T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, October 30, 2007, Vol. 10, No. 215 Headlines A U S T R A L I A CALSONIC AUSTRALIA: Declares Final Dividend CITY VIEW: To Declare Dividend for Priority Creditors on Nov. 2 DIRECT SECURITY: Members Agree on Voluntary Liquidation FORBES GEAR: Members to Hold Final Meeting on November 5 GOWRA CONSOLIDATED: Creditors Agree on Voluntary Liquidation INDEPENDENT FAN: Members and Creditors to Meet on November 13 K.G.J. PTY: Members to Receive Wind-Up Report on November 2 MTS STORAGE: Members and Creditors to Meet on November 5 NORRIS & SYMONS: Placed Under Voluntary Liquidation SILK FILMS: Members' Final Meeting Set for November 2 WESTERN RETIREMENT: FDA Judge Appoints 2 Liquidators ZINIFEX LTD: Raises EUR1.74 Billion in Nyrstar IPO C H I N A & H O N G K O N G BALL CORP: Reports US$60.9 Million Third Quarter Earnings COASTAL PRINTING: Court to Hear Wind-Up Petition on November 21 CYPRESS SHIPPING: Lau Wing Pan Quits as Liquidator FIELDMAX DEVICE: Proofs of Debt Due on Nov. 19 HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30 HONFORD TRADING: Inability to Pay Debts Prompts Wind-Up HONG KONG WEB: Members Agree on Voluntary Liquidation INTERMOST CORP: Wong & Co. Raises Going Concern Doubt N.T. HONG KONG: Members to Hold General Meeting on November 23 OEM MARKETING: Wind-Up Petition Hearing Set for December 12 PERFORMANCE INIVESTMENT: Taps Sutton and Chiong as Liquidators SAMSUNG ASSET: Lam and Toohey Quit from Liquidator Posts SANTEI INTERNATIONAL: Chiu and Yin Quit as Liquidators I N D I A AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1 BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion DECCAN AVIATION: Vijay Mallya's UB Group Ups Stake to 45.97% RYERSON INC: Platinum Equity Appoints Team of New Sr. Leaders TATA STEEL: Books INR11.9-Bil. Net Profit in Qtr. Ended Sept. 30 I N D O N E S I A BANK CENTRAL: Int'l Finance & Japan Bank Offer US700MM Loan BEARINGPOINT: Bags US$50-MM Deal for Motor Vehicle Tech Project FREEPORT-MCMORAN: Earns US$763MM in Third Quarter Ended Sept. 30 DIGRANTA INDONESIA: To Begin Operations Next Week HILTON HOTELS: Prices Cash Tender Offers for Five Notes HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes PT INTERNATION NICKEL: Posts Third-Quarter Earnings PERUSAHAAN LISTRIK: Seeks IDR5.7 Tril. Funding for Plant Project PERUSAHAAN LISTRIK: Annual Income Up an Average of 16.25% J A P A N FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off FIDELITY NATIONAL: Moody's Reviews Ratings for Likely Downgrade FIDELITY INT'L: S&P Puts BB Corp. Credit Rating on Watch Neg. METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30 MITSUBISHI MOTORS: To Increase Sales in Russia by 40% SAMSONITE CORP: Closes US$1.7 Billion CVC Capital Merger Deal SOLO CUP: Fitch Upgrades Senior Sub. Notes Rating to CCC+ TIMKEN CO: Reports US$41.2-Million Net Income in 2007 Third Qtr. TREND MICRO: To Acquire Provilla for Global Data Leak Prevention XEROX CORP: Moody's Puts Ratings on Review for Possible Upgrade * Japan Exports Grow at Slowest Pace in Two Years on U.S. Slump K O R E A COREBRID INC: Signs KRW15-Billion Contract with CMTC DAEWOO ELECTRONIC: To Sell 998,842 Shares of M K Electron EUGENE SCIENCE: Auditors Raise Going Concern Doubt LYONDELL CHEMICAL: Earns US$206 Million for Third Quarter 2007 M A C A U GALAXY CASINO: S&P Affirms B+ Ratings; Changes Outlook to Pos. M A L A Y S I A CELESTICA INC: Reports US$51.5 Mil. Third Quarter Net Earnings N E W Z E A L A N D ANYTIME AUTO: Fixes November 5 as Last Day to File Claims CALIBRATION NZ: Creditors' Proofs of Debt Due on December 3 CONCEPTIONS LTD: Court to Hear Wind-Up Petition on December 13 GENEVA FINANCE: Shuts Down Branches and Cuts Jobs HAMILTON LANDSCAPE: Subject to CIR's Wind-Up Petition HIGHFIELD FBG: Taps Brown and Rodewald as Liquidators MAGIC CAT: Accepting Creditors' Proofs of Debt Until November 30 TEAM KIWI: Subject to Apparel's Wind-Up Petition WIRIHANA VITICULTURE: Appoints Brown and Rodewald as Liquidators YENOHAM HOLDINGS: Fixes November 9 as Last Day to File Claims S I N G A P O R E AAF ASIA: Requires Creditors to File Claims by Nov. 26 AC-CHEM INVESMENTS: Accepting Proofs of Debt Until November 12 ACOT INNOVATIONS: Creditors' Proofs of Debt Due on November 12 EXCELLENT HOLDINGS: Pays Dividend to Creditors OPTIMUM-3 INTERNATIONAL: Court Enters Wind-Up Order UNITED TEST: S&P Lowers Corporate Credit Rating to B+ T H A I L A N D TMB BANK: Fitch Places Bank on Rating Watch Evolving * BOND PRICING: For the Week 29 October to 02 November 2007 - - - - - - - - ================= A U S T R A L I A ================= CALSONIC AUSTRALIA: Declares Final Dividend ------------------------------------------- Calsonic Australia Pty Ltd, which is in liquidation, declared its final dividend on October 30, 2007. Creditors who were not able to file their proofs of debt by the October 24 due date, were excluded from the company's dividend distribution. The company's liquidators are: Salvatore Algeri Timothy B. Norman Deloitte Touche Tohmatsu 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone:(03) 9208 7000 About Calsonic Australia Calsonic Australia Pty Ltd is a distributor of industrial machineries. The company is located at Port Melbourne, in Victoria, Australia. CITY VIEW: To Declare Dividend for Priority Creditors on Nov. 2 --------------------------------------------------------------- City View Landscape Constructions Pty Ltd, which is in liquidation, will declare dividend for its priority creditors on November 2, 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 liquidators are: Anthony R. Cant Romanis Cant 2nd Floor, 106 Hardware Street Melbourne, Victoria 3000 Australia About City View City View Landscape Constructions Pty Ltd is in the business of landscape counseling and planning. The company is located at Docklands, in Victoria, Australia. DIRECT SECURITY: Members Agree on Voluntary Liquidation ------------------------------------------------------- During a general meeting held on September 14, 2007, the members of Direct Security Services Pty Ltd agreed to voluntarily liquidate the company's business. Robyn Erskine and Peter Goodin were appointed as liquidators. The Liquidators can be reached at: Robyn Erskine Peter Goodin Brooke Bird Insolvency Practitioners 471 Riversdale Road Hawthorn East, Victoria 3123 Australia Telephone:(03) 9882 6666 About Direct Security Direct Security Services Pty Ltd is a distributor of electronic parts and equipments. The company is located at South Yarra, in Victoria, Australia. FORBES GEAR: Members to Hold Final Meeting on November 5 -------------------------------------------------------- Forbes Gear Pty Ltd will hold a final meeting for its members on November 5, 2007. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Dennis M. Foley Dennis M. Foley & Associates Certified Practicing Accountants Lydiard House, 3rd Floor 17 Lydiard Street North Ballarat, Victoria 3350 Australia Telephone:(03) 5331 2600 Facsimile:(03) 5333 2713 About Forbes Gear Forbes Gear Pty Ltd provides services to insurance agents and brokers. The company is located at Ballarat, in Victoria, Australia. GOWRA CONSOLIDATED: Creditors Agree on Voluntary Liquidation ------------------------------------------------------------ The creditors of Gowra Consolidated Pty Ltd met on September 17, 2007, and agreed to voluntarily liquidate the company's business. Stephen Robert Dixon and Laurence Andrew Fitzgerald were named as liquidators. The Liquidators can be reached at: Stephen Robert Dixon Laurence Andrew Fitzgerald BDO Kendalls Business Recovery & Insolvency (Victoria) Pty Ltd Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia About Gowra Consolidated Gowra Consolidated Pty Ltd is involved with trusts. The company is located at Greensborough, in Victoria, Australia. INDEPENDENT FAN: Members and Creditors to Meet on November 13 ------------------------------------------------------------- The members and creditors of Independent Fan Supplies Pty Ltd will have their final general meeting on November 13, 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: Warren White PPB Chartered Accountants Level 10, 90 Collins Street Melbourne 3000 Australia About Independent Fan Independent Fan Supplies Pty Ltd is a distributor of blowers and fans. The company is located at Springvale, in Victoria, Australia. K.G.J. PTY: Members to Receive Wind-Up Report on November 2 ----------------------------------------------------------- K.G.J. Pty Ltd will hold a final meeting for its members on November 2, 2007, at 10:00 a.m. At the meeting, Nick Combis, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Nick Combis Vincents Chartered Accountants Level 27, 239 George Street Brisbane, Queensland 4000 Australia About K.G.J. Pty Located at Mitchelton, in Queensland, Australia, K.G.J. Pty Ltd is an investor relation company. The company is located at Mitchelton, in Queensland, Australia. MTS STORAGE: Members and Creditors to Meet on November 5 -------------------------------------------------------- The members and creditors of MTS Storage Pty Ltd will hold a final meeting on November 5, 2007, at 9:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Robyn Erskine Peter Goodin Brooke Bird Insolvency Practitioners 471 Riversdale Road Hawthorn East, Victoria 3123 Australia Telephone:(03) 9882 6666 About MTS Storage MTS Storage Pty Ltd operates nonclassifiable establishments. The company is located at Port Melbourne, in Victoria, Australia. NORRIS & SYMONS: Placed Under Voluntary Liquidation --------------------------------------------------- At an extraordinary general meeting held on September 17, 2007, the members of Norris & Symons Pty Ltd agreed to voluntarily liquidate the company's business. Andrew McLellan was appointed as liquidator. The Liquidator can be reached at: Andrew Mclellan PPB 10/90 Collins Street Melbourne, Victoria 3000 Australia About Norris & Symons Norris & Symons Pty Ltd is a distributor of refrigeration and heating equipments. The company is located at Hallam, in Victoria, Australia. SILK FILMS: Members' Final Meeting Set for November 2 ----------------------------------------------------- A final meeting will be held for the members of Silk Films Pty Ltd on November 2, 2007, at 11:00 a.m. At the meeting, Bruce N. Mulvaney, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Bruce N. Mulvaney Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road Surrey Hills, Victoria 3127 Australia