T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, November 8, 2007, Vol. 10, No. 222 Headlines A U S T R A L I A AAF CREDIT: Members Agree on Voluntary Liquidation ACE REMOVALISTS: Liquidator Presents Wind-Up Report BREMORE ENGINEERING: Intends to Declare Second Dividend COLES GROUP: Shareholders Accept Wesfarmers AU$19.7-Bil. Offer DAVLIN (WA) PTY: To Declare Dividend on Nov. 14 EVANS & TATE: Shareholders File Suit Against Failed Wine Maker HIH INSURANCE: Gets 3-Year Jail Sentence on ASIC Charges HUGALL AND HOILE: Creditors Resolve to Wind Up Operations HUGALL'S MERCHANDISING: Creditors Decide to Close Business KITCHEN HOUSE: Liquidator Presents Wind-Up Report LEISURETIME CENTRE: Placed Under Voluntary Liquidation PONDMATE AUSTRALIA: Commences Liquidation Proceedings T & I PUMPS: Undergoes Liquidation Proceedings URS CORP: Amends Pact with WGI to Raise Merger Consideration * Australian Biodiesel Industry Collapsed C H I N A & H O N G K O N G ASAT HOLDINGS: Schedules Annual Shareholder Meeting for Dec. 13 ASIA VIEW: Requires Creditors to File Claims by Dec. 6 CHINA EVERBRIGHT: To Sell Shares to Investors After Bailout CITIC PACIFIC: To Buy Korean Steel for Australia Mine Project COUNTRY GARDEN: Offers Higher Yields in Bond Sale CYBERSPEED TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 12 DANA CORP: To Settle 7,500 Claims for US$2 Million FORCEWAY INDUSTRIAL: Creditors' Proofs of Debt Due on Nov. 16 FUNBO ENTERPRISES: Liquidator to Give Wind-Up Report on Dec. 4 INTERCARGO INSURANCE: Members' General Meeting Set for Dec. 7 KING FAI: To Hold General Meeting on Dec. 18 PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production PHILIP Y. CHEUNG: Shareholder's General Meeting Set for Dec. 3 POLYMER GROUP: Proposes To Sell Class A Common Shares SHEEN UP: Court to Hear Wind-Up Petition on November 21 SHINSHO ELECTRONICS: Members to Receive Wind-Up Report on Dec. 4 UNRIVALED FLIBUSTER: Members and Creditors to Meet on Dec. 3 I N D I A AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30 AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix GENERAL MOTORS: Moody's Affirms B3 Corporate Family Rating RAIN CALCINING: Andhra Pradesh Court OKs Scheme of Arrangement RPG CABLES: Loss Widens 9.3% to INR62.1MM in Qtr. Ended Sept. 30 SAMTEL COLOR: Loss Widens to INR274 Mil. in Qtr. Ended Sept. 30 SAURASHTRA CEMENT: Incurs INR36-Mil. Loss in Qtr. Ended Sept. 30 SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007 SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat TATA MOTORS: Reports 13% Growth in October Vehicle Sales I N D O N E S I A ALCATEL-LUCENT SA: Posts EUR318-Million Net Loss in 3rd Quarter ALCATEL-LUCENT: Appeals Overturned US$1.5 Billion Award AVNET INC: To Combine Acquired ChannelWorx Pty with Avnet Tech BANK MANDIRI: Provides IDR3 Tril. Standby Loan to Semen Gresik BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices COMVERSE TECH: Hires Lance Miyamoto as Exec. VP for Global HR INDOSAT: Gets Additional IDR400BB Loan from Bank Central Asia SEMEN GRESIK: Hires Citi Indonesia as Financial Banking Partner TELKOM INDONESIA: Keen to Expand Abroad for Profit Growth * R&I Upgrades Country's Foreign Currency Issuer Rating to BB+ * Fitch Publishes Report on Securitisation in Indonesia J A P A N BOSTON SCIENTIFIC: Selling Surgery Units for US$750 Million DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes FORD MOTOR: S&P Retains 'B' Rating Under Positive CreditWatch ICONIX BRAND: Signs Licensing Agreement with Elizabeth Arden JAPAN AIRLINES: Ups Operating Income Forecast to 35% for FY2007 JAPAN AIRLINES: Traffic Stats Decline for FY2007 First Half MAZDA MOTOR: China Unit Builds Office to Monitor Sales MAZDA MOTOR: To Raise Stake in China Sales Venture with FAW SOJITZ CORP: Posts 13% Rise in Net Income for FY2007 First Half K O R E A CHONGKUNDANG CORP: Aquires Novel Fumagillol Derivatives Patent DAEHAN PULP: Discloses Amendment to 92nd Convertible Bonds DAEYUVESPER CO: To Raise KRW1,999,00 from Bond Issue E-NET: Discloses First Offer Price for Paid-In Capital Increase FRESH DEL MONTE: Discloses 12,000,000 Ordinary Shares Offering FRESH DEL MONTE: Earns US$29.9 Million in Quarter Ended Sept. 28 FRESH DEL MONTE: S&P Puts 'BB-' Rating Under Positive Watch HANAROTELECOM INC: Macquarie May Buy US$1.2 Bil. Company Stake M A L A Y S I A EKRAN BHD: Urged to Re-Open Philippine Casino EKRAN BHD: Obtains Exemption from Filing Regularization Plan EKRAN BHD: In Talks to Restructure More Than MYR59-Mil. of Debts EKRAN BHD: Plans to Reduce Share Premium Account SOLUTIA INC: Wants US$713MM Environmental Claims Reclassified N E W Z E A L A N D COMMUNICATIONS GROUP: Fixes Nov. 9 as Last Day to File Claims HAMES SHARLEY: Commences Wind-Up Proceedings JABRA CIVIL: Shareholders Appoint McDonald as Liquidator LOADED HOG: Court to Hear Wind-Up Petition on Nov. 19 MAITLAND IMPORTS: Creditors' Proofs of Debt Due on November 9 PACIFIC CONCRETE: Creditors' Proofs of Debt Due on Jan. 11 PANMURE CONSULTANTS: Accepting Proofs of Debt Until Nov. 9 SOUTHERN FLOWERS: Fixes Nov. 9 as Last Day to File Claims P H I L I P P I N E S ATLAS CONSOLIDATED: Approves Increase of Unit's Capital Stock ATLAS CONSOLIDATED: Declares Dividends to Unit's Stockholders BANGKO SENTRAL: Prepares Measures to Help Exporters Cope v. Peso BANGKO SENTRAL: Expects More Than US$31 Bil. in Foreign Reserves FEDDERS CORP: Court Elects Brown Rudnick as Committee's Counsel FEDDERS CORP: Panel Hires Greenberg Traurig as Delaware Counsel FEDDERS CORP: Panel Hires Lowenstein Sandler as Special Counsel GLOBE TELECOM: Posts PHP3.266-Bil. Net Income for 3rd Qtr. 2007 LAFAYETTE MINING: Mulls Options Against Fishkill Hoax Creators PHIL LONG DISTANCE: Fitch Affirms 'BB+' Long-Term Issuer Rating PHIL LONG DISTANCE: S&P Affirms 'BB+' Foreign Currency Rating PHIL LONG DISTANCE: Moody's Affirms Ba2 Foreign Currency Rating PHIL LONG DISTANCE: Acquires Piltel's Fixed Line Business PHIL LONG DISTANCE: Starts Solicitation of Noteholders' Consents * Rising Peso, Rice Supply Keeps October Inflation at 2.7% S I N G A P O R E ITC GLOBAL: Court to Hear Wind-Up Petition on Nov. 30 KIWANIS INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 30 P K S CONTRACTS: Pays Dividend to Creditors RED HAT: Inks Broad Contributor Pact with Sun Microsystems SNIJDER SINGAPORE: Creditors' Proofs of Debt Due on Dec. 3 SPECTRUM BRANDS: Completes Sale of Canadian Home & Garden Unit SUMIKO LEADFRAME: Creditors' Proofs of Debt Due on Dec. 3 SUMMERWIND TRADING: Court Enters Wind-Up Order * Moody's Releases Annual Report on Singapore T H A I L A N D DOLE FOOD: Court Jury Discounts Injury Claims of 6 Tellez Cases FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements PHELPS DODGE: Completes US$735 Mln Asset Sale to General Cable TRUE CORP: Inks Wireless Partnership Deal with Boingo Wireless - - - - - - - - ================= A U S T R A L I A ================= AAF CREDIT: Members Agree on Voluntary Liquidation -------------------------------------------------- During a general meeting held on September 26, 2007, the members of AAF Credit Services Pty Ltd agreed to voluntarily wind up the company's operations. The company's liquidators are: Robert Hutson John Park KordaMentha (Queensland) 22 Market Street, Brisbane Australia About AAF Credit AAF Credit Services Pty Ltd is engaged with the hardware business. The company is located at Bundaberg, in Queensland, Australia. ACE REMOVALISTS: Liquidator Presents Wind-Up Report --------------------------------------------------- The members and creditors of Ace Removalists Pty Ltd met on October 29, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. M. Carrello Dickson Carrello Insolvency Practitioners London House, Ground Floor 216 St Georges Terrace Perth, Western Australia, 6000 Australia About Ace Removalists Ace Removalists Pty Ltd is a distributor of durable goods. The company is located at Malaga, in Western Australia, Australia. BREMORE ENGINEERING: Intends to Declare Second Dividend ------------------------------------------------------- Bremore Engineering Pty. Ltd. intends to declare its second and final dividend. Creditors who were not able to file their proofs of debt by the October 23 due date will be excluded from the company's dividend distribution. The company's liquidator is: M. H. Lyford Lyfords Ogilvie House 12 Kintail Road Applecross, Western Australia 6153 Australia About Bremore Engineering Located at Gosnells, in Western Australia, Bremore Engineering Pty Ltd is an investor relation company. COLES GROUP: Shareholders Accept Wesfarmers AU$19.7-Bil. Offer -------------------------------------------------------------- Coles Group Ltd. shareholders have voted in favor of Wesfarmers Ltd.'s AU$19.7-billion takeover offer, Victoria Thieberger writes for Reuters. Ms. Thieberger conveys that Coles, in a statement, said that 99.25% of votes were cast in favor of the takeover. In a separate report by Reuters, Ms. Thieberger stated that proxy votes -- postal votes sent in by shareholders unable to attend the meeting -- declared 696 million in favor of the deal and 5.4 million against it. Coles Chairman Rick Allert, who held 27.4 million open votes, during his announcement of the proxy votes in the meeting said he would vote in favor of the bid, relates Reuters. Reuters states that the combined group will become Australia's largest retailer with revenues of AU$44 billion, and the largest private-sector employer with some 200,00 staff. Under the scheme of arrangement submitted to the Australian Stock Exchange, Coles shareholders will receive (as default consideration) for each company security they hold AU$4.00 cash, 0.14215 Wesfarmers ordinary shares and 0.14215 Wesfarmers price protected shares. The Wesfarmers PPP are a separate class of Wesfarmers ordinary shares which confer a right to receive additional Wesfarmers ordinary shares in certain circumstances. In addition to this, a shareholder may, subject to the terms of the scheme, participate in a mix and match facility and elect to maximize the cash consideration or the Wesfarmers ordinary shares they will receive under the scheme. Wesfarmers, which had faced criticisms regarding the takeover, faces an uphill task to overhaul the supermarkets, where sales have stalled and Coles has lost significant market share to larger rival Woolworths Ltd., relates Reuters. The report quotes Wefarmers Chief Executive Officer Richard Goyder as saying, "We have got a heck of a lot of hard work ahead of us now. It's not a simple fix." Mr. Goyder, notes Reuters, said many of Wesfarmers' planned changes will not be implemented until next year so as not to disrupt Coles supermarkets and the Target and Kmart general merchandise stores in the critical run-up to the Christmas holiday season. The takeover, which has already received regulatory approval, is due to take effect on November 23, adds Reuters. About Coles