/raid1/www/Hosts/bankrupt/TCRAP_Public/070912.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 12, 2007, Vol. 10, No. 181
Headlines
A U S T R A L I A
ALMARC INTERIORS: Members and Creditors to Meet on Sept. 21
ANYWHERE TOWER: Placed Under Voluntary Liquidation
ASTRACOM PTY: Commences Liquidation Proceedings
BASS STRAIGHT: Appoints Sutherland as Liquidator
BUCKEYE TECH: Earns US$30.1 Million in Year Ended June 30
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
CHRYSLER LLC: Names Phil F. Murtaugh CEO for Asia Operations
CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
COLES GROUP: Wesfarmers Admits it Can't Uncurl Coles Right Away
I.T. IMAGING: To Declare Dividend on October 25
IRREGULAR CLOTHING: To Declare Dividend on October 11
NEDLOG PTY: Members to Receive Wind-Up Report on Sept. 21
RETISSO PTY: Supreme Court Enters Wind-Up Order
ROMANOUS FORMWORK: Taps John Melluish as Liquidator
SYMBION HEALTH: Healthscope Fails to Get 75% Votes for Takeover
THOMAS C LOTHIAN: Commences Liquidation Proceedings
WANDVALE PTY: Members Resolve to Liquidate Business
C H I N A & H O N G K O N G
CITIC SECURITIES: Obtains Nod to Operate Equity Business
FIAT SPA: Magneti Signs Joint Venture with Chery Automobile
POLYMER GROUP: Names Gregory Crawford as North America Unit VP
ZTE CORP: Rival Amsterdam Holdings Wants to Look at NBN Deal
I N D I A
EASTMAN KODAK: Reports Reseller Agreement with Ricoh Americas
GENERAL MOTORS: Expects Steady Sales Growth in Three Markets
NAVISTAR INT'L: S&P's BB- Corp. Rating Still on CreditWatch
ORIENTAL BANK: To Establish Insurance JV with Canara and HSBC
STATE BANK OF INDIA: Employees Oppose SBS Merger
TATA STEEL: SBI to Lend US$1BB for Refinancing Bridge Loans
I N D O N E S I A
ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt
BANK DANANMON: Vice President Jerry Ng Resigns
BANK INTERNASIONAL: Partners BPR to Offer Western Union Services
BANK NISP: Offers New Shares by Rights Issue
METSO CORP: To Maintain ADR Facility Following Share Delisting
TELKOMSEL: Fitch Affirms 'BB-' Currency Issuer Default Ratings
J A P A N
GAP INC: Posts US$1.2 Bln Net Sales for Four-Week Ended Sept. 1
GOODWILL GROUP: To Sell Comsn At-Home Nursing Biz to Saint-Care
MITSUBISHI MOTORS: AU Unit Faces Substantial Doubt Concern
K O R E A
DAEWOO ELECTRONIC: Stakeholders Sells Shares Worth KRW16 Billion
DAEYUVESPER CO: Signs KRW4.99-Billion Installment Contract
DASTEK CO: Invests US$800,000 Into China-Based Company
SPATIALIGHT INC: Nasdaq to Delist Common Stock
M A L A Y S I A
AYER MOLEK: Board to File Legal Suit Against Requisitionists
NAGAMAS INTERNATIONAL: Names Ong as CEO for China's Operations
N E W Z E A L A N D
ACTIVE PANEL: Placed Under Voluntary Liquidation
AFFORDABLE COMMUNICATIONS: Proofs of Debt Due on Sept. 26
AIR NEW ZEALAND: Unit to Acquire Two More Bombardier Aircraft
AIR NEW ZEALAND: Sets Annual Shareholders Meeting on Sept. 28
AXON HOUSE: Fixes Sept. 21 as Last Day to File Claims
BRONWYN ESTATE: Court to Hear Wind-Up Petition on Nov. 15
CLEMENTS AND PAGE: Accepting Proofs of Debt Until Sept. 17
FISH MARKET: Appoints Rea and Sargison as Liquidators
HARJIT GILL: Creditors' Proofs of Debt Due on Sept. 23
HAWKE'S BAY: Subject to Stu Macdonald's Wind-Up Petition
HEARTLAND LOGGING: Subject to CIR's Wind-Up Petition
JUNCTION TRADING: Enters Wind-Up Proceedings
KINGDON DEVELOPMENT: Names Downes and Jeffreys as Liquidators
KORZEL BUILDERS: Appoints Grant Bruce Reynolds as Liquidator
LAURENT JEWELLERS: Appoints John Francis Managh as Liquidator
PAUL AIR: Liquidator Fixes Sept. 28 as Last Day to File Claims
SAFEQUIP LTD: Court Sets Wind-Up Petition Hearing for Oct. 4
P H I L I P P I N E S
EVER-GOTESCO RESOURCES: Stockholders' Meeting Slated for Dec. 28
SOUTH CHINA RESOURCES: Wins Petroleum Service Contract with DOE
S I N G A P O R E
ABN AMRO: Requires Creditors to File Claims by October 8
ASICS AIR-CONDITIONING: Court Enters Wind-Up Order
AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer
CKE RESTAURANTS: S&P Revises Outlook from Stable to Negative
FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.
FLEXTRONICS: Sets Merger Consideration Voting Until Sept. 27
ISOFT GROUP: Providing Laboratory IT Systems to Malta Hospital
MILLENNIUM-WESTMONT: Pays Fifth Interim Dividend
SCOTTISH RE: Unit Completes US$555-Million Triple-X Reserve Deal
T H A I L A N D
KRUNG THAI BANK: Hopes to Meet THB15-Billion NPA Sales Target
TRUE MOVE: Launches TrueLife Mobile Search w/ Mobile Content
* Fitch to Host Sovereign Hotspots Asia Conference on Sept. 19
* Upcoming Meetings, Conferences and Seminars
- - - - - - - -
=================
A U S T R A L I A
=================
ALMARC INTERIORS: Members and Creditors to Meet on Sept. 21
-----------------------------------------------------------
Almarc Interiors Pty Limited will hold a meeting for its members
and creditors on September 21, 2007, at 10:15 a.m.
At the meeting, the members and creditors will receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Sule Arnautovic
Jirsch Sutherland
Level 4, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9236 8333
Facsimile:(02) 9236 8334
About Almarc Interiors
Almarc Interiors Pty Limited is a general contractor of
nonresidential buildings, other than industrial buildings and
warehouses. The company is located at Sutherland, in New South
Wales, Australia.
ANYWHERE TOWER: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on August 2, 2007, the
members of Anywhere Tower Cranes Pty Limited agreed to
voluntarily liquidate the company's business.
Peter P. Krejci was appointed as liquidator.
The Liquidator can be reached at:
Peter P. Krejci
GHK Green Krejci
Level 13, 1 Castlereagh Street
Sydney, New South Wales 2000
Australia
About Anywhere Tower
Anywhere Tower Cranes Pty Limited is a distributor of heavy
construction equipment rental. The company is located at
Wetherhill Park, in NSW, Australia
ASTRACOM PTY: Commences Liquidation Proceedings
-----------------------------------------------
The creditors of Astracom Pty Ltd had a meeting on August 8,
2007, and agreed to voluntarily liquidate the company's
business.
Anthony Milton Sims was named as liquidator.
The Liquidator can be reached at:
Anthony Milton Sims
SimsPartners
Level 5, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9256 7700
About Astracom Pty
Astracom Pty Ltd is involved with the business of catalog and
mail-order houses. The company is located at Hinchinbrook, in
New South Wales, Australia.
BASS STRAIGHT: Appoints Sutherland as Liquidator
------------------------------------------------
During a general meeting held on August 10, 2007, the members of
Bass Straight Pty Limited resolved to liquidate the company's
business.
Roderick Mackay Sutherland was appointed as liquidator.
The Liquidator can be reached at:
Roderick Mackay Sutherland
Jirsch Sutherland
Level 4, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9236 8333
Facsimile:(02) 9236 8334
About Bass Straight
Bass Straight Pty Limited operates musical instrument stores.
The company is located at Annandale, in New South Wales,
Australia.
BUCKEYE TECH: Earns US$30.1 Million in Year Ended June 30
---------------------------------------------------------
Buckeye Technologies Inc. earned US$30.1 million on
US$769.3 million of net revenues for the fiscal year ended
June 30, 2007, compared to US$1.9 million of net income on
US$728.4 million of net revenues for the previous year.
On June 30, 2007, the company had US$14.8 million of cash and
cash equivalents and US$65 million borrowing capacity on our old
credit facility.
The company's total debt and capital leases decreased
US$76.2 million (including the cancellation of the
US$5.0 million note owed to Stac-Pac Technologies Inc.) to
US$445.9 million at June 30, 2007, from US$522.1 million at
June 30, 2006. From June 30, 2005, to June 30, 2006, total debt
decreased by US$16.9 million. Its total debt as a percentage of
total capitalization was 56.2% at June 30, 2007, compared to
64.3% at June 30, 2006 and 66.7% at June 30, 2005.
The company has the following major sources of financing: a
senior secured credit facility, senior notes and senior
subordinated notes. Its senior secured credit facility, senior
notes and senior subordinated notes contain various covenants.
The company was in compliance with these covenants as of
June 30, 2007, and believes it will continue to remain in
compliance for the foreseeable future. These sources of
financing are described in detail in Note 8, Debt, to the
Consolidated Financial Statements.
On July 25, 2007, the company established a new US$200 million
senior secured revolving credit facility with a maturity date of
July 25, 2012. This facility amends and restates the company's
existing credit facility. Initially, the proceeds from this new
credit facility were used to pay the outstanding balance on the
former credit facility plus fees and expenses. The interest
rate applicable to borrowings under the revolver is grid based
pricing, related to our total leverage ratio, of the agent's
prime rate plus 0.25% to 1.00% or a LIBOR-based rate ranging
from LIBOR plus 1.25% to LIBOR plus 2.00%. The company plans
to use the proceeds from this facility to redeem the remaining
US$60 million of our 2008 notes, to redeem US$20 million of the
2010 notes in mid-September 2007, and for general corporate
purposes. The credit facility is secured by substantially all
of the company's assets located in the United States.
The new credit facility contains covenants customary for
financing of this type. The financial covenants include:
maximum total leverage ratio of consolidated total debt to
consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA), and minimum ratio of consolidated EBITDA
to consolidated interest expense. During fiscal year 2007, the
company were in compliance with the financial covenants under
its old credit facility.
The new credit facility (taking into account the US$33.6 million
outstanding on the old term loan) increased borrowing capacity
to US$161.4 million. The new credit facility also contains a
US$50 million increase option. The portion of this capacity
that the company could borrow on a particular date will depend
on its financial results and ability to comply with certain
borrowing conditions under the new revolving credit facility.
The commitment fee, on the unused portion of the new revolving
credit facility, ranges from 0.25% to 0.40% per annum based on a
grid related to its leverage ratio. Total costs for the
issuance of the new facility were approximately US$1.3 million
and will be amortized to interest expense using the effective
interest method over the life of the facility.
Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and non-woven materials. The company
currently operates facilities in the United States, Germany,
Canada, Brazil and Australia. Its products are sold worldwide
to makers of consumer and industrial goods.
* * *
As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook. All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
--------------------------------------------------------------
Chrysler LLC has disclosed that it will continue its low-rate
financing through Oct. 1, 2007, with a 0% APR offering for 72
months or a 0% APR offering for 60 months on select 2007 model
year vehicles.
Separately, the company will offer consumer cash and competitive
lease rates. These different options give customers many
choices when purchasing a new Chrysler, Jeep or Dodge vehicle.
"Chrysler will extend its low-rate financing into September,
with a 0% APR offering for 72 months on select 2007 models,"
said Michael Keegan, vice president for Volume Planning and
Sales Operations. "We will continue to focus on our great
products and the 2007 model year-end clearance while emphasizing
the new Lifetime Powertrain Warranty."
The 0% APR offering for 72 months includes the following 2007
model year vehicles: Chrysler Aspen; Chrysler Town & Country and
Dodge Grand Caravan minivans; Jeep Commander; Dodge Dakota and
the Dodge Durango.
The 0% APR on select 2007 models for 60 months includes the
following vehicles: Chrysler Pacifica; Jeep Grand Cherokee; Jeep
Liberty and the Dodge Ram 1500 Regular and Quad-Cab Pickup
Trucks.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
* * *
The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.
CHRYSLER LLC: Names Phil F. Murtaugh CEO for Asia Operations
------------------------------------------------------------
Chrysler LLC has appointed Philip Murtaugh as chief executive
officer for the company's Asia Operations.
