T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 17, 2007, Vol. 10, No. 206 Headlines A U S T R A L I A ACTRAINT NO 33: Placed Under Voluntary Liquidation BUCKEYE TECH: Expects Improvement in July to September Results CHRYSLER LLC: Council Approves New Contract Ratification COACH HOUSE: Appoints Pratt and Cuming as Liquidators COMMSCOPE INC: Moody's Downgrades Corp. Family Rating to Ba3 CORNISH PACIFIC: Members Agree on Voluntary Liquidation DIMOLA PTY: Members Decide to Liquidate Business DREAMSHEETS INT'L: Members to Receive Wind-Up Report on Nov. 6 EVANS & TATE: Foster's Group Takes Over E&T Vineyard Lease HIH INSURANCE: Former Director Released on Parole PALMER ALUMINIUM: Members to Receive Wind-Up Report on Oct. 26 SYMBION HEALTH: Primary Might Sue Over Rejection, Source Says T & R MANAGEMENT: Creditors Resolve Liquidate Business C H I N A & H O N G K O N G CASTLEMONT PACIFIC: Members to Hear Wind-Up Report on Nov. 9 CITIC BANK: To Join Bid for Bear Stearns' Stake CHINA EASTERN: Air China's Parent Still Keen on Stake Purchase DANA CORP: Amends Centerbridge Capital Investment Agreement DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal DANA CORPORATION: Posts US$103,000,000 Net Loss in August 2007 HIP HING: Appoints Ivy and Hung as Liquidators JDC CORPORATION: Fixes Nov. 2 as Last Day to File Claims KINSTON ENTERTAINMENT: Court to Hear Wind-Up Petition Today NEWPORT HEALTH: Liquidator to Give Wind-Up Report on Nov. 8 NEWPORT PHARMACEUTICALS: Members' General Meeting Set on Nov. 8 ON HONG: Members to Hold General Meeting on November 8 ROYAL CARIBBEAN: Lehman Upgrades Firm's Shares to Overweight SEFAIR BROKERS: Creditors' Proofs of Debt Due on Oct. 24 SUN CHONG: Sets Final General Meeting for November 13 UNICORN MARK: Members Pass Resolution to Liquidate Business I N D I A AES CORP: May Use Bond Proceeds To Buy 49.99% Brasiliana Stake BHARTI AIRTEL: Board to Consider Audited Q2 Results on Oct. 31 CABLE & WIRELESS: Closes US$40-Mil. Network Deal with Nokia DRESSER-RAND INC: Signs MOU with Supersonic Ejector Technology EMCO LTD: Board to Consider Issuing Warrants to Promoters ESSAR OIL: Shareholders Approve Raising US$750 Million Abroad GENERAL MOTORS: Provides Overview of National Agreement w/ UAW I N D O N E S I A BERLIAN LAJU: S&P Lowers Company Rating From 'BB-' to 'B+' PARKER DRILLING: Schedules Earnings Call on November 7 PERUSAHAAN LISTRIK: To Save IDR1.7 Trillion on Fuel Spending J A P A N COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31 ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook NIS GROUP: JCR Lowers Rating to BB; Placed Under Credit Monitor NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB LIVEDOOR CO: President to Resign, Believes Firm Will be OK TOWA BANK: Asked to Improve Operations, FSA Says TOWA BANK: JCR Reduces Bonds Rating to BB+ from BBB- K O R E A BIOMET INC: Provides Prelim Fin'l Results for Qtr. Ended Aug. 3 BURGER KING: Positive Sales Growth Cues Fitch to Lift Ratings MAGNACHIP SEMICON: Reports Preliminary Third Quarter Revenue REMY INT'L: Moody's Cuts Probability of Default Ratings to D REMY INT'L: S&P Cuts Bank Loan & Floating Notes Ratings to D UAL CORP: Inks Codeshare Agreement with TAM SA M A L A Y S I A TAP RESOURCES: Annual General Meeting Slated for Oct. 31 TAP RESOURCES: July 31 Balance Sheet Upside Down by MYR5.28 Bil. PAN MALAYSIAN: Unveils Regularization Plan Proposals SOLUTIA INC: Incurs US$9,000,000 Net Loss in Month Ended Aug. 31 SOLUTIA INC: Files Consensual Plan of Reorganization N E W Z E A L A N D FORM SHOPFITTING: Creditors' Proofs of Debt Due on Oct. 29 GENEVA FINANCE: Default Cues S&P to Cut Ratings to 'D' From 'B-' HEARTLAND LOGGING: Fixes Oct. 29 as Last Day to File Claims HOLIDAY EXPOS: Taps Jollands and White as Liquidators KG SERVICES: Creditors' Proofs of Debt Due on Oct. 26 LEONARDS LTD: Subject to CIR's Wind-Up Petition SWIFT ENERGY: Acquires Escondido Resources for US$249.5 Million THE BUSINESS: Appoints Jollands and White as Liquidators THE LEAD GENERATION: Creditors' Proofs of Debt Due on Oct. 31 TROMPEUR HOLDINGS: Court to Hear Wind-Up Petition on Oct. 18 VIADUCT HOUSE: Fixes Oct. 26 as Last Day to File Claims VIALOU STREET: Appoints Kim S. Thompson as Liquidator P H I L I P P I N E S GEOGRACE RESOURCES: Annual Stockholders' Meeting Set for Dec. 7 JG SUMMIT: Acquires Remaining Shares in Petrochemical Unit METROPOLITAN BANK: Lower Tier 2 Notes Twice Oversubscribed PHIL LONG DISTANCE: Chairman Sees Strong 2nd Half Performance * Balance of Payments Hit 1st Deficit of US$95-Mil. in September * BIR's Sept. Deficit May Cue Gov't Failure to Meet Deficit Mark S I N G A P O R E CHUAN & CO: To Declare Third Dividend on October 19 SEE HUP SENG: Goh Koon Seng to Quit as Chief Financial Officer SHINE STAR: Faces Liquidation Proceedings STATS CHIPPAC: Appoints John Lau as Senior Vice Pres. and CFO WELLMANN ASIA: Court Enters Wind-Up Order T H A I L A N D NAKORNTHAI STRIP: Reports Progress of Business Reorganization DAIDOMON: Auditor Issues Disclaimer of Opinion on Financials ITV PCL: Foundations Back Off From Buying Shin's 52.9% Holdings - - - - - - - - ================= A U S T R A L I A ================= ACTRAINT NO 33: Placed Under Voluntary Liquidation -------------------------------------------------- During a general meeting held on September 4, 2007, the members of Actraint No 33. Pty Limited resolved to voluntarily liquidate the company's business. David Clement Pratt and Timothy James Cuming were appointed as liquidators. The Liquidators can be reached at: David Clement Pratt Timothy James Cuming Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Actraint No 33 Located at Sydney, in New South Wales, Australia, Actraint No 33 Pty Limited is an investor relation company. BUCKEYE TECH: Expects Improvement in July to September Results -------------------------------------------------------------- Buckeye Technologies Inc. has expected its profitability for the July-September quarter to be in the range of 32-35 cents per share including a US$2.2 million (6 cents per share) one-time favorable tax help related to the recently enacted reduction in Germany's corporate tax rate. Chairman and Chief Executive Officer, John B. Crowe said, "Our first quarter net sales were up 3% compared to the same period last year. The earnings improvement is a combination of higher prices, better mix and cost control. Excluding the one-time tax help (6 cents per share), operating earnings are anticipated to be in the range of 26-29 cents per share. Operating earnings performance improved over the April-June quarter even with lower sales volume due to scheduled maintenance during the just completed quarter. Demand for our specialty wood and cotton products, nonwoven materials and fluff pulp was strong in the quarter. Nonwovens shipments were especially strong with net sales up 10% compared to the same period last year." Buckeye plans to announce July to September results on Oct. 22, 2007 and has scheduled a conference call at 3:00 p.m. EDT, Oct. 23, 2007 to discuss first quarter performance. Headquartered in Memphis, Tennessee, Buckeye Technologies Inc. (NYSE:BKI) -- http://www.bkitech.com/-- manufactures and markets specialty fibers and nonwoven materials. The company currently operates facilities in the United States, Germany, Canada, and Brazil and Australia. Its products are sold worldwide to makers of consumer and industrial goods. * * * As reported in the Troubled Company Reporter on June 19, 2007, Moody's upgraded Buckeye Technologies Inc.'s corporate family rating to B1 from B2 and maintained a stable outlook. All other ratings were upgraded by one notch while the unsecured notes were affirmed at B2. CHRYSLER LLC: Council Approves New Contract Ratification -------------------------------------------------------- The UAW Chrysler Council, which includes local union leaders from Chrysler facilities throughout the United States, voted overwhelmingly to recommend ratification of a new tentative labor agreement with Chrysler reached on Oct. 10, 2007. Local union leaders voted to recommend ratification by UAW members after meeting yesterday, Oct. 15, 2007, at Cobo Center in Detroit, Michigan, where they were briefed on details of the proposed new contract. As reported in the Troubled Company Reporter on Oct. 11, 2007, the tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities Exchange Commission. The national agreement is consistent with the economic pattern, and balances the needs of its employees and company by providing a framework to improve its long-term manufacturing competitiveness. "The UAW negotiating committees at Chrysler, both hourly and salaried, did an excellent job bargaining this agreement and we look forward to discussing it with our members in explanation and ratification meetings which will begin this week," UAW President Ron Gettelfinger said. "Thanks to the determination of Chrysler workers, we have moved forward on our agenda to protect manufacturing jobs in our communities -- and we have also protected wages, health care and pensions for active and retired workers." "This proposed agreement meets the challenges of our industry head-on," UAW Vice President General Holiefield, who heads the UAW Chrysler dept, said. "It sets the stage for future success at Chrysler, and for our members to share in that success." The UAW represents over 48,000 active workers and 78,000 retirees and surviving spouses at Chrysler. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * On Oct. 1, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The US$10 billion first-lien term loan now consists of a US$5 billion "first-out" tranche and a US$5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, S&P assigned a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the $5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. COACH HOUSE: Appoints Pratt and Cuming as Liquidators ----------------------------------------------------- On September 4, 2007, the members of Coach House Motor Inns Pty Limited agreed to voluntarily liquidate the company's business. David Clement Pratt and Timothy James Cuming were appointed as liquidators. The Liquidators can be reached at: David Clement Pratt Timothy James Cuming Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Coach House Coach House Motor Inns Pty Limited operates nonclassifiable establishments. The company is located at Sydney, in New South Wales, Australia. COMMSCOPE INC: Moody's Downgrades Corp. Family Rating to Ba3 ------------------------------------------------------------ Moody's Investors Service concluded its review of CommScope, Inc. and downgraded the company's corporate family rating to Ba3 from Ba2 pending the company's debt financed acquisition of Andrew Corp. Additionally, Moody's downgraded the company's US$250 million convertible subordinated debentures to B2 from Ba3. The acquisition will be financed by US$2.55 billion of senior secured credit facilities to which Moody's has assigned Ba3 ratings. The outlook is stable. Moody's placed CommScope under review for downgrade on June 27, 2007 after the company's announcement of their intent to acquire Andrew Corporation for US$2.6 billion. The acquisition has been approved by both company's boards but is still conditioned on Andrew shareholder and regulatory approvals. These ratings were downgraded: -- Corporate Family Rating -- to Ba3 from Ba2 -- Probability of Default Rating -- to Ba3 from Ba2 -- US$250 million Convertible Senior Subordinated Debentures due 2024 -- to B2, LGD6 (95%) from Ba3, LGD5 (73%) These new ratings were assigned: -- US$250 million Senior Secured Revolving Credit Facility due 2013 -- Ba3, LGD3 (45%) -- US$2.3 billion Senior Secured Term Loan due 2014 - Ba3, LGD3 (45%) The company's Ba3 rating reflects the relatively high pro forma leverage upon closing the acquisition; the risks associated with integrating two companies roughly equal in size and the cyclicality of the cable, telecommunications, and enterprise connectivity markets. The leverage and integration challenges are reflective of a B1 rating however they are offset by the strength of CommScope's and Andrew Corp.'s respective market leading positions, the diversity of the combined product portfolio, management's track record of successful large integrations and the potential synergies associated with the Andrew acquisition. The ratings are however considered on the weaker end of the Ba3 ratings category. The closing pro forma debt to EBITDA as adjusted by Moody's is expected to be just under 5.0, a level more common in B1 rated component manufacturers. The company is expected to de-lever fairly quickly however through a combination of asset sales of non-strategic assets and estimates of up to US$100 million in annual cost savings from consolidating manufacturing and distribution facilities and reducing duplicate operations. Moody's also notes that Commscope's US$250 million in convertible debt is heavily "in the money" and will likely convert to equity in the next 18 months. Moody's notes management's past success in integrating the 2004 acquisition of Avaya's Connectivity Solutions business and track record of reducing leverage. Moody's believes the company is capable of reducing leverage to below 4.0 by the end of fiscal 2008. The stable outlook reflects Moody's expectation that the company will successfully integrate the Andrew Corp. acquisition and quickly focus on improving cash flow and reducing debt. The ratings could be positively impacted by success in integrating Andrew and achieving synergy targets, continued growth in revenue, EBITDA and free cash flow and reducing leverage to below 3.5. CommScope's ratings may be negatively impacted by unexpected challenges associated with the Andrew acquisition, greater than expected increases in material costs, a severe downturn in customer spending across segments, or an additional large debt financed acquisition, share repurchase or dividend. About CommScope Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) -- http://www.commscope.com/-- designs and manufactures "last mile" cable and connectivity solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. CommScope has facilities in Brazil, Australia, China and Ireland. CORNISH PACIFIC: Members Agree on Voluntary Liquidation ------------------------------------------------------- On September 14, 2007, the members of Cornish Pacific Pty Ltd had a meeting and agreed to voluntarily liquidate the company's business. Nicholas Crouch of Crouch Insolvency was appointed as liquidator. The Liquidator can be reached at: Nicholas Crouch Crouch Insolvency Chartered Accountants Level 28, 31 Market Street Sydney, New South Wales 2000 Australia About Cornish Pacific Cornish Pacific Pty Ltd, which is also trading as Cornish Industries, is involved with concrete work business. The company is located at Berrimah, NT, Australia. DIMOLA PTY: Members Decide to Liquidate Business ------------------------------------------------ On September 4, 2007, the members of Dimola Pty Ltd had a meeting and agreed to voluntarily wind up the company's operations. David Clement Pratt and Timothy James Cuming were named as liquidators. The Liquidators can be reached at: David Clement Pratt Timothy James Cuming Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Dimola Pty Located at Sydney, in New South Wales, Australia, Dimola Pty Ltd is an investor relation company. DREAMSHEETS INT'L: Members to Receive Wind-Up Report on Nov. 6 -------------------------------------------------------------- A final meeting will be held for the members of Dreamsheets International Pty Limited on November 6, 2007, at 10:00 a.m. At the meeting, Christopher R Campbell and David J F Lombe, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. The Liquidators can be reached at: Christopher R Campbell David J F Lombe Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia Telephone:(02) 9322 7000 About Dreamsheets International Dreamsheets International Pty Limited operates broadwoven fabric mills. The company is located at Surry Hills, in New South Wales, Australia. EVANS & TATE: Foster's Group Takes Over E&T Vineyard Lease ---------------------------------------------------------- Foster's Group Limited has entered into a new lease over two Australian vineyards from the Challenger Wine Trust, Just-Drinks reports. According to FoodWeek Online, Foster's Group has inked a lease agreement for two vineyards previously leased by Evans & Tate subsidiary Cranswick Estates. The lease for the Cocoparra and Woods Vineyards, located in Griffith, NSW, mirrors the previous Evans and Tate lease, including the initial term expiring in 2013 and two five-year options to renew, FoodWeek relates. Following the execution of this lease, Foster's occupies nearly 4% of Challenger Wine Trust's portfolio. "Not only have we negotiated a new lease to a high quality tenant in FGL, we have been able to secure a rental income in FY08 that ensures no lost income for CWT on these properties" FoodWeek quotes CWT fund manager Nick Gill as saying. The Gnangarra vineyard located in Manjimup, Western Australia, now remains the only vineyard leased to Evans and Tate in the CWT portfolio, the report adds. About Evans & Tate Headquartered in Wembley, Western Australia, Evans & Tate Limited -- http://www.etw.com.au/-- is an Australian wine company listed on the Australian Stock Exchange. The primary businesses of the Evans & Tate Wine Group are the production, marketing and distribution of a number of branded, exclusive labeled and unbranded wines; contract winemaking; wine trading; viticultural services; and wine tourism through its Visitor Centers. The Troubled Company Reporter-Asia Pacific reported on Aug. 27, 2007, that Evans & Tate's board of directors placed it under voluntary administration. On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's largest creditor, appointed Voluntary Administrators (Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers & Managers (Peter Anderson, Shaun Fraser and Andrew Birch of McGrathNicol) to Evans & Tate Ltd and its subsidiaries. HIH INSURANCE: Former Director Released on Parole ------------------------------------------------- HIH Insurance Ltd. former director was released on parole from a New South Wales jail on October 13, 2007, Philip Cornford of The Sydney Morning Herald reports. Mr. Cornford writes that Rodney Adler, who has already served two years and six months of his four-and-a-half year sentence, was released from the minimum security St. Heliers Correctional Centre. The former HIH director, SMH recounts, pleaded guilty to four criminal charges, including obtaining AU$2 million by false or misleading statements, manipulating the stockmarket and failing to discharge his duties as a director. According to SMH, Mr. Adler, who was also banned from being a company director for 20 years, did not say what he will be doing, has already made one decision clear: he will not accept money for an interview. Sefiani Communications Group, hired by the Adler family to deal with the media, expressed that there have been many requests for interviews but "none has involved discussion of any payment and none will." A statement said that while Mr. Adler, 47, had received a "number of approaches" about a book on jail and his role in the AU$5.3 billion collapse of HIH insurance, "no decision has been made in this regard," conveys Mr. Cornford. About HIH Insurance HIH Insurance Limited -- http://www.hih.com.au/-- the holding company of the HIH Group, was a publicly listed company in Australia. Prior to its collapse, the HIH Group was known as the second largest general insurer in Australia, and had operations in many other countries. On March 15, 2001, the HIH Group failed, with a deficiency now believed to be between AU$3.6 billion and AU$5.3 billion. Provisional liquidators were appointed to HIH Insurance Limited and many of its subsidiaries. Other insolvency practitioners were appointed to various group companies incorporated in other parts of the world. In August 2001, the major Australian companies in the HIH Group were placed into liquidation. On March 29, 2006, meetings of the creditors of the eight companies in the HIH Insurance Group approved the Australian Schemes of Arrangement for those companies. Moreover, separate meetings of creditors of four HIH Insurance Group companies with branches in the United Kingdom approved English Schemes for those companies. HIH's collapse is known to be the nation's biggest corporate failure. PALMER ALUMINIUM: Members to Receive Wind-Up Report on Oct. 26 -------------------------------------------------------------- The members of Palmer Aluminium Pty Limited will meet on Oct. 26, 2007, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: R. G. Tolcher Lawler Partners Chartered Accountants 763 Hunter Street Newcastle West, New South Wales 2302 Australia About Palmer Aluminium Palmer Aluminium Pty Limited is a distributor of aluminum sheet, plate, and foil. The company is located at Erina, in New South Wales, Australia. SYMBION HEALTH: Primary Might Sue Over Rejection, Source Says ------------------------------------------------------------- Symbion Health Ltd.'s largest shareholder, Primary Health Care, might initiate legal proceedings against the Melbourne-based firm for rejecting its proposal to carve up Symbion's assets in favor of Healthscope Ltd.'s revised AU$3.7 billion offer, Teresa Ooi writes for The Australian. A source of The Australian said that Primary managing director Edmund Bateman "will go down the path of taking legal action against Symbion's board, if he needs to." The source added that Mr. Bateman "believes that Symbion's board had failed in its duty to act in the interests of shareholders when it rejected Primary's proposal and unanimously supported Healthscope's revised deal." However, Ms. Ooi notes that Symbion is braced for any legal proceedings that Primary will commence. Ms. Ooi quotes her source as saying, "I would not put it past Bateman to file legal proceedings against Symbion. But we are 100 per cent confident we have acted in the best interests of shareholders." According to an October 9, 2007 report by the Troubled Company Reporter-Asia Pacific, Symbion and Healthscope have struck a new deal wherein the deal would break up Symbion, with some of its assets going to Healthscope and the remainder acquired by private-equity firms Ironbridge Capital and Archer Capital. According to TCR-AP, under the revised proposal, Healthscope will acquire Symbion's pathology, diagnostic imaging and medical center businesses. Symbion shareholders will get AU$2.516 billion to AU$2.646 million for the diagnostics businesses via the issue of Healthscope shares and the assumption of debt by Healthscope. Meanwhile, Ironbridge and Archer would acquire Symbion's pharmacy services and consumer businesses via a scheme of arrangement. The private-equity firms would acquire Symbion for AU$1.77 a Symbion share. A subsequent report by the TCR-AP on October 11, 2007, stated that Symbion rejected Primary's proposal to acquire its medical centers business and selected parts of its pathology and radiology businesses saying that the proposition is not in the best interest of the shareholders. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). T & R MANAGEMENT: Creditors Resolve Liquidate Business ------------------------------------------------------ During a general meeting held on September 4, 2007, the creditors of T & R Management Services Pty Limited resolved to voluntarily liquidate the company's business. David G. Young was appointed as liquidator. The Liquidator can be reached at: David G. Young Pitcher Partners Level 3, 60 Castlereagh Street Sydney, New South Wales 2000 Australia About T & R Management T & R Management Services Pty Limited is a special trade contractor. The company is located at Hillsdale, in New South Wales, Australia. ================================ C H I N A & H O N G K O N G ================================ CASTLEMONT PACIFIC: Members to Hear Wind-Up Report on Nov. 9 ------------------------------------------------------------ A final general meeting will be held for the members of Castlemont Pacific Company Limited on November 9, 2007, at 9:00 a.m., at the 31st Floor of The Center, 99 Queen's Road C, in Hong Kong. At the meeting, Fung Tin Yau Felix and Kan Tim Hei, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. CITIC BANK: To Join Bid for Bear Stearns' Stake ----------------------------------------------- China Citic Bank Corp. is bidding to buy a stake in U.S. investment bank Bear Stearns Cos., Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission confirmed with the media. Mr. Jiang was speaking at a financial forum during the once- every-five-years Congress of the ruling Communist Party, the Wall Street Journal relates. According to Mr. Jiang, CITIC Bank's interest in buying into Bear Stearns is yet another of the recent acquisitions and investments by Chinese banks in overseas financial institutions. "The foreign M&A of our banks is entering a new era and the pace of internationalization is accelerating," Mr. Jiang was quoted by Reuters as saying. He gave no other details on a potential investment in Bear Stearns by CITIC Bank. Bear Stearns is among the institutions hardest-hit by the U.S. subprime mortgage crisis. Earlier this month, Chief Executive James Cayne said Bear Stearns would consider selling a stake to an investor from China or the Middle East if the deal created value, the Journal relates. A spokeswoman in Tokyo for Bear Stearns was not immediately available for comment. A spokeswoman for CITIC bank did not have immediate comment, reports say. CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned subsidiary of the state conglomerate Citic Group (S&P: BB+ long- term and B short-term foreign currency counterparty credit rating). With 41 branches, CITIC Bank had total assets of CNY689.5 billion at the end of September 2006. The bank carries Fitch Ratings' Individual strength of D and support rating of 2 following its IPO which, improved the bank's capitalization, strengthened ability of the government to support and CNCB's historically close relationship with the central government. The Troubled Company Reporter-Asia Pacific reported on May 10, 2007, that Moody's Investors Service handed a Bank's Bank Financial Strength Rating of D- to CITIC Bank. CHINA EASTERN: Air China's Parent Still Keen on Stake Purchase -------------------------------------------------------------- China National Aviation Corp., the parent of Hong Kong-listed Air China, is not ruling out the possibility of trying to defeat Singapore Airlines' proposed major stake acquisition of China Eastern Airlines at the Shanghai-based carrier's upcoming shareholders' meeting, The Standard reports. But whether CNAC -- which holds an 11.02% stake in China Eastern's H shares -- would make another attempt to buy out the airline all depends on share performance and benefits of such a move, The Standard cites CNAC Chairman Li Jiaxiang as saying. The Troubled Company Reporter-Asia Pacific reported on Sept. 25, 2007, that Cathay Pacific Airways, together with China National Aviation Holding Company, has dropped its plan to acquire a stake in China Eastern after the two firms tried to enlist CNAC to buy a slice of rival China Eastern. The deal would have scuttled the US$918-million offer by Singapore Airlines and its parent, Temasek Holdings, for a 24% interest, The Standard notes. Mr. Li denied that CNAC's unsuccessful bid was due to objections and interference from the State-owned Assets Supervision and Administration Commission. At the time, Air China said it would not make another pitch for at least three months. According to the report, CNAC has been accumulating China Eastern shares to become a major shareholder. Mr. Li said CNAC used internal resources to buy China Eastern stock in Hong Kong when the cost per share was HK$2. Since then, the shares have soared 311.5%, closing at the last trading price of HK$8.23, which shows the major reason for buying the shares was to maximize profit, Mr. Li said. He said whether CNAC would line up other major fund managers to vote down the proposal by Singapore Airlines and Temasek will also be based on same theory -- it all depends on the share price, The Standard relates. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. 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 US$500 million in convertible preferred shares (Series B) on a pro rata basis. Centerbridge had agreed to purchase up to US$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 US$500 million of Series B shares of reorganized Dana, an increase from the US$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 US$40 million to certain general unsecured creditors who are not eligible to purchase Series B shares because their individual claims are less than US$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. 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. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions, and Italy in Europe. 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 US$7,900,000,000 in total assets and US$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. DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal ---------------------------------------------------------------- Appaloosa Management, L.P., on Sept. 21, 2007, re-affirmed its investment offer, to replace the investment offer of Centerbridge Capital Partners, L.P., and delivered to Dana Corp. and its debtor-affiliates the Official Committee of Unsecured Creditors a final investment proposal letter. James Bolin, a partner at Appaloosa, stated, in the September 21 Letter, that Appaloosa's Investment Offer is substantially similar to Centerbridge's Proposal, with certain material improvements and modifications,. The improvements and modifications are: (a) Appaloosa proposes to eliminate and waive the break-up fee described in the Centerbridge Proposal. (b) Appaloosa will enhance the conversion price from 0.83 times Distributable Market Equity Value Per Share to 0.90 times Distributable Market Equity Value Per Share. (c) In lieu of the limited Rule 144A offering contemplated by the Centerbridge Proposal, the right to purchase the Series B Preferred at par will be offered to all holders of allowed unsecured claims on a pro rata basis. Any shares of Series B Preferred not purchased in the Series B Rights Offering will be purchased at par by Appaloosa and certain other entities, who will receive a guaranteed minimum of 40% of the Series B Preferred and a commitment fee of US$10,000,000 as consideration for their agreement to perform the foregoing Standby Purchaser obligations. (d) Appaloosa proposes to eliminate the ceiling/floor "collar" mechanism contained in the Centerbridge Proposal. (e) Most of Appaloosa's approval rights will be subject to being over-ridden by a 2/3 vote of common shareholders with the exception of certain specified protective approval rights, which are not subject to over-ride. The approval rights not subject to over-ride relate to: -- issuance of securities that are senior to or on parity with the Series A Preferred; -- amendments to the Company's by-laws that materially change the rights of members of the Investor Group or Qualified Purchaser Transferees or the Company's shareholders generally, or to the Charter or Articles if the amendment would adversely impact Appaloosa's rights or investment; and -- other than the annual 4.0% dividends on the Series B Preferred, declaration and payment of dividends on stock that ranks junior to or on parity with the Series A Preferred. (f) Appaloosa will select three members of the Board of Directors, and the Creditors Committee will select the other three. One director will be the chief executive officer, one director will be the new Executive Chairman, one director will be selected by the Standby Purchasers other than Appaloosa. The initial Executive Chairman of the Board will be selected by a selection committee comprised of one Appaloosa representative and one representative of the Standby Purchasers. The Executive Chairman will be approved by a majority vote of the Selection Committee. Any successor Executive Chairman will be selected by the Nominating and Governance Committee of the Board, subject to the approval of Appaloosa. (g) All of Appaloosa's approval rights will continue until the earlier of (i) the date on which Appaloosa ceases to own Series A Preferred Shares having an aggregate liquidation preference of at least US$125,000,000, and (ii) the third anniversary of Appaloosa's investment. (h) Appaloosa proposes to include an additional closing condition to the effect that there will not have occurred any material strike or labor stoppage or slowdown at Dana Corp., General Motors, Chrysler, Ford Motor Company or any of their respective subsidiaries. A full-text copy of Appaloosa's September 21 Letter is available for free at http://ResearchArchives.com/t/s?23e0 Aside from the Investment Letter, Appaloosa also delivered to the Debtors and the Creditors Committee drafts of: (1) an Amended Joint Plan of Reorganization, a copy of which is available for free at http://ResearchArchives.com/t/s?23e1 (2) a Plan Support Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e2 (3) an Investment Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e3 (4) a Shareholders Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e4 (5) Articles of Designation with Respect to Preferred Stock, a copy of which is available for free at: http://ResearchArchives.com/t/s?23e5 (6) a Series A Registration Rights Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e6 (7) a Series B Registration Rights Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e6 (8) a Market Maker Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e7 About Dana Corp. Toledo, Ohio-based Dana Corp. -- 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. 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. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions, and Italy in Europe. 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 US$7,900,000,000 in total assets and US$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. (Dana Corporation Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000 ). DANA CORPORATION: Posts US$103,000,000 Net Loss in August 2007 ------------------------------------------------------------ Dana Corporation Unaudited Condensed Balance Sheet As of August 31, 2007 ASEETS CURRENT ASSETS Cash and cash equivalents US$1,071,000,000 Accounts receivable Trade 1,311,000,000 Other 309,000,000 Inventories 822,000,000 Assets of discontinued operations 85,000,000 Other current assets 141,000,000 --------------- Total current assets 3,739,000,000 Investments and other assets 0 Investments in equity affiliates 435,000,000 Property, plant and equipment, net 1,713,000,000 Other noncurrent assets 991,000,000 --------------- TOTAL ASSETS US$6,878,000,000 =============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Debtor-in-possession financing US$900,000,000 Notes payable 66,000,000 Accounts payable 1,080,000,000 Liabilities of discontinued operations 39,000,000 Other accrued liabilities 822,000,000 --------------- Total current liabilities 2,907,000,000 Liabilities subject to compromise 4,067,000,000 Deferred employee benefits & other noncurrent benefits 472,000,000 Long-term debt 13,000,000 Minority interest in consolidated subsidiaries 92,000,000 --------------- Total liabilities 7,551,000,000 Shareholders' deficit (673,000,000) --------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT US$6,878,000,000 =============== Dana Corporation Unaudited Condensed Statement of Operations For the month ended August 31, 2007 Net sales US$739,000,000 Costs and expenses Cost of sales 698,000,000 Selling, general & admin expenses 28,000,000 Realignment charges 6,000,000 Other income, net 10,000,000 --------------- Income (loss) from operations 25,000,000 Interest expense 8,000,000 Reorganization items, net 10,000,000 --------------- Income (loss) before income taxes (104,000,000) Income tax expense 6,000,000 Minority interest expense 1,000,000 Equity in earnings of affiliates 1,000,000 --------------- Income (loss) from continuing operation (110,000,000) Loss from discontinued operations 7,000,000 --------------- Net income (loss) (US$103,000,000) =============== Dana Corporation Unaudited Condensed Statement of Cash Flows For the month ended August 31, 2007 OPERATING ACTIVITIES Net income (US$103,000,000) Depreciation and amortization 23,000,000 Loss on sale of businesses 7,000,000 Non-cash portion of U.K. pension charge 0 Increase in working capital (75,000,000) Unremitted equity in earnings of affiliates (1,000,000) Contract rejections and claim settlements 106,000,000 Other 9,000,000 --------------- Net cash flows used for operating activities (33,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (26,000,000) Proceeds from sale of assets 18,000,000 Other 9,000,000 --------------- Net cash flows provided by (used for) investing 1,000,000 FINANCING ACTIVITIES Net change in short-term debt 25,000,000 Proceeds from DIP Credit Agreement 0 --------------- Net cash flows provided by (used for) financing 25,000,000 Net increase (decrease) in cash and cash equivalents (7,000,000) --------------- Cash & cash equivalents, beginning of period 1,078,000,000 Cash & cash equivalents, end of period US$1,071,000,000 =============== Toledo, Ohio-based Dana Corp. -- 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. 