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 Friday, November 23, 2007, Vol. 10, No. 233 Headlines A U S T R A L I A ADVANCED HEALTHCARE: Appoints Malcolm Cole as Board Chairman AGENIX LTD: Ernst & Young Raises Going Concern Doubt AGENIX LIMITED: SHRG Buy Brings New Items Into Product Line AGENIX LIMITED: Receives US$1.4-Mil. Further Payment from IDEXX AINSWORTH GAME: KPMG Raises Material Going Concern Doubt ATCOR MEDICAL: FY2007 Net Loss Widens to AU$5.18 Million ATCOR MEDICAL: Cash Position Down by AU$400,000 at Sept. 30 BRAIN RESOURCE: Incurs Fourth Annual Net Loss at AU$1.45 Million BRAIN RESOURCE: Enters into Tie-Up Deal with OptumHealth CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says DAVID REDDIN: Creditors Agree to Wind Up Firm EAGLEMONT MARKETING: Members and Creditors to Meet on Nov. 26 FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3 FORTESCUE METALS: Enters Into 10-Year Agreement with Hangzhou FUTURE ENGINEERING: Liquidator Presents Wind-Up Report KENTON COURT: Declares Final Dividend for Creditors ILLAG NOMINEES: Liquidator to Give Wind-Up Report on Nov. 28 MORGOLD PTY: Placed Under Voluntary Liquidation NESTOR NOMINEES: Will Declare First Dividend on Nov. 27 NMRB PTY: Members and Creditors to Meet on November 26 REDDIN SEARCH: Creditors Decide to Liquidate Firm SINO GOLD MINING: Half-Year Net Loss Reaches AU$3.12 Million SINO GOLD MINING: JPMorgan Cuts Shareholdings SINO GOLD MINING: Issues 1.3 Million Ordinary Shares SINO GOLD MINING: Issues 1.8 Million Employee Options SINO GOLD MINING: Gets License to Operate White Mountain Mine SINO GOLD: Golden China Releases FY2008 First Quarter Results SOLAR RESEARCH: Creditors Agree on Voluntary Wind-Up SPHERE INVESTMENTS: Posts Fourth Annual Net Loss at AU$0.78 Mil. SPHERE INVESTMENTS: Seeks Shareholders' OK in Guelb Stake Sale SPHERE INVESTMENTS: Names Katina Gunellas as Company Secretary STARPHARMA HOLDINGS: Chalks AU$7-Million Net Loss for FY 2007 STARPHARMA HOLDINGS: Cash Position Reaches AU$11MM at Sept. 30 STARPHARMA: Gets NHMRC Funding for Imaging Agent Joint Project STARPHARMA: Teams Up with Durex for Vivagel-Coated Condoms STARPHARMA HOLDINGS: Non-Executive Director Leon Gorr Steps Down STARPHARMA HOLDINGS: VivaGel(R) Awarded Int'l Nanotech Award SUMMIT RESOURCES: Net Loss Widens to AU$35.27 Mln. in FY 2007 SUMMIT RESOURCES: Files Quarterly Activities Report SYMBION HEALTH: Primary Wants Shareholders Meeting Postponed C H I N A & H O N G K O N G ALERIS INT'L: To Sell US Zinc Business for US$295 Million ORIENTAL SECURITIES: Fitch Lifts Low Ratings to Investment Grade PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA XINHUA FINANCE: Reports Steady Growth for 9-Month Period 2007 I N D I A AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President LOK HOUSING: Board to Consider Share Issue to Lok Shelters ORIENTAL BANK: Brings In V. Jagirdar & R.S. Maharshi to Board QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B- SINGER INDIA: Names K.K. Gupta as Chairman & Executive Director TATA MOTORS: U.K. Manufacturing Union Backs Bid for Ford Brands I N D O N E S I A GOODYEAR TIRE: To Pay US$324MM Settlement to Entran II Class INDOSAT: Shareholder Violates Anti-Monopoly Laws, KPPU Says INDOSAT: Fitch Comments on KPPU's Ruling Against Parent TELKOMSEL: To Deploy Solar-Driven GSM Base Stations w/ Ericsson J A P A N ALL NIPPON: Extends Code-Sharing Deal with TAP Portugal ALL NIPPON: Maintains Int'l. Fuel Surcharge for Jan-Mar 2008 ALL NIPPON: Buys 1% Stake in StarFlyer for JPY100 Million FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire FORD MOTOR: Russian Plant Workers Resume Strike FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors KOBE STEEL: To Build JPY26-Bil. Ironmaking Plant in Minnesota MITSUBISHI MOTORS: Sees China's 2008 Auto Demand to Hit 10 Mln. MITSUBISHI PAPER: Considers Tie-Up with Oji Paper MITSUKOSHI LTD: Shareholders Approve Isetan Merger Plan NOVA CORP: Language Schools Offer Special Deals to Students SAPPORO HOLDINGS: Asks Steel Partners for More Details on Plan SOJITZ CORP: S&P Affirms BB Long-term Corporate Credit Rating UBE INDUSTRIES: Moody's Reviews Ba1 Rating for Likely Upgrade * Japanese Banking Groups Report Subprime Losses K O R E A LG TELECOM: Gets Sued for Stealing SK Telecom's Brand HYNIX SEMICON: Discloses 54nm 1Gb DRAM Validation M A L A Y S I A ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay CHIN FOH: Bursa Securities to Delist Shares on Dec. 3 CNLT (FAR EAST): Cancels MYR60-Million BGCP Due to Default MANGIUM: Posts MYR2.7-Mil. Net Loss in Qtr. Ended Sept. 30 SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal TANCO HOLDINGS: Applies for Scheme of Arrangement N E W Z E A L A N D 2 DESIGN: Wind-Up Petition Hearing Set for Nov. 26 24 HOURS PERSONNEL: Court Hears Wind-Up Petition ARMCO MARKETING: Placed Under Voluntary Liquidation CASH EXPRESS: Creditors' Proofs of Debt Due on Nov. 23 FINESSE HOMES: Appoints Rowan Kingstone as Liquidator FIRST DATA: Inks Quickpay Agreement with Tim Hortons J. N. CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 29 LEANEYS IMMIGRATION: Taps Official Assignee as Liquidator NOT MOVING: Fixes Dec. 3 as Last Day to File Claims WINDOW FIX: Appoints Official Assignee as Liquidator WINNING SOLUTIONS: Subject to CIR's Wind-Up Petition P H I L I P P I N E S BANCO DE ORO-EPCI: Completes Issuance of PHP10-Bil. Debt Notes JG SUMMIT: Japanese Partner Divests Stake in Petrochemical Unit NAT'L POWER: Enters Into PHP3-Bil. Supply Agreement with Holcim PHIL. LONG DISTANCE: Lists Additional 10,860 Common Shares * Central Bank May Cut Interest Rates Further Next Year * World Bank Mulls Over US$232MM Loan for Road-Making Projects S I N G A P O R E FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+ LEAR CORP: Makes Two Executive Position Appointments SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit SCOTTISH RE: N.Y. Court Partially Dismisses Securities Suit T H A I L A N D TMB BANK: Sells 25% Ownership in Siam Samsung for THB36.8 Mil. WYNCOAST IND'L: Appoints Members of Board of Management * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ADVANCED HEALTHCARE: Appoints Malcolm Cole as Board Chairman ------------------------------------------------------------ Advance Healthcare Group Ltd.'s board of directors has appointed Malcolm Cole as non-executive chairman of the board, replacing Chris Rowe. Mr. Rowe will remain as a non-executive director. Balcatta, Australia-based Advance Healthcare Group Ltd. -- http://www.advancehealthcare.com.au/-- together with its subsidiaries, is involved in the wholesale distribution of pharmaceutical, medical and surgical supplies and other related healthcare products, and medication management and supply operations. The pharmaceutical and surgical distribution segment distributes pharmaceuticals and surgical supplies to the healthcare industry. The medication management and supply segment is developing and operating a medication management and supply service to consumers. The medical equipment supply segment is a wholesale supplier of medical pharmaceuticals, consumables and equipment. Going Concern Doubt The Troubled Company Reporter-Asia Pacific reported that after auditing Advance Healthcare Group Ltd's financial statements for the six months ended June 30, 2007, Gavin A. Buckingham of Ernst & Young raised substantial doubt on the company's and its subsidiaries' ability to continue as a going concern. Mr. Buckingham noted that the company and consolidated entity incurred net losses of AU$2.74 million and AU$4.55 million, respectively, during the six months ended June 30, 2007. And, as of that date, the company and the consolidated entity's current liabilities exceeded their current assets by AU$4.736 million and AU$8.709 million, respectively. As of end-June 2007, Advance's consolidated balance sheet showed total current assets of AU$17.31 million available to pay total current liabilities of AU$26.02 million. AGENIX LTD: Ernst & Young Raises Going Concern Doubt ---------------------------------------------------- Winna Brown at Ernst & Young, Agenix Ltd.'s independent auditors, raised material uncertainty regarding the company's ability to continue as a going concern, citing the company's and the group's net loss for the year ended June 30, 2007. Agenix Ltd. reported a net loss of AU$14.34 million for the year ended June 30, 2007, compared to a loss of AU$14.29 million a year before. The group, on the other hand, reported a net loss of AU$11.70 million for the year 2007, against a net loss of AU$14.21 million for 2006. The group's consolidated balance sheet as of June 30, 2007, showed AU$33.80 million in total assets and AU$14.05 million in total liabilities, resulting in a total shareholders' equity of AU$19.75 million. Agenix will be holding its annual general meeting on Dec. 11, 2007. Agenix's annual report for the year ended June 30, 2007, is available for free at the Australian Stock Exchange at: http://www.asx.com.au/asxpdf/20071101/pdf/315kyvkm9tcnpb.pdf Agenix Limited -- http://www.agenix.com/-- is a global health and biotechnology company based in Brisbane, Australia. The company runs a suite of established businesses in human and animal health diagnostics, and is focused on growing its world- leading molecular diagnostic imaging R&D program. Agenix's lead candidate is its high-technology ThromboView blood clot-imaging project, which is currently undergoing Phase II human trials in the United States and Canada. ThromboView uses radio-labeled antibodies to locate blood clots in the body, and could revolutionize the US$3 billion global clot diagnostic imaging market. ThromboView is being developed with the assistance of the Federal Government through its START scheme. Agenix employs 110 staff and sells its products to more than 50 countries. ThromboView is a registered trademark of AGEN Biomedical. AGENIX LIMITED: SHRG Buy Brings New Items Into Product Line ----------------------------------------------------------- Agenix Ltd. has acquired -- as a consequence of the company's acquisition of China's Shanghai Rui Guang Bio-Pharma Development Co., Limited -- ownership of the following supplemental products which have now been re-certified for sale in China by the State Food and Drug Administration of the People's Republic of China: * Haobai Shangshi Spray -- pain relief induced by sprain, contusion and rheumatism; * Compound Fluorouracil Oral Solution -- supplemental treatment of digestive tract disease, including various digestive cancers; * Mannatide Oral Solution -- supplemental treatment of hypoimmunity and side-effects induced by cancer therapy, including radiotherapy and chemotherapy; * Huangdan Yinchen Keli -- treatment of acute and chronic jaundice; and * Yimucao Keli -- pain relief. Agenix's managing director, Neil Leggett, however, clarified that the new products are not the company's focus. Instead, the company will concentrate on the marketing of its patented hepatitis B virus drug, YouHeDing. Mr. Leggett adds that the company "will very quickly become a multi-product company" and will have to focus on "every avenue by