T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 13, 2007, Vol. 10, No. 225 Headlines A U S T R A L I A A.S.K (INTERNATIONAL): Members and Creditors to Meet on Nov. 28 ALLIED & GENERAL: Appoints Robert Whitton as Liquidator BRANT CORPORATION: Liquidator to Give Wind-up Report on Nov. 16 BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch COLES GROUP: Moody's Upgrades Issuer Rating to Baa1 from Baa2 CSI SPORTS: Members Agree on Voluntary Liquidation DREEGAN CONSTRUCTIONS: To Declare Dividends on December 6 EMANUEL GARDENS: Liquidators to Give Wind-Up Report on Nov. 19 HCF NO.2 PTY: Liquidator to Give Wind-Up Report on November 21 K.B. FELTHAM: Liquidator to Give Wind-Up Report on November 16 RETNUH PTY: Members to Hear Wind-Up Report on November 16 SOUTHERN CROSS: Members Agree to Voluntarily Liquidate Business SYMBION HEALTH: Rejects Primary's AU$2.65 Billion Offer TEREX CORP: Acquires Superior Highwall for US$140 Million Cash TEREX CORP: Mulls Issuance of US$500 Mln. Sr. Subordinated Notes WESTPOINT GROUP: ASIC to Pursue Compensation for Investors WESTPOINT GROUP: Asset Preservation Extended for Rundle C H I N A & H O N G K O N G AGRICULTURAL BANK: To Charge Online Banking Fees AVATAR MFG: Darach E. Haughey Quits Post as Liquidator BEIYA INDUSTRIAL: Insolvent by CNY294.9 Million as of Sept. 30 BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit BEIYA INDUSTRIAL: To Close Shenzhen and Hubei Branches BISHA CHEMICAL: Liquidators Step Down From Post CASTLEBROOK INVESTMENT: Members to Hear Wind-up Report on Dec. 3 CITY TELECOM: Selects Oracle Communications for Next-Gen Billing CHONGQING INT'L: June 30 Balance Sheet Upside-Down By CNY119.6MM CHONGQING INT'L: Zibo Qilu Files Lawsuit Against Company CHONGQING INT'L: Details Share Merger Reform Plan CU SECURITIES: Liquidators Quit Post DANA CORP: Gets Proposals from Banks for US$2-Bil. Exit Loan FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30 FOU WANG: Mo Leung & Grame Morisson Tapped as Liquidators FUJIAN START: June 30 Balance Sheet Upside-Down by CNY185 Mil. FUJIAN START: Changchun Rongchuang Increases Stakes FUJIAN START: Expects Turnaround for Full-Year 2007 GUANGZHOU ORIENTAL: Insolvent By CNY95.7 Million as of June 30 GUANGZHOU ORIENTAL: Terminates Asset Swap Deal with Hunanm Firm HANESBRANDS INC: Hires William Nictakis as Chief Comm'l Officer HONG KONG FUJIDENKI: Liquidators Quit Posts JOINT BRIGHT: Meeting to Hear Wind-up Report Set for December 4 LEABURG ENGINEERING: Members and Creditors to Meet on Nov. 15 MIANYANG GAO: Turns Around with CNY36.5-Million Net Profit in 1H PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China PETROLEOS DE VENEZUELA: Investing Over US$10B To Boost Output POWER STAR: Members to Meet on December 5 SEGA.COM ASIA: John Kit Yen Cheng Steps Down as Liquidator I N D I A GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter LLOYDS FINANCE: Net Loss at INR7.14 Mil. in Qtr. Ended Sept. 30 LLOYDS STEEL: Books INR129-Mil. Net Profit in 2nd Qtr. FY2008 LOK HOUSING: Earns INR213 Mil. in Qtr. Ended Sept. 30, 2007 QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1 QUEBECOR WORLD: Posts US$315-Mil. Net Loss in 2006 Third Quarter I N D O N E S I A ADARO INDONESIA: Inks 5-Year Coal Contract with Guangdong Firms ALLIANCE ONE: Earns US$18.1 Million in Quarter Ended Sept. 30 GARUDA INDONESIA: To Resume Flights to Europe by Year-End GEOKINETICS: Completes US$25 Mil. Lease Facility with CIT Group PERUSAHAAN LISTRIK: To Form Holding Company w/ Tenaga Nasional J A P A N DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29 EBARA CORP: To Book JPY29BB in Extraordinary Losses for FY2007 FORD MOTOR: Post US$380 Mil. Net Loss in 3rd Qtr. Ended Sept. 30 FORD MOTOR CREDIT: Earns US$334 Million in Third Quarter JAPAN AIRLINES: To Begin JALCard Bidding in Mid-November NOVA CORP: Former Students Form Group; Other Schools Help NOVA CORP: G.communication to Reopen School Within the Week XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30 XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17 * Fitch Says Feedstock Maintenance is Key for Japanese Gas Cos. * Energy, Metals Helped Japanese GTC's Profit Growth, S&P Says K O R E A DURA: Debtors File Motion to Pay Arrangers of US$425MM Exit Loan DURA AUTOMOTIVE: Confirmation Hearing Moved to December 7 REMY: Gets US$225MM Secured DIP Financing From Barclays Capital SSANGYONG ENGINEERING: KAMCO Accepts Bid for 50.07% Stake Sale M A L A Y S I A LITYAN HOLDINGS: Names New Personnel in Two Committees OLYMPIA INDUSTRIES: To Hold Annual General Meeting on Nov. 30 SELOGA HOLDINGS: Bursa to Suspend Securities Trading on Nov. 19 SHAW GROUP: Joint Venture Bags Remediation Contract from DOE TRIPLC BERHAD: Will Hold Annual General Meeting on Nov. 28 N E W Z E A L A N D AD STOTT: High Court Appoints Crichton & Horne as Liquidators EX PLASTERING: Shareholders Resolve to Wind Up Operations HOME INVESTMENT: High Court to Hear Wind-Up Petition on Feb. 8 JUST MARKETING: Sets November 19 as Deadline for Proofs of Debt PENDEREL FARM: Appoints Mason and Meltzer as Liquidators RIVERVIEW ENGINEERING: Shareholders Agree to Liquidate Business RTB CONTRACTING: Court to Hear Wind-Up Petition on Nov. 19 SHERMART LTD: Sets Nov. 20 Deadline to File Proofs of Claims SWEATER MANUFACTURING: Sets Nov. 19 Deadline for Proofs of Debts WINSUN DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 30 S I N G A P O R E AAR CORP: Inks Definitive Merger Agreement with Summa Tech ARINC INC: S&P Rates US$575 Million Credit Facility at B+ READER’S DIGEST: Appoints Kerry D. Hatch as President of QSP SOON LAI: Creditors' Meeting Set for November 23 SOTHEBY'S: Experts Link Low Art Sale Proceeds on Credit Crisis SWECO ASIA: Placed Under Voluntary Liquidation UNITED TEST: Names New Personnel Upon Completion of Scheme T H A I L A N D FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan * BOND PRICING: For the Week 12 November to 16 November 2007 - - - - - - - - ================= A U S T R A L I A ================= A.S.K (INTERNATIONAL): Members and Creditors to Meet on Nov. 28 --------------------------------------------------------------- A final meeting will be held for the members and creditors of A.S.K (International) Agencies Pty Limited on November 28, 2007, at 11:00 a.m. At the meeting, the members and creditors will hear the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Antony De Vries Riad Tayeh c/o de Vries Tayeh Level 3, 95 Macquarie Street Parramatta, New South Wales 2124 Australia About A.S.K. (International) A.S.K. (International) Agencies Pty Limited is a distributor of drugs, drug proprietaries, and druggists' sundries. The company is located at Parramatta, in New South Wales, Australia. ALLIED & GENERAL: Appoints Robert Whitton as Liquidator ------------------------------------------------------- The members of Allied & General Pty Ltd, during an extraordinary general meeting held on July 17, 2007, have agreed to voluntarily liquidate the company's business. Robert Whitton of Lawler Partners was appointed as liquidator. The Liquidator can be reached at: Robert Whitton Lawler Partners Chartered Accountants Level 7, 1 Margaret Street Sydney, New South Wales 2000 Australia About Allied & General Allied & General Pty Ltd is involved with real estate investment trusts. The company is located at Collaroy, in New South Wales, Australia. BRANT CORPORATION: Liquidator to Give Wind-up Report on Nov. 16 --------------------------------------------------------------- The members and creditors of Brant Corporation Pty Limited will have their final meeting on November 16, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bruce Gleeson c/o Jones Partners Chartered Accountants Australia Telephone:(02) 9251 5222 About Brant Corporation Brant Corporation Pty Limited provides security systems services. The company is located at Five Dock, in New South Wales, Australia. BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million ------------------------------------------------------------ Brightpoint Inc. reported net income of US$12.9 million for the three months ended Sept. 30, 2007, compared to net income of US$8.7 million for the same period in 2006. "In the third quarter of 2007, we continued to focus on the execution of our growth strategy including the integration of the Dangaard and CellStar businesses," stated Robert J. Laikin, Brightpoint's Chairman of the Board and Chief Executive Officer. "I am excited about Brightpoint's long term opportunities for growth in the global wireless industry. In the third quarter, we handled an all-time company record of 22 million wireless devices. We feel that with the completion of the Dangaard transaction along with our current positive momentum in many of our markets, we are on pace to grow faster than the global wireless device industry. I currently expect Brightpoint to handle between 100 million to 115 million wireless devices in 2008 giving Brightpoint an estimated market share of 8 to 9% on a global basis. Based on the continued strong momentum and robust demand in Q4, I am estimating the wireless industry's 2008 global unit sell-in to be in the range of 1.25 billion to 1.35 billion units. I also believe that this demand will continue for the next several years with my new updated 2011 global sell-in estimate of greater than 1.65 billion units." "During the third quarter of 2007, we made very good progress in the integration of the Dangaard acquisition," said Tony Boor, Brightpoint's Chief Financial Officer. "I am very pleased with the efforts of our Global Finance Team on this initiative over the past several months. We have successfully converted Dangaard from International Financial Reporting Standards to US GAAP, and Brightpoint accounting policies are now being applied on a consistent basis. I am also very pleased with our strong operating results and the cash generated from selling through inventory within our Asia-Pacific division, which contributed to our positive operating cash flow of US$96.5 million year to date." Revenue was US$1.2 billion for the third quarter of 2007, an increase of 86% from the third quarter of 2006. Excluding the impact of the Dangaard Telecom acquisition, revenue increased 34%, which was primarily driven by the acquisition of CellStar as well as growth in our distribution business in Singapore. In order to conform to Brightpoint accounting policies and US GAAP, Dangaard Telecom changed its revenue recognition for arrangements where Dangaard Telecom serves as the "agent" in the transaction. As a result, revenue from the Dangaard Telecom operations for the two months ended September 30, 2007 was approximately US$58.0 million lower under US GAAP than it would have under International Financial Reporting Standards. About Brightpoint Headquartered in Plainfield, Indiana, Brightpoint, Inc. -- http://www.brightpoint.com/-- distributes wireless devices and accessories, as well as provision of customized logistic services to the wireless industry. The company primarily operates in Australia, Colombia, Finland, Germany, India, New Zealand, Norway, the Philippines, the Slovak Republic, Sweden, United Arab Emirates and the United States. The company's customers include mobile operators, mobile virtual network operators, resellers, retailers