T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, October 25, 2007, Vol. 10, No. 212 Headlines A U S T R A L I A ACM GOLD: Members to Receive Wind-Up Report Today ASTOP BIOHEALTH: Creditors Resolve to Liquidate Business AUSTRALIAN MARINE: Supreme Court Enters Wind-Up Order BUCKEYE TECH: Earns US$13.5 Mil. in First Quarter Ended Sept. 30 COLES GROUP: Woolworths Withdraws from Assets' Takeover ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan ENESCO GROUP: Plan Confirmation Hearing Set for November 19 FINCORP GROUP: Directors to be Probed as Asset Freeze Continues FUTURIS CORP: To Sell 43% Stake in Australian Agricultural Co. INTERNATIONAL TRANSPORT: Declares Ordinary Dividend LAFAYETTE MINING: Posts 12% Rise in Production for 1st Quarter NATIONAL AUSTRALIA: Members Agree on Voluntary Liquidation R & W LYONS: Court Releases Wind-Up Order RESAMEN MEN'S: Members to Hold Final Meeting on November 5 SABIANO PTY: To Declare Dividend on Nov. 25 SAM'S SEAFOOD: To Declare Dividend on November 14 TAHUNE POTTERY: Joint Meeting Set for October 31 C H I N A & H O N G K O N G ALCATEL-LUCENT: To Market Blackberry Phones in China with RIM ARTHUR ANDERSEN: Members' Final General Meeting Set for Nov. 13 BEIJING SHOUGANG: Looks to Shut Down Entire Steel Ops by 2010 CHATEAU TRADING: Placed Under Voluntary Liquidation CHINA SOUTHERN: To Buy Additional 10 Airbus Planes CHINA STEP: Liquidator Quits Post CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln FIAT SPA: Great Wall Motor Says It Did Not Copy Panda Model GLOBAL SPECIALTY: Requires Creditors to File Claims by Nov. 12 HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter HOSTFAR LIMITED: Commences Liquidation Proceedings INFOAGE INTERNATIONAL: Sets Annual & Final Meetings on Nov. 13 K.D.S. TECHNOLOGY: Appoints Chak Chun Keung Thomas as Liquidator ROYAL CARIBBEAN: Earns US$395 Million in Quarter Ended Sept. 30 ROYTEL LIIMTED: Sole Member Decides to Liquidate Business SANYO ELECTRONICS: Requires Creditors to File Claims by Nov. 15 SHENZHEN DEV'T BANK: Board Cancels US$100-Mil. Stake Sale to GE VINCENT FORUM: Creditors' Proofs of Debt Due on Nov. 13 ZTE CORP: Unveils Network Service Project with Spreadtrum I N D I A BPL LTD: Allots 38,20,344 Shares to Electro Investment CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License CANARA BANK: Board to Consider Q2 Results on October 31 CORE HEALTHCARE: Books INR102-Mil. Loss in Quarter to Sept. 30 FERTILISERS & CHEMICALS: Loss Widens to INR457 Mil. in Q2 FY2008 GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating GENERAL MOTORS: Global Third Quarter Sales Increase by 4% IMAX CORP: Signs Theatre Deal in Morocco with Al Amine RYERSON INC: Platinum Completes US$2-Billion Purchase Deal I N D O N E S I A BEARINGPOINT INC: Eddie Munson Joins Board of Directors HILTON HOTELS: Gets European Commission Antitrust Clearance HILTON HOTELS: Prices Cash Tender Offers for Five Notes OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director REXAM PLC: To Build New Beverage Can Plant in Denmark J A P A N DELPHI CORP: November Hearing Set for ERISA Suit Settlement DELPHI INC: Lead Plaintiffs Object to Disclosure Statement FUJI HEAVY: Adjusts Consolidated Results for FY to Mar. 31, 2008 FUJI HEAVY: Shares Advance After Profit Forecast Revision HARMAN INTERNATIONAL: Inks New Agreement with KKR and GS Capital HARMAN INTERNATIONAL: Terminated Deal Cues S&P's Positive Watch HOUGHTON INTERNATIONAL: Signs Merger Pact with AEA Affiliate MEAT HOPE: Ex-Officers Arrested for Roles in Mislabeling Scandal XEROX CORP: Denies Speculations on Lexmark International Bid XEROX CORP: Earns US$254 Million in Quarter Ended September 30 K O R E A E-NET CORP: Converts 4th Bonds to 1,519,948 Shares EG GREENTECH: Hires Choi Se Jin as Co-Chief Executive Officer EG SEMICON: Completes Issuance of 3,980,000 Common Shares EG SEMICON: Largest Shareholder Sells 7.54% Stake N E W Z E A L A N D CROMDALE DEVELOPMENTS: Taps Shephard and Dunphy as Liquidators DPS DEVELOPMENTS: Creditors' Proofs of Debt Due on November 2 ECO ENERGY: Fixes Nov. 1 as Last Day to File Claims FIRST DATA: Extends Long-Term Contract with National City Bank FLETCHER BUILDING: Denies Boral Tie-Up for Carter Holt Bid GROOVELINK LTD: Fixes Nov. 6 as Last Day to File Claims JJK HOLDINGS: Creditors' Proofs of Debt Due on November 1 LONGWOOD HOLDINGS: Names Bhuvan Naran as Liquidator NOUVEAU HOLDINGS: Requires Creditors to File Claims by Nov. 2 SHATTKY & SHATTKY: Proofs of Debt Due on Dec. 27 SMP INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 8 TLC DRYCLEANERS: Creditors' Proofs of Debt Due on Dec. 27 P H I L I P P I N E S ATLAS CONSOLIDATED: Exchanges PHP809M in Assets for Stock in CCC BANK OF THE PHIL ISLANDS: Credit Card Unit Retains No. 2 Ranking BENGUET CORP: Announces Venue for Annual Stockholders' Meeting RIZAL COMM'L: 9-Month Net Profit Jumps 117.6% to PHP2.52 Billion * Gov't Revenue Fails to Keep Up with Economic Growth, HSBC Says S I N G A P O R E ALLISON TRANSMISSION: Moody's Junks Rating on US$550MM Sr. Notes H & Q ASIA: Requires Creditors to File Claims by Nov. 19 LEONG SAN: Annual General Meeting Set for October 29 STATS CHIPPAC: Expands China Manufacturing Facility T H A I L A N D KRUNG THAI: Unit Seeks to Ink Foreign Broker Partnership in 2008 * Fitch Monitors Key Developments in Global Structured Finance - - - - - - - - ================= A U S T R A L I A ================= ACM GOLD: Members to Receive Wind-Up Report Today ------------------------------------------------- The members of ACM Gold Pty Ltd will hold their final meeting today, October 25, 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 liquidator is: Sam Davies McGrathNicol Level 13, 99 Gawler Place Adelaide, South Australia 5000 Australia Telephone:+61 8 8468 3700 Web site: http://www.mcgrathnicol.com About ACM Gold ACM Gold Pty Ltd provides nonmetallic mineral services. The company is located at Adelaide, in South Australia, Australia. ASTOP BIOHEALTH: Creditors Resolve to Liquidate Business -------------------------------------------------------- During a general meeting held on September 17, 2007, the creditors of Astop Biohealth Ltd agreed to voluntarily liquidate the company's business. Jennifer E. Low was named as liquidator. The Liquidator can be reached at: Jennifer E. Low Sheridans, Chartered Accountants Level 6, 40 St George's Terrace Perth, Western Australia Australia About Astop Biohealth Astop Biohealth Ltd is involved with commercial physical research. The company is located at Perth, in Western Australia, Australia. AUSTRALIAN MARINE: Supreme Court Enters Wind-Up Order ----------------------------------------------------- The Supreme Court of New South Wales on August 21, 2007, entered an order directing the wind-up of Australian Marine Exports Pty Limited's operations. Bruce Gleeson was appointed as liquidator. The Liquidator can be reached at: Bruce Gleeson c/o Jones Partners Chartered Accountants Telephone:(02) 9251 5222 About Australian Marine Australian Marine Exports Pty Limited is an exporter of fish and other seafoods. The company is located at Botany, in New South Wales, Australia. BUCKEYE TECH: Earns US$13.5 Mil. in First Quarter Ended Sept. 30 ---------------------------------------------------------------- Buckeye Technologies Inc. on Monday disclosed results of its operations for the first quarter ended Sept. 30, 2007. The company reported net earnings of US$13.5 million on net sales of US$197.4 million for the July-September quarter, compared to net earnings of US$15.9 million on net sales of US$200.2 million in the same period last year. These results include a US$2.2 million one-time favorable tax benefit related to the recently enacted reduction in Germany's corporate tax rate. Chairman and chief executive officer John B. Crowe said, "As I said in our performance update last week, 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. Nonwovens shipments were especially strong with net sales up 10% compared to the same period last year. Strong cash flow enabled us to reduce debt by $26 million during the just completed quarter. Demand for our specialty wood and cotton products, nonwoven materials and fluff pulp continues to be strong." At Sept. 30, 2007, the company's consolidated balance sheet showed US$971.9 million in total assets, US$594.1 million in total liabilities, and US$377.8 million in total stockholders' equity. About Buckeye Technologies 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, 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. COLES GROUP: Woolworths Withdraws from Assets' Takeover ------------------------------------------------------- Woolworths Ltd. said that it has decided not to proceed with a request for the competition regulator to review a potential acquisition of some Coles Group Ltd. assets, Reuters reports. According to Reuters, after the Australian Competition and Consumer Commission ruled that it would not allow Woolworths to buy Coles' Officeworks and general merchandise chain -- Kmart -- Woolworths said that Coles' individual units were no longer likely to come on the market. Reuters quotes Australia's largest grocery chain as saying, "Woolworths has decided not to proceed with the application it lodged with the ACCC as it is not aware of any party wishing to acquire the other businesses for full value and therefore is not in a position to put forward an offer for the whole of Coles." About Coles Group Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan --------------------------------------------------------------- Enesco Group, Inc., and its debtor-affiliates filed its second amended Disclosure Statement with respect to its Second Amended Plan of Liquidation with the U.S. Bankruptcy Court for the Northern District of Illinois, on Oct. 10, 2007. The Debtors relate that the Plan proposes to liquidate the remaining assets of the Debtors and distribute the proceeds to the holders of the allowed claims. The principal source of the distributions will be: a) cash on hand as of the effective date of the Plan; b) proceeds from the Debtors' lender settlement; c) proceeds and tax refunds arising out of the resolution of the Hong Kong Tax Dispute; d) proceeds from the Contingency Litigation Agreement; and e) Litigation Trust Proceeds. Summary Treatment of Claims Under The Plan The Plan proposes that all holders of allowed administrative claims, allowed priority claims, other than the Internal Revenue Service, and the allowed non-tax priority claims will have their allowed claims paid in full on or about the effective date of the plan from the proceeds of the Lender Settlement. In addition, within 60 days of the effective date, general unsecured creditors will receive their pro-rate share of US$480,000 from the proceeds