/raid1/www/Hosts/bankrupt/TCRAP_Public/070720.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, July 20, 2007, Vol. 10, No. 142
Headlines
A U S T R A L I A
ANGELOS MENSWEAR: Final Meeting Slated for August 14
ANSETT AIRLINES: Former Workers Receive AU$9.3 Million Payout
BOLTON'S ELECTRICAL: Names Jamieson Louttit as Liquidator
CHAUVEL CINEMAS: Sets Final Meeting for August 10
GOLD PLASTER: Members to Receive Wind-Up Report on July 31
GRADON CORPORATION: Placed Under Members' Voluntary Liquidation
JANRO PTY: Members' Final Meeting Set for August 16
LEUCADENDRON PTY: Liquidator to Give Wind-Up Report on July 30
PETERS NURSERY: Names Brent Trevor Alex Kijurina as Liquidator
PETERS WHOLESALE: Members Opt to Shut Down Business
SWIFT & CO: JBS Completes Acquisition for US$1.5 Billion
U-STORE PTY: Members Pass Resolution to Wind Up Operations
UNIVERSAL COMPRESSION: Unit to Redeem US$175 MM Senior Notes
C H I N A & H O N G K O N G
ALLIED HARVEST: Creditors' Meeting Set for July 24
APG LIMITED: Sets Members' Final Meeting for August 13
ASAT HOLDINGS: Appoints Kei Hong Chua as Financial Head
BARBER LINES: Shareholders Agree on Voluntary Liquidation
DRESDNER RCM: Accepting Proofs of Debt Until July 27
EMI GROUP: Warner Music Backs Out of Bidding Race
HONG KONG CONFEERATION: Members Opt to Liquidate Business
JIANGXI COPPER: Expects to Post Solid Earnings in 2007 1st Half
MULTI WAY: Members to Receive Wind-Up Report on August 14
MUTUAL FAITH: Sets Final Meeting for August 6
OWWS LIMITED: Fixes August 9 as Last Day to File Claims
SHEN GANG FINANCE: Sets Creditors' Meeting for July 24
VENCO HOLDINGS: Taps Law Yui and Mok Chi as Liquidators
I N D I A
FERTILISERS & CHEMICALS: Seeks Prime Minister's Intervention
SOUTHERN PETROCHEM: Plant May Not Reopen Due to Lenders' Demand
SOUTHERN PETROCHEM: Loses INR70 Lakh Daily as Plant Stays Closed
TATA MOTORS: Mulls Bidding for Jaguar and Land Rover
TATA MOTORS: To List in New York Stock Exchange on Monday
TATA STEEL: Fitch Gives 'BB' Rating to U.K. Unit's Long-term IDR
TRAVANCORE RAYON: Likely to Reopen Soon, Report Says
* Rewards Await CEOs & Directors for Reviving Central PSUs
* Tea Board May Take Over 3 Closed Bengal Estates
I N D O N E S I A
ANEKA TAMBANG: Extends Cooperation Deal w/ International Nickel
BAKRIE SUMATERA: Invests in US$100-Million Singapore Venture
EXCELCOMINDO PRATAMA: Targets 30% Revenue Growth in 2007
FOSTER WHEELER: To Hold Conference Call on August 8
INDOSAT: Parliament Discourages Gov't to Buy Back Shares
INTERNATIONAL NICKEL: To Start Karebbe Dam Construction
INCO: Appoints Members to the Board of Commissioners & Directors
MCDERMOTT INT'L: Unit Signs 20-Year Contract with Solid Waste
J A P A N
ALL NIPPON: Cancels 75 Flights Due to Category Four Storm
BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability
BOSTON SCIENTIFIC: To Pay US$195 Mil. to Settle Product Lawsuits
DAIWA SECURITIES: Expands Business Due to Increasing Competition
FORD MOTOR: Mulling Sale of Volvo Brand, Sources Say
JAPAN AIRLINES: Flight Cancellation Affects 13,450 Passengers
NOMURA HOLDINGS: Shares Fall After Deutsche Lowered Stock Price
K O R E A
LYONDELL CHEMICAL: Basell Deal Cues S&P to Watch Ratings
WOORI BANK: To Buy Additional 0.5% Stake in POSCO for US$250MM
M A L A Y S I A
CHIN FOH: Expects Turnaround in 2009 Under New Plan
FEDERAL FURNITURE: Fails to Get Nod on Transfer of Land Titles
MALAYSIA AIRLINES: Wants More Time to Study Open Sky Policy
SOLECTRON CORP: Bags Parata Systems APM Manufacturing Contract
N E W Z E A L A N D
ALUMEX INSTALLATIONS: Fixes August 3 as Last Day to File Claims
BIG ERECTIONS: Court to Hear Wind-Up Petition on July 26
CHL LTD: Names Jenkins and Deuchrass as Liquidators
DDNZ LTD: Sets Wind-Up Petition Hearing for July 23
FIRE SPECIALISTS: Wind-Up Petition Hearing Set for July 26
GREENPARK COMPLIANCE: Accepting Proofs of Debt Until Aug. 3
K C TRAWLING: Court to Hear Wind-Up Petition on July 23
MANUKAU VEHICLE: Taps Whittfield and Finnigan as Liquidators
METRO MOTOR: Requires Creditors to File Claims by August 3
PERMANENT HOMES: Court Releases Wind-Up Order
REGAL SOUTH: Subject to CIR's Wind-Up Petition
VALMA INVESTMENTS: Creditors' Proofs of Debt Due Today
P H I L I P P I N E S
ATLAS CONSOLIDATED: Expects PHP500-Million Net Income for 2007
BANGKO SENTRAL: Introduces New Overdraft Credit Line Policy
METROPOLITAN BANK: To Issue PHP10BB Unsecured Subordinated Debts
PICOP RESOURCES: Share Prices Rise on San Miguel Purchase Rumors
SAN MIGUEL: Denies Rumors of CEO's Purchase of Shares in PICOP
* Gov't Bullish of Recovering Philippines' Competitiveness Level
* Investments Climb 30% & Reaches PHP130 Billion in First Half
S I N G A P O R E
CATALOG MAGAZINE: Court Enters Wind-Up Order
CKE RESTAURANTS: Closes La Salsa Mexican Retaurants Sale
DA CONSULTING: Court Enters Wind-Up Order
LEAR CORP: S&P Assigns B Corporate Credit Rating
PRIME ENERGY: Enters Wind-Up Proceedings
PETROLEO BRASILEIRO: Awards Two Contracts to Siemens' Unit
PETROLEO BRASILEIRO: Inks Engineering Support Contract with MCS
PETROLEO BRASILEIRO: Oil Production Rises 8.6% in June
T H A I L A N D
DOLE FOOD: Court Starts Hearing Banana Workers' Claims
GOVERNMENT HOUSING: To Keep Bad Debts Down to THB700MM Monthly
SIAM CITY BANK: Invests THB5 Bil. for Jatukarm Ramathep Amulets
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ANGELOS MENSWEAR: Final Meeting Slated for August 14
----------------------------------------------------
A final meeting will be held for the members of Angelos Menswear
Pty Ltd on August 14, 2007, at 10:00 a.m.
The members will receive, at the meeting, a report about the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Wanda Chies
c/o 202 Kembla Street
Wollongong, New South Wales 2500
Australia
About Angelos Menswear
Angelos Menswear Pty Ltd, which is also trading as Angelo's
Mensland, operates men's and boys' clothing and accessory
stores. The company is located in New South Wales, Australia.
ANSETT AIRLINES: Former Workers Receive AU$9.3 Million Payout
-------------------------------------------------------------
Ansett Australia Pty Ltd. employees will be receiving another
set of dividend from the administrators of the airlines in the
amount of AU$15.3 million, which was scheduled to be given last
week, reports Australian Associated Press.
According to the report, this is the eighth part of the dividend
payout to Ansett's 15,000 former staff, which is owed a total of
AU$760 million, whom were cautioned they will never receive
their full entitlements.
AAP, citing administrator Mark Korda, conveys that
AU$9.3 million of the AU$15.3 million to be paid out will go to
former Ansett employees and AU$6 million to the federal
government to repay staff entitlements previously advanced under
a special assistance program.
The current dividend payout, writes AAP, is 10% of each
employee's outstanding entitlements. The payments will average
AU$1,000 per employee, with some employees receiving more that
AU$9,000, relates AAP.
The latest payout follows further sales of Ansett assets since
December 2006, reports AAP. The administrators have sold the
business assets at the Ansett's maintenance base at Melbourne
Airport to John Holland Aviation Services.
Further dividends, according to the administrators, will be paid
over the next one to two years depending on further asset sales,
conveys the report.
About Ansett Australia
nsett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a
major Australian domestic and international airline at its
height in 1996. Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.
On September 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration. Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.
On September 17, 2001, Mr. Hedge stood down as administrator.
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies. The new administrators estimated Ansett's debt to be
as high as AU$2 billion.
On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement. Copies of the DOCAs can
be accessed for free at:
http://www.ansett.com.au/administrator/doca.htm
Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.
A timeline of announcements made by the Ansett Administrators
from the time of Ansett's resolve into Voluntary Administration
is available for free at:
http://www.ansett.com.au/timeline/timeline_f.htm
BOLTON'S ELECTRICAL: Names Jamieson Louttit as Liquidator
---------------------------------------------------------
On June 29, 2007, Jamieson Louttit was appointed as liquidator
of Bolton's Electrical Services Pty Limited.
The Liquidator can be reached at:
Jamieson Louttit
Jamieson Louttit & Associates
Suite 73, Level 15
88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9231 0505
Facsimile:(02) 9231 0303
About Bolton's Electrical
Bolton's Electrical Services Pty Ltd is a special trade
contractor. The company is located in New South Wales,
Australia.
CHAUVEL CINEMAS: Sets Final Meeting for August 10
-------------------------------------------------
The members and creditors of Chauvel Cinemas Pty Ltd will have
their final meeting on August 10, 2007, at 10:00 a.m., to hear
the liquidator's report about the company's wind-up proceedings
and property disposal.
The company's liquidator is:
H. C. Thomas
c/o BKR Walker
Wayland Chartered Accountants
8th Floor, 55 Hunter Street
Sydney
Australia
About Chauvel Cinemas
Chauvel Cinemas Pty Ltd operates miscellaneous retail stores.
The company is located in New South Wales, Australia.
GOLD PLASTER: Members to Receive Wind-Up Report on July 31
----------------------------------------------------------
Gold Plaster Linings Pty Ltd will hold a final meeting for its
members on July 31, 2007, at 10:00 a.m.
During the meeting, the members will receive a report about the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Robert George Bates
c/o Casey Bates
Suite 2, Level 6, 20 Smith Street
Parramatta
Australia
About Gold Plaster
Gold Plaster Linings Pty Ltd is in the business of plastering,
drywall, acoustical and insulation work. The company is located
in Queensland, Australia.
GRADON CORPORATION: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------------
At an extraordinary general meeting held on June 26, 2007, the
members of Gradon Corporation Pty Limited agreed to voluntarily
wind up the company's operations and appointed Graham J.
Donnelly as liquidator.
About Gradon Corporation
Gradon Corporation Pty Limited operates miscellaneous retail
stores. The company is located in New South Wales, Australia.
JANRO PTY: Members' Final Meeting Set for August 16
---------------------------------------------------
The members of Janro Pty Limited will have their final meeting
on August 16, 2007, at 11:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Peter Robson
12 Beta Road
Lane Cove, New South Wales 2066
Australia
About Janro Pty
Located in New South Wales, Australia, Janro Pty Limited is an
investor relation company.
LEUCADENDRON PTY: Liquidator to Give Wind-Up Report on July 30
--------------------------------------------------------------
A final meeting will be held for the members of Leucadendron Pty
Ltd on July 30, 2007, at 9:00 a.m.
Andrew H. Clarke, the company's liquidator, will give, at the
meeting, a report about the company's wind-up proceedings and
property disposal.
The Liquidator can be reached at:
Andrew H. Clarke
Level 8, 15 Blue Street
North Sydney, New South Wales 2060
Australia
About Leucadendron Pty
Leucadendron Pty Ltd, which is also trading as The Haven Inn,
operates hotels and motels. The company is located in New South
Wales, Australia.
PETERS NURSERY: Names Brent Trevor Alex Kijurina as Liquidator
--------------------------------------------------------------
On June 29, 2007, the members of Peters Nursery Pty Ltd had a
meeting and agreed to voluntarily liquidate the company's
business.
Brent Trevor Alex Kijurina was appointed as liquidator.
The Liquidator can be reached at:
Brent Trevor Alex Kijurina
Smith Hancock
Level 4, 88 Phillip Street
Parramatta, New South Wales 2150
Australia
About Peters Nursery
Peters Nursery Pty Ltd is a distributor of flowers and florists
supplies. The company is located in New South Wales, Australia.
PETERS WHOLESALE: Members Opt to Shut Down Business
---------------------------------------------------
At an extraordinary general meeting held on June 29, 2007, the
members of Peters Wholesale Nursery Pty Ltd resolved to shut
down the company's business and appointed Brent Trevor Alex
Kijurina of Smith Hancock Chartered Accountants, as liquidator.
The Liquidator can be reached at:
Brent Trevor Alex Kijurina
c/o Smith Hancock
Level 4, 88 Phillip Street
Parramatta, New South Wales 2150
Australia
About Peters Wholesale
Peters Wholesale Nursery Pty Ltd is a distributor of flowers and
florists supplies. The company is located in New South Wales,
Australia.
SWIFT & CO: JBS Completes Acquisition for US$1.5 Billion
--------------------------------------------------------
Azela/Multinational
JBS S.A. has disclosed that it has completed the acquisition of
Swift & Co. from HM Capital Partners LLC, a Dallas-based private
equity firm, and Booth Creek Management Corporation in an all
cash transaction valued at approximately US$1.5 billion. As a
result of this acquisition, the consolidated JBS Swift Group
will be the largest beef processor in the world.
