/raid1/www/Hosts/bankrupt/TCRAP_Public/070917.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
Monday, September 17, 2007, Vol. 10, No. 184
Headlines
A U S T R A L I A
ARGAS ALLOYS: To Declare First Dividend on October 3
CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says
F. MOIR: Members Resolve to Liquidate Business
FOOT LOCKER: May Be Unable to Comply with Fixed Charge Ratio
FOOT LOCKER: S&P Retains BB+ Ratings Under Negative Watch
O'CONNOR TOWBARS: Liquidator Presents Wind-Up Report
OMEGA PTY: Placed Under Voluntary Liquidation
OVERDIMENSIONAL TRANSPORT: To Declare Dividend on October 3
PEGASUS GOLD: Members and Creditors Receive Wind-Up Report
R LLOYD: Members' Final Meeting Set for September 24
TULSA PTY: Declares Dividend for Unsecured Creditors
WESTPOINT GROUP: Kebbel Execs Warned on Using "Bank"
WIGNALLS SMALLGOODS: Declares Priority Dividend
C H I N A & H O N G K O N G
ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
ALLIED PACIFIC: Requires Creditors to File Claims by October 9
ARTIER LIMITED: Undergoes Voluntary Liquidation
BALLY TOTAL: Files Supplement to Modified First Amended Plan
BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan
BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims
BESTAR MANUFACTURING: Creditors' Proofs of Debt Due on Oct. 26
CHINA PROPERTIES: Moody's Keeps B1 Ratings; Outlook Stable
FIAT SPA: Creates Joint Venture with Severstal's Car Division
GC-LINE LIMITED: Accepting Proofs of Debt Until October 15
GEIS CARGO: Undergoes Wind-Up Proceedings
LFD (CHINA): Members to Hold General Meeting on October 18
NEO-CHINA: Plans to Change Name to Neo-China Land Group
SAFEWEAR (HONG KONG): Commences Liquidation Proceedings
SANDOR LIMITED: Members Agree on Voluntary Liquidation
TRW AUTOMOTIVE: Brings Integrated Safety to Vehicle Markets
ZENNER LIMITED: Creditors' Proofs of Debt Due on October 12
ZTE CORP: Says NBN Deal Transparent and Necessary
ZTE CORP: Bags Portugal's Broadband Network Project
I N D I A
AFFILIATED COMPUTER: Extends Contract with Hawaii Medicaid
EASTMAN KODAK: S&P Holds B+ Rating and Removes Negative Watch
GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe
IFCI LTD: Sets Annual General Meeting on Sept. 21
INDUSTRIAL DEV'T. BANK: Appoints Ajay Shankar to Board
JIK INDUSTRIES: Plans to Allot Shares to Promoter
KINETIC ENGINEERING: Promoters Mull Selling Up to 35% Holdings
SUN MICROSYSTEMS: Inks Deal to Acquire Majority of Cluster File
UTSTARCOM INC: Inks Multi-Year Contract with Power Bell
I N D O N E S I A
ALCATEL-LUCENT: Revises Revenue Outlook for 2007
ANIXTER INT'L: Promotes Two Officers to Executive Positions
CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19
FREEPORT-MCMORAN: Selling Wire & Cable Biz for US$735 Million
HILTON HOTELS: Launches Cash Tender Offers for US$1.8-Bil. Debt
GAJAH TUNGGAL: Aims 17% Increase in FY2007 Revenue
MEDCO ENERGI: Ties Up w/ Pioneer Oil for Tunisia Field Dev't.
PERUSAHAAN GAS: Gets US$476,276 Energy Grant From U.S. Agency
J A P A N
ALL NIPPON: Resumes Flight of 12 Bombardier Units After Check-up
DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
INTERNATIONAL RECTIFIER: S&P Retains Negative Watch on BB Rating
MITSUBISHI MOTORS: Unsure About Building Plant in Russia
SANYO ELECTRIC: In Talks with Kyocera for Handset Business
SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
XEROX CORPORATION: To Acquire Advectis for US$32 Million
K O R E A
DAEWOO ELECTRONICS: Videocon Plans to Resume Acquisition Talks
DURA AUTOMOTIVE: Disclosure Statement has Adequate Information
DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures
M A L A Y S I A
DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
KUMPULAN BELTON: Bursa to Delist Securities on Sept. 25
PROTON HOLDINGS: Targets to Sell Cars in China by Year-End
N E W Z E A L A N D
AIR NEW ZEALAND: Considers Operating at Paraparaumu Airport
BARCLAY DESIGNS: Court to Hear Wind-Up Petition Today
BLAZER PROPERTY: Court Sets Wind-Up Hearing for Nov. 8
K & T RENATA: Faces CIR's Wind-Up Petition
KAWERAU A MAKI: Subject to CIR's Wind-Up Petition
LIBAAS APPAREL: Creditors' Proofs of Debt Due on September 28
PACIFIC ACCESS: Commences Liquidation Proceedings
SANNE LARA: Accepting Proofs of Debt Until October 26
STONEY LTD: Fixes October 5 as Last Day to File Claims
UTOPIANZ MEDIA: Taps J. Price and C. Horton as Liquidators
VERTICAL DESCENT: Appoints Levin and Jordan as Liquidators
P H I L I P P I N E S
BANCO DE ORO-EPCI: Settles Penalties for Delayed Financials
BANCO DE ORO-EPCI: Supreme Court Upholds Sale of SSS Shares
GLOBE TELECOM: Enters Into Business Partnership with Dexterra
METROPOLITAN BANK: Unit to Spearhead IPOs of 3 Firms in 2008
PHIL NAT'L CONSTRUCTION: Clears Penalties for Delayed Financials
SAN MIGUEL: Eyes Possible PHP20BB Investment in Ethanol Plants
STENIEL MFG: Elects Directors for Year 2007
* S&P Affirms Philippines' Sovereign Ratings with Stable Outlook
S I N G A P O R E
ARGENTA PTE: Requires Creditors to File Claims by October 8
GEMA METAL: Creditors' Proofs of Debt Due on October 8
SEA CONTAINERS: Earns US$8,467,259 in Month Ended July 31, 2007
SEA CONTAINERS: Wants Exclusive Period Extended to December 21
WINDSOR NURSING: Creditors to Hold Meeting Today
T H A I L A N D
KUANG PEI SAN: Extends Office Space Contract with Subsidiary
TMB BANK: Sells Off Entire Shareholdings in Asset Dev't Co. Ltd.
TMB BANK: Sells Off 10% Ownership in Nava Nakorn Distribution
TMB BANK: To Convert Preferred to Ordinary Shares on Sept. 20
TONGKAH HARBOUR: Two Executive Directors Leave Board
UNITED COMM: SET Formally Removes Securities from Board
- - - - - - - -
=================
A U S T R A L I A
=================
ARGAS ALLOYS: To Declare First Dividend on October 3
----------------------------------------------------
Argas Alloys & Research Pty Ltd, which is in liquidation, will
declare its first dividend for its creditors on October 3, 2007.
Company creditors who were not able to file their claims by the
September 11 due date will be excluded from sharing in the
company's dividend distribution.
The company's liquidator is:
John Park
KordaMentha (Qld)
22 Market Street
Brisbane, Queensland 4000
Australia
Telephone:(07) 3225 4000
Facsimile:(07) 3225 4999
About Argas Alloys
Argas Alloys & Research Pty Ltd is a distributor of welding
equipments. The company is located at Bundaberg, in Queensland,
Australia.
CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says
----------------------------------------------------------------
Chrysler LLC is reviewing its restructuring plan in the wake of
the downturn in the U.S. vehicle market and may stop producing
some of its Chrysler, Dodge and Jeep models, The Financial Times
reports, quoting Chrysler CEO Bob Nardelli.
Mr. Nardelli told the Automotive Press Association in Detroit
that his motto was "listen, learn and lead", and that his "goal
is not to slow things down but to speed things up -- a bias for
decision," FT relates.
Meanwhile, Ron Gettelfinger, president of the United Auto
Workers union, has expressed his confidence in the intentions of
Chrysler LLC's new private equity owner, Reuters relates.
The union leader believes in the assurance given by Stephen
Feinberg, the founder of Cerberus Capital Management LLC, that
he is committed to saving Chrysler rather than selling off its
parts.
"I am confident that they are not coming into this with an
attitude of strip and flip," Mr. Gettelfinger said, Reuters
notes. "I don't think they will own it forever, but they will
take it public again, I assume," he added.
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.
F. MOIR: Members Resolve to Liquidate Business
----------------------------------------------
At an extraordinary general meeting held on May 26, 2007, the
members of F. Moir Investments Pty Ltd resolved to voluntarily
liquidate the company's business.
Ian John Snook was appointed as liquidator.
The Liquidator can be reached at:
Ian John Snook
William Buck (SA) Pty Ltd
48 Greenhill Road
Wayville, South Australia 5034
Australia
Telephone:(08) 8272 2333
Facsimile:(08) 8272 1972
About F Moir
F Moir Investments Pty Ltd operates holding companies. The
company is located at Sorrento, in Western Australia, Australia.
FOOT LOCKER: May Be Unable to Comply with Fixed Charge Ratio
------------------------------------------------------------
Foot Locker Inc. disclosed in a filing with the U.S. Securities
and Exchange Commission that based on its second quarter
financial results and business uncertainties for the second half
of the year, it may not continue to be in compliance with the
fixed charge coverage ratio.
In addition, the company adds, the restricted payment provision
may prohibit the company from the payment of the dividend at the
current rate in 2008.
In the event that the company does not satisfy one or more of
the covenants, it will evaluate several options and expects that
it would be able to obtain a waiver, amend the agreement, or
enter into a new credit facility.
Credit Facility
The company discloses that it has a US$200 million revolving
credit facility. Other than to support standby letter of credit
commitments, of which US$14 million were in place at Aug. 4,
2007, the revolving credit facility has not been used during
2007.
In 2004, the company obtained a 5-year, US$175 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88 million is outstanding
as of Aug. 4, 2007. Under the company's revolving credit and
term loan agreement the company is required to satisfy certain
financial and operating covenants, including a minimum fixed
charge coverage ratio. In addition, this agreement restricts
the amount the company may expend in any year for dividends to
50% of its prior year's net income.
About Foot Locker
Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Europe, Australia, and New Zealand
as of Feb. 3, 2007.
FOOT LOCKER: S&P Retains BB+ Ratings Under Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings,
including the 'BB+' corporate credit rating, on New York City-
based specialty footwear retailer Foot Locker Inc. will remain
on CreditWatch with negative implications, where they were
placed on Aug. 18, 2006. This statement follows the company's
announcement that it may not remain in compliance with its
fixed-charge coverage ratio based on actual second-quarter and
anticipated second-half performance.
"We expect that Foot Locker will be able to obtain a waiver or
amendment for the fixed-charge coverage ratio, but we will
monitor developments as they occur," said Standard & Poor's
credit analyst David Kuntz. Additionally, the company's
restricted payment provision may prohibit dividend payments at
current levels.
Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Europe, Australia, and New Zealand
as of Feb. 3, 2007.
O'CONNOR TOWBARS: Liquidator Presents Wind-Up Report
----------------------------------------------------
On September 13, 2007, O'Connor Towbars Pty Ltd had a meeting
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
About O'Connor Towbars
O'Connor Towbars Pty Ltd is a distributor of durable goods. The
company is located at O'Connor, in Western Australia, Australia.
OMEGA PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on August 10, 2007, the members of
Omega Pty Ltd resolved to voluntarily liquidate the company's
business.
Jason Bettles and Susan Carter were named as liquidators.
The Liquidators can be reached at:
Jason Bettles
Susan Carter
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise
Queensland 4217
Australia
OVERDIMENSIONAL TRANSPORT: To Declare Dividend on October 3
-----------------------------------------------------------
Overdimensional Transport Logistics Pty Ltd, which is in
liquidation, will declare its first and final dividend on
October 3, 2007.
Creditors who were not able to file their claims by the Sept. 11
due date will be excluded from sharing in the company's dividend
distribution.
The company's liquidator is:
Brian Mcmaster
KordaMentha
PO Box Y3185
Perth, Western Australia 6832
Australia
About Overdimensional Transport
Overdimensional Transport Logistics Pty Ltd is involved with
freight transportation arrangement. The company is located at
Malaga, in Western Australia, Australia.
PEGASUS GOLD: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Pegasus Gold Australia Pty Ltd met
on September 14, 2007, and received the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Peter Geoff
c/o Ferrier Hodgson (Qld)
Level 7, 145 Eagle Street
Brisbane, Queensland 4000
Australia
About Pegasus Gold
Pegasus Gold Australia Pty Ltd is in the business of gold ores.
The company is located at Brisbane, in Queensland, Australia.
R LLOYD: Members' Final Meeting Set for September 24
----------------------------------------------------
A final meeting will be held for the members of R Lloyd Pty Ltd
on September 24, 2007, at 11:00 a.m.
At the meeting, I. A. Currie, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
I. A. Currie
Currie Biazos Insolvency Accountants
Level 5, 99 Creek Street
Brisbane, Queensland
Australia
About R Lloyd
R Lloyd Pty Ltd provides disinfecting and pest control services.
The company is located at Algester, in Queensland, Australia.
TULSA PTY: Declares Dividend for Unsecured Creditors
----------------------------------------------------
Tulsa Pty Ltd, which is in liquidation, declared its first and
final dividend for unsecured creditors on September 10, 2007.
Creditors who were not able to file their proofs of debt by the
August 27 due date were excluded from sharing in the company's
dividend distribution.
The company's liquidators are:
Terry Grant Van Der Velde
David Michael Stimpson
SV Partners
SV House
138 Mary Street
Brisbane, Queensland 4000
Australia
About Tulsa Pty
Tulsa Pty Ltd is a distributor of bread, cake and related
products. The company is located at Southport, in Queensland,
Australia.
WESTPOINT GROUP: Kebbel Execs Warned on Using "Bank"
----------------------------------------------------
Westpoint Group's Kebbel New South Wales executives were
allegedly repeatedly warned by an in-house compliance officer
that their fundraising activities were illegal, Anthony Klan of
The Australian reports.
The Australian notes that in-house compliance officer Brian
Millmore in 2004 told Kebbel NSW senior executives Richard Beck
and Neil Burnard their moves to falsely label the company as an
"investment bank" were illegal.
Mr. Millmore, testifying in court, was giving evidence on the
second day of a committal hearing against Mr. Burnard on 11
criminal charges of making or publishing a false statement with
the intention of gaining financial advantage, states Mr. Klan.
The Australian notes, while being the compliance officer for
Kebbel NSW, Mr. Millmore claims to have prepared "breech
summaries" over Kebbel's use of the title "investment bank" in
advertising material and on business cards and company
stationary.
Mr. Millmore further revealed that he told Mr. Burnard that what
they were doing was misleading investors because it had
incorrect information and he further told Mr. Burnard that "to
use the word bank requires a banking license and approval from
the Australian Prudential Regulatory Authority." Another
disclosure of Mr. Millmore was that Mr. Beck and fellow Kebbel
director Simon Bell had business cards imprinted with the words
"Kebbel Investment Bank," with this, Mr. Millmore claims to have
said to Mr. Beck, "I'm not signing them off."
Mr. Beck, alleges Mr. Millmore, was aware of the compliance
statements "but generally he didn't want to know about them,"
while Mr. Burnard replied to him as saying, "you don't know what
you're talking about."
The court, relates Mr. Klan, heard that last year Mr. Millmore
had told Australian Securities and Investments Commission
investigators Mr. Beck had proposed the companies in the Kebbel
group be joined and renamed Kebbel Investment Bank.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings. The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years. These wind-up actions are
still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
WIGNALLS SMALLGOODS: Declares Priority Dividend
-----------------------------------------------
Wignalls Smallgoods Pty Ltd, which is in liquidation, declared a
priority dividend on September 14, 2007.
Creditors who were not able to file their claims by the
September 13 due date were excluded from sharing in the
company's dividend distribution.
The company's liquidator is:
Terry O'Connor
105 Macquarie Street
Hobart, Tasmania 7000
Australia
Telephone:(03) 6223 2555
Facsimile:(03) 6223 2556
e-mail:info@pjc.com.au
About Wignalls Smallgoods
Wignalls Smallgoods Pty Ltd operates meat packing plants. The
company is located at Glenorchy, in Tasmania, Australia.
================================
C H I N A & H O N G K O N G
================================
ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
---------------------------------------------------------
Aleris International, Inc., has completed its purchase of Wabash
Alloys, a producer of aluminum casting alloys and molten metal,
from Connell Limited Partnership.
Steve Demetriou, Chairman and Chief Executive Officer stated,
"The combination of Wabash Alloys and our specification alloy
business unit will create an organization well positioned to
serve the needs of a broad customer base with enhanced
processing capabilities."
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys. The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal. The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, Wales
and China and employs approximately 4,200 employees.
* * *
Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million. With the add-on, the total amount
of the facility is now US$1.23 billion.
ALLIED PACIFIC: Requires Creditors to File Claims by October 9
--------------------------------------------------------------
The creditors of Allied Pacific International (H.K.) Limited are
required to file their proofs of debt by October 9, 2007, to be
included in the company's dividend distribution.
The company started to liquidate its business on September 7,
2007.
