/raid1/www/Hosts/bankrupt/TCRAP_Public/070927.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
Thursday, September 27, 2007, Vol. 10, No. 192
Headlines
A U S T R A L I A
ADVANCED TECHNOLOGY: To Declare Interim Dividend on Oct. 2
COEUR D'ALENE: Files Preliminary Proxy Materials
COSMIC SOLUTIONS: Liquidator Presents Wind-Up Report
DCL CONSULTING: Appoints Steven Kugel as Liquidator
HOCKING WATER: Members to Hold Final Meeting on Oct. 3
LIFE THERAPEUTICS: Announces Senior Appointment and Ops Update
MACQUARIE RETAILERS: Liquidator to Give Wind-Up Report on Oct. 4
MYMUSIC MEGASTORE: Sets Joint Meeting for October 4
PEL LIMITED: Members to Receive Wind-Up Report on October 4
SYMBION HEALTH: Director Dares Primary to Make Bid Proposal
TEILWAR PTY: Placed Under Voluntary Liquidation
THE NETWORK FACTORY: Members & Creditors to Meet on October 4
TOURISH PTY: To Declare Dividend on September 28
C H I N A & H O N G K O N G
AGRICULTURAL BANK: To Impose Punishments for Internal Fraud
ALERIS INTERNATIONAL: Board Appoints Sean Stack as CFO
ALERIS INTERNATIONAL: Completes Acquisition of Alumox Holding
ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
CHINA EASTERN: To Complete Share Sale to S'pore Air by Year-End
CHINA NEWLIFE: Contributories & Creditors to Meet on October 4
CHINA SOUTHERN (SECURITIES): Liquidators to Sell Yinhua Stake
GENERAL MULTI-WITS: Liquidator Quits Post
GREAT HONOUR: Court Sets Wind-Up Petition Hearing for Nov. 14
HONG GIAP: Requires Creditors to File Claims by Oct. 22
JURGEN STAR: Requires Creditors to File Claims by October 12
KERRY GLORY: Leung Shiu Tong Quits as Liquidator
MERIDIAN GATE: Members to Hold Final General Meeting on Oct. 23
PIONEER SUN: Subject to Ping Feng's Wind-Up Petition
THE GREENWICH GROUP: Shareholder Decides to Liquidate Business
YES CLUB: Members Resolve to Wind Up Operations
ZTE CORP: Plans to Start 3G Network Operations by January 2008
I N D I A
AGILENT TECHNOLOGIES: Inks Resale Agreement with Accelerys
BANK OF BARODA: Opens Representative Office in Australia
CABLE & WIRELESS: Unit Launches New Internet Protocol Software
EASTMAN KODAK: Board Promotes Philip Faraci to President & COO
EXIDE TECHNOLOGIES: Names Luke Lu as President for Asia Pacific
GENERAL MOTORS: U.S. Union Strike Spurs Canada Plant Closures
GENERAL MOTORS: Inks US$800 Million Export Deal with Chinese JV
GENERAL MOTORS: UAW's Strike Prompts Fitch's Negative Watch
HINDUSTAN ORGANIC: Books INR41 Mil. Net Loss for 1Q FY2008
TATA TELESERVICES: Board Okays Share Issue for FCCB Conversion
I N D O N E S I A
ALCATEL-LUCENT: Partners w/ Telecom to Supply Routing Solution
ANEKA TAMBANG: May Get Country's Sole License to Export Bauxite
BAKRIE SUMATERA: Moody's Revises Rating Outlook to Positive
EXELCOMINDO PRATAMA: Deploys Comptel Convergent Solution
FOSTER WHEELER: Spanish Unit Inks Pact with Fundacion Ciudad
PERUSAHAAN LISTRIK: To Build 3 Geothermal Sites for PNOC Energy
J A P A N
ASHIKAGA BANK: FSA Narrows Down Bidders to Japan-Based Firms
FIDELITY NAT'L: Moody's Confirms Ba1 Corporate Family Rating
JVC CORP: To Cut 1,150 Jobs Via Early Retirement Program
KOBE STEEL: Inks Joint Venture with Steel Dynamics
K O R E A
DAEWOO E&C: Bakrie & Brothers Asks US$550MM Fund for Project
GENEXEL-SEIN: To Acquire Land from Daedeok Techno Valley
MAGNA INT'L: Announces Purchase Offer Preliminary Results
MAGNA INT'L: Unit Purchases Manufacturing Assets in Mexico
M A L A Y S I A
ARK RESOURCES: Court Extends Restraining Order to Dec. 25
AYER MOLEK: Mirra Gets Court's Nod to Reinstate Default Judgment
MANGIUM INDUSTRIES: Court Defers Unit's Wind-Up Petition Hearing
STAR CRUISES: Shareholders Approve Apollo's US$1-Bil. Investment
N E W Z E A L A N D
BLEAKHOUSE ROAD: Fixes Sept. 28 as Last Day to File Claims
FIRST DATA: KKR & Co. Completes US$29-Billion Acquisition
GUELPH ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 1
MILK & 2 SUGARS: Shareholders Resolve to Wind Up Operations
NORTHRIDGE CONSTRUCTION: Court to Hear Wind-Up Petition Today
PALLADIUM PROPERTIES: Taps John Michael Gilbert as Liquidator
QT HOSPITALITY: Court to Hear Wind-Up Petition on Oct. 3
ROYALE PASSENGER: Court to Hear Wind-Up Petition on Oct. 1
SPRAGGS SUPPLY: Subject to CIR's Wind-Up Petition
TYLOS ONE: Faces CIR's Wind-Up Petition
P H I L I P P I N E S
ALLIED BANKING: Forges Home Financing Partnership Deal with Eton
BSP: Market Recovery Won't Cause Problematic Surges, Report Says
BANGKO SENTRAL: Allows Locals Higher Limit on Foreign Investment
CHINA BANKING: To Start Selling Manulife Insurance Items in Oct.
CHIQUITA BRANDS: Names Howard Baker to Board of Directors
PHIL NAT'L BANK: Deploys i-Flex Business Software to Local Units
* Higher U.S. Inflation May Damage Philippines in the Long Run
* Finance Dept. Expects Higher Interest Savings for 3rd Quarter
* July Imports Grow 14.3% Year-on-Year, Breaks US$5-Billion Mark
S I N G A P O R E
AVAGO TECHNOLOGIES: To Reduce 400 Employees in Asia
INSURE SHOP: Court to Hear Wind-Up Petition on October 5
GP EXPRESS: Court Enters Wind-Up Order
T H A I L A N D
ARVINMERITOR INC: UAW's Strike Prompts Fitch's Negative Watch
BANK OF AYUDHYA: GE Capital Buys Additional 164.340 Mil. Shares
DOLE FOOD: Lettuce in Salad Mix Mostly Came from California
LIVING LAND: Rehab Administrator Appoints New Managing Director
LIVING LAND: Buys 100% of Tangerine Property for THB50 Million
LIVING LAND: Buys 100% of Nantapod Co. Ltd. for THB72 Million
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED TECHNOLOGY: To Declare Interim Dividend on Oct. 2
----------------------------------------------------------
Advanced Technology Research Pty Limited, which is in
liquidation, will declare an interim dividend for its unsecured
creditors on October 2, 2007.
Unsecured creditors who were not able to file their proofs of
debt by the September 18 due date will be excluded from the
company's dividend distribution.
The company's liquidator is:
David J. Kerr
RSM Bird Cameron Partners
Level 12, 60 Castlereagh Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9233 8933
Facsimile:(02) 9233 8521
About Advanced Technology
Advanced Technology Research Pty Ltd is in the vineyard
business. The company is located at Sydney, in New South Wales,
Australia.
COEUR D'ALENE: Files Preliminary Proxy Materials
------------------------------------------------
Coeur d'Alene Mines Corporation, Bolnisi Gold NL, and Palmarejo
Silver and Gold Corporation disclosed that Coeur has filed its
preliminary proxy statement with the United States Securities
and Exchange Commission with respect to the issuance of Coeur
shares pursuant to its proposed acquisition of Bolnisi and
Palmarejo.
The date of the special meeting of Coeur shareholders and the
record date for the meeting will be specified in a definitive
proxy statement that will be mailed to shareholders following
the SEC's review of the preliminary proxy statement or,
alternatively, the SEC's election to not review the preliminary
proxy statement. For shareholders' general information, the
preliminary proxy statement is available on the SEC's Web site
at http://www.sec.gov/the Canadian securities regulators' Web
site at http://www.sedar.com/or Coeur's Web site at
http://www.coeur.com/
Transaction Update
On May 3, 2007, Coeur, Bolnisi Gold NL, and Palmarejo announced
that they entered into agreements to merge, which were approved
unanimously by their respective boards of directors. Pursuant
to the agreements, Coeur will acquire all of the shares of
Bolnisi, and all the shares of Palmarejo not owned by Bolnisi,
in a transaction valued at approximately US$1.1 billion.
The companies have agreed to amend the Merger Implementation
Agreements and the Bolnisi directors' option deeds to allow for
adequate time for the required regulatory processes and receipt
of the required shareholder and court approvals. The parties
expect to close the transaction in the fourth quarter of 2007.
The companies also announced that Bolnisi, with the consent of
Coeur, will enter into a US$20 million credit facility with
Macquarie Bank Limited to fund ongoing project development. The
facility will enable Bolnisi and Palmarejo to continue to
develop the Palmarejo Project under the direction of the Project
Development Committee, which consists of professional staff from
Bolnisi, Palmarejo and Coeur.
About Bolnisi Gold
Bolnisi Gold NL is an Australia-based company engaged in mining
and exploration for gold and minerals. The Company's activities
are all Mexican precious metals operations with an existing
portfolio of projects, which include the Palmarejo Silver-Gold
project (including Trogan), Chihuahua; the Yecora Gold-Silver
project, Sonora, and the El Realito Gold-Silver project,
Chihuahua.
About Palmarejo Silver
Palmarejo Silver And Gold Corporation is a silver/gold
exploration company listed on the TSX Venture Exchange under the
symbol "PJO". Palmarejo's principal activity is to explore and
develop gold and silver properties located in the Temoris
District of Chihuahua, Mexico within the Sierra Madre Occidental
mountain range.
About Coeur
Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.
* * *
Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.
COSMIC SOLUTIONS: Liquidator Presents Wind-Up Report
----------------------------------------------------
The members and creditors of Cosmic Solutions Pty Limited met on
September 26, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Neil Geoffrey Singleton
SimsPartners
Level 5, 55 Hunter Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9256 7700
About Cosmic Solutions
Cosmic Solutions Pty Limited is a distributor of computers,
peripherals and software. The company is located at Sydney, in
New South Wales, Australia.
DCL CONSULTING: Appoints Steven Kugel as Liquidator
---------------------------------------------------
Steven Kugel was appointed as liquidator of DCL Consulting Pty
Limited on August 27, 2007.
The Liquidator can be reached at:
Steven Kugel
c/o CRS Warner Sanderson
Australia
We site: http://www.crswarnersanderson.com.au
About DCL Consulting
DCL Consulting Pty Limited provides computer related services.
The company is located at Pritchard, in New South Wales,
Australia.
HOCKING WATER: Members to Hold Final Meeting on Oct. 3
------------------------------------------------------
A final meeting will be held for the members of Hocking Water
Heater Co Pty Ltd on October 3, 2007, at 10:00 a.m.
At the meeting, Brian Gray, Hocking Water's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
About Hocking Water
Hocking Water Heater Co Pty Ltd is a distributor of household
appliances. The company is located at Marrickville, in New
South Wales, Australia.
LIFE THERAPEUTICS: Announces Senior Appointment and Ops Update
--------------------------------------------------------------
Life Therapeutics Limited disclosed the appointment of a new
Chief Operating Officer and provided an update on the proposed
transaction with Kedrion S.p.A. and operational performance in
August.
Appointment of Chief Operating Officer
The Company has announced the appointment of Barry Holman as
Chief Operating Officer. Mr. Holman joined the Company in 2004
as Vice President of Sales for Life Sera from Nabi
Biopharmaceutical where he had worked for the previous nine
years in various senior product and sales roles. In 2005 he
was appointed to the position of Executive Vice President of
Global Sales for Life Therapeutics and then most recently served
as Executive Vice President of Business Development.
As Chief Operating Officer, Mr. Holman will work closely with
LFE CEO Dr. Hair Nair and other members of the company's
executive team. His appointment is effective immediately.
Announcing the appointment, LFE CEO Dr. Hari Nair said, "On
behalf of everyone involved with the company, I congratulate
Barry on his appointment.
"During his time with the company, he has demonstrated excellent
management and leadership qualities and I am delighted to
appoint Barry to this senior position in the company. I am
confident that he will continue to make an invaluable
contribution to Life therapeutics in his new role," Dr. Nair
said.
Update on Operations and Kedrion Transaction
The company advises that plasma collections in the month of
August 2007 were again at record levels, with over 32,000 litres
collected. This follows the 31,000 litres collected in the
month of July as previously reported.
The company also advises that preparations continue for the
implementation of the Kedrion transaction should it receive
shareholder approval at an Extraordinary General Meeting.
Dr. Nair said, "PricewaterhouseCoopers Securities are now
actively engaged in their investigations to prepare an
independent expert's report to be provided to shareholders. As
previously announced, at this stage I anticipate that the report
will be finalised to enable an Extraordinary General Meeting of
shareholders to be held in November.
"In the meantime, we continue to work closely with Kedrion to
ensure that following shareholder approval, the transaction can
be implemented without delay," Dr. Nair said.
About Life Therapeutics
Headquartered in New South Wales, Australia, Life Therapeutics
Limited -- http://www.life-therapeutics.com/-- is engaged in
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.
The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.
The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.