About Silk Films Silk Films Pty Ltd operates nonclassifiable establishments. The company is located at Balnarring, in Victoria, Australia. WESTERN RETIREMENT: FDA Judge Appoints 2 Liquidators ---------------------------------------------------- Following an application by the Australian Securities & Investments Commission, Justice Finkelstein of the Federal Court of Australia appointed Brian McMaster and Mark Mentha of KordaMentha, as liquidators for Western Retirement Village Management Pty. Ltd. The ASIC alleged that Western Retirement was involved in the promotion and operation of an unregistered managed investment scheme, known as the Mews Scheme, which was established by Western Retirement and others for the purpose of constructing and operating a retirement village facility in Upper Swan, Western Australia. Orders winding up the Mews Scheme and appointing receivers to the assets of the Mews Scheme had previously been made. The ASIC sought to wind up Western Retirement because it was concerned that the company: * had been involved in the operation and promotion of an illegal unregistered managed investment scheme and there was no evidence that it had ever or would ever conduct any other legitimate business; * had entered into transactions that �encumbered� the land (being the only asset of the Mews Scheme) but the land remained undeveloped; * failed to provide books and records that sufficiently explained what had happened to investors� contributions to the Mews Scheme and money borrowed by it; and * was in possession of documents that would assist the receivers in the task of identifying assets and liabilities of the Mews Scheme and assessing the validity of claims made on the Mews Scheme�s assets. Justice Finkelstein found, among other things, that Western Retirement paid the purchase price for, and became the registered proprietor of the land on which the village was to be built and was involved in marketing the scheme to investors, which raised approximately AU$6 million. In appointing Messrs McMaster and Mentha, Justice Finkelstein concluded that an investigation by a liquidator into the affairs of Western was necessary to complete the winding up of the Mews Scheme. Background On May 30, 2006, the ASIC filed an application with the Federal Court seeking orders winding up the alleged unregistered managed investment schemes, known as the Mews and Rosedale Schemes (the Schemes), and/or the winding up of the companies the ASIC alleged were involved in the promotion and operation of the Schemes. The ASIC�s application alleged that the Schemes were promoted in early 2000 by GDK Financial Solutions Pty. Ltd. and associated companies, Western, Windsor Village Management Pty. Ltd., The Mews Village Nominees Pty. Ltd. , Peridon Management Pty. Ltd. and Rosedale Village Nominees Pty. Ltd. GDK went into liquidation on 25 May 2006. Peridon Management went into liquidation in January 2006, after being put into voluntary administration in December 2005. On November 28, 2006, Justice Finkelstein made orders winding up the Schemes and appointing receivers to the assets of each of the Schemes. He also appointed liquidators to The Mews Village Nominees and Rosedale Village Nominees. The winding up of the Schemes is still proceeding with various investigations being undertaken by the receivers. ZINIFEX LTD: Raises EUR1.74 Billion in Nyrstar IPO -------------------------------------------------- Zinifex Limited confirmed that the public offer of shares in Nyrstar NV, the world�s largest zinc metal producer, was successfully completed and announces the final offer price and details: * The Offer was priced at EUR20 per ordinary share; * The total number of shares allocated amounts to 100,000,000. The Offer size was increased to 86,956,522 shares, an increase of 17,391,304 shares from the initial Offer size. The remaining 13,043,478 shares are subject to the over-allotment option outlined below; * The gross proceeds for the Selling Shareholders resulting from the sale of 86,956,522 shares amount to EUR1,739,130,440, before any proceeds which may result from the exercise of the option to cover over-allotments; * Zinifex will receive approximately 60% of the gross proceeds of the Offer less Offer costs and any tax payable; * Zinifex Limited and Umicore SA/NV (the "Selling Shareholders") have granted the underwriters an option to purchase at the Offer price up to 13,043,478 additional existing ordinary shares of Nyrstar, solely to cover over- allotments. The option is exercisable for a period of 30 calendar days from the commencement of conditional trading. Any exercise, in whole or in part, of the option will be announced no later than 5 December 2007; * If the over-allotment option is exercised in full, the Offer will result in a full exit by the Selling Shareholders; * To the extent the over-allotment option is not exercised in full and the Selling Shareholders retain residual shares in Nyrstar, Zinifex and Umicore have agreed (subject to customary exceptions) to a 360 day lock-up period from the commencement of conditional trading of the ordinary shares of Nyrstar. Commenting on the offer, Tony Barnes, Zinifex�s Chief Executive Officer said, "We are delighted with the strong interest shown in Nyrstar shares that enabled us to increase the Offer size to the maximum limit and will potentially result in a full exit by Zinifex if the over-allotment option is exercised in full." "Zinifex will now focus on growing our mining business to complement the already strong performance from our two mines - Century and Rosebery. In addition to our portfolio of exploration and development projects, we believe that attractive opportunities exist to add to both Zinifex�s near term production and to extend total mine life through mergers or acquisitions. The proceeds raised from the sale of Nyrstar will enhance the range of acquisition opportunities that we might consider," Mr. Barnes added. "Our practice of returning funds that are surplus to business requirements to shareholders will continue," Mr. Barnes concluded. 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 ================================ BALL CORP: Reports US$60.9 Million Third Quarter Earnings --------------------------------------------------------- Ball Corporation has reported third quarter earnings of US$60.9 million, or 59 cents per diluted share, on sales of US$1.91 billion, compared to US$107.1 million, or US$1.02 per diluted share, on sales of US$1.82 billion in the third quarter of 2006. For the first nine months of 2007, Ball Corp.'s results were earnings of US$248 million, or US$2.40 per diluted share, on sales of US$5.63 billion, compared to US$281.3 million, or US$2.68 per diluted share, on sales of US$5.03 billion in the same period in 2006. Both the third quarter and the nine-month results in 2007 include an after-tax charge of US$51.8 million, or 50 cents per diluted share, related to the settlement of a dispute with a beverage can customer in the metal beverage packaging, Americas, segment. The 2006 results include a gain of US$2.8 million (US$1.7 million after tax, or two cents per diluted share) in the third quarter and US$76.9 million (US$46.9 million after tax, or 45 cents per diluted share) in the first nine months for insurance recovery from a fire at a plant in Germany. The 2007 results through three quarters do not include an after- tax charge of approximately US$26 million that will result from facility closures and related equipment relocation activities associated with plans the company announced as part of the continuing consolidation of its food and household products packaging, Americas, segment. That charge will occur in the fourth quarter of 2007. "We had a solid quarter, led by outstanding results in our metal beverage packaging, Europe/Asia, and our aerospace and technologies segments," said R. David Hoover, chairman, president and chief executive officer. "Operating results in our metal beverage packaging, Americas, segment were slightly lower than a year ago in the quarter, but for the full year they remain well above 2006. We announced this week a restructuring plan to improve results in our metal food and household products packaging, Americas, segment. We continue to have discussions with our customer base about the need to improve results there and in our underperforming plastic packaging, Americas, segment." Metal Beverage Packaging, Americas The 2007 sales and operating earnings for both the quarter and the first nine months were reduced by the US$85.6 million pre- tax charge related to the customer settlement. Operating earnings in the quarter before the customer settlement for the metal beverage packaging, Americas, segment were US$65 million on sales of US$728.8 million, compared to US$73 million on sales of US$659.6 million in the third quarter of 2006. For the first nine months segment results before the customer settlement were earnings of US$241.4 million on sales of US$2.2 billion, compared to US$193.5 million on sales of US$1.99 billion in the first three quarters of 2006. "Demand continued to be strong, particularly for specialty size beverage cans, during the third quarter in the metal beverage packaging, Americas, segment," Mr. Hoover said. "To help meet that demand, we plan to install a new 24-ounce can production line in our Monticello, Ind., facility in time for the 2008 summer sales period." Metal Beverage Packaging, Europe/Asia Third quarter earnings in the metal beverage packaging, Europe/Asia, segment were US$81 million on sales of US$522.4 million, compared to US$66 million, including US$2.8 million in property insurance gains, on sales of US$425.1 million in the third quarter of 2006. For the first nine months segment earnings were US$218.5 million on sales of US$1.45 billion, compared to US$235.7 million, including US$76.9 million in property insurance gains, on sales of US$1.16 billion in the same period in 2006. "Results in Europe were helped by higher selling prices, continued cost optimization efforts, and by a full quarter's contribution from the new lines added in Hassloch and Hermsdorf, Germany, to replace the capacity lost in the fire last year," Mr. Hoover said. "We have announced plans for line speedups and are looking at possible additional can and end manufacturing capacity in Europe to meet the continued demand growth there." Metal Food & Household Products Packaging, Americas Earnings for the third quarter in the