T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, October 16, 2007, Vol. 10, No. 205 Headlines A U S T R A L I A AVE BUILDING: Members & Creditors to Meet on Oct. 18 BELL'S SELF: Liquidator to Give Wind-Up Report on October 23 CAPTIVATING HOMES: Will Declare First Dividend on October 19 CREATIVE VENTURES: To Declare First Dividend on Oct. 26 D.K.S. ENGINEERING: Members and Creditors to Meet on Oct. 24 DCS-DU PTY: Inability to Pay Debts Prompts Wind-Up F. R. SUTHERLAND: Members to Receive Wind-Up Report on Oct. 29 FIJOLIN PTY: Members Agree on Voluntary Liquidation GLENNRAE PTY: Will Declare First Dividend on Nov. 9 GLENTIME (NO 1): Members to Hold Final Meeting on Oct. 19 H G A INVESTMENTS: Liquidator to Give Wind-Up Report on Oct. 29 ITRON INC: Provides Details on 2.50% Convertible Senior Notes KENTISH & SONS: Placed Under Voluntary Liquidation KENTISH HOLDINGS: Undergoes Liquidation Proceedings KENTSMITH DOWNS: Commences Wind-Up Proceedings LLB PTY: Members' Final Meeting Set for October 23 PACELYN PTY: Declares First and Final Dividend PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO POIX PTY: Final Meeting Set for October 19 REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand SAFE-WASTE INDUSTRIES: Will Declare Dividend on October 18 WEIS INVESTMENTS: Enters Wind-Up Proceedings ZAMPROP PTY: Members Agree on Voluntary Liquidation ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO * Moody's Says Rating Outlooks for Australian Banks Stable * AU LPTs Not Immune From Global Repricing Of Risk, S&P Says C H I N A & H O N G K O N G ACA TRADING: Creditors' Meeting Set for Oct. 16 ASIA ALUMINUM: S&P Cuts Ratings to B+ on Poor FY 2007 Results BOE TECHNOLOGY: Inks Deal to Set Up JV with Chengdu Hi-tech BR LIMITED: Liquidators Quit Post CHINA PROPERTIES: Looks to Bankroll on Land Acquisitions CHONGQING CHANGAN: Ford Expands Joint Venture Production DAEWOO DIGITAL: Shareholders Resolve to Liquidate Business DANA CORP: Amends Centerbridge Capital Investment Agreement DATUM NETWORKS: Creditors' Meeting Set for October 18 DONG KUEN: Taps Sutton and Chiong as Liquidators ENCHANTING INVESTMENT: Creditors' Proofs of Debt Due on Oct. 26 FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti GILAT SATELLITE: Chung and Chan Quit as Liquidators GRAND PALACE: Placed Under Voluntary Liquidation HANG FUNG: Moody's Keeps Ba3 Ratings Amid Bond Issue Completion HANG SHUN: Inability to Pay Debts Prompts Wind-Up HUA HIN: Philip Brendan Gilligan Quits Liquidator Post HYUNDAI DIGITAL: Shareholders Agree on Voluntary Liquidation INSTANT-DICT: Liquidators Quit Post JABIL CIRCUIT: Gets BB+ from Fitch on Loan Refinancing Plan JINGLEWOOD COMPANY: Court to Hear Wind-Up Petition on Dec. 5 KEYS LIMITED: Members Agree on Voluntary Liquidation LANDWIDE DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 30 PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators PROFIT CONTAINER: Sets Final Meetings for November 12 SABW CORPORATE: Creditors' Proofs of Debt Due on November 1 SOFMAP COMPANY: Appoints Lau Siu Hung as Liquidator UNION MARK: Tam Kan Wing Quits as Liquidator ZTE CORP: Brazil's Transit Buys Microwave Radio I N D I A AES CORP: Fitch Rates US$2 Billion Senior Notes at BB AES CORP: Moody's Affirms B1 Corporate Family Rating AXIS BANK: Books INR2.28-Bil. Profit in Qtr. Ended Sept. 30 BALLARPUR INDUSTRIES: Board to Consider Q1 Results on Oct. 25 IFCI LTD: Board to Propose Conversion of Debt to Equity IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007 I N D O N E S I A ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom BERLIAN LAJU: Fitch Gives BB- Long-Term Issuer Default Rating HILTON HOTEKS: Amends 8% Quarter Interest Bonds Tender Offering J A P A N JAPAN AIRLINES: 1,710 Workers to Avail of Early Retirement Plan MITSUKOSHI LTD: Hopes to Jointly Earn JPY75BB in 2013 w/ Isetan SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable TOKYO DOME: JCR Affirms BB+ Sr. Debt Rating with Stable Outlook * Moody's Upgrades Japan's Rating to A2 * Fitch: Consumer Finance Liquidity Not as Inhibited as Reported K O R E A ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel EDS CORP: Former Mexican Pres., Dr. Ernesto Zedillo Joins Board REMY WORLDWIDE: Gets Interim Court Nod on US$160MM DIP Financing M A C A U GALAXY CASINO: Moody's Affirms B1 Ratings; Outlook Stable M A L A Y S I A SATERAS RESOURCES: Failure to File Financials Prompts Delisting SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31 N E W Z E A L A N D AIR NEW ZEALAND: Not Acquiring Stake in Australia's Virgin Blue ALPINE PACIFIC: Creditors' Proofs of Debt Due on Oct. 25 AUCKLAND RESIDENTIAL: Faces Rixon Contracting's Wind-Up Petition BRIDGECORP: Group Calls Disgruntled Investors to Oct. 25 Meeting CREATIVE PLAY: Court to Hear Wind-Up Petition on Nov. 8 EMPOWER TRANSPORT: Shareholders Resolve to Liquidate Business EXCEPTIONAL INVESTMENTS: Commences Liquidation Proceedings HARPER BUILDERS: Court Hears Wind-Up Petition IBS GROUP: Court Sets Wind-Up Petition Hearing for Dec. 13 K & T RENATA: Fixes October 18 as Last Day to File Claims KING PANELBEATERS: Subject to CIR's Wind-Up Petition MANAIA BUILDERS: Creditors' Proofs of Debt Due on Oct. 18 MCM QUALITY: Court Sets Wind-Up Petition Hearing for Nov. 8 OPALNET LTD: Appoints John Francis Managh as Liquidator RIFLE RANGE: Commences Liquidation Proceedings ROYCROFT AUTOMOTIVE: Fixes October 31 as Last Day to File Claims S.M.D. BRICKLAYERS: Creditors' Proofs of Debt Due on Oct. 26 SJG CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 18 SKYBAUX ENTERPRISES: Accepting Proofs of Debt Until Oct. 19 SOLWAY CONSTRUCTION: Subject to Byrne's Wind-Up Petition SPENCER & CASH: Faces Fisherton's Wind-Up Petition VUSION PACIFIC: Appoints Levin and Jordan as Liquidators P H I L I P P I N E S APC GROUP: Seeks to Ink Joint Venture Deals with Foreign Firms BANGKO SENTRAL: Opts Not to Impose Restrictions on Forex Inflows BANGKO SENTRAL: Rate Cut Signals Stable Economy, Officials Say BANGKO SENTRAL: Liquidity Hikes May Cue High Deposit Requirement JG SUMMIT: Acquires Milk Manufacturing Plant for PHP509 Million * Government Eyes PHP5.891-Bil. Additional Income from Sin Taxes * Tax Agency Admits Inability to Recover First Half Revenue Gap S I N G A P O R E ADVANCED SYSTEMS: Asti Holdings Lowers Stake of Deemed Shares AVAGO TECH: Increases Revolving Credit Facility by US$125 Mil. FROEBEL ACADEMY: Court Enters Wind-Up Order JOHNSON INDUSTRIES: To Pay Second Interim Dividend on Oct. 19 KSP CORPORATION: Court to Hear Wind-Up Petition on Oct. 19 LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mil. LEVI STRAUSS: Fitch Assigns 'BB+' to Revolving Credit Facility SEA CONTAINERS: Earns US$11,158,734 in Month Ended August 31 T H A I L A N D ITV PCL: Awaits Decision from Prospective Buyer of Shares in ITV * Moody's Says Demand Helps Offset Price Declines in Tech Sector * BOND PRICING: For the Week 15 October to 19 October 2007 - - - - - - - - ================= A U S T R A L I A ================= AVE BUILDING: Members & Creditors to Meet on Oct. 18 ---------------------------------------------------- The members and creditors of Ave Building Services Pty Ltd will hold their final meeting on October 18, 2007, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. At the meeting, P. Newman, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: P. Newman HLB Mann Judd Chartered Accountants Level 1, 160 Queen Street Melbourne, Victoria 3000 Australia Telephone:(03) 9606 3888 About Ave Building Ave Building Services Pty Ltd provides building cleaning and maintenance services. The company is located at Port Melbourne, in Victoria, Australia. BELL'S SELF: Liquidator to Give Wind-Up Report on October 23 ------------------------------------------------------------ A final meeting will be held for the members of Bell's Self Storage (Aust) Pty Ltd on October 23, 2007, at 10:00 a.m. At the meeting, Craig Shepard, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Craig Shepard c/o KordaMentha Level 24, 333 Collins Street Melbourne Australia About Bell's Self Storage Bell's Self Storage (Aust ) Pty Ltd is involved in the business of general warehousing and storage. The company is located at Thomastown, in Victoria, Australia. CAPTIVATING HOMES: Will Declare First Dividend on October 19 ------------------------------------------------------------ Captivating Homes Pty Limited, which is in liquidation, will declare its first and final dividend on October 19, 2007. Creditors are required to file their proofs of debt by Oct. 17 to be included in the company's dividend distribution. The company's liquidator is: M. E. Slaven Rangott Slaven Unit 12, Level 3, Engineering House 11 National Circuit Barton ACT 2600 Australia Telephone:(02) 6285 1430 Facsimile:(02) 6281 1966 About Captivating Homes Captivating Homes Pty Limited is a distributor of durable goods. The company is located at Ngunnawal, in ACT, Australia. CREATIVE VENTURES: To Declare First Dividend on Oct. 26 ------------------------------------------------------- Creative Ventures (Niv) Pty Limited, which is in liquidation, will declare its first dividend on October 26, 2007. Creditors are required to file their proofs of debt by Oct. 19, 2007, to be included in the company's dividend distribution. The company's liquidator is: P. Ngan Ngan & Co Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Creative Ventures Creative Ventures (Niv) Pty Limited is involved with food preparations. The company is located at Sydney, in New South Wales, Australia. D.K.S. ENGINEERING: Members and Creditors to Meet on Oct. 24 ------------------------------------------------------------- A meeting will be held for the members and creditors of D.K.S. Engineering Pty Limited on October 24, 2007, at 10:00 a.m. At the meeting, D. I. Mansfield, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: D. I. Mansfield Level 6, 460 Church Street Parramatta, New South Wales 2150 Australia DCS-DU PTY: Inability to Pay Debts Prompts Wind-Up -------------------------------------------------- At an extraordinary general meeting held on September 5, 2007, the directors of DCS-DU Pty Ltd resolved to voluntarily liquidate the company's business due to its inability to pay its debts. Chris Chamberlain was appointed as liquidator. The Liquidator can be reached at: Chris Chamberlain Suite 103, 1st Floor Wollundry Chambers Johnston Street Wagga Wagga, New South Wales 2650 Australia About Dcs-Du Pty Dcs-Du Pty Ltd, which is also trading as Don Corleone Small Goods, is a distributor of meats and meat products. The company is located at Gerogery, in New South Wales, Australia. F. R. SUTHERLAND: Members to Receive Wind-Up Report on Oct. 29 -------------------------------------------------------------- The members of F. R. Sutherland Pty. Limited will meet on October 29, 2007, to hear the liquidator's report on the company's wind-up proceedings and property disposal. S. B. Humphrys is the company's liquidator. About F. R. Sutherland