MACQUARIE RETAILERS: Liquidator to Give Wind-Up Report on Oct. 4
----------------------------------------------------------------
Macquarie Retailers Association Limited will hold a final
meeting for its members on October 4, 2007, at 10:00 a.m.
At the meeting, David J. F. Lombe, Macquarie's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
David J. F. Lombe
Grosvenor Place
225 George Street
Sydney, New South Wales 2000
Australia
About Macquarie Retailers
Macquarie Retailers Association Ltd is an operator of of
nonresidential buildings. The company is located at North Ryde,
in New South Wales, Australia.
MYMUSIC MEGASTORE: Sets Joint Meeting for October 4
---------------------------------------------------
A joint meeting will be held for the members and creditors of
Mymusic Megastore Pty Limited on October 4, 2007, at 11:30 a.m.,
at the offices of Lawler Partners, Level 9, 1 O'Connell Street,
Sydney, in New South Wales 2000, Australia.
At the meeting, the members and creditors will hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
About Mymusic Megastore
Mymusic Megastore Pty Limited is a distributor of durable goods.
The company is located at Penrith, in New South Wales,
Australia.
PEL LIMITED: Members to Receive Wind-Up Report on October 4
-----------------------------------------------------------
The members of Pel (ACN 002 141 531) Limited will meet on
October 4, 2007, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidators are:
Timothy James Cuming
David Clement Pratt
PricewaterhouseCoopers
201 Sussex Street
Sydney, New South Wales 1171
Australia
About Pel Limited
Pel (ACN 002 141 531) Limited provides metal mining services.
The company is located at Sydney, in New South Wales, Australia.
SYMBION HEALTH: Director Dares Primary to Make Bid Proposal
-----------------------------------------------------------
Symbion Health Ltd is challenging its biggest shareholder and
rival, Primary Health Care Ltd., to "show the color of its
money" if it's serious about taking over Symbion's prized
pathology and medical center assets, writes Teresa Ooi of The
Australian.
Ms. Ooi quotes Symbion managing director Robert Cooke as saying,
"The bottom line is that we have not received any bid from
Primary since it appeared on our share registry nine months
ago."
Mr. Cooke reveals to The Australian that Symbion is still
continuing discussions with Healthscope, who is a "potential
partner, who is credible, and who has its finances in place to
do a deal."
Mr. Cooke added that that they have not received any "firm
proposal" from Primary when in fact Symbion "has the ability to
consider any bids without triggering the break fee of AU$27
million to Healthscope."
The Australian further quotes Mr. Cooke as saying, "It has
always been open to anyone to put forward a proposal to Symbion
Health. It is still open to anyone, including Primary Health
Care, to do so. If Primary Health Care is able to put a
detailed proposal to Symbion Health, then Symbion Health will
consider such a proposal and if the Symbion Health board forms
the view that it is in the best interests of shareholders to do
so, Symbion Health will be in a position to constructively
engage with Primary Health Care in relation to any such
proposal."
According to the article, Mr. Cooke was responding to Primary's
accusations that Symbion was not keeping its shareholders
sufficiently informed about its talks with Healthscope.
The Troubled Company Reporter-Asia Pacific reported on Sept. 26,
2007, that Primary called on Symbion to clarify exclusivity and
break fee arrangements with Healthscope, whose AU$2.9 billion
(US$2.5 billion) offer for Symbion failed to reach the required
75% of shareholder votes earlier this month after Primary voted
against the deal. The TCR-AP report stated that Primary Health
wrote to Symbion's General Counsel asking for a response to five
questions.
Primary Health, according to the TCR-AP, asked what the status
of the Scheme Implementation deed between Symbion and
Healthscope was, as well as the status of any lock-up
arrangements. The other questions on the Healthscope-Symbion
discussions dealt with:
-- the negotiating period between the two parties,
-- consideration of alternative proposals by Healthscope,
-- the current status of discussions with Healthscope in
relation to the alternative proposals, and
-- the status of the proposed sale of the Symbion Consumer
and Pharmacy business to the Ironbridge and Archer
Consortium.
One analyst interviewed by Ms. Ooi expressed that Primary's
accusations were a classic move to try to drive a wedge between
Symbion and Healthscope, saying that if Primary is "serious
about wanting Symbion's assets, then it has to put up or shut
up." Another analyst imparted that Primary had every
opportunity to put in a higher bid for Symbion.
About Symbion Health
Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business. Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services. The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals). In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.
* * *
On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).
TEILWAR PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on August 20, 2007, the members of
Teilwar Pty Ltd resolved to voluntarily liquidate the company's
business.
Antony De Vries and Riad Tayeh were appointed as liquidators.
The Liquidators can be reached at:
Antony De Vries
Riad Tayeh
c/o de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta, New South Wales 2124
Australia
About Teilwar Pty
Teilwar Pty Ltd operates gasoline service stations. The company
is located at Cambridge Park, in New South Wales, Australia.
THE NETWORK FACTORY: Members & Creditors to Meet on October 4
-------------------------------------------------------------
The Network Factory Support Pty Limited will hold a joint
meeting for its members and creditors on October 4, 2007, at
12:00 p.m., at the offices of Lawler Partners, Level 9, 1
O'Connell Street, Sydney, in New South Wales 2000, Australia.
At the meeting, the members and creditors will hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
About The Network Factory
The Network Factory Support Pty Ltd is in the business of
computer integrated systems design. The company is located at
Sydney, in New South Wales, Australia.
TOURISH PTY: To Declare Dividend on September 28
------------------------------------------------
Tourish Pty Limited will declare its first and final dividend on
September 28, 2007.
Creditors' proofs of debt must be in today, Sept. 27, to be
included in the company's dividend distribution.
The company's deed administrator is:
I. J. Purchas
Star Dean-Willcocks
32 Martin Place, Level 1
Sydney, New South Wales 2000
Australia
About Tourish Pty
Tourish Pty Limited operates drinking places. The company is
located at Penrith, in New South Wales, Australia.
================================
C H I N A & H O N G K O N G
================================
AGRICULTURAL BANK: To Impose Punishments for Internal Fraud
-----------------------------------------------------------
The Agricultural Bank of China will impose harsh punishments on
its staff in cases of embezzlement, the bank's president, Xiang
Junbo, told the China Daily.
According to Mr. Xiang, sub-branch heads will be forced to quit
in cases of embezzlements of over CNY1 million (US$132,980) and
for embezzlements of over CNY10 million, heads of provincial
branches will get the boot, as will all other staff members
involved.
The report notes that the president also said that the bank will
soon set up five special teams to monitor and control the bank's
credit and operating risks.
"In the two months that I have taken the current post, my
biggest worry has been scandals," the president said, adding
risk management is of utmost importance to him.
Mr. Xiang said that the ABC, the only Big Four bank that remains
unlisted, will try to become a top-class global bank in 10 years
after it finishes the current share restructure program, the
news agency relates.
Mr. Xiang said the share restructure reform will follow the
model of the other three.
Mr. Xiang made it clear that the ABC will not lay off employees
to cut costs in the course of its share restructuring.
"Instead, we will increase the staff's efficiency with training,
payment reform and human resource innovation."
The ABC has 450,000 employees across the country, with 220,000
of them working with county-level and rural sub-branches, China
Daily notes.
The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank. It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.
Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.
The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.
Fitch Ratings gave the Bank an Individual rating 'E'.
ALERIS INTERNATIONAL: Board Appoints Sean Stack as CFO
------------------------------------------------------
The board of directors of Aleris International Inc. has elected
Sean M. Stack to succeed Michael D. Friday as chief financial
officer effective Dec. 1, 2007. The board of directors also
elected Mr. Friday as chief administrative officer of the
company effective Dec. 1, 2007.
Mr. Stack, 40, has served as Executive vice president and
president, Europe since the acquisition of Corus Aluminum in
August 2006. Prior to that time, Mr. Stack was senior vice
president, treasurer and corporate development of the company
since the company's acquisition of Commonwealth, and prior to
that, he was vice president and treasurer of Commonwealth.
Prior to joining Commonwealth in June 2004, he had served as
vice president and treasurer of Noveon Inc., beginning in March
2001. Prior to joining Noveon, Mr. Stack served as vice
president and treasurer for Specialty Foods Corporation from May
1996 to December 2000. Mr. Stack joined Specialty Foods as
assistant treasurer in 1996.
Prior to that, he was a vice president at ABN AMRO Bank in
commercial and investment banking.
Mr. Friday, 56, has served as executive vice president and chief
financial officer of the company since the company's acquisition
of Commonwealth in December 2004. Prior to that time, Mr.
Friday served as executive vice president and chief financial
officer of Commonwealth.
Prior to joining Commonwealth in June 2004, Mr. Friday served as
executive vice president and chief financial officer of Noveon
Inc. from 2001 to 2004. From 1997 to 2001, Mr. Friday served as
vice president-finance, business development and information
technology at BFGoodrich Performance Materials. From 1994 to
1997, Mr. Friday was vice president of finance for The Little
Tikes Company, a unit of Rubbermaid Inc.
Mr. Friday began his career with the General Electric Company in
1974, where he served in a variety of responsible financial
management capacities.
Upon his appointment as chief administrative officer of the
company, Mr. Friday will cease to act as chief financial
officer.
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and
specification alloy production. The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust. The
company operates 42 production facilities in the United States,
Brazil, Germany, Mexico, China and Wales, and employs
approximately 4,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company. Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.
ALERIS INTERNATIONAL: Completes Acquisition of Alumox Holding
-------------------------------------------------------------
Aleris International Inc. has completed its acquisition of
Alumox Holding AS located in Norway. The Alumox business is
expected to be integrated into Aleris' European recycling
business.
Through its subsidiaries, Alumox AS and Reox AS, Alumox recycles
dross and scrap to recover aluminum and processes salt slag to
recover aluminum and aluminum oxide.
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and
specification alloy production. The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust. The
company operates 42 production facilities in the United States,
Brazil, Germany, Mexico, China and Wales, and employs
approximately
4,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company. Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.
ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
---------------------------------------------------------
Aleris International, Inc., will shut down and permanently close
its Dickson, Tennessee facility by Nov. 20, 2007. The Dickson
plant was part of Aleris's recent acquisition of Wabash Alloys,
LLC.
The Dickson plant produces specification aluminum alloys, which
are delivered to customers in both ingot and molten form. The
plant has approximately 67 employees. Production will be
transferred to other Aleris facilities. Aleris will continue to
provide the highest quality and services to its valued
customers.
About Wabash Alloys
Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.
About Aleris International Inc.
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,China
and Wales, and employs approximately 4,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company. Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.
CHINA EASTERN: To Complete Share Sale to S'pore Air by Year-End
---------------------------------------------------------------
China Eastern Airlines Corporation Limited is keen on completing
its stake sale to Singapore Airlines Limited and Temasek
Holdings (Private) Limited by the end of this year, the mainland
Chinese airline's executive director, Luo Zhuping, told Reuters.
According to Mr. Lou, anything could still happen but said he is
confident that China Eastern will gain support from its
shareholders on the transaction, expecting to sign the formal
agreement with SIA by the end of this year.
Cathay Pacific Airways and the China National Aviation Holding
Company, parent of Air China, entered the picture recently when
it disclosed plans to acquire China Eastern shares but withdrew
the plan, earlier reports stated.
Sunny Zhou, head of capital markets for China Eastern, echoed
Mr. Lou's statement by saying: "Our job is to complete the deal
(with Singapore Air) as soon as possible. . . We are unlikely
to accept any other offers. . .because we have signed a head of
agreement (memorandum of understanding) with Singapore Air."
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. The outlook on the IDRs is stable.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
CHINA NEWLIFE: Contributories & Creditors to Meet on October 4
--------------------------------------------------------------
The contributories and creditors of China Newlife (HK) Limited,
which is winding up its business, will hold their meeting on
October 4, 2007, at 2:00 p.m. and 2:30 p.m., respectively, at
the 7th Floor of Allied Kajima Building, 138 Gloucester Road, in
Wanchai, Hong Kong.
The company's provisional Liquidators are:
Stephen Briscoe
Kenneth Chen Yung Ngai
c/o RSM Nelson Wheeler
Corporate Advisory Limited
Allied Kajima Building, 5th Floor
138 Gloucester Road, Wanchai
Hong Kong
CHINA SOUTHERN (SECURITIES): Liquidators to Sell Yinhua Stake
-------------------------------------------------------------
The liquidator group for bankruptcy of China Southern Securities
Company is set to sell the securities firm's stake in Yinhua
Fund Management Co., Ltd., via an auction, China Business Daily
News reports, citing a person familiar with the matter.
The Troubled Company Reporter-Asia Pacific reported that on
August 9, 2006, Shenzhen Intermediate People's Court formally
announced the bankruptcy of the firm and organized a bankruptcy
liquidation group to dispose of the assets of the company.
Before the liquidation, the securities firm held a 21% stake in
the fund management company, China Business relates.
Yinhua Fund Management Co., Ltd., founded in May 2001 with
registered capital of CNY100 million, is one of the leading
asset management assets in China, in which its initial four
shareholders, Beijing Capital Group Ltd., Southwest Securities
Co., Ltd., China Southern Securities Company and Northeast
Securities Co., Ltd., takes a 29%, 29%, 21% and 21% stake,
respectively.
Yinhua, managing seven open-end funds and one close-end fund
presently, has total assets of nearly CNY100 billion in total.
* * *
Established in 1992, China Southern Securities -- also known as
Nanfang Securities -- used to be one of China's largest
brokerage houses with a registered capital of CNY3.45 billion
(US$416.9 million) and boasts 56 major shareholders including
China's largest state-owned banks and insurance companies.