metal food and household products packaging, Americas, segment were US$14.5 million on sales of US$349.5 million, compared to US$19.7 million on sales of US$366 million in the third quarter of 2006. For the first nine months of 2007, earnings were US$25.4 million on sales of US$912.3 million, compared to US$25.5 million, including a US$1.7 million charge for costs to shut down a food can manufacturing line in Canada, on sales of US$850.5 million. "Results in our metal food and household products packaging, Americas, segment remain below acceptable levels," Mr. Hoover said. "As part of the ongoing process of integrating the assets we acquired in March 2006 and improving overall performance, we have announced plans to close two manufacturing plants and exit the custom and decorative tinplate can business. Although some manufacturing equipment from the facilities being closed will be relocated to other Ball facilities, we expect an overall reduction in manufacturing capacity of approximately 10 production lines. When completed, this restructuring is expected to yield annualized cost savings in excess of US$15 million." Plastic Packaging, Americas Third quarter results in the plastic packaging, Americas, segment were earnings of US$7.7 million on sales of US$195 million, compared to US$7.9 million on sales of US$201.2 million in the third quarter of 2006. For the first three quarters of 2007, results were earnings of US$17.1 million on sales of US$580.3 million, compared to US$18.3 million on sales of US$521.1 million in the same period in 2006. "Sales volumes were up slightly from the third quarter of 2006, due in part to the inclusion of our plastic pail business, which was transferred to this segment at the beginning of 2007," Mr. Hoover said. "However, we remain disappointed with the sales of commodity PET bottles." Aerospace and Technologies Earnings in the third quarter for the aerospace and technologies segment were US$18.3 million on sales of US$196.4 million, compared to US$15.6 million on sales of US$170.4 million in the third quarter of 2006. For the first nine months of 2007, earnings were US$53.5 million on sales of US$596.9 million, compared to US$33.4 million on sales of US$505.7 million in the first three quarters of 2006. "Our aerospace and technologies segment had an excellent quarter and earnings through three quarters exceed all of 2006 for the segment," Mr. Hoover said. "The successful launch on Sept. 18 of the WorldView-1 satellite we built for DigitalGlobe marked another important achievement for Ball Aerospace. This next- generation imaging satellite and the WorldView-2 spacecraft we currently have in development will be the most agile commercial imaging spacecraft ever flown." Outlook Raymond J. Seabrook, executive vice president and chief financial officer, said a lower effective tax rate helped third quarter results. "We concluded our negotiations with the Internal Revenue Service regarding interest expenses incurred on loans under a company- owned life insurance plan, with the majority of the interest deductions being upheld," Mr. Seabrook said. "Legislated reductions in European corporate tax rates and other favorable tax issues resulted in an overall lower tax rate in the quarter. "Our adjusted full-year free cash flow is still on track to exceed US$400 million and our stock buyback is projected at US$200 million," Mr. Seabrook said. "We are taking aggressive steps to better position Ball Corporation for the future," Mr. Hoover said. "We are determined to make our best businesses even better and to bring our underperforming businesses to more acceptable levels. "We have announced plans for expansion in some of the world's strongest growth markets and are examining other similar opportunities. We are continuing the process of integrating and rationalizing assets in the mature metal food and household products packaging market," Mr. Hoover said. About Ball Corp. Headquartered in Broomfield, Colorado, Ball Corp. -- http://www.ball.com/-- is a supplier of high-quality metal and plastic packaging products. It owns Ball Aerospace & Technologies Corp. -- a developer of sensors, spacecraft, systems and components for government and commercial customers. Ball Corp. reported sales of US$5.7 billion in 2005 and the company employs about 13,100 people worldwide, including Argentina, Hong Kong and China. * * * As of July 30, 2007, the company holds Moody's Ba1 long-term corporate family rating, bank loan debt, senior unsecured debt, and probability of default rating. Moody's said the outlook is stable. Standard & Poor's rates the company's long-term foreign and local issuer credits at BB+ with a stable outlook. Fitch also rates the company's bank loan debt at BB+ and long- term issuer default rating and senior unsecured debt at BB. Fitch said the outlook is stable. COASTAL PRINTING: Court to Hear Wind-Up Petition on November 21 --------------------------------------------------------------- A petition to have Coastal Printing HK Limited's operations wound up will be heard before the High Court of Hong Kong on November 21, 2007, at 9:30 a.m. The petition was filed by Wong Wing Sze Joyce on September 12, 2007. CYPRESS SHIPPING: Lau Wing Pan Quits as Liquidator -------------------------------------------------- On October 6, 2007, Lau Wing Pan quit as liquidator of Cypress Shipping Company Limited. The former Liquidator can be reached at: Lau Wing Pan Golden Gate Commercial Building Room 303, 3rd Floor 136-138 Austin Road, Tsim Sha Tsui Kowloon, Hong Kong FIELDMAX DEVICE: Proofs of Debt Due on Nov. 19 ---------------------------------------------- The creditors of Fieldmax Device Limited are required to file their proofs of debt by November 19, 2007, to be included in the company's dividend distribution. The company's liquidator is: Poon Ka Lee, Barry 1607, ING Tower 308 Des Voeux Rd C Hong Kong HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30 ---------------------------------------------------------------- Hercules Incorporated reported net income for the quarter ended Sept. 30, 2007 of US$42.4 million as compared to net income of US$34.2 million for the third quarter of 2006. Net income from ongoing operations for the third quarter of 2007 was US$53.4 million, an increase of 28% per diluted share as compared to net income from ongoing operations of US$40.9 million in the third quarter of 2006. During the quarter, the company purchased about 1.15 million shares of common stock for a cost of about US$22.8 million pursuant to its previously announced US$200 million share repurchase authorization. Net sales in the third quarter of 2007 were US$544.2 million, an increase of 6% from the same period last year. Reported profit from operations in the third quarter of 2007 was US$72.9 million, an increase of 1% compared with the same period in 2006. Profit from ongoing operations in the third quarter of 2007 was US$84.2 million, an increase of 10% compared with US$76.4 million in the third quarter of 2006. Interest and debt expense was US$17 million in the third quarter of 2007, up US$0.3 million compared with the third quarter of 2006. Net debt, total debt less cash and cash equivalents, was US$669 million at Sept. 30, 2007, a decrease of US$154.7 million from year-end 2006. Capital spending was US$24 million in the third quarter and US$77.8 million year to date. This compares to US$26.3 million and US$49.2 million in the third quarter and year to date periods last year, respectively. Nine Month-Result Highlights Net income for the nine months ended Sept. 30, 2007 was US$150.4 million as compared to a net loss of US$3.4 million for the same period in 2006. Net income from ongoing operations for the nine months ended Sept. 30, 2007 was US$134.9 million, an increase of 27% per diluted share versus the same period in 2006. Cash flow from operations for the nine months ended Sept. 30, 2007 was US$247.5 million, an increase of US$140.5 million as compared to the same period last year. The company has now received US$223.2 million of tax refunds during the year and expects to receive an additional US$21.2 million in the first half of 2008. Net sales for the nine months ended Sept. 30, 2007 were US$1.596 billion, an increase of 8% as compared to the same period in 2006, excluding the impact of the FiberVisions transaction. Interest expense for the nine months ended Sept. 30, 2007 was US$52 million, a decrease of US$2.1 million from the same period of last year. As of Sept. 30, 2007, the company reported total assets of US$2.7 billion, total liabilities of US$2.3 billion, and total stockholders' equity of US$458.4 billion. Full-text copies of the company's financials are available for free at http://ResearchArchives.com/t/s?2485 Outlook "We continue to demonstrate solid growth in revenues, earnings per share and cash flow," commented Craig A. Rogerson, president and chief executive officer. "Our priority is to continue to invest in high return opportunities supporting our two global franchises. We also began returning excess cash flow to our shareholders by reinstituting a common stock dividend and through share repurchases." About Hercules Inc Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures and markets chemical specialties globally for making a variety of products for home, office and industrial markets. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. * * * In September 2006, Moody's placed the company's long-term corporate family rating, senior unsecured debt rating and probability of default rating at Ba2, senior subordinate rating at Ba3, and junior subordinate debt rating at B1. These ratings still hold to date. The outlook is positive. Standard & Poor's placed the company's long-term foreign and local issuer credits at BB which still hold to date. The outlook is positive. HONFORD TRADING: Inability to Pay Debts Prompts Wind-Up ------------------------------------------------------- At an extraordinary general meeting held on October 11, 2007, the members of Honford Trading Limited resolved to voluntarily liquidate the company's business, due to its inability to pay its debts. The company's liquidators are: Cosimo Borrelli G Jacqueline Fangonil Walsh Borrelli Walsh Limited Admiralty Centre 1401, Level 14, Tower 1 18 Harcourt Road Hong Kong HONG KONG WEB: Members Agree on Voluntary Liquidation ----------------------------------------------------- At an extraordinary general meeting held on October 10, 2007, the members of Hong Kong Web Hosting Association Limited agreed to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 19, 2007, to be included in the company's dividend distribution. The company's liquidators are: Li Fat Chung Chan Chi Bor Malaysia Building Unit 1202, 12th Floor No. 50 Gloucester Road, Wanchai Hong Kong INTERMOST CORP: Wong & Co. Raises Going Concern Doubt ----------------------------------------------------- After auditing Intermost Corporation's financial statements for the year ended June 30, 2007, Samuel H. Wong & Co., LLP, raised substantial doubt on the company's ability to continue as a going concern, pointing to the fact that company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, Wong & Co. notes that the company continues to experience negative cash flows from operations. For the year ended June 30, 2007, the company incurred a net loss of US$3,090,547, compared with the US$2,117,200 net loss it incurred in the year ended June 30, 2006. As of June 30, 2007, the company's consolidated balance sheets showed total current assets of US$8,422,991 and total current liabilities of US$4,986,232. As of end-June 2007, Intermost recorded total assets of US$15,885,552 and total stockholders' equity of US$10,166,558. About Intermost Corporation Headquartered in Shenzhen, China, Intermost Corporation -- http://www.intermost.com/-- is a service provider of electronic exchange platforms for equity exchanges and financial products in China. It also provides value-added service to overseas financing and listing for medium and small sized companies. The company was established in USA in September 1998. It was quoted on US OTC Bulletin Board (stock symbol: IMOT) in December 1998. As a financial service provider, Intermost Corporation is the first Chinese Internet Company quoted on the US OTC BB. N.T. HONG KONG: Members to Hold General Meeting on November 23 -------------------------------------------------------------- The members of N.T. Hong Kong Company Limited will hold their final general meeting on November 23, 2007, at 5:45 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Natalia K M Seng Three Pacific Place, Level 27 1 Queen's Road East Hong Kong OEM MARKETING: Wind-Up Petition Hearing Set for December 12 ----------------------------------------------------------- On October 2, 2007, Specialised Sales and Marketing Limited filed a petition to have OEM Marketing Services Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on December 12, 2007. Specialised Sales' solicitors are: Boase Cohen & Collins 2303-7 Dominion Centre 43-59 Queen's Road East Hong Kong PERFORMANCE INIVESTMENT: Taps Sutton and Chiong as Liquidators -------------------------------------------------------------- Roderick John Sutton and Desmond Chung Seng Chiong were named liquidators of Performance Investment Products Corporation Limited on August 6, 2007. The Liquidators can be reached at: Roderick John Sutton Desmond Chung Seng Chiong Hong Kong Club Building, 14th Floor 3A Chater Road Central Hong Kong SAMSUNG ASSET: Lam and Toohey Quit from Liquidator Posts -------------------------------------------------------- Rainier Hok Chung Lam and John James Toohey quit as liquidators of Samsung Asset Management (Asia) Limited on October 11, 2007. The former Liquidators can be reached at: Rainier Hok Chung Lam John James Toohey Prince's Building, 22nd Floor Central, Hong Kong SANTEI INTERNATIONAL: Chiu and Yin Quit as Liquidators ------------------------------------------------------ On October 15, 2007, Ying Hing Chiu and Chung Miu, Diana quit as liquidators of Santei International (H.K.) Limited. The former Liquidators can be reached at: Ying Hing Chiu Chung Miu, Diana Three Pacific Place, Level 28 1 Queen's Road East Hong Kong ========= I N D I A ========= AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1 ---------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Agilent Technologies, Inc.'s proposed offering of US$500 million senior notes due 2017 and affirmed its existing ratings and stable outlook. The new issue proceeds will be used to fund the remaining purchases under Agilent's accelerated stock buyback program and replenish cash balances. For the nine months ended July 31, 2007, Agilent purchased US$1.3 billion worth of common shares, made cash acquisitions totaling US$311 million and maintained roughly US$1.49 billion of unrestricted cash, down from US$2.05 billion at April 30, 2007. Moody's noted that at the current rating category, Agilent has capacity to incur additional debt supported by higher EBITDA levels. Pro forma for this transaction, debt/LTM EBITDA is 1.1x (Moody's adjusted) excluding the US$1.5 billion enhanced note obligation or 2.5x (Moody's adjusted) including the enhanced note obligation. The rating for the senior notes is the same as the Ba1 corporate family rating, which reflects the company's repositioning and transition to a business model that has the propensity to deliver enhanced operating margins and consistently higher levels of positive free cash flow compared to prior periods and its peers. Agilent has adopted an outsourced manufacturing model and reduced infrastructure costs by 35% to better align its workforce and operating facilities with a smaller revenue base after the disposition of its Semiconductor Products Group in 2005 and Semiconductor Test assets in early 2006. The rating also considers the company's more focused business strategy in less volatile business segments affording increased growth opportunities in Agilent's core electronic and bio- analytical test and measurement businesses. Additionally, the rating takes into account recent R&D and investment efforts that were refocused to align Agilent's business with new market opportunities to capture market share and deliver above-average revenue growth. The Ba1 rating is constrained by the: (i) smaller revenue base and historic growth rates at or below the industry average; (ii) historic single-digit operating margins (albeit improved to 10.5% as of the recent twelve month period), with limited opportunities for further cost savings (iii) brief track record demonstrating sustained above-average revenue growth and consistent operating performance relative to peers following the repositioning; (iv) potential for a sizeable acquisition or other leveraging event that could increase debt levels and/or reduce liquidity; and (v) financial policies that are viewed to be more shareholder friendly. Moody's cited the rating also captures recent competitor actions that include Danaher's US$2.8 billion acquisition of Tektronix, a supplier of electronic test and measurement equipment and chief rival of Agilent. Potential risks to Agilent include Danaher's increased scale in its Electronic Test division, Tektronix's access to greater R&D resources, Danaher's expected implementation of cost and manufacturing improvements at Tektronix and Danaher's likely strategy to leverage Tektronix's Asian presence as a platform for growing its instrumentation business which could lead to heightened competition in Asia (Asia accounts for 40% of Agilent's sales). Moody's will monitor these developments closely. The stable outlook reflects Agilent's positive operating trends tempered by the implementation of its US$2 billion share repurchase program over a twelve-month period instead of the previously expected 24-month timeframe. The accelerated stock repurchase will significantly exceed the level of free cash flow (after acquisitions) that Moody's expects the company to generate in fiscal 2007. Moody's views this as a return to a more aggressive use of Agilent's considerable balance sheet liquidity, requiring the need for higher debt levels in the permanent capital structure, which somewhat limits financial flexibility at the Ba1 level. The stable outlook also recognizes Agilent's more stable operating profile, refocused business strategy in less volatile business segments, diversification across its core test and measurement markets (which experienced improved revenue growth of 7% in the recent quarter) and propensity for predictable free cash flow compared to prior years. Upward ratings pressure could occur if Agilent continues to demonstrate solid organic revenue growth and operating margin improvement over the next several quarters driven by sustainable above-average growth in the electronic measurement segment as well as evidence of financial policies that better align shareholder and creditor interests. The company's SGL-1 rating reflects very good liquidity and financial flexibility. This is driven by Agilent's US$1.49 billion of unrestricted cash, Moody's expectations for free cash flow generation (after acquisitions) of at least US$300 million in fiscal 2007 and US$320 million in fiscal 2008, plus full access to a US$300 million revolver. Agilent remains in compliance with its new unrated 5-year senior unsecured credit facility with substantial cushion under both the interest coverage and financial leverage maintenance covenants. The rating for the senior notes reflect both the overall probability of default of the company, to which Moody's previously assigned a PDR of Ba1 and a loss given default of LGD-4 for the senior notes. The Ba1 rating of the senior notes reflects their senior position in Agilent's capital structure. Agilent Technologies Inc., the issuer of the notes, is not a parent holding company, but rather an operating entity with hard assets, inventory and payables. As per the note offering prospectus, the notes are structurally subordinated to the liabilities and payables at Agilent's operating subsidiaries, and are ranked as such in Moody's LGD waterfall. Although the notes do not benefit from upstream guarantees, because they are located at a first-tier operating entity, in a bankruptcy scenario they would share the same collateral pool (on a junior basis) as the trade creditors and lenders residing at the operating subsidiaries. In accordance with guidance for Moody's LGD framework, Agilent's subsidiary's US$1.5 billion floating rate enhanced note obligation residing in the bankruptcy remote vehicle was excluded from the LGD waterfall. However, Moody's notes that senior noteholders are structurally subordinated to the bankruptcy remote entity's noteholders given that trust creditors have a first priority claim on assets and cash flows of certain foreign operating subsidiaries that represent a substantial portion of Agilent's cash flows. This new