In this role, Mr. Murtaugh will be responsible for all of
Chrysler's Asian operations, including China and India. He will
report to Michael Manley, executive vice president for
International Sales.
"I can't think of anyone more qualified to lead our business
activities in this critical growth region," said Mr. Manley.
"Phil has a proven track record and we are excited he has joined
our team."
"Growth in international markets and leveraging partnerships are
cornerstones of the Chrysler Recovery and Transformation Plan,"
said Thomas W. LaSorda, vice-chairman and president.
Mr. Murtaugh was executive vice president of Chinese automaker
Shanghai Automotive Industry Corp. SAIC is China's largest
automotive company with sales of 1.3 million vehicles per year.
SAIC has over 70 subsidiary companies in the automotive
business, including well-known joint ventures with General
Motors and Volkswagen.
Before joining SAIC, Mr. Murtaugh served as chairman and CEO of
the General Motors China Group from June 2000 until April 2005.
Based in Shanghai, he was responsible for the overall
coordination of GM's extensive operations in mainland China and
Taiwan. He also was a member of GM's Asia Pacific Strategy
Board.
Mr. Murtaugh earlier served as executive vice president of
Shanghai General Motors and General Manager of GM China's
Shanghai representative office. He was part of the negotiating
team and played a key role in the launch of Shanghai General
Motors, GM's largest venture in China.
Since joining GM in 1973 as a General Motors Institute student
with Fisher Body, Mr. Murtaugh held several positions in
production, manufacturing, die and metal stamping, and product
planning in the United States, Japan and China. These include
director of manufacturing for GM Overseas Corporation in Japan,
executive assistant to the executive director of product
planning at Isuzu Motors and President of IBC in Luton,
England.
In addition to a bachelor's degree from GMI (now Kettering
University), Mr. Murtaugh holds a master's degree in industrial
management from Stanford University. A U.S. citizen, Murtaugh
is married with four children.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
* * *
The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.
CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
--------------------------------------------------------------
Chrysler LLC has confirmed its leadership plans for its
Information Technology Management organization. Effective
immediately, Jan A. Bertsch leads the ITM organization as vice
president and chief information officer for Chrysler.
Previously, Ms. Bertsch held the position of CIO for Chrysler
Group and Mercedes-Benz in North America.
"Chrysler's ITM team is world-class and an innovator of
information technology," said Ms. Bertsch. "By collaborating
with our operational partners, we will continue to support the
recovery and transformation of Chrysler."
Ms. Bertsch blazed a trail as a female executive in the
automotive industry. She joined DaimlerChrysler in 2001 as vice
president of Finance for Chrysler Group's Global Sales and
Marketing organization.
She spent 22 years with Ford Motor Company and Visteon
Corporation, where she held numerous positions, including
assistant treasurer of Ford Motor Company and treasurer of
Visteon Corporation.
As one of the few women in the auto industry to head up a global
information technology organization, Ms. Bertsch is responsible
for directing Chrysler's worldwide systems and computer hardware
strategy, systems applications development, data center
operations and telecommunications network operations. She
reports to Ron Kolka, Chrysler's chief financial officer.
Ms. Bertsch was named to the 2005 Automotive News list of the
"100 Leading Women in the North American Auto Industry." She
holds a number of board positions with non-profit organizations,
including Wayne State University School of Medicine, the
Chrysler Women's Forum, among others.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
* * *
The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.
COLES GROUP: Wesfarmers Admits it Can't Uncurl Coles Right Away
---------------------------------------------------------------
Wesfarmers Ltd.'s managing director, Richard Goyder, says that
it will take the company four years to rebuild the Coles Group
Limited businesses should its bid be successful, ABC News
reports.
After an enhanced proposal to Coles shareholders, Mr. Goyder
admits to ABC's Lateline business program that he would not be
able to turn Coles around straight away.
ABC quotes Mr. Goyder as saying, "It will take some time to get
things right in the business and four years is a reasonable
period we think to get the sort of performance we're looking at
not only from the new Coles assets Wesfarmers will own but our
existing businesses."
Mr. Goyder, according to ABC, denied suggestions that tougher
restrictions on Coles looking for other bidders as part of the
company's renewed offer for the retailer were a sign he didn't
trust the Coles board.
The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that Wesfarmers recently offered Coles shareholders a form
of Wesfarmers Price Protected Shares for an equivalent of half
of the share component to be offered to Coles shareholders.
Coles shareholders, TCR-AP wrote, will get AU$4, plus
0.14215 Wesfarmers ordinary shares, plus the new 0.14215
Wesfarmers WPPS shares, while the 'mix and match' option
announced by Wesfarmers earlier this month, enabling
shareholders to maximize the scrip or cash proportions of the
offer as they wish, remains in place.
About Coles Group
Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions. During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores. In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group. The
Company operates in Australia, New Zealand and Asia.
Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.
I.T. IMAGING: To Declare Dividend on October 25
-----------------------------------------------
I.T. Imaging Pty Limited, which is in liquidation, will declare
dividend on October 25, 2007.
Creditors who will not be able to file their proofs of debt by
Sept. 14, will be excluded from sharing in the company's
dividend distribution.
The company's liquidator is:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 8, 50 Carrington Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 8221 8433
Facsimile:(02) 8221 8422
About I.T. Imaging
I.T. Imaging Pty Limited is a distributor of computers, computer
peripheral equipment and software. The company is located at
Baulkham Hills, in New South Wales, Australia.
IRREGULAR CLOTHING: To Declare Dividend on October 11
-----------------------------------------------------
Irregular Clothing Co. Pty limited will declare dividend on
October 11, 2007.
Creditors who were able to file their claims by the Sept. 11 due
date will be included in the company's dividend distribution.
The company's deed administrator is:
Sule Arnautovic
Jirsch Sutherland
Chartered Accountants
Level 4, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9236 8333
Facsimile:(02) 9236 8334
About Irregular Clothing
Irregular Clothing Co Pty Limited, which is also trading as
Irregular Jean Warehouse, operates family clothing stores. The
company is located at Alexandria, in New South Wales, Australia.
NEDLOG PTY: Members to Receive Wind-Up Report on Sept. 21
---------------------------------------------------------
The members of Nedlog Pty Limited will meet on September 21,
2007, at 10:00 a.m., to hear the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
David Clement Pratt
Timothy James Cuming
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney, New South Wales 1171
Australia
About Nedlog Pty
Nedlog Pty Limited is involved with the real estate investment
trusts. The company is located at Liverpool, in New South
Wales, Australia.
RETISSO PTY: Supreme Court Enters Wind-Up Order
-----------------------------------------------
On August 3, 2007, the Supreme Court of New South Wales entered
an order to have the operations of Retisso Pty Limited wound up.
R. M. Sutherland was named as liquidator.
The Liquidator can be reached at:
R. M. Sutherland
Jirsch Sutherland
Level 4, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9236 8333
Facsimile:(02) 9236 8334
Australia
About Retisso Pty
Located at Sydney, in New South Wales, Australia, Retisso Pty
Limited is an investor relation company.
ROMANOUS FORMWORK: Taps John Melluish as Liquidator
---------------------------------------------------
During a meeting held on August 8, 2007, the creditors of
Romanous Formwork Pty Ltd agreed to wind up the company's
operations.
John Melluish of Ferrier Hodgson Sydney was named as liquidator.
The Liquidator can be reached at:
John Melluish
Ferrier Hodgson Sydney
Level 13, 225 George Street
Sydney, New South Wales 2000
Australia
About Romanous Formwork
Romanous Formwork Pty Ltd is involved in the business of
residential construction. The company is located Penhurst, in
New South Wales, Australia.
SYMBION HEALTH: Healthscope Fails to Get 75% Votes for Takeover
---------------------------------------------------------------
Symbion Health Limited announced that it had not received
adequate votes in favor of the scheme of arrangement with
Healthscope Ltd. Despite almost unanimous support for the
scheme from Symbion Health shareholders other than Primary
Health Care, Primary Health Care voted its shares against the
scheme and its 20% shareholding was enough to deprive Symbion
Health shareholders of the benefits of the merger with
Healthscope.
Excluding the shares held by Primary Health Care, 99.2% of
shares voted were voted in favor of the scheme, which were held
by 81.1% of shareholders who voted. Including the shares held
by Primary Health Care, 73.9% of shares voted were voted in
favor of the scheme, which is just below the 75% threshold
required to approve the scheme.
In commenting on the results of today's meeting Symbion Health's
Chairman Mr. Paul McClintock said, "It is disappointing that
despite the very strong support of Symbion Health shareholders
other than Primary Health Care, the proposed scheme of
arrangement with Healthscope was not approved. Primary Health
Care is a competitor of Symbion Health and it is possible that
Primary Health Care's commercial interests differ from the
interests of other Symbion Health shareholders.
"Whilst it was always going to be close if Primary Health Care
voted against the scheme, it was still important to proceed with
today's vote in order to confirm Symbion Health shareholders'
(other than Primary Health Care) support for the transaction.
Today's voting results demonstrate that the virtually all
shareholders were supportive of the proposed merger with
Healthscope, and recognize the significant value that could be
created through the transaction. These results will be an
important consideration for the Symbion Health Directors when
considering the company's future," Mr. McClintock said.
In commenting on the future direction of Symbion Health, Mr.
McClintock said, "Symbion Health has an attractive portfolio of
businesses and remains fully committed to its strategy of
business reinvigoration and growth. The strategies in place are
progressing well and we are confident that these strategies will
deliver significant value to shareholders. Continuing to run
Symbion Health as a standalone business is a very attractive
option for Symbion Health."
"Symbion Health remains in a unique position to drive and
benefit from industry consolidation. The merger with
Healthscope voted on today was put to shareholders because the
Symbion Health Directors genuinely believe that it is a very
attractive offer that warranted consideration by shareholders.
Given the resounding support today from shareholders (other than
Primary Health Care), we may consider other proposals that
deliver a similar outcome for Symbion Health shareholders," Mr.
McClintock said.
Alternative transaction with Healthscope
Given the strong support for the proposed merger with
Healthscope, one option that may be considered by the Symbion
Health Directors is for Symbion Health to seek to implement a
transaction with Healthscope using an alternative structure. No
alternative transaction has been agreed by the parties at this
point in time. If this was to occur shareholders would be
provided with additional information in relation to any such
alternative transaction.
The Scheme Implementation Deed between Symbion Health and
Healthscope dated 29 May 2007 remains in place and specifies
that Symbion Health and Healthscope will, for a period of five
business days, consult in good faith with a view to determining
whether the transaction can be structured by alternative means,
before either party can terminate the Scheme Implementation
Deed. Symbion Health and Healthscope intend to commence these
discussions immediately.
In commenting on a potential alternative transaction, Mr.
McClintock said, "The Symbion Health Directors will only
consider an alternative transaction if it delivers an attractive
outcome for Symbion Health shareholders and has the same
compelling strategic rationale as the proposed merger with
Healthscope. Given the confidence we have in our businesses
going forward, continuing as a standalone entity is also a
compelling option for Symbion Health."
Symbion Health will keep the market updated in relation to any
material developments.
About Symbion Health
Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions. Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine. Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia. Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies. Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).
On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).
THOMAS C LOTHIAN: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on August 13, 2007, a
special resolution was passed providing for the wind up of
Thomas C Lothian Proprietary Limited's operations.
David Cocking was appointed as liquidator.
About Thomas C Lothian
Thomas C Lothian Proprietary Limited, which is also trading as
Lothian Books, is involved in the business of publishing and
printing. The company is located at South Melbourne, in
Victoria, Australia.
WANDVALE PTY: Members Resolve to Liquidate Business
---------------------------------------------------
The members of Wandvale Pty Ltd met on August 8, 2007, and
resolved to liquidate the company's business.
Nicholas Crouch of Crouch Insolvency was appointed as
liquidator.
The Liquidator can be reached at:
Nicholas Crouch
Crouch Insolvency
Chartered Accountants
Level 28, 31 Market Street
Sydney, New South Wales 2000
Australia
About Wandvale Pty
Wandvale Pty Ltd, which is also trading as Performance Asa
Wheels, is a supplier of motor vehicle supplies and new parts.
The company is located at Seven Hills, in New South Wales,
Australia.
================================
C H I N A & H O N G K O N G
================================
CITIC SECURITIES: Obtains Nod to Operate Equity Business
--------------------------------------------------------
CITIC Securities had won the securities regulator's approval to
operate a private equity business on a trial basis, investing in
companies before their initial public offerings, China Daily
reports, citing Reuters.