The Troubled Company Reporter-Asia Pacific reported in January
2004 that The China Securities Regulatory Commission and the
Shenzhen government have shut down securities brokerage China
Southern Securities because of mismanagement and irregularities.
In April 2005, the Commission ordered for the immediate closure
and liquidation of the Company. However, the liquidation
proceeding was halted when China Jianying Investment decided to
bail out the Company in August last year in a hope to revive the
Company.
GENERAL MULTI-WITS: Liquidator Quits Post
-----------------------------------------
Leung Chui Mei ceased to act as liquidator of General Multi-Wits
Company Limited on September 14, 2007.
The former Liquidator can be reached at:
Leung Chui Mei
Prosperous Building, Room 502, 5th Floor
48-52 Des Voeux Road, Central
Central, Hong Kong
GREAT HONOUR: Court Sets Wind-Up Petition Hearing for Nov. 14
-------------------------------------------------------------
The High Court of Hong Kong will hear on November 14, 2007, at
9:30 a.m., a petition to have the operations of Great Honour
International Limited wound up.
The petition was filed by Lam Kwun Ngo on August 31, 2007.
Lam Kwun's solicitor is:
Messrs. Chak & Associates
HK Diamond Exchange Building, 11th Floor
8-10 Duddell Street, Central
Hong Kong
HONG GIAP: Requires Creditors to File Claims by Oct. 22
-------------------------------------------------------
At an extraordinary general meeting held on September 14, 2007,
the members of Hong Giap Pacific Limited agreed to voluntarily
wind up the company's operations.
Creditors who can file their claims by October 22, 2007, can
share in the company's dividend distribution.
The company's liquidators are:
Wong Poh Wang
Wong Tak Man Stephen
Allied Kajima Building, 7th Floor
138 Gloucester Road
Hong Kong
JURGEN STAR: Requires Creditors to File Claims by October 12
-----------------------------------------------------------
The creditors of Jurgen Star (Hong Kong) Limited are required to
file their proofs of debt by October 12, 2007, to be included in
the company's dividend distribution.
The company went into liquidation on September 14, 2007.
The company's liquidators are:
Ying Hing Chiu
Chung Miu Yin, Diana
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
KERRY GLORY: Leung Shiu Tong Quits as Liquidator
-----------------------------------------------
On September 11, 2007, Leung Shiu Tong ceased to act as
liquidator of Kerry-Glory Investments Limited.
The former Liquidator can be reached at:
Leung Shiu Tong
Josim Place, 16th Floor
228 Queen's Road East
Wanchai, Hong Kong
MERIDIAN GATE: Members to Hold Final General Meeting on Oct. 23
---------------------------------------------------------------
The members of Meridian Gate Limited will hold their final
general meeting on October 23, 2007, at 9:00 a.m., at Rooms
603-4, 6th Floor of Hang Seng Wan Chai Building, 200 Hennessy
Road, in Wanchai, Hong Kong.
Chiu Wai Hon and Lau Wai Ming, Meridian Gate's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.
PIONEER SUN: Subject to Ping Feng's Wind-Up Petition
----------------------------------------------------
A petition to have the operations of Pioneer Sun Textiles
Holdings Limited wound up was filed by Ping Feng Weaving
Enterprise Co. Ltd on August 13, 2007.
The High Court of Hong Kong will hear the petition on Oct. 24,
2007, at 9:30 a.m.
Ping Feng's solicitors are:
Christine F.L. IP & Young
Shop 11, Ground Floor, Block B
Cheong Wah Building, 291, Castle Peak Road
Tsuen Wan, New Territories
Hong Kong
THE GREENWICH GROUP: Shareholder Decides to Liquidate Business
--------------------------------------------------------------
The sole shareholder of The Greenwich Group Asia (2001) Limited,
on September 14, 2007, passed a resolution to liquidate the
company's business.
Creditors must file their proofs of debt by October 12, 2007, to
share in the company's dividend distribution.
The company's liquidators are:
Ying Hing Chiu
Chung Miu Yin, Diana
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
YES CLUB: Members Resolve to Wind Up Operations
-----------------------------------------------
At an extraordinary general meeting held on September 15, 2007,
the members of Yes Club Limited resolved to voluntarily
liquidate the company's business.
Pang Wai Kui was appointed as liquidator.
The Liquidator can be reached at:
Pang Wai Kui
Ritz Plaza, Suite A, 12th Floor
122 Austin Road, Tsimshatsui
Kowloon, Hong Kong
ZTE CORP: Plans to Start 3G Network Operations by January 2008
--------------------------------------------------------------
ZTE Corp. plans to bring its 3G mobile network using China's
homegrown TD-SCDMA standard into commercial operation by the end
of January, Infocast News reports, citing a company official as
saying in an industry conference recently.
Liu Peng, vice general manager of ZTE's Mobile Communications
Division, is quoted by the news agency as saying that "the
network will provide services for the Olympic Games in Beijing."
ZTE will also participate in China Mobile's TD-SCDMA handset
procurement exercise scheduled for next month, October.
Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.
The group operates both in the domestic and international
market.
The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.
=========
I N D I A
=========
AGILENT TECHNOLOGIES: Inks Resale Agreement with Accelerys
----------------------------------------------------------
Agilent Technologies Inc. and Accelrys Inc. have entered into a
comprehensive resale agreement to enable the licensing and
integration of their informatics products. The partnership
covers the breadth of informatics portfolios of both companies
and will enable customers in the pharmaceutical industry to
enjoy unprecedented integration of laboratory data, experimental
results and insights across the enterprise.
"This partnership will enable unparalleled integration of
informatics products," said Bruce von Herrmann, Agilent vice
president and general manager, Informatics Division. "It will
significantly benefit pharmaceutical companies that want to
spend less time integrating existing informatics solutions and
more time developing new, more effective medicines."
Agilent and Accelrys will offer compatible and enhanced
solutions incorporating their respective portfolios of
informatics products. Accelrys will resell OpenLAB Enterprise
Content Manager, Kalabie Electronic Lab Notebook, and GeneSpring
gene expression solutions. Agilent will resell Accord
cheminformatics solutions and Pipeline Pilot Scientific
Operating Platform solutions.
"Partnering with Agilent allows us to provide a broader range of
scientific business-intelligence solutions to our pharmaceutical
customers," said Mark J. Emkjer, president and chief executive
officer, Accelrys. "We're enabling them to gain deeper insights
and make more informed decisions from their scientific data
across the research and development continuum. Agilent's
strength in Laboratory Informatics, QA/QC and manufacturing are
a natural complement to Accelrys' expertise in research, early
development and scientific data management."
The combined solutions can be seen at the following events:
-- the Agilent Worldwide Laboratory Informatics Conference in
Berlin on Sept. 25-26;
-- the ELNs - IQPC conference in Brussels on Sept. 26; and
-- the Accord Informatics and Scitegic Pipeline Pilot user
group meeting in Pistoia, Italy, Oct. 9-12.
About Accelrys
Accelrys Inc. -- http://www.accelrys.com/-- develops and
commercializes Scientific Business Intelligence software for the
integration, mining, analysis, modeling and simulation,
management and interactive reporting of scientific data. Our
solutions are used by biologists, chemists, materials
scientists, and information technology professionals for product
design as well as drug discovery and development. The company's
technology and services are designed to meet the needs of
today's leading research and development organizations including
leading commercial, government and academic organizations.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis. The company's 19,000 employees serve
customers in more than 110 countries.
The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.
* * *
Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.
BANK OF BARODA: Opens Representative Office in Australia
--------------------------------------------------------
Bank of Baroda, last week, opened a representative office in
Sydney, Australia.
According to myiris.com, the Australian office will provide
business advisory services to Indian and Australian corporates,
besides assisting Indian expatriates, students and local
community to effect remittances to and from India and rest of
the world through its 2,800 branches across the globe.
"We have to move from cricket to economy as Australia becomes an
important bilateral trading partner," The Economic Times quotes
Indian Minister of State for Finance Pawan Kumar Bansal as
saying. "With many more Indian banks coming here and Australian
banks going to India, together we can charter the path of common
prosperity."
The bank is also planning to obtain a license from the
Australian Prudential Regulatory Authority for a full-fledged
branch in the future, Bank of Baroda's Chairman and Managing
Director Anil K. Khandelwal told The Times,
With the opening of the office, the bank overseas offices now
total 64, in 22 countries across six continents, worldwide,
myiris.com says.
Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.
Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.
Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. The agency also affirmed the bank's
Individual Rating of 'C/D'. Fitch said the outlook on all
ratings is stable.
CABLE & WIRELESS: Unit Launches New Internet Protocol Software
--------------------------------------------------------------
Cable & Wireless' Jamaican unit has launched a hosted Internet
protocol PBX software for small and medium-sized enterprises in
the technology and hospitality industry sector as well as
independent consultants, Business News Americas reports.
Cable & Wireless Jamaica's business telephony product manager
Sandra Buckland told BNamericas that the firm sees the small and
medium-sized enterprises market as primed and ready to adopt
hosted Internet protocol software. The hosted Internet protocol
PBX is a first step that would be followed up eventually by a
more advanced enterprise mobility offering to the market.
Most businesses have gained enough exposure to what an Internet
protocol network can offer. They would be ready to adopt a more
"advanced portfolio," BNamericas notes, citing Ms. Buckland.
Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.
* * *
In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.
Moody's also assigned a Ba3 Probability-of-Default rating to the
company.
* Issuer: Cable & Wireless Plc
Projected
Debt LGD Loss-Given
Debt Issue Rating Rating Default
---------- ------- ------- --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010 B1 LGD4 60%
GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012 B1 LGD4 60%
EASTMAN KODAK: Board Promotes Philip Faraci to President & COO
--------------------------------------------------------------
Eastman Kodak Company's board of directors has promoted Philip
J. Faraci to the position of President and Chief Operating
Officer, effective immediately.
As President and COO, Mr. Faraci will be responsible for the
day-to-day management of Kodak's two major digital businesses:
the Consumer Digital Imaging Group and the Graphic
Communications Group. Mr. Faraci has been President of CDG and
a Senior Vice President of the company.
He assumes responsibility for GCG from James T. Langley, who
remains a Senior Vice President until his departure at the end
of the year. Since the company is eliminating the position of
president for both CDG and GCG, Mr. Langley will leave Kodak
once he completes the transition of his responsibilities for
GCG.
Kodak's major traditional business, the Film Products Group,
will continue to report to Chairman and Chief Executive Officer
Antonio M. Perez under the leadership of Mary Jane Hellyar,
President, FPG, and a Senior Vice President of the company.
The changes are part of Kodak's larger effort to create an
organization geared for sustained, profitable growth in digital
markets. As Kodak nears the conclusion of its four-year
restructuring effort, these moves position the company for the
next phase of its transformation, during which it will build
bigger digital businesses and continue the effective management
of its traditional business.
"This new structure will allow us to better capitalize on the
opportunities before us," Mr. Perez said. "With a single leader
for the digital businesses, we will be able to leverage our
technology across product lines more effectively, while keeping
independent business models and go-to-market strategies for both
CDG and GCG. At the same time, it's important that we continue
to pursue strategies that extend the strong cash generation of
our FPG business. The new structure provides the necessary
differentiated focus between our digital and our traditional
businesses."
As Chairman and CEO, Perez continues to have the primary
responsibility for setting the company's strategy, managing
broad issues of corporate governance, and delivering the overall
financial and operating performance of the company. Mr. Faraci,
who joined Kodak in December 2004, will be responsible for the
performance of the two businesses reporting to him as well as
the operating activities of those units.
"Phil has made enormous contributions to the progress of Kodak's
digital transformation," Mr. Perez said. "He drove the recent
introduction of our revolutionary consumer inkjet printers,
improved the earnings of our digital capture business, and
created a more profitable go-to-market model for our consumer
digital business. The leadership that Phil has exhibited makes
him well suited to take on additional responsibilities and to
build on Jim's success. I am confident that these businesses
will reach new heights under Phil's leadership."
Mr. Langley, who joined Kodak in August 2003, led the series of
acquisitions that resulted in what is now Kodak's Graphic
Communications Group, a US$3.6 billion business that offers the
broadest portfolio of blended solutions in the industry.
"Kodak's promising future reflects in large part the great
business that Jim built for us," Mr. Perez said. "I cannot
thank him enough for coming out of retirement to help establish
Kodak as a leading participant in the graphic communications
industry. Jim has completed the work he came to do, and the
result is that the position of GCG president is no longer
necessary in this new structure. I wish Jim all the best upon
his return to his private life, and I thank him for all of his
many contributions."
The new management structure also positions the Film Products
Group to continue making significant contributions to the
success of Kodak well into the future.
"FPG's performance has been exceptional, reflecting the strong
leadership of Mary Jane Hellyar and her team," Mr. Perez said.
"Kodak remains committed to the business and technology of
film."
Following these changes, the reporting structure of the company
will be as follows:
-- Finance, Legal, the Chief Technical Office, Human
Resources, the Global Diversity office, and the Chief
Information Officer will report to Mr. Perez; and
-- Worldwide Information Systems, and all manufacturing and
logistics activity of CDG and GCG will report to
Mr. Faraci.
"I am honored to be given the responsibility of helping to lead
Kodak through the next stage of its exciting future," Mr. Faraci
said. "My work is made easier by Jim Langley's exceptional
contributions to GCG and Mary Jane's continued excellence in
managing our traditional business. Through their efforts and
those of many others, Kodak is now participating in a number of
digital markets that allow us to leverage our expertise in image
science and materials science, built up over the decades by
Kodak's great technologists. My mission is to make the most of
the digital opportunity, and I know we will succeed by
leveraging the assets of our consumer and commercial
businesses."
The announcement represents one of the final steps in the
company's four-year long restructuring, which will conclude this
year.