of the Lender Settlement. The Debtors say that general unsecured creditors are expected to receive 27% of their claims. Unsecured creditors will further be entitled to receive additional future distribution. Within the same time frame, the Internal Revenue Service will receive US$650,000 from the proceeds of the Lender Settlement and will be entitled to receive additional future distribution. Additional contributions, the Debtors say, are however, contingent on future recoveries by the Debtors and are not guaranteed. The Contingency Litigation Trust, the Debtors add, are also not guaranteed. Summary Creditor Treatment if Plan is Not Confirmed The Debtors tell the Court that if the Plan is not confirmed, then they are not substantively consolidated for purposes of the Plan or their cases are converted to ones under Chapter 7 of the Bankruptcy Code. At the conclusion of the Chapter 7 cases, administrative claims will still be paid in full. However, tax priority claims holders will only receive 4.9% of their claims. General Unsecured Creditors on the other hand, will receive nothing. The Debtors reveal that the primary reasons for the significantly smaller distributions under this scenario are: 1) the proceeds and other benefits from the: -- Lender Settlement; -- the Contingency Litigation Agreement; and -- the resolution of the Hong Kong Tax Dispute, will be substantially compromised or lost, resulting in a significantly smaller recovery by the Debtors' estates; and 2) there will be additional administrative costs if the Plan is not confirmed. About Enesco Group Based in Itasca, Illinois, Enesco Group, Inc. -- http://www.enesco.com/-- is a producer of giftware, and home and garden decor products. Enesco's product lines include some of the world's most recognizable brands, including Disney, Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane, Border Fine Arts, among others. Enesco distributes products to a wide array of specialty gift retailers, home decor boutiques and direct mail retailers, as well as mass-market chains. The company serves markets operating in Europe, particularly in the United Kingdom and France, as well in the Asia Pacific in Australia and Hong Kong. The company also has Latin-American operations in Mexico. Enesco Group and its two affiliates, Enesco International Ltd. and Gregg Manufacturing, Inc., filed for chapter 11 protection on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565). Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. In schedules of assets and debts filed with the Court, Enesco disclosed total assets of US$61,879,068 and total debts of US$231,510,180. Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman & Gettleman, Ltd., represent the Official Committee of Unsecured Creditors. William R. Baldiga, Esq., Jessica M. Paris, Esq., and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP; and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent the Ad Hoc Committee of Equity Security Holders. ENESCO GROUP: Plan Confirmation Hearing Set for November 19 ----------------------------------------------------------- The Hon. A. Benjamin Goldgar of the U.S. Bankruptcy Court for the Northern District of Illinois set a hearing at 1:30 p.m., on Nov. 28, 2007, to consider confirmation of the Second Amended Plan of Liquidation filed Enesco Group, Inc. and its debtor- affiliates. Objections to the Plan, if any, are due November 19. Judge Goldgar had given his conditional approval on the adequacy of the Disclosure Statement explaining the Plan and has also set November 19 as the last day to oppose the disclosure statement. About Enesco Group Based in Itasca, Illinois, Enesco Group, Inc. -- http://www.enesco.com/-- is a producer of giftware, and home and garden decor products. Enesco's product lines include some of the world's most recognizable brands, including Disney, Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane, Border Fine Arts, among others. Enesco distributes products to a wide array of specialty gift retailers, home decor boutiques and direct mail retailers, as well as mass-market chains. The company serves markets operating in Europe, particularly in the United Kingdom and France, as well in the Asia Pacific in Australia and Hong Kong. The company also has Latin-American operations in Mexico. Enesco Group and its two affiliates, Enesco International Ltd. and Gregg Manufacturing, Inc., filed for chapter 11 protection on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565). Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. In schedules of assets and debts filed with the Court, Enesco disclosed total assets of US$61,879,068 and total debts of US$231,510,180. Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman & Gettleman, Ltd., represent the Official Committee of Unsecured Creditors. William R. Baldiga, Esq., Jessica M. Paris, Esq., and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP; and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent the Ad Hoc Committee of Equity Security Holders. FINCORP GROUP: Directors to be Probed as Asset Freeze Continues --------------------------------------------------------------- Investigators will grill the former directors of Fincorp about their roles in the property group's collapse, the Sydney Morning Herald reports. Fincorp's failure cost 8,000 individual investors AU$115 million in lost funds, the report recalls. According to The Age, the Australian Securities and Investments Commission and Fincorp liquidators KordaMentha plan to examine the company's board members, including its founder -- Eric Krecichwost. The ASIC and KordaMentha are holding separate investigations into Fincorp's collapse in March. The former chairman, Peter Pengilley; former chief executive, Craig Stubbs; former finance director, Neil Livingstone; and one-time head of funds management, Craig Gallie, are to be probed, SMH relates. These individuals all quit Fincorp in the weeks and months leading up to the decision placing the group in administration. Moreover, hearings are expected to take place before the end of the year following the NSW Supreme Court's decision to maintain asset preservation orders secured by the ASIC in July against Mr. Krecichwost and four other senior managers and non-executive directors. As reported by the Troubled Company Reporter-Asia Pacific on Aug. 23, Justice McDougall, of the Supreme Court of New South Wales, entered an order rejecting the applications filed by former Fincorp directors, Graeme Byers and Mr. Stubbs. The applications sought to overturn freezing orders preventing the dispersal of the former directors' assets. According to the TCR-AP report, the freezing orders, initially obtained ex parte by the ASIC on July 5, restrained former directors of Fincorp Investments Limited (Administrators Appointed) from removing or causing or permitting to be removed from New South Wales and from Australia all or any of their assets and from selling, charging, mortgaging or otherwise dealing with or disposing of all or any of their assets. Justice Robert McDougall retained the asset preservation orders until February 4, 2008, in order to give the ASIC and the liquidators more time to complete their inquiries. SMH recounts that Fincorp's 10 main assets were recently sold to listed property group Becton and house builder AV Jennings for AU$204 million, which ensured the banks got all of their money back. The deal resulted in a 50c in the dollar payout to Fincorp's secured noteholders, while the unsecured investors recovered nothing. KordaMentha raised the prospect of filing damage claims against some or all of Fincorp's former directors for alleged insolvent trading and other activities that may have led to the group's failure, The Age notes. About Fincorp Fincorp Group -- http://www.fincorp.com.au/-- in its current structure was established in July 2005. The company is a boutique funds management and property development business that focuses on mortgage-backed and property products. It is based in Grosvenor Place, Sydney, with around 40 employees across New South Wales, Victoria, and Queensland. Two companies with the Fincorp Group (Fincorp Financial Services Limited and Fincorp Managed Investments Limited) hold Australian Financial Services Licenses and act as Responsible Entities under the Corporations Act 2001. Fincorp and its Funds are regulated by the Australian Securities and Investment Commission. * * * On March 27, 2007, the Troubled Company Reporter-Asia Pacific reported that Fincorp Group went into administration with AU$290 million in debt, of which AU$200 million were owed to investors and AU$90 million to external financiers. David Winterbottom was appointed as administrator together with Mark Korda and Lachlan McIntosh, partners at corporate recovery firm KordaMentha. Fincorp Group has reportedly been struggling under heavy inter- company debt loads and negative cashflow, the TCR-AP cited a report from The Australian, published on March 26, 2007. FUTURIS CORP: To Sell 43% Stake in Australian Agricultural Co. -------------------------------------------------------------- Futuris Corporation Ltd. is in talks with the Australian Agricultural Company with regard to the sale of its 43% stake in AACo, the Australian Associated Press reports. AAP relates that Futuris Chief Executive Officer Les Wozniczka said that the group wanted to grow its forestry and telecommunications operation and get more out of its Elders rural services and finance network. "As a result, directors have concluded that it is opportune for Futuris to realize the value that has been built through its investment in, and corporate support for, Australian Agricultural Company," AAP quotes Mr. Wozniczka as telling Futuris shareholders during the company's annual general meeting. According to the report, AACo has a market capitalization of about AU$649 million, a herd size of 631,000 and ownership of more than 7.9 million hectares of prime pastoral property. In line with this, Mr. Wozniczka claims that the 43% stake held by Futuris is worth about AU$300 million, based on the share trading as of October 23, 2007. Futuris said that despite the drought continuing to impact its operations, its key businesses were strong, AAP notes. The report relates that Futuris' underlying profit from continuing operations were ahead of last year for the first quarter and were likely to be comparable or exceed the 2007 first half. However, underlying profit for the first half would be below compared to the previous year if one took into account the significant contribution made by property development operations that Futuris divested in May 2007. The Troubled Company Reporter-Asia Pacific reported on Sept. 5, 2007, that the forestry business of Futuris