Swift, S&C Holdco 3, Inc. and Swift Foods Company also announced
the successful completion of their tender offers and consent
solicitations for the outstanding 10-1/8% Senior Notes due 2009
issued by Swift, the 12-1/2% Senior Subordinated Notes due
January 1, 2010 issued by Swift, the 11.00% Senior Notes due
2010 issued by S&C Holdco 3 and the 10.25% Convertible Senior
Subordinated Notes due 2010 issued by SFC. The tender offers
expired at 8:00 a.m., New York City time, on July 11, 2007.
Approximately 99.2% of the 10-1/8% Senior Notes, 93.4% of the
Subordinated Notes, 99.9% of the 11.00% Senior Notes and 99.9%
of the Convertible Notes were validly tendered, not withdrawn
and have been accepted for payment.
Each company, the applicable guarantors and the trustee have
entered into a supplemental indenture for the applicable Notes,
giving effect to the amendments to the indentures. The
amendments to the indentures contained in such supplemental
indentures became effective upon execution of the supplemental
indentures and will become operative upon the purchase of the
tendered Notes.
J.P. Morgan Securities Inc. acted as the Dealer Manager and the
Solicitation Agent in connection with the tender offers and
consent solicitations. The Information Agent for the tender
offers and consent solicitations was D.F. King & Co., Inc.
About JBS
Headquartered in Sao Paulo, Brazil, JBS is the third largest
beef company in the world in terms of cattle slaughtering
capacity and the largest beef processor and exporter in Brazil,
Argentina and Latin America. With operations in Brazil and
Argentina, JBS produces, prepares, packages and delivers fresh,
chilled and processed beef and beef by-products to customers
both in Brazil and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Standard & Poor's Ratings Services placed its 'B+'
long-term corporate credit rating on Brazil-based meat-
processing company JBS S.A. on CreditWatch with negative
implications.
As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Moody's Investors Service changed the direction of
the review of JBS S.A.'s B1 global local currency corporate
family rating and B1 senior unsecured rating of JBS to possible
downgrade from possible upgrade.
About Swift & Co
Swift & Company is one of the world's leading beef and pork
processing companies. Its largest business segments are
domestic beef processing (Swift Beef, 59% of consolidated sales
for the first 39 weeks ended February 25, 2007), domestic pork
processing (Swift Pork, 22%) and beef operations in Swift
Australia (19%). Consolidated sales for the twelve months ended
Feb. 25, 2007 were about US$9.5 billion. It has operations in
Australia, Brazil and Colombia.
* * *
As reported on July 9, 2007, Standard & Poor's revised the
CreditWatch implications of all ratings on Swift, including the
'B' corporate credit rating, to positive from developing,
herethey were placed on May 29, 2007, following JBS S.A.'s (JBS;
B+/Watch Neg/--) announcement that its holding company J&F
Participacoes (J&F; not rated) had signed an agreement for the
acquisition of 100% of U.S.-based Swift for US$1.4 billion
(enterprise value).
U-STORE PTY: Members Pass Resolution to Wind Up Operations
----------------------------------------------------------
During a general meeting held on June 27, 2007, the members of
U-Store Pty Limited resolved to voluntarily wind up the
company's operations.
David Clement Pratt and Timothy James Cuming were appointed as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex Street
Sydney, New South Wales 1171
Australia
About U-Store Pty
U-Store Pty Limited, which is also trading as U-Store Public
Storage, is in the business of general warehousing and storage.
The company is located in Queensland, Australia.
UNIVERSAL COMPRESSION: Unit to Redeem US$175 MM Senior Notes
------------------------------------------------------------
Universal Compression Inc., subsidiary of Universal Compression
Holdings Inc., will redeem all US$175 million of its remaining
outstanding 7.25% Senior Notes due 2010.
The indenture governing the notes permits the unconditional
redemption of all of the notes at a redemption price of 103.625%
plus accrued and unpaid interest up to and including the date
fixed for redemption. The expected date of redemption is Aug.
13, 2007.
The Bank of New York is the trustee and redemption agent for the
notes. Formal notice of the redemption setting forth the
redemption procedures will be made to bondholders on July 13,
2007.
The redemption of the notes is part of the refinancing plan of
Universal and Hanover Compressor Company implemented in
anticipation of the closing of their pending merger, which is
currently expected to occur on Aug. 20, 2007, if the conditions
to the closing have been satisfied as of that date.
As part of the refinancing plan, Exterran Holdings Inc., which
will be the publicly traded holding company after the completion
of the merger, has engaged Wachovia Capital Markets LLC and
J. P. Morgan Securities Inc. to arrange and syndicate a senior
secured credit facility, consisting of a revolving credit
facility and a term loan, and has engaged Wachovia to provide a
new asset-backed securitization facility to Exterran.
The primary purpose of these new facilities will be to fund the
redemption or repurchase of all of Universal's and Hanover's
outstanding debt other than Hanover's convertible debt
securities and the credit facility of Universal's publicly
traded subsidiary, Universal Compression Partners L.P.
The new facilities will replace Universal's and Hanover's
existing bank lines and Universal's existing asset-backed
securitization facility. The closing of the new facilities is
subject to the receipt of sufficient commitments from
participating lenders and the execution of mutually satisfactory
documentation.
About Universal Compression Holdings
Headquartered in Houston, Texas, Universal Compression Holdings
Inc. -- http://www.universalcompression.com/ -- is a natural
gas compression services company, providing a full range of
contract compression, sales, operations, maintenance and
fabrication services to the domestic and international natural
gas industry.
The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela. The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.
* * *
Standard & Poor's rated Universal Compression Holdings' long
term foreign and local issuer credit BB. The outlook is stable.
================================
C H I N A & H O N G K O N G
================================
ALLIED HARVEST: Creditors' Meeting Set for July 24
--------------------------------------------------
Allied Harvest Investment Limited will hold a meeting for its
creditors on July 24, 2007, at 3:15 p.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.
The meeting will be held at 32nd Floor, One Pacific Place at 88
Queensway, Hong Kong.
APG LIMITED: Sets Members' Final Meeting for August 13
------------------------------------------------------
The members of APG Limited will have their final meeting on
August 13, 2007, at 10:00 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.
The meeting will be held on the 8th Floor of Gloucester Tower,
The Landmark at 15 Queen's Road in Central, Hong Kong.
ASAT HOLDINGS: Appoints Kei Hong Chua as Financial Head
-------------------------------------------------------
ASAT Holdings Ltd. named Kei Hong Chua as chief financial
officer, effective immediately, succeeding acting CFO Kei Wah
Chua, Reuters reports.
Prior to joining ASAT, Mr. Kei Hung was head of Standard
Chartered Bank's Alternate Investment Group in China.
Meanwhile, Mr. Kei Wah, the brother of Kei Hong Chua, will
continue serving as a board member.
ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design,
assemblyand test services. With more than 17 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines.
ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip. ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products. The
Company has operations in the United States, Asia and Europe.
Its Asian presence is in Hong Kong and China.
Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.
BARBER LINES: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------
On July 6, 2007, the shareholders of Barber Lines, Arabian
Navigation and Shipping Co. Limited resolved to voluntarily wind
up the company's operations.
Lai Kar Yan (Derek) and Darach E. Haughey were appointed as
liquidators.
The Liquidators can be reached at:
Lai Kar Yan (Derek)
Darach E. Haughey
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
DRESDNER RCM: Accepting Proofs of Debt Until July 27
----------------------------------------------------
The creditors of Dresdner RCM Tiger Fund Limited, Dresdner RCM
New Tiger Selections Fund Limited and Dresdner RCM Oriental
Income Fund Limited are required to file their claims by
July 27, 2007.
Failure to file claims by the due date will exclude a creditor
from sharing in the company's dividend distribution.
The company's liquidators are:
Derek Lai
Darach Haughey
Mark W.R. Smith
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
EMI GROUP: Warner Music Backs Out of Bidding Race
-------------------------------------------------
Warner Music Group Corp. confirmed on July 17, 2007, its
decision not to make an offer for EMI Group Plc.
According to the United Press International, WMG executives
decided they could not justify an offer of more than 299 pence-
per-share (US$6.15) -- an amount they believed would have been
required to beat Maltby Limited's offer, which had a 265 pence-
per-share offer (US$5.43).
However, WMG reserves the right to make an offer or to
participate in a takeover bid for EMI if another party, other
than Terra Firma Capital Partners Ltd., will make an offer for
the U.K.-based company.
Terra Firma extended until July 19, 2007, the deadline within
which EMI shareholders can accept its GBP2.4 billion cash offer
for the UK music group.
The proposed takeover by Maltby Limited, a private equity buyout
vehicle set up by Terra Firma Capital Partners Ltd., obtained
clearance from the European commission on July 12, 2007.
UPI said it is possible that WMG will buy EMI Music from Terra
Firma on the notion that the private-equity firm will only keep
EMI's publishing business.
EMI's board of directors accepted the offer in May 2007 and
recommended shareholders to do the same.
Warner Music
Before the board accepted Terra Firma's offer, Warner Music
sweetened its bid to acquire EMI by offering to pay a break-up
fee of between GBP50 million and GBP100 million in case the
European Commission blocks its planned takeover of the U.K.
music group, Dominic White of The Telegraph related.
EMI, the world's third largest music producer, has been subject
to several takeover bids including from U.S. rival Warner Music
Group Corp. and other equity firms after it suffered losses due
to a shrinking CD market and rampant online piracy.
EMI previously rejected Warner Music's GBP2.1 billion non-
binding takeover bid on March 2, 2007, saying that the price of
260 pence per share in cash for EMI is inadequate. According to
Mr. White of The Telegraph, EMI also cited concerns that Warner
had not offered to take any of the regulatory risk in relation
to the takeover.
About Terra Firma
Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994. Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.
Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion. Terra Firma
has offices in London and Frankfurt.
About Warner Music Group
Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries. Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.
About EMI
Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20. The group has operations in Brazil,
China, and Hungary. The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.
At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.
The company issued two profit warnings since January 2007.
* * *
In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'. The
'B' short-term rating was affirmed.
At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.
In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:
(i) will incur up to GBP150 million in incremental
restructuring costs,
(ii) has performed below its expectations during its financial
year-to-date,
(iii) has installed Eric Nicoli, hitherto chairman of the group
as CEO of EMI Group and of EMI Recorded Music and is
reviewing its balance sheet.
HONG KONG CONFEERATION: Members Opt to Liquidate Business
---------------------------------------------------------
At an extraordinary general meeting held on July 3, 2007, the
members of Hong Kong Confederation of Suppliers Limited passed a
resolution to wind up the company's operations and appointed
Kwan Wing Yee as liquidator.
The Liquidator can be reached at:
Kwan Wing Yee
Kimberley House, Room 601, 6th Floor
35 Kimberley Road, Tsim Sha Tsui
Kowloon, Hong Kong
JIANGXI COPPER: Expects to Post Solid Earnings in 2007 1st Half
---------------------------------------------------------------
Jiangxi Copper anticipates posting solid earnings amid surging
metal prices in the first half and following the reported 43%
increase in its parent's first-half revenue, China Knowledge
reveals.
According to the report, sales at the domestic copper group hit
a record high of CNY20.1 billion in the first half, producing 6%
more or 243,000 tons of copper cathodes or refined metal while
old production was up 8% to 7.2 tons while silver advanced 16%
to 204 tons.
Trina Chen, Credit Suisse analyst, told the paper that the
earnings on the copper producer is expected to hit a record high
on increased production for the coming two years. She projects
earnings for this year to soar by 18% and 15% next year, and
profits to reach CNY6.1 billion this year, up 32% from previous
year's CNY4.6 billion. On top of that, copper consumption in
China is forecasted to edge up 7%-8% within the next couple of
years.
Jiangxi Copper is China's largest copper producer. In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output. The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.
Jiangxi Copper is a constituent of the Xinhua/FTSE China 200
Index.
On July 18, 2006, Xinhua Far East China Ratings commented that
the likelihood of downward surprises on the issuer rating for
Jiangxi Copper Co., Ltd., was increasing and changed the
Company's rating outlook to negative from stable. Its issuer
credit rating remains BB+.
MULTI WAY: Members to Receive Wind-Up Report on August 14
---------------------------------------------------------
A final meeting will be held for the members of Multi Way Asia
Limited on August 14, 2007, at 10:00 a.m., in Office No. 10,
40th Floor of Hong Kong Plaza at No. 188 Connaught Road West in
Hong Kong.
Lo Kwok Wai, the company's liquidator, will give at the meeting,
a report about the company's wind-up proceedings and property
disposal.
MUTUAL FAITH: Sets Final Meeting for August 6
---------------------------------------------
A final meeting will be held for the members of Mutual Faith
Industries Limited on August 6, 2007, at 11:00 a.m., on Flat B,
8th Floor at 5 Perth Street, Homantin in Kowloon, Hong Kong.
Chan Man Gay Janet, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.
OWWS LIMITED: Fixes August 9 as Last Day to File Claims
-------------------------------------------------------
Law Yui Lun and Wong Man Chung Francis of Union Alpha CPA
Limited were appointed as liquidators of Owws Limited on
June 28, 2007.
Creditors are required to file their proofs of debt by August 9,
2007, to be included in the company's dividend distribution.
The Liquidators can be reached at:
Law Yui Lun
Wong Man Chung Francis
Union Alpha CPA Limited Certified
Public Accountants (Practicing)
19th Floor, No. 3 Lockhart Road, Wanchai
Hong Kong
SHEN GANG FINANCE: Sets Creditors' Meeting for July 24
------------------------------------------------------
The creditors of Shen Gang Finance Company Limited will meet on
July 24, 2007, at 3:00 p.m., for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at 32nd Floor, One Pacific Place at 88
Queensway, Hong Kong.
VENCO HOLDINGS: Taps Law Yui and Mok Chi as Liquidators
-------------------------------------------------------
On July 13, 2007, Law Yui Lun and Mok Chi Wai, Zeke were
appointed as liquidators of Venco Holdings Limited.