which we can increase our profits at our Pudong manufacturing facility." Agenix Limited -- http://www.agenix.com/-- is a global health and biotechnology company based in Brisbane, Australia. The company runs a suite of established businesses in human and animal health diagnostics, and is focused on growing its world- leading molecular diagnostic imaging R&D program. Agenix's lead candidate is its high-technology ThromboView blood clot-imaging project, which is currently undergoing Phase II human trials in the United States and Canada. ThromboView uses radio-labeled antibodies to locate blood clots in the body, and could revolutionize the US$3 billion global clot diagnostic imaging market. ThromboView is being developed with the assistance of the Federal Government through its START scheme. Agenix employs 110 staff and sells its products to more than 50 countries. ThromboView is a registered trademark of AGEN Biomedical. Winna Brown at Ernst & Young, Agenix Ltd.'s independent auditors, raised material uncertainty regarding the company's ability to continue as a going concern, citing the company's and the group's net loss for the year ended June 30, 2007. AGENIX LIMITED: Receives US$1.4-Mil. Further Payment from IDEXX --------------------------------------------------------------- Agenix Ltd. has received another US$1.4 million from IDEXX Laboratories, the company said in a corporate disclosure filed with the Australian Stock Exchange. On April 7, 2006, Agenix said that IDEXX would pay US$10.0 million in cash for the assignment of Agenix patents and other intangible assets granting IDEXX exclusive distributorship of Agenixes' animal health products. Agenix explains that the sum was payable in parts, with US$6.7 million paid upfront, while the balance of US$3.3 million will be paid progressively. According to the disclosure, the company has received US$0.9 million before this payment, and expects the final US$1.0 million to be received by January 2008. Agenix Limited -- http://www.agenix.com/-- is a global health and biotechnology company based in Brisbane, Australia. The company runs a suite of established businesses in human and animal health diagnostics, and is focused on growing its world- leading molecular diagnostic imaging R&D program. Agenix's lead candidate is its high-technology ThromboView blood clot-imaging project, which is currently undergoing Phase II human trials in the United States and Canada. ThromboView uses radio-labeled antibodies to locate blood clots in the body, and could revolutionize the US$3 billion global clot diagnostic imaging market. ThromboView is being developed with the assistance of the Federal Government through its START scheme. Agenix employs 110 staff and sells its products to more than 50 countries. ThromboView is a registered trademark of AGEN Biomedical. Winna Brown at Ernst & Young, Agenix Ltd.'s independent auditors, raised material uncertainty regarding the company's ability to continue as a going concern, citing the company's and the group's net loss for the year ended June 30, 2007. AINSWORTH GAME: KPMG Raises Material Going Concern Doubt -------------------------------------------------------- Ainsworth Game Technology Limited incurred a net loss of AU$49.49 million for the year ended June 30, 2007, a disappointing turn against the AU$3.23-million net profit reported for the year ended June 30, 2006. The group reported gross profit of AU$1.78 million, and other income of AU$45,000. Operating expenses, however, totaled AU$41.37 million, giving the group an operating loss of AU$39.54 million. The group also reported net financing costs amounting to AU$43.45 million. Material Uncertainty on Going Concern Tony Nimac of KPMG raised material uncertainty on the company's and group's ability to continue as a going concern, saying that the company needs the continued support of its major shareholder and its ability to achieve sustainable profitable operations and generate positive net cash inflows in the future. Headquartered in New South Wales, Australia, 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. ATCOR MEDICAL: FY2007 Net Loss Widens to AU$5.18 Million -------------------------------------------------------- AtCor Medical Holdings Limited reported a consolidated net loss of AU$5.18 million for the year ended June 30, 2007, a slight increase from the AU$4.01-million net loss recorded for the year ended June 30, 2006. The group had AU$4.86 million in sales, contributing to a total revenue of AU$5.53 million. Operational expenses, however, amounted to AU$11.15 million, giving the company an operating loss of AU$5.41 million. Headquartered in New South Wales, Australia, AtCor Medical Holdings Limited -- http://www.atcormedical.com/-- is engaged in designing, manufacturing and marketing medical devices for use in cardiovascular management. AtCor is the developer and marketer of the SphygmoCor system, which measures central blood pressures non-invasively at the heart. The company operates in the United Kingdom, the United States, and the rest of Europe. ATCOR MEDICAL: Cash Position Down by AU$400,000 at Sept. 30 ----------------------------------------------------------- AtCor Medical has filed its quarterly cash flow report for the period ending September 30, 2007, with the Australian Stock Exchange. The company says that it had AU$5,610,000 in cash and equivalents at the end of September, in line with management expectations. Net operating cash outflows were AU$1,354,000 including collections of AU$1,675,000. Compared to the same period in the prior year, net cash outflows were reduced by AU$400,000. Headquartered in New South Wales, Australia, AtCor Medical Holdings Limited -- http://www.atcormedical.com/-- is engaged in designing, manufacturing and marketing medical devices for use in cardiovascular management. AtCor is the developer and marketer of the SphygmoCor system, which measures central blood pressures non-invasively at the heart. The company operates in the United Kingdom, the United States, and the rest of Europe. The Troubled Company Reporter-Asia Pacific reported that AtCor Medical incurred a net loss of AU$5.18 million for the year ended June 30, 2007, against a net loss of AU$4.01 million for the year ended June 30, 2006. BRAIN RESOURCE: Incurs Fourth Annual Net Loss at AU$1.45 Million ---------------------------------------------------------------- The Brain Resource Company Limited reported a consolidated net loss of AU$1.45 million for the year ended June 30, 2007, a slight rise from the AU$1.44-million net loss reported for the year ended June 30, 2006. The group also had AU$1.44-million and AU$1.50-million net losses in the years ended June 30, 2005 and 2004. The group reported revenues of AU$3.02 million, but total expenses amounted to AU$4.83 million. Sydney, Australia-based The Brain Resource Company Limited -- http://www.brainresource.com/-- is provides brain function analysis services. The company has three wholly owned subsidiaries: BRC Operations Pty Limited, BRC IP Pty Limited and BRC Franchising Pty Limited, and operates in Australia, Germany, South Africa, The Netherlands, and the United States, among others. BRAIN RESOURCE: Enters into Tie-Up Deal with OptumHealth -------------------------------------------------------- Brain Resource Co. Ltd. has signed a non-binding agreement with OptumHealth to explore a business relationship, according to a corporate disclosure filed by Brain Resource with the Australian Stock Exchange. Pursuant to the preliminary talks, OptumHealth will incorporate Brain Resource's behavioral management system within its offerings in the United States managed care market, with Brain Resource granting exclusive license and distribution for a 90- day period, the company relates. About OptumHealth OptumHealth -- http://www.optumhealth.com/-- is one of the United State's largest health and wellbeing companies. About Brain Resource Sydney, Australia-based The Brain Resource Company Limited -- http://www.brainresource.com/-- is provides brain function analysis services. The company has three wholly owned subsidiaries: BRC Operations Pty Limited, BRC IP Pty Limited and BRC Franchising Pty Limited, and operates in Australia, Germany, South Africa, The Netherlands, and the United States, among others. The Brain Resource Company Limited reported a consolidated net loss of AU$1.45 million for the year ended June 30, 2007, a slight rise from the AU$1.44-million net loss reported for the year ended June 30, 2006. The group also had AU$1.44-million and AU$1.50-million net losses in the years ended June 30, 2005 and 2004. CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says ---------------------------------------------------------------- The sale of Chrysler LLC's US$4 billion loans has been postponed indefinitely, a source familiar with the matter told The Wall Street Journal, without specifying any timetable for a possible resale. According to Reuters, citing an unidentified source, the latest postponement was prompted by weak credit markets and worsening news from the U.S. automotive sector. JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns & Co. had planned to sell the loans at about 97.5 cents on the dollar this week, in an aim to lessen US$171 billion in leveraged loan backlog, the TCR- Europe reported on Nov. 9, 2007. The banks, sources said, were eager to dispose the US$10 billion loans that they were not able to sell in July and August after Cerberus Capital Management acquired Chrysler from former owner DaimlerChrysler AG. As reported in the TCR-Europe on July 4, 2007, Fitch Ratings has initiated rating coverage on Chrysler LLC by assigning these ratings: -- Long-term Issuer Default Rating 'B+'; -- US$10 billion first-lien loan 'BB+/RR1'; -- US$2 billion second-lien loan 'BB+/RR1'. The US$12 billion in senior secured financing will be raised following the pending acquisition of 80.1% of Chrysler's parent, Chrysler Holding LLC, by affiliates of Cerberus Capital Management, L.P. The 'RR1' Recovery Rating is based on Fitch's expectation of full recovery in the event of bankruptcy. The Rating Outlook is Stable. The sale, which was previously postponed once, will push through depending on market conditions, a source told WSJ. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler is a unit of Cerberus Capital Management. * * * As reported in the Troubled Company Reporter on Oct. 31, 2007, Standard & Poor's Ratings Services said its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC remain on CreditWatch with positive implications, following the United Auto Workers' narrow approval of the new Chrysler-UAW labor contract. The ratings were placed on CreditWatch on Sept. 26, 2007, based on S&P's belief that Chrysler would reach a deal similar to the one General Motors Corp. reached with the UAW on that date. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC (B/Negative/--), including a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the US$5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with the closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. DAVID REDDIN: Creditors Agree to Wind Up Firm --------------------------------------------- On October 26, 2007, the creditors of David Reddin Management Consultants Pty. Ltd. had a meeting and passed a resolution to voluntarily liquidate the company's business. S. L. Horne was named as liquidator. The Liquidator can be reached at: S. L. Horne Draper Dillon 499 St Kilda Road Melbourne, Victoria 3004 Australia About David Reddin David Reddin Management Consultants Pty Ltd provides management consulting services. The company is located at Melbourne, in Victoria, Australia. EAGLEMONT MARKETING: Members and Creditors to Meet on Nov. 26 ------------------------------------------------------------- Eaglemont Marketing Pty Ltd., which is in liquidation, will hold a meeting for its members and creditors on November 26, 2007, at 11:30 a.m. At the meeting, J. P. Downey, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: J. P. Downey J P Downey & Co Level 1, 22 William Street Melbourne, Victoria 3000 Australia About Eaglemont Marketing Eaglemont Marketing Pty Ltd is a distributor of durable goods. The company is located at Narre Warren, in Victoria, Australia. FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3 -------------------------------------------------------------- Foot Locker, Inc. has reported financial results for its third quarter ended Nov. 3, 2007. Third Quarter Results The company reported a net loss of US$33 million, or US$0.22 per share, for the third quarter this year compared with net income of US$65 million, or US$0.42 per share, last year. This year's results included a non-cash impairment charge to write down long-lived assets for the company's United States store operations pursuant to SFAS No. 144 and expenses associated with closing unproductive stores, totaling US$66 million, after tax, or US$0.43 per share. Third quarter net income, before the non- cash impairment charge and the incremental expenses of closing stores, was US$33 million, or US$0.21 per share. Third quarter sales decreased 5.2 percent, to US$1,356 million this year compared with sales of US$1,430 million for the corresponding prior year period. Third quarter comparable-store sales decreased 5.0 percent. "Our third quarter sales were disappointing, reflecting a challenging external environment and the lack of exciting fashion trends in athletic footwear and apparel," stated Foot Locker's Chairperson and Chief Executive Officer, Matthew D. Serra. "While our sales results fell short of our expectations, third quarter markdowns were approximately 12 percent lower than last year. Additionally, we continued to focus diligently on expense management." Year-to-Date Results For the first nine months of the year, the company reported a net loss of US$34 million, or US$0.22 per share, compared with net income of US$138 million, or US$0.88 per share, last year. This year's results included a non-cash impairment charge pursuant to SFAS No. 144 and expenses associated with closing unproductive stores, totaling US$66 million, after tax, or US$0.43 per share. Last year's results included an impairment charge pursuant to SFAS No. 144 of US$12 million, after tax, or US$0.08 per share. Year-to-date net income, before the non-cash impairment charges in 2006 and 2007, and the expenses of closing unproductive stores in 2007, was US$32 million, or US$0.21 per share this year, versus US$150 million, or US$0.96 per share, last year. Year-to-date sales decreased 3.5 percent to US$3,955 million compared with sales of US$4,098 million last year. Comparable- store sales decreased 5.8 percent. Financial Position At the end of the third quarter, the company's cash and short- term investments totaled US$332 million. The company's total cash position, net of debt, at the end of the third quarter increased by US$70 million versus last year. Merchandise inventory was slightly higher at the end of the third quarter versus the comparable period of last year. Stated in constant currency dollars, the company's merchandise inventory decreased by approximately three percent versus last year. Store Base Update Year-to-date, the company has opened 112 new stores, and remodeled or relocated 179 stores. During the month of September, the company opened its first store in Istanbul, Turkey. The company also closed 158 stores during the first nine months of this year, including 13 unproductive stores during the third quarter prior to normal lease expiration. At Nov. 3, 2007, the company operated 3,896 stores in 21 countries in North America, Europe and Australia. In addition, 10 franchised stores are currently operating in the Middle East and South Korea. During the fourth quarter of 2007, the company currently expects to open eight new stores and close up to 142 unproductive stores. Approximately 53 of the stores are expected to close prior to normal lease expiration, depending on the company's success in negotiating agreements with its landlords. The cash impact of the 2007 store closings is expected to be minimal, as the related cash costs are expected to be offset by associated inventory reductions. About Foot Locker 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 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 METALS: Enters Into 10-Year Agreement with Hangzhou ------------------------------------------------------------- Fortescue Metals Group Ltd. has signed an agreement with Chinese steel mill Hangzhou Iron and Steel Group for the supply of iron ore from its emerging project in Western Australia, reports the Australian Associated Press. Hangzhou, in a statement posted on its Web site, said it has signed the 10-year supply agreement with Fortescue on Nov. 16 but did not disclose figures, relates AAP. The report recounts that Fortescue, which has made similar agreements with China's largest and third largest steel mills -- Baosteel and Tangshan Iron and Steel Group -- is developing its project in the Pilbara region, 260 kilometers southeast of Port Hedland, and expects to ship first ore by mid-May 2008. Fortescue executive director Graeme Rowley was unavailable for comment, AAP says. 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. FUTURE ENGINEERING: Liquidator Presents Wind-Up Report ------------------------------------------------------ The members and creditors of Future Engineering (Victoria) Pty Ltd., which is in liquidation, met on November 21, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: R. G. Mansell R.G. Mansell & Associates Level 3, 118 Queen Street Melbourne Australia Telephone:(03) 9603 0090 Facsimile:(03) 9603 0099 About Future Engineering Future Engineering (Victoria) Pty Ltd provides engineering services. The company is located at Mornington, in Victoria, Australia. KENTON COURT: Declares Final Dividend for Creditors --------------------------------------------------- Kenton Court Pty Ltd declared final dividend for its creditors on November 8, 2007. Creditors who were not able to file their proofs of debt by the November 7 due date were excluded from the company's dividend distribution. The company's deed administrator is: Kenneth J. Stout Boutique Corporate Advisory Grosvenor Chambers Level 3, 1 Collins Street Melbourne, Victoria 3000 Australia Telephone:(03) 9665 0455 Facsimile:(03) 9665 0427 e-mail: ken@boutiqueca.com.au About Kenton Court Kenton Court Pty Ltd is a distributor of miscellaneous metalwork. The company is located at North Fitzroy, in Victoria, Australia. ILLAG NOMINEES: Liquidator to Give Wind-Up Report on Nov. 28 ------------------------------------------------------------ A final meeting will be held for the members of Illag Nominees Pty Ltd on November 28, 2007, at 10:00 a.m. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on December 29, 2006. The company's liquidator is: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Illag Nominees Located at Brighton North, in Victoria, Australia, Illag Nominees Pty Ltd is an investor relation company. MORGOLD PTY: Placed Under Voluntary Liquidation ----------------------------------------------- At an extraordinary general meeting held on October 15, 2007, the members of Morgold Pty Ltd resolved to voluntarily liquidate the company's business. David James Lofthouse and Peter Gountzos were named as liquidators. The Liquidators can be reached at: David James Lofthouse Peter Gountzos CJL Partners Level 3, 180 Flinders Lane Melbourne, Victoria 3000 Australia Telephone:(03) 9639 4779 Facsimile:(03) 9639 4773 About Morgold Pty Morgold Pty Ltd is a distributor of durable goods. The company is located at Fulham Gardens, in South Australia, Australia. NESTOR NOMINEES: Will Declare First Dividend on Nov. 27 ------------------------------------------------------- Nestor Nominees Pty Ltd will declare its first dividend on Nov. 27, 2007. Creditors who were not able to file their proofs of debt by the November 13, 2007 due date will be excluded from the company's dividend distribution. The company's deed administrator is: David J. Lofthouse CJL Partners Level 3, 180 Flinders Lane Melbourne, Victoria 3000 Australia Telephone:(03) 9639 4779 Facsimile:(03) 9639 4773 About Nestor Nominees Nestor Nominees Pty Ltd operates department stores. The company is located at Highett, in Victoria, Australia. NMRB PTY: Members and Creditors to Meet on November 26 ------------------------------------------------------ The members and creditors of NMRB Pty Ltd will meet on Nov. 26, 2007, at 9:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on June 19, 2007. The company's liquidator is: J. P. Downey J P Downey & Co Level 1, 22 William Street Melbourne, Victoria 3000 Australia About NMRB Pty NMRB Pty Ltd operates offices of holding companies. The company is located at Melbourne, in Victoria, Australia. REDDIN SEARCH: Creditors Decide to Liquidate Firm ------------------------------------------------- The creditors of Reddin Search Pty. Ltd. met on October 26, 2007, and passed a resolution providing for the liquidation of the company's business. S. L. Horne was appointed as liquidator. The Liquidator can be reached at: S. L. Horne Draper Dillon 499 St Kilda Road Melbourne, Victoria 3004 Australia About Reddin Search Reddin Search Pty Ltd provides business services. The company is located at North Sydney, in New South Wales, Australia. SINO GOLD MINING: Half-Year Net Loss Reaches AU$3.12 Million ------------------------------------------------------------ Sino Gold Mining Limited reported a net loss of AU$3.12 million for the half-year period ended June 30, 2007, a decrease from the AU$4.99-million net loss recorded in the half-year ended June 30, 2006. The company reported no revenues for the period in review, but incurred operating expenses amounting to AU$3.57 million. The company reported a AU$5.12-million interest expense, and a forex loss of AU$1.39 million, which was offset by a net non-operating gain of AU$6.96 million. Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold has incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004 through 2006. SINO GOLD MINING: JPMorgan Cuts Shareholdings --------------------------------------------- Sino Gold Mining Limited announced in a corporate disclosure that JPMorgan Chase & Co. and its affiliates decreased their stake in the company on Nov. 12, 2007. JPMOrgan reduced its shareholding from 12,324,958 ordinary shares, which corresponded to a 6.80% voting power, to 10,819,861 shares. In another filing, Sino Gold disclosed that on Nov. 13, the Commonwealth Bank of Australia and its subsidiaries increased their stakeholding in the company to 11,293,766 ordinary shares from 10,122,582 shares. Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold has incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004 through 2006. SINO GOLD MINING: Issues 1.3 Million Ordinary Shares ---------------------------------------------------- Sino Gold Mining Ltd. issued 1,318,546 ordinary shares on Nov. 20, 2007, the company said in a regulatory filing. The shares were issued in consideration for conversion of the balance of outstanding convertible notes with a face value of US$3,000,000. The company now has 217,640,582 ordinary shares quoted on the Australian Stock Exchange. Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold has incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004 through 2006. SINO GOLD MINING: Issues 1.8 Million Employee Options ----------------------------------------------------- Sino Gold Limited, on Nov. 12, 2007, issued 1,795,000 employee options exercisable at AU$7.65 each until Nov. 9, 2012. The issued options are subject to the terms of the company's executive and employee option plan. The company's board of directors has also agreed to issue a further 970,000 options to directors, subject to the approval of its shareholders. Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold has incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004 through 2006. SINO GOLD MINING: Gets License to Operate White Mountain Mine ------------------------------------------------------------- Sino Gold Mining Limited plans to start production at a second mine in China in late 2008, Bloomberg News reports. The move came after Jilin Development and Reform Commission issued the permit for the company's White Mountain gold mine, the company said in a disclosure to the Australian Stock Exchange. Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold has incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004 through 2006. SINO GOLD: Golden China Releases FY2008 First Quarter Results ------------------------------------------------------------- Golden China Resources Corporation (GCX: TSX; ASX) released its unaudited financial results for the three months ended September 30, 2007. The Corporation reported US$10.35 million of revenue for Q1 Fiscal 2008, which contrasts with nil for the comparable period of its 2007 financial year. All revenue was recognized by Golden China's BioGold gold processing facility in Shandong Province, acquired by the Corporation in December 2006 as part of its business combination with Michelago Limited of Australia. For the quarter ended September 30, 2007, the Corporation incurred a net loss of US$6.39 million, or US$0.12 per share, comparing with a net loss of US$1.12 million (US$0.06 per share) for the same period in Fiscal 2007. The increased year-over-year net loss was mainly due to a US$3.19 million one-time consulting fee charged in relation to the acquisition of Golden China Management Inc. as well as higher general, administrative, and office expenses incurred as a result of amplified business activities following Golden China's business combination with Michelago. On September 7, 2007, Sino Gold agreed, subject to certain terms and conditions, to make a take-over offer for all of the shares of Golden China. Under the terms of the Offer, Golden China shareholders and CDI holders will receive 0.2222 of a Sino Gold share for every Golden China common share they hold. Details are available in Sino Gold's Offering Circular and Golden China's Directors' Circular, which were mailed to Golden China shareholders on October 24, 2007. The documents are also available on SEDAR at http://www.SEDAR.com/and the ASX at http://www.asx.com.au/ For a detailed analysis of Golden China's operational and financial results for the quarter ended September 30, 2007, please refer to the company's Management's Discussion and Analysis, and financial statements and notes, available on Golden China's Web site (http://www.goldenchina.ca/),SEDAR (http://www.SEDAR.com/),and the Australian Stock Exchange (http://www.ASX.com/). About Golden China Resources Corporation: Golden China Resources Corporation is a significant participant and consolidator in the Chinese precious metal industry and one of the largest producers of gold in China. The company is using its extensive knowledge of the Chinese marketplace and best practices based on established international standards in building a diversified gold business focused on exploration and development, operations, and corporate development in the Chinese precious metal industry. Golden China's shares are listed on the main boards of both the Toronto Stock Exchange and the Australian Securities Exchange under the symbol GCX. On August 13, 2007, Golden China announced an Agreement to be acquired by Sino Gold Mining Ltd. whereby Golden China shareholders would receive one Sino Gold share for every 4.5 Golden China common shares they hold. A definitive support agreement was signed on September 7, 2007 and on September 18, 2007, Sino Gold purchased from treasury 5,882,352 million shares of Golden China representing 9.5% of the issued and outstanding shares of the Corporation. SOLAR RESEARCH: Creditors Agree on Voluntary Wind-Up ---------------------------------------------------- During a meeting held on October 5, 2007, the creditors of Solar Research Corporation Pty Ltd agreed to voluntarily wind up the company's operations. Simon A Wallace-Smith was appointed as liquidator. The Liquidator can be reached at: Simon A. Wallace-Smith Deloitte Touche Tohmatsu Chartered Accountants Level 14, 180 Lonsdale Street Melbourne, Victoria 3000 Australia About Solar Research Solar Research Corporation Pty Ltd operates investment offices. The company is located at Hawthorn, in Victoria, Australia. SPHERE INVESTMENTS: Posts Fourth Annual Net Loss at AU$0.78 Mil. ---------------------------------------------------------------- Sphere Investments Ltd. reported a net loss of AU$0.78 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$1.91-million, AU$2.54-million, and AU$0.76-million net losses for the years ended June 30, 2006, 2005 and 2004. For the year ended June 30, 2007, the company did not record any revenues but had net operating expenses of AU$28.23 million and forex losses of AU$3.28 million, which was partially offset by an AU$30.73 million net non-operating gain. Headquartered in West Perth, Australia, Sphere Investments Ltd. -- http://www.sphereinvestments.com.au/-- is an iron-ore exploration and development company. The company's principal project is the Guelb el Aouj Iron Ore (magnetite) Project in Mauritania, West Africa. SPHERE INVESTMENTS: Seeks Shareholders' OK in Guelb Stake Sale -------------------------------------------------------------- Sphere Investments Ltd. will seek shareholders' approval on the company's plan to divest a 24.95% stake in Guelb El Aouj iron ore project, the company said in a corporate disclosure filed with the Australian Stock Exchange. The shareholders are to meet on Dec. 17, 2007. The company explains that Qatar Steel is moving to acquire a 49.9% stake in the project from both Sphere and its partner, Societe Nationale Industrielle et Miniere, for US$375 million. The move will result in a Mauritanian registered company that will own and operate the project. Sphere and SNIM will contribute their existing 100% interest in the project for a 50.1% stake in the new company, while Qatar Steel will hold the remaining 49.9%. Sphere's shareholding in the new company would be reduced to 25.05%, with the 24.95% remaining being taken up by Qatar Steel. Headquartered in West Perth, Australia, Sphere Investments Ltd. -- http://www.sphereinvestments.com.au/-- is an iron-ore exploration and development company. The company\u2019s principal project is the Guelb el Aouj Iron Ore (magnetite) Project in Mauritania, West Africa. Sphere Investments Ltd. reported a net loss of AU$0.78 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$1.91-million, AU$2.54-million, and AU$0.76-million net losses for the years ended June 30, 2006, 2005 and 2004. SPHERE INVESTMENTS: Names Katina Gunellas as Company Secretary -------------------------------------------------------------- Sphere Investments Ltd. has appointed Katina Gunellas as company secretary, the company said in a corporate disclosure. Ms. Gunellas will be replacing Lexton Graefe who resigned to focus on his role as the company's chief financial officer. Headquartered in West Perth, Australia, Sphere Investments Ltd. -- http://www.sphereinvestments.com.au/-- is an iron-ore exploration and development company. The company's principal project is the Guelb el Aouj Iron Ore (magnetite) Project in Mauritania, West Africa. Sphere Investments Ltd. reported a net loss of AU$0.78 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$1.91-million, AU$2.54-million, and AU$0.76-million net losses for the years ended June 30, 2006, 2005 and 2004. STARPHARMA HOLDINGS: Chalks AU$7-Million Net Loss for FY 2007 ------------------------------------------------------------- Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. Net sales for the period in review amounted to AU$0.86 million, while net operating expenses amounted to AU$17.31 million, giving the company an operating loss of AU$16.45 million. The company reported a net non-operating gain of AU$8.51 million for the year ended June 30, 2007. Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. STARPHARMA HOLDINGS: Cash Position Reaches AU$11MM at Sept. 30 -------------------------------------------------------------- Starpharma Holdings Limited has lodged its quarterly cash flow report for the quarter ended September 30, 2007, with the Australian Stock Exchange. Operating outflows during the quarter were AU$2.5 million, which is comparable with the previous quarter and in line with expectations. There were significant outflows during the quarter for VivaGel(R) development costs including ongoing long- term toxicology studies, and scale up and manufacturing of product for further clinical trials. During the quarter, the company undertook a private placement with net proceeds of AU$3.5 million. Cash at the end of the quarter was AU$11.3 million. Since the end of the quarter an additional AU$1.5 million has been received from the U.S. National Institutes of Health for VivaGel development costs. The company's report may be downloaded for free at: http://bankrupt.com/misc/StarPharmaQtrlyCF.pdf Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. STARPHARMA: Gets NHMRC Funding for Imaging Agent Joint Project -------------------------------------------------------------- Starpharma Holdings Limited has said that the National Health and Medical Research Council has agreed to provide US$327,000 to fund a joint project with the Baker Heart Research Institute to develop a novel imaging agent for vascular disease, the company said in a corporate disclosure lodged with the Australian Stock Exchange. The company relates that the new collaborative project in cardiovascular disease is a second application of dendrimers for imaging agents undertaken by Starpharma. Starpharma's wholly owned subsidiary in the US, DNT, has a contract valued at US$850,000 with the US National Cancer Institute. That contract aims to develop a different dendrimer product for the early diagnosis of certain cancers. Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. STARPHARMA: Teams Up with Durex for Vivagel-Coated Condoms ---------------------------------------------------------- Starpharma Holdings Ltd. has signed an an agreement with SSL International plc to develop condoms with Vivagel coating, Asia Pulse reports, citing a company press release. SSL is the owner of Durex, the worlds leading condom brand, Asia Pulse writes. Undisclosed fees are payable to Starpharma under the co- development agreement, which also provides for the commencement of regulatory and market development activities by the two parties, the release said. The release explains that VivaGel has been shown to have potent contraceptive and microbicidal properties in animal studies, and is also under development as a stand-alone gel to prevent the transmission of STIs, including HIV and genital herpes. Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. STARPHARMA HOLDINGS: Non-Executive Director Leon Gorr Steps Down ---------------------------------------------------------------- Starpharma Holdings Limited's non-executive director Leon Gorr had resigned, the company said in a regulatory filing with the Australian Stock Exchange. Mr. Gorr, who had been due to retire by rotation at the annual general meeting on Nov. 14, 2007, decided not to stand for re- election, the company relates. Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. STARPHARMA HOLDINGS: VivaGel(R) Awarded Int'l Nanotech Award ------------------------------------------------------------ Starpharma Holdings Ltd (ASX:SPL,OTCQX:SPHRY) has been presented with an international award for nanotechnology excellence for VivaGel(R), its lead product under development for the prevention of sexually transmitted infections. The winners of the third annual Nano 50 Awards were presented with their awards at the National Nano Engineering Conference in Boston, USA. The awards recognize the top 50 international technologies, products, and innovators that have significantly impacted or are expected to impact the state of the art in nanotechnology. Nano 50 nominations were judged by a panel of nanotechnology experts. The technologies, products, and innovators receiving the 50 highest scores were named Nano 50 award winners. VivaGel(R) was awarded under the Product Category successfully demonstrating a significant current or near-term commercial application. VivaGel(R) uses Starpharma's proprietary dendrimer technology. Dendrimers are man-made chemical particles of a size measured in nanometres. One nanometre equals one billionth of a metre. VivaGel(R) is the most advanced product in Starpharma's pharmaceutical pipeline. It is a vaginal microbicide under development for prevention of the spread of genital herpes and HIV, both of which are sexually transmitted infections. It is intended that VivaGel(R) will be marketed widely in both developed and developing countries. Starpharma's dendrimer technology also forms part of products marketed by partners including Sigma-Aldrich, Dade Behring and Qiagen and the company recently signed new deals with EMD Biosciences and SSL plc for further commercial applications of its patented technology. Melbourne, Australia-based Starpharma Holdings Limited -- http://www.starpharma.com/-- is a nanotechnology company, which develops and markets dendrimer products for pharmaceutical, life-science and other applications. Starpharma Holding Ltd. reported a net loss of AU$7.24 million for the year ended June 30, 2007, its fourth consecutive annual net loss following the AU$7.52-million, AU$7.75-million and AU$5.50-million net losses for the years ended June 30, 2006, 2005, and 2004, respectively. SUMMIT RESOURCES: Net Loss Widens to AU$35.27 Mln. in FY 2007 ------------------------------------------------------------- Summit Resources Limited reported a net loss of AU$35.27 million for the year ended June 30, 2007, its fourth annual consecutive net loss following losses of AU$0.56 million, AU$0.64 million, and AU$0.37 million for the years 2006, 2005, and 2004, respectively. The company did not report any revenues for the year in review, but recorded operating expenses of AU$36.78 million. The company also posted net non-operating gains of AU$1.50 million. Perth, Australia-based Summit Resources Limited -- http://www.summitresources.com.au/-- is engaged in the identification of, and exploration for, base metal and precious metal mineral resources in Australia. SUMMIT RESOURCES: Files Quarterly Activities Report --------------------------------------------------- Summit Resources Limited has lodged its quarterly report for the period ending Sept. 30, 2007. Highlights * Uranium resource drilling continued with 7,836.7 metres in 40 holes completed in the September Quarter; * Resource drilling and evaluation re-commenced on Skal uranium deposit at Mount Isa; * Extensions to know mineralisation identified; * Further assay results have been received from the Bikini Project; * Encouraging assay results have been received from surface sampling of a number of previously untested prospects in the Mt Isa district. Further work will be completed in the December Quarter; and * Work commences on environmental baseline studies and preliminary metallurgical testing in accordance with the FY 07/08 budget approved by the Operating committee of the Isa Uranium Joint Venture. The company's full report may be downloaded at no charge at: http://bankrupt.com/misc/summitQTR.pdf Perth, Australia-based Summit Resources Limited -- http://www.summitresources.com.au/-- is engaged in the identification of, and exploration for, base metal and precious metal mineral resources in Australia. Summit Resources Limited reported a net loss of AU$35.27 million for the year ended June 30, 2007, its fourth annual consecutive net loss following losses of AU$0.56 million, AU$0.64 million, and AU$0.37 million for the years 2006, 2005, and 2004, respectively. SYMBION HEALTH: Primary Wants Shareholders Meeting Postponed ------------------------------------------------------------ Primary Health Care claims that Symbion Health Ltd. had failed to address a number of its concerns, despite Symbion's release of both a Supplementary Explanatory Memorandum and a correction to its notice of meeting last week, reports RWE Aust Business News. According to the report, Primary, in connection with its proposed AU$4.10-per share cash takeover offer for Symbion, believes that the Symbion board of directors has no alternative but to postpone the proposed shareholder meetings scheduled for November 30, 2007, until the Australian Taxation Office rulings have been obtained. RWEABN quotes Primary as saying that the "confusing and befuddling nature of the Healthscope-led revised proposal is highlighted by the fact that, together with Symbion's correction to its notice of meeting on 15th November 2007, which corrected an error in the original Explanatory Memorandum, Symbion has now released over 430 pages of disclosure materials to its shareholders in the past month." Primary believes that if the meetings are held without the ATO rulings, its offer has the potential to lapse. The Healthscope offer, adds Primary, is not in the best interests of any Symbion shareholders to be voting for it without knowledge of whether it is capable of being implemented, relates RWEABN. Primary is Symbion's largest shareholder, with a 20% stake. About Symbion Health Melbourne-based Symbion Health Limited -- http://www.symbionhealth.com/--formerly Mayne Group Limited, provides health products and services. The principal activities of Symbion Health, during the fiscal year ended June 30, 2006, consisted of diagnostic and wellness products and services through its Pathology, Imaging, Medical Centers, Pharmacy Services and Consumer divisions. Pathology owns and operates private pathology practices, providing pathology services to healthcare professionals and their patients. Symbion Medical Centers provides local communities with healthcare and family medicine. Imaging provides imaging services to patients on the eastern seaboard of Australia. Pharmacy Services supplies a line of pharmaceuticals and associated products to pharmacies. Consumer manufactures and markets nutraceuticals (vitamins and mineral supplements). On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). ================================ C H I N A & H O N G K O N G ================================ ALERIS INT'L: To Sell US Zinc Business for US$295 Million --------------------------------------------------------- Aleris International, Inc., has entered into a definitive agreement to sell its Zinc business, which operates under the name US Zinc, to affiliates of Votorantim Metais Ltda. for US$295 million with certain adjustments for working capital and other items. Closing is subject to regulatory approvals and customary closing conditions. Aleris's Chairperson and Chief Executive Officer, Steven J. Demetriou said, "The sale of US Zinc will allow Aleris to focus on our core Aluminum business. We plan to use the net sale proceeds to reduce leverage. I would like to thank the US Zinc team for their significant contributions to Aleris." US Zinc recycles zinc metal for use in the manufacture of galvanized steel and produces value-added zinc products, primarily zinc oxide and zinc dust, which are used in the vulcanization of rubber products, the production of corrosion- resistant paint and in other specialty chemical applications. US Zinc operates six zinc facilities in the United States and a newly built zinc oxide facility located outside of Shanghai, China. About Aleris Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company operates 42 production facilities in the United States, Brazil, Germany, Mexico, Wales and China, and employs approximately 4,200 employees. * * * As reported in the Troubled Company Reporter on Sept. 21, 2007, Standard & Poor's Ratings Services revised its outlook on Aleris International Inc. to negative from stable. At the same time S&P affirmed its 'B+' corporate credit rating and the other ratings on the company. Concurrently, S&P assigned a 'B-' rating to the company's recent US$105 million 9% senior notes due 2014, which are an add-on to the company's existing US$600 million 9% senior notes due 2014. ORIENTAL SECURITIES: Fitch Lifts Low Ratings to Investment Grade ---------------------------------------------------------------- Fitch