rating/assessment was assigned: -- US$500 million Senior Unsecured Notes due 2017 � Ba1 (LGD-4, 52%) These ratings were affirmed: -- Corporate Family Rating -- Ba1 -- Probability of Default Rating -- Ba1 -- Speculative Grade Liquidity -- SGL-1 Headquartered in Santa Clara, California, Agilent Technologies, Inc. is a leading measurement technology company serving the communications, electronics, life sciences and chemical analysis industries. Net revenues for the twelve months ended July 31, 2007 were US$4.7 billion. The company has operations in India, Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and Luxembourg, among others. BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion ------------------------------------------------------------- Bank of India's net profit more than doubled to INR4.25 billion in the three months ended Sept. 30, 2007, compared to that earned in the same quarter last year. The bank's total income jumped 34.17% to INR35.04 billion, most of which comes from interest earned or operating income (INR29.75 billion). Expenditures for the July-Sept. 2007 period aggregated INR26.64 billion, up 25% fro the INR21.32 billion incurred in the corresponding quarter in 2006. A copy of the bank's financial results for the second quarter ended Sept. 30, 2007, is available for free at : http://ResearchArchives.com/t/s?249f Headquartered in Mumbai, India, Bank of India -- http://www.bankofindia.com-- 2628 branches in India spread over all states/ union territories, including 93 specialized branches. The bank provides a range of financial products and services, including numerous credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. It also extends finance to small and medium enterprises and small-scale industries. It provides a variety of loans, such as mortgage loans, educational loans, auto finance loans, holiday loans, personal loans and home loans. The bank offers Internet banking services for both the retail and corporate clients. The bank operates in the Cayman Islands, China, the Channel Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore, the United Kingdom, the United States, and Vietnam. * * * Standard & Poor's Ratings Services assigned on March 26, 2007, its 'BB' issue rating to the bank's Hybrid Tier I notes to be issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting through its Jersey branch. These notes are being issued under the bank's US$1 billion medium-term notes program. DECCAN AVIATION: Vijay Mallya's UB Group Ups Stake to 45.97% ------------------------------------------------------------ UB Group company Kingfisher Radio Ltd now has 45.97% in Deccan Aviation Ltd after the open offer, a filing with the Bombay Stock Exchange on Friday disclosed. As previously reported by the Troubled Company Reporter-Asia Pacific, Deccan Aviation sold 26% of the company to UB Group for around INR5.5 billion. Pursuant to Indian takeover rules, UB Group made an open offer for 20% more in the charter aviation company through Kingfisher along UB Overseas Ltd. According to the BSE filing, during the open offer, Vijay Mallya's UB Group acquired a total of 27,126,360 shares with face value of INR10 each of the outstanding shares of the carrier at a price of INR155 each: Shares Acquired % ---------- ------ Kingfisher Radio Ltd 17,364,323 12.80% UB Overseas Ltd 9,762,037 7.20% ---------- ------ Total 27,126,360 20.00% ========== ====== Control of Deccan Aviation will help Mr. Mallya's Kingfisher Airline Ltd reduce operational and maintenance costs, Bloomberg News says. Headquartered in New Delhi, India, Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. The Mobile Services business unit offers mobile services in all 23 telecom circles of India. The B&TS business unit provides broadband and telephone services in 90 cities across India. The Enterprise Services business unit has two sub-units: Carriers (long- distance services) and Corporates. Through Enterprise Services- Carriers, Bharti Airtel provides national and international long-distance services. The Enterprise Services-Corporates business unit provides integrated voice and data communications solutions to corporate customers and small and medium-size enterprises. * * * The Troubled Company Reporter-Asia Pacific reported on June 28, 2006, that Fitch Ratings affirmed Bharti Airtel Limited's long-term foreign currency issuer default rating at BB+. The outlook on the rating remains stable. Additionally, Standard and Poor's Rating Service gave the company's long-term local and foreign issuer credit both a BB+ rating on Sept. 21, 2005. RYERSON INC: Platinum Equity Appoints Team of New Sr. Leaders ------------------------------------------------------------- Ryerson Inc. has taken the initial steps in a comprehensive reorganization. On Oct.19, 2007, Platinum Equity LLC made several key appointments to the company's senior leadership team: * Robert Archambault was named interim CEO. Mr. Archambault is a partner at Platinum Equity overseeing the Ryerson investment. * Stephen Makarewicz was been appointed as president and COO. Mr. Makarewicz was president of Ryerson South. * Terence Rogers was appointed as executive vice president and chief financial officer. Mr. Rogers was vice president of finance for Ryerson. As part of the reorganization, Neil Novich, former chairman and CEO, Jay Gratz, former CFO, and Gary Niederpruem, former EVP, have left the company. "We appreciate their longstanding commitment to Ryerson, their professionalism and leadership, and we wish them great success in the future," Mr. Archambault said. "Further details of the reorganization will be disclosed in the weeks ahead. In the meantime, our highest priority is to minimize any disruption to our customers, suppliers and business partners." said Mr. Archambault. "The change in ownership and reorganization gives us an opportunity to build even stronger working relationships with all of our business partners," he said. "I have encouraged every Ryerson employee to focus on improving service as our highest priority." Mr. Makarewicz said the change in ownership and reorganization marked an important turning point for the company. "This is an exciting new era for Ryerson, and a unique opportunity for all of us to chart a course for the future," Mr. Makarewicz said. "We will be reorganizing the company to improve customer service, profitability and achieve operational excellence." About Ryerson Inc. Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a distributor and processor of metals in North America. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China. As reported in the Troubled Company Reporter on Oct. 23, 2007, The affiliates of Platinum Equity LLC completed their acquisition of Ryerson Inc. in a transaction valued at approximately US$2 billion. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Standard & Poor's Ratings Services affirmed its ratings on Ryerson Inc., including its 'B+' corporate credit rating. S&P removed all ratings from CreditWatch, where they had been placed with negative implications on July 24, 2007, after the company after it has agreed to be acquired by Platinum Equity for around US$2 billion. TATA STEEL: Books INR11.9-Bil. Net Profit in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Tata Steel Ltd disclosed on Friday its financial results for the three-month and six-month periods ended Sept. 30, 2007. For the quarter ended Sept. 30, 2007, Tata Steel reported a net profit of INR11.91 billion, which according to media reports, beat estimates. The bottom line is an 8.3% improvement compared to the INR11.01-billion profit booked in the same quarter in 2006. The reports attribute the increased profit to strong sales to auto manufacturers and construction firms. Reuters says foreign exchange gains also contributed to the improved bottom line. The company's total revenues rose 11.84% to INR48.79 billion in the July-Sept. 2007 quarter. The steelmaker also booked, as part of exceptional item, a INR903-million exchange gain on account of unrealized exchange differences on foreign currency borrowings. Expenditures totaled INR27.26 billion, bringing the company's operating profit to INR21.54 billion, which is a jump by 14.44% compared to the margin booked in the corresponding quarter last year. A copy of the company's financial results for the second quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?249d In the six months ended Sept. 30, 2007, Tata Steel's net profit soared 17.42% to INR24.13 billion on total income of INR92.23 billion. Operating profit for the half-year period is at INR43.48 billion, a 22.77% jump from the INR35.41-billion earned in the same period last year. The company posted exceptional items in the April-Sept. 2007 period netting INR3.82 billion, which is comprised of: Contribution for Sports Infrastructure (INR1.50 billion) Employee Separation Compensation (INR1.11 billion) Exchange Gain INR6.43 billion A copy of the company's financial results for the six months ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?249e Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. ================= I N D O N E S I A ================= BANK CENTRAL: Int'l Finance & Japan Bank Offer US700MM Loan ----------------------------------------------------------- PT Bank Central Asia Tbk has been offered a US$700-million loan by International Finance Corp. and Japan Bank for International Cooperation, Asia Pulse reports. According to the report, Bank Central Vice President Jahja Setiatmadja said International Finance pledged up to US$400 million, while JBIC pledged US$300 million, to to be disbursed over a period of four years. The exact amounts, however, have yet to be decided as there are still many legal matters to be studied, Mr. Setiatmadja clarified. Asia Pulse points out that the U.S. dollar loans will be used by Bank Central to finance foreign exchange credits, which are growing in demand. Bank Central previously said it secured a loan pledge of US$280 million from Citibank, Standard Chartered Bank and Wachovia Bank, but canceled an earlier plan to issue bonds in foreign exchange denomination after securing the loan pledge, Asia Pulse relates. Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk -- http://www.klikbca.com/-- offers individual and business products and services. The bank's individual services consist of savings accounts, home loans and car loans, remittance, collection and safe deposit facilities. The bank's business services consist of working capital loans, investment loans and bank guarantee for small and medium-sized enterprises. In addition, it provides export import facilities such as letters of credit, negotiation and discounting. The bank's subsidiaries include PT BCA Finance, BCA Finance Limited and BCA Remittance Limited. It has 772 branches in Indonesia, Singapore and New York, 42,958 EDCs and operates 4,425 ATMs. The bank serves 6.6 million accounts throughout Indonesia. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Central Asia Tbk. The detailed ratings are: -- The issuer rating was raised to Ba2 from Ba3 -- Foreign currency long-term deposit rating to B1 from B2 -- Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D+ BFSR were unaffected. On Aug. 15, 2007, that Fitch Ratings affirmed Bank Central's: * Long-term Foreign Currency Issuer Default Rating at 'BB-' with a Positive Outlook; and * Short-term Foreign Currency IDR at 'B'. BEARINGPOINT: Bags US$50-MM Deal for Motor Vehicle Tech Project --------------------------------------------------------------- BearingPoint Inc. has been awarded a contract up to US$50 million (including a five-year base contract valued at US$36.8 million, plus five option years) from the Missouri Department of Revenue (DOR) to design, implement and maintain a new motor vehicle technology solution for the State. The DOR administers the titling and registering of all vehicles and administration of the driver's license program in the State of Missouri. Under the new contract, BearingPoint will design and implement a complete motor vehicle technology solution that will automate and increase the efficiency of managing all motor vehicle related services provided to Missouri residents, including automobile registration and titling, dealer licensing and driver credentialing. DOR currently uses more than 20 software systems to support a wide array of motor vehicle services. Like in many other states, these disparate systems rely on older technologies that can be very inefficient compared to more modern information technology systems. These older systems can lead to manual and redundant processes, customer service delays, increased staffing requirements, greater vulnerability to fraud and theft, and a general lack of ability to produce timely and complete data for the department. BearingPoint will work with DOR to put in place a fully integrated customer-centric system that will replace the multiple outdated systems with one integrated solution to increase data security and reduce repetitive tasks. This legacy-system replacement project will incorporate service enhancements including customer management, cash and finance management, vehicle titling/registration/inventory, dealer management, driver services and work management. The upgrade is anticipated to decrease customer wait times and allow staff to better serve Missouri residents. "Departments of Motor Vehicles are some of the most complex and highly visible agencies in state government, and they interact with a large number of residents on a regular basis," said Gary Miglicco, vice president of BearingPoint's National Motor Vehicle practice. "BearingPoint is pleased to work with the State of Missouri on this project. We have an excellent team of professionals with DMV experience that will work closely with the State to help ensure this new system meets all of its current requirements, and is robust enough to meet future needs as well." BearingPoint's National DMV Practice is one of the leaders in providing management and technology consulting services to motor vehicle regulators, and has significant experience in the development and operation of DMV systems. The firm has worked on projects with Departments of Motor Vehicles in California, New Hampshire, Montana and Texas. About BearingPoint Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE) -- http://www.BearingPoint.com/-- provides of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. The firm has approximately 17,500 employees, and major practice areas focusing on the Public Services, Financial Services and Commercial Services markets. BearingPoint has global locations including in Indonesia, Australia, Austria, China, India, Japan, Mexico, Portugal, Singapore and Thailand. The company reported total assets of US$1.9 billion, total liabilities of US$2.1 billion, and total stockholders deficit of US$177.3 million as of Dec. 31, 2006. FREEPORT-MCMORAN: Earns US$763MM in Third Quarter Ended Sept. 30 ---------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc. reported third quarter 2007 income from continuing operations applicable to common stock of US$763 million compared with US$351 million for the third quarter of 2006. For the nine months ended Sept. 30, 2007, FCX reported income from continuing operations applicable to common stock of US$2.3 billion compared with US$970 million in the 2006 period FCX's nine-month 2007 financial and operating results include its wholly owned subsidiary Phelps Dodge's results following its acquisition by FCX on March 19, 2007. Third Quarter Highlights FCX's consolidated sales from its mines totaled 949 million pounds of copper, 269 thousand ounces of gold and 16 million pounds of molybdenum for third-quarter 2007, and 2.5 billion pounds of copper, 2.1 million ounces of gold and 33 million pounds of molybdenum for the first nine months of 2007. Full-year 2007 pro forma projected consolidated sales from FCX's mines, including pre-acquisition Phelps Dodge sales, about 3.9 billion pounds of copper, 2.3 million ounces of gold and 68 million pounds of molybdenum, including 875 million pounds of copper, 100 thousand ounces of gold and 18 million pounds of molybdenum for fourth-quarter 2007. FCX's operating cash flows totaled US$2.2 billion for third quarter 2007 andUS$4.9 billion for the first nine months of 2007, including Phelps Dodge's amounts beginning March 20, 2007. FCX capital expenditures approximated US$466 million for third- quarter 2007 and US$1.1 billion for the first nine months of 2007. Capital expenditures are expected to approximate US$1.9 billion for 2007. Total debt approximated US$8.7 billion and consolidated cash was US$2.4 billion at Sept. 30, 2007, compared with total debt of US$9.8 billion and consolidated cash of US$2.1 billion at June 30, 2007. In September 2007, FCX entered into an agreement to sell its international wire and cable business, Phelps Dodge International Corporation, for US$735 million. FCX expects to use the estimated net proceeds approximating US$620 million to repay debt. As of Sept. 30, 2007, the company reported total assets of $41.4 billion, total liabilities of US$23.4 billion, and total stockholders' equity of US$18 billion. Full-text copies of the company's financial results are available for free at http://ResearchArchives.com/t/s?2483 Outlook FCX expects to generate cash flows during 2007 significantly greater than its capital expenditures, minority interests distributions, dividends and other cash requirements. Assuming average prices of US$3.50 per pound of copper,US$750 per ounce of gold and US$30 per pound of molybdenum in the balance of the year, and assuming excess cash is applied to reduce debt, total debt at year-end 2007 would approximate US$7.3 billion and consolidated cash would approximate US$1.5 billion. Based on these assumptions, FCX's term debt (which had a US$1.55 billion balance at September 30, 2007) would be substantially repaid by year-end 2007. About Freeport-McMoran Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. The completion of Freeport-McMoran's acquisition further expands the company's global operations. The former Phelps Dodge Corp. has mining operations in Chile, Peru, Colombia, Venezuela and Ecuador, among others. * * * As reported in the Troubled Company Reporter-Asia Pacific reported on October 22, 2007, that Moody's Investors Service revised Freeport-McMoRan Copper & Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed all of Freeport's and Phelps Dodge's other ratings Outlook Actions: Issuer: Freeport-McMoRan Copper & Gold Inc. -- Outlook: Changed To positive from stable Issuer: Phelps Dodge Corporation -- Outlook: changed to positive from stable Ratings affirmed: Issuer: Freeport-McMoRan Copper & Gold Inc. -- Corporate Family Rating: Ba2 -- Probability of Default Rating: Ba2 -- US$0.5 billion Senior Secured Revolving Credit facility, Baa2, LGD1, 2% -- US$1 billion Senior Secured Revolving Credit Facility, Baa3, LGD2, 17% -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2, 17% -- US$339.7 million 6.875% Senior Secured Notes due 2014, Baa3, LGD2, 17% -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80% Issuer: Phelps Dodge Corporation -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3, 36% -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3, 36% -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3, 36% -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3, 36% Fitch also assigns a rating of 'BB+' to FCX's new US$2.45 billion five-year term loan A. Proceeds of the loan were used to repay the US$2.45 billion remaining under the term loan due March 2014. The term loan amortizes at 10% per annum with the remainder due at maturity. As reported in the Troubled Company Reporter on March 27, 2007, Standard & Poor's Ratings Services assigned its 'B' preferred stock rating to the proposed US$2.5 billion US6.75% mandatory convertible preferred stock offering of Freeport-McMoRan Copper & Gold Inc. DIGRANTA INDONESIA: To Begin Operations Next Week ------------------------------------------------- PT Dirgantara Indonesia will begin operations next week after obtaining a copy of the Supreme Court verdict throwing out a bankruptcy ruling against the company, The Jakarta Post reports. As reported by the Troubled Company Reporter-Asia Pacific on October 29, 2007, the Indonesian Supreme Court has accepted the appeal filed by Dirgantara Indonesia over the Commercial Court's recent bankruptcy ruling against the aircraft manufacturer. The commercial court declared Dirgantara Indonesia bankrupt at the request of some of the aircraft maker's dismissed workers, in a bid to extract retirement funds, the TCR-AP stated. The commercial court declared victory of the claim of Dirgantara Indonesia Employees' Communication Forum Trade Union by affirmingbankruptcy of the company, the TCR-AP reported. Dirgantara subsequently filed an appeal for the Commercial Court's decision to be