The company's liquidator is:
Ko Chi Keung
Dah Sing Life Building, 5th Floor
99-105 Des Voeux Road Central
Hong Kong
ARTIER LIMITED: Undergoes Voluntary Liquidation
-----------------------------------------------
The members of Artier Limited met on September 4, 2007, and
agreed to voluntarily wind up the company's operations.
The company requires its creditors to file their proofs of debt
by October 12, 2007.
The company's liquidators are:
Thomas Andrew Corkhill
Kevin John O'Shaughnessy
Gloucester Tower, 8th Floor
The Landmark, 15 Queen's Road Central
Hong Kong
BALLY TOTAL: Files Supplement to Modified First Amended Plan
------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates delivered to the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan a copy of their
Liquidation Analysis, to supplement their Modified First Amended
Joint Prepackaged Chapter 11 Plan of Reorganization.
David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, explains that the initial Liquidation Analysis filed
on July 31, 2007, inadvertently omitted certain portions.
The Debtors' Liquidation Analysis states that the Plan meets the
"best interest of creditors" test as set forth in Section
1129(a)(7) of the Bankruptcy Code.
The Liquidation Analysis was prepared by the Debtors'
management, with the assistance of their professionals, and
assumes the case would convert to Chapter 7 soon after initially
filing for Chapter 11. The Analysis provides that:
* priority unsecured claims are assumed to be paid from the
net proceeds available, if any, after the payment of
liquidation costs, secured claims, and administrative
claims;
* Prepetition Senior Notes Claims are assumed to be paid on a
pro rata basis from the net proceeds available for all
unsecured creditors, plus the pro rata distribution that
would be payable with regard to the Prepetition Senior
Subordinated Notes Claims absent the subordination
provisions in the Prepetition Senior Subordinated Notes
Indenture;
* although unsecured claims against only Bally Total Fitness
Holding Corporation would likely receive a smaller
distribution in a liquidation than unsecured claims against
the Affiliate Debtors because Bally is a holding company
with limited assets, for the purposes of the Liquidation
Analysis, it is assumed that all unsecured claims will be
paid on a pro rata basis from the net proceeds available
for all unsecured creditors; and
* no pro rata proceeds are estimated to be available solely
for the Prepetition Senior Subordinated Notes Claims.
A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://researcharchives.com/t/s?234e
The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.
Bally Board of Directors
The Debtors were scheduled to identify the members of their
board of directors in a supplemental filing that was supposed to
be submitted to the Court on September 7, 2007.
However, the Plan Supplement is not yet final, Mr. Heller tells
Judge Lifland.
The Debtors will file the Plan Supplement as soon as possible,
before the confirmation hearing on the Debtors' Plan scheduled
for September 17, 2007, Mr. Heller adds.
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally
Total and its affiliates filed for chapter 11 protection on
July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan. The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)
BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan
-----------------------------------------------------
Several creditors filed objections to Bally Total Fitness
Holding Corporation and its debtor-affiliates' disclosure
statement and accompanying Modified First Amended Joint
Prepackaged Plan of Reorganization.
A. AGT Crunch
Counsel for AGT Crunch Acquisition LLC, Glenn E. Siegel, Esq.,
at Dechert LLP, in New York, states that the Debtors' proposed
Plan is not feasible under Section 1129(a)(11) of the Bankruptcy
Code because it does not make adequate allowance for the payment
of AGT Crunch's disputed claim.
As previously reported, AGT Crunch has a litigation claim in
excess of US$10,000,000 against the Debtors.
Under the Plan, AGT Crunch's Claim is treated under Class 3 --
Unimpaired Unsecured Claims. Class 3 claimholders are presumed
to accept the Plan and are not entitled to vote. Class 3 Claims
incurred by the applicable Debtor in the ordinary course of
business may be paid in the ordinary course of business in
accordance with the terms and conditions of any relating
agreements, without further notice to or order of the U.S.
Bankruptcy Court for the Southern District of New York in
Manhattan.
Mr. Siegel notes that in essence, the Plan provides that on the
initial distribution date, in full and final satisfaction of the
claims, each Holder of an Allowed Class 3 Claim would receive
Cash in an amount equal to the Holder's Allowed Class 3 Claim.
However, the Plan fails to provide any real reserve for
contingent, disputed or liquidate claims, he adds.
"In the absence of an adequate reserve, [AGT] Crunch seriously
questions whether it will be paid in full, like all other
unsecured creditors," Mr. Siegel asks the Court.
Moreover, he says, the Plan and its accompanying disclosure
statement do not provide any evidence that funds will be
available to pay a large litigation judgment. "[A] judgment in
the magnitude of AGT Crunch's claim could cause a default under
the Debtors' exit financing agreement, Mr. Siegel tells Judge
Lifland.
B. Messrs. Dwyer and Hillman
John W. Dwyer and Lee S. Hillman, former officers of Bally Total
Fitness Holding Corporation, states that the Plan with the
enhancements provided by Harbinger Capital Partners Master Fund
I, Ltd. and Harbinger Capital Partners Special Situations Fund
L.P. represents a significant advance over the initial plan
filed by the Debtors. However, the Plan still falls short of
the requirements imposed by the Bankruptcy Code for confirmation
of a plan of reorganization in at least four respects, Stephen
L. Ascher, Esq., at Jenner & Block LLP, in New York, explains.
Specifically, Mr. Ascher says:
* the Plan places Messrs. Dwyer and Hillman's indemnification
claims in classes consisting of other claims to which they
are not substantially similar, contrary to the Bankruptcy
Code;
* the Plan proposes various amendments to the current and
existing Restated Certificate of Incorporation, which is
prohibited by Delaware state law, which in turn, governs
the affairs of the reorganized company;
* Mr. Dwyer's claim for damages arising from the Debtors'
failure to honor its obligations under certain options
contracts, and Mr. Hillman's claim for damages arising from
Bally's failure to maintain a registration statement
relating to certain warrants are improperly classified; and
* the Plan calls for claims for rejection damages to be
placed in a class separate from the Unimpaired Unsecured
Claims, contrary to the Bankruptcy Code provisions.
Under Bally's amended and restated bylaws, and certain other
indemnification agreements, the Debtors agreed to indemnify
Messrs. Dwyer and Hillman, Mr. Ascher tells Judge Lifland.
When Messrs. Dwyer and Hillman resigned from their positions,
their individual separation agreements reaffirmed the Debtors'
obligation to indemnify the Former Officers based on their
individual acts or omissions during each of their tenure as an
officer or director for Bally.
Between May 2004 and April 2006, several lawsuits were commenced
against the Former Officers relating to their alleged acts or
omissions as part of their service as officers or directors of
the Debtors.
C. Novi Town Center Investors
Novi Town Center Investors LLC are parties to an unexpired
lease, which the Debtors intend to assume under the Plan.
Richard J. Bernard, Esq., at Baker & Hostetler LLP, in New York,
states that Novi Town objects to the Debtors' proposed Plan, to
the extent that the Plan provides for release by Novi Town of
"any claims, demands, debts, rights, causes of Action or
liabilities under the Lease which is being assured pursuant to
the terms of the Proposed Plan."
Mr. Bernard notes that the proposed release improperly fails to
contain a similar exclusion and, so, contravenes the
requirements of Section 365 of the Bankruptcy Code in respect of
cure and adequate assurance of future performance.
Novi Town reserves its rights in respect of cure amounts and
resolution procedures, Mr. Bernard adds. Novi Town, he
explains, has not received payment for the September 2007 rent
yet, which constitutes an administrative expense of the Debtors.
Novi Town is entitled to payment by the effective date of the
Proposed Plan, and would be otherwise required as part of Novi
Town's monetary cure.
D. Pima County
Pima County is a secured creditor in the Debtors' Chapter 11
proceedings asserting US$6,704 for personal property tax, for
the year 2007.
According to German Yusufov, deputy county attorney for Pima
County's civil division, Pima County's Claim continues to accrue
interest at a statutory rate of 16% per annum, prorated monthly.
Pima County objects to confirmation of the Debtors' proposed
Plan because it does not provide for the County's statutory
interest rate of 16%, Mr. Yusufov says.
E. The Mattone Group
The Mattone Group Ltd. and The Mattone Group Jamaica, Co. LLC,
are parties to a non-residential real property lease with Jack
La Lanne Fitness Centers, Inc., one of the Debtors.
The Mattone Group asserts that the Debtors them US$74,296 for
basic rent and related expenses under the Lease, which includes
fees and expenses incurred by Mattone in connection with the
Debtors' Chapter 11 proceedings.
The Mattone Group are certain that they will be able to resolve
all of their disputes and issues with the Debtors, Andrew I.
Silfen, Esq., at Arent Fox LLP, in New York, states. However,
in the event a consensual resolution is not achieved, Mattone
presents to the Court, their limited objection to the Debtors'
proposed Plan.
Specifically, The Mattone Group asserts that the Disclosure
Statement and the Plan do not indemnify the amounts the Debtors
intend to cure on the effective date of the Plan. Thus, even if
Mattone were assured that the Debtors intended to assume the
Lease, the Plan and the Disclosure Statement provide no
mechanism by which Mattone can determine if there is a dispute,
and the amount of any discrepancy.
If The Mattone Group disputes the cure amount alleged by the
Debtors, under the Plan and Disclosure Statement, it could be
required to litigate the issue outside the Bankruptcy Court,
notes Mr. Silfen.
"This is impermissible under the Bankruptcy Code," Mr. Silfen
asserts. "It can serve no purpose other than to frustrate the
legitimate efforts of Mattone and other landlords to exercise
their rights under Section 365 of the Bankruptcy Code."
The Mattone Group, therefore, objects to confirmation of the
Plan because it would permit the Debtors to avoid their
obligations to cure the Lease, if assumed.
F. Objecting Landlords
Various landlords ask the Court to deny approval of the Debtors'
Disclosure Statement, arguing that it doesn't provide adequate
information as required under Section 1125 of the Bankruptcy
Code.
Kevin M. Newman, Esq., at Menter, Rudin & Trivelpiece, PC, in
Syracuse, New York, counsel for Inland Commercial Property
Management, Inc., states that under the Debtors' proposed
Disclosure Statement, the Plan provides that all unexpired
leases to which the Debtors are party to, will be deemed assumed
on the effective date of the Plan, unless the leases are
rejected prior to the Effective Date. Moreover, the Disclosure
Statement provides that the Debtors will cure monetary defaults
existing under assumed unexpired leases on the Effective Date.
However, the Debtors do not identify the amounts they intend to
cure in either the Disclosure Statement or the Plan, notes Mr.
Newman.
"The Disclosure Statement fails to provide the Objecting
Landlords with adequate information of the process by which
proposed cure amounts will be identified, disputed and paid
under the Plan," he says.
Mr. Newman also notes that under the Plan, if a dispute exists
with respect to any amount necessary to cure the the defaults,
the cure amount will be paid upon resolution of the dispute.
"Again, there is nothing in the Disclosure Statement or the Plan
that identifies the amounts to be paid by the Debtors to cure
defaults under assumed leases in order to determine if a dispute
exists, nor are any firm deadlines set forth by which disputes
must occur," Mr. Newman contends. "Any dispute as to cure
amounts to be paid in connection with the assumption of the
Leases should be decided by this Court if the parties cannot
work out their disputes."
Certain Objecting Landlords also object to the Disclosure
Statement and Plan to the extent that the Plan restructuring
transactions permit the Debtors to assign any of the Leases to
non-debtor third parties in a way that eliminates any guarantees
that have been executed by the Debtors in connection with the
Leases.
Dustin P. Branch, Esq., at Katten Muchin Rosenman LLP, in Los
Angeles, California, counsel for RREEF USA Funds and West Valley
Properties, Inc., contends that the Debtors may not assume the
Leases unless there is adequate assurance of future performance,
as required by Section 365(b) of the Bankruptcy Code.
The Objecting Landlords, and their Leases' cure amounts, if any,
are:
Objecting Landlords Cure Amounts
------------------- ------------
Inland Commercial Property, managing agent for:
Six Corners Shopping Center US$85,576
Park Center Plaza 32,261
Chatham Ridge Shopping Center 22,804
University & Dunlap 176,721
Inland U.S. Management, managing agent for:
Towson Circle 56,217
Lincoln Plaza 38,283
Thrifty Payless, Inc. 41,227
PREIT Services LLC, managing agent for:
PR North Dartmouth LLC 26,329
PR Prince Georges Plaza LLC -
RREEF USA Funds' Deerbrook Shopping Mall 77,000
West Valley Properties Inc.'s The Terraces 5,751
The Taubman Landlords -
Sywest Development, asset manager for:
Contra Costa Retail Center, LLC 41,472
CLPV, LLC -
Hawthorne LP 20,141
Wheaton Plaza Regional Shopping Center LLP 62,362
Centro Property Group -
Federal Realty Investment Trust -
Simon Property Group Inc. 199,591
Waterways Plaza LLC 185,882
G. High Definition and Waterways
High Definition Realty LLC and Waterways Plaza LLC object to the
the Debtors' Disclosure Statement and Plan because neither of
the two specifically address the effects of a blanket assumption
of all leases, and leases in which the Debtors are in default of
a non-monetary obligation that cannot be cured.
Contrary to the Debtors' assertion that the reorganization
process would not affect the landlords of their facilities, the
Debtors asked the Court to approve their application to employ
Hilco Real Estate LLC as their real estate consultant, notes Mr.
Hall.
Hilco's employment, he asserts, evidences an intent by the
Debtors to utilize the bankruptcy process to affect the rights
of the Landlords, and creates doubt that the Debtors intend to
comply with Section 365(d)(4) of the Bankruptcy Code.
Hence, notes Mr. Hall, the Disclosure Statement does not provide
adequate information because it fails to inform creditors that
the Debtors have hired a consulting firm whose function is to
the change the Debtors' relationship with the Landlords of the
Leased properties, even though the Debtors have stated an intent
to assume all leases.
In addition, High Definition and Waterways Plaza have
essentially the same objections to the Disclosure Statement as
the Objecting Landlords.
Against this backdrop, the High Definition and Waterways Plaza
ask the Court to deny:
* approval of the Debtors' Disclosure Statement;
* confirmation of the Debtors' Plan; and
* assumption of the High Definition and Waterways Plaza Lease
Agreements.
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally
Total and its affiliates filed for chapter 11 protection on July
31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining
requisite number of votes in favor of their pre-packaged chapter
11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P.
represents the Debtors in their restructuring efforts. As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan. The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)
BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims
------------------------------------------------------------
Last month, the U.S. Bankruptcy Court for the Southern District
of New York in Manhattan approved, on a final basis, Bally Total
Fitness Holding Corporation and its debtor-affiliates' request
to obtain secured postpetition financing for US$292,000,000 from
Morgan Stanley Senior Funding Inc.
The Court's DIP Order provided the Debtors with authority to
enter into a US$292,000,000 DIP financing facility comprised of
a US$50,000,000 revolver and a US$242,000,000, pursuant to a
superpriority secured DIP financing agreement -- the DIP Credit
Agreement.
David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, states that the DIP Facility has been consummated, and
most of the proceeds have been used to repay obligations owed to
the Debtors' prepetition secured lenders, under a US$284,000,000
Prepetition Credit Facility.
Pursuant to the terms of the DIP Facility, certain Prepetition
Secured Lenders that participated in the DIP Facility elected to
waive their Prepayment Premium Claims in exchange for the
payment of a lender participation fee equal to 0.125% of the
greater of their prepetition loan obligations or their financing
commitments under the DIP Facility.
However, as reflected in the Court's DIP Order, the other
Prepetition Secured Lenders retained their right to assert their
Prepayment Premium Claims, and the Debtors reserved their right
to dispute any of the claims.
Accordingly, the Debtors object to the allowance of any
Prepetition Premium Claims that may be asserted by a Non-Waiving
Prepetition Secured Lender, and ask the Court to deny the
payment of the Prepayment Premium Claims.
To avoid delay in the refinancing of the Prepetition Credit
Facility, the Debtors and JPMorgan Chase Bank, N.A. -- the
Prepetition Agent -- on behalf of the Non-Waiving Prepetition
Secured Lenders, have agreed to escrow the aggregate amount at
issue.
Pursuant to the DIP Order, the Parties also agree that:
* on or before Sept. 12, 2007, any Non-Waiving Prepetition
Secured Lender wishing to assert a Prepayment Premium Claim
must file a response to the Debtors' Objection; and
* any Non-Waiving Prepetition Secured Lender which fails to
file a timely response will be barred from asserting and
deemed to have waived its Prepayment Premium Claim.
The Court will convene a hearing on September 17, 2007, to
determine the allowability of the Prepayment Premium Claims
asserted by the Non-Waiving Prepetition Secured Lenders that
filed timely responses to the Debtors' Objection.
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally
Total and its affiliates filed for chapter 11 protection on July
31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining
requisite number of votes in favor of their pre-packaged chapter
11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P.
represents the Debtors in their restructuring efforts. As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan. The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)
BESTAR MANUFACTURING: Creditors' Proofs of Debt Due on Oct. 26
--------------------------------------------------------------
On September 4, 2007, the shareholders of Bestar Manufacturing
Limited passed a resolution to have the company's operations
wound-up.