The Liquidators can be reached at:
Law Yui Lun
Mok Chi Wai, Zeke
Unit 3903, Tower 2, Lippo Centre
89 Queensway
Hong Kong
=========
I N D I A
=========
FERTILISERS & CHEMICALS: Seeks Prime Minister's Intervention
------------------------------------------------------------
Fertilisers and Chemicals Travancore Ltd has sought the
intervention of the Prime Minister to resolve the crisis
relating to the steep rise in raw materials cost, which has made
it difficult for the company to maintain continued production,
G.K. Nair of the Business Line reports.
Specifically, FACT wants the PM to provide a special
dispensation for the company for its continued operations until
liquefied natural gas is made available.
"The company is in deep crisis and the recent steep price
increase of sulphur and rock phosphate has worsened the
situation to the verge of its closure," the business daily
quotes K. Chandran Pillai, MP and Member, Standing Committee on
Labour and Public Undertakings, as saying.
Mr. Pillai told the daily that capital restructuring carried out
in 2006 had only a limited impact on the performance of FACT and
with the recent jump in raw material prices the expected turn
around by 2006-07 is delayed.
Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals. Its products
include ammonium sulphate, factomfos, urea and caprolactam. The
Company operates solely in the domestic market. The company,
which had been making profits for over a decade, started
reporting losses from 1998-99 onwards due to the steep rise in
cost of raw materials like naphtha, benzene, sulphur and rock
phosphate. There were also uneconomic realization from sales
and the company had to stop production because of a liquidity
crunch. In 2004, the company was referred to the Board for
Industrial and Financial Reconstruction as a potentially sick
Unit . The company's revamp program helped the company later to
come out of the purview of BIFR but unexpected increase in the
raw material prices much above the levels taken for Board for
Reconstruction of Public Sector Enterprises projections has
again seriously affected the performance of the company. Hence,
the company anticipates its turn around by 2006-07 will be
delayed.
SOUTHERN PETROCHEM: Plant May Not Reopen Due to Lenders' Demand
---------------------------------------------------------------
The Ministry of Fertilizers and Chemicals has directed Southern
Petrochemical Industries Corporation to meet with its lenders to
discuss the likelihood of SPIC reopening its fertilizer plant,
The Hindu Business Line recounts.
The report explains that SPIC's plant has been shut for over a
couple of months for want of working capital and consequent to
the shortfall in fertilizers, affecting the agricultural output
in Tamil Nadu.
However, Business Line relates, during the meeting held on
July 16, the bankers insisted on terms that SPIC does not agree
to.
The report cites sources as saying that the bankers decided to
open fresh Letters of Credit, enabling SPIC to buy raw
materials, subject to two conditions: (1) SPIC will give an
undertaking that it would honor the LCs and (2) that the company
would ask for no reduction in its own offer of "52 per cent
repayment of term loans" that it had made earlier, during the
negotiations for a 'one-time settlement'.
The lead bank, Indian Bank, is to formally write to SPIC setting
forth these conditions, Business Line says.
According to the report, if SPIC agrees, the lenders would
release funds to the company from out of the fertilizer dues
received in its account.
However, the sources told Business Line, the company said that
it could not agree to the condition that it would repay 52 per
cent of term loan dues (INR2,845 crore).
One SPIC insider said that the offer, made last year, was on the
back of another agreement with other financiers, principally
Deutsche Bank, Business Line notes. Banks did not agree to the
proposal then and the agreement has since lapsed, the official
said.
Headquartered in Chennai, India, Southern Petrochemical
Industries Corporation Ltd. -- http://www.spic.in/-- is a
business conglomerate primarily engaged in the manufacture and
marketing of agricultural inputs, with sizeable interests in
Chemicals & Petrochemicals Biotechnology, Information
Technology, Pharmaceuticals & Services. SPIC also has
manufacturing facilities abroad, backed up by technology and
collaboration arrangements with world leaders.
SPIC was referred to the Board for Industrial and Financial
Reconstruction in September 2003, consequent to an erosion of
the company's net worth to less than 50% of its highest net
worth in the previous four years. The company has been in poor
financial state since then. SPIC's 2006 sales amounted to
INR22 billion, with a net operating loss of INR1.8 billion.
According to Hindu Business Line, SPIC owes INR2,845 crore to a
consortium of banks. In February 2007, the bankers rejected an
offer by SPIC to settle 52% of the dues and a waiver of the
rest.
SOUTHERN PETROCHEM: Loses INR70 Lakh Daily as Plant Stays Closed
----------------------------------------------------------------
Southern Petrochemical Industries Corporation is losing
INR70 lakh a day in contribution as its fertilizer plant in
Tuticorin remains closed, The Hindu Business Line reports.
SPIC's fertilizer plant has been shut for over a couple of
months for want of working capital and consequent to the
shortfall in fertilizers. The report cites company insiders as
saying that SPIC's plant would need INR50 crore only to restart
operations, leave alone working capital.
However, the sources told Business Line that INR20-odd crore
would not be sufficient to reopen the plant.
Business Line explains that SPIC has received into its account
INR341 crore of subsidy dues from the Government, but the Debts
Recovery Tribunal, Chennai, has ordered the release of
INR213 crore to banks towards past dues (devolved letters of
credit) and only INR20.77 crore to SPIC.
As the plant remains closed, thousands of jobs and agricultural
production in Tamil Nadu are in danger, the report relates.
SPIC's plant employs about 1,800 people and thousands more
depend indirectly on SPIC. The company caters to half the
requirement (of 1.75 lakh tonnes) of DAP, a key phosphatic
fertilizer and the State's agricultural production is likely to
be hit by the shortage.
Headquartered in Chennai, India, Southern Petrochemical
Industries Corporation Ltd. -- http://www.spic.in/-- is a
business conglomerate primarily engaged in the manufacture and
marketing of agricultural inputs, with sizeable interests in
Chemicals & Petrochemicals Biotechnology, Information
Technology, Pharmaceuticals & Services. SPIC also has
manufacturing facilities abroad, backed up by technology and
collaboration arrangements with world leaders.
SPIC was referred to the Board for Industrial and Financial
Reconstruction in September 2003, consequent to an erosion of
the company's net worth to less than 50% of its highest net
worth in the previous four years. The company has been in poor
financial state since then. SPIC's 2006 sales amounted to
INR22 billion, with a net operating loss of INR1.8 billion.
According to Hindu Business Line, SPIC owes INR2,845 crore to a
consortium of banks. In February 2007, the bankers rejected an
offer by SPIC to settle 52% of the dues and a waiver of the
rest.
TATA MOTORS: Mulls Bidding for Jaguar and Land Rover
----------------------------------------------------
Tata Motors is in the early stages of evaluating a bid for
Jaguar and Land Rover, which, if successful, could potentially
be one of India's biggest overseas takeover deals, The Daily
Telegraph relates.
According to the report, Tata Motors has instructed advisers to
study the merits of a joint offer for the two brands, which Ford
Motor Company recently put on the block. People familiar with
the matter say, however, that Tata Motors' evaluation of a bid
was at an "exploratory" stage and may not lead to a formal
offer. One source said that Tata Motors had recently signed a
confidentiality agreement with Ford.
A spokesman for Tata Motors said the group did "not comment on
speculation about mergers and acquisitions," The Telegraph
notes.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia, and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
TATA MOTORS: To List in New York Stock Exchange on Monday
---------------------------------------------------------
Tata Motors Limited will be listed in the New York Stock
Exchange starting Monday, the Press Trust of India reports.
According to the report, the carmaker's board of directors had
approved the proposal to list on the NYSE the company's
outstanding global depositary receipts in the form of American
depositary receipts. However, PTI adds, the company does not
plan to issue new shares or raise fresh capital as part of the
NYSE listing.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia, and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
TATA STEEL: Fitch Gives 'BB' Rating to U.K. Unit's Long-term IDR
----------------------------------------------------------------
Fitch Ratings, on July 29, 2007, assigned Tata Steel U.K. Ltd
(TSUK) -- a wholly-owned subsidiary of India-based Tata Steel
Ltd ('BBB-' (BBB minus)/Stable, TSL) and the new intermediate
holding company for the Corus Group Plc ('BB'/ 'B'/Stable; CS)
with assets in the UK and Netherlands -- a Long-term Foreign
Currency Issuer Default rating of 'BB'. Fitch has also assigned
a 'BB+' instrument rating to the GBP3.67 billion of senior
secured bank facilities issued by TSUK and its subsidiaries, and
used to fund the acquisition of CS. The Outlook on the Long-
term IDR is Stable.
The ratings reflect TSUK's strong market presence in the UK and
European construction and automotive sectors, which is
underpinned by its established distribution network. While
Fitch does not expect that TSL will supply CS with either steel-
making raw materials or semi-finished steel products from India
over the next one to two years, the ratings do factor in a
strengthening of CS's business profile by way of higher
production capacity, efficiency/cost reduction measures, and a
higher value-added product mix. The expected strengthening of
the group's business profile is, however, offset by a
significant increase in post-acquisition debt levels with
starting net leverage of around 3.2x based on Fitch estimates,
with only gradual de-leveraging expected over the next two years
of the transaction.
Key risks to the future performance of TSUK are the potential
cyclicality of steel prices, although Fitch expects these to
remain at favourable levels over the next 12-18 months, together
with further raw material price pressures (particularly in iron
ore). While the new TSUK facilities are legally non-recourse to
TSL, Fitch recognises the strong management and strategic ties
between TSL and CS and has factored in a degree of parental
support into TSUK's ratings.
The new senior secured bank facilities for TSUK include
GBP3.09bn of term loans, a GBP500 million revolving credit
facility and a GBP80m loan note guarantee facility. The rating
of these facilities is a notch above the Long-term IDR,
reflecting Fitch's assessment that the security package
available to lenders provides above-average recovery prospects,
offset in part by the higher than average level of senior
leverage at TSUK. Facilities at TSUK will benefit from a pledge
over the assets of CS's UK operations and over the shares of
Corus Nederland. Material subsidiaries, with the exception of
the Corus Nederlands entities, will act as guarantors. Fitch
notes that no decision has yet been reached regarding the
sharing of security with CS's UK pension funds. The senior debt
ratings also factor in Fitch's expectation that TSL will make a
tender offer for the outstanding bonds at CS and Corus Finance
in the coming months.
TSL is India's second-largest steel manufacturer with revenues
of INR251.2bn (USD5.8bn) and net income of INDR41.7bn (USD962m)
for the year ended 31 March 2007. CS is Europe's second-largest
steel producer with an output of 18.3 million tonnes, turnover
of GBP9.7bn and net income of GBP223m at end-2006. Based on a
combined 2006 production volume of 25 million tonnes, TSL and CS
rank as the world's sixth-largest steel producer.
About Tata Steel Ltd
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals. Tata Steel's products are targeted at the
auto sector and construction industry. With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.
As previously reported on the Troubled Company Reporter - Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.' The outlook is positive. The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).
In April 2007, the company completed the acquisition of Corus
Group plc. Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium. Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.
TRAVANCORE RAYON: Likely to Reopen Soon, Report Says
----------------------------------------------------
Travancore Rayons Ltd may be reopened before the Onam
festivities, G.K. Nair of the Business Line reports. An annual
harvest festival, Onam is celebrated during the month of Chingam
(August-September as per the Gregorian calendar), the first
month of the Malayalam calendar and lasts for 10 days.
Incoporated in 1945, Travancore Rayons's operations stopped
after years of workers' lay-off. The company has been declared
a sick unit by the Board of Industrial and Financial
Reconstruction in 1989.
According to Business Line, Chief Minister V. Achuthanandan has
asked the departments concerned to clear all the pending issues
and sign the agreement with the company's new promoters before
the festival.
Furthermore, the Chief Minister has asked senior officials to
submit the required documents for cabinet approval within a
month, the business daily says, citing Saju Paul, MLA. The land
would be made available to promoters Elenjical Group of
Companies on lease and they should pay all the statutory dues to
the employees, the Minister added.
Based in Kerala, India, The Travancore Rayons Ltd, manufactures
Viscose filament rayon yarns, cellulose films, cotton linter
pulps and cellulose powders. The company is a sick unit
pursuant to the
Trayons, a pioneer manufacturer of rayon yarn and cellulose
film, was incorporated in 1945. The company had been facing
problems for about two decades and was on the verge of closure,
official sources pointed out. It remained closed for 18 months
during 1985-86, and in July 1986 Trayons was reopened with the
formulation of a rehabilitation package but to be declared as a
sick unit by the BIFR in 1989.
* Rewards Await CEOs & Directors for Reviving Central PSUs
----------------------------------------------------------
The Cabinet has decided to reward performing chiefs or
functional directors who contribute significantly to the
turnaround of a sick Central Public Sector Enterprise, The Hindu
Business Line reports.
Business Line explains that under the Cabinet's decision, the
CEOs and Directors could be given an extension of service until
the age of 65 and a lumpsum cash incentive of up to INR10 lakh
out of the profits of the CPSE, provided that the enterprise has
timely achieved or executed all projected targets of its revival
plan. The current retirement age for CPSE CEOs is 60 years.
According to the report, in cases where fresh appointment of a
CEO or Director is proposed, an age relaxation of up to 62 years
could be the cut-off for applying, if a suitable candidate does
not apply. These appointees would be considered for a minimum
tenure of three years.
Moreover, serving or retired CPSE executives, Government
servants and private sector executives could be considered for
appointment, Business Line says.
The extension will be subject to a review of performance by the
Secretary of the administrative Ministry under which the CPSE is
functioning, the report notes, citing Priya Ranjan Dasmunsi,
Minister of Information and Broadcasting.
Business Line points out that the Standing Conference of Public
Enterprises has welcomed the decision. SCOPE Director-General
S.M. Dewan said that this adjustment will help the incumbent CEO
or Director in undertaking the task of restructuring PSEs
effectively. He also urged the Government to allow sick PSEs to
adopt revised pay scales.
* Tea Board May Take Over 3 Closed Bengal Estates
-------------------------------------------------
The Union Government is examining whether action can be taken
against the owners of three tea estates located in the Dooars
area in the northern part of West Bengal by invoking the
provisions of Section 16(D) of the Tea Board Act, The Hindu
Business Line says.
The three tea estates are Raipur, Sikarpur and Bhandarpur, which
employ more than 2,000 workers altogether.
