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 Wednesday, November 21, 2007, Vol. 10, No. 231 Headlines A U S T R A L I A AEARO TECHNOLOGIES: 3M Deal Prompts Moody's to Review Ratings AINSWORTH GAME: Rights Issue to Raise AU$27.3 Million AUDIO TEAM: Appoints Christopher J. Palmer as Liquidator AUSTOFT INDUSTRIES: Commences Wind-Up Proceedings CASE CREDIT: Placed Under Voluntary Liquidation COLES GROUP: Records Best First-Quarter Profit in Five Years FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1 FORTESCUE: Continues to Seek Access to Rivals' Rail Network FORTESCUE METALS: Iron Ore Project Cost Increases to AU$2.7 Mil. LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project MOORES CORPORATION: Creditors to Hear Wind-Up Report on Nov. 23 NOUBUILD DESIGN: Members Agree to Wind Up Business PATERSON & ZAPLIN: Members & Creditors to Meet on Nov. 22 ROSELANDS DRAPER: Liquidator to Give Wind-Up Report on Nov. 23 SYDNEY INVESTMENT: Ex-Directors to Pay AU$4.8 Mil. in Damages THE SYDNEY MARKETS: To Declare Dividend on December 4 TRIMAS CORP: Operating Profit Up 6.1% to US$27.3MM in Third Qtr. URS CORP: Closes Washington Group Acquisition for US$3.1 Billion WALSH FAMILY: Members and Creditors Receive Wind-Up Report WEATHERDON STRUK: Members to Hold Final Meeting on Nov. 30 C H I N A & H O N G K O N G ADDWAY LIMITED: Creditors' Proofs of Debt Due on December 31 BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer BLOUNT INT'L: Reports US$22.6MM Third Quarter Operating Income CAMAFORCE LIMITED: Commences Liquidation Proceedings CHIEFAST LIMITED: Creditors' Proofs of Debt Due on December 31 CONCORD SECURITIES: Earns TWD751.05MM for First Nine Months CONCORD SECURITIES: Sales Hit TWD238 Million in October 2007 DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement ESPCO LIMITED: Creditors' Proofs of Debt Due on December 31 GRAND RANK: Creditors to Receive Wind-up Report on November 26 GREEN SEQUOIA: Proofs of Debt Due on December 31 GROGRAM LIMITED: Appoints New Liquidator GROSVENOR STAR: Commences Liquidation Proceedings JIH SUN: Earns TWD1.15 Billion for First Nine Months of 2007 JIH SUN: October 2007 Sales Up 77.19% Year-on-Year JIH SUN: To Manage TWD16-Billion Government Pension Fund LEAN GIAP: Creditors to Meet on December 17 MBF PROPERTIES: Appoints Ha Man Hit as Liquidator NORMAN INSURANCE: Creditors' Proofs of Debt Due on December 7 OVADIA: Appoints Chan Kin Hang as Liquidator Q.U.E. INVESTMENT: Liquidators Quit Post QUANTA COMPUTER: Mass Production of US$100 Laptops Begins QUANTA COMPUTER: Sets up Three New Holding Companies QUANTA COMPUTER: Denies O2 Partnership Rumors RALLY HOLDINGS: Commences Liquidation Proceedings TAIWAN BUSINESS: Earns TWD992.06 Mil. for First Nine Months TAIWAN BUSINESS: October 2007 Sales Rise 16.02% Year-On-Year TAIWAN INT'L: Earns TWD1.78 Billion for First Nine Months TAIWAN INTERNATIONAL: October 2007 Sales Hit TWD1.83 Billion * Fitch Publishes Report on Taiwan Life Sector Product Trends I N D I A AES CORP: Moody's Adjusts LGD Point Estimate BALLARPUR INDUSTRIES: Profit at INR690MM in Qtr. Ended Sept. 30 BALLY TECH: Inks Casino Management System Pact With Pechanga BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm BHARTI AIRTEL: Fitch Affirms BB+ Long-Term Foreign Currency IDR DECCAN AVIATION: Books INR2.5-Bil. Loss in Qtr. Ended Sept. 30 DUNLOP INDIA: Loss Widens to INR39 Mil. in Qtr. Ended Sept. 30 GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation MYLAN INC: Prices Offerings of Common & Preferred Stocks I N D O N E S I A ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007 ARMSTRONG WORLD: Nitram Files September 2007 Operating Report CILINDRA PERKASA: Sets 11.5% Annual Coupon for IDR500 5-Yr Bond FOSTER WHEELER: Subsidiary Reaches Accord with NTR Acquisition FOSTER WHEELER: Unit Wins Contract from LUKOIL Energy PARKER DRILLING: Awards 3 Land-Rig Contracts to Subsidiaries TELKOMSEL: Sees More Than 24% Increase in 2007 Revenue J A P A N ASHIKAGA BANK: Targeted for JPY310-Billion Buyout FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8 FORD MOTOR: Johnson Controls Inks MOU to Buy Saline ACH Plant FORD MOTOR: UAW Employees Ratify Healthcare MOU & National CBA JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating NIS GROUP: R&I Places Rating on Monitor Direction Uncertain RAMBUS INC: Posts US$2.7-Mil. Net Loss in 2nd Qtr. Ended June 30 SENSATA TECH: Incurs US$86.7 Mln Net Loss in Third Quarter 2007 K O R E A ARROW ELECTRONICS: North American Biz To Deploy Seagate Products CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million DUNLINE RUBBER: Surging Canadian Dollar Cues Closure & Lay Offs PIXELPLUS CO: Completes Sale of 37.5% Stake in Pixelplus Tech. REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million * South Korea's Bankruptcies Jumped to Two-Year High in Oct. M A L A Y S I A AVAYA INC: Moody's Assigns Ba3 Rating on US$3.8-Billion Loan PROTON HOLDINGS: Alliance Talks with Volkswagen and GM Collapse TANCO HOLDINGS: Court Extends Restraining Order to Jan. 26 TENGGARA OIL: Subject to CIMB Bank's Wind-Up Petition * Parliament Records 158,042 Bankruptcy Cases Since 2005 N E W Z E A L A N D CATWALK PRODUCTIONS: Court Enters Wind-Up Order KIWI INCOME: Half-Year Profit Up 80% in Six Months to Sept. 30 MEDICTRONIX NEW ZEALAND: Subject to CIR's Wind-Up Petition MEYER INVESTMENTS: Appoints Colin Gordon Powell as Liquidator PACIFIC EDGE: Introduces Share Purchase Plan PAINT SMART: Subject to CIR's Wind-Up Petition RAH MANAGEMENT: Commences Liquidation Proceedings SOMETHING DIFFERENT: Creditors' Proofs of Debt Due on Nov. 30 SUPER CITY: Creditors' Proofs of Debt Due on Nov. 30 TIGER PROMOTIONS: Court Set to Hear Wind-Up Petition on Jan. 31 P H I L I P P I N E S ASIA AMALGAMATED: Nine-Month Net Loss Dips 5.55% to PHP856,639 LEPANTO CONSOLIDATED: Board Approves Stock Option Grants LEPANTO CONSOLIDATED: Board Approves Appointment of 2 Officers MARIWASA MFG: 3rd Quarter Profit Climbs to PHP638.596 Million MIRANT CORP: To Return US$4.6BB in Excess Cash to Stockholders MIRANT CORP: Buyback Program Cues S&P to Hold 'B+' Rating PHILCOMSAT HOLDINGS: New Board Members Set to Take Control PRIME ORION: First Fiscal Quarter Loss Dips 40% to PHP207-Mil. SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr. SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer STENIEL MFG: Unit Files for Rehabilitation Before Cavite Court UNIWIDE HOLDINGS: 3rd Quarter Net Loss Dips 4.49% to PHP35 Mil. S I N G A P O R E AVAGO TECH: To Redeem US200MM of Senior Rate Notes on Dec. 18 POLYONE CORP: Buys GLS Corp. as Part of Specialization Strategy REFCO LLC: Chapter 7 Trustee Files September 2007 Monthly Report STATS CHIPPAC: Plans to Delist Shares from Nasdaq STATS CHIPPAC: To Expand Flip Chip Offering in China S R I L A N K A SRI LANKA TELECOM: Fitch Affirms Ratings at 'BB-' T H A I L A N D FEDERAL MOGUL: District Court Affirms Chapter 11 Plan FORD MOTOR: Thai Unit Cuts Prices For Focus to Reflect New Taxes LIVE INC: Board Approves Sale of Shareholdings in Channel (V) LIVE INC: Board Approves New Joint Venture TRUE MOVE: TOT Files Case to Collect THB4-Bil. Access Charges STERIGENICS INT'L: S&P Affirms & Removes Ratings from Neg. Watch WYNCOAST IND'L: SET Sees Possible Insider Deal in Wongsawat Sale * Bond Risk Declines in Asia-Pacific, Credit-Default Swaps Show - - - - - - - - ================= A U S T R A L I A ================= AEARO TECHNOLOGIES: 3M Deal Prompts Moody's to Review Ratings ------------------------------------------------------------- Moody's Investors Service has placed Aearo technologies Inc. ratings, including the B2 corporate family rating, under review for possible upgrade. This rating action results from the recent announcement that 3M Company is acquiring Aearo for US$1.2 billion. 3M is a much stronger company with healthier credit metrics. Moody's anticipates that change of control language within Aearo's credit agreements will require the repayment of Aearo's credit facilities. Upon repayment of its credit facilities, all of Aearo's rating will be withdrawn. Ratings under review for possible upgrade: * Corporate family rating at B2; * Probability of default at B2; * US$535 million first lien credit facilities at B1 (LGD3, 34%); and, * US$200 million second lien term loan at Caa1 (LGD5, 86%). Headquartered in Indianapolis, Indiana, Aearo Technologies, Incorporated -- http://www.aearo.com/-- makes and sells personal protection equipment in more than 70 countries, including Australia, China, Brazil, France, Germany, Mexico, and Singapore, among others, under brand names such as AOSafety, E- A-R, Peltor, and SafeWaze. Products include earplugs, goggles, face shields, respirators, hard hats, safety clothing, first-aid kits, and communication. Safety products account for about three-quarters of the company's sales. Aearo also sells safety prescription eyewear and makes energy-absorbing foams that control noise, vibration, and shock. AINSWORTH GAME: Rights Issue to Raise AU$27.3 Million ----------------------------------------------------- Ainsworth Game Technology Limited announced its intention to undertake a fully underwritten two for five renounceable rights issue to ordinary shareholders and a fully underwritten two for five renounceable rights issue to convertible noteholders, each at a price of AU$0.32 cents per new share. These issues will raise approximately AU$27.3 million. Shareholders and noteholders will be given the opportunity to take up additional shares in the event that either of the offers are not fully subscribed. Mr. LH Ainsworth, AGI's major shareholder, has agreed to support the rights issue to ordinary shareholders by taking up his full entitlement to new shares and underwriting the balance of the issue to ordinary shareholders. Details of Mr. LH Ainsworth's support for the rights issue to ordinary shareholders are set below: Mr. LH Ainsworth has committed up to AU$23.78 million towards the rights issue to ordinary shareholders. This commitment will be satisfied by Mr LH Ainsworth as follows: a) taking up his full entitlement (AU$12.63 million) under the rights issue to ordinary shareholders and providing the subscription monies in consideration for reducing the debt owing to Associated World Investments Pty. Limited, a company controlled by Mr. LH Ainsworth; and b) underwriting the balance of the rights issue to ordinary shareholders for no fee. This commitment has a maximum value of AU$11.15 million (after taking into account AU$1.0 million which has been agreed to be subscribed by an entity controlled by a member of Mr. LH Ainsworth's family). If Mr. Ainsworth is called upon to meet his underwriting commitment, it will be provided by first subscribing for the shortfall with AU$2.5 million in cash. Any additional commitment will then be provided by Mr. LH Ainsworth in consideration of reduction in debt owing to AWI up to a further AU$8.65 million. Any subscription under the rights issue to ordinary shareholders by shareholders other than Mr. Ainsworth will reduce by an equivalent amount Mr. Ainsworth's underwriting commitment. In such an event the cash proceeds received will not be used to repay any debt due or interest obligations owing to AWI by AGI, but will be used to increase the cash proceeds available for working capital purposes. Only if Mr. Ainsworth is required to meet a shortfall in the right issue to ordinary shareholders in excess of AU$2.5 