Creditors who cannot file their proofs of debt by October 26,
2007, will be excluded from sharing in the company's dividend
distribution.
The company's liquidator is:
Lau Wing Ling
Chinaweal Centre, Unit C, 16th Floor
414-424 Jaffe Road, Wanchai
Hong Kong
CHINA PROPERTIES: Moody's Keeps B1 Ratings; Outlook Stable
----------------------------------------------------------
On September 14, 2007, Moody's Investors Service affirmed its B1
corporate family and bond ratings for China Properties Group
Limited. This affirmation follows the announcement by China
Properties that it is to purchase two pieces of land in
Chongqing, China, at a total consideration of HK$2.3 billion.
The outlook for both ratings remains stable.
"While the land acquisition cost and total Gross Floor Area of
2.6 million sq.m. are materially relative to China Properties'
size, it is expected to fund the land payments -- to be paid in
2007 and 2008 -- and the related construction cost through cash
on hand as well as expected presale proceeds," says Peter Choy,
a Moody's Vice President and Senior Credit Officer, adding, "The
company's adjusted debt leverage is projected to remain at
around 30% or below which supports its B1 rating."
"However, China Properties' balance sheet liquidity after this
transaction will be weakened, and any further land acquisitions
will stress its financial resources and pressure its current
rating," continues Choy.
Moreover, while the new investment will improve the company's
geographic and portfolio diversity, it will also raise execution
risk as the two Chongqing acquisitions did not form part of
China Properties' original business plan.
Incorporated in Grand Cayman, China Properties Group Limited was
listed on the Hong Kong Stock Exchange in February 2007. It is
74.7% owned by Mr. Wong Sai Chung, who is also the owner of a
private conglomerate, Pacific Concord Holding Limited. China
Properties has two property projects in Shanghai with a total
GFA of 2.4 million sq.m., and has contracted two projects in
Chongqing for a total of GFA of 2.6 sq.m.
FIAT SPA: Creates Joint Venture with Severstal's Car Division
-------------------------------------------------------------
Fiat Group Automobiles and Severstal Auto, a unit of OAO
Severstal, signed a letter of intent to establish a commercial
and industrial venture in Russia on Sept. 11, 2007.
Fiat and Severstal will have a 50% interest in the joint
venture.
The agreement aims the establishment of a business that will
include sales and marketing of all Fiat branded vehicles in the
Russian Federation, together with manufacturing facility,
wherein the new Fiat Linea will begin production in the first
quarter of 2008.
All vehicles produced in Russia will conform to Fiat Group
quality standards.
Fiat Group Automobiles will also lead the definition of the
product range. The Russian production site will form part of
FGA's global manufacturing footprint and the joint venture will
be a part of Fiat Group Automobiles marketing and product
strategy.
While the details of joint venture are being finalized, the
signing of the Letter of Intent for Russian operations reflects
a growing commitment of the two organizations to work together
and leverage their respective strengths.
"This agreement gives both Fiat and Severstal Auto the
opportunity to strengthen their presence in the Russian market
while allowing the joint venture to benefit from Fiat's
marketing strategies and production standards. Severstal Auto's
knowledge of the Russian market will integrate and reinforce
Fiat's investment and commitment to this region," Sergio
Marchionne, Fiat Group's CEO disclosed.
"It's a significant step in strategic cooperation between Fiat
and Severstal Auto, which shows our strong commitment to exploit
the potential of the growing Russian market and to develop both
production and distribution of Fiat vehicles in Russia," Vadim
Shvetsov, Severstal Auto's CEO commented.
About Severstal
Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons. Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.
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 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 of BB with Positive Outlook.
GC-LINE LIMITED: Accepting Proofs of Debt Until October 15
----------------------------------------------------------
The creditors of GC-Line Limited, which is undergoing
liquidation, are required to file their proofs of debt by
October 15, 2007, to be included in the company's dividend
distribution.
GEIS CARGO: Undergoes Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on September 5, 2007,
the members of Geis Cargo Indochina Limited, Geis Cargo
Logistics Limited and Geis Cargo JM Hong Kong Limited agreed to
voluntarily wind up the company's operations.
Accordingly, company creditors are required to file their claims
by October 15, 2007, to be included in the company's dividend
distribution.
The company's liquidators are:
Lai Kar Yan (Derek)
Darach E. Haughey
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
LFD (CHINA): Members to Hold General Meeting on October 18
----------------------------------------------------------
The members of LFD (China) Limited will have their final general
meeting on October 18, 2007, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at the 20th Floor of Prince's Building
in Central, Hong Kong.
NEO-CHINA: Plans to Change Name to Neo-China Land Group
-------------------------------------------------------
The board of directors of Neo-China Group Holdings Ltd has
proposed to change the company's name to "Neo China Land Group
(Holdings) Ltd," Infocast News reports.
In addition to the proposed name change, the board of directors
also proposed a share consolidation, where every 4 shares of the
company will be consolidated into 1 consolidated share.
The effective date of share consolidation is October 29, after
which the consolidated shares will be traded in board lots of
2,000 consolidated shares. The company's shares are currently
traded in board lots of 10,000 shares.
Neo China Group (Holdings) Limited (Neo China) is a Chinese
property developer engaged in residential and mixed-use
developments. It has 11 major projects under development in 8
cities in China and a land bank of over 9.8 million sqm (in
saleable area), including around 6.9 million sqm under title.
It also has two primary land development projects in Tianjin and
Chengdu with a total area of 8.4 million sqm.
Moody's Investors Service has affirmed Neo-China Group Holdings'
B1 corporate family rating and senior unsecured bond rating in
view of the successful closing of its US$400 million bond
issuance.
SAFEWEAR (HONG KONG): Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 10, 2007,
the members of Safewear (Hong Kong) Limited agreed to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt by Oct. 15,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
Chan Sek Kwan Rays
Seabright Plaza, 12th Floor, Unit F
9-23 Shell Street, North Point
Hong Kong
SANDOR LIMITED: Members Agree on Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on September 5, 2007,
the members of Sandor Limited agreed to voluntarily wind up the
company's operations.
Tsang Kwok Fai was appointed as liquidator.
The Liquidator can be reached at:
Tsang Kwok Fai
Bank of America Tower, Room 509
12 Harcourt Road, Central
Hong Kong
TRW AUTOMOTIVE: Brings Integrated Safety to Vehicle Markets
-----------------------------------------------------------
TRW Automotive Holdings Corp. is demonstrating its success in
integrated safety systems by working closely with vehicle
manufacturers to bring the benefits of integrated safety
technologies to end consumers across a range of vehicle
applications.
John C. Plant, president and chief executive officer, TRW
Automotive said: "TRW's integrated safety concept recognizes
that the company can help to provide enhanced safety benefits
for drivers and passengers through combining active and passive
systems using environmental sensors. Over the previous two
years, we've collaborated with vehicle manufacturers to help
develop integrated safety functions with an eye toward bringing
the advantages to wider vehicle markets such as mid-size to
smaller cars."
TRW is providing the platform for a range of integrated safety
functions on a major European mid-class vehicle model due to
start production in 2008. The vehicle features TRW's Electronic
Stability Control braking system and Electrically Powered
Steering, in addition to video sensing to enable integrated
vehicle control systems such as Lane Departure Warning/Lane
Guidance and Steering Torque Control.
This vehicle is expected to include the first launch of TRW's
video camera technology integrated with Electric Power Steering
to enable haptic lane feedback and assist with lane keeping. In
this system the video camera detects when the vehicle is
drifting toward the lane markings and the electric steering then
applies the proper torque to assist the driver in keeping the
vehicle in its lane.
"We believe this vehicle will be one of the most technologically
advanced in the world," said Alois Seewald, global director,
Research and Development for TRW. "The combination of
electronically controlled braking and steering with
environmental sensors help give a clear picture of the driving
environment and road conditions as well as the driver's intended
path."
With this information the system functions can work together to
support the driver through warnings if a potentially dangerous
situation is sensed, 'coach' the driver to steer in the proper
direction to restore vehicle control, or brake wheels
individually and cut engine torque if necessary. The systems
will also enable park assist for automated parallel parking.
TRW will also be providing its Active Control Retractor (ACR)
seatbelt technology to a major Korean vehicle manufacturer in
2008 which will work in combination with a radar-based Adaptive
Cruise Control system. TRW was first to market when it launched
the ACR technology with Mercedes on S Class models in 2002.
Mr. Seewald continued: "This exciting vehicle launch is an
example of active and passive systems working in tandem. The
ACR can use sensor information from driver assist systems radar
or vision systems to sense when a vehicle is approaching a
target too quickly. If this occurs the ACR system removes the
seatbelt slack to help better position the occupant in relation
to the vehicle's airbag restraint system in case of a crash and
resets itself if it is avoided."
"Such new vehicles are a landmark in safety integration,"
summarized Mr. John C. Plant, president and chief executive
officer, TRW Automotive. "The combination of active braking,
steering, suspension and driver assist systems helps to open a
world of possibilities for vehicle safety that is fast becoming
a reality in today's vehicle market."
About TRW Automotive
Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier. Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy. TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.
* * *
Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.
ZENNER LIMITED: Creditors' Proofs of Debt Due on October 12
-----------------------------------------------------------
The creditors of Zenner Limited are required to file their
proofs of debt by October 12, 2007.
The company started to liquidate its business on September 4,
2007.
The company's liquidators are:
Thomas Andrew Corkhill
Kevin John O'Shaughnessy
Gloucester Tower, 8th Floor
The Landmark, 15 Queen's Road Central
Hong Kong
ZTE CORP: Says NBN Deal Transparent and Necessary
-------------------------------------------------
ZTE Corp. has finally broken its silence on the controversial
national broadband network deal with the Philippine Government,
contesting allegations it enjoyed undue advantage over local
firm Amsterdam Holdings Inc. and U.S.-based Arescom Inc, the
Philippine Daily Inquirer reports.
In a statement obtained by the daily from the Chinese company,
it said that "Since March of this year, ZTE's participation in
the proposed NBN project has been subjected to malicious and
unjustified attacks by other parties. We have been quiet
because we know these are all baseless accusations."
"The time has come, however, to let the public know the truth.
There was complete transparency in the proposal, evaluation and
approval of ZTE's application for the Philippines' NBN
contract," the statement added.
The statement, however, remained mum on allegations that the
company bribed Philippine Government officials to bag the
contract, the newspaper notes.
Zhang Shumin, ZTE's sales director defended the need for the
country to establish a national broadband network by citing a
World Economic Forum report on Global Information Technology,
indicating that the country needs network availability in remote
areas with enterprise-quality communication to bridge the
digital divide and promote e-governance.
"This can never be achieved unless it builds and operates the
system itself, because private telecom operators do not provide
the required services to the (poorest) fifth and sixth class
municipalities, and only partially to fourth class
municipalities since it is commercially un-profitable to operate
in such areas," Mr. Zhang said.
"ZTE's proposed NBN network will cater exclusively to the
government, completely integrating all government communication
infrastructures. Clearly, our NBN has no intention of taking
away the business from existing private telcos unlike the
proposals of other companies," Global Marketing Director Howard
Xue.
Mr. Xue was alluding to AHI's proposal to offer commercial
telecom services while exclusively servicing the government's
telecom needs, Riza Olchondra of the Inquirer relates.
The report explains that AHI's proposal to fuse all landline,
cellular and Internet needs of the national and local offices
covers first- and second-class municipalities. Arescom, on the
other hand, proposed connectivity up to the third class
municipalities using voice-over Internet technology.
AHI and Arescom agreed on the necessity of the NBN project but
questioned ZTE's capability and allegedly overpriced budget, as
well as the validity of its contract with the Department of
Transportation and Communication, Ms. Olchondra writes.
"I have to clarify here again the fact that ZTE is the first
proponent for the National Broadband Network project contrary
to allegations by competitors," said Mr. Zhang. He claimed that
ZTE submitted its original proposal to the CICT (Commission on
Information and Telecommunications), the original shepherd of
the NBN project, in April 2006.
But AHI also claimed to have started pitching its idea for NBN
around this time before submitting a formal proposal in December
2006.
"It (ZTE proposal) went through a six-month evaluation from
CICT. NEDA had the proposal for six months as well, and for
four months, the papers were with the DOTC for evaluation and
comparison to the other proposals which incidentally, were late
in submission. The dates our proposals were submitted and
endorsed to various government agencies have been officially
recorded and are totally verifiable," Mr. Zhang said.
Mr. Xue added that, "It is logical for the Philippine government
to accept ZTE's proposal over the others. ZTE is a billion-
dollar company which is the only publicly listed telecom
manufacturer in the Hong Kong and Shenzhen Stock Exchanges, and
ZTE has a proven track record for turn-key projects such as this
NBN. We have successfully completed projects in over 120
countries, including the Philippines where we have been doing
business since 2002."
ZTE made the statement following public accusations made by
Nueva Vizcaya Rep. Carlos Padilla that the DOTC gave the China-
nominated company an undue advantage to bag the NBN deal, the
Inquirer notes
Rep. Padilla, according to the newspaper, said in a complaint
filed with the Office of the Ombudsman that the DOTC
"discriminated against and deliberately refused to act on the
proposal" from Amsterdam Holdings Inc. (AHI), a company that
Jose de Venecia III, a son and namesake of the House Speaker,
has a stake. He added that the US$329-million ZTE contract was
overpriced compared with the US$240-million project proposed by
AHI.
* * *
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.
ZTE CORP: Bags Portugal's Broadband Network Project
---------------------------------------------------
ZTE Corp has been tapped by AR Telecom, to build Portugal's
national broadband network which will span across the country's
well developed cities, GMA News reports, citing the Chinese
firm's statement on its Web site.
In the statement, Li Wei, Chief Representative of ZTE Portugal
said: "We are delighted to again partner with AR Telecom, whom
we had worked with several years back, to help build the
backbone transmission network in the main cities of Portugal,
allowing us to further expand our technology presence in the
European market."
According to ZTE, its other major projects include: India's
transmission network with BSNL, Tunisia's national transmission
network with Tunisie Telecom, and Nepal's cellular lines network
with Nepal Telecom.
ZTE has also been awarded the contract to build the Philippines'
US$329-million national broadband network. However, this deal
has been beleaguered with controversy involving alleged high-
level corruption and bribery, GMA News says. One of the
officials implicated in the controversy is the Commission on
Elections chairman Benjamin Abalos, who has been accused of
trying to result to bribery to get the contract with ZTE
approved.
As of now, the NBN contract is subject to a temporary
restraining order issued by the Philippine Supreme Court.
Despite the TRO and criticisms from both media and the political
opposition, President Gloria Macapagal-Arroyo has asserted that
she will honor the deal, the report adds.
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.
=========
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=========
AFFILIATED COMPUTER: Extends Contract with Hawaii Medicaid
----------------------------------------------------------
Affiliated Computer Services Inc. has extended contract with the
Hawaii Department of Human Services' Med-QUEST Division to
continue providing fiscal agent and pharmacy benefits management
services to the state's Medicaid program. The six-month
extensions of the two contracts are valued at a combined US$6.4
million.
ACS has provided fiscal agent and PBM services to Hawaii's
Medicaid program since 2001.
"We value our partnership with Med-QUEST and look forward to
continuing to serve the needs of Hawaiians across the state,"
said Christopher T. Deelsnyder, ACS senior vice president and
managing director, Government Healthcare Solutions. "ACS is
known for listening to our customers, determining their business
requirements, and implementing innovative solutions for the
recipients, providers, and taxpayers in the states we serve."
Fiscal agent services provided include:
* mailroom, claims receipt, sorting, screening and imaging;
* third party liability;
* claims entry, optical character recognition, claims
resolution and adjustment;
* prior authorization data entry; provider remittance advice
and distribution;
* claims payment (check and Electronic Funds Transfer) cash
control and bank accounts;
* provider call center, training, and publications;
* Electronic Data Interchange claims submission;
* automated PA entry for waiver services;
* quality assurance and report card;
* Automated Voice Response for eligibility verification; and
* ID card processing.
PBM services include pharmacy claims processing, automated prior
authorizations, call center prior authorizations, drug rebate
administration, a Healthcare Common Procedure Coding System
(HCPCS) crosswalk table, and help desk services.
About Affiliated Computer
Affiliated Computer Services Inc. (NYSE: ACS) --
http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients. The company has
more than 58,000 employees supporting client operations in
nearly 100 countries. The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.
* * *
Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.
EASTMAN KODAK: S&P Holds B+ Rating and Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Eastman Kodak Co., and removed the ratings from
CreditWatch, where they had been placed with negative
implications on Aug. 2, 2006. The outlook is negative.
At the same time, S&P raised the ratings on the company's
US$1 billion senior secured revolving credit facility to 'BB,'
two notches above the corporate credit rating, from 'B+', and
revised the recovery rating to '1,' reflecting the expectation
of very high (90%-100%) recovery in the event of a payment
default, from '2'. The bank loan and recovery rating revision
follows an analysis of the collateral pledged to the remaining
US$1 billion revolving credit facility.
"We have affirmed the ratings," said Standard & Poor's credit
analyst Tulip Lim, "based on our comfort that still-meaningful
cash balances provided by the sale of the Health Group support
intermediate-term business reinvestment and liquidity." The
negative outlook conveys our continued concerns regarding the
overall business, the likelihood of success with respect to
management's digital business strategy, and uncertainty that
substantial restructuring involving cash payments will soon be
over.
