T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, November 26, 2007, Vol. 10, No. 234 Headlines A U S T R A L I A ALLSTATE EXPLORATIONS: Insolvent by AU$50.32 Million at June 30 ALLSTATE EXPLORATIONS: Closes Out All Gold Hedging ALLSTATE EXPLORATIONS: Releases Quarterly Activities Report BALLISTIX PTY: To Declare Dividend on November 28 BASS METALS: Posts Third Annual Net Loss at AU$1.31 Million BASS METALS: Issues 501,250 Ordinary Shares to Option Holders BASS METALS: Intec Hellyer Increases Stake BASS METALS: Sets General Shareholders' Meeting on December 17 CHALLENGER PTY: To Declare Dividend for Creditors on Nov. 30 CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007 CONQUEST MINING: Posts Fourth Annual Loss at AU$3.16 Million CONQUEST MINING: Raises AU$22.44 Million in Shares Placement DJERRIWARRH INVESTMENTS: Earns AU$90.67 Million in FY 2007 ERUS PTY: Members and Creditors Receive Wind-Up Report EVANS & TATE: ASIC Allows Postponement of 2007 Annual Meeting F.G. MARGINSON: Commence Liquidation Proceedings FUTURIS CORPORATION: Earns AU$103.5 Million for Fiscal 2007 FUTURIS CORP: DFA Group Acquires 37 Million Shares GRIFFIN COAL: Now Exports Collie Coal to India HUTCHISON TELECOMMUNICATIONS: Loses AU$197 Mil. for First Half IMF AUSTRALIA: Turns Around w/ AU$8.28MM Net Income for FY2007 INCORPOREAL PTY: Members and Creditors Hear Liquidator's Report KITCHER PROPERTY: Will Declare First Dividend on Dec. 21 L S FROST: Commences Liquidation Proceedings LOST LODGE: Liquidator Presents Wind-Up Report QUEENSLAND PACKERS: Members Receive Wind-Up Report SCO GROUP: Reports US$1,608 of Net Profit for September SYMBION HEALTH: Says Primary Made Misleading Comments THE MARBLE & GRANITE: To Declare First Dividend on December 21 C H I N A & H O N G K O N G ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts BAOSHINN CORP: Auditor Issues Substantial Going Concern Doubt CHINA EASTERN AIR: Sells Equity in Shanghai Eastern for CNY460MM CHINA EASTERN AIR: Opens New Route to Phnom Penh KAO HSIUNG: Earns TWD249.6 Million for First Nine Months of 2007 KAO HSIUNG: October Sales Falls 7.9% From Year-Ago Figures SAMPO CORP: Incurs TWD528.4-Mil. Loss for 2007 Nine-Month Period SAMPO CORP: Ten-Month Sales Total TWD8.99 Billion YIEH HSING: Incurs TWD128-Million Loss in First 9 Months of 2007 YIEH HSING: October Sales Rise 20.5% to TWD760 Million I N D I A AFFILIATED COMPUTER: Replacement Directors Join Board BAGALKOT UDYOG: Books INR15.14 Mil. Loss in Qtr. Ended Sept. 30 BAGALKOT UDYOG: Board to Consider Audited Accounts on Nov. 30 BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend CABLE & WIRELESS: Excessive Executive Payout Angers Investors EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal I N D O N E S I A BANK RAKYAT: DBS Vickers Lowers Ratings to "Hold" GARUDA: Hires Cargo GSA for Australia & New Zealand Aid Agent INDOSAT: Investors Lose IDR7.1 Trillion Due to Shares Drop MULTIBREEDER: To Repay US$38.2MM Debt Before 2011 Maturity Date MULTIBREEDER: May Use Loan from Parent to Build Breeding Farms PERUSAHAAN GAS: To Invest US$400MM in Gas Processing Plant TELKOM: Asks Unit to Appeal Indonesia's Anti-Monopoly Ruling J A P A N MAZDA MOTOR: Revised Demio to Complete Product Launch Segment SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business TAIHEIYO CEMENT: Shares Fall After Mizuho Downgrades Rating K O R E A EUGENE SCIENCE: Incurs US$450,326 Loss in Qtr. Ended Sept. 30 MAGNACHIP SEMICONDUCTOR: Markets Power Management Solutions M A L A Y S I A APL INDUSTRIES: Earns MYR0.31 Mil. in Quarter Ended September 30 MP TECHNOLOGY: Posts MYR3.1MM Net Loss in Qtr. Ended Aug. 31 OLYMPIA: Turns Around w/ MYR14.4-Mil. Net Profit in 1st Qtr.'07 SOUTH MALAYSIA: ICULS 2002/2007 to Mature on December 21 TIME DOTCOM: Digi Tie-up Unaffected by Gov't Spectrum Recall N E W Z E A L A N D A2 CORPORATION: A2 Milk Demand Soars on Woodford's Book Launch AIR NEW ZEALAND: October 2007 Passenger Load Up 6.2% AIR NEW ZEALAND: Names B. Parton as Shorthaul Group Gen. Manager A&R WHITCOULLS: Commerce Commisson Clears Borders Acquisition CORPORATE SIGNS: Faces Blue Star's Wind-Up Petition ETS INSTRUMENTS: Wind-Up Petition Hearing Set for Nov. 29 GALBRAITH MUNRO: Creditors' Proofs of Debt Due on Dec. 17 GLASGOW INVESTMENTS: Fixes Dec. 5 as Last Day to File Claims LEHNDORF UTILITY: Placed Under Voluntary Liquidation MASTER CLEANING: Subject to CIR's Wind-Up Petition STEPHENS TRANSPORT: Appoints Grant and Khov as Liquidators STEWART ISLAND: Commences Liquidation Proceedings TE KAIKOURA: Court Set to Hear Wind-Up Petition on Nov. 26 P H I L I P P I N E S BANKARD INC: Appoints Abigail Tumbocon as VP, Head of Marketing IPVG CORP: Eduardo Martin Lichauco Leaves Post as Board Member METRO PACIFIC: Lists 5.633 Million New Shares in Local Bourse PHIL. LONG DISTANCE: Senior Noteholders OK Changes in Indentures SAN MIGUEL: Unit Loses to First Gen Corp. in PNOC-EDC Bidding * Gov't Sees PHP47-Billion Proceeds from Sale of PNOC-EDC Stake * Government's Spending for Debt Goes Down 17.5% in October S I N G A P O R E CN DISPLAYS: Court Enters Wind-Up Order INFLEXION CORPORATION: Creditors' Proofs of Debt Due on Dec. 24 LIMITED BRANDS: Earns US$12.1 Million in Quarter Ended Nov. 3 SIM HOE: Pays First Preferential Dividend T H A I L A N D TMB BANK: Central Bank OKs ING's Purchase of 30% Shareholding TMB BANK: Board Appoints Gen. Anupong Paojinda as Director TRUE MOVE: Mobile Subscriber Base Increases 19.6% to 2.1 Million - - - - - - - - ================= A U S T R A L I A ================= ALLSTATE EXPLORATIONS: Insolvent by AU$50.32 Million at June 30 --------------------------------------------------------------- Allstate Explorations NL reported a net loss of AU$7.11 million for the year ended June 30, 2007, against the AU$9.23-million net loss for the year ended June 30, 2006. The group had revenues of AU$2.36 million for fiscal year 2007. As of June 30, 2007, the company's balance sheet showed total assets of AU$21.41 million and total liabilities of AU$71.73 million, resulting in a capital deficiency of AU$50.32 million. Going Concern Doubt ML Port at PKF Chartered Accountants and Business Advisers, the company's independent auditors, raised significant uncertainty regarding the company's ability to continue as a going concern and realize its assets and extinguish its liabilities in the normal course of business. About Allstate Allstate Explorations NL solely operates in Australia. The company manages, develops, and operates the Beaconsfield Mine Joint Venture in Beaconsfield, Tasmania. Allstate partially owns the Beaconsfield gold mine with its partner Beaconsfield Gold NL. The Beaconsfield mine is located in Launceston, Tasmania, Australia. Allstate was placed under administration in 2004. The administrator can be reached at: Allstate Explorations NL The Administrator Taylor Woodings Corporation Services 6th Floor, 30 The Esplanade Perth, Australia, 6000 Telephone: 08 9321 8533 Fax: 08 9321 8544 ALLSTATE EXPLORATIONS: Closes Out All Gold Hedging -------------------------------------------------- Allstate Explorations NL and its subsidiaries closed out all remaining gold hedge positions totaling 37,168 ounces of forward positions, increasing its exposure to the spot price of gold, the company said in a corporate disclosure filed with the Australian Stock Exchange. The company added that the Commonwealth Bank of Australia has provided the interim funding required to close out all of the Beaconsfield Gold Group's hedging positions, including Allstate's hedges with Macquarie Bank Ltd. The company related that the total CBA funding package comprises of a AU$7.5-million equity bridging facility and a AU$7.5-million working capital facility. Allstate Explorations NL solely operates in Australia. The company manages, develops, and operates the Beaconsfield Mine Joint Venture in Beaconsfield, Tasmania. Allstate partially owns the Beaconsfield gold mine with its partner Beaconsfield Gold NL. The Beaconsfield mine is located in Launceston, Tasmania, Australia. Allstate was placed under administration in 2004. The administrator can be reached at: Allstate Explorations NL The Administrator Taylor Woodings Corporation Services 6th Floor, 30 The Esplanade Perth, Australia, 6000 Telephone: 08 9321 8533 Fax: 08 9321 8544 As of June 30, 2007, the company's balance sheet showed total assets of AU$21.41 million and total liabilities of AU$71.73 million, resulting in a capital deficiency of AU$50.32 million. Going Concern Doubt ML Port at PKF Chartered Accountants and Business Advisers, the company's independent auditors, raised significant uncertainty regarding the company's ability to continue as a going concern and realize its assets and extinguish its liabilities in the normal course of business. ALLSTATE EXPLORATIONS: Releases Quarterly Activities Report ----------------------------------------------------------- Allstate Explorations NL filed its quarterly activities report for the quarter ended Sept. 30, 2007, with the Australian Stock Exchange. Highlights for the Quarter Operational – Beaconsfield Gold Mine * The case for safety for Western Ore Production was accepted by the Chief Inspector of Mines at the end of the quarter, enabling production to resume from the Western Zone