was the largest contributor to its higher profit, lifting its underlying EBIT contribution by 43% to AU$56.9 million. About Futuris Corp. Adelaide, Australia-based Futuris Corporation Limited -- http://www.futuris.com.au/default.asp-- is engaged in the provision of farm services to the rural sector; financial services to rural and regional customers, and management of investor-funded hardwood plantations and manufacture of sawn timber products. The company also operates businesses in automotive componentry supply, and property ownership and development. Its segments comprise Rural services, which includes the provision of agricultural products and services through a common distribution channel; Forestry, which includes the Company's interests in forestry plantations and processing; Automotive Components, which is engaged in manufacturing and sales of automotive components, of which the key components are seating, heating ventilating and air-conditioning systems; Property, which includes the sale and development of land, and commercial developments and holding an equity interest in a listed property trust, and Investment and Other, which includes investment activities. The Troubled Company Reporter-Asia Pacific's October 23, 2007 distressed bonds column listed Futuris Group Limited, with a 7.000% coupon and a December 31, 2007 maturity date, as trading at a price of AU$2.44. INTERNATIONAL TRANSPORT: Declares Ordinary Dividend --------------------------------------------------- International Transport Pty Ltd, which is in liquidation, declared its first and final ordinary dividend on October 15, 2007. Creditors who were not able to file their proofs of debt by the October 12 due date were excluded from the company's dividend distribution. The company's liquidator is: Terry O'connor 105 Macquarie Street Hobart, Tasmania 7000 Australia Telephone:(03) 6223 2555 Facsimile:(03) 6223 2556 e-mail: info@pjc.com.au LAFAYETTE MINING: Posts 12% Rise in Production for 1st Quarter -------------------------------------------------------------- Lafayette Mining Ltd. reported a rise in metal production for the quarter ended September 30, 2007, despite typhoon, cyanide spills and crippling hedging losses at its Philippine mine, Reuters reports. According to Reuters, output increased 12% in the first quarter over the previous quarter to 1,726 equivalent tonnes of copper, including 878 tonnes of copper, 1,705 tonnes of zinc, 1,522 ounces of gold and 38,525 ounces of silver. Lafayette, which lost more than half its value on October 4 after announcing that it had to dilute its existing shares in order to restructure its debt, said it aims to increase output further in the current quarter, relates Reuters. The report states that Malaysian group South-East Asian Strategic Assets has proposed a restructuring that would eliminate around AU$300 million in debt and bad hedges. The proposal, states Reuters, involves a capital raising of US$151 million, leaving current investors with as little as 9% ownership in the company. Lafayette's Rapu Rapu mine in Manila, Philippines, was the first foreign-owned mine to open in the country after a law granting full foreign ownership of local mining projects was upheld in 2004. The Rapu Rapu mine has been forecasted to generate revenues of AU$350 million a year from annual production of 10,000 tonnes of copper in concentrate, 14,000 tonnes of zinc in concentrate, 50,000 ounces of gold and 600,000 ounces of silver, notes Reuters. About Lafayette Mining Lafayette Mining Philippines, Incorporated, is a subsidiary of Australian firm Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- which has been listed on the Australian Stock Exchange since August 1997. Lafayette Philippines is currently developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu- Rapu in the Philippines. TCR-AP's "Large Companies with Insolvent Balance Sheets" column on Oct. 19, 2007, reflected Lafayette Mining Limited as having a US$127.82 million equity deficit, on total assets of US$78.17 million. NATIONAL AUSTRALIA: Members Agree on Voluntary Liquidation ---------------------------------------------------------- During a general meeting held on September 13, 2007, the members of National Australia Investment Brokers Limited agreed to voluntarily liquidate the company's business. The company's liquidator is: George Georges Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia Telephone:(03) 9600 4922 Facsimile:(03) 9642 5887 About National Australia National Australia Investment Brokers Limited operates offices of holding companies. The company is located at Melbourne, in Victoria, Australia. R & W LYONS: Court Releases Wind-Up Order ----------------------------------------- On August 21, 2007, the Supreme Court of New South Wales entered an order directing the wind-up of R & W Lyons Investments Pty Limited's operations. Bruce Gleeson was named as liquidator. The Liquidator can be reached at: Bruce Gleeson c/o Jones Partners Chartered Accountants Telephone:(02) 9251 5222 About R & W Lyons R & W Lyons Investments Pty Limited operates real estate investment trusts. The company is located at Clifton Gardens, in New South Wales, Australia. RESAMEN MEN'S: Members to Hold Final Meeting on November 5 ---------------------------------------------------------- Resamen Men's Housing Ltd will hold a final meeting for its members on November 5, 2007, at 10:00 a.m. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Murray Smith McGrathNicol Level 9, 10 Shelley Street Sydney, New South Wales 2000 Australia Telephone:(02) 9338 2666 Web site: http://www.mcgrathnicol.com About Resamen Men's Resamen Men's Housing Ltd provides individual and family social services. The company is located at Sydney, in New South Wales, Australia. SABIANO PTY: To Declare Dividend on Nov. 25 ------------------------------------------- Sabiano Pty Ltd, which is formerly known as Quiester Pty Ltd, will declare its first and final dividend for its priority unsecured creditors on November 25, 2007. Creditors who were not able to file their proofs of debt by the October 16 due date will be excluded from the company's dividend distribution. The company's deed administrator is: J. P. McLeod c/o McLeod & Partners Elio Moda Building Level 1, 215 Elizabeth Street Brisbane, Queensland 4000 Australia Telephone:(07) 3004 0800 About Sabiano Pty Located at Brisbane, in Queensland, Australia, Sabiano Pty Ltd is an investor relation company. SAM'S SEAFOOD: To Declare Dividend on November 14 ------------------------------------------------- Sam's Seafood Holdings Limited will declare its first and final dividend on November 14, 2007. Creditors who were not able to file their claims by the Oct. 16 due date will be excluded from the company's dividend distribution. About Sam's Seafood Sam's Seafood Holdings Limited is in engaged in the fish and seafoods business. The company is located at Eagle Farm, in Queensland, Australia. TAHUNE POTTERY: Joint Meeting Set for October 31 ------------------------------------------------ The members and creditors of Tahune Pottery Limited will hold a joint meeting on October 31, 2007, at 10:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paul Cook c/o Paul Cook & Associates 105 Macquarie Street Hobart, Tasmania 7000 Australia Telephone:(03) 6223 2555 Facsimile:(03) 6223 2556 e-mail: info@pjc.com.au About Tahune Pottery Tahune Pottery Limited is a distributor of pottery products. The company is located at Grove, Tasmania, Australia. ================================ C H I N A & H O N G K O N G ================================ ALCATEL-LUCENT: To Market Blackberry Phones in China with RIM ------------------------------------------------------------- BlackBerry maker Research In Motion Ltd has shipped the first of its smartphones to China and tapped Alcatel-Lucent as its partner in marketing the handsets and start selling the 8700 model later this year, Reuters reports. "China and India are emerging mobile phone behemoths that could contribute millions of subscribers to RIM over the next several years," Reuters cites Canaccord Adams analyst, Peter Misek, as saying. According to the news agency, RIM has recognized China's importance in its global plans, and first officially announced plans to sell the BlackBerry in China in May 2006. The Waterloo, Ontario-based company already has a partnership with China Mobile for its entry into China, where it will face competition from low-cost rivals, including a popular local service called "RedBerry," Reuters notes. 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, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on 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. ARTHUR ANDERSEN: Members' Final General Meeting Set for Nov. 13 --------------------------------------------------------------- A final general meeting will be held for the members of Arthur Andersen Corporate Finance Limited on November 13, 2007, at 11:30 a.m., at Room 601, 6th Floor of Kimberley House, 35 Kimberley Road, Tsim Sha Tsui, in Kowloon, Hong Kong. At the meeting, Kwan Wing Yee, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BEIJING SHOUGANG: Looks to Shut Down Entire Steel Ops by 2010 ------------------------------------------------------------- China's Shougang Group is on pace to close down all of its steel mills in Beijing within three years in an ongoing drive to clean up the air in the country's capital, the group's chief economist, Mao Wu, told XFN-Asia. "Shougang's current eight million tons per year in Beijing will be cut to four million by the end of this year, and all steel making (by Shougang) in Beijing will be finished by 2010," Mr. Mao said. The company will remove all steel production from Beijing to Caofeidian on the coast of northern Hebei province, he added. "Our joint venture with Tangshan (Iron & Steel Co Ltd) at Caofeidian is now under construction and will enter full operations in 2010," Mr. Mao explained to the news agency. Shougang is expected to benefit from the more efficient, less wasteful production practices at the new giant industrial complex, the official said. "At Caofeidian, for each ton of steel, 669 kg of coal and 3.84 cubic meters of water will be consumed, with a water recycling rate of 97.75%. And our reuse of iron-containing dusts will give us 500,000 tons of (extra) iron ore per year. This brings considerable economic benefits," he said, without offering comparative figures for existing Shougang plants. Mr. Mao said that for China's steel sector as a whole, energy consumed in the production of each ton of steel was 10-15% more than in "advanced countries." The Chinese government has targeted Shougang as one of the heavy polluting firms in the capital that must shut down prior to the city's hosting of the 2008 Summer Olympics. Based in Beijing, China, Beijing Shougang Co., Ltd. -- http://www.sggf.com.cn/index-1.asp-- is principally engaged in the iron and steel industry. The company mainly produces steel wire rods, square steel billets, steel plates, chemical products, gas, coke, pig iron and granulating slag. The company also provides compact discs, software, color-coated boards and building materials, through its subsidiaries. As of Dec. 31, 2005, the Company had three major subsidiaries and three major associates. The company has been widely accused of being one of Beijing's major polluters. Beijing Shougang carries Xinhua Far East China Ratings BB+ issuer credit rating. CHATEAU TRADING: Placed Under Voluntary Liquidation --------------------------------------------------- On October 5, 2007, the shareholders of Chateau Trading Company Limited agreed to voluntarily liquidate the company's business. Chiu Wai Hon and Lau Wai Ming were appointed as liquidators. The Liquidators can be reached at: Chiu Wai Hon Lau Wai Ming Hang Seng Wanchai Building Rooms 603-4, 6th Floor 200 Hennessy Road Wanchai, Hong Kong CHINA SOUTHERN: To Buy Additional 10 Airbus Planes -------------------------------------------------- China Southern Airlines Co. Ltd has agreed to buy 10 Airbus aircraft model A330-200, Reuters reports. Citing a statement from the airline company, Reuters notes that China Southern had agreed to pay US$167.7 million to US$176.7 million per A330-200 aircraft. The ordered planes will be delivered between March 2010 and August 2012, the report relates. Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- engages in the operation of airlines, as well as in aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. On May 1, 2006, Fitch Ratings downgraded China Southern Airlines Company Limited's Foreign Currency and Local Currency Issuer Default Ratings to B+ from BB-. The Troubled Company Reporter-Asia Pacific reported in April 2006 that the carrier posted a net loss of CNY1.85 billion for 2005 versus a net loss of CNY48 million a year earlier. CHINA STEP: Liquidator Quits Post --------------------------------- Chan Sek Kwan Rays quit as liquidator of China Step Holdings Limited on August 23, 2007. The former Liquidator can be reached at: Chan Sek Kwan Rays Seabright Plaza, 12th Floor, Unit G 9-23 Shell Street, North Point Hong Kong CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln ---------------------------------------------------------------- Crown Holdings Inc. disclosed financial results for the third quarter and nine months ended Sept. 30, 2007. The company's consolidated balance sheet at Sept. 30, 2007, showed US$6.949 billion in total assets, US$7.335 billion in total liabilities, resulting in a US$386 million total shareholders' deficit. Net income from continuing operations in the third quarter was US$92 million, compared to US$86 million in the third quarter of 2006. Included within net income from continuing operations, the company recorded a net charge of US$5 million, which reflects a net charge of US$8 million related to restructuring actions offset by a net gain of US$3 million related to gains on sales of assets. The net charge of US$8 million for restructuring relates primarily to a net US$7 million charge for the closure and exit of operations of the company's bottle cap operations in Indonesia. Within the US$7 million charge, US$6 million is attributable to a non-cash reclassification of cumulative translation adjustments to income from a separate component of shareholders' equity. Net sales in the third quarter rose to US$2.153 billion, up 7.6% over the US$2.001 billion in the third quarter of 2006. The increase was primarily driven by higher sales unit volumes, the pass-through of higher raw material costs and favorable foreign currency translation. Third quarter gross profit grew 19.6% to US$311 million over the US$260 million in the 2006 third quarter. As a percentage of net sales, gross profit expanded to 14.4% in the third quarter from 13.0% in the third quarter last year. Stronger sales unit volumes, increased operating efficiencies and greater productivity drove the improvements. Selling and administrative expense in the third quarter was US$97 million compared to US$77 million in last year's third quarter. The increase is attributable to a higher accrual for incentive compensation costs, foreign currency translation and general inflationary increases. Segment income, a non-GAAP measure defined by the company as gross profit less selling and administrative expense, grew to US$214 million in the third quarter, up 16.9% over the US$183 million in the 2006 third quarter. Segment income as a percentage of net sales expanded to 9.9% in the third quarter over the 9.1% in the third quarter last year. Commenting on the results, John W. Conway, chairman and chief executive officer, stated, "Our improved third quarter demonstrates the strength of Crown's diverse range of products, customers and worldwide markets. The results were fueled by improved performance in virtually all of our businesses. Global volumes were firm reflecting the growing contribution of emerging markets to our portfolio. Importantly, we also gained traction among brand managers who are actively looking for unique and sustainable packaging solutions to distinguish their products while increasing their ease of use for consumers. Our proprietary can shaping technologies, PealSeam(TM) ends and enhanced finishes are setting industry standards for Brand- Building Packaging(TM)." Interest expense in the third quarter was US$79 million compared to US$73 million in the third quarter of 2006. The increase reflects the impact of higher average short-term borrowing rates and foreign currency translation. Share Repurchase Program The company repurchased 4,828,883 shares of common stock for US$118 million during the third quarter, including 4,088,068 shares through an accelerated share repurchase program, which is expected to be completed in November. The number of common shares outstanding as of Sept. 30, 2007, was 159,611,833, which is approximately 3% lower than as at June 30, 2007. Net Debt Net debt, a non-GAAP measure defined by the company as total debt less cash, increased by US$18 million from June 30, primarily as the result of the repurchase of US$118 million of common stock and US$55 million from foreign currency translation offset by US$152 million of free cash flow, a non-GAAP measure defined by the company as net cash provided by operating activities less capital expenditures, in the third quarter. Nine-Month Results For the first nine months of 2007, net sales grew 10.4% to US$5.9 billion over the US$5.3 billion in the first nine months of 2006. The increase reflects higher sales unit volumes, the pass-through of higher raw material costs and foreign currency translation. The company reported net income from continuing operations of US$196 million for the nine-month period ended Sept. 30, 2007, over net income from continuing operations of US$172 million for the same period in 2006. In the first nine months of 2007, the company recorded a net charge of US$1 million, reflecting a net charge of US$12 million related to restructuring actions offset by a net gain of US$11 million related to gains on sales of assets. For the first nine months of 2006, the company recorded a net charge to net income from continuing operations of US$4 million related to restructuring charges offset by a gain on sale of assets and financial foreign exchange gains. About Crown Holdings Philadelphia-based Crown Holdings Inc. (NYSE: CCK) -- http://www.crowncork.com/-- through its affiliated companies, supplies packaging products to consumer marketing companies around the world. In Latin America, the company has operations in Mexico, and in South and Central America. The company also maintains operations in Europe, particularly in the United Kingdom and France. In the Asia-Pacific region, the company has an office in Singapore and Hong Kong. Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania. * * * As reported in the Troubled Company Reporter-Latin America on July 10, 2007, Fitch Ratings affirmed Crown Holdings Inc.'s 'B+' Issuer Default Rating. FIAT SPA: Great Wall Motor Says It Did Not Copy Panda Model ----------------------------------------------------------- Great Wall Motor denied a claim by Fiat S.p.A. that its Peri compact car closely resembles the Italian carmaker's Panda City car, The Standard reports. Fiat, according to the news agency, is suing the Hebei-based automaker in China and Europe in connection with the Peri, without giving further details other than to reiterate that the two models looked alike. Great Wall spokesman Shang Yugui dismissed Fiat's allegation. "It took us three years and CNY300 million (HK$309.7 million) to develop the Peri," Mr. Shang said. He explained that the delay in launching the new model -- originally scheduled for this month -- was due to the approval process with regulators. "The legal action shouldn't affect the sales of Great Wall. The management. . .expects a delay in production of the line until next year," Sun Hung Kai Securities analyst Vivien Chan told The Standard. Mr. Shang said, "Once we get the license, we will roll out the Peri in China and in nearly 80 countries worldwide -- including Italy." Great Wall plans to price the Peri at CNY40,000 to CNY50,000, pitting it against rival Chery Automobile's hot-selling QQ, which is priced from CNY40,000 to CNY200,000. About Fiat S.p.A Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat has an Asian production facility located in China. * * * As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. "The upgrade reflects Fiat's strong debt reduction achievements, positive trends in the auto sector, and improvements in the group's profitability and cash generation," said Standard & Poor's credit analyst Nicolas Baudouin. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Outlook change is underpinned by the consistent improvement of the group's financial profile, the pick-up in Fiat Auto's market shares and earnings since late 2005 and positive expectations for the CNH and Iveco divisions. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. GLOBAL SPECIALTY: Requires Creditors to File Claims by Nov. 12 -------------------------------------------------------------- At an extraordinary general meeting held on October 2, 2007, Tsang Chiu Woon was appointed liquidator for Global Specialty Chemicals Limited. Mr. Woon is accepting creditors' proofs of debt until Nov. 12, 2007. The Liquidator can be reached at: Tsang Chiu Woon Albion Plaza, Suite 601 2-6 Granville Road Tsimshatsui, Kowloon HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter -------------------------------------------------------- Hexcel Corporation reported net income of US$17.3 million for the third quarter of 2007, compared to net income of US$15.7 million in last year. Net sales from continuing operations in the quarter were US$281.1 million, 11.4% higher than the US$252.3 million reported for the third quarter of 2006. Related operating income for the third quarter was US$30.2 million compared to US$23.9 million for the same period last year. Chief Executive Officer David E. Berges commented, "The third quarter saw continued strong sales to most of the commercial aerospace market. Sales to Boeing, regional aircraft builders and for engines and nacelles were up significantly for the third quarter in a row. Airbus sales were again down for the quarter, but only slightly as the impact of the A380 delay began a year ago. The first A380 has been delivered to Singapore Airlines and based on the current recovery schedule we expect favorable year-over-year sales comparisons going forward. We are encouraged that two new customers have recently committed to add the A380 to their fleet and hope to see renewed interest as this groundbreaking aircraft enters active service." "We generated nice year-over-year improvements in both gross margin and operating margin, and we still expect to meet our margin guidance targets for the year. With new aerospace programs, higher build rates, new product qualifications, new process developments and facilities underway, these are exciting times for us. The employees of Hexcel recognize the tremendous opportunities in front of them, and are working relentlessly to turn these opportunities into a more profitable future." As previously disclosed, the company completed the sale of EBGI to JPS Industries for an initial cash purchase price of US$62.5 million plus up to US$12.5 million of additional payments dependent upon future sales of the Ballistics product line. Any additional payments will be recorded as income when earned. Income Taxes The company's effective income tax rate for the third quarter 2007 was 29.5% as compared to 22.0% for the third quarter of 2006. The 2006 provision included the reversal of US$3.6 million of the valuation allowance against the company's U.S. deferred tax assets related to capital losses. The year to date tax rate is now 38.1%. The reduction in the third quarter rate as compared to the 42.3% in the first half of 2007 primarily reflects a favorable audit settlement, including the release of US$1.1 million of FIN 48 reserves. Gerdau expects its rate for the full year to be approximately 39%. Total Debt, Net of Cash Total debt, net of cash, of US$293.2 million as of Sept. 30, 2007 decreased by US$93.4 million from US$386.6 million as of Dec. 31, 2006. The year-to-date results include US$84.0 million of proceeds from the sale of the discontinued operations. The US$15.0 million liability recorded in the second quarter for the settlement of the Zylon matter is expected to be paid in the fourth quarter. About Hexcel Corp. Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications. The company has operations in Australia, Brazil, China, France and Japan, among others. * * * As reported in the Troubled Company Reporter on April 5, 2007, Moody's Investors Service has raised the ratings of Hexcel Corporation, Corporate Family Rating to Ba3 from B1. The ratings on Hexcel's senior secured credit facility have been upgraded to Ba1 from Ba2, while the subordinated notes ratings were upgraded to B1 from B3. Moody's said the ratings outlook is stable. HOSTFAR LIMITED: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on September 28, 2007, the members of Hostfar Limited resolved to voluntarily liquidate the company's business. Creditors who can file their proofs of debt by November 15, 2007, will be included in the company's dividend distribution. The company's liquidators are: Ricky P.O. Chong Cordelia Tang 905 Silvercord, Tower 2 30 Canton Road, Tsimshatsui Kowloon, Hong Kong INFOAGE INTERNATIONAL: Sets Annual & Final Meetings on Nov. 13 -------------------------------------------------------------- The members and creditors of Infoage International Limited will hold their annual and final meetings on November 13, 2007, at 9:30 a.m. and 10:00 a.m., respectively, at Room 908, 9th Floor of Nan Fung Tower, 173 Des Voeux Road, in Central, Hong Kong. At the meeting, Mat Ng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. K.D.S. TECHNOLOGY: Appoints Chak Chun Keung Thomas as Liquidator ---------------------------------------------------------------- Chak Chun Keung Thomas was named liquidator of K.D.S. Technology Limited on September 28, 2007. The company went into liquidation on that same day. The Liquidator can be reached at: Chak Chun Keung Thomas Alliance Building, Room 603 130-136 Connaught Road Central Hong Kong ROYAL CARIBBEAN: Earns US$395 Million in Quarter Ended Sept. 30 ------------------------------------------------------------- Royal Caribbean Cruises Ltd. disclosed Monday results for its third quarter ended Sept. 30, 2007. The company reported net income of US$395.0 million for the third quarter of 2007, compared to net income of US$345.4 million in 2006. These results were better than expected mainly due to stronger late bookings driving better yields. Revenues for the third quarter 2007 increased to US$2.0 billion from revenues of US$1.6 billion in the third quarter 2006. "It was a very encouraging finish for the quarter and augurs well for upcoming periods," said Richard Fain, chairman and chief executive officer. "It is very satisfying that, despite higher fuel prices and other challenges, we produced record results." The company expects to have a 12.4% increase in capacity in 2007, driven by Pullmantur, the April delivery of Liberty of the Seas, and a full year of Freedom of the Seas. "Building on a solid third quarter, we are encouraged by the strength of our late-season European itineraries, and the continuing recovery in the Caribbean pricing environment," Fain said. As of Sept. 30, 2007, liquidity was US$1.6 billion, comprising US$400.0 million in cash and cash equivalents and US$1.2 billion in available credit on the company's unsecured revolving credit facility. At Sept. 30, 2007, the company's consolidated balance sheet showed US$15.16 billion in total assets, US$8.51 billion in total liabilities, and US$6.65 billion in total shareholders' equity. The company's consolidated balance sheet at Sept. 30, 2007, also showed strained liquidity with US$1.06 billion in total current assets available to pay US$2.57 billion in total current liabilities. About Royal Caribbean 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 Cruises, Azamara Cruises and CDF Croisieres de France. The company has a combined total of 35 ships in service and seven under construction. It also offers unique land-tour vacations in Alaska, Australia, China Canada, Europe, Latin America and New Zealand. * * * Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long term corporate family rating last placed on Feb. 22, 2005. Outlook is stable. ROYTEL LIIMTED: Sole Member Decides to Liquidate Business --------------------------------------------------------- On September 28, 2007, the sole member of Roytel Limited passed a resolution to liquidate the company's business. Chak Chun Keung Thomas was appointed as liquidator. The Liquidator can be reached at: Chak Chun Keung Thomas Alliance Building, Room 603 130-136 Connaught Road Central Hong Kong SANYO ELECTRONICS: Requires Creditors to File Claims by Nov. 15 --------------------------------------------------------------- The creditors of Sanyo Electronics (H.K.) Limited are required to file their proofs of debt by November 15, 2007, to be included in the company's dividend distribution. The company's liquidator is: Chow Chor Kai, Francis C.C. Wu Building Room 1909, 19th Floor 302-308 Hennessy Road Wanchai, Hong Kong SHENZHEN DEV'T BANK: Board Cancels US$100-Mil. Stake Sale to GE --------------------------------------------------------------- The board of Shenzhen Development Bank Co. decided on Oct. 23, 2007, to cancel an agreement to sell a 7% stake to General Electric Co., CNN reports. Shenzhen Development didn't give the reason for the decision, the report says. The news agency recounts that the two parties struck a deal in September 2005 for GE Capital to pay CNY5.247 a share, or US$100 million, for the 7% stake and to cooperate in developing the Chinese bank's consumer-finance business. The bank would continue to work with GE on developing its consumer-finance programs, regardless of the outcome of the stake sale, CNN cites Frank Newman, the Chinese bank's chairman and chief executive, as saying. Based in Shenzhen, Guangdong, People's Republic of China, Shenzhen Development Bank Company Ltd's -- http://www.sdb.com.cn/-- provides local and foreign currency deposits and loan services. Other activities include foreign currencies exchanging, foreign currency deposit and remittances, acts as an agent for issuing foreign currency value-bearing securities, management of letters of credit and operation of both an international and a domestic discounting service. The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings, on August 14, 2006, affirmed Shenzhen Development Bank's individual 'D/E' and support '4' ratings. VINCENT FORUM: Creditors' Proofs of Debt Due on Nov. 13 ------------------------------------------------------- Vincent Forum Limited requires its creditors to file their proofs of debt by November 13, 2007, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 12, 2007. The company's liquidator is: Huang Feng-Li Fee Tat Commercial Centre, 21st Floor No. 613 Nathan Road, Kowloon Hong Kong ZTE CORP: Unveils Network Service Project with Spreadtrum --------------------------------------------------------- Spreadtrum Communications, Inc., and ZTE Corp. has successfully demonstrated its TD-MBMS network services using Spreadtrum's TD- SCDMA/GSM/GPRS dual-mode chipset solution. MBMS (Multimedia Broadcast/Multicast Service) is a packet based broadcast service for mobile communication networks that allows a single broadcasted frequency to carry multiple channels of content. MBMS is an important feature for third generation mobile communication networks, as carriers view multicast services like MBMS as a great opportunity to develop applications that would increase their ARPU (average revenue per user) through the broadcast of services to handsets ranging from short advertisements, free/premium TV channels, and group sending of multimedia messages (video blogging). TD-MBMS was created as an easy and fast deployment mobile multimedia solution for MBMS on TD-SCDMA networks, since