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.
GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe
---------------------------------------------------------------
General Motors Corp. executives believe Russia will eventually
be the company's largest market in Europe as the country's base
of car buyers who can afford a new vehicle continue to grow, the
Wall Street Journal relates, quoting GM Europe Chief Carl-Peter
Forster.
According to the report, Mr. Forster said there is a 'good
chance' GM could sell 300,000 vehicles in Russia next year,
representing a 20% increase in sales over expectations for 2007.
GM is considering an increase of production capacity in Russia
as its sales there begin to rival its biggest European markets,
including Germany, The Financial Times states. GM CEO Rick
Wagoner told FT the company was at the "preliminary stages' of
studying ways of adding new capacity in one of the world's
fastest-growing car markets.
The automaker is mulling the option of producing Opels directly
in Russia along with its already popular Chevrolets to satisfy
higher than expected demand for the brand, Reuters says.
Mr. Forster has disclosed that the company enjoys considerable
margins on Opel cars in Russia, before shipping costs are
factored in, Dow Jones Newswires states.
"We don't produce Opels yet in Russia, but we will have to do
down the line," Mr. Forster said, Reuters notes. "We achieve
with most of our cars sold in Russia higher average revenue per
vehicle than in Western Europe and in principle better margins,"
he added.
GM will sell more than 2 million vehicles in Europe this year,
with Russia representing more than 10% of that volume, Dow Jones
relates. Mr. Forster said GM's ability to grow in Europe
depends on its performance in Russia. He adds, "Russia is our
growth engine."
Despite GM Europe's difficulty in satisfying demand in Russia,
investing in further capacity was risky for the company since it
remained unclear how much longer hefty tariffs that penalize
imports would remain in place, Reuters reveals. Expanding its
capacity in Russia to escape the tariffs was problematic since
production plants are built with a time frame of 25 years,
according to Mr. Forster. As a result, GM Europe is looking to
expand its cooperation with Russian carmaker AvtoVaz.
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.
IFCI LTD: Sets Annual General Meeting on Sept. 21
-------------------------------------------------
IFCI Ltd will hold its annual general meeting on Sept. 21, 2007,
the company informed the Bombay Stock Exchange.
The company also disclosed that it has received a notice from
Shri. Suresh Kumar Goyal proposing himself to be appointed as a
director at the ensuing AGM.
IFCI is currently in the process of selecting a strategic
investor.
As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI's board of directors has approved the move for the
company to invite expressions of interest for a strategic
investor, in whom the company plans to divest a 26% stake.
IFCI wants to raise as much as US$250 million by selling up 26%
in fresh equity. IFCI has tapped Ernst & Young to look for the
strategic investor.
IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector. The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services. Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project. Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore. The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.
Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'. The outlook on the rating is stable.
INDUSTRIAL DEV'T. BANK: Appoints Ajay Shankar to Board
------------------------------------------------------
Industrial Development Bank of India Ltd has named Ajay Shankar,
Secretary, Department of Industrial Policy & Promotion,
Government of India, as director on the bank's board, a
regulatory filing with the Bombay Stock Exchange says. Mr.
Shankar will take Dr. Ajay Dua's place.
Mr. Shankar's appointment is effective for three three years or
until further orders.
Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments. It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.
* * *
As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.
JIK INDUSTRIES: Plans to Allot Shares to Promoter
-------------------------------------------------
JIK Industries Ltd's board of directors will consider on
Sept. 27, 2007:
-- the allotment of 4,16,98,100 equity shares as partly paid
equity shares of face value of INR10 each at par; and
-- the re-allotment of 8,54,941 equity shares of INR10 each
at a premium of INR13.60 per share;
to its promoter.
The allotment is pursuant to the orders of the Board for
Industrial and Financial Reconstruction dated March 5 and
May 28, 2007.
On Sept. 27, the board will also consider and take on record the
company's audited financial results for the year ended
June 30, 2007.
Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country. JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra. The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit. The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.
On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package. The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%. The package allowed the company to
complete the major part of its debt and business restructuring.
So far, the company's chemical division is shelved closed and
discontinued as whole. Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.
KINETIC ENGINEERING: Promoters Mull Selling Up to 35% Holdings
--------------------------------------------------------------
Kinetic Engineering Ltd's promoters are considering selling up
to 35% of their holdings in the company, Moneycontrol.com
reports, citing CNBC-TV18 as source.
According to the report, the company expects to raise between
INR75-80 crore from the move.
Kinetic, however, denied the news, moneycontrol says. To raise
money, the company admits plans to look into mezannine financing
options.
India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers. The company has sold over 6
million vehicles in India. Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks. The company offers top-end bikes, such as Comet and
Aquila. It has a nationwide network of nearly 450 dealers and
over 1,000 service centers. Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.
For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million. For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of INR549.6
million.
SUN MICROSYSTEMS: Inks Deal to Acquire Majority of Cluster File
---------------------------------------------------------------
Sun Microsystems Inc. has executed a definitive agreement
pursuant to which Sun will acquire the majority of Cluster File
Systems Inc.'s intellectual property and business assets,
including the Lustre File System.
By acquiring Cluster File Systems Inc., Sun intends to add
support for the Solaris (TM) Operating System on Lustre and
plans to continue enhancing Lustre on Linux and Solaris OS
across multi-vendor hardware platforms.
Sun also plans to deliver Lustre servers on top of Sun's open
source Solaris ZFS solution, which is one of the growing storage
virtualization technologies in the marketplace.
The agreement further extends Sun's momentum in open source and
Solaris and complements the company's current direction to
provide the industry's most complete end-to-end High Performance
Computing storage solution.
"This acquisition, coupled with the recent statement of the Sun
Constellation System, the most open petascale capable HPC
architecture in the industry, shows our long-term commitment to
the open source community and leadership in HPC," John Fowler,
executive vice president, Systems Group, Sun Microsystems Inc.,
said. "Adding the Lustre technology to our already broad and
innovative product line-up will strengthen our portfolio and
enable Sun and our partners to offer customers an even more
complete and open HPC solution."
"Lustre provides network centric scalability for storage that is
well matched with the complete and open Sun Constellation System
architecture for petascale levels of performance," says Peter
Braam, CEO, Cluster File System Inc. "This is a clean and
extremely scalable approach to provide high bandwidth and low
latency access to large amounts of data for HPC applications."
"Our team is tremendously excited about joining Sun and
furthering the mission of extreme scale computing," Mr. Braam
added. "We have already worked together to deliver several
large clusters, for example the fastest supercomputer in Asia at
Tokyo Tech and we're now in the process of installing a 500+
TeraFlop and 1.7 PetaByte cluster at Texas Advanced Computing
Center."
The transaction is subject to customary closing conditions and
is expected to be completed in the beginning of Sun's second
fiscal quarter, beginning Oct. 1, 2007. The terms of the deal
were not disclosed as the transaction is immaterial to Sun's
earnings per share.
About Cluster File Systems Inc.
Headquartered in Boulder, Colorado, Cluster File Systems Inc. --
http://www.clusterfs.com/-- is into high-performance, scalable
cluster file system technology. Experience, insights, and
engineering have enabled CFS to surpass the scalability limits
of
modern computing. The company's Lustre File System powers
clusters with ten of thousands of nodes and petabytes of data,
delivering parallel I/O and metadata throughput on many of the
Linux-based supercomputers. CFS provides technical support,
training, and engineering services, and is actively working with
storage and cluster vendors to develop the next generation of
intelligent storage devices. The Lustre File System for Linux
is open source software developed and maintained by CFS.
About Sun Microsystems Inc.
Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services. It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.
Sun Microsystems conducts business in 100 countries around the
Globe, including India.
* * *
Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook. The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.
Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.
UTSTARCOM INC: Inks Multi-Year Contract with Power Bell
-------------------------------------------------------
UTStarcom Inc. has entered into a multi-year, multi-million
dollar contract with Bell & Tell, Pvt. Ltd., to offer bundled
voice and data services in Pakistan using UTStarcom's Gigabit
Ethernet Passive Optical Network (GEPON) and VoIP technologies.
Representatives from Bell & Tell and UTStarcom will be
discussing the new relationship and forthcoming deployment at
UTStarcom's booth #Z-E1, stand ZA at GULFCOMMS during GITEX
Technology Week in Dubai, United Arab Emirates.
This win demonstrates UTStarcom's continued commitment and
success in the EMEA region delivering innovative and cost-
effective broadband, VoIP and IPTV solutions to fixed carriers
and cable operators, while leveraging field-proven, scalable and
easy-to-deploy Fiber to the Home/Building (FTTH/B) technology.
The broadband voice and data deployment by Bell & Tell is
scheduled to roll out in phases. The first phase will consist
of a multi-million dollar deployment of UTStarcom's GEPON, a
FTTH/B platform that is designed to deliver high-speed voice,
data and video services to residential and business subscribers.
An iAN-08E Series VoIP Gateway will also be integrated into the
network -- extending the existing phone equipment's
functionality by enabling an end-to-end interconnection between
legacy analog phones and voice-enabled broadband networks.
Maxim Telecom, UTStarcom's local reseller, will help with the
deployment of the network. The second phase, which will start
in Q1 2008, involves expansion to additional regions in
Pakistan.
"Due to the changing telecom climate in Pakistan, Bell & Tell
plans to aggressively deploy new voice and data network
technologies in the coming months, with plans to exceed 100,000
subscribers using the company's broadband and next generation
network services in the next two to three years," said Shafqat
Iqbal, CEO of Bell & Tell. "With UTStarcom's complete end-to-
end, IP-based GEPON and VoIP solutions, our company will enjoy
more flexibility in our deployments and offerings and become
better equipped to answer the individual needs of our customers
and ensure that we remain at the forefront of that climate
change."
The current Pakistani telecom market is facing deregulation, and
the area is experiencing consistent annual growth in
telecommunications usage. The combined teledensity in the
region's fixed, mobile and wireless local loop is currently 45
percent, a significant 62 percent increase over last year's
teledensity figures. With its FTTH/B broadband, VoIP and IPTV
solutions, UTStarcom is positioned to help emerging carriers
build an infrastructure that supports triple play applications
over their steadily evolving NGN.
"We are pleased to partner with Bell & Tell to bring unlimited
end user services and applications to this market, enabled by
UTStarcom's completely IP-based GEPON Fiber-To-The-Home
solution," said Youssef Kassissia, vice president of sales, EMEA
Region, UTStarcom. "As UTStarcom's Fiber-To-The-Home/Building
market share expands across the EMEA region, we are proving our
commitment to not only expand our global client base, but to
provide an efficient broadband infrastructure alternative that
promises to be an innovative experience."
About Bell & Tell
Abottabad, Pakistan-based Bell & Tell, Pvt. Ltd. is an affiliate
of Worldcall Telecommunication, Ltd. The company was founded in
1995 to provide voice services throughout Pakistan.
About UTStarcom, Inc.
Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support. The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world. The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.
* * *
As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.
Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: Revises Revenue Outlook for 2007
------------------------------------------------
Alcatel-Lucent revised its full year 2007 revenue outlook and
confirmed its previous statements regarding synergy targets for
the year.
The Company now expects its full year 2007 revenue growth to be
flat to slightly up at a constant Euro/US$ exchange rate. It
had previously estimated that its revenue would grow in the mid
single digits at a constant rate. Alcatel-Lucent's revenue for
the third quarter 2007 is estimated to grow slightly compared to
the second quarter 2007 at a constant Euro/US$ exchange rate.
The company's revenue for the fourth quarter 2007 is still
expected to ramp-up strongly over the third quarter 2007.
Additionally, the change in revenue mix is expected to
negatively impact the profitability of the company, especially
in the current quarter. For the third quarter 2007, the
operating income (loss) is expected to be around breakeven.
This downward revision in the revenue forecast is based on the
most recent and updated discussions with some wireless customers
in North America. Alcatel-Lucent is now seeing a change in
capital spending with those customers in 2007, compared to what
it had anticipated. As a result, the company is not seeing the
projected volume changes that would have mitigated the ongoing
pricing pressures it is experiencing. In other regions and
businesses, in particular wireline, enterprise and Asia-Pacific
revenue performance continues to be strong.
The company continues to execute on its integration plans and is
planning to achieve its synergy related pre-tax savings of Euro
600 million this year. As the company has previously said for
this year, it will not retain its gross margin savings due to
competitive market conditions but expects it will retain most of
its operating expense savings on a comparable basis.
Alcatel-Lucent continues to expect a strong sequential revenue
growth in the fourth quarter, driven by IP transformation,
broadband deployment and associated services.
Patricia Russo, Alcatel-Lucent CEO said, "Given ongoing dynamics
in the rapidly changing telecom industry, the company is taking
steps to accelerate the execution of its current restructuring
program and to implement additional focused cost reduction plans
in markets which require further actions to be taken.
"While the company acknowledges that it is competing in a
challenging market environment and executing a complex merger,
it remains confident that it has the right combination of people
and assets to position the company as a leading player in the
industry."
Alcatel-Lucent will provide an update regarding its plans when
announcing third quarter earnings on October 31, 2007.
1. Compared to 2006 pro-forma revenue
2. Income (loss) from operating activities before
restructuring costs, impairment of intangible assets and
gain (loss) on disposal of consolidated entities,
excluding impacts of Lucent's purchase price allocation
3. Adjusted for the Nortel UMTS and Riverstone
acquisitions, Euro/USD exchange rate, R&D capitalization
and one-offs.
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.
ANIXTER INT'L: Promotes Two Officers to Executive Positions
-----------------------------------------------------------
Anixter International Inc. has promoted Robert Eck to the newly
created position of Executive Vice President -- Chief Operating
Officer and Dennis Letham to Executive Vice President -- Finance
and Chief Financial Officer position.
Mr. Eck has been with the company's operating subsidiary,
Anixter Inc., for 17 years in a variety of staff and commercial
positions. His most recent position, held since 2004, was
Executive Vice President -- Enterprise Cabling and Security
Solutions. In this role Eck has overseen annual sales growth
specific to this end market of approximately 16 percent,
including significant growth from our initiative to develop our
security products business. Previous key positions include
Senior Vice President -- Physical Security Products and
Integrated Supply and Senior Vice President -- Integrated Supply
Solutions.
Mr. Letham has been with Anixter for the past 14 years and has
served as Senior Vice President -- Finance and Chief Financial
Officer for the past 12 years. During this time he has overseen
the finance, accounting, tax, internal audit and legal
activities of the company.
Commenting on these appointments, Robert Grubbs, President and
Chief Executive Officer, said, "The creation of the Chief
Operating Officer position is a result of the Company's rapid
growth over the past few years. We feel Bob Eck's strong track
record at Anixter has proven that he possesses the qualities and
experience necessary to support our continued success. Over the
past year, Mr. Letham has taken on added responsibilities
outside of the finance and accounting areas, most notably in
human resources. His promotion reflects the added duties he has
assumed."
Sam Zell, Chairman of the Board, said, "Over the past four years
sales at Anixter have more than doubled. Included in this
growth has been a series of acquisitions in the North American
and European OEM Supply marketplace, which now generates in
excess of US$1 billion in annual sales for the company. This
rapid growth and diversification of end markets has brought new
organizational challenges and complexity. These executive
management changes reflect the Board's desire to ensure there is
sufficient depth and breadth to the management team in order for
the Company to continue to execute effectively on all of its
growth strategies."
About Anixter
Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.
The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.
The Troubled Company Reporter - Asia Pacific reported on
Feb. 19, 2007, that Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1. In
elated rating action, Moody's lowered the ratings of
Anixter Inc.'s US$200 million guaranteed senior unsecured notes
to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from
Ba2. The rating outlook was changed to stable from negative.
Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:
Anixter:
-- Issuer Default Rating 'BB+'
-- Senior unsecured debt 'BB-'
AI:
-- Issuer Default Rating 'BB+'
-- Senior unsecured notes 'BB+'
-- Senior unsecured bank credit facility at 'BB+'
Fitch's action affects approximately US$700 million of public
debt securities. The Rating Outlook is Stable.
CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19
--------------------------------------------------------------
The Canadian Radio-television and Telecommunications Commission
said in late August 2007 that the public hearing to consider the
application by CanWest MediaWorks Inc. to acquire Alliance
Atlantis Communications Inc.'s broadcasting companies has been
postponed due to the late filing of additional documents.
CanWest filed, in mid-August, 52 documents containing more than
300 pages with marked changes.
The CRTC has determined that the extent of the new information
is such that interveners should be given a fair opportunity to
comment on these documents.
In the interest of procedural fairness, the hearing to consider
CanWest's application has been rescheduled to the first
available date, Nov. 19, 2007.
A new deadline of Oct. 10, 2007, has been set for interested
parties to submit any amendments to their interventions or
comments in respect of the additional information only. CanWest
may file amendments to its reply comments no later than Oct. 22,
2007.
About The CRTC
The CRTC is an independent, public authority that regulates and
supervises broadcasting and telecommunications in Canada.
About CanWest MediaWorks
CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/--
is a wholly owned subsidiary of CanWest Global Communications
Corp, Canada's largest media company. In addition to owning the
Global Television Network, CanWest is Canada's largest publisher
of daily newspapers, and also owns, operates and/or holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, Web sites and radio
networks in Indonesia, Canada, New Zealand, Australia,
Singapore, Malaysia, Turkey, the United States and the United
Kingdom.