million will there be a further reduction of the debt to AWI. AWI is currently owed AU$33.07 million, excluding interest accrued of approximately AU$7.68 million, as a result of loans advanced over several years to AGI. If Mr. Ainsworth is required to fully meet his commitment under the rights issue to ordinary shareholders of AU$23.78 million, then the debt due (excluding interest accrued) by AGI to AWI will be reduced to AU$11.78 million (a reduction of AU$21.28 million). Entities controlled by members of Mr. LH Ainsworth's family have agreed to fully underwrite the rights issue to convertible noteholders. All cash proceeds received from the issues (which will be at least AU$5.7 million (after costs) will be used to fund the Company's working capital and provide funds for further business growth and expansion within the Americas. The balance of the funds raised from the issue will be utilized to reduce the debt levels owing to Associated World Investments Pty. Ltd., an entity controlled by Mr. LH Ainsworth. The offer will be available to all holders of ordinary shares and convertible notes on the record date who have a registered address in Australia or New Zealand. Key dates in relation to the rights issue are expected to be as follows: Nov. 29, 2007 -- Record date to determine entitlement to new shares Nov. 30, 2007 -- Despatch of prospectus Dec. 07, 2007 -- Last day of rights trading on the Australian Securities Exchange (ASX) Dec. 14, 2007 -- Last day for acceptance and payment in full Dec. 21, 2007 -- Allotment and issue of new shares Dec. 24, 2007 -- First day of trading new shares on ASX on normal T+3 settlement basis. In accordance with Section 734(5)(a) of the Corporations Act 2001, the Company advises that the new shares to be offered by the Company under the rights issue are in a class of shares already quoted on the ASX. The Company expects to lodge a prospectus in relation to the rights issue this week. Any person wishing to exercise their rights to apply for shares will need to complete the entitlement and acceptance forms which will accompany the prospectus. Ainsworth Game Technology Limited designs, develops and sells gaming machines and other related equipment and services. The Company's products are ambassador gaming machine and celebrity gaming machine. AGT has products in casinos across Australia. AGT operates in Russia, Austria, France and Germany. Its wholly owned subsidiaries are AGT Pty Ltd, Ainsworth Game Technology Inc (USA), Ainsworth Game Technology (UK) Ltd, Ainsworth International GmbH, Ainsworth Game Technology (NZ) Limited and AGT Service Pty Ltd. The Troubled Company Reporter - Asia Pacific, on November 20, 2007, listed Ainsworth Game's bond with a 8.000% coupon and a December 31, 2009 maturity date as distressed and a trading price at AU$0.77. AUDIO TEAM: Appoints Christopher J. Palmer as Liquidator -------------------------------------------------------- On October 11, 2007, the members of Audio Team Sound Post Production Pty Limited passed a resolution voluntarily liquidating the company's business. Christopher J. Palmer was named as liquidator. The Liquidator can be reached at: Christopher J. Palmer O'Brien Palmer Level 4, 23-25 Hunter Street Sydney, New South Wales 2000 Australia About Audio Team Audio Team Sound Post Production Pty Limited provides services allied to motion pictures. The company is located at Annandale, in New South Wales, Australia. AUSTOFT INDUSTRIES: Commences Wind-Up Proceedings ------------------------------------------------- During a meeting held on October 4, 2007, the members of Austoft Industries Limited agreed to voluntarily liquidate the company's business. Alan Hayes was appointed as liquidator. The Liquidator can be reached at: Alan Hayes SimsPartners Level 5, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9256 7700 About Austoft Industries Austoft Industries Limited is a distributor of farm machineries and equipments. The company is located at St Marys, in New South Wales, Australia. CASE CREDIT: Placed Under Voluntary Liquidation ----------------------------------------------- The members of Case Credit Australia Investments Pty Limited met on October 4, 2007, and agreed to voluntarily wind up the company's operations. Alan Hayes and Scott Pascoe were appointed as liquidators. The Liquidators can be reached at: Alan Hayes Scott Pascoe SimsPartners Level 5, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9256 7700 About Case Credit Case Credit Australia Investments Pty Ltd provides business services. The company is located at St Marys, in New South Wales, Australia. COLES GROUP: Records Best First-Quarter Profit in Five Years ------------------------------------------------------------ Coles Group Ltd.'s outgoing chief executive, John Fletcher, said that Coles had improved its performance in the first quarter of the current year, Vanda Carson writes for The Sydney Morning Herald. Ms. Carson quotes Mr. Fletcher as saying that the first quarter was "arguably the best start to the financial year in the last five years, with the whole group comfortably over its profit budget." Yet, Mr. Fletcher, relates SMH, had to cut down his AU$1.7 billion profit forecast for the 2007-2008 financial year by 10%. All of the company's brands, according to Mr. Fletcher were "substantially ahead" of last year's pre-tax earning and the group laggard, Kmart, was continuing its turnaround, notes SMH. Wesfarmers, which will be taking over Coles on November 23, is considering offloading Kmart, but will make a final decision until next year. Coles' Target and Officeworks brands had shown "further strong growth again this year," expresses Mr. Fletcher. ACNielsen figures showed Coles Express supermarkets were increasing at twice the rate of rival convenience stores and 12 more stores were set to open by the end of this month, conveys SMH. Ms. Carson adds that the company's 1st Choice liquor super- stores also expanded with six more outlets to open before Christmas. Meanwhile, the company announced yesterday that about half of its 327,000 shareholders had chosen to take part in the mix-and- match facility, converting their shares in the now-delisted company into stock in Wesfarmers, rather than taking cash, says SMH. SMH further notes that shareholders will receive either AU$2.96 a share or AU$9.61 a share in cash, and the remainder in stock, depending on their choice. The other half -- who did not make their intentions clear -- will receive AU$4 a share as well as 0.14215 Wesfarmers shares and 0.14215 Wesfarmers price-protected shares for each Coles share owned. The price-protected shares guarantee an extra entitlement if the shares are trading below AU$45 in four years' time. All shareholders, explains Ms. Carson, will receive the protected shares irrespective of whether they elected to receive cash or scrip. The report states that, Coles shareholders are likely to end up owning about 44% of the enlarged Wesfarmers. 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. FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1 --------------------------------------------------------------- Foot Locker, Inc. Board of Directors has declared a quarterly cash dividend on the Company's common stock of US$0.125 per share, which will be payable on Feb. 1, 2008 to shareholders of record on Jan. 18, 2008. Foot Locker plans to report its third quarter 2007 financial results on Tuesday, Nov. 20, 2007. Headquartered in New York, Foot Locker, Inc. (NYSE: FL) --- http://www.footlocker-inc.com/-- is a retailer of athletic footwear and apparel, operated 3,942 primarily mall-based stores in the United States, Canada, Puerto Rico, Europe, Australia, and New Zealand as of Feb. 3, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 11, 2007, Standard & Poor's Ratings Services has lowered its corporate credit and senior unsecured ratings on New York City-based Foot Locker Inc. to 'BB' from 'BB+'. S&P has removed the ratings from CreditWatch, where they were placed with negative implications on Aug. 18, 2006. S&P said the outlook is negative. FORTESCUE: Continues to Seek Access to Rivals' Rail Network ----------------------------------------------------------- Fortescue Metals Group Ltd. filed an application with the National Competition Council seeking to declare Rio Tinto Limited's Hamersley Iron Rail Network and the BHP Billiton's Goldsworthy Rail Network open to third parties. The Hamersley Iron Rail Network, and particularly the mainline running from Dampier to Tom Price, passes close to Fortescue's Solomon deposit. Fortescue announced a project area covering one third of the Solomon deposit, which has a JORC inferred resource of more than 1 billion tonnes. Fortescue expects further resource increases from Solomon to be announced before Christmas. The applications to declare these Rail Networks were lodged today by The Pilbara Infrastructure Pty. Ltd., a wholly owned subsidiary of Fortescue, to enable it to offer a haulage service to third party customers, including Fortescue. Fortescue Chief Executive Officer Andrew Forrest said "Fortescue is seeking to open the tremendous synergies available in the Pilbara to all Australian mining companies as originally foreshadowed by the iron ore industry's founding fathers. "Their intention of an open access Pilbara was for national benefit and it was never their intent that it would become the domain of only two companies now intent on becoming one. As BHP Billiton's Managing Director, Marius Kloppers correctly identified this week after announcing the proposed BHP/Rio merger, these synergies run into the billions of dollars annually. "There are a number of stranded iron ore deposits and while the newly identified Solomon deposits has its own infrastructure solutions, like other deposits, these may not be optimal. The Hamersley rail network and the Goldsworthy rail line may assist to generate other efficiencies." Mr. Forrest said a lack of competition already exists in the Pilbara in the provision of infrastructure services, rail haulage services and the supply of iron ore. The proposed merger will only exacerbate these issues in the Pilbara to the detriment of Western Australia and the country more broadly. If and when BHP Billiton makes a formal offer for Rio and proceeds to seek merger clearance from the ACCC, we will ensure that the potential anticompetitive effects of this merger are clearly understood by the ACCC and are rigorously and fully assessed over time. Indeed, Fortescue wrote to Graeme Samuel of the ACCC and notified him that Fortescue wishes to provide information and evidence to the ACCC under Section 50 of the Trade Practices Act about the anticompetitive effects of the proposed merger at that appropriate time. The Trade Practices Act allows the ACCC to review and potentially revoke an Authorization if there has been a change of circumstances -- clearly the merger is just that. Any such review by the ACCC will allow these joint arrangements to be publicly assessed from which Fortescue, and no doubt many others, will fully participate. "The Trade Practices Act was designed specifically for this situation -- to legislate for strategic services to be available for third party use, where it is in the public interest," Mr. Forrest said. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past two fiscal years. Net loss for the year ended June 30, 2005, was AU$4.52 million and net loss for the year ended June 30, 2006, was AU$2.15 million. FORTESCUE METALS: Iron Ore Project Cost Increases to AU$2.7 Mil. ---------------------------------------------------------------- Fortescue Metals Group Ltd. said that the schedule remains unchanged for the First Ore On Ship Project in mid May 2008 with overall project completion at 72% measured by value of work. The Project Final Forecast Cost has been increased by AU$100 million to AU$2,671.5 million which includes an unallocated contingency of AU$40 million. The increase has been determined following a further review of the rail works program and is in part covering additional new costs designed to ensure the integrity of the rail schedule. Port works are 80% complete with the installation of conveyor bridge over the BHPB rail, one of the ore wagon unloader cells set in place, the iron ore stacker & reclaimer delivered and both under assembly and the decking over the first loading wharf platform. Mine site works are 70% complete with crushing & screening plants well advanced, the power station and administration block completed and work commencing on the train loader. Rail works are 64% complete with installation of the bridge over the BHPB line, delivery of the first shipment of ore wagons and the entire 15 GE locomotives. Infrastructure/Construction For the fourth consecutive month there were no lost time injury events. There was one restricted work case incident and one medical treatment case. Across all areas there was extensive focus on cyclone safety planning work in preparation for the commencement of the cyclone season from November 1. Overall project completion was at 72% as at the end of October with the value of work completed during the month of 7.1%. First ore on ship remains scheduled for mid May 2008. The rail track laying program still remains on the critical path due to slower completion of final track formation and slower results from the SUM automated track laying machine. Recently however, there have been a number of initiatives implemented to remedy these two areas with additional earthwork resources applied along the mid section of the rail route, and two manual track laying teams engaged at the northern and southern end of the line. To provide context to the capacity of a manual team, the automated machine has a target of 1.8kms per day and a manual team is capable of laying up to 1km a day. The formation work for the first 80km section is nearing completion with the contractor originally due to demobilize in November, however under the new initiatives this contractor is to be retained for additional work on the next section of the line. To cover the costs of these initiatives as well as covering some short falls identified in a recent audit of the final rail accommodation costs, the ballast supply contract and certain earthworks contracts, an additional AU$100m has been added to the final forecast project cost "FFC". The FFC now stands at AU$2.671.5 billion within which an unallocated contingency of A$40m exists. The funds have been drawn from existing cost overrun reserves that were raised in the initial project debt package. The balance of this undrawn reserve pool now stands at approximately US$100 million. This level of reserve together with unallocated contingency is considered by Fortescue as sufficient to see the project through to completion given its status of 71% complete. Fortescue also has at hand some AU$300m from the proceeds of the July 2007 equity raising that could be directed toward the project should unforeseen events occur prior to completion. Port Construction The port works continue to progress well and the site is assessed as being 80% complete. A major milestone during the period was the erection of the conveyor bridge across the BHPB rail line and the Finucane Island access road. The unit had been delivered to site in September and then was lifted into place as one complete unit during October. Another important milestone during October was the decking of the first ship loading berth. As previously reported the piling work had been completed in September in readiness for the installation of the pre fabricated decks that had been shipped from Perth. Over 2 days the decks covering a length of 350 meters were fixed into place to complete the entire hard stand area of the ship loader. Other events during October were: 1) the delivery of the ThyssenKrupp designed ore reclaimer that was manufactured in China and is now being assembled on site, 2) the continuing assembly of the stacker that was delivered to site in September, 3) the installation of the first rotating ore wagon unloader cell with the second cell to be fixed during November. Rail Construction Reasonable progress was made during the month with work completed of 7.6% of the total value of work required. The overall program is assessed as 64% complete at month's end. As previously reported, the critical path item is track laying which in turn has been delayed due to the slower delivery of sufficient quantities of finished continuous earthworks formation. Initiatives are being implemented to speed up the program with one of those being the retention of Brierty Contracting, once they have completed their original designated section of the rail line being the first 80kms from the port heading south. Brierty was due to complete during November however the company is now going to be redeployed along the second section of the rail line to assist BGC. Fortescue is also deploying some of its heavy duty overburden removal equipment to the rail line to further assist the external contractors. This machinery is available for use following the completion of the overburden removal at the first mining bench at Cloudbreak. The application of additional resources is expected to accelerate the completion of further formation work to ensure that the earthworks program stays well ahead of the SUM automated track laying machine. Several milestones were reached during the month being: 1) the installation of the BHPB rail overpass that was lifted into place as a single steel girder section measuring 39 meters long, 7 meters wide and weighing 160 tonnes -- the fact that this was completed within 45 minutes was an extraordinary operational achievement by the rail team; 2) the delivery of the first 58 ore Wagons from China with the balance of the total 820 order to be progressively delivered over the next few months; and 3) the arrival of all 15 GE locomotives that were manufactured in the US and shipped to Port Hedland. The locomotives have now been delivered to the marshalling yard and will be subjected to commissioning trials. Mine Construction Mine construction is assessed at 70% complete and in some areas the construction program is being finalized and a hand-over made to the operating team. Work on the site power station has been completed and the 15 power units installed are able to supply up to 30 megawatt capacity. All overhead power poles from the power plant to the sub stations servicing the ore preparation facility have been installed and the cabling is c.60% completed. The crushing and screening plants continue to progress well with structural steel at the crushing plant now 99% complete and 70% complete at the screening house -- in total some 5,500 tonnes of structural and construction steel has now been erected across both sites with 6,848 tonnes required in total (nb. the total requirement has been varied upwards from that shown in the September report). The crushing units have now been delivered to site and are being progressively lifted into position. The permanent water storage tanks are near completion and the main administration block was completed during October and is being handed over to operations. Mine Planning The mining team achieved an important milestone during October being the overburden removal of some 750,000 bank cubic meters of waste in preparation for the commencement of mining that was scheduled for early November. The overburden was removed through the traditional methods of drill and blast with the waste removed to the side of the first mining bench known as Hayman pit. As at the end of October some 390,000 tonnes of ore had been stockpiled which has largely been generated from the surface miner commissioning work. The commissioning of the third Wirtgen surface miner continued during October and it is expected that this will be completed by early November as per schedule for commencement of commercial scale mining. The plan for the mining team is to have a stockpile of some 1.5 million tonnes of ore in readiness for the commissioning of the crushing and screening units scheduled for early 2008. The progressive delivery of Fortescue's mobile mining fleet continues with the current inventory on site being 6 Terex 190 tonne overburden haul trucks; 5 O&K shovels and back hoes; 15 CAT 100 tonne haul trucks, 3 D11 CAT dozers, 3 D10 CAT dozers, 2 water trucks, 2 graders and 3 service trucks. The safety statistics for the mine operations are reported separately to the construction program. In October there were 3 restricted work injuries and 1 first aid treatment event. There were no lost time injuries which is consistent with the results of the construction program. Schedule The scheduled FOOS date remains at mid May 2008. There is no adjustment required to the schedule this month. Cost The Forecast Cost at Completion "FFC" for the Project (excluding mining fleet) is AU$2,671.5 million which is an increase of AU$100m from the last report. This figure includes an unallocated contingency of AU$40 million noting that all of the previous month's AU$59 million unallocated contingency has been now allocated across various items within the rail program. The additional AU$100 million capex inclusion to the FFC budget has been sourced from existing reserves that had been raised as part of the overall project funding program in August 2006. The balance of this undrawn cost overrun reserve now stands at approximately US$100 million. The initial mining capital budget for mining capital expenditures required to end of June 2008 remains at AU$305 million. Material Delays There are no material delays to the project this month. The scheduled FOOS date remains at mid May 2008. Contracts and Approvals The total value of commitments made during the month was AU$88.9 million. Disputes There were no new material disputes during the period. It should be noted that Fortescue was successful in its appeal to the Supreme Court in relation to the previously advised BGC contractual dispute. As reported BGC were awarded a court order to take possession of AU$12 million that was being disputed by Fortescue in connection with the severance payment following the termination of the rail works Alliance Contract in May 2007. Fortescue won the appeal in October 2007 which meant that BGC had to return the funds to be held in trust pending a full determination, either by agreement or court determination, of the correct amount to which BGC might be entitled. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past two fiscal years. Net loss for the year ended June 30, 2005, was AU$4.52 million and net loss for the year ended June 30, 2006, was AU$2.15 million. LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project --------------------------------------------------------------- The residents of Rapu-Rapu, Albay are now pursuing a petition seeking payment of damages and the ultimate shutdown of the Lafayette Mining Philippines Inc.'s mining project in the area. The petition arises from the recently reported fishkill in the area, in which Lafayette was blamed for. In their petition, the residents claim of a massive fishkill in the seas of Barangays Pagcolbon, Malobago, Sta. Barbara, Carogcog and Poblacion. Because of this fishkill, the petition says, three children namely Sarah Jane dela Cruz, Lorilyn dela Cruz and Saint Jane Balbino were rushed to the hospital for severe diarrhea due to food poisoning. These children allegedly ate poisoned seashell from the seas of Brgy. Poblacion. The petition also claims that the residents have lost their livelihood because of the fishkill allegedly caused by Lafayette's Rapu-Rapu project. They also denied the company's earlier declarations that they have brought livelihood and progress to the residents of Rapu-Rapu, saying that the company hired outside personnel rather than those living in the area. In conjunction with their request to shut down the operations of Lafayette, the residents also clamor for the abolishment of the Philippine Mining Act of 1995 claiming that it is anti- Philippines and beneficial only to foreigners. The Department of Environment and Natural Resources had earlier cleared the firm of the accusations stating that the fishkill was isolated in an area 10 kilometers from the company's Rapu- Rapu mining project. About Lafayette Mining Lafayette Mining Philippines, Incorporated, is a subsidiary of Australian firm Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- which has been listed on the Australian Stock Exchange since August 1997. Lafayette Philippines is currently developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu- Rapu in the Philippines. The TCR-AP's "Large Companies with Insolvent Balance Sheets" column on Nov. 16, 2007, reflected Lafayette Mining Limited as having a US$190.86-million equity deficit, on total assets of US$105.24 million. MOORES CORPORATION: Creditors to Hear Wind-Up Report on Nov. 23 --------------------------------------------------------------- Moores Corporation Australia Pty Ltd will hold a meeting for its creditors on November 23, 2007, at 10:00 a.m. At the meeting, John Melluish, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The company commenced liquidation on July 25, 2005. The Liquidator can be reached at: John Melluish Ferrier Hodgson GPO Box 4114 Sydney, New South Wales 2001 Australia About Moores Corporation Moores Corporation Australia Pty Ltd is a distributor of breads, cakes, and related products. The company is located at Leichhardt, in New South Wales, Australia. NOUBUILD DESIGN: Members Agree to Wind Up Business -------------------------------------------------- During a general meeting held on October 22, 2007, the members of Noubuild Design & Construction Pty Ltd agreed to voluntarily liquidate the company's business. Randall Joubert and Riad Tayeh were appointed as liquidators. The Liquidators can be reached at: Randall Joubert Riad Tayeh c/o de Vries Tayeh Level 3, 95 Macquarie Street Parramatta, New South Wales 2124 Australia About Noubuild Design Noubuild Design & Construction Pty Ltd operates nonclassifiable establishments. The company is located at Croydon Park, in New South Wales, Australia. PATERSON & ZAPLIN: Members & Creditors to Meet on Nov. 22 --------------------------------------------------------- The members and creditors of Paterson & Zaplin Plastics Pty Ltd., which is in liquidation, will meet on November 22, 2007, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: A. R. Nicholls Nicholls & Co Suite 6, 459 Peel Street Tamworth, New South Wales 2340 Australia About Paterson & Zaplin Paterson & Zaplin Plastics Pty Ltd is a distributor of plastics materials and basic forms and shapes. The company is located at Goonellabah, in New South Wales, Australia. ROSELANDS DRAPER: Liquidator to Give Wind-Up Report on Nov. 23 -------------------------------------------------------------- Roselands Draper Avenue Kindy Pty Limited will hold a meeting for its members on November 23, 2007, at 12:00 noon. At the meeting, Atle Crowe-Maxwell, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 23, 2007. The Liquidator can be reached at: Atle Crowe-Maxwell PKF Chartered Accountants Level 10, 1 Margaret Street Sydney, New South Wales 2000 Australia About Roselands Draper Roselands Draper Avenue Kindy Pty Limited provides child day care services. The company is located at Roselands, in New South Wales, Australia. SYDNEY INVESTMENT: Ex-Directors to Pay AU$4.8 Mil. in Damages ------------------------------------------------------------- The Australian Securities & Investments Commission has taken legal action against directors of the collapsed Sydney Investment House Equities, reports Susannah Moran of The Australian. Ms. Moran relates that ASIC is seeking to upgrade the charges against Edwin Goulding and Stephen Geagea by letting them pay an aggregate of AU$4.8 million in damages to 67 investors who were affected by the company's downfall. However, lawyers for Mr. Goulding and Mr. Geagea have protested at the case being made more complex at such a late stage of proceedings. According to the report, Judge John Hamilton is asking for an affidavit from the prosecution before the matter returns to the Supreme Court of New South Wales in December 2007. There are allegations that some AU$4.5 million was embezzled from the company by the former directors, adds Ms. Moran. Sydney Investment House Group has seven companies, which were placed in liquidation on December 6, 2006. The seven companies under SIHG are: 1. Sydney Investment House Equities Pty. Ltd.; 2. Sydney Investment House Capital Limited; 3. Sydney Investment House Pty. Ltd.; 4. Sydney Investment House (Beaconsfield) Pty. Ltd.; 5. Melbourne Investment House Pty. Ltd.; 6. Melbourne Investment House (Hawthorn) Pty. Ltd.; and 7. Sydney Investment House (Newcastle) Pty. Ltd. SIH Capital is an unlisted public company that raised over AU$8.4 million from the public through the issue of redeemable preference shares between November 2004 and June 2005. The funds raised from the public were lent to other companies within the Sydney Investment House Group that were controlled by Mr. Goulding. Many of the investors in SIH Capital were previously investors in SIH Equities and had their investments rolled over into SIH Capital. ASIC alleges that Mr. Goulding, Mr. Geagea and the companies within the Sydney Investment House Group had been involved in a number of contraventions of the Corporations Act and ASIC Act, including that SIH Equities operated an unregistered managed investment scheme and that Mr. Goulding and Mr. Geagea were involved in making false and misleading statements to investors. It is alleged these false and misleading statements were made to investors to encourage them to invest with SIH Capital. THE SYDNEY MARKETS: To Declare Dividend on December 4 ----------------------------------------------------- The Sydney Markets Industries Club Ltd., which is in liquidation, will declare dividend on December 4, 2007. Creditors who were not able to file their proofs of debt by the November 13 due date will be excluded from the company's dividend distribution. The company's deed administrator is: John Vouris Lawler Partners GPO Box 5446 Sydney, New South Wales 2000 Australia Telephone:(02) 8346 6000 About The Sydney Markets The Sydney Markets Industries Club Ltd is involved with civic and social associations. The company is located at Sydney Markets, in New South Wales, Australia. TRIMAS CORP: Operating Profit Up 6.1% to US$27.3MM in Third Qtr. ---------------------------------------------------------------- TriMas Corporation has announced financial results for the quarter ended Sept. 30, 2007. Sales and earnings performance for the quarter ended Sept. 30, 2007 represented a third quarter record for the company. Third Quarter Highlights -- Sales for the third quarter were up 7.2% to US$262.2 million, as compared to US$244.6 million in the third quarter of 2006. -- Operating profit improved 6.1% to US$27.3 million, as compared to US$25.7 million in the third quarter of 2006. -- Adjusted EBITDA from continuing operations for third quarter 2007 increased 8.4% to US$37.1 million, as compared to US$34.2 million in the third quarter of 2006. -- Income from continuing operations increased to US$6.6 million, or US$0.20 per share on a fully- diluted basis, as compared to a loss from continuing operations of US$2.3 million, or US$0.11 per share on a fully-diluted basis in third quarter 2006. The results from third quarter 2006 included a non-cash, after-tax charge of US$5.4 million, or US$0.26 per share, related to the company's successful refinancing of its bank debt. "The third quarter of 2007 represents the eighth consecutive quarter of improved year-over-year operating performance," said Grant Beard, TriMas' President and Chief Executive Officer. "With 7.2% sales growth for the quarter, we are seeing the positive results of our growth strategies and our business model as a diversified industrial company. Industrial Specialties continued its strong performance as sales and operating profit increased 22.3% and 19.8%, respectively, compared to the year ago period as this segment benefited from product expansion and market share gains. We are also pleased with the quarterly performance of our RV & Trailer Products and Recreational Accessories business segments which increased both sales and operating profit against a back drop of weak end markets." Mr. Beard continued, "While we are feeling the impact of the recent challenges facing some of the end markets of our Packaging Systems and Energy Products business segments, we still firmly believe in the long-term growth prospects for these segments. We will continue to drive organic growth through new product development and international expansion initiatives, while continuing to focus on improving our operational efficiency." Third Quarter Segment Results Packaging Systems Sales decreased 3.1% primarily due to reduced sales of the core industrial closure products resulting from lower end market demand in portions of the industrial chemical, paint and construction markets. Overall, this product group's margins exceed the margins of the tapes, laminates and consumer dispensing products, which experienced relatively flat sales in the quarter. Operating profit declined due to the decrease in sales levels, increases in steel and resin costs not able to be recovered from customers and additional labor, overhead and selling costs associated with new product growth initiatives. The company is focused on developing specialty product applications for growing end markets and expanding geographically to generate long-term growth, while recovering increases in raw material costs in the near-term. Energy Products Sales increased 4.8% due to continued strong growth of specialty gasket sales to the refinery and petrochemical industries. The increase in gasket sales was partially offset by a decline in the sales of compressor engines and repair parts resulting from the lower levels of natural gas drilling activity in Western Canada. Operating profit declined primarily due to the change in product sales mix, specifically volume declines in the engine and