Ratings has upgraded Oriental Securities Corporation's ratings as follows: * Long-term foreign currency Issuer Default Rating to 'BBB-' from 'BB+', * Short-term foreign currency IDR to 'F3' from 'B', * National Long-term Rating to 'A(twn)' from 'A-(twn)', * National Short-term Rating to 'F1(twn)' from 'F2(twn)'. Meanwhile, OSC's Individual rating is affirmed at 'C/D' and Support Rating at '5'. The Outlook remains Stable. OSC's ratings reflect the company's strong financial profile, particularly its good profitability, solid capitalisation, and ample liquidity. The ratings also take into account its weaknesses, mainly its small franchise and still limited diversity of its revenue. Fitch views that OSC's exceptionally strong capitalisation and liquidity as well as its track records of good proprietary trading performance provide comforting support to its financial credibility. OSC's regulatory capital- to-risk weighted assets ratio of 785% at end-H107 is one of highest among its peers and is well above regulatory minimum requirement of 150%; OSC management intends to maintain regulatory capital ratios at above 500%. OSC has strong internal capital generation as evidenced by 11% compound annual growth rate of the company's net worth net of dividend payouts since inception 28 years ago. OSC has consistently maintained sound liquidity. Its long term funding (solely from equity) was kept at more than 5x less liquid assets from 2005-H107. OSC's ratings are not based on expected support in extremis from either the state or shareholders. However, the Far Eastern Group is likely to provide support on a going concern basis and the company's membership of a large and diversified group helps ensure investor confidence, as well as its prudent approach to risk. Established in 1979, OSC had a small 0.35% brokerage market share in Taiwan at end-H107, but ranked 13th by equity. OSC is wholly-owned by FEG, one of Taiwan's biggest conglomerates. PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm --------------------------------------------------------------- Portugal's state-run oil firm Galp Energia said in a statement that it wants to enter into an agreement with Venezuelan counterpart Petroleos de Venezuela SA to analyze participation in the Gran Mariscal de Ayacucho liquefaction project. Business News Americas relates that under the accord, Galp Energia could have as much as two billion cubic meters per year of liquefied natural gas from Venezuela. According to BNamericas, the agreement is subject to the results of an economic study that the Petroleos de Venezuela and Galp Energia would conduct to consider a competitive price for the European market and terms and conditions that maximize value for both firms. BNamericas notes that Petroleos de Venezuela will analyze with Galp Energia the creation of a joint venture company that would construct and run Mariscal de Ayacucho's first train. Petroleos de Venezuela and Galp Energia "could use Portugal as an entry to Europe for future Venezuelan liquefied natural gas exports," BNamericas says. BNamericas states that "industry insiders" doubted Venezuela's potential to become a natural gas exporter in the short term. The nation has a large natural gas deficit and is buying the gas from Colombia. Liquefied natural gas infrastructure would take years to build even if "sizeable reserves of non-associated gas are found," BNamericas reports, citing industry experts. About Galp Energia Galp Energia, SGPS, SA is the holding company for the Galp Energia Group, a Portugal-based oil and gas group. The Group has six principal business segments: Exploration and Production; Refining and Marketing; Natural Gas Supply and Transport; Natural Gas Distribution; Power, including Galp Energia's interests in the production and sale of electrical and thermal energy, and International, which includes the Group's interests in Brazil and Africa. Galp Energia consists of more than 100 companies, engaged in a wide range of activities related to natural gas supply and oil and gas exploration, production and refining. The Group is headquartered in Lisbon, Portugal. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA -------------------------------------------------------------- The Venezuelan government, through state-run oil firm Petroleos de Venezuela SA, will enter into new agreements with Frech oil company Total SA for joint projects in the Orinoco River basin, the Associated Press reports, citing Venezuelan President Hugo Chavez. The AP relates that the Venezuelan government took majority control of private oil projects earlier this year. The government offered the companies new terms as junior partners. Total, US firm Chevron Corp., Britain's BP PLC, and Norway's Statoil ASA accepted the new terms, while ConocoPhillips and Exxon Mobil Corp. declined them. President Chavez commented to the AP, "Venezuela wants to become a safe, trustworthy provider of petroleum and energy to France. France has great technological advancement. That's the idea -- get our technology together... to be able to raise the level of recovery [of heavy crude in the eastern Orinoco region.]" Petroleos de Venezuela and Total are preparing to boost joint production in Orinoco by 400,000 barrels a day to 600,000 barrels per day, Venezuelan state news agency Agencia Bolivariana de Noticias notes. Petroleos de Venezuela head and Venezuelan oil and energy minister Rafael Ramirez commented to Business News Americas, "We have advanced a lot with Total. Now the nationalization process has concluded, we can triple our joint production." Petroleos de Venezuela and Total will first spend a year conducting engineering studies needed for output increase. The firms will also continue work on reserve certification on Orinoco, BNamericas states, citing Minister Ramirez. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. XINHUA FINANCE: Reports Steady Growth for 9-Month Period 2007 ------------------------------------------------------------- Xinhua Finance Limited (XFL; TSE Mothers: 9399; OTC: XHFNY), China's premier financial information and media service provider, announced the consolidated business results for the nine months ended September 30, 2007. Under International Financial Reporting Standards, total revenue grew 44% to US$180.7 million from US$125.1 million in the same period of 2006. EBITDA was US$26.1 million, representing a year-on-year growth of 32% from US$19.7 million. Net income rose to US$85.9 million from US$15.8 million. Fully diluted earnings per share was US$84.97 compared to US$18.11 in 2006. Under IFRS, proforma EBITDA, adjusted to exclude non-cash ESOP expenses and one-time items, was US$38.3 million, representing an increase of 57% over US$24.3 million for the same period last year. XFL provides proforma results to help investors better understand the Company's underlying operating and financial trends. "We continue to see rising demand for China-focused financial information as the Chinese financial markets mature and become more sophisticated. Moreover, our expanded distribution platform enables us to capture the strong growth in China's advertising market," said XFL CEO Fredy Bush. "We will continue to focus our efforts and resources in China's markets and on building our market-driven information services to leverage the opportunities ahead," added Ms. Bush. Due to the global attention on China, XFL's China indices are being followed by more funds worldwide, with total assets under management benchmarking or tracking our China indices rising to US$108 billion at the end of September from approximately US$27 billion a year ago. In the last quarter, the Company has taken a number of initiatives in response to the rising market demand and China's dynamic development. The financial news service increased coverage on fixed income and foreign exchange markets related to China and other emerging countries, while our corporate announcement distribution services, Xinhua PR Newswire, extended its services in China to 24 hours a day to better serve clients in multiple time zones. Furthermore, a new magazine focused on China's insurance market was launched, creating a new channel for relevant financial content and generating additional advertising revenue. The Company recently appointed Dr. Chen Chung Hsing as head of China Ratings to lead the business's next phase of development as the bond market undergoes regulatory changes in preparation for the expansion of the China bond market. Dr. Chen is a veteran of the credit ratings industry and successfully founded Taiwan's first rating agency Taiwan Ratings Corporation in 1997, now 51% controlled by Standard and Poor's. He has more than 18 years of experience in financial services, including as a regulator at Taiwan's Securities and Exchange Commission. With respect to our Solution's business, XFL has partnered with Fermat to deliver software solutions to help Chinese banks on Basel II compliance efforts before the 2010 implementation deadline. CFO David Wang said, "We continue to reap benefits from our integration efforts as our business increases in scale. The synergies generated through effective integration between various business units have presented more cross-selling and business opportunities for the group. At the same time, we intend to further invest in our business in China in order to leverage and maintain our market leading position. " Xinhua Finance Limited is China's premier financial information and media service provider and is listed on the Mothers Board of the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY). Bridging China's financial markets and the world, Xinhua Finance's proprietary content platform, comprising Indices, Ratings, Financial News, and Investor Relations, serves financial institutions, corporations and re-distributors worldwide. Through its subsidiary Xinhua Finance Media Limited, XFL leverages its content across multiple distribution channels in China including television, radio, newspaper, magazine and outdoor media. Founded in November 1999, XFL is headquartered in Shanghai, with offices and news bureaus spanning 11 countries worldwide. Moody's Investors Service upgraded Xinhua Finance Limited's corporate family rating and senior unsecured bond rating to B1 from B2. This concludes the review for possible upgrade, which began on March 15, 2007. The outlook for both ratings is stable. On Sept. 14, 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Xinhua Finance Ltd to 'B' from 'B+'. The rating was removed from CreditWatch, where it had been placed with negative implications on May 23, 2007, following a series of senior executive departures. The outlook is stable. At the same time, Standard & Poor's lowered its issue rating on Xinhua Finance's US$100 million senior unsecured notes due 2011 to 'B' from 'B+' and removed it from CreditWatch. ========= I N D I A ========= AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid ---------------------------------------------------------------- Affiliated Computer Services, Inc. has announced a contract with