Citing a statement published with the China Securities Journal,
China Daily relates that the company would set aside CNY831
million (US$110.5 million) to set up its planned private equity
unit. However, the unit will then use its own money to run its
business.
The report explains that the securities regulator restricts
domestic private equity firms to invest only in companies that
had firm plans to issue new shares and places a three-year cap
on such investments.
Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange. The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business. The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore. CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.
Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd. The outlook is developing. At the same time, it issued
its BB issue rating to a proposed intermediate-term U.S. dollar
benchmark issue of senior unsecured notes by Citic Resources
Finance (2007) Ltd.
FIAT SPA: Magneti Signs Joint Venture with Chery Automobile
-----------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli and Chery Automobile Co. Ltd. have
signed a Memorandum of Understanding for the creation of a joint
venture in China aimed at the production of hydraulic components
for Magneti Marelli's Automated Manual Transmission, also known
as Selespeed.
The joint venture will be operative by the spring of 2008.
Based on the Memorandum of Understanding, Magneti Marelli will
hold the majority of the future company's capital. The
components manufactured by the new company will be used by Chery
for its automobiles equipped with automated transmission, and
they will be made available to other car makers as well.
"This agreement takes on a special strategic relevance since it
fits into a market context, the Chinese one, where the
automated transmission, in its various technological versions,
is starting to become popular and is increasingly requested by
the public," Magneti Marelli CEO Eugenio Razelli disclosed.
"In this sense, Magneti Marelli's AMT automated transmission
represents a competitive technology thanks to a price-
performance ratio that is especially convenient for the Chinese
market and to its ability to reduce fuel consumptions and the
emission of pollutants and CO2," Mr. Razelli added.
Chery Automobile Co. Ltd is one of the leading Chinese car
manufacturers, located in Wuhu. Chery was the first Chinese car
maker to adopt Magneti Marelli's Selespeed system (since 2004)
to automate transmissions fitted on its automobiles on the
market.
Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles. With its 45 production facilities (55 production
units), 9 R&D centres and 27 application centres in 16
countries, 25,000 employees and a turnover of 4.5 billion Euros
in 2006, the group supplies all the leading car makers in
Europe, North and South America and the Far East.
About Fiat SpA
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.
At the same time, the positive outlook on all long-term ratings
was maintained. The short term Not Prime rating remains
unchanged.
Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat. Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.
Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating
POLYMER GROUP: Names Gregory Crawford as North America Unit VP
--------------------------------------------------------------
Polymer Group Inc. has named Gregory A. Crawford as Vice
President, General Manager of North America to lead the
company's domestic growth.
Mr. Crawford joins the company at its Charlotte, North Carolina
headquarters from Nufarm Limited, a leading Australian
manufacturer and marketer of crop protection chemicals, where he
was president of the Americas region, responsible for business
units in seven countries. During his tenure with Nufarm, Mr.
Crawford also served as president & Chief Executive Officer of
Nufarm Specialty Products and general manager of Nufarm's
Performance Chemical Division, headquartered in France.
Previously, Mr. Crawford was manufacturing manager at Merck
Pharmaceuticals and served as a submarine officer in the U.S.
Navy.
Reporting to PGI's chief operating officer Mike Hale, Mr.
Crawford is responsible for growing the company's U.S. business
through new product development, capacity expansion, and
continuing the company's commitment to operational excellence.
"Greg's wide range of domestic and international experience will
be a great asset to PGI as we bring our business units closer
together to drive cost efficiency, share best practices, and
optimize global customer and supplier strategies," Mr. Hale
said.
Mr. Crawford, who will be relocating to Charlotte, North
Carolina from Clarendon Hills, Illinois, holds a Bachelor of
Science Degree in Chemical
Engineering from University of Notre Dame and a MBA from Duke
University, where he was a Fuqua Scholar. He is also a graduate
of the U.S. Navy Nuclear Power School.
Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials. The company operates 22 manufacturing
facilities in 10 countries throughout the world. The company
has manufacturing offices in Argentina, China and France, among
others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 09, 2007, Standard & Poor's Ratings Services said that its
'B-' corporate credit rating and other ratings on Intertape
Polymer Group Inc. remain on CreditWatch with negative
implications, following the company's recent announcement of a
proposed rights issue of up to US$90 million.
ZTE CORP: Rival Amsterdam Holdings Wants to Look at NBN Deal
------------------------------------------------------------
Amsterdam Holdings Inc. will seek the approval of the Supreme
Court to gain access and provide copies of the controversial
US$330 million national broadband network deal inked by the
Philippine Government and ZTE Corp., GMA News reports.
In a press statement obtained by the news agency, Amsterdam
Holdings said it will also ask the High Tribunal to issue a
preliminary injunction against the Department of Transportation
and Communication and other government agencies involved in the
project to stop them from entering into any agreement
implementing the NBN until the legality of the entire contract
is determined.
Amsterdam Holdings, as previously reported by the Troubled
Company Reporter - Asia Pacific is one of the losing bidders for
the broadband network deal.
According to GMA News, Amsterdam Holdings maintains that it
should have won the contract as it submitted the first complete
unsolicited proposal for the project and offered to undertake
the project through the build-operate-transfer scheme. Instead,
the DOTC awarded the contract to the Government of China which
will be providing a US$330-million loan for the network. The
Chinese government in turn assigned ZTE Corp. to undertake the
project.
Under the Build-Operate-Transfer (BOT) Law, Amsterdam said the
DOTC should have acted on its unsolicited proposal and subjected
the proposal to a "Swiss challenge" instead of being junked in
favor of the government-to-government proposal of ZTE.
Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.
The group operates both in the domestic and international
market.
The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.
=========
I N D I A
=========
EASTMAN KODAK: Reports Reseller Agreement with Ricoh Americas
-------------------------------------------------------------
Eastman Kodak Company and Ricoh Americas Corporation have
entered into a United States reseller agreement at GRAPH EXPO
2007. Ricoh Americas will now offer four KODAK NEXPRESS Digital
Production Color Presses to its customers in the in-plant, data
center and graphic arts markets, and KODAK Unified Workflow
Solutions and KODAK MARKETMOVER Business Development Services.
"Kodak is excited to develop a solid relationship in market
segments beyond our traditionally strong position in commercial
printing and we believe customers will see significant value
from the alliance between Kodak and Ricoh," said Kevin Joyce,
managing director, United States and Canada, Kodak's Graphic
Communications Group.
As part of the agreement, Ricoh Americas' newly formed
Production Printing Business Group will sell the KODAK NEXPRESS
2100, 2100 Plus, and 2500 Digital Production Color Presses, and
the new KODAK NEXPRESS S3000 Digital Production Color Press.
Ricoh's Printing Business Group direct sales and engineering
staff will work side-by-side with Kodak representatives to
assist Ricoh customers in implementing new digital production
color capabilities. Service will be provided by KODAK Service
and Support.
The NEXPRESS System delivers unique advantages that other
digital color presses cannot match. The NEXPRESS Fifth Imaging
Unit Solutions enable businesses to print with in-line coating,
glossing or a fifth color to expand the printing gamut and
reproduce spot colors. In addition, NEXPRESS Systems can be
utilized for printing on various size and weight paper stocks.
This week at Graph Expo, Ricoh Americas announced the creation
of Production Printing Business Group. The group is dedicated
to developing Ricoh's product portfolio and infrastructure
dedicated to production environments.
"The development of Ricoh's production color strategy is vitally
important as PPBG evolves as a major player in the production
printing market space," said Carl Joachim, vice president of
marketing for Production Printing Business Group. "We are
extremely excited about the future of our relationship with
Kodak. Ricoh's color strategy will be built on a combination of
enhancing our current high volume offerings in light production
environments, leveraging the synergy made possible through our
relationship with Kodak and new R&D initiatives currently
underway."
About Ricoh's Production Printing Business Group
The Production Printing Business Group of Ricoh Americas
Corporation is dedicated to delivering state-of-the-art, high-
speed production systems that provide efficient document
workflows with high-volume production printing and finishing.
Incorporating superior engineering, service, reliable
technology, and extensive software and finishing options, PPBG
helps production centers to cost-effectively modernize and
streamline their operations to meet today's rapid turnaround and
high-quality demands.
Ricoh Americas Corporation -- http://www.ricoh-usa.com/--
founded in 1962, is headquartered in West Caldwell, New Jersey
and is a subsidiary of the US$17 billion Ricoh Company Ltd., the
71-year-old leading supplier of office automation equipment.
About Eastman Kodak
Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.
The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China, India among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.
In addition, Fitch has affirmed these Kodak ratings:
-- Issuer Default Rating 'B';
-- Secured credit facility 'BB/RR1'.
GENERAL MOTORS: Expects Steady Sales Growth in Three Markets
------------------------------------------------------------
General Motors Corp.'s sales in Latin America, Africa and the
Middle East will grow by a few billion dollars each year through
the rest of the decade, Maureen Kempston Darkes, GM's president
for the three regions said, Reuters reports.
The carmaker had increased its revenue in those regions to about
US$15 billion in 2006, from about US$5.4 billion in 2003,
Reuters relates.
"I think we will see a similar growth in revenue through the
rest of the decade, unless there are some unforeseen
circumstances," Ms. Kempston Darkes said, Reuters notes.
According to the report, she also said GM may increase capacity
by adding third shifts at many Latin American assembly plants to
meet higher demand for vehicles in the region.
"The industry is running faster than our ability to keep up with
it. We will have to increase capacity because we are selling
everything we are making," Reuters quotes Ms. Kempston Darkes as
saying.
Overseas sales accounted for 58% of total sales in the second
quarter, and GM Chief Executive Rick Wagoner has said he expects
sales outside the United States to continue surpassing domestic
sales in the next few years, Reuters states.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
* * *
As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.
At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.
NAVISTAR INT'L: S&P's BB- Corp. Rating Still on CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services has said that its 'BB-'
corporate credit ratings on Navistar International Corp. and
subsidiary Navistar Financial Corp. remain on CreditWatch with
negative implications, where they were placed on Jan. 17, 2006.
The company has no rated debt, having repaid virtually all
public debt with a US$1.5 billion unrated bank facility.
The CreditWatch listing reflects delayed filing of audited
financial statements as well as the need to restate results
dating back to fiscal 2003. These issues stem from an array of
complex accounting issues at Navistar. The company recently
said it expects to file its 10-K for the fiscal year ended
Oct. 31, 2005 -- including restated results for fiscal 2003 and
2004, and the first nine months of fiscal 2005 -- by the end of
September. The company also said it expects to file its 2006
and 2007 10-Ks by the end of March 2008.
"Although Navistar is currently unable to provide audited
financial results, we believe that the company's profitability
and cash flow generation have declined this year because of the
U.S. heavy-duty truck downturn, which began in early 2007," said
S&P's credit analyst Gregg Lemos Stein. "As was widely
expected, sales of such trucks softened because of new engine-
emissions standards that created a 'pre-buy' effect in 2006.
S&P's estimate that U.S. heavy-duty truck sales could be down as
much as 40% for 2007, with the possibility of a rebound by the
end of the year or in early 2008. However, an economic decline
in addition to the pre-buy downturn would result in a sharper or
longer downturn, as was the case from 2001 to 2003."
While Navistar carries out its restatement process, S&P's will
continue to monitor these and other developments such as the
extent of the downturn, and will evaluate their impact on the
ratings. S&P's expects that the ratings will remain on
CreditWatch until Navistar is current with all SEC
financial reporting requirements. Once this occurs and if
Navistar's prospects are not materially different from previous
expectations, S&P's would expect to affirm the ratings.
However, S&P's could lower the ratings if new accounting issues
come to light that adversely affect Navistar's liquidity or
differ from S&P's expectations, or if financial results
deteriorate materially as a result of the downturn in the
heavy-duty truck market.
Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp. The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market. The company
also provides truck and diesel engine parts and service sold
under the International brand. A wholly owned subsidiary offers
financing services. The company has operations in Brazil,
Iceland and India.
* * *
As reported in the Troubled Company Reporter on May 8, 2007,
Fitch Ratings retained Navistar International Corp.'s BB- Issuer
Default Rating and BB- senior unsecured bank facility rating
under Rating Watch Negative.
ORIENTAL BANK: To Establish Insurance JV with Canara and HSBC
-------------------------------------------------------------
Oriental Bank of Commerce, Canara Bank and HSBC Insurance (Asia-
Pacific) Holdings Limited have signed a formal agreement to
jointly establish a life insurance company in India subject to
regulatory approval.