repair parts business. While the timing of the recovery of the natural gas market in Canada remains uncertain, the company plans to continue to launch new products to complement its engine business, while expanding its gasket business internationally. Industrial Specialties Sales increased 22.3% due to continued strong market demand and product expansion in the company's aerospace fastener, industrial cylinder, defense and precision cutting tool businesses. The segment also benefited from the August 2007 acquisition of a medical device manufacturer. Operating profit increased in line with revenue growth. The company plans to leverage its successful growth strategies by continuing to develop specialty products for growing end markets and expand international sales efforts. RV & Trailer Products Sales increased 6.0% primarily due to new product sales in the electrical products business, partially offset by weak end market demand in the trailer products business. Operating profit improved due to the increased sales of electrical products and margin improvement in the company's Australian business. The company's focus is to continue to leverage strong brand positions for increased market share, cross-sell the product portfolio into all channels and expand internationally, while continuing to proactively manage costs and operational efficiency. Recreational Accessories Sales increased 7.4% due to the introduction of new programs and market share gains, despite a weak end market. Operating profit continued to improve as a result of full run-rate savings from sourcing initiatives and productivity improvements implemented throughout 2006. The company plans to continue to increase market share in the United States and Canada and pursue new market opportunities in select international markets. Financial Position TriMas ended the quarter with total debt of US$624.5 million and funding under receivables securitization of US$44.3 million for a total of US$668.8 million. Total debt and receivables securitization decreased by US$85.4 million when compared to the year ago period, due primarily to the retirement of US$100 million face value of senior subordinated notes with proceeds from the company's Initial Public Offering in the second quarter of 2007. TriMas ended the quarter with cash of US$4.2 million and US$112.5 million of availability under its existing revolving credit and receivables securitization facilities. Acquisitions On Aug. 1, 2007, TriMas acquired DEW Technologies, Inc., a manufacturer of specialty; high-precision spinal and trauma implant products serving the orthopedic device industry. The addition of DEW Technologies provides the company access to new markets and broadens its product portfolio into the medical industry, a market with significant growth opportunities. DEW Technologies operates as part of the Industrial Specialties business segment. On July 12, 2007, the company also acquired the "Fifth Gear" product line from Quest Technologies LLC to complement the Recreational Accessories segment's product portfolio, targeting the recreational vehicle market. Manufacturing Consolidation As previously announced on Oct. 4, 2007, TriMas plans to close its Huntsville, Ontario, Canada plant that manufactures trailer hitches and related accessories for the automobile and light- duty truck aftermarket. The Huntsville plant operations, included in the Recreational Accessories business segment, will be phased out by December 2007 and consolidated into the company's Goshen, Indiana facility. This action, which was enabled by significant productivity gains at the Goshen facility, is expected to result in annual pre-tax savings of approximately US$2 to US$3 million. TriMas will record an estimated pre-tax charge of approximately US$11 million, of which US$10 million will be recognized in the fourth quarter of 2007, when management approved this action. The remaining amount will be recognized in 2008. Approximately US$4 million of the fourth quarter 2007 charge will represent non- cash charges related to accelerated depreciation on property and equipment. Outlook In its Aug. 2, 2007 second quarter earnings release, TriMas provided full year 2007 Adjusted EBITDA from continuing operations guidance of US$148 million to US$156 million, compared to US$138 million in Adjusted EBITDA from continuing operations earned in 2006. This range excludes approximately US$14 million of costs and expenses related to the use of IPO proceeds and the estimated fourth quarter charges associated with the Huntsville plant closure. As a result of weakness in certain end markets, most notably the paint and construction industries, and continued low levels of natural gas drilling activity in Western Canada, the company now expects to be at the low-end of the previously disclosed Adjusted EBITDA from continuing operations range of US$148 million to US$156 million. About Trimas Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas Corporation is organized into five strategic business groups: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products, and Recreational Accessories. TriMas Corporation has nearly 5,000 employees at 80 different facilities in 10 countries. The company has manufacturing facilities in Indiana, Mexico, England, Germany, and China. The company has operations in Australia and Italy. * * * As reported on May 28, 2007, Standard & Poor's Ratings Services raised its ratings on Bloomfield Hills, Michigan-based TriMas Corp., including its corporate credit rating, which goes to 'B+' from 'B'. At the same time, all ratings were removed from CreditWatch, where they were placed with positive implications on Aug. 4, 2006, following the company's announcement that it had filed a registration statement for an IPO. S&P said the outlook is stable. URS CORP: Closes Washington Group Acquisition for US$3.1 Billion ---------------------------------------------------------------- URS Corporation has completed its acquisition of Washington Group International Inc. for a total purchase price of approximately US$3.1 billion. The closing of the acquisition follows approvals by URS and Washington Group stockholders at each company's special meeting of stockholders held earlier. "This transaction has important benefits for the stockholders and customers of both companies," said Martin M. Koffel, Chairman and Chief Executive Officer of URS. "With the addition of Washington Group's complementary engineering and construction services, URS becomes one of the few fully-integrated engineering, construction and technical services firms capable of serving every phase of a project -- from initial planning, engineering and construction of a project, to operations and maintenance. The combined company also has enhanced scale and expertise to meet the increasing demand for comprehensive solutions on large, complex global assignments. We are looking forward to capturing the tremendous potential of the combined company." Mr. Koffel continued, "We also are delighted to welcome Washington Group's 25,000 employees to URS. We believe the combined company is unrivaled in terms of its professional talent and the opportunities we are able to offer our employees as part of a larger, more dynamic company." The acquisition further diversifies and broadens URS' market exposure, allowing the Company to offer a broad range of engineering and construction services to clients in the transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems markets. In addition, the combined company will be a major contractor to the federal government. Under the terms of the merger agreement, Washington Group stockholders are receiving US$43.80 in cash and 0.900 shares of URS common stock for each share of Washington Group stock. In lieu of receiving the mix of cash and URS common stock, Washington Group stockholders may elect to receive all stock or all cash. The number of shares to be paid in lieu of cash in an all-stock election and the amount of cash to be paid in lieu of URS common stock in an all-cash election will be based on the volume weighted average trading price of URS common stock during the five trading day period ended Nov. 14, 2007 of US$57.0184. All-cash and all-stock elections are subject to proration. Based on the five trading day volume weighted average price of URS common stock of US$57.0184, Washington Group stockholders can elect to receive US$95.11656 in cash (subject to proration), 1.6681731 shares of URS common stock (subject to proration), or US$43.80 in cash and 0.900 shares of URS common stock. The deadline for Washington Group stockholders to elect whether to receive a cash consideration, stock consideration or a combination thereof, subject to proration, will be 5:00 p.m. ET on Nov. 20, 2007. URS stockholders are retaining the shares they held prior to the transaction. In connection with the completion of the transaction, Washington Group's shares have ceased to trade on the NYSE as of the close of trading last Friday. Washington Group will operate as the Washington Division of URS. Steven Hanks, former Chief Executive Officer of Washington Group, has been named President of the Washington Division and appointed to the URS Corporation Board of Directors. About URS Corporation Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 21, 2007, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and '2' recovery rating to URS Corp.'s proposed USUS$2.1 billion senior secured credit facilities, indicating expectations of substantial recovery in the event of a payment default. The facilities are rated the same as the corporate credit rating on the company. As reported in the Troubled Company Reporter on Sept. 20, 2007, Moody's Investors Service assigned a provisional rating of (P)Ba1 to the proposed US$2.1 million senior secured credit facility of URS Corporation, which will be used to finance its pending acquisition of Washington Group International Inc. WALSH FAMILY: Members and Creditors Receive Wind-Up Report ---------------------------------------------------------- The members and creditors of Walsh Family Holdings Pty Limited met on November 13, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on July 6, 2006. The company's liquidator is: Christopher J. Palmer Level 4, 23-25 Hunter Street Sydney, New South Wales 2000 Australia About Walsh Family Walsh Family Holdings Pty Limited is a distributor of conveyors and conveying equipments. The company is located at Leichhardt, in New South Wales, Australia. WEATHERDON STRUK: Members to Hold Final Meeting on Nov. 30 ---------------------------------------------------------- Weatherdon Struk Pty Limited will hold a final meeting for its members on November 30, 2007, at 10:00 a.m. At the meeting, the members will receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on September 22, 2006. The company's liquidator is: P. Ngan Ngan & Co Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Weatherdon Struk Weatherdon Struk Pty Limited operates offices and clinics of chiropractors. The company is located at Willoughby, in New South Wales, Australia. ================================ C H I N A & H O N G K O N G ================================ ADDWAY LIMITED: Creditors' Proofs of Debt Due on December 31 ------------------------------------------------------------ The creditors of Addway Limited, which is in liquidation, are required to file proofs of debt by