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/raid1/www/Hosts/bankrupt/TCRAP_Public/071026.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 26, 2007, Vol. 10, No. 213 Headlines A U S T R A L I A ABC ACCENT: Placed Under Voluntary Liquidation AUSTRALIAN - AMERICAN: Commences Liquidation Proceedings CARLI PTY: Members to Hold Final Meeting on November 2 CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement DR. NGUYEN-PHUOC: Members Decide to Wind Up Operations ENESCO GROUP: Plan Confirmation Hearing Set for Nov. 28 ERIC WHITBREAD: Commences Liquidation Proceedings EVANS & TATE: Receivers Opt for McWilliam's as Procurer J F PLASTERING: Members Agree on Voluntary Liquidation MAYDIS PTY: Members to Receive Wind-Up Report Today PROPERTY NATIONAL: Supreme Court Enters Wind-Up Order SYMBION HEALTH: To Push Through w/ Healthscope Revised Proposal TRACKSELL PLANT: Members' Meeting Set for Nov. 5 VINCE PETITTO: Will Declare First and Final Dividend on Oct. 31 ZINIFEX LTD: Posts 13% Production Boost for Quarter to Sept. 30 C H I N A & H O N G K O N G ALERIS INT'L: Merging Monterrey Unit to Monclova Plant in Mexico ASAT HOLDINGS: Nasdaq Scraps Delisting Decision BEIJING SHOUGANG: To Drastically Cut Productions for Olympics CHINA SOUTHERN: 1st Half Profit Soars 49% on Strong Demand DANA CORP: Gets Go Signal to Begin Soliciting Votes on Plan EVER LARGE: Placed Under Voluntary Liquidation HONG GLAP: Members to Receive Wind-Up Report on Nov. 13 HONG KONG YOSHITOKU: Creditors' Proofs of Debt Due on Nov. 15 HOPSON DEVELOPMENT: Names Zhao Hai as Deputy Chairman HOTEL TYCOON: Commences Liquidation Proceedings ILI TECHNOLOGY: Fitch Hands BB+(twn) on Issuer Default Rating JIANGXI COPPER: Rising Costs Cut 9-Months Profit by 8.7% JOINT OCEAN: Members to Hold General Meeting on Nov. 15 LEE SHING: Members to Hear Wind-Up Report on November 9 MOBIL LPG: Members' Final General Meeting Set for Nov. 12 ROBERTSON: Creditors and Contributories to Meet on Nov. 20 SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products SPANSION INC: Names Gary Wang as President for China Unit THE THAI-ASIA: Requires Shareholders to File Claims by Nov. 15 WORLD MATCH: Sets General Meeting for November 12 I N D I A AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy AES CORP: Shuts Down Alamitos Power Station's Unit 6 BAUSCH & LOMB: Named Defendant in 573 Product Liability Suits EMCO LTD: Earns INR103.58 Million in Sept. 30, 2007 Quarter MYSORE CEMENTS: To Expand Plants' Capacity; Seeks Govt. Nod MYSORE CEMENTS: Net Profit Up 3% in Qtr. Ended Sept. 30, 2007 RPG LIFE SCIENCES: Members Approves Scheme of Arrangement UTSTARCOM INC: Gets Notice of Default from 7/8% Notes Trustee I N D O N E S I A BANK NEGARA: Nine-Month Profit Ups 10% to IDR1.56 Trillion GARUDA: Customs Suspends 6 Airlines Due to Requirement Failure HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes ORBITAL SCIENCES: Earns $15.7 Million in Quarter Ended Sept. 30 REXAM PLC: To Build New Beverage Can Plant in Denmark J A P A N AZEL CORP: R&I Affirms BB Issuer Rating and BB- Long-term IR NOVA CORP: Labor Regulator Asks President to Answer Wage Issues SANYO ELECTRIC: Settles Patent Dispute with 3M Co. K O R E A GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds EVEREX INC: Adjusts Price of Eighth Bond With Warrants TOWER AUTOMOTIVE: Court Oks PCT'S Bid for Deal with Plaintiffs TOWER AUTOMOTIVE: Dec. 10 Hearing Set for ERISA Suit Settlement M A L A Y S I A LITYAN HOLDINGS: Names New CEO and Executive Director MANGIUM INDUSTRIES: Unit Defaults on Loan from Two Banks SHAW GROUP: Appeals IRS Adjustments for 2002-2003 Tax Returns SHAW GROUP: Stone Acquisition-Related Appeal Still Pending SHAW GROUP: Continues Review of Accounting for Acquisitions SUNWAY INFRASTRUCTURE: Unit Buys MTSB as Special Purpose Vehicle TALAM CORP: Unit Acquires Chinese Firm for MYR45 Million N E W Z E A L A N D FIRST DATA: Subsidiary Reaches Agreement with Meijer FOXKITCHENS LTD: Appoints Official Assignee as Liquidator GLINK GRAPHICS: Fixes November 2 as Last Day to File Claims HAYWARD HUNT: Taps Official Assignee as Liquidator JUNO GROUP: Commences Liquidation Proceedings MARPLE INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 4 MRC GROUNDS: Fixes Nov. 5 as Last Day to File Claims PAPAKURA MOTORS: Appoints Official Assignee as Liquidator PRADO CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 1 SOLOMON NOMINEES: Taps Rhys Michael Barlow as Liquidator TACLOBAN LTD: Accepting Proofs of Debt Until Nov. 2 P H I L I P P I N E S BANGKO SENTRAL: May Be Obliged to Pay Old Central Bank's Debts CHINA BANKING CORP: PSE Approves Listing of Additional Shares CHINA BANKING CORP: Danilo Alcoseba Steps Down as Board Advisor LAFAYETTE MINING PHILS: Ships US$8.38 Million During 3rd Quarter PHIL LONG DISTANCE: Expects PHP34-Billion Net Income for 2007 RIZAL COMM'L: Turns 3,042 Preferred Stock to 1,096 Common Shares * PLDT Head Makes Suggestions to Reach 1st World Status in 2027 * Businessmen Urges Government to Watch Appreciation of Currency S I N G A P O R E GENESIS TECHNOLOGIES: Accepting Proofs of Debt Until Nov. 2 INTEGRAL PERIPHERALS: Pays First and Final Dividend FLEXTRONICS INT'L: Earns US$121 Mil. in Quarter Ended Sept. 28 REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse STATS CHIPPAC: Posts US$27.9MM Net Income in Qtr. Ended Sept. 30 T H A I L A N D BANK OF AYUDHYA: Fitch Assigns 'A+' Nat'l Rating to Debentures KRUNG THAI: Shortlists 500 Clients for Possible Market Listing TOTAL ACCESS: Expects 65 Mil. Mobile Phone Subscribers in 2008 TOTAL ACCESS: Suspends 3G Investment Pending Clearer NTC Policy * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ABC ACCENT: Placed Under Voluntary Liquidation ---------------------------------------------- On September 19, 2007, the members of ABC Accent Pty Ltd passed a resolution to liquidate the company's business. Robert Roxburgh Elliott of Brigden & Partners was appointed as liquidator. The Liquidator can be reached at: Robert Roxburgh Elliott GPO Box 2564 Sydney, New South Wales 2001 Australia About ABC Accent ABC Accent Pty Ltd is involved with the footwear business. The company is located at Richmond, in Victoria, Australia. AUSTRALIAN - AMERICAN: Commences Liquidation Proceedings -------------------------------------------------------- During a general meeting held on September 14, 2007, the members of Australian - American Association Ltd agreed to voluntarily liquidate the company's business. Scott Cameron Turner was appointed as liquidator. The Liquidator can be reached at: Scott Cameron Turner Level 4, 151 Macquarie Street Sydney, New South Wales 2000 Australia About Australian-American Australian-American Association Ltd, which is also trading as Australian American Centre, provides social services. The company is located at Sydney, in New South Wales, Australia. CARLI PTY: Members to Hold Final Meeting on November 2 ------------------------------------------------------ The members of Carli Pty Ltd will hold their final meeting on November 2, 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: Nicholas Craig Malanos c/o Star Dean Willcocks 32 Martin Place, Level 1 Sydney, New South Wales 2000 Australia Telephone:(02) 9223 2944 Facsimile:(02) 9223 3011 About Carli Pty Carli Pty Ltd operates gift, novelty and souvenir shop. The company is located at Victoria Park East, in West Australia, Australia. CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement ------------------------------------------------------------- United Auto Workers Local 685, with 4,500 employees at three Chrysler LLC transmission plants in Kokomo, Indiana, rejected a tentative labor contract between the union and the carmaker by a 72% margin, Mike Ramsey of Bloomberg News reports citing local president Guy Barger. The result has raised the likelihood of the pact to fail on an overall level. Results for nearby Local 1166 were not available, Mr. Ramsey relates. As reported in yesterday's Troubled Company Reporter, union leaders were trying to sweet talk members at three Chrysler plants in Indiana, Michigan and Illinois, each employing more than 1,00 workers, to approve a tentative labor contract between the union and the carmaker. Lobbying efforts were directed at: * members of a key local in Kokomo, Indiana, who voted Oct. 23, 2007, * members of a key local in Sterling Heights, Michigan, who are voting today, Oct. 24, 2007, and * members of a small local in Belvidere, Illinois, voting later this week. Four large union locals, representing a majority vote of Chrysler's 45,000 union members, rejected the United Auto Workers union's pact with Chrysler LLC over the weekend. Locals from Delaware, Missouri and Ohio turned down the pact on Saturday while a Detroit local with 2,200 UAW members, vetoed it on Sunday. As previously reported, Bill Parker, Chair of the 2007 UAW Chrysler National Negotiating Committee, who voted against the new tentative labor agreement between Chrysler LLC and the United Auto Workers union, released a minority report to the members of the UAW Chrysler Council, urging the Council to reject Chrysler's offer and let the Committee return to the bargaining table. The UAW Chrysler Council, which includes local union leaders from Chrysler LLC facilities throughout the U.S., voted overwhelmingly to recommend ratification of the tentative agreement reached on Oct. 10, 2007. Mr. Parker, however, disclosed that the National Negotiating Committee had a split vote on the contract. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * On Oct. 1, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC (B/Negative/--), including a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the US$5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. DR. NGUYEN-PHUOC: Members Decide to Wind Up Operations ------------------------------------------------------ During a general meeting held on September 14, 2007, the members of Dr. Nguyen-Phuoc Pty Limited agreed to voluntarily wind up the company's operations. Ozem Kassem and Deryk Andrew were named as liquidators. The Liquidators can be reached at: Ozem Kassem Deryk Andrew Level 10, 76-80 Clarence Street Sydney Australia Telephone:(02) 8221 8433 About Dr. Nguyen-Phuoc Dr. Nguyen-Phuoc Pty Limited operates offices and clinics of medical doctors. The company is located at Greystanes, in New South Wales, Australia. ENESCO GROUP: Plan Confirmation Hearing Set for Nov. 28 ------------------------------------------------------- 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 Nov. 19. Judge Goldgar had given his conditional approval on the adequacy of the Disclosure Statement explaining the Plan and has also set Nov. 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. ERIC WHITBREAD: Commences Liquidation Proceedings ------------------------------------------------- During a general meeting held on September 13, 2007, the members of Eric Whitbread Shoes Pty Ltd agreed to voluntarily liquidate the company's business. Jennifer Harwood was named as liquidator. About Eric Whitbread Eric Whitbread Shoes Pty Ltd operates shoe stores. The company is located at Parramatta, in New South Wales, Australia. EVANS & TATE: Receivers Opt for McWilliam's as Procurer ------------------------------------------------------- Receivers for winemaker Evans & Tate Ltd. have announced a preferred buyer for the Margaret River company, ABC News reports. The report says that McWilliam's Wines consortium, after a seven week tender preferred by receivers McGrath-Nicol, has been chosen as the preferred procurer of the Margaret River company. The sale is expected to be finalized by the end of November. Evans & Tate, who went into receivership after ANZ bank foreclosed on a AU$100 million debt in August, had previously been involved in a merger prospect with McWilliam's Wines, but the deal fell through, relates ABC. McWilliam's Wines, according to ABC, declined to comment on this matter. About Evans & Tate Headquartered in Wembley, Western Australia, Evans & Tate Limited -- http://www.etw.com.au/ --is an Australian wine company listed on the Australian Stock Exchange. The primary businesses of the Evans & Tate Wine Group are the production, marketing and distribution of a number of branded, exclusive labeled and unbranded wines; contract winemaking; wine trading; viticultural services; and wine tourism through its Visitor Centers. The Troubled Company Reporter-Asia Pacific reported on Aug. 27, 2007, that Evans & Tate's board of directors placed it under voluntary administration. On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's largest creditor, appointed Voluntary Administrators (Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers & Managers (Peter Anderson, Shaun Fraser and Andrew Birch of McGrathNicol) to Evans & Tate Ltd and its subsidiaries. J F PLASTERING: Members Agree on Voluntary Liquidation ------------------------------------------------------ At an extraordinary general meeting held on September 20, 2007, the members of J F Plastering & Construction Pty Limited agreed to voluntarily liquidate the company's business. David Anthony Hurst and Andrew Hugh Jenner Wily were named as liquidators. The Liquidators can be reached at: David Anthony Hurst Andrew Hugh Jenner Wily Armstrong Wily Chartered Accountants Level 5, 75 Castlereagh Street Sydney, New South Wales 2000 Australia About J F Plastering J F Plastering & Construction Pty Ltd provides business services. The company is located at Abbotsford, in New South Wales, Australia. MAYDIS PTY: Members to Receive Wind-Up Report Today --------------------------------------------------- Maydis Pty Limited will hold a final meeting for its members today, October 26, 2007, at 11:00 a.m. At the meeting, the members will receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: B. P. Woodward B P Woodward & Associates Suite 501, 83 York Street Sydney, New South Wales 2000 Australia About Maydis Pty Locate at Pampoolah, in New South Wales, Australia, Maydis Pty Limited is an investor relation company. PROPERTY NATIONAL: Supreme Court Enters Wind-Up Order ----------------------------------------------------- On September 17, 2007, the Supreme Court of New South Wales entered an order directing the wind up of Property National Pty Ltd's operations. Riad Tayeh and Randall Joubert were appointed as liquidators. The Liquidators can be reached at: Riad Tayeh Randall Joubert c/o de Vries Tayeh Level 3, 95 Macquarie Street Parramatta, New South Wales 2124 Australia Telephone:(02) 9633 3333 Facsimile:(02) 9633 3040 About Property National Property National Pty Ltd -- http://www.propertynational.com-- provides investment advice. The company is located at Neutral Bay, in New South Wales, Australia. SYMBION HEALTH: To Push Through w/ Healthscope Revised Proposal --------------------------------------------------------------- Symbion Health Limited noted the announcement made by Primary Health Care Limited regarding it intention to vote against Symbion Health's proposal to merge its diagnostics business with Healthscope Limited and to also vote against the proposed scheme of arrangement in relation to Symbion Health's consumer and pharmacy business. Primary has made its announcement without having received or considered the explanatory memorandum which is to be issued by Symbion Health in relation to the Diagnostics Proposal and the C&P Proposal. Given the Symbion Health shareholder approval requirements, it is possible that the Diagnostics Proposal and the C&P Proposal can be implemented even if Primary votes against the proposal. The relevant Symbion Health shareholder approval requirements are set out below: * for the Diagnostics Proposal: approval is only required from the holders of more than 50% of the total number of Symbion Health shares voted at the Symbion Health shareholder meeting to consider the Diagnostics Proposal; and * for the C&P Proposal: approval is required from a majority in number of Symbion Health shareholders present and voting at the shareholder meeting holding at least 75% of the total number of Symbion Health shares voted at the shareholder meeting to consider the C&P Proposal. In addition, approval is required from the holders of more than 75% of the total number of Symbion Health shares voted at the meeting to consider the financial assistance resolution which relates to the C&P Proposal. The Diagnostics Proposal is not conditional on the C&P Proposal. The C&P Proposal is conditional on the Diagnostics Proposal. The Chairman of Symbion Health, Paul McClintock, said: "When Symbion Health agreed to proceed with the Diagnostics Proposal and the C&P Proposal, Symbion Health recognized the possibility that the Diagnostics Proposal might be implemented and the C&P Proposal might not be implemented. "Primary's 20% shareholding in Symbion Health is unlikely to be sufficient to block the Diagnostics Proposal, and we believe the Diagnostics Proposal alone would create significant value for Symbion Health shareholders. Once the Diagnostics Proposal is approved, Symbion Health shareholders should vote for the C&P Proposal unless they consider that there would be greater value for Symbion Health shareholders to continue to own these businesses as part of a standalone listed entity. Symbion Health Directors continue to unanimously recommend the Diagnostics Proposal and the C&P Proposal in the absence of a superior proposal and subject to the receipt of satisfactory reports from the independent expert." Symbion Health notes that Primary may change its voting intention, including if there is a material change in circumstances or in the structure of the proposal. Symbion Health also notes that Primary is able to sell its shares in Symbion Health to a third party who may vote in favor of the Diagnostics Proposal and / or the C&P Proposal. Symbion Health notes that Primary has not made any comment about its willingness to support the original proposal. If, on or before midday (Melbourne time) on the fifth day after the release of the explanatory memorandum in relation to the Diagnostics Proposal and the C&P Proposal, Primary makes a public and legally binding commitment (in an acceptable form) to support the original proposal, Symbion Health, Healthscope and the IAC consortium will seek to implement the original proposal. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). TRACKSELL PLANT: Members' Meeting Set for Nov. 5 ------------------------------------------------ Tracksell Plant Services Pty Limited will hold a meeting for its members on November 5, 2007, at 10:00 a.m. At the meeting, M. J. M. Smith, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: M. J. M. Smith Smith Hancock Level 4, 88 Phillip Street Parramatta, New South Wales 2150 Australia About Tracksell Plant Tracksell Plant Services Pty Limited is involved with heavy construction. The company is located at Parramatta, in New South Wales, Australia. VINCE PETITTO: Will Declare First and Final Dividend on Oct. 31 --------------------------------------------------------------- Vince Petitto Pty Ltd will declare its first and final dividend on October 31, 2007. Creditors who were not able to file their proofs of debt by the October 12 due date will be excluded from the company's dividend distribution. The company's deed administrator is: D. A. Hurst Armstrong Wily Chartered Accountants Level 5, 75 Castlereagh Street Sydney, New South Wales 2000 Australia About Vince Petitto Vince Petitto Pty Ltd, which is also trading as V P Interiors, is a distributor of wood office and store fixtures, partitions, shelving and lockers. The company is located at Silverwater, in New South Wales, Australia. ZINIFEX LTD: Posts 13% Production Boost for Quarter to Sept. 30 --------------------------------------------------------------- Zinifex Ltd. started the financial year on a strong note with total zinc production in concentrate for the September quarter, 13% higher than for the same period last year. The increased production occurred at Century which benefited from steady operations and by not incurring a major maintenance shutdown as was the case last year. Lead in concentrate output was comparable to that produced during the September quarter last year. On September 1, ownership of and operational responsibility for Zinifex\u2019s smelters was transferred to Nyrstar, the world\u2019s largest producer of zinc metal. Therefore in this review we report smelter production for the last time and only the first two months of this financial year. For this period production of zinc metal was in line with the same period last year and lead was nearly four times higher due to Port Pirie being shut for planned maintenance for most of July and August last year. Zinc prices continued to weaken during the September quarter averaging US$3,237 per tonne, 4% lower than for the comparative quarter in 2006. The zinc price in Australian dollars has been impacted more significantly due to the weakening US dollar. Despite zinc stocks falling further from already low levels and sound market fundamentals, the markets are taking their pricing cues from expectations that new zinc supply will enter the market in 2008 returning it to surplus. We hold the view that any surplus to emerge next year is likely to be modest given continuing strong demand in China and the tendency evident in recent years for new mines to be delayed and /or deliver lower than expected tonnage. Lead prices have again surged to record levels approaching US$4,000 per tonne on the back of ongoing supply issues and strong demand. LME stocks of lead fell by nearly 50% during the quarter to less than a day\u2019s supply when the Chinese government introduced an export tax which resulted in a significant fall in that country\u2019s lead exports. We remain positive on the near term outlook for lead where supply issues continue to hold the market\u2019s attention. During the past quarter Zinifex transferred its smelting businesses to Nyrstar. More recently we announced that part or all of our approximately 60% interest in Nyrstar would be sold in a public offering of Nyrstar shares. The offer is expected to close on 26 October with the final quantity sold and price paid for Nyrstar shares announced on 29 October. We are pleased with interest shown so far. Our strategy to grow our mining business continues to gather pace. We have been actively exploring all our international projects as well as progressing the development of our Dugald River zinc project in Australia and the Izok Lake copper/zinc project in Canada. Drilling at the Silver King prospect near our Century mine confirmed the presence of significant mineralization with a resource expected to be confirmed shortly. In addition nearby drilling also intersected significant mineralization suggesting the deposit extends further than previously thought. Zinifex also completed earning its 70% interest in the Menninnie Dam project in South Australia and is awaiting further assay results to enable a resource to be calculated. The Board\u2019s search for a new Chief Executive Officer is progressing well and we are confident an announcement will be made this calendar year. About Zinifex ZINIFEX: Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. ================================ C H I N A & H O N G K O N G ================================ ALERIS INT'L: Merging Monterrey Unit to Monclova Plant in Mexico ---------------------------------------------------------------- Aleris International Inc. will consolidate the operations of its Monterrey, Mexico facility into its Monclova, Mexico plant, which was part of the recently acquired Wabash Alloys, LLC. In addition, the operations of Wabash Alloy's Guelph, Canada facility will be consolidated into the operations of Aleris and former Wabash Alloys facilities. Both actions are currently underway. The Monterrey plant, which employed approximately 41 people, produced specification aluminum alloys that were delivered to customers in both ingot and molten form. The Guelph plant, which employed approximately 50 people, produced niche specification alloys, which were delivered primarily in ingot form to customers in Canada and the United States. "The closures are part of our ongoing initiatives to optimize our production footprint and maximize productivity while continuing to provide the highest quality products and services to our valued customers," said Ed Hoag Vice President and General Manager, Specification Alloys. About Aleris International Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company operates 42 production facilities in the United States, Brazil, Germany, Mexico, China and Wales, and employs approximately 4,200 employees. * * * As reported in the Troubled Company Reporter on Sept. 21, 2007, Standard & Poor's Ratings Services revised its outlook on Aleris International Inc. to negative from stable. At the same time S&P affirmed its 'B+' corporate credit rating and the other ratings on the company. Concurrently, S&P assigned a 'B-' rating to the company's recent US$105 million 9% senior notes due 2014, which are an add-on to the company's existing $600 million 9% senior notes due 2014. ASAT HOLDINGS: Nasdaq Scraps Delisting Decision ----------------------------------------------- ASAT Holdings Limited, on September 21, 2007, said that the Company received a Nasdaq Staff Determination letter dated September 17, 2007, indicating that the Company's market value of listed securities had been below US$35,000,000 as required for continued inclusion by Marketplace Rule 4320(e)(2)(B) (the "Rule") and that its American Depositary Shares ("ADSs") were, therefore, subject to delisting. On September 24, 2007, ASAT requested an appeal hearing before a Nasdaq Listing Qualifications Panel to avoid delisting. ASAT subsequently appealed to the Panel and provided information and other communication to the Panel. On October 17, 2007, ASAT was informed by the Panel that the Company had regained compliance with the US$35,000,000 market value requirement. As a result, the appeal hearing will be moot and cancelled, and ASAT's ADSs will remain listed on The Nasdaq Capital Market. ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a global provider of semiconductor package design, assembly and test services. With more than 17 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The Company has operations in the United States, Asia, Hong Kong and Europe. At April 30, 2007, ASAT Holdings Limited's consolidated balance sheet showed US$135.1 million in total assets, US$217.7 million in total liabilities, and US$5.7 million in series A redeemable convertible preferred shares, resulting in US$88.3 million total stockholders' deficit. BEIJING SHOUGANG: To Drastically Cut Productions for Olympics ------------------------------------------------------------- Beijing Shoungang Steel Co. Ltd has pledged to drastically cut production next summer so that the 2008 Olympic Games can enjoy better air quality, Xinhuanet News reports. Specifically, the Beijing Shougang Group pledged an output reduction of more than 70% from next July to September. The steel company, built in 1919 and located 17 kilometers west of the Tian'anmen Square, has been known to be the worst polluter in Beijing for years, China Knowledge says. According to the requirement of the State Council, or the country's cabinet, Shougang will reduce the annual output of 8 million tons at the Beijing plant to 4 million tons at the end of this year. The target output for 2008 is set to be 4.2 million tons. According to China.com, one of China's online news portals, during the third quarter next year, the group will maintain the monthly output at 200,000 tons, 30% of its normal capacity. In those three months, the company will carry out the minimum amount of production necessary to ensure that the plant and machinery can continue to function. Beijing Shougang has also made specific plans for emission control. In 2008, the emissions of soot, dust and sulfur dioxide will be reduced by 50.32%, 49.22% and 49.18% respectively, the news agency says. "The production is basically suspended during that period, which brings about great economic losses to the group," the group's president, Zhu Jimin, said. "But the government may do something to make up for it, such as refunding taxes." The State Council has promised that all the taxes collected from 2006 to 2009, totaling CNY3.8 billion (US$5.7 million), will be refunded. As one of the efforts made by the Chinese government to improve air quality, the steel company began in 2005 to relocate its facilities to a tiny island in Hebei Province, some 200 kilometers east of Beijing. The new plant will be completed in 2010. 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. CHINA SOUTHERN: 1st Half Profit Soars 49% on Strong Demand ---------------------------------------------------------- China Southern Airlines returned to profit in the first half of 2007 due to strong customer demand as well as appreciation of the Chinese yuan against the U.S. dollar, which helped limit fuel costs, Reuters reports. In a disclosure with the Shanghai Stock Exchange, the company, under Chinese accounting standards, posted a net profit of CNY1.87 billion in the first half of 2007, as compared with a net profit of CNY1.26 billion in the same period last year. Turnover for the company also jumped to CNY16.502 billion in the 2007 first half as compared with a turnover of 14.11 billion in the same period last year. Operating costs increased to CNY12.33 billion from CNY11.81 billion a year earlier. Jet fuel accounts for roughly 70% of the Chinese carrier's operating costs. 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. DANA CORP: Gets Go Signal to Begin Soliciting Votes on Plan ----------------------------------------------------------- Dana Corp. and its debtor-affiliates obtained the U.S. Bankruptcy Court for the Southern District of New York's consent to begin soliciting votes from creditors on their Joint Plan of Reorganization. In approximately one week, Dana expects to begin mailing solicitation packages to eligible creditors, who are required to submit their ballots by November 28, 2007. Before it could proceed with the solicitation process, Dana was required to show that the disclosure statement attached to the Plan contained "adequate information" necessary for parties entitled to vote on the Plan make an informed judgment on the Plan. Dana thrice amended the Plan and the Disclosure Statement to address objections raised by parties-in-interest and provide updates to recent developments in their Chapter 11 cases. The Plan, as amended, provides for (i) the Debtors' restructuring as a sustainable, viable business through several restructuring initiatives that were undertaken during the Chapter 11 cases; and (ii) a global settlement among the Debtors and their unions, Centerbridge Partners, L.P., and certain creditors. In November 2006, Dana outlined its restructuring goals, aiming to achieve a total of US$405,000,000 to US$540,000,000 in combined annual cost and margin improvement. Among other initiatives, Dana reached agreements for pricing adjustments with its major customers General Motors Corp., Toyota Motor Engineering & Manufacturing North America, Inc., Ford Motor Company, and Chrysler Company, LLC. The Plan provides for the disposal of preferred shares of reorganized Dana, to be named New Dana Holdco after the Debtors' emergence from Chapter 11, which is expected to raise US$790,000,000 in new capital. Centerbridge and members of an ad hoc steering committee, which hold in the aggregate approximately US$800,000,000 in Dana bonds, have agreed to backstop the rights offering, pursuant to the terms of a commitment letter, which remains subject to Bankruptcy Judge Burton R. Lifland's approval. Centerbridge will (i) pay US$250,000,000 for New Series A Preferred Stock of New Dana Holdco, and (ii) together with six other backstop parties, invest up to US$540,000,000 for New Series B Preferred Stock not purchased by "qualified investors", which constitute holders of bonds and trade claims of at least US$25,000,000. The Plan provides for the full payment of administrative, secured claims and reinstatement of Asbestos personal injury claims but provides for zero recovery to holders of the existing Dana stock Dana and subordinated claims. General unsecured creditors will obtain 72% to 86% recovery, depending on the total amount of claims that will ultimately be allowed in the class. Dana expects to shell out 78 to 86 cents on the dollar if the total allowed amount is between US$2,500,000,000 and US$2,750,000,000, and notches lower at 72 to 78 cents on the dollar if the total allowed amount is between US$2,750,000,000 and US$3,000,000,000. Holders of general unsecured claims, including bondholder and trade claims, will be entitled to vote on the Plan. The Debtors will post the tabulated voting results on the Plan on Dec. 6, 2007. The Debtors have scheduled a hearing to seek confirmation of the Plan on Dec. 10, 2007 at 10:00 a.m., Eastern Time. Objections to the Plan's confirmation are due Nov. 28. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. EVER LARGE: Placed Under Voluntary Liquidation ---------------------------------------------- On October 4, 2007, the sole shareholder of Ever large Investment Limited passed a resolution to liquidate the company's business. Wong Lung Tak, Patrick was appointed as liquidator. The Liquidator can be reached at: Wong Lung Tak, Patrick China Insurance Group Building 141 Des Voeux Road Central Hong Kong HONG GLAP: Members to Receive Wind-Up Report on Nov. 13 ------------------------------------------------------- Hong Glap Investment (China) Limited will hold a final meeting for its members on November 13, 2007, at 10:00 a.m., at the 7th Floor of Allied Kajima Building, in 138 Gloucester Road, Hong Kong. At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. HONG KONG YOSHITOKU: Creditors' Proofs of Debt Due on Nov. 15 ------------------------------------------------------------- On September 19, 2007, the shareholders of Hong Kong Yoshitoku Company Limited passed a resolution to liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 15, 2007, to be included in the company's dividend distribution. The company's liquidators are: Lai Kar Yan, Derek Darach Eoghan Haughey One Pacific Place, 35th Floor 88 Queensway, Hong Kong HOPSON DEVELOPMENT: Names Zhao Hai as Deputy Chairman ----------------------------------------------------- Hopson Development Holdings Limited appointed Zhao Hai as its new executive director and deputy chairman effective Oct. 23, 2007, Infocast News reports. In addition, the company also appointed Xue Hu as an executive director. Mr. Zhao assumed senior roles with Marriott from 1998 to 2007 and was responsible for the development of Marriott's business and hotel projects in the PRC. He was the senior vice president of development, Marriott International China, Beijing, PRC prior to joining Hopson Development. Mr. Zhao is entitled to an annual salary of US$5 million and options to subscribe for 1 million shares of Hopson Development. Hong Kong-based Hopson Development Company Holdings Limited (Hopson) is one of the largest property developers in China. Its principal businesses are residential developments in four major cities: Guangzhou, Beijing, Shanghai and Tianjin. The Troubled Company Reporter-Asia Pacific reported that, on Jan. 19, 2007, Standard & Poor's Ratings Services placed its BB+ long-term corporate credit rating on Hopson Development Holdings Ltd on CreditWatch with negative implications. The TCR-AP reported that Moody's Investors Service on July 11, 2006, downgraded the corporate family and senior unsecured ratings of Hopson Development Holdings Limited to Ba2 from Ba1. The ratings outlook is stable. This concludes the ratings review initiated on June 13, 2006. HOTEL TYCOON: Commences Liquidation Proceedings ----------------------------------------------- The creditors of Hotel Tycoon Travel Limited, on September 28, 2007, appointed Chan Kin Hang, Danvil as the company's provisional liquidator. Mr. Chan can be reached at: Chan Kin Hang, Danvil Ginza Square Room 2301, 23rd Floor 565-567 Nathan Road Yaumatei, Kowloon ILI TECHNOLOGY: Fitch Hands BB+(twn) on Issuer Default Rating ------------------------------------------------------------- Fitch Ratings, on Oct. 25, 2007, assigned Taiwan's Ili Technology Corp. a National Long-term Issuer Default Rating (IDR) of 'BB+(twn)'. The Outlook on the rating is Stable. Fitch has also assigned a National rating of 'AA(twn)' to the TWD160 million three-year zero coupon senior secured convertible bonds to be issued in November 2007. The final rating on the new issue is contingent upon receipt of final documents conforming to information already received, as well as issuance approval from local authorities. The IDR reflects Ilitek's market position as one of the major designers of driver integrated circuit (IC) for small-and medium-sized thin film transistor liquid crystal display (TFT- LCD) in Taiwan and China. The IDR also reflects Ilitek's strong IC design capability with a very experienced research and development (R&D) team, as well as the support in wafer foundry provided by Powerchip Semiconductor Corp. (PSC). With its pin-to-pin compatible strategy, cost advantage supported by PSC, as well as dedicated marketing and relentless sales efforts, Ilitek has become the largest supplier of display driver ICs (DDI) for local-brand handset TFT-LCDs in China over the past year. A good financial profile characterized by its above average profitability, low capex requirements and low financial leverage also supports the