Located at Wahroonga, in New South Wales, Australia, F. R. Sutherland Pty Limited is an investor relation company. FIJOLIN PTY: Members Agree on Voluntary Liquidation --------------------------------------------------- During a general meeting held on October 29, 2007, the members of Fijolin Pty Ltd agreed to voluntarily liquidate the company's business. S. B. Humphrys was appointed as liquidator. About Fijolin Pty Located at Adelaide, in South Australia, Australia, Fijolin Pty Ltd is an investor relation company. GLENNRAE PTY: Will Declare First Dividend on Nov. 9 --------------------------------------------------- Glennrae Pty Ltd will declare its first dividend on November 9, 2007. Creditors who were not able to file their proofs of debt by the Oct. 10 due date will be excluded from the company's dividend distribution. The company's deed administrator is: Glenn Michael Shannon c/o SV Partners Pty Ltd Insolvency Accountants and Risk Managers Web site: http://www.svpartners.com.au About Glennrae Pty Glennrae Pty Ltd, which is also trading as Fence Maker, is a distributor of primary metal products. The company is located at Sandgate, in Queensland, Australia. GLENTIME (NO 1): Members to Hold Final Meeting on Oct. 19 --------------------------------------------------------- The members of Glentime (No 1) Pty Ltd will meet on October 19, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: I. A. Currie P. G. Biazos Currie Biazos Insolvency Accountants Level 5, 99 Creek Street Brisbane, Queensland Australia About Glentime (No 1) Glentime (No 1) Pty Ltd, which is also trading as Medleys Supermarket, operates grocery stores. The company is located at Mount Isa, in Queensland, Australia. H G A INVESTMENTS: Liquidator to Give Wind-Up Report on Oct. 29 --------------------------------------------------------------- H G A Investments Pty Ltd will hold a general meeting for its members on October 29, 2007, at 10:30 a.m. At the meeting, S. B. Humphrys, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. About H G A Investments H G A Investments Pty Ltd operates management investment offices. The company is located Broadbeach, in Queensland, Australia. ITRON INC: Provides Details on 2.50% Convertible Senior Notes ------------------------------------------------------------- Itron Inc. has disclosed information regarding its 2.50% Convertible Senior Subordinated Notes Due 2026. According to their terms, the Notes are convertible into cash and common stock when the closing price of Itron common stock exceeds US$78.19, which is one hundred and twenty percent (120%) of the conversion price of US$65.16, for 20 or more trading days in a period of 30 consecutive trading days prior to the end of a quarter. The Notes may be surrendered for conversion during any business day prior to the last trading day of the quarter ended Dec. 31, 2007. The conversion feature became effective Oct. 1, 2007. In order to convert the Notes, a Holder must: (1) complete and sign the Conversion Notice, with appropriate signature guarantee, on the back of the Note, (2) surrender the Notes to a Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4) pay the amount of interest, if any, the Holder must pay as described below, and (5) pay any tax or duty if required pursuant to the Indenture. A Holder may convert a portion of a Note if the portion is US$1,000 principal amount or an integral multiple of US$1,000 principal amount. If a Holder surrenders a Note for a conversion after the close of business on the record date for the payment of an installment of interest and prior to the related interest payment date, such Security, when surrendered for conversion, must be accompanied by payment of an amount equal to the interest thereon which the registered Holder at the close of business on such record date is to receive (other than overdue interest, if any, that has accrued on such Note). The Conversion Agent is located at: Deutsche Bank Trust Company Americas Attn: Trust & Securities Services 60 Wall Street, 27th Floor Mail Stop: NYC60-2710 New York, NY 10005 The company believes it is highly unlikely that holders would choose to convert the Notes because the market value of the Notes exceeds the amount that holders would receive upon conversion. About Itron Inc. Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- operates in two divisions: as Itron in North America and as Actaris outside of North America. The company provides metering, data collection and software solutions, with nearly 8,000 utilities worldwide relying on its technology to optimize the delivery and use of energy and water. Itron maintains operations in Canada, Qatar, Mexico, Taiwan, France, Australia, The Netherlands, and the United Kingdom. * * * Itron Inc. carries to date Standard & Poor's Ratings Services' B+ corporate credit rating. KENTISH & SONS: Placed Under Voluntary Liquidation -------------------------------------------------- At an extraordinary general meeting held on September 4, 2007, the members of Kentish & Sons Pty Limited resolved to voluntarily liquidate the company's business. M. O. Basedow was appointed as liquidator. The Liquidator can be reached at: M. O. Basedow Basedows Chartered Accountants Business Advisors + Recovery Specialists 121 Greenhill Road Unley, South Australia 5061 Australia About Kentish & Sons Kentish & Sons Pty Limited is a distributor of irish potatoes. The company is located at Mount Gambier, in South Australia, Australia. KENTISH HOLDINGS: Undergoes Liquidation Proceedings ------------------------------------------------- At an extraordinary general meeting held on September 4, 2007, the members of Kentish Holdings Pty Limited agreed to voluntarily liquidate the company's business. M. O. Basedow was tapped as liquidator. The Liquidator can be reached at: M. O. Basedow Basedows Chartered Accountants Business Advisors + Recovery Specialists 121 Greenhill Road Unley, South Australia 5061 Australia About Kentish Holdings Kentish Holdings Pty Limited is a lessor of real property. The company is located at Mount Gambier, in South Australia, Australia. KENTSMITH DOWNS: Commences Wind-Up Proceedings ---------------------------------------------- On September 4, 2007, the members of Kentsmith Downs Pty Limited met and agreed to voluntarily liquidate the company's business. M. O. Basedow was named as liquidator. The Liquidator can be reached at: M. O. Basedow Basedows Chartered Accountants Business Advisors + Recovery Specialists 121 Greenhill Road Unley, South Australia 5061 Australia About Kentsmith Downs Kentsmith Downs Pty Limited operates miscellaneous business credit institutions. The company is located at Mount Gambier, in South Australia, Australia. LLB PTY: Members' Final Meeting Set for October 23 -------------------------------------------------- LLB Pty Ltd will hold a final meeting for its members on Oct. 23, 2007, at 10:00 a.m., at 5 St Kilda Road, St Kilda Victoria 3182, Australia. At the meeting, Gideon Rathner, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. About LLB Pty LLB Pty Ltd provides services of insurance agents and brokers. The company is located at St Kilda, in Victoria, Australia. PACELYN PTY: Declares First and Final Dividend ---------------------------------------------- Pacelyn Pty Ltd declared its first and final dividend on Oct. 13, 2007. Creditors who were not able to file their proofs of debt by the October 12 due date were excluded from sharing the company's dividend distribution. About Pacelyn Pty Pacelyn Pty Ltd, which is also trading as St Patricks Hotel, is in the business of hotels and motels. The company is located at Charters Towers, in Queensland, Australia. PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO ---------------------------------------------------------------- The Board of Directors of Peabody Energy has elected President and Chief Executive Officer Gregory H. Boyce to the additional role of Chairman, effective immediately. Mr. Boyce succeeds Irl F. Engelhardt, who has resigned as Chairman following a successful 28-year career with the company to become Chairman of the Board of Patriot Coal Corporation, Peabody's subsidiary that is expected to be spun off at the end of October. "Since Greg joined the company in late 2003 as Chief Operating Officer and later was named Chief Executive Officer in early 2005, Peabody has set new financial records, more than doubled its market value, expanded globally and been widely recognized for safety, environmental and social responsibility accomplishments," said Dr. Blanche M. Touhill, Chairman of Peabody's Nominating and Corporate Governance Committee. "Peabody is a leading world-class energy company that has an extremely bright future with Greg at the helm. We thank Irl for his years of outstanding service and wish him the very best in years to come." "We are completing a dramatic transformation of the company with major new projects at our flagship Powder River Basin operations, new mines in Australia, expanded coal trading around the world, and the planned spinoff of Patriot Coal," said Mr. Boyce. "I see significant opportunities to create shareholder value as we leverage the industry's best people, assets and strategies to capitalize on global energy demand, coal-fueled generation, emerging markets for coal-to-gas and coal-to-liquids and clean coal solutions." Mr. Boyce has been a member of the Board of Directors and Chairman of the Executive Committee of the Board since March 2005. He joined Peabody in October 2003 as President and Chief Operating Officer. He has extensive U.S. and international management, operating and engineering experience. Prior to joining Peabody, Mr. Boyce served as Chief Executive Officer -- Energy for international mining company Rio Tinto in London, with responsibility for a worldwide coal and uranium portfolio. Prior to that, he was President and Chief Executive Officer of Kennecott Energy Company and President of Kennecott Minerals Company. Mr. Boyce holds a Bachelor of Science Degree in Mining Engineering from the University of Arizona, and completed the Advanced Management Program from the Graduate School of Business at Harvard University. Mr. Boyce 's leadership positions include Vice Chairman of the World Coal Institute. He is a member of the National Coal Council and was the Study Chair of NCC's 2006 report, "Coal: America's Energy Future." He is also Co-Chairman of the Coal- Based Generation Stakeholders Group and a member of the Coal Industry Advisory Board of the International Energy Agency. He is a Board member of the Business Roundtable, the Center for Energy and Economic Development (CEED) and the National Mining Association. Mr. Boyce is a member of the Board of Directors of the St. Louis Regional Chamber and Growth Association and a member of Civic Progress in St. Louis. He is a member of the Board of Trustees of St. Louis Children's Hospital; the School of Engineering and Applied Science National Council at