Group Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and other parts of Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. DAVLIN (WA) PTY: To Declare Dividend on Nov. 14 ----------------------------------------------- Davlin (Western Australia) Pty Ltd will declare preferential and ordinary dividend on November 14, 2007. Creditors who were not able to file their proofs of debt by the October 31 due date will be excluded from the company's dividend distribution. The company's deed administrator is: C. M. Williamson SimsPartners Level 12, 40 St George's Terrace Perth, Western Australia 6000 Australia About Davlin (WA) Located at Boulder, in Western Australia, Australia, Davlin (Western Australia) Pty Ltd is an investor relation company. EVANS & TATE: Shareholders File Suit Against Failed Wine Maker -------------------------------------------------------------- Investors, who have lost more than AU$4 million in failed West Australian wine maker Evans & Tate Limited, have filed a class action against then winery's founder and former executive chairman, Franklin Tate, Glenda Korporaal of The Australian reports. On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's largest creditor, appointed Voluntary Administrators (Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers & Managers (Peter Anderson, Shaun Fraser and Andrew Birch of McGrathNicol) to Evans & Tate Ltd. and its subsidiaries. The suit is being led by Sydney investor Tony Lewis, chief executive of Lewis Securities Ltd. It accuses Mr. Tate of issuing "materially misleading" statements to investors between 2003 and early 2005 regarding the status of the company's finances and its profit prospects. The shareholders bought shares in the company for between 38c a share and 95c a share between August 15, 2004, and September 12, 2005. The suit also claims that the company failed to comply with its continuous disclosure requirements because of Mr. Tate's influence. Mr. Tate was forced to resign as both chairman and chief executive in July 2005, but remained a director of the company until just before it was put into receivership in August. A directions hearing against him will be heard in the Federal Court in Sydney on Friday. The purported class action is being handled by class action specialist lawyer Maurice Blackburn. About Evans & Tate Headquartered in Wembley, Western Australia, Evans & Tate Limited -- http://www.etw.com.au/-- is an Australian wine company listed on the Australian Stock Exchange. The primary businesses of the Evans & Tate Wine Group are the production, marketing and distribution of a number of branded, exclusive labeled and unbranded wines; contract winemaking; wine trading; viticultural services; and wine tourism through its Visitor Centers. The Troubled Company Reporter-Asia Pacific reported on Aug. 27, 2007, that Evans & Tate's board of directors placed it under voluntary administration. On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's largest creditor, appointed Voluntary Administrators (Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers & Managers (Peter Anderson, Shaun Fraser and Andrew Birch of McGrathNicol) to Evans & Tate Ltd and its subsidiaries. HIH INSURANCE: Gets 3-Year Jail Sentence on ASIC Charges -------------------------------------------------------- Dominic Fodera, former Finance Director and Chief Financial Officer of HIH Insurance Ltd. was sentenced in the New South Wales Supreme Court to three years and four months imprisonment on charges brought by Australian Securities & Investments Commission. Mr. Fodera had earlier pleaded guilty to a charge of knowingly or recklessly failing to act honestly in the discharge of the duties of his office, dishonestly and intending to gain an advantage for HIH, namely a beneficial accounting treatment. ASIC Chairman, Tony D'Aloisio, said that the sentence served to demonstrate how seriously the Courts treat failures of company officers to properly discharge their duties. ASIC had alleged that Mr. Fodera, in his capacity as an officer of HIH, failed to inform the directors of HIH and its auditor of the true terms and effect of the understandings and contractual arrangements proposed and entered into between HIH and its related companies and Hannover Ruckversicherungs-Aktiengesellschaft, Hannover Reinsurance (Ireland) Ltd and E + S Reinsurance (Ireland) Ltd. (Hannover Re), relating to the financial reporting period ended June 30, 1999. HIH had entered into reinsurance arrangements with Hannover Re. HIH had accounted for the arrangements with Hannover Re on the basis that they were reinsurance contracts involving a transfer of risk. The overall profit and loss impact of this accounting treatment was the booking of an additional AU$92.8 million to HIH's operating profit before abnormal items and income tax. On September 9, 1999, HIH lodged its annual report for the 18 months from January 1, 1998 to June 30, 1999 with the Australia Stock Exchange and ASIC. HIH recorded a consolidated profit of AU$102 million before abnormal items and income tax and a loss of AU$21.2 million after abnormal items and tax. In determining the sentence, Her Honour Justice Bell said, "As the company's Chief Financial Officer, the offender bore heavy responsibility in its dealings with the auditor and as a senior executive member of the board he bore a heavy responsibility to ensure proper disclosure of all relevant matters within his area. The offender's deliberate breach of his responsibilities in each of these respects was a serious breach of trust." Mr. Fodera is presently in custody having been sentenced on 7 June 2007 to three years imprisonment, following his conviction on other criminal charges laid by ASIC of authorizing, on October 26, 1998, the issue of a prospectus by HIH Holdings (NZ) Ltd to raise up to AU$155 million of converting notes, that contained a material omission. Justice Bell directed that the sentence be partly concurrent with the sentence Mr. Fodera is presently serving on the prospectus charge. Her Honour specified a single non-parole period of three years in respect of both the Hannover Re and the prospectus charge. The Commonwealth Director of Public Prosecutions prosecuted the matter. Background Mr. Fodera is the ninth person to be sentenced in relation to charges brought by ASIC as part of its investigation into the collapse of the HIH Group of companies and referrals made after the HIH Royal Commission. The other persons to have been convicted were: * William Howard, former Finance General Manager of HIH, sentenced on December 23, 2003 to imprisonment of three years, fully suspended on the basis of a number of factors including his ongoing assistance to the HIH investigation; * Rodney Adler, a former director of HIH, sentenced on April 14, 2005 to imprisonment of four and a half years with a non-parole period of two and a half years; * Ray Williams, former Chief Executive Officer of HIH, sentenced on April 15, 2005 to imprisonment of four and a half years with a non-parole period of two years and nine months; * Terry Cassidy, the former Managing Director of HIH, sentenced on April 29, 2005 to imprisonment of 15 months; * Antony Boulden, the former Financial Controller of FAI's Corporate and Professional Insurance Division, sentenced on December 1, 2006, to imprisonment of 12 months to be served by way of periodic detention; * Bradley Cooper, the former Chairman of the FAI Home Security Group, which had dealings with the HIH Group, sentenced on June 23, 2006, to imprisonment of eight years with a non-parole period of five years; * Robert Kelly, former Assistant Company Secretary of HIH, sentenced on November 3, 2006 to 500 hours community service; * Frederick Lo, former Company Secretary of HIH, sentenced on February 23, 2007, to imprisonment of nine months. In addition to its criminal proceedings, ASIC: * Successfully brought a civil penalty action against Messrs. Adler, Williams and Fodera, who were found to have breached their duties under the Corporations Act. Messrs. Adler and Williams were banned from acting as company directors and were ordered to pay aggregate compensation totalling nearly AU$8 million to HIH Casualty and General Insurance Limited (together with Adler Corporation). All three men also received various pecuniary penalties; * Accepted an Enforceable Undertaking from General Re Australia Limited, which provided for the payment of AU$27.2 million by General Re to the Liquidator of the HIH Group; * Accepted an Enforceable Undertaking from Jonathan Pye, former audit partner of Arthur Andersen, the auditor of HIH. The Enforceable Undertaking was offered after ASIC expressed concerns about the audit of FAI in 2000, in particular in relation to the disclosure concerning a AU$200 million preference share issue. About HIH Insurance HIH Insurance Limited -- http://www.hih.com.au/-- the holding company of the HIH Group, was a publicly listed company in Australia. Prior to its collapse, the HIH Group was known as the second largest general insurer in Australia, and had operations in many other countries. On March 15, 2001, the HIH Group failed, with a deficiency now believed to be between AU$3.6 billion and AU$5.3 billion. Provisional liquidators were appointed to HIH Insurance Limited and many of its subsidiaries. Other insolvency practitioners were appointed to various group companies incorporated in other parts of the world. In August 2001, the major Australian companies in the HIH Group were placed into liquidation. On March 29, 2006, meetings of the creditors of the eight companies in the HIH Insurance Group approved the Australian Schemes of Arrangement for those companies. Moreover, separate meetings of creditors of four HIH Insurance Group companies with branches in the United Kingdom approved English Schemes for those companies. HIH's collapse is known to be the nation's biggest corporate failure. HUGALL AND HOILE: Creditors Resolve to Wind Up Operations --------------------------------------------------------- The creditors of Hugall and Hoile (Aust) Pty Ltd met on September 20, 2007, and agreed to voluntarily liquidate the company's business. Martin Jones, Andrew Saker and Darren Weaver were appointed as liquidators. The Liquidators can be reached at: Martin Jones Andrew Saker Darren Weaver Ferrier Hodgson BankWest Tower, Level 26 108 St Georges Terrace Perth, Western Australia Australia About Hugall & Hoile Hugall & Hoile (Australia) Pty Ltd is a distributor of farm and garden machineries and equipments. The company is located at Malaga, in Western Australia, Australia. HUGALL'S MERCHANDISING: Creditors Decide to Close Business ---------------------------------------------------------- At a meeting held on September 20, 2007, the creditors of Hugall's Merchandising Pty Ltd agreed to voluntarily liquidate the company's business. Martin Jones, Andrew Saker and Darren Weaver were