The report explains that invoking the provisions of Section
16(D) will mean that the Tea Board will acquire the gardens of
the estates and hand them over to new owners or new management.
Business Line notes that this is the first time in Independent
India that such action is being contemplated against tea estate
owners.
"The Chairman of Tea Board has been asked to examine how to
proceed in the matter," Jairam Ramesh, Union Minister of State
for Commerce, told the media. "We've reached the end of our
patience and we're therefore contemplating action against the
owners to protect the workers of the tea estates," he added.
He conceded that the process would not be easy as the owners, in
all probability, would have to go to court to stop the
Government's move.
Business Line says that the rehabilitation package for the
closed gardens, as prepared by the Commerce Ministry, would come
before the Finance Ministry for consideration. The scheme would
then be placed before Cabinet.
=================
I N D O N E S I A
=================
ANEKA TAMBANG: Extends Cooperation Deal w/ International Nickel
---------------------------------------------------------------
PT Aneka Tambang Tbk will extend its cooperation agreement with
PT International Nickel Indonesia, Antara News reports.
Under the cooperation agreement, signed in February 2003, Antam
buys nickel ore from Inco's work contract area in Pomalaa Timur
in Southeast Sulawesi to support its ferronickel production
activity in Pomalaa, the report points out. Antam, since mid-
2005, had bought a total of 1 million tons of nickel ore from
Inco.
Antara, citing Inco President Director Arif S Siregar, says that
Inco's agreement with Antam will expire next year but they
already agreed to extend their association.
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.
BAKRIE SUMATERA: Invests in US$100-Million Singapore Venture
------------------------------------------------------------
Bakrie Sumatera Plantations Tbk has invested in a US$100-million
joint venture with Singapore's Agri International Resources Pte
to buy plantations, gaining rights to sell palm oil and boost
output.
The Troubled Company Reporter-Asia Pacific reported on May 17,
2007, that Bakrie Sumatera plans to establish a joint venture
company with a few foreign investors to acquire palm plantation
companies. Bakrie will take a 20% stake in the joint venture
company and the remaining 80% will be held by the foreign
investors.
Bakrie Sumatera owns 20% of Agri Resources BV, and may increase
its stake, while the remaining balance is owned by Agri
International Resources. The joint venture has issued
US$150 million of so-called senior secured notes, the report
says.
Antara recounts that Agri Resources, on July 3 bought, 36,600
hectares of plantations in South Sumatra.
The report points out that Bakrie Sumatera will manage the land
on behalf of Agri Resources for an annual fee of US$100 per
hectare. In exchange, Bakrie Sumatera will buy the output under
an agreed formula.
About Bakrie Sumatera
Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company. It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex. It was listed in 1990 on the Jakarta Stock Exchange.
BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating. The outlook is stable.
The Troubled Company Reporter-Asia Pacific reported on March 1,
2007, that Moody's Investors Service affirmed the B2 senior
secured debt rating for Bakrie Sumatera Plantations Tbk
following its decision to increase the existing bond size of
US$110 million by another US$45 million. At the same time,
Moody's also affirmed the B2 corporate family rating for BSP.
The outlook for all the ratings is stable.
EXCELCOMINDO PRATAMA: Targets 30% Revenue Growth in 2007
--------------------------------------------------------
PT Excelcomindo Pratama Tbk hopes to achieve around 30% revenue
growth in 2007, but may miss a target of 4.5 million new users,
The Daily Times reports.
The report recounts that previously, the company had set a
target to sign up 4.5 million new customers this year on the top
of 9.5 million they had in 2006. However, Excelcom had revised
its plans as it thinks the number is hard to achieve.
President Director Hasnul Suhaimi said that the company will
instead go after revenue now. He said that the firm would focus
on getting more revenue from existing customers as competition
in the sector made it harder to sign up new users.
According to Daily Times, Mr. Suhaimi said that they want to be
above the industry's growth, maybe by 5% age point above it. If
the industry's revenue grows about 25-28% this year, we might be
able to see 30% revenue growth, the report relates.
Excelcom signed up around one million users in the first quarter
of 2007, the report adds.
About Excelcomindo Pratama
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'. The Outlook remains Stable. At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.
A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating. The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama. This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive. At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama. The
outlook for the rating remains stable.
FOSTER WHEELER: To Hold Conference Call on August 8
---------------------------------------------------
Foster Wheeler Ltd. plans to hold a conference call on
Wednesday, August 8, 2007, at 9:30 a.m. to discuss its financial
results for the second quarter of 2007. The company expects to
release the results the same day, before the market opens.
The call will be accessible to the public by telephone or
webcast, and the company will post an accompanying slide
presentation in the investor relations section of its web site.
To listen to the call by telephone in the United States, dial
866-425-6195 (conference I.D. No. 9030798) approximately ten
minutes before the call. International access is available by
dialing 973-935-8752 (conference I.D. No. 9030798). The
conference call will also be available over the Internet at
www.fwc.com or through StreetEvents at
http://www.streetevents.com.
A replay of the call will be available on the company's web site
as well as by telephone. To listen to the replay by telephone,
dial 877-519-4471 or 973-341-3080 (replay passcode 9030798#
required) starting one hour after the conclusion of the call
through 8:00 p.m. (Eastern) on Wednesday, September 5, 2007.
The replay can also be accessed on the company's web site for
four weeks following the call.
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'. The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006. The outlook is stable.
Asbestos Management Program
The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.
INDOSAT: Parliament Discourages Gov't to Buy Back Shares
--------------------------------------------------------
The Lower House of Parliament (DPR) has told the government not
to buy back shares in PT Indonesian Satellite Corp, now held by
Singapore Technologies Telemedia, Thomson Financial reports,
citing Bisnis Indonesia.
According to the report, Lawmaker Theo Sambuaga, who chairs
DPR's Commission I, said that a share buyback by the government
can potentially hinder fresh investment into the
telecommunications industry.
The report, citing The Daily, relates that the parliament made
the recommendation at a hearing with Information Ministry
officials on Tuesday.
The Indonesian Government lost its controlling stake in Indosat
in 2002 when Singapore Technologies Telemedia bought a 40.77 %
interest in the company, making it the single biggest
shareholder, the report recounts.
Officials have said the government, which now owns 14.41% of
Indosat, aims to regain its controlling stake in the company,
the report adds.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia. The
company provides international long-distance services in
Indonesia. It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers. The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers. Airtime is sold through
postpaid and prepaid plans. It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services. MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.
* * *
The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.
At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating. The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.
A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'. The outlook on the ratings is
stable.
INTERNATIONAL NICKEL: To Start Karebbe Dam Construction
-------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit, expects to start the construction Karebbe dam,
on the Larona river in South Sulawesi, Antara News reports.
The report relates that Arif Siregar, company president, said
that the dam is expected to increase the company's hydroelectric
power-generating capacity by 33%.
Mr. Siregar said that they are just waiting for the final
clearance letter from the Forestry Ministry. If everything goes
as planned construction for the dam, costing about
US$280 million, will start next month and it should be completed
in 2009, the report notes.
After the completion of the dam, the company's output is
expected to increase to 200 million pounds of nickel in matte in
2010 from the 60-165 million pounds forecast for this year, the
report adds.
About Inco Limited
Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries. Inco
also mines and processes copper, gold, cobalt, and platinum
group metals. It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints. Sulphuric acid and liquid sulphur dioxide are
produced as byproducts. The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.
Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.
INCO: Appoints Members to the Board of Commissioners & Directors
----------------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit, at the company's Extraordinary General Meeting
of Shareholders, has appointed Naoyuki Tsuchida as member of the
Board of Commissioners of the Company.
Mr. Tsuchida replaces Nobumasa Kemori, who recently resigned
from the Board of Commissioners.
Michael Winship was also appointed as Director, replacing Tim
Netscher who has resigned from the Company's Board of Directors.
About Inco Limited
Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries. Inco
also mines and processes copper, gold, cobalt, and platinum
group metals. It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints. Sulphuric acid and liquid sulphur dioxide are
produced as byproducts. The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.
Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.
MCDERMOTT INT'L: Unit Signs 20-Year Contract with Solid Waste
-------------------------------------------------------------
McDermott International Inc.'s subsidiary, The Babcock & Wilcox
Company , has signed a 20-year contract extension to provide
operations and management services to the Solid Waste Authority
for Palm Beach County's waste-to-energy facility in West Palm
Beach, Florida. The contract value for the first phase of the
extension is in excess of US$300 million and will be included in
B&W's second quarter bookings.
Under the terms of the contract extension, which will take
effect when the existing term ends in September 2009, B&W will
operate and manage the North County Resource Recovery Facility
for an additional 20-year term. This facility was designed to
reduce the volume of the county's wastes, generate electricity,
and maximize the recovery of aluminum and ferrous metals.
"This contract extension is confirmation of the strong
relationship that B&W has with the Solid Waste Authority of Palm
Beach County," said Brandon Bethards, President of B&W's Fossil
Power Group. "We appreciate the trust they continue to place in
our employees who operate the facility, and we are pleased to
have an opportunity to extend our work at the plant."
The 40-acre facility processes more than 2,000 tons of household
and municipal solid waste per day and is comprised of three
operating plants: a refuse derived fuel plant, a combustion
plant and a turbine generator plant. Waste processed at the
facility is collected, sorted, separated from hazardous and
oversize materials and shredded to produce combustible RDF and
non-combustible residue. The RDF is then burned in a furnace to
create steam, which is used to generate electricity for sale.
Aluminum, ferrous and non-ferrous metals also are recovered from
waste processed at the facility. B&W employs more than 150
workers at the facility, which features two B&W boilers as well
as B&W electrostatic precipitators and dry scrubbers.
About Solid Waste Authority
The Solid Waste Authority of Palm Beach County is a governmental
agency responsible for providing an integrated solid waste
management system for Palm Beach County, Florida. With
approximately 400 employees, the Solid Waste Authority provides
solid waste disposal and recycling services and programs to the
county's 1.4 million residents and businesses.
About McDermott International
Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure. McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.
* * *
The Troubled Company Reporter-Asia Pacific reported on July 6,
2007, that Moody's Investors Service upgraded the ratings of
McDermott International Inc. and its subsidiaries.
Moody's raised MII's Corporate Family Rating to Ba3 from B1.
The Babcock & Wilcox Company's senior secured bank facility
rating was raised to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).
The rating outlook for J. Ray is positive, while the rating
outlooks for MII and B&W are both stable.
On May 29, 2007, Standard & Poor's Ratings Services has raised
its corporate credit rating on diversified energy services
provider McDermott International Inc. and its subsidiaries, J.
Ray McDermott S.A. and The Babcock & Wilcox Co., to 'BB' from
'B+'. The outlook is stable.
In addition, S&P raised the rating on B&W's senior secured bank
debt to 'BB+' from 'B+', upgraded J. Ray's senior secured bank
debt to 'BB' from 'B+', revised the recovery rating on B&W's
debt to '1' from '3', and left the recovery rating on J. Ray's
debt unchanged at '3'. The '1' recovery rating indicates a high
expectation of full (100%) recovery in the event of a payment
default, and the '3' recovery rating indicates an expectation
of meaningful (50%-80%) recovery).
=========
J A P A N
=========
ALL NIPPON: Cancels 75 Flights Due to Category Four Storm
---------------------------------------------------------
All Nippon Airways Co., Limited, cancelled 75 flights on
June 13, 2007, due to typhoon Man-Yi, Chris Cooper and Hiroshi
Matsui write for Bloomberg News.
According to the ANA's spokesman, Yoshifumi Miyake, the airline
had to cancel the 75 flights scheduled for that day affecting
about 12,100 passengers, conveys the report.
Mr. Cooper and Mr. Matsui writes that typhoon Man-Yi's winds
strengthened to 231 kilometers per hour categorized to be a
Category four storm, the second-strongest on the five step
Saffir-Simpson scale.
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter-Asia Pacific reported on June 28,
2007, that Standard & Poor's Ratings Services raised to 'BB+'
from 'BB' its long-term corporate credit and senior unsecured
debt ratings on All Nippon Airways Co. Ltd. due to the company
generating more stable profits backed by its operational
competitiveness, and the faster-than-expected improvement in its
financial profile. The outlook on the long-term corporate
credit rating is stable.
BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of BCBG Maz Azria Group, Inc., to B3 from B1 and assigned a
negative outlook.
The downgrade reflects the company's significant decline in
profitability as a result of the operating losses and cash burn
generated by the Max Rave division (nearly 24% of sales), which
has resulted in sizable erosion in cash flow from operations.
The downgrade with a negative outlook also reflects the
company's inability to provide its bank group with its fiscal
year 2006 financial statements and Moody's expectation that the
company will likely need an amendment to or waiver of its
financial covenants. In addition, Moody's withdrew the rating
on two of BCBG's credit facilities which have been replaced with
new, unrated facilities.
These ratings have been downgraded:
-- Corporate family rating to B3 from B1;
-- Probability of default rating to B3 from B1;
-- US$159.5 million senior secured term loan B to B3; LGD3-
47% from B1; LGD3-48%.
These ratings have been withdrawn:
-- US$150 million senior secured revolving credit facility at
Ba2; LGD2-20%;
-- US$80 million senior secured third lien term loan at B3;
LGD5-76%.
BCBG acquired the assets of Max Rave (formerly G+G Retail) in
February 2006 after the company had undergone a distressed debt
exchange and a bankruptcy filing. The acquisition was financed
with approximately 38% equity and 62% debt. Since the
acquisition has closed, the Max Rave division has been
generating significant operating losses versus original
expectations of turning profitable during 2006.
As a result of the purchase accounting requirements surrounding
the Max Rave acquisition, the new US$150 million second lien
financing (unrated), and the new US$200 million Asset Based
Revolving credit facility (unrated), the company's completion of
its 2006 audited statements has been delayed. The company has
received the necessary waivers to extend the filing of its
audited statements with the bank group until July 31, 2007.
However, given its performance trend, Moody's expects that BCBG
will likely need an additional amendment or waiver to its
financial covenants as well.