The new company Canara HSBC Oriental Bank of Commerce Life
Insurance Company Limited will have access to over 40 million
customers and a formidable nationwide distribution network of
over 4,000 branches throughout India. While both Canara Bank
and Oriental Bank of Commerce offer an extensive client base,
complementary distribution networks and broad local market
knowledge, HSBC brings to this partnership its considerable
insurance experience, product range and proven bancassurance
capabilities.
Under the proposed agreement, Canara Bank will take a 51 per
cent stake in the new company, HSBC a 26 per cent interest and
Oriental Bank of Commerce the remaining 23 per cent. The new
life insurance company will be capitalized at INR3,250 million
(approximately US$ 80million), of which HSBC will contribute
INR1,770 million (approximately US$43.6 million), Canara Bank
INR1,020 million (approximately US$25.1 million) and Oriental
Bank of Commerce INR 460 million (approximately US$11.3
million). Under the terms of the agreement, HSBC will provide a
range of management services, which will include nominating
executives for certain senior roles.
Shri Alok K. Mishra, Chairman & Managing Director of Oriental
Bank of Commerce said: "The new life insurance business,
together with Canara and HSBC, will enable us to explore the
vast life insurance business opportunities available in this
progressive segment."
Dismally low life insurance penetration rates, a growing need
for social and old age security, strong GDP growth and the
expected rise in savings rates mean that the proposed new
company is bound to reap the benefits emerging from this unique
opportunity by offering tailor-made insurance products.
Oriental Bank of Commerce has already groomed a strong workforce
of 900 to support the bancassurance business through its 1,380
Core Banking service outlets, supported by a strong technology
platform. Together with Canara Bank and HSBC, Oriental Bank of
Commerce is well poised to offer a vast range of market friendly
life insurance products at competitive pricing.
About Canara Bank
Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.
Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.
About Oriental Bank
Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank. The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds. It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts. It
also offers debit card services. The bank also provides
treasury services and merchant banking services.
* * *
The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce. The Bank's individual rating have been affirmed at
C/D. On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'.
The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.
STATE BANK OF INDIA: Employees Oppose SBS Merger
------------------------------------------------
More than 35,000 employees of the State Bank of India and the
State Bank of Saurashtra will go on strike on Sept. 27 to show
opposition to the proposed merger of the two banks, K.R. Srivats
writes for the Business Line.
The opposing employees, who are members of the State Sector Bank
Employees Association, believe the merger will lead to a
monolithic bank that would slowly shed its social responsibility
benefiting only the corporates and not the common man.
As previously reported by the Troubled Company Reporter-Asia
Pacific, SBI's central board on Aug. 25, 2007, approved the
bank's merger with the State Bank of Saurashtra.
The merger is still subject to the approval of the Government of
India and the Reserve Bank of India in accordance with State
Bank of India Act, 1955.
The merger is expected to help SBI consolidate its position as
the country's biggest bank and widen the gap with nearest rival
ICICI Bank.
Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.
* * *
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program. The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.
Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.
TATA STEEL: SBI to Lend US$1BB for Refinancing Bridge Loans
-----------------------------------------------------------
The State Bank of India will lend Tata Steel Limited up to US$1
billion to refinance bridge loans taken for the acquisition of
Corus Group Limited, the Business Standard reports.
The loan, which will be extended to Tata Steel's special purpose
vehicle, Tata Steel UK, could range from US$800 million to
US$1 billion, BS says, citing a Tata Steel spokesperson as
source.
According to the report, Tata Steel sought SBI's aid after
overseas banks backed out following the sub-prime crisis in the
United States.
About State Bank of India
Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.
* * *
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program. The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.
Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.
About Tata Steel
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 in 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.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt
-------------------------------------------------------------
Alcatel-Lucent disclosed a turnkey contract with Mobinil,
Egypt's leading mobile operator. This multi-million euro
contract covers wireless and convergence solutions that will
further improve the quality of Mobinil's network and extend its
coverage throughout the country, bringing mobile services to a
greater number of people.
Alcatel-Lucent will expand and enhance Mobinil's wireless
network with the latest generation of Enhanced GSM radio
solutions, dramatically increasing data transfer speeds while
reducing operating expenses, helping the operator meet growing
demand for its services. These solutions enable high
performance in a new compact design that offers Mobinil
exceptional flexibility in introducing new advanced multimedia
services on its existing radio access network, including the
expansion of its mobile Internet service. The upgraded GSM
network will be operational by the end of the third quarter
2007.
"Rapidly evolving market conditions combined with the ongoing
introduction of innovative subscriber services and applications
dictate the need for a high degree of flexibility and
scalability in terms of our network infrastructure," said Alex
Shalaby of Mobinil. "We are confident that with Alcatel-
Lucent's cutting-edge solutions and service support we are fully
prepared for future network evolutions, including the
introduction of 3G and WiMAX technologies."
"This agreement further confirms Mobinil's confidence in
Alcatel-Lucent's industry-leading solutions and service support
capabilities, and highlights the strong relationship our
companies have maintained since the establishment of the Mobinil
network in 1998," said Olivier Picard, President for Europe and
South. "We will devote all our efforts to delivering the best-
in-class turnkey solution to Mobinil to help it enhance the high
quality of service it is committed to providing its subscribers.
This new contract reinforces Alcatel-Lucent's worldwide
leadership in mobile broadband and its leading position in the
Middle East market."
Under the terms of the contract, Alcatel-Lucent will provide its
end-to-end Enhanced GSM solution comprising the Base Station
Subsystem -- including Alcatel-Lucent's ATCA-based 9130 BSC/MFS
and TWIN Transceiver -- and a new generation of microwave
transmission system that provide fast and efficient transport of
voice and data traffic between base stations and the core
network. Alcatel-Lucent also will supply Mobinil with
Convergence solutions including High Capacity Core Switching and
Intelligent Network extensions.
Alcatel-Lucent will provide a range of services including
network management, architecture and design, technical support,
radio optimization and managed services.
In 2007 Alcatel-Lucent introduced a completely renovated
Enhanced GSM family of products designed to satisfy two formerly
conflicting demands: the need to address the ever-growing demand
for network capacity resulting from the explosion of voice and
data traffic in urban areas, and the need to expand coverage in
rural environments, primarily for lower income customers. To
meet these needs, Alcatel-Lucent's evolutionary platforms have
been designed to dramatically reduce capital and operating
expenses for operators, while protecting their investments
through the ability to support more advanced, emerging
technologies in the future.
Alcatel-Lucent is a leading player in the GSM market with more
than 170 customers in more than 90 countries.
The company is also the world's leading manufacturer of
microwave transmission equipment, with more than one-half
million microwave radios delivered worldwide, including low,
medium and high capacity microwave radios for voice, video and
data communications.
About Mobinil
Since its inception in May 1998, Mobinil has strived to maintain
its position as the leading Mobile service operator in Egypt.
Honoring the trust of 13 million customers, Mobinil is committed
to being the leading Mobile service provider in Egypt, providing
the best quality service for our customers, the best working
environment for our employees, top value for our shareholders,
and proudly contributing to the development of the community.
Its shareholders, Orange and Orascom Telecom Holding are
international leaders in the realm of telecommunications.
Mobinil has benefited from years of experience in an
international context to become the largest wireless service
provider in the Middle East.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/ -- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users. Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.
* * *
As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.
As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating. Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
BANK DANANMON: Vice President Jerry Ng Resigns
----------------------------------------------
PT Bank Danamon Tbk's Vice President Jerry Ng has resigned,
Reuters reports, citing a bank spokesman.
According to the report, Mr. Ng has had been a director at
Danamon since 2003, where he served as vice president.
Reza Hoesin, Danamon head of external affairs, said that the
former vice president left the firm to pursue other interest.
Reuters notes that Mr. Ng tendered his formal resignation on
September 10, and his last day will be October 10.
Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking. Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services. The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers. DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income. Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Fitch Ratings has upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:
* Long term foreign currency Issuer Default Rating (IDR)
'BB-' with a Positive Outlook,
* Short term foreign currency IDR at 'B',
* Individual Rating 'C/D',
* Support Rating '4' and
* Support Rating Floor 'B'.
The Outlook on the National rating remains Stable.
On May 8, 2007, Moody's Investors Service published the rating
results for Indonesia's PT Bank Danamon Indonesia Tbk as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.
The specific ratings changes are as follows:
* BFSR is changed to D with a positive outlook from D-
-- This action also concludes a review for possible
upgrade on the BFSR initiated on July 4, 2006
* Foreign Currency Deposit Ratings are unchanged at B2/Not
Prime
* Foreign Currency Debt Rating for subordinated
obligations is unchanged at Ba3.
-- Foreign Currency Deposit and Foreign Currency Debt
Ratings have positive outlooks in line with the outlook
on the country's sovereign ratings outlook
BANK INTERNASIONAL: Partners BPR to Offer Western Union Services
----------------------------------------------------------------
PT Bank Internasional Indonesia Tbk partners with BPR in
providing Western Union Services. The Memorandum of
Understanding was signed by Senior Vice President, Channels
Management BII, Sudono J. Wong and BPR Bapas 69 and BPR Nova
Trijaya which represent BPR to become BII's partner, in Jakarta.
Under this partnership, BII as the first agent of Western Union
in Indonesia assigns BPR to become sub-agent of BII's Western
Union in receiving Western Union transaction service in the area
where those BPRs exist. "This is a strategic partnership
between BII, WU and BPR whereas through this partnership either
BII or BPR can increase each fee base income through WU
transactions," said Sudono J. Wong, Senior Vice President,
Channels Management BII in his address.
"We have developed a synergy relationship with BPR through
Linkage Program and we are pleased to strengthen this
partnership in providing Western Union transaction service,"
said Sanjay Kapoor, Senior Executive Vice President, Consumer
Banking BII.
"Through the trust we received, BPR is able to enhance service
to customer as well as fee base income," revealed Biyanto Toto
Subagio, President Director of BPR Nova Trijaya which represents
his BPR's partners under Asterindo that has been in partnership
with BII.
As the initial step, BII will set up partnership to around 20
BPRs which are located in Jakarta, Tangerang, Bekasi, Sukabumi,
Bandung, Yogyakarta and Magelang.
About Bank Internasional
PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--
engages in general banking services and in other banking
activities based on Syariah principles. The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard. The bank is headquartered in Jakarta,
Indonesia.
With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.
The Troubled Company Reporter - Asia Pacific reported on
Aug. 15, 2007, that Fitch Ratings has affirmed all the ratings
of PT Bank Internasional Indonesia Tbk as follows:
* Long term foreign currency IDR at 'BB-' with a Positive
Outlook,
* Short term foreign currency IDR at 'B',
* Individual Rating 'C/D',
* Support Rating '4', Support Rating Floor 'B' and
* National Rating 'AA-(idn)' (AA minus (idn)).
On Aug. 2, 2007, that Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk on review
for possible upgrade.
The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected. The ratings are detailed
below.
"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.
The detailed ratings are:
* Ba3/Ba3 issuer/foreign currency subordinated debt and B2
foreign currency long-term deposit ratings were placed on
review for possible upgrade; and
* Not Prime foreign currency short-term deposit rating, Baa3
global local currency deposit rating and D BFSR were
unaffected -- these ratings carry a stable outlook
BANK NISP: Offers New Shares by Rights Issue
--------------------------------------------
PT Bank NISP Tbk will offer 878,602,915 new shares through a
rights issue at the ratio of 89 new shares to 500 existing
shares, Reuters reports.
According to the report, the new shares will be priced at IDR800
per share.
Only shareholders of record as of May 4, 2007, are entitled to
the subscription, the Reuters adds.
PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country. The Bank is headquartered in Jakarta,
Indonesia.
* * *
The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2007, that Fitch Ratings has affirmed all the ratings of
PT Bank NISP Tbk as follows:
* Long-term foreign and local currency Issuer Default ratings
'BB-',
* Short-term rating 'B',
* National Long-term rating 'AA+(idn)',
* Individual 'C/D', and
* Support '3'.
The Outlook for the ratings was revised to Positive from Stable.
METSO CORP: To Maintain ADR Facility Following Share Delisting
--------------------------------------------------------------
Metso Corp. (aka Metso Oyj) plans to maintain its American
Depositary Receipt facility, and following the delisting of its
American Depositary Shares is expected to be traded over-the-
counter in the United States. Metso's ordinary shares will
continue to trade on the Helsinki Stock Exchange. Metso's SEC-
registered debt securities are not listed.