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. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions, and Italy in Europe. 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 US$7,900,000,000 in total assets and US$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. (Dana Corporation Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000 ). HIP HING: Appoints Ivy and Hung as Liquidators ---------------------------------------------- Chua Suk Lin Ivy and Lau Kwok Hung were appointed liquidators of Hip Hing Timber Company Limited on September 6, 2007. The Liquidators can be reached at: Chua Suk Lin Ivy Lau Kwok Hung PCP CPA Limited Island Place Tower, Suite 2205-6 510 King's Road, North Point Hong Kong JDC CORPORATION: Fixes Nov. 2 as Last Day to File Claims -------------------------------------------------------- The creditors of JDC Corporation, which is in compulsory liquidation, are required to file their proofs of debt by November 2, 2007, to be included in the company's dividend distribution. KINSTON ENTERTAINMENT: Court to Hear Wind-Up Petition Today ----------------------------------------------------------- The High Court of Hong Kong will hear today, October 17, 2007, at 9:30 a.m., a petition to have Kinston Entertainment (HK) Limited's operations wound up. The petition was filed by Sanford Yung-Tao Yung on August 7, 2007. Sanford Yung-Tao Yung's solicitors are: Baker & McKenzie Hutchison House, 14th Floor Hong Kong Telephone: 2846 1888 Facsimile: 2845 0476 NEWPORT HEALTH: Liquidator to Give Wind-Up Report on Nov. 8 ----------------------------------------------------------- Newport Health Products Company Limited will hold a final meeting for its members on November 8, 2007, at 11:00 a.m., at Room 01-01, 16th Floor of Gee Tuck Building, 16-20 Bonham Strand East, in Sheung Wan, Hong Kong. At the meeting, Chin Kwan Lam Raymond, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NEWPORT PHARMACEUTICALS: Members' General Meeting Set on Nov. 8 --------------------------------------------------------------- The members of Newport Pharmaceuticals Company Limited will hold their general meeting on November 8, 2007, at 11:00 a.m., at Room 01-01, 16th Floor of Gee Tuck Building, 16-20 Bonham Strand East, in Sheung Wan, Hong Kong. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. ON HONG: Members to Hold General Meeting on November 8 ------------------------------------------------------ On Hong Investment Limited will hold a final general meeting on November 8, 2007, at 11:00 a.m., at 4303, 43rd Floor of China Resources Building, 26 Harbour Road, in Wanchai, Hong Kong. At the meeting, Jennifer Tan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ROYAL CARIBBEAN: Lehman Upgrades Firm's Shares to Overweight ------------------------------------------------------------ Lehman Brothers analysts have upgraded Royal Caribbean's shares to "overweight" from "equal weight," Newratings.com reports. According to Newratings.com, the target price for Royal Caribbean's shares was increased to US$47 from US$44. The analysts said in a research note that Royal Caribbean's net yields would continue to improve at least through the first half of 2008. The analysts told Newratings.com that the Caribbean trends are stabilizing. The Royal Caribbean would face "easy comps" next year. The Royal Caribbean's booking curve "seems to have substantially widened" and its performance would be driven by continued strength in European cruises, Newratings.com states, citing Lehman Brothers. Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL) -- http://www.royalcaribbean.com/-- is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises and Pullmantur. The company has a combined total of 34 ships in service and seven under construction. It also offers unique land-tour vacations in Alaska, Australia, Hong Kong, Canada, Europe and Latin America. One of the company's tour starting points is in Panama. * * * As reported in the Troubled Company Reporter on Jan. 15, 2007, Moody's Investors Service assigned Royal Caribbean Ltd.'s new benchmark size Euro senior unsecured notes Ba1, raised RCL's Speculative Grade Liquidity rating to SGL-2 from SGL-3 and affirmed all other existing ratings. SEFAIR BROKERS: Creditors' Proofs of Debt Due on Oct. 24 -------------------------------------------------------- On September 25, 2007, the members of Sefair Brokers Limited passed a resolution to liquidate the company's business. Creditors are required to file their proofs of debt by Oct. 24, 2007, to be included in the company's dividend distribution. The company's liquidators are: Ho Hoi Lam Man Fung Ying Gold & Silver Commercial Building, 8th Floor 12-18 Mercer Street, Central Hong Kong SUN CHONG: Sets Final General Meeting for November 13 ----------------------------------------------------- Sun Chung Estate (Shanghai) Company, Limited will hold its final general meeting on November 13, 2007, at 10:30 a.m., at the 5th Floor of Jardine House, 1 Connaught Place, in Central, Hong Kong. At the meeting, Leung Fung Yee Alice, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. UNICORN MARK: Members Pass Resolution to Liquidate Business ----------------------------------------------------------- At an extraordinary general meeting held on October 3, 2007, the members of Unicorn Mark Hong Kong Limited passed a resolution to liquidate the company's business. Chan Sin Yiu was appointed as liquidator. The Liquidator can be reached at: Chan Sin Yiu Takshing House, Room 1506 20 Des Voeux Road C., Central Hong Kong ========= I N D I A ========= AES CORP: May Use Bond Proceeds To Buy 49.99% Brasiliana Stake -------------------------------------------------------------- The AES Corp. said in a statement that it could use up to US$600 million from the placement of senior unsecured notes to fund the acquisition of a 49.99% stake in Brazilian power holding firm Brasiliana. As reported in the Troubled Company Reporter-Latin America on Sept. 12, 2007, Banco Nacional de Desenvolvimento Economico e Social SA, along with The AES Corp., will hire an independent auditor to appraise Brazilian power holding firm Brasiliana's value. Banco Nacional wants to sell its 49.99% stake in Brasiliana, where AES holds 50.01%. BNamericas relates that AES has the first right to purchase the stake. According to BNamericas, AES priced the private placement of senior unsecured notes consisting of US$500-million principal amount of 7.75% senior notes due 2015 and US$1.5-billion principal amount of 8% senior notes due 2017. AES commented to BNamericas, "The company intends to use the net proceeds from the sale of the senior notes primarily to refinance a portion of its recourse debt." BNamericas notes that the placement could help finance AES' investments in these countries: -- Philippines, -- South Africa, and -- Northern Ireland. According to BNamericas, these Brazilian power firms are considering purchasing the stake: -- EDB, -- Cemig, and -- CPFL Energia. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. About AES AES Corp. -- 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. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, 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. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. BHARTI AIRTEL: Board to Consider Audited Q2 Results on Oct. 31 -------------------------------------------------------------- Bharti Airtel Ltd's board of directors will hold a meeting on Oct. 31, 2007, inter alia, to consider and take on record the company's audited financial results for the second quarter and half year ended Sept. 30, 2007. As previously reported by the Troubled Company Reporter-Asia Pacific, the company booked a INR1,512-crore consolidated net profit for the quarter ended June 30, 2007, a growth of 100% over last year. Headquartered in New Delhi, India, Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. The Mobile Services business unit offers mobile services in all 23 telecom circles of India. The B&TS business unit provides broadband and telephone services in 90 cities across India. The Enterprise Services business unit has two sub-units: Carriers (long- distance services) and Corporates. Through Enterprise Services- Carriers, Bharti Airtel provides national and international long-distance services. The Enterprise Services-Corporates business unit provides integrated voice and data communications solutions to corporate customers and small and medium-size enterprises. * * * The Troubled Company Reporter-Asia Pacific reported on June 28, 2006, that Fitch Ratings affirmed Bharti Airtel Limited's long-term foreign currency issuer default rating at BB+. The outlook on the rating remains stable. Additionally, Standard and Poor's Rating Service gave the company's long-term local and foreign issuer credit both a BB+ rating on Sept. 21, 2005. CABLE & WIRELESS: Closes US$40-Mil. Network Deal with Nokia ----------------------------------------------------------- Cable & Wireless has closed a US$40-million agreement with infrastructure provider Nokia Siemens Networks to deliver wireless network services to the Caribbean, The Jamaica Gleaner reports. Business News Americas relates that Cable & Wireless collaborated with Nokia Siemens for the design of core network software that will provide full wireless services that would be "resilient" during natural disasters across all 14 Caribbean markets the company serves. Nokia Siemens spokesperson Chantal Boekman told The Gleaner that voice services over a 2G network and data is accommodated by 3G technology. According to BNamericas, the accord covers the provision of these four core network solutions by Nokia Siemens, a joint venture between Finnish mobile phone manufacturer Nokia and German equipment supplier Siemens: -- network media gateways, -- mobile softswitches, -- intelligent packet core, and -- operation support systems. The systems will provide a single platform to support 2G and 3G wireless networks. The core network by Nokia Siemens would comply with the US and European telecommunications standards, BNamericas states. About Nokia Siemens Nokia Siemens Networks wants to prove that titans don't have to clash. The 50-50 joint venture combines the telecom carrier operations of diversified manufacturer Siemens with the network business of communications giant Nokia. With a product portfolio spanning both wireless and wireline network equipment, the company encompasses six business units: broadband access, Internet protocol transport, operation support systems, radio access, service core and applications, and services. Nokia and Siemens announced the formation of the joint venture in 2006, and Nokia Siemens Networks commenced operations in 2007. A month later it announced it would slash 15% of its workforce -- or 9,000 jobs -- by 2010 to boost competitiveness. About Cable & Wireless Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% DRESSER-RAND INC: Signs MOU with Supersonic Ejector Technology -------------------------------------------------------------- Dresser-Rand Group Inc. has signed a memorandum of understanding with TransCanada Corporation to obtain technology for producing tandem supersonic ejectors. Incorporating technology developed in conjunction with NOVA Research and Technology Corporation, the ejectors are used to reclaim gases ordinarily vented into the atmosphere. At TransCanada, reclaimed gases are injected into gas turbine fuel systems to reduce operating costs and hydrocarbon emissions. When an agreement is finalized, Dresser-Rand will have the right to manufacture, use, and market ejectors that incorporate this technology (including improvements made by TransCanada). Dresser-Rand intends to offer the ejectors as a new equipment option and as a product upgrade for all centrifugal compressors that compress hydrocarbon gases. "By improving the efficiency of the dry gas seals used on centrifugal compressors, and by recovering and recycling gases normally vented into the atmosphere, this new technology will benefit the environment," said H. Allan Kidd, director of Emerging Technologies at Dresser-Rand. "In addition, the new technology will make processes that require the transmission of gases more cost effective." About TransCanada Corp. With headquarters in Calgary, Alberta, TransCanada Corporation, founded in 1951, is a leader in the responsible development and reliable operation of North American energy infrastructure. The company has more than 3,500 employees throughout North America. About Dresser-Rand Group Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). EMCO LTD: Board to Consider Issuing Warrants to Promoters --------------------------------------------------------- Emco Ltd informed the Bombay Stock Exchange that its board of directors will hold a meeting on Friday to among others, consider the issue of warrants to the company's promoters. The warrants will carry options to subscribe to the company's equity shares. During the meeting, the board will also take into account the company's unaudited financial results for the quarter and half- year ended Sept. 30, 2007. Furthermore, the board will be considering allotment of equity shares to Emco's employees who have exercised their options under the Employee Stock Option Scheme 2006. Headquartered in Jalgaon, India, Emco Ltd. -- http://www.emcoindia.com-- offers transmission and distribution solutions within the power sector in India. Through its Transformer Division, Emco offers power transformers, specialized rectifier transformers, furnace transformers, and locomotive and traction transformers. Through its Meters Division, the company offers metering solutions like tamper- proof electronic energy meters, automatic meter reading solutions like drive by, walk by or fixed network, pre-payment metering solutions and high-end metering like trivector meters. It also offers energy and revenue management solutions. Through its Projects Division, Emco offers turnkey solutions from concept to commissioning for electrical substation projects. It also undertakes entire industrial electrification work from designing to execution. Emco offers information technology solutions for power distribution management. Through its International Division, EMCO offers transformers and energy meters confirming to international specifications. As of May 23, 2007, Emco's senior unsecured debt carries Credit Analysis and Research Limited's BB rating. The rating agency downgraded the rating from A to BB on April 1, 2004, citing the high level of debtors and increased collection period, which resulted in cash flow problems and delays in payment of interest on negotiable certificate of deposits, and increase in overall gearing of the company. ESSAR OIL: Shareholders Approve Raising US$750 Million Abroad ------------------------------------------------------------- Essar Oil Ltd's shareholders have approved the proposal of the company's board of directors to offer in the international market foreign-currency denominated financial instruments not exceeding US$750,000,000. The instruments, that could either be in the form of Foreign Currency Convertible Bonds, Global Depositary Receipts, American Depositary Receipts, or other convertible financial instruments; will be issued to the company's promoters on preferential basis. As reported by Troubled Company Reporter-Asia Pacific on Sept. 4, 2007, Essar Oil plans to raise as much as US$750 million overseas to expand its Vadinar refinery into the second- biggest crude oil-processing plant in India. The shareholders gave their nod at the company's 17th annual general meeting last month. During the meeting, the members also authorized the board to: a. create mortgages or other encumbrances on the company's properties to secure debts of an equivalent aggregate amount not exceeding INR25,000 crore; and b. borrow money not exceeding INR25,000 crore over and above the aggregate of the paid up share capital of the company and it's free reserve. Headquartered in Jamnagar, India, Essar Oil Limited -- http://www.essar.com-- is engaged in the exploration, production and marketing of oil and gas. The company's principal activities are to develop, explore, produce, and refine oil and gas. Vadinar Power Company Limited is a wholly owned subsidiary of the company. On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65 billion and INR2 billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicates that the instruments are in default GENERAL MOTORS: Provides Overview of National Agreement w/ UAW -------------------------------------------------------------- General Motors Corp. officials presented an overview of the 2007 GM-UAW Labor Agreement, addresses UAW-related retiree health care obligations totaling US$46.7 billion. As reported in the Troubled Company Reporter on Oct. 11, 2007, GM confirmed that its UAW-represented employees have ratified the GM-UAW 2007 national labor agreement, which GM and the UAW reached on Sept. 26, 2007, after more than two months of bargaining. The new four-year agreement covers approximately 74,000 hourly employees located in more than 80 U.S. facilities. 