and wireless equipment manufacturers. Brightpoint was incorporated in 1989 under the name Wholesale Cellular USA, Inc. and changed its name to Brightpoint Inc. in 1995. * * * On April 12, 2006, Standard & Poor's placed Brightpoint's long- term local and foreign issuer credit ratings at BB- with a stable outlook. CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. The CreditWatch placement resulted from the announcement that day by General Motors Corp. that it had reached a contract agreement with its main labor union, the United Auto Workers. As S&P expected, Chrysler reached a largely similar agreement that caused S&P to review the company's rating and outlook. Also, S&P assigned its bank loan and recovery ratings to Chrysler's US$7.5 billion, secured first-lien term loan. The loan is rated 'BB-', with a recovery rating of '1', indicating that lenders can expect very high (90% to 100%) recovery in the event of a payment default. S&P also raised the rating on the US$2 billion, second-lien term loan to 'B' from 'B-', and the recovery rating was revised to '4', indicating that lenders can expect average (30% to 50%) recovery in the event of a payment default, from '5'. The negative outlook on the corporate credit rating reflects S&P's view that Chrysler's exposure to weakening industry conditions in North America remains a key risk factor, which could cause greater-than-expected cash outflows during 2008. "We still view the company's liquidity as substantial for now and the new labor contract with the UAW as a significant long- term positive for the company's efforts to return its North American automotive operations to positive cash flow generation," said Standard & Poor's credit analyst Robert Schulz. "However, the greatest portion of cash benefits from the contract will not begin to accrue to Chrysler until 2010. The health care cost savings are subject to final court approval, but S&P do not expect this to be an issue," he continued. Chrysler faces several serious challenges during the next two years. First and foremost is the weak outlook for U.S. light- vehicle sales, which are expected to be flat at best in 2008 versus 2007. The current rating reflects the assumption that Chrysler will use cash in 2008 and 2009, but it does not reflect the much sharper use of cash that would result from the type of decline in U.S. light-vehicle sales that would accompany a recession. S&P expect U.S. light-vehicle sales to be about 16 million units in 2008, virtually flat with sales in 2007, which turned out to be a weaker year for sales than initially expected. Other uses of cash will include cash restructuring costs (including the cost of attrition plans, which Chrysler may negotiate with the UAW) and Chrysler's need to fund certain UAW contract provisions prior to 2010. S&P expect over time to place greater weight on the substantial health care and other cash savings that will begin in 2010 as stipulated in the current UAW contract. But it is important to note that Chrysler's automotive results, industry conditions, and the economic outlook will be crucial components of any such future review, and accordingly, the threshold for an outlook revision to stable in 2008 is fairly high, given the current lack of visibility into prospective results in North America. The rating on Chrysler reflects the wide-ranging challenges the company faces in North America, where the vast majority of its automotive operations are located. The company is more heavily reliant on North American sales of light trucks than either of its other Michigan-based competitors, but it benefits from its strong presence in the minivan segment and ownership of the iconic Jeep brand. Although the company has been profitable in recent years, S&P expect it to remain unprofitable into 2009 and perhaps longer. Chrysler's new management team is moving quickly to respond to the massive challenges of excess capacity and headcount and adverse product mix trends by instituting additional headcount reductions, closing plants, and reducing the number of models, in addition to implementing a restructuring plan that was first announced in February 2007. However, as with past restructurings, the ultimate success depends largely on whether the company can maintain its market share at a level consistent with its future capacity. In addition, near-term success will rest at least partly on the U.S. economy's avoiding a recession in 2008. The fate of Chrysler's restructuring also depends greatly on how the company's product mix, vehicle pricing, and market share evolve--and there is greater uncertainty in these areas, given the vagaries of consumer demand. Chrysler's U.S. light-vehicle market share has been more stable than that of its other Michigan-based competitors. Furthermore, Chrysler's sales mix of light trucks (crossover utility vehicles [CUVs], SUVs, vans, and pickups) and cars is more truck-weighted than those of its competitors, making the company more vulnerable to further adverse shifts in many of these segments. One key variable into 2008 will be the U.S. full-size pickup truck market, which is soft because of the weak housing market and high gas prices. In addition, formidable competitor Toyota Motor Corp. has a new full-size pickup truck that is manufactured in Texas. Chrysler has a fairly distant No. 3 position (17% share through October 2007 versus 41% and 30% for GM and Ford, respectively) in this market, which generates a disproportionate share of profits. Chrysler is underrepresented in the growing CUV segment; it had only an 8% share through the first 10 months of 2007. Although it will be introducing more models into this already well- populated segment, garnering critical market share will not be easy. CUVs are generally not as profitable as SUVs or full-size pickups, so the increasing customer substitution of CUVs for larger vehicles will likely reduce total profit contribution. As with its overall market share, Chrysler's share in the passenger car segment has been more stable than that of its Michigan-based competitors, but the company is underrepresented here, too (cars represent about 27% of Chrysler's product mix), compared with GM (39%) and Ford (34%). Chrysler's car sales are also highly concentrated among a few models. The weakness in Chrysler's automotive performance and the costs of executing a turnaround will reduce cash balances that were sizable at the close of the Chrysler purchase. Chrysler's pension funding position has improved in recent years, and this is less of a concern currently, as the U.S. hourly and salaried plans collectively were overfunded at the end of 2006. DCFS is expected to continue performing its primary function of providing retail and wholesale financing of Chrysler vehicles. S&P expect DCFS to remain profitable. Its portfolio is considered high quality, and S&P expect it to remain so. However, the financial affiliate is not expected to be a source of cash dividends for Chrysler. The outlook on Chrysler and DCFS is negative. S&P's primary concern is Chrysler's need to return its North American automotive operations -- the vast majority of the company's business -- to profitability. The ratings could be lowered, despite the health care savings that will start to accrue in 2010, if S&P came to expect that Chrysler's substantial cash outflow would fail to continue moderating or begins to worsen because of setbacks, whether Chrysler-specific or stemming from market conditions. S&P do not expect to revise the outlook to stable or positive within the next several quarters, given the uncertain economic outlook and ongoing execution risk in its turnaround plan. 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. COLES GROUP: Moody's Upgrades Issuer Rating to Baa1 from Baa2 ------------------------------------------------------------- Moody's Investors Service has upgraded the issuer rating of Coles Group Limited to Baa1 from Baa2. At the same time, Moody's has upgraded the senior unsecured ratings for debt issuances from its wholly owned finance entities -- Coles Group Finance Limited and Coles Group Finance (USA) Ltd -- to Baa1 from Baa2. The P-2 short term rating has been confirmed. This completes the review for possible upgrade initiated on October 8, 2007. The outlook for all ratings is stable. "The upgrade follows Wesfarmers Limited's acquisition of Coles and the benefits of incorporation into a larger, more diversified group," says Peter Fullerton, a Moody's AVP/Analyst. "The Baa1 ratings considers the credit profile of the consolidated group, including the diversified operations across retailing, coal, insurance, energy and safety equipment," says Fullerton, adding, "They also reflect the significant execution and integration risks associated with the proposed acquisition along with the risks related to rejuvenating Coles supermarkets and Kmart operations." The Baa1 issuer and senior unsecured ratings are based on the expectation that should debt holders remain at the Coles level, the terms of these obligations will be amended to ensure that the guarantees provided to debt holders at the Wesfarmers level are substantially the same as those for debt holders at the Coles level. Such amendments would include common events of default, cross-guarantees and financial covenants. "As a result, Coles debt holders would benefit from the operating and financial structure of the consolidated group," says Fullerton. Coles Group, based in Melbourne, is one of Australia's largest retailers. Approximately 80% of its revenues are obtained from its core supermarkets division, which encompasses the retailing of food and groceries, liquor and fuel. The company also operates a number of other retail formats, including Kmart and Target, which retail general merchandise and apparel, and Officeworks. Wesfarmers Limited, based in Perth, has a portfolio of diversified businesses in Australia and New Zealand, including interests in home improvement products and building supplies, coal mining, gas processing and distribution, industrial and safety product distribution, chemicals and fertilizers manufacture and insurance. About Coles Group Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. CSI SPORTS: Members Agree on Voluntary Liquidation -------------------------------------------------- The members of CSI Sports Pty Ltd, during a general meeting held on October 3, 2007, agreed to voluntarily liquidate the company's business. John Frederick Taylor was appointed as liquidator. The Liquidator can be reached at: John Frederick Taylor c/o WHK Horwath Level 15, 309 Kent Street Sydney Australia About CSI Sports CSI Sports Pty Ltd provides business services. The company is located at Balmain, in New South Wales, Australia. DREEGAN CONSTRUCTIONS: To Declare Dividends on December 6 --------------------------------------------------------- Dreegan Constructions Pty Ltd will declare dividends on Dec. 6, 2007. Creditors who failed to file their proofs of debt by the November 6, 2007 due date were excluded from the company's dividend distribution. The company's liquidator is: Roderick MacKay Sutherland Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About Dreegan Constructions Dreegan Constructions Pty Ltd is in the business of nonresidential