it requires relatively small changes to the underlying 3GPP standard, which should enable carriers to deploy these multimedia services with a comparatively low network deployment cost. As a new TD-SCDMA multimedia service, TD-MBMS targets the mid to high-end segments of the 3G mobile market and should help bring new mobile entertainment experiences, such as watching television on mobile devices, to consumers. TD-MBMS is now technically feasible on the TD-SCDMA network built using ZTE's equipment. With the adoption of Spreadtrum's SC8800D TD-SCDMA/GSM/GPRS dual-mode chip and platform, TD-MBMS could be applied to mobile phones, providing smooth images and clear sound. This successful demonstration of MBMS based on the TD-SCDMA standard indicates that the TD-MBMS technology is ready for commercialization. This new TD-MBMS development is another step in the joint commercialization of TD-SCDMA by Spreadtrum and ZTE, following the strategic partnership agreement between Spreadtrum and ZTE announced on August 29, 2007. Dr. Datong Chen, CTO of Spreadtrum, said, "We are very pleased to be a part of ZTE's successful demonstration of the industry's first TD-MBMS services. We believe this not only enriches the growing level of 3G TD-SCDMA multimedia services, but also enables TD-SCDMA mobile phones to satisfy the diverse requirements of its targeted users. In addition, Spreadtrum's TD- SCDMA/GSM/GPRS dual-mode chip and platform can equip the handset manufacturers with competitive technical advantages of TD-SCDMA mobile phones." Mr. Yuhong Duan, ZTE's General Manager of TD products, said, "ZTE has been focused on the research and technical evolvement of the TD-SCDMA standard for several years, and it is the first to support TD-MBMS on the system side in the industry. This successful showcase by ZTE of MBMS based on Spreadtrum's chip solution not only exemplifies the technical advancement of ZTE's TD-SCDMA equipment, but also ZTE's contributions to the anticipated widespread use of TD-SCDMA in China." About Spreadtrum Spreadtrum Communications, Inc. is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the mobile wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly- integrated baseband processors with multimedia functionality and power management. Spreadtrum has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich and meet their cost and time-to-market requirements. About ZTE Corp Headquartered in Shenzhen, China, ZTE Corp's principal activities are the production and sale of general system and communication terminal equipments. The group operates both in the domestic and international market. The Troubled Company Reporter-Asia Pacific reported on Dec. 1, 2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign and local currency Issuer Default ratings of 'BB+'. The rating Outlook is Stable. ========= I N D I A ========= BPL LTD: Allots 38,20,344 Shares to Electro Investment ------------------------------------------------------ BPL Ltd has allotted 38,20,344 equity shares of INR10 each on preferential basis to Electro Investment Pvt Ltd. The shares comprise of: a. 30,00,000 shares of INR10 each at a premium of INR33.02 per share aggregating to INR12,90,60,000; and b. 8,20,344 shares of INR10 each at a premium of INR62.99 per share aggregating to INR5,98,76,908. Electro Investment belongs to the promoter group company. According to The Hindu Business Line, the preferential allotment is pursuant to the scheme approved by the Corporate Debt Restructuring mechanism for restructuring the debts of the BPL. Headquartered in Bangalore, India, BPL Limited manufactures and distributes consumer electronic products such as televisions, video tape recorder, audio systems, emergency lanterns, electrocardiographs and monitors. The Group also manufactures home appliances like washing machines, refrigerators, vacuum cleaners, microwave ovens, gas tables, soft energy and consumer telecom products. Its plants are located at Kerala, Karnataka and Uttar Pradesh. The Group operates in India. In 2006, the Company obtained approval from the Kerala High Court for its financial restructuring scheme and the launch of the 50:50 joint venture with Sanyo for the CTV business. The restructuring has allowed BPL to focus and strategize on its core businesses like mobile phones, entertainment electronics, medical electronics, engineering plastics and tooling for automotive and consumer electronics industry. As a part of the restructuring exercise, BPL had recently sold off its dry cell business -- which operated through its subsidiary BPL Soft Energy Systems -- in a INR67 crore deal including liabilities to the Khaitans of Eveready Industries. CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License ---------------------------------------------------------------- Cable & Wireless has been prequalified to bid for a mobile license in Honduras, Business News Americas reports, citing a source at Honduran telecoms regulator Conatel. The source told BNamericas that other firms who pre-qualified include: -- Spain's Telefonica, -- Jamaican group Digicel, and -- Mexico's Grupo Iusacell. According to BNamericas, the source said that Conatel is offering spectrum in the up to 1890 megahertz and 1970 megahertz bands. The regulator refers to the license as a "PCS concession." The auction for the mobile license will be held on Dec. 19, 2007, BNamericas says, citing the source. The auction needs congressional authorization to confirm the winner. The winning bidder would start operating in Honduras in next year's first quarter. BNamericas relates that the minimum bidding price for the license is US$10 million. The winner will be given nine months to set up operations. BNamericas states that these two firms currently operate in Honduras: -- Tigo, owned by Luxembourg's Millicom International Cellular; and -- America Movil unit. 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% CANARA BANK: Board to Consider Q2 Results on October 31 ------------------------------------------------------- Canara Bank's board of directors will hold a meeting on Oct. 31, 2007, inter alia, to approve the bank's unaudited financial results subjected to limited reviews for the quarter and half year periods ended Sept. 30, 2007. As previously reported by the Troubled Company Reporter-Asia Pacific, the bank reported a net profit of INR2.41 billion for the first quarter ended June 30, 2007, a 26% increase from the INR1.91 billion in the same quarter last year. Headquartered in Bangalore, India, Canara Bank -- http://www.canbankindia.com-- provides services to a diverse clientele group with a range of subsidiaries and sponsored institutions. The bank services include networked automated teller machines, anywhere banking, telebanking, remote access terminals Internet, and mobile banking and debit card. The bank's Merchant Banking Division handles assignments as arrangers/lead manager/co-manager/manager to the offer/advisor/share valuator. Bancassurance arm of the Bank has tie up arrangements in both life and non-life insurance segments. Corporate Cash Management Services network of the Bank provides services related to local and upcountry cheque collection, bulk cheques collection and zero balance account facility. Executor, Trustee and Taxation Services of the bank provides services, such as debenture trusteeship, will and executorship, trusteeship, personal tax assistance and power of attorney services. Its Agricultural Consultancy Services handled 60 projects during the fiscal year ended March 31, 2006. Standard & Poor's Ratings Services, on July 4, 2007, assigned its 'BB' issue rating to Canara Bank's US$250 million Upper Tier II subordinated notes due in 2021. CORE HEALTHCARE: Books INR102-Mil. Loss in Quarter to Sept. 30 -------------------------------------------------------------- Core Healthcare Limited booked a net loss of INR101.98 million in the quarter ended Sept. 30, 2007, an improvement compared to the INR388.64-million loss incurred in the same period a year ago. Core Healthcare did not earn any revenues for the 2007 second quarter but sustained operating expenses of INR1.19 million, hence it booked an operating loss of the same amount. The company also booked depreciation of INR100.76 million and prior- period items of INR30,000. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?2479 Headquartered in Ahmedabad, India, Core Healthcare Limited is an international multi-product healthcare company with a presence in intravenous solutions, medical disposables, injectables, orals and formulations. The company's businesses are divided mainly into Fluids, Disposables and Formulations. The company is present in more than 60 countries, and is a major supplier to international agencies, hospitals and other customers. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Core Healthcare has a stockholder's equity deficit of US$150.72 million. FERTILISERS & CHEMICALS: Loss Widens to INR457 Mil. in Q2 FY2008 ---------------------------------------------------------------- Fertilizers & Chemicals Travancore Ltd yesterday filed with the Bombay Stock Exchange its unaudited results for the quarter ended Sept. 30, 2007. For the second quarter of FY2008, the company's net loss widened by 49% to INR457.40 million from the INR307.50-million loss booked in the same period of the previous fiscal year. Total income decreased from INR4.15 billion in the July-Sept. 2006 quarter to INR2.88 billion in the latest quarter under review. FACT incurred expenses aggregating INR3.02 billion, majority of which is from the consumption of raw materials and purchase of goods, bringing the company and operating loss of INR138.6 million. A copy of FACT's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?247a Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals Travancore Limited is principally engaged in the manufacturing and distribution of fertilizers and chemicals. Its products include ammonium sulphate, factomfos, urea and caprolactam. The company operates solely in the domestic market. The company, which had been making profits for over a decade, started reporting losses from 1998-99 onwards due to the steep rise in cost of raw materials like naphtha, benzene, sulphur and rock phosphate. There were also uneconomic realization from sales and the company had to stop production because of a liquidity crunch. In 2004, the company was referred to the Board for Industrial and Financial Reconstruction as a potentially sick unit. The company is currently undergoing a revamp program to turn its business around. GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. Earlier, the ratings on GMAC LLC (BB+/Watch Neg/B-1; 49% GM- owned), the automotive finance and insurance operation, and on GMAC's Residential