"We will enter 2008 with the company that I came here to run,"
Mr. Perez said. "We now have in place the right management, the
right structure, the right products and, most importantly, the
right people for Kodak to generate sustained profits in digital
markets. Together, we look forward to delivering on the promise
of the Kodak brand for the benefit of our shareholders and
employees."
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, and India, among others.
As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has 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.
EXIDE TECHNOLOGIES: Names Luke Lu as President for Asia Pacific
---------------------------------------------------------------
Exide Technologies has appointed Luke Lu as President - Asia
Pacific, effective Oct. 1. Reporting to President and Chief
Executive Officer Gordon Ulsh, Lu will be responsible for
providing overall leadership and direction for the company's
business in the Asia Pacific region. He will be based in
Shanghai, China, which will become the central headquarters for
the Exide Technologies Asia Pacific region.
Mr. Lu brings a broad range of industry experience to his new
role at Exide. Most recently, he served Johnson Controls in a
variety of capacities including Vice President, Sales and
Marketing - Asia Pacific Battery Group; Acting General Manager
for Chongqing Joint Venture; and Commercial Director, China and
Southeast Asia.
Prior to that, he worked at General Electric Corporation, where
his roles included a position as Greater China Marketing and
Application Development Manager for the company's Toshiba
Silicones division and Pacific Tech-Marketing Manager for GE
Silicones in Waterford, New York. His career also includes
Project Manager responsibilities at Pragmatics, Inc., a leading
provider of software and systems engineering, information
assurance, network operations and management services for both
defense and civilian agencies.
Mr. Lu holds a Ph.D. in Inorganic and Physical Chemistry from
Georgetown University in Washington, D.C. and a Bachelor of
Science in Organic and Physical Chemistry from Nankai
University, Tianjin, P.R. China.
The Exide Asia Pacific business top-line revenues represent both
Exide's Industrial Energy and Transportation businesses. More
than 900 employees across the region support a number of
different operations:
* Transportation manufacturing plants in Elizabeth
(Adelaide), Australia and Gujarat (Ahmedabad), India;
* Industrial Energy battery assembly operations in Padstow
(Sydney), Australia, and Hosur (Bangalore), India;
* a recycling facility in Petone (Wellington), New Zealand;
and
* sales offices and distribution centers in locations
including Japan, China, Hong Kong, Singapore, Malaysia,
Indonesia, Thailand, Philippines, India, Australia, and New
Zealand.
"Luke brings a unique combination of specialized knowledge and
depth of experience to his new, Shanghai-based position," said
Exide President and Chief Executive Officer Gordon Ulsh. "We
anticipate that he will help us in our efforts to capitalize on
profitable growth opportunities in this rapidly developing
geographic market."
Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products. The company has operations in 89
countries, including Australia, India, Finland, Poland, New
Zealand, among others.
The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring. The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004. The
plan took effect on May 5, 2004.
* * *
Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications. The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.
GENERAL MOTORS: U.S. Union Strike Spurs Canada Plant Closures
-------------------------------------------------------------
The Canadian Auto Workers disclosed that the disagreement
between General Motors Corp. and the United Auto Workers will
lead to plant closures and job cuts of GM operations in Canada.
Because of the strike action, CAW president Buzz Hargrove said
that jobs in Canada will see an immediate impact.
Mr. Hangrove confirmed that:
* Oshawa, Ontario car plant no. 1, which builds the
Chevrolet Impala and the Monte Carlo, will close down at
3 a.m. Tuesday;
* Oshawa, Ontario plant no 2, which builds the Pontiac Grand
Prix and Buick Allure, will close at the end of the day
shift Tuesday;
* The Oshawa, Ontario truck plant, which produces the
Silverado and the Sierra, has enough parts for three more
days of production;
* GM's engine plant in St. Catharines, Ontario will close
within 72 hours; and
* GM's Windsor, Ontario transmission plant has already been
closed down.
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.
GENERAL MOTORS: Inks US$800 Million Export Deal with Chinese JV
---------------------------------------------------------------
General Motors Corp. and its Shanghai General Motors joint
venture signed a multi-year agreement worth more than US$800
million to export U.S.-built Buick Enclave premium crossover
sport utility vehicles along with other vehicles and components
to China beginning in 2008.
The agreement was signed in the presence of China's Assistant
Vice Minister of Commerce Chen Jian, Chinese Embassy officials,
U.S. Assistant Secretary of Commerce Israel Hernandez, GM Vice
President of Global Sales, Service and Marketing Operations John
Middlebrook, and Shanghai GM Executive Vice President Robert
Socia.
The all-new Buick Enclave is built at GM's Lansing Delta
Township assembly plant in Lansing, Michigan. Enclave is one of
GM's most sought-after vehicles in North America because of its
stylish, modern design and high level of standard features.
Introduced earlier this year, the Enclave has received
enthusiastic reviews and has helped lead General Motors' recent
sales increase in its home market.
According to Shanghai GM President Ding Lei, "Shanghai GM has
become a leader in the production and sale of passenger cars in
China, driven largely by the success of the Buick brand. These
new Buick premium sport utility vehicles will strengthen our
lineup and enable us to continue to meet the changing needs of
our growing base of customers."
The Buick agreement is the second of two China export agreements
signed by GM this year.
As reported in the Troubled Company Reporter on May 18, 2007, GM
signed a deal to export US$700 million worth of Cadillacs and
automotive components to China from the United States. GM's
China operations have already imported about US$3.5 billion
worth of vehicles, components, equipment, and machinery from
North America over the past 10 years.
"We appreciate the support that we received from the Chinese and
U.S. governments for this program, which will benefit both
countries," GM China Group President and Managing Director Kevin
Wale said. "It will take the value of GM sourcing contracts
from the United States for the China market to more than US$1.5
billion this year."
"The efforts of General Motors and its Chinese partner, Shanghai
Automotive Industry Corp. Group, to promote healthy and stable
Sino-U.S. trade relations is very much appreciated," Assistant
Vice Minister of Commerce Chen Jian added. "The Chinese
government will continue to work with the U.S. government and
enterprises to create a better market environment, ensure a
smooth channel for U.S. companies' business development and
actively promote American exports to China for more balanced
trade."
Enclave will be imported by Shanghai GM and sold through its
network of nearly 400 Buick dealerships across China. The new
model will complement the rest of Shanghai GM's popular Buick
lineup, which includes the Park Avenue and LaCrosse premium
sedans, Regal upper-medium sedan, Excelle family, and GL8 and
FirstLand executive wagons.
GM operates seven joint ventures and two wholly owned foreign
enterprises and has more than 20,000 employees in China. GM,
along with its joint ventures, offers the broadest lineup of
vehicles and brands among automakers in China. Products are
sold under the Buick, Cadillac, Chevrolet, Opel, Saab and Wuling
nameplates. In 2006, sales of vehicles by GM and its joint
ventures rose 31.8% on an annual basis to a record 876,747
units.
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.
GENERAL MOTORS: UAW's Strike Prompts Fitch's Negative Watch
-----------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:
General Motors Corp.
-- IDR 'B';
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.
American Axle & Manufacturing, Inc.
-- IDR 'BB';
-- Senior unsecured bank facility 'BB';
-- Senior unsecured 'BB'.
American Axle Manufacturing Holdings Inc.
-- IDR 'BB'.
ArvinMeritor Inc.
-- IDR 'BB';
-- Senior secured 'BB+';
-- Senior unsecured 'BB-'.
Tenneco, Inc.
-- IDR 'BB-';
-- Senior secured bank facility 'BB+';
-- Senior secured notes 'BB';
-- Subordinated 'B'.
Hayes-Lemmerz International, Inc.
-- IDR 'B'.
Hayes Lemmerz Finance - Luxembourg S.A
-- IDR 'B'.
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.
HLI Operating Company, Inc.
-- IDR 'B'.
The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry. Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.
Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions. The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales. A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.
Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements. The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM. The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events. Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.
The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term. Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital. Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly. The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term. In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.
Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.
HINDUSTAN ORGANIC: Books INR41 Mil. Net Loss for 1Q FY2008
----------------------------------------------------------
Hindustan Organic Chemicals Ltd's unaudited financial results
for the first quarter ended June 30, 2007, showed a net loss of
INR41 million on revenues totaling INR969.5 million. The bottom
line is an improvement compared to the INR137.8-million loss
booked in the same quarter in previous financial year.
The 1Q FY2008 financials showed operating expenditures totaling
IRN895.1 million giving the company an operating profit of
INR74.4 million. The company also reported interest charges of
INR43.4 million, depreciation of INR69.4 million and taxes of
INR2.6 million.
A copy of the company's unaudited financial results for the
quarter ended June 30, 2007, is available for free at the Bombay
Stock Exchange at http://ResearchArchives.com/t/s?23b6
After a limited review of the financials, however, the company's
auditors made these observations:
1. (a) The Company has not made provision of:
(i) INR43.72 lacs (for the quarter ended June 30,
2007 INR7.12 lacs) of penal interest on overdue
loan from Government of India;
(ii) INR2,308.08 lacs towards liability for wage
revision (for other than Kochi Unit) for the
period Jan. 1, 1997, to Dec. 31, 2000;
(iii) INR1012.50 lacs minimum guaranteed throughput
charges payable to JNPT authorities;
(b) Attention is invited to the following paragraphs with
regards to pending accounting treatment of the items
mentioned, impact of which on profit for the quarter
ending June 30, 2007, could not be ascertained:
(i) The company has raised money by issue of bonds
and fixed deposits in the market in earlier
years carrying interest rate ranging from 12.5%
to 17.5%. The bonds/fixed deposits are overdue
for repayment. The company had made provision
for interest for overdue period up to March 31,
2006, at the rate of 7.5% p.a. in respect of
bonds/fixed deposit holders aggregating to
INR1585.73 lacs who have not opted for the
restructuring scheme of repayment of bonds/fixed
deposits approved by the board. The company has
discontinued providing further interest on this
overdue amount from financial year 2006-07. The
amount of differential interest between interest
provided by the company and interest that may be
demanded by the bond holders/fixed depositors is
not quantifiable. During the quarter, the
company has reversed the interest provision
amounting to INR292.99 lacs made on overdue
amount of bonds/deposits, the holders of which
have opted for the restructuring scheme
announced by the board.
(ii) Balances of Sundry Debtors, Sundry Creditors and
Loans and advances are subject to confirmation
and adjustments necessary upon reconciliation.
The auditors are unable to express their opinion
about the impact on the profit for the period.
The auditors determined that had the provision been made for the
items referred in paragraph 1(a) above, loss for the quarter
would have been higher by INR3364.30 lacs, and the total loss
after adjustments, would be higher by the same amount.
Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.
It has two manufacturing units: the phenol complex at Cochin and
the integrated Nitro Aromatic Complex at Rasayani. The company
produces a wide range of products including phenol, acetone, and
aniline.
Hindustan Organic has continuously paid dividend for over 20
years until 1997. Due to reduced protection from imports, poor
market condition and excessive manpower and interest cost, the
company had been reporting losses since that year. A financial
restructuring package was proposed in 2002 to help the company
turn its business around. The package, which has been cleared
by the Cabinet Committee on Economic Affairs based on the
recommendations of the Board for Reconstruction of Public Sector
Enterprises, consists of grants aggregating INR750 million and
subscription by way of non-cumulative redeemable preference
shares aggregating INR1.75 billion by the Government of India.
TATA TELESERVICES: Board Okays Share Issue for FCCB Conversion
--------------------------------------------------------------
The Finance Committee of Tata Teleservices Maharashtra Ltd's
board of directors has approved the issue and allotment of an
aggregate of 32,006,385 equity shares of INR10 each to investors
who have exercised their right to convert to shares foreign
currency convertible bonds of US$17,650,000.
According to a filing with the Bombay Stock Exchange, the shares
have been issued and allotted at a premium of INR14.49 each
(i.e., at an issue price of INR24.49 per share).
The conversion price was previously at INR24.96 per share but
later got adjusted to INR24.49 per share after the rights issue
of shares of the company in January 2007. The deemed date of
allotment of the equity shares is Sept. 21, 2007.
Out of the total FCCBs of US$125 million issued by the company
in June 2004, FCCBs aggregating US$82.06 million have so far
been converted into 14,66,41,796 equity shares (including this
14th Tranche) of the company.
With the allotment, Tata Group's holding stands marginally
reduced to 67.56%.
A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services. The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.
The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: Partners w/ Telecom to Supply Routing Solution
--------------------------------------------------------------
Alcatel-Lucent signed MOU with Telecom Corporation of New
Zealand to supply IP/MPLS switching and routing products to
support Telecom's delivery of next-generation residential
services.
The Alcatel-Lucent 7750 Service Router was selected as it offers
flexible delivery of multi-service residential services, and
integrates seamlessly with Telecom's existing operational
support systems via Alcatel-Lucent's Connected Partner Program.
This program facilitates interworking between Alcatel-Lucent and
third-party software vendors, which simplifies the integration
process and eliminates the need for local customization. The
7750 SR complements Telecom New Zealand's deployment of 7450
Ethernet Service Switch over the last 18 months.
"With Alcatel-Lucent's converged, all-IP, multi-service
residential infrastructure, Telecom New Zealand can continue to
enhance broadband experiences for its customers," said Greg
Patchell, Group Technology Officer, Telecom New Zealand.
Telecom's migration to an open standards DHCP/IP based network
is aimed at increasing the functionality, resilience and
capacity for its Next Generation Telecom initiative, delivering
advanced residential services to wholesale and retail customers
throughout New Zealand.
The solution will also give Telecom operational flexibility;
providing Telecom with several network structure options, to
adapt easily to the changing market dynamics of the New Zealand
telecommunications environment.
Network management will be handled by the Alcatel-Lucent 5620
Service Aware Manager, which automates tasks while supporting
the introduction and administration of new services.
