, 2007. Creditors who cannot prove their debts by May 3, 2007, are excluded from sharing in the company's dividend distribution. The company's liquidator is: Peter Vince Ferrier Hodgson 600 Bourke Street, Level 29 Melbourne, Victoria 3000 Australia About Victorian Boat Victorian Boat Co Pty Ltd operates manufacturing industries. The company is located in Victoria, Australia. ================================ C H I N A & H O N G K O N G ================================ ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006 ---------------------------------------------------------------- Aleris International Inc.'s revenues for the year ended Dec. 31, 2006, increased to US$4.7 billion, as compared with revenues of US$2.4 billion for the year ended Dec. 31, 2005. The acquired operations of Corus Aluminum, ALSCO, Tomra Latasa, Alumitech, and the acquired assets of Ormet accounted for an estimated US$1.6 billion of this increase. The company recorded a net income of US$70.3 million for the year ended Dec. 31, 2006, resulting from a net loss of US$3.4 million for the period after the Texas Pacific Group Merger from Dec. 20, 2006, through Dec. 31, 2006, and a net income for the period prior to the Merger from Jan. 1, 2006, through Dec. 19, 2006. Consolidated selling, general and administrative expenses increased US$76.3 million in the year ended Dec. 31, 2006, as compared with the year ended Dec. 31, 2005. In 2006, the company recorded restructuring and other charges of US$41.9 million and a US$9.8 million gain from currency option contracts used to hedge a portion of the purchase price paid to acquire Corus Aluminum. It also recorded net realized and unrealized gains of US$20.8 million on its aluminum derivative financial instruments as a result of the rising price of primary aluminum during the year. Interest expense increased in 2006 compared to 2005 due to increased debt levels in connection with the Acquisition and the acquisition of Corus Aluminum. The company's average debt outstanding increased from US$421.1 million in 2005 to US$1 billion in 2006. In connection with the acquisition of Corus Aluminum, the company refinanced substantially all of its debt as of Aug. 1, 2006. During 2006, the company sold the land and buildings at its Carson, California rolling mill and recorded a gain of US$13.8 million on the sale. Income tax expense was US$43.6 million in 2006, as compared with US$400,000 in 2005. Results for the period Dec. 20 to 31, 2006 The company generated revenues of US$111.8 million and gross profit of US$2.9 million in the period from Dec. 20, 2006 to Dec. 31, 2006. Gross profit was negatively impacted by purchase accounting rules that required acquired inventories to be adjusted to fair value. As of Dec. 31, 2006, the company's balance sheet showed total assets of US$4.8 billion and total liabilities of US$4 billion, resulting to total stockholders' equity of US$845.4 million. The company recorded retained deficit of US$3.4 million in 2006, as compared with retained earnings of US$95.9 million in 2005. Cash and cash equivalents held in 2006 were US$126.1 million, as compared with US$6.8 million in 2005. December 2006 Refinancing On Dec. 19, 2006, in conjunction with the Acquisition, the company entered into the US$750 million Revolving Credit Facility, the US$1.2 billion Term Loan Facility, as amended on March 16, 2007, and issued US$600 million of Senior Notes and US$400 million of Senior Subordinated Notes. Events and Highlights in 2006 On July 14, 2006, Texas Pacific Group formed Holdings and Merger Sub for purposes of acquiring the company. On Aug. 7, 2006, the company entered into an Agreement and Plan of Merger with Holdings, pursuant to which each share of the company's common stock would be converted into the right to receive US$52.50 in cash. The Acquisition was completed on Dec. 19, 2006, at which time TPG and certain members of the company's management made a cash contribution of US$844.9 million and a non-cash contribution of US$3.9 million to Holdings in exchange for 8,520,000 shares of common stock of Holdings. The non-cash contribution consisted of shares of common stock held by management. Holdings contributed this amount to Merger Sub in exchange for Merger Sub issuing 900 shares of its common stock to Holdings. The company incurred significant debts in connection with the Acquisition and are highly leveraged. While substantially all of the company's debt matures in 2011 or later, it will incur and pay significantly more interest expense under its new capital structure than in 2006. The company estimated interest payments will be about US$178.1 million in the year ending Dec. 31, 2007. The Acquisition has also required that all of the company's assets and liabilities be adjusted to fair value through purchase accounting. These adjustments have impacted and will continue to impact the company's goodwill. Also, the company recorded preliminary purchase accounting adjustments to write-up its inventories by US$61.3 million. LME zinc prices had been at or near record levels throughout 2006 but as of Feb. 28, 2007, these prices had dropped by 21%, as compared with Dec. 31, 2006. This has negatively impacted the company's zinc business through the first two months of 2007. The North American housing industry has declined significantly in 2006 and in the beginning of 2007. Single-family home construction has decreased more than 10% year over year resulting in slower demand for building and construction end- uses in North America. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1d07 About Aleris International Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris International, Inc. -- http://www.aleris.com/-- manufactures aluminum rolled products and extrusions, aluminum recycling and specification alloy production. The company is also a recycler of zinc and a leading U.S. manufacturer of zinc metal and value- added zinc products that include zinc oxide and zinc dust. The company operates 50 production facilities in North America, Europe, South America and Asia, and employs approximately 8,600 employees. The company has production facilities in China. * * * The Troubled Company Reporter - Asia Pacific reported that Standard & Poor's Ratings Services affirmed its 'B+' loan and '2' recovery ratings on the senior secured first-lien term loan of Aleris International Inc., after the report that the company increased the term loan by US$125 million. The Troubled Company Reporter - Asia Pacific reported that Standard & Poor's Ratings Services lowered its corporate credit rating on Beachwood, Ohio-based Aleris International Inc. to 'B+' from 'BB-'and removed it from CreditWatch, where it was placed with negative implications on Aug. 9, 2006. The CreditWatch placement comes after the report that Texas Pacific Group had agreed to acquire Aleris' outstanding stock for nearly US$3.4 billion, consisting of US$1.7 billion in cash plus assumed debt, representing a 6.8x trailing-12-months EBITDA multiple. The outlook is stable. The Troubled Company Reporter - Asia Pacific reported that Moody's Investors Service downgraded Aleris International Inc.'s corporate family rating to B2 from B1. At the same time Moody's assigned these ratings to Aurora Acquisition Merger Sub, Inc: -- proposed senior secured term loan at B2; -- proposed senior unsecured notes at B3; -- proposed senior subordinated notes at Caa1; and, -- a B2 rating to Aleris Deutschland Holding GMBH's proposed senior secured term loan. BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2 ---------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of Berry Plastics Holdings Corporation to B2. The outlook is stable. This rating action concludes the review for possible downgrade initiated on March 13 following the company's announcement that it had entered into a definitive agreement to merge with Covalence Specialty Materials Corporation in a stock-for-stock merger. The merger was consummated April 3. The downgrade of Berry's Corporate Family Rating reflects deterioration in credit metrics, change in operating profile and integration risk in merging with CSMC. Pro-forma for the transaction, Debt to EBITDA is 7.2 times and EBIT to Gross Interest Expense 0.8 times for the twelve months ended Dec. 31, 2006. The difference in product lines and size of CSMC represents a material change to Berry's operating profile and source of integration risk. Required investments for synergies will leave no free cash flow for debt reduction in the near term and little cushion for any negative variance. Strengths in Berry's pro-forma competitive profile include annual revenue of US$3.1 billion with significant market shares in several categories. The merger will also add additional diversity to Berry's end markets and increased scale. The combined organization is also expected to have good liquidity. The ratings of Berry were downgraded: -- Corporate Family Rating, to B2 from B1; -- Probability of Default Rating, to B2 from B1; -- US$225-million senior secured second lien FRN's due 2014, downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%); and -- US$525-million senior secured second lien notes due 2014, downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%). The ratings of Berry are confirmed and will be withdrawn: -- The Ba1 (LGD2, 18%) rated US$200-million senior secured revolver due 2012; -- The Ba1 (LGD2, 18%) rated US$675-million senior secured first lien term loan B due 2013. The ratings of Berry assigned March 16 are now effective: -- US$1,200-million senior secured term loan, Ba3 (LGD2, 27%); -- Moody's also affirmed the Speculative Grade Liquidity Rating of SGL-2. The rating outlook for Berry is stable. The ratings of CSMC are confirmed and are to be withdrawn: -- The Corporate Family Rating of B1; -- The Probability of Default Rating of B1; -- The Ba3 (LGD3, 34%) rated US$300-million senior secured term loan C due 2013; -- The B2 (LGD4, 62%) US$175 million-senior secured second lien term loan due 2013; and -- The Speculative Grade Liquidity Rating of SGL-2. The rating of CSMC was downgraded. These notes became obligations of Berry upon the closing of the merger: -- US$265-million senior subordinated notes due 2016, downgraded to Caa1 (LGD6, 90%) from B3 (LGD5, 86%). The ratings and outlook are subject to receipt of final documentation. About Berry Plastics Based in Evansville, Indiana, Berry Plastics Corporation -- http://www.berryplastics.com/-- manufactures and markets rigid plastic packaging products. Berry Plastics provides a wide range of rigid open top and rigid closed top packaging as well as comprehensive packaging solutions to over 12,000 customers, ranging from large multinational corporations to small local businesses. The company has 25 manufacturing facilities worldwide, including in Italy, England and Hong Kong, and has more than 6,800 employees. The company has sales offices in Italy, Mexico and England. BRIGHT EVER: Appoints Joint & Several Liquidators ------------------------------------------------- Poon Chi Woo and Poon Chin Chung, Philip were appointed as the joint and several liquidators of Bright Ever Development Limited on April 3, 2007. The Liquidators can be reached at: Poon Chi Woo Poon Chin Chung, Philip Dominion Centre, Room 1307 Queen's Road East, Wanchai Hong Kong CLASSIC FINE: Chan Sek Kwan Rays Quits Liquidator Post ------------------------------------------------------ On April 13, 2007, Chan Sek Kwan Rays ceased to act as the liquidator of Classic Fine Limited. The former Liquidator can be reached at: Chan Sek Kwan Rays Seabright Plaza, Unit G, 12th Floor 9-23 Shell Street North Point, Hong Kong CHAMPION BILLION: Liquidator Quits Post --------------------------------------- Lung Chun Tak, Junius ceased to act as the liquidator of Champion Billion Trading Limited on April 4, 2007. The former Liquidator can be reached at: Lung Chun Tak, Junius World Trust Tower, Units A & B, 21st Floor 50 Stanley Street, Central Hong Kong CHINA CONSTRUCTION: Tax Cut Absence Lowers Profit to CNY46.32BB --------------------------------------------------------------- China Construction Bank reported a net profit of CNY46.32 billion, a 1.65% fall from CNY47.09 billion recorded in 2005, Agence France Press reports. The plunge, according to the report, was due to the absence of tax relief that boosted the bank's 2005 figures. The report, however, says that the figure was within analysts forecast of CNY46 billion to CNY48 billion. The AFP notes that the bank had obtained tax relief in 2005 due to a restructuring program. Analysts told the AFP that the effective tax rate that the bank came under last year was almost double the 15% rate it fell under in 2005. However, excluding the effect of the 2005 tax break, the bank's net profit grew 18.02% last year, the AFP notes. Income tax expense for 2006 amounted to CNY19.4 billion, up 135% from a year earlier due to an effective tax rate of 29.52%, the AFP notes, citing the bank's statement. Operating profit for 2006 stood at CNY151.59 billion, up from CNY128.71 billion a year earlier. Interest income rose to CNY215.19 billion from CNY173.6 billion a year earlier, while net interest income rose 20.4% to CNY140.37 billion with the net interest margin expanding to 2.79% from 2.78%, the bank's statement reflected. * * * The China Construction Bank -- http://www.ccb.cn/-- is one of the "big four" banks in the People's Republic of China. It was founded on October 1, 1954, under the name of "People's Construction Bank of China" and later changed to "China Construction Bank" on March 26, 1996. The Troubled Company Reporter - Asia Pacific reported on Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D' individual ratings. CHINA CONSTRUCTION: Yangtze Power Sells 400 Million Shares ---------------------------------------------------------- Yangtze Power Co. will sell 400 million Hong Kong-listed shares that it owns in China Construction Bank for HK$1.6 billion, Reuters reports. Citing Yangtze Power's statement with the Shanghai Securities News, Reuters says that the company signed an agreement on April 12 to sell its shares with Reca Shares. * * * The China Construction Bank -- http://www.ccb.cn/-- is one of the "big four" banks in the People's Republic of China. It was founded on October 1, 1954 under the name of "People's Construction Bank of China" and later changed to "China Construction Bank" on March 26, 1996. The Troubled Company Reporter - Asia Pacific reported on Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D' individual ratings. DAWN TIME: Taps Thomas Corkhill & Iain Bruce as Liquidators ----------------------------------------------------------- On March 31, 2007, Thomas Andrew Corkhill and Iain Ferguson Bruce were appointed as the liquidators of Dawn Time Limited. The Liquidators can be reached at: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark 15 Queen's Road Central, Hong Kong DUN & BRADSTREET: Dec. 31 Balance Sheet Upside-Down by US$399.1M ---------------------------------------------------------------- The Dun & Bradstreet Corp. disclosed in a regulatory filing with the United States Securities and Exchange Commission that for the year ended Dec. 31, 2006, the company reported net income of US$240.7 million on revenues of US$1.5 billion. This compares to net income of US$221.2 million on revenues of US$1.4 billion. At Dec. 31, 2006, the company's balance sheet showed total assets of US$1.36 billion and total liabilities of US$1.75 billion, resulting in a shareholders' deficit of US$399.1 million. The company's Dec. 31 balance sheet further showed working capital deficit with total current assets of US$645 million and total current liabilities of US$805 million. Senior Notes In March 2006, the company issued senior notes with a face value of US$300 million that mature on March 15, 2011, and bears 5.5% fixed annual interest, payable semi-annually. The proceeds were used to repay the company's existing US$300 million notes bearing interest at a fixed annual rate of 6.625%, payable semi- annually, which matured in March 2006. Credit Facility In September 2004, the company entered into a US$300 million bank revolving