of the mine. * All Government notices restricting underground operations have now been lifted. * Re-commissioning of underground operations is progressing towards full production with mining from all areas of the mine expected during the December quarter. * Melick investigation completed. * New longhole drill rig acquired to ensure accurate drilling for Western Zone remote mining. * Ore treatment plant treated 28,975 tonnes from underground re-commissioning to produce 5,180 ounces of gold. * New mineralised structure discovered 150 metres in footwall of Tasmania Reef. * RC rig sourced to commence near-mine surface exploration program during the December quarter. * Helicopter magnetic survey completed to advance regional exploration around the Beaconsfield Mine. Corporate * Appeal lodged, subsequent to end of the quarter, against the ruling handed down in relation to proceedings commenced by Beaconsfield Gold Group companies in the Supreme Court of Victoria claiming indemnity of AU$45.5 million in respect of a business interruption insurance claim. The company's full report is available at the ASX Web site: insert site Allstate Explorations NL solely operates in Australia. The company manages, develops, and operates the Beaconsfield Mine Joint Venture in Beaconsfield, Tasmania. Allstate partially owns the Beaconsfield gold mine with its partner Beaconsfield Gold NL. The Beaconsfield mine is located in Launceston, Tasmania, Australia. Allstate was placed under administration in 2004. The administrator can be reached at: Allstate Explorations NL The Administrator Taylor Woodings Corporation Services 6th Floor, 30 The Esplanade Perth, Australia, 6000 Telephone: 08 9321 8533 Fax: 08 9321 8544 As of June 30, 2007, the company's balance sheet showed total assets of AU$21.41 million and total liabilities of AU$71.73 million, resulting in a capital deficiency of AU$50.32 million. Going Concern Doubt ML Port at PKF Chartered Accountants and Business Advisers, the company's independent auditors, raised significant uncertainty regarding the company's ability to continue as a going concern and realize its assets and extinguish its liabilities in the normal course of business. BALLISTIX PTY: To Declare Dividend on November 28 ------------------------------------------------- Ballistix Pty Ltd, which is in liquidation, will declare dividend on November 28, 2007. Creditors who cannot file their proofs of debt by Nov. 6, 2007, will be excluded from the company's dividend distribution. The company's liquidator is: Lorraine Smith KordaMentha (Queensland) 22 Market Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4000 Facsimile:(07) 3225 4999 About Ballistix Pty Ballistix Pty Ltd provides business services. The company is located at Taringa, in Queensland, Australia. BASS METALS: Posts Third Annual Net Loss at AU$1.31 Million ----------------------------------------------------------- Bass Metals Limited reported a net loss of AU$1.31 million for the year ended June 30, 2007, almost doubling the AU$0.70-million net loss reported for the year ended June 30, 2006. The company also incurred a AU$0.27 million net loss in 2005. The company reported revenues of AU$365,709. West Perth, Australia-based Bass Metals Limited -- http://www.rfilimited.com/-- was formerly known Resources Finance and Investment Limited, and is engaged in mineral exploration and evaluation of properties in Australia. BASS METALS: Issues 501,250 Ordinary Shares to Option Holders ------------------------------------------------------------- Bass Metals Ltd has issued 500,000 ordinary shares at AU$0.25 per share, the company said in a regulatory filing with the Australian Stock Exchange. The full paid ordinary shares were given to option holders exercising 500,000 unlisted options, which were exercisable at 25 cents each until Dec. 31, 2007. On Nov. 13, 2007, the company also issued another 1,250 ordinary shares to option holders at 40 cents per share. These transactions brought the company's ordinary shares quoted on the ASX to 99,863,086, while 4,176,939 options exercisable at 40 cents each until April 30, 2010 remains. West Perth, Australia-based Bass Metals Limited -- http://www.rfilimited.com/-- was formerly known Resources Finance and Investment Limited, and is engaged in mineral exploration and evaluation of properties in Australia. Bass Metals Limited reported a net loss of AU$1.31 million for the year ended June 30, 2007, almost doubling the AU$0.70-million net loss reported for the year ended June 30, 2006. The company also incurred a AU$0.27 million net loss in 2005. BASS METALS: Intec Hellyer Increases Stake ------------------------------------------ Bass Metals Ltd. disclosed that Intec Hellyer Metals Pty. Ltd. increased its shareholdings to 20,996,932 fully paid ordinary shares on Nov. 5, 2007, Bass Metals said in a corporate disclosure to the Australian Stock Exchange. The shares translates to a 21.03% voting power. West Perth, Australia-based Bass Metals Limited -- http://www.rfilimited.com/-- was formerly known Resources Finance and Investment Limited, and is engaged in mineral exploration and evaluation of properties in Australia. Bass Metals Limited reported a net loss of AU$1.31 million for the year ended June 30, 2007, almost doubling the AU$0.70-million net loss reported for the year ended June 30, 2006. The company also incurred a AU$0.27 million net loss in 2005. BASS METALS: Sets General Shareholders' Meeting on December 17 -------------------------------------------------------------- Bass Metals Ltd. will hold a general meeting of shareholders on Dec. 17, 2007, according to a corporate filing with the Australian Stock Exchange. The company will be seeking shareholders' approval on: * the placement of 9,757,442 million shares at AU$0.42 per share; * the issuance of 2,995,717 million shares at AU$0.42 per share to Intec Hellyer Metals Pty. Ltd.; and * the issue of as many as 4,230,159 unlisted Investec Options over unissued share to Investec Bank (Australia) Ltd. West Perth, Australia-based Bass Metals Limited -- http://www.rfilimited.com/-- was formerly known Resources Finance and Investment Limited, and is engaged in mineral exploration and evaluation of properties in Australia. Bass Metals Limited reported a net loss of AU$1.31 million for the year ended June 30, 2007, almost doubling the AU$0.70-million net loss reported for the year ended June 30, 2006. The company also incurred a AU$0.27 million net loss in 2005. CHALLENGER PTY: To Declare Dividend for Creditors on Nov. 30 ------------------------------------------------------------ Challenger Pty Ltd, which is in liquidation, will declare dividend on November 30, 2007. Creditors' proofs of debt were due on November 23, 2007. The company's liquidator is: Jason Bettles Worrells Solvency & Forensic Accountants Australia Web site: http://www.worrells.net.au About Challenger Pty Challenger Pty Ltd provides federal and federally sponsored credit. The company is located at Melbourne, in Victoria, Australia. CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit --------------------------------------------------------------- Challenger Powerboats Inc. reported net income of US$2.8 million for three months ended Sept. 30, 2007, compared to a net loss of US$1.7 million for the same period in the previous year. The company reported net loss US$1.3 million for nine months ended Sept. 30, 2007, compared to a net loss of US$6.8 million for the same period in the previous year. Liquidity and Capital Resources The company continues to raise capital to fund its operations and fulfill its plan of acquiring companies and assisting in the development of those companies internally. As of Sept. 30, 2007, the company has total current assets of US$5.1 million, compared to US$1.99 million as of Dec. 31, 2006. As of Sept. 30, 2007, the company has total current liabilities of US$4.6 million, compared to US$5.98 million as of Dec. 31, 2006. Cash and cash equivalents were US$1.7 million as of Sept. 30, 2007, as compared to US$0.2 million as of Dec. 31, 2006. The company's stockholders' deficit at Sept. 30, 2007 was US$2.6 million as compared to US$13.3 million stockholders' deficit at Dec. 31, 2006. As of Sept. 30, 2007, the company has debt of US$10.9 million, including convertible debentures with related parties, which total US$3.3 million. About Challenger Powerboats Inc. Based in Washington, Missouri, Challenger Powerboats Inc. (OTC:CPWB) - http://www.challengerpowerboats.com/-- designs and manufactures 'go fast' offshore racing boats, family sport cruisers, jet boats and water ski tow boats under the brands 'Challenger Powerboats', 'Sugar Sand' and 'Gekko', which target the recreational boating market. The company is a design-to- manufacturing organization, creating or licensing designs, and creating tooling, molds, and parts necessary to assemble its products in-house. The company markets its products through a dealer network comprising more than 100 dealers throughout the United States, Canada, Mexico, Europe, Australia, the Middle East and Japan. Going Concern Doubt Jaspers + Hall PC expressed substantial doubt about Challenger Powerboats Inc.'s ability to continue as a going concern after auditing the company's financial