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 Monday, November 12, 2007, Vol. 10, No. 224 Headlines A U S T R A L I A ANSELL LTD: S&P Lifts Rating to BBB- Due to Strong Financials BURNKEL PTY: Placed Under Voluntary Liquidation CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating COAL CONTRACTORS: Declares First Dividend for Creditors COGENT MANAGEMENT: Inability to Pay Debts Prompts Wind-Up DESIREE PTY: Members and Creditors to Meet on November 23 ELSWICK PTY: Members Receive Wind-Up Report GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter J.R. BAKER: Shareholders to Receive Wind-Up Report on Nov. 14 KOALA TIMBER: To Declare Dividend on November 30 MID-CITY HEALTH: Members Agree on Voluntary Liquidation MOBILE CONCRETE: Members Pass Resolution to Wind Up Firm PHAMILLE PTY: Commences Liquidation Proceedings SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services SYMBION HEALTH: Primary Health Launches AU$3.5-Billion Offer SYMBION HEALTH: Moody's Retains Downward Review of Ba1 Rating SYMBION HEALTH: S&P Puts Rating on Watch After Primary's Offer TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30 TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3 TEREX CORP: S&P Affirms BB Corporate Credit Rating URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28 C H I N A & H O N G K O N G ARTAMON COMPANY: Members to Hold General Meeting on Dec. 3 CHAMP FAIR: Appoints Tsang Hin Man, Terence, as Liquidator CHINA EASTERN AIRLINES: Sale to Singapore Air & Temasek Ratified EVERELITE TECHNOLOGY: Appoints S. Zhan as Head of Finance EVERELITE TECH: Incurs TWD91.09-Mil. Loss For 2007 First Half EVERELITE TECHNOLOGY: September Sales Fall 58.45% FAR EAST: Ha Yue Feun Henry Quits As Liquidator FAMOUS KIT: Members to Hold General Meeting on Dec. 1 GRAND HONG KONG: Ha Yue Feun Henry Steps Down as Liquidator HOUTOKU FURNITURE: Members to Receive Wind-Up Report on Dec. 8 MONI COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 23 PEDRENA LIMITED: Members to Hold Final Meeting on December 3 I N D I A AES CORP: Seeking Regulators' Approval on Two Gas Projects AES CORP: Benefiting from Gas Export Restriction to Chile AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11 BALLY TECH: To Acquire Compudigm Int'l Gaming Applications LOK HOUSING: To Allot Shares to Bennett Coleman MODI RUBBER: Net Loss Almost Triple in September Quarter ORIENTAL BANK OF COMMERCE: Profit Down 30% in July-Sept. Quarter QUEBECOR WORLD: Inks $341 Million Sell/Merge Deal with RSDB NV I N D O N E S I A AVNET INC: Closes Acquisition of Betronik in Germany BANK NEGARA: Gov't Appoints Unit as Co-Manager for Global Bonds GEOKINETICS INC: Relocates Corporate Office in Houston, Texas GOODYEAR TIRE: Commences Offer to Exchange 4% Conv. Senior Notes MCDERMOTT INT'L: Reports US$140.4-Mln Net Income in Third Qtr. PERUSAHAAN LISTRIK: Seeks Permission to Sell Off Assets J A P A N ATARI INC: June 30 Balance Sheet Upside-Down by US$8.6 Million DELPHI CORP: Wants to Use US$4.4-Bil. DIP Loan Until Sept. 2008 HANKYU HANSHIN: Moody's Assigns Baa1 Ratings to JPY10-Bil. Bonds NIS GROUP: S&P Says Capital Enhancement Plan Can Affect Rating NOVA CORP: Swiss-Based Firm Invites Teachers to Work in China SOJITZ CORP: Acquires 30% Stake in Energy Resources' Oil Field SAPPORO HOLDINGS: Steel Partners Submits Improvement Measures K O R E A ACTUANT CORP: R. Alan Hunter Joins Board of Directors HANAROTELECOM: SK Telecom Considers Buying Major Stake KOREA EXPRESS: Plans to Sell Controlling Stake in February 2008 M A L A Y S I A PROTON HOLDINGS: Expects Positive Results for FY to March 2008 PROTON HOLDINGS: Eyes Middle East for Export Expansion PROTON HOLDINGS: Talks with Volkswagen Still Ongoing * Khazanah Set to Resolve Problems in Troubled GLCs by Year-End N E W Z E A L A N D AIR NEW ZEALAND: To Lock Out 145 Workers Starting Nov. 26 CLASSIC FINANCE: Commences Wind-Up Proceedings HOSPITALITY STAFF: Creditors' Proofs of Debt Due on Nov. 15 I J BLOXHAM: Court Releases Wind-Up Order MECHANICAL SPECIALISTS: Placed Under Voluntary Liquidation MOLYNEUX HOLDINGS: Appoints Nellies and Jenkins as Liquidators PINOT INVESTMENTS: Commences Liquidation Proceedings PS CONCRETE: Court Enters Wind-Up Order RACE MARKETING: Commences Wind-Up Proceedings SOUTHERNSOUND NZ: Commences Liquidation Proceedings TREADSTONE PROPERTIES: Taps Murray Louis Acker as Liquidator P H I L I P P I N E S BANCO DE ORO-EPCI: On Track to Hit PHP7-Bil. 2007 Profit Target BANGKO SENTRAL: Expresses Caution on Oil Price Outlook for 2008 DEV'T BANK: Expects Minimal Earnings from US$1-Bil. Hedge Fund LEPANTO CONSOLIDATED: Inks Deal with Zijin Over Benguet Project NAT'L POWER: First Gen Mulls Acquisition of 8 Power Plants SAN MIGUEL: Sells National Foods to Kirin Holdings for AU$2.8BB SAN MIGUEL: Sale of Australian Unit Cue's Moody's 'Ba2' Rating SAN MIGUEL: Disclosure on Aussie Unit Sale Cues Trade Resumption S I N G A P O R E DEEP SEA: Proofs of Debt Due on November 28 GLOBELL CHEMICAL: Fixes Nov. 23 as Last Day to File Claims M-I PRODUCTION: Placed Under Voluntary Liquidation SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses VALUE INNOVATION: Requires Creditors to File Claims by Dec. 9 T H A I L A N D ADVANCE AGRO: Moody's Changes B3 Ratings Outlook to Negative ADVANCE AGRO: S&P Places B- Ratings on CreditWatch Negative ADVANCE AGRO: Awaits Shareholders' OK For Voluntary Delisting ARVINMERITOR INC: Closing North Carolina Business in Sept. 2008 CIRCUIT ELECTRONICS: Appoints Suvimol Krittayakian as Auditor * Asian Credit Default Seen to Rise in 2008, WSJ Says - - - - - - - - ================= A U S T R A L I A ================= ANSELL LTD: S&P Lifts Rating to BBB- Due to Strong Financials ------------------------------------------------------------- Standard & Poor's Ratings Services said that it had raised its long-term rating on Ansell Ltd. and associated debt issues to 'BBB-' from 'BB+' reflecting Ansell's demonstrated ability to maintain strong cash-flow protection measures and liquidity while growing its businesses and managing input-price pressures. Although acquisitions in the past two years have further diversified Ansell's customer and manufacturing bases, Ansell will need to successfully manage the entry into these new markets as well as potential integration risks. The outlook on the rating is stable. "Ansell's fiscal 2007 results continued to evidence the resilience of its operating performance despite the negative impact of significantly higher raw material prices, both for latex and synthetic raw materials," Standard & Poor's credit analyst Brenda Wardlaw said. "Despite modest share buyback activity, increasing dividend payments, and slightly weaker earnings, Ansell's credit measures remained strong, with operating lease-adjusted funds from operations (FFO) to debt of 57.8% (adjusted for surplus cash). Ansell's strong and stable free cash-flow generation and sizable cash holdings underpin its strong liquidity." Ansell continued its strategy of "bolt-on" acquisitions to diversify its geographical presence in the condom sector with acquisitions during fiscal 2007 in Poland and Brazil. Ansell also acquired a 75% shareholding in Chinese condom importer and distributor Jissbon in China in 2006. Apart from providing Ansell with increased geographic diversity of manufacturing sites and consumer markets, these acquisitions encompass strong brands, and enhance Ansell's manufacturing and distribution capacity. Ms. Wardlaw added: "The stable outlook is underpinned by Ansell's conservative debt usage and ample liquidity, which position the group to pursue growth objectives and withstand the negative impact of volatile raw material prices." About Ansell Ltd. Based in Melbourne, Australia, Ansell Limited -- http://www.ansell.com/-- is a global provider of healthcare barrier protective products, primarily gloves and condoms. Up to this day, Moody's Investors Service still keeps its Ba1 rating on Ansell's subordinated debt which was rated on September 4, 2006. BURNKEL PTY: Placed Under Voluntary Liquidation ----------------------------------------------- During a general meeting held on October 5, 2007, the members of Burnkel Pty Limited resolved to voluntarily liquidate the company's business. John Leslie Cousins was appointed as liquidator. The Liquidator can be reached at: John Leslie Cousins c/o Herries, Davidson & Co. 32 Clifford Street Goulburn, New South Wales 2580 Australia About Burnkel Pty Located at Goulburn, in New South Wales, Australia, Burnkel Pty Limited is an investor relation company. CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating ------------------------------------------------------------ Chrysler LLC's Issuer Default Rating 'B+'; Outlook Stable are unaffected by the recent ratification of a new labor agreement with the United Auto Workers. The rating of 'BB+/RR1' on the US$7.5 billion first-lien senior secured term loan, as well as the US$2 billion senior secured second-lien term loan, based on expectations of full recovery in a stress scenario, is likewise unaffected. Ratings for Chrysler reflect the intense competitive conditions in the North American auto market, an uncertain U.S. economic outlook entering 2008, declining market share, an unbalanced product mix, stresses in the supply base, high leverage in a high fixed-cost industry, and an ongoing restructuring program. Positives include the cost benefits and improved competitive position to be derived from the new UAW contract, Chrysler's relative success across a number of product segments, the benefits of its relationship with Daimler AG and international growth opportunities. Fitch believes weakening economic growth in the U.S. has created an increasingly uncertain outlook for industry sales in 2008. In particular, the key pickup truck market will continue to be affected by depressed housing market conditions. Coupled with the pruning of its product line and a targeted reduction in fleet sales, share losses may continue and Chrysler will be challenged to halt revenue declines. Depending on the extent of the expected drop in industry sales, Chrysler will be challenged to reverse negative cash flows when factoring in restructuring costs. Incremental flexibility resulting from the new UAW contract, however, will allow Chrysler greater flexibility to size its production and costs to market conditions, thereby reducing downside risks and cash drains in a