December 31, 2007, to be included in the company's dividend distribution. The company's liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Building 21-24 Connaught Road West, Hongkong BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer ---------------------------------------------------------------- Brown Shoe Company, Inc. has appointed Joe Caro as Senior Vice President and Chief Information Officer, effective immediately. In this newly created role, he is responsible for aligning Brown Shoe's technology strategy with the company's growth plans and managing a team of technology specialists worldwide. Mr. Caro will also play a key role in managing and enhancing technology for Brown Shoe. "Our IT infrastructure is critical to serving our customers, operating efficiently and implementing our plans for growth," said Brown Shoe Chief Talent Officer Doug Koch. "Joe's talent and experience will add value to our existing framework and strengthen our platform as we build for the future." Mr. Caro has a broad range of technology experience and a successful track record in leveraging technology for business growth. He comes to Brown Shoe from CitiGroup, where he served as Senior Vice President and Chief Technology Officer for the CitiFinancial International division. In that role, he was responsible for developing and managing technology for the international consumer lending business. Prior to that, he held positions with MasterCard (Vice President, Internet Technology Solutions), Edward Jones (Director, Banking and Online Brokerage Technology) and Accenture. Mr. Caro earned a Bachelor of Business Administration degree from Marshall University and an MBA from Indiana University. He also serves on the College of Directors for Visitation Academy in St. Louis. About Brown Shoe Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. -- http://www.brownshoe.com/-- is a US$2.3 billion footwear company with global operations including Brazil, Italy, China, Hong Kong, and Taiwan. The company operates the 900+ store Famous Footwear chain, which sells brand name shoes for the family. It also operates 300+ specialty retail stores in the U.S. and Canada under the Naturalizer, FX LaSalle and Via Spiga names, and Shoes.com, the company's e-commerce subsidiary. Brown Shoe, through its Wholesale divisions, owns and markets leading footwear brands including Via Spiga, Naturalizer, LifeStride, Nickels Soft, Connie and Buster Brown; it also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne Aigner, Bass and Carlos by Carlos Santana for adults, and Barbie and Disney character footwear for children. * * * As reported in the Troubled Company Reporter on Apr. 3, 2007, Moody's Investors Service changed the outlook of Brown Shoe Company, Inc., to positive from stable and affirmed its Ba3 corporate family rating on the company. Ratings that were affirmed also include the company's Probability-of-default rating at Ba3; US$150 Million guaranteed senior unsecured notes due 2012 at B1, LGD5, 72%; and Speculative Grade Liquidity Rating at SGL-2. BLOUNT INT'L: Reports US$22.6MM Third Quarter Operating Income -------------------------------------------------------------- Blount International, Inc. has announced financial results for the third quarter ended Sept. 30, 2007. Sales for the company for the third quarter increased to US$166.9 million or 1.7% from last year's third quarter. Sales for the company's Outdoor Products segment increased by 9.5% from last year's third quarter to more than offset a 14.7% decline in the Industrial and Power Equipment Segment. Operating income was US$22.6 million in this year's third quarter compared to US$18.7 million last year. Last year's third quarter operating income included non-recurring charges of US$4.8 million related to the redesign of the company's retirement plans and the closure of a manufacturing facility. Income from continuing operations in this year's third quarter was US$9.4 million (US$0.20 per diluted share), compared to US$10.1 million (US$0.21 per diluted share) in the comparable period last year. This year's income from continuing operations includes income tax expense of US$5.7 million compared to an income tax benefit of US$0.6 million last year, when the company recognized the impact of certain tax planning strategies. Blount International Chairperson and Chief Executive Officer James S. Osterman stated, "Third quarter sales for our Outdoor Products segment increased solidly from last year as we experienced strong growth in key international markets. This top line growth resulted in a slight improvement to segment contribution despite continued margin pressure caused by a further strengthening of the Canadian and Brazilian currencies. We ended the third quarter with a good order backlog in the Outdoor Products segment and expect to continue to experience year over year sales growth through the fourth quarter." Mr. Osterman added, "Yesterday, we announced the sale of the company's Forestry Division. Proceeds from this sale were utilized to reduce outstanding debt and related financial leverage. This sale will significantly reduce the company's exposure to the cyclicality of North American timber markets in the future and allow for consistent investment for the growth of our Outdoor Products segment." Segment Results The Outdoor Products segment reported third quarter sales of US$122.1 million, a 9.5% increase from US$111.5 million in last year's third quarter. International sales increased by 14% from the third quarter of last year. Segment contribution to operating income increased to US$23.7 million from US$23.5 million in last year's third quarter. Segment contribution was adversely impacted by approximately US$0.6 million from the movement in foreign currency exchange rates as compared to last year's third quarter. Segment backlog was US$67.6 million at the end of the third quarter compared to US$64.8 million in last year's third quarter and US$71.8 million at the end of this year's second quarter. The Industrial and Power Equipment segment's third quarter sales were US$45.0 million, compared to US$52.7 million last year, a 14.7% decline. Segment contribution to operating income was US$2.8 million compared to US$3.9 million in last year's third quarter. Demand for North American timber-harvesting equipment continued to be weak in the third quarter of this year, and was the primary reason for the decline in segment sales and profitability. Included in segment results for the nine month period ended Sept. 30, were US$99.8 million in sales and US$3.8 million in contribution to operating income from the company's Forestry Division. Financial Outlook Beginning with the fourth quarter, the company will be classifying the historical results of the Forestry Division as a discontinued operation. Accordingly, Blount is revising its full-year financial outlook to include only outlook for continuing operations. Full year sales are estimated to be between US$510 million and US$515 million and operating income is estimated to be between US$78 million and US$80 million. Additionally, the company estimates that it will record net income of between US$10 million and US$12 million (US$0.21 and US$0.25 per diluted share) from the gain on the sale of the Forestry Division. For the year, the company's effective income tax rate for continuing operations is anticipated to be between 34% and 36%. Additionally, the company announced that it sold its Forestry Division on Nov. 5, 2007, and will use the proceeds from the sale to reduce debt in the fourth quarter. As reported in the Troubled Company Reporter-Latin America on Nov. 7, 2007, Blount International closed the sale of its Forestry Division to Caterpillar Forest Products Inc., a wholly owned subsidiary of Caterpillar Inc. Blount International received consideration of US$77.3 million for the sale. Proceeds received upon completion of the transaction are subject to certain post-closing adjustments and will be utilized to reduce debt and pay applicable taxes and transaction fees. The company will recognize a gain on the sale from this transaction in the fourth quarter of this year. Blount International Inc. (NYSE: BLT) -- http://www.blount.com/ -- is a diversified international company operating in two principal business segments: Outdoor Products and Industrial and Power Equipment. Blount manufactures its products in the United States, Canada, China, and Brazil, and sells them in more than 100 countries. * * * As reported in the Troubled Company Reporter-Latin America on June 1, 2007, Blount International Inc.'s balance sheet at March 31, 2007, showed US$447.6 million in total assets and US$545.9 million in total liabilities, resulting in a US$98.4 million total stockholders' deficit. CAMAFORCE LIMITED: Commences Liquidation Proceedings ---------------------------------------------------- Camaforce Limited commenced liquidation proceedings on November 7, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana 28th Floor, Three Place 1 Queen's Road East, Hongkong CHIEFAST LIMITED: Creditors' Proofs of Debt Due on December 31 -------------------------------------------------------------- The creditors of Chiefast Limited, which is in liquidation, are required to file their proofs of debt by December 31, 2007, to be included in the company's dividend distribution. The company's liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Building 21-24 Connaught Road West, Hongkong CONCORD SECURITIES: Earns TWD751.05MM for First Nine Months ----------------------------------------------------------- Concord Securities Co., Ltd., reported a net income of TWD751.05 million for the nine months ended Sept. 30, 2007. The company reported revenues of TWD2.18 billion for the period in review, while interest income amounted to TWD489.64 million. Total expenses plus provisions on loan loss amounted to TWD1.25 billion. Headquartered in Taipei, Taiwan, Concord Securities Co., Ltd. -- http://www.6016.com.tw/-- is engaged in the brokerage, underwriting and proprietary trading of securities, as well as futures proprietary trading business. Fitch Ratings placed its BB rating on the company's foreign currency long-term debt and long-term issuer default on Dec. 1, 2004. CONCORD SECURITIES: Sales Hit TWD238 Million in October 2007 ------------------------------------------------------------ Concord Securities Co., Ltd.'s sales in October 2007 rose 108.26% year-on-year to TWD237.60 million from TWD114.09 million, according to data obtained from Bloomberg News. The rise in October sales follows the 89.62% rise in sales in September 2007 to TWD282.14 million from TWD148.79 million. The company's year-to-date sales totaled TWD2.41 billion. Headquartered in Taipei, Taiwan, Concord Securities Co., Ltd. -- http://www.6016.com.tw/-- is engaged in the brokerage, underwriting and proprietary trading of securities, as well as futures proprietary trading business. Fitch Ratings placed its BB rating on the company's foreign currency long-term debt and long-term issuer default on Dec. 1, 2004. DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement ------------------------------------------------------------- Dana Corp. and its debtor-affiliates ask permission from the U.S. Bankruptcy Court for the Southern District of New York to enter into settlement agreements with the Asbestos Personal Injury Claimants. Ad Hoc Committee