IDR. A significant increase of IC shipment propelled Ilitek's H107 revenues to NT$964 million, up 20 times from NT$46 million in the same period a year earlier. Its EBITDAR margin rose to 20.3% in H107, from 3.2% in 2006. Its total adjusted debt net of cash/operating EBITDAR ratio remained negative at 1.4x at end-H107. The issue rating reflects the enhanced credit worthiness supported by the full and unconditional guarantor, Mega International Commercial Bank Company Limited ('A-' (A minus)/'AA(twn)'/Stable). In addition to limited management track records, the IDR is also constrained by the company's small operational scale, concentrated sales among top clients and within the small/medium sized TFT-LCD sector, as well as a short product life that usually leads to a sharp decline in ASPs and obsolescence of unsold inventory. Its top five clients accounted for around 65% of the company's sales in the first half of 2007 (H107). DDI for small/medium sized TFT-LCD accounted for 99% of its sales in 2006. Factors moderating the above concerns include likely continuous revenue growth for the coming two to three years (underpinned by shipment increases of DDI-applied devices in China), the outsourcing trend of liquid crystal module (LCM) companies in Japan, and the company's ability to quickly launch new products through its streamlined R&D process. The Stable Outlook reflects Fitch's expectation that Ilitek's core competence is likely to help it weather cyclical market conditions and maintain credit metrics within the existing rating. Established in July 2004, Ilitek is a fabless IC design company focusing on driver IC for 1.4-inch to 4.3-inch TFT-LCDs. Ilitek serves customers with both standard products (around 80% of revenues) and customised application-specific integrated circuit (ASIC) products (20%). In terms of IC shipment in 2006, Ilitek was ranked as Taiwan's fifth largest provider of DDI for small/medium sized TFT-LCDs. Exports accounted for 74.1% of its revenues in H107. Ilitek is 18.9%-owned by affiliates of PSC. JIANGXI COPPER: Rising Costs Cut 9-Months Profit by 8.7% -------------------------------------------------------- Jiangxi Copper Co.’s net profit in the first nine months fell 8.7% to CNY3.25 billion as a result of the rising costs of raw materials and sales, China Knowledge relates. In a filing with the local bourse, the company disclosed a revenue from January to September of CNY28.56 billion, compared with CNY17.92 billion last year. Earnings per share during the same period were CNY1.1, decreasing by 15.06% year-on-year. Jiangxi Copper, according to China Knowledge, attributed the revenue increment to the rising sales volume of its products and its selling price during the period. However, the company's operating cost during the period also rose 109.9% to CNY24.09 billion from CNY11.48 billion last year. Meanwhile, the company issued 127.8 million A-shares via a private placement in September at the price of CNY31.30 per share, which raised approximately CNY4 billion. Jiangxi Copper Company Limited -- http://www.jxcc.com/english/enjtgs/enindex.htm-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. JOINT OCEAN: Members to Hold General Meeting on Nov. 15 ------------------------------------------------------- A final general meeting will be held for the members of Joint Ocean International Limited on November 15, 2007, at 11:00 a.m., at Room 502 of Hang Bong Commercial Centre, in 28 Shanghai Street, Kowloon. At the meeting, Ying Tze Yeuk, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. LEE SHING: Members to Hear Wind-Up Report on November 9 ------------------------------------------------------- Lee Shing Yue Construction Company Limited will hold a meeting for its members on November 9, 2007, at 2:30 p.m., at the 32nd Floor of One Pacific Place, in 88 Queensway, Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. MOBIL LPG: Members' Final General Meeting Set for Nov. 12 --------------------------------------------------------- The members of Mobil LPG Investment Company Limited will hold their final general meeting on November 12, 2007, at 9:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wong Lung Tak, Patrick China Insurance Group Building Room 1101, 11th Floor 141 Des Voeux Road Central Hong Kong ROBERTSON: Creditors and Contributories to Meet on Nov. 20 ---------------------------------------------------------- The creditors and contributories of Robertson Products Limited will meet on November 20, 2007, at 10:00 a.m. and 10:30 a.m., respectively, at the office of Grant Thornton, 13th Floor of Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong. At the meeting, Alan C. W. Tang and Wong Kwok Man, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products --------------------------------------------------------------- Spansion Inc. has intensified its focus in the China market by partnering with foundry leader, Semiconductor Manufacturing International Corporation. Spansion will transfer its 65nm MirrorBit(R) technology to SMIC for foundry services on 300mm wafers in China. SMIC and Spansion have also signed a preliminary memorandum of understanding which would allow SMIC to enter selected segments of the Flash memory market with a license to manufacture and sell 90nm and 65nm and potentially future Spansion MirrorBit(R) Quad products for the China content delivery market. Spansion has been investing in China for over 10 years and is now a leading Flash memory provider to the top consumer electronics and wireless OEMs in the region. The investment started with the establishment by AMD, Spansion's former parent company, of the Suzhou final manufacturing facility - now one of the world's largest producers of memory Multi-chip Packages. Since then, Spansion has added local design centers in Suzhou and Beijing, and sales and marketing offices in Beijing, Shanghai and Shenzhen. Through the foundry agreement with SMIC, Spansion will have wafer-manufacturing capabilities in China. "By partnering with SMIC, a leading foundry in China, we can better serve our customers, with products made in China for the China market," said Bertrand Cambou, president and CEO of Spansion Inc. "As a result of our team's success, we have the opportunity to take our business to the next level and expand opportunities in this exploding region." As the market leader in China, SMIC provides a complete integrated circuit foundry solution to help its customers fulfill their China Strategy. SMIC has diversified its memory portfolio to include NAND Flash, NOR Flash, and Specialty DRAM as part of its growth strategy to enter potential market segments. SMIC has also announced development of 90nm 2Gb NAND Flash and 2Gb- TSOP products based on Saifun 2-bit-per-cell as well as the Quad NROM four- bit-per-cell technology, scheduled to enter commercial production as early as the fourth quarter 2007. "As Spansion has made strategic plans for the China market, SMIC has made great strides anticipating the growing Flash memory market. Our partnership with the NOR Flash memory technology leader fortifies these strategic synergies," said Dr. Richard Chang, president and CEO of SMIC. "With the booming China consumer electronics market comes the opportunity to create and nurture the growth of various Flash memory services and markets. We look forward to collaborating with Spansion to manufacture its leading-edge MirrorBit technology and develop Flash-based content delivery applications." Spansion In China Spansion has more than 1,300 employees in Greater China who continue to build momentum with the top OEMs, as demonstrated by the awards Spansion has received. For the third consecutive year, Lenovo awarded Spansion Best Supplier for 2006 and Inventec, a leading ODM/OEM awarded Spansion Best Partner earlier this year. Spansion's other leading partners in the Greater China region include ARCA Technology Corporation and MediaTek, Inc., one of the world's top ten fabless semiconductor companies for wireless communications and digital media solutions. Spansion has a final manufacturing facility in Suzhou, one of the world's largest memory producers of Multi- chip Packages (MCPs), design centers in Suzhou and Beijing and sales and marketing offices in Beijing, Shanghai and Shenzhen. About SMIC Headquartered in Shanghai, China, Semiconductor Manufacturing International Corporation (NYSE: SMI; SEHK: 0981.HK) -- http://www.smics.com/-- is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit (IC) manufacturing service at 0.35um to 90nm and finer line technologies. SMIC has a 300mm wafer fabrication facility (fab) under pilot production and three 200mm wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab, a 200mm wafer fab in Tianjin, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300mm wafer fab under construction in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. About Spansion Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN), headquartered in Sunnyvale, California, and parent of Spansion LLC, is a leading provider of flash memory semiconductors that's after its initial public offering in December 2005, is owned approximately 38% by Advanced Micro Devices and 25% by Fujitsu Limited. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to Spansion Inc.'s US$550 million senior secured floating- rate notes due 2013 issued pursuant to Rule 144A, the net proceeds from which will be used to repay the outstanding obligations under the company's US$500 million senior secured term loan facility due 2012. The remainder of net proceeds will be used for general corporate purposes, including capital expenditures and working capital. Fitch has withdrawn the 'BB-/RR1' rating of the approximately US$500 million senior secured term loan facility in anticipation of Spansion's repayment of this tranche of debt. Additionally, Fitch has downgraded the US$175 million senior secured revolving credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.' In conjunction with the refinancing, Fitch has affirmed these ratings: -- Issuer Default Rating of 'B-'; -- US$250 million of 11.75% senior unsecured notes due 2016 at 'CCC+/RR5'; and -- US$207 million of 2.25% convertible senior subordinated debentures due 2016 at 'CCC/RR6'. Fitch said the rating outlook remains negative. Approximately US$1.1 billion of total debt is affected by Fitch's actions. SPANSION INC: Names Gary Wang as President for China Unit --------------------------------------------------------- Spansion Inc. has appointed Gary Wang, previously corporate vice president of Asia Pacific Sales and Marketing, to the newly created position of president, Spansion Greater China. Reporting directly to the Office of the CEO, Mr. Wang will serve as a liaison with strategic customers, government officials, and alliance partners and ensure Spansion's business strategies are aligned to meet the requirements in China. "Gary and his team have done an outstanding job in increasing our revenue and share in the region," said Bertrand Cambou, president and CEO of Spansion Inc. "We now look forward to Gary's leadership in expanding our strategic relationships to enable Spansion to capitalize on new market opportunities in the rapidly growing China consumer electronics and wireless markets." Spansion is one of the leading Flash memory solution providers, working with the top consumer electronics OEMs and wireless handset manufacturers in the Greater China region. Spansion has over 1,300 employees located in China with a final manufacturing facility in Suzhou, design centers in Suzhou and Beijing and sales and marketing offices in Beijing, Shanghai and Shenzhen. "I look forward to further collaborating with our customers, partners and the government in the region," said Mr. Wang. "China is revving up for an electronics revolution that will drive a new wave of growth in Flash memory and I am confident that our relationships in the region will create new innovations to meet demand." About Spansion Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN), headquartered in Sunnyvale, California, and parent of Spansion LLC, is a leading provider of flash memory semiconductors that's after its initial public offering in December 2005, is owned approximately 38% by Advanced Micro Devices and 25% by Fujitsu Limited. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to Spansion Inc.'s US$550 million senior secured floating- rate notes due 2013 issued pursuant to Rule 144A, the net proceeds from which will be used to repay the outstanding obligations under the company's US$500 million senior secured term loan facility due 2012. The remainder of net proceeds will be used for general corporate purposes, including capital expenditures and working capital. Fitch has withdrawn the 'BB-/RR1' rating of the approximately US$500 million senior secured term loan facility in anticipation of Spansion's repayment of this tranche of debt. Additionally, Fitch has downgraded the US$175 million senior secured revolving credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.' In conjunction with the refinancing, Fitch has affirmed these ratings: -- Issuer Default Rating of 'B-'; -- US$250 million of 11.75% senior unsecured notes due 2016 at 'CCC+/RR5'; and -- US$207 million of 2.25% convertible senior subordinated debentures due 2016 at 'CCC/RR6'. Fitch said the rating outlook remains negative. Approximately US$1.1 billion of total debt is affected by Fitch's actions. THE THAI-ASIA: Requires Shareholders to File Claims by Nov. 15 -------------------------------------------------------------- The Thai-Asia Fund Limited requires its shareholders and former shareholders who have not received their dividend entitlement for the year 2003, 2004 and 2005 to file their proofs of debt by Nov. 15, 2007, to be included in the company's dividend distribution. The company's liquidators are: Lai Kar Yan (Derek) Darach Haughey One Pacific Place, 35th Floor 88 Queensway, Hong Kong Telephone: (852) 2852 6495 WORLD MATCH: Sets General Meeting for November 12 ------------------------------------------------- A final general meeting will be held for the members and creditors of World Match Limited on November 12, 2007, at 10:00 a.m. and 11:00 a.m., respectively, at Room 1512-13 of Shui On Centre, Wanchai. At the meeting, Lui Siu Tang, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy ------------------------------------------------------------- AES Brasil head Britaldo Soares told reporters that it is still keen on buying a 49.9% stake in the Brasiliana holding firm from Banco Nacional de Desenvolvimento Economico e Social SA. As reported in the Troubled Company Reporter-Latin America on Oct. 16, 2007, AES Corp. said that it could use up to US$600 million from the placement of senior unsecured notes to fund the acquisition of the Brasiliana stake. Banco Nacional, along with AES, would hire an independent auditor to appraise Brasiliana's value. Banco Nacional wants to sell its 49.99% stake in Brasiliana, where AES holds 50.01%. Mr. Soares commented to BNamericas, "AES' main interest in Brazil is its Brasiliana stake and we're interested in using our option to purchase the shares we don't own." He was referring to AES' right of first refusal. BNamericas states that these firms are also considering buying the stake: -- EDB, -- Cemig, and -- CPFL Energia. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. About AES Corporation AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. AES CORP: Shuts Down Alamitos Power Station's Unit 6 ---------------------------------------------------- The AES Corp. has shut down the 495-megawatt Unit 6 at its Alamitos natural gas-fired power station in California for unplanned work, according to a report by the California Independent System Operator. Reuters relates that the 1,997-megawattAlamitos plant is in Long Beach in Los Angeles County. It has six units, including: -- 175-megawatt Unit 1, -- 175-megawatt Unit 2, -- 332-megawatt Unit 3, -- 335-megawatt Unit 4, -- 485-megawatt Unit 5, and -- 495-megawatt Unit 6. The other units are continuing operations, Reuters states. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to USUS$2 billion from USUS$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's USUS$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. BAUSCH & LOMB: Named Defendant in 573 Product Liability Suits ------------------------------------------------------------- Bausch and Lomb Inc. disclosed that its has been named as a defendant in approximately 573 product liability lawsuits pending in various U.S. federal and state courts as well as certain other non-U.S. jurisdictions. These include 550 individual actions filed on behalf of individuals who claim they suffered personal injury as a result of using a ReNu solution, and a federally filed consolidated class action. On Aug. 14, 2006, the Judicial Panel on Multidistrict Litigation created a coordinated proceeding and transferred an initial set of MoistureLoc product liability lawsuits to the Federal District Court for the District of South Carolina. On Jan. 2, 2007, the New York State Litigation Coordinating Panel ordered the consolidation of cases filed in New York State, and assigned the coordination responsibilities to the Supreme Court of the State of New York, New York County before the Honorable Helen Freedman of the Commercial Division of the New York County Supreme Court. On Oct. 11, 2007, the U.S. District Court for the District of South Carolina granted B&L's motion to dismiss the consolidated class action. As of Oct. 16, 2007, 209 of the 225 cases filed in federal courts have been transferred to the JPML. Also, 308 of the 344 cases filed in state courts have been filed in the New York Consolidated Proceeding. These cases and claims involve complex legal and factual questions relating to causation, scientific evidence, actual damages and other matters. Litigation of this type is also inherently unpredictable, particularly given that these matters are at an early stage, there are many claimants and many of the claimants seek unspecified damages. Accordingly, it is not possible at this time to predict the outcome of these matters or to reasonably estimate a range of possible loss. While the company intends to vigorously defend these matters, it could in future periods incur judgments or enter into settlements that individually or in the aggregate could have a material adverse effect on its results of operations and financial condition in any such period. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). * * * As reported in the Troubled Company Reporter on Oct. 18, 2007 Moody's Investors Service affirmed these ratings and updated LGD assessments of Bausch & Lomb's: (i) B2 corporate family rating; (ii) B2 probability of default rating; (iii) SGL-2 speculative grade liquidity rating; (iv) B1 rating (to LGD3/36% from LGD3/35%) on a US$500 million senior secured revolver; (v) B1 rating (to LGD3/36% from LGD3/35%) on a US$1,200 million U.S. senior secured term loan; (vi) B1 rating (to LGD3/36% from LGD3/35%) on a US$300 million delayed draw term loan; and (vii) Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million senior unsecured notes. The outlook for these ratings remains stable. EMCO LTD: Earns INR103.58 Million in Sept. 30, 2007 Quarter ----------------------------------------------------------- Emco Ltd. reported a net profit of INR103.58 million in the three months ended Sept. 30, 2007, up 19% from the INR86.81 million earned in the same period in 2006. The improve bottom line is largely attributable to the increase in revenue. The company's total income rose 41% from INR1.3 billion in the July-Sept. 2006 quarter to INR1.84 billion in the second quarter ended Sept. 30, 2007. In the latest quarter under review, the company incurred operating expenditures of INR1.59 billion leaving the company an operating profit of INR250.82 million. The company noted in the results filed with the Bombay Stock Exchange that a petition for approval of a scheme of amalgamation with Urja Engineers Ltd and India Energy Investments Pvt Ltd is pending before the Honorable High Court of Bombay. Accordingly, the latest quarterly results still do not include the results of the two entities. A copy of Emco's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange and at http://ResearchArchives.com/t/s?2487 Headquartered in Jalgaon, India, Emco Ltd. -- http://www.emcoindia.com-- offers transmission and distribution solutions within the power sector in India. Through its Transformer Division, Emco offers power transformers, specialized rectifier transformers, furnace transformers, and locomotive and traction transformers. Through its Meters Division, the company offers metering solutions like tamper- proof electronic energy meters, automatic meter reading solutions like drive by, walk by or fixed network, pre-payment metering solutions and high-end metering like trivector meters. It also offers energy and revenue management solutions. Through its Projects Division, Emco offers turnkey solutions from concept to commissioning for electrical substation projects. It also undertakes entire industrial electrification work from designing to execution. Emco offers information technology solutions for power distribution management. Through its International Division, EMCO offers transformers and energy meters confirming to international specifications. Emco's senior unsecured debt carries Credit Analysis and Research Limited's BB rating, effective May 23, 2007. MYSORE CEMENTS: To Expand Plants' Capacity; Seeks Govt. Nod ----------------------------------------------------------- Mysore Cements Ltd will be expanding its plants' capacity and has accordingly sought government approval. In a filing with the Bombay Stock Exchange, the company disclosed that it has submitted applications to the Ministry of Environment and Forests, Govt. of India, New Delhi together with the pre-feasibility reports for getting the prior environmental clearance from the government for the expansion of capacity at four plants: 1. Expansion of clinkerisation capacity front 1.2 MTPA to 3.1 MTPA at Narsingarh, District Damoh, Madhya Pradesh. 2. Expansion of the cement grinding capacity from 0.8 MTPA to 2.7 MTPA at Madora, District Jhansi, Uttar Pradesh. 3. Expansion of the cement grinding capacity from 1.0 MTPA to 2.0 MTPA at Imlai, District Damoh, Madhya Pradesh. 4. Expansion of the Cement manufacturing capacity from 0.4 MTPA to 1.2 MTPA at Ammasandra, District Tumkur, Karnataka. Mysore Cements Ltd. is engaged in the cement business. Its products include cement, sponge iron and M.S. ingots. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Mysore Cements has a stockholder's equity deficit of US$14.57 million. The company reported at least two consecutive yearly net losses -- INR899.09 million in the year ended March 31, 2006, and INR247.87 million in the year ended March 31, 2005. The company's board of directors later decided to adopt for its reporting period a calendar year-end from the previous March 31 financial year-end. Therefore the last audited period consists of the nine months from April 1, 2006 to Dec. 31, 2006. For that nine-month period, the company booked a net loss of INR98.62 million. MYSORE CEMENTS: Net Profit Up 3% in Qtr. Ended Sept. 30, 2007 ------------------------------------------------------------- Mysore Cements Ltd.'s unaudited results for the three months ended Sept. 30, 2007, show a net profit of INR197.49 million, 3% down the INR203.31-million earned in the same period a year ago. For the July-Sept. 2007 quarter, the company reported revenues totaling INR1.53 billion and incurred expenditures of INR1.29 billion, bringing an operating profit of INR205.69 million. The company also booked net interest charges of INR6.09 million, depreciation of INR33.64 million and INR2.11 million in taxes. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange and at http://ResearchArchives.com/t/s?2484 Mysore Cements Ltd. is engaged in the cement business. Its products include cement, sponge iron and M.S. ingots. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Mysore Cements has a stockholder's equity deficit of US$14.57 million. The company reported at least two consecutive yearly net losses -- INR899.09 million in the year ended March 31, 2006, and INR247.87 million in the year ended March 31, 2005. The company's board of directors later decided to adopt for its reporting period a calendar year-end from the previous March 31 financial year-end. Therefore the last audited period consists of the nine months from April 1, 2006 to Dec. 31, 2006. For that nine-month period, the company booked a net loss of INR98.62 million. RPG LIFE SCIENCES: Members Approves Scheme of Arrangement --------------------------------------------------------- The equity shareholders of RPG Life Sciences Ltd approved the company's proposed scheme of arrangement with RPG Pharmaceuticals Ltd, Instant Holdings Ltd, Instant Trading, and Investment Ltd. According to a regulatory filing with the Bombay Stock Exchange, shareholders approved the scheme with requisite majority at their court-convened meeting on Oct. 23, 2007. The scheme, according to a TCR-Asia Pacific report on June 28, 2007, provides for these terms: 1. Sale of pharmaceuticals business to RPG Pharmaceuticals for INR46 crore. This consideration will be discharged in the form of equity shares of INR11,49,50,800 representing 1,43,68,850 equity shares of INR8 each fully paid-up at an aggregate premium of INR34,50,49,200. The appointed date for the same is April 2, 2007. The shares of RPG Pharmaceuticals will be issued to the members of the company in the ratio of 1:1. 2. Sale of investments of the company to Instant Holdings for a consideration of INR53 crore. This consideration will be discharged by Instant Holdings in the form of equity shares of INR9,95,00,000 representing 99,50,000 equity shares of INR10 each fully paid-up at an aggregate premium of INR43,05,00,000. The appointed date for the same is April 1, 2007. These shares will be issued to the company. 3. Merger of Instant Trading with Instant Holdings. Headquartered in Mumbai, India, RPG Life Sciences Ltd -- http://www.rpglifesciences.com/-- is a full spectrum, world class, customer focused, innovative pharmaceutical organization. Formerly known as Searle (India) Ltd., the company develops, manufactures and markets, for national and international markets, a broad range of branded formulations, generics and bulk drugs developed through fermentation and chemical synthesis routes. On April 17, 2003, Credit Analysis and Research Limited downgraded the rating of the outstanding NCD program of INR145.5 million of RPG Life Sciences rating from CARE BBB to CARE D. The downgrade is on account of a default in debt servicing obligations towards institutional investors. UTSTARCOM INC: Gets Notice of Default from 7/8% Notes Trustee ------------------------------------------------------------- UTStarcom, Inc., disclosed that on Oct. 15, 2007, it received a notice of default from U.S. Bank National Association, as indenture trustee, pursuant to which the Trustee asserted that the company was in default of certain obligations under the Indenture, dated as of March 12, 2003, as amended by the First Supplemental Indenture, dated Jan. 9, 2007, as further amended by the Second Supplemental Indenture, dated July 26, 2007, between the company and the Trustee with respect to the company's 7/8% Convertible Subordinated Notes due 2008 (CUSIP Nos. 918076AA8 and 918076AB6). The specific purported defaults referred to in the Notice of Default are: (1) the company's failure to file with the Securities and Exchange Commission and provide copies to the Trustee of its Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2007, and its Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2007, as required by the Indenture and the Trust Indenture Act and (2) the company's failure to deliver to the Trustee the officer's certificate of compliance of the company required by the Indenture. Pursuant to the Second Supplemental Indenture, any failure by the company to comply with covenants in the Original Indenture as amended by the First Supplemental Indenture relating to the filing of reports required to be filed with the SEC under the Securities Exchange Act of 1934, as amended and the furnishing of copies of SEC Reports and the officer's certificate of compliance of the company required by the Original Indenture to the Trustee before 5:30 p.m., New York City time, on October 15, 2007 would not constitute a default under the Indenture. The Notice of Default states that the Covenant Reversion Date provided for by the Second Supplemental Indenture had passed and that the company's failure to cure the purported defaults within 60 consecutive days after the date of the Notice of Default, would constitute an "Event of Default" under the Indenture. The company previously reported in its Notifications of Late Filing on Form 12b-25 filed on Nov. 11, 2006, March 2, 2007, May 10, 2007, and Aug. 9, 2007 that the filing of its First Quarter 2007 Form 10-Q and Second Quarter 2007 Form 10-Q, as well as certain other SEC Reports that the company has now filed with the SEC, had been delayed for the reasons stated therein. Update The company filed its First Quarter 2007 Form 10-Q with the SEC on Oct. 17, 2007 and Second Quarter 2007 Form 10-Q on Oct. 19, 2007. The company contends that as of Oct. 19, 2007, it has, prior to the Demand Date set forth in the notice of default: (i) filed all required reports with the SEC and furnished them to the Trustee, and (ii) delivered the officer's certificate of compliance required by the Original Indenture to the Trustee. Therefore, the company believes that that no Event of Default under the Indenture occurred. About UTStarcom UTStarcom, Inc. -- http://www.utstar.com/-- (Nasdaq: UTSI) provides IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost- efficient, end-to-end IP networks. Founded in 1991 and headquartered in Alameda, California, the company has research and design operations in the United States, China, Korea and India. ================= I N D O N E S I A ================= BANK NEGARA: Nine-Month Profit Ups 10% to IDR1.56 Trillion ---------------------------------------------------------- PT Bank Negara Indonesia Tbk's nine months 2007 net profit increased 10.8% to IDR1.56 trillion from the IDR1.41-trillion reported for the same period in 2006, Reuters reports. According to the report, the increase in the January-September net profit is helped by strong loans growth. However, the bank's net interest income fell by around 4% to IDR5.32 trillion, as net interest margin fell to 4.86% from 5.46% in 2006, the report says. The report relates that Bank Negara's outstanding loans, excluding lending from its sharia unit, rose by about a third to around IDR74 trillion as of the end of September. Reuters notes that despite the strong loan growth, the bank managed to lower its net non-performing loan ratio to 4.7%, below the central bank guidance of 5%, from 11.58% a year ago. Indonesia is forecasting around 20% loan growth from the country's US$187 billion banking sector this year, the report adds. About Bank Negara Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara Indonesia (Persero) Tbk.'s foreign currency long-term debt rating to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. On April 20, 2007, Standard & Poor's Ratings Services raised Bank Negara's long-term counterparty credit ratings to 'BB-' from 'B+'. GARUDA: Customs Suspends 6 Airlines Due to Requirement Failure -------------------------------------------------------------- Indonesian control and supervision department at the custom office prohibited six carriers of PT Garuda Indonesia from flying due to failure in meeting custom requirements, causing the airline to cancel four flights and delay seven others, The Jakarta Post reports. According to Xinhua News, the customs office has held five jetliners, and will seize another one. Eko Darmanto, head of the Control and Supervision department at the custom office, said the ban for the five airplanes was imposed on October 24, and another one on the 25th, The Post relates. Xinhua News points out that the six Boeing 737-400s came under inquiry as Garuda reportedly leased them under temporary import scheme whose term already expired. Mr. Darmanto told The Post that the Garuda failed to fulfill its administrative obligation on customs over the operation of the six aircrafts. Furthermore, The custom office sent a warning to Garuda in May to settle the problem but the carrier ignored it, he added. Garuda spokesman Pujobroto said his firm had been negotiating with the custom office to release its airplanes following the ban, The Post adds. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. The Troubled Company Reporter-Asia Pacific reported on Sep. 6, 2007, that Garuda, saddled with a debt of around US$750 million including some US$475 million owed to the European Credit Agency, is in negotiations with creditors to restructure some of its debt. The carrier's debt needs to be restructured, otherwise Garuda will not be able to fly anymore as its debt is too big, the report added. The airline was affected by plunging arrivals on the resort island of Bali, where tourists have been killed in bomb attacks in 2002 and 2005. It has also suffered from soaring global oil prices, a weakening of the Indonesian rupiah and rising interest rates. Garuda is concentrating its efforts on repaying its debt with foreign creditors under the European Credit Agency, which was due on Dec. 31, 2005. The company, until November 2006, suffered an unaudited loss of IDR390 billion, which was lower than the IDR672 billion, recorded in the same period the year before. Garuda is currently undergoing debt restructuring. The Troubled Company Reporter-Asia Pacific reported on December 20, 2006, that in line with the airline's debt restructuring, it continues to consistently pay debt interest. HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes ------------------------------------------------------------ Hilton Hotels Corporation has determined the total consideration in U.S. dollars to be paid pursuant to its cash tender offer and related consent solicitation for its 7.430% Chilean Inflation- Indexed Notes Due 2009. The total consideration payable for the CLP 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 Oct. 1, 2007, will be approximately US$130.02 per CLP50,000 original principal amount of CLP Notes, representing the conversion of the CLP total consideration of CLP65,560.95 per CLP50,000 original principal amount of CLP Notes into U.S. dollars at a rate of CLP504.25 for every US$1.00. All of the CLP Notes were validly tendered and not validly withdrawn prior to the CLP Note Consent Payment Deadline and, accordingly, all CLP Notes are eligible to receive the total consideration. Holders whose CLP Notes are accepted for payment in the tender offer will receive accrued and unpaid interest for such CLP Notes from the last interest payment date to, but not including, the payment date for the CLP Notes purchased in the tender offer. The applicable total consideration and tender offer consideration to be paid in respect of securities purchased pursuant to Hilton's 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, 7.500% Notes due 2017 and 8.000% Quarterly Interest Bonds due 2031, announced in Hilton's press release dated as of Oct. 19, 2007, remain unchanged. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on Oct. 24, 2007. 