On July 26, 2007, Metso's Board of Directors disclosed that it
has decided to apply for delisting of the company's ADSs, each
representing one ordinary share, from the New York Stock
Exchange in the United States, and pursuant to the newly-adopted
Rule 12h-6 under the U.S. Securities Exchange Act of 1934
deregister and terminate Metso's reporting obligations under the
Exchange Act regarding both its ADSs and SEC-registered debt
securities.
The Board authorized this action based on its assessment that
the reasons why the listing was originally sought in mid 1990's
are no longer valid since the capital markets have become more
global. All investors of the ordinary shares and ADSs of Metso
are accorded protection by Metso's continued compliance with the
rules of the Helsinki Stock Exchange and other Finnish
regulations.
Metso expects to complete the delisting and deregistration
process during 2007. Metso intends to file a Form 25 with the
SEC on Sept. 4, 2007 to terminate its Section 12(b) registration
under the Exchange Act and to delist from the NYSE. Such
delisting will automatically take effect 10 days later. Metso
also intends to file a Form 15F with the SEC on or about
Sept. 14, 2007 to terminate its Section 12(g) registration and
Section 13(a) and Section 15(d) reporting obligations under the
Exchange Act. Upon the filing of Form 15F, Metso's reporting
obligations under the Exchange Act are immediately suspended and
a 90-day waiting period is triggered during which time the SEC
could object to the filing. At the end of the 90-day waiting
period, such suspension becomes a termination, provided that the
SEC does not raise objections or the Form 15F is not earlier
withdrawn by Metso. Metso reserves the right to delay the
filing of the Form 15F or withdraw the Form 15F for any reason
prior to its effectiveness.
In any case, Metso intends to continue voluntary SEC reporting
until December 2007 when its outstanding SEC-registered U.S.
bond matures. From the termination of reporting obligations
onwards, Metso will continue to publish in English on its Web
site (http://www.metso.com)materials that are required to be
made public pursuant to Finnish law, or required to be publicly
filed with its primary trading market or required to be
distributed to security holders.
Metso has not arranged for the listing of its ADSs or ordinary
shares on another U.S. national securities exchange or for the
quotation of its ordinary shares in a quotation medium in the
United States. However, Metso intends to maintain its ADR
facility relating to the ADSs with the Bank of New York and
intends to amend its Deposit Agreement with the Bank of New York
to reflect the deregistration. Following the delisting, Metso's
ADSs are expected to be traded OTC in the United States.
About Metso
Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion. Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.
The company's principal production plants are located in Brazil,
China, Finland, France, Germany, Indonesia, Italy, South Africa,
Sweden, the United Kingdom, and the United States.
* * *
As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.
TELKOMSEL: Fitch Affirms 'BB-' Currency Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed PT Telekomunikasi Indonesia Tbk's
Long-term foreign and local currency Issuer Default Ratings at
'BB-'. The rating Outlook is Positive. As the Indonesian
government holds a 51.19% majority stake in the company, and
exerts significant influence on Telkom's major business and
financial decisions, the company's ratings remain closely
correlated with those of the sovereign.
Telkom's ratings reflect its diversified operations and leading
market positions across all segments of the Indonesian
telecommunications industry. As at H107, the company had a
leading 58% market share in cellular services through 65%-owned
subsidiary PT Telekomunikasi Selular, a dominant share of fixed-
lines and a 65% share of the fast-growing fixed-wireless
segment. Telkom's consolidated profile is heavily influenced by
its cellular business, which accounted for around 55% of revenue
and 65% of EBITDA in FY06. Meanwhile, its fixed-line franchise
remains a significant contributor to earnings, and an important
source of positive free cash flow. Fitch anticipates, at least
over the medium term, that mobile substitution pressures in the
fixed segment will be partially alleviated by ongoing strong
growth in fixed-wireless services.
Telkom has a robust financial profile; as at June 2007, net
adjusted leverage stood at 0.2x, a further improvement from 0.5x
at FYE05, with total adjusted debt to capitalization standing at
35.3%. However, large capital investments and high dividend
payouts conspired to cut consolidated free cash flows
significantly in FY06, leading the free cash flow margin to
decline to 5.1% from 9.9% in the prior period. Moreover, FCF
debt service coverage fell sharply to 0.6x in FY06 from 1.5x in
the prior period, reflecting lower FCF, as well as higher debt
maturities in 2007. However, this increase in liquidity risk is
partly mitigated by Telkom's large cash reserves and strong
access to bank and capital market funding.
"With subsidiary Telkomsel continuing to invest heavily in
network expansion, Fitch anticipates the group incurring large
capex of approximately IDR20.0trn per annum over the next two
years, leading free cash flow to turn slightly negative based
upon current shareholder return levels," said Priya Gupta,
Director in Fitch's Asia-Pacific telecom, media and technology
team. "As a result, Telkom's leverage metrics may experience
slight pressure over the next one or two years, but should
nevertheless remain strong for the ratings," added Ms. Gupta.
On account of the company's close linkage with the Indonesian
government, any positive or negative sovereign rating action
would likely lead to a corresponding rating action for Telkom.
Going forward, upward rating pressure would arise with reduction
of the government's stake below 50%. Conversely, downward
pressure would arise with evidence of political interference
that triggers actions detrimental to the interests of creditors
or in the event of significant debt-funded acquisitions.
About Telkomsel
Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia. Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.
=========
J A P A N
=========
GAP INC: Posts US$1.2 Bln Net Sales for Four-Week Ended Sept. 1
---------------------------------------------------------------
Gap Inc. reported net sales of US$1.2 billion for the four-week
period ended September 1, 2007, which represents a 4% increase
compared with net sales of US$1.15 billion for the same period
ended Aug. 26, 2006.
Due to the 53rd week in fiscal year 2006, August 2007 comparable
store sales are compared to the four-week period ended Sept. 2,
2006. On this basis, the company's comparable store sales for
Aug. 2007 decreased 1% compared with a 7% decrease as reported
in August 2006.
Year-to-date net sales of US$8.43 billion for the 30 weeks ended
September 1, 2007, increased 2% compared with net sales of
US$8.30 billion for the 30-weeks ended August 26, 2006. Due to
the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared to the 30 week period ended
September 2, 2006.
On this basis, the company's year-to-date comparable store sales
decreased 4 percent compared with a 7 percent decrease as
reported in the prior year.
Comparable store sales by division for August 2007 were:
-- Gap North America: positive 2% versus negative 11% for
2006;
-- Banana Republic North America: positive 7% versus positive
2% for the same period in 2006;
-- Old Navy North America: negative 4% versus negative 8%
last year; and
-- International: negative 7% versus flat in 2006.
"Although merchandise margins were below last year, we're
pleased with the progress we're making across our brands," said
Sabrina Simmons, executive vice president of Gap Inc. finance.
About Gap Inc.
Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names. Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan. In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.
* * *
As of Sept. 10, 2007, The Gap Inc. carries Moody's Long-term
Corporate Family rating of Ba1, Senior Unsecured Debt of Ba1,
and Probability of Default rating of Ba1 with Stable Outlook.
Standard & Poor's rated the company at BB+ Long-term Foreign
Issuer Credit rating and Long-term Local Issuer Credit rating of
BB+ with Stable Outlook.
Fitch Ratings assigned BB+ ratings for Long-term Issuer Default
and Senior Unsecured debt with Negative Outlook.
GOODWILL GROUP: To Sell Comsn At-Home Nursing Biz to Saint-Care
---------------------------------------------------------------
The Goodwill Group, Inc., said on Monday that it has officially
agreed to sell the at-home nursing-care operations of its
nursing care provider unit, Comsn Inc., reports Kyodo News.
According to the report, Goodwill has settled to sell Comsn's
at-home service to Saint-Care Holding Corp. and Japan Care
Service Co.
Saint-Care, conveys Kyodo, will acquire the at-home operations
in Miyagi, Ibaraki and 10 other prefectures for JPY1.5 billion,
while Japan Care will purchase the operations in Hokkaido, Tokyo
and 11 other prefectures for JPY2.2 billion.
About Goodwill Group
Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is involved in
five business segments. The Staffing segment offers recruitment
services for technicians, senior workers and others. The Human
Resources-related segment provides employee hiring support
services to corporate clients, counseling services to workers
and outplacement services to retired and retiring workers. The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others. The Senior
Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both
domestic and overseas markets. The Others segment is engaged in
the planning, designing and management of pet care facilities,
the operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.
The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese Government
banned it from renewing its licenses due to its involvement in a
fraud scandal.
The article conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a
public insurance program through fraudulent applications,
including those with an inflated number of employees.
MITSUBISHI MOTORS: AU Unit Faces Substantial Doubt Concern
----------------------------------------------------------
Mitsubishi Motors Australia's auditor has again highlighted
"significant uncertainty" whether the local car maker can
continue as a going concern, George Lekakis of the Herald Sun,
reports.
Mr. Lekakis quotes PricewaterhouseCoopers' statement in
Mitsubishi's audit report as saying, "There is significant
uncertainty whether the company will be able to continue as a
going concern and therefore whether it will realize its assets
and extinguish its liabilities in the normal course of business
and at the amounts stated in the financial report."
The directors of the Australian unit revealed in the filed
financial account to the Australian Securities and Investments
Commision, that it had a net current asset deficiency of
AU$168 million. According to Mr. Lekakis, this revelation along
with the doubt about the future of Mitsubishi Australia caused
the company's auditors to make express the "significant
uncertainty" note.
According to Herald Sun, despite the automaker's deep cost
cutting and higher sales of imported cars, accounts for the year
to the end of March, the company posted a net loss of
AU$118 million.
Mitsubishi's Australian chief executive Robert McEniry, in a
written commentary attached to the latest accounts, claim that
weak export sales and special restructuring costs undermined the
bottom line.
The article quotes Mr. McEniry as saying, "The result was
hindered by a continued lack of vehicle exports and lower than
expected sales in the domestic market and continued
restructuring costs of AU$33.7 million. Issues in the large
passenger vehicle segment were further exacerbated by fierce
competition between local manufacturers."
Feeling the impact of declining demand for locally-made large
passenger cars due to its limited export program, only 658
Mitsubishi of the locally-built 380 sedan were sold last month,
down 38% on the 1069 in August last year, writes Mr. Lekakis.
In a July 17, 2007 report by Troubled Company Reporter-Asia
Pacific, Mitsubishi had to close its Lonsdale factory cutting
670 jobs due to the sluggish sales of the 380 sedan.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.
The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Infonrmation, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook. Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program. The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
=========
K O R E A
=========
DAEWOO ELECTRONIC: Stakeholders Sells Shares Worth KRW16 Billion
----------------------------------------------------------------
Daewoo Electronics Corporation's shareholders, namely Cheon
Development Co. Ltd., Nobless Development Co. Ltd. and Cha Jung
Hoon has signed a contract to sell its shares of Daewoo, Reuters
reports.
According to the report, the shareholders signed the pact with a
Korea-based Company and Lee Nam Hee to sell 1,500,000 shares of
Daewoo Electronics.
The shares that are to be sold are worth KRW16,500,000,000,
Reuters adds.
Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company. It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.
According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.
Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%. The net loss compares with the
KRW30-billion profit the company posted in 2004. Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.
The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion. ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business. In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.
DAEYUVESPER CO: Signs KRW4.99-Billion Installment Contract
----------------------------------------------------------
DaeyuVesper Co. Ltd. has signed a contract to install sludge
recycling disposal for Keangnam Enterprises Co Ltd, Reuters Key
Developments reports.
According to the report, the contract is worth
KRW4,992,999,000.
Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is
a manufacturer specialized in the provision of wastewater
treatment equipment. The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors.
The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on September 7, 2007,
showed that DaeyuVesper has a US$1.60-million shareholders'
deficit on total assets of US$19.06 million.
DASTEK CO: Invests US$800,000 Into China-Based Company
------------------------------------------------------
Dastek Co. has invested US$800,000 into a China-based company,
Reuters reports.
According to the report this new company specializes in the
provision of robot and security products.
As a result, the China-based company now becomes a wholly owned
subsidiary of Dastek Co, the report adds, without disclosing the
name of the new subsidiary.
Based in Gyeonggi Province, Korea, Dastek Co., Ltd. --
http://www.dastek.co.kr/-- specializes in the manufacturing of
electromagnetic devices. The company produces two main
products: materials for electromagnetic devices, including coils
and molds, and electromagnetic devices, including capacitors and
varistors.
Korea Ratings placed a 'B' rating on the company's
KRW1.0-billion bonds with warrants issue effective on June 30,
2006.