downturn. Nevertheless, the current product pipeline -- including new minivans and the 2008 introductions of the Journey crossover, the Dodge Ram pickup and the low-volume, high-profile Challenger -- will help to support revenues and retail market share through 2008 and into early 2009. Although the minivan market continues to decline, the exit of Ford Motor Company (IDR of 'B' with a Negative Outlook) and General Motors Corp. (IDR of 'B' with a Negative Outlook) from this market, and new features provided by the new Dodge and Chrysler offerings could further augment its market leading position. The new Journey crossover is aimed at one of the most rapidly-growing segments of the market where Ford and GM have both enjoyed recent success. Although the pickup truck market is not expected to rebound significantly through 2008, in line with expectations for the housing market, the numerous difficulties surrounding the Toyota Tundra launch lend confidence to the ability of the Detroit 3 to defend this highly-profitable segment. Dodge's new pickup offerings will also include a light-duty diesel product. Continuing double-digit growth in export sales will also provide marginal support to consolidated revenues. Quality issues remain a concern. The new UAW contract will help Chrysler transition to a more competitive wage and benefit structure over the next several years, although a structural cost gap will still remain versus the transplants. The most significant cost savings will derive from a reduction in the hourly work force of approximately 30% from December 2006 to December 2008, along with a transition of as much as 20% of the remaining U.S. hourly workforce to lower wage and benefit levels. This could result in a longer-term reduction in consolidated wage and benefit costs by more than a third when factoring in temporary workers. The transition of new hires to defined contribution pension and health care programs also reduces longer-term structural risks. Reductions in the hourly workforce have been accompanied by commensurate reductions in salaried and contract workers. Nevertheless, transplant manufacturers will retain a meaningful cost advantage resulting from platform and parts commonality, flexible manufacturing capability, capital investment efficiency and quality. The establishment of a VEBA, and the associated transfer of healthcare liabilities represents a significant transfer of medical cost inflation risk from Chrysler to the UAW. The funding of the VEBA through a combination of existing VEBA funds, wage and Cost of Living Allowance allocation transfers, and debt was prudently funded to preserve required operating liquidity at Chrysler. The benefits, which will begin to be realized until 2010, are significant in relation to the upfront funding requirements. Net liquidity, however, may be modestly reduced, during a period of industry uncertainty. Chrysler's market share has held up relatively well versus Ford and GM over the past seven years, although sales performance has been habitually boosted through over-production, incentives and higher fleet sales. Relatively moderate declines in market share have resulted from better performance across a number of product segments, which has aided capacity utilization and resulted in more modest capacity cutbacks than at Ford and GM. (Chrysler currently has one assembly plant scheduled for closure.) As a result, cost reductions should more directly translate into improved margin and cash flow performance. In a more favorable industry environment then currently projected the combination of Chrysler's product performance and material cost reductions could put Chrysler on a path to positive cash flow. Chrysler's sales outside NAFTA (approximately 8% in 2006) is growing rapidly and could represent an important factor in sustaining capacity utilization if export growth continues at its current pace. Fitch believes the current U.S. dollar weakness could also support further export market gains. The relationship with Daimler AG (which retains a 19.8% ownership stake in Chrysler) remains an important factor in the rating. Although cost synergies did not materialize to the extent forecasted following the merger of the two entities, joint programs involving platform consolidation, parts commonality, purchasing initiatives, research and development, etc. remain intact and are expected to result in achievement of variable cost reductions over the longer term. Access to Daimler powertrain, safety, emission and other technologies provides R&D scale that Chrylser would otherwise lack, and which is critical to remaining globally competitive. In particular, access to Daimler's diesel technology could represent an important competitive advantage as diesel products gain traction in North America, as expected. Strategically, Chrysler has displayed an 'asset-lite' approach to its expansion plans. Chrysler has demonstrated this approach by contracting out manufacturing of its vehicles in Europe, utilizing its North American capacity to manufacturer non- Chrysler brands, and outsourcing on-site non-assembly operations. Fitch expects that Chrysler will continue to leverage its brands, engineering and design, technologies and products to expand its global presence through joint-ventures, alliances, etc. in a capital efficient manner. Chrysler's joint-venture with China-based Chery, expected to eventually manufacture exports to the U.S., is consistent with this strategy. Over the intermediate term, legislative and regulatory risks across a wide spectrum of issues are rising, which could lead to changes in consumer demand, cost competitiveness, product standards, investment requirements, etc. Issues include fuel efficiency requirements, emissions standards, safety standards, tax policies and free-trade policies, etc. The majority of which could adversely impact operating performance at Chrysler. Fitch's rating of 'BB+/RR1' on the first-lien and second-lien portions of the term loan reflects expectations of full recovery in the event of a restructuring event. The loans are secured by substantially all of Chrysler's tangible and intangible assets and is subject to a borrowing base. Fitch's recovery methodology model incorporates a scenario of materially reduced market share and revenues, a continuation of manufacturing operations, and a high level of cash remaining on the balance sheet to finance ongoing working capital obligations. Recovery values, as has been the pattern in the auto parts sector, reflect the substantial savings in wages, benefits, asset rationalization and other fixed costs than can be realized as part of the restructuring process. Fitch views Chrysler's gains in plant efficiency, the core strength of certain product lines, and the value of certain brands (particularly Jeep) and a growing global presence would lead to continued production by these plants, thereby enhancing the emerging enterprise value and supplementing recovery values obtained from other working capital and physical assets. Although Chrysler Financial remains a separate legal entity, incentives exist for Cerberus to keep Chrysler capitalized in order to retain the value and viability of Chrysler Financial. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. COAL CONTRACTORS: Declares First Dividend for Creditors ------------------------------------------------------- Coal Contractors Australia Pty Limited declared its first dividend for creditors on November 8, 2007. Creditors who were not able to file their proofs of debt by the November 7 due date were excluded from the company's dividend distribution. The company's liquidator is: G. J. Parker Parker Insolvency Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Coal Contractors Coal Contractors Australia Pty Ltd operates offices of holding companies. The company is located at Sydney, in New South Wales, Australia. COGENT MANAGEMENT: Inability to Pay Debts Prompts Wind-Up --------------------------------------------------------- During a general meeting held on September 28, 2007, the members of Cogent Management Pty Ltd agreed to voluntarily liquidate the company's business due to its inability to pay debts. The company's liquidator is: Q. J. Olde Taylor Woodings Chartered Accountants Level 14, 56 Pitt Street Sydney, New South Wales 2000 Australia About Cogent Management Cogent Management Pty Ltd provides management consulting services. The company is located at Balgowlah, in New South Wales, Australia. DESIREE PTY: Members and Creditors to Meet on November 23 --------------------------------------------------------- A final meeting will be held for the members and creditors of Desiree Pty Limited on November 23, 2007, at 11:00 a.m. At the meeting, Schon G. Condon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Schon G. Condon Condon Associates Australia Telephone:(02) 9893 9499 About Desiree Pty Desiree Pty Limited operates non-classifiable establishments. The company is located at Penrith, in New South Wales, Australia. ELSWICK PTY: Members Receive Wind-Up Report ------------------------------------------- The members of Elswick Pty Ltd met on October 31, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: S. Nichols Nichols + Brien Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia About Elswick Pty Elswick Pty Ltd is a distributor of durable goods. The company is located at Rydalmere, in New South Wales, Australia. GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter ---------------------------------------------------------- General Cable Corporation recorded a net income of US$61.1 million for the third quarter of 2007, compared to US$37.0 million in the third quarter of 2006. Net sales for the third quarter of 2007 were US$1.1 billion, an increase of US$194.0 million or 20.6% compared to the third quarter of 2006 on a metal-adjusted basis. Without the impact of acquisitions, revenue growth was approximately 12.1% in the third quarter of 2007 compared to 2006. This growth was principally due to the continuing strength of the company's global electrical infrastructure and electric utility businesses, as well as favorable foreign exchange translation, which together more than offset the impact of declining telecommunications and residential construction demand. Revenues from acquired businesses contributed US$80.3 million in the third quarter. The average price per pound of copper in the