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. ORBITAL SCIENCES: Earns $15.7 Million in Quarter Ended Sept. 30 --------------------------------------------------------------- Orbital Sciences Corporation disclosed financial results for the third quarter and first nine months of 2007. Third quarter net income increased 84% to US$15.7 million in 2007, compared to US$8.5 million in 2006. Orbital's third quarter revenues increased 46% to $289.5 million in 2007, compared to US$197.8 million in 2006. The company's third quarter operating income rose 54% to US$23.2 million in 2007, compared to US$15.1 million in 2006. Commenting on Orbital's third quarter 2007 results, Mr. David W. Thompson, chairman and chief executive officer, said, "The company reported strong revenue growth in all three of our business segments, boosted profit in most product lines, and generated solid free cash flow in the third quarter. Following the pattern established earlier in the year, communications satellites, human space systems and missile defense programs drove our revenue growth in the quarter." For the first nine months of 2007, Orbital reported revenues of US$791.0 million, up 35% compared to US$587.0 million in the first nine months of 2006. The company's operating income for the first nine months of 2007 was US$62.3 million, up 30% compared to US$47.8 million during the same period in 2006. Net income for the first nine months of 2007 was US$41.0 million, compared to US$27.3 million in the first nine months of 2006. Interest expense for the third quarter and first nine months of 2007 decreased to US$1.3 million and US$3.6 million, respectively, compared to US$3.1 million and US$9.3 million, respectively, in the same periods in 2006. The reduction in interest expense is due to lower interest rates on long-term debt as a result of Orbital's December 2006 refinancing transaction. At Sept. 30, 2007, the company's consolidated balance sheet showed US$778.8 million in total assets, US$350.1 million in total liabilities, and $428.7 million in total shareholders' equity. Cash Flow and Balance Sheet Orbital reported free cash flow of US$22.4 million for the third quarter of 2007. The company repurchased approximately 700,000 shares of its common stock for US$15.0 million in the third quarter of 2007. This stock repurchase is part of a 12-month, US$50 million securities repurchase program authorized by the company's Board of Directors in April 2007. Orbital's unrestricted cash and marketable securities balances were US$197.8 million and US$34.5 million, respectively, as of Sept. 30, 2007. New Business Highlights During the third quarter of 2007, Orbital received approximately US$420 million in new firm and option contract bookings. In addition, the company received approximately US$35 million of option exercises under existing contracts. Year-to-date, Orbital received approximately US$1.51 billion in new firm and option contract bookings, and approximately US$240 million of option exercises under existing contracts. As of Sept. 30, 2007, the company's firm contract backlog was approximately US$1.96 billion and its total backlog, including options, indefinite-quantity contracts and undefinitized orders, was approximately US$4.06 billion. About Orbital Sciences Headquartered in Dulles, Virginia, Orbital Sciences Corp. (NYSE: ORB) -- http://www.orbital.com/-- develops and manufactures small rockets and space systems for commercial, military and civil government customers. The company has operations in Indonesia. * * * As reported in the Troubled Company Reporter on Oct. 16, 2007, Moody's Investors Service upgraded the corporate family and probability of default ratings of Orbital Sciences Corp. to 'Ba1' from 'Ba2', due to expectations for continued strong operating results while the company maintains modest debt levels, resulting in strong anticipated free cash flow generation over the near term. In addition, Moody's assigned a 'Baa3' rating to Orbital's re-financed US$100 million senior secured revolving credit facility due 2012. The ratings outlook is stable. REXAM PLC: To Build New Beverage Can Plant in Denmark ----------------------------------------------------- Rexam Plc disclosed plans to build a greenfield aluminium beverage can plant in Fredericia, Denmark. The new facility, which is the first of its kind in Denmark, represents a capital investment of some GBP78 million (EUR112 million) spread over three years, two thirds of which will be incurred in 2008. The plant is expected to be operational during the first half of 2009 and is being built in response to strong growth in the region and increasing customer demand. It will initially have a capacity of 1.2 billion cans and produce 33cl and 50cl cans. Due to this strong growth, the European beverage can industry overall is running at very high utilization rates. The new plant supports Rexam's capacity needs and will help to optimize its supply of beverage cans to the Northern European market. "This is a significant investment for our customers and for Rexam," Leslie Van de Walle, Chief Executive Officer, Rexam, commented. "The European beverage can market, excluding Germany, has grown annually by 8% in recent years and is anticipated to continue to grow at a similar rate over the next three years fuelled, among others things, by strong growth in the Nordic region. Our new plant will enable us to capture growth, better serve our customers and further consolidate our global leadership position in beverage cans." Mr. Van De Walle added. Headquartered in London, England, Rexam Plc -- http://www.rexam.com/-- is a global consumer packaging company and a beverage can maker. Rexam serves the beverage, beauty, pharmaceuticals and food markets with around 100 manufacturing operations in more than 20 countries, including Brazil and Indonesia and generated revenues of GBP3.7 billion. * * * In June 2007, Moody's Investors Service assigned a provisional (P)Ba2 rating to the proposed issuance of capital securities by Rexam Plc rated Baa3 for senior unsecured debt. The assigned rating and the basket designation will be subject to satisfactory final documentation. Moody's said the outlook for the ratings is stable. ========= J A P A N ========= AZEL CORP: R&I Affirms BB Issuer Rating and BB- Long-term IR ------------------------------------------------------------ Rating and Investment Information, Inc. has conducted reviews and has affirmed the ratings for Azel Corp. R&I affirms its BB issuer rating, and its BB- long-term issue rating for Tokyo-based Azel. The outlook for the ratings is stable. Headquartered in Tokyo, Japan, Azel Corporation -- http://www.azel.co.jp/-- is a construction company. The company operates in four business segments. The condominium segment is engaged in the planning, development, construction and sale of condominiums under the name Angel series. The real estate segment is involved in the leasing, purchase, sale and maintenance of real estate properties. The construction segment is primarily engaged in the construction of public and government facilities, condominiums, apartments and office buildings. The leisure segment is engaged in the leasing of entertainment facilities, the management of amusement places and hotels. NOVA CORP: Labor Regulator Asks President to Answer Wage Issues --------------------------------------------------------------- The Osaka Central Labor Standards Supervision Office wants to question the president of English-language school Nova Corp. over delayed wage payments, Kyodo News reports. This, while four executives of the school resign. Kyodo relates that the Osaka labor standards watchdog has quizzed foreign teachers and other Nova employees about the wage payment delays and now wants to hear from Nova President Nozomu Sahashi. Mr. Sahashi, according to Kyodo, is suspected to have violated the Labor Standards Law. A report by the Troubled Company Reporter-Asia Pacific on October 19, 2007, stated that the Labor Standards Law stipulates that an employer remunerate its workers at least once a month on a designated day. In line with this, three auditors and the school's longest- serving director have submitted their resignations, believed to be because they were unable to get in touch with Mr. Sahashi. According to a separate report by the TCR-AP on October 19, 2007, the General Union, representing Nova's employees, claims that wages for the school's 4,000 or so foreign instructors are usually paid in the middle of the month, but the September salaries were delayed, and the company had told instructors that the payment for October will be delayed. The TCR-AP further added in its report that pay was also delayed for some 2,000 Japanese staff in July and August. Employees also have yet to receive payments that were due in late September. About Nova Corp. Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/ -- is primarily engaged in the operation of language schools. The Company has seven subsidiaries and two associated companies. The Company is involved in the teaching of languages, the creation of international environment of different languages and cultures, the provision of real time services, the development and provision of network contents, the development of hardware technology, the building of human network, as well as the organization of member groups to provide services internationally. The Company also has subsidiaries and associates, which are engaged in advertisement services, interior construction, facility and commodity sale, overseas study services, computer system services, real estate brokerage, facility leasing and installment sale, capital management, cleaning services, sanitary management, multimedia goods sale, Internet connection services, customer services and assistance to foreigners. Nova has reported two consecutive net losses -- JPY3.09-billion net loss for fiscal year ended March 31, 2006, and JPY2.89 billion for the year ended March 31, 2007. On June 19, 2007, the Troubled Company Reporter - Asia Pacific reported that the Ministry of Economy, Trade and Industry suspended Nova Corp from selling long-term contracts for language schools starting June 14, 2007, for lying to customers about its services. SANYO ELECTRIC: Settles Patent Dispute with 3M Co. -------------------------------------------------- 3M Co. has reached a settlement agreement with Sanyo Electric Co., Ltd., regarding a patent for lithium ion battery components, Marie Connor writes for the St. Paul Business Journal. According to Ms. Connor, 3M filed the suit against Sanyo and other companies in March with the Minnesota District Court and the United States International Trade Commission. Among the terms of the settlement, writes Ms. Connor, is that Japan-based Sanyo is licensed under 3M's patents covering particular cathode materials. The financial terms of the deal were not revealed. Lithium ion batteries, notes Ms. Connor, are used and are a preferred source of power in consumer electronics products such as laptop computers, cell phones and portable electronic devices. Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/ --is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. ========= K O R E A ========= GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds --------------------------------------------------------------- Genexel-Sein Inc has adjusted the conversion price of its second convertible bonds, which was initially announced on April 16, 2007, Reuters Key Developments reports. According to the report, the conversion price is now KRW 2,900 per share. Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is a manufacturer specialized in the provision of medical devices. The company provides its products under two categories: blood pressure monitors and transcutaneous electrical nerve stimulators. Its blood pressure monitors include digital, digital wrist, aneroid, mercury, semi-automatic and automatic blood pressure monitors used in homes and medical institutions. Its TENS are used to treat low back pain, myofascial and arthritic pain and others. On July 31, 2006, Korea Ratings gave the company's US$3,000,000 overseas bond with warrants issue a 'B+' rating with a stable outlook. EVEREX INC: Adjusts Price of Eighth Bond With Warrants ------------------------------------------------------ Everex Inc. has made an adjustment regarding its exercise price of eighth bond with warrants, Reuters Key Developments reports. According to the report, the exercise price has been adjusted from KRW1,575 to KRW1,355. Based in Gyeonggi Province, Korea-based Everex Inc. is engaged in the manufacturing of semiconductor manufacturing equipment and parts. The company provides four main products: track systems, which are designed to coat and develop photoresist patterns in wafers; degas systems, which prevents uneven photoresist dispensing; track modify systems, which are used to configure ultraviolet processing, and other devices, including module testers, impedance systems and chip testers. The Troubled Company Reporter-Asia Pacific reported on October 19, 2007, that Everex Inc. has a shareholders' deficit of US$5.10 million on assets of US$23.15 million. TOWER AUTOMOTIVE: Court Oks PCT'S Bid for Deal with Plaintiffs -------------------------------------------------------------- Honorable Allen L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York authorizes the Tower Automotive Post-Consummation Trust to enter into and consummate a second deal with the ERISA Plaintiffs. The Court also authorizes the PCT to pay provisional settlement payments and execute the release agreement with Federal Insurance Company. Headquartered in Grand Rapids, Michigan, Tower Automotive Inc. -- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ) is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company has operations in Korea, Spain and Brazil. The company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization and Disclosure Statement explaining that plan. On June 4, 2007, the Debtors submitted an Amended Plan and Disclosure Statement. The Court approved the adequacy if the Amended Disclosure Statement on June 5, 2007. The company and its debtor subsidiaries' First Amended Joint Plan of Reorganization became effective July 31, 2007. TOWER AUTOMOTIVE: Dec. 10 Hearing Set for ERISA Suit Settlement --------------------------------------------------------------- The U.S. District Court for the Southern District of New York will hold a fairness hearing on Dec. 10, 2007 at 4:00 p.m. for the proposed US$5.7 million settlement in the matter, "In re Tower Automotive ERISA Litigation, C.A. No. 05-2184 (RWS)." The hearing will be held before Judge Robert W. Sweet at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, in Courtroom 18C. Any objections to the settlement must be made on or before Nov. 29, 2007. Case Background Initially, six lawsuits alleging violations of the Employee Retirement Income Security Act were filed (Class Action Reporter, Jan. 12, 2006). They are: -- "Kowalewski, et al. v. The Administrative Committee of the Tower Automotive Retirement Plan, et al., Case No. 05-CV-2215," filed on Feb. 17, 2005; -- "Hill v. S.A. Johnson, et al., Case No. 05-CV-2184," filed on Feb. 17, 2005; -- "McMillion, et al. v. S.A. Johnson, et al., Case No. 05-CV-2762," filed on May 10, 2005; -- "Vanderhoof, et al. v. S.A. Johnson, et al., Case No. 05-CV-3637," filed on April 8, 2005; -- "Argove, et al., v. S.A. Johnson et al., Case No. 05-CV-3641," filed on April 8, 2005; and -- "Gryzelak, et al., v. S.A. Johnson, et al., Case No. 05-CV-3496," filed on April 8, 2005. The six Actions have been consolidated under the caption, "In re Tower Automotive ERISA Litigation, Case No. 05-CV-2184 (RWS)." The action asserted claims for alleged violations of the Employee Retirement Income Security Act of 1974, with respect to the Tower Automotive Retirement Plan, Tower Automotive Union 401(k) Plan, Tower Automotive Products Savings Investment Plan, and Tower Automotive Products Employee 401(k) Savings Plan (together with any predecessor plans and any plans merged into it). Settlement Terms The Class Settlement Amount consists of two parts. The first part, called the "Part A Amount," is a payment of US$2,000,000 in cash by the Company. The second part, called the "Part B Amount," is an additional payment of US$3,700,000. Plaintiffs have agreed that the Part A Amount will be paid in full by the company. Plaintiffs also have agreed that the Part B Amount will be paid solely by Federal Insurance Co. out of the proceeds of an Insurance Policy issued by Federal. The Class Settlement Amount, including interest, and after payment of, and establishment of reserves for, any taxes and Court-approved costs, attorney's fees, and expenses, including any Court-approved compensation to be paid to the Plaintiffs, will be paid to the Remaining Plans. For more details, contact: Mark Rifkin, Esq. Wolf Haldenstein Adler Freeman & Herz 270 Madison Avenue New York, New York 10016 Phone: 212-545-4600 Fax: 212-545-4653 E-mail: rifkin@whafh.com Web site: http://www.whafh.com Headquartered in Grand Rapids, Michigan, Tower Automotive Inc. -- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ) is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company has operations in Korea, Spain and Brazil. The company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization and Disclosure Statement explaining that plan. On June 4, 2007, the Debtors submitted an Amended Plan and Disclosure Statement. The Court approved the adequacy if the Amended Disclosure Statement on June 5, 2007. The company and its debtor subsidiaries' First Amended Joint Plan of Reorganization became effective July 31, 2007. =============== M A L A Y S I A =============== LITYAN HOLDINGS: Names New CEO and Executive Director ----------------------------------------------------- Lityan Holdings Bhd appointed Encik Nor Badli Munawir bin Mohamad Alias Lafti as the group's managing director and chief executive officer effective on Oct. 23, 2007. In addition, the company also appointed N. Chanthiran A/L Nagappan as the company’s new executive director. Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings Berhad -- http://www.lityan.com.my/-- sells and provides maintenance services and rental of computer equipment, peripherals, telecommunication equipment and related services. The Company's other activities include provision of building maintenance and management services, developing and marketing of new client-server programming tools and application software, operation of public mobile data network, property investment and investment holding. The Group carries out its operations in Malaysia and the Philippines. On May 10, 2005, the Company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category. On January 16, 2006, the Company entered into a conditional Restructuring Agreement to undertake the Proposed Restructuring Scheme with the intention of restoring itself onto stronger financial footing via an injection of new viable businesses. Lityan Holdings Bhd's unaudited balance sheet as of March 31, 2007, went upside down with an equity deficit of MYR83.07 million, from total assets of MYR62.01 million and total liabilities of MYR145.08 million. MANGIUM INDUSTRIES: Unit Defaults on Loan from Two Banks -------------------------------------------------------- Mangium Industries Bhd’s wholly owned unit, Mangium Sawmill Sdn Bhd, has not paid and has defaulted in its repayments on facilities granted by Standard Chartered Bank Malaysia Berhad and CIMB Bank Berhad. The facilities are unsecured. The estimated total outstanding as at September 30, 2007, in relation to the payments which are in default amounts to MYR17,284,341.36. According to Mangium, the unfavorable timber market and depressed prices for timber and timber related products throughout Asia since the financial crisis in the year 1997, many of the Group’s buyers were adversely affected and are facing financial difficulties leading to their inability to settle their outstanding balances despite efforts made by the management to collect these outstanding debts with the Group. As a result, the cash flow generated from operations was not sufficient to service the interest and principal obligations to the lenders as and when they fell due. Since Mangium Industries is the guarantor for the loan taken from CIMB Bank Berhad, it is liable for the full amount and any further interest and financial cost levied there or until the settlement of these debts. About Mangium Industries Mangium Industries Berhad's principal activities are the manufacture and trade of timber and timber related products. Other activities include provision of printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture, operation and development of the plantation and investment holding. Operations of the Group are carried out in Malaysia. The Troubled Company Reporter-Asia Pacific reported on May 25, 2007, that Mangium Industries, on May 22, became an affected listed issuer pursuant to the provisions of Amended Practice Note 17/2005, as its shareholders' equity on consolidated basis is less than 25% of its issued and paid-up capital. As an affected listed issuer, Mangium is required to formulate and implement a plan to regularize its financial condition within a timeframe stipulated by relevant authorities. Mangium's balance sheet as of March 31, 2007, showed total assets of MYR45.09 million and total liabilities of MYR93.33 million. Shareholders' equity deficit totaled MYR46.11 million. SHAW GROUP: Appeals IRS Adjustments for 2002-2003 Tax Returns ------------------------------------------------------------- The Shaw Group, Inc.'s appeal the Internal Revenue Service's proposed adjustments to the amounts reflected by the company on its tax returns for the fiscal years ending Aug. 31, 2002, and Aug. 31, 2003. In connection with the regular examination of the company's tax returns by the IRS for the fiscal years ending Aug. 31, 2002, and Aug. 31, 2003, the IRS formally assessed in April 2007 certain adjustments to the amounts reflected by the Company on those returns. The Company does not agree with those adjustments and has filed a timely appeal in June 2007. The items primarily relate to the sourcing of income relating to foreign procurement of one of the Company's overseas entities, and the extraterritorial income exclusion. The outcome of the IRS appeal is uncertain at this time; however, should the IRS prevail in its position, the Company's federal income tax due would increase by US$37.2 million, plus interest. The ultimate amount of cash taxes paid would be reduced by the utilization of net operating loss carryforwards available. The Company has approximately US$134.2 million of federal NOLs as of May 31, 2007. In addition, the company has accrued additional expense related to foreign tax matters pertaining to basis adjustments, until such matters are filed and settled. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SHAW GROUP: Stone Acquisition-Related Appeal Still Pending ---------------------------------------------------------- The Shaw Group, Inc.'s appeal from the judgment rendered by the U.S. District Court in Delaware in favor of Saudi American Bank in the dispute stemming from the company's acquisition of Stone & Webster, Inc. in July 2000 remains pending. In 2005, the District Court rendered a judgment against the Company and in favor of Saudi American Bank in the amount of US$6.7 million. Saudi American Bank claimed that as part of the Company's acquisition of Boston-based Stone & Webster, it had assumed the estate company's liability under a loan agreement and guarantee. The Company has filed a notice of appeal, and is seeking to have the judgment overturned. Saudi American Bank has sought interest and attorneys' fees, bringing its total claim to US$11.4 million plus legal interest while the appeal is pending. The Company may also incur additional attorneys' fees for the appeal, although it expects to prevail on appeal. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SHAW GROUP: Continues Review of Accounting for Acquisitions ----------------------------------------------------------- The Shaw Group, Inc., will continue to conduct a detailed review of its accounting for acquisitions in relation with the U.S. Securities and Exchange Commission's inquiry into the Company's financial statements. On June 1, 2004, the Company was notified by the Staff of the SEC that the Staff is conducting an informal inquiry relating to its financial statements. The SEC has not advised the company as to either the reason for the inquiry or its precise scope. However, the initial requests for information the Company received appear to primarily relate to the purchase method of accounting for various acquisitions. The Company has cooperated with the SEC during the course of this inquiry, including providing documents and responding to requests for voluntary production, as well as conducting a detailed review of its accounting for acquisitions. Subsequent to an internal review which led to the restatement of the Company's financial statements for the second quarter of 2006, as reflected in its Current Report on Form 8-K filed on July 10, 2006, the SEC also requested information related to the restatement. This included information regarding the clerical error in the computation of the amount of revenue recognized on a construction contract and the misapplication of GAAP in the Company's accounting for a minority interest in a joint venture. The Company provided the information requested. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SUNWAY INFRASTRUCTURE: Unit Buys MTSB as Special Purpose Vehicle ---------------------------------------------------------------- Sunway Infrastructure Bhd disclosed with the Bursa Malaysia Securities Bhd that its unit, Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd, acquired Manfaat Tetap Sdn Bhd for a total of MYR2.00. MTSB was incorporated on September 21, 2007, as a private limited company under the Companies Act, 1965. It is currently dormant and is intended principally to be used as a special purpose vehicle to facilitate the issuance of the proposed Sukuk Mudharabah under the refinancing scheme of SILK proposed by Affin Investment Bank Berhad. MTSB has an authorized share capital of MYR100,000.00 comprising 100,000 ordinary shares of MYR1.00 each with an issued and paid- up share capital of MYR2.00 comprising two ordinary shares of MYR1.00 each. Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure Berhad -- http://www.sunway.com.my/-- is an investment holding company in Malaysia. The Company's wholly owned subsidiary, Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is responsible for the construction of the Kajang Traffic Dispersal Ring Road. Silk's activities are the upgrading and widening of existing roads; the design and construction of a new alignment, and the operation of the Kajang Traffic Dispersal Ring Road, including toll operations and maintenance. Through SILK, the Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd mainly focuses on undertaking housing development for residents whose dwellings are located on the land, on which the Kajang Traffic Dispersal Ring Road is constructed or who are affected by the construction of the Kajang Traffic Dispersal ring road. On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd. The company is an affected listed issuer pursuant to the Amended PN17 since its auditors have expressed a modified opinion with emphasis on the company's going concern in the company's audited financial statements for the year ended June 30, 2006, and since the unaudited shareholders' equity of approximately MYR26.702 million based on its quarterly results for the period ended September 30, 2006, is less than 50% of its issued and paid up capital of MYR90 million. In addition, the Troubled Company Reporter-Asia Pacific reported on March 20, 2007, that its shareholders' equity on a consolidated basis based on the unaudited results for the quarter ended Dec. 31, 2006, of MYR7.173 million, is less than 25% of the company's issued and paid-up capital of MYR90 million and such shareholders' equity is less than the minimum issued and paid-up capital as required under Paragraph 8.16A(1) of the Listing Requirements of MYR60 million, triggering another listing criteria under Amended PN17 listing requirements. TALAM CORP: Unit Acquires Chinese Firm for MYR45 Million -------------------------------------------------------- Talam Corp. Bhd disclosed with the Bursa Malaysia Securities Bhd that its subsidiary, Larut Leisure Enterprise (Hong Kong) Limited, entered into a Share Sale Agreement with Jilin Hua Tian Property Group Co. Ltd to acquire the remaining 40% equity interest in Jilin Dingtai Enterprise Development Company Limited not owned by the company for MYR45 million. Jilin Dingtai is the beneficial and registered owner of a piece of land measuring approximately 6,665 sq meter together with a proposed development known as Yin Hai Complex, comprises of an incomplete structure of a proposed 35 storey commercial, office and residential building together with 2 level basement car park located at No. 19, Xian Road, Changchun, Jilin Province, People’s Republic of China. The Proposed Acquisition is not subject to the approval of Talam’s shareholders and is not subject to other government authorities approvals. The Board of Directors of Talam is of the opinion that the Proposed Acquisition is in the best interest of the Company and will enhance the earnings potential of Talam Group. Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad -- http://www.talam.com.my/-- is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the group are carried out in Malaysia and China. The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2006, that based on the Audited Financial Statements of Talam Corporation for the financial year ended January 31, 2006, the Auditors Ernst & Young were unable to express their opinion on the Company's Audited Accounts. As such, the Company is an affected listed issuer of the Amended Practice Note 17 category. In accordance with PN 17, the company is required to submit and implement a plan to regularize its financial condition within eight months from Sept. 1, 2006. ==================== N E W Z E A L A N D ==================== FIRST DATA: Subsidiary Reaches Agreement with Meijer ---------------------------------------------------- First Data Corp.'s subsidiary, TeleCheck Services, Inc., a leading check acceptance company has reached an agreement to offer TeleCheck Electronic Check Acceptance(R)(ECA(R)) Warranty service at Meijer Supercenters in Michigan, Illinois, Indiana, Kentucky and Ohio. This agreement facilitates the rollout of ECA chain-wide, and allows Meijer to cost-effectively authorize and process check transactions electronically at the point of sale. Meijer customers will benefit from increased security and convenience as they present checks for payment. "It's an honor to significantly expand our relationship with Meijer. Meijer has built an outstanding reputation throughout the Midwest as a value-driven, customer-oriented merchant, and the imageless ECA solution they have chosen to deploy requires little training for cashiers and is simple for their customers to use," said TeleCheck president Brian Mooney. "Meijer's decision to implement Electronic Check Acceptance allows the company to more effectively meet the needs of its customers who choose to pay by check and will significantly reduce the company's risk for check fraud." Expanding consumer choice and convenience at the point of sale was a key factor for Meijer in adding the ECA service. "Checks continue to be a preferred form of payment for many of our customers," said Janet Emerson, executive vice president of operations for Meijer. "Our relationship with TeleCheck will allow us to provide an efficient and cost-effective way to process checks, while still providing Meijer customers with the high level of service they expect." With a guarantee volume of US$25 billion and total electronic check volume of US$37 billion, TeleCheck provides a broad suite of electronic and paper check processing services. Today, over 40% of the more than 500 million transactions processed by TeleCheck are ECA transactions processed at the point of purchase. Approximately 149,000 merchant locations process with ECA through TeleCheck. Steady growth of electronic check services for merchants of all sizes has become a standard for efficient check acceptance. About Meijer Meijer -- http://www.meijer.com/-- is a Grand Rapids, Mich.- based retailer that operates 181 supercenters throughout Michigan, Indiana, Illinois, Ohio and Kentucky. As the inventor of the "one-stop shopping" concept, Meijer stores have evolved through the years to include expanded fresh produce and meat departments, as well as pharmacies, comprehensive electronics departments, garden centers and apparel offerings. About First Data First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/ -- provides electronic commerce and payment solutions for businesses worldwide, including those in New Zealand, the Netherlands and Mexico. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First Data Corp.'s proposed US$2 billion senior unsecured notes due 2015 offering. As reported in the Troubled Company Reporter-Latin America on Sept. 19, 2007, Moody's Investors Service has assigned these ratings: -- Corporate Family Rating - B2 -- US$2 billion senior secured revolving credit facility (expires 2013) - Ba3, LGD2 (27%) -- US$13 billion senior secured Term Loan B (due 2014) - Ba3, LGD2 (27%). FOXKITCHENS LTD: Appoints Official Assignee as Liquidator --------------------------------------------------------- On October 1, 2007, the official assignee was appointed liquidator of Foxkitchens Ltd. The official assignee can be reached at: Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: http://www.insolvency.govt.nz GLINK GRAPHICS: Fixes November 2 as Last Day to File Claims ----------------------------------------------------------- On October 1, 2007, the shareholders of Glink Graphics Ltd. resolved to voluntarily liquidate the company’s business. Creditors are required to file their proofs of debt by Nov. 2, 2007, to be included in the company's dividend distribution. The company's liquidator is: Robert Laurie Merlo c/o Merlo Burgess & Co. Limited PO Box 51486, Pakuranga Manukau 2140 New Zealand Telephone:(09) 520 7101 Facsimile:(09) 529 1360 e-mail: merloburgess@xtra.co.nz HAYWARD HUNT: Taps Official Assignee as Liquidator -------------------------------------------------- On October 1, 2007, official assignee was appointed liquidator of Hayward Hunt Management Limited. The Liquidator can be reached at: Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: http://www.insolvency.govt.nz JUNO GROUP: Commences Liquidation Proceedings --------------------------------------------- Juno Group Ltd. commenced liquidation proceedings on Sept. 30, 2007. Kiran Dutt was appointed as liquidator. The Liquidator can be reached at: Kiran Dutt PO Box 9687, Newmarket Auckland New Zealand Telephone:(09) 630 3808 Facsimile: (09) 630 3970 MARPLE INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 4 ----------------------------------------------------------- The creditors of Marple Investments Ltd. are required to file their proofs of debt by October 4, 2007, to be included in the company's dividend distribution. The company entered wind-up proceedings on October 4, 2007. The company's liquidator is: Grant Bruce Reynolds Reynolds & Associates Limited Insolvency Practitioners PO Box 259059, Greenmount East Tamaki, Auckland New Zealand Telephone:(09) 522 5662 Facsimile:(09) 522 5788 MRC GROUNDS: Fixes Nov. 5 as Last Day to File Claims ---------------------------------------------------- The shareholders of MRC Grounds Maintenance Ltd. met on Oct. 2, 2007, and agreed to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 5, 2007, to be included in the company' dividend distribution. The company's liquidators are: Paul Graham Sargison Gerald Stanley Rea Gerry Rea Partners PO Box 3015, Auckland New Zealand Telephone:(09) 377 3099 Facsimile:(09) 377 3098 PAPAKURA MOTORS: Appoints Official Assignee as Liquidator --------------------------------------------------------- On October 1, 2007, the official assignee was appointed liquidator of Papakura Motors (1996) Limited. The official assignee can be reached at: Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: http://www.insolvency.govt.nz PRADO CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 1 ----------------------------------------------------------- On September 28, 2007, Karen Betty Mason and Jeffrey Philip Meltzer were named liquidators of Prado Construction Ltd. Creditors are required to file their proofs of debt by Nov. 1, 2007, to be included in the company's dividend distribution. The Liquidators can be reached at: Karen Betty Mason Jeffrey Philip Meltzer Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 SOLOMON NOMINEES: Taps Rhys Michael Barlow as Liquidator -------------------------------------------------------- The shareholders of Solomon Nominees Ltd. on September 18, 2007, agreed to voluntarily liquidate the company's business. Rhys Michael Barlow was appointed as liquidator. The Liquidator can be reached at: Rhys Michael Barlow c/o BDO Spicers (Wellington) Limited Chartered Accountants BDO House, Level 2 99-105 Customhouse Quay PO Box 10340, Wellington New Zealand Telephone:(04) 472 5850 Facsimile:(04) 473 3582 e-mail: rhys.barlow@wlg.bdospicers.com TACLOBAN LTD: Accepting Proofs of Debt Until Nov. 2 --------------------------------------------------- Arron Leslie Heath and Michael Lamacraft were named liquidators of Tacloban Ltd. on October 1, 2007. Messrs. Heath and Lamacraft are accepting creditors' proofs of debt until November 2, 2007. The Liquidators can be reached at: Arron Leslie Heath Michael Lamacraft Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 ===================== P H I L I P P I N E S ===================== BANGKO SENTRAL: May Be Obliged to Pay Old Central Bank's Debts -------------------------------------------------------------- The Bangko Sentral ng Pilipinas may be obliged to share in the debt service burden of the Central Bank Board of Liquidators after the Congressional Planning Budget Dept. recommended the move to the National Government in its 2008 Budget Briefer, the Philippine Star reports. According to the CPBD, the BSP's charter states that the BSP may assist the CB-BOL in the liquidation of the old central bank's liabilities. The CPBD then noted that the BSP has no direct liability for the payment of the old central bank's debts. The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/ --is the central bank of the Republic of the Philippines. It was established on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. BSP took over from the Central Bank of Philippines as the country's central monetary authority. Bangko Sentral enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities. The powers and functions of the Bangko Sentral are exercised by the Bangko Sentral Monetary Board, the highest policy-making body in the BSP. Standard and Poor's Ratings Services gave Bangko Sentral a 'B' Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit Rating. Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior Unsecured Debt Rating. CHINA BANKING CORP: PSE Approves Listing of Additional Shares ------------------------------------------------------------- The Philippine Stock Exchange has approved the China Banking Corp.'s application to list an additional 15,415,941 common shares with a par value of PHP100 each. The additional listing is intended to cover the 25% stock dividend declaration to stockholders of record as of October 4. According to the PSE's Circular for Brokers, the bank has issued a total of 15,416,661 common shares including 720 common shares which were rounded off into one share from the fractional shares. The listing is set for October 30. China Banking Corporation -- http://www.chinabank.com.ph/ --is the first privately-owned local commercial bank in the Philippines, with products and services including deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, insurance products, and other services such as acceptance of various bill payments and donations to charitable institutions. China Bank has 140 branches and 166 Automated Teller Machines nationwide. * * * The bank's long-term issuer default carries Fitch's BB rating, while it has a C individual rating and a support rating of 4. CHINA BANKING CORP: Danilo Alcoseba Steps Down as Board Advisor --------------------------------------------------------------- Danilo A. Alcoseba has resigned as advisor to the Board of Directors of China Banking Corp. According to a disclosure with the Philippine Stock Exchange, Mr. Alcoseba's resignation is effective October 31. China Banking Corporation -- http://www.chinabank.com.ph/ --is the first privately-owned local commercial bank in the Philippines, with products and services including deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, insurance products, and other services such as acceptance of various bill payments and donations to charitable institutions. China Bank has 140 branches and 166 Automated Teller Machines nationwide. * * * The bank's long-term issuer default carries Fitch's BB rating, while it has a C individual rating and a support rating of 4. LAFAYETTE MINING PHILS: Ships US$8.38 Million During 3rd Quarter ---------------------------------------------------------------- Lafayette Mining Philippines Inc. has made shipments of US$8.38 million worth of copper and zinc concentrates in the third quarter, Australia-based parent, Lafayette Mining Ltd., said in a report as disclosed by the Philippine Daily Inquirer. Lafayette Philippines has also increased its metal product in its Rapu Rapu Polymetallic project in Albay by 12%, Lafayette's report says, and produced 1,726 equivalent tons of copper in the third quarter as compared to the second quarter's 1,543- equivalent-ton production during the second quarter. The third-quarter production included 878 tons of copper, 1,705 tons of zinc, 1,522 ounces of gold and 38,525 ounces of silver, Lafayette reveals. 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. The 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. PHIL LONG DISTANCE: Expects PHP34-Billion Net Income for 2007 ------------------------------------------------------------- The Philippine Long Distance Telephone Co. sees an annual net income of at least PHP34 billion for this year, the Philippine Star reports. However, PLDT Chairman Manuel V. Pangilinan said it is difficult to forecast its net income due to exceptionals, including foreign exchange gain. The report also reveals that PLDT expects its wireless subsidiaries Smart Communications Inc. and Pilipino Telephone Inc. to hold a subscriber base of 29 million to 30 million by this year's end, with Mr. Pangilinan citing a "cellular subscriber take-up." Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/ --is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * The Troubled Company Reporter-Asia Pacific reported that on November 3, 2006, Moody's Investors Service affirmed Philippine Long Distance Telephone Company's Ba2 senior unsecured foreign currency rating and changed its outlook to stable from negative. At the same time, Moody's has affirmed PLDT's Baa3 domestic currency issuer rating. The outlook for this rating remains positive. Standard & Poor's placed the company's long-term foreign issuer credit rating at BB+. Standard & Poor's also affirmed its 'BB+' foreign currency rating on the company with a stable outlook. On August 21, 2007, the TCR-AP reported that Fitch Ratings upgraded Philippine Long Distance Telephone Company's Long-term local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB minus). The Outlook is Stable. At the same time, Fitch has affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its National Long-term rating at 'AAA(phl)'. The Outlook is Stable. Also, PLDT's global bonds and senior notes have been affirmed at 'BB+'. RIZAL COMM'L: Turns 3,042 Preferred Stock to 1,096 Common Shares ---------------------------------------------------------------- Bernard Securities Inc. has canceled its 3,042 preferred shares in Rizal Commercial Banking Corp. and converted them to 1,096 common shares. The shares were converted at the rate of 1 common share for every 2.7736 preferred shares. Rizal Commercial Banking Corporation -- http://www.rcbc.com/ -- is a universal bank principally engaged in all aspects of banking. It provides services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange and trust services. In addition, the bank is licensed to enter into forward currency contracts to service its customers and as a means of reducing and managing the bank's foreign exchange exposure. * * * On November 2, 2006, the Troubled Company Reporter-Asia Pacific reported that Fitch Ratings assigned a final rating of 'B-' to Rizal Commercial Banking Corporation's hybrid issue of up to US$100 million. The rating action follows the receipt of final documents conforming to information previously received. On November 6, 2006, the TCR-AP also reported that Moody's Investors Service revised the outlook for RCBC's foreign currency senior debt rating of Ba3, foreign currency Hybrid Tier 1 of B3, and foreign currency long-term deposit rating of B1 to stable from negative. The outlook for RCBC's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of E+ remains stable, the TCR-AP said. The TCR-AP also reported on October 24, 2006, that Standard & Poor's Ratings Services assigned its 'CCC' rating to Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-cumulative step-up callable perpetual capital securities. * PLDT Head Makes Suggestions to Reach 1st World Status in 2027 --------------------------------------------------------------- Philippine Long Distance Telephone Co.'s chairman said that the government should focus on bringing the Philippines to First World status by year 2027, the Daily Tribune reports. The government would need to invest heavily in education to achieve such a goal, Mr. Pangilinan said in a business conference on Wednesday. Currently, the country only spends 2.5% of the gross domestic product on education, the Tribune recounts. This is below the international standard of 6%. The country should "seize [the] timely advantage" brought the economy's growth, Mr. Pangilinan said. The PLDT official also said that the country's reliance on its overseas workers would eventually hurt the economy in the long run as it would cause exports to become less competitive in the face of a strong peso. * * * On September 14, 2007, Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency issuer credit ratings on the Philippines. The outlook is stable. Also in May 2007, S&P assigned its 'BB+' senior unsecured rating to the Philippines' new three- and five-year benchmark bond issues. The new bonds mature in 2010 and 2012 and carry interest rates of 5.5% and 5.75%, respectively. The exchange offers yielded approximately Philippine peso 55 billion and PHP58 billion for the three- and five-year bonds, respectively, from the exchange of eligible issues. Fitch Ratings, on March 5, 2007, affirmed the Republic of the Philippines' Long-term foreign and local currency Issuer Default ratings at 'BB' and 'BB+', respectively. The agency also affirmed the Short-term IDR at 'B' and the Country Ceiling at 'BB+'. On Nov. 3, 2006, the TCR-AP reported that Moody's Investors Service changed to stable from negative the outlook on the Philippines' key ratings due to the progress made in reining in fiscal deficits in 2006 and an easing in dependence on external financing. The affected ratings include the B1 long-term government foreign- and local-currency ratings, the B1 foreign- currency bank deposit ceiling and Ba3 foreign currency country ceiling, the TCR-AP noted. * Businessmen Urges Government to Watch Appreciation of Currency ---------------------------------------------------------------- Business leaders have urged the government to watch the peso's rapid appreciation against the dollar as it negatively affects the earnings of companies and migrant Filipino workets, the Manila Standard reports. Manuel V. Pangilinan, chairman of the Philippine Long Distance Telephone Co., suggested at the 33rd Philippine Business Conference and Expo that the government's economic managers hold dialogues with affected industries to plan the movement of the local currency against the US dollar. Mr. Pangilinan said it would be "reasonable" for the government to create a "soft landing" for the local currency by managing the rise of the peso. He also added that businesses can plan and operate better if the peso's appreciation could be predictable. * * * On September 14, 2007, Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency issuer credit ratings on the Philippines. The outlook is stable. Also in May 2007, S&P assigned its 'BB+' senior unsecured rating to the Philippines' new three- and five-year benchmark bond issues. The new bonds mature in 2010 and 2012 and carry interest rates of 5.5% and 5.75%, respectively. The exchange offers yielded approximately Philippine peso 55 billion and PHP58 billion for the three- and five-year bonds, respectively, from the exchange of eligible issues. Fitch Ratings, on March 5, 2007, affirmed the Republic of the Philippines' Long-term foreign and local currency Issuer Default ratings at 'BB' and 'BB+', respectively. The agency also affirmed the Short-term IDR at 'B' and the Country Ceiling at 'BB+'. On Nov. 3, 2006, the TCR-AP reported that Moody's Investors Service changed to stable from negative the outlook on the Philippines' key ratings due to the progress made in reining in fiscal deficits in 2006 and an easing in dependence on external financing. The affected ratings include the B1 long-term government foreign- and local-currency ratings, the B1 foreign- currency bank deposit ceiling and Ba3 foreign currency country ceiling, the TCR-AP noted. ================= S I N G A P O R E ================= GENESIS TECHNOLOGIES: Accepting Proofs of Debt Until Nov. 2 ----------------------------------------------------------- Genesis Technologies International Pte Ltd, which is in compulsory liquidation, requires its creditors to file their proofs of debt by November 2, 2007, to be included in the company's dividend distribution. The company's liquidator is: Tay Swee Sze 137 Telok Ayer Street #04-01 Singapore 068602 INTEGRAL PERIPHERALS: Pays First and Final Dividend --------------------------------------------------- Integral Peripherals Pte Ltd, which is in compulsory liquidation, paid the first and final dividend to ts creditors on October 24, 2007. The company paid 100% of all admitted preferential claims and 3.966% of all admitted ordinary claims. The company's liquidator is: Tay Swee Sze c/o Tay Swee Sze & Associates 137 Telok Ayer Street #04-01 Singapore 068602 FLEXTRONICS INT'L: Earns US$121 Mil. in Quarter Ended Sept. 28 -------------------------------------------------------------- Flextronics International Ltd. disclosed Tuesday results for its second quarter ended Sept. 28, 2007. The company reported GAAP net income of US$121 million for the second quarter ended Sept. 28, 2007, compared with GAAP net income of US$185 million for the same period ended Sept. 29, 2006. Net sales increased from the year ago quarter by US$855 million, or 18%, to US$5.6 billion in the second quarter ended Sept. 28, 2007, which is at the high end of the company's previously provided revenue guidance of US$5.3-US$5.6 billion. For the second quarter ended Sept. 28, 2007, adjusted net income increased 25% over the year ago quarter to US$146 million, compared to US$117 million in the year ago quarter. Adjusted operating profit increased 20% from the year ago quarter to a record US$172 million in the second quarter ended Sept. 28, 2007, while adjusted operating margin increased sequentially 10 basis points to 3.1% from 3.0%. Operating cash flow was US$371 million in the second quarter ended Sept. 28, 2007, and US$516 million in the six-month period ended Sept. 28, 2007. Free cash flow amounted to US$297 million in the second quarter ended Sept. 28, 2007, and US$370 million in the six- month period ended Sept. 28, 2007. Mike McNamara, chief executive officer of Flextronics, stated, "We continue to maintain a strong financial position with overUS$1 billion in cash, no short term debt maturities, and a record low debt to capital leverage ratio of 19%. Inventory turns improved to 8.0x while cash conversion cycle improved by two days sequentially to an industry leading 11 days. We remain intensely focused on generating a higher return on capital while growing our business, as evidenced by our return on invested capital of 11.2%, which increased 80 basis points from the previous quarter." McNamara concluded by stating, "I am very proud of the dedication and hard work of our employees and management across the globe in making this a very successful quarter for Flextronics. We believe we are executing very well on the controllable aspects of the business, which should provide an excellent foundation to add the capabilities of Solectron into the Flextronics framework." At Sept. 28, 2007, the company's consolidated balance sheet showed US$13.36 billion in total assets, US$6.91 billion in total liabilities, and US$6.45 billion in total shareholders' equity. About Flextronics International Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * As reported in the Troubled Company Reporter on Oct. 4, 2007, Fitch Ratings has completed its review of Flextronics International Ltd. following the company's acquisition of Solectron Corp. and resolved Flextronics' Rating Watch Negative status by affirming these ratings: Issuer Default Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'. Fitch also rated Flextronics' new senior unsecured Term B loan at 'BB+'. Additionally, Fitch has downgraded the rating on Flextronics' senior subordinated notes from 'BB' to 'BB-'. The Rating Outlook is Negative. At the same time, Moody's Investors Service confirmed the ratings of Flextronics International Ltd. with a negative outlook and assigned a Ba1 rating to the company's new US$1.75 billion delayed draw unsecured term loan in response to the closing of the Solectron acquisition. The initial draw on the term loan (US$1.1 billion) will finance the cash portion of the merger consideration. REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse ------------------------------------------------------------- Refco Inc. shareholders have named Mayer Brown LLP, Refco's former lead counsel, as defendant in a class action over the brokerage business' collapse in 2005, CFO.com reports. The shareholders, led by Pacific Investment Management Co., have filed a lawsuit against Mayer Brown and Joseph Collins, one of its senior partners. The suit includes investors who owned Refco common stock and bonds from mid-2004 to October 2005. The suit is in addition to one filed by Refco trustees earlier this year. Mayer Brown is accused of helping Refco hide US$430 million of debt by preparing and editing Refco's "misleading" financial statements and other disclosures aimed at investors. Specifically, Mayer Brown allegedly helped Refco document a transfer of at least US$70 million in uncollectible debt by making it appear as though it was sold to Refco Group Holdings Inc. The money would later appear to be a collectible receivable from a third party on its books. This is allegedly to fraudulently remove the problematic debt from Refco's books and replace it with one that appeared collectible, claim the shareholders. CFO.com received a communication from Mayer Brown saying the firm is in the process of looking at the complaint and plans to defend itself "with vigor." Mayer Brown added that it doubts whether the shareholders' suit could proceed against the firm, as it was merely an outside adviser. Mr. Collins did not respond to CFO.com's request for comment. About Refco Inc. Based in New York City, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets Ltd. and Refco F/X Associates LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. STATS CHIPPAC: Posts US$27.9MM Net Income in Qtr. Ended Sept. 30 ---------------------------------------------------------------- On October 25, 2007, STATS ChipPAC disclosed with the Singapore Stock Exchange its financial results for the third quarter ended September 30, 2007. Net income for the third quarter of 2007 improved 50.6% to US$27.9 million or US$0.13 per diluted ADS, compared to net income of US$18.5 million or US$0.09 per diluted ADS in the third quarter of 2006. Revenue for the third quarter of 2007 increased 4.3% to US$414.2 million, compared to US$397.1 million in the third quarter of 2006. This represents a sequential increase of 11.9% compared to the second quarter of 2007. Tan Lay Koon, President and Chief Executive Officer of STATS ChipPAC, said, "We had a good third quarter driven by broad based seasonal demand in the computing, communications and consumer end markets. Most of our customers were aggressive in working down their inventory levels in the first half of 2007 and entered the seasonally strong second half of 2007 with relatively lean inventory levels. On the back of these lean inventory levels, we saw strong demand for our services as our customers built to support the holidays demand and to replenish inventory. The demand was strong in all products including 3D packaging, flip chip, wafer level packaging and test." John Lau, Chief Financial Officer of STATS ChipPAC, said, "As a result of improved utilization from increased demand for our services and cost controls, gross margin improved 2.2% compared to the prior quarter. We continue to emphasize cost controls and to focus disciplined investments on strategic customer programs. In the three and nine months ended September 30, 2007, we spent approximately US$88.8 million and US$201.0 million in capital expenditures, which were 21.4% and 17.1% of revenue, respectively, compared to 12.4% and 24.5% of revenue in the three and nine months ended September 24, 2006, respectively." As of September 30, 2007, the company's consolidated balance sheet showed total current assets of US$642.8 million and total current liabilities of US$570.7 million. Moreover, the