SPATIALIGHT INC: Nasdaq to Delist Common Stock
----------------------------------------------
The NASDAQ Stock Market will delist the common stock of
SpatiaLight Inc. SpatiaLight Inc.'s stock was suspended on
June 15, 2007, and has not traded on NASDAQ since that time.
NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting. The delisting becomes
effective ten days after the Form 25 is filed.
Going Concern Doubt
As reported in the Troubled Company Reporter on March 23, 2007,
Odenberg, Ulakko, Muranishi & Co. LLP, in San Francisco,
expressed substantial doubt about SpatiaLight Inc.'s ability to
continue as a going concern after auditing the company's
financial statements for the years ended Dec. 31, 2006, and
2005. The auditing firm pointed to the company's recurring
operating losses, negative cash flows from operations, negative
working capital position, and stockholders' deficit.
About SpatiaLight
SpatiaLight, Inc. -- http://www.spatialight.com/-- founded in
1989, manufactures high-resolution Liquid Crystal on Silicon
microdisplays for use in high definition televisions and other
display applications. The company manufactures its products at
its facility in South Korea.
===============
M A L A Y S I A
===============
AYER MOLEK: Board to File Legal Suit Against Requisitionists
------------------------------------------------------------
The incumbent board of directors of The Ayer Molek Rubber
Company Bhd plans to file legal suits to restrain minority
shareholders, who had formed their own board, from exercising
any authority over its affairs, The Edge Daily reports.
The incumbent board chairman, Adlin Shaharuddin, who had
purportedly been voted out, claimed that the minority
shareholders had acted without authority at an Extraordinary
General meeting held on Sept. 7, 2007.
As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2007, 51 minority shareholders attended the EGM that
was called by four requisitionists and voted out the incumbent
board members, while appointing four others in their place.
Those voted in as directors were Goh Joon Hai, Datin Mariam
Yusof, Dr Jamal Yusof and Syed Khalil Syed Ibrahim.
Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market.
Ayer Molek has suffered recurring losses since the early 90s
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts. The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.
NAGAMAS INTERNATIONAL: Names Ong as CEO for China's Operations
--------------------------------------------------------------
Nagamas International Bhd, formerly Tenco Bhd, has appointed
Malaysia Airlines Cargo Sdn Bhd's former senior general manager,
Datuk JJ Ong, as its group chief executive officer to spearhead
its ventures into the property and aviation services sectors in
China, The Edge Daily reports.
In an interview with the Edge Financial Daily, Nagamas Executive
Chairman Datuk Tan Yik Huay said that the company had set up two
companies in Hong Kong, Nagamas International (HK) Ltd and
Nagamas Enterprise (HK) Ltd, to undertake the new ventures and
was in talks with parties to set the plans into motion.
"We are still evaluating what is the best, either we will buy
over companies or enter joint ventures. Whatever the most
profitable for us," he told the news agency after the unveiling
of the company's new corporate name.
Nagasmas executive officer KK Ng said the aviation services
included passenger and cargo airline, airport management
services and air charters.
Mr. Ng said initial activities would focus on the Danshui
economic hub in the Guangdong province.
Mr. Ong said Nagamas was in talks for potential projects
including the management of a shopping mall, the Dragon mall in
Danshui. "We have a strong feeling that we can get it and we
are trying to do so before the end of FY08," he said.
On the aviation front, he said it was in talks to manage Hui
Zhou airport. With the two new businesses he said its revenue
could breach MYR100 million for the year ending March 31, 2008,
versus MYR68 million in FY07.
Headquartered in Selangor, Malaysia, Nagamas International's,
f.k.a. Tenco Berhad --http://www.tenco.com.my-- principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products. Other activities
include investment holding and provision of management services.
The Group operates in Malaysia, Singapore and Canada.
The company was classified as a Practice Note 17 company because
its current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration. Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.
====================
N E W Z E A L A N D
====================
ACTIVE PANEL: Placed Under Voluntary Liquidation
------------------------------------------------
On August 20, 2007, the members of Active Panel & Paint Ltd.
passed a special resolution providing for the company's
liquidation.
Navindra Kumar Sharma, of Murray Sharma & Associates Limited,
was appointed as liquidator.
The Liquidator can be reached at:
Navindra Kumar Sharma
PO Box 15544, New Lynn
Auckland
New Zealand
Telephone:(09) 827 6872
Facsimile:(09) 826 5412
AFFORDABLE COMMUNICATIONS: Proofs of Debt Due on Sept. 26
---------------------------------------------------------
The creditors of Affordable Communications Ltd. are required to
file their proofs of debt by September 26, 2007, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on August 22,
2007.
The company's liquidator is:
Kim S. Thompson
PO Box 1027, Hamilton
New Zealand
Telephone:(07) 834 6813
Facsimile:(07) 834 6100
AIR NEW ZEALAND: Unit to Acquire Two More Bombardier Aircraft
-------------------------------------------------------------
Air Nelson, Air New Zealand's wholly owned subsidiary, confirmed
yesterday that it would acquire two additional Bombardier Q300
aircraft to boost capacity into and out of Nelson and other
regional centers.
The purchase of the two new aircraft has been approved by the
Air New Zealand Board.
The list price for a 50-seat Bombardier Q300 is approximately
US$16 million.
The purchase will increase the airline's Q300 fleet to 23 by May
2009. Air Nelson currently has 17 Q300 aircraft operating on
its regional network. Its 18th Q300 was handed over to Air
Nelson in Montreal on Friday and will go into service next
month.
Air Nelson already has another three aircraft on order and
General Manager John Hambleton says he is delighted at the Air
New Zealand Board's continued confidence in the regional
airline's growth.
"By 2009, our capacity will have increased more than 40% on
current levels. The two new aircraft will also provide us with
the flexibility to look at adding new routes to our already
extensive network," he says.
Mr Hambleton says the purchase is good news for Air Nelson
customers and the local economy, and reinforces Air New
Zealand's commitment to regional New Zealand.
"We expect to create about 50 new jobs over the next 18 months
to meet fleet growth, including roles for pilots, crew and
engineers," he says.
Air Nelson, which is a fully-owned subsidiary of Air New
Zealand, carries more than 500,000 customers into and out of
Nelson annually and contributes more than $20 million annually
in wages and contract services to the local economy.
About Air New Zealand
Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business. Air
New Zealand flies to the United States, United Kingdom, Canada,
Europe and other Asian cities.
Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating. At the
same time, it has changed the outlook on the rating to positive
from stable.
ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.
AIR NEW ZEALAND: Sets Annual Shareholders Meeting on Sept. 28
-------------------------------------------------------------
Air New Zealand will hold its 2007 annual shareholder meeting on
Sept. 28 at 2:00 p.m. NZT. The meeting will be held at:
Te Whaea National Dance and Drama Centre
11 Hutchison Road
Newtown
Wellington
During the meeting, the shareholders will, among others,
consider approving the:
-- acquisition of aircraft worth up to NZ$4.5 billion; and
-- increase by NZ$95,000 (from NZ$900,000 to NZ$995,000) of
the total amount of directors' fees payable annually to
all directors with effect from the commencement of the
current financial year.
According to the New Zealand Press Agency, the planned aircraft
acquisitions are to be put to a special resolution which needs
to be passed by at least 75% of shareholder votes. The Crown,
which holds 76.5% of ANZ shares, had indicated its intention to
vote in favor of the resolution, NZPA relates.
The shareholders will also get to hear the chairman's address
and consider the re-election to of John McDonald and Jane
Freeman, and elect Dr. James Fox to the company's board.
According to ANZ, the event will not be webcast live due to
technical restrictions at the venue. However, an archived
webcast will be available from Sept. 29 on the ANZ's Investor
Centre Web site at http://www.airnzinvestor.com/
AXON HOUSE: Fixes Sept. 21 as Last Day to File Claims
-----------------------------------------------------
Axon House Carparking Ltd. requires its creditors to file their
proofs of debt by September 21, 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:
Timothy Wilson Downes
Stephanie Beth Jeffreys
c/o Grant Thornton Auckland Limited
PO Box 1961, Auckland
New Zealand
BRONWYN ESTATE: Court to Hear Wind-Up Petition on Nov. 15
---------------------------------------------------------
The High Court of Auckland will hear on November 15, 2007, at
10:00 a.m., a petition to have the operations of Bronwyn Estate
Ltd. wound up.
Gareth Russel Hoole and Kevin David Pitfield filed the petition
against the company on July 19, 2007.
The Liquidators can be reached at:
Gareth Russel Hoole
Kevin David Pitfield
c/o Hillcrest Services Limited
Chapman Tripp Sheffield Young
ANZ Centre, Level 35
23-29 Albert Street
Auckland
New Zealand
CLEMENTS AND PAGE: Accepting Proofs of Debt Until Sept. 17
----------------------------------------------------------
On April 2, 2007, Peri Micaela Finnigan and Kevin Warwick
Bromwich were appointed as liquidators of Clements and Page Ltd.
Messrs. Finnigan and Bromwich require the company's creditors to
file their proofs of debt by September 17, 2007.
The Liquidators can be reached at:
Peri Micaela Finnigan
Kevin Warwick Bromwich
McDonald Vague, Chartered Accountants
PO Box 6092, Wellesley
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz/
FISH MARKET: Appoints Rea and Sargison as Liquidators
-----------------------------------------------------
Gerald Stanley Rea and Paul Graham Sargison were appointed as
liquidators of Fish Market Holdings Ltd. on August 24, 2007.
Messrs. Rea and Sargison require the company's creditors to file
their proofs of debt by September 25, 2007.
The Liquidators can be reached at:
Gerald Stanley Rea
Paul Graham Sargison
c/o Gerry Rea Associates
PO Box 3015, Auckland
New Zealand
Telephone:(09) 377 3099
Facsimile:(09) 377 3098
HARJIT GILL: Creditors' Proofs of Debt Due on Sept. 23
------------------------------------------------------
Arron Leslie Heath and Lloyd James Hayward were named as
liquidators of Harjit Gill Enterprises Ltd. on August 16, 2007.
Creditors are required to file their proofs of claim by
September 23, 2007, to be included in the company's dividend
distribution.
The company's liquidators are:
Arron Leslie Heath
Lloyd James Hayward
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
HAWKE'S BAY: Subject to Stu Macdonald's Wind-Up Petition
--------------------------------------------------------
On July 31, 2007, Stu Macdonald Motors Limited filed a petition
to have the operations of Hawke's Bay Vehicle Exchange Ltd.
wound up.
The petition will be heard before the High Court of New Zealand
on September 27, 2007, at 10:00 a.m.
Stu Macdonald's solicitor is:
J. H. Olphert
Olphert Sandford
1208 Amohia Street
PO Box 99, Rotorua
New Zealand
e-mail: admin@olphertsandford.co.nz
HEARTLAND LOGGING: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On July 27, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Heartland Logging Ltd. wound
up.
The petition will be heard before the High Court at Nelson on
September 27, 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
JUNCTION TRADING: Enters Wind-Up Proceedings
--------------------------------------------
On August 20, 2007, the shareholders of Junction Trading Ltd.
resolved to liquidate the company's business.
Paul Alexander Glass was named as liquidator.
The Liquidator can be reached at:
Paul Alexander Glass
44 York Place, Dunedin
New Zealand
Telephone:(03) 477 5432
Facsimile:(03) 474 1564
KINGDON DEVELOPMENT: Names Downes and Jeffreys as Liquidators
-------------------------------------------------------------
Timothy Wilson Downes and Stephanie Beth Jeffreys were named as
liquidators of Kingdon Development Limited on August 17, 2007.
Messrs. Downes and Jeffreys fixed September 21, 2007, as the
last day for the company's creditors to file their proofs of
debt.
The Liquidators can be reached at:
Timothy Wilson Downes
Stephanie Beth Jeffreys
Grant Thornton Auckland Limited
PO Box 1961, Auckland
New Zealand
KORZEL BUILDERS: Appoints Grant Bruce Reynolds as Liquidator
------------------------------------------------------------
On August 16, 2007, the shareholders of Korzel Builders Ltd.
resolved to liquidate the company's business.
Grant Bruce Reynolds was appointed as liquidator.
The Liquidator can be reached at:
Grant Bruce Reynolds
c/o Reynolds & Associates Limited
PO Box 259059, Greenmount
Auckland
New Zealand
Telephone:(09) 522 5662
Facsimile:(09) 522 5788
LAURENT JEWELLERS: Appoints John Francis Managh as Liquidator
-------------------------------------------------------------
On August 24, 2007, the shareholders of Laurent Jewellers Ltd.
passed a resolution appointing John Francis Managh as the
company's liquidator.