third quarter was US$3.48, an increase of US$0.02 from the second quarter of 2007, and a decrease of US$0.06 or 1.7% from the third quarter of 2006. The average price per pound of aluminum in the third quarter was US$1.19, a decrease of $0.09, or 7% from the second quarter of 2007, and equal to the third quarter of 2006. Third quarter 2007 operating income was US$92.3 million compared to operating income of US$65.8 million in the third quarter of 2006, an increase of US$26.5 million or 40.3%. Operating margin was 8.1% in the third quarter of 2007, an increase of approximately 110 basis points from the operating margin percentage of 7.0% in the third quarter of 2006 on a metal- adjusted basis. This improvement was principally due to better price realization in many of the company's product lines, operating improvements in acquired businesses, cost improvements from LEAN initiatives, and approximately US$2.4 million in LIFO gains from the liquidation of lower cost inventory, all of which more than offset the impact of lower capacity utilization rates for certain construction and telecommunications product lines. Included in the earnings results for the third quarter of 2007 was approximately US$0.08 per share of tax benefits resulting from prior year tax provision true-ups. In addition, the 2007 estimated full year effective tax rate has been reduced to 36% as a result of the increasing relative mix of income generated in lower tax rate countries and the impact of effective tax planning strategies. Market Update In North America, revenues increased 9.7% in the third quarter compared to 2006 on a metal-adjusted basis. This top line improvement is net of nearly a 20% drop in metal-adjusted revenues for telecommunications products sold primarily to telephone operating companies. Without the impact of telecommunications products, North American metal-adjusted revenue grew at 16.1% in the third quarter of 2007 compared to 2006. Operating margin has increased by 190 basis points to 8.7%. With the exception of telecommunications products, all North American businesses reported increased revenues and earnings during the third quarter of 2007 compared to the prior year. The company has continued to benefit from its exposure to a wide range of strong end markets including electric utility, electrical infrastructure, networking, and electronics that are more than offsetting continued telecommunications product declines and the impact of a weak housing market on certain utility cable product families. The company is examining its telecommunications footprint in the context of various demand scenarios. European electric utility and electrical infrastructure markets broadly continue to remain robust with the exception of Spanish construction. Operating earnings in the Company's European business grew by 35% to US$36.8 million in the third quarter of 2007 compared to the prior year. Operating margin was 7.5% in the third quarter, equal to the same period in 2006 on a metal adjusted basis. Revenues were up 35% in the quarter on a metal- adjusted basis. Before the impact of acquired businesses and favorable changes in exchange rates, organic growth was 7.5%, despite approximately a 20% decline in demand for cables used in Spanish residential construction since the end of 2006. The company has initiated growth strategies in other European markets for these low voltage products including the European do-it-yourself markets. "The Company's European operations are showing strong results, particularly from businesses recently acquired. NSW is actively developing products for submarine power and long-haul fiber optic communications markets and Silec's high voltage solid dielectric underground cable systems continue to gain momentum globally. Both businesses are booking projects into the 2009 timeframe. At ECN, we are nearing completion of an important technology transfer, which will allow ECN to manufacture the company's trapezoidal design hardened steel core overhead transmission cable. This cable effectively provides about 75% more capacity compared to a similar sized cable of a traditional design, perfect for the congested rights of way in Europe," Gregory B. Kenny, the company's President and Chief Executive Officer, said. Completion of Acquisition The company has completed the acquisition of PDIC from Freeport- McMoRan Copper & Gold Inc. "This is a transformative transaction for General Cable and one that accelerates our globalization plans by many years. The developing economies that are served by PDIC are continuing to grow much faster than the developed world. During the planning process for the integration of this acquisition, the management teams of both General Cable and PDIC have been encouraged by the level of common business philosophies and the opportunities this transaction presents for more efficient utilization of our combined manufacturing capacity, the ability to enter new markets, and improvements in raw material and equipment costs," Mr. Kenny said. In connection with the acquisition of PDIC, the company recently completed an offering of US$475 million of 1% Senior Convertible Notes due 2012. Proceeds from this offering were used to partially fund the acquisition of PDIC. Additionally, as part of the funding of the acquisition of PDIC, the Company increased the borrowing capacity of its United States revolving asset backed loan from US$300 million to US$400 million, effective Oct. 31, 2007. This increase will provide additional liquidity to fund future acquisitions and internal growth opportunities. Management Announcements The company disclosed several management changes effective Nov. 1, 2007, which will align the company's management structure along geographic lines. The company welcomes Mathias Sandoval to General Cable as Executive Vice President and Chief Executive Officer of the company's combined operations in Latin America, Sub-Saharan Africa and the Middle East/Asia Pacific. Domingo Goenaga has been promoted to Executive Vice President and Chief Executive Officer of General Cable Europe and North Africa and will continue in his current capacity. Gregory Lampert has been promoted to Executive Vice President and Group President of the North American Electrical and Communications Infrastructure Group. J. Michael Andrews has been promoted to Executive Vice President and Group President of the North American Energy Infrastructure and Technology Group. In addition, Mr. Macdonald will work with the company's business and sales leaders around the globe to align our commercial strategies and ensure that the company will present one face to global customers across all regions and businesses. Each of these individuals will report directly to Mr. Kenny. "Over the last decade, the General Cable management team has successfully grown the Company from a U.S. centric business focused on communications and construction cables, to a truly international company with approximately two-thirds of its projected revenues generated outside of the United States and a product range and geographic diversity second to none," Mr. Kenny said. "I expect these leaders to be relentless in their drive for continuous improvement; have the vision to identify new markets and business opportunities before they become popular; and have the strength and wisdom to profitably navigate the Company into the future through all market conditions. I believe we have one of the most thoughtful and energetic management teams in the business that we can continue to leverage as we expand globally." Preferred Stock Dividend In accordance with the terms of the company's 5.75% Series A Convertible Redeemable Preferred Stock, the Board of Directors has declared a regular quarterly preferred stock dividend of approximately US$0.72 per share. The dividend is payable on Nov. 24, 2007, to preferred stockholders of record as of the close of business on Oct. 31, 2007. The company expects the quarterly dividend payment to approximate $0.1 million Fourth Quarter 2007 Outlook Revenues for the fourth quarter without PDIC are expected to be approximately US$1.05 billion, an increase of 12% from the fourth quarter of 2006 on a metal adjusted basis. In addition, PDIC will contribute approximately US$220 million of revenues for the balance of the fourth quarter. For the fourth quarter, the Company expects to report earnings per share of about US$0.80 to US$0.85, including estimated contributions from the PDIC operations, the related financing impact, and purchase accounting related expenses. "Looking forward, we are increasing our accretion guidance for 2008 related to the acquisition of PDIC from a range of US$0.20 to US$0.30 to a range of US$0.40 to US$0.50 due to the continuing strength of PDIC's end markets," Mr. Kenny concluded. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. The outlook is stable. J.R. BAKER: Shareholders to Receive Wind-Up Report on Nov. 14 ------------------------------------------------------------- The shareholders of J.R. Baker Pty Ltd will meet on November 14, 2007, at 12:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: A. Koutzoumis Holden & Bolster Avenir Pty Ltd Suite 3101, Level 31 Australia Square 264-278 George Street Sydney, New South Wales 2000 Australia About J.R. Baker J.R. Baker Pty Ltd is in the business of local trucking, without storage. The company is located at Caringbah, in New South Wales, Australia. KOALA TIMBER: To Declare Dividend on November 30 ------------------------------------------------ Koala Timber Products Pty Limited will declare its first dividend on November 30, 2007. Creditors who were not able to file their proofs of debt by the November 9 due date will be excluded from the company's dividend distribution. The company's deed administrator is: Richard Albarran Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia About Koala Timber Koala Timber Products Pty Limited is a distributor of lumber, plywood, and millwork. The company is located at Ingleburn, in New South Wales, Australia. MID-CITY HEALTH: Members Agree on Voluntary Liquidation ------------------------------------------------------- At an extraordinary general meeting held on September 26, 2007, the members of Mid-City Health & Fitness Club Pty Ltd agreed to voluntarily wind up the company's operations. Geoffrey Trent Hancock and Neil Robert Cussen of Deloitte Touche Tohmatsu were tapped as