"Alcatel-Lucent is the leader in triple play solutions and this
win reinforces the strength of our end-to-end offering. Our
solution gives Telecom New Zealand the service flexibility,
continuity and richness that are critical to delivering customer
satisfaction," said Frederic Rose, President of Alcatel-Lucent's
activities in Asia Pacific.
Over 180 service providers in more than 70 countries around the
world have selected the Alcatel-Lucent IP portfolio as key
elements of their IP transformation, including massive, multi-
year projects at AT&T, BT, Cable & Wireless, Telef¢nica and
Telstra. According to Ovum-RHK, Alcatel-Lucent was #2 in the
IP/MPLS Edge market segment in Q2 2007, with 21% market share.
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.
* * *
The Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed. The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.
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.
ANEKA TAMBANG: May Get Country's Sole License to Export Bauxite
---------------------------------------------------------------
PT Aneka Tambang may get the country's sole license to export
bauxite, a raw material used to make aluminum, Bloomberg News
reports.
Simon Sembiring, head of coal and mineral resources at the
energy and natural resources ministry, told the news agency that
Indonesia may issue only one type B license, which allows the
holder to mine important ores such as iron, bauxite, copper and
gold. Other bauxite miners hold a type C permit, which
restricts them to minerals such as mica and gems, he adds.
According to Bloomberg, the company has exported 577,971 tons of
bauxite in the six months to June 30, and expects to produce and
sell 1.5 million tons of bauxite this year.
PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits. The company
operates six mines. They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold). The company also operates a precious metal
refinery and a geology unit in Jakarta.
* * *
The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'. The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.
Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.
BAKRIE SUMATERA: Moody's Revises Rating Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook for Bakrie Sumatera Plantations Tbk's B2 corporate
family rating and secured bond rating on its US$160 million
notes.
"The action follows BSP's completion of its Rp1.6 trillion
(US$175 million) rights issue. The proceeds will be used to
fund its expansion plans, including the acquisition of two palm
oil plantations," says Wonnie Chu, lead analyst for BSP.
At the same time, the company also announced that it has
invested US$10 million in a 20% stake in Agri Resources BV, a
subsidiary of Agri International Resources Pte Ltd (rated
B2/Stable). As part of the transaction, BSP will manage the
plantations and crushing mills, and off-take 100% of the crude
palm oil and palm kernels produced by Agri Resources.
BSP also has the option, within the next 12 months, to acquire
up to 51% effective interest of Agri Resources. Moody's
considers as high the likelihood of BSP exercising this option.
"The equity issuance will reduce financial risk for future debt-
funded acquisitions and the plantation acquisitions will
increase cash flows and improve scale economies" says Chu,
adding, "BSP's Debt/EBITDA is expected to improve to 3x or lower
in the next 1-2 years, which would potentially support a high B
rating."
"However, the acquisitions will more than double BSP's palm
plantation assets. Such an aggressive growth plan carries
execution risk, especially given its modest size when compared
to its peers," says Chu. "The company has also yet to
demonstrate an ability to manage its enlarged asset base."
Any rating upgrade will depend upon the company successfully
executing its expansion plan, integrating and improving yield of
its newly acquired plantations and home-grown production, while
maintaining its financial discipline.
On the other hand, the rating outlook will revert to stable if
evidence emerges of
(1) cash leakages from BSP to fund affiliated companies, such
as through inter-company loans or aggressive cash
dividends;
(2) further aggressive debt-funded acquisitions/investments;
and/or
(3) prices of crude palm oil and latex fall beyond Moody's
expectations; such that credit metrics show continuous
deterioration with Debt/EBITDA increasing to 4.0-4.5x and
EBITDA/Interest declining to 2.5-3.0x.
About Bakrie Sumatera
Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company. It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex. It was listed in 1990 on the Jakarta Stock Exchange.
EXELCOMINDO PRATAMA: Deploys Comptel Convergent Solution
--------------------------------------------------------
PT Exelcomindo Pratama Tbk has deployed Comptel Convergent
Mediation Solution. This Comptel solution was implemented in
collaboration with local system integrator Lintas Teknologi in
less than two months from contract to delivery, including the
delivery of the most critical part in just one month. The
Comptel Mediation Solution replaces another 3rd party solution
that had failed to meet XL's expectations.
XL, the third largest mobile operator in the fast growing
Indonesian market, was unable to obtain the results it needed
from its existing mediation solution.
Myra Junor, GM Corporate Communication XL explains: "Having
recently launched 3G services in Indonesia, we realized that we
need a state-of-the-art mediation solution that would offer us a
superior time-to-market. But we also needed the solution fast,
so rapid delivery was very important to us. We chose Comptel
and its partner Lintas Teknologi because of their excellent
track record of reliable delivery under very tight time
constraints. And they meet our expectations!"
At Excelcomindo, the Comptel Convergent Mediation Solution
deployment includes content and multimedia usage data collection
and processing from Cisco CSG and Ericsson MMSC.
Mika Korpinen,VP Sales for APAC region, concludes: "Over the
years, Comptel has built and enviable reputation in the APAC
region for fast and reliable delivery of critical solutions for
service providers. At Excelcomindo, and with the help of our
partner Lintas Teknologi, we have once again proved that we can
be trusted to deliver."
About Lintas Teknologi
Lintas Teknologi Indonesia(LT Indonesia), headquartered in
Jakarta, is a leading telecommunication solutions provider in
Indonesia. LT Indonesia provides network infrastructure
solutions to telecommunication network providers and
enterprises, as well as providing round-the-clock technical
support for products deployed in almost every province. LT
Indonesia supports customers in a rapidly changing marketplace
by quickly deploying high-quality, revenue-generating products.
The solutions cover a range of technologies including optical
networking, NGN solutions, broadband access, network software,
Messaging and mobility. LT Indonesia provides customers 7/24
support throughout Indonesia, as well as offering customers on-
site support, customized maintenance, and training programs.
About Comptel Corporation
Comptel provides Comptel Dynamic OSSTM solutions, offering
service-enabling mediation, charging and fulfillment
capabilities to telecom service providers. Comptel's expertise
in inventory, provisioning and activation, mediation and
charging empowers service providers to focus on delivering the
innovative services. Established in 1986, Comptel had a turnover
of EUR 80 million and around 550 employees in 2006. Comptel has
provided solutions to around 260 customers in 85 countries
worldwide.
About Excelcomidndo
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'. The Outlook remains Stable. At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.
A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating. The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama. This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive. At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama. The
outlook for the rating remains stable.
FOSTER WHEELER: Spanish Unit Inks Pact with Fundacion Ciudad
------------------------------------------------------------
Foster Wheeler Ltd. reported that a Spanish subsidiary of its
Global Power Group has signed an agreement with the Fundacion
Ciudad de la Energia for the technological development of an
oxycombustion process and carbon dioxide capture solution for a
coal-fired demonstration facility in Spain.
The signing of an agreement in August 2007 authorizes Foster
Wheeler to perform the initial phase of this project. The terms
of the agreement were not disclosed.
In the initial phase, Foster Wheeler will provide engineering
services and technical specifications and will review CIUDEN's
conceptual and basic design for the combustion island of the
facility. The combustion island will incorporate both
pulverized-coal and circulating fluidized-bed technology.
Operation of the facility is scheduled for mid-2009.
"We are pleased to be involved with this project, which is a
good example of the industry's proactive efforts to address CO2
emissions from coal-fired power plants," said Eric Svendsen,
chief executive officer, Foster Wheeler Energia, S.A. "The
CIUDEN platform will allow us to advance both PC and CFB
technologies in the area of oxycombustion for carbon capture and
will also provide for further technological research and
development of possible solutions to other energy and
environmental concerns."
The CIUDEN board said that it "wanted to work with Foster
Wheeler because of its outstanding coal-fired boiler
technologies. In addition, Foster Wheeler has full capabilities
in both power and process plant engineering and a major
engineering center in Madrid, all of which are very important
for our foundation."
CIUDEN is a Spanish foundation incorporated by the Ministry of
Education and Science, the Ministry of Industry, Trade and
Tourism and the Ministry of the Environment.
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'. The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006. The outlook is stable.
Asbestos Management Program
The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.
PERUSAHAAN LISTRIK: To Build 3 Geothermal Sites for PNOC Energy
---------------------------------------------------------------
PT Perusahaan Listrik Negara is in talks with PNOC Energy
Development Corp., Philippines' largest producer of geothermal
power, for the development of three geothermal sites in
Indonesia, the Philippine Daily Inquirer reports.
According to the report, Guillermo Balce, PNOC-EDC consultant
and former energy undersecretary, said the possible sites are in
Manado, Sumatra and Java. "We'll study an old prospect in
Manado. We actually want to develop just one area, but they're
offering us three areas. So we'll discuss those three areas,
see how we can work with them there," he adds.
Mr. Balce told the news agency that Indonesia wanted to have
20,000 megawatts of geothermal capacity by 2020. Mr. Balce,
however, admits that there was nothing concrete between PNOC-EDC
and Persero as talks were still on the exploratory level.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
* * *
The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.
At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating. The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.
Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable. At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.
=========
J A P A N
=========
ASHIKAGA BANK: FSA Narrows Down Bidders to Japan-Based Firms
------------------------------------------------------------
The Financial Services Agency is giving priority to Japanese
bidders for Ashikaga Bank, Ltd., as it enters into the final
process of selecting a buyer for the bank, sources revealed to
Kyodo News.
The Japanese bidders, according to the article, include a group
of regional banks led by the Bank of Yokohama, a team of Tochigi
Bank and Daiwa Securities Group Inc., the Nomura Securities Co.
group, and an investment fund group affiliated with Mizuho
Securities Co.
FSA, states Kyodo, is expected to ask two to four bidders to
appraise the assets of Ashikaga Bank in the final phase set to
commence soon, and to propose acquisition prices for final
negotiations.
Kyodo's sources further disclosed that with Tochigi prefectural
government repeatedly notifying the FSA of its opposition to the
sale of Ashikaga Bank to a foreign bidder, foreign groups have
since fallen back in the race as the FSA has emphasized the role
of the Ashikaga as Tochigi Prefecture's core bank for turning
around small local firms.
About Ashikaga Bank
The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area. The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices. It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.
* * *
Up to this date, Standard & Poor's Rating Service still holds
the BB+ rating for Ashikaga Bank's long-term foreign issuer
credit and long-term local issuer credit with a positive
outlook.
FIDELITY NAT'L: Moody's Confirms Ba1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
rating for Fidelity National Information Services, concluding a
review for possible downgrade initiated in June 2007. At the
same time, Moody's has assigned a Ba1 rating to the company's
US$900 million first lien senior secured revolving credit
facility, US$2.1 billion first lien senior secured term loan A,
and US$1.6 billion first lien senior secured term loan B. In
addition, Moody's upgraded Fidelity's notes rating (Certegy
notes due September 2008) to Ba1 from Ba2 as the notes will
become equally and ratably secured upon issuance of the US$1.6
billion term loan. Concurrently, Moody's downgraded the
company's speculative grade liquidity rating to SGL-2 from
SGL-1, due to reduced free cash flow as a result of the
additional debt associated with the current transaction.
Nevertheless, Moody's believes FIS maintains sufficient
liquidity overall. The rating outlook is stable.
The US$1.6 billion first lien senior secured term loan funded
FIS' acquisition of EFD/eFunds Corporation, a leading provider
of electronic funds transfer and prepaid card processing
services, an all-cash transaction valued at approximately US$1.8
billion. The transaction closed on Sept. 12, 2007. "The eFunds
acquisition provides FIS with service line diversity, expanding
its electronic funds transfer and risk management businesses",
according to John Moore, Vice President/Senior Analyst at
Moody's Investors Service.
FIS' Ba1 corporate family rating reflects the company's leading
market position within the bank and mortgage transaction
processing services markets it serves, its diversity of
financial institution clients, and its substantial size in terms
of pretax income compared to similarly rated peers. At the same
time, the rating is constrained by the company's weak leverage
and coverage metrics, pro forma for the transaction, and
propensity to grow through acquisitions. Pro forma for the
transaction, the company's ratio of debt to EBITDA approximates
over 3.0 while EBITDA less capital expenditures interest
coverage approximates 3.0.
The US$900 million revolver, US$2.1 billion term loan A and
US$1.6 billion term loan B are secured on a first lien basis by
substantially all stock and assets of the company and its
subsidiaries. Upon the issuance of the US$1.6 billion secured
term loan B, the company's existing 4.75% Certegy notes due
September 2008 will remain outstanding and will become equally
and ratably secured. The ratings for the secured credit
facility and the secured Certegy notes reflect both the overall
probability of default of the company, to which Moody's assigns
a probability of default rating of Ba1 and a loss given default
of LGD 3.
The stable rating outlook reflects the company's steady organic
growth in its banking and mortgage processing markets.
Ratings assigned:
-- US$900 million First Lien Senior Secured Revolving Credit
Facility assigned at Ba1 (LGD 3, 48%)
-- US$2.1 billion First Lien Senior Secured Term Loan A
assigned at Ba1 (LGD 3, 48%)
-- US$1.6 billion First Lien Senior Secured Term Loan B
assigned at Ba1 (LGD 3, 48%)
Rating upgraded:
-- US$200 million 4.75% (Certegy) notes due September 2008
upgraded to Ba1 (LGD 3, 48%) from Ba2 (LGD6, 95%)
Rating confirmed:
-- Corporate Family Rating confirmed at Ba1
-- Probability of Default Rating confirmed at Ba1
About Fidelity National
Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals. FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten. Nearly 50% of all US residential
mortgages are processed using FIS software. FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.