The Liquidator can be reached at:
John Francis Managh
50 Tennyson Street
PO Box 1022, Napier
New Zealand
Telephone/Facsimile:(06) 835 6280
PAUL AIR: Liquidator Fixes Sept. 28 as Last Day to File Claims
--------------------------------------------------------------
On August 17, 2007, Roderick Thomas McKenzie was appointed as
liquidator of Paul Air Ltd.
Mr. McKenzie fixed September 28, 2007, as the last day for
creditors to file their proofs of debt.
The Liquidator can be reached at:
Roderick Thomas Mckenzie
McKenzie & Partners Limited
Level 1, 484 Main Street
PO Box 12014, Palmerston North
New Zealand
Telephone:(06) 354 9639
Facsimile:(06) 356 2028
SAFEQUIP LTD: Court Sets Wind-Up Petition Hearing for Oct. 4
------------------------------------------------------------
On July 2, 2007, Next Level Finance Limited filed a petition to
have the operations of Safequip Ltd. wound up.
The petition will be heard before the High Court of New Zealand
on October 4, 2007, at 10:45 a.m.
Next Level's solicitor is:
C. N. Lord
Craig Griffin & Lord
187 Mt Eden Road, Mt Eden
Auckland
New Zealand
=====================
P H I L I P P I N E S
=====================
EVER-GOTESCO RESOURCES: Stockholders' Meeting Slated for Dec. 28
----------------------------------------------------------------
The Annual Stockholders Meeting of Ever Gotesco Resources and
Holdings, Inc., will be held on December 28, 2007, at the
Penthouse II, Ever-Gotesco Corporate Center, 1958 in C.M. Recto
Avenue, Manila.
Among the matters to be taken up during the meeting are:
-- the approval of the Annual Report and the Audited
Financial Statements of the Company as of Dec. 31, 2006;
-- the election of the members of the Board of Directors; and
-- the appointment of external auditors.
Only stockholders of record in the books of the company
at the close of business of November 28, 2007, will be
entitled to vote at the meeting. A list of stockholders
entitled to vote will be available for inspection at the
Office of the Corporate Secretary for 10 days prior to
the Annual Meeting.
Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex. The company is also engaged in real estate
development. It builds and leases out shopping malls to
commercial tenants. Revenues of the company are generated
principally from its leasing operations.
The company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex. GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business. GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.
Going Concern Doubt
Martin C. Guantes at Sycip Gorres Velayo and Co. raised
substantial doubt on Ever-Gotesco Resources' ability to continue
as a going concern after auditing the company's annual report
for the period ended Dec. 31, 2006. Mr. Guantes cited:
(a) the consolidation by lender banks of the ownership and
possession of the land and commercial complex of the
company's wholly owned subsidiary, Gotesco Tyan Ming
Development, Inc., pending the decision on the case by
the court, and
(b) the amount of staggered amortization as loan repayment
that are due under a compromise agreement, which was
approved by the court, from the defendants to a civil
case in which the company and its subsidiary were
impleaded.
The auditors also cited that the company and its subsidiary
continued to have substantial working capital deficiency and
deficit.
SOUTH CHINA RESOURCES: Wins Petroleum Service Contract with DOE
---------------------------------------------------------------
South China Resources Inc., together with Pitkin Petroleum
Limited, was selected by the Department of Energy for a
Petroleum Service Contract in Area 4 under the 3rd Philippine
Energy Contracting Round PECR-3).
According to a company disclosure with the Philippine Stock
Exchange, Area 4 covers an area of 1.164 million hectares in the
Cuyo/Mindoro/East Palawan region.
Makati City-based South China Resources, Inc. was incorporated
in 1992 to undertake oil and gas exploration, development and
production.
South China Resources, Inc. suffered a net loss of
PHP26.33 million for the year ended Dec. 31, 2006, its third
consecutive yearly loss after the net losses of PHP36.17 million
and PHP48.74 million recorded for the years ended Dec. 31, 2005
and 2004, respectively.
=================
S I N G A P O R E
=================
ABN AMRO: Requires Creditors to File Claims by October 8
--------------------------------------------------------
The creditors of ABN Amro Mellon Singapore Pte Ltd are required
to file their proofs of debt by October 8, 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:
Abuthahir Abdul Gafoor
Chen Yeow Sin
c/o 1 Raffles Place
#20-02 OUB Centre
Singapore 048616
ASICS AIR-CONDITIONING: Court Enters Wind-Up Order
--------------------------------------------------
On August 24, 2007, the High Court of Singapore entered an order
directing the wind-up of Asics Air-Conditioning Engineering Pte
Ltd.'s operations
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
Singapore 069118
AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer
-----------------------------------------------------------
Avago Technologies disclosed that effective November 1, 2007,
Bian Ee Tan is appointed to the newly created position of Chief
Operating Officer, reporting to Hock E. Tan, Avago's president
and CEO.
"Bian Ee brings a wealth of experience to his new role and his
appointment reflects his outstanding capabilities at managing
successful operations over his long tenure with the Company,"
said Hock Tan, president and CEO of Avago Technologies. "In his
new role as COO, Bian Ee will focus on overseeing and driving
closer integration of our manufacturing organization with
Avago's worldwide sales organization."
"I am enthusiastic about the opportunity to contribute to the
future growth and success of Avago. This new role will allow me
to apply all the skills and experiences I have acquired over my
30-plus years of service to this Company," said Bian Ee Tan.
Bian Ee Tan has served as president of Avago's Asia operations
since December 2005. Prior to the closing of the acquisition of
Avago by KKR and Silver Lake Partners, Bian Ee served as Vice
President and General Manager, Electronic Components Business
Unit of Agilent. He has held various other positions with
Hewlett-Packard and Agilent, including Operations Manager for
the Singapore Components Operation, Managing Director of
Hewlett-Packard Malaysia, and Manufacturing Manager for the
Semiconductor Products Business segment. Bian Ee began his
career with Hewlett-Packard in 1973.
Bian Ee holds a diploma in medical laboratory technology and
received an MBA, graduating with distinctions, from Golden Gate
University.
About Avago Tech
Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide. Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers. The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.
Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.
Avago Technologies is the successor to the Semiconductor
Products Group of Agilent. Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.
* * *
As the Troubled Company Reporter reported on November 7, 2005,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Avago Technologies Holdings Pte. Ltd. The
outlook is positive. At the same time, Avago's proposed US$975
million first-lien senior secured bank facility was rated 'B+'
with a recovery rating of '1', indicating a high expectation for
full recovery of principal in the event of a payment default.
Avago Technologies Finance Pte Ltd. And Luxembourg Finance Co.
are borrowers under the loan. In addition, Standard & Poor's
assigned its 'B' rating to Avago's proposed US$375 million of
senior unsecured notes and US$375 million of senior unsecured
floating-rate notes. Lastly, Avago's proposed US$250 million of
senior subordinated notes were assigned a 'CCC+' rating. Avago
Technologies Finance Pte Ltd., Avago Technologies U.S. Inc., and
Avago Technologies Wireless Manufacturing Inc. are co-issuers of
the notes.
CKE RESTAURANTS: S&P Revises Outlook from Stable to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Carpenteria, Calif.-based CKE Restaurants Inc. to negative from
stable. At the same time, S&P affirmed all the ratings,
including the 'BB-' corporate credit rating, on the company.
S&P also affirmed the bank loan and recovery ratings on CKE's
US$470 million senior secured credit facility, which consists of
a US$270 million term loan and US$200 million revolving credit
facility. The company recently increased the size of its term
loan by US$100 million to US$270 million, with a maturity in
2013, and used the proceeds to pay down borrowings on the
company's revolving credit facility that matures in 2012. The
credit facility is rated 'BB+', two notches higher than the
corporate credit rating on CKE, with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.
The outlook change reflects the CKE's recent use of debt to fund
share repurchases. For example, in April of this year, the
company purchased approximately US$77 million of its stock from
Pirate Capital LLC. The negative outlook reflects management's
willingness to fund share repurchases with debt and a recent
trend of narrower margins. "If debt leverage were to increase
measurably because of poor operating performance or further
debt-financed share repurchases, we would likely lower the
ratings," said Standard & Poor's credit analyst Charles Pinson-
Rose.
Headquartered in Carpinteria, California, 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), Green Burrito(R) and
Red Burrito(TM) restaurant brands. The CKE system includes more
than 3,000 locations in 43 states and in 13 countries, including
Singapore. As of the end of its fiscal 2008 first quarter ended
May 21, 2007, 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.
FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.
--------------------------------------------------------------
Freescale Semiconductor has hired Henri Richard as its senior
vice president, chief sales and marketing officer. Mr. Henri,
the former chief sales & marketing officer at AMD, brings thirty
years of experience in sales, marketing, services and business
development to Freescale. His broad-based experience includes
the U.S., European and Asian markets; OEM, indirect and end-user
channels; and both hardware and software product segments.
"Henri is a respected veteran of our industry and I am glad he
has chosen to join the Freescale team," said Michel Mayer,
Freescale chairman and CEO. "His expertise in developing
customer solutions will accelerate our growth initiatives and
build on Freescale's strong market position."
Prior to AMD, Mr. Henri held various leadership positions
including executive vice president of World Wide Operations for
WebGain; vice president sales & marketing, Worldwide
Distribution & E-business for IBM; and vice president EMEA
Strategic Accounts for Seagate Technology. Henri received a
bachelor's degree in science and technology from Ecole Nationale
de Radiotechnique et Electronique Appliquee.
About Freescale Semiconductor
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.
* * *
As reported in the Troubled Company Reporter on May 28, 2007,
Moody's Investors Service affirmed these ratings of Freescale
Semiconductor Inc. and changed the outlook to negative: Ba3
corporate family rating; Ba3 probability of default rating; B1
rating of US$2.85 billion senior unsecured notes due 2014; B1
rating of US$1.50 billion senior unsecured toggle notes due
2014; and B2 rating of US$1.60 billion senior subordinate
unsecured notes due 2016.
FLEXTRONICS: Sets Merger Consideration Voting Until Sept. 27
------------------------------------------------------------
Solectron Corporation's stockholders that wish to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics International Ltd. of
Solectron must deliver a completed election form to
Computershare Shareholder Services Inc. by 5:00 p.m., New York
City time, on Sept. 27, 2007.
Solectron stockholders who hold their shares through a bank,
broker or other nominee may have an election deadline earlier
than the Election Deadline. These Solectron stockholders should
review any materials they receive from their bank, broker or
other nominee to determine the election deadline applicable to
them.
Pursuant to the terms of the merger agreement, Solectron
stockholders are entitled to elect to receive either 0.3450 of a
Flextronics ordinary share or $3.89 in cash, without interest,
for each share of Solectron common stock, subject to proration
as provided in the merger agreement.
Solectron stockholders who do not make a timely election or fail
to deliver a properly completed election form to Computershare
Shareholder Services Inc. by the Election Deadline will not be
able to elect the form of merger consideration they will receive
in the merger.
These non-electing stockholders will receive all cash, all
Flextronics ordinary shares or a combination of cash and
Flextronics ordinary shares according to the allocation rules
set forth in the merger agreement.
If, after submitting its election form, a Solectron stockholder
wishes to sell or otherwise transfer some or all of the shares
covered by its election, the stockholder will have to revoke its
election in order to deliver the shares to the purchaser or
other transferee.
Such revocation must be received by Computershare Shareholder
Services Inc. prior to the Election Deadline. A Solectron
stockholder may revoke its election and submit a new election
for shares it does not sell or otherwise transfer.
Such election must be received by Computershare Shareholder
Services Inc. prior to the Election Deadline. Because a
Solectron stockholder may revoke its election only prior to the
Election Deadline, after the Election Deadline and prior to the
effective time of the merger such stockholder will not be able
to sell or otherwise transfer shares for which an election
is effective as of the Election Deadline.
Beginning Aug. 13, 2007, the required election forms and
accompanying instructions were mailed to Solectron stockholders
of record as of Aug. 6, 2007. Solectron stockholders, including
those that acquired their shares after Aug. 6, 2007, may request
copies of these election documents by calling Innisfree M&A
Incorporated toll free from within the United States and Canada
at (877) 825-8971.
Solectron stockholders who hold their shares through a bank,
broker or other nominee should contact their bank, broker or
other nominee to obtain additional copies of the election
documents.