liquidators. The Liquidators can be reached at: Geoffrey Trent Hancock Neil Robert Cussen Deloitte Touche Tohmatsu Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia About Mid-City Health Mid-City Health and Fitness Club Pty Ltd is engaged in the business of physical fitness facilities. The company is located at Campbelltown, in New South Wales, Australia. MOBILE CONCRETE: Members Pass Resolution to Wind Up Firm -------------------------------------------------------- The members of obile Concrete Pty Limited met on October 4, 2007, and agreed to voluntarily wind up the company's operations. P. Ngan was appointed as liquidator. The Liquidator can be reached at: P. Ngan Ngan & Co Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Mobile Concrete Mobile Concrete Pty Limited is a special trade contractor. The company is located at Wetherill Park, in New South Wales, Australia. PHAMILLE PTY: Commences Liquidation Proceedings ----------------------------------------------- The members of Phamille Pty Ltd met on October 5, 2007, and agreed to voluntarily liquidate the company's business. Murray C. Smith was appointed as liquidator. The Liquidator can be reached at: Murray C. Smith c/o McGrathNicol Level 9, 10 Shelley Street Sydney, New South Wales 2000 Australia Telephone:(02) 9338 2666 Web site: http://www.mcgrathnicol.com.au About Phamille Pty Located at West Perth, in Western Australia, Australia, Phamille Pty Ltd is an investor relation company. SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure --------------------------------------------------------------- International Business Machines Corporation and Novell Inc., creditors in The SCO Group Inc. and SCO Operations Inc.'s chapter 11 cases, oppose the Debtors' proposed sale of certain assets to JGD Management Corp. dba York Capital Management. IBM tells the U.S. Bankruptcy Court for the District of Delaware that the Debtors' proposed procedure for the sale is deficient and that the bidder protections are based on a misleading characterization of the purchase price. IBM argues that the sale is improper and itself cannot be approved because the Debtors propose to sell assets they don't own. Additionally, Novell contends that the sale is "ill-advised at every level." According to Novell, the Debtors have not "established an adequate justification for emergency consideration of the proposed sale on shortened notice, relying instead on unsubstantiated claims of urgent circumstances allegedly dictated by" JGD. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services --------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. ask the U.S. Bankruptcy Court for the District of Delaware for permission to expand the scope of Mesirow Financial Consulting LLC's services as their financial advisor. The Debtors propose that Mesirow's services include sale and valuation, nunc pro tunc Oct. 8, 2007. A hearing to consider the Debtors' request has been set for Dec. 5, 2007, at 10:00 a.m. Recently, the Court approved the employment of Mesirow based on the Debtors' original application. The original application, as reported in the Troubled Company Reporter on Nov. 5, 2007, indicated that nunc pro tunc to Sept. 14, 2007, Mesirow will: a. assist in the preparation of or review of reports or filings as required by the Bankruptcy Court or the Office of the United States Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs and monthly operating reports; b. assist in the preparation of or review of the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Bankruptcy Court approval is sought; c. assist with the analysis, tracking and reporting regarding cash collateral and any debtor-in-possession financing arrangements and budgets; d. assist with the implementation of bankruptcy accounting procedures as may be required by the Bankruptcy Code and generally accepted accounting principles; e. advise and assist regarding tax planning issues, including, but not limited to, assistance in estimating net operating loss carryforwards, international, state and local tax issues and the tax considerations of proposed plans of reorganizations; f. assist with identifying and implementing potential cost containment opportunities; g. assist with identifying and implementing asset redeployment opportunities; h. analyze assumption and rejection issues regarding executory contracts and leases; 1. assist in the preparation and review of proposed business plans and the business and financial condition of the Debtors generally; j. assist in evaluating reorganization strategies and alternatives; k. review and critique of the Debtors' financial projections and assumptions; i. prepare enterprise, asset and liquidation valuations; m. assist in preparing documents necessary for confirmation; n. advise and assist to the Debtors in negotiations and meetings with the Creditors' Committee, the bank lenders and other parties-in-interest; o. advise and assist on the tax consequences of proposed plans of reorganization; p. assist with the claims resolution procedures, including, but not limited to, analyses of creditors' claims by type and entity; q. render litigation consulting services and expert witness testimony regarding confirmation issues, avoidance actions or other matters; and r. render other functions as requested by the Debtors or their counsel to assist the Debtors in these Chapter 11 Cases. The Debtors will pay Mesirow according to the firm's customary hourly rates: Designation Hourly Rate ----------- ----------- Sr. Managing Director, US$650 - US$690 Managing Director and Director Sr. Vice-President US$550 - US$620 Vice President US$450 - US$520 Senior Associate US$350 - US$420 Associate US$190 - US$290 Paraprofessional US$150 Mesirow will bill a fixed fee of US$35,000 for the preparation of schedules of assets and liabilities and the statement of financial affairs. All other services, as requested by the Debtors, and agreed to by Mesirow, will be billed at the normal and customary rates listed above less a 10% discount to fees as determined. Prior to the bankruptcy filing, Mesirow received an advance payment retainer of US$35,000 from the Debtors. Of that retainer, US$0 has been applied to fees and expenses incurred prior to the bankruptcy filing. The balance of this retainer will be held by Mesirow and applied against postpetition fees and expenses to the extent allowed by the Court. To the best of the Debtors' knowledge, Mesirow is a "disinterested person" as that term is defined in section 101(14) of the Bankrptcy Code as modified by section 11 07 (b) of the Bankruptcy Code. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SYMBION HEALTH: Primary Health Launches AU$3.5-Billion Offer ------------------------------------------------------------ Primary Health Care Limited announced its intention to make an all cash offer of AU$4.10 per share for all of the outstanding shares in Symbion Health Limited. Primary owns approximately 20% of Symbion. Primary's Offer values Symbion at approximately AU$3.5 billion on an enterprise value basis and represents: * an attractive premium to the 6 month (22%) and 3 month (18%) volume weighted average price for Symbion shares prior to the announcement of Primary's previous proposal on January 29, 2007 of AU$3.36 and AU$3.48 per share, respectively; * a premium to the mid-point of the Independent Expert's valuation range for the Healthscope led proposal of AU$4.00 per share; and * a 5% to 16% premium to the recent Independent Expert's valuation range for control of Symbion of between AU$3.52 and AU$3.91 per share. Primary Managing Director Edmund Bateman said the Offer was a compelling one for Symbion shareholders, offering 100% cash and an attractive premium for Symbion shares. Dr. Bateman said he believed the Offer was clearly superior to Healthscope's proposal having regard to: * the attractiveness of Primary's Offer; * the significant risk and uncertainty relating to the Healthscope Diagnostics Proposal, given the requirement for Symbion to obtain favourable ATO rulings; * the significant uncertainty around the inherent value of the consideration being offered by Healthscope to Symbion shareholders under the Healthscope Diagnostics Proposal; and * the likelihood that the scheme of arrangement in relation to Symbion's consumer and pharmacy business will not be approved (given Primary's intention to vote against that scheme) and accordingly the inability to realize cash and a control premium. Dr. Bateman said: "Primary believes the all cash Offer is highly attractive for Symbion shareholders. Primary's all cash offer provides certainty of value for Symbion shareholders, as well as delivering an attractive premium to the top end of the Independent Expert's value range for Symbion shares of AU$3.91 per share, which includes a premium for control". "The combination of Primary and Symbion will provide and produce significant value for the shareholders of each company and create a leading provider of healthcare services in Australia." Offer Details The Offer is a AU$4.10 per share cash offer for all Symbion ordinary shares. The Offer is subject to a number of conditions, including a minimum acceptance condition of 90%. The Offer also contains a condition that Symbion shareholders do not approve the Healthscope Diagnostics Proposal, and that approval of the Healthscope Diagnostics Proposal is not put to a meeting of Symbion shareholders unless Symbion has obtained favorable ATO rulings in respect of capital gains tax rollover and demerger relief 5 business days before the scheduled date of that meeting. Conditions of the Offer The offer is subject to the following conditions: 1. 90% minimum acceptance During or at the end of the offer period the aggregate of the number of Symbion shares held by Primary or an associate of Primary (other than as a result of acceptances of the offer) and the number of Symbion shares in respect of which acceptances have been received by Primary, as a percentage of the total number of Symbion shares on issue, is at least 90%. 