The B3 corporate family rating reflects the underperformance of
the company's Max Rave division, which has resulted in a
significant cash burn at the company and significant
deterioration in credit metrics, including Debt/EBITDA that
Moody's estimates to be over six times and negative free cash
flow. The rating category also reflects the company's very high
business risk as a fashion forward women's apparel retailer, as
well as its high seasonality and small scale. While
profitability has eroded due to the underperformance of Max
Rave, BCBG continues to generate margins ahead of its peer group
as a result of the continued solid performance of the BCBG core
business. In addition, the company continues to maintain a
credible market position as reflected by its stable of well
recognized brand names. The ratings also consider the company's
strong reliance on its founder Max Azria, as well as BCBG's
status as a private company, which excludes it from SEC
requirements such as Sarbanes-Oxley and the reporting of
material events.
The negative outlook reflects Moody's expectation that the
company will likely need an additional waiver or amendment as a
result of a violation of its financial covenants, as well as the
risk that the company will be unable to reduce the cash flow
drain as a result of the operating losses at Max Rave. Given
the negative outlook, it is highly unlikely that ratings would
be upgraded over the near term. However, the rating outlook
could be stabilized should the company successfully obtain an
amendment or waiver to its financial covenants while evidencing
an ability to turn around the cash burn at the Max Rave
division.
Headquartered in Vernon, California, BCBG Max Azria Group, Inc.
-- http://www.bcbg.com/-- is an apparel retailer and
wholesaler. It operates over 530 retail stores, 57 factory
stores, and 102 partnership shops in the United States primarily
under the BCBG and Max Rave nameplates. In addition, it
distributes to over 400 wholesale doors under the BCBGMaxAzria,
TO THE MAX, Maxime, dorothee bis, Herve Leger, BCBGirls,
Parallel, and maxandcleo brand names. Revenues for the LTM
period ended Sept. 30, 2006 were approximately US$645 million.
The company has international offices in Japan, Canada and
France.
BOSTON SCIENTIFIC: To Pay US$195 Mil. to Settle Product Lawsuits
----------------------------------------------------------------
Boston Scientific Corporation disclosed that an agreement has
been reached to settle claims associated with a series of
product communications issued by Guidant Corporation in 2005 and
2006. Boston Scientific acquired Guidant Corporation last year.
Under the terms of the agreement, subject to certain conditions,
Boston Scientific will pay a total of US$195 million. The
agreement includes approximately 4,000 claims of individuals
that have been consolidated in the U.S. District Court for the
District of Minnesota in a Multi-District Litigation.
The agreement was reached during mediation sessions conducted
before U.S. Magistrate Judge Arthur J. Boylan in Minneapolis.
As reported in the Troubled Company Reporter on June 15, 2007,
Boston Scientific's motions to dismiss some product-liability
claims against the company over implantable heart defibrillators
has been rejected by a federal court judge, Reuters said on its
Web site.
In addition, the agreement includes an undetermined number --
but not all -- of additional similar claims throughout the
country. As a result of the agreement, the trials in the
bellwether cases in the MDL scheduled to start on July 30 have
been suspended pending implementation of the agreement.
"We are pleased by this resolution, which is in the best
interest of all involved," Jim Tobin, President and Chief
Executive Officer of Boston Scientific, said. "It will better
allow us to focus our time and resources on developing
innovative products to serve physicians and patients."
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties. The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
* * *
As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its (P) Ba1 subordinated shelf and (P) Ba2 preferred stock
ratings under review for possible downgrade. The rating action
reflects Moody's expectation that, absent any material debt
reduction, financial strength measures over the near term will
be below those identified for an investment grade company under
Moody's Global Medical Products & Device Industry Rating
Methodology.
DAIWA SECURITIES: Expands Business Due to Increasing Competition
----------------------------------------------------------------
Daiwa Securities Group Inc. is expanding into other Asian
markets as rising competition and decreasing population at home
threaten to crimp profitability for the country's financial
terms, reports Takahiko Hyuga for Bloomberg News.
Reportedly, the financial firms are having a tough time
competing with manufacturers like Toyota Motors Corp., which
gets 90% of their sales outside Japan, and the increase in death
among the Japanese populace has made Daiwa decide to expand its
business beyond its home base.
Shin Yoshidome, president of Daiwa Securities SMBC Co. revealed
to Mr. Hyuga in an interview that the company plans to expand
its investment-banking staff up to 550 or 20% in Asia over the
next three to five years. Currently, it has 120 bankers in Hong
Kong, 70 in Singapore, 80 in Taipei, 70 in Shanghai and about
120 in Australia, Philippines, Seoul, Beijing, Mumbai and
Bangkok.
Daiwa Chief Executive Shigeharu Suzuki, on his first trip to the
country as president, hosted a party at Singapore's Ritz-Carlton
hotel last month for about 600 fund managers, government
officials and corporate executives, relates Mr. Hyuga.
Mr. Hyuga quotes Mr. Yoshidome saying, "Asian companies have
tremendous equity financing needs due to rapid economic growth.
Asian companies have tremendous equity financing needs due to
rapid economic growth."
According to Yuzo Hashimoto, who helps manage the equivalent of
US$77 billion at State Street Global Advisors Co. in Japan,
"Meeting people is the first step to building the business, but
Daiwa has to build up a track record to attract corporate
clients," conveys Mr. Hyuga.
About Daiwa Securities
Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses. Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses. The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.
The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings, on October 25, affirmed the company's C individual
rating.
FORD MOTOR: Mulling Sale of Volvo Brand, Sources Say
----------------------------------------------------
Ford Motor Co. is mulling on selling its Volvo unit in an effort
to boost U.S. operations, the Wall Street Journal reports citing
people familiar with the matter.
The move marks an about face for the automaker who had
previously denied it was selling its Volvo division.
As reported in the Troubled Company Reporter on June 13, 2007,
the company employed help from investment banks including
Goldman Sachs, HSBC and Morgan Stanley to explore the sale of
its Jaguar and Land Rover brands.
Ford had previously entered into a definitive agreement to sell
Aston Martin to a consortium comprised of David Richards, John
Sinders, Investment Dar and Adeem Investment Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
Ford also has operations in Japan.
* * *
To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.
At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.
JAPAN AIRLINES: Flight Cancellation Affects 13,450 Passengers
-------------------------------------------------------------
Japan Airlines International Company, Limited, said it cancelled
59 flights on July 13, 2007, due to a Category Four storm, Chris
Cooper and Hiroshi Matsui write for Bloomberg News.
A JAL statement grabbed by Mr. Cooper and Mr. Matsui said that
it had to cancel 59 flights affecting about 13,450 people saying
that typhoon Man-Yi's winds strengthened to 231 kilometers per
hour prompting alerts for strong winds and high waves.
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.
NOMURA HOLDINGS: Shares Fall After Deutsche Lowered Stock Price
---------------------------------------------------------------
Nomura Holdings, Inc. shares fell to its lowest on July 12,
2007, after Deutsche Bank AG cut its price target on the stock,
reports Takahiko Hyuga of Bloomberg News.
Mr. Hyuga writes that Nomura's shares fell to JPY2,205 or an
equivalent of 4.8%.
Deutsche Bank, according to Mr. Hyuga, lowered its price target
to JPY2,200 from JPY2,500, citing concern that losses from
subprime loans in the U.S. will erode Nomura's earnings.
Delinquencies on home loans to people with poor or meager credit
surged to a 10-year high in the world's biggest economy this
year.
Nomura's valuation loss on subprime loans in the U.S. for the
three months ended June 30 may total between JPY6 billion (US$49
million) and JPY9 billion, conveys Mr. Hyuga, which has
estimated total losses in the U.S. subprime market at as much as
US$90 billion.
About Nomura Holdings
Nomura Holdings, Inc. -- http://www.nomura.com/-- is a
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.
Nomura operates in five business segments: Domestic Retail,
which includes investment consultation services to retail
customers; Global Markets, which includes fixed income and
equity trading and asset finance businesses in and outside
Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and
outside Japan; Global Merchant Banking, which includes private
equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts,
and investment advisory services.
As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.
=========
K O R E A
=========
LYONDELL CHEMICAL: Basell Deal Cues S&P to Watch Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit ratings on U.S.-based Lyondell Chemical Co. and Equistar
Chemicals L.P., its 'B+' rating on Millennium Chemicals Inc.,
and ratings on Lyondell's other related entities on CreditWatch
with negative implications, in connection with the planned
acquisition by Basell AF S.C.A.
The 'BB-' long-term corporate credit rating on Luxembourg-based
Basell AF SCA and the ratings on related entities remain on
CreditWatch with negative implications, where they were placed
on June 26, 2007.
"The CreditWatch listings reflect the definitive agreement under
which Basell plans to acquire Lyondell Chemical Co. for a total
enterprise value of about US$19 billion in an all-cash
transaction paying US$48 per common share," said S&P's credit
analyst Tobias Mock. The transaction is subject to regulatory
approvals and the approval of Lyondell shareholders.
S&P expects Basell to finance the purchase largely with debt,
which will result in a very aggressive capital structure with an
estimated debt to EBITDA of about five times. S&P's expects
only moderate implications for Basell's business risk profile
due to an improved product mix and better diversification, while
the exposure to the petrochemical cycle will remain high.
Therefore, the volatility of cash flows is expected to remain
meaningful depending upon the balance of supply and demand for
key petrochemical products, raw material cost trends, and
overall economic conditions.
"We will resolve the CreditWatch placements after meeting with
management to evaluate in detail the financial policies and
strategy for the combined company and the impact of such a
combination on the business and financial risk profiles," said
Mr. Mock.
About Lyondell
Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls. It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components. It
operates on five continents and employs approximately 11,000
people worldwide. In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.
WOORI BANK: To Buy Additional 0.5% Stake in POSCO for US$250MM
--------------------------------------------------------------
Woori Bank is studying a request by POSCO to buy an additional
0.5% stake, worth US$250 million at market prices, in the
company as POSCO is seeking to strengthen its defense against
hostile takeovers, Reuters reports.
The report relates that Woori Bank CEO Park Hae-choon follows a
deal between POSCO and a unit of Hyundai Heavy Industries Co.
which said it would buy a 1% stake in the steel maker for
KRW402 billion.
Woori Bank currently owns 1% of POSCO, which has been at the
centre of speculation that it may become an acquisition target
in a consolidating metals sector, the report says.
The Troubled Company Reporter-Asia Pacific reported on April 26,
2007, that Woori Bank is considering purchasing additional
shares in Pohang Steel Company in a bid to protect the
steelmaker against possible unsolicited takeover bids.
The purchase of an additional 0.5% stake in POSCO, currently
worth KRW229 billion, would incur KRW59 billion in costs to
hedge the investment risks for Woori. The bank is looking into
whether the purchase would be in conflict with management
guidelines set by the government, the report points out.
Now that the government plans to cut its shareholding in the
group to below 50% by March 2008, policy makers have been
lobbying to change laws that currently limit non-financial
institutions' ownership in local banks to 4% each, the report
says.
Mr. Hae-choon welcomed the idea of the National Pension Fund and
domestic industrial capital buying some of Woori Financial
Group, Woori Bank's parent firm with 73% stake owned by the
government, in order to keep foreigners from owning the bank,
the report adds.
About Woori Bank
Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea. The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank. It is a part of the Woori Financial Group. It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain,
Singapore,Moscow,London, and Dhaka.
Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.
===============
M A L A Y S I A
===============
CHIN FOH: Expects Turnaround in 2009 Under New Plan
---------------------------------------------------
Chin Foh Bhd expects to return to the black beginning in the
financial year 2009 in the event it receives all regulatory
approvals for its restructuring plan, The Edge Daily relates.
The new reform plan, among others, involves:
-- transferring its listed status to a new company
-- issuing new shares to creditors
-- buying five subsidiaries and slashing its share capital.
On May 31, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Securities Commission rejected the company's
original reform plan on the basis that "the company did not
sufficiently address paragraph 13.02 of the Policies and
Guidelines on Issue/Offer of Securities."
The company's original reform plan involves:
-- a transfer of the company's listed status to a new
company,
-- the issuance of new shares to its creditors,
-- the acquisition of subsidiaries, and
-- a share capital decrease.
The company's managing director, Datuk Stephen Quah, said that
although the Securities Commission had rejected its original
restructuring plan in May, the company was significantly
confident that its appeal with an enhanced proposal would be
accepted.
The enhanced proposal, according to the report, includes a
proposed rights issue of 25.95 million shares of 25 sen each in
the newco on a renounceable rights together with 77.84 million
free detachable warrants to raise MYR6.48 million, which would
then be utilized as working capital for the newco.
"Our primary concern now is to stabilise the company through the
operations of the five targeted subsidiaries and get the company
out of its debt situation," Mr. Quah said. "It must be pointed
out that these five subsidiaries are already making money, and
we will be liquidating our other subsidiaries at the best market
value available to help pare down debts."
The five subsidiaries are:
1. Chin Foh Trading (KL) Sdn Bhd
2. CF Aluminium Extrusion Sdn Bhd
3. Nat Recycling Sdn Bhd
4. Okura-Shoji (Malaysia) Sdn Bhd and
5. Okura Steel Service Centre Sdn Bhd.
"These businesses were found to be viable and could contribute
positively to our operations going forward, but we have to still
sort out our debt problems and raise sufficient working
capital," he said.
Mr. Quah also told the paper that based on its merchant banker's
advise, the company expected to complete its restructuring
exercise in the third quarter next year, assuming it succeeds in
its appeal to the SC.
"Once everything is in order, the newco will take over the
listed status and start reporting its results from January 2009,
where we are targeting to be in the black," he said.
Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products. Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments. Operations are carried out in Malaysia,
Australia, and China.
Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.
On May 31, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission did not approve of the
ompany's reform plan proposals.
Chin Foh's balance sheet as of April 30 also went upside down
with shareholders' deficit of MYR50.21 million from total assets
of MYR186.57 million and total liabilities of MYR236.78 million.
FEDERAL FURNITURE: Fails to Get Nod on Transfer of Land Titles
--------------------------------------------------------------
Federal Furniture Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd that it has failed to comply with the
requirements needed to transfer the title of the Terengganu Land
in favor of special purpose vehicle 2 within the stipulated
deadline.