Washington University in St. Louis; and the Advisory Council of the University of Arizona's Department of Mining and Geological Engineering. Headquartered in St. Louis, Missouri, Peabody Energy Corporation (NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's largest private-sector coal company, with 2005 sales of 240 million tons of coal and US$4.6 billion in revenues. Its coal products fuel 10% of all U.S. and 3% of worldwide electricity. The company has coal operations in Australia and Venezuela. * * * As reported in the Troubled Company Reporter on Mar 9, 2007, Moody's Investors Service reported that, after the adoption of final guidelines for preferred stock and hybrid securities notching, it downgraded Peabody Energy Corporation's hybrid instrument to Ba3. Moody's placed the instrument on review for downgrade. POIX PTY: Final Meeting Set for October 19 ------------------------------------------ Poix Pty Ltd will hold its final meeting on October 19, 2007, at 9:00 a.m. At the meeting, Hugh Mcpharlin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Hugh Mcpharlin c/o Edwards Marshall Chartered Accountants Suite 5, 1st Floor 4-8 Angas Street Kent Town, South Australia 5067 Australia About Poix Pty Poix Pty Ltd provides computer related services. The company is located at Kent Town, in South Australia, Australia. REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand ----------------------------------------------------------- Realogy Corporation has appointed Sherry Chris as president and CEO of the Better Homes and Gardens Real Estate brand. This news builds on Realogy's announcement that the company had entered into a long-term licensing agreement with Meredith Corporation to build a new, international residential real estate franchise company under the Better Homes and Gardens Real Estate brand. The new brand will launch in the residential real estate marketplace in July 2008. Ms. Chris will be responsible for directing the platform, growth and development of this new franchise system. With more than 25 years of real estate sales, management and executive experience, Ms. Chris most recently served as chief operating officer for Coldwell Banker Real Estate LLC. Ms. Chris will report to Alex Perriello, president and CEO of the Realogy Franchise Group. "Sherry is an exceptional real estate executive and business leader, and I am pleased to have her energetic presence at the helm as we embark upon this exciting opportunity," said Mr. Perriello. "We look forward to building and operating a new world-class franchise system that will add significant value to those residential real estate brokerage firms that will become franchisees of Better Homes and Gardens Real Estate." "This will be a brand that embodies the future of the real estate industry while grounded in the tradition of the home," said Ms. Chris. "The opportunity is tremendous. Better Homes and Gardens has a multi-media consumer brand presence that already exists in millions of households. Meanwhile, we have the rare opportunity to build a new system from the ground up by leveraging our expertise in real estate while benefiting from the full support of Realogy and all of its resources." Among the top priorities for the new brand during the next nine months will be the development of a platform that incorporates the best information technologies for both consumers and the real estate professionals who affiliate with the brand. Ms. Chris plans to develop a new media-rich Web site that will provide engaging and interactive content for a customer-base now highly adept at using the Internet for its real estate needs. "We will build the Better Homes and Gardens Real Estate brand with an eye on innovation and a respect for tradition," said Ms. Chris. "Our innovation will be reflected in a contemporary, high-quality service offering that addresses the needs of today's consumer while providing franchisees with significant competitive advantages. As for tradition, the brand will exemplify a full-service approach to the business that fosters personal relationships to meet the needs of every generation of homebuyers and sellers." Previously, Ms. Chris served Coldwell Banker Real Estate LLC as its chief operating officer beginning December 2006. In her capacity as COO, Chris directed the company's operations, education, mortgage and field services programs. She also focused on communication between Coldwell Banker(R) corporate headquarters, regional offices and its nearly 4,000-office affiliate network around the world. Ms. Chris began her real estate career in 1980 holding positions of increasing responsibility at several leading Canadian and U.S. real estate companies including, Royal LePage Real Estate Services, Ltd., Real Living and Prudential California Realty. Well known in the real estate industry, Ms. Chris is currently on the advisory board of several prominent organizations including Trulia.com and Google Real Estate. She has served as chairman of the board of the Realty Alliance and also speaks frequently at prominent industry events. Ms. Chris earned her undergraduate and MBA degrees from the University of Western Ontario. Executive photo available upon request. About Realogy Corp. Headquartered in Parsippany, N.J., Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. * * * As reported in the Troubled Company Reporter-Latin America on July 13, 2007, Standard & Poor's Ratings Services lowered and removed from CreditWatch Negative its issue-level rating on Realogy Corp.'s previously senior unsecured notes that were part of the company's capital structure prior to the April 2007 going private acquisition of the company by Apollo Management L.P. SAFE-WASTE INDUSTRIES: Will Declare Dividend on October 18 ---------------------------------------------------------- Safe-Waste Industries Pty Ltd will declare dividend on Oct. 18, 2007. Creditors who were not able to file their proofs of debt by the Oct. 4 due date will be excluded from the company's dividend distribution. The company's deed administrator is: Michael Peldan Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4300 Facsimile:(07) 3225 4311 Web site: http://www.worrells.net.au About Safe-Waste Industries Safe-Waste Industries Pty Ltd operates manufacturing industries. The company is located at Richlands, in Queensland, Australia. WEIS INVESTMENTS: Enters Wind-Up Proceedings -------------------------------------------- During a general meeting held on August 27, 2007, a special resolution was passed to wind up Weis Investments Pty Ltd's operations. Valma Ann Weis and Leslie Ann Weis were appointed as liquidators. The Liquidators can be reached at: Valma Ann Weis Leslie Ann Weis 185 Laurel Avenue Chalmer, Queensland 4068 Australia About Weis Investments Weis Investments Pty Ltd operates holding companies. The company is located at Toowoomba, in Queensland, Australia. ZAMPROP PTY: Members Agree on Voluntary Liquidation --------------------------------------------------- During a general meeting held on September 7, 2007, the members of Zamprop Pty Ltd resolved to voluntarily liquidate the company's business. Ross Zampatti was appointed as liquidator. About Zamprop Pty Located at Como, in Western Australia, Australia, Zamprop Pty Ltd is an investor relation company. ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO -------------------------------------------------------- Zinifex Limited and Umicore SA/NV confirmed their intention to sell shares in Nyrstar SA/NV, the world's largest zinc metal producer, through an initial public offering with the major highlights being: * Initially 69,565,218 shares will be offered resulting in approximately a 70% free float for Nyrstar post Offer; * The price range for the Offer is EUR18 - EUR23 per share; * Depending on demand, the number by of shares offered may be increased by up to 25%, or up to 17,391,304 shares, resulting in a potential Offer size of 86,956,522 shares; * In addition, the underwriters have been granted an over- allotment option in respect of up to 15% of the shares offered (inclusive of the increase provision above) or up to 13,043,478 shares; * The maximum possible Offer size is 100,000,000 shares representing 100% of Nyrstar shares and would result in a full exit by selling shareholders Zinifex and Umicore; * The Offer will be limited to qualified and/or institutional investors in Belgium and internationally and retail buyers in Belgium. The Offer is only open to institutional investors in Australia that qualify under Part 6D.2 of the Corporations Act, and not to other investors; * The Offer will open on 15 October 2007 and is expected to close at 4pm CET on 26 October 2007, subject to early closing; * The final offer price will be determined following a bookbuilding process, and will be announced on or around 29 October 2007; * If the Offer proceeds, Nyrstar shares are expected to commence trading on the Eurolist of the Euronext Brussels on an "if-and-when-delivered" basis on or around 29 October 2007. UBS Investment Bank, Deutsche Bank and Goldman Sachs International have been appointed as joint global co-ordinators of the equity offering; UBS Investment Bank, Deutsche Bank, Goldman Sachs International, Fortis and KBC Securities have been appointed as joint bookrunners; and Fortis and KBC Securities will be joint lead managers for the public offering in Belgium. Full details of the Offer can be viewed for free at: http://ResearchArchives.com/t/s?2441 About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. * Moody's Says Rating Outlooks for Australian Banks Stable ---------------------------------------------------------- According to a new report published by Moody's Investors Service, the recent credit crunch has had no immediate impact on the stable rating outlooks of Australian banks. However, access to securitization funding will be an important rating consideration for some smaller institutions in the months ahead. "Moody's has maintained its Stable rating outlooks on Australian banks since the global credit crunch started to unfold in early 2H2007, despite their relatively heavy reliance on wholesale funding," says Patrick Winsbury, a Moody's Senior Vice President and author of the report, adding, "This is due to the banks' successful adaptation to challenging market conditions, having increased their liquid assets and raised funds opportunistically to adjust their balance sheets." However, longer-term, if capacity in securitization markets does not return -- or only at prices that cannot be passed on to the customer -- small, securitization-dependent institutions may have to reduce new business origination volumes. In particular, the cost-effectiveness of securitization to fund lower- risk/lower-return type products may be substantially reduced. Unless such small, securitization-dependent institutions can successfully re-orient their business models, they risk seeing their franchises and earnings eroded, potentially with negative