statements as of Dec. 31, 2006, and 2005. The auditing firm pointed to the company's recurring losses from operations and its difficulties in generating sufficient cash flow to meet its obligation and sustain its operations. CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes --------------------------------------------------------------- The recent postponement of the sale of Chrysler LLC's US$4 billion loans, combined with Freddie Mac's credit losses, have dampened the outlook for the U.S. credit markets, MarketWatch reports. The TCR-Europe reported on Nov. 9, 2007, that JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns & Co. had initially planned to sell Chrysler's US$4 billion loans at about 97.5 cents on the dollar to lessen the company's US$171 billion leveraged loan backlog. In spite of strong demand for the deal, however, the banks decided to shelve the sale due to weak credit markets and worsening news from the U.S. automotive sector, Reuters relates, citing an unidentified source. This is particularly deflating for the corporate credit market, MarketWatch observes. "It shows how tough the market has become," said Steve Miller, a managing director for Standard & Poor's LCD, MarketWatch notes. "We had a really strong run after Labor Day, money poured in from (the high-yield bond market) and all of this paper started to clear." "The last four weeks, the anxiety level has gone up. Some of the money has poured out of high yield and that's tricked down to the loan market and driven prices down. Chrysler is a harbinger," MarketWatch quotes Mr. Miller as saying. Concurrently, loans sold recently have fallen in value in the secondary market, and there remains close to US$300 billion in LBO debt that needs to be financed. U.S. LBO volume was up 143% through September, MarketWatch states. There is no longer any hope that investors would return to back leveraged buyouts, which could, in turn, stall other planned mergers and acquisitions. In effect, the postponement of the sale of Chrysler's loans marks the halt of other deals as well, MarketWatch suggests. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler LLC is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. * * * The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 (LGD4, 66) rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of Daimler Chrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007 ------------------------------------------------------------- Chrysler LLC's Jeep(R) brand sales outside North America have grown 15 percent in 2007, and the brand led Chrysler LLC sales outside North America with 79,520 units sold through October. The Company's International sales increased 14 percent (19,797 units) for the month and were up 18 percent for the year (196,626 units). That added a 29th month to the Company's record of consecutive months of year-over-year sales increases. Markets with a growing auto industry have been promising for Chrysler. Through October 2007, sales in regions such as Asia Pacific, Latin America and the Middle East have seen growth of 17 percent, 25 percent and 65 percent respectively. The increased sales in emerging markets, especially China, Brazil and Russia, have contributed significantly to the Company's overall growth outside North America. "It is important to recognize opportunities outside North America to balance the impact any one region can have on the business," said Michael Manley, Executive Vice President - International Sales, Marketing and Business Development. Mr. Manley added "Our focus on growth is not only to increase sales internationally, but also to ensure that the growth is balanced among the Company's three brands. Our continued focus must be on developing great products that are appropriate for our markets, world-class quality and the development of the most competitive distribution channels." Year-to-date, Jeep has claimed the place as top-Chrysler LLC selling brand with 79,520 units sold, an increase of 15 percent over the same time period last year. Many of the recently- introduced products for the brand have been posting solid sales. The all new Jeep Wrangler has doubled the sales of it predecessor model, and Grand Cherokee continues to gather strong sales numbers ranking it as the number-two selling vehicle for Chrysler LLC outside North America. "The expanded portfolio for the Jeep brand has resulted in a sales increase of more than 10,000 units so far this year, and established it as the Company's highest volume brand outside North America," said Thomas Hausch, Vice President - International Sales. "Replacements for existing models, such as Grand Cherokee and Wrangler have been very well received; and this month in Morocco, we are launching the all-new Jeep Cherokee to International markets, which we believe will help the brand grow its global presence even further. Overall, with 197,000 units sold year to date, we have already surpassed the total calendar year sales for 2005, and Jeep has contributed significantly to this accomplishment." About Chrysler LLC 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 Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CONQUEST MINING: Posts Fourth Annual Loss at AU$3.16 Million ------------------------------------------------------------ Conquest Mining Limited reported a net loss of AU$3.16 million for the year ended June 30, 2007, cutting by more than half the AU$7.17-million net loss reported for the year ended June 30, 2006. The company also suffered net losses of AU$9.72 million and AU$1.23 million for the years 2005 and 2004. For the year in review, the company had total revenues of AU$1.07 million and total expenses of AU$4.24 million. Headquartered in Balcatta, Australia, Conquest Mining Limited -- http://www.conquestmining.com.au/-- is engaged in mineral exploration, with emphasis on progressing the Mt Carlton gold, silver and copper development. Conquest has a focus on metals exploration in Queensland, which is a producer of copper, lead, zinc and silver. CONQUEST MINING: Raises AU$22.44 Million in Shares Placement ------------------------------------------------------------ Conquest Mining Limited has completed a fundraising of AU$22.44 million, via a placement of 33,000,000 fully paid ordinary shares at AU$0.68 each to Institutional, Professional and Sophisticated investors, the company said in a corporate disclosure filed with the Australian Stock Exchange. The company said that Azure Capital acted as corporate adviser to the issue with Macquarie Private Wealth and Tolhurst Ltd. being sponsoring brokers to the placement. The placement will position Conquest for further growth and provide funding for working capital, exploration and feasibility studies, the company added. Headquartered in Balcatta, Australia, Conquest Mining Limited -- http://www.conquestmining.com.au/-- is engaged in mineral exploration, with emphasis on progressing the Mt Carlton gold, silver and copper development. Conquest has a focus on metals exploration in Queensland, which is a producer of copper, lead, zinc and silver. Conquest Mining Limited reported a net loss of AU$3.16 million for the year ended June 30, 2007, cutting by more than half the AU$7.17-million net loss reported for the year ended June 30, 2006. The company also suffered net losses of AU$9.72 million and AU$1.23 million for the years 2005 and 2004. DJERRIWARRH INVESTMENTS: Earns AU$90.67 Million in FY 2007 ---------------------------------------------------------- Djerriwarrh Investments Limited has released its financial results for the full year ended June 30, 2007. The company reported a AU$90.67-million net income for the year ended June 30, 2007, against the AU$63.29-million net income reported a year earlier. KEY POINTS: * Net Operating Profit after tax was AU$54.9 million (2006: AU$38.5 million), up 42.5% from the previous corresponding period. This operating profit is made up primarily of dividends received from the investment portfolio, option income and revenue from the trading portfolio, which was up significantly. It does not include realized gains. * Reported Profit after tax was AU$90.7 million (2006: AU$63.3 million). This includes realized gains on sale of investments and a revaluation of open option positions. * Earnings per share based on Net Operating Profit were 28.8 cents compared with 24.0 cents last year. * Rights Issue successfully completed raising AU$140.3 million of new capital in October 2006. * Total assets (at market value) at June 30, 2007, were AU$1.2 billion, up from AU$881 million last year. * A fully franked final dividend of 16 cents per share was paid on Aug. 9, 2007. This is a significant lift from last year’s final dividend of 13 cents per share, particularly in light of the increased capital base arising from the rights issue. The total dividend for the year is 26 cents per share fully franked. * The final dividend carries with it an attributable LIC capital gain of 3 cents per share which enables some shareholders to claim a tax deduction. * Total portfolio return over the twelve months to June 30, 2007 (change in net asset backing per share plus dividends reinvested) was 27.0% after tax and management expenses. * Total shareholder return measured by change in