2. Material adverse effect Between the announcement date and the end of the offer period, no event, change or condition occurs, is announced or becomes known to Primary (whether or not it becomes public) where that event, change or condition has had, or could reasonably be expected to have the effect of reducing: (a) the consolidated net profits after tax of Symbion, by more than AU$5 million for the year ending June 30, 2008; or (b) the net assets of Symbion, by more than AU$40 million; except for events, changes and conditions publicly announced by Symbion or otherwise disclosed to ASX by Symbion prior to the announcement date, where that disclosure provides adequate information on the extent and implication of the relevant event, change or condition. 3. Healthscope Diagnostics Proposal The Healthscope Diagnostics Proposal is not approved by Symbion shareholders nor capable of being approved by Symbion shareholders as contemplated in the Explanatory Memorandum. 4. Symbion Shareholder meeting Approval of the Healthscope Diagnostics Proposal is not put to a vote by the chairman of the meeting of Symbion shareholders unless favorable ATO rulings have already been obtained 5 business days prior to the Healthscope Diagnostics Proposal being put to a vote. 5. Termination of agreements The Transaction Implementation Deed, the Scheme Implementation Deed and any other arrangements relating to the Healthscope Led Proposal are terminated or capable of termination at no cost to Symbion. 6. Break fees No break-fees being paid or becoming payable to: (a) Healthscope pursuant to clause 13.9 of the Transaction Implementation Deed; or (b) the IAC Consortium pursuant to clause 9.7 of the Scheme Implementation Deed; or (c) any other party pursuant to any arrangements entered into between that party and Symbion in relation to a competing proposal, (together the "Break-Fees"), or the recipient of the relevant Break-Fee becomes unable to exercise their rights in relation to payment of the Break-Fee as a result of an order by a court or regulatory authority. 7. Equal access to information During the period from the announcement date to the end of the offer period, Symbion promptly provides Primary a copy of all information that is generally not available (within the meaning of the Corporations Act) relating to Symbion or any subsidiary of Symbion or any of their respective business operations that has been or is provided by Symbion or any subsidiary of Symbion or any of their respective officers, employees, advisors or agents to any person (other than Primary or any other member of the Primary Group) for the purpose of, or in connection with, soliciting, encouraging or facilitating a proposal or offer by that person, or by any other person under which: (a) Any person (together with its associates) may acquire voting power of 10% or more in Symbion or any subsidiary of Symbion; (b) Any person may acquire directly or indirectly, any interest in all, or a substantial part of the business or assets of the Symbion group; or (c) That person may otherwise acquire control of or merger or amalgamate with Symbion or any subsidiary of Symbion. 8. No distributions During the period commencing on the announcement date and ending at the end of the offer period, Symbion does not make or declare, or announce an intention to make or declare, any distribution (whether by way of dividend, capital reduction or otherwise and whether in cash or in specie) except for any distribution which has been publicly announced by Symbion on ASX before the announcement date. 9. Funding conditions During, and at the end of the offer period: (a) each of the preconditions to the availability of the debt facilities and the equity commitment is and remains satisfied6; and (b) there is no event of default or termination event, or potential event of default or termination event, under the debt facilities or the equity commitment. 10. Index decline That between the announcement date and the end of the offer period the S&P/ASX 200 Index does not fall below 15% on any trading day. 11. Regulatory approvals All appropriate waiting and other time periods (including any extensions of such waiting and other time periods) under applicable laws or regulations of any relevant jurisdiction having expired, lapsed or been terminated (as appropriate) and all regulatory obligations in any relevant jurisdiction having been complied with in each case in respect of the offer or any matter arising from the proposed acquisition of Symbion by Primary. 12. No restraining orders That between the announcement date and the end of the offer period: (a) there is not in effect any preliminary or final decision, order or decree issued by a public authority; and (b) no application is made to any public authority (other than by any member of the Primary group), or action or investigation is announced, threatened or commenced by a public authority, in consequence of, or in connection with, the offer (other than a determination by ASIC or the Takeovers Panel in exercise of the powers and discretions conferred by the Corporations Act), which: (c) restrains or prohibits (or if granted could restrain or prohibit), or otherwise materially adversely impacts on, the making of the offer or the completion of any transaction contemplated by the offer (whether subject to conditions or not) or the rights of Primary in respect of Symbion and the Symbion shares to be acquired under the offer; or (d) requires the divestiture by Primary of any Symbion shares, or the divestiture of any assets of the Symbion group, the Primary group or otherwise. 13. No material acquisitions, disposals or new commitments Except for any proposed transaction publicly announced by Symbion before the announcement date, none of the following events occurs during the period from the announcement date to the end of the offer period: (a) Symbion or any subsidiary of Symbion acquires, offers to acquire or agrees to acquire one or more companies, businesses or assets (or any interest in one or more companies, businesses or assets) for an amount in aggregate greater than AU$40 million or makes an announcement in relation to such an acquisition, offer or agreement; (b) Symbion or any subsidiary of Symbion disposes of, offers to dispose of or agrees to dispose of one or more companies, businesses or assets (or any interest in one or more companies, businesses or assets) for an amount, or in respect of which the book value (as recorded in Symbion's statement of financial position as at 30 June 2007) is, in aggregate, greater than AU$40 million or makes an announcement in relation to such a disposition, offer or agreement; (c) Symbion or any subsidiary of Symbion enters into, or offers to enter into or agrees to enter into, any agreement, joint venture, partnership, management agreement or commitment which would require expenditure, or the foregoing of revenue, by Symbion and/or its subsidiaries of an amount which is, in aggregate, more than AU$40 million, other than in the ordinary course of business, or makes an announcement in relation to such an entry, offer or agreement. 14. No exercise of rights After the announcement date and before the end of the offer period, no person exercises or purports to exercise, or states an intention to exercise, any rights under any provision of any agreement or other instrument to which Symbion or any subsidiary of Symbion is a party, or by or to which Symbion or any subsidiary of Symbion or any of its assets may be bound or be subject, which results, or could result, to an extent which is material in the context of Symbion or Symbion and its subsidiaries taken as a whole, in: (a) any monies borrowed by Symbion or any subsidiary of Symbion being or becoming repayable or being capable of being declared repayable immediately or earlier than the repayment date stated in such agreement or other instrument; (b) any such agreement or other instrument being terminated or modified or any action being taken or arising thereunder; (c) the interest of Symbion or any subsidiary of Symbion in any firm, joint venture, trust, corporation or other entity (or any arrangements relating to such interest) being terminated or modified; or (d) the business of Symbion or any subsidiary of Symbion with any other person being adversely affected, as a result of the acquisition of Symbion shares by Primary. 15. No prescribed occurrence Except with the prior written consent of Primary, none of the following events happens during the period beginning on the announcement date and ending at the end of the offer period: (a) Symbion converts all or any of its shares into a larger or smaller number of shares; (b) Symbion or a subsidiary of Symbion resolves to reduce its share capital in any way; (c) Symbion or a subsidiary of Symbion: (i) enters into a buy-back agreement; or (ii) resolves to approve the terms of a buy-back agreement under section 257C(1) or 257D(1) of the Corporations Act; (d) Symbion or a subsidiary of Symbion issues shares or grants an option over its shares, or agrees to make such an issue or grant such an option; (e) Symbion or a subsidiary of Symbion issues, or agrees to issue, convertible notes; (f) Symbion or a subsidiary of Symbion disposes, or agrees to dispose, of the whole, or a substantial part, of its business or property; (g) Symbion or a subsidiary of Symbion charges, or agrees to charge, the whole, or a substantial part, of its business or property; (h) Symbion or a subsidiary of Symbion resolves to be wound up; (i) a liquidator or provisional liquidator of Symbion or of a subsidiary of Symbion is appointed; (j) a court makes an order for the winding up of Symbion or of a subsidiary of Symbion; (k) an administrator of Symbion, or of a subsidiary of Symbion, is appointed under section 436A, 436B or 436C of the Corporations Act; (l) Symbion, or a subsidiary of Symbion, executes a deed of company arrangement; or (m) a receiver, or a receiver and manager, is appointed in relation to the whole, or substantial part, of the property of Symbion or of a subsidiary of Symbion. A formal Bidder's Statement is expected to be lodged with the Australian Securities and Investments Commission (ASIC) shortly. Benefits to Symbion Shareholders The Offer is at an attractive premium to the underlying value of Symbion shares as determined by the Independent Expert. It provides Symbion shareholders with the certainty of an all cash offer. Benefits to Primary The acquisition of Symbion has strong strategic rationale for Primary including: * strengthening Primary's positioning across the medical center, pathology and diagnostic imaging businesses; * expanding Primary's geographic coverage; * enlarging and diversifying Primary's earnings base; and * providing