According to the company, it has failed to comply with these
requirements:
(a) the State Consent for the Terengganu Land has not been
procured or obtained on or before the Approval Date;
and/or
(b) the express conditions for the Terengganu Land have not
been removed or deleted from the issue document of title
to the Terengganu Land on or before the Approval Date;
and/or
(c) the presentation of the original issue document of title
to the Terengganu Land, the memorandum of transfer and
the relevant documents to the relevant land registry is
not made on or before the Approval Date.
In lieu of the Terranganu Land, the company proposed, and the
scheme lenders have accepted, the replacement of the lands in
Puchong located at Lot 1348 & Lot 1347, Kg Kandam Dalam, Jalan
Puchong, 47100 Puchong, Selangor. The replacement, however, is
still subject to these approvals:
(i) the Securities Commission;
(ii) the shareholders of FFHB, if required; and
(iii) any other relevant authorities, if required.
Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group. It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.
On June 24, 2004, the Board of Directors of Federal Furniture
proposed a capital reduction, a share premium reduction, rights
issue with warrants and a debt settlement scheme with some of
its financial institution lenders to restructure and settle a
substantial part of its total bank borrowings. On July 5, 2006,
the Company submitted its Regularization Plan to Bursa Malaysia
Securities Berhad for approval.
Federal Furniture Holdings Bhd's unaudited balance sheet as of
Dec. 31, 2006, showed total assets of MYR135.78 million and
total liabilities of MYR153.46 million, resulting in a
shareholders deficit of MYR17.67 million.
MALAYSIA AIRLINES: Wants More Time to Study Open Sky Policy
-----------------------------------------------------------
Malaysia Airlines wants more time to conduct more studies
regarding the impact of the proposed Asean Open Sky Policy due
to be implemented by January 2009, Idris Jala, the airline's
managing director and chief executive officer, was quoted by
Asia Pulse as saying.
The comment, according to the report, came after Malaysia's
Transport Minister Chan Kong Choy said that the country did not
rule out bringing forward the policy's original schedule for
several routes.
The airline is adamant that Malaysia might lose and Singapore
might win if the Open Sky Policy is brought forward as local
airlines are not ready to operate under a fully liberalized
environment, the paper relates.
According to Mr. Idris, Malaysia is in disadvantage, citing that
its Firefly unit is not allowed to fly on routes where low-cost
carrier AirAsia was flying.
"When we are talking about an even playing field, there is
uneveness here and there," the paper cites Mr. Idris as saying.
Asean countries have already agreed to the original timeframe of
Jan 1, 2009, to fully start the policy, Asia Pulse notes.
Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.
The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes. In late February 2006, it unveiled a
radical rescue plan to raise MYR4billion to stay afloat and
return to profitability by 2007. Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.
SOLECTRON CORP: Bags Parata Systems APM Manufacturing Contract
--------------------------------------------------------------
Solectron Corporation disclosed that retail pharmacy automation
leader Parata Systems, LLC has awarded the company a contract to
manufacture Parata APM(TM) (Automated Product Machine).
Solectron's Creedmoor, N.C.-based facility will manufacture the
system.
Parata APM gives consumers a convenient, self-service option for
picking up refill prescriptions, in some cases even when the
pharmacy is closed. Installed at the pharmacy counter, Parata
APM holds 448 prescriptions. Only Parata APM can be accessed
from the backside to offer the additional option of automating
will-call for the pharmacy staff.
"The convenience and access of self-service is driving a
proliferation of kiosks across many retail segments," Robert
Spignesi, executive vice president and General Manager, Parata
Systems explains. "We partnered with Solectron for the
company's ability to support our rapid growth plans. The
company's expertise in manufacturing electro-mechanical, build-
to-order self-service systems, as well as rapid production and
delivery, made Solectron an ideal partner."
Today, kiosks are ubiquitous in industries including airlines,
restaurants, photo finishing and DVD movie rental. Prescription
drug delivery simply represents the next frontier in this rapid
expansion.
"Self-service automation is quickly transitioning from a value-
add convenience to an expectation for conducting business in
today's high-speed, broad-access retail environment," said Doug
Britt, executive vice president, Sales and Account Management,
Solectron. "Parata's automation leadership makes it natural to
bring this technology to a retail pharmacy. Solectron stands
ready to support Parata's strategy with its experience in self-
service automation design and manufacturing across banking,
point-of-sale, entertainment and digital media segments. We
look forward to collaborating closely with Parata on this
exciting venture."
About Parata Systems
Founded in 2001, Durham, N.C.-based Parata System --
http://www.parata.com/-- offers technologies to enhance safety
and convenience in retail pharmacy. Its products include Parata
RDS (Robotic Dispensing System), which automates prescription
dispensing with high speed and 100 percent accuracy for drug and
dosage; Parata APM, which offers consumers convenient access to
their refill prescriptions; and Parata PACMED, which improves
safety and shortens delivery time in compliance-driven
healthcare settings.
About Solectron
Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.
* * *
As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'. S&P said the outlook is stable.
On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's
ratings as:
-- Issuer Default Rating at 'BB-';
-- Senior secured bank facility at 'BB+';
-- Senior unsecured debt at 'BB-'; and
-- Subordinated debt at 'B+'.
====================
N E W Z E A L A N D
====================
ALUMEX INSTALLATIONS: Fixes August 3 as Last Day to File Claims
---------------------------------------------------------------
Alumex Installations Ltd. is receiving proofs of debt from its
creditors until August 3, 2007.
The company started to liquidate its business on June 21, 2007.
The company's liquidator is:
John T. Whittfield
McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
BIG ERECTIONS: Court to Hear Wind-Up Petition on July 26
--------------------------------------------------------
A petition to wind up the operations of Big Erections Ltd. will
be heard before the High Court of Auckland on July 26, 2007, at
10:45 a.m.
The petition was filed by the Commissioner of Inland Revenue on
May 8, 2007.
The CIR's solicitor is:
Julia Beech
c/o Inland Revenue Department
Legal and Technical Services
Ground Floor Reception
518 Colombo Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile:(03) 977 9853
CHL LTD: Names Jenkins and Deuchrass as Liquidators
---------------------------------------------------
On June 11, 2007, Paul William Gerrard Jenkins and Wayne John
Deuchrass were appointed as liquidators of CHL Ltd.
The company went into liquidation on that same day.
The Liquidators can be reached at:
Paul William Gerrard Jenkins
Wayne John Deuchrass
c/o Insolvency Management Limited
Level 1, 148 Victoria Street
PO Box 13401, Christchurch
New Zealand
DDNZ LTD: Sets Wind-Up Petition Hearing for July 23
---------------------------------------------------
The High Court of Wellington will hear a petition to wind up the
operations of DDNZ Ltd. on July 23, 2007, at 10:00 a.m.
The petition was filed by Keith Charles Knapp on June 13, 2007.
Mr. Knapp's solicitor is:
Stephen Howard Barter
c/o Barter & Co
Unit 1, 222 State Highway 17
Albany, Auckland
New Zealand
FIRE SPECIALISTS: Wind-Up Petition Hearing Set for July 26
----------------------------------------------------------
On April 24, 2007, Fire Security Services Limited filed a
petition to wind up the operations of Fire Specialists Ltd.
The High Court of Auckland will hear the petition on July 26,
2007, at 10:00 a.m.
Fire Security's solicitor is:
R. J. T. Robertson
Stace Hammond
c/o Stace Hammond House
3 Caro Street, Hamilton
New Zealand
Telephone:(07) 838 0299
Facsimile:(07) 838 2052
GREENPARK COMPLIANCE: Accepting Proofs of Debt Until Aug. 3
-----------------------------------------------------------
Greenpark Compliance Centre Ltd is receiving proofs of debt from
its creditors until August 3, 2007.
Failure to file claims by the due date will exclude a creditor
from sharing in the company's dividend distribution.
The company's liquidators are:
John T. Whittfield
Peri Micaela Finnigan
c/o McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
K C TRAWLING: Court to Hear Wind-Up Petition on July 23
-------------------------------------------------------
The High Court of Wellington will hear a petition to wind up the
operations of K C Trawling Ltd. on July 23, 2007, at 10:00 a.m.
CentrePort Limited filed the petition with the Court on June 13,
2007.
CentrePort's solicitor is:
John Burton
c/o Izard Weston, Lawyers
PO Box 5348 Wellington
New Zealand
MANUKAU VEHICLE: Taps Whittfield and Finnigan as Liquidators
------------------------------------------------------------
John Trevor Whittfield and Peri Micaela Finnigan were appointed
as liquidators of Manukau Vehicle Compliance Limited on June 21,
2007, through a special resolution passed on that day.
The Liquidators are receiving proofs of debt from its creditors
until August 3, 2007.
The Liquidators can be reached at:
John T. Whittfield
Peri Micaela Finnigan
c/o McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
METRO MOTOR: Requires Creditors to File Claims by August 3
----------------------------------------------------------
Metro Motor Holdings Grey Lynn Limited requires its creditors to
file their proofs of debt by August 3, 2007.
Creditors who cannot file their claims by the due date will be
excluded from sharing in the company's dividend distribution.
The company's liquidators are:
John T. Whittfield
Peri Micaela Finnigan
c/o McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
PERMANENT HOMES: Court Releases Wind-Up Order
---------------------------------------------
On June 11, 2007, the High Court at Christchurch released an
order to wind up the operations of Permanent Homes Ltd.
Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.
The Liquidators can be reached at:
Iain Andrew Nellies
Wayne John Deuchrass
c/o Insolvency Management Limited
Level 1, 148 Victoria Street
PO Box 13401, Christchurch
New Zealand
REGAL SOUTH: Subject to CIR's Wind-Up Petition
----------------------------------------------
The Commissioner of Inland Revenue filed on May 3, 2007, a
petition to wind up the operations of Regal South Island Ltd.
The petition will be heard before the High Court of Auckland on
August 16, 2007, at 10:00 a.m.
The CIR's solicitor is:
Julia Beech
c/o Inland Revenue Department
Legal and Technical Services
Ground Floor Reception
518 Colombo Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile: (03) 977 9853
VALMA INVESTMENTS: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The shareholders of Valma Investments Ltd. met on June 28, 2007,
and resolved to liquidate the company's business.
William Gavin Johnston, the company's liquidator, is receiving
proofs of debt from its creditors until today, July 20, 2007.
The Liquidator can be reached at:
William Gavin Johnston
PO Box 91842, Auckland
New Zealand
Facsimile:(09) 361 6702
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Expects PHP500-Million Net Income for 2007
--------------------------------------------------------------
Atlas Consolidated Mining Corp. is targeting a PHP500-million
net income for 2007 with the production of some one million dry
metric tons of nickel ore by unit Berong Nickel Corp., ABS-CBN
News reports.
The company also expects another 47,000 tons of copper, 41
ounces of gold and pyrite and iron ore magnetite concentrates
per year from its other subsidiary, Carmen Copper Corp. after
full operations in the second quarter of 2008.
A net profit of about PHP2 billion to PHP3 billion is expected
by the company next year in light of increased production by its
nickel and copper mines.
In order to raise capital, the company considers listing on the
London, Toronto, and Australia stock exchanges, Atlas' executive
vice president and chief operating officer Martin Buckingham
told ABS-CBN.
The report cites the company's chairman and president, Alfredo
Ramos, as adding that the company will attempt to amass
US$100 million from the dual-listing to fund its expansion
projects.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, total liabilities of PHP3.81 billion
exceeded total assets of PHP2.99 billion, resulting in a capital
deficiency of PHP820.5 million. Total current liabilities of
PHP1.91 billion as of December 31, 2006, also exceeded total
current assets of PHP305.22 million.
BANGKO SENTRAL: Introduces New Overdraft Credit Line Policy
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas introduced a new policy measure
in order to cover itself for overdraft credit lines that are
being turned into emergency loans for banks experiencing
troubles, the Philippine Star reports.
The policy will govern the handling of overdraft of banks in
their demand deposit accounts with the central bank, the article
adds.
The guidelines will permit banks involved in the clearing
operations of the Philippine Clearing House Corp. to apply for
an OCL, BSP governor Amanda Tetangco Jr. told the Star. They
might be allowed to remain outstanding for a maximum of 5 years
at an interest rate of either 1/10 of 1% daily or the prevailing
90-day T-bill rate plus three percentage points, whichever is
higher, he added.
Mr. Tetangco further said that the OCL is not intended as a
long-term or medium-term credit facility for banks with
liquidity problems. Instead, it is to provide temporary
liquidity assistance and to cover BSP exposure when the OCL is
converted into an emergency loan.
The BSP governor also added that the banks participating in the
Philippine Clearing house operations are entitled to a clean OCL
equal to 10% of their approved rediscounting line, in order to
give them enough time to align their cleaning operations with
the new policy.
About Bangko Sentral
The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines. It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993. BSP took over from the Central Bank of Philippines as the
country's central monetary authority. Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.
The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.
Standard and Poor's Ratings Services gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.
Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.
METROPOLITAN BANK: To Issue PHP10BB Unsecured Subordinated Debts
----------------------------------------------------------------
The Metropolitan Bank and Trust Co.'s Board of Directors
approved the issuance of up to PHP10 billion in unsecured
subordinated debts, a disclosure with the Philippine Stock
Exchange said.
The Board, during a meeting held on Wednesday, approved the
issuance in one or more tranches. It will form part of Lower
Tier 2 Capital subject to terms and conditions to be approved by
the Bangko Sentral ng Pilipinas.
Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group. Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network. Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.
The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.
* * *
The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.
The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.
On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.
On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'. All
the bank's other ratings were affirmed:
* Long-term Issuer Default rating 'BB-' -- with a stable
Outlook,
* Short-term rating 'B,'
* Support rating '3.
PICOP RESOURCES: Share Prices Rise on San Miguel Purchase Rumors
----------------------------------------------------------------
Prices for Picop Resources Inc.'s shares rose on Wednesday due
to speculation that San Miguel Corp.'s president and chief
operating officer, Ramon Ang, is buying into the paper mill
firm, the Philippine Star reports.