implications for their bank financial strength ratings. Otherwise, says the report, the impact of the crisis on Australian banks has been well contained, as Australian banks have not engaged in high-risk mortgage lending practices. While acknowledging that delinquency rates are likely to rise, the report points out that this is off a very low base. In addition, Australian banks have close to zero exposure to US subprime mortgages or leveraged loans. "It is the case that larger banks are providing liquidity support to asset-backed commercial paper programs, but the financial impact is manageable thanks to the banks' solid profitability and capitalization," says Winsbury. "Additionally, since the assets funded by such conduits are of high quality, there are no material credit concerns for the banks." According to the report, Australian banks' New Zealand subsidiaries are similarly isolated from many of the subprime- related issues. They have continued to tap funding under their own names and should also be able to rely on support from their parents, if required. The report, entitled "Australian & New Zealand Banks -- weathering the subprime storm," can be found on http://www.moodys.com/ * AU LPTs Not Immune From Global Repricing Of Risk, S&P Says ------------------------------------------------------------ Despite manageable debt-maturity profiles, Australia's listed property trusts (LPTs) aren't immune from the higher cost of debt financing that has emerged from the global repricing of risk, according to a report published today by Standard & Poor's Ratings Services titled "Industry Report Card: Australian Property Trusts Are Not Immune From Tighter Credit Markets". "Although the rated LPT sector has just AU$6.8 billion of short- term debt maturities due over the next fiscal year out of total debt outstanding of AU$36.9 billion, a few issuers have short- dated debt maturities that will need to be refinanced in an environment of wider interest-rate spreads," Standard & Poor's credit analyst Craig Parker said. "Importantly, a rising interest-rate environment will pressure future earnings of all players across Australia's LPT sector, which has enjoyed favorable interest rates in recent years." The report also discusses the impact of the higher cost of debt financing on the future growth ambitions of wholesale-investment and private-equity funds in the LPT sector. It also examines other risks for the sector, including the rising Australian dollar against the U.S. currency. The majority of Australian- rated entities are clustered around the 'BBB+' or 'A-' issuer credit rating and carry stable outlooks, reflecting their well- managed business positions and prudent financial profiles. ================================ C H I N A & H O N G K O N G ================================ ACA TRADING: Creditors' Meeting Set for Oct. 16 ----------------------------------------------- The creditors of ACA Trading International Limited will meet today, October 16, 2007, at 10:30 a.m., for the purposes provided for in Sections 241, 242, 243, 244 of the Companies Ordinance. The meeting will be held at the auditorium, Duke of Windsor Social Service Building, 15 Hennessy Road, Hong Kong. ASIA ALUMINUM: S&P Cuts Ratings to B+ on Poor FY 2007 Results ------------------------------------------------------------- Standard & Poor's Ratings Services lowered on Oct. 30, 2007, its long-term corporate credit rating on Asia Aluminum Holdings Ltd. to B+ from BB-. The outlook is stable. At the same time, Standard & Poor's lowered its issue rating on the company's US$450 million senior unsecured notes due 2011 to B+ from BB-. "We downgraded AAH because its financial performance in the full fiscal year ended June 30, 2007 fell short of our expectations. In particular, the company's cash flow protection metrics did not improve to a sufficient level to maintain the previous 'BB-' rating, despite a significant increase in turnover," said Standard & Poor's credit analyst Bei Fu. AAH's turnover rose to HK$6.94 billion from HK$3.92 billion because the company ramped up new extrusion capacity and increased sales prices to pass through the increased cost of raw materials. AAH reported funds from operations (FFO) of HK$548 million, which translated into a ratio of FFO to net debt of 17%. Its ratio of total debt to EBITDA was 5.4x, in line with a 'B' category rating. If US$583 million Pay In Kind notes at its parent company, AA Investments Co. Ltd., are taken into consideration, the ratios are significantly weaker. Positively, AAH's expansion projects -- whose delays and cost over-runs contributed to the weak financial performance -- are closer to completion. AAH commissioned an additional 200,000 metric tons in extrusion capacity early this year, and had already achieved a 70% utilization rate at the end of June. Execution risk on the 400,000 metric ton capacity expansion for flat rolled products (FRP) has fallen, as the company plans to commission this line in the first half of 2008. Although the FRP expansion is a green-field project and its completion and ramp-up could be further delayed, Standard & Poor's acknowledges that to offset the execution risk the management has cultivated strong relationships with selected customers to capitalize on the good demand. BOE TECHNOLOGY: Inks Deal to Set Up JV with Chengdu Hi-tech ----------------------------------------------------------- BOE Technology, on Oct. 8, 2007, unveiled a shareholder agreement with Chengdu Industry Investment Management Co., Ltd. and Chengdu Hi-tech Investment Group Co., Ltd., in a bid to jointly set up a company for 4.5-generation thin film transistor-liquid crystal display (TFT-LCD) production lines, Trading Markets says. The newborn company, called Chengdu BOE Optoelectronics Technology Co., Ltd., will mainly manufacture TFT-LCD modules below 14.1 inches with registered capital of CNY30 million. Under the agreement, BOE, Chengdu Industry Investment Management, and Chengdu Hi-tech Investment Group will respectively invest CNY5.454 million, CNY15 million, and CNY9.546 million in cash, accounting for 18.18%, 50%, and 31.28% of the registered capital, the report adds. The establishment of the new company will enable BOE to reach its strategic goal for the TFT-LCD industry and strengthen its competitiveness in the field. Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a manufacturer of display devices and digital products. Based in Beijing, the People's Republic of China, the Company operates seven key divisions: Thin-Film Transistor-Liquid Crystal Display (TFT-LCD); Monitor & Panel Television (TV), offering cathode ray tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma display panel (PDP) TVs; Mobile Display System, providing super twisted nematic-LCD (STN-LCD) and organic light-emitting display (OLED); Special Application Display, supplying vacuum fluorescent display (VFD) and light-emitting display (LED); CRT, producing CRTs together with Toshiba and Panasonic; Precision Electronic Component & Material, and Digital Display Product & Display Application System. Xinhua Far East China Ratings gave the company a CC issuer credit rating on October 24, 2006. BR LIMITED: Liquidators Quit Post --------------------------------- Ying Hing Chiu and Chung Miu Diana ceased to act as liquidators of BR Limited on October 2, 2007. The former Liquidators can be reached at: Ying Hing Chiu Chung Miu Diana Three Pacific Place, Level 28 1 Queen's Road East Hong Kong CHINA PROPERTIES: Looks to Bankroll on Land Acquisitions -------------------------------------------------------- China Properties Group plans to add 5 million square-meters of gross floor area to its land bank both this year and next, following the lead of foreign firms on acquisitions, China Daily cites managing director Wong Sai-chung as saying. "We are making remarkable headway for the time being," he said. "We recently bought two parcels of land in Chongqing, which took our additional land reserves to 2.6 million sqm this year." Mr. Wong said the company has enough money to bankroll the land acquisition. "Our financial muscle is strong. We have HK$2.7 billion at our disposal." Mainland cities including Beijing, Shanghai, Chongqing and Tianjin are China Properties' major targets, the report relates. Southwest China's Chongqing tops the company's shopping list, as potential in the mainland's second-tier cities becomes more apparent, Mr. Wong said. According to China Daily, China Properties spent HK$2.3 billion on two parcels of land, covering more than 2 million sqm of gross floor area, in downtown Chongqing in August. The company plans to invest another HK$5.7 billion to develop projects on the land, Mr. Wong told the Daily. Incorporated in Grand Cayman, China Properties Group Limited was listed on the Hong Kong Stock Exchange in February 2007. It is 74.7% owned by Mr. Wong Sai Chung, who is also the owner of a private conglomerate, Pacific Concord Holding Limited. China Properties has two property projects in Shanghai with a total GFA of 2.4 million sq.m., and has contracted two projects in Chongqing for a total of GFA of 2.6 sq.m. On September 14, 2007, Moody's Investors Service affirmed its B1 corporate family and bond ratings for China Properties Group Limited. This affirmation follows the announcement by China Properties that it is to purchase two pieces of land in Chongqing, China, at a total consideration of HK$2.3 billion. The outlook for both ratings remains stable. The Troubled Company Reporter - Asia Pacific reported on April 25, 2007, that Moody's has assigned a provisional bond rating of (P)B1 to its proposed US$300 million senior unsecured 7-year bonds, the proceeds of which will be used to finance existing projects and potentially acquire new properties, including those under the options from the major shareholder Mr. Wong Sai Chung. Standard & Poor's Rating Services assigned its 'B+' long-term corporate credit rating to China Properties Group Ltd. At the same time, S&P assigned its 'B+' issue rating to the company's proposed issue of seven-year US$300 million senior unsecured notes. CHONGQING CHANGAN: Ford Expands Joint Venture Production -------------------------------------------------------- Ford (China) Co. is expected to start its large scale production in its second auto plant in Nanjing, capital city of east China's Jiangsu province on October 30 this year, Asia Pulse reports. The first phase production capacity of the plant is 160,000 units in the initial stage, the news agency relates. Adding the production capacity of Chang'an Ford Mazda Automobile -- Ford's joint venture company with Chongqing Changan Automobile Co -- Ford's production in China has exceeded 400,000 units, an official with Ford (China) Co told Asia Pulse. When Mazda joined in March 2006, Chang'an Ford Automobile (CFA) was renamed CFMA, with Chang'an holding a controlling stake of 50% while Ford and Mazda hold 35% and 15% stakes respectively. About