credit facility, which bears interest at prevailing short-term interest rates and will expire in September 2009. This facility also supports the company's commercial paper borrowings. At Dec. 31, 2006, the company had US$159.5 million of borrowings outstanding under this facility. The company has not drawn on the facility and did not have any borrowings outstanding under the facility for the years ended Dec. 31, 2005 and 2004. The company also did not borrow under its commercial paper program for the years ended Dec. 31, 2006, 2005 or 2004. The bank credit facility requires the maintenance of interest coverage and total debt to earnings before income, tax depreciation and amortization ratios. The company reports that it was in compliance with these requirements for the years ended Dec. 31, 2006, 2005 and 2004. A full-text copy of the company's financial statements for the year ended Dec. 31, 2006, is available for free at: http://ResearchArchives.com/t/s?1d3f About Dun & Bradstreet Based in Short Hills, New Jersey, The Dun & Bradstreet Corporation (NYSE:DNB) -- http://www.dnb.com/-- is a source of commercial information and insight on businesses. Its global commercial database contains more than 110 million business records. D&B's DUNSRight quality process provides its customers with quality business information to make critical business decisions. The company provides customers with four solution sets: Risk Management Solutions, Sales & Marketing Solutions, E- Business Solutions and Supply Management Solutions. D&B operates through two business segments: United States, which consists solely of its United States operations, and International, which consists of its operations in Canada, Europe, Asia Pacific and Latin America. During the year ended Dec. 31, 2006, the company formed a joint venture, Huaxia D&B China, with Huaxia International Credit Consulting Co. Ltd. In March 2007, the Company acquired First Research, a provider of editorial-based industry insight, specifically tailored toward sales professionals. DUN & BRADSTREET: Amends U.S. Qualified Plan and 401(k) Plan ------------------------------------------------------------ The Dun & Bradstreet Corp. disclosed that on April 12, 2007, its Board of Directors took these actions with respect to the company's U.S. benefit plans: * amended the company's Dun & Bradstreet Corporation Retirement Account; and * amended the company's 401(k) Plan. The company relates that its Retirement Account is amended effective June 30, 2007. Any pension benefit that has been accrued through such date under the U.S. Qualified Plan will be "frozen" at its then current value and no additional benefits, other than interest on such amounts, will accrue under the U.S. Qualified Plan. All non-vested U.S. Qualified Plan participants who are actively employed as of June 30, 2007 will be immediately vested on July 1, 2007. Under the amended 401(k) Plan, which is effective July 1, 2007, the company increased its match formula from 50% to 100% of a team member's contributions and to increase the maximum match to 7%, from 6%, of such team member's eligible compensation. The company says that these changes to the U.S. Qualified Plan and 401(k) Plan won't impact its 2007 financial guidance. On an annualized net basis, the company also believes that these actions will not have a material impact on its operating income and will result in a decrease to its cash flow from operating activities of approximately US$11.0 million to US$13.0 million, primarily as a result of the increased match under the 401(k) Plan. Based in Short Hills, New Jersey, The Dun & Bradstreet Corporation (NYSE:DNB) -- http://www.dnb.com/-- is a source of commercial information and insight on businesses. Its global commercial database contains more than 110 million business records. D&B's DUNSRight quality process provides its customers with quality business information to make critical business decisions. The company provides customers with four solution sets: Risk Management Solutions, Sales & Marketing Solutions, E-Business Solutions and Supply Management Solutions. D&B operates through two business segments: United States, which consists solely of its United States operations, and International, which consists of its operations in Canada, Europe, Asia Pacific and Latin America. During the year ended Dec. 31, 2006, the company formed a joint venture, Huaxia D&B China, with Huaxia International Credit Consulting Co. Ltd. In March 2007, the Company acquired First Research, a provider of editorial-based industry insight, specifically tailored toward sales professionals. EASTERN GLOBAL: Wind-Up Petition Hearing Set for May 16 ------------------------------------------------------- Wan Sze Wah filed a petition on March 14, 2007, for the wind up of the operations of Eastern Global Property Management Limited. The petition will be heard before the High Court of Hong Kong on May 16, 2007, at 9:30 a.m. ELITE MATE: Faces Bank of China's Wind-Up Petition -------------------------------------------------- Bank of China (Hong Kong) Limited filed a petition to wind up the operations of Elite Mate Limited on March 22, 2007. The petition will be heard before the High Court of Hong Kong on June 6, 2007, at 9:30 a.m. EVERBRIGHT BANK: Buying 35% Stake in Everbright Pramerica --------------------------------------------------------- China's Everbright Bank will buy a 35% stake in Everbright Pramerica Fund Management Co., a joint venture of U.S. insurer Prudential Financial and China Everbright Group, two sources close to the situation told Reuters. Reuters relates that Everbright Bank will buy the stake from parent China Everbright Group, which now holds a 67% stake of Everbright Pramerica. Prudential Financial holds the other 33% stake in Everbright Pramerica. The joint venture fund, according to the report, currently manages four mutual funds worth about CNY2.2 billion in total. After the deal, Everbright Bank is expected to become the top shareholder of the fund venture, while Prudential will maintain its current stake, sources told Reuters. The sources also told Reuters that Everbright Group's stake in the joint venture will be reduced to 32%, which is likely to be sold to Prudential Financial and Everbright Bank eventually. Everbright Bank declined to comment on the report while officials at Prudential and its fund venture were not immediately available for comment, Reuters adds. * * * Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings affirmed on August 14, 2006, China Everbright Bank's 'E' individual rating '3' support rating. FOCUS ONLINE: Creditors Must Prove Debts by May 14 -------------------------------------------------- The shareholders of Focus Online Limited had their meeting on April 3, 2007, and appointed Lam Ying Sui as the company's liquidator. Mr. Lam requires the company's creditors to file their proofs of debt by May 14, 2007, to be included in the company's dividend distribution. The Liquidator can be reached at: Lam Ying Sui Allied Kajima Bldg., Room 1004-1005 138 Gloucester Road Wanchai, Hong Kong FUJITSU GENERAL: Placed Under Members' Voluntary Wind-Up -------------------------------------------------------- The members of Fujitsu General (HK) Limited held a general meeting on March 30, 2007, and passed a resolution winding up the company's operations. Rainier Hok Chung Lam and John James Toohey were appointed as liquidators. The Liquidators can be reached at: Rainier Hok Chung Lam John James Toohey Prince's Building, 22nd Floor Central, Hong Kong GOH HONG KONG: Commences Liquidation Proceedings ------------------------------------------------ On March 31, 2007, the members of Goh Hong Kong Limited passed a resolution winding up the company's operations. Rainier Hok Chung Lam and John James Toohey were appointed as the liquidators. The Liquidators can be reached at: Rainier Hok Chung Lam John James Toohey Prince's Building, 22nd Floor Central, Hong Kong GUANGDONG DEVELOPMENT: Moody's Reviews Ratings for Upgrade ---------------------------------------------------------- On April 16, 2007, Moody's Investors Service put on review for possible upgrade Guangdong Development Bank's E+ Bank Financial Strength Rating and B1 long-term deposit rating. "The positive review reflects the considerable progress GDB has made in its restructuring, including the significant improvements in its balance sheet and capital position," says May Yan, a Moody's VP/Senior Credit Officer. "In 2006, GDB received strategic investments from a Citigroup- led consortium, and which significantly strengthened its capital position," says May Yan. "The bank has also substantially reduced its non-performing loans through divestitures and write- offs." "At the same time, while such financial improvements have been significant, they were largely driven by externally-led initiatives and a clear track record in performance improvements -- as a result of the bank's own efforts -- has yet to emerge," says May Yan. Moody's review will focus on GDB's audited financial accounts, identifying evidence of stabilization in asset quality as well as strengthening trends for its capital position and core earnings. In addition, Moody's will assess the terms and conditions of GDB's NPL sales to determine whether there may be any recourse to the bank. Further positive rating actions -- beyond the conclusion of the review -- would require continued improvements in: * asset quality, * operational efficiency, * profitability, and * other stand-alone financial performances and at the same time evidence of strengthened corporate governance and risk management. Operational improvement, as a result of cooperation between the bank and Citigroup and other strategic investors, would be credit positive. Guangdong Development Bank, headquartered in Guangzhou, is a joint stock national licensed commercial bank in China. As of end-2006, it had total assets of CNY383.6 billion. IMC SHIPPING: Taps Hui Hing Suen as Liquidator ---------------------------------------------- Hui Hing Suen was appointed as the liquidator of IMC Shipping and Transport Logistics Limited on March 29, 2007. Mr. Hui can be reached at: Hui Hing Suen St. George's Building, Rooms 1705-08, 17th Floor 2 Ice House Street, Central Hong Kong K. L. CORPORATE: Appoints Sze Lin Tang as Liquidator ---------------------------------------------------- On March 28, 2007, Sze Lin Tan was appointed as the liquidator of K. L. Corporate Services Limited. The Liquidator can be reached at: Sze Lin Tang Max Share Centre, Unit D, 21st Floor 373 King's Road North Point, Hong Kong MISSLER SOFTWARE: Liquidator Quits Post --------------------------------------- Chan Sek Kwan Rays ceased to act as the liquidator of Missler Software China Limited on April 13, 2007. The former Liquidator can be reached at: Chan Sek Kwan Rays Seabright Plaza, Unit G, 12th Floor 9-23 Shell Street North Point, Hong Kong STAR ASSETS: Members' Final General Meeting Set for May 14 ---------------------------------------------------------- A final general meeting will be held for the members of Star Assets Property Limited on May 14, 2007, at 10:00 a.m. At the meeting, the members will hear a report about the company's wind-up proceedings and property disposal. As reported by the Troubled Company Reporter - Asia Pacific, the company entered wind-up proceedings on Dec. 18, 2006. The company's liquidators are: Natalia Seng Sze Ka Mee Cynthia Wong Tak Yee Three Pacific Place, Level 28 1 Queen's Road East Hong Kong SHIMAO PROPERTY: Private Firm Mulls Tie-Up in Manila Project ------------------------------------------------------------ Fort Bonifacio Development Corp. has expressed interest in teaming up with Shimao Property Holdings Ltd. to develop a 7.9-hectare property in the Bonifacio Global City, Manila Standard Today reports. State-owned Bases Conversion Development Authority owns the property. Shimao has held talks with Fort Bonifacio and the Filipino firm is open to co-developing the area, the newspaper quoted Philippine Trade Secretary Peter Favila as saying. As reported by the Troubled Company Reporter - Asia Pacific on April 9, 2007, Mr. Favila has advised the Chinese firm to tap private landowners in the Bonifacio Global City for its planned US$2-billion investment to do away with the tedious process of teaming up with a government agency. The TCR-AP report said that Shimao has signed an agreement with state-owned Bases Conversion Development Authority to conduct detailed studies in the global city for future projects. * * * Shimao Property Holdings Limited -- http://www.shimaogroup.com/ -- is a large-scale developer of real estate projects in China, specializing in high-end developments in prime locations. The company's business portfolio comprises the development of residential properties, retail properties, offices and hotels. The company has 15 projects at various stages of development located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou, Kunshan, Changshu, Shaoxing and Wuhu. The Troubled Company Reporter - Asia Pacific reported that Standard & Poor's Ratings Services on November 8, 2006, assigned its BB+ long-term corporate credit rating to China-based Shimao Property Holdings Ltd. The outlook is stable. TRENDFIELD LIMITED: Court to Hear Wind-Up Petition on May 16 ------------------------------------------------------------ The High Court of Hong Kong will hear a petition to wind up the operations of Trendfield Limited on May 16, 2007. The petition was filed by Renaissance City Development Company Limited on March 12, 2007. Renaissance's solicitor is: Johnson Stokes & Master 18th Floor, Prince's Building 10 Chater Road, Central Hong Kong * Taiwan's Securities Sector Still Needs Reform, Fitch Says ----------------------------------------------------------- On April 15, 2007, Fitch Ratings commented that despite a sharp market correction in early March, the Taiwan Stock Exchange's overall market turnover has been reasonably good so far in 2007, which provides good support for Taiwanese securities firms to achieve a profitable year, especially for those with a large brokerage franchise. However, Fitch sees Taiwanese securities sector's earnings quality remaining poor due to rather limited revenues and product diversity, as well as volatile trading results. The agency highlighted that an inflexible regulatory regime and unfavorable taxation are key structural issues constraining the development of Taiwan's equity capital market and thus the securities firms' profitability. Progress in improving the regulatory and taxation regime appears to be slow due to frequent changes of leadership in the Financial Supervisory Commission, as well as a slow legislative process. Competition against smaller independent securities firms will further intensify, following Yuanta Securities' -- Taiwan's largest securities firm -- successful merger with Fuhwa Financial Holding Company. Fitch expects that the smaller independent securities firms will suffer from a lack of reliable banking support and cross-selling platforms. In 2006, the securities industry registered an improved ROE of 7.8%, compared to 2.3% in 2005 and a five-year (2002 to 2006) average of 5.3%. The improved profitability in 2006 was primarily driven by the buoyant market turnover on the TWSE. However, profit performances in proprietary trading were mixed in 2006 despite a 20% increase of the TWSE index in the year, reflecting the difficulties among securities firms' traders to profit from the unpredictable market. Underwriting performance was also weak due to TWSE's declining IPO activities and limited underwriting fees. Lastly, the pending issues of reducing effective tax rates on warrant sales has deterred new warrants issues in 2006 and thus led to a negative impact on securities firms' operating revenue. The agency expects that the rating outlook on Taiwan securities sector will remain stable in 2007, supported by the industry's strong capitalization, limited leverage, adequate liquidity, and manageable credit risk profile. Taiwanese securities firms' ability to demonstrate consistent profitability, diversification into new areas