2007 Retiree Health Care Overview GM and the United Auto Workers union agree that responsibility for retiree health care will permanently shift from GM to a new retiree plan funded by a new Independent Voluntary Employee Beneficiary Association or VEBA. The retiree health care incorporates 2005 Health Care Agreement and its implementation will be later of Jan. 1, 2010, or date on which any appeals or challenges to court approval are exhausted. The agreement ensures UAW may not negotiate to increase GM funding or otherwise seek to obligate GM to: * provide any additional contributions to the Independent VEBA; * make any other payments for the purpose of providing retiree medical benefits; * provide retiree medical benefits through any other means. New retiree health care agreement and VEBA will cover: * All retirees as of Sept. 14, 2007; * Active UAW-represented employees with seniority as of Sept. 14, 2007; * UAW Delphi retirees and actives covered under GM-UAW- Delphi restructuring plan (approximately 12,000 people); * UAW retirees and actives of closed or divested GM-UAW business units (to the extent GM has responsibility for their health care); * New hires not included in Independent VEBA and not offered defined benefit postretirement health care; * GM and UAW agreed on funding Independent VEBA based on various key assumptions; -- Asset returns of 9% annually, with risk borne by VEBA -- Ultimate health care trend rate of 5% annually, with risk borne by VEBA -- Incorporation of 2005 Health Care Agreement wage/COLA diversions -- Standard actuarial assumptions GM's financial summary of the new agreement includes: * belief that the new labor agreement significantly reduces GM's manufacturing cost gap to competitors; * current VEBA and well-funded pension plan provide flexibility to fulfill obligations within contract; * independent VEBA transfers responsibility and risk associated with future UAW retiree health care costs away from GM starting in 2010; * new contract and labor demographics provide opportunity for significant, operating-related, positive cash flow and earnings; -- will work with UAW leadership to determine appropriate ways to implement sourcing agreements and transition non-core portion of workforce. A full-text copy of the 2007 GM-UAW Labor Agreement is available for free at http://ResearchArchives.com/t/s?2446 About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Fitch Ratings has affirmed and removed the Issuer Default Rating and debt ratings of General Motors from Rating Watch Negative following the announcement that GM has reached an agreement on a new contract with the United Auto Workers. Fitch currently rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior unsecured 'B- /RR5'. GM's Rating Outlook is Negative. As reported in Troubled Company Reporter on Sept. 26, 2007, Moody's Investors Service is maintaining its current ratings of General Motors Corporation -- B3 Corporate Family, Caa1 senior unsecured and Ba3 senior secured, and Negative Outlook following the announcement of a strike against the company by the United Auto Workers Union. Following the decision of the United Auto Workers union to go out on strike against General Motors Corp., Fitch Ratings placed General Motors Corporation's 'B' issuer default rating, 'BB/RR1' senior secured debt rating; and 'B-/RR5' senior unsecured debt rating on Rating Watch Negative. ================= I N D O N E S I A ================= BERLIAN LAJU: S&P Lowers Company Rating From 'BB-' to 'B+' --------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on PT Berlian Laju Tanker Tbk to 'B+' from 'BB-' and placed them on CreditWatch with negative implications. At the same time, Standard & Poor's lowered the issue ratings on US$400 million senior unsecured notes due 2014 and on a US$125 million five- year convertible bond due 2012, issued earlier this year by BLT Finance B.V., a wholly owned subsidiary of BLT, were also lowered to 'B+' from 'BB-' and placed on CreditWatch with negative implications. BLT guarantees both issues; BLT's covered subsidiaries also guarantee the senior notes. "The CreditWatch placement follows BLT's announcement that it has entered into a purchase agreement to acquire Chembulk Tankers LLC, a chemical tanker company," said Standard & Poor's credit analyst Manuel Guerena. "The total consideration for Chembulk will be US$850 million, planned to be funded primarily by new debt and thus significantly increasing BLT's US$856 million debt as of September 2007. The expected pro forma credit measures, evidenced by a debt-to-EBITDA ratio well above 5x, are not in line with a 'BB-' rated entity. The acquisition of Chembulk Tankers will provide BLT with new trading routes and customers, increasing the company's presence in Europe and providing access to the Americas, though not really taking BLT's regional concentration away from Asia. The 'B+' rating takes into consideration improvements in BLT's business profile that arise from the entry in new market segments and an improved fleet profile." Currently with 65 tankers and 1.87 million DWT, BLT's key business segments are chemical tankers, oil, and gas tanker markets. The company was established in 1981, with operations primarily in South Asia, Northeast Asia, and in the Middle East. "The CreditWatch placement will be resolved after a detailed review of the terms of the different funding phases and their execution, including the company's intention to partially reduce debt through a potential equity injection," Mr. Guerena added. 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. PARKER DRILLING: Schedules Earnings Call on November 7 ------------------------------------------------------ Parker Drilling Company will host a conference call on Nov. 7 at 10:00 a.m. CT to discuss its third quarter 2007 financial results. The company will release its earnings report that morning prior to the call. The call will be available via dial in or webcast from the company's site. A replay can be accessed from November 7 through November 14 by dial-in. It will also be archived on the company's site for twelve months. Parker Drilling employs around 3,000 people worldwide and has 46 marketed rigs. Headquartered in Houston, Texas, Parker Drilling Company -- http://www.parkerdrilling.com/-- provides contract drilling and drilling-related services worldwide. The company has rigs located in Indonesia, New Zealand, Colombia and Mexico, among others. The Troubled Company Reporter-Asia Pacific reported on Oct 08, 2007, that Standard & Poor's Ratings Services has raised its corporate credit rating on oil and gas contract driller Parker Drilling Co. to 'B+' from 'B'. At the same time, S&P has raised the issue ratings on Parker's senior and convertible notes to 'B+' from 'B-'. These consist of its US$125 million 2.125% convertible notes due 2012, and US$225 million 9.625% senior notes due 2013. On Oct. 12, 2006, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the oilfield service and refining and marketing sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Parker Drilling Company, as well as it B2 rating on the company's 9.625% Senior Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured Guaranteed Floating Rate Global Notes Due 2010. Moody's assigned those debentures an LGD4 rating suggesting note holders will experience a 55% loss in the event of default. PERUSAHAAN LISTRIK: To Save IDR1.7 Trillion on Fuel Spending ------------------------------------------------------------ Perusahaan Listrik Negara plans to save IDR1.7 trillion on fuel spending next year, The Jakarta Post says, citing PLN President Director Eddie Widiono. According to the report, aside from the company's conversion programs, Perusahaan Listrik also decided to lessen the use of high-speed diesel, MFO, and switch instead to the cheaper 21 U.S. cents medium fuel oil HSD, to fire its power plants. Ali Herman Ibrahim, PLN power generation director, confirmed to the news agency of that plan, and that by next year the ratio for the consumption of MFO and HSD would be 60% to 40% from a ratio of 50:50 this year. This strategy was needed to cover company's latest decision to increase its fuel consumption to 10 million kiloliters in 2008, from the previous target of only 7 million kiloliters, the report says. The Post recounts that PLN had planned to cut 2008's oil-based fuels consumption of oil-based fuels for its power plants to seven million kiloliters, but last month the government wanted PLN to meet its electricity coverage growth rate target at 6.5% next year, leaving PLN with little choice but to again rely on diesel fuel, as many of its coal-fired and gas-fired power plants will not be ready to operate by next year. For next year's supply of 10 million kiloliters of fuel, Ali said PLN would invite bids for the procurement of 1 million kiloliters, while the remaining 9 million kiloliters would still be delivered by state-owned oil firm PT Pertamina, the report adds. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on Jun 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. The notes are irrevocably and unconditionally guaranteed by PLN, which is fully owned by the Indonesian government. As the size and exact terms are being finalized, this issue rating is subject to final documentation. "The ratings on PLN reflect its overall weak financial profile, uncertainties related to tariff revision and timely and adequate subsidy payments for bridging the shortfall in its operating cash flows," said Standard & Poor's credit analyst Anshukant Taneja. ========= J A P A N ========= COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31 ---------------------------------------------------------------- Corel Corporation has posted a US$6.8 million net loss for the three months ended Aug. 31, 2007, compared to net income of US$5.5 millionfore the same period in 2006. GAAP net loss for the third quarter of 2007 includes a non-cash, one-time US$5.0 million tax expense relating to the establishment of a valuation allowance against deferred tax assets acquired through the acquisition of InterVideo Inc. Revenues in the third quarter of fiscal 2007 were US$60.4 million, an increase of 46 percent over revenues of US$41.3 million in the third quarter fiscal 2006. Non-GAAP adjusted net income for the third quarter fiscal 2007 was US$8.1 million, compared to non-GAAP adjusted net income for the third quarter of fiscal 2006 of US$9.2 millio. Non-GAAP adjusted EBITDA in the third quarter of 2007 was US$13.5 million, compared to US$12.4 million in the third quarter of fiscal 2006. "Corel delivered another solid financial quarter, driven by our ability to successfully identify, acquire and integrate complementary companies and products," said David Dobson, CEO of Corel Corporation. "We were especially pleased with the performance of our Graphics and Productivity products where we experienced double digit year over year growth for CorelDraw Graphics Suite, WinZip, Painter, Designer and iGrafx. These results demonstrate the strong foundation that we derive from our diverse revenue mix across product categories, distribution channels and geographies." Fourth Quarter Fiscal 2007 Guidance Corel provided guidance for the fourth quarter ending Nov. 30, 2007. The Company currently expects: -- Revenue in the range of US$66 million to US$70 million -- GAAP net income in the range of US$3.0 million to US$5.0 million and non-GAAP adjusted net income in the range of US$11.5 million to US$13.5 million. Fiscal 2007 Guidance Resulting guidance for the year ending Nov. 30, 2007 is as follows: -- Revenue in the range of US$244 million to US$248 million -- GAAP net loss of US$(13.3) million to US$(11.3) million and non-GAAP adjusted net income of US$32 million to US$34 million. About Corel Corporation Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE) -- http://www.corel.com/-- is a packaged software company with an estimated installed base of over 40 million users. The Company provides productivity, graphics and digital imaging software. Its products are sold in over 75 countries through a scalable distribution platform comprised of original equipment manufacturers, Corel's international websites, and a global network of resellers and retailers. The Company's product portfolio features CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM). The company has operations in Germany, Italy, the United Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among others. * * * As reported in the Troubled Company Reporter on Nov. 7, 2006, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and senior secured debt ratings on Canada-based packaged software company, Corel Corp. ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. The outlook revision reflects the increasing sales of Dublin, Ireland-based Elan's key product, the multiple sclerosis treatment, Tysabri. Although continued losses and negative cash flow remain concerns, S&P believes that the current sales momentum of Tysabri will enable Elan to turn profitable and cash flow positive in the near-to-intermediate term. Elan Corp. has sufficient cash on hand to fund its operations until that point, and while the company remains highly leveraged, it does not face any major debt maturities until 2011. "The ratings on Elan reflect the company's high debt leverage, continued losses and negative cash flow, and heavy reliance on the sales of Tysabri," said S&P's credit analyst Arthur Wong. "These are offset somewhat by the growth potential of Tysabri in an multiple sclerosis market, adequate liquidity in the form of significant on-hand cash, and the lack of significant debt maturities until 2011." Elan Corp. specializes in the development and marketing of treatments for pain, central nervous system ailments, infectious diseases, and autoimmune problems. Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. NIS GROUP: JCR Lowers Rating to BB; Placed Under Credit Monitor --------------------------------------------------------------- Japan Credit Rating Agency, Ltd., has downgraded its rating on senior debts, shelf registration of NIS Group Co., Ltd. from BB+ and preliminary BB+ to BB and preliminary BB respectively, placing them under Credit Monitor with Negative direction to them. JCR has affirmed its J-3 rating on CP program of NIS Group, placing it under Credit Monitor with Negative direction to it as J-3/Negative. JCR has also downgraded its rating on senior debts of Nissin Servicer Co., Ltd. from BB+ to BB with Negative direction to it. JCR has decided to downgrade its long-term ratings on NIS Group by one notch and to place them under Credit Monitor with Negative direction to them because needs to keep an eye on future liquidity on hand and relationships with the lenders are increasing and because there is fear of drop in its financial stability. As for Nissin Servicer, JCR downgraded its rating on it by one notch and placed it under Credit Monitor by the same token, given its strong integrity of it and the parent company, NIS Group. About NIS Group Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd., formerly Nissin Co., Ltd. -- http://www.nisgroup.jp/japanese/-- is mainly engaged in the provision of secured and unsecured loans to individuals, including small business owners, consumers, small- and medium-sized enterprises in Japan. The Company operates in four business segments. The Integrated Loan Services segment is engaged in the provision of secured and unsecured loans, trust assurance, leasing and securities services to individuals and corporate clients. The Debt Management and Collection segment is engaged in the purchase, management and collection of debts. The Real Estate segment is engaged in the purchase, sale and development of real estate, as well as the asset management business. The Others segment is engaged in the provision of construction services and enterprise support services, among others. The Company has 54 subsidiaries and 10 associated companies. NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB -------------------------------------------------------- Japan Credit Rating Agency, Ltd., has downgraded its rating on senior debts, shelf registration of NIS Group Co., Ltd. from BB+ and preliminary BB+ to BB and preliminary BB respectively, placing them under Credit Monitor with Negative direction to them. JCR has affirmed its J-3 rating on CP program of NIS Group, placing it under Credit Monitor with Negative direction to it as J-3/Negative. JCR has also downgraded its rating on senior debts of Nissin Servicer Co., Ltd. from BB+ to BB with Negative direction to it. JCR has decided to downgrade its long-term ratings on NIS Group by one notch and to place them under Credit Monitor with Negative direction to them because needs to keep an eye on future liquidity on hand and relationships with the lenders are increasing and because there is fear of drop in its financial stability. As for Nissin Servicer, JCR downgraded its rating on it by one notch and placed it under Credit Monitor by the same token, given its strong integrity of it and the parent company, NIS Group. About Nissin Servicer Nissin Servicer Co., Ltd. is a Japan-based company headquartered in Tokyo -- http://www.nissin-servicer.co.jp -- principally engaged in the credit management and credit collection businesses. The Company, along with its 20 subsidiaries and 9 associated companies, is also engaged in the investment business, the real estate-related business, as well as the management of corporation reconstruction funds. LIVEDOOR CO: President to Resign, Believes Firm Will be OK ---------------------------------------------------------- Livedoor Holdings Co.'s president intends to resign after the company holds its shareholders' meeting in December, sources revealed to Kyodo News. Kozo Hiramatsu, sta