construction. The company is located at Vacy, in New South Wales, Australia. EMANUEL GARDENS: Liquidators to Give Wind-Up Report on Nov. 19 -------------------------------------------------------------- A final meeting will be held for the members and creditors of Emanuel Gardens Management Company Pty Limited on November 19, 2007, at 11:00 a.m. At the meeting, Steven Sherman and Robbyn Duggan, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: Steven Sherman Robbyn Duggan Ferrier Hodgson Level 13, 225 George St Sydney, New South Wales 2000 Australia About Emanuel Gardens Emanuel Gardens Management Company Pty Limited is an operator of dwellings other than apartment buildings. The company is located at Woollahra, in New South Wales, Australia. HCF NO.2 PTY: Liquidator to Give Wind-Up Report on November 21 -------------------------------------------------------------- HCF No.2 Pty Limited will hold a meeting for its members on November 21, 2007, at 11:00 a.m. At the meeting, Martin J. Green, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Martin J. Green GHK Green Krejci Level 13, 1 Castlereagh Street Sydney, New South Wales 2000 Australia About HCF No.2 HCF No.2 Pty Limited is involved with pension, health, and welfare funds. The company is located at Hawthorn, in Victoria, Australia. K.B. FELTHAM: Liquidator to Give Wind-Up Report on November 16 -------------------------------------------------------------- A joint meeting will be held for the members and creditors of K.B. Feltham & Associates (New South Wales) Pty Ltd on Nov. 16, 2007, at 10:30 a.m. At the meeting, Anthony W. Elkerton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Anthony W. Elkerton Pitcher Partners Level 3, 60 Castlereagh Street Sydney, New South Wales 2000 Australia About K. B. Feltham K.B. Feltham & Associates (New South Wales) Pty Ltd provides surveying services. The company is located at Parramatta, in New South Wales, Australia. RETNUH PTY: Members to Hear Wind-Up Report on November 16 --------------------------------------------------------- Retnuh Pty Limited will hold a meeting for its members on Nov. 16, 2007, at 10:00 a.m. At the meeting, the members will hear the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Retnuh Pty Located at Killara, in New South Wales, Australia, Retnuh Pty Limited is an investor relation company. SOUTHERN CROSS: Members Agree to Voluntarily Liquidate Business --------------------------------------------------------------- The members of Southern Cross University Union Limited have agreed to voluntarily liquidate the company's business during a general meeting held on October 2, 2007,. Morgan James Chubb, of Clout & Associates, was appointed as liquidator. The Liquidator can be reached at: Morgan James Chubb Clout & Associates Level 1, 144-148 West High Street Coffs Harbour, New South Wales Australia SYMBION HEALTH: Rejects Primary's AU$2.65 Billion Offer ------------------------------------------------------- Symbion Health Limited announced that the Directors of Symbion Health unanimously recommend that Symbion Health shareholders reject the inadequate and highly conditional takeover offer launched by Primary Health Care Limited. Primary's proposed offer price does not adequately compensate Symbion Health shareholders for the strategic value of Symbion Health to Primary and the very significant synergies and operational improvements which Primary expects to realize. The Symbion Health Board believes that Primary's proposed offer is inferior to the Revised Proposal with Healthscope and IAC. Primary's proposed offer is highly conditional and it is not clear that these conditions are capable of being satisfied. Symbion Health's Chairman, Paul McClintock said: "We are disappointed that Primary has not been able to put forward a superior proposal." "It appears that Primary's proposed takeover offer is intended to create value for Primary shareholders at the expense of Symbion Health shareholders." "The Directors of Symbion Health continue to unanimously recommend the Revised Proposal with Healthscope Limited and the Ironbridge Capital and Archer Capital consortium, in the absence of a superior proposal." Valuation benchmarks Primary is proposing to offer only AU$4.10 per Symbion Health share, which: * does not adequately compensate Symbion Health shareholders for the strategic value of Symbion Health to Primary and the very significant synergies and operational improvements of AU$95 million to AU$105 million per annum which Primary expects to realize. Symbion Health's initial estimate of the value of these benefits is approximately AU$1.40 to AU$1.80 per Symbion Health share; * is less than the implied value of the proposed transaction with Healthscope and IAC of between AU$4.23 and AU$4.43 per Symbion Health share; and * is less than AU$4.23, which is the highest price paid by Primary for Symbion Health shares; * would crystallize a capital gains tax liability for some Symbion Health shareholders, which would reduce the value received by those Symbion Health shareholders. In addition, Primary has indicated that the transaction is expected to be strongly EPS accretive for Primary shareholders in the first full year (FY2009). This suggests that Primary can afford to pay more for Symbion Health. Comparison of Primary's Proposed Offer to the Revised Proposal with Healthscope and IAC In contrast to Primary's proposed offer, the Revised Proposal with Healthscope and IAC, if implemented: * offers Symbion Health shareholders an implied value of AU$4.23 to AU$4.43 per Symbion Health share; * provides Symbion Health shareholders with the opportunity to participate in the significant ongoing synergy and other benefits which Healthscope expects to realize; and * provides Symbion Health shareholders with the opportunity to defer realizing a taxable gain on the scrip component of the consideration because of demerger rollover relief, subject to satisfactory tax rulings. The Directors of Symbion Health have determined that Primary's proposed offer is not a superior proposal under the terms of the agreements with Healthscope and IAC, nor is it capable of becoming a superior proposal under those agreements. Primary's Proposed Offer is Highly Conditional Primary's proposed offer is highly conditional and is subject to 15 detailed conditions. Unless all of those conditions are satisfied or waived, Primary's proposed offer will fail. Symbion Health believes that there is a high risk that a number of those conditions will not be, or are incapable of being, satisfied. Primary's Actions Primary's inadequate proposed takeover offer is conditional on the Revised Proposal between Symbion Health, Healthscope and IAC not proceeding. The announcement by Primary is the latest example of Primary seeking to prevent Symbion Health shareholders from receiving the benefits of the Revised Proposal with Healthscope and IAC. Primary also blocked the original proposal and has commenced litigation against Symbion Health and the Directors of Symbion Health in respect of the Revised Proposal. Primary Has Misrepresented the Independent Expert's Valuation of Symbion Health Primary has represented that the Independent Expert's valuation of the Revised Proposal is between AU$3.54 to AU$4.45 per Symbion Health share. Symbion believes that this is misleading. The Independent Expert valued the Revised Proposal between AU$3.96 and AU$4.45 per Symbion Health share on the basis of the value of the consideration offered by Healthscope and IAC. The value of AU$3.54 per Symbion Health share refers to a situation where the Diagnostics Transaction proceeds and the C&P Scheme does not. The value is a combination of the low end of the Independent Expert's valuation of the Diagnostics Transaction (including a premium for control) and a trading valuation for Symbion Health C&P (which does not include a premium for control) at a low multiple. In the event that the C&P Scheme does not proceed, Symbion Health shareholders would retain the benefit of the C&P Businesses including any further control premium which might arise. Further, the Independent Expert has indicated that the value of AU$3.54 per Symbion Health share "reflects Symbion Health C&P on a minority stand-alone basis and hence assumes that Primary votes against the C&P Scheme (after the Diagnostics Transaction has previously been approved), that no alternative bidder for Symbion Health C&P emerges, and that any speculation in relation to an alternative bidder disappears, which we believe to be unlikely." The Independent Expert has also confirmed that its conclusion in relation to the Diagnostics Transaction "would still be that it is fair and reasonable, irrespective of the voting intentions of Primary in relation to the C&P Scheme". Symbion Health also notes that Primary indicated that it if its proposed offer is successful, it may sell Symbion Health's C&P Businesses and Primary's Managing Director referred to the price IAC were prepared to pay for this business as a relevant measure of value. This indicates that Primary's previous criticism of the value of the C&P Businesses (including the Independent Expert's valuation of the C&P Businesses) and the threat to vote against the C&P Scheme is inconsistent and disingenuous. Further Developments Symbion Health intends to continue to pursue the Revised Proposal with Healthscope and IAC, in the absence of a superior proposal. In due course, Symbion Health shareholders will receive a Bidder's Statement from Primary in relation to its proposed offer. To reject Primary's offer, Symbion Health shareholders should simply take no action in relation to all documents received from Primary. Symbion Health will provide its shareholders with a Target's Statement which formally responds to Primary's Bidder's Statement. Symbion Health will keep its shareholders fully informed of any further developments. 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: Acquires Superior Highwall for US$140 Million Cash -------------------------------------------------------------- Terex Corporation has acquired Superior Highwall Miners Inc. The total consideration for the transaction was approximately US$140 million payable in cash. Terex anticipates that this transaction will be slightly accretive to 2008 earnings per share. "We believe that the Superior Highwall Miners acquisition provides us with an important growth opportunity," commented Ronald M. DeFeo, Terex chairman and chief executive officer. "The acquisition is a good fit with Terex's strategy of expanding our market presence in related product areas and is a natural extension of our current Materials Processing & Mining Group business," Mr. DeFeo added. "SHM has existing North American coal relationships and we believe Terex can help accelerate its prospects for increasing success globally." About Superior Highwall Miners Inc. Based in Beckley, West Virginia, Superior Highwall Miners Inc. manufactures highwall mining equipment for use in trench mining, open pit mining, contour mining and auger hole mining applications. About Terex Corporation 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. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. The company operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. * * * In August 2007, Moody's placed the company's long-term corporate family rating and probability of default rating at Ba2, bank loan debt rating at Ba1, and senior subordinate rating at Ba3. These ratings still hold to date. The outlook is stable. Standard & Poor's placed the company's long-term foreign and local issuer credits at BB which still hold to date. the outlook is stable. TEREX CORP: Mulls Issuance of US$500 Mln. Sr. Subordinated Notes ---------------------------------------------------------------- Terex Corporation intends to issue approximately US$500 million principal amount of Senior Subordinated Notes Due 2015 and 2017. Terex intends to use the net proceeds from the offering to pay down outstanding amounts under its revolving credit facility and for general corporate purposes, including acquisitions, capital expenditures, investments and the repurchase of its outstanding securities. Terex intends to offer and sell these Senior Subordinated Notes under the company's existing shelf registration statement filed with the Securities and Exchange Commission in July 2007, and amended on Nov. 6, 2007. Copies of the prospectus and prospectus supplement may be obtained by contacting any of the joint book-running managers at: -- Credit Suisse Securities (USA) LLC Prospectus Department Eleven Madison Avenue New York, NY 10010 -- Citi Brooklyn Army Terminal 8th Floor, 140 58th Street Brooklyn, NY 11220 Tel (718) 765-6732 -- UBS Investment Bank Attn: Prospectus Department 299 Park Avenue New York, NY 10171 Tel (212) 821-3000 About Terex Corporation 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. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. The company operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. * * * In August 2007, Moody's placed the company's long-term corporate family rating and probability of default rating at Ba2, bank loan debt rating at Ba1, and senior subordinate rating at Ba3. These ratings still hold to date. The outlook is stable. Standard & Poor's placed the company's long-term foreign and local issuer credits at BB which still hold to date. the outlook is stable. WESTPOINT GROUP: ASIC to Pursue Compensation for Investors ---------------------------------------------------------- The Australian Securities & Investments Commission announced that it would take legal action for the benefit of investors in the Westpoint Group seeking compensation for their failed investments. This announcement follows ASIC's statement to the Federal Court that the Commission had resolved to take over the running of liquidators' proceedings commenced by the liquidator of Ann Street Mezzanine Pty. Ltd. and York Street Mezzanine Pty. Ltd. and to bring claims on behalf of other mezzanine companies. The regulator believes the legal action, over a number of phases, if successful, could provide benefits to as many as 3,600 out of some 4,300 investors in the failed property development group. As there were several different investment products offered by the Westpoint Group, the extent of the potential benefits for investors will vary. ASIC believes that up to 85 per cent of investors who invested in Westpoint products where there were losses should benefit. ASIC will use its power under section 50 of the ASIC Act, which enables it to begin and carry on civil proceedings for damages for investors where it appears to ASIC that such proceedings are in the public interest. ASIC Chairman, Tony D'Aloisio said, "Westpoint is one of those cases where ASIC believes that the conduct of those involved fell short of what the law expects. "We consider that there is a clear public interest in using ASIC's powers to pursue compensation for Westpoint investors," he said. The first phase of the regulator's legal action (which can be viewed for free at http://ResearchArchives.com/t/s?2532)will seek to recover damages from various directors and officers of certain companies in the Westpoint Group and entities associated with one of the directors and from a number of licensees of financial planning firms that sold Westpoint investments. The directors and officers involved are: * Cedric Richard Palmer Beck; * John Norman Dixon; * Lynette Rochelle Schiftan; * Graeme John Rundle -- who it is alleged was a director as defined by the Corporations Act; and * Norman Carey -- who it is alleged was a director as defined by the Corporations Act. It will be alleged that directors and officers are responsible for the misapplication of funds raised by the mezzanine companies, and that commission payments received by entities associated with one director should be returned. While ASIC is yet to fully formulate and quantify these claims, at this stage ASIC has identified potential claims of up to AU$245 million. The availability of assets to satisfy any claims is enhanced as a result of the range of orders that ASIC sought after the Westpoint Group failed, freezing up to approximately AU$54 million in assets. In those proceedings ASIC had foreshadowed that it would make any decisions in relation to potential compensation claims by October 31, 2007. As part of its action against directors and officers, ASIC has resolved to carry on the current actions by PricewaterhouseCoopers. As liquidator of the Ann and York Street mezzanine companies, PwC is currently suing various directors and officers of those companies (as well as entities associated with one of the directors) for AU$39.4 million. The first phase of ASIC's legal action also covers five Australian financial services licensees. Action against additional licensees is also being considered. ASIC will allege that, in selling products with the risk and financial characteristics of Westpoint, the licensees did not comply with their obligations under the conditions of their Australian financial services licences and under the law. The five licensees are: * Bongiorno Financial Advisors Pty. Ltd. and Bongiorno Financial Advisors (Aust) Ltd. * Dukes Financial Services Pty. Ltd. and Dukes Financial Services Australia Pty. Ltd. (In Liquidation) * Glenhurst Pty. Ltd. * Masu Financial Management Pty. Ltd. * Professional Investment Services Pty. Ltd. ASIC will be seeking a total of approximately AU$63.2 million in damages from these licensees, based on the amounts which their clients invested in Westpoint products and subsequently lost when Westpoint collapsed. The regulator expects the legal proceedings announced against these licensees to be formally filed with the court by the end of the year. In the interim, the regulator will liaise with investors who were clients of those licensees to confirm details of their investments. Mr. D'Aloisio said, "Financial advisers have played and continue to play an important and valuable role for retail investors in relation to many complex products beyond just property. These proposed actions should be viewed in the context of the particular facts of Westpoint and how those products were sold." ASIC is continuing to investigate matters arising from the Westpoint collapse, including possible further claims for compensation against other financial service licensees and the auditors. ASIC expects to finalize its consideration of these additional claims by the end of the year. Investors with questions about ASIC's compensation proceedings should call 1300 300 630. Background On May 30, 2007, Mr. D'Aloisio outlined a 3-Point Plan for reforms to these types of investments to the Senate Standing Committee on Economics. The Plan covered advertising, the use of credit rating agencies, stress testing business models and investor education. Last week ASIC released regulatory guidance to improve disclosure for existing and future debenture issues. As well ASIC is developing initiatives to improve advertising of these products and investor education. In relation to past collapses, in addition to its work on Westpoint, ASIC has also commenced investigations into Fincorp Investments Ltd and Australian Capital Reserve Limited both property and development financiers that raised money from retail investors. The Westpoint Group promoted investments in a number of property development projects, including 10 projects using unsecured mezzanine finance (a form of fund raising that covers the difference between what banks are prepared to lend and the actual cost of the project). The Westpoint Group created mezzanine companies for each of these projects and raised funds for the projects through the issue of mezzanine investment products such as promissory notes. These proposed actions relate to eight of those projects. There were some 4,300 investors who invested in Westpoint products where there were losses. Some investors invested in more than one Westpoint product and some of the investments were in products that were regulated. At this stage, these proposed actions will not cover approximately 15 per cent of Westpoint investors who made losses. Approximately AU$29 million in losses (10 per cent of investors) are in the regulated investment products of North Sydney Financial and Paragon Apartments (issued through prospectuses) and the Westpoint Income Fund (a registered scheme). The balance is in relation to unregulated investment products (Paragon Commercial Syndicate, part of Paragon Apartments, Renaissance Mezzanine and Warwick Cinema Syndicate). ASIC is reviewing the position in relation to those products. To date ASIC has banned five financial advisers who were involved in promoting Westpoint products with 13 further banning briefs under consideration. ASIC has used its section 50 powers on 21 occasions since they were created in 1991, most notably when AU$100 million was recovered in 1997 from Permanent Trustee Australia. ASIC alleged Permanent, failed in it its duty to investors in a property trust when it allowed the trust to invest in a speculative and hazardous transaction. About Westpoint Headquartered in Perth, Western Australia, the Westpoint Group -- http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced investigations on 160 companies within the Westpoint Group. ASIC's investigation led to ASIC initiating action in late 2005 in the Federal Court of Australia against a number of mezzanine companies in the Westpoint Group, including winding up proceedings. ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. ASIC also sought wind-up orders after the Westpoint companies failed to comply with its requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, the Federal Court in Perth issued a wind-up order against Westpoint Corporation Pty. Ltd. The ASIC had applied to wind up the company on grounds of insolvency. The ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. The ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. WESTPOINT GROUP: Asset Preservation Extended for Rundle ------------------------------------------------------- The Australian Securities & Investments Commission has obtained an extension to orders made by the Federal Court preserving the assets of Westpoint Group's former director, Graeme Rundle, and the trusts associated with him. In April 2006, the Court made orders appointing receivers to Mr. Rundle to identify and preserve these assets. The orders, obtained by consent, have the effect of freezing Mr. Rundle's assets and any trusts associated with him, and generally prohibiting any dealings with those assets. The orders permit Mr. Rundle to use funds up to certain limits set by the Court for his living, legal and accounting expenses. Mr. Rundle is required to report his expenditures to ASIC on a monthly basis. The new orders also retain the travel restraints imposed on Mr. Rundle by the previous orders made by the Court. ASIC commenced proceedings in the Federal Court in Perth in March 2006 seeking the appointment of receivers to the property of certain officers and former officers of the Westpoint Group of Companies (including Mr. Rundle) and various companies, which are members of the Westpoint Group. The application was brought under Section 1323 of the Corporations Act 2001 (Cth). ASIC's application was ultimately heard before the Honourable Justice French on April 12, 2006, who handed down a decision on April 20, 2006, agreeing to appoint receivers to the respondents' property. About Westpoint Headquartered in Perth, Western Australia, the Westpoint Group -- http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced investigations on 160 companies within the Westpoint Group. ASIC's investigation led to ASIC initiating action in late 2005 in the Federal Court of Australia against a number of mezzanine companies in the Westpoint Group, including winding up proceedings. ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. ASIC also sought wind-up orders after the Westpoint companies failed to comply with its requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, the Federal Court in Perth issued a wind-up order against Westpoint Corporation Pty. Ltd. The ASIC had applied to wind up the company on grounds of insolvency. The ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. The ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. ================================ C H I N A & H O N G K O N G ================================ AGRICULTURAL BANK: To Charge Online Banking Fees ------------------------------------------------ The Agricultural Bank of China said it will charge for online banking services starting over a week from November 19, CCTV.Com reports. According to CCTV, this move brings Agricultural Bank in line with China's three other big state-owned lenders -- The Industrial and Commercial Bank of China, China Construction Bank and Bank of China -- who are already making customers pay for online services. A 0.4% fee will be charged for transfer of funds between accounts in different locations with a CNY20 fee being the upper limit, and CNY1 the lower limit, the report says. Charges ranging from CNY1 to CNY35 will be incurred for transfers between different banks. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of last year. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. AVATAR MFG: Darach E. Haughey Quits Post as Liquidator ------------------------------------------------------ Darach E. Haughey has resigned from his post as liquidator for Avatar MFG. Co. Limited on October 24, 2007. Mr. Cheng can be reached at: Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway Hong Kong BEIYA INDUSTRIAL: Insolvent by CNY294.9 Million as of Sept. 30 -------------------------------------------------------------- Beiya Industrial (Group) Co., Ltd., posted a net loss of CNY8.99 million for the third quarter of 2007, a 75.63% improvement from the CNY36.89-million net loss incurred for the third quarter of 2006. The company reported a 73.61% drop in turnover to CNY33.76 million for the third quarter of 2007 from CNY127.92 million in the same period a year ago. Although operating costs also trimmed down, the company posted a CNY6.16-million operating loss, 58.69% better than the previous year's CNY14.91 million operating loss. As of Sept. 30, 2007, the company had total assets of CNY3.20 billion and total liabilities of CNY3.50 billion, resulting in a capital deficiency of CNY294.90 million. Headquartered in Harbin, Heilongjiang Province, China, Beiya Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is engaged in trading, manufacturing and railway transportation businesses. BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit ---------------------------------------------- Beiya Industrial (Group) Co. Ltd has received indictment filed by Harbin Railway Sub-branch of Industrial and Commercial Bank of China, Reuters Key Developments reports. Reuters explains that the lawsuit was brought about due to a CNY50-million loan dispute between the parties. Reuters notes that because Beiya Industrial has repaid CNY1.8 million, Harbin Railway requires it to repay the principal of CNY48.2 million and interests of CNY11.27 million and the charges arising from the lawsuit. Headquartered in Harbin, Heilongjiang Province, China, Beiya Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is engaged in trading, manufacturing and railway transportation businesses. As of Sept. 30, 2007, the company had total assets of CNY3.20 billion and total liabilities of CNY3.50 billion, resulting in a capital deficiency of CNY294.90 million. BEIYA INDUSTRIAL: To Close Shenzhen and Hubei Branches ------------------------------------------------------ Beiya Industrial (Group) Co. Ltd. will close its branches in Shenzhen and Hubei, Reuters Key Developments reports. No further details were provided, Reuters says. Headquartered in Harbin, Heilongjiang Province, China, Beiya Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is engaged in trading, manufacturing and railway transportation businesses. As of Sept. 30, 2007, the company had total assets of CNY3.20 billion and total liabilities of CNY3.50 billion, resulting in a capital deficiency of CNY294.90 million. BISHA CHEMICAL: Liquidators Step Down From Post ----------------------------------------------- Chan Shu Kin and Chow Chi Tong quit as Bisa Chemical Company Limited's liquidators on November 2, 2007,. Liquidators can be reached at: Chan Shu Kin Chow Chi Tong 9th Floor, Tung Ning Building Des Voeux Road Central, Hong Kong CASTLEBROOK INVESTMENT: Members to Hear Wind-up Report on Dec. 3 --------------------------------------------------------------- The members of Castle Investment 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 the United Centre, in 95 Queensway, Hong Kong. CITY TELECOM: Selects Oracle Communications for Next-Gen Billing ---------------------------------------------------------------- City Telecom (HK) Ltd., a leading provider of telecommunications services in Hong Kong, has selected Oracle(R) Communications Billing and Revenue Management software to provide a billing and revenue management platform that will help address rapid business growth and increase variation in service offerings and pricing options. The new platform will help City Telecom centralize and manage revenue streams across services, networks, partners, technologies and payment methods, ultimately enabling faster time-to-market and enhanced quality of service. Since the introduction of broadband Internet services by its wholly owned subsidiary, Hong Kong Broadband Network Limited seven years ago, City Telecom strived to provide end-to-end, world-class residential and corporate voice and data services. In September, City Telecom launched Hong Kong's first residential Fiber-To-The-Home broadband services at symmetric 100 megabits per second, 200Mbps and 1 billion bits per second. Earlier this year, City Telecom introduced bbBOX, a multimedia sharing application converging Internet, television and computers. As City Telecom continues to expand and innovate, the company needs an integrated platform to provide an immediate, comprehensive view of all company revenue with the ability to drill down into detailed customer service preferences, usage patterns and transaction histories. "Service innovation is key to our company's development of new revenue streams and the group's sustainable growth. For this reason, it is vital that we understand our customers so we can provide more value-added, personalized services to boost their satisfaction. A highly reliable, scalable billing and revenue management platform is a critical part of our strategy for staying ahead of the competition and embracing growth opportunities," said Stephen Chang, chief technology officer of City Telecom. Mr. Chang added, "We chose Oracle Communications Billing and Revenue Management for its functional richness, flexibility and scalability, as well as Oracle's proven track record for delivering an end-to-end software solution for many of the world's largest and most innovative service providers. When the implementation is complete, we plan to leverage the full 360- degree view of the customers to support further innovation in service offerings while reducing the total cost of ownership. This will enable us to decrease our time-to-market in rolling out innovative services and offerings." In addition to Oracle Communications Billing and Revenue Management's support for the entire revenue management lifecycle and its ability to recognize revenues from service usage in the balance sheet, City Telecom will also benefit from the application's rich support for partner accounts. The application will manage royalty calculations and revenue sharing agreements and create various settlement and sponsorship arrangements to optimize relationships with business partners, such as content service providers. This functionality will help City Telecom simplify partner settlements and support the company's rapid triple-play service expansion. "Oracle is committed to providing best-in-class applications that deliver next-generation capabilities for communications service providers. We are pleased to work with [City Telecom] to deliver a comprehensive, innovative solution that will enable the company to maximize customer and partner value and drive profitable new business in the years to come," said Dr. Weiming Li, vice president, Japan and Asia Pacific, Oracle Communications. About Oracle Communications Oracle is No. 1 in communications globally with 20 of the world's top 20 telecommunications companies running Oracle applications. Oracle Communications integrates industry- specific BSS and OSS solutions with the capabilities of Oracle's industry-leading enterprise applications, business intelligence tools, and carrier-grade middleware and database technologies. Oracle Communications enables service providers to deliver next generation convergent services rapidly, increase customer satisfaction and loyalty, and reduce costs in the business and the network. For more information, visit http://www.oracle.com/communications About City Telecom Hong Kong-based City Telecom (H.K.) Limited -- http://www.ctihk.com/-- is engaged in the provision of international telecommunications services (IDD) and fixed telecommunications network services (FTNS) to customers in Hong Kong and Canada. The Company operates in two segments: international telecommunications, which is engaged in the provision of international long-distance calls services, and fixed telecommunications network, which is engaged in the provision of dial up and broadband Internet access services, local voice-over-Internet protocol services and Internet protocol television (IP-TV) services. City Telecom (H.K.) Limited's wholly owned subsidiaries include Attitude Holdings Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc., City Telecom (Canada) Inc., City Telecom Inc., City Telecom International Limited, Credibility Holdings Limited, CTI Guangzhou Customer Services Co. Ltd., CTI Marketing Company Limited, Golden Trinity Holdings Limited, Hong Kong Broadband Network Limited and IDD 1600 Company Limited. Moody's Investors Service on Feb. 1. 