significant scope for synergies and other operational improvements - Primary estimate annual EBITDA synergies of approximately AU$95 to AU$105 million. Funding Details Primary has received underwritten commitments for debt and equity funding sufficient to satisfy in full the cash consideration payable to Symbion shareholders under the terms of the Offer. Primary will fund the total consideration under the Offer by a combination of debt and equity. Primary's committed debt facilities will be provided by ABN AMRO Bank NV Australian Branch, Calyon Australia Limited, Credit Suisse (Australia) Ltd., National Australia Bank Limited and Deutsche Bank AG. Primary's equity raising will be underwritten by Credit Suisse (Australia) Ltd, ABN AMRO Rothschild and Deutsche Bank AG. The equity will be raised via a placement (announced today) with the balance intended to be raised via an accelerated renounceable entitlement offer following the Offer being declared unconditional. Further detail in relation to Primary's debt and equity funding will be set out in Primary's Bidder's Statement. Further detail in relation to the underwritten placement is set out in Primary's investor presentation lodged with the ASX. Primary is being advised by Caliburn Partnership and Mallesons Stephen Jaques is Primary's legal adviser. About Symbion Health Melbourne-based Symbion Health Limited -- http://www.symbionhealth.com/--formerly Mayne Group Limited, provides health products and services. The principal activities of Symbion Health, during the fiscal year ended June 30, 2006, consisted of diagnostic and wellness products and services through its Pathology, Imaging, Medical Centers, Pharmacy Services and Consumer divisions. Pathology owns and operates private pathology practices, providing pathology services to healthcare professionals and their patients. Symbion Medical Centers provides local communities with healthcare and family medicine. Imaging provides imaging services to patients on the eastern seaboard of Australia. Pharmacy Services supplies a line of pharmaceuticals and associated products to pharmacies. Consumer manufactures and markets nutraceuticals (vitamins and mineral supplements). On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). SYMBION HEALTH: Moody's Retains Downward Review of Ba1 Rating ------------------------------------------------------------- Moody's Investors Service said that its Ba1 issuer rating for Symbion Health Limited remains on review for possible downgrade, following the announcement by Primary Healthcare Limited that it intends to launch an off-market takeover bid for Symbion. The rating was initially placed on downward review in May 2007 when Healthscope Limited put forward an ownership proposal. "The rating review reflects the ongoing uncertainty surrounding Symbion's financial and operating profiles in the current environment," says Peter Fullerton, a Moody's AVP/Analyst. "In particular, the review will remain focused on the likely owner of the group as outlined in the various proposals that have or will be put to Symbion's shareholders," Fullerton says, adding, "In addition, the review will continue to look at the company's likely asset composition, including the potential for any major divestments that may result from any ownership change." Moody's notes the presence of change-of-control provisions in Symbion's bank facility agreement, as well as financial covenants, which could restrict further indebtedness at the company. Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. About Symbion Health Melbourne-based Symbion Health Limited -- http://www.symbionhealth.com/--formerly Mayne Group Limited, provides health products and services. The principal activities of Symbion Health, during the fiscal year ended June 30, 2006, consisted of diagnostic and wellness products and services through its Pathology, Imaging, Medical Centers, Pharmacy Services and Consumer divisions. Pathology owns and operates private pathology practices, providing pathology services to healthcare professionals and their patients. Symbion Medical Centers provides local communities with healthcare and family medicine. Imaging provides imaging services to patients on the eastern seaboard of Australia. Pharmacy Services supplies a line of pharmaceuticals and associated products to pharmacies. Consumer manufactures and markets nutraceuticals (vitamins and mineral supplements). SYMBION HEALTH: S&P Puts Rating on Watch After Primary's Offer -------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BBB-' ratings on Symbion Health Ltd. and Symbion's associated bank loans remain on CreditWatch with negative implications, where they were first placed on May 1, 2007. The CreditWatch update comes after Primary Health Care Ltd. (not rated) made a conditional all-cash takeover offer for Symbion. Primary Health Care is Symbion's largest shareholder and currently owns about 20% of Symbion. The offer from Primary Health Care follows a shareholder-rejected takeover offer made by Healthscope Ltd. (not rated) and a subsequent revised offer from Healthscope, which is under consideration by Symbion shareholders. "There continues to be a high degree of uncertainty over the ultimate ownership of the Symbion businesses and the conditions surrounding this latest offer," Standard & Poor's credit analyst Peter Stephens said. "The CreditWatch will not be resolved until the ultimate ownership of Symbion is known." About Symbion Health Melbourne-based Symbion Health Limited -- http://www.symbionhealth.com/--formerly Mayne Group Limited, provides health products and services. The principal activities of Symbion Health, during the fiscal year ended June 30, 2006, consisted of diagnostic and wellness products and services through its Pathology, Imaging, Medical Centers, Pharmacy Services and Consumer divisions. Pathology owns and operates private pathology practices, providing pathology services to healthcare professionals and their patients. Symbion Medical Centers provides local communities with healthcare and family medicine. Imaging provides imaging services to patients on the eastern seaboard of Australia. Pharmacy Services supplies a line of pharmaceuticals and associated products to pharmacies. Consumer manufactures and markets nutraceuticals (vitamins and mineral supplements). On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30 --------------------------------------------------------------- Terex Corporation reported income from continuing operations for the third quarter of 2007 of US$151.5 million compared to income from continuing operations of US$105.6 million for the third quarter of 2006. All per share amounts are on a fully diluted basis. As of Sept. 30, 2007, the company reported total assets of US$5.5 billion, total liabilities of US$3.2 billion, and stockholders' equity of US$2.3 billion. Third Quarter Highlights Net sales reached US$2,196.5 million in the third quarter of 2007, an increase of US$292.8 million, or 15.4%, from US$1,903.7 million in the third quarter of 2006. Income from operations was US$236.3 million in the third quarter of 2007, an increase of US$45.2 million, or 23.7%, from US$191.1 million in the third quarter of 2006. Interest expense was US$14.6 million for the third quarter of 2007, compared with US$21.3 million in the 2006 third quarter, reflecting the reduction in debt versus year ago levels. Other income totaled US$3.8 million for the third quarter of 2007, compared with US$0.6 million for the third quarter of 2006. The effective tax rate for continuing operations for the third quarter of 2007 was 34.1%, compared to the effective tax rate for continuing operations of 33.5% for the third quarter of 2006. Return on invested capital was 41.9% for the trailing twelve months ended Sept. 30, 2007. Debt, less cash and cash equivalents, decreased US$9 million in the third quarter to US$189 million, reflecting the favorable impact of strong earnings, partially offset by expenditures of about US$50 million for the repurchase of Terex common stock pursuant to a previously announced stock repurchase program, as well as increases in working capital. Cash flow in the third quarter was slightly below expectations, mainly as a result of higher than anticipated inventory levels. In the last twelve months Debt, less cash and cash equivalents, has decreased by US$174 million. Working capital as a percent of Trailing Three Month Annualized Sales was 23.2% at the end of the third quarter of 2007, as compared to about 19.2% at the end of the third quarter in 2006. Backlog for orders deliverable during the next twelve months was US$4,058.1 million at Sept. 30, 2007, an increase of 73% versus the third quarter of 2006. Outlook In July 2007, Terex provided guidance for 2007 performance, indicating that anticipated earnings per share for the full year would be between US$5.50- US$5.70 per share on net sales of between US$8.8 to US$9 billion. The company's current expectation is to report full year 2007 financial results that fall within this previously stated range. Full-text copies of the company's financials are available for free at http://ResearchArchives.com/t/s?2481 "Our third quarter results reflected a continuation of the many trends we have seen develop over the past few quarters," commented Ron DeFeo, Terex's chairman and chief executive officer. "The underlying story of strong global demand for our products remains intact, contributing to our positive outlook for Terex's future financial performance. However, the challenge of shortages in component deliveries impacting production output, capacity constraints on certain of our products, and a softer North American marketplace for certain products continue to weigh on our business. Overall, we feel our ability to improve our franchise during these generally favorable market conditions is getting stronger." Mr. DeFeo added, "We continue to invest in our business with a focus on long-term benefits to our customers and investors. Our operating expenses have increased versus year ago levels, but these are necessary expenses targeted at improving our capabilities in multiple areas, such as supply management, marketing, global sales and service, information technology and financial services. We will continue to increase our investment in these areas in the future, and we expect that benefits from these investments will become more