JVC CORP: To Cut 1,150 Jobs Via Early Retirement Program
--------------------------------------------------------
Victor Company of Japan, Limited, said that it will implement a
major workforce-downsizing program eliminating 1,150 jobs to
engineer its rehabilitation, reports Kyodo News.
Kyodo writes that the downsizing program was devised to
facilitate its revival plan based on its tie-up with Kenwood
Corp.
Along with this, Victor, commonly known overseas as JVC, will
offer incentive retirement benefits to workers who have spent 10
years or more at the company, relates Kyodo. JVC, according to
Kyodo, said it will solicit applications for the early
retirement program in the three weeks to mid-October.
The Kanagawa-based audio and electronics equipment maker
revealed that it will book a one-time loss of JPY11 billion to
finance the incentives-based program in the April-September
half, notes Kyodo.
Citing JVC, Kyodo conveys that the number of jobs to be removed
is equal to 18% of the company's parent-only workforce of 6,490.
In July, JVC and Kenwood had agreed to form a capital and
business alliance to revive JVC's consumer electronics business
and both companies further said that they will work together on
car and home electronics products, Kyodo states.
About JVC Corp.
Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others. The Company has five business
segments. The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems. The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors. The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts. The Software and
Media segment provides music and visual software and recording
media. The Others segment is engaged in businesses related to
interior furniture and production facilities. It has 96
subsidiaries and seven associated companies.
The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006. This is its fourth consecutive annual loss.
KOBE STEEL: Inks Joint Venture with Steel Dynamics
--------------------------------------------------
Kobe Steel, Ltd., is going ahead with a US$235-million iron-
making joint venture with Steel Dynamics, reports Steve James of
Reuters.
Mr. James writes that the joint project will involve Kobe's new
iron-nugget production technology known as ITmk3, where it will
be used by the Indiana-based steel producer's Mesabi Nugget
plant in Hoyt Lakes, Minnesota.
Along with the agreement which is subject to completion of
financing arrangements, Kobe Steel plans to invest US$20 million
in equity for a majority equity stake of 19%, while Steel
Dynamics intends to invest US$85 million in equity in the
venture and to hold an 81% equity interest, relates Reuters.
Steel Dynamics' chairman and chief executive of Fort, Wayne
Keith Busse, revealed to Mr. James that the project is expected
to produce 500,000 metric tons annually of iron nuggets and
start operating by the second quarter of 2009.
Mr. James further notes that iron nugget is a key raw material
for steel production.
About Kobe Steel
Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Ltd. -- http://www.kobelco.co.jp/english/corp/index.html-- is
one of Japan's leading steel makers, as well as the top supplier
of aluminum and copper products. Other businesses include
welding consumables, urban infrastructure and plant engineering
services, and industrial machinery.
Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.
As the Troubled Company Reporter-Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign and
local currency Issuer Default Ratings of Japanese steel-maker
Kobe Steel to BB+ from BB. At the same time, the agency
affirmed Kobelco's short-term IDR at B. The outlook on the
ratings is positive.
=========
K O R E A
=========
DAEWOO E&C: Bakrie & Brothers Asks US$550MM Fund for Project
------------------------------------------------------------
PT Bakrie & Brothers will ask Daewoo Engineering &
Construction Co. to provide US$550 million in vendor financing
for the US$1.2 billion Kalimantan-Java gas pipeline project,
Antara News reports.
According to the report, Finance Director Yuanita Rohali said
Bakrie & Brothers has prepared options to issue a bond valued at
US$550 million if its attempt to have vendor financing fails.
Mr. Rohali told the news agency that the loan from Daewoo is
equivalent to 435,000 tons of steel for the pipeline project.
They are just waiting for an offer from partner Daewoo, he
added.
Bakrie & Brothers was awarded the project by the Upstream Oil
and Gas Regulatory Agency in a tender in July 2006, defeating
PGN and PT Barata Indonesia, the report adds.
Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities. In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.
Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.
In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, dislosed a proposed auction of
the construction firm. Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.
The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea. The company's market value
rose 70% in 2005 to KRW4.5 trillion. Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue. Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.
GENEXEL-SEIN: To Acquire Land from Daedeok Techno Valley
--------------------------------------------------------
Genexel-Sein Inc. will acquire land from Daedeok Techno Valley
Co., Ltd, for KRW5,613,954,720, Reuters reports.
According to the report, the company will use the land to
construct current good manufacturing practice facilities and
research facilities for its new medicine.
Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators. Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.
On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.
MAGNA INT'L: Announces Purchase Offer Preliminary Results
---------------------------------------------------------
Magna International Inc. has announced the preliminary results
of its offer to purchase up to US$1,536,600,000 in value of its
Class A Subordinate Voting Shares, which expired at 5:00 p.m.
(Toronto time) on Sept. 20, 2007.
Magna has taken up and will purchase for cancellation all the
Class A Subordinate Voting Shares validly tendered pursuant to
the offer (11,908,421 shares), at a purchase price of US$91.50
per Class A Subordinate Voting Share. These shares represent
approximately 9.2% of Magna's outstanding Class A Subordinate
Voting Shares as of Sept. 20, 2007.
Magna and Computershare (the depositary under the offer) expect
the final determination of the number of Class A Subordinate
Voting Shares to be purchased for cancellation to be made on or
before Sept. 25, 2007. Payment for the Class A Subordinate
Voting Shares purchased pursuant to the offer will be made on
Sept. 25, 2007. The purchase will be funded from the proceeds
of the treasury issuance of 20,000,000 Class A Subordinate
Voting Shares pursuant to the plan of arrangement involving
Russian Machines, which was completed on Sept. 20, 2007.
Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
In South America, it has two operations in Brazil. The
company's capabilities include the design, engineering, testing
and manufacture of automotive interior systems; seating systems;
closure systems; metal body and chassis systems; vision systems;
electronic systems; exterior systems; powertrain systems; roof
systems; well as complete vehicle engineering and assembly. The
company has approximately 83,000 employees in 229 manufacturing
operations and 62 product development and engineering centers in
23 countries.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.
The company hopes to stem revenue loss by securing more
contracts from Asian manufacturers and reducing its dependence
on General Motors, Ford and DaimlerChrysler. According to Mr.
Van Alphen, Magna is working to increase its sales to Asian
manufacturers to 10% to 15% by 2010.
MAGNA INT'L: Unit Purchases Manufacturing Assets in Mexico
----------------------------------------------------------
Magna Car Top Systems, an operating unit of Magna International
Inc. has acquired certain manufacturing assets and equipment,
including a leased facility located in Toluca, Mexico. The
facility, now called Magna Car Top Systems de Mexico, S.A. de
C.V., manufactures and assembles convertible tops for several
General Motors vehicles including the Pontiac Solstice, Saturn
Sky and Opel GT.
"The facility expands our manufacturing footprint in North
America and the new operation enhances our current
capabilities," commented Klaus Striegel, president, Magna Car
Top Systems. "The addition of this Mexico facility is part of
Magna Car Top Systems' strategic expansion to be close to key
customer assembly facilities in the region."
The 276,000-square-foot facility, located just 40 miles west of
Mexico City, employs 309 people and its current capabilities
include stamping, machining, coating, cut & sew, welding and
convertible top final assembly.
About Magna Car Top Systems
Magna Car Top Systems is a global leader in the open-air roof
system market and designs, develops and manufactures vehicle
roof systems including retractable hardtops, softtops, panoramic
roof modules, and removable hardtops for OEM's world-wide from
the concept stage through to serial production.
About Magna International
Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly. The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.
===============
M A L A Y S I A
===============
ARK RESOURCES: Court Extends Restraining Order to Dec. 25
---------------------------------------------------------
Ark Resources Bhd disclosed with the Bursa Malaysia Securities
Bhd that it obtained on Sept. 25, 2007, from the High Court of
Malaya, Kuala Lumpur a further extension of the Restraining
Order for the company and its subsidiaries:
1. ARK Hartanah Sdn. Bhd. (fka Lankhorst Hartanah Sdn. Bhd.)
2. ARK M&E Sdn. Bhd. (fka Lankhorst M&E Sdn. Bhd.)
3. ARK Development Sdn. Bhd. (fka Rampai Budi-Jaya Sdn.
Bhd.)
The extension of the restraining order for the company and its
subsidiaries is valid for a period of 90 days -- from Sept. 25,
2007, to Dec. 25, 2007.
In addition, the High Court also granted a further extension of:
(i) 90 days -- from September 1, to November 29, 2007 --
for the Company to convene its creditors meeting; and
(ii) 90 days -- from Oct. 1, to Dec. 29, 2007 -- for
the Company to convene its shareholders meeting.
ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia. Through its
subsidiaries, the Company provides civil and geotechnical
engineering
On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005 category.
It is, therefore, required to submit and implement a plan to
regularize its financial condition.
AYER MOLEK: Mirra Gets Court's Nod to Reinstate Default Judgment
----------------------------------------------------------------
Mirra Sdn Bhd obtained the Court of Appeal's approval to
reinstate the default judgment against The Ayer Molek Rubber
Company Bhd on Sept. 18, 2007.
Subsequently, Ayer Molek's appeal before the Court to set aside
the wind-up order filed by Mirra was dismissed by the Court on
Sept. 20.
With the current updates, Ayer Molek's board of directors has
instructed its solicitors to apply for leave to appeal to the
Federal Court in respect of the default judgment obtained by
Mirra.
The company's solicitors have also been instructed to apply for
stay of the winding up order.
As reported in the Troubled Company Reporter-Asia Pacific, the
Kuala Lumpur High Court, on April 13, 2006, heard a wind-up
petition filed by Mirra against Ayer Molek.
Mirra asserted a MYR3,224,690 claim against Ayer Molek relating
to a Judgment in Default dated November 22, 2005, on account of
work done for Ayer Molek. The interest under the statement of
claim is at 8% per annum on MYR2,097,316, from March 24, 1999,
up to the full settlement of the claim.
Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market.
Ayer Molek has suffered recurring losses since the early 90s
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts. The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.
MANGIUM INDUSTRIES: Court Defers Unit's Wind-Up Petition Hearing
----------------------------------------------------------------
Mangium Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd that the hearing of the wind-up petition against
its unit, Mangium Sawmill Sdn Bhd, was moved to Nov. 1, 2007.
As reported by the Troubled Company Reporter-Asia Pacific on
August 8, 2007, Mangium Sawmill, has been served with a wind-up
petition by Standard Chartered Bank Malaysia Berhad. The wind-
up petition was filed with the High Court in Sabah and Sarawak
at Kota Kinabalu as Winding-Up Petition No. K28-45-2007 on July
13, 2007, and a copy was served on the company and its unit on
July 27.
Standard Chartered's petition was initially set to be heard on
Sept. 21, 2007.
Under the petition, Standard Chartered is claiming a demand
payment on a judgment dated December 7, 2001, for the sum of
MYR9,616,344.40 as at December 7, 2001, comprising
MYR8,907,178.24 being principal sum and MYR709,166.16 being
interest at the rate of 10.3% per annum.
About Mangium Industries
Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding. Operations of the Group are carried out in Malaysia.
The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital. As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.
Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million. Shareholders' deficit in the company totaled
MYR46.11 million.
STAR CRUISES: Shareholders Approve Apollo's US$1-Bil. Investment
----------------------------------------------------------------
Shareholders of Star Cruises had voted unanimously in favor of
Apollo Management LP's US$1 billion investment to acquire 50%
stake in its wholly owned subsidiary NCL Corp Ltd, The Edge
Daily reports.
According to the report, Apollo has various interests in
leisure, hospitality and entertainment industries and Star
Cruises is poised to benefit from the cash equity investment by
Apollo.
The proceeds from the investments will be used to refinance
NCL's existing debts, which in turn will greatly increase the
liquidity available to fund the continuation of the new
shipbuilding program that has seen the introduction of eight
purpose-built Freestyle Cruising ships in just six years.
Star Cruises Chairman and Chief Operating Officer Tan Sri K T
Lim said: "Apollo's investment is a clear indication of their
belief in NCL's potential, and is a powerful validation of our
achievements so far in growing NCL's fleet to become the
youngest and in providing a revolutionary 'Freestyle Cruising'
experience which has been very well received."
Star Cruises and Apollo also entered into a sub-agreement
relating to NCL's US-flagged Hawaii operations that came under
the NCL America (NCLA) brand, the paper relates.
The agreement is designed to support the business of NCLA in the
near term, and allow NCLA time to realize the benefits of
various measures recently implemented to raise revenue yields
and to lower crew turnover and payroll costs.
Star Cruises said the agreement provided for a deferred
distribution of US$500 million being made to Star Cruises by NCL
next year, as results of the recent measures materialized.
"Taken together with Apollo's US$1 billion payment for 50% of
the expanded equity, this added element of the transaction
implies an approximate pre-money enterprise valuation of NCL of
US$4 billion, based on US$2.5 billion of NCL net debt as at
March 31, 2007.
"The transaction will be completed once all of Star Cruises' and
NCL's bankers' consent have been received," it said.
Meanwhile, OSK Investment Research said the investment deal
would enable Star Cruises to capitalize on Apollo's strong
financial backing, and also leverage on its network.
About Star Cruises
Malaysia-based Star Cruises Limited --
http://www.starcruises.com/-- is a company publicly listed in
Hong Kong and is a core member of the Genting Group and 36.1%
owned by Resorts World, which is, in turn, 57.7% owned by
Genting Berhad. Star Cruises operates 22 ships with 35,000
lower berths under five main brands: Star Cruises and Cruise
Ferries, which service Asia Pacific, and three brands under NCL.
Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications. The ratings were placed on CreditWatch on Dec.
11, 2006, following the announcement that Genting International
PLC had won its SD$5.2 billion bid to build Singapore's second
integrated resort on Sentosa Island.