of businesses, and better control market risk exposures are key positive rating drivers. ========= I N D I A ========= IMAX CORP: Provides Update on Delayed Filing -------------------------------------------- IMAX Corporation has provided a status update pursuant to the alternative information guidelines of the Ontario Securities Commission. These guidelines contemplate that the company will normally provide bi-weekly updates on its affairs until such time as the company is current with its filing obligations under applicable Canadian provincial securities laws. The company reports that there had been no material developments in the matters reported in the company's press release "IMAX to Delay Filing of 2006 10-K" dated March 29, 2007. The company previously said that it would delay the filing of its annual report on Form 10-K for fiscal 2006 due to the discovery of certain accounting errors and has since broadened its accounting review to include certain other accounting matters based on comments received by the Company from the SEC and Ontario Securities Commission. The company is currently working diligently and devoting necessary resources to complete the report and filing as soon as practicable. For the reasons described in its prior news releases, the company cannot predict when it will complete its review and file its financial statements, although it intends to do so as soon as practicable. The Company's next bi-weekly status update is expected to be released during the week of April 23, 2007. IMAX Corp. (NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an entertainment technology company specializing in large- format and three-dimensional (3D) film presentations. The company's principal business is the design, manufacture, sale and lease of projection systems based on technology for large- format, 15-perforation film frame, 70-mm format (15/70-format) theaters, including commercial theaters, museums and science centers, and destination entertainment sites. IMAX has locations in Guatemala, India, and Italy, among others. * * * The company carries Standard & Poor's 'B-' corporate credit rating. As reported in the Troubled Company Reporter - Asia Pacific on April 5, 2007, S&P placed the 'B-' rating on CreditWatch with negative implications after the company announced it will not be filing its SEC Form 10-K within the 15-day extension period. NXP BV: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for NXP B.V. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- Senior Secured FLT RT Notes Due 2013 Ba2 Ba2 LGD3 40% 7.88% Senior Secured Regular Bond/Debenture Due 2014 Ba2 Ba2 LGD3 40% 9.50% Senior Unsecured GTD Global Notes Due 2015 B2 B2 LGD5 86% 8.63% Senior Unsecured GTD Global Notes Due 2015 B2 B2 LGD5 86% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Eindhoven, Netherlands, NXP B.V. -- http://www.nxp.com/-- is one of the largest semiconductor companies worldwide, focusing on the designs and manufacture of application-specific integrated circuits for the home electronics, mobile communications, automotive and identification technology application markets. Next to that, NXP is focusing via its multimarket product business on general purpose and application specific standard semiconductor products. The company has sales offices in these Asia Pacific countries: India, Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan, and Thailand. SUN MICROSYSTEMS: Will Acquire SavaJe Technologies IP Assets ------------------------------------------------------------ Sun Microsystems, Inc., and SavaJe Technologies have entered into a definitive agreement pursuant to which Sun will acquire SavaJe's intellectual property assets. Additional information regarding the acquisition of these assets will be unveiled at the annual JavaOne Conference being held in San Francisco on May 8 to May 11, 2007. For more information about the JavaOne conference, visit: http://java.sun.com/javaone/ The transaction is subject to customary closing conditions and is expected to be completed during the fourth quarter of Sun's 2007 fiscal year, which began on April 2, 2007. The terms of the deal were not disclosed as the transaction is immaterial to Sun's earnings per share. About Sun Microsystems Headquartered in Santa Clara, California, Sun Microsystems Inc. -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. The company has operations in Brazil, Hungary and India, among others. * * * As reported in the Troubled Company Reporter - Asia Pacific on Oct. 27, 2006, Moody's Investors Service confirmed its Ba1 Corporate Family Rating for Sun Microsystems. Sun Microsystems, Inc.'s 7-1/2% Senior Notes due Aug. 15, 2006, and 7.65% Senior Notes due Aug. 15, 2009, carry Moody's Investors Service's Ba1 rating and Standard & Poor's BB+ rating. ================== I N D O N E S I A ================== ALCATEL-LUCENT: Wins Network Transformation Contract in Spain ------------------------------------------------------------- Alcatel-Lucent has been selected by the Town Hall of Calonge, Girona, Spain, to transform the level of customer service provided to its citizens by connecting all users within city hall through a voice and data converged network. The new network, with 10 Gigabit Ethernet technology capabilities, will support a comprehensive set of applications that provide advanced services to citizens of Calonge. Alcatel-Lucent's OmniSwitch family is at the core of this new IP-based solution integrated by Alcatel-Lucent business partner BC Sistemas. The new Town Hall network provides 250 employees with reliable, easy to deploy telecommunications services that improve the level of care citizens receive from city employees in nine local government buildings, including two head quarters and seven branches. The deployment enables the Town Hall of Calonge to manage the network centrally and to provide citizens with access to a wide range of key applications designed to provide useful information to common inquiries. The Town Hall has also integrated voice over IP advanced services provided by the Alcatel-Lucent OmniPCX Enterprise communication server, which is delivering a significant cost reduction and improving overall performance of the different sites belonging to the Town Hall. Based on 100/1000/10000 Ethernet technology, the new network provides increased switching capability and higher reliability. It is comprised of a backbone network based on 10 Gigabit Ethernet with a configuration that integrates several different Alcatel-Lucent's platforms including two OmniPCX Enterprise IP communication servers, an OmniSwitch 7800, and nine OmniSwitch 6600 PoE, as well as the applications and services required to meet the main objective of the Town Hall. Santiago Sola, IT Manager at Town Hall of Calonge, commented, "The objective of the converged IP infrastructure is to enable our employees to offer improved citizens' care and that is the reason why we installed a communication systems network that would provide advanced technology and easily allow our employees to provide superior services. After the evaluation of different solutions, we chose Alcatel-Lucent due to the high service level and professionalism offered by their Business Partner, BC Sistemas, proven during the entire project." "BC Sistemas is honoured to be chosen by the Town Hall of Calonge and to continue to work with together on further projects," added Jose Antonio Illarregui, General Manager from BC Sistemas. "We are pleased that Town Hall recognizes the benefits that the Alcatel-Lucent's solutions provide. More over, the Town Hall is planning to deploy Wireless and Contact Center solutions in the near term, and we will support them with the best solutions available." Rafael Mart�nez Sanchez-Bretano, Marketing Manager for the Alcatel-Lucent's enterprise activities in Spain and Portugal said: "More and more organizations are realizing that convergence isn't just about saving money, it's about transforming and improving internal processes through greater collaboration and increased access to resources. The Town Hall of Calonge is a good example of a forward-thinking local government committed to providing the highest standard of service to its citizens. The installation serves as an excellent blueprint that other public sector organisations will most certainly follow." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. Moody's Investor Services, on the other hand, put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch Ratings rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ANEKA TAMBANG: Plans to Buy Gold Mines in Kalimantan & Sulawesi ---------------------------------------------------------------- PT Aneka Tambang Tbk plans to buy gold mines in Kalimantan and Sulawesi because the company could not depend solely on exploration, Tempo Interactive reports. According to the report, the company aims to produce 22,000 tons per year of ferronickel in 2008. About Aneka Tambang PT Aneka Tambang Tbk -- http://www.antam.com/-- mines, processes, develops, and explores natural deposits. The company operates six mines. They are located in Riau (bauxite), Sulawesi and Maluku (nickel), Central Java (iron sand), and WestJava (gold). The company also operates a precious metal refinery and a geology unit in Jakarta. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 4, 2006, that Standard & Poor's Ratings Services raised its long- term corporate credit rating on Indonesian state-owned mining company PT Antam Tbk. to 'B+' from 'B'. The outlook is stable. At the same time, Standard & Poor's also raised to 'B+', from 'B', the rating on the senior unsecured notes issued by Antam Finance Ltd. and guaranteed by Antam. Moody's Investors Service gave Aneka Tambang a local currency B1 corporate family rating, and a B2 foreign currency bond rating. ANIXTER INTER'L: To Report 1Q 2007 Financial Results on April 24 ---------------------------------------------------------------- Anixter International Inc. will release final results for the first quarter of 2007 on Tuesday, April 24th, 2007, and broadcast a conference call to discuss these results at 9:30 am central time. The call will be webcast by CCBN and can be accessed at Anixter's Website at http://www.anixter.com/webcasts The webcast also will be available over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at: http://www.companyboardroom.com/ or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents -- http://www.streetevents.com/ The webcast will be archived on all of these sites for 30 days. About Anixter Anixter International Inc. -- http://www.anixter.com-- is the world's largest distributor of communication products and electrical and electronic wire and cable, and a leading distributor of fasteners and other small parts ("C" class inventory components) to original equipment manufacturers. The company has nearly US$725 million in inventory of more than 325,000 products, logistics network of 197 warehouses with more than 5.0 million square feet of space, and has presence in 220 cities in 45 countries, including Indonesia, Australia, China, Hong Kong, India, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. The Troubled Company Reporter -- Asia Pacific reported on Feb. 19, 2007, that Moody's Investors Service downgraded Anixter International Inc.'s corporate family rating to Ba2 from Ba1. In a related rating action, Moody's lowered the ratings of Anixter Inc.'s US$200 million guaranteed senior unsecured notes to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from Ba2. The rating outlook was changed to stable from negative. Fitch Ratings affirmed these ratings for Anixter International Inc. and its wholly owned operating subsidiary, Anixter Inc.: Anixter: -- Issuer Default Rating 'BB+' -- Senior unsecured debt 'BB-' AI: -- Issuer Default Rating 'BB+' -- Senior unsecured notes 'BB+' -- Senior unsecured bank credit facility at 'BB+' Fitch's action affects approximately US$700 million of public debt securities. The Rating Outlook is Stable. HANOVER: Calls for US$29.9-Million Notes Redemption on May 8 ------------------------------------------------------------ Hanover Compressor Company called for redemption on May 8, 2007, of US$29,897,000 aggregate principal amount of the Convertible Junior Subordinated Debentures Due 2029. All of the Debentures are owned by Hanover Compressor Capital Trust and the Trust is required to use the proceeds received from that redemption to redeem US$29 million aggregate liquidation amount of its 7-1/4% Convertible Preferred Securities and US$897,000 aggregate liquidation amount of its 7-1/4% Convertible Common Securities. Hanover owns all of the Common Securities of the Trust. The Preferred Securities to be redeemed will be selected in accordance with the applicable procedures of The Depository Trust Company for partial redemptions. Prior to 5:00 p.m., Eastern Time, on May 7, 2007, holders may convert their Preferred Securities called for redemption on the basis of one Preferred Security per US$50 principal amount of Debentures which will then be immediately converted into shares of Hanover Compressor Company common stock at a price of US$17.88 per share, or 2.80 shares of Hanover common stock per US$50 principal amount. Cash will be paid in lieu of fractional shares. Alternatively, holders may have their Preferred Securities that have been called for redemption, redeemed on May 8, 2007. Upon redemption, holders will receive US$50 for each of their Preferred Securities, plus accrued and unpaid distributions thereon from March 15, 2006 up to but not including May 8, 2007. Any of the Preferred Securities called for redemption and not converted on or before 5:00 p.m., Eastern Time, on May 7, 2007, will be automatically redeemed on May 8, 2007 and no further distributions will accrue. Holders of the Preferred Securities should complete the appropriate instruction form for redemption or conversion, as applicable, pursuant to The Depository Trust Company's book- entry system and follow such other directions as instructed by The Depository Trust Company. About Hanover Compressor Headquartered in Houston, Texas, Hanover Compressor Company -- http://www.hanover-co.com-- rents and repairs compressors and performs natural gas compression services for oil and gas companies. It has a fleet of more than 6,520 mobile compressors ranging from 8 to 4,735 horsepower. The company's subsidiaries also provide service, fabrication, and equipment for oil and natural gas processing and transportation applications. Hanover Compressor is disposing of its non-oilfield power generation facilities and used equipment businesses to focus on core operations. In 2006 the company sold the US amine treating rental assets of Hanover Compression Limited Partnership to oil and gas firm Crosstex Energy for about US$52 million. The company has locations in Indonesia, India, China, Japan, Korea, Taiwan, the United Kingdom, and Vietnam, among others. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 12, 2007, that Standard & Poor's Ratings Services placed the 'BB-' corporate credit ratings on oilfield service company Hanover Compressor Co. and its related entity Hanover Compression L.P. on CreditWatch with positive implications. At the same time, Standard & Poor's affirmed the 'BB' corporate credit ratings on oilfield service company Universal Compression Holdings Inc. and its related entity Universal Compression Inc. The rating actions come after the report that Hanover Compressor and Universal Compression Holdings have entered into a definitive agreement to merge in an all-stock transaction. Moody's Investors Service, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the North American Forest Products sector, confirmed its B1 Corporate Family Rating for Hanover Compressor Company. Four layers of bond debt issued by Hanover Compressor and maturing between 2008 and 2014 carry low-B ratings from Moody's Investors Service and Standard & Poor's Rating Services. PERTAMINA: Plans to Set Up More Biopertamax Gas Stations -------------------------------------------------------- PT Pertamina (Persero) plans to increase Biopertamax selling gas stations from 1 to 24 stations this month, due to increasing retail gasoline sector competition, The Jakarta Post reports. According to the report, Biopertamax, with a IDR5,600/liter retail price, will be available in 15 more gas stations in Jakarta, five in Surabaya and three in Malang, East Java. The company's move will increase the competition in the retail gasoline sector, the report notes. PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No.31/2003 has changed its legal status from a special state owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, with the rest being me by imports. In 2003, PT Pertamina finance director Alfred Rohimone disclosed that the Company's financial condition was in critical condition because its expenses had surpassed its income due to its obligation to meet domestic demand with fuel oil bought at higher prices on the international market. Mr. Rohimone stated that with a liquidity position below IDR2 trillion, the Company was already bleeding. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributors to Indonesia's decreased income for the year. In August 2005, Pertamina's debt to United States firm Karaha Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the Company's failure to pay the compensation immediately. TELKOM INDONESIA: To Speed Up US$500-Million Debt Repayment ----------------------------------------------------------- PT Telekomunikasi Indonesia Tbk plans to speed up its two-step debt repayment loan to the government valued at US$450-500 million, Tempo Interactive reports. According to the report, the company wants to cut down interest cost and to dilute the risk of interest rate fluctuation. Rinaldy Firmansyah, managing director of Telkom, told Tempo Interactive that the company's debts amounted to US$300 million, equal to US$150 million dollars in yen currency, and the remainder was IDR450 billion or US$50 million. About Telkom Indonesia Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/ -- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 31, 2007, Fitch Ratings revised the outlook on Telekomunikasi Indonesia's long-term foreign and local currency issuer default ratings to positive from stable and affirmed the ratings at 'BB-'. Moody's Investors Service gave Telekomunikasi Indonesia a Ba1 local currency corporate family rating. Standard & Poor's Ratings Services gave the company 'BB+' foreign and local currency corporate credit ratings. TUPPERWARE BRANDS: 1Q 2007 Earnings Conference Call on April 26 --------------------------------------------------------------- Tupperware Brands Corporation will hold its quarterly conference call to discuss First Quarter 2007 Earnings on Thursday, April 26, 2007 at 10:00 a.m. Eastern Time. This call is being webcast by Thomson/CCBN and can be accessed at http://www.tupperwarebrands.com/ To participate in the call, please dial (785) 830-1913, Passcode 2946838. The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com/ Thomson/CCBN's individual investor portal is powered by StreetEvents. About Tupperware Brands Tupperware Brands Corporation -- http://www.tupperware.com/-- is a global direct seller of premium, innovative products across multiple brands and categories through an independent sales force of approximately 1.9 million. Tupperware's product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through theTupperware brand and beauty and personal care products through its Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and Swissgarde brands. The company has operations in Indonesia, Argentina, Australia, Bahamas, Brazil, China, France, Germany, Philippines, Spain, and Sweden, among others. The Troubled Company Reporter - Asia Pacific reported on Oct. 2, 2006, that in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given- Default rating methodology for the U.S. rental company sector this week, the rating agency lowered its Ba2 Corporate Family Rating for Tupperware Brands Corporation to Ba3. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$715 Million Sr. Sec. Term Loan due 2012 Ba2 Ba1 LGD2 25% US$200 Million Sr. Sec. Revolving Credit Facility due 2010 Ba2 Ba1 LGD2 25% ========= J A P A N ========= COSMO OIL: Says Earthquake Didn't Affect Operations --------------------------------------------------- Cosmo Oil Co. said the earthquake that shook central Japan on Sunday didn't affect operations at its refineries, according to Bloomberg News. The earthquake had a magnitude of 5.4 and its epicenter was about 330 km (205 miles) west-southwest of Tokyo, various reports say. A few people were injured but none was serious. Other companies' operations were temporarily suspended. Bloomberg notes that Sharp Corp.'s LCD-panel plant operations were automatically shut down for safety for about three hours before panel production resumed, while Toshiba Corp.'s chip- making plant resumed operations after a temporary suspension of production lines. According to The Japan Times Online, West Japan Railway Co. and Kintetsu Corp. temporarily halted parts of their train runs in the area, but all services returned to normal by late Sunday afternoon. Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited -- http://www.cosmo-oil.co.jp/-- is primarily an oil refining company. The company is also involved in the purchase and sale of real estate, the manufacture and sale of alpha lipoic acid (ALA) products, as well as the provision of leasing and insurance services. Moody's Investors Service placed a Ba1 rating on Cosmo Oil's senior unsecured debt and issuer rating on July 1, 2005. ITOCHU CORP: Joint Venture to Build Methanol Plant in Brunei ------------------------------------------------------------ The Associated Press reports that Itochu Corp. and Mitsubishi Gas Chemical Co.'s joint venture with Brunei's state-owned PB Petrochemical Co. -- Brunei Methanol Co. -- has signed agreements with other government and corporate parties for the construction and technical services related to a US$400 million methanol production plant. Oil and natural gas account for nearly half of the gross domestic product of Brunei. According to the AP, construction is scheduled to begin in mid-2007. The report didn't say when the plant would be operational. Itochu Corporation -- http://www.itochu.co.jp/-- is a Japan- based trading company. It operates in eight business segments. The Textile segment offers clothing and interior products, such as wool, synthetic fabrics, silk and others. The Machinery segment is engaged in the automobile, industrial machinery, plants and related businesses. The Space, Information and Multimedia segment is involved in the media network, high technology and related businesses. The Metal and Energy segment is involved in the mining, metal, energy and related businesses. The Living Materials and Chemicals segment is involved in the precision chemistry, rubber, timber, glass, cement and other related businesses. The Food segment is involved in the production, distribution and sale of wheat, rice, corn, frozen food and others. The Financial, Real Estate, Insurance and Logistics segment provides financial consultation, real estate, transportation and other services. The Overseas Corporation segment is involved in various trading activities. The company has operations in Bulgaria, France, Colombia, and Argentina, among others. * * * Fitch Ratings gave Itochu Corp's long-term local credit issuer a BB+ rating on October 2, 2005. Fitch had earlier given the company a BB+ rating for its senior unsecured debt and long-term foreign credit default on March 10, 2004. Moody's Investors Service gave the company a Ba1 rating on its issuer rating and local currency long-term debt and an NP on its short term rating on Feb. 7, 2005. Moody's had earlier given the company's senior unsecured debt a Ba1 rating. JAPAN AIRLINES: Order for Boeing's 787 Dreamliner Totals 35 ----------------------------------------------------------- The Boeing Company said it obtained the 500th customer order for the 787 Dreamliner with a follow-on order from Japan Airlines Corp. "Today we are celebrating some great news with one of our great customers," said Scott Carson, president and chief executive officer, Boeing Commercial Airplanes. "This is an unprecedented achievement for Boeing and yet another wonderful milestone for the 787 program. We are very gratified that the 787 will play a key role in the future plans of JAL and so many other industry- leading airline customers." The JAL order for five 787-8 airplanes, in addition to several orders from unidentified customers, brings the 787's order total to 514 airplanes from 43 customers since its launch on April 26, 2004, making it the fastest-selling commercial airplane in history. This increases JAL's total 787 order to 35 airplanes from their previous order of 30 in December 2004. "The 787 will be a key airplane on a variety of international and domestic routes, said Kunio Shimizu, vice president of Engineering & Quality Assurance Department for the Americas, Japan Airlines International Corp. "We are expecting the benefits of the 787 to provide efficiency and flexibility in our route planning and are also looking forward to the wonderful flying experience the 787 will provide to our customers." "Surpassing the 500 order mark this early in the program -- more than a year before the first airplane is delivered -- shows that Boeing made the right choice in our point-to-point business strategy, and that the 787 team made the right choices in designing the airplane," said Mike Bair, 787 vice president and general manager." This is an enormous compliment to the people around the world who are working hard to ensure we keep the promises we've made to our customers." The 787 provides passengers with a better flying experience and operators with a more efficient commercial jetliner. Using 20 percent less fuel per passenger than similarly sized airplanes, the 787 is designed for the environment with lower emissions and quieter takeoffs and landings. Inside the airplane, passengers will find cleaner air, bigger windows, more stowage space and improved lighting. The Boeing 787 Dreamliner will lead the industry into the next generation of flight using the latest in ground-breaking technology to provide airlines with a family of airplanes that allows them to take their passengers where they want to go, when they want to go. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long- term corporate credit rating is negative. The TCR-AP reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. MAZDA MOTOR: Recalls 4,300 Bongo Commercial Vehicles ---------------------------------------------------- Mazda Motor Corp. has recalled about 4,300 Bongo commercial vehicles because drivers may not be able to shift gears, according to various reports. The company disclosed to Japan's Transport Ministry that it received 61 reports of problems in the vehicle's automatic shift system, the Associated Press relates. No accidents were reported. The company said the vehicles subject to recall were made between December 2003 and November 2005, and were not sold overseas, the AP notes. Headquartered in Hiroshima Prefecture, Mazda Motor Corporation -- http://www.mazda.co.jp/-- together with its subsidiaries and associates, is primarily involved in the manufacture and distribution of automobiles. The company manufactures passenger cars and commercial vehicles. Mazda Motor distributes its products in both domestic and overseas markets. The company has 58 subsidiaries. It has overseas operations in the United States, Canada, Mexico, Germany, Belgium, France, the United Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand, Indonesia and China. The Company has a global network. Standard and Poor's Ratings Service gave Mazda Motor's long-term local and foreign issuer a BB- rating. MAZDA MOTOR: Wins 3 Best Car Awards in Thailand ----------------------------------------------- Mazda Motor Corporation has won three Best Car awards at the Thailand Car of the Year Awards 2007. The announcement was made during a ceremony held on April 3, 2007, at the Bangkok International Trade and Exhibition Centre (BITEC) in Bangkok. Mazda won awards in three categories. Mazda3 Sport Sedan won a best car award for the third consecutive year, this year in the Best Sedan Under 1,600cc category. Mazda MX-5 was named Best Roadster for the second year in a row, and with this award the MX-5 has won Best Roadster four times in the last five years. The Mazda BT-50 Pickup Truck won in the Best High-lifted Pickup 2,500cc category. Now in its ninth year, the Thailand Car of the Year awards have been organized by Grand Prix International Co. Ltd. in cooperation with the Automotive Engineering Association of Thailand, the Car and Motor Reporters Association of Thailand, and the Rachayarnyon Association. Headquartered in Hiroshima Prefecture, Mazda Motor Corporation -- http://www.mazda.co.jp/-- together with its subsidiaries and associates, is primarily involved in the manufacture and distribution of automobiles. The company manufactures passenger cars and commercial vehicles. Mazda Motor distributes its products in both domestic and overseas markets. The company has 58 subsidiaries. It has overseas operations in the United States, Canada, Mexico, Germany, Belgium, France, the United Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand, Indonesia and China. The Company has a global network. Standard and Poor's Ratings Service gave Mazda Motor's long-term local and foreign issuer a BB- rating. MAZDA MOTOR: Takes Over Distribution in Belgium and Luxembourg -------------------------------------------------------------- Mazda Motor Corporation has established Mazda Motor Belux, a new national sales company in Europe, effective April 2, 2007. Distribution has been officially transferred from Beherman Auto, an independent distributor. The appointment of Mazda Motor Belux's new Managing Director, Olivier Sermeus, was announced by Mazda Motor Europe in December 2006. "The Mazda network in Belgium and Luxembourg consists now of 63 distributors and 40 acknowledged auto repairers. We intend to bring the brand as close to the customer as possible," said Mr. Sermeus. "We have a strong reputation and a widespread dealer network in Belgium and Luxembourg," added Philip Waring, vice president for sales at Mazda Motor Europe. "The favorable economic climate, the enthusiasm of the distributors and the strength of our future product range are solid grounds for the further development of the brand. We are convinced Mazda Motor Belux has a bright future under Olivier's management." Mazda continues to focus on strengthening its brand image and the further development of its sales network in Europe. In line with this effort, Mazda launched new European national sales companies in Russia, Ireland, and the Czech Republic and Slovakia in 2006. Headquartered in Hiroshima Prefecture, Mazda Motor Corporation -- http://www.mazda.co.jp/-- together with its subsidiaries and associates, is primarily involved in the manufacture and distribution of automobiles. The company manufactures passenger cars and commercial vehicles. Mazda Motor distributes its products in both domestic and overseas markets. The company has 58 subsidiaries. It has overseas operations in the United States, Canada, Mexico, Germany, Belgium, France, the United Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand, Indonesia and China. The Company has a global network. Standard and Poor's Ratings Service gave Mazda Motor's long-term local and foreign issuer a BB- rating. NIKKO CORDIAL: Citigroup to Borrow JPY950 Billion from Banks ------------------------------------------------------------ Citigroup will borrow JPY950 billion or US$8 billion for one year to reduce currency risk on its bid for Nikko Cordial Corporation, two bankers with knowledge of the financing told Junko Fujita of Bloomberg News. According to Bloomberg, Mizuho Financial Group will lend JPY350 billion to Citigroup, which has bid US$13.4 billion for Nikko Cordial, while Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group will lend JPY300 billion each. As previously reported by the Troubled Company Reporter - Asia Pacific, Citigroup's