tapped as liquidators. The Liquidators can be reached at: Martin Jones Andrew Saker Darren Weaver Ferrier Hodgson BankWest Tower, Level 26 108 St Georges Terrace Perth, Western Australia Australia About Hugalls Merchandising Hugalls Merchandising Pty Ltd is a distributor of farm supplies. The company is located at Thomastown, in Victoria, Australia. KITCHEN HOUSE: Liquidator Presents Wind-Up Report ------------------------------------------------- The members and creditors of Kitchen House Western Australia Pty Ltd met on October 30, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. M. Carrello Dickson Carrello Insolvency Practitioners London House, Ground Floor 216 St Georges Terrace Perth, Western Australia 6000 Australia About Kitchen House Kitchen House Wa Pty Ltd is a distributor of furnitures and fixtures. The company is located at Malaga, in Western Australia, Australia. LEISURETIME CENTRE: Placed Under Voluntary Liquidation ------------------------------------------------------ During a general meeting held on September 14, 2007, the members of The Leisuretime Centre Pty Ltd resolved to voluntarily liquidate the company's business. Thomas G. Hackett was appointed as liquidator. The Liquidator can be reached at: Thomas G. Hackett Hacketts Chartered Accountants 157 Musgrave Street North Rockhampton, Queensland 4701 Australia About The Leisuretime Centre The Leisuretime Centre Pty Ltd provides services allied to motion picture distribution. The company is located at Rockhampton, in Queensland, Australia. PONDMATE AUSTRALIA: Commences Liquidation Proceedings ----------------------------------------------------- The creditors of Pondmate Australia Pty Ltd met on September 20, 2007, and resolved to voluntarily liquidate the company's business. Martin Jones, Andrew Saker and Darren Weaver were tapped as liquidators. The Liquidators can be reached at: Martin Jones Andrew Saker Darren Weaver Ferrier Hodgson BankWest Tower, Level 26 108 St Georges Terrace Perth, Western Australia Australia About Pondmate Australia Pondmate Australia Pty Ltd is a distributor of industrial machineries and equipments. The company is located at Malaga, in Western Australia, Australia. T & I PUMPS: Undergoes Liquidation Proceedings ---------------------------------------------- The creditors of T & I Pumps & Irrigation Pty Ltd met on September 20, 2007, and agreed to voluntarily liquidate the company's business. The company's liquidators are: Martin Jones Andrew Saker Darren Weaver Ferrier Hodgson BankWest Tower, Level 26 108 St Georges Terrace Perth, Western Australia Australia About T & I Pumps T & I Pumps & Irrigation Pty Ltd operates miscellaneous retail stores. The company is located at Malaga, in Western Australia, Australia. URS CORP: Amends Pact with WGI to Raise Merger Consideration ------------------------------------------------------------ URS Corporation and Washington Group International Inc.'s definitive merger agreement for the acquisition of Washington Group by URS has been amended to increase the consideration to be received by Washington Group stockholders and to provide them with the ability to elect to receive cash, stock or cash and stock for their shares (subject to proration). Based on the closing price of URS' common stock on Nov. 2, 2007, the consideration is now valued at approximately US$3.2 billion, or US$97.89 per Washington Group share, which represents a premium of approximately 8.5% over the initial merger consideration value of US$90.20 as of such date. Based on the volume weighted average price of URS' common stock during the five trading days ending on Nov. 2, 2007, the consideration is now valued at approximately US$3.2 billion, or approximately US$99.00 per Washington Group share, compared with a value of approximately US$3.0 billion, or US$91.14 per Washington Group share (using the five trading day weighted average), under the terms of the original merger agreement. Under the terms of the revised merger agreement, which has been unanimously approved by the boards of directors of both companies, Washington Group stockholders can elect to receive all cash, all stock, or a combination of cash and stock (subject to proration) with a consideration value of 0.900 shares of URS common stock plus US$43.80 in cash for each Washington Group share. The proration will be determined based on the volume- weighted average price of URS' common stock during the five trading days ending on the day before the required Washington Group stockholder approval is received. This five trading day period is currently scheduled to end on Nov. 14, 2007. The election procedures are subject to proration to preserve an aggregate per share mix of 0.900 shares of URS common stock plus US$43.80 in cash for all outstanding Washington Group shares and options (after giving effect to the options' exercise prices). Based on the outstanding shares and options of Washington Group as of Sept. 30, 2007, in the aggregate, Washington Group shares and options will be converted into approximately US$1.4 billion in cash and approximately 29 million shares of URS common stock. All terms of the original merger agreement not related to the revised merger consideration remain substantially unchanged. Upon completion of the transaction, Washington Group stockholders would own approximately 35% of the combined company, compared with approximately 32% under the terms of the original merger agreement. Stockholders of record of URS common stock and Washington Group common stock at the close of business on Sept. 21, 2007 will be entitled to vote at the special meetings. Dennis Washington Exercises Stock Options Washington Group also disclosed that Dennis Washington, Chairman of the Washington Group board of directors, has executed a binding agreement to exercise all of his beneficially owned stock options for 3.224 million shares of Washington Group stock (or approximately 10% of outstanding Washington Group stock) and vote his shares in favor of the revised merger agreement if necessary to achieve the required Washington Group stockholder approval. If it is necessary for Mr. Washington to exercise his options and vote his shares, a new record date and meeting date for the Washington Group special meeting will be set. Mr. Washington has indicated that he intends to make the necessary Hart-Scott-Rodino Act filing today in order to be able to exercise his options, and has also indicated that if the merger is completed he would elect to receive cash for all of his Washington Group shares (subject to proration). "The enhancement to the terms of our agreement reflects URS' commitment to the combination with Washington Group and our conviction that the transaction will create significant benefits for the stockholders, customers and employees of both companies," Martin M. Koffel, Chairman and Chief Executive Officer of URS, said. "We believe that the recent strong performance of both companies and continued positive outlook for our businesses warrant the increase in our offer. However, URS is a disciplined buyer and these terms represent our best and final offer for Washington Group." "We are very pleased to present this increased consideration to our stockholders for their vote at our special meeting next week," Washington Group President and Chief Executive Officer Stephen G. Hanks, said. "The increased financial terms of our agreement with URS provide even greater value to Washington Group stockholders, as well as a higher level of continued ownership in the combined entity and greater flexibility to choose between cash and stock in exchange for their shares. The combination of Washington Group and URS represents a unique opportunity to create a single-source provider that can offer a full life cycle of planning, engineering, construction, environmental management, and operations and maintenance services. Our board of directors unanimously recommends that Washington Group stockholders vote in favor of the merger agreement." URS expects the transaction to be slightly dilutive to GAAP earnings per share in 2008, accretive to GAAP EPS in 2009 and beyond, and accretive to its cash EPS in 2008 and beyond, not including revenue synergies expected through the combination. Consummation of the transaction is subject to the approval of the revised definitive merger agreement by Washington Group stockholders holding a majority of the outstanding shares and the approval of the issuance by URS of shares of common stock in the transaction by URS stockholders holding a majority of the shares voting. Stockholders' Special Meeting URS and Washington Group have rescheduled the companies' special meetings of stockholders for Nov. 15, 2007 to provide investors with additional time to evaluate the revised offer. Supplemental proxy materials will be distributed to URS and Washington Group stockholders prior to the new meeting date. The special meeting of URS stockholders will be held at 9:00 a.m., local time, at the offices of Cooley Godward Kronish LLP, located at 1114 Avenue of the Americas, New York, New York. The special meeting of Washington Group stockholders will be held at 7:00 a.m., local time, at Washington Group's offices located at 720 Park Boulevard, Boise, Idaho. URS Outlook for Fiscal 2007 URS has revised its outlook for fiscal 2007 based on revenue growth for the nine months of 2007 and the company's continued positive outlook for its markets. URS now expects that 2007 revenues will be approximately US$4.85 billion compared to its prior estimate of US$4.8 billion. Assuming this revenue expectation is met, URS now expects that 2007 net income will be approximately US$134 million compared to its prior estimate of US$132 million. URS noted that the guidance provided above does not include the impact of the proposed acquisition of Washington Group. About Washington Group Headquartered in Boise, Idaho, Washington Group International Inc. -- http://www.wgint.com/-- provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. The company has approximately 25,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation and water resources. About URS Corp. Headquartered in San Francisco, California, URS Corporation (NYSE:URS)-- http://www.urscorp.com/-- is an engineering design services firm and a United States federal government contractor for systems engineering and technical assistance and operations and maintenance services. The company's business focuses primarily on providing fee-based professional and technical services in the engineering and construction services and defense markets, although the company performs some limited construction work. It operates through two divisions: the URS Division and the EG&G Division. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter on Sept. 21, 2007, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and '2' recovery rating to URS Corp.'s proposed US$2.1 billion senior secured credit facilities, indicating expectations of substantial recovery in the event of a payment default. The facilities are rated the same as the corporate credit rating on the company. As reported in the Troubled Company Reporter on Sept. 20, 2007, Moody's Investors Service assigned a provisional rating of (P)Ba1 to the proposed US$2.1 million senior secured credit facility of URS Corporation, which will be used to finance its pending acquisition of Washington Group International Inc. * Australian Biodiesel Industry Collapsed ----------------------------------------- The biodiesel industry in Australia has collapsed due to the increasing price of tallow, which is used to make the fuel, Bloomberg News relates, citing Katrina Nicholas of The Australian Financial Review. Aside from the price hike, the industry has also been affected by the Australian Government's removal of incentives to use biodiesel in July 2006, relates Bloomberg. The report says that the Australian Renewable Fuels placed its Australian plants on care and maintenance on November 2, 2007. According to the report, the stock of Australian Biodiesel Group was placed in trading halt on November 5, 2007. Furthermore, all companies have suffered a fall in share price and are considering their strategies. ================================ C H I N A & H O N G K O N G ================================ ASAT HOLDINGS: Schedules Annual Shareholder Meeting for Dec. 13 --------------------------------------------------------------- ASAT Holdings Limited (Nasdaq: ASTT), a global provider of semiconductor package design, assembly and test services, announced that it has scheduled its 2007 annual meeting of shareholders for Thursday, December 13, 2007, at 10:00 a.m. China Standard Time. The meeting will be held at the Company's Dongguan Factory in China, which is located in the Zhen An Hi- Tech Industrial Park on Zhen An Road in Chang An Town, Dongguan City, Guangdong Province, 523850. Shareholders of record at the close of business on November 6, 2007, will receive a copy of the definitive proxy statement. In accordance with the Securities and Exchange Commission's new Notice and Access rule, the Company will not mail its Annual Report, instead making it available online no later than November 15, 2007, at http://www.asat.com/investor/annual.php ASAT will furnish a hardcopy of the Annual Report, once available, free of charge and within a reasonable time to any shareholder who requests one. Please contact Ed Varga at (866) 405-0393 or e-mail your request to 2007arrequest@asat.com. About ASAT Holdings ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a global provider of semiconductor package design, assembly and test services. With more than 17 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The Company has operations in the United States, Asia, Hong Kong and Europe. At April 30, 2007, ASAT Holdings Limited's consolidated balance sheet showed US$135.1 million in total assets, US$217.7 million in total liabilities, and US$5.7 million in series A redeemable convertible preferred shares, resulting in US$88.3 million total stockholders' deficit. ASIA VIEW: Requires Creditors to File Claims by Dec. 6 ------------------------------------------------------ The creditors of Asia View Holdings Limited are required to file their proofs of debt by December 6, 2007, to be included in the company's dividend distribution. The company went into liquidation on October 29, 2007. The company's liquidator is: Zhang Yun Tung Hip Comm. Bldg., Room 803 248 Des Voeux Road Central Hong Kong CHINA EVERBRIGHT: To Sell Shares to Investors After Bailout ----------------------------------------------------------- China Everbright Bank Co. intends to invite foreign strategic investors and sell shares to the public after a CNY20-billion (US$2.7 billion) capital injection, Josephine Lau and Luo Jun write for Bloomberg News. Everbright Bank hopes to receive the capital infusion to its long-awaited restructuring plan from the government by the end of this month, Reuters relates, citing the bank's chairman, Tang Shuangning. Specifically, the injection would come from Central Huijin, an arm of China's sovereign wealth fund, Mr. Tang told reporters. Bloomberg recounts that in August, Central Huijin Investment Co., a Chinese state holding company, agreed to buy 20 billion new shares at CNY1 each. China's eighth-biggest bank hired China International Capital Corp. and Morgan Stanley to find a foreign strategic investor before an initial public offering that may raise at least US$1 billion next year, the report says. Ms. Lau recalls that Everbright Bank's capital-adequacy ratio stood at 4.65% at the end of 2003, which was the last time it published an annual report. The figure was below the 8% minimum required by the banking regulator. As of June 30, 2006, Everbright Bank had assets of CNY553.7 billion and operated more than 380 outlets nationwide, Ms. Lau further points out. The bank's bad loan ratio was estimated at 8.2%, compared with an average 2.4% for China's 12 mid-sized national banks. Moreover, Everbright Bank said it had an unaudited profit of CNY2.76 billion last year, up 22% from a year earlier. Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. Everbright Bank is 21%-owned by Hong Kong-listed China Everbright Ltd, an Everbright Group unit. The Asian Development Bank is the only foreign stakeholder, with 2%. The Troubled Company Reporter-Asia Pacific stated on Aug. 9, 2007, that China has approved mid-sized lender China Everbright Bank's plan for financial restructuring, paving the way for a capital injection and eventual listing. China Everbright Bank is saddled with debts partly because of its takeover of the troubled China Investment Bank in the late 1990s. CITIC PACIFIC: To Buy Korean Steel for Australia Mine Project ------------------------------------------------------------- CITIC Pacific Ltd inked a deal to acquire Korean Steel, which holds the rights to develop a 1-billion tonne magnetite iron ore project in the Pilbara region of Western Australia, The Age reports. The Age relates that the agreement is with cashed-up entrepreneur Clive Palmer and his private company Mineralogy. Korean Steel is a wholly owned subsidiary of Mineralogy. The South China Morning Post says that the mainland conglomerate agreed to buy rights to the mine for US$200 million (AU$217.39 million). In addition, The Age says, CITIC will pay continuing royalty to Mineralogy. According to The Age, under the deal, CITIC will develop a port at Cape Preston, about 100 kilometers south of Dampier, which Australasian will have access to on a capital and operating shared-cost basis. It is CITIC's second deal with Mineralogy, The Age points out. The first one is an agreement signed in March 2006 relating to the acquisition of a right to mine up to 6 billion tonnes of magnetite iron ore at Mineralogy's large Balmoral deposit in WA. The report adds that State-owned Shougang, China's fourth- largest steel maker, is providing all the funding for the funding, estimated to be US$2.1 billion (AU$2.28 billion), through an interest-free loan. The Morning Post cites Shougang Concord's deputy managing director, Michael Chen Zhouping as saying that they are conducting a feasibility study on the project, and if the results were good, Shougang could take a 50% stake in it and sign an agreement to buy all the iron ore produced. Trading Markets says that CITIC Pacific shares were higher after reports on the deal, which is said to be part of the company's efforts to hedge further price increases in the key raw material. At 3:20 p.m. on Nov. 6, CITIC Pacific shares were up HKD0.25 or 0.55% at 45.45, off a high of 47.9. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. In addition, the TCR-AP also reported that Moody's Investors Service on June 16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating. The senior unsecured rating for CITIC Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3. The rating outlook is stable. This concludes the review initiated by the rating agency in April 2006. COUNTRY GARDEN: Offers Higher Yields in Bond Sale ------------------------------------------------- Country Garden Holdings Company is offering higher yields for its bond deal than previously targeted, a source close to the deal told Reuters. The report relates that Country Garden is offering a 5-year tranche at yields of 9.25%, and a 10-year tranche at around 10%, the source said. That would compare with previous guidance of around 9% and 9.75%, respectively. The Chinese property developer is seeking to raise US$1 billion overall compared to previous estimates of up to US$1.5 billion. According to Reuters, the offering, which is the biggest high- yield bond sale from a Chinese mainland firm, comes amid market speculation that a glut of debt deals from the Chinese property sector could be making it harder to attract strong interest from investors. Agile Property Holdings Ltd, a rival of Country Garden, is marketing a US$400 million bond deal that could price as early as next week, Reuters says. Morgan Stanley and UBS were the joint global coordinators for the Country Garden sale. Other joint lead managers and bookrunners were BOC International, Citigroup, Deustche Bank, HSBC, and JPMorgan. Founded in 1997 in China and listed in Hong Kong in April 2007, Country Garden Holdings Company Limited is a leading integrated property developer in China. As of August 2007, it had a sizeable land bank of 51.9 million square meters, and spread over 45 projects in 20 cities in the provinces of Guangdong, Anhui, Hubei, Hunan, Jiangsu and Liaoning, and the two municipalities of Chongqing and Tianjin. The Troubled Company Reporter-Asia Pacific reported on Oct. 31, 2007, that Moody's Investors Service assigned first-time Ba1 corporate family rating to Country Garden Holdings Company Limited. At the same time, Moody's assigned a provisional (P) Ba1 senior unsecured debt rating to its proposed US dollar bonds (maturing 2012 and 2017). The outlook for the ratings is stable. The bond rating will be removed from its provisional status once Country Garden has successfully completed the bonds issuance, and which is intended to fund capital needs for its existing and new projects. CYBERSPEED TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 12 ---------------------------------------------------------------- On September 28, 2007, the Hong Kong and Shanghai Banking Corporation Limited filed a petition to have Cyberspeed Technology Co., Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on December 12, 2007, at 9:30 a.m. The Petitioner's solicitor is: Johnson Stokes & Master Prince's Building, 18th Floor 10 Chater Road, Central Hong Kong DANA CORP: To Settle 7,500 Claims for US$2 Million -------------------------------------------------- Dana Corp. has agreed to pay a total of US$2 million to 7,500 personal injury claimants to resolve their lawsuits stemming from asbestos-laden gaskets produced by the Company, The Associated Press reports. A court hearing on the proposed settlement is scheduled for Nov. 15, 2007. In papers filed on Oct. 26, 2007, with the U.S. Bankruptcy Court in Manhattan, the Company called the settlement a "reasonable and expedient way" to resolve the claims without litigation. The company, which sought Chapter 11 bankruptcy protection in March 2006, is trying to exit bankruptcy protection under a reorganization plan that calls for unsecured creditors to recover between 72 percent and 86 percent on their claims. The Company has said asbestos-related personal-injury claims, which totaled 150,000 as of June 30, 2007, will pass through its bankruptcy unchanged. However, the Company said many of the claimants have not become sick. According to court papers, about seven percent of the asbestos claims filed against the Company allege mesothelioma or cancer. The company said it has pursued settlements to avoid further litigation costs. The latest settlement, which will cost a maximum US$2 million if all claimants can submit the required proof to support their claims, will resolve about seven percent of the mesothelioma claims and four percent of the cancer claims filed against the Company. Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. FORCEWAY INDUSTRIAL: Creditors' Proofs of Debt Due on Nov. 16 ------------------------------------------------------------- The creditors of Forceway Industrial Limited are required to file their proofs of debt by November 16, 2007, to be included in the company's dividend distribution. The company's liquidators are: Anthony Nedderman Chin Kin Wah China Hong Kong Tower, 11th Floor 8 Hennessy Road Hong Kong FUNBO ENTERPRISES: Liquidator to Give Wind-Up Report on Dec. 4 -------------------------------------------------------------- The members of Funbo Enterprises Limited will meet on Dec. 4, 2007, at 10:00 a.m., at the 9th Floor of Tung Sun Commercial Centre, 200, Lockhart Road, in Wanchai, Hong Kong. At the meeting, Wong Ming Wai Rayson, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. INTERCARGO INSURANCE: Members' General Meeting Set for Dec. 7 ------------------------------------------------------------- The members of Intercargo Insurance Company H.K. Limited will hold their final general meeting on December 7, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yao Hing Kwok, Danny 3J Evelyn Towers 38 Cloudview Road, North Point Hong Kong KING FAI: To Hold General Meeting on Dec. 18 -------------------------------------------- King Fai Industries Limited will hold a general meeting for its members on December 18, 2007, at 3:00 p.m., at Room 701B, 7th Floor of Nan Dao Commercial Building, 359-361 Queen's Road, in Central, Hong Kong. At the meeting, Lai Chung Man, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production --------------------------------------------------------------- Venezuelan Energy and Oil Minister and Petroleos de Venezuela's head, Rafael Ramirez, denied reports that there's been a drop in oil production, Prensa Latina reports. The energy minister told the National Assembly's Finance Committee that current output is at 3.2 millions barrels per day. The company plans to increase daily output in 2008 to 3.6 million. To support his statement, the energy minister pointed out that Petroleos de Venezuela has allocated US$10 billion for investments this year, compared to last year's US$6 billion. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PHILIP Y. CHEUNG: Shareholder's General Meeting Set for Dec. 3 -------------------------------------------------------------- Philip Y. Cheung Company Limited will hold the final general meeting for its shareholders on December 3, 2007, at 10:00 a.m., at Room 603, 6th Floor of Hart House, 12-14 Hart Avenue, in Tsim Sha Tsui, Hong Kong. At the meeting, Cheung Man Lai Lorraine, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. POLYMER GROUP: Proposes To Sell Class A Common Shares ----------------------------------------------------- Polymer Group, Inc., and selling stockholders consisting primarily MatlinPatterson Global Opportunities Partners, L.P. and certain of its affiliates, propose to sell 5,455,000 shares of the company's Class A Common Stock, consisting of 3,636,000 shares proposed to be sold by the company and 1,819,000 shares to be sold by the selling shareholders. Polymer Group will not receive any proceeds from the sale of the shares by the selling stockholders. The company intends to use the proceeds of the shares sold by the company to repay debt under its existing senior secured credit facility. Additionally, the company announced that upon the pricing of the offering, it expects that its Class A Common Stock will be listed on the New York Stock Exchange and will trade under the ticker symbol "PGO." The offering is being made through an underwriting syndicate led by J.P. Morgan Securities Inc. and Citigroup Global Markets, Inc. The other co- managing underwriters are Deutsche Bank Securities Inc., Robert W. Baird & Co. Incorporated and KeyBanc Capital Markets Inc. About Polymer Group Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 9, 2007, Standard & Poor's Ratings Services said that its 'B-' corporate credit rating and other ratings on Intertape Polymer Group Inc. remain on CreditWatch with negative implications, following the company's recent announcement of a proposed rights issue of up to US$90 million. SHEEN UP: Court to Hear Wind-Up Petition on November 21 ------------------------------------------------------- On September 7, 2007, Wide Profit Finance Limited filed a petition to have Sheen Up Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on November 21, 2007, at 9:30 a.m. Wide Profit's solicitors are: J. Chan & Lai Room 1901, 19th Floor 77 Des Voeux Road Central Hong Kong SHINSHO ELECTRONICS: Members to Receive Wind-Up Report on Dec. 4 ---------------------------------------------------------------- The members of Shinsho Electronics Components (Hong Kong) Co., Limited, will meet on December 4, 2007, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 20th Floor of Prince's Building, in Central, Hong Kong. UNRIVALED FLIBUSTER: Members and Creditors to Meet on Dec. 3 ------------------------------------------------------------ A final general meeting will be held for the members and creditors of Unrivaled Flibuster of Orient Limited on Dec. 3, 2007, at 10:00 a.m. and 10:30 a.m., respectively at Room A, 14th Floor of Amtel Building, 144-148 Des Voeux Road, in Central, Hong Kong. At the meeting, Bernadette Marie Gicquel, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Dallas-based Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007. The company announced that five independent directors have agreed to resign from ACS' board at the request of its chairman. This follows the withdrawal of the US$6.2 billion buyout offer by private equity firm Cerberus Capital Management. "We will continue to monitor developments surrounding the dispute within the company's board of directors," said Standard & Poor's credit analyst Phil Schrank. "Additionally, we will discuss with management strategic alternatives to enhance shareholder value." About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30 -------------------------------------------------------------- Affiliated Computer Services Inc. reported results of its first quarter fiscal year 2008 ended Set. 30, 2007. The company reported net income of US$66.1 million for the first quarter of fiscal 2008, compared with net income of US$61.4 million for the first quarter of fiscal 2007. The company reported revenues of US$1.49 billion, an 8% increase compared to the prior year quarter. The company's internal revenue growth rate for the quarter was 6%. First quarter adjusted non-GAAP operating income was US$164 million, a 10% increase over the prior year quarter adjusted non-GAAP operating income. Consolidated adjusted non-GAAP operating margins were 11.0%, a 30 basis point increase from the prior year quarter adjusted non-GAAP operating margins. "Our goals for 2008 are to show consistent and good growth in revenue, operating income and earnings per share each quarter. Our first quarter results demonstrate that we are accomplishing our objectives," said Lynn Blodgett, ACS president and chief executive officer. "Our operational execution is excellent, our financial discipline strong and systematic, and our focus on cost reduction is organized and constant. I am confident that 2008 will be a strong year for ACS." Cash flow from operations during the first quarter was approximately US$8 million. This quarter's cash flow results were impacted by the company's annual management incentive compensation payments and the timing of accounts receivable collections. Capital expenditures and additions to intangible assets were approximately US$75 million, or 5% of revenue. Free cash flow during the quarter was negative US$67 million. The company's first quarter cash flow results also included approximately US$41 million, or approximately 3% of revenues, of interest paid on debt, cash paid related to legal and other costs associated with the ongoing stock option investigations, potential sale of the company and shareholder derivative lawsuits, partially offset by cash interest income. At Sept. 30, 2007, the company's consolidated balance sheet showed US$6.08 billion in total assets, US$3.92 billion in total liabilities, and US$2.16 billion in total shareholders' equity. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * Affiliated Computer Services currently carries Fitch Ratings' BB Issuer Default Rating. AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix --------------------------------------------------------------- Agilent Technologies Inc. and BioNanomatrix Inc. have entered into a collaboration to develop a new genetic analysis system combining the two companies' technologies. BioNanomatrix, which develops breakthrough nanoscale whole genome imaging and analytic platforms, will apply its innovative nanoscale single molecule imaging technology to develop consumable chips and reagents, while Agilent will develop the measurement instrumentation platform for the system. "This collaboration with Agilent provides us with the opportunity to join forces with a global life sciences leader to accelerate the development of our unique nanoscale whole genome imaging technology," said Dr. Michael Boyce-Jacino, chief executive officer of BioNanomatrix. "We now have a partner with strong life sciences expertise and capabilities committed to working with us to develop key life-sciences applications, such as assays for genotoxicity and cytogenetics, as well as potentially DNA sequencing." BioNanomatrix is developing pioneering technology that enables nanoscale single molecule identification and analysis of the entire genome, delivering single-molecule sensitivity in a highly parallel format. The company's patented analytic platform based on this technology has the potential to provide rapid, comprehensive and cost-effective ultra-high resolution analyses of DNA. The two companies intend to collaborate closely in the development of an integrated system and applications. "BioNanomatrix's unique nanoscale whole genome imaging and analysis technology, with sensitivity at the level of the single molecule, has the potential to enable a number of important new applications for life sciences research and clinical medicine," said Nick Roelofs, vice president and general manager of the Life Sciences Solutions Unit at Agilent. "We are committed to continuing our leadership in developing important new technologies and solutions for our customers, and we look forward to collaborating with the BioNanomatrix team to enable these powerful new capabilities to reach the marketplace." Further details of the agreement were not disclosed. About BioNanomatrix BioNanomatrix -- http://www.BioNanomatrix.com/-- is developing breakthrough nanoscale whole genome imaging and analytic platforms for applications in clinical genetics, cancer diagnostics and other biomedical applications. The company is applying its expertise in nanochips, nanodevices and nanosystems to develop its patented platform technology to provide fast, comprehensive, and low-cost analysis of genomic, epigenomic and proteomic information with sensitivity at the single cell/single molecule level. BioNanomatrix's technologies are licensed exclusively from Princeton University. Founded as a spin-out of Princeton University in 2003, the company is headquartered in Philadelphia, Penn. About Agilent Tech Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/ -- is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. The company has operations in India, Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and Luxembourg, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Moody's Investors Service has 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. GENERAL MOTORS: Moody's Affirms B3 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service on Nov. 7 affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. Moody's ratings of GMAC LLC (Ba2 senior unsecured/Negative outlook) and of Residential Capital, LLC (Ba3 senior unsecured/Negative outlook) are unaffected by this action. GM's valuation allowance was established in accordance with guidelines under the Financial Accounting Standards Board's Statement of Financial Accounting Standards (SFAS) No. 109, and reflects three recent negative developments that were cited by the company. These include GM's substantial cumulative losses in the US, Canada and Germany for the three-year period through the third quarter of 2007, the ongoing weakness at GMAC Financial Services related to its Residential Capital, LLC mortgage business, and the more challenging near-term automotive market conditions in the US and Germany. The establishment of the allowance is a non-cash event that does not affect GM's US$27 billion cash liquidity position, its ability to access over US$5 billion in long-term committed credit facilities, or its new product and operating plans. In addition, GM's longer term operating efficiencies, cost structure and cash generation will improve significantly by 2010 as a result of the new UAW labor agreement; annual cash savings could exceed US$4 billion. However, the recent and continuing erosion in US market conditions will likely result in GM's performance during 2008, and possibly into 2009, being weaker than originally anticipated. These more challenging market conditions include: the continued erosion in US consumer confidence, the significant tightening of credit markets, weakness in the US housing market, and the growing possibility that US automotive shipments will be below 16 million units during 2008. This significant weakening in market conditions and the increasingly negative impact they will have on GM's performance into 2009 are key factors in Moody's decision to stabilize GM's rating outlook. In addition, GM has faced a number of challenges with respect to accounting and financial reporting matters. These accounting challenges include: the need for restatements of past financials, delayed filings of financial reports, ongoing investigations and inquiries by the SEC and other governmental agencies, and the determination by its auditors that as of Dec. 31, 2006, certain material weaknesses existed in various internal control and reporting practices. The change in the outlook to stable also considers the elements of variability in GM's financial statements, including the US$39 billion allowance. During the coming year Moody's will continue to assess the degree to which GM can successfully implement its new product strategy and take full advantage of the cost savings available under the new UAW agreement. Success in these areas will be necessary in order to contend with challenges that include: US automotive shipments that could be below 16 million units during 2008, continued high fuel prices, the need to generate stronger returns in its car franchise, and rising competition in the truck and SUV segments. Should evidence suggest that GM is on track to generate positive free cash flow, sustain interest coverage exceeding 1x, and achieve EBITA margins approximating 2.5% during the 2009 time frame, the rating outlook could be revisited. General Motors Corporation, headquartered in Detroit, is the world's largest automaker, based on 2006 sales. RAIN CALCINING: Andhra Pradesh Court OKs Scheme of Arrangement -------------------------------------------------------------- Rain Calcining Ltd disclosed in a filing with the Bombay Stock Exchange that the High Court of Andhra Pradesh has approved approving the company's amalgamation with Rain Commodities Ltd pursuant to a scheme of arrangement. Among others, the scheme provides for the: 1. amalgamation effective from April 1, 2007; 2. transfer of Calcined Petroleum Coke and Power Business from Rain Commodities to Rain Industries Ltd with effect from April 1, 2007; 3. transfer of Cement Business from Rain Industries to Rain Commodities with effect from July 1, 2006. In view of the approval of the scheme and based on the advice of independent advisors, the financial performance of the CPC and power businesses carried-out by the company, would be considered appropriately by Rain Industries with effect from April 1, 2007. Furthermore, Rain Commodities would be approving its financial results, after giving effect to the scheme. The company will not be publishing the financial results for the quarter ended Sept. 30, 2007, the BSE regulatory adds. Headquartered in Hyderabad, India, Rain Calcining Ltd -- http://www.raincalcining.com/-- is one of the top five producers of calcined coke globally, and is the largest in Asia. It has an annual production capacity of 0.6 million tons, and its plant is located in Visakhapatnam (India). Aside from calcining, the company also operates in the power and trading segments. Standard & Poor's Ratings Services on Oct. 29, 2007, assigned its 'B' corporate credit rating on Rain Calcining and its subsidiary, CII Carbon LLC. The outlook is stable. On Oct. 19, 2007, Moody's Investors Service assigned a B2 corporate family rating to Rain Calcining and a B1 rating to its secured bank facility. On the same date, Fitch gave the company a 'B' long-term foreign currency issuer default rating. RPG CABLES: Loss Widens 9.3% to INR62.1MM in Qtr. Ended Sept. 30 ---------------------------------------------------------------- RPG Cables Ltd's net loss widened by 9.3% to INR62.1 million in the quarter ended Sept. 30, 2007, from the INR56.8-million loss incurred in the same period a year ago. Total income in the July-Sept. 2007 quarter increased 43.7% to INR625.6 million but was brought down with the greater upward move of operating expenses -- by 51.6% to INR604.4 million -- hence a lower operating profit of INR21.2 million compared to last year's INR36.7 million. Interest charges for the latest quarter under review aggregated INR74.4 million, while depreciation expenses totaled INR8.7 million. The company noted in its financial results filed with the Bombay Stock Exchange that the State Bank of India, operating agency appointed by India's Board for Industrial and Financial Reconstruction, has prepared a modified rehabilitation scheme for the revival the company and has submitted the same to the BIFR. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?2511 Headquartered in Mysore, India, RPG Cables Ltd. operates in two segments: Power cables and Telecommunication cables. The company manufactures power and control cables, jelly filled telephone cables, optical cables and housewiring cables. The Troubled Company Reporter-Asia Pacific reported on Nov. 2, 2007, that RPG Cables has a stockholder's equity deficit of US$20.19 million. SAMTEL COLOR: Loss Widens to INR274 Mil. in Qtr. Ended Sept. 30 --------------------------------------------------------------- In the three months ended Sept. 30, 2007, Samtel Color Ltd booked a net loss of INR274.5 million, more than 45 times the INR6-million loss the company incurred in the same period in 2006. Samtel Color's total income slipped 22.7% from INR3.01 billion in the July-Sept. 2006 quarter to INR2.33 billion in the latest quarter under review. Operating expenses, however, didn't went down as much -- by 12% to INR2.36 billion -- giving the company an operating loss of INR33.5 million compared to the INR329.4- million operating profit last year. In the latest quarter under review, the company also booked interest charges of INR195.9 million and depreciation expenses of INR161.3 million, both more than those incurred in the same quarter in 2006. A copy of Samtel Color's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?2510 Headquartered in New Delhi, India, Samtel Color Ltd -- http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a range of display devices like television picture tubes, tubes for avionics, medical and industrial applications, glass parts for picture tubes, components for tubes like deflection yokes and engineering services. The company's manufacturing facility has a production capacity of approximately 6.2 million tubes per annum. The deflection yoke (DY) division of Samtel Color manufactures DYs for color picture tubes. The division supplies its products to the color picture tube division, as well as some television manufacturers in India. The division also manufactures deflection yokes for export to tube and television manufacturers in South East Asia. The electron devices division of Samtel Color is a manufacturer of electron guns for color picture