Ford Motor in China Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan., U.S.A., manufactures and distributes automobiles in 200 markets across six continents. The company's automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Currently, Ford's wholly owned subsidiaries and JVs in China include Ford Motor (China) Limited, Ford Motor Research & Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda Engine Co., Ltd., and Jiangling Motors Co., Ltd. Ford Motor has introduced a number of exciting models to the Chinese market, including Ford Mondeo, Ford Focus, Ford S-MAX, Ford Transit, Volvo S40, Mazda3, as well as several imported models from Jaguar, Land Rover, Lincoln and Volvo, and service brand, Ford Service. Chongqing Changan Chongqing, China-based Chongqing Changan Automobile Company Limited is principally engaged in the development, manufacture and sale of mini passenger vehicles, minivans, commercial vehicles and passenger cars. The company offers its products under seven brands: mini passenger vehicles are under the brand Changan Star; minivans are under the brand Changan, and passenger cars are under the brands Alto, Lingyang, Fiesta and Mondeo. It also manufactures and distributes various engines, under the brand Jiangling. During the year ended December 31, 2005, the company manufactured 489,368 vehicles and sold 474,625 vehicles, accounting for approximately 8.24% of the domestic market. Chongqing Changan Automobile has formed partnership with Suzuki Motor Corporation and Ford Motor Company. The company has 12 major subsidiaries/associates. The Troubled Company Reporter?Asia Pacific reported that Fitch Rating assigned, on September 20, 2006, a long-term foreign and local currency Issuer Default ratings of BB to Chongqing Changan Automobile Co. Ltd. The rating outlook is stable. DAEWOO DIGITAL: Shareholders Resolve to Liquidate Business ---------------------------------------------------------- At an extraordinary general meeting held on September 28, 2007, the shareholders of Daewoo Digital (Hong Kong) Limited agreed to voluntarily liquidate the company's business. Kam Hau Choi, Anthony and Lau Ming Tat were appointed as liquidators. The Liquidators can be reached at: Kam Hau Choi, Anthony Lau Ming Tat Anthony Kam & Co., Certified Public Accountants 6307 Central Plaza 18 Harbour Road, Wanchai Hong Kong DANA CORP: Amends Centerbridge Capital Investment Agreement ----------------------------------------------------------- Dana Corporation has entered into an amendment to an investment agreement it reached with Centerbridge Capital Partners L.P., on July 26, 2007. Dana's board of directors has rejected an alternative investment offer submitted by Appaloosa Management L.P. The original terms of the Centerbridge investment agreement provided, for an affiliate of Centerbridge to purchase US$250 million in convertible preferred shares of reorganized Dana (Series A), and for qualified supporting creditors to have an opportunity to purchase $500 million in convertible preferred shares (Series B) on a pro rata basis. Centerbridge had agreed to purchase up to $250 million of any Series B shares that were not purchased by the creditors. Among the amendments to the Centerbridge agreement are: -- A commitment by Centerbridge to fully underwrite the purchase of the $500 million of Series B shares of reorganized Dana, an increase from the $250 million that Centerbridge had agreed to underwrite. -- Centerbridge's consent to an amendment to Dana's proposed plan of reorganization to provide for a cash payment of up to $40 million to certain general unsecured creditors who are not eligible to purchase Series B shares because their individual claims are less than $25 million or they are not "qualified institutional investors" as defined in U.S. securities laws. -- Dana's agreement not to solicit or entertain any proposal for an investment, transaction, or plan of reorganization that would be an alternative to the Centerbridge investment and the elimination of Dana's right to terminate the Centerbridge investment agreement to accept any alternative investment or transaction proposal. The amendment, which is subject to approval by the Bankruptcy Court for the Southern District of New York, where the company's Chapter 11 bankruptcy proceeding is pending, is required to be approved by Nov. 15, 2007. Appaloosa Management Proposal In conjunction with the Bankruptcy Court's established procedures for qualified potential investors interested in exploring alternative proposals to the Centerbridge investment, Appaloosa delivered an offer for an alternative investment to Dana and the Official Committee of Unsecured Creditors on Sept. 21, 2007. As contemplated by the alternative proposal procedures, Dana's board of directors reviewed and considered Appaloosa's offer. After discussions among the parties and the various bankruptcy constituents, Dana's board rejected Appaloosa's offer. About Dana Corporation Based in Toledo, Ohio Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries, including China. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court has set a hearing on Oct. 23, 2007, to consider the adequacy of the Disclosure Statement explaining the Debtors' Plan. DATUM NETWORKS: Creditors' Meeting Set for October 18 ----------------------------------------------------- The creditors of Datum Networks Corp. Limited will hold a meeting on October 18, 2007, at 10:30 a.m., for the purposes set out forth in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance. The meeting will be held at the 7th Floor of Allied Kajima Building, 138 Gloucester Road, Hong Kong. DONG KUEN: Taps Sutton and Chiong as Liquidators ------------------------------------------------ Roderick John Sutton and Desmond Chung Seng Chiong were appointed liquidators of Dong Kuen Electronics Limited on September 21, 2007. The Liquidators can be reached at: Roderick John Sutton Desmond Chung Seng Chiong c/o Ferrier Hodgson Limited Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong ENCHANTING INVESTMENT: Creditors' Proofs of Debt Due on Oct. 26 --------------------------------------------------------------- On September 27, 2007, the sole shareholder of Enchanting Investment Company Limited passed a resolution to liquidate the company's business. Creditors are required to file their proofs of debt by Oct. 26, 2007, to be included 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 FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti ------------------------------------------------------------ Fiat S.p.A.'s Magneti Marelli have signed, Oct. 11, 2007, an agreement with Suzuki Motor Corporation and Maruti Suzuki India Limited for the creation of a joint venture in India, aimed at the production of electronic control units for diesel engines. Maruti Suzuki India Limited, former known as Maruti Udyog Limited, is the joint venture set up in 1982 between the Indian government and the Suzuki Motor Corporation that has originated the main industrial entity in India in the automotive field. According to the agreements, Magneti Marelli will participate for 51% in the share capital of the new company, Suzuki for 30% and Maruti for 19%. The initial investment is expected to total approximately EUR15 million. The industrial activities will be located in Manesar ? in the industrial district of Gurgaon, approximately 40 km southwest of New Delhi. The start of production is scheduled for the end of 2008 and, as part of the objectives, the production capacity of this plant should reach a total of about 500,000 control units per year when working at full stretch. The electronic control units produced in Mannesar will be initially used for the Suzuki-Maruti diesel cars and, later on, will also cater to other car manufacturers. "The joint venture with Suzuki and Maruti brings cutting-edge technology to our automotive partners and allows Magneti Marelli to significantly increase its presence in a fast-growing market," Eugenio Razelli, Magneti Marelli CEO disclosed. Magneti Marelli, a company belonging to the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles. With its 45 production facilities (55 production units), 9 R&D centres and 27 application centres in 16 countries, 25,000 employees and a turnover of 4.5 billion Euros in 2006, the group supplies all the leading car makers in Europe, North and South America and the Far East. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported in the TCR-Europe on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. GILAT SATELLITE: Chung and Chan Quit as Liquidators --------------------------------------------------- Chung Miu Yin, Diana and Chan Mi Har quit as liquidators of Gilat Satellite Networks (Hong Kong) Limited. The former Liquidators can be reached at: Chung Miu Yin, Diana Chan Mi Har Three Pacific Place, Level 28 1 Queen's Road East Hong Kong GRAND PALACE: Placed Under Voluntary Liquidation ------------------------------------------------ At an extraordinary general meeting held on September 24, 2007, the members of Grand Palace Industrial Limited resolved to liquidate the company's business. Lau Siu Hung was appointed as liquidator. The Liquidator can be reached at: Lau Siu Hung Wing Yee Commercial Building, 2nd Floor 5 Wing Kut Street, Central Hong Kong HANG FUNG: Moody's Keeps Ba3 Ratings Amid Bond Issue Completion --------------------------------------------------------------- Moody's Investors Service affirmed on Oct. 15, 2007, Hang Fung Gold Technology Group's Ba3 corporate family rating and Ba3 senior unsecured bond rating following the completion of the company's 7-year US$170 million bond issuance. At the same time, Moody's has removed the senior unsecured rating from its provisional status. The ratings outlook is stable. Hang Fung Gold Technology Group, based in Hong Kong, is a vertically integrated jewellery manufacturer with operations spanning design and manufacturing through to distribution, wholesale, retail and exports. It was listed on the Hong Kong Stock Exchange in 1999. Its major shareholders include founder & Chairman Dr. Lam Sai Wing (35.64%), Arisaig Greater China Fund (12.33%), Phenomenal Limited (5.37%), Evolution Master Fund (5.77%) and Goldman Sachs (6.81%). HANG SHUN: Inability to Pay Debts Prompts Wind-Up ------------------------------------------------- Hang Shun Paper Products Factory Limited commenced liquidation proceedings on September 21, 2007, due to its inability to pay its debts. Ng Kwok Wai and Lui Chi Kit were appointed as liquidators. The Liquidators can be reached at: Ng Kwok Wai Lui Chi Kit JCG Building Unit A, 14th Floor 16 Mongkok Road, Mongkok Kowloon, Hong Kong HUA HIN: Philip Brendan Gilligan Quits Liquidator Post ------------------------------------------------------ On September 27, 2007, Philip Brendan Gilligan quit as liquidator of Hua Hin(S) Company Limited. HYUNDAI DIGITAL: Shareholders Agree on Voluntary Liquidation ------------------------------------------------------------ During a meeting held on September 28, 2007, the shareholders of Hyundai Digital (HK) Limited resolved to voluntarily liquidate the company's business. Kam Hau Choi, Anthony and Lau Ming Tat were appointed as liquidators. The Liquidators can be reached at: Kam Hau Choi, Anthony Lau Ming Tat Anthony Kam & Co., Certified Public Accountants 6307 Central Plaza 18 Harbour Road, Wanchai Hong Kong INSTANT-DICT: Liquidators Quit Post ----------------------------------- On September 27, 2007, Chow Wing Hong and So Kai Tong Stanley quit as liquidators of Instant-Dict Education and Charity Foundation Limited. The former Liquidators can be reached at: Chow Wing Hong So Kai Tong Stanley COSCO Tower 1405, 14th Floor 183 Queen's Road Central Hong Kong JABIL CIRCUIT: Gets BB+ from Fitch on Loan Refinancing Plan ----------------------------------------------------------- On Oct. 12, 2007, Fitch Ratings downgraded and removed from Rating Watch Negative these ratings of Jabil Circuit, Inc.: -- Issuer Default Rating (IDR) to 'BB+' from 'BBB-'; -- Senior unsecured revolving credit facility to 'BB+' from 'BBB-'; -- Senior unsecured debt to 'BB+' from 'BBB-'. Fitch's action affects approximately US$1.5 billion in total debt including the company's revolving credit facility. The Rating Outlook is Stable. The downgrade follows Jabil's decision to refinance the remaining US$400 million of its senior unsecured bridge loan with long-term debt. Fitch originally placed Jabil on Rating Watch Negative in November 2006 following the company's announced tender offer for Taiwan Greenpoint (TGP) which was backed by a US$1 billion one-year unsecured bridge facility. Jabil completed the acquisition of 100% of the shares of TGP in April 2007. The downgrade reflects the following considerations: -- The 100% debt-financed acquisition of TGP has increased Jabil's leverage (Total debt/operating EBITDA) to 2.4 times (x) from an historically conservatively leveraged balance sheet below 1x prior to the acquisition. After adjusting for off-balance-sheet debt and operating leases, Jabil's adjusted leverage is now 3.5x; -- Jabil's acquisition of TGP represents a shift in strategy to vertically integrate a portion of the company's consumer business. Fitch believes that while this strengthens Jabil's competitive position, it also adds a new element of operational risk and will likely lead to additional acquisitions going forward; -- Fitch expects continued competitive pricing pressure which historically affected profitability negatively across the industry and increases revenue volatility, as recently demonstrated by the greater than typical decline in revenue for Jabil's consumer business in the second half of fiscal 2007; -- Fitch believes that recent industry consolidation as well as an ongoing trend of original equipment manufacturers (OEM) consolidating EMS (electronics manufacturing services) vendors adds to the near-term expectations for continued instability in the competitive environment. Credit strengths include: -- Strong management team with a track record of solid execution; -- Significant scale and geographic scope of operations as one of the world's largest providers of EMS services with greater flexibility in manufacturing assets relative to the majority of peers; -- Exposure to higher growth non-traditional EMS end-markets including consumer electronics and mobile handsets; -- Historical track record of outperformance relative to peers including higher revenue growth rates and EBITDA margins over the prior five years. Credit concerns include: -- Change in strategy to vertically integrate a portion of its consumer business and the associated increased risk inherent in a vertically integrated model; -- Increase in debt, which represents a significant change in capital strategy from what had previously been the most conservative balance sheet of any tier-one EMS provider; -- Industry pricing pressure and the overall competitive environment including associated shifts in market share and increased risk of significant program loss, which has recently led to significant volatility in profitability at Jabil. Liquidity was solid as of Aug. 31, 2007, and included US$664 million in cash and an SU$800 million unsecured revolving credit facility, expiring 2012, which is fully available. Jabil also has an off-balance-sheet US$325 million accounts receivable securitization program which the company utilizes for additional liquidity. Annual free cash flow has historically been approximately US$200 million but has declined to negative US$200 million over the latest 12 months due to a significant but temporary decline in profitability in early 2007. Fitch expects free cash flow to return to a more normal level in fiscal 2008 (Aug. 2008). Total debt outstanding as of Aug. 31, 2007 was US$1.3 billion and consisted primarily of these: A. approximately US$400 million outstanding under the company's bridge financing facility which matures in December 2007; B. US$297 million in 5.875% senior unsecured notes due 2010; and C. US$400 million in a senior unsecured term loan which matures in July 2012. Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is an electronic product solutions company providing comprehensive electronics design, manufacturing and product management services to global electronics and technology companies. Jabil Circuit has more than 50,000 employees and facilities in 20 countries, including Brazil, Mexico, Austria and China. JINGLEWOOD COMPANY: Court to Hear Wind-Up Petition on Dec. 5 ------------------------------------------------------------ The High Court of Hong Kong will hear on December 5, 2007, at 9:30 a.m., a petition to have Jinglewood Company Limited's operations wound up. BBC Cable Engineering Company Limited filed the petition on September 21, 2007. BBC Cable's solicitors are: Vincent T.K. Cheung, Yap & Co. Alexandra House, 15th Floor 18 Chater Road Central, Hong Kong Telephone: 2523 5022 Facsimile: 2861 2944 KEYS LIMITED: Members Agree on Voluntary Liquidation ---------------------------------------------------- At an extraordinary general meeting held on September 17, 2007, the members of Keys Limited resolved to voluntarily liquidate the company's business. Chiu Koon Shou and Tsang Fan Wan were appointed as liquidators. The Liquidators can be reached at: Chiu Koon Shou Tsang Fan Wan Club Lusitano, 8th Floor 16 Ice House Street Central, Hong Kong LANDWIDE DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 30 -------------------------------------------------------------- Landwide Development Company Limited commenced wind-up proceedings on September 28, 2007. Creditors who can file their proofs of debt by November 30, 2007, will be included in the company's dividend distribution. The company's liquidators are: Tam Chun Wan Tse Chiang Kwok, Nassar Wing On House Room 403, 4th Floor 71 Des Voeux Road, Central Hong Kong PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators -------------------------------------------------------- Roderick John Sutton and Desmond Chung Seng Chiong were appointed liquidators of Pacific Crown Industrial Limited on August 27, 2007. The Liquidators can be reached at: Roderick John Sutton Desmond Chung Seng Chiong Hong Kong Club Building, 14th Floor 3A Chater Road, Central Hong Kong PROFIT CONTAINER: Sets Final Meetings for November 12 ----------------------------------------------------- The members and creditors of Profit Container Drayage Company Limited will hold their final meeting on November 12, 2007, at 2:45 p.m. and 3:00 p.m., respectively, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 27th Floor of Tung Wai Commercial Building, 111 Gloucester Road, in Wanchai, Hong Kong. SABW CORPORATE: Creditors' Proofs of Debt Due on November 1 ----------------------------------------------------------- At an extraordinary general meeting held on October 2, 2007, the members of SABW Corporate Services Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 1, 2007, to be included in the company's dividend distribution. The company's liquidator is: Chan Yee Por, Simon Pico Tower, 15th Floor 66 Gloucester Road, Wanchai Hong Kong SOFMAP COMPANY: Appoints Lau Siu Hung as Liquidator --------------------------------------------------- Lau Siu Hung was appointed liquidator of Sofmap Company Limited on September 21, 2007. The company commenced liquidation proceedings on September 21, 2007. The Liquidator can be reached at: Lau Siu Hung Wing Yee Commercial Building, 2nd Floor 5 Wing Kut Street Central, Hong Kong UNION MARK: Tam Kan Wing Quits as Liquidator -------------------------------------------- Tam Kan Wing quit as liquidator of Union Mar Enterprises Limited on September 25, 2007. The former Liquidator can be reached at; Tam Kan Wing Asia Orient Tower, 23rd Floor Town Place, 33 Lockhart Road Wanchai, Hong Kong ZTE CORP: Brazil's Transit Buys Microwave Radio ----------------------------------------------- In a bid to expand its backbone network, Transit Telecom, the leading fixed line operator of Brazil, is going to deploy microwave radio equipment from China's ZTE Corp., TMC Net reports. The new infrastructure will be installed in the southern states of Santa Catarina and Rio Grande do Sul in the course of the next two months, the report says. Previously, Transit used to lease equipment in these areas. The equipment being bought from ZTE includes radios that use the 7.5GHz, 15GHz and 23GHz frequencies. The selection of frequency depends on the transmission distance to be covered. Transit is also assessing the prospects of the deployment of microwave infrastructure in the states of So Paulo, Rio de Janeiro and Minas Gerais, in the time to come. "Our goal is to have this infrastructure deployed in these states by June 2008," said Transit's technology VP Alexandre Alves. The equipment purchase will drive a 50% increase in revenues over last year. "We doubled our network capacity, resulting in a significant increase in subscribers this year," added Alves. The contribution of VoIP services to the total revenues will also grow from 5% to 8%. Headquartered in Shenzhen, China, ZTE Corp's principal activities are the production and sale of general system and communication terminal equipment. 