banking unit, Citibank, as well as Japan's three largest banks, are arranging JPY1.7 trillion in loans. The transaction is expected to close by May 1, the bankers told Mr. Fujita. Citigroup, which holds a 4.9% stake in Nikko Cordial, launched a US$13.35 billion tender offer early this year for the remaining shares of the Japanese brokerage firm. Headquartered in Tokyo, Japan, Nikko Cordial Corporation -- http://www.nikko.jp/-- is mainly engaged in the provision of financial services in the securities-related field. The Company operates in four business segments. The Retail segment provides consulting services for financial products management. The Asset Management segment provides asset management services for individual, corporate and foreign investors. The Investment Banking segment provides corporate finance and capital market services, mergers and acquisitions, advisory services, trading services for institutional investors and research services. The Merchant Banking segment is involved in the investment of corporate issued stocks, bonds, securities-related financial products and other financial products. Nikko Cordial has 62 consolidated subsidiaries. It has oversea operations in the United States, the United Kingdom, Luxemburg and Singapore. The company has a global network. * * * The Troubled Company Reporter - Asia Pacific reported on Mar. 8, 2007, that Fitch Ratings revised the Rating Watch on the foreign and local currency Issuer Default and Individual ratings of Nikko Cordial Corporation and Nikko Cordial Securities Inc. to Evolving from Negative. These ratings were placed on Watch Negative on Dec. 21, 2006: * NCC: Individual rating C/D and Support rating 5. * Nikko Cordial Securities: Individual C and Support rating 4. As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities and Exchange Surveillance Commission began investigating Nikko Cordial for falsifying its annual financial statements for the business year ended March 30, 2005, declaring JPY14 billion in false profits, and using them to procure money from the market. ========= K O R E A ========= DRESSER INC: S&P Junks Rating on Proposed US$750 Mil. Facilities ---------------------------------------------------------------- Standard and Poor's Ratings Services affirmed its 'B' corporate credit rating on oilfield products manufacturer Dresser Inc., based on the expectation that the company's debt leverage will improve, following its acquisition, to levels consistent with the ratings over the medium term. The outlook is negative. At the same time, the ratings on Dresser were removed from CreditWatch with developing implications, where they were placed on March 12, 2007. Standard & Poor's also assigned its 'B' rating and '2' recovery rating (indicating the expectation of substantial (80%-100%) recovery of principal in the event of a payment default) to Dresser's proposed US$1.3 billion first-lien bank facilities, and its 'CCC+' rating and '5' recovery rating (indicating the expectation of negligible (0%-25%) recovery of principal in the event of a payment default) to Dresser's proposed US$750 million second-lien bank facilities. On March 12, 2007, private equity firms Riverstone Holdings LLC, First Reserve Corp., and Lehman Brothers Co-Investment Partners announced that they had signed an agreement to purchase Dresser. The purchase is being financed with US$1.15 billion of first- lien debt, US$750 million of second-lien debt, and US$500 million in equity from the financial sponsors. The US$150 million revolver will remain undrawn as of closing, although it will be used to support approximately US$56 million of outstanding LOCs. At the close of the transaction, debt to 2006 EBITDA is expected to be in excess of 7.5x, which is weak for the rating. Pro forma for the transaction, Dresser will have US$2.13 billion in debt, adjusted for operating leases and postretirement benefit obligations. "The ratings on Dresser reflect concerns associated with its highly leveraged financial profile, marginal fixed-charge coverage, and ongoing accounting issues," said Standard & Poor's credit analyst Aniki Saha-Yannopoulos. "These weaknesses are only partially offset by its well-established and diverse product offerings and by the large aftermarket services component of its revenues," Ms. Saha-Yannopoulos continued. The outlook is negative. The marginal credit measures make Dresser susceptible to a downgrade in case of any operational setbacks or if financial performance deteriorates. In addition, Standard & Poor's has lingering concerns about unresolved financial controls and reporting issues that weigh on the ratings. An outlook revision to stable is contingent on improved credit measures, decreased leverage, and audited financial statements. Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com -- designs, manufactures and markets equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry. The company has a comprehensive global presence, with over 8,500 employees and a sales presence in over 100 countries worldwide, including Korea and Japan. KRISPY KREME: Posts US$24.4 Mil. Net Loss in Qtr. Ended Jan. 28 --------------------------------------------------------------- Krispy Kreme Doughnuts Inc. reported financial results for the fourth quarter and fiscal year ended Jan. 28, 2007, and plans to file with the United States Securities and Exchange Commission its Annual Report on Form 10-K soon. Revenues for the fourth quarter decreased 8.2% to US$112.2 million compared to US$122.2 million in the fourth quarter of last year. Company Stores sales decreased 11.2% to US$79.2 million, revenues from franchise operations increased 34.0% to US$5.8 million, and Krispy Kreme Supply Chain ("KK Supply Chain," formerly called "Krispy Kreme Manufacturing and Distribution") revenues decreased 5.2% to US$27.2 million. Fourth quarter system wide sales decreased 6.4% from the fourth quarter of last year. System wide average weekly sales per store increased approximately 2% from the prior year period to approximately US$39,500 per store, and Company Store average weekly sales per store increased to approximately US$54,100 per store. The higher Company Store average weekly sales per store data reflect, among other things, store closures (including those formerly operated by consolidated franchisees) and the related shift in off-premises doughnut production into a fewer number of factory stores. Excluding the stores formerly operated by consolidated franchisees, Company Store average weekly sales per store increased approximately 9% versus the prior comparable period. The net loss for the fourth quarter was US$24.4 million compared to a net loss of US$37.7 million in the comparable period last year. The net loss for the quarter includes a charge related to the settlement of litigation of approximately US$16.0 million, representing the increase from Oct. 29, 2006, to Jan. 28, 2007, in the estimated fair value of the securities issued by the company on March 2, 2007, in connection with the previously announced settlement of the class action litigation and partial settlement of the shareholder derivative action. During the fourth quarter, the company recorded a US$2.1 million provision for doubtful accounts substantially all of which relates to receivables from franchisees. Also during the quarter, the company recorded a US$1.3 million charge related to the proposed settlement of certain wage and hour complaints lodged against the company. During the quarter, 28 new Krispy Kreme stores, comprised of 12 factory stores and 16 satellites, were opened system wide, and 14 stores, comprised of 9 factory stores and 5 satellites, were closed. This brings the total number of stores system wide at year-end to 395, consisting of 296 factory stores and 99 satellites. For fiscal 2007, revenues decreased 15.1% to US$461.2 million compared to US$543.4 million in fiscal 2006. Company Stores sales decreased 18.1% to US$326.2 million, revenues from franchise operations increased 14.6% to US$21.1 million and KK Supply Chain sales to franchise stores decreased 10.0% to US$113.9 million. System wide sales decreased 11.9% compared to fiscal 2006. The net loss for fiscal 2007 was US$42.2 million compared with a net loss of US$135.8 million in fiscal 2006. Impairment charges and lease termination costs were US$12.5 million and US$55.1 million, in fiscal 2007 and 2006, respectively, and litigation settlement costs were US$16.0 million compared to US$35.8 million, respectively. In fiscal 2007 and 2006, the company incurred professional fees, net of anticipated insurance recoveries, of approximately US$9.0 million and US$31.8 million, respectively, associated with internal and external investigations, litigation and the interim management firm engaged by the company in January 2005. The fiscal 2007 amount includes a credit of US$2.3 million recorded in the fourth quarter resulting from reimbursements from insurance companies of costs and expenses in excess of amounts previously estimated. "We have made progress during the past year, including resolving important legal matters, restoring positive cash flow, getting current with our financials, and closing a new senior secured credit facility," said Daryl Brewster, President and Chief Executive Officer of Krispy Kreme Doughnuts, Inc. "Additionally, we've seen stability in our overall average unit volume, developed a pipeline for new products and seen growth internationally utilizing a flexible real estate model." About Krispy Kreme Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme (NYSE: KKD) -- http://www.krispykreme.com/-- is a branded specialty retailer of premium quality doughnuts, including the company's signature Hot Original Glazed. There are currently approximately 323 Krispy Kreme stores and 79 satellites operating systemwide in 43 U.S. states, Australia, Canada, Mexico, the Republic of South Korea and the United Kingdom. The company generates revenues from three distinct sources: company-owned stores, franchise fees and royalties from franchise stores, and a vertically integrated supply chain. Freedom Rings, LLC, company's franchisee in Eastern Pennsylvania, Delaware and Southern New Jersey, filed on Oct. 16, 2005 for Chapter 11 protection with the Delaware Bankruptcy Court (Bankr. D. Del. Case No. 05-14268). Following closure of its four remaining stores, the Bankruptcy Court confirmed Freedom Rings' plan of liquidation on April 20, 2006, and its operations have been substantially wound up. KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for restructuring on April 15, 2005, pursuant to the Companies' Creditors Arrangement Act with the Ontario Superior Court of Justice. Krispy Kreme Doughnut Corp. agreed to pay approximately US$9.3 million to two secured creditors to settle its obligations with respect to its guarantees pertaining to certain indebteness and related equipment agreements. In exchange, a newly formed subsidiary of Krispy Kreme Doughnut Corp. acquired substantially all of the operating assets of KremeKo, as authorized by the Ontario Court. Glazed Investments, LLC, company's franchisee in Colorado, Minnesota and Wisconsin, filed for Chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932). Subsequent to this filing, Glazed Investments sold its remaining 12 Krispy Kreme stores to Western Dough, Krispy Kreme's area developer for Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10 million. This sale was facilitated by the Chapter 11 filing, by permitting the assets to be sold free and clear of all liens, claims and encumbrances. Under the plan of liquidation filed by Glazed Investments, it will be dissolved after distribution of the sale proceeds to creditors, and Krispy Kreme will not receive any payment on account of its ownership in Glazed Investments. While a substantial portion of Glazed Investments' debts were retired from the sale proceeds and liquidation of other assets, Krispy Kreme paid approximately US$1 million of its franchisee's debt which was guaranteed by it. NATIONAL AGRICULTURAL: Moody's Rates Sub. Notes Due 2017 at Baa1 ---------------------------------------------------------------- Moody's Investors Service on April 13, 2007, assigned A3/Baa1 foreign currency long-term senior/subordinated debt ratings and a Prime-1 foreign currency short-term debt rating to National Agricultural Cooperative Federation's updated and upsized USD4 billion Global Medium Term Note Program. The program allows for the issuance of various classes of securities, including senior notes, as well as Lower Tier II and Upper Tier II subordinated notes. The outlook for the long-term ratings is positive, in line with the outlook on the sovereign ratings, while the outlook on the short-term rating is stable. In addition, Moody's has assigned a Baa1 rating to NACF's proposed USD10 non-call 5 year Lower Tier II subordinated fixed rate notes drawdown, due 2017, under the program. The outlook for this rating is positive. This last rating is subject to receipt of final documentation, the terms and conditions of which would be unchanged in any material way from the draft documents Moody's has reviewed. "All of NACF's ratings do not incorporate any potential rating changes that may take place as a result of the announcement of February 21 that Moody's will review all bank ratings worldwide in conjunction with the implementation of Joint Default Analysis (JDA) for banks and the updated Bank Financial Strength Rating (BFSR) methodology," says Beatrice Woo, a Moody's VP/Senior Credit Officer. "NACF's ratings reflect the entity's important policy role and significance to Korea's banking system," says Woo, adding, "It provides financing for the development of the agricultural sector, acts as a financing arm of the Ministry of Agriculture & Forestry, and is Korea's second largest bank in asset terms." These factors support the high likelihood of systemic support, even though the Agricultural Co-operative Law governing NACF does not contain explicit support language, when compared to the other three policy banks (Korea Development Bank, Industrial Bank of Korea and Export-Import Bank of Korea). At the same time, Moody's sees a major credit risk for NACF in its responsibility - although not legally binding - for the financial condition of member co-ops, many of which are intrinsically weak. However, various firewalls mitigate somewhat the risk of any co-ops damaging its financial health. In its history, NACF has not allowed any co-op to fail. NACF was established in 1961 under the Constitution of Korea and the Agricultural Co-operative Law to develop agriculture through implementing government agricultural policy and providing the government's funds. Today, it is the largest policy institution and the largest bank in the system, if member co-ops are included. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 9, 2006, Moody's Investors Service maintained NACF's 'D-' Bank Financial Strength Rating. NATIONAL AGRICULTURAL: S&P Rates Lower Tier II Notes at A- ---------------------------------------------------------- Standard & Poor's Ratings Services on April 13, 2007, assigned its A- rating to the proposed 10-year lower Tier II subordinated notes of Korea's National Agricultural Cooperative Federation. The notes are to be drawn down from a US$4 billion global medium-term note program. The rating reflects Standard & Poor's practice of rating subordinated debt one notch below the long-term senior credit rating for issuers rated 'BBB-' or above. It also takes into consideration the terms and conditions of the proposed subordinated notes and the overall financial status of NACF. "The 'A' long-term counterparty rating on NACF reflects its good market position, modest capitalization, and strong likelihood of government support considering the bank's political importance and its economic importance to Korean agriculture," said Standard & Poor's credit analyst YuMee Oh. "The rating also incorporates NACF's relatively weak profitability on a stand- alone basis," added Ms. Oh. The federation generates most of its profits from its banking operations, the third largest in Korea. A portion of those profits is spent on educational programs and the promotion of the Korean agricultural and livestock industries. In addition, the diverse range of services that NACF provides for the agricultural industry in Korea helps it to maintain its good reputation. Its geographically diverse branch network and the treasury functions it performs for local governments increase the stability of its funding. The stable outlook reflects expectations that NACF will continue to maintain a good market position and modest capital strength for the next few years. However, if NACF's capitalization and government support weaken due to ongoing discussions regarding the possible separation of NACF's economic and credit divisions, the ratings on NACF could be negatively impacted, although these events may take some time to materialize due to the complex conflicts of interest among the numerous parties involved. NACF was established in 1961 under the Constitution of Korea and the Agricultural Co-operative Law to develop agriculture through implementing government agricultural policy and providing the government's funds. Today, it is the largest policy institution and the largest bank in the system, if member co-ops are included. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 9, 2006, Moody's Investors Service maintained NACF's 'D-' Bank Financial Strength Rating. SSAMZIE CO: Expects KRW139 Billion Revenue in 2007 -------------------------------------------------- Ssamzie Co., Ltd. expects to record KRW139.3 billion in revenues in 2007 and to gain an operating profit of KRW5.8 billion, Reuters reports. The company's projected figures are slightly larger than what analysts foresee, Reuters notes. According to Reuters, analysts on average expect the company to report revenues of approximately KRW130.02 billion for the same period. * * * SSAMZIE Co., Ltd. specializes in the manufacturing, designs and sale of leather goods, cloths, hats and accessories. The company provides bags, wallets, shoes, hats, clothes and accessories under house brands such as SSAMIE, ISSAC, nom, GILI, SSAMZIE SPORT, SSAM, DALKI and acupuncture. Its target customers include teenagers and people in their mid-twenties. The company sells its products through stores, department stores and Internet shopping mall. It has stores in the United States, the United Kingdom and China. Korea Investors Service placed a BB rating on the company's issuer rating on August 28, 2006. TI AUTOMOTIVE: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Caa1 Corporate Family Rating for TI Automotive Limited. Moody's also assigned a Caa1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- Sr. Sec. Bank Credit Facility B3 B3 LGD3 39% GBP98.8M Sr. Sec. Bank Credit Facility B3 B3 LGD3 39% GBP223.3M Sr. Sec. Bank Credit Facility B3 B3 LGD3 39% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Based in Warren, Mich., TI Automotive -- http://www.tiauto.com/ -- employs over 20,000 people at more than 130 facilities in 29 countries on six continents. In the Asia Pacific, the company has operations in Australia, China, India, Japan, South Korea, and Thailand. TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3 ---------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York extended the period during which Tower Automotive Inc. and its debtor-affiliates may exclusively file a plan or plans of reorganization through and including May 3, 2007. The Debtors' exclusive right to solicit acceptances of the plan is extended through and including June 29. If by April 30, 2007, the Debtors have already filed a plan, the Exclusive Plan Filing Period will be automatically extended through and including June 6, without further Court order, Judge Gropper says. Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company has operations in Korea, Spain and Brazil. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. =============== M A L A Y S I A =============== DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Dynea International Oy. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Helsinki, Finland, Dynea International Oy -- http://www.dynea.com/-- provides adhesion and surfacing solutions. In 2005, Dynea had revenues of EUR1.2 billion. After the transaction Dynea has 39 production units and some 2,200 employees in 23 countries in including Malaysia, Ukraine and Brazil. FOAMEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$396.4 Mil. --------------------------------------------------------------- Foamex International Inc.'s balance sheet as of Dec. 31, 2006, showed US$396.4 million total stockholders' deficit, resulting from US$564.6 million total assets and US$961 million total liabilities. The company's accumulated deficit as of Dec. 31, 2006, stood at US$432.7 million. The company reported a US$12.3 million net income on US$1.4 billion net sales for the year ended Dec. 31, 2006. It had a US$56.2 million net loss on US$1.3 billion net sales for the comparable period ended Jan. 1, 2006. Gross profit in 2006 was US$207.3 million, as compared with gross profit of US$128.7 million in 2005. Selling price increases implemented in the fourth quarter of 2005 allowed the company to recover increases in raw material costs that averaged about 35% since 2005, plus previously unrecovered raw material cost increases. In addition, operating efficiencies and yield improvements contributed to higher margins in 2006. Gross profit was reduced by asset impairment charges of US$1.6 million in 2006 and US$15.2 million in 2005. Income from operations in 2006 was US$120.1 million, increasing US$78.6 million from US$41.5 million reported in 2005 primarily due to the increased gross profit. Selling, general and administrative expenses were essentially unchanged from 2005 as the accrual of incentive compensation under a plan approved by the Bankruptcy Court on Oct. 30, 2006, was offset by lower professional fees and reduced bad debt expense. The 2006 period included US$7.9 million of restructuring charges related to the closure of manufacturing facilities, while the 2005 period included a US$29.7 million gain from the sale of the company's rubber and felt carpet cushion businesses and goodwill impairment charges of US$35.5 million. Liquidity and Capital Resources Cash and cash equivalents were US$6 million at Dec. 31, 2006 compared with US$7.4 million at Jan. 1, 2006. Working capital at Dec. 31, 2006, was US$24 million and the current ratio was 1.08 to 1 compared to negative working capital at Jan. 1, 2006, of US$19.4 million and a current ratio of 0.95 to 1. In order to finance the company's Reorganization Plan, Foamex L.P. entered into new senior secured credit facilities on Feb. 12, 2007, which provided for aggregate maximum borrowings of up to US$775 million. In addition, on Jan. 4, 2007, the company offered rights to existing stockholders to purchase 2.506 shares of its common stock for each share of common stock held as of Dec. 29, 2006, and holders of preferred stock as of the same date were offered rights to purchase 250.6 shares of common stock for each preferred share held, in each case for US$2.25 per share. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1d15 About Foamex International Headquartered in Linwood, Pa., Foamex International Inc. -- http://www.foamex.com/-- is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The company also manufactures high performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. Foamex has Asian locations in Malaysia, Thailand and China. The Company and eight affiliates filed for chapter 11 protection on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05 12693). Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP, represent the Debtors in their restructuring efforts. Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the ad hoc committee of Senior Secured Noteholders. Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul Ewings, LP, represent the Official Committee of Unsecured Creditors. As of July 3, 2005, the Debtors reported US$620,826,000 in total assets and US$744,757,000 in total debts. (Foamex International Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) As reported in the Troubled Company Reporter - Asia Pacific on Feb. 14, 2007, Foamex's Plan of Reorganization has become effective and the company has successfully emerged from chapter 11 bankruptcy protection. TANCO HOLDINGS: Secures Capital Funding from Lehman Brothers ------------------------------------------------------------ Tanco Holdings Bhd has secured a conditional letter of commitment from Lehman Brothers to provide the funding it needed to implement various scheme arrangements under its debt- restructuring program, the company informs Bursa Malaysia Securities Bhd. Lehman Brothers, The Edge Daily relates, will fund the implementation of the various schemes of arrangement involving Tanco and nine subsidiaries' total borrowings as at Dec. 31, 2006, amounting to MYR407.15 million, of which MYR389.56 million were secured term loans. The company also told Bursa Malaysia that it had filed a new application for restraining order and court-convened meetings, on the ground that it has received a commitment to fund its debt-reform plan. The Troubled Company Reporter - Asia Pacific on July 20, 2006, reported that the Kuala Lumpur High Court dismissed with costs Tanco Holdings' application to extend its restraining order. The High Court previously entered a restraining order in favor of the Tanco Group to allow it time to formalize its Scheme of Arrangement with its creditors. According to the TCR-AP, Tanco Holdings sought an extension of the restraining order, which expired on June 30, 2006. The RO pertains to the company and its subsidiaries: * JKMB Development Sdn Bhd; * Palm Springs Development Sdn Bhd; * Palm Springs Resort Management Berhad; * Popular Elegance (M) Sdn Bhd; * Tanco Development Sdn Bhd; * Tanco Land Sdn Bhd; * Tanco Properties Sdn Bhd; * Tanco Resorts Berhad; and * Tanco Club Berhad. * * * Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings Berhad -- http://www.tancoresorts.com/-- operates resort, golf and marina clubs and provides management services. Its other activities include provision of exchange services in relation to vacation ownership schemes; property holding and development; provision of consultancy services; money lending business; travel and tour agent; multimedia related business; and investment holding. The Group carries out its operations in Malaysia, the British Virgin Islands, New Zealand and Mauritius. The company is a Practice Note 17 company in respect of the Company's continuance as a going concern in its audited accounts for the year ended 31 December 2004. As an affected listed issuer, the Company is required to submit and implement a regularization plan to avoid delisting. THERMADYNE HOLDINGS: Posts US$23 Mil. Net Loss in Full Year 2006 ---------------------------------------------------------------- Thermadyne Holdings Corporation reported a net loss of US$23 million on net sales of US$451.3 million for the year ended Dec. 31, 2006, as compared with a net loss of US$31.4 million on net sales of US$414.7 million for the year ended Dec. 31, 2005. Net sales for the 12 months ended Dec. 31, 2006, increased as a result of increased demand and new product initiatives and about US$20 million as a result of price increases and was partially offset by a decrease in net sales of about US$2 million related to market share and US$1 million as a result of the impact of foreign currency translation. Net sales in the year of 2006 were reduced by US$19 million for rebates paid to customers compared to US$15 million in the same period of 2005. The increase in rebates results from increased sales volume to customers achieving volume levels providing higher rebate percentages. The company's balance sheet showed total assets of US$518.1 million and total liabilities of US$414.6 million, resulting to total stockholders' equity of US$103.5 million. Its accumulated deficit increased to US$88.6 million as of Dec. 31, 2006, from US$65.6 million as of Dec. 31, 2005. Discontinued Operations On Dec. 30, 2006, the company committed to sell its Brazilian manufacturing operation which was established pursuant to a 10-year agreement expiring in 2008 with a major customer requiring Brazilian based manufacturing. Employees of Thermadyne Brazil were informed of this decision on Feb. 16, 2007. The company expects to dispose of the operation no later than September 2007. The company is seeking a buyer or buyers for the property and equipment. As a result, the company recorded an impairment loss of about $15.2 million, net of tax, in the fourth quarter of 2006. The company estimates that the Brazilian operations may require cash outlays of $3 million to $4 million during 2007. On Dec. 30, 2006, the company committed to divest two of its South African subsidiaries, Maxweld & Braze Pty. Ltd. and Thermadyne South Africa (Pty.) Ltd., as part of an evaluation of its non-core operations. On Feb. 5, 2007, the company entered into an agreement to sell the subsidiaries. The selling price is stated in South African Rand, which converts to about US$18 million, assuming a conversion rate of 7.07 Rand per U.S. dollar, with US$14 million payable at closing and the balance due no later than three years from the closing date. The closing of the divestitures is expected to take place in April 2007. The company intends to use the proceeds from the proposed divestitures to further reduce debt. As a result of this decision, the company recorded an impairment loss of about $9.2 million, net of tax, in the fourth quarter of 2006, which was recorded as a component of discontinued operations. Liquidity and Capital Resources In 2006, the company's net cash used in continuing operations was US$1.9 million. Net debt repayments were US$2 million, which included US$20 million in additional borrowings under the Second-Lien Facility that was used to repay the Term Loan and Revolver resulting in additional availability under the Revolver. In 2007, the company anticipates its capital expenditures will be approximately US$15 million. In addition, the company expects its debt service obligations related to capital leases and foreign credit lines, excluding interest expense, will be about US$1.4 million and US$700,000, respectively. It expects operating cash flow, together with available borrowings under the Revolver, will be sufficient to meet our anticipated operating expenses, capital expenditures and the debt service requirements of the Credit Agreement and Second-Lien Facility, the Notes and our other long-term obligations for 2007, as well as to maintain compliance with the related financial covenants. At Dec. 31, 2006, the company and its U.S. subsidiaries are borrowers under a Second Amended and Restated Credit Agreement, as amended. The Credit Agreement consists of a US$70 million revolving loan commitment and a US$2.1 million delayed draw term loan. At Dec. 31, 2006, the company was in compliance with its financial covenants, as a result of amendments received in March 2007, which increased the company's maximum leverage ratio and decreased the minimum fixed charge ratio, effective as of Dec. 31, 2006. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1d19 About Thermadyne Headquartered in St. Louis Missouri, Thermadyne Holdings Corporation -- http://www.thermadyne.com/-- is a multi-national manufacturer of welding and cutting products. The company has operations in Malaysia, Indonesia, Singapore, Philippines, Italy, Mexico and Brazil. In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. manufacturing sector, the rating agency confirmed the Caa1 Corporate Family Rating for Thermadyne Holdings Corporation, as well as the Caa2 rating on the company's US$175 Million 9.25% Senior Subordinate Notes due Feb. 1, 2014. Those debentures were assigned an LGD5 rating suggesting noteholders will experience a 73% loss in the event of default. ================= S I N G A P O R E ================= LEAR CORP: Annual Stockholders' Meeting Slated for June 27 ---------------------------------------------------------- Lear Corporation has set its 2007 annual meeting of stockholders for 10:00 a.m. on June 27 at: Hotel du Pont 11th and Market Streets Wilmington Delaware 19801 U.S.A. At the meeting, stockholders will be asked to vote on, among other things, a management proposal to amend the Company's Certificate of Incorporation to declassify the Board of Directors and, if presented, the adoption of the merger agreement between the Company and certain affiliates of Carl Icahn. The record date for determination of stockholders entitled to notice of, and vote at, the meeting is the close of business on Monday, May 14, 2007. About Lear Corp. 