Picop's share prices rose to a level of PHP0.75 per share during
trading on Wednesday before it closed at PHP0.69 each, almost
double the PHP0.35 per share price on July 9. Picop sold
679.66 million shares worth PHP470.62 million on Wednesday.
Speculations are abundant in the market that Mr. Ang plans a
backdoor listing of Picop for its planned mining ventures, or
making a personal investment in the paper entity, the article
relates.
However, the Star notes, an unnamed San Miguel official denied
the report.
PICOP Resources, Inc., was incorporated in 1952 as Bislig
Industries, Inc. It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes. Since 1994, control of the company
changed hands three more times. At present, the company is
under the control of TP Holdings, Inc.
PICOP's consolidated balance sheets as of December 31, 2005, and
2004, revealed a deficit of PHP3.4 million and PHP3.0 million,
respectively. Moreover, the company reported a net loss of
PHP366,574,000 for the full-year 2005 and PHP237,609,000 for the
full-year 2004.
The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc. NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof. In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock. This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock. Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation. Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.
* * *
PICOP Resources, Inc., posted a net loss of PHP31.385 million
for the year ending December 31, 2006, against
PHP366.574 million and PHP237.609 million net losses for the
years 2005 and 2004, respectively.
SAN MIGUEL: Denies Rumors of CEO's Purchase of Shares in PICOP
--------------------------------------------------------------
San Miguel Corp. is not acquiring stocks in Picop Resources
Inc., an unnamed official told the Philippine Star amid reports
of Picop shares rising on speculation that SMC's president and
chief operating officer, Ramon Ang, is buying into the paper
mill firm.
The Star relates that Picop's share prices rose to a level of
PHP0.75 per share during trading on Wednesday before it closed
at PHP0.69 each, almost double the PHP0.35 per share price on
July 9. Picop sold 679.66 million shares worth PHP470.62
million on Wednesday.
Speculations are abundant in the market that Mr. Ang plans a
backdoor listing of Picop for its planned mining ventures, or
making a personal investment in the paper entity, the article
relates.
Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
A Troubled Company Reporter-Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.
Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding. The company's ratings have been placed on
S&P's CreditWatch with a Negative outlook on May 17, 2007.
* Gov't Bullish of Recovering Philippines' Competitiveness Level
----------------------------------------------------------------
The Philippines should improve on its human resources'
competency in order to raise its competitiveness level, Asian
Institute of Management's Federico Macaranas told the Philippine
Star.
This came after the Swiss-based Institute of Management
Development's study rated the country number 45 out of 55
countries.
The Philippine Government said that it will enlist the help of
the private sector, the article relates.
Trade Secretary Peter B. Favila told the Philippine Star during
the National Competitiveness Council forum that the government
has asked businessmen to invest in the provinces in order to
develop the country.
However, Mr. Favila said the government does not see recruitment
of more teachers as the solution to the 55th ranking in terms of
student-teacher ratio for primary education. Instead, Mr.
Favila suggests that the private sector be involved in the
cyber-education of the children.
Mr. Favila expressed his confidence that the country will
recover its competitiveness, and added that the effects of the
improvements the government has implemented will be felt next
year. These improvements will be enumerated by the president
during her state of the nation address on Monday, he added.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook. Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
* Investments Climb 30% & Reaches PHP130 Billion in First Half
--------------------------------------------------------------
Fresh investments for the first half of the year increased by 30
percent to PHP130 billion compared to the same period last year.
These investments represent 347 projects which are expected to
create almost 70,000 new jobs, according to a press release in
the Philippine Information Agency.
The biggest investments were poured into the manufacturing
sector which grew 157 percent to PHP48.5 billion, primarily due
to the capital infusion of Mabuhay Vinyl Corp. for the
manufacture of caustic soda and hydrochloric acid and liquid
worth PHP564.6 million, and Pilipinas Kyohritsu's production of
automotive wiring harness worth PHP453.3 million.
Other investments were in renewable energy sources, a
hydroelectric power generating plant worth P27 billion, another
hydroelectric power generation project worth P7.7 billion,
production of power from methane coming from dumpsites worth
PHP1.6 billion and, a wind diesel hybrid energy power system
worth PHP2.2 billion.
Local investors accounted for PHP65.4 billion in investments
which was slightly higher than the PHP64.9 contributed by
foreign businessmen.
This remarkable investment performance shows that the
Philippines is one of the best investment destinations in Asia.
It is a proof that the country remains competitive brought about
by the government's sound economic measures.
Remittances from overseas Filipino workers, likewise increased
by 21.9% for the first five months of 2007. Bangko Sentral ng
Pilipinas data showed that dollars sent home through the banking
system amounted to US$5.9 billion, a level higher than the
amount posted in the same period last year. Total remittances
for this year are expected to reach US$14 billion.
The government is committed to consolidate the gains it has
achieved by making long overdue investments in human and
physical infrastructure and these include billions of pesos in
education, health care, new bridges, roads and ports to upgrade
the competitiveness of the Philippines.
Part of this government investment is the recently approved more
than P30 billion of infrastructure projects. The bulk of this
infrastructure investment will be used to finance the PHP17.19
billion Tarlac-La Union Toll Expressway project Phase I. The
project aims to support the future increase in socio-economic
activities between Region I, III, CAR and, Metro Manila and
promote a wider dispersal of investments in these areas.
Other infrastructure projects approved were transmission lines
and substation expansion projects, bridge construction
/replacement project, bridge acceleration project to replace
bridges weakened by recent typhoons, the Angat water and
aquaduct improvement project, the building of a Women's Medical
Center and the upgrading of the National Kidney and Transplant
Institute.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook. Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
=================
S I N G A P O R E
=================
CATALOG MAGAZINE: Court Enters Wind-Up Order
--------------------------------------------
On July 6, 2007, the High Court of Singapore released an order
to wind up the operations of Catalog Magazine Pte Ltd.
Creditors are required to file their claims to be included in
the company's dividend distribution.
The company's liquidator is:
The Official Receiver
45 Maxwell Road, #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
CKE RESTAURANTS: Closes La Salsa Mexican Retaurants Sale
--------------------------------------------------------
CKE Restaurants Inc. has completed its previously announced sale
of its La Salsa Fresh Mexican Grill restaurant chain. The buyer
is Thousand Oaks, Calif.-based Baja Fresh Mexican Grill(R). The
investment group is led by David Kim, and included GarMark
Partners II, LP, which is based in Stamford, CT., and M Plus
Capital, which is based in Santa Monica, Calif. Under the
agreement, Santa Barbara Restaurant Group, Inc., a wholly-owned
subsidiary of CKE, sold its 100 percent equity interest in La
Salsa, Inc. and La Salsa of Nevada, Inc. The transaction is not
expected to have a material impact on the future earnings of CKE
on a consolidated basis.
Andrew F. Puzder, CKE president and chief executive officer
said, "With the closing of this transaction we can now shift our
resources and focus towards growing Carl's Jr. and Hardee's, as
well as dual-branding them with our Mexican brands, Green
Burrito(R) and Red Burrito(TM). We believe these initiatives
offer the best opportunity to improve our future earnings and
cash flow. We are pleased to have completed the sale of La
Salsa Fresh Mexican Grill, and we wish the new owners of La
Salsa the best with their investment."
As of the end of its fiscal 2008 first quarter ended May 21,
2007, CKE Restaurants, Inc., through its subsidiaries, had a
total of 3,022 franchised, licensed or company-operated
restaurants in 43 states and in 13 countries, including 1,101
Carl's Jr. restaurants and 1,905 Hardee's restaurants.
About CKE Restaurants
Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands. The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.
* * *
As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants. S&P said the outlook was
stable.
DA CONSULTING: Court Enters Wind-Up Order
-----------------------------------------
On July 6, 2007, the High Court of Singapore released an order
to wind up the operations of DA Consulting Group Pte Ltd.
F.H. Lee Consultants (International) Pte Ltd filed the wind-up
petition.
The company's liquidator is:
The Official Receiver
Insolvency and Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road, #05-11/#06-11
Singapore 069118
LEAR CORP: S&P Assigns B Corporate Credit Rating
------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating on Southfield, Michigan-based Lear Corp. and
certain other issue ratings on CreditWatch with positive
implications following Lear's announcement that shareholders had
voted against the debt-financed purchase of Lear by Carl Icahn-
controlled American Real Estate Partners, L.P. (AREP;
BB+/Stable/--).
AREP currently owns or controls about 20% of Lear, an automotive
supplier.
"The CreditWatch resolution will focus on expectations for
Lear's financial profile absent the proposed acquisition debt as
well as prospects for any shifts in business or financial
strategy now that Lear will remain an independent company," said
Standard & Poor's credit analyst Robert Schulz. Prior to the
AREP bid in February, Lear's corporate credit rating was 'B+'
and a modest upgrade which returns the corporate credit rating
to that level is possible.
At the same time, S&P's withdrew its ratings on the proposed
bank acquisition financing, revised its recovery rating on
Lear's existing bank term loan to '2' from '3' (this reflects
the recently announced changes to S&P's recovery ratings scale)
and placed the 'B+' bank loan rating on the existing term loan
on CreditWatch with positive implications. S&P also withdrew
its 'B-3' short-term rating.
Lear has total debt of about US$3.5 billion at March 31, 2007,
including the present value of operating leases and underfunded
employee benefit liabilities. Lear has strong market positions,
good growth prospects outside of North America, and fair
financial flexibility. While its operating performance has been
challenged by severe industry pressures in North America that
caused credit protection measures to weaken in recent years,
Lear has reported improved results during 2007, and twice raised
its guidance for the year. Still, with restructuring efforts
ongoing at Michigan-based automakers, we expect that 2007 and
beyond will present challenges for most US-based auto suppliers.
Based 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. The company has more than 90,000 employees at 236
facilities in 33 countries.
Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela. Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey. Its Asian facilities are in China, India, Japan,
Philippines, South Korea, Thailand and Singapore.
PRIME ENERGY: Enters Wind-Up Proceedings
----------------------------------------
The High Court of Singapore entered an order on June 29, 2007, a
petition to wind up the operations of Prime Energy Corporation
Pte Limited.
The company requires its creditors to file their proofs of debt
to be included in the company's dividend distribution.
The company's liquidator is:
Tan Chin Ren
M/s Tan Chan & Partners
2 Havelock Road
#04-08 Apollo Centre
Singapore 059763
PETROLEO BRASILEIRO: Awards Two Contracts to Siemens' Unit
----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has awarded
German industrial group Siemens' Power Generation unit two
contracts for EUR75 million, Siemens said in a statement.
Business News Americas relates that under one of the contracts,
Siemens will sell Petroleo Brasileiro 17 compressor trains.
Siemens told BNamericas that 11 of the trains will go to
Transportadora Gasene, which Petroleo Brasileiro created for the
construction of a gas pipeline from Brazil's southeast to the
northeast region. Six of the trains will be sent to Petroleo
Brasileiro's gas treatment plant at Cacimbas, Espirito Santo.
"The 17 compressor trains will be pre-assembled" in Siemens'
Houston facility, BNamericas states, citing Siemens.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and 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.
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: Inks Engineering Support Contract with MCS
---------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA has signed
a two-year contract with Irish subsea engineering company MCS
for engineering support, according to a statement by MCS.
Business News Americas relates that "MCS will be responsible for
pipeline engineering support services" for Petroleo Brasileiro's
installation and construction unit.
Petroleo Brasileiro "will use MCS' PipeLay software, which helps
engineers analyze offshore pipeline installation," BNamericas
states.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and 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.
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: Oil Production Rises 8.6% in June
------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras reported that in June 2007,
oil production has averaged 1,827,392 barrels per day, 8.6% over
a year ago, i.e., a 145,000 bpd rise. Compared to May 2007, the
increase was 66,000 bpd.
These factors played an important role in June's production
surge:
a) The compression system on platform P-34, in the Jubarte
field, in the Campos Basin, went online;
b) Production was kicked-off at the following fields:
-- On May 28, well GLF-10, interconnected to FPSO-
Capixaba, located in the Golfinho field, in the
Esprito Santo Basin;
-- On June 20, well ESP-36, interconnected to FPSO-
Cidade do Rio de Janeiro, in the Espardate field, in
the Campos Basin;
-- On June 27, well MLS-79, interconnected to platform
P-37, in the Marlim field, in the Campos Basin;
c) Increased operating efficiency at all Petrobras
Exploration & Production area Business Units.
In Brazil, oil and natural gas production has averaged 2,970,872
barrels of oil equivalent per day (boe/day), 6.9% over a year
ago and 3.6% more than the previous month.
Added to the production of the fields located abroad, the
company's total production volume averaged 2,342,928 barrels of
oil equivalent/day, a 6.3% increase over a year ago.
The Brazilian natural gas production topped-out at 43,003,000
cubic meters per day, 2.9% more than last May, when the average
was 41,800,000 cubic meters per day.
Total production (oil & gas) in the eight countries where
Petrobras has assets in operation was 245,056 barrels, nearly
the same as the previous month's mark (245,176 barrels).
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and 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.
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.
===============
T H A I L A N D
===============
DOLE FOOD: Court Starts Hearing Banana Workers' Claims
------------------------------------------------------
Jahir Lombana at Fresh Plaza reports that a court in Los
Angeles, Calif., will start to hear the demands by Nicaraguan
workers against Dole Food and two other firms.
Nicaraguan banana workers claim that the pesticide Nemagon
caused sterility, Fresh Plaza notes. Amvac Chemical Corp., Dow
Chemical and Dole Food were denounced in the process. However,
only two firms will take part on the process.
According to Fresh Plaza, Amvac Chemical reached an extra-
judicial deal with 13 peasants who received US$300,000.
Dow Chemical and Dole Food were condemned five years ago to pay
US$490 million in a Nicaraguan court. However, prosecutors
claimed that the money was never paid.
Dole Food External Relations Vice-President Mary Odman told news
daily La Opinion that Nemagon wasn't the cause of sterility to
the peasants, Fresh Plaza states.
Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods. The company has four
primary operating segments. The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide. The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia. The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods. Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.