company has US$2.5 billion of total assets available to pay US$1.1 billion of total liabilities, US$57 million of minority interest resulting in a shareholders' equity of US$1.3 billion. About STATS ChipPAC STATS ChipPAC Ltd is a back-end semiconductor assembly and test company. It provides full-turnkey solutions to semiconductor businesses, including foundries, integrated device manufacturers and fabless companies in the U.S., Europe and Asia. It ranked fourth in the global outsourcing semiconductor assembly and test industry as of end-2006. In fiscal year 2006, packaging revenue accounted for 74% of sales, and test and other revenues the balance. The communications segment accounted for 57% of sales. The company's offices outside the United States are located in Singapore, South Korea, China, Malaysia, Taiwan, Japan, the Netherlands, and United Kingdom. * * * As reported by the Troubled Company Reporter-Asia Pacific on July 30, 2007, Standard & Poor's Ratings Services raised its corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from 'BB'. The outlook is stable. The issue rating on the senior unsecured debt has also been raised to 'BB+' from 'BB'. The ratings have been removed from CreditWatch, where they were placed with positive implications on March 2, 2007. =============== T H A I L A N D =============== BANK OF AYUDHYA: Fitch Assigns 'A+' Nat'l Rating to Debentures -------------------------------------------------------------- Fitch Ratings (Thailand) Limited has assigned a National Long- term rating of 'A+(tha)' to the debentures of Bank of Ayudhya Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2 due 2011 of up to THB15 billion each. The Outlook on the bank is Positive. While BAY's asset quality remains weak, strong capital buffers and an expected improved economic outlook in 2008, together with the operational and financial support of GE Capital International Holdings Corporation (GECIH) which now holds 35% of total shares in the bank, should see its performance improve over the next one to two years. Downside risks, however, could arise from a further period of weak economic growth and political instability which will more severely impact loan growth and asset quality. The capital raisings in 2007 have enabled BAY to address its loan loss reserve and capital adequacy weaknesses, which had, in part, previously constrained the bank's ratings. The increasing commitment from GECIH should also bolster the bank's retail banking franchise. GECIH has strong representation at both the board and senior management levels of BAY, including the newly- appointed CEO and CFO. BAY could also benefit from GECIH's expertise in global transaction services, technology and operations. The shift towards higher-margin consumer banking should, additionally, help improve the bank's profitability in the medium term, although it could also increase earnings volatility. BAY reported a net loss of THB4.9bn in 9M07, due to higher provisions of THB9.8bn and losses on debt restructuring of THB2.1bn. Its impaired loans stood at THB59.2bn, or 13.3% of total loans at end-September. Although BAY's loan loss reserve coverage has continued to improve, rising to about 54% of impaired loans, this still appears low compared to some of its peers, implying a risk of further provisioning. While BAY does not expect further large provisioning, the bank now has sufficient buffer to absorb a more aggressive clean up of its balance sheet. After large capital increases in 2007, BAY's Total capital ratio and Tier 1 capital ratio rose to 20.3% and 15.6%, respectively, at end-September 2007. These ratios are likely to fall to about 17% and 13%, respectively, by year-end following the completion of the acquisition of GE Capital Auto Lease with assets of about THB94bn mostly in used car and motorcycle financing. Additional provisioning and asset growth could see the capital ratios decline further, but the bank should still remain strongly capitalised. Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. Bank of Ayudhya's subordinated debts carry Fitch Ratings Services' BB+ rating. KRUNG THAI: Shortlists 500 Clients for Possible Market Listing -------------------------------------------------------------- Krung Thai Bank PCL has shortlisted 500 of its corporate clients as candidates for listing in the Stock Exchange of Thailand or the Market for Alternative Investment, the Bangkok Post reports. According to Chupong Tanasettakorn, managing director of the bank's unit, KTB Securities, the firm had eight mandates for listings in MAI this year including Mill Con Steel Industry and Better World. These firms expect to raise around THB3 billion to THB4 billion in new capital, with one of them seen to raise at least THB1 billion alone next year, he added. Headquartered in Bangkok, Thailand, Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/ --began its operation on March 14, 1966, through the merger of business between the Agricultural Bank Limited and the Provincial Bank Limited with the Ministry of Finance as its major shareholder. The Bank provides financial assistance to large and small business, it also renders financial assistance to other state enterprises, both business oriented and public utility types. Currently the bank is operating 511 domestic and 12 foreign branches and representative offices. * * * The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services assigned on September 11, 2006, its BB+ rating to the proposed perpetual, non-cumulative, hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd (BBB/Stable/A-2). TOTAL ACCESS: Expects 65 Mil. Mobile Phone Subscribers in 2008 -------------------------------------------------------------- Total Access Communications PCL is expecting a 100% penetration rate and 65 million subscribers of mobile phones in 2008, the Bangkok Post reports. DTAC CEO Sigve Brekke said the penetration rate in Bangkok alone is expected to reach 150% next year, the report adds. According to Mr. Brekke, he expects an 80% penetration rate by end of this year with a total of 52 million subscribers. Between 10 million and 12 million net new subscribers are also expected this year, he added. Total Access Communications, DTAC -- http://www.dtac.co.th/ -- is the second-largest cellular operator in Thailand with an approximately 30% market share and strong brand recognition. With Telenor's recent purchase of a 39.9% interest in United Communication Industry Plc and its subsequent tender offers for UCOM and DTAC shares, Telenor lifted its aggregate economic interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest acquisition in Asia and it ranks second in terms of EBITDA contribution outside Norway. * * * The Troubled Company Reporter-Asia Pacific reported on Apr. 3, 2006, that Moody's Investors Service has upgraded its corporate family and senior unsecured rating for Total Access Communications Public Co Ltd to Ba1 from Ba2 with a positive outlook. This concluded the review for possible upgrade commenced on October 21, 2005. Standard and Poor's gave the company a BB+ Long-term local and foreign issuer credit ratings. Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term foreign currency Issuer Default Rating at BB+ and National Long- term rating at A(tha). The company's National Short-term rating was also affirmed at F1(tha). The Outlook on the ratings is Stable. TOTAL ACCESS: Suspends 3G Investment Pending Clearer NTC Policy --------------------------------------------------------------- Total Access Communications PCL's 3G investment plan has been suspended indefinitely pending a clear policy by the National Telecommunications Commission, CEO Sigve Brekke told the Bangkok Post. However, the company is prepared for spending on a 3G network, and sees THB15 billion in possible expenses in the installation of 1,500 more base stations, Mr. Brekke said. These stations will be installed next year, he added. Total Access Communications, DTAC -- http://www.dtac.co.th/-- is the second-largest cellular operator in Thailand with an approximately 30% market share and strong brand recognition. With Telenor's recent purchase of a 39.9% interest in United Communication Industry Plc and its subsequent tender offers for UCOM and DTAC shares, Telenor lifted its aggregate economic interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest acquisition in Asia and it ranks second in terms of EBITDA contribution outside Norway. * * * The Troubled Company Reporter-Asia Pacific reported on Apr. 3, 2006, that Moody's Investors Service has upgraded its corporate family and senior unsecured rating for Total Access Communications Public Co Ltd to Ba1 from Ba2 with a positive outlook. This concluded the review for possible upgrade commenced on October 21, 2005. Standard and Poor's gave the company a BB+ Long-term local and foreign issuer credit ratings. Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term foreign currency Issuer Default Rating at BB+ and National Long- term rating at A(tha). The company's National Short-term rating was also affirmed at F1(tha). The Outlook on the ratings is Stable. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker ($MM) ($MM) ------- ------ ------ ------------ AUSTRALIA Advance Healthcare Group Ltd AHG 13.59 -12.43 Allstate Explora ALX 12.65 -51.62 Austar United Communications Limited AUN 411.16 -43.72 Emperor Mines Limited EMP 138.99 -50.63 Global Wine Ventures Limited GWV 22.04 -0.84 Hutchison Telecommunications (Aust) Ltd. HTA 1637.04 -1443.69 Intellect Holdings Limited IHG 15.01 -0.83 KH Foods Ltd KHF 62.30 -1.71 Lafayette Mining Limited LAF 78.17 -127.82 Life Therapeutics Limited LFE 59.00 -0.38 RMG Ltd. RMG 22.33 -2.16 Tooth & Co. Ltd. TTH 99.25 -74.39 UnderCoverWear Limited UCW 28.92 -16.07 CHINA AND HONG KONG Artel Solutions Group Holdings Limited 931 29.19 -18.65 Asia Telemedia Limited 376 16.97 -7.53 Baiyin Copper Commercial Bldg (Group) Co 672 24.47 -2.40 Bao Long Orienta 600988 15.78 -11.11 Beiya Industrial (Group) Co., Ltd 600705 462.13 -20.57 Chang Ling Group 561 85.06 -80.88 Chia Tai Enterprises International Ltd. 121 316.12 -8.92 China Force Oil & Grains Industrial Co 1194 92.02 -7.43 China HealthCare Holdings Ltd 673 25.44 -3.37 China Liaoning International Cooperation (Group) Ltd 638 20.46 -41.24 Chinese.Com Logi 805 13.75 -32.33 Chongqing Int'l Enterprise Investment Co 000736 19.88 -15.67 Compass Pacific Holdings Ltd 1188 46.98 -14.92 Datasys Technology Holdings Ltd 8057 14.10 -2.07 Dongxin Electrical Carbon Co., Ltd 600691 34.19 -2.90 Dynamic Global Holdings Ltd. 231 44.64 -9.70 Everpride Biopharmaceutical Company Limited 8019 14.19 -0.02 Fujian Changyuan Investment Holdings Limited 592 34.52 -66.85 Fujian Sannong Group Co. Ltd 732 42.50 -100.37 Fujian Start Computer Group Co.Ltd 600734 114.76 -16.98 Guangdong Hualong Groups Co., Ltd 600242 15.23 -46.94 Guangdong Kel-A 921 596.71 -94.69 Guangdong Meiya Group Co., Ltd. 529 70.62 -59.86 Guangxia (Yinchuan) Industry Co. Ltd. 557 48.71 -59.63 Hainan Dadonghai Tourism Centre Co., Ltd 613 18.34 -8.39 Hainan Overseas Chinese Investment Co., Ltd 600759 28.97 -9.90 Hans Energy Company Limited 554 85.00 -0.49 Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47 Heilongjiang Black Dragon Co., Ltd 600187 113.45 -74.67 Hisense Kelon Electrical Hldngs. Co., Ltd 921 596.71 -94.69 Hualing Holdings Limited 382 262.90 -32.17 HuaTongTianXiang Group Co., Ltd. 600225 52.77 -42.02 Huda Technology & Education Development Co. Ltd. 600892 17.12 -0.39 Hunan Anplas Co. 156 77.57 -77.92 Hunan Hengyang 600762 61.08 -43.98 Innovo Leisure Recreation Holdings Ltd. 703 13.40 -4.50 Jiaozuo Xin'an-a 719 56.77 -6.52 Junefield Department Store Group Limited 758 12.93 -5.39 Lan Bao Technology Information Co.,Ltd 631 110.09 -78.89 Loulan Holdings Limited 8039 11.14 -2.21 Mianyang Gao Xin Industrial Dev (Group) 600139 23.90 -15.65 New World Mobile Holdings Ltd 862 295.66 -12.53 New City China 456 253.47 -25.03 Orient Power Holdings Ltd. 615 176.86 -64.20 Plus Holdings Ltd. 1013 18.52 -3.34 Qinghai Xiancheng Industry Stock Co.,Ltd 600381 55.58 -55.04 Regal Real Estate Investment Trust 1881 945.38 -234.68 Sanjiu Yigong Biopharmaceutical & Chem 000403 218.51 -3.48 Shanghai Worldbest Pharmaceutical Co.Ltd 600656 66.75 -13.42 Shenyang Hejin Holding Company Ltd. 633 103.86 -3.16 Shenzhen China Bicycle Co., Hlds. Ltd. 17 34.21 -238.76 Shenzhen Dawncom Business Tech. and Service Co., Ltd. 863 32.57 -137.55 Shenzhen Kondarl (Group) Co., Ltd. 000048 112.05 -15.98 Shenzhen Shenxin Taifeng Group Co., Ltd. 34 69.92 -53.39 Shijiazhuang Refining-Chemical Co., Ltd 783 357.75 -84.57 Sichuan Direct-A 757 143.71 -94.34 Sichuan Langsha Holding Ltd. 600137 13.82 -62.11 Stellar Megaunion Corporation 000892 54.33 -152.43 Success Information Industry Group Co. 517 77.23 -17.78 Suntek Technology Co., Ltd 600728 49.03 -14.65 Suntime International Economic Trading 600084 359.49 -47.93 Swank International Manufacturing Co Ltd 663 29.31 -1.13 Taiyuan Tianlong Group Co. Ltd 600234 19.47 -89.51 The First Investment & Merchant Co, Ltd 600515 90.66 5.98 Tianjin Marine Shipping Co. Ltd 600751 111.03 -3.59 Tianyi Science & Technology Co., Ltd 600703 45.82 -41.20 Tibet Summit Industry Co., Ltd 600338 90.92 -4.05 Winowner Group Co. Ltd. 600681 23.34 -72.39 Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74 Yueyang Hengli Air-Cooling Equipment Inc. 622 40.61 -17.21 Zarva Technology Co. Ltd. 688 25.83 -175.37 Zhejiang Haina Science & Tech Co., Ltd. 925 28.53 -36.27 INDIA Andrew Yule & Co. Ltd ANY 86.39 -12.47 Ashima Ltd. NASHM 96.57 -42.59 ATV Projects India Ltd. ATV 68.25 -30.17 B S Refrigerator NBPLE 75.91 -10.23 Balaji Distiller BLD 45.66 -74.20 Bagalkot Udyog Ltd. BUL 20.55 -0.63 Baroda Rayon Corp. Ltd. BR 41.16 -26.62 Birla VXL Ltd NVXL 98.77 -14.62 CFL Capital Financial Services Ltd CEATF 25.42 -47.32 Core Healthcare Ltd. CPAR 214.36 -150.72 Deccan Aviation Pte. Ltd. DECA 86.94 -2.83 Dunlop India Ltd DNLP 52.75 -65.30 Fairfield Atlas Ltd. ATG 23.38 -1.76 GKW Ltd. GKW 35.75 -13.52 Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66 Gujarat State Fi GSF 153.48 -157.34 Himachal Futuris HMFC 574.62 -38.68 HMT Limited HMT 316.41 -175.33 JCT Electronics Ltd. JCTE 118.28 -165.74 Jenson & Nic Ltd JN 15.41 77.32 JK Synthetics Ltd JKS 17.99 -2.61 Kothari Sugars and Chemicals Ltd. NKTSG 43.24 -29.24 JOG Engineering VMJ 50.08 -10.08 Lloyds Metals LYDM 70.72 -10.25 Lloyds Steel Ind LYDS 404.38 -86.45 LML Ltd. LML 81.21 -11.89 Mafatlal Ind. MFI 95.67 -85.81 Malanpur Steel Ltd. HDC 82.08 -52.01 Modern Threads MRT 78.18 -20.71 Mysore Cements MYC 82.02 -14.57 Mysore Kirloskar Ltd. MK 23.71 -3.04 Panchmahal Steel Ltd. PMS 51.02 -0.33 Panyam Cements PYC 17.18 -18.32 Phil Corporation NPPII 22.13 -4.96 RPG Cables Ltdd NRPG 51.43 -20.19 Saurashtra Cemen SRC 112.31 -4.57 Shree Digvijay Cement Co. Ltd. DIGV 29.62 -32.38 Shree Rama Multi Tech Ltd. NSRMT 86.31 -3.90 Shyam Telecom NSHY 147.34 -22.80 Singer India Ltd SING 12.32 -6.69 SIV Ind. Ltd. NSIV 101.16 -66.27 Steel Tubes Ltd NSTU 30.47 -26.45 Synthetics & Che SYNC 54.94 -6.90 Tata Teleservices (Maharashtra) Limited NTTLS 619.95 -111.52 UB Engineeering UBE 47.78 -2.77 Uniflex Cables UFC 17.22 -5.04 INDONESIA Ades Waters Indonesia Tbk ADES 21.35 -8.93 Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21 Hotel Sahid Jaya SHID 71.05 -4.26 Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57 Panca Wiratama Sakti Tbk PWSI 39.72 -18.82 Sekar Bumi Tbk SKBM 23.07 -41.95 Steady Safe SAFE 19.65 -2.43 Suba Indah Tbk SUBA 85.17 -9.18 Surya Dumai Industri Tbk SUDI 105.06 -30.49 Toba Pulp Lestrari Tbk INRU 403.58 -198.86 Unitex Tbk UNTX 29.08 -5.87 Wicaksana Overseas International Tbk WICO 43.09 -46.40 JAPAN Banners Co., Ltd 3011 46.33 -14.11 C4 Technology, Inc 2355 33.71 -1.24 Frameworx, Inc. 3470 16.59 -5.72 Nihon Seimitsu Sokki Co., Ltd. 7771 26.87 -6.98 NIWS Co., HQ Ltd. 2731 541.08 -33.01 Orient Corporation 8585 37956.19 -1109.02 QUIN LAND Co., Ltd 2732 138.79 -23.93 Tasco System Co., Ltd 2709 48.45 -14.07 Trustex Holdings, Inc. 9374 102.84 -7.82 KOREA DaiShin Information & Communication Co. 20180 22.07 -15.48 Dong Yang Gang 1780 108.79 -9.80 E-Rae Electronics Industry Co., Ltd 45310 42.30 -10.54 E Star B Co., Ltd. 55250 24.24 -20.61 EG Semicon Co. Ltd. 38720 32.35 -1.14 Everex Inc 47600 35.66 -0.66 Hyundai IT Corp. 48410 137.08 -48.10 Inno Metal Izirobot Inc. 70080 33.20 -5.59 Korea Cement Co., Ltd. 3660 145.94 -15.79 Oricom Inc. 10470 102.46 -31.19 Petroholdings Corporation 53170 11.03 -3.20 Rocket Electric Co., Ltd. 420 62.35 -8.52 Seji Co., Ltd 53330 25.84 -13.98 Starmax Co., Ltd 17050 41.94 -1.50 Tong Yang Magic Co., Ltd. 23020 170.55 -69.48 Unick Corporation 11320 58.87 -22.63 MALAYSIA Boustead Heavy Industries Corp. Bhd BHIC 57.34 -152.51 Chin Foh Berhad CFOH 53.19 -13.88 FED Furniture FFHB 38.27 -5.11 Harvest Court HAR 10.17 -3.85 Lityan Holdings Berhad LIT 18.84 -23.22 Mentiga Corporation Berhad MENT 22.13 -18.25 Pan Malay Industries PMRI 185.98 -6.91 PanGlobal Berhad PGL 181.15 -125.36 Paxelent Corp PAXE 13.16 -4.51 Putera Capital Berhad PCAP 10.56 -4.70 Sateras Resources Bhd. SRM/4278 44.73 -38.82 Sino Hua-An International Bhd HUAAN 184.60 -98.30 Sycal Ventures Berhad SYC 58.76 -85.36 Wembley Industries Holdings Bhd WMY 111.72 -204.61 PHILIPPINES APC Group Inc. APC 71.75 -218.13 Atlas Consolidated Mining and Development Corp. AT 61.14 -16.74 Cyber Bay Corporation CYBR 12.49 -64.98 East Asia Power Resources Corp. PWR 92.55 -64.61 Fil Estate Corp. FC 36.10 -7.75 Filsyn Corporation FYN 20.88 -9.68 Gotesco Land, Inc. GO 17.34 -9.59 Prime Orion Philippines Inc. POPI 98.36 -74.34 Unioil Resources & Holdings Company Inc. UNI 10.64 -9.86 United Paragon UPM 22.80 -29.23 Universal Rightfield Property UP 45.12 -13.48 Uniwide Holdings Inc. UW 61.45 -30.31 Victorias Milling Company Inc. VMC 127.83 -32.21 SINGAPORE ADV Systems Auto ASA 14.32 -8.54 Compact Metal Industries Ltd. CMI 47.42 -36.47 Falmac Limited FAL 10.51 -2.30 Gul Technologies GUL 155.76 -15.21 HLG Enterprise HLGE 116.77 -8.71 Informatics Holdings Ltd INFO 20.42 -11.65 L & M Group Investments Ltd LNM 56.91 -10.59 Lindeteves-Jacoberg Limited LJ 185.49 -46.43 Pacific Century Regional PAC 1569.35 -88.20 Semitech Electronics Ltd. SEMI 11.01 -0.23 THAILAND Bangkok Rubber PCL BRC 70.19 -56.98 Central Paper Industry PCL CPICO 40.41 -37.02 Circuit Electronic Industries PCL CIRKIT 20.37 -64.80 Daidomon Group PLC DAIDO 12.92 -8.51 Datamat Public Co., Ltd DTM 17.55 -1.72 Kuang Pei San Food Products Public Co. POMPUI 12.51 -9.87 Sahamitr Pressure Container Public Co. Ltd. SMPC 20.77 -28.13 Sri Thai Food & Beverage Public Company Ltd SRI 18.29 -43.37 Tanayong PCL TYONG 178.27 -734.30 Thai-Denmark PCL DMARK 21.37 -18.88 Thai-Wah PCL TWC 91.56 -41.24 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman, Editors. Copyright 2007. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***