Moody's Investors Service, on August 20, 2007, put on review
theB1 corporate family rating of Star Cruises Limited with
direction uncertain.
The review has been prompted by the announcement that private
equity group, Apollo Management, LP, has agreed to make a US$1
billion cash investment in NCL for a 50% equity interest, with
SCL continuing to own the remaining 50% stake. Apollo will name
a majority of the NCL board while certain consent rights will be
retained by SCL. The cash proceeds will be used to repay NCL's
existing debts and fund upcoming new builds.
====================
N E W Z E A L A N D
====================
BLEAKHOUSE ROAD: Fixes Sept. 28 as Last Day to File Claims
----------------------------------------------------------
The creditors of Bleakhouse Road Limited are required to file
their proofs of debt by September 28, 2007, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 31,
2007.
The company's liquidator is:
John Michael Gilbert
c/o C & C Strategic Limited
Ponsonby, Auckland
New Zealand
Telephone:(09) 376 7506
Facsimile:(09) 376 6441
FIRST DATA: KKR & Co. Completes US$29-Billion Acquisition
---------------------------------------------------------
First Data Corporation disclosed the completion of its
acquisition by affiliates of Kohlberg Kravis Roberts & Co.
Under the terms of the merger agreement, the company's
stockholders will receive US$34 per share in cash. Shareholders
approved the transaction at a special meeting on July 31, 2007.
As reported in the Troubled Company Reporter on April 4, 2007,
First Data entered into US$29 billion buyout agreement with KKR,
which was unanimously approved by the First Data Board of
Directors based upon the recommendation of the Strategic Review
Committee comprised of three independent directors.
First Data stock ceased to trade on the New York Stock Exchange
(NYSE) at market close of Sept. 24, 2007. Under private
ownership, First Data's common stock will no longer be listed on
the NYSE.
With the transaction completed, Michael D. Capellas becomes
First Data's new chairman and CEO, replacing Ric Duques. Mr.
Duques has served as chairman and CEO since November 2005, and
previously served as chairman from 1992 to 2003 and CEO from
1987 to 2003. Mr. Capellas was previously CEO of MCI, President
of Hewlett-Packard Company and Chairman and CEO of Compaq
Computer Corporation.
New Management Team
The company also disclosed that all of its operations in the
U.S. will be led by Edward Labry and that it will combine the
company's Commercial Services and Financial Institution Services
segments. Mr. Labry has been serving as president of the
company's Commercial Services division.
First Data's international operations will be led by David Yates
and will continue to be organized regionally with a focus on
selling the company's suite of payments services to merchant and
financial institution clients outside of the United States. Mr.
Yates has been serving as president of the company's Europe,
Middle East and Africa region.
To further strengthen and support the senior management team,
Tom Bell has joined the company as Executive Vice President and
Chief Strategy Officer. Mr. Bell will assume primary
responsibility for corporate strategy and the company's high
growth areas for innovation. Mr. Bell joins First Data after 25
years at Accenture where he served as Managing Director in the
Communications & High Tech practice.
Grace Chen Trent also has joined First Data as Executive Vice
President for Marketing and Communications. Ms. Trent will
assume responsibility for the company's integrated marketing,
brand and communication programs worldwide. Ms. Trent was most
recently Senior Vice President of Communications for MCI.
First Data executive officers that will continue in their
current roles are:
-- Peter Boucher, Executive Vice President, Human Resources;
-- David Dibble, Executive Vice President, Chief Technology
Officer;
-- Dave Money, Executive Vice President, General Counsel;
and
-- Kim Patmore, Executive Vice President, Chief Financial
Officer.
"First Data begins a new era as a private company," Mr. Capellas
said. "The strength and experience of this new management team
combined with our leading market position will serve as a
critical foundation for what will be the next generation of
First Data. Our new simplified company structure will allow us
to be more customer-focused, more innovative and faster to
market with new products. Our goal is to transform from being
the largest payments processor to a leading-edge technology
services provider in the expanding world of electronic and
mobile commerce."
"First Data is very fortunate to have a solid foundation of
strong financial performance, a market leading position and a
long list of great clients around the world," KKR Member Scott
Nuttall added. "We look forward to supporting Michael and the
rest of the management team in the years ahead to extend that
leadership position and capitalize on the worldwide trend toward
electronic payments."
"After 18 years with the company, I am stepping down knowing
that First Data's future is in extremely capable hands," Mr.
Duques said. "Our new CEO, Michael Capellas, together with the
support of KKR, will build upon our existing strengths to
deliver the advanced services our clients will require in the
years ahead."
"Ric Duques has served as the essential architect behind First
Data's emergence as the world's leading payments processor for
two decades," Mr. Capellas continued. "On behalf of everyone at
First Data, I want to thank him for his tremendous leadership
and we wish him the very best in his retirement."
About First Data
Headquartered in Greenwood Village, Colorado, First Data Corp.
(NYSE: FDC) -- http://www.firstdata.com/-- provides electronic
commerce and payment solutions for businesses worldwide
including those in New Zealand, the Netherlands and Mexico. The
company's portfolio of services and solutions includes merchant
transaction processing services; credit, debit, private-label,
gift, payroll and other prepaid card offerings; fraud protection
and authentication solutions; receivables management solutions;
electronic check acceptance services through TeleCheck; well as
Internet commerce and mobile payment solutions. The company's
STAR Network offers PIN-secured debit acceptance at 2 million
ATM and retail locations.
* * *
As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned to First Data Corporation a
B2 Corporate Family Rating and Ba3 rating to senior secured
credit facilities related to its acquisition by Kohlberg,
Kravis, Roberts & Co. The rating outlook for the new ratings is
stable.
Standard & Poor's Ratings Services lowered its corporate credit
rating on Greenwood Village, Colorado-based First Data Corp. to
'B+' from 'BB+' and removed the rating from CreditWatch, where
it was placed on April 2, 2007, with negative implications. The
outlook is negative.
Upon conclusion of its review of First Data Corp.'s new capital
structure for the expected close of its leveraged buy-out
transaction with Kohlberg Kravis Roberts & Co.'s, Fitch Ratings
has taken these rating actions on FDC: Long-term Issuer Default
Rating downgraded to 'B+' from 'BBB' and removed from Rating
Watch Negative; US$2 billion senior secured revolving credit
facility due 2013 rated 'BB/RR2'; and US$13 billion senior
secured term loan B due 2014 rated 'BB/RR2'. The Rating Outlook
is Stable.
GUELPH ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 1
------------------------------------------------------------
A petition to have the operations of Guelph Enterprises Ltd.
wound up will be heard before the High Court of Wellington on
October 1, 2007, at 10:00 a.m.
John Green & Associates Limited filed the petition on June 7,
2007.
John Green's solicitor is:
Peter C. Gilbert
Dransfield House, 335 Willis Street
PO Box 2420, Wellington
New Zealand
Telephone:(04) 385 2507
Facsimile:(04) 385 2505
MILK & 2 SUGARS: Shareholders Resolve to Wind Up Operations
-----------------------------------------------------------
The shareholders of Milk & 2 Sugars Ltd. met on September 4,
2007, and resolved to voluntarily wind up the company's
operations.
Creditors whose proofs of debt are not in by October 11, 2007,
will be excluded from the company's dividend distribution.
The company's liquidator is:
Lyle Richmond Irwin
Prince & Partners
PO Box 300662, North Shore Mail Centre
New Zealand
Telephone:(09) 414 6262
Facsimile:(09) 414 6263
e-mail: office@prince.co.nz
NORTHRIDGE CONSTRUCTION: Court to Hear Wind-Up Petition Today
-------------------------------------------------------------
The High Court at Auckland will hear today, September 27, 2007,
at 10:45 a.m., a petition to have the operations of Northridge
Construction Ltd. wound up.
The petition was filed by the Commissioner of Inland Revenue on
June 25, 2007.
The CIR's solicitor is:
Justine S. T. Berryman
c/o Inland Revenue Department
Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116
PALLADIUM PROPERTIES: Taps John Michael Gilbert as Liquidator
-------------------------------------------------------------
John Michael Gilbert was appointed liquidator of Palladium
Properties Limited on August 31, 2007.
Mr. Gilbert is accepting creditors' proofs of debt until
September 28, 2007.
The Liquidator can be reached at:
John Michael Gilbert
c/o C & C Strategic Limited
Ponsonby, Auckland
New Zealand
Telephone:(09) 376 7506
Facsimile:(09) 376 6441
QT HOSPITALITY: Court to Hear Wind-Up Petition on Oct. 3
--------------------------------------------------------
A petition to have the operations of QT Hospitality Ltd. wound
up will be heard before the High Court of Invercargill on
October 3, 2007, at 10:00 a.m.
Terrace Distributors (1985) Limited filed the petition on
August 15, 2007.
Terrace Distributors' solicitor is:
L. A. Clement
PO Box 36636, Merivale
Christchurch
New Zealand
Telephone:(03) 354 2920
Facsimile:(03) 354 2930
ROYALE PASSENGER: Court to Hear Wind-Up Petition on Oct. 1
----------------------------------------------------------
The High Court of Christchurch will hear on October 1, 2007, at
10:00 a.m., a petition to have the operations of Royale
Passenger Transport Ltd. wound up.
Cropp Farm Limited filed the petition on August 24, 2007.
Cropp Farm's solicitor is:
A. M. O'Connor
c/o R. A. Fraser & Associates
Level 2, 151 Worcester Street
PO Box 163, Christchurch
New Zealand
SPRAGGS SUPPLY: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On June 25, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Spraggs Supply, Fix and Stop
Ltd. wound up.
The petition will be heard before the High Court of Auckland on
September 27, 2007, at 10:45 a.m.
The CIR's solicitor is:
Justine S. T. Berryman
c/o Inland Revenue Department
Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116
TYLOS ONE: Faces CIR's Wind-Up Petition
---------------------------------------
The Commissioner of Inland Revenue filed on June 29, 2007, a
petition to have the operations of Tylos One Ltd. wound up.
The petition will be heard before the High Court of Auckland on
October 4, 2007, at 10:00 a.m.
The CIR's solicitor is:
Simon John Eisdell Moore
c/o Meredith Connell
Forsyth Barr Tower, Level 17
55-65 Shortland Street
PO Box 2213, Auckland
New Zealand
Telephone:(09) 336 7556
=====================
P H I L I P P I N E S
=====================
ALLIED BANKING: Forges Home Financing Partnership Deal with Eton
----------------------------------------------------------------
Allied Banking Corp. has entered into a partnership with sister
company Eton Properties Phils. Inc. to offer home mortgage
financing rates that are lower the 8.5% industry standard, the
Philippine Daily Inquirer reports.
The partnership will offer rates at 5.5%-8.38%, at 5-year, 10-
year, 15-year and 20-year terms to interested homebuyers at
fixed interest rates, Allied Bank President Reynaldo Maclang
said.
The financing will initially be offered exclusively to buyers of
Eton's twin tower residential project in Ortigas, which are
named "the Eton Emerald Lofts."
Allied Banking Corporation -- http://www.alliedbank.com.ph/--
is a universal bank incorporated in the Philippines on April 4,
1977. The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients. Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services. In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.
Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.
BSP: Market Recovery Won't Cause Problematic Surges, Report Says
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas is confident that there won't be
any problematic surges in liquidity or sudden withdrawals due to
the recovery of the financial market, a report by the Philippine
Star says.
PhilStar cites BSP Governor Amando M. Tetangco Jr. as saying
that the market turmoil in the US housing market did not do as
much damage as expected, and said that the M3 growth rate of
below 20% is consistent with the Philippines' economic target.
The Philippine stock market was not spared of the risk aversion
caused by the collapse of the US subprime market, Mr. Tetangco
said, but the pulling out of foreign investors was not a massive
exodus that could potentially cause shits in overall domestic
liquidity.
"There was a net outflow of funds during that time but a lot of
these funds just shifted to other instruments," the BSP Governor
explained.
According to the report, the stock market had a growth in
inflows after the U.S. Federal Reserve Board reduced its
headline policy rates, resulting in a PHP45 per US$1 trading
rate in the local currency. Mr. Tetangco said it is indicative
of the investors' continued interest to invest in the
Philippines.
Fund managers are differentiating between markets based on
economic fundamentals, a result of which was to keep portfolio
investments in the Philippines, Mr. Tetangco revealed. This
mitigated the drastic impact of sudden withdrawal or surges in
inflows on domestic liquidity growth, he added.
The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines. It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993. BSP took over from the Central Bank of Philippines as the
country's central monetary authority. Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.
The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.
Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.
Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.
BANGKO SENTRAL: Allows Locals Higher Limit on Foreign Investment
----------------------------------------------------------------
Local firms can now pursue outward investments of up to
US$12 million every year without needing to obtain the Bangko
Sentral ng Pilipinas' approval after the central bank increased
its limit on such investments from US$6 million to
US$12 million, the Philippine Daily Inquirer reports.
If the amount exceeds the limit, then the resident must seek
prior BSP approval and must register the funds if they are to be
obtained from local banks, the Inquirer added.
According to the report, BSP actually wanted to raise the limit
to US$20 million but certain Monetary Board members pushed for a
slower liberalization.
Allowing local firms to explore more investment opportunities
overseas is one of the measures adopted by the BSP to ease
upward pressures on the peso caused mainly by the strong inflows
of foreign investments and remittances from overseas Filipino
workers since the start of the year, the Inquirer says.
The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines. It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993. BSP took over from the Central Bank of Philippines as the
country's central monetary authority. Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.
The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.
Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.
Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.
CHINA BANKING: To Start Selling Manulife Insurance Items in Oct.
----------------------------------------------------------------
China Banking Corp. and the Manufacturers Life Insurance Co. are
aiming to start operating their joint venture, Manulife China
Bank Life Assurance Corp., by the first week of October,
BusinessWorld reports.