share price plus dividends over the 12-month period was 15.0% as the share price moved to a discount of over 5% to net asset backing by financial year end. * Management expense ratio was 0.22%, compared to 0.24% for the previous year. * Net asset backing at June 30, 2007, was AU$5.24 (before providing for the 16 cent final dividend). * The fully franked yield on Djerriwarrh’s closing share price on July 13 of AU$5.04 is 5.2%. The company's full release is available for download at no charge at: http://www.djerri.com.au/pdf/ASX_announcements/2007/DJAN070716_Appendix_4E_2007.pdf Melbourne, Australia-based Djerriwarrh Investments Limited -- http://www.djerri.com.au/-- is a closed-end investment company. It provides shareholders with investment returns through access to a steady stream of fully franked dividends, and increase in the value of capital invested. The company also uses exchange- traded options written against its portfolios to enhance income return to investors. As at June 30, 2006, Djerriwarrh's top 10 investment securities included BHP Billiton, National Australian Bank, Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, St. George Bank, The News Corporation, Telstra Corporation, Rio Tinto and Alumina. The company's investment includes in various sectors, such as energy, materials, industrials, consumer discretionary, consumer staples, banks, financials, telecommunications and others. The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007 distressed bonds column listed Djerriwarrh Investments’ bond with a 6.500% coupon, a September 30, 2009 maturity date, and a trading price of AU$5.10. ERUS PTY: Members and Creditors Receive Wind-Up Report ------------------------------------------------------ The members and creditors of Erus Pty Ltd met on Nov. 12, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chris Cook Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4300 Facsimile:(07) 3225 4311 Web site: http://www.worrells.net.au About Erus Pty Erus Pty Ltd, which s also trading as Stevros Engineering, provides engineering services. The company is located at North Gate, in Queensland, Australia. EVANS & TATE: ASIC Allows Postponement of 2007 Annual Meeting ------------------------------------------------------------- The Australian Securities and Investments Commission has allowed Evans and Tate Limited to postpone holding its annual general meeting for 2007, Martin Jones, the company's joint and several administrator, says in a corporate disclosure filed with the Australian Stock Exchange. The company can postpone holding its AGM from Nov. 30, 2007, to no later than Sept. 30, 2008. ASIC says that it can be earlier if the company should terminate MacGrathNicol as joint and several receivers and partners, or end its administration, whichever occurs last, at which point, it will have three months to hold its AGM. Headquartered in Wembley, Western Australia, Evans & Tate Limited -- http://www.etw.com.au/-- is an Australian wine company listed on the Australian Stock Exchange. The primary businesses of the Evans & Tate Wine Group are the production, marketing and distribution of a number of branded, exclusive labeled and unbranded wines; contract winemaking; wine trading; viticultural services; and wine tourism through its Visitor Centers. The Troubled Company Reporter-Asia Pacific reported on Aug. 27, 2007, that Evans & Tate's board of directors placed it under voluntary administration. On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's largest creditor, appointed Voluntary Administrators (Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers & Managers (Peter Anderson, Shaun Fraser and Andrew Birch of McGrathNicol) to Evans & Tate Ltd and its subsidiaries. F.G. MARGINSON: Commence Liquidation Proceedings ------------------------------------------------ During a general meeting held on October 11, 2007, the members of F.G. Marginson Pty Ltd agreed to voluntarily liquidate the company's business. The company will also declare final dividend. Creditors who were not able to file their proofs of debt by the Nov. 7, 2007 due date will be excluded from the company's dividend distribution. The company's liquidators are: Morgan Lane Michael Peldan Messrs Worrells, Solvency & Forensic Accountants 8th Floor 102 Adelaide Street Brisbane, Queensland 4000 Australia Web site: http://www.worrells.net.au About F.G. Marginson Located at Brisbane, in Queensland, Australia, F.G. Marginson Pty Ltd is an investor relation company. FUTURIS CORPORATION: Earns AU$103.5 Million for Fiscal 2007 ----------------------------------------------------------- Futuris Corporation Limited reported a AU$103.48-million net profit for the year ended June 30, 2007, an improvement against the AU$96.42-million profit reported for the year ended June 30, 2006. The company had sales revenues of AU$3.09 billion for the year. Adelaide, Australia-based Futuris Corporation Limited -- http://www.futuris.com.au/default.asp-- is engaged in the provision of farm services to the rural sector; financial services to rural and regional customers, and management of investor-funded hardwood plantations and manufacture of sawn timber products. The company also operates businesses in automotive componentry supply, and property ownership and development. Its segments comprise Rural services, which includes the provision of agricultural products and services through a common distribution channel; Forestry, which includes the Company's interests in forestry plantations and processing; Automotive Components, which is engaged in manufacturing and sales of automotive components, of which the key components are seating, heating ventilating and air-conditioning systems; Property, which includes the sale and development of land, and commercial developments and holding an equity interest in a listed property trust, and Investment and Other, which includes investment activities. The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007 distressed bonds column listed Futuris Corporation’s bond with a 7.000% coupon, a December 31, 2007 maturity date, and a trading price of AU$2.46. FUTURIS CORP: DFA Group Acquires 37 Million Shares -------------------------------------------------- Futuris Corp. Ltd. announced that the DFA Group acquired 36,796,390 ordinary fully paid shares on Nov. 14, 2007, Futuris said in a disclosure filed with the Australian Stock Exchange. The share represent 5.03% of the company's shares. The DFA Group is composed of Dimensional Fund Advisors LP, DFA Australia Ltd., Dimensional Fund Advisors Ltd., Dimensional Fund Advisors Canada, Inc., Dimensional Holdings Inc. and Dimensional Holdings LLC. Two individuals, Rex Sinquefield and David Booth, are deemed to have the same relevant interests in the securities as Dimensional Holdings, Inc. as they each have more than 20% voting power in Dimensional Holdings. Adelaide, Australia-based Futuris Corporation Limited -- http://www.futuris.com.au/default.asp-- is engaged in the provision of farm services to the rural sector; financial services to rural and regional customers, and management of investor-funded hardwood plantations and manufacture of sawn timber products. The company also operates businesses in automotive componentry supply, and property ownership and development. Its segments comprise Rural services, which includes the provision of agricultural products and services through a common distribution channel; Forestry, which includes the Company's interests in forestry plantations and processing; Automotive Components, which is engaged in manufacturing and sales of automotive components, of which the key components are seating, heating ventilating and air-conditioning systems; Property, which includes the sale and development of land, and commercial developments and holding an equity interest in a listed property trust, and Investment and Other, which includes investment activities. The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007 distressed bonds column listed Futuris Corporation’s bond with a 7.000% coupon, a December 31, 2007 maturity date, and a trading price of AU$2.46. GRIFFIN COAL: Now Exports Collie Coal to India ---------------------------------------------- The Griffin Coal Mining Co. Pty. Ltd. has started shipping export-quality Collie coal to India to establish a new commercial market for the WA coal industry, the company said in a press release. The release says that Griffin Coal has now exported four shipments of Collie coal to India. The company is also investigating other international commercial opportunities. The release adds that to facilitate initial shipments through Kwinana, Griffin Coal has made a significant investment in rail and port infrastructure. To date Griffin has been unable to export coal through the Bunbury Port. The export strategy is part of Griffin Coal’s commitment to ensuring a sustainable future for the Collie coal industry and the communities in which it operates, according to the company. The Griffin Coal Mining Co Pty Ltd - http://www.griffincoal.com.au/-- operates two open-cut mines in the Collie Basin in the south-western part of Western Australia. They produced 3.04 million tonnes of coal during FY2006. Major customers include Verve Energy's Muja power