reversed, and on October 22, a panel of Supreme Court judges came out with the appeal ruling in favor of the aircraft manufacturer. B.J. Habibie, Dirgantara Indonesia pioneer, welcomed the ruling of the Supreme Court that annulled company's bankruptcy status, Tempo Interactive reports. Mr. Habibie told Tempo that he is optimistic that the company can be revived again, saying that if they would hand the company to the government, all problems will be solved. Tempo says that Mr. Habibie confirmed that he will not lead Dirgantara Indonesia. Company Resumes Halted Negotiation The Post relates that Dirgantara Managing Director Budi Santoso said the company will resume its renegotiation of a canceled purchase order for six CN-235 planes placed by a Middle Eastern country. The company failed to strike a deal that will determine the price and the dates of delivery, with their guest from Middle East due to the verdict, the report adds. In addition to seeking new purchase orders and aircraft component production deals from overseas, Mr. Santoso told the news agency that the management would also rearrange long-term business and debt rescheduling plans drawn up by the curator. The Post relates that a curator was appointed to manage the company's assets after the bankruptcy ruling by the Central Jakarta Commercial Court. The air manufacturer's biggest debts were to PT Perusahaan Pengelola Aset, amounting to US$56 million, the report notes. Bank Mandiri to Provide Fresh Funds Meanwhile, director for corporate banking at Bank Mandiri, Abdul Rachman, said the bank was ready to help Dirgantara Indonesia cope with its financial problems, by providing around IDR500 billion to IDR1 trillion in fresh loans, Mr. Rachman said. The report notes that Mr. Rachman said Dirgantara Indonesia had been a Bank Mandiri customer for a long time, with the bank providing more than IDR3 trillion in credit facilities to the company. Mr. Rachman said Bank Mandiri will continue to be the company's bank after the monetary crisis, The Post says. The company guarantees 100% in cash all the credits that we give, including bank guarantees and letters of credits, he added. About Dirgantara Indonesia Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/-- is one of the indigenous aerospace companies in Asia with core competence in aircraft design, development and manufacture of civilian and military regional commuter aircraft. In its production line, Dirgantara Indonesia has delivered more than 300 units of aircraft and helicopters, defense system, aircraft components and other services. According to press reports, the company was not able to fully recover from the 1998 Asian financial crisis, and has sought government help to turn its business around. It has urged the government to support the industry by purchasing aircraft from PT DI, and is currently marketing its products to neighboring countries in the region. The Troubled Company Reporter-Asia Pacific reported on September 13, 2006, that the Indonesian Government intends to provide IDR40 billion in bailout funds to Dirgantara Indonesia. HILTON HOTELS: Prices Cash Tender Offers for Five Notes ------------------------------------------------------- Hilton Hotels Corporation has determined the total consideration and tender offer consideration to be paid pursuant to its cash tender offers and related consent solicitations for its: -- 7.625% Notes due 2008, -- 7.200% Notes due 2009, -- 8.250% Notes due 2011, -- 7.625% Notes due 2012, and -- 7.500% Notes due 2017. The total consideration payable for Notes accepted for payment that were validly tendered with consents and not validly withdrawn at or prior to 5:00 p.m., New York City time, on Sept. 25, 2007, will be an amount equal to the total consideration per US$1,000 principal amount of Notes. The tender offer consideration payable per US$1,000 principal amount of Notes accepted for payment that are validly tendered after the Note Consent Payment Deadline but at or prior to 8:00 a.m., New York City time, on Oct. 24, 2007, will be an amount equal to the total consideration minus the consent payment of US$30.00 per US$1,000 principal amount of Notes. In each case, holders whose Notes are accepted for payment in the tender offers will receive accrued and unpaid interest for such Notes from the last interest payment date to, but not including, the payment date for Notes purchased in the tender offers. The company disclosed information relating to the determination of the applicable total consideration and tender offer consideration per US$1,000 principal amount of Notes. Pricing Information for Tender Offers for the Notes: a) CUSIP No.: 432848AU3 Security: 7.625% Notes due 2008 Applicable Spread: 50 bps Tender Offer Yield: 4.599% Total Consideration: US$1,016.45 Consent Payment: US$30 Tender Offer Consideration: US$986.45 b) CUSIP No.: 432848AR0 Security: 7.200% Notes due 2009 Applicable Spread: 50 bps Tender Offer Yield: 4.306% Total Consideration: US$1,058.53 Consent Payment: US$30 Tender Offer Consideration: US$1,028.53 c) CUSIP No.: 432848AT6 Security: 8.250% Notes due 2011 Applicable Spread: 50 bps Tender Offer Yield: 4.342% Total Consideration: US$1,119.13 Consent Payment: US$30 Tender Offer Consideration: US$1,089.13 d) CUSIP No.: 432848AX7 Security: 7.625% Notes due 2012 Applicable Spread: 50 bps Tender Offer Yield: 4.489% Total Consideration: US$1,141.54 Consent Payment: US$30 Tender Offer Consideration: US$1,111.54 e) CUSIP No.: 432848AS8 Security: 7.500% Notes due 2017 Applicable Spread: 50 bps Tender Offer Yield: 4.948% Total Consideration: US$1,201.50 Consent Payment: US$30 Tender Offer Consideration: US$1,171.50 As previously announced, the total consideration per US$25.00 principal amount of Hilton's 8.000% Quarterly Interest Bonds due 2031 validly tendered and not validly withdrawn pursuant to Hilton's tender offer and consent solicitation for the Bonds at or prior to the 5:00 p.m., New York City time, on Oct. 16, 2007 is US$25.25. The tender offer consideration payable for Bonds accepted for payment that are validly tendered after the Bond Consent Payment Deadline but at or prior to the Offer Expiration Date, will be an amount equal to the Bonds Total Consideration minus the consent payment of US$1.00 per US$25.00 principal amount of Bonds. Also as previously announced, the total consideration for Hilton's 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 (the CLP Notes and, together with the Notes and the Bonds, the Securities) in Chilean pesos has been set at CLP65,560.95 per CLP50,000 original principal amount of CLP Notes. All of the CLP Notes were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on Oct. 1, 2007, and, accordingly, all CLP Notes are eligible to receive the total consideration. Hilton expects to determine the total consideration in U.S. dollars payable in respect of its CLP Notes tendered pursuant to Hilton's tender offer and consent solicitation for the CLP Notes on Oct. 22, 2007, unless such determination date is extended by Hilton. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on the Offer Expiration Date. As indicated in the Offer to Purchase, it is expected that the Offer Expiration Date will be extended to coincide with the date that the Merger becomes effective. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations relating to the Securities are made upon the terms and conditions set forth in Hilton's Offer to Purchase and Consent Solicitation Statement dated Sept. 12, 2007 and the related Consent and Letter of Transmittal, as amended. The tender offers and consent solicitations are being conducted in connection with the previously announced merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Further details about the terms and conditions of the tender offers and the consent solicitations are set forth in the Offer to Purchase. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free) ((212) 272- 5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's disclosure that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes ------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on eight classes of commercial mortgage pass-through certificates from Hilton Hotels Pool Trust?s series 2000-HLT to 'AAA' due to the full defeasance of a single fixed-rate whole loan. The fixed-rate whole loan, which serves as trust collateral, was fully defeased on Oct. 23, 2007. Before the defeasance, the loan was secured by five cross-collateralized and cross- defaulted Hilton hotels in San Francisco, California, Chicago, Illinois, McLean, Virginia, Short Hills, New Jersey, and Phoenix, Arizona. As part of the defeasance, the real estate collateral securing the loan was released and replaced with defeasance collateral. The defeasance collateral will provide a revenue stream sufficient to pay each scheduled principal and interest payment when due through Oct. 1, 2010, the maturity date of the loan. Ratings Raised Hilton Hotels Pool Trust Commercial mortgage pass-through certificates series 2000-HLT Rating ------ Classes To From ------- -- ---- A-1 AAA AA A-2 AAA AA B AAA A C AAA BBB- D AAA BB+ E AAA BB F AAA BB- X AAA AA 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. PT INTERNATION NICKEL: Posts Third-Quarter Earnings --------------------------------------------------- PT International Nickel Indonesia Tbk reported third quarter 2007 unaudited sales of US$561.6 million, an 82.6% increase from US$307.6 million in the same quarter last year. Net earnings in the quarter ended September 30, 2007, were US$265.5 million, or US$0.27 per share, more than double the net earnings of US$124.6 million, or US$0.13 per share, in the same quarter of 2006. Sales rose 149.6% to US$1,867.4 million in the first nine months of 2007 from $748.1 million in the corresponding 2006 period. Net earnings for the first nine months ended September 30, 2007 rose 292.3% to $972.6 million, or US$0.98 per share, from US$247.9 million, or US$0.25 per share, in the same period of 2006. "Third quarter 2007 production was 42.0 million pounds of nickel-in-matte, compared to production of 37.8 million pounds in the same period last year. Production during the third quarter was excellent, taking into consideration that we shut down furnace no.1 and furnace no.2 to connect the dust control equipment. Once commissioning of this dust control equipment is completed in the fourth quarter of 2007, all four furnace stacks will have dust emission equipment fitted, bringing dust