Objects The Ad Hoc Committee of Asbestos Personal Injury Claimants disputes Dana Corp. and its debtor-affiliates' request to approve Settlement Agreements with the Asbestos Personal Injury claimants. Douglas T. Tabachnik, Esq., at Law Offices of Douglas T. Tabachnik, in Freehold, New Jersey, tells the U.S. Bankruptcy Court for the Southern District of New York that the Ad Hoc Committee has not been provided with actual copies of the Settlement Agreements. Rather, he adds, the committee has only been provided with the Debtors' description of some of the terms of the agreements, hence, the committee cannot evaluate the agreements. The Settlement Agreements provide potentially different, more favorable treatment for the asbestos personal injury claims that are being settled pre-confirmation than the treatment afforded other asbestos personal injury claims, although those claims are classified in the same class, Mr. Tabachnik asserts. As previously reported, Dana's third amended joint Plan of Reorganization and the Court-approved Disclosure Statement provide that Class 3 - Asbestos Personal Injury Claims will be reinstated on the Plan's effective date. "The treatment provided by the Settlement Agreements could be considered to discriminate against the holders of asbestos personal injury claims who have not settled with the Debtors pre-confirmation," Mr. Tabachnik says. Furthermore, according to Mr. Tabachnik, all of the members of the Ad Hoc Committee either have lawsuits pending against the Debtors or have settled their claims against the Debtors prior to the petition date. The Debtors have not paid the settlement amount to any of the members of the committee with whom claims were settled, Mr. Tabachik elaborates. Thus, he asserts that the Debtors should clarify how the unfunded settlements will be treated under the Debtors Third Amended Joint Plan, and what recourse claimants with unfunded settlements have if the settlements are not paid. Accordingly, the Ad Hoc Committee asks the Court to deny the Debtors' request to enter into Settlement Agreements. In the alternative, the Ad Hoc Committee asks the Court to continue the hearing on the Settlement Motion until the committee has been provided with and has acquired the opportunity to review the Settlement Agreements. 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 Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. 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. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ESPCO LIMITED: Creditors' Proofs of Debt Due on December 31 ----------------------------------------------------------- The creditors of Espco Limited, which is in liquidation, are required to file their proofs of debt by December 31, 2007, to be included in the company's dividend distribution. The company's liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Building 21-24 Connaught Road West, Hongkong GRAND RANK: Creditors to Receive Wind-up Report on November 26 -------------------------------------------------------------- The creditors of Grand Rank Limited, which is in liquidation, will have their final meeting on November 26, 2007, at 10:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 602, 447 Lockhart Road, in Hong Kong. GREEN SEQUOIA: Proofs of Debt Due on December 31 ------------------------------------------------ The creditors of Green Sequoia Limited, which is in liquidation, are required to file proofs of debt by December 31, 2007, to be included in the company's dividend distribution. The company's Liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Building 21-24 Connaught Road West, Hongkong GROGRAM LIMITED: Appoints New Liquidator ----------------------------------------- The members of Grogram Limited, which is in liquidation, appointed Ha Man Hit, Marcus, as the company's liquidator on November 12, 2007. The Liquidator can be reached at: Ha Man Hit, Marcus Room 2302, 99 Hennessy Road Wan Chai, Hong Kong GROSVENOR STAR: Commences Liquidation Proceedings ------------------------------------------------- Grosvenor Star Holdings Limited commenced liquidation proceedings on November 2, 2007. The company's liquidator is: Ying Hing Chui Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong JIH SUN: Earns TWD1.15 Billion for First Nine Months of 2007 ------------------------------------------------------------ Jih Sun Financial Holding Co. Ltd. posted a net income of TWD1.15 billion for the nine-month period ended Sept. 30, 2007. The company experienced a net loss of TWD12.70 billion for the full-year ended Dec. 31, 2006. It started reporting a profit in the first-half of 2007, with a TWD330.4-million net income. Taiwan-based Jih Sun Financial Holding Co. Ltd. -- http://www.jsun.com/main.asp-- is a financial holding company providing services in Taiwan, as well as overseas markets. As of December 31, 2006, the company had three wholly owned subsidiaries: Jih Sun International Commercial Bank, Jih Sun International Insurance Agency Co., Ltd, and Jin Sun Securities Co., Ltd. The Troubled Company Reporter-Asia Pacific reported on Oct. 18, 2007, that Fitch Ratings affirmed the ratings of Jih Sun Group, namely Jih Sun Financial Holding Co., Ltd and its subsidiaries, Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as follows: Jih Sun Financial Holding: -- Long-term foreign currency issuer default rating at BB+, -- Short-term foreign currency IDR at B, Jih Sun International Bank: -- long-term foreign currency IDR at BB+, -- short-term foreign currency IDR at B, Jih Sun Financial Holding also posted net losses of TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and TWD12.70 billion for the years ended Dec. 31, 2003, until 2006. JIH SUN: October 2007 Sales Up 77.19% Year-on-Year -------------------------------------------------- Jih Sun Financial Holding Co. Ltd. said sales in October 2007 rose 77.19% year-on-year to TWD135.21 million from TWD76.31 million, Bloomberg News reports, citing a statement filed with the Taiwan Stock Exchange. Year-to-date figures amounted to TWD1.41 billion. Taiwan-based Jih Sun Financial Holding Co. Ltd. -- http://www.jsun.com/main.asp-- is a financial holding company providing services in Taiwan, as well as overseas markets. As of December 31, 2006, the company had three wholly owned subsidiaries: Jih Sun International Commercial Bank, Jih Sun International Insurance Agency Co., Ltd, and Jin Sun Securities Co., Ltd. The Troubled Company Reporter-Asia Pacific reported on Oct. 18, 2007, that Fitch Ratings affirmed the ratings of Jih Sun Group, namely Jih Sun Financial Holding Co., Ltd and its subsidiaries, Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as follows: Jih Sun Financial Holding: -- Long-term foreign currency issuer default rating at BB+, -- Short-term foreign currency IDR at B, Jih Sun International Bank: -- long-term foreign currency IDR at BB+, -- short-term foreign currency IDR at B, Jih Sun Financial Holding also posted net losses of TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and TWD12.70 billion for the years ended Dec. 31, 2003, until 2006. JIH SUN: To Manage TWD16-Billion Government Pension Fund -------------------------------------------------------- Jih Sun Financial Holding Co. Ltd. -- along with Prudential Financial Securities Investment Trust, National Investment Trust, and Capital Securities Co. -- will run the Taiwanese Government's pension fund, Bloomberg News reports. The four companies will each manage TWD4 billion of the TWD16 billion fund over three years, Bloomberg News relates, citing the fund committee's statement. Bloomberg adds that in addition to the pension fund, the government will add investments from the labor pension and labor insurance funds. Taiwan-based Jih Sun Financial Holding Co. Ltd. -- http://www.jsun.com/main.asp-- is a financial holding company providing services in Taiwan, as well as overseas markets. As of December 31, 2006, the company had three wholly owned subsidiaries: Jih Sun International Commercial Bank, Jih Sun International Insurance Agency Co., Ltd, and Jin Sun Securities Co., Ltd. The Troubled Company Reporter-Asia Pacific reported on Oct. 18, 2007, that Fitch Ratings affirmed the ratings of Jih Sun Group, namely Jih Sun Financial Holding Co., Ltd and its subsidiaries, Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as follows: Jih Sun Financial Holding: -- Long-term foreign currency issuer default rating at BB+, -- Short-term foreign currency IDR at B, Jih Sun International Bank: -- long-term foreign currency IDR at BB+, -- short-term foreign currency IDR at B, Jih Sun Financial Holding also posted net losses of TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and TWD12.70 billion for the years ended Dec. 31, 2003, until 2006. LEAN GIAP: Creditors to Meet on December 17 -------------------------------------------- The members of Lian Giap Trading (HK) Limited will have their final meeting on December 17, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Allied Kajima Building, in Gloucester Road, Hong Kong. The company commenced liquidation proceedings on July 27, 2007. The company's liquidators are: Wong Poh Weng Wong Tak Man, Stephen Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong MBF PROPERTIES: Appoints Ha Man Hit as Liquidator ------------------------------------------------- The members of MBF Propertied Holdings (HK) Limited, on Nov. 12, 2007, appointed Ha Man Hit, Marcus, as the company's liquidator. The Liquidator can be reached at: Ha Man Hit, Marcus Room 2302, 99 Hennessy Road Wan Chai, Hong Kong NORMAN INSURANCE: Creditors' Proofs of Debt Due on December 7 ------------------------------------------------------------- The creditors of Norman (Hong Kong) Insurance Company Limited are required to file their proofs of debt by December 7, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 29, 2006. The company's liquidators are: Ying Hing Chui Chung Min Yin 28th Floor, Three Place 1 Queen's Road East, Hongkong OVADIA: Appoints Chan Kin Hang as Liquidator ------------------------------------------- The members of Ovadia Diamonds China Limited, which is in liquidation, appointed Chan King Hang, Danvil, as the company's liquidator on November 8, 2007. The Liquidator can be reached at: Chan King Hang Danvil Room 2301, 23 Floor Ginza Square, 565-567 Nathan Road Yaumatei, Kowloon Hong Kong Q.U.E. INVESTMENT: Liquidators Quit Post ---------------------------------------- On November 12, 2007, Chan Mi Har and Betty Yuen Yeung stepped down as liquidators for Mattel China Properties Limited. The company is undergoing a voluntary wind-up, which commenced on Feb. 22, 2007. The former liquidators can be reached at: Chan Mi Har Betty Yuen Yeung Level 28, Three Pacific Place 1 Queen's Road East Hong Kong QUANTA COMPUTER: Mass Production of US$100 Laptops Begins --------------------------------------------------------- Quanta Computer Inc. has begun mass production of the so-called 100-dollar laptop computer, aimed at allowing children in developing countries go online, Earth Times reports. "We take orders from our client, the One Laptop Per Child foundation, and the computers go where OLPC wants them to go," said Huang Chia-you from Quanta's Education Computer Unit. Qaunta Education Computer Unit's Huang Chia-you explains that the company takes orders from the One Laptop Per Child Foundation, and that OLPC will handle the logistics