visible." "Our overarching message today is that we are a company that is poised for continued strong and profitable growth," said Mr. DeFeo. "We are committed to achieving our previously stated objective of US$12 billion in sales and a 12% operating margin by 2010. We anticipate that acquisitions will be a part of this growth strategy, and with the recent volatility in financial markets, we are uniquely positioned to take advantage of opportunities as they arise, as well as continuing to invest in expanding our infrastructure in developing economies." Headquartered in Westport, Connecticut, Terex Corporation (NYSE:TEX) - http://www.terex.com/-- manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. Last twelve months Sept. 30, 2007 revenues were approximately US$8.5 billion. TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned Terex's new US$500 million senior subordinated notes, being issued in two tranches of 8 year and 10-year maturities, ratings of Ba3, LGD 5, 83%. In a related action, Moody's affirmed Terex's corporate family and probability of default ratings of Ba2, and affirmed the speculative grade liquidity rating of SGL-1. The rating outlook remains stable. The presence of the new US$500 million senior subordinated notes will add a layer of junior debt to Terex's capital structure. This new senior subordinated debt will be effectively subordinated to Terex's existing senior subordinated debt because the new debt will not be guaranteed, whereas Terex's existing US$300 million 7.375% senior subordinated notes due 2014 are guaranteed by all of Terex's material domestic subsidiaries. The new notes, however, carry a springing subsidiary guarantee covenant that gets triggered once the existing US$300 million 7.375% senior subordinated notes due 2014 get repaid. As a result of the new layer of effectively most junior debt in the capital structure, which would be available to absorb loss in event of default, ratings on Terex's existing debt have been raised as: -- US$900 million senior secured credit facility to Baa3 LGD2, 18% from Ba1 LGD2, 24%; -- US$300 million 7.375% senior subordinated notes due 2014 to Ba2 LGD4, 50% from Ba3 LGD5, 77%. Proceeds from the new issuance will be used to fund prospective acquisitions as part of the company's growth initiative, as well as for general corporate purposes, including repaying borrowing under the company's revolving credit facility, funding capital expenditures, investments and share repurchases. The corporate family rating has been affirmed despite the increase in debt because Moody's anticipates that the company will manage its growth initiatives in a manner that will keep the company credit metrics and risk profile within the Ba2 rating level. The key operating risks that Terex faces are potential near-term weakening of the economy, and the cyclicality of its end markets. Although demand from North American customers has slowed, sales to customers in Europe have compensated. As well, an expectation of continued high commodity prices and high demand for crane products globally helps to somewhat offset the expectation of near-term slow to flat U.S. non-residential construction growth rates. Key non-operating risks include potential costs associated with any resolution of the Securities and Exchange Commission and U.S. Department of Justice investigations. In addition, parts shortages for certain classes of heavy equipment are slowing inventory turns and partially limiting flow through of higher earnings, as is the need to sell more equipment manufactured in North America to customers outside North America, which consumes additional working capital. Nevertheless, Moody's expects that Terex should be able to weather these risks within the Ba2 rating level due to the company's improved balance sheet, and commitment to maintain ample liquidity. For the last twelve months ended Sept. 30, 2007, Terex had debt to EBITDA of 1.7x and EBITA margin of 11.3%. Terex plans to use the notes proceeds to fund strategic acquisitions over the next 12-18 months as well as for other corporate purposes. Moody's recognizes that with the recent credit market uncertainty, and decline in acquisition activity from private equity sources, the ability of strategic buyers, such as Terex, to successfully compete for acquisitions has improved. Thus, Terex intends to now raise the 12-18 month acquisition funding it requires opportunistically rather than risk the possibility that debt markets could tighten and thereby limit the company's flexibility. The SGL-1 Speculative Grade Liquidity Rating anticipates that the company will maintain very good liquidity over the next 12- month period. Terex's operating cash flow generation combined with about US$460 available under its committed revolving credit facility and about US$517 million in cash at the end of September 2007 should be sufficient to fund the company's normal operating capital requirements, capital spending and debt service over the next 12 months. Headquartered in Westport, Connecticut, Terex Corporation (NYSE:TEX) - http://www.terex.com/-- manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. Last twelve months Sept. 30, 2007 revenues were approximately US$8.5 billion. TEREX CORP: S&P Affirms BB Corporate Credit Rating -------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Terex Corp., including the 'BB' corporate credit rating and the 'B+' issue rating on the existing senior subordinated notes due 2014. The outlook is stable. At the same time, Standard & Poor's assigned its 'B+' subordinated debt rating to the company's proposed $500 million senior subordinated notes to be issued in a combination of eight- and ten-year maturities. "The ratings on Westport, Connecticut-based Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile," said Standard & Poor's credit analyst John Sico. "These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and by its good geographic and product diversity." The outlook is stable. The downside ratings risk is mitigated by the good diversity among the company's geographic regions and products; by its competitive cost structure; by its low capital intensiveness; and by its satisfactory financial flexibility. However, S&P could consider a negative rating action if the company pursues policies that are more aggressive than expected, such as funding acquisitions through additional debt financing. The company's acquisitiveness and exposure to cyclical markets continue to limit upside rating potential. Headquartered in Westport, Connecticut, Terex Corporation (NYSE:TEX) - http://www.terex.com/-- manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. Last twelve months Sept. 30, 2007 revenues were approximately US$8.5 billion. URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28 --------------------------------------------------------------- URS Corporation reported its financial results for the third quarter of fiscal 2007, which ended on Sept. 28, 2007. Revenues for the quarter were US$1,272.3 million, compared with revenues of US$1,085.6 million during the third quarter of 2006, an increase of 17%. Net income was US$38.7 million, an increase of 29% over the US$29.9 million reported for the corresponding period in 2006. As of Sept. 28, 2007, the company's backlog was US$5.80 billion, compared to US$4.64 billion as of Dec. 29, 2006, an increase of 25%. Commenting on the Company's financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: "URS achieved record revenue, net income and earnings per share in the quarter. Revenue grew in each of four key market sectors, led by our private sector business, which increased approximately 30% primarily due to growth in our emissions control and oil and gas businesses. Growth in our state and local government sector remained strong as a result of the continuing focus on public infrastructure and favorable funding conditions. Our federal business also performed well, with revenue growth from operations and maintenance and contingency management contracts, as well as projects related to the military transformation and base realignment and closure programs." Mr. Koffel continued: "We remain confident about the outlook for our business, given URS' strong competitive position, positive trends across our markets, and our record backlog, which should support continued growth in the fourth quarter and into 2008." For the purpose of calculating diluted EPS, weighted-average shares outstanding for the third quarter of 2007 were 52.8 million, compared to 51.8 million for the corresponding period last year. Fiscal 2007 Outlook As previously announced on Nov. 5, URS now expects that 2007 revenues will be approximately US$4.85 billion. Assuming this revenue expectation is met, URS expects that 2007 net income will be approximately US$134 million and earnings per share will be between US$2.50 and US$2.55. In addition, the company expects its effective tax rate for 2007 to be between 41.0% and 42.0% compared to 42.6% in 2006. Finally, the company's weighted-average shares outstanding for 2007 are expected to be 53.2 million, compared with 51.7 million in 2006. The company noted that the guidance provided above does not include the impact of the proposed acquisition of Washington Group. About URS Corporation Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 21, 2007, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and '2' recovery rating to URS Corp.'s proposed USUS$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 USUS$2.1 million senior secured credit facility of URS Corporation, which will be used to finance its pending acquisition of Washington Group International Inc. ================================ C H I N A & H O N G K O N G ================================ ARTAMON COMPANY: Members to Hold General Meeting on Dec. 3 ---------------------------------------------------------- The members of Artamon Company Limited will hold their general meeting on December 3, 2007, at 1:00 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Office B, 26th Floor of United Centre, in 95 Queensway, Hong Kong. CHAMP FAIR: Appoints Tsang Hin Man, Terence, as Liquidator ---------------------------------------------------------- The members and creditors of Champ Fair Limited, on October 25, 2007, appointed Tsang Hin Man, Terence as the company's liquidator. The Liquidator can be reached at: Tsang Hin Man, Terence Chinachem Tower