tubes. The company also manufactures glass for television and display tubes. Through Samtel Electron Devices GmbH, the company manufactures professional cathode ray tube (CRTs). As reported by the Troubled Company Reporter-Asia Pacific on June 30, 2006, ICRA Limited has downgraded the rating for the INR250-million Long-Term Non-Convertible Debenture Programme of Samtel Color Limited to LBB from the LBBB- assigned earlier. LBB is the inadequate-credit-quality rating assigned by ICRA. The rated instrument carries high credit risk. The rating downgrade follows Samtel's delay in meeting its repayment obligations against term loans from banks and financial institutions because of the liquidity pressures brought about by a sharp decline in the company's income and profits. SAURASHTRA CEMENT: Incurs INR36-Mil. Loss in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Saurashtra Cement Ltd reported a net loss of INR36.26 million in the quarter ended Sept. 30, 2007, compared to the net profit of INR124.08 million earned in the same period last year. Despite increased revenues, the company posted a negative bottom line because of rising expenditures. Total income went up by 6.7% to INR918.47 million while operating expenditures rose 20.2% to INR848.18 million giving the company an operating profit of INR70.29 million in the July-Sept. 2007 quarter. The company, however, noted that during the quarter, annual maintenance cost has been accounted for as per Accounting Standard 25 issued by the Institute of Chartered Accountants of India, hence figures are not comparable with corresponding quarter of the previous year. The company also booked interest charges of INR78.2 million, depreciation of INR48.45 million and INR20.1 million in taxes. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at the Bombay Stock Exchange at http://ResearchArchives.com/t/s?250f The flagship company of The Mehta Group, Saurashtra Cement Ltd. -- http://www.mehtagroup.com/scement.htm-- manufactures and exports cement including Ordinary Portland Cement, Pozzolana Portland Cement, Sulphate Resistant Cement and Portland Slag Cement. SCL markets cement under the brand name "HATHI CEMENT". The company also exports clinker. On Dec. 9, 2006, Credit Rating Information Services of India Ltd changed the outstanding rating of Saurashtra Cement's INR477.6-million Non-Convertible Debenture Issue from 'D' to 'Not Meaningful.' The revision followed the company's registration in the Board of Industrial and Financial Reconstruction as a Sick Industrial Company pursuant to the SIC (SP) Act, 1985. Saurashtra Cement is currently restructuring its debts. Its proposal for restructuring under the Corporate Debt Restructuring Mechanism was approved through the letters issued by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006. SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007 -------------------------------------------------------------- Sun Microsystems Inc. reported financial results for its fiscal first quarter, which ended Sept. 30, 2007. Revenues for the first quarter of fiscal 2008 were US$3.219 billion, an increase of approximately 1% as compared with US$3.189 billion for the first quarter of fiscal 2007. Total gross margin as a percent of revenues was 48.5, an increase of 5.0 percentage points, as compared with the first quarter of fiscal 2007. Net income for the first quarter of fiscal 2008 on a GAAP basis was US$89 million as compared with a net loss of US$56 million for the first quarter of fiscal 2007. GAAP net income for the first quarter of fiscal 2008 includes a US$113 million restructuring charge. Cash generated from operations for the first quarter of fiscal 2008 was US$574 million, and cash and marketable debt securities balance at the end of the quarter was US$5.193 billion. "We showed continued execution and operating discipline and delivered a very solid first quarter with continued revenue growth, profitability and gross margin expansion," said Jonathan Schwartz, CEO of Sun Microsystems. "We saw particular strength in our high-end systems lineup, good growth in our subscription- based identity management software offerings, and even more adoption and momentum behind the award-winning open source SolarisTM 10 Operating System and our virtualization offerings. Growth remains our top priority for fiscal 2008 as we look to capitalize on our UltraSPARC(R) T2 servers, delivering outstanding Solaris and Linux performance with extreme energy efficiency." Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat ---------------------------------------------------------- Red Hat Inc. has signed an agreement with Sun Microsystems to advance open source Java(TM) software. Red Hat has signed Sun's broad contributor agreement that covers participation in all Sun-led open source projects by all Red Hat engineers. In addition, Red Hat has signed Sun's OpenJDK Community TCK License Agreement. This agreement gives the company access to the test suite that determines whether an implementation of the Java Platform Standard Edition (Java SE) platform that is derived from the OpenJDK project complies with the Java SE 6 specification. Red Hat is the first major software vendor to license the Java SE Technology Compatibility Kit (TCK), in support of Java SE compatibility. To help foster innovation and advancement of the Java technology ecosystem, Red Hat will also share its developers' contributions with Sun as part of the OpenJDK community. These agreements pave the way for Red Hat to create a fully compatible, open source Java Development Kit (JDK) for Red Hat Enterprise Linux, including the Java Runtime Environment (JRE). As a contributor, Red Hat will have full access to the OpenJDK code base as well as the Java SE 6 TCK to eventually deliver a JRE for Red Hat Enterprise Linux that would significantly enhance Java software applications. Red Hat customers will benefit from a highly optimized, accelerated runtime for JBoss Enterprise Middleware in a Linux environment. "Red Hat fully supports Sun's courageous decision to open source Java technology. After more than 10 years of continuous leadership, the Java technology ecosystem will enter an era of accelerated innovation and benefit from extreme pervasiveness on a wide range of environments," said Sacha Labourey, CTO of JBoss, a division of Red Hat. "Through these strategic agreements, Red Hat commits to contribute to the Java platform and distribute a compatible, open source Java software implementation." One of the first benefits of this agreement is tighter alignment with the IcedTea project, which brings together Fedora and JBoss.org technologies in a Linux environment. IcedTea provides Free Software alternatives for the few remaining proprietary sections in the OpenJDK project. Earlier this month, Red Hat Middleware LLC division was re- elected by program members of the Java Community Process to the Executive Committee for the Standard/Enterprise Edition. Red Hat will serve as a voting member for three years, helping guide the evolution of Java technologies. The company currently leads the Web Beans Expert Group and has made significant contributions in the past to specifications such as Enterprise JavaBeans 3.0. "Sun welcomes Red Hat to the OpenJDK community," said Rich Green, executive vice president, Software at Sun Microsystems. "It is a vote of confidence to have Red Hat, a leader in open source, engaging with the community on such a broad scale. When we open-sourced our Java software implementation, we hoped to see just this kind of collaboration between the GNU/Linux world and the Java technology ecosystem. It is gratifying to see the promise of open-source Java technology coming true with Red Hat's leadership." About Red Hat Headquartered in Raleigh, North Carolina Red Hat, Inc. -- http://www.redhat.com/-- is an open source and Linux provider. Red Hat provides operating system software along with middleware, applications and management solutions. Red Hat also offers support, training, and consulting services to its customers worldwide and through top-tier partnerships. The company has offices in Singapore, Germany, and Argentina, among others. About Sun Microsystems Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. TATA MOTORS: Reports 13% Growth in October Vehicle Sales -------------------------------------------------------- Tata Motors Ltd reported a total sale of 49,354 vehicles (including exports) for the month of October 2007, a growth of 13% compared to 43,743 vehicles sold in October last year. The domestic market continues to be sluggish, due to the high interest rate regime, continuing to affect retails. Commercial Vehicles The company's sales of commercial vehicles in October 2007 in the domestic market were 27,103 units, a growth of 16% compared to 23,354 vehicles sold in October last year. Medium and Heavy Commercial Vehicle sales stood at 13,980 units, a growth of 6% over October 2006, while Light Commercial Vehicle sales were 13,123 units, a growth of 29% over October 2006, and could have been better, but for acute shortage of tyres. Passenger Vehicles The passenger vehicle business achieved total sales of 18,021 vehicles in the domestic market in October 2007, a growth of 8% over October 2006. The Indica reported sales of 11,658 nos., a growth of 6% over October 2006. The Indigo family registered sales of 2,353 units, a growth of 37% over October 2006. The Sumo and Safari accounted for sales of 4,010 units, flat compared to October 2006, but a growth of 21% over September 2007. The new Safari Dicor 2.2 VTT launched in the month has received a very encouraging response, with the Safari selling 1716 units, a growth of 19.5% over October 2006 and a growth of 70% over September 2007. Exports The company's sales from exports at 4,230 vehicles in October 2007 grew by 16% as compared to 3,663 vehicles in October 2006. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. ================= I N D O N E S I A ================= ALCATEL-LUCENT SA: Posts EUR318-Million Net Loss in 3rd Quarter --------------------------------------------------------------- Alcatel-Lucent S.A. posted a EUR318 million net loss on EUR4.35 billion net revenues for the third quarter 2007. For the quarter, the company reported a EUR345 million group net loss, including EUR87 million in impact from purchase price allocation entries. Alcatel-Lucent also provided adjusted financial results to show provide comparable information, which exclude the main non-cash impacts from purchase price allocation entries. For the third quarter, Alcatel-Lucent posted EUR231 million in adjusted net loss and EUR258 million in adjusted group net loss. As of Sept. 30, 2007, the company's debts total EUR124 million. "As you can see our results this quarter were essentially in line with the update we provided on September 13, and in a few areas a bit better; however they are still not at a level that we are satisfied with," chief executive Patricia Russo said. "We believe that our strategy, our product portfolio and our expertise align with the long-term market drivers that will underpin the industry for the next several years, as networks migrate to all-IP based architecture. During the first nine months of operations as a single company, we strengthened our position in key strategic markets and technologies such as IP and mobile broadband required to position the company for long- term sustained growth. "Having said that, and in spite of the promise of this industry and the long-term benefits of the merger, we recognize that market conditions remain difficult, with continued pressure on revenues and margins due to intensified competition and some slowdown of spending in North America. These market conditions along with our commitment to transform the company for the long- term lead us to put in place an aggressive three-part plan to improve profitability and reposition the business." The Board fully supports the plan presented, which includes: -- streamlining the core carrier business, accelerated product cost improvement with increased portfolio focus on IP transformation of wireline and wireless networks; -- enhancing growth by developing an offensive strategy on sectors offering a strong growth potential, namely: * high value added services and applications for the carrier markets; * solutions for the enterprise markets and Industry and Public Sector; and -- streamlining the company's organization into a simplified model with a focused management committee with clear accountabilities and ownership to quickly execute the plans. This plan will result in an acceleration of cost structure improvement, especially in support functions and other savings arising from the realigned and streamlined Carrier Business Group. The company expects that this plan will result in incremental savings of EUR400 million in gross margin and comparable operating expenses by the end of year 2009. This implies an acceleration of our ongoing headcount targets into 2008 with incremental reductions of about 4,000 by 2009. Ms. Russo added, "These are difficult but necessary decisions, and we will manage these reductions with care. With this plan, the company is targeting gross margins in the high 30\u2019s and operating margins of 10% or better in the post integration phase beginning 2010." Outlook For the fourth quarter 2007 the company expects a solid ramp up in revenue over the third quarter 2007. For the full year, given some of the recent uncertainty seen in the market, revenues are likely to be around flat at constant Euro/US$ exchange rate which is at the low end of the range previously provided. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported on Sept. 19, 2007, that Standard & Poor's Ratings Services revised its outlook on international equipment supplier Alcatel-Lucent and related entity Lucent Technologies Inc. to stable from positive. At the same time, the 'BB-' long-term corporate credit ratings on the group were affirmed. The 'B' short-term corporate credit rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent Technologies were also affirmed. As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. ALCATEL-LUCENT: Appeals Overturned US$1.5 Billion Award ------------------------------------------------------- Alcatel-Lucent is appealing Judge Rudi M. Brewster's decision overturning a jury's patent infringement finding and a US$1.5 billion damages award against Microsoft Corp. Judge Brewster of the U.S. District Court for the Southern District of California overturned the jury's finding and damages award on Aug. 6, 2007. "This reversal of the judge's own pretrial and post-trial rulings is shocking and disturbing, especially since - after a three-week trial and four days of careful deliberation - the jury unanimously agreed with us, and we believe their decision should stand," said Mary Lou Ambrus, a spokeswoman for Alcatel- Lucent, in an e-mail to the Associated Press. "We still have a strong case and we believe we will prevail on appeal." The jury had returned a verdict on Feb. 22, 2007 in Alcatel- Lucent's favor finding all the asserted claims valid and infringed. The Court then awarded US$1.52 billion in damages. In 2003, the Company filed suit California District Court seeking a declaratory judgment of non-infringement of its audio patents. Alcatel-Lucent has asserted claims under these patents against computer manufacturers that sell computers with the Company's operating system and application software pre- installed. (Intellectual Property Reporter, Aug. 7, 2007) About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on Sept. 19, 2007, that Standard & Poor's Ratings Services revised its outlook on international equipment supplier Alcatel-Lucent and related entity Lucent Technologies Inc. to stable from positive. At the same time, the 'BB-' long-term corporate credit ratings on the group were affirmed. The 'B' short-term corporate credit rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent Technologies were also affirmed. As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. AVNET INC: To Combine Acquired ChannelWorx Pty with Avnet Tech -------------------------------------------------------------- Avnet Inc. has acquired ChannelWorx Pty Ltd of Australia. ChannelWorx will be integrated into Avnet Technology Solutions' Australia business. In addition to gaining 300 resellers and systems integrators, the acquisition will bring Avnet new employees with experience in storage networking and solutions. KP Tang, president of Avnet Technology Solutions, Asia Pacific, noted that the acquisition is a significant step in diversifying Avnet�s business in the market. "Adding this strong line-up of networking suppliers from ChannelWorx to our product offerings moves us strategically into emerging and high-growth technologies with incremental cross selling opportunities," Mr. Tang added. "This acquisition represents the opportunity to gain greater scale and scope in the market and offer greater value to our reseller partners in Australia." The transaction will also provide Avnet Technology Solutions Australia with a greater presence in Melbourne. "Expanding both our geographic footprint and our technology solutions offerings fits perfectly with our strategic growth plan," Gavin Lawless, general manager of Avnet Technology Solutions Australia, added. "We are excited about the opportunities this acquisition will provide to accelerate growth for our partners and for Avnet." About ChannelWorx Pty Ltd of Australia Headquartered in Melbourne, ChannelWorx Pty Ltd of Australia is a networking and security distributor established in 1989. ChannelWorx markets a portfolio of networking products from suppliers including Juniper, Extreme Networks, Ironport, and Avaya and software products from Google. About Avnet Inc Phoenix, Arizona-based, Avnet Inc. -- http://www.avnet.com/-- (NYSE:AVT) distributes electronic components and computer products for industrial customers. It has operations in Australia, Belgium, China, Germany, Hong Kong, India, Italy, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Sweden, Brazil, Mexico and Puerto Rico. Avnet Technology Solutions is an operating group of Avnet Inc. (NYSE:AVT) -� http://www.ats.avnet.com.au/-- with locations in more than 30 countries. Avnet Technology has sales divisions focused on specific customer segments and a select line card strategy that gives attention to the needs of its customers and suppliers. * * * Moody's Investors Service placed Avnet Inc.'s long term corporate family, senior unsecured debt and probability of default ratings at ' Ba1' in September 2006. The ratings still hold to date. BANK MANDIRI: Provides IDR3 Tril. Standby Loan to Semen Gresik -------------------------------------------------------------- PT Bank Mandiri Tbk has provided up to IDR3 trillion of standby loans to cement maker PT Semen Gresik Tbk, Reuters reports. According to the report, Gresik has long-term expansion plans to invest up to US$1.3 billion until 2011, aiming to build a new factory and power plants to support its operations. Mandiri President Director Agus Martowardojo told reporters that the bank is allocating between IDR2.5-3 trillion. The bank will still review Gresik's final plan, he added. Gresik plans to start building a new factory starting next year as it moves to crank up its capacity by about 40% by 2013 to 22.9 million tonnes from 16 million tonnes in 2006, the report adds. About Bank Mandiri PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, and provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. The Troubled Company Reporter-Asia Pacific reported on Oct 19, 2007, that Moody's Investors Service has raised the foreign currency long-term debt and foreign currency long-term deposit ratings of Bank Mandiri. -- The foreign currency senior/subordinated debt ratings were raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa2 global local currency deposit rating and D- BFSR were unaffected. The bank also carries Fitch Ratings: Long-term foreign and local currency Issuer Default ratings at 'BB-', Short-term rating at 'B', National Long-term rating at AA(idn)', Individual at 'D', and Support at '4'. The Outlook for the ratings was revised to Positive from Stable. BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices ---------------------------------------------------------------- BearingPoint Inc. has appointed Sarah Beardsley to senior vice president and leader of its Communications and Media practices. Ms. Beardsley brings more than 20 years of leadership and management experience from highly competitive telecom and technology companies. Her background includes sales, marketing, business development, customer service, product management and service delivery for mid-sized and large Fortune 500 companies. Most recently, Ms. Beardsley was a senior vice president of VeriSign, where she was responsible for all client-facing activities for Verisign's communications carrier customers, including sales, support, customer care, business development and marketing, as well as the targeting and integration of strategic acquisitions. Prior to joining VeriSign, Ms. Beardsley was president of Savvis Communications' startup enterprise business. Ms. Beardsley's career also includes a variety of general management and marketing positions at AT&T and MCI. During her 16 years at MCI, Ms. Beardsley led the company's carrier segment and oversaw its entrance into competitive local services. "BearingPoint is proud to appoint Sarah as the leader of its Communications and Media practices," said Tom McKelvey, BearingPoint executive vice president. "The communications and media industries are not only in a period of rapid change and growth, but constantly dealing with new tech