According to the report, Manulife-trained sales staff will begin
selling Manulife products in all Metro Manila China Bank
branches and in selected provincial branches for the first phase
of the operation. The venture will then begin selling to all
nationwide branches by November 2009 as part of the second
phase.
China Banking Corporation -- http://www.chinabank.com.ph/-- is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.
China Bank has 140 branches and 166 Automated Teller Machines
nationwide.
* * *
The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.
CHIQUITA BRANDS: Names Howard Baker to Board of Directors
---------------------------------------------------------
Chiquita Brands International Inc.'s board of directors has
decided to increase its size from seven to eight members and has
elected Howard (Skip) W. Barker, Jr. to fill the new position.
Mr. Barker, who brings more than 30 years of experience in
finance and accounting practices, will also serve as a member of
the company's audit committee.
"We are delighted to welcome Skip to Chiquita's board," said
Fernando Aguirre, chairman and chief executive officer. "His
leadership and extensive finance and audit skills accentuate an
already strong group of independent board members whose vision
and experience will continue to advance Chiquita's sustainable
growth strategy."
"Chiquita is an exciting company that is becoming a global
leader in branded, healthy, fresh foods," Mr.Barker said. "I
look forward to adding my experience and joining Chiquita's
board to work with this management team."
Mr. Barker's accounting career spanned 30 years with KPMG LLP,
where he became a partner in 1982 and served as the firm's
partner-in-charge of several departments, including business
development; mergers and acquisitions, information,
communications and entertainment businesses; and executive
education. Mr. Barker retired from KPMG in 2002, and since
2003, he has served on the boards of directors at Medco Health
Solutions, Inc., and priceline.com Incorporated. He is chairman
of the audit committees at both companies.
Mr. Barker is a member of several professional societies,
including the American Institute of Certified Public
Accountants, the Connecticut Society of Certified Public
Accountants and the Florida Society of Certified Public
Accountants.
In addition to Messrs. Aguirre and Barker, the board includes:
a) Morten Arntzen, president and chief executive officer for
Overseas Shipholding Group, an oceangoing vessel operator;
b) Robert W. Fisher, a private investor with more than 35
years senior management experience at various banana
companies;
c) Clare M. Hasler, executive director of the Robert Mondavi
Institute for Wine and Food Science at the University of
California at Davis;
d) Durk I. Jager, former chairman, president and chief
executive officer at the Procter & Gamble Co.;
e) Jaime Serra, senior partner of Serra Associates
International, a consulting firm in law and economics, and
Mexico's former secretary of finance and secretary of
trade and industry; and
f) Steven P. Stanbrook, president, developing markets
platform at S.C. Johnson & Son, Inc.
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.
* * *
As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv) US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%). Moody's changed the rating outlook for
Chiquita Brands to negative from stable.
Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review. Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.
PHIL NAT'L BANK: Deploys i-Flex Business Software to Local Units
----------------------------------------------------------------
The Philippine National Bank is in the second phase of deploying
the business software that it acquired from Indian firm i-Flex
solutions, the Philippine Daily Inquirer reports.
Called FlexCube, the software covers corporate and retail
banking, trade and finance, and mobile banking, i-Flex Chief
Operating Officer A. Srinivasan told the Inquirer.
According to the article, the software is already deployed in
six of PNB's international branches, but deployment is still
ongoing for its more than 350 domestic branches.
Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units. Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance. Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services. It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.
* * *
The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Philippine National Bank's foreign currency long-term deposit
rating of B1, local currency senior debt rating of Ba2, and
local currency subordinated debt rating of Ba3 to stable from
negative.
The TCR-AP also reported that Standard and Poor's Ratings
Services gave PNB 'B' Short-Term Foreign Issuer Credit and
Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings effective as of April 26, 2006.
* Higher U.S. Inflation May Damage Philippines in the Long Run
--------------------------------------------------------------
The rate cut by the United States Federal Reserve this month
along with other rate cuts in the future could lead to higher
inflation in the US that could hurt the Philippines in the long
run, the treasurer for HSBC's local unit Jose Arnulfo Veloso
told BusinessWorld.
"When they cut interest rates, there is a potential... for
inflation to rise," Mr. Veloso said during an economic briefing
on Tuesday. Mr. Veloso further added that with the rate cuts,
"there will be less opportunities for the rest of the world"
because "the US [is] everybody's major trading partner."
Although prospects for remittances by overseas Filipino workers
remain optimistic, a slowdown in the American economy might
affect dollar inflows, Mr. Veloso warned, since 54% of OFW
remittances come from the United States.
According to the article, the speculations of further rate cuts
in the US within the year is generating weak sentiment on the
greenback as investors opt for higher-yielding assets instead.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
* Finance Dept. Expects Higher Interest Savings for 3rd Quarter
---------------------------------------------------------------
The Philippine National Government expects higher savings on its
PHP96.739 billion interest expenses for the third quarter ending
this month, the Department of Finance told the Manila Bulletin.
According to the Bulletin, this month's programmed interest
payments is at PHP29.13 billion. The government had claimed to
have saved PHP25 billion in interest last month, helping to trim
the programmed budget deficit for August.
Actual expenditures program for the third quarter is at
PHP301.685 billion, and targeted total revenues are at
PHP278.993 billion. Expected tax revenues is at PHP225.918
billion, the article said.
The Department of Finance is also expecting higher interest
savings for this year, predicted to be at PHP40 billion as
compared to last year's PHP30 billion.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
* July Imports Grow 14.3% Year-on-Year, Breaks US$5-Billion Mark
----------------------------------------------------------------
The Philippines' imports for July exceeded the US$5-billion mark
due to double digit growth in purchases of electronic inputs,
cereals, petroleum and chemicals, the Manila Standard reports.
Imports grew 14.3% year-on-year to US$5.042 billion this year
from US$4.412 billion last year, the article relates.
The monthly trade deficit in July ballooned up to US$854
million, the largest after April 2005's US$867-million deficit
and 115% higher than July 2006's US$396-million deficit, the
Standard notes. Trade deficit for the January-July period
reached US$1.629 billion, which is US$2.131-billion deficit for
the comparable period in 2006, due to a 6.3% growth in exports
to US$28.725 billion and a 4.1% increase in imports to US$30.355
billion.
According to data, the Philippines increased its imports of
electronics by 12.8% year-on-year to US$2.152 billion,
comprising 42.7% of the imports total in July. This is
indicative of companies making advance inventory purchases ahead
of Christmas, analysts told the Standard.
Petroleum importations also grew 44.3% in July, reaching
US$1.030 billion, driven by the high volume of importation of
crude petroleum oils and motor spirit, the National Statistics
Office's data show. Cereals and cereal preparation imports
surged as well by 59.6% to US$170.70 million due to growth in
rice and corn importation, the NSO added.
According to the Standard, other top imports in July include:
industrial machinery and equipment for US$190.13 million,
transport equipment at US$162.2 million, iron and steel at
US$121.56 million, garments and textiles at US$101.30 million,
chemicals at US$97.03 million, plastics at US$92.11 million, and
telecom equipment and electrical machinery at US$79.23 million.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
=================
S I N G A P O R E
=================
AVAGO TECHNOLOGIES: To Reduce 400 Employees in Asia
---------------------------------------------------
Avago Technologies will reduce its workforce, primarily in Asia,
by approximately 400 employees, as part of its manufacturing
outsourcing program.
As a result, the company expects to record a cash charge between
US$5 million and US$7 million during its fourth fiscal quarter,
ending October 31, 2007.
About Avago Tech
Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide. Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers. The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.
Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.
Avago Technologies is the successor to the Semiconductor
Products Group of Agilent. Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, Standard & Poor's Ratings Services assigned
Avago with 'B' corporate credit rating with positive
implications reflecting the company's operational stability,
despite challenging market conditions, and leverage measures
that are strong for the rating.
INSURE SHOP: Court to Hear Wind-Up Petition on October 5
--------------------------------------------------------
The High Court of Singapore will hear on October 5, 2007, at
10:00 a.m., a petition to have the operations of Insure Shop
Insurance Agency Pte Ltd wound up.
The petition was filed by Texas Hong Weilun on Sept. 12, 2007.
Texas Hong's solicitor is:
Rodyk & Davidson LLP
No 80 Raffles Place
#33-00 UOB Plaza 1
Singapore 048624
GP EXPRESS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered on September 7, 2007, an
order directing the wind up of GP Express Cargo Pte Ltd's
operations.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118
===============
T H A I L A N D
===============
ARVINMERITOR INC: UAW's Strike Prompts Fitch's Negative Watch
-------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:
General Motors Corp.
-- IDR 'B';
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.
American Axle & Manufacturing, Inc.
-- IDR 'BB';
-- Senior unsecured bank facility 'BB';
-- Senior unsecured 'BB'.
American Axle Manufacturing Holdings Inc.
-- IDR 'BB'.
ArvinMeritor Inc.
-- IDR 'BB';
-- Senior secured 'BB+';
-- Senior unsecured 'BB-'.
Tenneco, Inc.
-- IDR 'BB-';
-- Senior secured bank facility 'BB+';
-- Senior secured notes 'BB';
-- Subordinated 'B'.
Hayes-Lemmerz International, Inc.
-- IDR 'B'.
Hayes Lemmerz Finance - Luxembourg S.A
-- IDR 'B'.
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.
HLI Operating Company, Inc.
-- IDR 'B'.
The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry. Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.
Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions. The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales. A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.
Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements. The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM. The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events. Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.
The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term. Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital. Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly. The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term. In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.
Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.
Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets. The company employs approximately 19,000
people in 25 countries. These countries include: China, India,
Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary,
Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom,
among others. ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.
BANK OF AYUDHYA: GE Capital Buys Additional 164.340 Mil. Shares
---------------------------------------------------------------
GE Capital Investment Holdings Corp. has purchased an additional
164,340, 224 capital increase ordinary shares in the Bank of
Ayudhya PCL at a price of THB16 per share, totaling
THB2.629 billion.
GECIH now holds 2 billion shares of the bank, which is
equivalent to 34.92% of the total 5.726 billion shares sold.
The purchase resulted in a 2.87% dilution of shares held by
existing stockholders of the Bank.
Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services. The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches. It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.
Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.
DOLE FOOD: Lettuce in Salad Mix Mostly Came from California
-----------------------------------------------------------
Businessweek.com reports that majority of the lettuce in a salad
mix Dole Food Co. recalled from Canadian and the US stores come
from the Central California region that produced the spinach
involved in a deadly E. coli outbreak in 2006.
According to Businessweek.com, Dole Food recalled the salad bags
in at least nine states after a sample taken from a Canadian
store was found positive for E. coli.
Doel Food officials told Businessweek.com that romaine and green
leaf lettuce from the Salinas Valley made up part of the
company's Hearts Delight mix.
The lettuces were mixed with romaine from Colorado and butter
lettuce from Ohio at a Dole Food processing plant in
Springfield, Ohio, on Sept. 6, 2007. However, no illnesses
linked to the product were reported, Businessweek.com states.
Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods. The company has four
primary operating segments. The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide. The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia. The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods. Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.
* * *
As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3. Moody's said
the outlook was stable.
On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.
LIVING LAND: Rehab Administrator Appoints New Managing Director
---------------------------------------------------------------
Living Land Capital PCL's rehabilitation plan administrator has
approved the appointments of a new managing director and one
independent director.
According to a disclosure with the Stock Exchange of Thailand,
the administrator approved the appointments of Pathrlap
Davivongsa as managing director, and Pravit Khaonoo as
independent director.
The appointments are effective starting October 1, the
disclosure added.
Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million. Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.
The company is currently undergoing rehabilitation. The Court
had approved the Restructuring Plan according to Bankruptcy
legislation B.E.2483 Act. 90/58 dated September 25, 2007, and
the edition of the Plan No.1 dated June 7, 2007. The company
expects to thoroughly implement the Plan and complete it by the
end of 2007.
Living Land is in the Non-Performing Group, but still has a
listed status.
LIVING LAND: Buys 100% of Tangerine Property for THB50 Million
--------------------------------------------------------------
Living Land Capital PCL has acquired 500,000 common shares in
Tangerine Property Co. Ltd. with par value of THB100 per share,
for a total price of THB50 million.
According to the disclosure, the amount represents 100% of
TGPP's paid-up registered capital. The transaction has been
executed by promissory note.
TGPP is a real estate developer, whose four major shareholders
are also directors in the company. TGPP current's project is a
resort in Koh Samui island.
Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million. Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.
The company is currently undergoing rehabilitation. The Court
had approved the Restructuring Plan according to Bankruptcy
legislation B.E.2483 Act. 90/58 dated September 25, 2007, and
the edition of the Plan No.1 dated June 7, 2007. The company
expects to thoroughly implement the Plan and complete it by the
end of 2007.
Living Land is in the Non-Performing Group, but still has a
listed status.
LIVING LAND: Buys 100% of Nantapod Co. Ltd. for THB72 Million
-------------------------------------------------------------
Living Land Capital PCL has acquired 721,000 common shares in
Nantapob Co., Ltd. with par value of THB100 per share, for a
total price of THB72.1 million.
According to the disclosure, the amount represents 100% of NTP's
paid-up registered capital. The transaction has been executed
by promissory note.
NTP is a real estate developer, whose two major shareholders are
also directors in the company.
Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million. Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.
The company is currently undergoing rehabilitation. The Court
had approved the Restructuring Plan according to Bankruptcy
legislation B.E.2483 Act. 90/58 dated September 25, 2007, and
the edition of the Plan No.1 dated June 7, 2007. The company
expects to thoroughly implement the Plan and complete it by the
end of 2007.
Living Land is in the Non-Performing Group, but still has a
listed status.
*********
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 ***