Suite 2001A, 20th Floor 34-37 Connaught Road Central, Hong Kong CHINA EASTERN AIRLINES: Sale to Singapore Air & Temasek Ratified ---------------------------------------------------------------- Singapore Airlines Ltd. and Temasek Holdings have signed a final agreement to buy a combined 24% stake in China Eastern Airlines, Agence France Presse reports. The Associated Press, citing a statement by Singapore Air, said that the three sides signed four agreements that ratified the purchase terms and strategic partnership. According to the Wall Street Journal, China's Cabinet and China Eastern's board of directors have approved the deal, which is still subject to approval by China Eastern at a shareholder meeting likely to be held in December or January. The terms of the official deal are in line with an agreement reached in September, including the price for a new share in China Eastern and a right for Singapore Airlines to increase its stake if China relaxes ownership laws, WSJ points out. As previous press reports stated, the companies announced in September that Singapore Air and its parent, Temasek, would pay US$918 million (HKD7.2 billion) for the combined 24% stake in China Eastern. Specifically, Trading Markets says, Singapore Airlines will buy 1.235 billion China Eastern Airlines H-shares for HKD3.80 each, or a total of HKD4.7 billion, giving it a 15.7%, while Temasek will buy 649.4 million H-shares for HKD2.5 billion, for an 8.3% stake. The 24% ownership between Singapore Air and Temasek is just short of the maximum 25% collective stake allowed for foreign investors in a Chinese carrier, WSJ explains. China Eastern's parent firm, CEA Holding, will buy 1.1 billion shares at HKD3.80 each to keep its ownership at 51%, the report says. WSJ notes that Singapore Air will nominate Chairman Stephen Lee and Chief Executive Officer Chew Choon Seng as directors to China Eastern's 14-member board. China Eastern will also create a new committee including representatives from Singapore Airlines and Temasek to make proposals on financial matters. Singapore Air can nominate one director to the boards of key China Eastern units, WSJ adds. The agreement, the AFP relates, has been seen as a key event in the battle for Shanghai, which, next to Beijing, is the most important aviation hub in the rapidly growing Chinese market. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. EVERELITE TECHNOLOGY: Appoints S. Zhan as Head of Finance --------------------------------------------------------- Everelite Technology Co. Ltd.'s board of directors has appointed Zhan Shunren as Head of Finance on Oct. 19, 2007, Reuters Key Developments reports. Taipei, Taiwan-based Everelite Technology Co., Ltd. -- http://www.ever.com.tw/-- is engaged in the provision of workstation and servers, high-speed network and related peripheral equipment, computer software, as well as consultation and maintenance services. The company provides corporate data center related products and services, including high-speed network and telecommunication equipment such as Internet traffic management solutions; information security software and hardware such as firewalls; storage equipment; workstations and servers for data computing; telecommunication application software such as e-mails and blogs, as well as application software management solutions for data management. The company recorded three annual net losses -- TWD91.8 million, TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006. EVERELITE TECH: Incurs TWD91.09-Mil. Loss For 2007 First Half ------------------------------------------------------------- Everelite Technology Co. Ltd. incurred a TWD91.09-million net loss for the six months ended June 30, 2007, a reversal from the TWD0.35-million net profit recorded for the same period in 2006. The company suffered a 55.18% decrease in revenues to TWD259.90 million for the period in review from TWD579.90 million a year before. Cost of goods sold amounted to TWD202.90 million, while other expenses amounted to TWD103.35 million, giving the company a gross loss of TWD46.35 million. Taipei, Taiwan-based Everelite Technology Co., Ltd. -- http://www.ever.com.tw/-- is engaged in the provision of workstation and servers, high-speed network and related peripheral equipment, computer software, as well as consultation and maintenance services. The company provides corporate data center related products and services, including high-speed network and telecommunication equipment such as Internet traffic management solutions; information security software and hardware such as firewalls; storage equipment; workstations and servers for data computing; telecommunication application software such as e-mails and blogs, as well as application software management solutions for data management. The company recorded three annual net losses -- TWD91.8 million, TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006. EVERELITE TECHNOLOGY: September Sales Fall 58.45% ------------------------------------------------- Everelite Technology Co. Ltd.'s sales in September 2007 fell 58.45% to TWD29,016,000 from TWD69,834,000 a year ago, Bloomberg News relates, citing a statement filed with the Taiwan Stock Exchange. Sales for the first nine months of 2007 amounted to TWD421,722,000, down 40.33% from the TWD706,716,000 recorded for the first nine months of 2006. Taipei, Taiwan-based Everelite Technology Co., Ltd. -- http://www.ever.com.tw/-- is engaged in the provision of workstation and servers, high-speed network and related peripheral equipment, computer software, as well as consultation and maintenance services. The company provides corporate data center related products and services, including high-speed network and telecommunication equipment such as Internet traffic management solutions; information security software and hardware such as firewalls; storage equipment; workstations and servers for data computing; telecommunication application software such as e-mails and blogs, as well as application software management solutions for data management. The company recorded three annual net losses -- TWD91.8 million, TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006. FAR EAST: Ha Yue Feun Henry Quits As Liquidator ----------------------------------------------- On November 1, 2007, Ha Yue Feun Henry quit as liquidator of Far East Petroleum Investment Company Limited. The former Liquidator can be reached at: Ha Yue Fuen, Henry Amtel Building Unit A, 5th Floor 144-148 Des Voeux Road, Central Hong Kong FAMOUS KIT: Members to Hold General Meeting on Dec. 1 ----------------------------------------------------- The mmebers of Famous Kit Limited will hold their general meeting on December 1, 2007, at 10:00 a.m., at the 8th Floor, 10 Pottinger Street, in Central, Hong Kong. At the meeting, Ho Miu Ki, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GRAND HONG KONG: Ha Yue Feun Henry Steps Down as Liquidator ----------------------------------------------------------- Ha Yue Fuen Henry quits as liquidator of The Grand Hong Kong Development Limited on November 1, 2007. The former Liquidator can be reached at: Ha Yue Fuen, Henry Amtel Building Unit A, 5th Floor 144-148 Des Voeux Road, Central Hong Kong HOUTOKU FURNITURE: Members to Receive Wind-Up Report on Dec. 8 -------------------------------------------------------------- Houtoku Furniture H.K. Limited will hold a final general meeting for its members on December 8, 2007, at 11:00 a.m., at Rooms 801-2 of Unicorn Trade Centrem 127-131 Des Voeux Road, in Central, Hong Kong. At the meeting, Wan Kwok Ming, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MONI COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 23 ------------------------------------------------------------- The creditors of Moni Communication Asia Limited are required to file their proofs of debt by November 23, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 18, 2007. The company's liquidator is: Kong Chi How, Johnson Wing On Centre, 25th Floor 111 Connaught Road, Central Hong Kong PEDRENA LIMITED: Members to Hold Final Meeting on December 3 ------------------------------------------------------------ A final meeting will be held for the members of Pedrena Limited on December 3, 2007, at Suite 1703, 17th Floor, 88 Hing fat Street, in Causeway Bay, Hong Kong. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AES CORP: Seeking Regulators' Approval on Two Gas Projects ---------------------------------------------------------- AES Corporation is seeking the U.S. Federal Energy Regulatory Commission's authorization for the construction of a liquefied natural gas terminal at the Sparrows Point shipyard and an 88- mile pipeline into Pennsylvania, The Baltimore Sun reports. The National Association of State Fire Marshals and federal regulators heeded a request from some Turners Station residents to consider the approval for liquefied natural gas projects, according to The Sun. The Fire Marshals and regulators will meet in Washington about the approval process. O'Rourke of the National Association of State Fire Marshals told The Sun, "Some folks who, to date, haven't been involved -- who missed those initial hearings -- wanted to learn about the LNG [liquefied natural gas] approval process." The Sun relates that many community leaders and officials have been opposing the project. The terminal would be a potential hazard to nearby homes in Dundalk, especially to those in Turners Station, The Sun says, citing sources. Federal officials had notified AES that the State Highway Administration would not grant the company access to construct its pipeline along the Baltimore Beltway. They asked the firm to present a new route for the pipeline, The Sun states. About AES Corporation AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to $2 billion from $500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's $2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. AES CORP: Benefiting from Gas Export Restriction to Chile --------------------------------------------------------- AES Corporation Chief Executive Officer Paul Hanrahan said in a conference call that Argentina's restrictions on natural gas shipments to Chile are creating an opportunity for the company. Mr. Hanrahan commented to Business News Americas, "Chile has realized it needs more reliable sources of supply. They really became over-reliant on Argentine gas and are l