2007, affirmed its B2 corporate family rating and senior unsecured bond rating for City Telecom Ltd, and at the same time has revised the company's rating outlook to positive from stable. The Troubled Company Reporter - Asia Pacific reported on December 22, 2006 that Fitch Ratings assigned a Long-term foreign currency Issuer Default rating of 'B+' to Hong Kong- based City Telecom (HK) Limited. The Outlook on the rating is Stable. At the same time, Fitch assigned an instrument rating of 'BB-' to the US$125 million senior unsecured notes due 2015 issued by CTI on the expectation of good recovery prospects given default as denoted by the agency's recovery rating of 'RR3'. CHONGQING INT'L: June 30 Balance Sheet Upside-Down By CNY119.6MM ---------------------------------------------------------------- Chongqing International Enterprise Investment Co. Ltd. reported a net loss of CNY0.99 million for the half-year period ended June 30, 2007, a 92.11% improvement against the CNY12.55-million net loss incurred for the half-year ended June 30, 2006. The company's sales for the six-month period totaled to CNY0.77 million, while cost of goods sold and other expenses totaled CNY1.76 million. As of June 30, 2007, Chongqing International's balance sheet showed total assets of CNY158.5 million and total liabilities of CNY278.1 million, resulting in a capital deficiency of CNY119.6 million. Headquartered in Chongqing, the People's Republic of China, Chongqing International Enterprise Investment Co., Ltd. is an industrial investment company engaged in industrial investment, high technology development, equipment leasing and commodity agent business. CHONGQING INT'L: Zibo Qilu Files Lawsuit Against Company -------------------------------------------------------- Zibo Qilu Chemicals Co. Ltd. has filed a lawsuit against Chongqing Int'l Enterprise Investment Co. and five individuals regarding loan dispute, Reuters Key Development reports. No further details were disclosed, Reuters says. Headquartered in Zengcheng, Guangzhou Province, the People's Republic of China, Guangzhou Oriental Baolong Automotive Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged in the development, production and sale of special-purpose automobiles and their components. As of June 30, 2007, Chongqing International's balance sheet showed total assets of CNY158.5 million and total liabilities of CNY278.1 million, resulting in a capital deficiency of CNY119.6 million. CHONGQING INT'L: Details Share Merger Reform Plan ------------------------------------------------ Chongqing International Enterprise Investment Co. Ltd. had earlier announced that it would issue 220,624,754 shares of its common stock through private placement, Reuters Key Developments reports. Each share will have a par value of CNY1 and will be offered at a price per share of CNY5.77. Pursuant to the proposal, the report explains, a property development company (Company A) would take up 161,060,225 shares while five other companies (Group A) would take up the remaining 59,564,529 shares. The company will also use additional paid-in capital to fund an issue of new shares at a ratio of every 10 shares to be given 4.07 shares, to all holders of tradable shares. This is equivalent to a compensation of 2.1236 shares for every 10 shares held, Reuters notes. Chongqing Yufu Asset Management Corp. would waive CNY150 million worth of debt liabilities owed by the company. This is equivalent to a compensation of 3.6539 shares for every 10 shares held. Other holders of non-tradable shares would compensate holders of tradable shares 0.8764 shares for every 10 shares held after the issue of paid-in capital. In addition, holders of tradable shares would be given one share for every 10 shares held. Chongqing Yufu and other holders of non-tradable shares will adopt the standard locking period stated by the regulator. In addition to that, Company A would not sell its holdings in the company within three years. Company A promised to compensate 0.5 shares to holders of tradable shares for every 10 shares for any shortfall in net profit (excluding one-off charges) for these fiscal years: CNY30 million for fiscal 2007, CNY42 million for fiscal 2008, and CNY150 million for fiscal 2009. Apart from the standard locking period stated by the regulator, companies within Group A which has a more than 5% stake in the Company will not sell more than 5% of the total outstanding shares within Year 2 and not more than 10% within the second and third year. Headquartered in Zengcheng, Guangzhou Province, the People's Republic of China, Guangzhou Oriental Baolong Automotive Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged in the development, production and sale of special-purpose automobiles and their components. As of June 30, 2007, Chongqing International's balance sheet showed total assets of CNY158.5 million and total liabilities of CNY278.1 million, resulting in a capital deficiency of CNY119.6 million. CU SECURITIES: Liquidators Quit Post ------------------------------------ Lam Yuk Shing, Tony and Lau Kwok Fai have stepped down as CU Securities Limited's liquidators on October 26, 2007. The liquidators can be reached at: Unit 2707, West Tower, Shun Tak Centre 168-200 Connaught Road Central Hong Kong DANA CORP: Gets Proposals from Banks for US$2-Bil. Exit Loan ------------------------------------------------------------ Dana Corp. and its debtor-affiliates have received proposals from 10 financial institutions in connection with the exit financing contemplated in their joint plan of reorganization and the bankruptcy court-approved Disclosure Statement. The Debtors are seeking a US$2,000,000,000 loan to exit Chapter 11 by the end of 2007. Dana has sought permission from the U.S. Bankruptcy Court for the Southern District of New York to enter into and perform under a commitment letter and a fee letter, which allows the payment of commitment fees and reimbursement of out-of-pocket expenses. Dana, however, has yet to identify the lenders or financial institutions who will syndicate or provide the loan. Corinne Ball, Esq., at Jones Day, in New York, told the Court that the Debtors, with the assistance of Miller Buckfire & Co., LLC, and AlixPartners, LLP, their financial advisors, are still in the process of selecting and negotiating the optimal financing package from proposals submitted by more than 10 financial institutions. "The Debtors need to proceed expeditiously to stay on target to emerge from chapter 11 by the end of 2007 and anticipate that they will be in a position to file the Commitment Letter with the Court on or about November 16, 2007," Ms. Ball says. The Debtors have asked the Court to hold a hearing on Nov. 28, 2007, to consider approval of the Commitment Letter. Objections are due November 21 at 4:00 p.m. The Debtors said that in any event, they will file the Commitment Letter with the Court at least three business days prior to the scheduled hearing. According to Ms. Ball, the Commitment Documents will contain customary terms and conditions found in similar types of financing, and will generally provide for an Exit Facility consisting of: (a) Up to US$2,000,000,000 senior credit facility, which will consist of: -- US$650,000,000 asset-based revolving credit facility with a sublimit for letters of credit to be determined; and -- US$1,350,000,000 term loan. (b) Maturity is expected to be between five to seven years. (c) The collateral securing the exit facility is substantially all of the Debtors' assets, including a pledge of 65% of the stock of each of the Debtors' foreign subsidiaries. (d) The interest rate and fees are still to be negotiated but will be consistent with market rates used in similar financing type. (e) The Exit Facility will contain affirmative and negative covenants, representations and warranties and events of default customary for similar types of financings. (f) The Revolver will be undrawn at closing. The proceeds of the Term Loan will be used at closing to repay existing claims against the Debtors pursuant to the Plan, including repaying in full the DIP Credit Agreement, and any excess proceeds will remain on the balance sheet of the Reorganized Debtors. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court approved the Disclosure Statement explaining the terms of the Plan on Oct. 23, 2007. FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Ferro Corporation has earned US$5.6 million on net sales of US$551 million for the three months ended Sept. 30, 2007, compared to net income of US$5.5 million on net sales of US$501 million for the same period in 2006. Income from continuing operations for the 2007 third quarter was US$5.6 million, up 2.2 percent compared with US$5.5 million in the third quarter of 2006. During the quarter, lower selling, general and administrative expenses and lower interest expense were largely offset by restructuring charges related to the consolidation of certain manufacturing operations in Europe and higher income tax expense. The 2007 third quarter income from continuing operations included net pre-tax expenses of US$6.5 million primarily related to restructuring costs. The third quarter 2006 income from continuing operations included net pre-tax expenses of US$1.3 million primarily related to manufacturing rationalization activities. “We delivered strong third-quarter sales that were driven by the breadth of our international operations,” said Chairman, President and Chief Executive Officer James F. Kirsch. “Our segment income increased 7 percent, compared with the third quarter of 2006, despite weakness in a number of U.S. markets and continued raw material cost increases. While we delivered improved segment income from the third quarter of 2006, we remain focused on the opportunities we have identified to improve overall profitability and deliver enhanced shareholder value.” Net sales increased in the third quarter primarily as a result of product price increases and favorable changes in foreign currency exchange rates. Compared with the third quarter of 2006, sales increased in the Performance Coatings, Color and Glass Performance Materials, Electronic Materials and Polymer Additives segments. Sales declined from the prior-year period in the Specialty Plastics segment. International net sales grew 18 percent compared with the third quarter of 2006, while sales in the United States were flat. Gross margins were 18.2 percent of sales for the third quarter, compared with 19.7 percent of sales in the third quarter of 2006. The Company's 2007 third quarter gross profit was reduced by US$0.5 million in costs primarily related to accelerated depreciation and other costs associated with manufacturing rationalization activities. Gross profit was negatively impacted by lower volumes, particularly in porcelain