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 ========= AES CORP: Fitch Rates US$2 Billion Senior Notes at BB ----------------------------------------------------- Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. The rating outlook is stable. The increase of the debt offer from US$500 million does not change Fitch's view of the transaction as the pre-funding of growth capital spending and debt refinancing at a time of uncertain capital markets. Fitch's rating is still based on its expectation that AES will use the proceeds during the next six months to pay down debt and to invest in several different generation projects. The company has US$415 million of debt maturing in 2008, and a variety of debt with higher coupon rates than the new debt issued. In addition, the company has several projects nearing completion that should create sufficient cash flows to offset the additional incremental debt and interest expense and allow the company to maintain relatively stable credit metrics. The ratings of AES reflect the high degree of parent-company recourse debt, the structural subordination of that debt to project level debt, and the reliance on distributions from its subsidiaries for parent-company debt service. Offsetting, in part, the company's financial risk is the solid base of utility and contracted generation as well as the diversity of cash flow sources. The current stable rating outlook reflects Fitch's expectation that credit metrics will stay within parameters for the current rating. AES is one of the world's largest global power companies, with 2006 revenues of US$11.6 billion. With operations in 28 countries on five continents, including in India, the company is active in the generation, transmission and distribution of electricity. The company controls more than 42,000 mw of capacity. AES CORP: Moody's Affirms B1 Corporate Family Rating ---------------------------------------------------- Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. The rating affirmation is predicated on AES using net proceeds from the notes offering in excess of US$600 million to refinance part of the company's estimated US$4.8 billion of existing recourse debt. Total recourse debt after the refinancing, which Moody's expects to occur no later than year-end, is expected to be about US$5.4 billion. Failure by AES to complete the refinancing within the above referred timeframe would cause Moody's to reconsider its assigned ratings. Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AXIS BANK: Books INR2.28-Bil. Profit in Qtr. Ended Sept. 30 ----------------------------------------------------------- AXIS Bank Ltd posted a net profit of INR2.28 billion for the second quarter ended Sept. 30, 2007, an improvement compared to the INR1.42-billion profit booked in the same quarter last year. The bank's total income increased from INR12.3 billion in July- Sept. 2006 to the latest quarter's INR20.59 billion, with majority of the revenue coming from interest earned or operating income (INR16.77 billion). The current quarter's total income also includes other income of INR3.83 billion, which according to the bank contains gains from securities' transactions, commission earned from guarantees or letters of credit, fees earned from providing services to customers, selling of third party products and Automated Teller Machine sharing fees. For the second quarter of FY2007-08, the bank's operating expenses aggregated INR15.97 billion, bringing its operating profit to INR4.63 billion. A copy of the bank's financial result for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?2442 Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. * * * The bank's Foreign Long Term Bank Deposits carry Moody's Investors Service's Ba2 rating, which was placed on July 1, 2005. BALLARPUR INDUSTRIES: Board to Consider Q1 Results on Oct. 25 ------------------------------------------------------------- Ballarpur Industries Ltd's board of directors will hold a meeting on Oct. 25, 2007, to consider and approve the company's unaudited financial results for the quarter ended on Sept. 30, 2007(Q1). In the July-Sept. 2006 quarter, the company booked a net profit of INR582.6 million on sales of INR5.27 billion. Headquartered in Ballarpur, India, Ballarpur Industries Limited -- http://www.bilt.com/-- is a paper manufacturer and exporter. BILT has five product groups: coated wood-free, uncoated wood- free, copier, creamwove, and business stationery. There are three types of products in the coated wood-free segment: two side coated paper, two side coated boards, and single side coated products. The company has a presence in all segments of the paper usage spectrum that includes writing and printing paper, industrial paper, and specialty paper. On April 12, 2004, Standard and Poor's Ratings Services gave Ballarpur Industries BB- ratings for both its long-term local and foreign issuer credit. As of May 15, 2007, the company still carry those ratings. BILT is currently restructuring its business. According to Moneycontrol, under the restructure, BILT is transferring its three units to its subsidiary BPH for a cash consideration of INR19.5 billion. It will utilize INR9.4 billion for compulsory buy-back of shares and INR10.1 billion for repaying debt. Before the buy-back, share capital of BILT will be split into '5' shares of face value of INR2 each from the current face value of INR10. BPH (Netherland) is a 80% owned subsidiary of BILT, while balance 20% is held by JP Morgan. BPH already holds Sabah Forest Industries. BILT is transferring three units under BPH, which in turn will raise funds in the form of debt & private equity to pay BILT for its plants. This is expected to reduce the JP Morgan's stake from 20% to 4% and BILT's stake to 77%. The balance 19% stake will be held by the private equity. Moneycontrol further notes that the benefits of the restructuring are: (a) Better valuation: Internationally paper companies trade at much better valuation than in India. BILT had historically traded at EV/EBIDTA of ~5x, currently it is trading at EV/EBIDTA of 8x where as BPH is expected to raise funds at a EV/EBIDTA of ~10x. (b) Refinancing of Debt through international route will help the company to bring down its average interest cost from 8% to 7%. (c) For FY 08 an EPS of INR4.3 (without restricting) was expected, but with the current restructuring initiative of the company, it is expected that EPS of INR6.5, a growth of 51%, will be achieved. IFCI LTD: Board to Propose Conversion of Debt to Equity ------------------------------------------------------- IFCI Ltd's board of directors will propose to the holders of 0% Optionally Convertible Debentures to convert a part op their outstanding into equity as per SEBI Guidelines on pricing of preferential allotment and the balance outstanding may carry concessional rate of interest linked to government securities, a filing with the Bombay Stock Exchange reveals. The board came up with the decision at its meeting on Oct. 15, 2007. According to the Hindu Business Line, 30 banks and financial institutions are granted the conversion option. The option is given in respect of the INR1,479 crore worth of zero coupon OCDs that was subscribed to by these entities as part of IFCI's overall restructuring package in 2002, the news agency relates. "They can exercise the option up to to a particular percentage of [INR]1,479 crore. The outer limit is 50 per cent. It will be lower than 50 per cent. By this, we will get more equity, which is good for IFCI," Business Line quotes IFCI CEO and Managing Director as saying. IFCI Limited -- http://www.ifciltd.com/-- is established to cater the long-term finance needs of the industrial sector. The principal activities of IFCI include project finance, financial services, non-project specific assistance and corporate advisory services. Project finance involves providing credit and other facilities to green-field industrial projects (including infrastructure projects), as well as to brown-field projects. Financial services covers a range of activities wherein assistance is provided to existing concerns through various schemes for the acquisition of assets, as part of their expansion, diversification and modernization programs. Non-project specific assistance is provided in the form of corporate/short-term loans, working capital, bills discounting, etc to meet expenditure, which is not specifically related to any particular project. Its investment portfolio includes equity shares, preference shares, security receipts and government securities. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 3, 2007, India's Credit Analysis & Research Ltd. retained a CARE D rating to IFCI's Long & Medium Term Debt aggregating INR91.36 crore. The amount represents the outstanding non- restructured amount under the Bonds series, which have been rated by CARE. Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating at '4'. The outlook on the rating is stable. IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit ---------------------------------------------------------- IMAX Corporation last Thursday reported that Catalyst Fund Limited Partnership II has withdrawn the lawsuit it filed against IMAX in the New York State Supreme Court. Catalyst was seeking to invalidate the consents the company successfully received from a majority of its bondholders on April 16, 2007 extending the deadline to file the company's annual and other reports and waiving any existing defaults arising from a failure to comply with the reporting covenant under the indenture governing the Company's senior notes. IMAX viewed the suit as entirely without merit and immediately moved to dismiss the complaint when it was filed on May 10, 2007. Catalyst then asked the Court for permission to withdraw the suit, which was granted on Oct. 9, 2007. In September, Catalyst filed an application with the Superior Court for the Province of Ontario to litigate substantially the same matter in Canada. IMAX is contesting that application as well, and similarly views it to be without merit. Catalyst unsuccessfully opposed the company's consent solicitation and unsuccessfully attempted to trigger an event of default under the company's senior notes indenture on numerous occasions. Most recently, Catalyst issued a purported notice of default dated Oct. 10, 2007. The company believes it is in compliance with the senior notes indenture and that Catalyst's claims are without merit. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post- production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. At June 30, 2007, the company's balance sheet showed total assets of US$220.2 million and total liabilities of US$284 million, resulting in a total shareholders' deficit of US$63.8 million. UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007 -------------------------------------------------------------- UTStarcom Inc. has reported net sales for the third quarter 2006 were US$601 million. Gross margins for the third quarter 2006 were 12.4% and net loss for the quarter was US$43 million, or a loss of (US$0.36) per share. The company also announced the completion of the China sales investigation. Net sales for the full year 2006 were US$2.5 billion. Gross margins for the full year 2006 were 15.7% and net loss for the year was US$117.3 million, or a loss of (US$0.97) per share. Restructuring Plan On Oct. 2, 2007, the company's Board of Directors approved a restructuring plan to reduce operating costs. The initial phase of this plan includes a worldwide reduction of approximately 11% of the company's headcount, or approximately 700 employees. The workforce reduction will be based primarily in the United States and China and, to a lesser degree, other international locations. Management expects the headcount reduction phase of the restructuring plan will be completed in the fourth quarter of 2007. As such, the company expects to incur a restructuring charge in the fourth quarter in connection with the headcount reduction of approximately US$10 million. As a result of these headcount reductions, the company expects to realize annual cost savings in salary and compensation-related expenses of approximately US$21 million on an annualized basis. "The restructuring plan is closely aligned with our overall strategy of becoming a more focused and operationally efficient company," said Peter Blackmore, chief operating officer of UTStarcom. "Headcount reductions are always difficult; however, they are essential as we strive to attain consistent profitability and improve our cash flows. We have already started to implement the plan and expect to achieve the full benefit by the first quarter of 2008." About UTStarcom, Inc. Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. The company maintains operations in France, Italy, Spain, China, India, Japan, Argentina and Brazil. * * * As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due 2008 agreed to the proposed amendments of certain provisions of the indenture pursuant to which the notes were issued and a waiver of rights to pursue remedies available under the indenture with respect to certain default. Under the terms of the indenture, during the period beginning Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by the company to comply with certain provisions will not result in a default or an event of default, and the Notes will accrue an additional 6.75% per annum in special interest from and after Jan. 9, 2007 to the maturity date of the Notes, unless the Notes are earlier repurchased or converted. ================= I N D O N E S I A ================= ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom -------------------------------------------------------------- Alcatel-Lucent will supply fiber-to-the-node VDSL2 network to Belgacom. This network upgrade will enable Belgacom to offer full triple play services, including multiple IPTV channels on multiple TV sets simultaneously and High Definition Television (HDTV) to more than 60% of the Belgian households in spring 2008. This project leverages the unsurpassed high density and bandwidth of Alcatel-Lucent's next generation VDSL2 solutions based on its industry leading ISAM platform. The broadband access network seamlessly integrates with the already operational IP aggregation network supplied by Alcatel-Lucent and based on its 7450 ESS and 7750 SR service router products. Deploying VDSL2 is part of Belgacom's Broadway infrastructure project to bring fiber down to the street cabinet level on a national scale. After successfully passing the integration phases, it has now reached the final lab testing stages in parallel with the necessary IT integration. The large-scale rollout throughout Belgium will cover more than 14,000 nodes. While Belgacom is already offering digital TV to 80% of Belgian households, with a large segment of the population enjoying multiple streams of standard definition television, the superior bandwidth of VDSL2 will transition Belgacom's TV offering into the High Definition Television era. Scott Alcott, Executive Vice President of Belgacom's Service Delivery Engine stated: "At the end of June 2007, we had already registered more than 191,000 IPTV users, who are being offered this service over ADSL2+ and VDSL1 technology. To further expand our customer base and introduce HDTV on a large scale, we need to bring our high-bandwidth network closer to the end-user. In our transition to the IP world, Alcatel-Lucent's VDSL2 solution is fundamental to further expand our Belgacom TV service and Internet applications, both in terms of services offered and customers reached." "Belgacom's choice for a fiber-to-the-node VDSL2 network is a logical next step", said Michel Rahier, President of Alcatel- Lucent's carrier business activity. "It reuses the existing copper infrastructure to the fullest and brings fiber up to that point in the network that makes the most sense economically for Belgacom. The solution will enable Belgacom to offer much higher bandwidths and top quality TV services to a large subscriber base," concluded Rahier. Under the terms of the contract, Alcatel-Lucent will be supplying its 7302 Intelligent Services Access Manager for central office deployment and its 7330 Intelligent Services Access Manager (ISAM) fiber-to-the-node system with the 7356 Remote Expansion Module, all of which will be managed by the highly scalable, multi-technology 5523 AWS Element Management System. Alcatel-Lucent also provides Belgacom with a scalable and service oriented IP aggregation network, based on its 7450 ESS and 7750 SR service router products now largely deployed and operational over most of the Belgacom central offices. Alcatel-Lucent remains the uncontested market leader in broadband access with more than 142 million DSL lines shipped to date, and a cumulative DSL market share of 41%, more than three times that of its nearest competitor. About Belgacom Belgacom Group is the benchmark Belgian provider in the field of integrated telecommunications services. Underpinned by its experience as the country's national operator, matched by a capacity to innovate, the Belgacom Group, through the strong brands of its subsidiaries, provides a full range of offers, solutions and expertise in fixed and mobile networks. The Belgacom Group proposes a complete quadruple-play solution comprising fixed and mobile telephony, the Internet and television. It is committed to meeting the demands of its business and residential customers, and innovates in order to anticipate their future needs, drawing from the latest technological developments. For the fiscal year ending 31 December 2006, the Group posted a total revenue of EUR6.1 billion and a net operating profit before depreciation and amortization of EUR2.15 billion. 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. BERLIAN LAJU: Fitch Gives BB- Long-Term Issuer Default Rating ------------------------------------------------------------- Fitch Ratings has placed PT Berlian Laju Tanker Tbk's Long-term foreign and local currency Issuer Default Ratings of 'BB-' on Rating Watch Negative, following the company's disclosure on October 14, 2007, that it plans to acquire Chembulk LLC, a Marshall Islands-registered chemical tanker company, for US$850 million. Fitch has also placed the 'BB-' rating of the US$400m senior unsecured notes due 2014 issued by BLT Finance B.V. and guaranteed by BLT on RWN. Funding for the acquisition will primarily be in the form of new debt of US$750m raised at both the BLT and Chembulk levels. Fitch estimates that BLT's financial leverage, as measured by the net debt/EBITDA ratio, will rise significantly from the 2.7x level attained in H107. The net adjusted debt/EBITDAR ratio, which adjusts the leverage ratio by capitalizing operating lease payments, will also rise sharply from the 3.5x level attained in H107, as five out of Chembulk's 16 vessels are chartered-in. However, BLT plans to reduce its post-acquisition debt levels by raising new equity and disposing some of its non-core assets. The degree of a potential negative rating action, if any, will be dependent on the level of BLT's debt reduction after the transaction. If new cash infusion into the company is not significant, a downgrade by more than one notch may be warranted, given the resultant high financial leverage despite the prevailing high freight rates. However, the ratings may be affirmed if BLT is able to demonstrate that current financial leverage levels can be maintained. The transaction is subject to BLT shareholder approval, and will likely achieve closure in Q407. Fitch intends to resolve the RWN upon closure of the transaction, following further discussions with BLT's management regarding its financing and de-leveraging plans. Fitch views the transaction as modestly positive from the operational perspective as it will further increase BLT's scale. The combined entity will be the third largest stainless steel chemical tanker operator in the world. Furthermore, BLT will gain further geographical diversification as the acquisition will allow it to enter the North American market. PT Berlian Laju Tanker Tbk is the largest Indonesian shipping company, focusing on liquid bulk cargo, with operations primarily in Asia with some expansion into the Middle East and Europe. In 2006, BLT achieved revenue of US$335 million, EBITDA of US$154 million and net income of US$107 million. The founder, Hadi Surya, has a 48.7% beneficial interest in BLT. HILTON HOTEKS: Amends 8% Quarter Interest Bonds Tender Offering --------------------------------------------------------------- Hilton Hotels Corporation has further amended its tender offer and consent solicitation for its 8% Quarterly Interest Bonds due 2031. Hilton has determined to amend the terms of its tender offer and consent solicitation for the Bonds to increase the Bonds Total Consideration offered to holders who tender their Bonds at or prior to the Amended Consent Payment Deadline. The total consideration for each US$25 principal amount of the Bonds validly tendered and not validly withdrawn pursuant to the tender offer and consent solicitation for the Bonds at or prior to the Amended Consent Payment Deadline has been increased to US$25.25. Hilton has also extended the consent payment deadline applicable to the tender offer and consent solicitation for the Bonds. The revised consent payment deadline applicable to the Bonds is 5:00 p.m., New York City time, on Oct. 16, 2007, unless extended or terminated by Hilton in its sole discretion. Holders of Bonds must validly tender and not validly withdraw their Bonds at or prior to the Amended Consent Payment Deadline in order to be eligible to receive the Bonds Total Consideration pursuant to the tender offer and consent solicitation for the Bonds. Holders of Bonds validly tendering and not validly withdrawing their Bonds after the Amended Consent Payment Deadline and at or prior to the Offer Expiration Date will be eligible to receive only the Bonds tender offer consideration, which is equal to the Bonds Total Consideration, US$25.25 per US$25 principal amount of Bonds, less the consent payment which is US$1.00 per US$25 principal amount of Bonds. The other terms of the tender offers and consent solicitations for Hilton's 7.625% Notes due 2008, 7.2% Notes due 2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.5% Notes due 2017, 7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds, remain unchanged. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on Oct. 24, 2007, unless extended or earlier terminated by Hilton in its sole discretion. It is e