* * *
As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3. Moody's said
the outlook was stable.
On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.
GOVERNMENT HOUSING: To Keep Bad Debts Down to THB700MM Monthly
--------------------------------------------------------------
The Government Housing Bank seeks to limit its non-performing
loans to THB700 million monthly as it tries to comply with the
new International Accounting Standard 39, bank president Khan
Prachuabmoh told the Bangkok Post.
"The best ways are debt compromises and estimating prcies of the
assets," Mr. Khan said. The board will meet this weekend to
discuss other measures, he added.
According to the article, the bank will reappraise the assets of
20,000 accounts to increase estimated value, reduce the required
reserve amount and encourage account owners to turn a profit.
The bank had THB800 million to THB900 million in non-performing
loans per month during the first half of the year, the article
relates. This has resulted to about THB1.8 billion of required
reserves. The bank expects to reserve another THB900 million
during the second half, in addition to the THB700 million in the
first quarter and the THB1.1 billion in the second quarter.
Bangkok Post cites Mr. Khan as saying that the implementation of
the new accounting standard caused the bank's performance during
the first half to drop 53% from the figure reported during
2006's first quarter, and for its net income to drop to THB761
million as compared to the THB1.63 billion last year.
The bank is also monitoring closed factories that have affected
some customers' incomes, so it could negotiate their debt-
payment capability if any customer loses a job due to those
factories, the report adds.
The Government Housing Bank -- http://www.ghb.co.th/-- was
established in 1953 as the Ministry of Finance's wholly owned
financial institution with the purpose of providing mortgage
loans to low-and medium-income persons. In addition to
providing mortgage loans for the purchase of lands, houses,
construction, and renovation, the Bank also act as a real estate
developer.
On May 4, 2007, Moody's retained its bank financial strength
rating of E+. The Foreign Currency Deposit Ratings are unchanged
at Baa1/P-2. The outlook for all ratings is stable.
SIAM CITY BANK: Invests THB5 Bil. for Jatukarm Ramathep Amulets
---------------------------------------------------------------
Siam City Bank invests THB5 million in 130,000 Jatukarm Ramathep
amulets to give away to new depositors in a bid to increase
deposit accounts by 40%, the Bangkok Post reports.
The higher number of deposit accounts will help reduce funding
costs while increasing net interest margins, the report says
citing Siam City President Chaiwat Utaiwan.
According to the article, the bank will produce 150,000 amulets
in remembrance of its 66th anniversary. 20,000 amulets will be
distributed to employees, and the rest will be given to new
customers that will open accounts of at least THB30,000 and to
buyers of the Max 10/6 and Max 20/10 insurance products.
SCIB expects 500,000 new customers for its Savings Buffet
account service, with a deposit target of THB25 billion.
220,000 accounts have already been opened, holding deposit funds
of THB23 billion, the report said.
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
October 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;
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.
As of May 4, 2007, the Bank still carries Moody's Bank financial
strength rating of D.The Long-term Foreign Currency Deposit
Rating is changed to Baa2 from Baa3 and the Short-term Foreign
Currency Deposit Rating is unchanged at P-3. The outlook for all
ratings is stable.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker ($MM) ($MM)
------- ------ ------ ------------
AUSTRALIA
Austar United Communications
Limited AUN 411.16 -43.72
Global Wine Ventures Limited GWV 22.04 -0.84
Hutchison Telecommunications
(Aust) Ltd. HTA 1637.04 -1443.69
Intellect Holdings Limited IHG 15.01 -0.83
KH Foods Ltd KHF 62.30 -1.71
Lafayette Mining Limited LAF 78.17 -127.82
Life Therapeutics Limited LFE 59.00 -0.38
Orbital Corp. Ltd. OEC 14.01 -4.86
RMG Ltd. RMG 22.33 -2.16
Tooth & Co. Ltd. TTH 99.25 -74.39
CHINA AND HONG KONG
Artel Solutions Group
Holdings Limited 931 29.19 -18.65
Asia Telemedia Limited 376 16.97 -7.53
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Chang Ling Group 561 85.06 -80.88
Chengdu Book Digital Co. Ltd. 600083 21.50 -3.07
China Kejian Co. Ltd. 35 54.71 -179.23
China Liaoning International
Cooperation (Group) Ltd 638 20.12 -42.96
Chongqing Int'l Enterprise
Investment Co 000736 16.97 -84.36
Datasys Technology
Holdings Ltd 8057 14.10 -2.07
Dynamic Global Holdings Ltd. 231 39.43 -2.21
Everpride Biopharmaceutical
Company Limited 8019 10.16 -2.16
Fujian Changyuan Investment
Holdings Limited 592 31.36 -54.04
Fujian Sannong Group Co. Ltd 732 44.23 -92.62
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Guangdong Kelon Electrical
Holdings Co Ltd 921 596.71 -94.69
Guangdong Meiya Group
Company Ltd. 529 107.16 -49.54
Guangxia (Yinchuan) Industry
Co. Ltd. 557 48.71 -59.63
Hainan Dadonghai Tourism
Centre Co., Ltd 613 19.74 -5.81
Hainan Overseas Chinese
Investment Co., Ltd 600759 28.97 -9.90
Hans Energy Company Limited 554 85.00 -0.49
Heilongjiang Black Dragon
Co., Ltd 600187 121.30 -74.45
Heilongjiang SunField
Science & Tech Co 000620 29.96 -49.18
Hualing Holdings Limited 382 262.90 -32.17
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Hengyang 600762 68.45 -7.20
Innovo Leisure Recreation
Holdings Ltd. 703 13.37 -3.89
Junefield Department
Store Group Limited 758 16.80 -6.34
Loulan Holdings Limited 8039 13.01 -1.04
New World Mobile Holdings Ltd 862 295.66 -12.53
New City China 456 242.25 -21.46
Orient Power Holdings Ltd. 615 176.86 -64.20
Plus Holdings Ltd. 1013 18.52 -3.34
Qinghai Xiancheng Industry
Stock Co.,Ltd 600381 55.85 -55.04
Regal Real Estate
Investment Trust 1881 945.38 -234.38
Shenyang Hejin Holding
Company Ltd. 633 103.86 -3.16
Shenzhen China Bicycle Co.,
Hlds. Ltd. 17 39.13 -224.64
Shenzhen Dawncom Business
Tech. and Service Co., Ltd. 863 79.84 -37.30
Shenzhen Kondarl (Group)
Co., Ltd. 000048 112.05 -15.98
Shenzhen Shenxin Taifeng
Group Co., Ltd. 34 69.92 -44.65
Shijiazhuang Refining-Chemical
Co., Ltd 783 357.75 -84.57
Sichuan Langsha Holding Ltd. 600137 13.82 -62.11
Songliao Automobile Co. Ltd. 600715 49.56 -3.76
Stellar Megaunion Corporation 000892 54.33 -152.43
Success Information Industry
Group Co. 517 99.92 -14.29
Suntek Technology Co., Ltd 600728 48.81 -16.09
Suntime International
Economic Trading 600084 359.49 -47.93
Taiyuan Tianlong Group Co.
Ltd 600234 13.47 -87.63
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 53.41 -28.73
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Winowner Group Co. Ltd. 600681 38.03 -62.88
Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74
Yueyang Hengli Air-Cooling
Equipment Inc. 622 49.89 -17.71
Zarva Technology Co. Ltd. 688 101.76 -102.01
Zhejiang Haina Science & Tech
Co., Ltd. 925 21.43 -33.33
INDIA
Andhra Cement Ltd. ANDC 58.94 -13.48
Andrew Yule & Co. Ltd ANY 86.39 -12.47
Ashima Ltd. NASHM 101.78 -35.04
ATV Projects India Ltd. ATV 68.25 -30.17
Bagalkot Udyog Ltd. BUL 20.55 -0.63
Baroda Rayon Corp. Ltd. BR 41.16 -26.62
CFL Capital Financial
Services Ltd CEATF 25.42 -47.32
Core Healthcare Ltd. CPAR 214.36 -199.02
Deccan Aviation Pte. Ltd. DECA 86.94 -2.83
Fairfield Atlas Ltd. ATG 23.38 -1.76
GKW Ltd. GKW 35.75 -13.52
Global Broadcast News Ltd GBN 18.13 -1.27
Gujarat Sidhee Cement Ltd. GSCL 51.12 -13.01
Himachal Futuris HMFC 574.62 -38.68
HMT Limited HMT 238.05 -288.85
Hindustan Organic
Chemicals Limited HOC 109.22 -15.18
IFCI Limited IFCI 2566.01 -727.71
JCT Electronics Ltd. JCTE 118.28 -165.74
JK Synthetics Ltd JKS 24.04 -1.42
Kothari Sugars and
Chemicals Ltd. NKTSG 43.24 -29.24
LML Ltd. LML 81.21 -11.89
Mafatlal Ind. MFI 95.67 -85.81
Malanpur Steel Ltd. HDC 82.08 -52.01
Modern Threads MRT 78.18 -20.71
Mysore Kirloskar Ltd. MK 23.71 -3.04
Panchmahal Steel Ltd. PMS 51.02 -0.33
Shree Digvijay Cement Co. Ltd. DIGV 29.62 -32.38
Shree Rama Multi Tech Ltd. NSRMT 86.31 -3.90
Shyam Telecom NSHY 147.34 -22.80
SIV Ind. Ltd. NSIV 101.16 -66.27
SpiceJet Ltd. SJET 121.34 -2.75
Shyam Telecom Limited SHY 147.34 -22.80
Tata Teleservices (Maharashtra)
Limited NTTLS 653.56 -9.99
INDONESIA
Ades Waters Indonesia Tbk ADES 21.35 -8.93
Dharmala Intiland Tbk DILD 197.91 -6.62
Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21
Hotel Sahid Jaya SHID 71.05 -4.26
Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57
Mulialand Tbk MLND 141.33 -45.99
Panca Wiratama Sakti Tbk PWSI 39.72 -18.82
Sekar Bumi Tbk SKBM 23.07 -41.95
Steady Safe SAFE 19.65 -2.43
Suba Indah Tbk SUBA 85.17 -9.18
Surya Dumai Industri Tbk SUDI 105.06 -30.49
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 29.08 -5.87
Wicaksana Overseas
International Tbk WICO 43.09 -46.36
JAPAN
Mamiya-OP Co., Ltd. 7991 152.37 -67.11
Montecarlo Co. Ltd. 7569 66.29 -3.05
Nihon Seimitsu Sokki Co., Ltd. 7771 23.82 -1.10
Orient Corporation 8585 37956.19 -1109.02
Sumiya Co., Ltd. 9939 89.32 -11.57
Tasco System Co., Ltd 2709 48.45 -14.07
KOREA
Belco International Co., Ltd 53470 19.89 -5.49
BHK Inc 3990 24.36 -17.38
C&C Enterprise Co. Ltd. 38420 28.05 -14.50
DaeyuVesper Co. Ltd. 41140 19.06 -1.60
DongYang GangChul Co., Ltd. 001780 108.79 -9.80
EG Semicon Co. Ltd. 38720 166.70 -12.34
Everex Inc 47600 23.15 -5.10
Seji Co., Ltd 53330 37.25 -0.31
Tong Yang Major Corp. 1520 2332.81 -86.95
MALAYSIA
Ark Resources Bhd ARK 25.91 -28.35
Boustead Heavy Industries
Corp. Bhd BHIC 62.80 -116.18
Cygal Bhd CYG 58.47 -69.79
Gefung Holdings Bhd GFHB 21.68 -1.74
Lityan Holdings Berhad LIT 22.22 -19.11
Mentiga Corporation Berhad MENT 22.13 -18.25
Mycom Bhd MYC 222.58 -136.17
Olympia Industries Bhd OLYM 272.49 -281.44
Pan Malay Industries PMRI 199.08 -6.30
PanGlobal Berhad PGL 189.92 -50.36
Sateras Resources Bhd. SRM/4278 44.73 -38.82
Setegap Berhad STG 19.92 -26.88
Sino Hua-An International Bhd HUAAN 184.60 -98.30
Wembley Industries
Holdings Bhd WMY 111.72 -204.61
PHILIPPINES
APC Group Inc. APC 67.04 -163.14
Atlas Consolidated Mining and
Development Corp. AT 33.59 -57.17
Cyber Bay Corporation CYBR 11.54 -58.06
East Asia Power Resources Corp. PWR 92.55 -64.61
Filsyn Corporation FYN 19.20 -8.83
Gotesco Land, Inc. GO 17.34 -9.59
Prime Orion Philippines Inc. POPI 98.36 -74.34
Swift Foods Inc. SFI 26.95 -8.23
Unioil Resources & Holdings
Company Inc. UNI 10.64 -9.86
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 61.45 -30.31
Victorias Milling Company Inc. VMC 127.83 -32.21
SINGAPORE
Compact Metal Industries Ltd. CMI 47.42 -36.47
Falmac Limited FAL 10.51 -2.30
Gul Technologies GUL 155.76 -15.21
HLG Enterprise HLGE 116.77 -8.71
Informatics Holdings Ltd INFO 22.30 -9.14
L & M Group Investments Ltd LNM 56.91 -10.59
Lindeteves-Jacoberg Limited LJ 185.49 -46.43
Pacific Century Regional PAC 1569.35 -88.20
Semitech Electronics Ltd. SEMI 11.01 -0.23
THAILAND
Bangkok Rubber PCL BRC 70.19 -56.98
Central Paper Industry PCL CPICO 40.41 -37.02
Circuit Electronic
Industries PCL CIRKIT 20.37 -64.80
Daidomon Group PLC DAIDO 12.92 -8.51
Datamat Public Co., Ltd DTM 17.55 -1.72
Kuang Pei San Food Products
Public Co. POMPUI 12.51 -9.87
Sahamitr Pressure Container
Public Co. Ltd. SMPC 20.77 -28.13
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Tanayong PCL TYONG 178.27 -734.30
Thai-Denmark PCL DMARK 21.37 -18.88
Thai-Wah PCL TWC 91.56 -41.24
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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-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
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Peter A. Chapman, Editors.
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