station -- which is adjacent to the mines -- and industrial customers mostly within 200km. The Troubled Company Reporter-Asia Pacific reported on Nov. 1, 2007, that Moody's Investors Service placed the Ba2 corporate family and Ba2 senior unsecured ratings of The Griffin Coal Mining Company Pty Ltd under review for possible downgrade. The TCR-AP also reported that on Feb. 8, 2007, Standard & Poor's Ratings Services assigned its BB- long-term issue rating to The Griffin Coal Mining Company Pty Ltd.'s (Griffin Coal; BB- /Stable/--) proposed US$50 million senior unsecured notes due Dec. 1, 2016. The proposed note issue follows the company's inaugural US$400 million Rule 144A (without registration rights) note issue in November 2006. The additional US$50 million note will be issued under the same indenture governing the outstanding US$400 million, 9.5% senior notes due Dec. 1, 2016. HUTCHISON TELECOMMUNICATIONS: Loses AU$197 Mil. for First Half -------------------------------------------------------------- Hutchison Telecommunications (Australia) Limited reported a net loss of AU$197.27 million for the half-year period ended June 30, 2007, an improvement from the AU$524.70-million net loss reported for the half-year period ended June 30, 2006. For the half-year in review, the company had total sales of AU$630.76 million. As of June 30, 2007, the company had total assets of AU$2.21 billion and total liabilities of AU$1.40 billion. Financial and operating highlights include: * Customer base increased by 160,000 active net additions in first half; * 1.4 million active 3 customers, an increase of 35% from the first half 2006; * 93% of the net adds were post paid, and at the end of June 89% of the base was post paid; * 50% increase in 3 service revenue at AU$541.4 million; * 3 non-voice revenue at AU$138.7 million, an increase of 74.7% on the first half of 2006; * Average monthly margin for 3 increased to AU$69.0 million in first half 2007 from AU$44.9 million in first half of 2006; * AU$31.4 million positive EBITDA, an increase of AU$28.4 million from first half 2006; * 62% improvement in NPAT loss at AU$197.3 million; * Total ARPU for 3 was AU$69; and * Average monthly margin per customer was AU$52 Non-voice service usage highlights include: * More than 57 million content events were experienced during the first half; * Over 1 million customers on average accessed Planet 3 each month; * 82,000 subscriptions to Broadband services (inc X-Series, Mobile Broadband card & USB and handset as a modem); * More than 112,000 subscriptions to individual X-Series services; and * An average of 635,000 customers generated at least one billed content event each month. The company's half-year report is available for free at: http://www.hutchison.com.au/hutchison2004staging/object/attachment/docs/2007%20Half%20Year%20Report%20%2D%20Appendix%204D%2Epdf Headquartered in New South Wales, Australia, Hutchison Telecommunications (Australia) Limited -- http://www.hutchison.com.au/-- is engaged in the ownership and operation of wideband code division multiple access (W-CDMA), third-generation (3G) mobile network (branded 3) across the five mainland capital cities and national capital, Canberra; the ownership and operation of a code division multiple access (CDMA) network (branded Orange) mobile in and around Sydney and Melbourne, and a national paging and messaging service under the Orange brand. 3 is part of the global telecommunication operations of Hutchison Whampoa Limited. In February 2006, Hutchison rebranded its CDMA network to 3 CDMA. 3 CDMA provides customer with voice and basic messaging services. 3 also provides a range of paging, messaging and portable information services. The company recorded net losses of AU$759.42 million and AU$547.30 million for the years ended Dec. 31, 2006 and 2005. IMF AUSTRALIA: Turns Around w/ AU$8.28MM Net Income for FY2007 -------------------------------------------------------------- IMF (Australia) Limited posted a net income of AU$8.28 million for the year ended June 30, 2007, a turnaround from the AU$0.83-million net loss posted for the year ended June 30, 2006. The company registered total revenues of AU15.48 million. Headquartered in Sydney, Australia, IMF (Australia) Limited -- http://www.imf.com.au/-- is engaged in litigation funding and management, and investigation. The operations of the company are separated into three areas of business: insolvency claims, non-insolvency claims involving single plaintiffs (commercial claims), and non-insolvency group actions (group actions). During the fiscal year ended June 30, 2006, the company had 12 insolvency claims, 12 commercial claims and 10 group actions. IMF's portfolio of funded cases include the Aristocrat case, Sentinel and Mercury Rising claims, QPSX Limited against the telecommunications company Ericsson Australia Pty Ltd and Spatialinfo Pvt Ltd cases against Telstra. As of August 16, 2006, Redsummer Pty Ltd increased its stake in IMF from 7.21% to 15.98%. The Troubled Company Reporter-Asia Pacific, on Nov. 20, 2007, listed IMF Australia’s bond with a 11.500% coupon and a June 30, 2010 maturity date as distressed. INCORPOREAL PTY: Members and Creditors Hear Liquidator's Report --------------------------------------------------------------- The members and creditors of Incorporeal Pty Ltd met on Nov. 23, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bruce Mulvaney Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road Surrey Hills, Victoria 3127 Australia Telephone:(03) 9896 9000 Facsimile:(03) 9896 9001 About Incorporeal Pty Incorporeal Pty Ltd is involved with architectural metalwork. The company is located at Braeside, in Victoria, Australia. KITCHER PROPERTY: Will Declare First Dividend on Dec. 21 -------------------------------------------------------- A final dividend will be declared for the creditors of Kitcher Property Investments Pty Ltd on December 21, 2007. Creditors who were not able to file their proofs of debt by November 13, 2007, will be excluded from the company's dividend distribution. The company's deed administrator is: Simon Read McGrathNicol Level 1, 5 Mill Street Perth, Western Australia 6000 Australia Web site: http://www.mcgrathnicol.com About Kitcher Property Kitcher Property Investments Pty Ltd provides business services. The company is located at Caversham, in Western Australia, Australia. L S FROST: Commences Liquidation Proceedings -------------------------------------------- The shareholders of L S Frost Development Pty Ltd, on Sept. 27, 2007, passed a resolution to voluntarily wind up the company's operations. Geoffrey Owen Freema was appointed as liquidator. About L S Frost Located at Ashgrove, in Queensland, Australia, L S Frost Development Pty Ltd is an investor relation company. LOST LODGE: Liquidator Presents Wind-Up Report ---------------------------------------------- The members and creditors of Lost Lodge Pty Ltd met on Nov. 14, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Raj Khatri Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4333 Facsimile:(07) 3225 4311 About Lost Lodge Located at Birkdale, in Queensland, Australia, Lost Lodge Pty Ltd is an investor relation company. QUEENSLAND PACKERS: Members Receive Wind-Up Report -------------------------------------------------- Queensland Packers Pty Ltd held a meeting for its members on Nov. 23, 2007. At the meeting, M. G. Mccann, the company's liquidator, gave a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at; M. G. Mccann Grant Thornton Chartered Accountants Ground Floor 102 Adelaide Street Brisbane, Queensland 4000 Australia About Queensland Packers Queensland Packers Pty Ltd operates nonclassifiable establishments. The company is located at Loganholme, in Queensland, Australia. SCO GROUP: Reports US$1,608 of Net Profit for September ------------------------------------------------------- The SCO Group Inc. reported zero revenues and zero expenses for the period beginning Sept. 15 through 30, 2007. However, the company generated other income from China Investment of US$1,608 for the period ending Sept. 30, 2007. The company's net profit for the month of September 2007 was US$1,608. As of Sept. 30, 2007, the company's balance sheet showed total US$1,327,901, total liabilities of US$1,745,258, and total stockholders' deficit of US$417,357. A full-text copy of the company's September 15 through 30, 2007: http://ResearchArchives.com/t/s?256e Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. At Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SYMBION HEALTH: Says Primary Made Misleading Comments ----------------------------------------------------- Symbion Health Care Ltd. has accused Primary Health Care Ltd. of making negative comments in its bidder's statement, Alex King writes for Egoli News. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 12, 2007, Primary announced its intention to make an all cash offer of AU$4.10 per share for all of the outstanding shares in Symbion Health. Primary owns approximately 20% of Symbion. Symbion, according to the Egoli report, said that Primary made misleading and deceiving comments in relation to Healthscope's proposed takeover of Symbion in Primary's bidder's statements, associated announcement and investor presentation in addition to other subsequent announcements. The valuation information prepared by the independent expert in Primary's statement was materially misleading and that there was deficient disclosure of Primary's intentions in the event that it acquires a relevant interest of less than 90%, Egoli cites Symbion as stating. Egoli relates that Symbion has requested Primary to rectify the issues and ensure that Symbion shareholders do not continue to be misled. In addition, Symbion expressed that it reserves its rights to file an application with the Takeovers Panel or to take other actions it considers appropriate to ensure that its shareholders are not misled, adds Egoli. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * 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). THE MARBLE & GRANITE: To Declare First Dividend on December 21 -------------------------------------------------------------- The Marble & Granite Fitters Pty Ltd will declare first dividend on December 21, 2007. Creditors who cannot file their proofs of debt by Nov. 13, 2007, will be excluded from the company's dividend distribution. The company's deed administrator is: J. P. Mcleod c/o McLeod & Partners Level 1, 215 Elizabeth Street Brisbane, Queensland 4000 Australia Telephone:(07) 3004 0800 About The Marble & Granite The Marble & Granite Fitters Pty Ltd is involved with terrazzo, tile, marble and mosaic work. The company is located at Warana, in Queensland, Australia. ================================ C H I N A & H O N G K O N G ================================ ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts --------------------------------------------------------------- Fitch Ratings has affirmed Ashmore Energy International Ltd. ratings as: -- Issuer Default Rating at 'BB'; -- US$1 billion term loan 'BB'; -- US$500 million revolving credit facility 'BB'. The rating affirmation follows the announcement of Ashmore Energy's agreement to acquire a 50% indirect interest in Chilquinta Energia S.A. and a 37.9% indirect interest in Luz del Sur S.A. and related companies from Public Service Enterprise Group for US$685 million as well as various other recently completed and pending acquisitions and investments. The Rating Outlook is Stable. The affirmation incorporates the leveraging impact the acquisition of Chilquinta Energia and Luz del Sur and the other investments will have on Ashmore Energy. These transactions are expected to be funded with a combination of balance sheet cash, debt and equity, which will increase leverage both on a consolidated, and parent-only basis. Additional debt funded transactions or the absence of expected equity funding may pressure credit quality over the medium term. Other recently completed acquisitions include acquisitions of Calidda, Del Sur as well as the purchase of incremental ownership interests in existing investments including San Felipe (formerly Smith Enron Cogeneration), Puerto Quetzal Power, and Corinto. The combination of these transactions is expected to increase proforma (LTM June 30, 2007) total debt to EBITDA to approximately 3.5 times from 3.0 and net debt to EBITDA to 2.6 from 1.6 assuming an equity offering of US$330 million. Consolidated debt and EBITDA will increase to US$4.8 billion and US$1.4 billion, respectively, on a proforma (LTM June 30, 2007) basis following the closing of these transactions with US$2.8 billion of the debt at the project level. Holding company debt (including the PIK sub-debt) is expected to increase to approximately US$2 billion from US$1.3 billion. Cash to Ashmore Energy from its subsidiaries was approximately US$430 million in 2006 and was approximately US$550 million (inclusive of the sale proceeds of BLM) through the end of the third quarter of 2007. Parent-only leverage (including PIK sub-debt) is expected to increase to 3.6 from 2.7 in the lower end of the rating category. Parent-level free cash flow is sufficient to service debt. Parent company debt service (interest expense) is expected to be approximately US$125 million. Fitch expects that the company will continue to maintain sufficient cash on the balance sheet to provide adequate liquidity in the business. Strategically, these investments are positive as they further geographically diversify Ashmore Energy. In particular, Chilquinta Energia and Luz del Sur represent a significant presence in their respective countries with long-term concession contracts, low- to moderately-low leverage and ample liquidity. This purchase marks Ashmore Energy's entry into Chile and strengthening of their presence in Peru following the acquisition of Calidda, and further supports the company's strategy of diversifying into stable countries with reasonable regulatory frameworks. Chilquinta Energia is one of the largest power distribution companies in Chile serving over 541,000 customers in region V including the city of Valparaiso. Luz del Sur is the largest power distribution company, by sales, in Peru serving over 800,000 customers in the area of southern Lima. Luz del Sur is a solid asset with low leverage and stable cash flow. The ratings also reflect Ashmore Energy's portfolio of energy companies focused in five lines of business including: power distribution, power generation, natural gas transportation and services, natural gas distribution, and retail fuel. The company's assets consist of 34 energy companies in which it has direct or indirect ownership interest. All of the assets are operating and generally performing well. The company's operating assets have a relatively stable base of revenues and cash flows as more than 90% of its revenues are either from contracted Power Purchase Agreements (PPAs) or from regulated energy businesses. Contract and regulated revenues and cash flows tend to be more stable and have lower business risk. Contracted revenues from long-term PPAs are primarily with government-owned off-takers. In addition, the company has an experienced operating management team. Cash flows are geographically concentrated in Brazil (rated 'BB+' by Fitch) and more generally in Latin America. From a portfolio standpoint, as of fiscal 2006, 90% of consolidated cash flows can be attributed to companies located in Latin America and 73% of consolidated cash flows are derived from Brazilian assets. Cash flow is concentrated in non-investment- grade countries and is generally rated in the 'BB+/BB-' range. Additionally, Ashmore Energy's cash flow is concentrated in four key assets: Elektro (Brazil), Cuiaba (Brazil), Promigas (Colombia), and Trakya (Turkey). Forty percent of 2006 EBITDA is attributed to power distribution, 19% to power generation, 30% to natural gas transportation and services, 4% to natural gas distribution, and 7% to retail fuel. The largest cash flow contributor is expected to be Brazilian power distribution company, Elektro, which at the end of fiscal 2006 represented approximately 37% of consolidated proforma EBITDA and approximately 66% of Ashmore Energy's dividend cash flow. Elektro is a very solid, well-managed, moderately low risk electric distribution company serving almost 2 million customers in the State of Sao Paulo. Elektro's credit metrics are strong with low leverage of total debt to EBITDA of 0.9 times for fiscal year-end 2006. Ashmore Energy International Ltd. -- http://www.ashmoreenergy.com-- owns and operates a portfolio of energy infrastructure assets in power generation, transmission, and distribution of natural gas, gas liquids, and electric power. Ashmore Energy's portfolio, directly or indirectly, consists of 19 companies in 14 countries, including China. The company's largest asset is Brazilian electric distribution company, Elektro, which represents approximately 43% of EBITDA, and 55.3% of fiscal 2006 consolidated cash flow to parent company Ashmore Energy. The company also operates a power plant in the Dominican Republic. BAOSHINN CORP: Auditor Issues Substantial Going Concern Doubt ------------------------------------------------------------- After auditing Baoshinn Corporation's financial statements for the year ended March 31, 2007, Dominic K.F. Chan & Co., issued material uncertainty regarding the company's ability to continue as a going concern, citing the company's recurring net losses. Baoshinn admits that it has historically incurred losses and future losses are likely to occur. Baoshinn sees the possibility that it may experience significant liquidity and cash flow problems because its operations may not be profitable. The company gives no assurances that it will be successful in reaching or maintaining profitable operations. Baoshinn states that it has relied on its shareholders to fund its operations, and that it plans to obtain additional capital to finance future operations. The company, however, says it cannot assure that it will be able to obtain such financing on favorable terms, in sufficient amounts, or at all, when needed. For the year ended March 31, 2007, the company incurred a net loss of US$268,117, an increase from the US$220,390 net loss it recorded for the year ended March 31, 2006. The company's consolidated balance sheet as of March 31, 2007, showed total current assets of US$3,574,287 available to pay total current liabilities of US$3,275,271 