control to international standards. Dust releases to the atmosphere from the four furnaces will be reduced by 98% as a result of this US$62 million investment. Last year's third quarter production numbers were negatively impacted by the transformer fire which shut down furnace no.2, for seven weeks," said Arif Siregar, President Director and Chief Executive Officer. During the third quarter of 2007, the water levels in the Sorowako lake area improved to near normal, due in part to good precipitation and lower energy consumption due to installation of the dust control equipment. "PT Inco's third quarter results continued to improve the strength of our balance sheet and resulted in a strong cash flow," Mr. Siregar commented. "In late August, 2007 the Company obatained a permit from the Ministry of Forestry which provided the Company with the right to use a forest area adjacent to the Contract of Work concession area. On September 28, 2007, the Board of Commissioners of PT Inco approved the restart of the construction activities. A new capital cost estimate will be completed soon, now that the terms of the permit have been finalized. Given the delays in obtaining the forestry permit, we are pushing back the completion date to the first half of 2011. Building a new dam and generating facility at Karebbe on the Larone River will have tremendous benefits for PT Inco and will allow the Company to raise its annual production capacity to 200 million pounds of nickel in matte - 20% above 2005 production levels in a cost efficient manner. Boosting our low-cost hydroelectric power is the key to enhancing ourput and we expect the long-term advantages for our Company to be substantial," added Mr.Siregar. The Company's realized price for nickel-in-matte averaged US$26,500 per tonne (US$12.02 per pound) in the third quarter of 2007, compared to US$21,009 per tonne (US$9.53 per pound) in the corresponding 2006 period and US$31,874 per tonne (US$14.46 per pound) in the first nine months of 2007. Under PT Inco's long term, must-take U.S. dollar-denominated sales contracts, the selling price of its nickel in matte is determined by a formula based on the London Metal Exchange cash price for nickel, and CVRD Inco Limited's net average realized price for nickel. Production of nickel-in-matte in the third quarter of 2007 was 19,069 tonnes (42.0 million pounds), compared with 17,200 tonnes (37.8 million pounds) in the corresponding 2006 period. Production of nickel-in-matte in the first nine months of 2007 rose to 58,121 tonnes (128.1 million pounds) from 50,400 tonnes (111.1 million pounds) in the same period of 2006. Unit cash cost of production in the third quarter of 2007 rose 8% to US$3.63 per pound from US$3.36 per pound in the same period last year. The principal reason for this increase are rising high sulphur fuel oil prices, which climbed to an average of US$59.78 per barrel in the third quarter of 2007 from US$55.79 per barrel in the corresponding prior year period. In addition, during the third quarter of 2007, the average price of diesel rose to US$0.62 per liter from US$0.60 per liter for the 2006 third quarter, as a result of high international oil prices. Further cost pressures resulted from increases in salaries and wages, royalties and water levies, as a result of higher LME nickel prices. In the first nine months of 2007, cash provided by operating activities, but before capital expenditures, increased to US$1,221.3 million from US$168.3 million for the prior year period, primarily due to significant increases in receipts from customers of US$1,302.7 million resulting from strong production at historically high nickel prices. This was partly offset by corporate tax payments, up US$252.9 million from the same period last year. Payments for fixed assets in the first nine months of 2007 decreased to US$73.6 million from US$85.1 million in the corresponding 2006 period. Dividend payments in the first nine months of 2007 increased to US$497.2 million from US$85.1 million in the comparable prior year period. As a result of strong cash flows from operating activities and a decrease in capital expenditures, partly offset by higher dividends, a net cash inflow of US$640.8 million occurred in the first nine months of 2007, versus a net outflow of US$49.9 million for the same period of 2006. About PT International Nickel Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company currently holds Standard and Poor's long-term foreign and local issuer credit ratings both at BB- rating. As of As of October 29, 2007, the company currently holds Fitch Rating's BB LT Issuer Default rating and Foreign Currency LT Derb Rating at BB. PERUSAHAAN LISTRIK: Seeks IDR5.7 Tril. Funding for Plant Project ---------------------------------------------------------------- PT Perusahaan Listrik Negara sent proposals to 30 banks seeking IDR5.7 trillion to fund its power plant projects, Bloomberg News reports. Bloomberg, citing Listrik Negara President Commissioner Alhilal Hamdi, relates that the funding, which may include bank loans or bond sales, will be used for the company's project constructions next year. The banks contacted include Citigroup Inc., Credit Suisse Group, BNP Paribas, HSBC Plc, China Development Industrial Bank Inc. and Bank of China, Mr. Hamdi said. Naila Firdausi of Bloomberg writes that Listrik Negara plans to add 10,000 megawatts of coal-fired capacity by 2009 to cut dependence on oil. In June the utility sold US$1 billion and IDR3 trillion of bonds, after raising US$1 billion in October selling bonds overseas, Bloomberg notes. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on Jun 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. The notes are irrevocably and unconditionally guaranteed by PLN, which is fully owned by the Indonesian government. As the size and exact terms are being finalized, this issue rating is subject to final documentation. "The ratings on PLN reflect its overall weak financial profile, uncertainties related to tariff revision and timely and adequate subsidy payments for bridging the shortfall in its operating cash flows," said Standard & Poor's credit analyst Anshukant Taneja. PERUSAHAAN LISTRIK: Annual Income Up an Average of 16.25% --------------------------------------------------------- PT Perusahaan Listrik Negara's income grew by an average of 16.25% in each of the past five years, Antara News reports. According to the report, electrical power sales rose to IDR70.8 trillion in 2006 from IDR39 trillion in 2002, increased an average of 16.25 per cent per year. Compared to other groups of subscribers, industries and households remained the key contributors to the company's income, the report notes, citing PLN President Director Eddie Widiono. Mr. Widiono said the company managed to make efficient use of its transmission and distribution networks in the past five years, evident from the declining percentage of lost electrical power to 11.45% in 2006 from 16.45% in 2002, Antara says. Meanwhile, PLN was also able to keep down its coal consumption to 0.516 kg per KWh to 0.514 per KWh in the past two years, he added. Antara notes that the same also happened to the company's oil consumption which fell to 0.448 liter per KWh to 0.269 liter per KWh. Mr. Widiono told Antara that the success had helped the company improve its services to the public. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. ========= J A P A N ========= FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off --------------------------------------------------------------- Fidelity National Information Services, Inc.'s Board of Directors has approved pursuing a plan to spin-off its Lender Processing Services division into a separate publicly traded company. As currently contemplated, the company will contribute the assets of lender division into a newly formed subsidiary (Newco) in exchange for 100% of Newco common stock and approximately US$1.6 billion of Newco debt securities. Following receipt of necessary Securities and Exchange Commission approvals and a tax-free ruling from the Internal Revenue Service, FIS will distribute 100% of Newco common stock to FIS shareholders in a tax-free spin off. Immediately following the spin-off, FIS will exchange the Newco debt securities it owns for a like amount of existing FIS debt through a debt-for-debt exchange that is tax- free to FIS. FIS would then retire the FIS debt that is exchanged for the Newco debt securities. Completion of the possible spin-off is expected to occur in mid-2008. Management and directors of FIS and Newco have not yet been determined. FIS' Transaction Processing Services business is a leading global provider of core processing, e-payments, item processing and card processing solutions to financial institutions. On a pro forma basis, including the recently acquired eFunds, Transaction Processing Services generated revenue of US$3.3 billion over the last 12 months. FIS' Lender Processing Services business is the nation's leading provider of integrated data, servicing and technology solutions to large-scale mortgage lenders. Lender processing services' end-to-end mortgage services include origination, automated title and settlement, processing, default, valuation, risk management, tax, flood and collateral protection solutions. More than 50 percent of mortgage loans in the United States are processed using the lender division's industry leading Mortgage Servicing Package. Lender Processing Services generated US$1.7 billion in revenue over the last 12 months. "Transaction Processing Services and Lender Processing Services each have strong competitive positions, robust organic growth track records and excellent potential for future growth. However, they are distinct and unique businesses that serve different customers, operate in different markets, and attract different investors," stated William P. Foley, II, executive chairman of FIS. "We believe the proposed separation will provide more company flexibility and dedicated management focus with respect to product development, capital investment and strategic initiatives, which should ultimately drive higher value to our customers and shareholders." FIS expects to file a ruling request with the IRS regarding the tax-free nature of the lender division spin-off within approximately 60 days and a preliminary Form 10 Registration Statement with the SEC in the first quarter of 2008. Completion of the spin-off is contingent upon the satisfac