the Idaho Department of Health and Welfare to provide pharmacy benefits management services for its Medicaid program. The contract has a length of up to 10 years and a total value of US$18.5 million, if a three-year option is exercised. This contract extends a relationship that originated in 2002, when Affiliated Computer first implemented SmartPA(R), an automated prior authorization solution. The company will provide several pharmacy benefits management solutions, including pharmacy claims processing, automated prior authorizations using SmartPA, help desk support, Prospective Drug Utilization Review, Retrospective Drug Utilization Review, federal and supplemental drug rebate administration using the company's Drug Rebate Analysis and Management System, and reporting using CyberFormance(TM). "We are pleased to have the opportunity to expand and continue our successful pharmacy benefits management partnership with the Department of Health and Welfare," said Government Healthcare Solutions senior vice president and managing director, Christopher T. Deelsnyder. "This partnership demonstrates that we work closely with our clients to help ensure the success of their vision for providing patients with the best care possible through innovative clinical and technology solutions." About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Standard & Poor's Ratings Services has kept its 'BB' corporate credit and senior secured ratings on Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on Mar. 20, 2007. BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President -------------------------------------------------------------- Bausch & Lomb has named A. Robert D. Bailey as its corporate vice president and general counsel. Mr. Bailey was most recently vice president, assistant general counsel and assistant secretary for the company. Mr. Bailey re-joined Bausch & Lomb in 1997 after serving as associate general counsel and assistant secretary at Goulds Pumps, Inc. from 1995-1997. He first joined at Bausch & Lomb as counsel from 1994 to 1995. He began his legal career as an associate with what is now the Nixon Peabody law firm in Rochester, New York. Mr. Bailey holds a J.D., cum laude, from the University of Minnesota and a B.A. degree from St. Olaf College in Northfield, Minnesota. He is admitted to practice in the State of New York. Mr. Bailey replaces Robert B. Stiles who has announced his intention to retire from Bausch & Lomb in 2008, after a career spanning more than 25 years with Bausch & Lomb, most recently as senior vice president and general counsel. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). * * * As reported in the Troubled Company Reporter-Latin America on Oct. 31, 2007, Moody's Investors Service has confirmed and will withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family Rating, Ba1 Probability of Default Rating and Ba1 ratings on certain existing senior unsecured notes. The rating outlook was revised to stable and will be withdrawn. LOK HOUSING: Board to Consider Share Issue to Lok Shelters ---------------------------------------------------------- Lok Housing & Constructions Ltd has informed the Bombay Stock Exchange that its board of directors will hold a meeting on Nov. 27, 2007. During the meeting, the board will consider approving the allotment of 1,92,27,791 fully paid-up equity shares of the company to the shareholders of Lok Shelters Ltd. The share allotment is pursuant to the the company's merger with Lok Shelters Ltd. According to Lok Housing, the Scheme of Amalgamation with Lok Shelters has been approved by the Bombay High Court. Headquartered in Mumbai, India, Lok Housing and Constructions Ltd constructs residential buildings. Apart from housing construction, the company manufactures concrete blocks catering to in-house needs. The company is also involved in the construction of railway quarters, railway bridges and slum rehabilitation programs through its associate companies. Credit Rating Information Services of India Ltd, on June 27, 2007, reaffirmed its 'D' rating on Lok Housing's INR170-million non-convertible debentures. The rating continues to indicate that the instrument is in default. The arrears on interest and principal payments have not been entirely cleared. ORIENTAL BANK: Brings In V. Jagirdar & R.S. Maharshi to Board ------------------------------------------------------------- Oriental Bank of Commerce will have Vijay Jagirdar and Dr. Radhey Shyam Maharshi on board as part time non-official directors. According to a filing with the Bombay Stock Exchange, India's central government has has nominated Messrs. Jagirdar and Maharshi for a period of three years. Headquartered in New Delhi, India, Oriental Bank of Commerce -- http://www.obcindia.com/-- is a scheduled commercial bank. The company's domestic services include deposits, comprised of term deposits, savings accounts, current accounts and the Suvidha deposit scheme; advances, which consist of corporate advances, a range of retail credit products and specialty schemes, and government business, comprised of direct tax collection, pension disbursement and savings bonds. It also provides non-resident Indian banking solutions, including non-resident external accounts, non-resident ordinary accounts, foreign currency non- resident accounts and resident foreign currency accounts. It also offers debit card services. The bank also provides treasury services and merchant banking services. * * * The Troubled Company Reporter-Asia Pacific reported on Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign currency issuer default rating of BB+ to Oriental Bank of Commerce. The Bank's individual rating have been affirmed at C/D. On March 15, 2007, Fitch upgraded the support rating of the bank to '3' from '4'. The company also carries Moody's Investors Service's Ba2 Foreign Currency Deposit Rating. QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B- -------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its ratings on Quebecor World Inc. by one notch, including the long-term corporate credit rating to 'B-' from 'B'. At the same time, the ratings remain on CreditWatch with negative implications, where they were placed Aug. 9, 2007. "The downgrade reflects Quebecor World's deteriorating liquidity position following the withdrawal of the company's refinancing plan to raise about CAD750 million by issuing debt and equity," said S&P's credit analyst Lori Harris. Proceeds from the new issues were to be largely applied to the substantial balance outstanding on the revolving credit facility and to redeem the series 5 preferred shares. Quebecor World views withdrawing the plan as necessary because of adverse financial market conditions, which have led to the company's inability to raise funds under the original terms and conditions. In the near term, management will need to explore future refinancing opportunities, as well as other methods to raise cash, including asset sales and sale lease back transactions. "Quebecor World has announced that it will hire independent financial advisors to assist in evaluating these alternative actions," Ms. Harris added. On Nov. 7, 2007, the company announced that it had signed a definitive share purchase agreement with Dutch printer RSDB NV (Roto Smeets) to sell Quebecor World's European operations to RSDB. The proposed new company, Roto Smeets Quebecor, which will be the leading player in the European printing industry, will be owned 70.1% by RSDB and 29.9% by Quebecor World. The purchase price for Quebecor World's European business will be EUR240 million (equal to about US$350 million), to be paid to Quebecor World in cash, Roto Smeets Quebecor shares, and an eight-year note receivable. S&P expects the transaction to close shortly upon regulatory and RSDB shareholder approvals. Reported revenues and adjusted EBITDA were down 7% and 19%, respectively, for the nine months ended Sept. 30, 2007, compared with the same period in 2006. The weak performance is due to price pressures, volume declines, and operating inefficiencies. The company's recent completion of a significant equipment retooling program should positively affect profitability and cash flow in 2008. However, S&P believes management will remain challenged in its efforts to turn around the business because of very difficult printing industry fundamentals, including ongoing pricing pressures and volume declines, electronic substitution, cyclicality, and significant competition. The ratings will remain on CreditWatch until S&P is comfortable that the company has addressed its near-term liquidity issues. S&P will continue to monitor developments, including management's future refinancing plans. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. SINGER INDIA: Names K.K. Gupta as Chairman & Executive Director --------------------------------------------------------------- Singer India Ltd has named K.K. Gupta as its chairman and executive director, a regulatory filing with the Bombay Stock Exchange states. According to the filing, the company's board of directors approved Mr. Gupta's appointment at a meeting in October 2007. Singer India recently booked a negative bottom line. As previously reported in the Troubled Company Reporter-Asia Pacific, the company incurred a net loss of INR5.1 million on total income of INR121.5 million in the second quarter ended Sept. 30, 2007. The bottom line, however, is an improvement compared to the INR8.6-million loss booked in the same period in 2006. Singer India Limited manufactures, among others, sewing machines. Singer India, hoping to meet the entire needs of an Indian household, also makes food processors, juicer mixer grinders, microwave ovens, fans, washing machines, televisions, and airconditioners. The company is a 49% subsidiary of Singer Company N.V. Singer India has been declared sick by the Board for Industrial and Financial Reconstruction constituted under Sick Industrial Companies (Special Provision) Act, 1985. The company has filed a restructuring plan for its revival. Its factory at Jammu continues to be under lay off since April 6, 2005. TATA MOTORS: U.K. Manufacturing Union Backs Bid for Ford Brands --------------------------------------------------------------- Jaguar and Land Rover's workers unions have backed Tata Motors Ltd's bid for the two Ford Motor Co. units, media reports say. As previously reported in the Troubled Company Reporter-Asia Pacific, Tata Motors is in the race to buy Ford Motor's Jaguar and Land Rover brands. Tata Motors is now one of those who made it to the list of final bidders. The other firms who got it to the list are Mahindra & Mahindra in collaboration with buyout firm Apollo, and One Equity Partners. Among the three bidders, however, Tata Motors got the support of Jaguar and Land Rover's union leaders. On Wednesday, about 60 senior shop stewards representing workers of the two brands voted in favor of a resolution supporting Tata's bid, Stephen Power writes for The Wall Street Journal. The backing is not binding on Ford but will provide a bit of political boost to Tata Motors, Mr. Power says. Although workers want to remain part of Ford, they believe that if a sale would push through Tata Motors would serve their best interests with the auto maker's established presence and background in manufacturing. The unions' support came after presentations by the three shortlisted bidders, the Financial Times relates. During the meeting, FT says, union representatives questioned the bidders about their plans for the two brands, including the possible moving of jobs offshore or other functions now based in the UK. At its presentation, Tata Motors committed to the two brands as a long-term investment and endorsed the two brands' management, FT states citing a person familiar with the matter. Even without the unions' support, Gail Edmondson and David Welch of BusinessWeek already sees Tata as the odds-on favorite. "It's the only car company bidding, and Jaguar and Land Rover are too small to survive on their own," BusinessWeek quotes Garel Rhys, professor of automotive economics at the University of Cardiff in Wales, as saying. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. ================= I N D O N E S I A ================= GOODYEAR TIRE: To Pay US$324MM Settlement to Entran II Class ------------------------------------------------------------ On Nov. 17, 2004, New Jersey District Court Judge Stanley Chesler granted final approval to a settlement of the Entran II Hose Amended Class Action against The Goodyear Tire & Rubber Company. The case, "Galanti v. The Goodyear Tire & Rubber Company," was filed in the United States District Court for the District of New Jersey while the "Kelman v. The Goodyear Tire & Rubber Company et al." was filed in the Ontario Superior Court of Justice. The amended settlement resolves a lawsuit over whether Goodyear and Goodyear Canada Inc. made defective Entran II hose used in radiant heating and snow-melting systems. The hose was sold and distributed by Heatway Systems. Entran II was also known as Twintran, Nytrace, Entran II Trace, Entran II Wire, Entran 2, Entran 2 Trace, and Entran 2 Wire. The settlement was approved in 2004. As a result, a US$324 million settlement fund was created for class members. Pursuant to an amended settlement, cash payments will pay given to people in the U.S. and Canada who are current or former owners of property where the hose was, or still is, installed. Claims filing deadline was Nov. 17, 2009. Info for Owners of Property in the United States Current or former owner of property in the United States including its territories and possessions in which Entran II hose was or is used for radiant heating or snowmelting, may obtain complete information about their legal rights and choices under the Amended Settlement at: http://ResearchArchives.com/t/s?258d Info for Owners of Property in Canada Current or former owner of property in Canada in which Entran II hose was or is used for radiant heating or snowmelting, may obtain complete information about their legal rights and choices under the Amended Settlement at: http://ResearchArchives.com/t/s?258e For further information on the proposed settlement, contact: Entran II Settlement Claims Administrator P.O. Box 24 Minneapolis, MN 55440-0024 Tel: 1-800-254-9222 http://www.entraniisettlement.com/ About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world, including Indonesia, Australia, China, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand. Goodyear employs more than 80,000 people worldwide. * * * As reported in the Troubled Company Reporter on June 4, 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. In addition, the ratings were removed from CreditWatch where they were placed with positive implications on May 10, 2007. Recovery ratings were not on CreditWatch. These ratings still apply as of Nov. 8, 2007. INDOSAT: Shareholder Violates Anti-Monopoly Laws, KPPU Says ----------------------------------------------------------- PT Indosat Tbk's largest shareholder, Singapore state investor Temasek Holdings, was found guilty by the Business Competition Monitoring Commission (KPPU) of violating Indonesia's anti monopoly laws, various reports say. On November 19, Tempo Interactive recounts, KPPU's commission assembly decided that the Singaporean government-owned investment organization violated Decree No. 5/1999 on Prohibition of Monopoly Practices and Unhealthy Business Competition. As reported by the Troubled Company Reporter-Asia Pacific on Oct. 29, 2007, KPPU said that Temasek Holdings violated the country's anti-monopoly laws through its ownership in two large mobile telecommunication operators. Temasek's subsidiaries own a 42% stake in Indosat and a 35% stake in Telkomsel, the TCR-AP noted. The TCR-AP said Indosat and Telkomsel dominate 80% of the GSM cellular phone market in Indonesia. Temasek Holdings had denied the charges of cross-ownership, maintaining that its subsidiaries have their own board of directors who make their own operational decisions. Reuters says that as a result of KPPU's decision, Temasek must sell its minority stake in either Telekomunikasi Selular or Indosat. Syamsul Maarif, KPPU commission assembly chairman, said the shares must be sold within two years at the maximum since the decision has legal grounds, Tempo relates. KPPU, Reuters notes, also ruled that Temasek's units should also pay IDR25 billion in fines. Furthermore, Mr. Maarif told Tempo that Temasek should also let go of the voting rights and the right to install a commissioner director in one of the companies to be released. Tempo points out that Mr. Maarif said that the KPPU found the fact that Temasek's cross ownership in Indosat and Telkomsel caused a loss for consumers in the cellular industry amounting to IDR14.7 trillion to IDR30.8 trillion during 2003-2006. KPPU also recorded the consumer�s loss reached IDR9.8 trillion to IDR24 trillion per year due to the high interconnection fee, the report adds. Temasek to Contest KPPU Ruling Temasek Holdings said it would challenge KPPU's ruling in an international court if needed, Reuters reports. Tempo also relates that Temasek's legal advisor, Todung Mulya Lbis, questioned KPPU�s opinion that Temasek�s business in Indonesia caused tens of millions of rupiah in losses. According to Reuters, Temasek said its purchase of shares in Indosat was approved by the Indonesian government in 2002 with full knowledge that Singapore Telecommunications, then about 60% held by Temasek, had shareholdings in Telkomsel. Davinder Singh, legal counsel for the Singapore state investment vehicle, told Reuters that Temasek had 14 days after it receives KPPU's written judgment to file an appeal, while the Jakarta district court had 30. Should Temasek fail in its appeal, it can take the case to Indonesia's Supreme Court and thereafter seek international arbitration, Mr. Singh added. Reuters points out that analysts said Temasek would rather sell Indosat than get SingTel to dispose of Telkomsel. Telkomsel is a more valuable investment, contributing about 20% of SingTel's net profit in the last quarter, the report says. About Indosat PT Indosat Tbk -- http://www.indosat.com/-- is a fully integrated Indonesian telecommunications network and service provider and provides a full complement of national and international telecommunications services in Indonesia. The company provides international long-distance services in Indonesia. It also provides multimedia, data communications and Internet services to Indonesian and regional corporate and retail customers. The company's principal cellular service is the provision of airtime, which measures the usage of its cellular network by its customers. Airtime is sold through postpaid and prepaid plans. It provides a variety of international voice telecommunications services and both international switched and non-switched telecommunications services. MIDI services include high-speed point-to-point international and domestic digital leased line broadband and narrowband services, a high-performance packet-switching service and satellite transponder leasing and broadcasting services. * * * The Troubled Company Reporter-Asia Pacific reported on the Troubled Company Reporter-Asia Pacific reported on Oct 19, 2007, that Moody's Investors Service has upgraded Indosat Finance Company BV and Indosat International Finance Company BV senior unsecured foreign currency ratings to Ba2 from Ba3. The bonds are irrevocably and unconditionally guaranteed by PT Indosat. A TCR-AP report on June 7, 2006, stated that Fitch Ratings affirmed PT Indosat Tbk's long-term foreign and local currency Issuer Default Ratings at 'BB-'. The outlook on the ratings is stable. INDOSAT: Fitch Comments on KPPU's Ruling Against Parent ------------------------------------------------------- Fitch Ratings commented on the ruling issued by Indonesia's competition authority requiring Singapore investment company, Temasek Holdings Pte Ltd, to sell its indirect stake in either PT Telekomunikasi Selular, foreign currency Issuer Default Rating 'BB'/Stable; local currency IDR 'BBB-' or PT Indosat Tbk, foreign and local currency IDR 'BB-' within two years. Telkomsel and Indosat are the leading and second ranking cellular operators in Indonesia, with subscriber market shares of 56% and 26% respectively at end-June 2007. The agency said that the ruling was unlikely to have any near-term effect on the credit ratings of these telecommunications companies, or on the ratings of Singapore Telecommunications Ltd (Singtel, foreign currency IDR 'A' /Stable), which is 56.1% owned by Temasek, and which in turn holds a 35% stake in Telkomsel. Temasek's stake in Indosat is held through its wholly-owned subsidiary ST Telemedia, which holds 75% in Asia Mobile Holdings, which in turn holds 40.8% in Indosat. On November 20, 2007, the Komisi Pengawas Persaingan Usaha ruled that Temasek had breached anti-trust regulations, specifically Article 27(a) of Law No.5/1999 of Indonesia, on the grounds of its ownership in two companies that control over 50% of their market segment. The ruling also implied allegations of price-fixing, stating that Telkomsel had abused its dominant market position by charging excessively high tariffs. A fine of IDR25 billion or around USD2.7 million each has been levied on Temasek and Telkomsel, as well as eight Temasek affiliates named in the case. In addition, Telkomsel has been ordered to reduce cellular tariffs by 15%. Fitch understands that the aforementioned ruling and associated penalties are not legally binding until endorsed and upheld by a superior court in Indonesia. Temasek and other named parties will likely seek to appeal the ruling, and in this regard the agency notes a precedent of Indonesian courts moving to invalidate KPPU decisions. For example, in March 2006, the KPPU charged PT Semen Gresik (Persero) Tbk with violation under the same law, levying a fine of IDR1.0bn. The company subsequently filed an appeal in the Surabaya District Court, which accepted the objection and ruled to cancel the KPPU's decision. As the matter stands, the case is pending judgment on a counter-appeal filed by the KPPU in the Supreme Cour