enamel and plastics products, and higher raw material costs. In addition, gross margin as a percent of sales continued to be negatively impacted by rising precious metal costs. Precious metal costs are passed through to customers with minimal contribution to margins. Selling, general and administrative (SG&A) expense was US$71.1 million in the third quarter of 2007, or 12.9 percent of sales. SG&A expense in the third quarter of 2006 was US$74.1 million, or 14.8 percent of sales, including charges of US$0.4 million primarily related to organizational initiatives and an accounting restatement. SG&A expense declined primarily as a result of expense reduction activities, particularly in the Specialty Plastics and Electronic Materials segments, lower incentive compensation accruals and lower audit fees. Restructuring charges were US$5.8 million for the 2007 third quarter, primarily as a result of activities related to the consolidation of Ferro's porcelain enamel manufacturing operations in Europe. There were no restructuring charges recorded in the third quarter of 2006. Interest expense for the 2007 third quarter was US$14.5 million, compared with US$16.8 million in the year-ago period. Interest expense declined from the prior-year period largely as a result of lower borrowing levels resulting from the elimination of cash deposits on precious metal consignments and lower interest rates. The elimination of these deposits also resulted in a decline in interest income during the third quarter compared with the third quarter of 2006. The company's tax rate for the third quarter increased to 38.3 percent from 33.0 percent in the 2006 third quarter. The higher rate was largely the result of the tax effects from the restructuring charges recorded in the quarter, the mix of income by country and an increase in the tax cost of foreign current- year earnings to be repatriated. Total debt on Sept. 30, 2007 was US$536.4 million, compared with US$592.4 million at the end of 2006. The company had net proceeds of US$65.5 million from its U.S. accounts receivable securitization program as of Sept. 30, 2007, compared with US$60.6 million at the end of 2006. The company also had US$51.2 million in net proceeds from similar programs outside the U.S. at the end of the quarter, compared with US$33.7 million at the end of 2006. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were USUS$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's USUS$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. FOU WANG: Mo Leung & Grame Morisson Tapped as Liquidators --------------------------------------------------------- The members of Fou Wang Weaving Mills Limited have appointed Man Mo Leung, and Kenneth Grame Morrison as the company's liquidators on October 29, 2007. The Liquidators can be reached at: Man Mo Leung Kenneth Grame Morrison Mazars CPA Limited, 34th Floor The Lee Garden, 33 Hysan Avenue Causeway Bay,Hong Kong FUJIAN START: June 30 Balance Sheet Upside-Down by CNY185 Mil. -------------------------------------------------------------- Fujian Start Computer Group Co., Ltd., incurred a net loss of CNY19.86 million for the half-year ended June 30, 2007, a 52.32% improvement against the CNY41.65-million net loss recorded for the six-month period ended June 30, 2006. The company had lower sales for the current half-year, amounting to CNY217.55 million, a 5.42% decrease from a year ago. The company's cost of goods sold amounted to CNY178.00 million and other operating expenses amounted to CNY49.34 million, giving the company an operating loss of CNY9.79 million. As of June 30, 2007, Fujian Start's balance sheet showed total assets of CNY849.80 million and total liabilities of CNY1.03 billion, resulting in a capital deficiency of CNY184.80 million. Headquartered in Fuzhou, Fujian Province, China, Fujian Start Computer Group Co., Ltd. -- http://www.start.com.cn/-- is engaged in the manufacture of computers and computer peripheral products. FUJIAN START: Changchun Rongchuang Increases Stakes --------------------------------------------------- Fujian Start Computer Group Co. Ltd discloses that shareholder Changchun Rongchuang Real Estate Co. Ltd. has purchased 51,517,818 shares in the company from another shareholder at CNY75,500,000, Reuters Key Development reports. Reuters says that after the transaction, Changchun Rongchuang Real Estate's holdings in the company increased from 14.22% to 28.87%, becoming its largest shareholder. Headquartered in Fuzhou, Fujian Province, China, Fujian Start Computer Group Co., Ltd. -- http://www.start.com.cn/-- is engaged in the manufacture of computers and computer peripheral products. As of June 30, 2007, Fujian Start's balance sheet showed total assets of CNY849.80 million and total liabilities of CNY1.03 billion, resulting in a capital deficiency of CNY184.80 million. FUJIAN START: Expects Turnaround for Full-Year 2007 --------------------------------------------------- Fujian Start Computer Group Co. Ltd expects to report a profit for fiscal year 2007, from a net loss of CNY246,794,052.39 for fiscal year 2006, Reuters Key Developments relates. Reuters recounts that the company previously announced its expectations of a profit for the first three months of 2007 against a CNY19,044,941.98 profit in the same period in 2006. Headquartered in Fuzhou, Fujian Province, China, Fujian Start Computer Group Co., Ltd. -- http://www.start.com.cn/-- is engaged in the manufacture of computers and computer peripheral products. As of June 30, 2007, Fujian Start's balance sheet showed total assets of CNY849.80 million and total liabilities of CNY1.03 billion, resulting in a capital deficiency of CNY184.80 million. GUANGZHOU ORIENTAL: Insolvent By CNY95.7 Million as of June 30 -------------------------------------------------------------- Guangzhou Oriental Baolong Automotive Industry Co., Ltd., recorded a CNY8.46-million net loss for the first half of 2007, a 47.94% improvement against the net loss of CNY16.25 million reported a year earlier. The company's sales for the 2007 first half totaled CNY0.24 million, down 98.39% from the CNY14.91-million sales recorded a year before. All expenses totaled CNY3.81 million, giving the company an operating loss of CNY3.58 million for the first half of 2007. As of June 30, 2007, Guangzhou Oriental's balance sheet showed total assets of CNY120.7 million and total liabilities of CNY216.4 million, giving it a capital deficiency of CNY95.7 million. Headquartered in Zengcheng, Guangzhou Province, the People's Republic of China, Guangzhou Oriental Baolong Automotive Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged in the development, production and sale of special-purpose automobiles and their components. GUANGZHOU ORIENTAL: Terminates Asset Swap Deal with Hunanm Firm --------------------------------------------------------------- Guangzhou Oriental Baolong Automotive Co. Ltd. has terminated an asset swap deal with a Hunan-based technology and investment company and a new share issuance, which was previously announced on Aug. 15, 2007, Reuters Key Developments reports. The report did not identify the Hunan-based firm. An earlier Reuters Key Developments report stated that Guangzhou Oriental had previously planned an asset swap with a certain company, wherein Guangzhou Oriental would use all of its assets (except office buildings, accommodation assets and land usage rights, and having an initial estimated value of CNY34.65 million) to exchange for a 70% stake in a dyeing company and a 98% stake in a Hubei-based high-tech company (where both have a total estimated value of CNY561.1 million). Reuters adds that Guangzhou Oriental would top up the difference with a private placement of 80 million shares to 120 million shares to Company A at a price of CNY7.04 per share. After the private placement is completed, the company would no longer be involved in the manufacture and assembly of special vehicles, with its principal businesses being changed to the production and sale of precision chemical products. Headquartered in Zengcheng, Guangzhou Province, the People's Republic of China, Guangzhou Oriental Baolong Automotive Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged in the development, production and sale of special-purpose automobiles and their components. As of June 30, 2007, Guangzhou Oriental's balance sheet showed total assets of CNY120.7 million and total liabilities of CNY216.4 million, giving it a capital deficiency of CNY95.7 million. HANESBRANDS INC: Hires William Nictakis as Chief Comm'l Officer --------------------------------------------------------------- Hanesbrands Inc. has appointed William J. Nictakis to the newly created position of president, chief commercial officer, effective Nov. 12, 2007. Mr. Nictakis who has a wealth of consumer product experience in executive management, sales, category management, marketing and product development, will lead Hanesbrands' domestic and international commercial businesses and support functions to drive sales growth and profitability. He will report to Hanesbrands Chief Executive Officer Richard A. Noll. “Bill Nictakis has a tremendous track record of driving growth in big organizations with nationally recognized brands,” Mr. Noll said. “We have successfully consolidated the Hanesbrands organization from several independent operating units to one company focused on customers and consumers. This is the perfect time for Bill to join our team to lead our commercial operations under this new chief commercial officer position. “Bill has tremendous energy, great consumer products vision and an unrelenting drive. He will fit in well with our powerful brands and the passion and experience of our organization.” Mr. Nictakis has more than 25 years of experience at leading consumer product companies, most recently as president of Sara Lee Corporation's U.S. fresh bakery unit. Before joining Sara Lee, Mr. Nictakis was vice president of sales for Frito-Lay, Inc., leading the company's 20,000-member national sales organization. Reporting to Mr. Nictakis will be sales and customer management, brand marketing, product design and development, and the strategic commercial business units for intimate apparel, male underwear, activewear, casualwear, socks and international, which include customer marketing, merchandising and forecasting and pricing. Hanesbrands also announced that it has named Howard Upchurch as executive vice president and general manager of domestic innerwear and John Marsh as senior vice president and general manager of domestic casualwear. Mr. Upchurch, who joined Hanesbrands in 1987, previously led the company's domestic intimate apparel business. Mr. Marsh, who joined the company in 1995, has had several assignments before leading the casualwear business. Hanesbrands Inc. Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets innerwear, outerwear and hosiery apparel under consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. The company designs, manufactures, sources and sells T-shirts, bras, panties, men's underwear, children's underwear, socks, hosiery, casual wear and active wear. Hanesbrands has approximately 50,000 employees in 24 countries, Including Dominican Republic, El Salvador, Mexico, Puerto Rico, India and China. * * * Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s B+ corporate family rating on December 2006. HONG KONG FUJIDENKI: Liquidators Quit Posts ------------------------------------------- Rainier Hok Chung Lam and John James Toohey quit their posts as Hong Kong Fujidenki Co. Limited's liquidators on October 31, 2007. Liquidators can be reached at: Rainier Hok Chung Lam John James Toohey 22nd Floor, Prince Building Central Hong Kong JOINT BRIGHT: Meeting to Hear Wind-up Report Set for December 4 --------------------------------------------------------------- The members and creditors of Joint Bright Limited will hold their final meeting on December 4, 2007, at 2:00 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, 4th Floor, of Kiu Fu Commercial Building, 300 Lockhart Road, in Wanchai, Hong Kong. LEABURG ENGINEERING: Members and Creditors to Meet on Nov. 15 ------------------------------------------------------------- The members of Leaburg Engineering Limited will hold their final meeting on November 15, 2007, at 2:00 p.m., while the creditors will meet on the same day at 2:30 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 7th floor of the Allied Kajima Building, Gloucester Road, in Wanchai, Hong Kong. MIANYANG GAO: Turns Around with CNY36.5-Million Net Profit in 1H ---------------------------------------------------------------- Mianyang Gao Xin Industrial Development (Group) Inc. posted a turnaround with a net income of CNY36.5 million for the first half of 2007, against a net loss of CNY5.7 million in the first half of 2006. For the six months ended June 30, 2007, the company's sales rose 547.04% to CNY23.0 million from the CNY3.6-million recorded a year before. Operating costs, however, increased 221.80% to CNY26.9 million, giving the company a CNY3.9-million operating loss for the period in review. As of June 30, 2007, Mianyang Gao's balance sheet showed total assets of CNY186.5 million and total liabilities of CNY275.7 million, giving it a capital deficiency of CNY89.2 million. Based in Mianyang, Sichuan Province, the People's Republic of China, Mianyang Gao Xin Industrial Development (Group) Inc. -- http://www.mygx.com.cn/-- is principally engaged in the investment in infrastructural construction and real estate development, as well as the asset management and consulting service businesses. PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China --------------------------------------------------------- Venezuelan state-owned oil firm Petroleos de Venezuela SA said in a statement that it will increase oil exports to China to one million barrels per day by 2011. According to Petoleos de Venezuela's statement, the firm will export almost 500,000 barrels of oil per day to China next year. The Venezuelan government told Business News Americas that Venezuela exports some 350,000 barrels per day to China. Venezuelan news agency Agencia Bolivariana de Noticias says that authorities in the two countries entered into 11 agreements to boost cooperation in these sectors: -- energy, -- financial, and -- technological. According to published reports, Venezuela agreed to form a US$6- billion fund with China to promote energy projects throughout Latin America to increase fuel exports to the Asian country. BNamericas relates that China will contribute about US$4 billion to the fund, which would be called Fondo Pesado. Venezuela will donate some US$2 billion. Petroleos de Venezuela will collaborate with Chinese oil firm Sinopec on the certification of reserves in the Junin 8 block in Orinoco, BNamericas notes. Venezuelan President Hugo Chavez said in a statement, "There are 40 billion barrels of reserves in that block [Junin 8] alone. That's more than double what the US has at the moment." The report says that Petroleos de Venezuela signed an accord with China National United Oil Corporation to supply the Asian nation with Venezuelan fuel. Petroleos de Venezuela also signed a memorandum of understanding with the China National Petroleum Company to boost cooperation in the energy sector. According to BNamericas, Petroleos de Venezuela's transit unit PDV Marina signed a strategic alliance for the transport of crude and refined products with China's Petrochina International Company. President Chavez commented to BNamericas, "This agreement is important because it will allow us to reduce transportation costs. We won't have to depend on third parties that inflate costs." Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Investing Over US$10B To Boost Output ------------------------------------------------------------- Venezuelan energy minister Rafael Ramirez said in a statement that state-run oil firm Petroleos de Venezuela SA will invest over US$10 billion in 2008 to raise production to 5.8 million barrels a day by 2012. Minister Ramirez told Petroleumworld.com that the investment plan for this year rose 657% to almost US$10 billion, compared to last year. Petroleos de Venezuela is also investing: -- US$3.30 billion in oil production facilities, -- US$720 million in drilling operations, and -- US$3.40 billion in gas. Oil and gas royalties are expected to total US$8.70 billion this year, Petroleumworld.com states. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. POWER STAR: Members to Meet on December 5 ----------------------------------------- The members of Power Star Enterprises Limited will hold their final meeting on December 5, 2007, at 4:00 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 6th floor of the Kwan Chart Tower, 6 Tonnochy Road, in Wanchai, Hong Kong. SEGA.COM ASIA: John Kit Yen Cheng Steps Down as Liquidator ---------------------------------------------------------- John Kit Yen Cheng stepped down as Sega.com Asia Network Limited's liquidator on October 29, 2007. Mr. Cheng can be reached at: John Kit Yen Cheng 650 Townsend Street, Suite 650 San Francisco, CA94103-4908 U.S.A. ========= I N D I A ========= GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter ------------------------------------------------------------- General Motors Corp. disclosed Wednesday its financial results for the third quarter of 2007. GM reported a net loss of US$39 billion, including Allison Transmission, which is classified as a discontinued operation, for the third quarter of 2007, compared with a reported net loss of US$147 million in the year-ago quarter. Special items included a net non-cash charge of US$38.6 billion due to a valuation allowance against deferred tax assets related to operations in the U.S., Canada and Germany as required under SFAS No. 109, Accounting for Income Taxes. Also included was a favorable US$3.5 billion after-tax gain on the sale of the Allison Transmission business in August 2007, for which GM received US$5.4 billion in proceeds. GM also had special charges of US$1.6 billion in pension service costs related to prior labor agreements, US$400 million associated with restructuring actions and US$400 million related to an adjustment to the Delphi reserve. Excluding special items, GM had a 2007 third-quarter adjusted net loss of US$1.6 billion, compared to net income of US$497 million in the year-ago quarter. The variance was driven primarily by a significant decline in net income at GMAC, as well as increased corporate expense related to legacy cost, foreign exchange and various 2006 tax benefits, partially offset by improved performance in automotive operations. "We continue to implement the key elements of our North America turnaround strategy, and these initiatives are driving steady improvement in our financial results, despite challenging North America market conditions. In addition, we are very encouraged by our performance in emerging markets. Our record third quarter global sales are strong evidence that our commitment to great cars and trucks is being embraced by consumers around the globe." said Rick Wagoner, GM chairman and chief executive officer. The company's improved performance in its automotive operations was more than offset by special charges of US$37.4 billion related largely to a previously announced valuation allowance against its deferred tax assets, as well as lower reported GMAC Financial Services income, down US$630 million versus the year- ago quarter as a result of continued pressures in the mortgage industry. GM Automotive Operations GM's global automotive operations posted net income of US$122 million from continuing operations on an adjusted basis in the third quarter of 2007 (reported net loss of US$40.6 billion), an improvement of US$577 million compared to an adjusted net loss from continuing operations of US$455 million (reported net loss of US$401 million) in the same quarter 2006. Results for GM's automotive operations, specifically GMNA, exclude Allison Transmission, which was classified as a discontinued operation as a result of the sale of that business which was concluded in August 2007. GM generated record third quarter automotive revenue of US$43.1 billion. The company also achieved record global third quarter sales of 2.39 million cars and trucks, up 4% compared to the third quarter 2006, driven by exceptionally strong demand in emerging markets and improved performance in developed markets. GM also set a number of third quarter sales records around the globe, including a 22% increase in GMLAAM, 16% increase in the GMAP region, and 15% gain in GME. "We continue to see solid progress in the fundamentals of our automotive business. We're very pleased with our strong sales performance in key markets outside of North America, and growing retail momentum in the U.S. driven by products like the all-new Cadillac CTS. We're also very encouraged by the early reactions to our all-new Chevrolet Malibu and 2008 Chevrolet Tahoe and GMC Yukon two-mode hybrids -- the world's only full-size hybrid SUVs," said Wagoner. GMNA had an adjusted net loss from continuing operations of US$247 million in the third quarter 2007 (reported net loss from continuing operations of US$38.2 billion, which includes charges of approximately US$36.5 billion for a valuation allowance against its deferred tax assets and US$1.3 billion for pension service costs related to prior labor agreements), compared to an adjusted net loss of US$660 million from continuing operations in the third quarter 2006 (reported net loss from continuing operations of US$667 million). GMNA's improved adjusted earnings reflect favorable mix, pricing and better warranty performance, which were partially offset by lower volume and increased material cost. GME posted an adjusted net loss of US$90 million in the third quarter (reported net loss of US$2.9 billion, which includes charges of US$2.5 billion for a valuation allowance against deferred tax assets in Germany and restructuring charges of US$262 million), compared to US$39 million loss in the third quarter of 2006 (reported net loss of US$126 million). The variance in adjusted net income reflects the softness of the German market and unfavorable currency exchange, which was partially offset by improved pricing and higher volume. GME achieved record third quarter sales of about 524,000 units, aided by continued momentum of GME's multi-brand strategy during the period. Chevrolet is amongst the fastest growing global vehi