As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron common stock, on a one-for-one basis, prior to the
effective time of the merger.
The merger agreement provides that holders of exchangeable
shares will be entitled to elect to receive the same
consideration in the merger, and to participate in the merger,
as a holder of shares of Solectron common stock. Therefore,
references to Solectron stockholders are intended to also
include holders of exchangeable shares.
Flextronics and Solectron also disclosed that the companies have
satisfied merger control requirements in Canada, China, the
European Union, Mexico, Turkey, Ukraine and the United States.
Merger control notifications remain pending in Brazil and
Singapore, but neither affects the parties' ability to close the
transaction.
"Assuming a successful shareholder vote for both companies,
which is scheduled for Sept. 27, 2007, we now expect to close
this transaction on Oct. 1, 2007," Thomas J. Smach, chief
financial officer of Flextronics, stated.
About Solectron Corporation
Based in Milpitas, California, Solectron Corporation (NYSE: SLR)
-- http://www.solectron.com/-- provides complete product
lifecycle services. The company offers collaborative design and
new product introduction, supply chain management, lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to customers worldwide. The
company works with the providers of networking, computing,
telecommunications, storage, consumer, automotive, industrial,
medical, self-service automation and aerospace and defense
products. The company's Lean Six Sigma methodology provides
OEMs with quality, flexibility, innovation and cost benefits
that improve competitive advantage. Solectron operates in more
than 20 countries on five continents.
About Flextronics International Ltd.
Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs. Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents.
* * *
Moody's Investor Services placed Flextronics International's
long term corporate family and probability of default ratings at
"Ba1" in June 4, 2007.
ISOFT GROUP: Providing Laboratory IT Systems to Malta Hospital
--------------------------------------------------------------
iSOFT Group plc has been appointed as sub-contractor to
Affiliated Computer Services, Inc. to provide and support
laboratory information systems at Malta's largest hospital, the
new 850-bed Mater Dei Hospital. Malta Information Technology
and Training Services has also extended its 12-year relationship
with iSOFT for an upgrade of the current patient administration
system.
The seven-year contract with ACS Healthcare Solutions includes
iSOFT's laboratory information system (i.Laboratory), which will
be installed as part of a program to improve the management of
health records and integrate state-of-the-art digital medical
equipment.
"With i.Laboratory, we will deliver an integrated, multi-
disciplinary solution to track orders, samples and results from
microbiology, pathology, biochemistry and transfusion services.
It is a well-established solution that is proven at 150 U.K.
hospitals," Charles Bracken, managing director, ACS Healthcare
Solutions, said.
Dallas, Texas-based ACS has a seven-year contract with the
Government of Malta to improve the efficiency of delivery of
healthcare and recording of patient information. It is
providing hardware, software and expertise needed to maintain a
laboratory information system, radiology information system, and
picture archiving and communications system. The company will
integrate these systems with the Mater Dei's existing systems.
iSOFT has also renewed its existing contract in Malta, which was
signed with MITTS in January 2004. This is for order
communications at the new Mater Dei Hospital and will enable
laboratory tests and x-rays to be ordered online and the results
viewed in real time as part of the medical record.
About iSOFT
Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector. Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services. In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.
* * *
In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.
On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities. In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.
On Oct. 25, 2006 the Accountancy Investigation and Discipline
Board (AIDB) announced that it will conduct its own
investigation. The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended April
30, 2003, 2004 and 2005.
All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee. The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP in July and August 2006 did not uncover
evidence that any of the current non-executive directors had any
knowledge of the irregularities.
At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report. On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters. As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters. Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.
Going Concern Doubt
At April 30, 2007, in preparing their cash flow projections,
iSOFT's directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.
The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones. In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.
MILLENNIUM-WESTMONT: Pays Fifth Interim Dividend
------------------------------------------------
Millennium-Westmont Pte Ltd, which is in liquidation, paid the
fifth interim dividend to its creditors on September 7, 2007.
The company paid its creditors 0.44 cents to a dollar.
SCOTTISH RE: Unit Completes US$555-Million Triple-X Reserve Deal
----------------------------------------------------------------
Scottish Re Group Limited's subsidiary, Clearwater Re Limited
has closed a transaction that provides up to US$555 million of
Regulation Triple-X peak reserve financing for a minimum of 15
years. Citibank, N.A. and Calyon New York Branch have committed
to purchasing up to US$555 million of notes issued by Clearwater
Re.
Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist. Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.
On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.
===============
T H A I L A N D
===============
KRUNG THAI BANK: Hopes to Meet THB15-Billion NPA Sales Target
-------------------------------------------------------------
Krung Thai Bank hopes to meet its distressed-asset sales target
of THB15 billion for the whole year despite the economic
downturn, the Bangkok Post reports.
Bangkok Post cites KTB President Apisak Tantivorawong as saying
that sales in the first eight months of 2007 totaled
THB5 billion, and that the bank would divest another
THB5 billion in non-performing assets to Bangkok Commercial
Asset Management over the next several months.
The bank would have to sell another THB5 billion in assets by
the end of 2007 to meet its full-year target, the report
relates.
"Krung Thai Bank will try to maintain non-performing assets at
40 billion baht at the end of the year. We are arranging new
marketing and promotional campaigns for NPA sales to help boost
results," Bangkok Post quotes Mr. Apisak.
Mr. Apisak further said that KTB's non-performing loans, now at
more than 7% of total loans, were expected to remain unchanged
through the end of the year.
KTB announced on Tuesday an NPA Grand Sale at its headquarters,
with more than 10,000 properties offered for sale at discounts
up to 40%, Bangkok Post adds.
Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.
The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.
* * *
The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).
TRUE MOVE: Launches TrueLife Mobile Search w/ Mobile Content
------------------------------------------------------------
Mobile Content Networks, a leading global provider of mobile
search and search management solutions, together with TrueMove,
Thailand's leading nationwide converged services operator,
announced the commercial launch of TrueLife Mobile Search
powered by MCN's MobileSearch.net search management platform.
"We are very pleased to make the MobileSearch.net search
management platform the core of TrueLife Mobile Search, our
important new mobile content search offering," said Mr. Piroon
Paireepairit, Director, Multimedia Services, Content, and
Marketing for TrueMove. "As part of the True Group, which is
Thailand's leader in solutions for convergence lifestyles, we
are constantly enhancing our products and services. We believe
that providing our users with the content they want in 2-3
clicks from leading local content providers is imperative to
maintain customer satisfaction and drive value added revenues
for True Move and its content partners."
With MCN's selection by True Move the mobile search innovator
has now been selected by all three mobile operators in Thailand
representing nearly 45m mobile subscribers, a unique position
reflecting the company's ability to rapidly launch profitable,
highly relevant search services based on direct connections to
local content and information providers.
"Our unequaled ability to provide real-time results from local
content providers in local languages, based on our partner's
business rules, is driving strong search traffic growth for our
partners worldwide," said Marc Bookman, CEO of MCN. "With True
Move we are very pleased that our rapidly deployable
MobileSearch.net platform and deep connections to a growing
number of local content providers has proven to be of value to
such an aggressive, innovative mobile operator."
About Mobile Content Networks, Inc.
Founded in Palo Alto, CA in 2004 after years of research into
the unique characteristics of mobile search, MCN is the leading
global provider of Federated Real-Time Mobile Search and Search
Management services. MCN's mission is to provide mobile users
with the content they want, across any network and device and in
any language, in 2-3 clicks while providing its distribution
partners such as mobile network operators, portals, and their
local content partners with control of an important new revenue
stream.
With customer deployments covering over 110 million mobile
subscribers, MCN provides mobile network operators, portals, and
content providers with a comprehensive, patent-pending Search
Management Platform solution, MobileSearch.net, that is deployed
in a matter of weeks, scales to support multiple vertical
content channels, and which returns relevant results from any
local or global content source or search engine.
MCN is headquartered in Tokyo, Japan, with technical operations
in Mountain View, CA and sales offices in Japan, Finland, the
United Kingdom, and Thailand. For more information, please
visit http://www.mcn-inc.com/
About True Move
TrueMove, a subsidiary of True Corporation Plc, Thailand's only
fully integrated communications solutions provider, convergence
solutions leader, and premier lifestyle enabler, offers
innovative and high quality wireless communications services on
its nationwide 1800MHz network to 8.1 million subscribers
(March, 2007) throughout Thailand. TrueMove's vision is to
create a pioneering wireless hi-speed lifestyle where people can
communicate as well as access knowledge, information, and
entertainment whenever, wherever, and however they wish. The
company delivers superior coverage, quality, and best value
services, leveraging its relationshps with True Corporation and
the CP Group. TrueMove offers unique integrated products and
services to the Thai market. For more information please visit
http://www.truemove.com/or http://www.truecorp.co.th/
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Moody's Investors Service affirmed its B1 bond rating
for True Move Company Limited with a stable outlook. The issue
of the US$225 million, seven-year senior, unsecured bond has
been completed and the rating is removed from provisional
status.
The TCR-AP reported on July 26, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating on True Move. The outlook is negative.
* Fitch to Host Sovereign Hotspots Asia Conference on Sept. 19
--------------------------------------------------------------
Fitch Ratings' Sovereign Hotspots Asia 2007 conference comes to
Hong Kong on Wednesday, September 19, where a team of Fitch's
senior Sovereign Group analysts will assess the economic risks
facing global and emerging markets today, particularly Asia --
focusing on Hong Kong, China, Taiwan, India, Philippines, Korea
and Thailand.
David Riley, Group Managing Director of Fitch's Sovereign Group,
will open with an overview of global and emerging markets,
touching on global economic and credit conditions, as well as
emerging market capital flows.
Next, James McCormack, Head of Fitch's Asia Sovereign Group,
will discuss the regional sovereign credit trends in Asia, in
terms of economic growth and policy outlook, and the impact of
the global credit turmoil for emerging Asia sovereigns. He will
also be looking at sovereign credit issues facing China, India,
Philippines and Korea in greater detail.
After the break, Vincent Ho, Associate Director in Fitch's Asia
Sovereign Group, will continue the Asian sovereign focus by
sharing his views on Hong Kong, Taiwan and Thailand.
Admission is complimentary but pre-registration is required.
The venue details and contacts for the conference are as
follows:
Hong Kong
Wednesday, September 19, 2007
9 a.m.-11:25 a.m.
Conrad Hong Kong,
Pacific Place, 88 Queensway,
Nathan & Granville Room, Lower Lobby
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 19, 2007
Turnaround Management Association
NSW Networking Event with presentation by Lisa Ironside,
Senior Bank West Treasury Executive
Union, University & Schools Club of Sydney,
Sydney, Australia
Web site: http://www.turnaround.org/
September 19, 2007
Fitch Ratings
Sovereign Hotspots Asia 2007 Conference
Conrad Hong Kong, Pacific Place, 88 Queensway,
Nathan & Granville Room, Lower Lobby
Hong Kong
October 16-19, 2007
Turnaround Management Association - Australia
TMA 2007 Annual Convention
Boston Marriott Copley Place, Boston, MA, USA
e-mail: livaldi@turnaround.org
October 21-24, 2007
Association of Insolvency & Restructuring Advisors
Restructuring and Investing Conference
Portman Ritz Carlton, Shanghai, China
Web site: http://www.airacira.org/
November 14, 2007
Turnaround Management Association
TMA Australia 4th Annual Conference and Gala Dinner
Hilton, Sydney, Australia
Web site: http://www.turnaround.org/
November 29, 2007
Turnaround Management Association
Special Speaker
Hilton, Sydney, Australia
Web site: http://www.turnaround.org/
March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
Web site: http://www.insol.org/
June 21-24, 2009
INSOL
8th International World Congress
TBA
Web site: http://www.insol.org/
October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
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Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
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Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
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Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
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Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
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Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
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Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
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Reverse Mergers-the New IPO?
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Fundamentals of Corporate Bankruptcy and Restructuring
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High-Yield Opportunities in Distressed Investing
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Privacy Rights, Protections & Pitfalls in Bankruptcy
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When Tenants File -- A Landlord's BAPCPA Survival Guide
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Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
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Distressed Market Opportunities
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Homestead Exemptions under BAPCPA
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BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
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Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
E-Discovery and Records Management for Bankruptcy
Practitioners and Litigators
Telephone: 240-629-3300
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Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
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Beard Audio Conferences
KERPs and Bonuses under BAPCPA
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Beard Audio Conferences
Diagnosing Problems in Troubled Companies
Audio Conference Recording
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Equitable Subordination and Recharacterization
Audio Conference Recording
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*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***