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, Thailand, and the Philippines. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 15, 2007, that following Lear's agreement to be acquired by Carl Icahn-controlled American Real Estate Partners, L.P., Standard & Poor's Ratings Services lowered its corporate credit rating on Lear to 'B' from 'B+' and placed its ratings on CreditWatch with negative implications. The TCR-AP also noted on Feb. 7, 2007, that Moody's Investors Service placed Lear's corporate family rating at B2, under review for possible downgrade. The company's speculative grade liquidity rating of SGL-2 has been affirmed. PETROLEO BRASILEIRO: Hires Skanska to Build Propane-Making Unit --------------------------------------------------------------- Petroleo Brasileiro SA has awarded a contract to build a propane production unit at Presidente Getulio Vargas Refinery or REPAR in Brazil to Skanska. The total contract value is US$109 million. Skanska's share is 70 percent, US$76.3 million, or about SEK535 million, which will be included in order bookings for the second quarter of 2007. The work relates to the construction of a propane unit with the capacity to produce 180,000 tons per year. The scope of the contract includes detailed engineering, procurement, civil and electromechanical construction and assembly, commissioning and start-up assistance of the plant. The refinery is located near Curitiba in the south of Brazil. The project will start immediately and is scheduled for completion in 25 months. The partner in the consortium is the Brazilian engineering company Engevix. Skanska Latin America has extensive experience in refinery works and in the last two years has carried out major similar projects for the same client at some of the most important refineries in Brazil, such as REFAP and REDUC. Skanska Latin America is one of the continent's leading construction companies and one of Skanska's most profitable units. Operations focus primarily on construction, operations and services for the international energy industry. In 2006, the company had some 11,000 employees and sales of SEK3.7 billion. About Skanska Skanska is one of the world's leading construction groups with expertise in construction, development of commercial and residential projects and public-private partnerships. The group currently has 56,000 employees in selected home markets in Europe, in the United States and Latin America. Headquartered in Stockholm, Sweden and listed on the Stockholm Stock Exchange, Skanska's sales in 2006 totaled US$17 billion. About Petroleo Brasileiro SA Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/-- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's Investors Service. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB from BB- on June 29, 2006. PETROLEO BRASILEIRO: May Purchase Tankers to Aid Ethanol Export --------------------------------------------------------------- Brazil's state-run oil firm, Petroleo Brasileiro SA, in response to rising ethanol demands, may purchase tankers in its bid to hike foreign sales of the biofuel, Jeb Blount at Bloomberg News says. As previously disclosed, the state-run company plans to build 42 oil tankers to transform Petroleo Brasileiro from an importer into an energy exporter. Also, Brazil is executing a plan to build 26 tankers for US$130 million to revive the country's shipbuilding industry. "We have the land, the sun and the water to become the Saudi Arabia of ethanol," Sergio Machado, the head of Petrobras' unit Transpetro, told Bloomberg in an interview. "We need to have our own ships to export our output too." According to Bloomberg, Mr. Machado expects the first ethanol tanker to be built by 2011. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/-- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's Investors Service. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB from BB- on June 29, 2006. PETROLEO BRASILEIRO: Must Follow Government's Development Scheme ---------------------------------------------------------------- Brazilian President Luiz Inacio Lula da Silva said that the country's state-owned oil company Petroleo Brasileiro SA must follow the government's development strategy, Business News Americas reports. President Lula da Silva told BNamericas that Petroleo Brasileiro should concentrate on social issues and not solely on profits. BNamericas relates that President Lula da Silva said in a ceremony for Petroleo Brasileiro unit Transpetro, "It's not about dictating rules to Petrobras [Petroleo Brasileiro]. It's about saying Petrobras is controlled by the Brazilian government and the company needs to fit in a strategy to develop the country, while respecting its specific interests." Banco do Brasil Investimentos market analyst Nelson Rodrigues de Matos told BNamericas, "President Lula always said he would use Petrobras as a platform for his government's policies. Petrobras has always had the pros and cons of being a state- owned company." According to BNamericas, the president's statement worried the private sector and some market analysts. Brokerage Brascan Corretora market analyst Felipe Cunha commented to BNamericas, "Lula's statement was worrying because we cannot say how much his government's policy of purchasing the maximum amount of Brazilian-made equipment for Petrobras is going to cost the company. It's also worrying that Lula wants to use Petrobras as an instrument for Brazil's economic development." The Brazilian government should act directly to encourage the naval construction sector and not use Petroleo Brasileiro as a vehicle to do so as the company has minority shareholders. The government has to change the tax structure for fuels instead of squeezing Petroleo Brasileiro's refining margins, BNamericas states, citing Mr. Rodrigues de Matos. About Petroleo Brasileiro SA Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/-- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's Investors Service. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB from BB- on June 29, 2006. SEA CONTAINERS: Wants to Employ PwC Legal as U.K. Labor Counsel --------------------------------------------------------------- Sea Containers, Ltd. and its debtor-affiliates ask authority from the U.S. Bankruptcy Court for the District of Delaware to employ PricewaterhouseCoopers Legal LLP as their United Kingdom pension and labor counsel, nunc pro tunc to Feb. 23, 2007. SCL relates that the UK pension laws underwent significant reform from April 2005. Given the prior decision of management to engage Kirkland & Ellis LLP as its lead bankruptcy counsel, the Debtors require the assistance of experienced outside pension counsel, who can provide advice regarding the new pension laws, during the pendency of the Chapter 11 cases. According to SCL, PwC Legal has extensive experience with, and knowledge of, the reformed pension laws and the Debtors' pension schemes. The firm has the necessary expertise and background to assist the Debtors on an ongoing basis with respect to matters related thereto which may arise in the Chapter 11 cases. The Debtors believe that PwC Legal is both well qualified and able to provide the requested services in the most efficient, timely and economical manner. SCL tells the Court that PwC Legal's assistance is also required in respect of UK labor law, predominantly on daily labor law advice arising in the course of or in relation to the Debtors' business and the Chapter 11 process, including verification and endorsement that actions taken by the Debtors to comply with the Bankruptcy Code do not conflict with the requirements of United Kingdom labor law. The Debtors also need assistance on matters where joint pension and labor law assistance is required. SCL says it will be more expedient to have the same adviser dealing with both joint pension and labor law aspects, especially as the pension and labor law advisors are part of the same practice group within PwC Legal. As Joint Pension and Labor Law Counsel, PwC Legal will advise the Debtors: (1) as to issues arising from their or their subsidiaries' participation in defined benefit pension schemes established under U.K. law, including advice in relation to regulatory issues and ceasing to participate; (2) on daily issues that arise, including verification and endorsement that the Debtors' actions comply with the Bankruptcy Code and do not conflict with the requirements of the U.K.; and (3) on contentious matters, including claims brought against the Debtors in any court or employment tribunal. PwC Legal's services will be paid based on the firm's customary hourly rates: Designation Hourly Rate ----------- --------------- Partners & Heads of Practice Areas GBP450 - GBP500 Assistant Solicitors GBP275 - GBP350 Trainee Solicitors GBP150 - GBP170 Darryl Evans, Esq., a member of PwC Legal, assures the Court that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The members of PwC Legal, its solicitors and barristers do not have any connection with or represent or hold any interest adverse to the Debtors or their estates with respect to the matters on which the firm is to be retained. Sea Containers Ltd. discloses that PwC Legal is a member of PricewaterhouseCoopers LLP's network of firms and is the associated law firm of PwC in the U.K. It is a separate legal entity from PwC. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB)-- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On October 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. The Debtors' exclusive period to file a plan expires on June 12, 2007. Their exclusive period to solicit acceptances expires on Aug. 11, 2007. (Sea Containers Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit ------------------------------------------------------------ Sea Containers Ltd. obtained authority from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to provide a secured, intercompany line of credit of up to US$7,000,000 to its non-debtor subsidiary Sea Containers Treasury Ltd. Intercompany Funding Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware, disclosed that starting in 2002, SCL initiated an operational restructuring program targeted at evaluating and selling identified non-core assets held directly by its foreign, non-debtor subsidiaries. The Non-Core Asset sale program requires support from SCL, both in the form of management oversight and through case flow support. Mr. Greecher said many of the businesses identified as Non-Core Assets cannot fully fund their operations on a stand-alone basis from cash receipts alone because they are cyclical businesses that have significant funding needs during certain parts of the year. Hence, to maintain the operation of the businesses for a sufficient time to allow for thorough marketing and maximization of sale value, SCL has been required to fund their operations. The Debtors believe that the targeted intercompany funding accomplishes two primary objectives, both aimed at the ultimate goal of maximizing the value of SCL's assets. Mr. Greecher related that the Debtors have determined that meeting the funding needs of certain non-debtor subsidiaries will preserve the value of Non-Core Assets during a robust marketing and sale process that will achieve its maximum value. Also, the Debtors have identified a need to ease cash flow problems of some non-debtor subsidiaries that could not survive on their own to prevent creditors from initiating insolvency or foreclosure proceedings in foreign jurisdiction that would be detrimental on the Debtors' reorganization and could destroy value for the stakeholders. Before the Debtors' filing for bankruptcy, they formed SC Treasury as a financing subsidiary that would carry out the business of funding the operations of international subsidiaries that are or hold Non-Core Assets. Throughout the Chapter 11 cases, it has successfully operated to help fund operations for various non-debtor subsidiaries. SCL has identified a process by which funding requests are made to SC Treasury and reviewed before any intercompany loans are made to non-debtor foreign subsidiaries. The SC Treasury mechanism has proven to be an effective vehicle to preserve value in the Non-Core Assets and allow for the orderly reorganization of the Debtors without an undue cash drain, Mr. Greecher noted. As of March 2, 2007, the cash needs of SCL's non-debtor foreign subsidiaries have been lower than originally projected. As of February 21, about $2,520,000 remained in SC Treasury. SCL projects SC Treasury could reallocate the remaining funds and allow for continued financing of the non-debtor subsidiaries through March 2007 and will run out of funds after that. Mr. Greecher told the Court that the Debtors' decision to make the intercompany loan to facilitate the continued operation of the SC Treasury funding mechanism for non-debtor foreign subsidiaries is calibrated to maximize value of their estates or the benefit of creditors in the form of increasing sale values for the Non-Core Assets and reducing secondary liability claims against SCL. Indirectly, the mechanism avoids the expense, distraction and potential value-destroying effect of a series of international insolvency filings for the non-debtor subsidiaries, he adds. Funding Details Judge Carey authorized SCL to make intercompany loans available to non-debtor subsidiary SC Treasury in the form of a line of credit of up to US$6,000,000, repayable on a demand basis, secured by all assets of the SC Treasury, at an interest equal to the London Interbank Offered Rate plus 50 basis points per annum. SC Treasury will be permitted to make first priority secured loans, repayable on a demand basis, at an interest rate of LIBOR plus 50 basis points per annum, to Sea Containers Opera Ltd., secured by a first priority mortgage on the Opera ferry, in an aggregate maximum amount of US$1,000,000. SC Treasury will likewise be permitted to make first priority secured loans, repayable on a demand basis, at an interest rate of LIBOR plus 50 basis points per annum, to Finnjet Bermuda Ltd., secured by a firs priority mortgage on the Finnjet ferry, in an aggregate maximum amount of US$2,500,000. Moreover, SC Treasury will be permitted to make loans, repayable on a demand basis, at an interest rate of LIBOR plus 50 basis points per annum, to SC Finance Ireland Limited in an aggregate maximum amount of US$900,000, which loans are secured by either: (i) a first priority security interest in all assets of SC Finance; or (ii) other security and priority terms as may be agreed by prior consent with the Official Committee of Unsecured Creditors and the U.S. Trustee. Subject to prior written consent of the Creditors Committee and the U.S. Trustee, SC Treasury will be permitted to make loans in respect of the Helsinki-Tallinn Business, in an aggregate maximum amount of US$3,200,000, either: (i) at an interest of LIBOR plus 50 basis points per annum to SC Finland Oy and Superseacat Ou, secured by a first priority interest in the Superseacat 3 and 4 vessels; or (ii) on other security, interest, repayment and priority terms as may be agreed. SC Treasury will be permitted to make additional loans in an aggregate amount of up to US$1,000,000, absent any objections by either the U.S. Trustee or the Creditors Committee. Any loan that does not exceed US$50,000 will not require the consent of the Creditors Committee and the U.S. Trustee. SC Treasury may be permitted to reallocate funding under the Intercompany Loan on these terms, subject to certain conditions. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB)-- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On October 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. The Debtors' exclusive period to file a plan expires on June 12, 2007. Their exclusive period to solicit acceptances expires on Aug. 11, 2007. (Sea Containers Bankruptcy News, Issue No. 12 and 13; Bankruptcy Creditors' Service, Inc. http://bankrupt.com/newsstand/or 215/945-7000) =============== T H A I L A N D =============== G STEEL: Sets Annual General Meeting on April 23 ------------------------------------------------ G Steel Public Company Limited's board of directors has set the annual general meeting of the shareholders on April 23, 2007, the company said in a corporate disclosure to the Stock Exchange of Thailand. The meeting hopes to: * acknowledge the annual report prepared by the board of directors for 2006; * approve the balance Sheet and the profit and loss statements for the year ended Dec. 31, 2006; * approve the allocation of profits for 2006 to legal reserves amounting to THB86,915,400 and dividend payments of THB0.025 per share on May 21, amounting to THB277,500,000 (the remaining will be reserved for expansion projects of the company); * elect directors in replacement of those retired by rotation; * choose the director of audit committee; * fix the amount of remuneration to be paid to directors for 2007 at an aggregate amount of THB8,000,000; * appoint Rungnapa Lertsuwankul, or Vissuta Jariyathanakorn, or Sumalee Reewarabandith at Ernst and Young Office Ltd., as the auditor/s and fix an annual auditing fee of THB2,350,000; * amend to the companys regulation number 62 and Memorandum of Association; * amend the terms and conditions of rights of warrant for the employee stock ownership plan. About G-Steel PCL Headquartered in Bangkok, G-Steel PCL -- http://www.g-steel.com/ -- is primarily engaged in the production and distribution of hot rolled coils, which are the main materials for cold rolled coils, hot dipped galvanized sheets, steel pipes, construction materials and auto parts. The company is a self-contained plant equipped with advanced integrated technology starting from liquid steel making, slab casting to hot rolling. This multiphase steel plant has a production capacity of 1.8 million tons per annum of hot rolled coils. G Steel distributes its products in both domestic and overseas markets. * * * The Troubled Company Reporter - Asia Pacific reported on June 29, 2006, that Moody's Investors Service had placed the B1 corporate family rating and senior unsecured bond rating of G Steel Public Company Limited on review for possible downgrade. The report said that the rating action follows G Steel's announcement that it will purchase approximately US$180 million in convertible bonds issued by Nakornthai Strip Mill PLC. The TCR-AP reported that Standard & Poor's Ratings Services, on June 27, 2006, placed its ratings on G Steel, including the B+ corporate credit rating, on CreditWatch with negative implications. HANTEX: Gets Court Approval to Increase Registered Capital ---------------------------------------------------------- Hantex Public Company Limited has obtained the Central Bankruptcy Court's approval to increase its registered capital from THB5,234,510 to THB114,999,993 via the issuance of 109,765,483 ordinary shares with a par value of THB1 each, totaling THB109,765,483, the company said in a corporate disclosure to the Stock Exchange of Thailand. A hundred million of the new shares will be issued to Forcon 9 Co., Ltd., a holding company, at THB1 per share. Another THB8,596,938 will be used for a debt-to-equity swap, involving: Creditor Shares -------- --------- Sukhumvit Asset Management Co.,Ltd. 4,249,190 B.P. Supply Partnership 118,428 Tana Oil Co.,Ltd. 166,807 Fu-charoensup Co.,Ltd 1,272,327 Bangkok Asset Management Co.,Ltd. 2,298,404 Others 541,782 --------- Total 8,596,938 A total of 1,168,545 shares, with par value of THB1each, has not been allocated. According to a Troubled Company Reporter - Asia Pacific report on Apr. 10, 2007, one of the success indicators of the rehabilitation plan is the increase in registered capital for new investors within 180 days of the court approval date. Headquartered in Bangkok, Thailand, Hantex Public Company Ltd, reported liabilities aggregating THB552 million in 2004, versus lesser assets totaling THB480.64 million. The company drifted further to being insolvent in 2005, with THB608 million in liabilities -- almost double the THB319.86 million in assets reported. The company's stocks are currently under Stock Exchange of Thailand's SP (suspension), NP (notice pending), NC (non compliance) signs. * Notice Pending - The issuer failed to submit a quarterly or annual financial statement to the SET by the specified time. * Suspension - Trading in the security is being suspended for more than one trading session. * Non-Compliance - The securities of a listed company that may be delisted. Going Concern Doubt On June 16, 2006, Miss Chantra Wongsri-Udomporn of Dharmniti Auditing Company Limited, the company's independent auditor, raised significant doubt on the company's ability to continue as a going concern, citing the following reasons: * The company has encountered gross losses since 1998 to 2005. * As of December 31, 2005 and 2004 the company's current liabilities exceeded its current assets in the amount THB628.70 million and THB490.62 million, respectively. * The company's total liabilities exceeded its total assets THB323.35 million and THB72.50 million, respectively. * The company has been suffering on retained loss THB1.21 billion and THB1.03 billion, net loss for the years ended December 31, 2005, and 2004 in the amount THB183.51 million and THB195.85 million, respectively. * Other circumstances, such as: - The company defaulted repayment in accordance with the certain debt restructuring contract amounting to THB420.22 million with 3 financial institutions, including unable to achieve in negotiate of the debt re- restructuring agreement with the financial institutions. - The company also defaulted with another minor certain creditors such as the Provincial Electricity Authority, Natural and Resource Development, spare part, raw material, labor, security, etc. However, the company has a scheme to raise the money from the capital increase amounting to THB125 million to solve its significant liquidity problem. The auditor also adds that the company has been facing significant liquidity problems for several years. POWER-P: Names Surachai Arunbutr as New CEO ------------------------------------------- Power-P Public Company Limited appointed Surachai Arunbutr as chairman of the executive board and chief executive officer on Apr. 5, 2007, the company said in a corporate disclosure with the Stock Exchange of Thailand. Mr. Surachai will replace Pranai Satayawanit who resigned. Headquartered in Bangkok, Power-P Public Company Limited -- http://www.power-p.co.th/-- is engaged in the provision of construction works, including commercial buildings and housing projects, as well as the leasing business of land and equipment. Power-P has two subsidiaries, J-Power Co., Ltd., which is engaged in the construction of factories, and L.V.C. Development Co., Ltd., which provides construction, construction management and installation of machinery. The company is currently undergoing debt restructuring. Moreover, the company carries the Stock Exchange of Thailand's SP -- suspension -- sign for its failure to submit its financial statements as of Dec. 31, 2006. SAFARI WORLD: Prepares Rehabilitation Plan to Avoid Delisting ------------------------------------------------------------- Safari World PCL's board of directors has decided to remedy the cause of delisting of securities by submitting a rehabilitation plan for best benefit of the company and its shareholders, the company said in a corporate disclosure with the Stock Exchange of Thailand. The company will: * appoint an independent financial advisor to prepare a rehabilitation plan to remedy the cause of delisting; * prepare a rehabilitation plan to remedy the cause of delisting; and * report on the progress by comparing the results of their operations to the rehabilitation plan every three months to the SET, until the cause of delisting have been eliminated. The board has also decided to elect Merchant Partners Securities Limited as its independent financial adviser. Bangkok-based Safari World Public Company Limited -- http://www.safariworld.com/-- is engaged in the entertainment business. The company operates Safari World, which is comprised of an open zoo, a marine park, a bird park and other theme parks. It offers animal performances and other recreational activities such as jungle cruises and feeding shows. The company is also involved in food and beverage services, the sale of souvenirs and the provision of air-conditioned coach services. Safari World has a subsidiary, Phuket FantaSea Company Limited, which is engaged in the operation of Phuket FantaSea (a nighttime cultural theme park). The company's balance sheets as of December 31, 2006, showed total liabilities of THB3,958,646,588, exceeding total assets of THB3,887,211,642 by THB71,434,946. SIAM CITY: Optimistic on Profit Growth for 2007 ----------------------------------------------- Siam City Bank PCL plans to attract more retail customers and to increase fee income in order to push its 2007 net profit up, Reuters relates. The Troubled Company Reporter - Asia Pacific reported on Apr. 9, 2007, that Siam City Bank reported a net income of THB4,257,794,514 for the year 2006, a decrease of 32.04% from the net income of THB6,264,987,488 reported for the year 2005. Reuters reports, citing Siam City Bank's newly-appointed president Chaiwat Utaiwan, that the bank also hoped to sell a stake to a foreign financial firm over the next 18-24 months to strengthen its business. According to the report, Mr. Chaiwat gave no specific net profit forecast for 2007. The bank planned to cut its loan growth target of 14% this year, citing the slowing investment and weaker consumption clouding domestic economic growth this year. Siam City Bank Public Company Limited -- http://www.scib.co.th/ -- principal activity is the provision of commercial banking services which includes deposits, payments, credit cards, consumer loans and e-banking. Other activities include real estate development, computer consultancy and provision of capital market services. Operations are carried out primarily in Thailand. * * * The Troubled Company Reporter - Asia Pacific reported that on Oct. 19, 2006, Fitch assigned these ratings to Siam City Bank: * Long-term foreign currency Issuer Default rating of BB; * Short-term foreign currency rating of B; Fitch said the outlook on the ratings is Stable. Fitch has also upgraded the bank's individual rating to D from D/E and affirmed its Support rating at 4. The Troubled Company Reporter - Asia Pacific reported on September 26, 2006 that the bank currently carries Moody's Bank financial strength rating of D. * BOND PRICING: For the Week 9 April to 13 April 2007 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA & NEW ZEALAND ----------- Ainsworth Game 8.000% 12/31/09 AUD 0.85 Alinta Networks 5.750% 09/22/10 AUD 6.62 APN News & Media Ltd 7.250% 10/31/08 AUD 5.75 A&R Whitcoulls Group 9.500% 12/15/10 NZD 9.75 Arrow Energy NL 10.000% 03/31/08 AUD 1.70 Babcock & Brown Pty Ltd 8.500% 12/31/49 NZD 7.70 Becton Property Group 9.500% 06/30/10 AUD 0.99 BIL Finance Ltd 8.000% 10/15/07 NZD 9.75 Capital Properties NZ Ltd 8.500% 04/15/07 NZD 9.00 Capital Properties NZ Ltd 8.000% 04/15/10 NZD 8.45 Cardno Limited 9.000% 06/30/08 AUD 5.70 CBH Resources 9.500% 12/16/09 AUD 0.39 Chrome Corporation Ltd 10.000% 02/28/08 AUD 0.01 Clean Seas Tuna Ltd 9.000% 09/30/08 AUD 1.05 Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.30 Evans & Tate Ltd 8.250% 10/29/07 AUD 0.47 Fletcher Building Ltd 8.600% 03/15/08 NZD 9.00 Fletcher Building Ltd 7.800% 03/15/09 NZD 8.35 Fletcher Building Ltd 7.550% 03/15/11 NZD 8.15 Futuris Corporation Ltd 7.000% 12/31/07 AUD 2.49 Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 8.50 Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.00 Hutchison Telecoms Australia 5.500% 07/12/07 AUD 0.30 IMF Australia Ltd 11.500% 06/30/10 AUD 0.80 Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 NZD 8.50 Infratil Ltd 8.500% 11/15/15 NZD 8.20 Kiwi Income Properties Ltd 8.000% 06/30/10 NZD 1.24 Metal Storm 10.000% 09/01/09 AUD 0.15 Minerals Corporation Ltd 10.500% 09/30/07 AUD 0.90 Nuplex Industries Ltd 9.300% 09/15/07 NZD 9.40 Primelife Corporation 10.000% 01/31/08 AUD 1.02 Salomon SB Aust 4.250% 02/01/09 USD 7.47 Sapphire Sec 7.410% 09/20/35 NZD 7.36 Sapphire Sec 9.160% 09/20/35 NZD 9.13 Silver Chef Ltd 10.000% 08/31/08 AUD 1.06 Software of Excellence 7.000% 08/09/07 NZD 1.83 Speirs Group Ltd. 10.000% 06/30/49 NZD 65.00 Structural Systems 11.000% 06/30/07 AUD 1.26 TrustPower Ltd 8.300% 09/15/07 NZD 9.00 TrustPower Ltd 8.300% 12/15/08 NZD 8.30 TrustPower Ltd 8.500% 09/15/12 NZD 8.35 TrustPower Ltd 8.500% 03/15/14 NZD 8.15 CHINA ----- China Tietong 4.600% 08/18/15 CNY 60.00 Jiangxi Investment 4.380% 09/11/21 CNY 56.84 JAPAN ----- Japan Funi Muni Ent 1.700% 10/30/08 JPY 2.64 JNR Settlement 2.200% 02/15/08 JPY 1.89 Nara Prefecture 1.520% 10/31/14 JPY 10.18 KOREA ----- Korea Development Bank 7.350% 01/27/21 KRW 49.98 Korea Development Bank 7.450% 10/31/21 KRW 49.96 Korea Development Bank 7.400% 11/02/21 KRW 49.94 Korea Development Bank 7.310% 11/08/21 KRW 49.89 Korea Development Bank 8.450% 12/15/26 KRW 71.29 Korea Electric Power 7.950% 04/01/96 USD 57.31 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.76 Asian Pac Bhd 4.000% 12/21/07 MYR 0.31 Berjaya Land Bhd 5.000% 12/30/09 MYR 0.97 Bumiputra-Commerce 2.500% 07/17/08 MYR 1.35 Camerlin Group 5.500% 07/15/07 MYR 2.16 Crescendo Corporation Bhd 3.000% 08/25/07 MYR 1.56 Denko Industrial Corp. Bhd 5.000% 03/15/07 MYR 0.69 Eastern & Oriental Hotel 8.000% 07/25/11 MYR 1.99 Eden Enterprises (M) Bhd 2.500% 12/02/07 MYR 1.00 Equine Capital 3.000% 08/26/08 MYR 0.40 EG Industries Bhd 5.000% 06/16/10 MYR 0.55 Greatpac Holdings 2.000% 12/11/08 MYR 0.25 Gula Perak Bhd 6.000% 04/23/08 MYR 0.42 Hong Leong Industries Bhd 4.000% 06/28/07 MYR 0.83 Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.60 I-Berhad 5.000% 04/30/07 MYR 0.75 Insas Bhd 8.000% 04/19/09 MYR 0.80 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.35 Kosmo Technology Industrial 2.000% 06/23/08 MYR 0.53 Kretam Holdings Bhd 1.000% 08/10/10 MYR 0.66 Kumpulan Jetson 5.000% 11/27/12 MYR 0.50 LBS Bina Group Bhd 4.000% 12/31/07 MYR 0.58 LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.58 LBS Bina Group Bhd 4.000% 12/31/09 MYR 0.58 Media Prima Bhd 2.000% 07/18/08 MYR 1.59 Mithril Bhd 8.000% 04/05/09 MYR 0.31 Mithril Bhd 3.000% 04/05/12 MYR 0.60 Nam Fatt Corporation Bhd 2.000% 06/24/11 MYR 0.75 Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.33 Pelikan International 3.000% 04/08/10 MYR 1.85 Pelikan International 3.000% 04/08/10 MYR 1.97 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.88 Ramunia Holdings 1.000% 12/20/07 MYR 0.99 Rashid Hussain Bhd 3.000% 12/23/12 MYR 1.83 Rashid Hussain Bhd 0.500% 12/24/12 MYR 1.83 Rhythm Consolidated Bhd 5.000% 12/17/08 MYR 0.32 Silver Bird Group Bhd 1.000% 02/15/09 MYR 0.33 Senai-Desaru Exp 3.500% 06/07/19 MYR 74.25 Senai-Desaru Exp 3.500% 12/09/19 MYR 72.87 Senai-Desaru Exp 3.500% 06/09/20 MYR 71.49 Senai-Desaru Exp 3.500% 12/09/20 MYR 70.14 Senai-Desaru Exp 3.500% 06/09/21 MYR 68.77 Southern Steel 5.500% 07/31/08 MYR 1.48 Tenaga Nasional Bhd 3.050% 05/10/09 MYR 1.26 Tradewinds Corp. 2.000% 02/08/12 MYR 0.70 Tradewinds Plantations Bhd 3.000% 02/28/16 MYR 0.90 TRC Synergy Berhad 5.000% 01/20/12 MYR 1.35 WCT Land Bhd 3.000% 08/02/09 MYR 1.68 Wah Seong Corp 3.000% 05/21/12 MYR 3.48 YTL Cement Bhd 4.000% 11/10/15 MYR 1.67 SINGAPORE --------- Sengkang Mall 8.000% 11/20/12 SGD 1.36 ********* 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. Andrei Sanchez, Rousel Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya Natasha Fernandez, Frauline Abangan, 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 ***