thereafter, the report says. Mr. Huang refused to discuss details of the mass production but said it started in the company's plant in Changshu in Jiangsu province on China's east coast, the report adds. Media reports stated that the start of production was on Nov. 6, 2007. Earth Times adds that Quanta has not disclosed the production volume, but news reports said Quanta has doubled its manufacturing capability to cope with orders for the computers. Headquartered in Taiwan, Quanta Computer Inc. -- http://www.quantatw.com/-- is principally engaged in the manufacture, research, development and sale of laptop computers and components. The company offers laptops, cellular telephones, liquid crystal display televisions, servers, LCD monitors, computer peripherals, computer components, wireless local area network (WLAN) bridges and communications products. It serves overseas markets, predominantly the Americas, Asia and Europe. The Troubled Company Reporter-Asia Pacific reported on Feb. 9, 2007, that Fitch Ratings assigned Quanta Computer a long-term foreign currency issuer default rating of BB. QUANTA COMPUTER: Sets up Three New Holding Companies ---------------------------------------------------- Quanta Computer Inc.'s board of directors has set up three new holding companies on Oct. 30, 2007, to comply with the change in Chinese regulations, the company said in its Web site. The three holding companies, which will all be under the investment industry are: 1. Quanta Development (Hong Kong) Ltd. -- (100% of shareholdings); 2. Tech Chain (Hong Kong) Ltd. -- (45% of shareholdings); and 3. Exmore Services Holding (Hong Kong) Ltd. -- (95% of shareholdings). Headquartered in Taiwan, Quanta Computer Inc. -- http://www.quantatw.com/-- is principally engaged in the manufacture, research, development and sale of laptop computers and components. The company offers laptops, cellular telephones, liquid crystal display televisions, servers, LCD monitors, computer peripherals, computer components, wireless local area network (WLAN) bridges and communications products. It serves overseas markets, predominantly the Americas, Asia and Europe. The Troubled Company Reporter-Asia Pacific reported on Feb. 9, 2007, that Fitch Ratings assigned Quanta Computer a long-term foreign currency issuer default rating of BB. QUANTA COMPUTER: Denies O2 Partnership Rumors --------------------------------------------- Quanta Computer Inc. has denied rumors regarding its business relationship with O2 Asia. In its Web site, Quanta said that while the company and O2 Asia have been working closely, there has not been any suspended business partnerships between the two. Quanta also dispels rumors of huge penalties paid by the company arising from such suspensions. Quanta says that it will seek legal remedies. Headquartered in Taiwan, Quanta Computer Inc. -- http://www.quantatw.com/-- is principally engaged in the manufacture, research, development and sale of laptop computers and components. The company offers laptops, cellular telephones, liquid crystal display televisions, servers, LCD monitors, computer peripherals, computer components, wireless local area network (WLAN) bridges and communications products. It serves overseas markets, predominantly the Americas, Asia and Europe. The Troubled Company Reporter-Asia Pacific reported on Feb. 9, 2007, that Fitch Ratings assigned Quanta Computer a long-term foreign currency issuer default rating of BB. RALLY HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------- Rally Holdings Limited commenced liquidation proceedings on November 16, 2007. The company's liquidator is: Yang Che Wing 21st Floor, Fee Tat Commercial Center No. 613 Natahan Road Kowloon, Hong Kong TAIWAN BUSINESS: Earns TWD992.06 Mil. for First Nine Months ----------------------------------------------------------- Taiwan Business Bank posted a net income of TWD992.06 million for the nine months ended Sept. 30, 2007. The bank reported interest income of TWD22.51 billion for the period in review, while interest expense amounted to TWD13.13 billion giving the bank a net interest income of TWD9.38 billion. Taipei, Taiwan-based Taiwan Business Bank -- http://www.tbb.com.tw/-- provides corporate financial services personal financial services. The bank's domestic branch network covers the whole island of Taiwan. In additon there are three overseas units,including Los Angeles Branch in US, Hong Kong Branch in Hong Kong and Sydney Branch in Australia. The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings on Jan. 22, 2007, affirmed the bank's long-term issuer default rating at BB+, and short-term rating at B. TAIWAN BUSINESS: October 2007 Sales Rise 16.02% Year-On-Year ------------------------------------------------------------ Taiwan Business Bank said sales in October 2007 rose 16.02% year-on-year to TWD1.28 billion from TWD1.11 billion, Bloomberg News reports. The bank's year-to-date sales amounted to TWD10.51 billion, also rising 16.84% year-on-year, Bloomberg adds. The bank's September 2007's sales rose 47.62% year-on-year to TWD1.33 billion from TWD898.01 million, Bloomberg says. Taipei, Taiwan-based Taiwan Business Bank -- http://www.tbb.com.tw/-- provides corporate financial services personal financial services. The bank's domestic branch network covers the whole island of Taiwan. In additon there are three overseas units,including Los Angeles Branch in US, Hong Kong Branch in Hong Kong and Sydney Branch in Australia. The Troubled Company Reporter-Asia Pacific reported that Fitch Ratings, on Jan. 22, 2007, affirmed the bank's long-term issuer default rating at BB+, and short-term rating at B. TAIWAN INT'L: Earns TWD1.78 Billion for First Nine Months --------------------------------------------------------- Taiwan International Securities Corporation reported a net income of TWD1.78 billion for the first nine months of 2007. The company reported net revenues of TWD3.94 billion, including interest income of TWD952.97 million and trading account profits of TWD1.55 billion. Taiwan-based Taiwan International Securities Corporation -- http://www.tisc.com.tw/-- is engaged in the businesses of brokerage, underwriting, bond trading, as well as the research, design and issuing of financial products. On April 20, 2005, Fitch Ratings assigned a BB long-term issuer default rating and B short-term issuer default rating. TAIWAN INTERNATIONAL: October 2007 Sales Hit TWD1.83 Billion ------------------------------------------------------------ Taiwan International Securities Corporation's sales in October 2007 rose 148.31% year-on-year to TWD1.83 billion from TWD737.49 million, according to data obtained from Bloomberg. The company's year-to-date sales totaled TWD8.19 billion. The upward trend in October follows the 47.71% year-on-year rise in Sept. 2007 to TWD957.65 million. August 2007 sales fell 9.82% year-on-year to TWD892.94 million. Taiwan-based Taiwan International Securities Corporation -- http://www.tisc.com.tw/-- is engaged in the businesses of brokerage, underwriting, bond trading, as well as the research, design and issuing of financial products. On April 20, 2005, Fitch Ratings assigned a BB long-term issuer default rating and B short-term issuer default rating. * Fitch Publishes Report on Taiwan Life Sector Product Trends ------------------------------------------------------------- Fitch Ratings published a special report on the Taiwanese life insurance sector, entitled "Taiwan Life Sector: Trends in Products and Investments." In the report, Fitch highlights the trends in the sector's product offerings and investment strategy, as well as their impact on the sector's credit profile. In Fitch's opinion, the sector's long-term growth prospects remain good, while its short-term business outlook will be driven by cyclical factors, such as interest rates and equity prices. The agency also believes that Taiwan's aging population, increased need for wealth management and tax incentives will continue to stimulate the demand for life insurance. Fitch notes that the Taiwanese market has gradually moved away from traditional products to interest-sensitive and investment- linked products, which are commonly seen in Western markets. The popularity of the mid-margin variable universal life product is expected to be beneficial to the sector's intrinsic profitability, while lowering the pressure to pursue yield enhancement. The agency views the gradual increase in long-term Taiwanese dollar bond yields in 2007 favorably, and expects the rise in interest rates, should it be sustained, to be positive for the companies' economic balance sheets. Due to the high cost of guarantees on policies issued in the past, the Taiwanese life companies' economic capital is highly sensitive to changes in interest rate assumptions. On a more cautious note, Fitch comments that the sector's foreign currency exposure creates a long-term asset-liability mismatch, which requires a more sophisticated risk management framework to properly manage. The sector's overseas assets account for more than 30% of its total investments. As they seek to contain their hedging costs to below 200bp, only a part of the companies' foreign currency positions can be directly hedged through currency swaps. Fitch believes that the larger companies in the market are securely capitalized, as measured by risk-based capital formulas. The top-tier players generally maintain a regulatory risk-based capital ratio of more than 250%, compared with the minimum requirement of 200%. In addition, life insurance policyholders' recovery prospects in the event of a liquidation are further strengthened by their priority status over other creditors. The full report is available at http://www.fitchresearch.com/ ========= I N D I A ========= AES CORP: Moody's Adjusts LGD Point Estimate -------------------------------------------- The AES Corporation (AES: B1 Corporate Family Rating) has completed its previously announced offer to purchase up to US$1.24 billion of outstanding senior notes. While no ratings changed as a result, the LGD point estimate on its senior secured credit facilities were revised to LGD 1, 2%, from LGD 1, 3%, its second priority secured notes to LGD 3, 38% from LGD 3, 41% and its senior unsecured notes to LGD 4, 53% from LGD 4, 57%. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. BALLARPUR INDUSTRIES: Profit at INR690MM in Qtr. Ended Sept. 30 --------------------------------------------------------------- Ballarpur Industries Ltd reported a net profit of INR690.2 million in the three months ended Sept. 30, 2007, an improvement compared to the INR582.6 million earned in the same period in 2006. Total income for the latest quarter under review increased 16% to INR6.13 billion from the INR5.3 billion earned in the July- Sept. 2006 period. Along with the higher revenues came the rising expenses. Operating expenditures went up by 16% to INR4.61 billion, leaving the company with an operating profit of INR1.52 billion. For the quarter ended Sept. 30, 2007, the company also booked interest charges of INR230.8 million, depreciation of INR407.9 million and INR190.9 million in taxes. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?2591 Headquartered in Ballarpur, India, Ballarpur Industries Limited -- http://www.bilt.com/-- is a paper manufacturer and exporter. BILT has five product groups: coated wood-free, uncoated wood- free, copier, creamwo