Capital LLC mortgage unit (BBB-/Watch Neg/A- 3) were placed on CreditWatch with negative implications. The GM rating action has no effect on the ratings on GMAC or ResCap. "The rating affirmation and stable outlook reflects our view that GM's new contract with the United Auto Workers is a substantial positive for the company's efforts to return automotive operations in North America to positive cash generation," said Standard & Poor's credit analyst Robert Schulz, "despite a number of negatives that will challenge GM's ability to continue reducing cash use in North America in the near term." The stable outlook indicates S&P's belief that GM will continue to make progress on its turnaround program in North America, that auto operations outside North America will remain improved contributors, and that GM will manage its liquidity to satisfactory levels. GM will face several serious challenges during the next two years, however. First, the greatest portion of cash benefits from the contract will not begin to accrue to GM until 2010, and the health care cost savings are subject to final court approval. Until then, GM could continue to use substantial cash in its automotive operations. These causes of negative automotive cash flow include the potential for a recession in the U.S., and even without a recession, a weak outlook for U.S. light-vehicle sales in 2008. S&P expect U.S. light-vehicle sales to be about 16 million units in 2008, virtually flat with sales in 2007, which has turned out to be a weaker year than initially expected. Other uses of cash will include cash restructuring costs (including the cost of any future attrition plans to which GM and the UAW may agree) and GM's need to fund certain UAW contract provisions prior to 2010. Furthermore, over the next two years, GM will introduce key new vehicles in North America at a relatively slower pace than it did in 2006 and 2007. GMAC's automotive finance and insurance operations remain profitable. But the ResCap mortgage unit has had very poor results recently, and this will depress GM's consolidated results. GMAC will retain a significant portion of its earnings during the next two years, rather than pay dividends to GM. S&P expect over time to place greater weight on the substantial health care and other cash savings beginning in 2010 as stipulated in the current UAW contract. But it is important to note that GM's automotive results, industry conditions, and the economic outlook will be crucial components of any such future review, and accordingly, the threshold for a revision of the outlook back to negative is low given the current lack of visibility into prospective results in North America. GM is making progress on its North American turnaround, and S&P expect that trend to continue. S&P also expect GM to maintain substantial cash balances and access to liquidity during the next two years. GM will likely continue to use cash into 2008, and the stable outlook reflects that expectation, but does not include the much sharper use of cash that would result from the type of decline in U.S. light-vehicles sales that would accompany a recession. The outlook could be revised to negative or the ratings lowered, despite the health care savings that will start to accrue in 2010, if S&P came to expect that GM's substantial cash outflow would fail to continue moderating or begins to worsen because of setbacks, whether GM-specific or stemming from market conditions. S&P do not expect to revise the outlook to positive within the next year, given the uncertain economic outlook and ongoing turnaround plan execution risk. 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. GENERAL MOTORS: Global Third Quarter Sales Increase by 4% --------------------------------------------------------- General Motors Corp. sold a record 2.38 million cars and trucks around the world in the third quarter of 2007, a 4% increase compared with last year, according to preliminary sales figures. GM also reported record sales outside the United States, marking the 21st consecutive quarter of year-over-year sales increases outside the U.S. "GM's record third quarter sales were driven by exceptionally strong demand in emerging markets and our improving competitiveness in developed markets. GM global sales of 7.06 million vehicles for the first nine months of the year reflects solid results and more than 2 percent growth. We're on track to have our second-best annual sales performance in our almost 100- year history," John Middlebrook, GM vice president, Global Sales, Service and Marketing Operations, said. "In the third quarter we experienced record sales around the globe including a 22% increase in Latin America, Africa and the Middle East -- an all-time quarterly record for that region -- and 16% growth in the Asia-Pacific region. We're also pleased to post a sales gain of 15% in Europe where we sold more than 523,600 vehicles and set a Q3 record." GM posted record third quarter sales in Europe with deliveries of 523,600 vehicles, up 15%. GM had the highest quarterly volume increase of the top-ten manufacturers in Europe. Growth in Russia led the increase with a record 65,700 vehicles sold, up 75%. GM's growth in Russia is also supported by the start of Opel Antara production in St. Petersburg. GM is on track to sell more than 200,000 vehicles in Russia this year. Chevrolet achieved record European sales of 113,000 vehicles, up 28%. Opel/Vauxhall grew volume more than 12 percent in Europe. Cadillac sales were up 61% and HUMMER sales were up 28% in the region. For the first nine months of the year, GM Europe regional sales are up more than 8% to 1.65 million vehicles. In North America, planned reductions in daily rental sales and softness in the U.S. market due to increasing fuel prices and concerns about housing, resulted in sales of 1.20 million vehicles, a decline of 6% compared with last year. Despite a competitive U.S. market for full-size pickups, GM continued to show pickup truck segment leadership in the quarter thanks to the North America Truck of the Year Chevrolet Silverado and all- new GMC Sierra. GM's mid-car and mid-utility crossover segments also saw retail sales gains on the strength of mid-cars Saturn Aura, Pontiac G6 and Chevrolet Impala, and mid-utility crossovers GMC Acadia, Saturn Outlook and Buick Enclave. The newly-launched 2008 Chevrolet Malibu is building momentum as dealer demand is taxing available supply. Chevrolet global sales of 1.18 million vehicles in the third quarter of 2007 were up more than 5% compared with a year ago. The brand grew by 46% in Asia-Pacific, 28% in Europe and 27% in Latin America, Africa and the Middle East. GMC sales in North America were up 8% in Q3, largely due to the popularity of the Acadia mid-utility crossover and all-new Sierra full-size pickup truck. Saturn sales for the first nine months of the year were up more than 13% due to the sales performance of three new vehicles, the Sky roadster, Aura mid- car and Outlook mid-utility crossover vehicle. 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 Oct. 18, 2007, Moody's Investors Service changed the outlook of General Motors Corporation's long-term-debt rating to positive from negative, and also raised the company's speculative grade liquidity rating to SGL-1 from SGL-3 following the company's announcement of the terms of its new contract with the UAW. GM's existing long-term ratings -- including B3 corporate family, Ba3 senior secured, and Caa1 senior unsecured -- are unchanged. The ratings of GMAC (senior rating of Ba1/Negative outlook) are also unaffected. As reported in the Troubled Company Reporter on Oct. 17, 2007, Standard & Poor's Ratings Services said that its long-term ratings on General Motors Corp. remain on CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P placed the ratings on CreditWatch when GM and its main union, the United Auto Workers, reached a tentative new labor contract. The UAW has since approved that contract, and GM discussed the contract's economics. S&P expect to resolve the CreditWatch listing by Oct. 31, 2007. 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. IMAX CORP: Signs Theatre Deal in Morocco with Al Amine ------------------------------------------------------ IMAX Corporation entered into an agreement with Al Amine Investissement, a commercial retail developer in Morocco, to install an IMAX(R) theatre in the city of Casablanca. Scheduled for installation in early 2009, the IMAX theatre will be an anchor attraction at the new Morocco Mall, which is expected to be the largest mall in the country. The announcement marks IMAX's first contract in Morocco. Under the terms of the agreement, the developer is contracted to install an IMAX MPX(R) theatre system, and both parties have agreed to install IMAX's new digital theatre system instead if it becomes available on or before the installation date. IMAX's digital theatre system is currently in the advanced stages of development. "Our entry into Morocco reflects the growing international appeal of the IMAX brand, which currently has a presence in over 40 countries," said IMAX Co-CEO's and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "Al Amine Investissement is a leading commercial developer in Morocco, and through our partnership with them, we are looking forward to introducing the IMAX brand to moviegoers in and around Casablanca." "The IMAX Experience gives us the ability to offer a cinematic experience that far exceeds any other in Morocco," said Selwa Akhannouch, President and Director General, Groupe Aksal, a co- owner of Al Amine Investissement. "We believe the IMAX theatre will be a perfect fit for our project in Casablanca because the world-famous IMAX brand brings a prestigious image to our mall." Emad Eldin Abdalla, Director General of Nesk Investment, which is also a co-owner of Al Amine Investissement, added, "The new IMAX theatre enables us to offer moviegoers a whole new way to experience Hollywood movies. Further, our new IMAX theatre will deliver a cinematic experience that consumers can't get at home -- and that will be good for all areas of our business at this location." The IMAX theatre will be capable of playing Hollywood event films that have been digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience(R), as well as original IMAX productions in 2D and IMAX(R) 3D. About the Morocco Mall Morocco Mall is the largest shopping mall project across North Africa. Taking advantage of a strategic location of 24.71 acres along the ocean, the site promises to become a destination for an anticipated 15 million visitors per year. Only ten minutes from the city centre of Casablanca, with five points of entry, 200 stores, 40 restaurants and several leisure and entertainment venues, Morocco Mall will considerably increase the commercial and leisure offering available to residents and tourists in Casablanca. About Al Amine Al Amine Investissement is jointly held by Aksal Group and Nesk Investment, two large franchise and fashion operators in Morocco who have contributed to the development of the Moroccan commercial landscape. Aksal and Nesk already have secured relationships with renowned fashion giants such as Zara, Mango, Massimo Dutti, Promod, La Vie En Rose, Aldo, Zara Home and Stradivarius. Aksal and Nesk are joining efforts to launch the Morocco Mall. Al Amine Investissement is committed to leading the economic growth of Morocco into the 21st century. 