* * *
The Troubled Company Reporter - Asia pacific reported on Jul 06,
2007, that Moody's Investors Service affirmed all ratings of
CanWest MediaWorks Inc.
Ratings Affirmed:
CanWest MediaWorks Inc:
-- corporate family rating at B1
-- probability of default rating at B1
-- US$760 million senior subordinated notes, due 2012 at B3,
LGD 5, 89%
-- Speculative grade liquidity rating at SGL-2
On Jan 23, 2007, The Troubled Company Reporter - Asia Pacific
reported that Dominion Bond Rating Service changed the ratings
of CanWest MediaWorks Inc.'s issuer rating at BB and senior
subordinated notes rating at B (high) to Under Review with
Developing Implications from Under Review with Negative
Implications following the company's announcement that it
intends to acquire Alliance Atlantis Communications Inc. for
approximately US$2.3 billion through a new acquisition company
in conjunction with GS Capital Partners, a private equity
affiliate of Goldman Sachs & Co.
FREEPORT-MCMORAN: Selling Wire & Cable Biz for US$735 Million
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has entered into an
agreement to sell its international wire and cable business,
operated under the name of Phelps Dodge International
Corporation (PDIC), to General Cable Corporation for US$735
million, including the acquisition of minority interests
recently acquired by FCX. PDIC operates factories and
distribution centers in 19 countries throughout Latin America,
Asia and Africa and is engaged in the manufacturing and
distribution of engineered products, principally for the global
energy sector.
Richard C. Adkerson, Chief Executive Officer, said: "The PDIC
team has built a strong business serving customers with high
quality products in growing international markets. We are
pleased to have reached agreement with General Cable to continue
this over 50-year tradition of excellence. The transaction will
provide FCX with significant cash proceeds and is consistent
with our strategy to focus our resources on the exciting
opportunities that exist in our mining operations and
development projects in the Americas, Indonesia and Africa."
Under the terms of the transaction, General Cable will acquire
100 percent of the shares held by FCX and its subsidiaries in
the entities comprising the wire and cable business. The
purchase price is subject to adjustment to take into account the
net effect of dividends from and capital contributions to the
entities being acquired since March 31, 2007. The transaction
is subject to regulatory approvals and other customary closing
conditions and is expected to close in the fourth quarter of
2007.
FCX expects to use the net proceeds (estimated to approximate
US$620 million after taxes and other transaction related items)
to repay debt. The sales price of the PDIC operations will be
evaluated in connection with our ongoing allocation of the
purchase price of Phelps Dodge to the assets acquired in that
transaction on March 19, 2007. The sale of PDIC is not expected
to result in any material gain or loss.
BlackEagle Advisors LLC acted as financial advisor to FCX in
connection with this transaction.
About General Cable
Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products. It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex. It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products. General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.
About Freeport-McMoRan
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum. Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.
The completion of Freeport-McMoran's acquisition further expands
the company's global operations. The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.
* * *
As reported in the Troubled Company Reporter- Asia Pacific
reported on Jul 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.
FCX
-- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
-- 6.875% secured notes due 2014 to 'BB+' from 'BB';
-- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
-- 7% convertible notes due 2011 to 'BB' from 'BB-'.
In addition, Fitch affirms these ratings on FCX:
-- Issuer Default Rating at 'BB';
-- US$500 million PT Freeport Indonesia/FCX Secured Bank
Revolver at 'BBB-';
-- Convertible Preferred Stock at 'B+'.
Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A. Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014. The term loan amortizes at 10% per annum with the
remainder due at maturity.
The Rating Outlook remains Positive.
On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.
As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.
HILTON HOTELS: Launches Cash Tender Offers for US$1.8-Bil. Debt
---------------------------------------------------------------
Hilton Hotels Corporation has commenced cash tender offers for
approximately US$1.8 billion of its outstanding unsecured debt
securities. The Securities comprise the 8.000% Quarterly
Interest Bonds due 2031 and the 7.430% Chilean Inflation-Indexed
(UF) Notes due 2009. The tender offer for each series of
Securities is being conducted concurrently with a related
consent solicitation to amend the terms of such Securities and
the indenture pursuant to which the Securities were issued. The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P. The completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.
The offer for each issue of Securities will expire at 8:00 a.m.,
New York City time, on Oct. 11, 2007, unless extended or earlier
terminated by Hilton. Holders who wish to receive the total
consideration for the Securities referred to below must validly
tender and not validly withdraw their Securities at or prior to
5:00 p.m., New York City time, on Sept. 25, 2007, unless
extended or earlier terminated.
Holders tendering their Securities will be required to consent
to proposed amendments to the Securities, the Indenture and the
related officers' certificates, which would eliminate
substantially all of the restrictive covenants contained in the
Securities, the Indenture and the related officers'
certificates, eliminate certain events of default, modify or
eliminate covenants regarding consolidations, mergers and sale
of assets and company reports and modify or eliminate certain
other provisions, including, without limitation, certain
provisions relating to defeasance contained in the Securities,
the Indenture and the related officers' certificates. Holders
may not tender their Securities without also delivering consents
and may not deliver consents without also tendering their
Securities.
The total consideration for each US$1,000 principal amount of
Notes validly tendered and not validly withdrawn pursuant to
each tender offer is the price (calculated as described in the
Offer to Purchase referred to below) equal to (i) the sum of (a)
the present value, determined in accordance with standard market
practice, on the Scheduled Payment Date (as defined in the Offer
to Purchase referred to below) of US$1,000 on the applicable
maturity date for the Notes specified in the table below plus
(b) the present value on the Scheduled Payment Date of the
interest that would be payable on, or accrue from, the last
interest payment date prior to the Scheduled Payment Date until
the applicable maturity date for such Notes, in each case
determined on the basis of a yield to such maturity date equal
to the sum of (A) the yield to maturity on the applicable
benchmark security, as calculated by Bear, Stearns & Co. Inc. in
accordance with standard market practice, based on the bid-side
price of such reference security as of 11:00 a.m., New York City
time, on Oct. 5, 2007, unless modified by Hilton in its sole
discretion, as displayed on the page of the Bloomberg Government
Pricing Monitor plus (B) the Applicable Spread (as shown in the
table below), minus (ii) accrued and unpaid interest to, but not
including, the Scheduled Payment Date.
The total consideration for each US$25.00 principal amount of
Bonds validly tendered and not validly withdrawn pursuant to the
tender offer for the Bonds is US$25.125.
The total consideration for each CLP50,000 original principal
amount of CLP Notes validly tendered and not validly withdrawn
pursuant to the tender offer for the CLP Notes is US$119.53.
The total consideration for each CLP50,000 original principal
amount of CLP Notes represents a price of approximately
US$1,028.72 per US$1,000 Adjusted Principal Amount, converted at
the Observed Exchange Rate (as defined in the CLP Notes) on
Sept. 11, 2007. The foregoing translation is solely for the
convenience of the holders of CLP Notes; the CLP Notes Total
Consideration is fixed and will not be adjusted for exchange
rate movements or changes in the Adjusted Principal Amount
during the pendency of the Offer for such CLP Notes.
The total consideration for the Securities described above
includes a consent payment of US$30.00 per US$1,000 principal
amount of Notes, US$1.00 per US$25.00 principal amount of Bonds
and US$3.00 per CLP50,000 original principal amount of CLP
Notes. Subject to the terms and conditions of the tender offers
and the consent solicitations, the consent payment will be made
on the payment date in respect of Securities validly tendered
and not validly withdrawn and as to which consents to the
proposed amendments are delivered at or prior to the Consent
Payment Deadline. Holders of the Securities must validly tender
and not validly withdraw Securities at or prior to the Consent
Payment Deadline in order to be eligible to receive the
applicable total consideration (which includes the applicable
consent payment described in the foregoing sentence) for such
Securities purchased in the tender offers. Holders who validly
tender their Securities after the Consent Payment Deadline and
at or prior to the Offer Expiration Date will be eligible to
receive the tender offer consideration which is an amount, paid
in cash, equal to the applicable total consideration less the
applicable consent payment.
In each case, holders whose Securities are accepted for payment
in the tender offers will receive accrued and unpaid interest in
respect of such purchased Securities from the last interest
payment date preceding the payment date to, but not including,
such payment date.
Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.
The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal. The tender offers and consent solicitations are
subject to the satisfaction of certain conditions, including
receipt of consents sufficient to approve the proposed
amendments and the Merger having occurred, or such Merger
occurring substantially concurrent with the Offer Expiration
Date. Further details about the terms and conditions of the
tender offers and the consent solicitations are set forth in the
Offer to Purchase.
Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively. Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations. Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774 (for banks and brokers only) or (866) 924-2200
(for all others toll-free).
Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.
* * *
As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs). Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.
In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006. Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.
GAJAH TUNGGAL: Aims 17% Increase in FY2007 Revenue
--------------------------------------------------
PT Gajah Tunggal has targeted its fiscal year 2007 revenue to
increase by 17% to IDR6.30 trillion from IDR5.47 trillion in the
prior fiscal year, Reuters reports citing Asia Pulse.
According to Reuters Estimates, analysts on average expect the
company's revenue for FY 2007 to be IDR6,096.47 billion, the
report adds.
Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles. Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe. These products can be purchased
in approximately 5,000 retail outlets around the world. The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk. The company
operates a production facility in Tangerang.
* * *
The Troubled Company Reporter - Asia Pacific reported on
June 6, 2007, that Moody's Investors Service assigned a B2
senior unsecured rating for PT Gajah Tunggal Tbk's proposed
US$95 million bonds.
At the same time, Moody's has affirmed GT's B2 corporate family
rating and the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT. The outlook for all the
ratings is at present negative.
On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Gajah Tunggal. The
outlook is stable.
At the same time, it affirmed the 'B' issue rating on the five-
year US$325 million senior unsecured bonds issued by GT2005
Bonds B.V., and irrevocably and unconditionally guaranteed by
Gajah Tunggal.
MEDCO ENERGI: Ties Up w/ Pioneer Oil for Tunisia Field Dev't.
-------------------------------------------------------------
PT Medco Energi Internasional Tbk will cooperate with Pioneer
Oil to develop oil and gas field in Tunisia, Reuters reports
citing Asia Pulse.
According to the report, Medco and Pioneer Oil will have 40% and
60% shareholding respectively in the joint venture.
Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling. Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.
Medco Energy also has operations in the United States and in
Libya.
The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi. The outlook remains
negative. According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.
A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable. The ratings affected by the outlook
change are:
* B1 local currency corporate family rating -- Medco
* B2 foreign currency long-term rating -- MEI Euro Finance
Ltd (guaranteed by Medco).
PERUSAHAAN GAS: Gets US$476,276 Energy Grant From U.S. Agency
-------------------------------------------------------------
PT Perusahaan Gas Negara was awarded US$476,276 by the U.S.
Trade and Development Agency for technical assistance and
project pre-feasibility analysis for developing coalbed methane,
the United Press International reports.
According to the report, the agency has granted more than US$1
million for alternative energy projects in Indonesia to help the
country respond to increased energy demand and decreasing oil
production.
Henry Steingass, USTDA regional director for Asia, said that
this cooperation agreement will help Pertamina tap an important
new resource for the country's energy security, the report
notes.
Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--
is a gas and energy company that is comprised of two core
businesses: distribution and transmission. For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices. These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar. On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements. The company is 59.4% owned by the Government of
Indonesia.
The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2corporate
family rating of PT Perusahaan Gas Negara (Persero)Tbk. At the
same time, Moody's affirmed the Ba3 debt ratings ofPGN Euro
Finance 2003 Ltd, which is guaranteed by PGN. The ratings
outlook is stable. This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization. The TCR-AP reported on Dec. 21, 2006, that
Standard & Poor'sRatings Services revised the outlook on
Perusahaan Gas to positive from stable. The ratings on the
company are affirmed at 'B+'.
On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:
-- Long-term foreign currency Issuer Default Rating 'BB-';
-- Long-term local currency IDR 'BB-'; and
-- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
and its subsidiaries 'BB-'.
=========
J A P A N
=========
ALL NIPPON: Resumes Flight of 12 Bombardier Units After Check-up
----------------------------------------------------------------
All Nippon Airways Co. Limited said that it has resumed flights
for 12 of its 14 Q400 aircraft after the Canadian Government
said the planes must be inspected, Reuters reports.
Reuters writes that having completed the inspection, ANA has
flown 12 units of the Q400 planes as of Friday morning.
Canada's Bombardier Inc. said on Thursday that a piston that
that deploys or retracts landing gear on its Q400 turboprop is
the focus of inspections ordered after two crash landings that
resulted in 85 of the planes being grounded, notes Reuters.
About All Nippon
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business,
including passenger boarding procedures and loading of
hand baggage.
The Troubled Company Reporter-Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade. The rating action reflects
ANA's high and stable profitability despite the ongoing price
hikes of aircraft fuel, as well as Moody's view that the
company's financial flexibility is likely to be further improved
by its recently announced asset disposition related to its hotel
business.
DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York
to file certain exhibits to the Master Restructuring Agreement
between Delphi Corp. and General Motors Corp. under seal.
The MRA Exhibits will remain confidential and will be served on
and made available only to:
* the U.S. Trustee for the Southern District of New York;
* counsel to the Official Committee of Unsecured Creditors;
and
* other parties agreed to in writing by the Debtors and GM.
John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, explains that the MRA Exhibits
contain detailed descriptions of sensitive business information
and trade terms that will, if publicly disclosed, detrimentally
affect the competitiveness of the Debtors and GM, as well as the
parties' ability to negotiate the terms of future agreements.
Specifically, the MRA Exhibits include schedules of certain
assets held by certain of the Debtors' business units, financial
projections, purchasing and pricing information, information
related to new business opportunities and extensions of existing
contracts, information relevant to the marketing of certain of
the Debtors' non-core assets, and metrics and procedures for
calculating various payment amounts provided for in the MRA.
After evaluating whether they could effectively redact the MRA
Exhibits, the Debtors and GM concluded that redaction was not
appropriate because the amount of redaction required would not
permit parties-in-interest to conduct a meaningful review of the
Exhibits. In addition, redacted versions of the Exhibits could
be misleading.
As previously reported, the Debtors and GM have determined, in
furtherance of the Joint Plan of Reorganization, to settle
various disputes and compromise certain claims as provided by
two a Global Settlement Agreement and the MRA.
The GSA addresses primarily those matters for which the Debtors
and GM have agreed upon resolutions that can be implemented in
the short term, Mr. Butler relates. Accordingly, most
obligations set forth in the GSA are to be performed upon, or as
soon as reasonably practicable after, the occurrence of the
Effective Date of the Plan.
By contrast, resolution of most of the matters addressed in the
MRA will require a significantly longer period that will extend
for a number of years after confirmation of the Plan, Mr. Butler
adds. The Debtors believe the GSA and the MRA will permit them
to implement the Plan with material support and broad
cooperation from GM, their largest customer. Likewise, the
agreements will allow GM to manage the effects of its largest
supplier's transformation on GM's supply chain and operations.
GM Settlement
As reported in the Troubled Company Reporter on Sept. 7, 2007,
pursuant to the Debtors' Plan, subject to Court approval as part
of the plan confirmation process, Delphi and GM have entered
into comprehensive settlement agreements consisting of a Global
Settlement Agreement. Most obligations set forth in the GSA are
to be performed upon the occurrence of the Effective Date of the
Plan or as soon as reasonably possible after. By contrast,
resolution of most of the matters addressed in the MRA will
require a significantly longer period that will extend for a
number of years after confirmation of the Plan.
The GSA is intended to resolve outstanding issues among Delphi
and GM that have arisen or may arise before Delphi's emergence
from Chapter 11, and will be implemented by Delphi and GM in the
short term. The GSA addresses, among other things, commitments
by Delphi and GM regarding OPEB and pension obligations, other
GM contributions with respect to labor matters, releases, and
claims treatment.
-- GM will make significant contributions to cover costs
associated with certain post-retirement benefits for
certain of the company's active and retired hourly
employees, including health care and life insurance;
-- Delphi will freeze its Hourly Pension Plan as soon as
possible following the Effective Date, as provided in the
union settlement agreements, and GM's Hourly Pension Plan
will become responsible for certain future costs related
to Delphi's Hourly Pension Plan;
-- Delphi will transfer certain assets and liabilities of
its Hourly Pension Plan to the GM Hourly Pension Plan, as
set forth in the union term sheets;
-- Shortly after the effective date, GM will receive an
interest bearing note from Delphi in the amount of
US$1.5 billion to be paid within 10 days of its issuance;
-- GM will make significant contributions to Delphi to fund
various special attrition programs, consistent with the
provisions of the union Memorandum of Understanding;
-- GM and certain related parties and Delphi and certain
related parties will exchange broad, global releases
(which will not apply to certain surviving claims as set
forth in the GSA); and
-- On the Effective Date, subject to certain surviving
claims in the GSA and in satisfaction of various GM
claims, Delphi will pay GM US$2.7 billion, and the GM
Proof of Claim will be settled.