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. RYERSON INC: Platinum Completes US$2-Billion Purchase Deal ---------------------------------------------------------- The affiliates of Platinum Equity LLC completed their acquisition of Ryerson Inc. in a transaction valued at approximately US$2 billion. On July 24, 2007, Ryerson has entered into a merger agreement with affiliates of Platinum Equity LLC to acquire all outstanding shares of Ryerson common stock and Series A $2.40 Cumulative Convertible Preferred Stock for US$34.50 per share in cash. The cash purchase price per share of US$34.50 represents a 15% premium over Ryerson's closing share price of US$30.01 on Feb. 13, 2007, the day prior to the disclosure of the board's review of strategic alternatives and a 45% premium over Ryerson's closing share price of US$23.77 on Dec. 13, 2006, the day that Harbinger Capital made a filing with the Securities and Exchange Commission indicating it was considering taking a number of actions regarding its investment in Ryerson. Ryerson's board of directors has unanimously approved the merger agreement and recommends approval of the transaction by Ryerson's stockholders. About Rhombus Merger Corporation Rhombus Merger Corporation is a wholly owned subsidiary of Rhombus Holding Corporation and is owned by funds controlled by Platinum Equity. Rhombus Merger was formed solely for the purpose of merging with and into Ryerson, which will be the surviving corporation of the merger and a wholly owned subsidiary of Parent. About Ryerson Inc. Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a distributor and processor of metals in North America. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Standard & Poor's Ratings Services affirmed its ratings on Ryerson Inc., including its 'B+' corporate credit rating. S&P removed all ratings from CreditWatch, where they had been placed with negative implications on July 24, 2007, after the company after it has agreed to be acquired by Platinum Equity for around US$2 billion. ================= I N D O N E S I A ================= BEARINGPOINT INC: Eddie Munson Joins Board of Directors ------------------------------------------------------- BearingPoint Inc. has appointed Eddie Munson to its Board of Directors. Mr. Munson is a retired partner with KPMG and has more than 30 years of auditing experience focusing on the financial services, government and automotive industries. Additionally, from 1996 to 2004, Mr. Munson was a member of KPMG's Board of Directors, where he was a member of the pension committee and chair of the committees responsible for partner rights and board nominations. Most recently, Munson was the national partner in charge of KPMG's University Relations and Campus Recruiting programs. "BearingPoint is excited to have Eddie Munson join its Board of Directors," said Rod McGeary, BearingPoint's Chairman of the Board. "Munson's extensive experience as an auditor covering key industries, coupled with his in-depth client experience will further augment the capabilities of our current Board members." Mr. Munson presently serves on the Board of directors of United American Healthcare Corporation and the Skillman Foundation. About BearingPoint Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE) -- http://www.BearingPoint.com/-- provides of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. The firm has approximately 17,500 employees, and major practice areas focusing on the Public Services, Financial Services and Commercial Services markets. BearingPoint has global locations including in Indonesia, Australia, Austria, China, India, Japan, Mexico, Portugal, Singapore and Thailand. The company reported total assets of US$1.9 billion, total liabilities of US$2.1 billion, and total stockholders deficit of US$177.3 million as of Dec. 31, 2006. HILTON HOTELS: Gets European Commission Antitrust Clearance ----------------------------------------------------------- Hilton Hotels Corporation has received clearance from the European Commission for its pending merger with BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. Approval by the European Commission was the final remaining regulatory approval that is a condition to closing of the merger. The merger is expected to close on Oct. 24, 2007. Hilton will announce the completion of the merger once it has closed. Consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll- free). About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's disclosure that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. HILTON HOTELS: Prices Cash Tender Offers for Five Notes ------------------------------------------------------- Hilton Hotels Corporation has determined the total consideration and tender offer consideration to be paid pursuant to its cash tender offers and related consent solicitations for its 7.625% Notes due 2008, 7.200% Notes due 2009, 8.250% Notes due 2011, 7.625% Notes due 2012 and 7.500% Notes due 2017. The total consideration payable for Notes accepted for payment that were validly tendered with consents and not validly withdrawn at or prior to 5:00 p.m., New York City time, on Sept. 25, 2007, will be an amount equal to the total consideration per US$1,000 principal amount of Notes. The tender offer consideration payable per US$1,000 principal amount of Notes accepted for payment that are validly tendered after the Note Consent Payment Deadline but at or prior to 8:00 a.m., New York City time, on Oct. 24, 2007, will be an amount equal to the total consideration minus the consent payment of US$30.00 per US$1,000 principal amount of Notes. In each case, holders whose Notes are accepted for payment in the tender offers will receive accrued and unpaid interest for such Notes from the last interest payment date to, but not including, the payment date for Notes purchased in the tender offers. The company disclosed information relating to the determination of the applicable total consideration and tender offer consideration per US$1,000 principal amount of Notes. Pricing Information for Tender Offers for the Notes: a) CUSIP No.: 432848AU3 Security: 7.625% Notes due 2008 Applicable Spread: 50 bps Tender Offer Yield: 4.599% Total Consideration: US$1,016.45 Consent Payment: US$30 Tender Offer Consideration: US$986.45 b) CUSIP No.: 432848AR0 Security: 7.200% Notes due 2009 Applicable Spread: 50 bps Tender Offer Yield: 4.306% Total Consideration: US$1,058.53 Consent Payment: US$30 Tender Offer Consideration: US$1,028.53 c) CUSIP No.: 432848AT6 Security: 8.250% Notes due 2011 Applicable Spread: 50 bps Tender Offer Yield: 4.342% Total Consideration: US$1,119.13 Consent Payment: US$30 Tender Offer Consideration: US$1,089.13 d) CUSIP No.: 432848AX7 Security: 7.625% Notes due 2012 Applicable Spread: 50 bps Tender Offer Yield: 4.489% Total Consideration: US$1,141.54 Consent Payment: US$30 Tender Offer Consideration: US$1,111.54 e) CUSIP No.: 432848AS8 Security: 7.500% Notes due 2017 Applicable Spread: 50 bps Tender Offer Yield: 4.948% Total Consideration: US$1,201.50 Consent Payment: US$30 Tender Offer Consideration: US$1,171.50 As previously announced, the total consideration per US$25.00 principal amount of Hilton's 8.000% Quarterly Interest Bonds due 2031 validly tendered and not validly withdrawn pursuant to Hilton's tender offer and consent solicitation for the Bonds at or prior to the 5:00 p.m., New York City time, on Oct. 16, 2007 is US$25.25. The tender offer consideration payable for Bonds accepted for payment that are validly tendered after the Bond Consent Payment Deadline but at or prior to the Offer Expiration Date, will be an amount equal to the Bonds Total Consideration minus the consent payment of US$1.00 per US$25.00 principal amount of Bonds. Also as previously announced, the total consideration for Hilton's 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 (the CLP Notes and, together with the Notes and the Bonds, the Securities) in Chilean pesos has been set at CLP65,560.95 per CLP50,000 original principal amount of CLP Notes. All of the CLP Notes were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on Oct. 1, 2007, and, accordingly, all CLP Notes are eligible to receive the total consideration. Hilton expects to determine the total consideration in U.S. dollars payable in respect of its CLP Notes tendered pursuant to Hilton's tender offer and consent solicitation for the CLP Notes on Oct. 22, 2007, unless such determination date is extended by Hilton. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on the Offer Expiration Date. As indicated in the Offer to Purchase, it is expected that the Offer Expiration Date will be extended to coincide with the date that the Merger becomes effective. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations relating to the Securities are made upon the terms and conditions set forth in Hilton's Offer to Purchase and Consent Solicitation Statement dated Sept. 12, 2007 and the related Consent and Letter of Transmittal, as amended. The tender offers and consent solicitations are being conducted in connection with the previously announced merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Further details about the terms and conditions of the tender offers and the consent solicitations are set forth in the Offer to Purchase. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free) ((212) 272- 5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's disclosure that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director ---------------------------------------------------- Owens-Illinois Inc. appointed Hugh H. Roberts to serve on the company's board of directors effective immediately. He will also serve as a member of the compensation committee. Mr. Roberts spent 32 years at Kraft Foods Inc., in sales, marketing, strategic planning and general management. He built strong global experience while serving Kraft Foods International as president of the Central & Eastern Europe, Middle East & Africa region and also as president of the Asia Pacific region. >From 2004 to June 200