The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from
Chapter 11. The MRA addresses, among other things, the scope of
GM's existing and future business awards to Delphi and related
pricing agreements and sourcing arrangements, GM commitments
with respect to reimbursement of specified ongoing labor costs,
the disposition of certain Delphi facilities, and the treatment
of existing agreements between Delphi and GM.
Through the MRA, Delphi and GM have agreed to certain terms and
conditions governing, among other things:
-- the scope of existing business awards, related pricing
agreements, and extensions of certain existing supply
agreements;
-- GM's ability to move production to alternative suppliers;
and
-- Reorganized Delphi's rights to bid and qualify for new
business awards.
a) GM will make significant, ongoing contributions to Delphi
and Reorganized Delphi to reimburse the company for labor
costs in excess of US$26 per hour at specified
manufacturing facilities;
b) GM and Delphi have agreed to certain terms and conditions
concerning the sale of certain of its non-core businesses;
c) GM and Delphi have agreed to certain additional terms and
conditions if certain of its businesses and facilities
are not sold or wound down by certain future dates; and
d) GM and Delphi have agreed to the treatment of certain
contracts between Delphi and GM arising from Delphi's
separation from GM and other contracts between Delphi and
GM.
About Delphi
Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period expires on Dec. 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan. The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.
(Delphi Bankruptcy News, Issue No. 84 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
INTERNATIONAL RECTIFIER: S&P Retains Negative Watch on BB Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on International Rectifier Corp. remains on
CreditWatch with negative implications. International Rectifier
has stated that it cannot timely file its form 10-K for the June
30, 2007 fiscal year, because of an ongoing investigation, led
by IR's audit committee, into the company's financial reporting
at a foreign subsidiary and related material weaknesses in
internal controls.
As a result of the investigation, as well as accounting issues
related to restructuring costs and tax matters, IR will need to
restate prior years' financial statements.
"The ratings originally were placed on CreditWatch on April 9,
2007, when the matter was first disclosed; subsequently, the
company extended the period of time during which its financial
results were not to be relied upon, extending back to fiscal
2002," said Standard & Poor's credit analyst Bruce Hyman.
Additionally, the company's chief financial officer and certain
sales executives have left the company, and the CEO has been
placed on leave. The company has further found that cash tax
liabilities may exceed US$75 million, while its cash outlays
related to the investigation have been substantial. While the
quality of both accounting and corporate governance remain
analytical concerns, IR is believed to have sufficient operating
liquidity (net cash was over US$500 million at Dec. 31, 2006,
the last-filed financial statement date) and has no debt, which
should cushion the downside risk to the corporate credit rating.
S&P will continue to monitor events to assess the effect on its
ratings on International Rectifier.
Headquartered in El Segundo, Calif., International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- provides
enabling technologies for products that work smarter, run
cooler, and raise the world's productivity-per-watt. It has
manufacturing facilities in the U.S., Mexico, United Kingdom,
Germany and Italy; and has subsidiaries in Japan and Singapore.
MITSUBISHI MOTORS: Unsure About Building Plant in Russia
--------------------------------------------------------
Mitsubishi Motors Corporation disclosed that it was uncertain
whether building an assembly plant in Russia was a good idea,
reports Reuters.
Mitusibishi President Osamu Masuko revealed to Reuters in an
interview at the Frankfurt International Motor Show that it was
unclear whether the carmaker has the resources to set up a
manufacturing plant in Russia especially that last business year
was a first for the automaker to return to the black in four
years.
Mr. Masuko added that they are "very careful in assessing the
possibility. Ideally, we would be able to keep selling imported
cars at the current pace," quotes Reuters.
Reuters quotes Mr. Masuko as saying, "If we were a company like
Toyota, which has been consistently healthy, we would have a
better chance at this type of endeavour. We're now back on our
feet (financially), but we do have to balance our resources
wisely."
According to Reuters, Tokyo-based Mitsubishi expects its sales
in Russia to grow to 100,000 units in the current year to next
March, up from 69,700 vehicles last year.
Reportedly, Mitsubishi signed a non-binding letter of intent
with the Russian government last December to consider local
assembly of its cars, and has until January to decide and
according to Mr. Masuko, he expected a decision either way to
come sooner than December.
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.
SANYO ELECTRIC: In Talks with Kyocera for Handset Business
----------------------------------------------------------
Sanyo Electric Co. Ltd. is into talks with Kyocera Corp., which
is negotiating to buy the mobile phone handset business of the
electronics manufacturer, Reuters reports, citing the Nikkei
business daily.
Citing the Nikkei, Reuters conveys that Sanyo, which has been
struggling to rebuild its core operations, asked Sharp Corp. and
Kyocera if they were interested in buying the mobile phone
handset division, with Kyocera offering the better price.
Reuters notes that Kyocera is aiming to reach a final agreement
by autumn.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
---------------------------------------------------------------
Sanyo Electric Co. Ltd. said that it will sell its cell phone
handset sales subsidiary, Telecom Sanyo, to Telepark Corp. for
JPY4.88 billion, writes Reuters.
Reportedly, the sale of Telecom Sanyo is scheduled to take place
on Oct. 31.
The Japanese electronics maker hopes to book some JPY4 billion
in profit from the sale, relates Reuters.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
XEROX CORPORATION: To Acquire Advectis for US$32 Million
--------------------------------------------------------
Xerox Corporation plans to buy Advectis(R), Inc. for US$32
million. Advectis is the provider of one of the mortgage
industry's most widely-used solutions for electronic document
collaboration.
Xerox's expertise in document outsourcing and services led the
company to Advectis, a privately-owned business based in
Atlanta. In a predominately paper-based industry, Advectis'
Web-based BlitzDocs Collaboration Suite helps lenders, brokers
and investors manage the process needed to underwrite, audit,
collaborate, deliver and archive loan documents electronically.
Taking paper out of the process, the BlitzDocs(R) patented
technology helps users reduce costs associated with the lending
process, deliver better service, decrease credit risk by
improving documentation processes and build a competitive
advantage in capturing new loan applications.
"Anyone who has ever bought a home knows that the mortgage
business is dependent on paper. Filling out an extensive number
of forms is time and labor-intensive work," said John Kelly,
president, Xerox Global Services North America. "We're looking
to help clients reduce costs and transform their business by
offering a better experience for both end-users and operations.
Xerox's expertise in automating document processes is an ideal
fit with Advectis' BlitzDocs paperless solution for mortgages.
In an industry that is ripe for change, Advectis offers
technology that improves productivity for its users while giving
lenders better control of their processes."
According to Craig Focardi, research area director for the
retail banking practice of research firm TowerGroup, "Enterprise
content management systems are reducing the great paper chase in
loan origination, where a lender controls the paper loan file
and manually redistributes documents multiple times to multiple
parties. Lenders are increasingly adopting document imaging and
electronic content management as a major area of cost savings,
faster loan processing and improved customer service."
The amount of paper associated with this industry leads to
inefficient processes which, best case, are productivity drains
and, worst case, can lead to a loss of control in the quality of
the loans. TowerGroup estimates document management costs in
loan origination totaled US$3.2 billion last year.
A BlitzDocs electronic loan folder mirrors the paper loan folder
used today but improves efficiencies in the loan cycle, allowing
mortgage participants to view and process online documents
anytime, anywhere. Clients benefit from a network with more
than 35,000 broker shops, the top seven mortgage insurance
companies and four of the top due diligence providers.
"With this acquisition, Advectis is positioned to create even
stronger offerings, services and technologies for our clients,"
said Greg Smith, co-founder and chief executive officer of
Advectis. "Partnering with Xerox makes perfect sense for the
future of our business. Our combined expertise and resources
means increased collaboration and decreased loan processing
costs for BlitzDocs users."
Advectis was founded in 2000 and currently employs about 41
people, most of whom are based at the company's headquarters in
Atlanta. Upon completion of the acquisition, all employees are
expected to join Xerox. Smith will remain head of the
organization, reporting to Kelly.
Xerox's all-cash purchase of Advectis also includes an
additional performance-based supplement to the sale price. The
acquisition is expected to close in the next 30 days, subject to
customary closing conditions.
Xerox's industry-leading document technology and services
portfolio includes consulting and outsourcing services, records
management, digital imaging, e-discovery for litigation support
and managed services in more than 160 countries.
Through its acquisition strategy, Xerox is identifying
successful companies whose offerings align with Xerox's
commitment to innovation and reducing the complexity of document
management. Last year, Xerox acquired Amici LLC, a leading
provider of electronic-discovery services, primarily supporting
litigation and regulatory compliance, and XMPie, which provides
variable information software for the graphic arts and marketing
industries.
About Xerox Corp.
Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services. Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors. The company maintains operations in France,
Japan, Italy, Nicaragua, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:
Xerox Corp.
-- Trust preferred securities at 'BB';
-- Issuer Default Rating at 'BBB-';
-- Unsecured credit facility at 'BBB-'; and
-- Senior unsecured debt at 'BBB-'.
Xerox Credit Corp.
-- Issuer Default Rating at 'BBB-'; and
-- Senior unsecured debt at 'BBB-'.
As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its
ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications. The
CreditWatch placement reflects the company's announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.
=========
K O R E A
=========
DAEWOO ELECTRONICS: Videocon Plans to Resume Acquisition Talks
--------------------------------------------------------------
Videocon Industries Ltd. is renewing discussions to acquire
stakes in Daewoo Electronics, EE Times reports.
As reported in the Troubled Company Reporter-Asia Pacific on
May 10, 2007, creditors rejected the bid by a consortium led by
Videocon after it sought to lower by 13% a KRW700 billion offer
for Daewoo. A memorandum of understanding was signed signed in
October to sell Daewoo to the consortium, but the parties could
not agree on the price.
Videocon Chairman V.N. Dhoot said that Videocon will renew talks
to acquire Daewoo, and will submit a revised bid. The Times say
citing Business Standard.
The Times adds that Videocon, which earlier acquired TV tube
manufacturing plants from France's Thomson, harbors ambitions of
becoming a multinational company.
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.
DURA AUTOMOTIVE: Disclosure Statement has Adequate Information
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
the Disclosure Statement explaining the terms of the Joint Plan
of Reorganization.
The Debtors filed their Plan on Aug. 22, 2007.
Section 1125(b) of the Bankruptcy Code requires that a plan
proponent provide "adequate information" regarding its proposed
plan of reorganization. Section 1125(a)(1) defines adequate
information as "information of a kind, and in sufficient detail,
as far as is reasonably practical in light of the nature and
history of the debtor and the condition of the debtor's books
and
records, that would enable a hypothetical reasonable investor
typical of holders of claims or interests of the relevant class
to make an informed judgment about the plan."
The Debtors aver that the Disclosure Statement complies with all
aspects of Section 1125.
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Disclosure Statement is
the product of the Debtors' extensive review and analysis of the
circumstances leading to the Chapter 11 cases and a thorough
analysis of the Plan.
In drafting the Disclosure Statement, the Debtors sought the
assistance and input of their financial and legal advisors,
Mr. Madron tells the Court. The Debtors also sought and
received comments on the Plan and Disclosure Statement from the
retained professionals for the ad hoc group of certain of the
Debtors' second lien prepetition secured lenders, agents to the
Debtors' post petition secured lenders, the Official Committee
of Unsecured Creditors, the indenture trustee for senior notes,
and backstop party Pacificor, LLC.
Mr. Madron maintains that the Disclosure Statement contains the
pertinent information necessary for holders of eligible claims
to make an informed decision about whether to vote to accept or
reject the Plan, including, among other things:
* the treatment of all classes of creditors and equity
interests;
* a description and summary of the injunction and releases
granted by the Plan;
* the purpose, use, and effect of the Plan's contemplated
substantive consolidation;
* the Debtors' history, including certain events leading to
the commencement of the Chapter 11 cases;
* the operation of the Debtors' businesses and significant
events during the Chapter 11 cases;
* the Debtors' corporate structure and prepetition capital
structure and indebtedness;
* securities to be issued under the Plan;
* risk factors to consider that may affect the Plan;
* restructuring transactions contemplated by the Plan;
* the means for implementation of the Plan; and
* a disclaimer indicating that no statements or information
concerning the Debtors and their assets and securities are
authorized other than those set forth in the Disclosure
Statement.
A hearing is scheduled for Sept. 26, 2007, at which time the
Court will evaluate DURA's Disclosure Statement to determine
whether it contains "adequate information" to enable creditors
to vote to accept the Plan.
About DURA Automotive
Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries. DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers. It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.
The company has three locations in Asia -- China, Japan
and Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.
DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
certain procedures by which they will solicit acceptances or
rejections of the Plan in order to conduct an effective
solicitation of acceptances or rejections of the Joint Plan of
Reorganization.
In accordance with Rule 3018(c) of the Federal Rules of
Bankruptcy Procedure, the Debtors prepared and customized
ballots for individual holders of claims in Class 3 and Class 5,
and master ballots for Class 3, the only classes entitled to
vote to accept or reject the Plan.
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that holders of claims in Classes
1 and 2 are unimpaired because the Plan contemplates either
paying those claims in full, or rendering them unimpaired.
Accordingly, Class 1 and 2 claim holders are deemed to accept
the Plan pursuant to Section l126(f) of the Bankruptcy Code, and
not entitled to vote.
Holders of claims in Classes 4, 6, and 7 and equity interests in
Class 8 are also not entitled to vote on the Plan because they
will not receive any distribution on account of their claims.
Those classes are therefore deemed to reject the Plan pursuant
to Section l126(g), Mr. Madron says.
Solicitation Procedures
Within five business days after the Court approves the
Disclosure Statement, Kurtzman Carson Consultants, LLC, or
Financial Balloting Group will send a complete solicitation
package to Holders of Class 3 Senior Notes Claims.
The Solicitation Package consists of:
* the Plan;
* the Disclosure Statement;
* the Disclosure Statement Order;
* a notice on the hearing to consider confirmation of the
Plan;
* subscription documents for participation in the Rights
Offering under the Plan;
* appropriate ballot, master ballot, and voting instructions;
* pre-addressed, postage pre-paid return envelope; and
* appropriate letter of four customized letters from the
Debtors.
Kurtzman Carson is the Debtors' claims and solicitation agent.
Financial Balloting will assist Kurtzman Carson as:
(a) the special voting agent with respect to soliciting votes
of holders of claims based on publicly traded securities,
in particular, the Class 3 Senior Notes Claims; and
(b) as the subscription agent for the Rights Offering.
Holders of Class 5 Other General Unsecured Claims will receive
the Solicitation Package excluding the Subscription Documents.
Holders of claims in Classes 1, 2, 4, 6, and 7 will receive
notices of their non-voting status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.
Holders of Class 8 Equity Interests will receive the appropriate
Notice of Non-Voting Status and the Confirmation Hearing Notice.
Holders of DIP Claims, Administrative Claims, Priority Tax
Claims, and Other Priority Claims will receive the appropriate
Notice of Non-Voting Status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.
Voting Record Date
Bankruptcy Rule 3017(d) provides that, for the purposes of
soliciting votes in connection with the confirmation of a plan
of reorganization, "creditors and equity security holders shall
include holders of stocks, bonds, debentures, notes and other
securities of record on the date the order approving the
disclosure statement is entered or another date fixed by the
court, for cause, after notice and a hearing." Bankruptcy Rule
30l8(a) contains a similar provision regarding determination of
the record date for voting purposes.
In accordance with Bankruptcy Rules 3018(a) and 3017(d), the
Debtors ask the Court to establish the date on which the hearing
to consider approval of the Disclosure Statement commences as
the record date for purposes of determining:
(1) the creditors and interest holders that are entitled to
receive the Solicitation Package pursuant to the
Solicitation Procedures;
(2) the creditors and interest holders entitled to vote to
accept or reject the Plan; and
(3) whether claims or interests have been properly transferred
to an assignee pursuant to Bankruptcy Rule 3001(e) so that
those assignee can vote as the holder of the appropriate
claims or equity interests.
The Disclosure Statement Hearing is currently set for
September 26, 2007, Mr. Madron notes.
Temporary Claim Allowance Procedures
The Debtors also ask the Court to approve certain procedures
regarding the temporary allowance of claims for voting purposes
only.
Specifically, if an objection to a claim is pending on the
Voting Record Date, the claim holder will receive a copy of the
Confirmation Hearing Notice and a notice informing the holder
that it may not vote on the Plan unless one or more of these
events occur prior to the deadline to cast votes:
* The Court temporarily allows the disputed claim for voting
purposes pursuant to Bankruptcy Rule 30l8(a);
* The Debtors and the claim holder enter into a stipulation or
agreement resolving the claim objection and permitting the
claim holder to vote its claim in an agreed upon amount;
* The Debtors voluntarily withdraw the pending claim
objection; or
* The Court overrules the claim objection.
Voting Deadline
In addition, the Debtors ask the Court to establish 5:00 p.m.,
prevailing Pacific time, on the date that is 10 days before the
Plan Confirmation Hearing, as the deadline to cast votes in
favor of or against the Plan, as well as the deadline by which a
Rights Offering Participant must affirmatively elect to
participate in the Rights Offering.
The Debtors also seek the Court's authority to extend the Voting
Deadline for all voting creditors, if necessary, without further
Court order, to date no later than five business days before the
Confirmation Hearing.
Plan Confirmation Hearing
Moreover, the Debtors ask the Court to convene the Plan
Confirmation Hearing approximately 47 days after the
Solicitation Package is distributed to voting creditors, which
date may be continued from time to time by the Court or the
Debtors without further notice other than adjournments announced
in open Court.
The proposed timing for the Confirmation Hearing will enable the
Debtors to pursue confirmation of the Plan in a timely manner,
Mr. Madron avers.
The Confirmation Hearing Notice to be sent to parties-in-
interest contains, among other things, the:
(a) deadline to object to the Plan;
(b) Confirmation Hearing date and time;
(c) Voting Deadline;
(d) Voting Record Date; and
(e) Temporary Claim Allowance Procedures.
According to Mr. Madron, the Confirmation Hearing Notice will
inform parties-in-interest that the Plan, the Disclosure
Statement, the Disclosure Statement Order, and all other
Solicitation Package materials except Ballots, Master Ballots
and Subscription Documents can be obtained by:
* accessing the Debtors' Web site at:
http://dura.kccllc.net/dura
* writing to:
Dura Automotive Systems, Inc.
c/o Kurtzman Carson Consultants LLC
2335 Alaska Avenue, EI
Segundo, CA 90245
* sending an email to durainfo@kccllc.com; or
* calling (800) 820-0985.
The Debtors propose that objections to confirmation of the Plan
or proposed modifications to the Plan, if any, must:
-- be in writing;
-- state the name and address of the objecting party;
-- state the amount and nature of the claim or interest of the
objecting party;
-- state with particularity the basis and nature of the Plan
Objection and, if practicable, proposed modifications to
the Plan that will resolve the Objection; and
-- be filed, together with proof of service, with the Court
and served so as to be received by these Notice Parties no
later than 4:00 p.m., prevailing Eastern Time, on the date
that is 21 days prior to the date of the Confirmation
Hearing:
* the Debtors,
* Kirkland & Ellis LLP and Richards Layton & Finger,
P.A., counsel to the Debtors,
* the U.S. Trustee;
* Young Conaway Stargatt & Taylor, LLP, and Kramer Levin
Naftalis & Frankel LLP, counsel to the Official
Committee of Unsecured Creditors,
* Willkie Farr & Gallagher LLP, counsel to the Bank of
New York Trust Company, N.A., as Indenture Trustee for
the Senior Notes,
* Weil, Gotshal & Manges LLP and Winston & Strawn,
counsel to the DIP Lenders;
* Kurtzman Carsou Consultants LLC, the Debtors' claims
and solicitation agent,
* Potter Anderson & Corroon LLP and Bracewell &
Giuliani, counsel to the Second Lien Group,
* Morgan, Lewis & Bockius LLP, counsel to the
Administrative Agent to the 2nd Lien Lenders, and
* Latham & Watkins LLP, counsel to backstop party,
Pacificor LLC.
The proposed timing for filing and service of objections and
proposed modifications, if any, will afford the Court, the
Debtors, and other parties-in-interest sufficient time to
consider the objections and proposed modifications prior to the
Confirmation Hearing, Mr. Madron relates.
The Debtors seek the Court's permission to file their reply to
any Plan Objections by 12:00 p.m., prevailing Eastern Time, two
business days before the Confirmation Hearing.
About DURA Automotive
Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries. DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers. It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.
The company has three locations in Asia -- China, Japan
and Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.
===============
M A L A Y S I A
===============
DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Dynea International OY to B1 from B2. The outlook is
stable.
The rating action is supported by the significant deleveraging
of the group and the renegotiation of the terms of the remaining
bank facility allowing greater operational flexibility, as well
as an overall reduction in business risk profile of the group
following its timely disposal of the North American operations
that were reliant to a large extent on the performance of the US
construction and housing market.
Dynea has sold its North American operations to Teachers'
Private Capital for US$350 million. The transaction was closed
on July 11, 2007. North America accounted for almost 40% of LTM
April 2007 group sales and 41% of the group's EBITDA. The
proceeds from the disposal were largely applied to debt
reduction with pro-forma debt post closing declining to EUR229
million from EUR460 million at the end of 2006 leading to a
substantial improvement in debt and cash flow metrics.
The rating outlook is stable reflecting Moody's expectation that
Dynea's debt and cash flow metrics will remain strong and will
allow Dynea to maintain its financial flexibility and pursue its
strategy of organic growth and small bolt-on acquisitions.
Moody's notes that the current rating would come under further
upward pressure if the company's EBITDA and cash flow generation
were to strengthen with Debt / EBITDA dropping below 3.0 and
Adjusted RCF / Adjusted Debt of more than 25% on a sustainable
basis.
These ratings were upgraded from B2 to B1:
-- Corporate Family Rating
-- Probability of Default Rating
Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions. In 2005, Dynea International had revenues of EUR1.2
billion. After the transaction Dynea International has 39
production units and some 2,200 employees in 23 countries,
including Malaysia and Brazil.
KUMPULAN BELTON: Bursa to Delist Securities on Sept. 25
-------------------------------------------------------
The Bursa Malaysia Securities Bhd decided to delist and remove
the securities of Kumpulan Belton Bhd from its official list on
September 25, 2007, after reviewing the company's appeal on the
bourse's earlier decision to conduct delisting procedure.
According to the bourse, on Aug. 9, 2007, it decided to delist
the company's securities after it failed to comply with the
extended timeframe of until June 5, 2007, for Kumpulan to submit
its regularization plan to the Securities Commission and other
relevant authorities for approval.
On August 17, 2007, Kumpulan submitted its appeal against the
bourse's decision and the delisting was deferred pending the
decision on the appeal.
In an update, the bourse said: "After having considered all the
facts and circumstances of the matter, Bursa Securities has
resolved that the appeal by the Company be disallowed and that
the securities of the Company be de-listed from the Official
List of Bursa Securities as the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities."
Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components. Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.
Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005. Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.
PROTON HOLDINGS: Targets to Sell Cars in China by Year-End
----------------------------------------------------------
Proton Holdings Bhd, through its Chinese partner Jinhua Youngman
Automobile Manufacturing Co, will begin selling cars in China
before the end of the year, Reuters reports.
According to the report, Jinhua Youngman would sell a 1.6 litre
sporty car based on Proton's Gen-2 model at a price of
CNY100,000 to CNY150,000 (US$13,310-19,970).
It gave no volume sales targets, but Proton had said in July it
planned to make its debut in the Chinese market by supplying
30,000 cars to Jinhua Youngman, the report adds.
The Proton model will initially be exported to China, but Jinhua
Youngman, with annual car production capacity of 150,000 units,
will gradually shift to local production.
Over the next five years, Jinhua Youngman will roll out seven
new models, including sporty cars, multipurpose vehicles and
sport utility vehicles, the company said.
About Proton Holdings
Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products. Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts. The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.
Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss. It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner. The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.
The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.
However, the carmaker until now has yet to name a strategic
partner. On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.
====================
N E W Z E A L A N D
====================
AIR NEW ZEALAND: Considers Operating at Paraparaumu Airport
-----------------------------------------------------------
Air New Zealand Ltd is eyeing Paraparaumu airport for domestic
services, reports say.
The airline is turning its attention to Paraparaumu after
completing the first stage of its evaluation of Whenuapai in
Auckland, New Zealand travel guide site fourconers.co reports
citing ANZ Chief Executive Officer Norm Thomson as source.
"The first cut of the work on Whenuapai has been extremely
encouraging and given us strong cause to believe that
Paraparaumu may be an economically viable option for some of our
domestic services for the greater Wellington region,"
fourcorners quotes Mr. Thompson as saying. The airnine has
already started talks with the owners of Paraparaumu airport.
The first stage of the evaluation of Paraparaumu is expected to
be completed within a few weeks, Mr. Thomson adds.
Mr. Thomson notes of Paraparaumu's proactive attitude and
compares how it differs to that being shown by Wellington
International Airport.
Wellington airport's owners have told the airline it will not be
guaranteed use of the capital city's airport in future, Mr.
Thomson told Radio New Zealand. Mr. Thomson believes this will
create growth constraints for the airline and affect its
competitiveness.
Based in Auckland, New Zealand, Air New Zealand Ltd 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.
BARCLAY DESIGNS: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
The High Court of Wellington will hear today, September 17,
2007, at 10:00 a.m., a petition to have the operations of
Barclay Designs Ltd. wound up.
The Commissioner of Inland Revenue filed the petition against
the company on July 27, 2007.
The CIR's solicitor is:
Philip Hugh Brian Latimer
c/o Inland Revenue Department
Legal and Technical Services
7-27 Waterloo Quay
PO Box 1462, Wellington
New Zealand
Telephone:(04) 890 1028
Facsimile:(04) 890 0009
BLAZER PROPERTY: Court Sets Wind-Up Hearing for Nov. 8
------------------------------------------------------
The High Court of Auckland will hear on November 8, 2007, a
petition to have the operations of Blazer Property & Management
Services Ltd. wound up.
Bashfords Business Services Pty Limited filed the petition on
July 30, 2007.
Bashfords' solicitor is:
John Ropati
105 Queen Street, Level 1
Auckland
New Zealand
PO Box 37396, Parnell
Auckland
New Zealand
Telephone:(09) 377 1530
Facsimile:(09) 377 1533
K & T RENATA: Faces CIR's Wind-Up Petition
------------------------------------------
On June 20, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of K & T Renata Transport Ltd.
wound up.
The petition will be heard before the High Court of Auckland on
September 20, 2007, at 10:45 a.m.
The CIR's solicitor is:
Adam R. A. Pell
c/o Inland Revenue Department
Legal and Technical Services
17 Putney Way
PO Box 76198, Manukau
Auckland
New Zealand
Telephone:(09) 985 7214
Facsimile:(09) 985 9473
KAWERAU A MAKI: Subject to CIR's Wind-Up Petition
-------------------------------------------------
The Commissioner of Inland Revenue filed on June 26, 2007, a
petition to have the operations of Kawerau A Maki Trust wound
up.
The petition will be heard before the High Court of Auckland on
September 20, 2007, at 10:45 a.m.
The CIR's solicitor is:
Adam R. A. Pell
c/o Legal and Technical Services
17 Putney Way
PO Box 76198, Manukau
Auckland
New Zealand
Telephone:(09) 985 7214
Facsimile:(09) 985 9473
LIBAAS APPAREL: Creditors' Proofs of Debt Due on September 28
-------------------------------------------------------------
The creditors of Libaas Apparel Imports Ltd. are required to
file their proofs of debt by September 28, 2007.
The company went into liquidation on August 27, 2007.
The company's liquidators are:
John Albert Price
Christopher Robert Ross Horton
c/o Horton Price Limited
PO Box 9125, Newmarket
Auckland
New Zealand
Telephone:(09) 366 3700
Facsimile:(09) 366 7276
PACIFIC ACCESS: Commences Liquidation Proceedings
-------------------------------------------------
On August 27, 2007, the shareholders of Pacific Access Ltd.
resolved to voluntarily liquidate the company's business.
The company fixed today, Sept. 17, as the last day for creditors
to file their proofs of debt.
The company's liquidator is:
G. L. Hansen
c/o Goldsmith Fox PKF
PO Box 13141, Christchurch
New Zealand
Telephone:(03) 366 6706
Facsimile:(03) 366 0265
SANNE LARA: Accepting Proofs of Debt Until October 26
-----------------------------------------------------
On August 27, 2007, John Howard Ross Fisk and Craig Alexander
Sanson were named as liquidators of Sanne Lara Stephen White
Properties Ltd.
Messrs. Fisk and Sanson are accepting proofs of debt from the
company's creditors until October 26, 2007.
The Liquidators can be reached at:
John Howard Ross Fisk
Craig Alexander Sanson
c/o PricewaterhouseCoopers
113-119 The Terrace
PO Box 243, Wellington
New Zealand
Telephone:(04) 462 7489
Facsimile:(04) 462 7492
STONEY LTD: Fixes October 5 as Last Day to File Claims
------------------------------------------------------
Stoney Ltd. requires its creditors to file their proofs of debt
by October 5, 2007.
The company commenced liquidation proceeding on August 24, 2007.
The company's liquidator is:
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
UTOPIANZ MEDIA: Taps J. Price and C. Horton as Liquidators
----------------------------------------------------------
John Albert Price and Christopher Robert Ross Horton were named
as liquidators of Utopianz Media Ltd. on August 27, 2007.
Messrs. Price and Horton are accepting creditors' proofs of debt
until September 28, 2007.
The Liquidators can be reached at:
John Albert Price
Christopher Robert Ross Horton
c/o Horton Price Limited
PO Box 9125, Newmarket
Auckland
New Zealand
Telephone:(09) 366 3700
Facsimile:(09) 366 7276
VERTICAL DESCENT: Appoints Levin and Jordan as Liquidators
----------------------------------------------------------
Henry David Levin and Barry Phillip Jordan were named as
liquidators of Vertical Descent Adventures Ltd. on August 16,
2007.
Only creditors who file their proofs of debt by Sept. 27, 2007,
can share in the company's dividend distribution.
The company's liquidator is:
Henry David Levin
c/o Gavin Harold
PPB McCallum Petterson
Forsyth Barr Tower, Level 11
55-65 Shortland Street
Auckland
New Zealand
Telephone:(09) 336 0000
Facsimile:(09) 336 0010
=====================
P H I L I P P I N E S
=====================
BANCO DE ORO-EPCI: Settles Penalties for Delayed Financials
-----------------------------------------------------------
Banco de Oro-EPCI Inc. has settled with the Philippine Stock
Exchange the penalties previously assessed against it by the
local bourse.
The penalties are for the delayed submission of its quarterly
report for the period ended June 30, 2007.
* * *
Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.
On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.
In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.
Moody's withdrew its ratings for Equitable PCI following the
merger.
The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.
S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.
BANCO DE ORO-EPCI: Supreme Court Upholds Sale of SSS Shares
-----------------------------------------------------------
The Supreme Court has ruled in favor of Banco de Oro-EPCI Inc.
and dismissed a petition filed by former Senator Sergio R.
Osmena III questioning the Social Security System's sale of its
187.8-million shareholding in the former Equitable PCI Bank to
the former Banco de Oro Universal Bank, the BusinessWorld
reports.
Mr. Osmena had filed the petition in 2004, stating that the
Swiss Challenge mode of selling the SSS shares was
disadvantageous to the Philippine Government.
According to the report, the Supreme Court's 16-page decision
ruled that the shares had been dissolved following the merger
between EPCI and BDO. However, the SC also stated that the
petitioner should be commended for challenging the deal because
it allowed the SSS to "realize very much more of their
investments."
* * *
Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.
On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.
In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.
Moody's withdrew its ratings for Equitable PCI following the
merger.
The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.
S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.
GLOBE TELECOM: Enters Into Business Partnership with Dexterra
-------------------------------------------------------------
Globe Telecom Inc. has entered into a partnership deal with
mobile enterprise software and tools firm Dexterra for the
delivery of mobile business to its corporate customers, the
Manila Bulletin reports.
Under the partnership, Globe will make available Dexterra's
mobile business applications and platform in conjunction with
its own wireless solutions to enterprise customers. Globe will
extend these services to its corporate customers in the
manufacturing, financial services, life sciences, energy,
utilities and other major industries, the article says.
Dexterra offers mobile platform and applications for field
service, sales, resources and supply-chain management.
Dexterra's products boasts of enabling organizations of all
sizes to complete more deliveries/installations per day, improve
cross-sell and up-sell opportunities in the field, track more
historical information for decision-making purposes, and capture
previously lost revenue from incomplete or inaccurate billing
and invoicing. They are easy to use, can be operational in
weeks and runs on various platforms including BlackBerry,
Windows, Java and Symbian OS.
About Globe Telecom
Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies. It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services. Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.
The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services. It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office. It also offers caller ID, voice mail, call forwarding
and data/fax capabilities. Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.
On August 24, 2007, Fitch has affirmed Globe's Long-term foreign
currency IDR of 'BB+' and its National Long-term rating at
'AAA(phl)'. The rating Outlook remains Stable. Meanwhile,
Fitch has also affirmed the rating on Globe's senior unsecured
debt instruments at 'BB+'.
METROPOLITAN BANK: Unit to Spearhead IPOs of 3 Firms in 2008
------------------------------------------------------------
The investment arm of Metropolitan Bank & Trust Co. -- First
Metro Investments Corp. -- revealed that it would handle three
more initial public offerings aside from this year's iRemit and
Splash Corp. offerings, the Philippine Star reports.
According to PhilStar, FMIC Vice President Jose Marcelo said
that his company is slated to be manager of the initial public
offerings of a property firm, a food business company and a
retailer. Mr. Marcelo did not yet name these companies, but
revealed that all three offerings will take place next year and
will generate around PHP7 billion to PHP10 billion in proceeds.
FMIC aims to focus on local offerings in order to attract more
domestic investors into the equities market, Mr. Marcelo said,
stating that "local investors had been left out of offerings
that were sold outside the Philippines."
"We would like to be more selective about companies that will
offer shares to the public. We are targeting corporations with
leading market positions like iRemit and Splash," Mr. Marcelo
told the paper.
* * *
Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group. Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network. Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.
The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.
* * *
The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.
The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.
On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.
On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'. All
the bank's other ratings were affirmed:
* Long-term Issuer Default rating 'BB-' -- with a stable
Outlook,
* Short-term rating 'B,'
* Support rating '3.
PHIL NAT'L CONSTRUCTION: Clears Penalties for Delayed Financials
----------------------------------------------------------------
The Philippine National Construction Corp. has settled with the
Philippine Stock Exchange the penalties previously assessed
against it by the local bourse.
The penalties are on account of the delayed submission of its
quarterly report for the period ended June 30, 2007.
* * *
Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North
and South Luzon Tollways. It is the government's main partner
in infrastructure development and construction projects. Also,
it is the sole operator and franchise-holder of the North and
South Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways. Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).
The company's revenues are derived mostly from
construction projects and the collection of tollway fees.
The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases. Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.
The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Philippine National Construction Corporation
has submitted a Joint Motion for Judgment Based On Compromise to
the Supreme Court as part of the company's total restructuring
plan where it projects a net income of about PHP200 million in
2007 after suffering income losses for the past 30 years of its
franchise period.
1. Debt Settlement
(a) Philippine National Bank -- PNCC owes PNB
PHP2.4 billion, the interest of which have resulted in
audited net income losses. The PNCC is now in an
advanced state of negotiations with PNB to finally
resolve six years of arrearages. The settlement will
result in substantial reduction in debt and interest
charges;
(b) Radstock Securities -- The PNCC has also asked the
Supreme Court for an approval of its settlement with
Radstock stemming from the Regional Trial Court of
Mandaluyong decision to award Radstock PHP13 billion
in 2002 plus interest;
(c) Bureau of Treasury -- The PNCC has proposed a long
term restructuring of its PHP5.6 billion obligation to
the Bureau of Treasury;
2. Organizational right-sizing
This is in line with PNCC's program to phase out
unprofitable divisions and service lines and stick to the
core business of developing tollways.
3. Franchise extension
The PNCC is currently requesting Congress for a 25-year
extension of its Franchise to develop more tollroads and
arterial linkages from Carmen, Pangasinan to Lucena,
Quezon.
This financial turnaround will benefit not only the National
Government and the government corporations, which own
approximately 90% of the company, but likewise an estimated
5,000 public shareholders.
SAN MIGUEL: Eyes Possible PHP20BB Investment in Ethanol Plants
--------------------------------------------------------------
San Miguel Corp. is planning to invest at most PHP20 billion in
capital for the construction of 10 ethanol processing plants,
Senator Juan Miguel Zubiri told the Philippine Star in a
briefing.
"SMC has forwarded a study to the Department of Energy,"
Mr. Zubiri revealed. For feedstock, the senator told reporters
that SMC is "looking at [both] sugarcane and cassava."
SMC is on the lookout for potential locations of the ethanol
processing plants, Mr. Zubiri said. "They are considering
various possible locations from north to south. . . There is an
ongoing talk for the conversion of Azucarera de Tarlac into an
ethanol facility," PhilStar quotes him as saying.
* * *
Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1. The rating outlook is stable.
Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007. The outlook
is negative.
STENIEL MFG: Elects Directors for Year 2007
-------------------------------------------
Steniel Manufacturing Corp. has elected four directors for the
year 2007 during its annual stockholders' meeting held on
Wednesday last week.
These individuals were elected as directors of the corporation:
* Genesis Goldi D. Golingan
* Perry L. Pe
* Paul Richard T. Camangian
* Augusto Gan (Independent)
Cavite, Philippines-based Steniel Manufacturing Corporation --
http://www.steniel.com/-- was incorporated in 1963 primarily to
engage in manufacturing, processing, and selling all kinds of
paper products, paper board and corrugated carton containers,
and all other allied products and processes. The company and
its subsidiaries have established a strong foothold in the
packaging industry by offering a broad line of packaging
products from corrugated carton boxes to paper, plastic
containers, and flexible packaging. STN stands as the single
largest independent manufacturer of corrugated fibreboard
containers in the Philippines. About 99% of its revenues come
from the corrugated packaging business while the remaining 1% is
from rigid plastics.
On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.
* * *
Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks. The company
failed to meet its quarterly principal amortizations and
interest payments since March 2004. The creditor banks declared
the company in default on May 24, 2006. The company is
currently negotiating with the lender banks for the rescheduling
of its long-term debts.
Going Concern Doubt
Geraldine Hammond-Apostol of Isla Lipana and Co. raised
substantial doubt on Steniel Manufacturing Corporation's ability
to continue as a going concern after auditing the company's
annual report for 2006.
Ms. Hammond-Apostol noted that the company incurred net losses
of PHP178.23 million, PHP185.15 million and PHP138.82 million
for the years ending Dec. 31, 2006, 2005 and 2004, respectively.
The auditors also cited the company's PHP887.57 million
accumulated deficit as of Dec. 31, 2006.
* S&P Affirms Philippines' Sovereign Ratings with Stable Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services on Friday affirmed its 'BB-
/B' foreign currency and 'BB+/B' local currency issuer credit
ratings on the Philippines. The outlook is stable.
The stable outlook reflects our assessment that local and
foreign currency funding and rollover risks remain manageable in
the wake of global financial market turbulence and consequent
tightening liquidity conditions.
"Although still among the most vulnerable sovereigns due to its
high external leverage, the growing strength of the Philippines'
economic fundamentals and the attendant reduction in public
sector borrowing requirements provide adequate counterbalance to
rising global risk aversion and ebbing liquidity," said Standard
& Poor's credit analyst Agost Benard.
The positive trends in domestic fundamentals are reflected in
the sovereign's increasing external strength. The balance of
payments for the first half of 2007 showed an overall surplus of
US$3.2 billion, compared to US$3.7 billion for the whole of
2006, pushing foreign exchange reserves to an all-time high of
US$30.3 billion (end August). This is equal to 5.6 months of
imports coverage, and 5.9 times the country's short-term
external debt based on original maturity.
The Philippines' external liquidity position is benefiting from
robust remittance and FDI flows and lower foreign currency
financing requirements. This supports a strong peso, which due
to the recent market turbulence dipped 4.5% to its current
PHP46.8/US$1. However, the peso is expected to resume an
appreciating path, helping to keep inflation low and moderate
the country's still significant debt-service costs.
"The country's positive debt dynamics are now being increasingly
augmented by faster economic growth," said Mr. Benard. GDP
growth has surprised on the upside for two consecutive quarters,
registering 7.3% year-on-year average growth for the first half
of 2007. More importantly, revenue collection--one of the key
constraints on the rating--bounced back strongly in July and
August following a disappointing first half performance,
raising the chances that the government will meet its 2007
deficit target. With reduced public borrowing, low inflation,
and relative political stability, the domestic interest rate
environment remains benign. This promises continued low-cost
funding and the extension of the substantial interest cost
savings of the first half to the rest of the year.
=================
S I N G A P O R E
=================
ARGENTA PTE: Requires Creditors to File Claims by October 8
-----------------------------------------------------------
Argenta Pte Ltd, which is in voluntary liquidation, requires its
creditors 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 liquidator is:
Victor Lee Ying Kee
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
GEMA METAL: Creditors' Proofs of Debt Due on October 8
------------------------------------------------------
The creditors of Gema Metal Ceilings (Asia-Pacific) Pte Ltd are
required to file their proofs of debt by October 8, 2007, to be
included in the company's dividend distribution.
The company's liquidator is:
Victor Lee Ying Kee
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
SEA CONTAINERS: Earns US$8,467,259 in Month Ended July 31, 2007
---------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of July 31, 2007
Assets
Current Assets
Cash and cash equivalents US$$32,754,852
Trade receivables, less allowances
for doubtful accounts 233,217
Due from related parties 7,887,211
Prepaid expenses and other current assets 1,660,226
------------
Total current assets US$$42,535,506
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 224,323,843
Other assets 4,197,434
------------
Total assets US$414,603,639
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable US$7,261,450
Accrued expenses 48,928,748
Current portion of long-term debt 171,141,012
Current portion of senior notes 385,294,979
------------
Total current liabilities 612,626,189
Total shareholders' equity (198,022,550)
------------
Total liabilities and shareholders' equity US$414,603,639
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended July 31, 2007
Revenue US$3,523,132
Costs and expenses:
Operating income 3,902,253
Selling, general and
administrative expenses (2,902,745)
Professional fees (11,151,666)
Charges to provide against
intercompany accounts 159,971,911
Impairment of investment
in subsidiary companies (142,167,251)
Depreciation and amortization
------------
Total costs and expenses 7,652,502
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) 11,175,634
Other income (expense)
Interest income 166,150
Foreign exchange gains or (losses) (44,121)
Interest expense, net (2,730,404)
------------
Income (Loss) before taxes 8,567,259
Income tax expense (100,000)
------------
Net Profit/(Loss) US$8,467,259
Sea Containers Services
Unaudited Balance Sheet
As of July 31, 2007
Assets
Current Assets
Cash and cash equivalents US$89,026
Trade receivables 27,271
Due from related parties 6,133,280
Prepaid expenses and other current assets 4,560,805
------------
Total current assets 10,810,381
Fixed assets, net 2,440,054
Investments 2,731,186
Intercompany receivables 45,790,213
Other assets 0
------------
Total assets US$61,771,834
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable US$2,449,335
Accrued expenses 2,759,606
Current portion of long-term debt 1,689,177
------------
Total current liabilities 6,898,119
Total shareholders' equity 54,873,716
------------
Total liabilities and shareholders' equity US$61,771,834
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended July 31, 2007
Revenue US$2,576,582
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (424,323)
Professional Fees (1,847,860)
Other charges 0
Depreciation and amortization (99,736)
------------
Total costs and expenses (2,371,919)
------------
Gains on sale of assets -
------------
Operating income (loss) 204,663
Other income (expense)
Interest income 39
Foreign exchange gains (losses) -
Interest expense, net (11,930)
------------
Income (Loss) before taxes 192,771
Income tax (charge)/credit (4,989,740)
------------
Net (Loss)/Income (US$4,796,970)
Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
July 2007 balance sheet.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities
US$1,545,384,083.
The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007. (Sea Containers Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINERS: Wants Exclusive Period Extended to December 21
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to file a Chapter 11 plan through and
including Dec. 21, 2007, and to solicit acceptances of that plan
through and including Feb. 19, 2007.
While the Debtors have made tremendous progress on many fronts
in their efforts to reorganize and maximize their estates for
the benefit of creditors, there remain certain outstanding
issues which currently prevent them -- or any party for that
matter -- from filing a confirmable Chapter 11 plan, Sean T.
Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, explains.
These issues include: (1) obtaining and analyzing information
from the discovery process necessary to value the Debtors'
interests in GE SeaCo SRL, (2) gaining better clarity on the
validity of GE SeaCo's and GE Capital Corporation's significant
claims against the estates, including determining whether to
estimate the claims in the Bankruptcy Court pending an
arbitrator's decision, and (3) reaching a global settlement
among the Debtors, Official Committees of Unsecured Creditors of
Sea Containers Ltd. and Sea Container Services Ltd. regarding
various1 intercompany issues and pension and other claims
asserted against SCL and SCSL.
In addition, Mr. Greecher says, the Debtors are undertaking
discovery in connection with, and preparing for, the change of
control arbitration with GE Capital, scheduled to begin in mid-
October. While the Debtors actively are considering plan
alternatives that do not hinge on the outcome of the change of
control arbitration, for various reasons, the arbitrator's
decision may ultimately "guide the process for confirming a
chapter 11 plan in these cases and inform the terms of such
plan," he adds.
"Any plan filed without a resolution of these key issues could
suffer such defects as to be patently unconfirmable. Moreover,
such a plan would result in needless distraction from the
formulation of a confirmable chapter 11 plan," Mr. Greecher
asserts.
The Debtors submit that their progress in their Chapter 11 cases
coupled with the many restructuring task yet to be completed and
contingencies yet to be resolved, amply justify the requested
extension.
The Court will convene a hearing on September 27, 2007, to
consider the Debtors' request.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.
The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007. (Sea Containers Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WINDSOR NURSING: Creditors to Hold Meeting Today
------------------------------------------------
The creditors of Windsor Nursing Holdings Pte Ltd will meet
today, September 17, 2007, at 2:00 p.m.
At the meeting, the creditors will be asked to:
-- present the amended Statement to Accompany Notice of
Application For Release (Form 68);
-- consider writing-off the company's receivable amounting to
SGD936,598.79; and
-- consider approving the liquidators' fee of SGD136,500.00
(inclusive of Goods & Services Tax).
The company's liquidators are:
Tam Chee Chong
Nicky Tan Ng Kuang
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
===============
T H A I L A N D
===============
KUANG PEI SAN: Extends Office Space Contract with Subsidiary
------------------------------------------------------------
Kuang Pei San Food Products PCL's Board of Directors has
approved the extension of the company's lease contract with
Kuang Pei San Co. Ltd. as leasor.
The lease covers a 745-square meter office space at Klongsarn,
Bangkok. The three-year contract has a value of
THB6.463 million, including rental rate of THB200 per square
meter for a total of THB149,000 and electrical rate of THB30,550
per month.
The transaction was approved by these persons:
* Surin Tohtubtiang -- Chairman
* Salil Tohtubtiang -- Chief Executive Officer
* Chutima Tohtubtiang -- Director
* Juree Tohtubtiang -- Finance, Acctg. Director
* * *
Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.
As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.
Going Concern Doubt
After reviewing the company's financial statements for the
second quarter and first half of 2007, Wanraya Puttasatiean at
S.K. Accountant Services Co. Ltd. raised significant doubt on
the company's ability to continue as a going concern.
The auditor pointed out that the company has a working capital
deficit of THB760.39 million and has a shareholders' equity
deficit of THB406.305 million. Thus the continuity of a going
concern for the company depends largely on its capability to pay
the liabilities under restructuring contract and long-term loans
from financial institution. Moreover, the company has asset
from defaulted accounts receivable from debt restructuring
agreement from the parent-company.
TMB BANK: Sells Off Entire Shareholdings in Asset Dev't Co. Ltd.
----------------------------------------------------------------
TMB Bank PCL has sold 999,991 shares in Asset Development Co.
Ltd. to Somnuek Crushing Plant Songkhla Co. Ltd.
The shares represent the bank's 99.99% ownership of Asset
Development's registered and paid-up capital. Somnuek now
wholly owns Asset Management after the purchase.
The shares were sold at THB0.01 per share for a total price of
THB10,000.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.
TMB BANK: Sells Off 10% Ownership in Nava Nakorn Distribution
-------------------------------------------------------------
TMB Bank PCL has sold off 180,000 common shares in Nava Nakorn
Distribution Centre Co. Ltd. to Sumi-Thai International Ltd.
The shares represent the bank's 10% shareholding in Nava Nakorn.
The shares were sold at a price of THB270 per share, for a total
price of THB48.6 million.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.
TMB BANK: To Convert Preferred to Ordinary Shares on Sept. 20
-------------------------------------------------------------
Holders of class B preferred shares in TMB Bank PCL can exchange
them for ordinary shares during the conversion scheduled for
September 20.
The shares will be converted at a ratio of 1 ordinary share for
every preferred share held. Shareholders intending to take part
in the conversion are required to submit the application form
from September 12 until September 19 along with other necessary
documents. They may contact Thailand Securities Depository Co.
Ltd. as conversion agent, or any securities company that is a
broker and is a member of the Stock Exchange of Thailand.
Shareholders may also directly contact the bank's head office.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.
TONGKAH HARBOUR: Two Executive Directors Leave Board
----------------------------------------------------
Executive Directors Udom Chirapanathorn and Edward Mervyn Jones
have both resigned as members of the Board of Directors of
Tongkah Harbour PCL.
Mr. Udom is also the company's corporate finance director.
The company has not yet appointed the necessary replacements for
these two directors.
Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily
engaged in mining operations. The company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.
Going Concern Doubt
The Troubled Company Reporter-Asia Pacific reported that after
auditing the company's financial report for the third quarter
and nine-month periods ended Sept. 30, 2006, Kesree Narongdej of
A.M.T. & Associates Ltd expressed doubt on Tongkah's continued
operations as a going concern.
According to the auditor, the company and its subsidiaries have
experienced continuous operating losses, and its consolidated
financial statements for nine-month period ended September 30,
2006, showed operating losses of THB44.78 million and a working
capital deficit of THB173.74 million. These may have
significant effect on the liquidity status and the going
concern position of the company.
UNITED COMM: SET Formally Removes Securities from Board
-------------------------------------------------------
The Stock Exchange of Thailand has formally delisted United
Communication Industry PCL's securities on Friday.
As reported by the Troubled Company Reporter-Asia Pacific on
September 10, 2007, UCOM voluntarily requested delisting from
the SET in order to proceed with its restructuring plan. The
SET's Board of Governors granted the request by virtue of
Section 171 (4) of the Securities and Exchange Act B.E. 2535
(1992).
Headquartered at Chatuchak, in Bangkok, Thailand, United
Communication Industry Public Company Limited was incorporated
as a public limited company under Thai laws and listed on the
Stock Exchange of Thailand in 1993. The Company operates in
Thailand and is formerly principally engaged in the provision of
network solution services including trunked radio sales and
services.
UCOM is currently undergoing financial restructuring. In a
disclosure with the Stock Exchange of Thailand on May 10, 2007,
the company informed that its shareholders approved its
restructuring plan on April 30, 2007.
*********
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 ***