coming due within the next 12 months. Baoshinn's balance sheet as of end-March 2007, also reflected total assets of US$3,685,415 and total liabilities of US$3,275,271, resulting in a total stockholders' equity of US$410,144. The company says that it intends to retain any future earnings to finance the growth and development of its business. Therefore, it does not expect to pay any cash dividends in the foreseeable future. Any future dividends, the company says, will depend on its earnings, if any, and its financial requirements. Baoshinn further expresses its plan to develop its business in China so China's policies will affect its growth. Baoshinn Corporation was incorporated under the laws of the State of Nevada on September 9, 2005, under the name of JML Holdings, Inc. The company was formed as a "blind pool" or "blank check" company whose business plan was to seek to acquire a business opportunity through completion of a merger, exchange of stock, or other similar type of transaction. Prior to its identification of Bao Shinn International Express as an acquisition target, its only business activity was organizational activities. BSIE is headquartered in Hong Kong and was established in 2002 to offer extended travel services primarily focused on wholesale businesses and corporate clients. Through the Hong Kong subsidiary, Baoshinn is a ticket consolidator of major international airlines, including Thai Airways, Eva Airways, Dragon Air, Air China, China Southern Airlines and China Eastern Airlines. The company provides travel services such as ticketing, hotel and accommodation arrangements, tour packages, incentive tours and group sightseeing services to customers located in Hong Kong and Mainland China. CHINA EASTERN AIR: Sells Equity in Shanghai Eastern for CNY460MM ---------------------------------------------------------------- China Eastern Airlines Co., Ltd. (SEHK: 0670 and SHSE: 600115), recently sold for CNY460 million the equity it holds in Shanghai Eastern Airlines Investment Co., Ltd., to its parent, China Eastern Air Holding Co., Trading Markets reports, citing Sinocast. With a total registered capital of CNY412.5 million, Eastern Airlines Investment was co-founded between Eastern Airlines and East China Cares System Co., Ltd., a local company specialized in civil aviation data network, in Shanghai on May 29, 2002, the report relates. According to Trading Markets, the two shareholding companies made up 98.79% and 1.21% of the new incorporation for CNY407.52 million and CNY 4.98 million, respectively. Meanwhile, East China Cares System also sold its stake valued at CNY5.658 million in Eastern Airlines Investment. XFN-Asia notes that, according to China Eastern, the asset sale will boost the group's cashflow, lower its debt to asset ratio and enhance business growth. The XFN report further says that China Eastern intends to use the proceeds from the stake sale for purchasing aircraft to increase flight capacity and bolster the group's competitiveness. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA EASTERN AIR: Opens New Route to Phnom Penh ------------------------------------------------ China Eastern Airlines has opened a new route from the southwestern city of Kunming to Phnom Penh, Cambodia, ChinaView reports, citing company spokeswoman Wang Qian. According to the report, Ms. Wang -- spokeswoman for the company's Yunnan branch in southwest China's Yunnan Province -- said that since early November, three regular flights per week have flown to the southeast Asian nation's capital, and a CRJ- 200 with a capacity of 50 passengers has been used for the new air service. Flights take off from Kunming, capital of Yunnan Province, at 7:15 a.m. on Wednesdays, Fridays and Sundays, and arrive in Phnom Penh at 10:40 a.m. local time, Ms. Wang stated. Return flights leave Phnom Penh at 11:30 a.m. local time the same day, she added. The flights make a stopover in the southern Chinese city of Nanning for 40 minutes. "The new air service will help boost the travel market of Yunnan and Cambodia and also economic exchanges between the two countries," Ms. Wang said. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. KAO HSIUNG: Earns TWD249.6 Million for First Nine Months of 2007 ---------------------------------------------------------------- Kao Hsiung Chang Iron & Steel Corp. reported a net income of TWD249.6 million for the nine months ended Sept. 30, 2007, a turnaround from the TWD290.1-million net loss reported for the nine months ended Sept. 30, 2006. The company's nine-month results is better compared to a net loss of TWD380.9 million recorded for the half-year of 2007. The company's sales amounted to TWD8.3 billion, while operating expenses amounted to TWD8.4 billion, giving the company an operating loss of TWD271.4 million for the period in review, against a TWD46.8 million operating loss a year earlier. The company, however, recorded a net non-operating gain of TWD780.1 million for the nine months to Sept. 30, 2007, against a loss position of TWD36.4 million a year earlier. Kaohsiung, Taiwan-based Kao Hsiung Chang Iron & Steel Corp. -- http://www.khc.com.tw/-- is engaged in the manufacture of cold- rolled steel products and steel pipes. The company's products include galvanized steel pipes, cold-rolled steel rolls, hot- rolled steel rolls and galvanized steel rolls, among others. The company distributes its products within the domestic market and to overseas markets, including Hong Kong, Mainland China, the Americas and Northeast Asia. The company has incurred net losses of TWD1.7 billion and TWD459.3 million for the years ended Dec. 31, 2005 and 2006. KAO HSIUNG: October Sales Falls 7.9% From Year-Ago Figures ---------------------------------------------------------- Kao Hsiung Chang Iron & Steel Corp.'s sales in October 2007 fell 7.9% year-on-year to TWD984.3 million from TWD1.1 billion, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD9.2 billion, a 5.33% increase from TWD8.8 billion. The company's September sales rose 19.6% year-on-year to TWD979.8 million, while August sales fell 23.6% to TWD711.6 million. Kaohsiung, Taiwan-based Kao Hsiung Chang Iron & Steel Corp. -- http://www.khc.com.tw/-- is engaged in the manufacture of cold- rolled steel products and steel pipes. The company's products include galvanized steel pipes, cold-rolled steel rolls, hot- rolled steel rolls and galvanized steel rolls, among others. The company distributes its products within the domestic market and to overseas markets, including Hong Kong, Mainland China, the Americas and Northeast Asia. The company has incurred net losses of TWD1.7 billion and TWD459.3 million for the years ended Dec. 31, 2005 and 2006. SAMPO CORP: Incurs TWD528.4-Mil. Loss for 2007 Nine-Month Period ---------------------------------------------------------------- Sampo Corp. reported a net loss of TWD528.4 million for the nine months ended Sept. 30, 2007, cutting by almost half the TWD1.1-billion net loss recorded for the nine months ended Sept. 30, 2006. The company had net sales of TWD8.3 billion for the period. Headquartered in Taoyuan, Taiwan, Sampo Corporation -- http://www.sampo.com.tw/-- is an electric appliances provider. The company is organized into three divisions: Home Appliances Division, which provides air conditioners, refrigerators, washing machines, dehumidifiers and microwave ovens; Electronics Division, which produces color televisions, plasma display panel monitors, high-definition Internet protocol TVs, liquid crystal display monitors and security LCDs, and Electronics Components Division, which is engaged in the development and production of fly back transformers, inverters and digital television modules. The company distributes its products within the domestic market and to overseas markets, including Asia, Europe, Latin America and the United States. The company posted consecutive losses of TWD1.0 billion, TWD5.5 billion and TWD4.1 billion for the years ended Dec. 31, 2004 through 2006. SAMPO CORP: Ten-Month Sales Total TWD8.99 Billion ------------------------------------------------- Sampo Corp.'s sales in October 2007 fell 41.05% year-on-year to TWD649.92 million from TWD1.10 billion, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD8.99 billion, a 28.23% fall year-on-year from TWD12.53 billion. Sales in September also fell 44.82% year-on-year to TWD586.87 million, while sales in August likewise fell 47.96% year-on-year to TWD691.72 million. Headquartered in Taoyuan, Taiwan, Sampo Corporation -- http://www.sampo.com.tw/-- is an electric appliances provider. The company is organized into three divisions: Home Appliances Division, which provides air conditioners, refrigerators, washing machines, dehumidifiers and microwave ovens; Electronics Division, which produces color televisions, plasma display panel monitors, high-definition Internet protocol TVs, liquid crystal display monitors and security LCDs, and Electronics Components Division, which is engaged in the development and production of fly back transformers (FBTs), inverters and digital television modules. The company distributes its products within the domestic market and to overseas markets, including Asia, Europe, Latin America and the United States. The company posted three consecutive annual losses of TWD1.0 billion, TWD5.5 billion and TWD4.1 billion for the years ended Dec. 31, 2004 through 2006. YIEH HSING: Incurs TWD128-Million Loss in First 9 Months of 2007 ---------------------------------------------------------------- Yieh Hsing Enterprise Co., Ltd., reported a net loss of TWD128.2 million for the nine-month period ended Sept. 30, 2007, against a net loss of TWD454.9 million reported for the same period in 2006. The company reported net sales of TWD8.5 billion for the period in review, while operating expenses amounted to TWD8.3 billion, giving the company an operating income of TWD110.4 million. The company, however, spent TWD222.8 million and TWD45.9 million in interest expense and tax expense. Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. -- http://www.yheco.com.tw/-- is a stainless steel and carbon steel producer. The company distributes its products in the domestic market and to overseas markets, including mainland China, Southeast Asia, the United States and northeastern Asia. The company has incurred net losses of TWD619.0 million and TWD688.3 million for the years ended Dec. 31, 2005 and 2006. YIEH HSING: October Sales Rise 20.5% to TWD760 Million ------------------------------------------------------ Yieh Hsing Enterprise Co., Ltd.'s sales in October 2007 rose 20.5% year-on-year to TWD760.0 million from TWD630.9 million, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD9.2 billion, a 27.45% improvement against the previous year's sales of TWD7.3 billion. The company's sales in September fell 6.35% year-on-year to TWD730.2 million from TWD779.7 million. Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. -- http://www.yheco.com.tw/-- is a stainless steel and carbon steel producer. The company distributes its products in the domestic market and to overseas markets, including mainland China, Southeast Asia, the United States and northeastern Asia. The company has incurred net losses of TWD619.0 million and TWD688.3 million for the years ended Dec. 31, 2005 and 2006. ========= I N D I A ========= AFFILIATED COMPUTER: Replacement Directors Join Board ----------------------------------------------------- The independent directors of Affiliated Computer Services Inc.'s board of directors have completed their review of the replacement directors proposed by Darwin Deason, chairman of the board. No shareholders suggested any alternative nominees to those nominated by Mr. Deason. "We have determined that we have no reason to conclude that the nominees are not independent of Mr. Deason and the company's management," Dennis McCuistion said. Effective Nov. 21, 2007, Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill and Frank A. Rossi resigned from the company's board. The remaining directors have appointed Frank Varasano, Ted B. Miller, Jr., Richard W. Spears, and Kurt R. Krauss to fill the resulting vacancies. Mr. John H. Rexford also resigned from the company's board effective Nov. 21, 2007, leaving the board to consist of four independent directors and two management directors. Neither Mr. Deason nor any member of the company's management or board has any prior relationship with any of the newly elected independent directors. Frank Varasano Mr. Varasano, 61, served as executive vice president of Oracle Corporation from 1999 to 2001, where he was responsible for marketing, sales and consulting to Oracle's 400 largest product producing clients and was a member of the executive committee. Prior to that, Mr. Varasano held several senior management positions during his 26-year tenure at Booz Allen Hamilton. As a senior vice president, he led Booz Allen Hamilton's engineering and manufacturing practice, New York office and United States regional profit center. He also served on the firm's board of directors and executive committee. From 2005 to 2006, Mr. Varasano served as a director of Loudeye Corporation, serving on the compensation committee and the special committee that led the analysis and review of the sale of Loudeye to Nokia Corp. Mr. Varasano holds a Masters in Business Administration from Harvard Business School and a Bachelor of Science Degree from the United States Naval Academy. He also served as an officer aboard the USS Patrick Henry, a nuclear submarine. Ted B. Miller, Jr. From 1996 to 2001, Mr. Miller, 56, was the chief executive officer of Crown Castle International Corp., a wireless communications company he founded in 1995 which grew from start up to an US$11.1 billion market capitalization. He was chairman of the Crown Castle board of directors from 1999 to 2002. Prior to founding Crown Castle, Mr. Miller was involved in the commercial real estate development, management and brokerage business and various investments including the media business as an original licensee of Blockbuster Video. Mr. Miller is currently managing director of Imperium International LLC and president of 4M Investments LLC, both international private investment companies. He is currently the chairman and majority shareholder of M7 Aerospace LP, an internationally diversified aerospace service, manufacturing and technology company. He is also vice chairman and majority shareholder of Intercomp Technologies LLC, a payroll outsourcing company with operations in Europe. Mr. Miller received a Juris Doctor from Louisiana State University and a Bachelor of Business Administration from the University of Texas. Richard W. Spears From 1980 to 1992, Mr. Spears, 71, was senior vice president, law and human resources, of Ashland Oil Inc., then a Fortune 100 company. From 1992 to 2003, he was a co-owner and director of Kentucky Bank and Trust Co. From 1992 to 1994, Mr. Spears served as of counsel to Greenebaum, Doll & McDonald PLLC, a corporate law firm with offices in Kentucky, Ohio, Tennessee and the District of Columbia. Currently, Mr. Spears is President and a director of Ashmark, Inc., a private retail venture which he co-founded. Mr. Spears received a Bachelor of Laws from the University of Kentucky College of Law and a Bachelor of Arts in Economics from Georgetown College. Kurt R. Krauss From 1978 to 1992, Mr. Krauss, 58, was a partner with Booz Allen Hamilton. He also served on the firm's board of directors and executive committee. From 1992 to 1997, Mr. Krauss was managing partner of the Mead Group, a management consulting firm which he founded with offices in Greenwich, Connecticut, and London, England. From 1997 to 2000, he served as chief financial officer of Burson-Marsteller, a public relations and public affairs firm. Currently, Mr. Krauss is the managing member of Sachem Investments LLC, an investment company he founded in 2001. Mr. Krauss currently serves on the board of directors of Prescient Medical Inc., for which he is the audit committee chairman, and has served on the boards of directors of Zila, Inc., Loudeye Corporation and several other not-for-profit organizations. Mr. Krauss received a Master of Science in Industrial Administration from Carnegie-Mellon University and a Bachelor of Arts in Mathematics from Heidelberg College. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on Nov 6, 2007, Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Dallas-based Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007. BAGALKOT UDYOG: Books INR15.14 Mil. Loss in Qtr. Ended Sept. 30 --------------------------------------------------------------- Bagalkot Udyog Ltd's net loss widened to INR15.14 million in the three months ended Sept. 30, 2007, from the INR13.72-million loss incurred in the same period in 2006. Bagalkot Udyog recorded zero sales with the stoppage of the manufacturing activities at its cement plant since May 2006. The company earned INR670,00 from other income and doled out INR9.97 million for expenditures, bringing the company an operating loss of INR9.3 million. For the latest quarter under review, the company also incurred interest charges of INR1.55 million, posted depreciation of INR4.21 million and provided INR80,000 for taxes. For the revival of the company, India's Board of Industrial & Financial Reconstruction sanctioned a Scheme for rehabilitation or Demerger. As per the Scheme, the company's cement divisionhas been demerged and transferred to the resulting company, Bagalkot Cement & Industries Ltd, on going concern basis with effect from July 1, 2007. Accounting effect for the demerger, however, is not considered in the latest financial statements and will be considered in the accounts of the subsequent period after complying with transfer formalities. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?25b8 Bagalkot Udyog Ltd manufactures cement, clinker and other by- products. The company incurred heavy losses that led to the erosion of its entire net worth. By order dated June 2, 2000, the Board for Industrial & Financial Reconstruction, New Delhi, had declared the company as a sick industrial unit under the provisions of Sick Industrial Companies (Special Provisions), Act 1985. On May 11, 2006, the operations of the company's cement plant at Bagalkot came to a total stop. The company booked net losses of INR12.68 million for the fiscal year ended March 31, 2007, abd INR59.16 million in FY 2006. BAGALKOT UDYOG: Board to Consider Audited Accounts on Nov. 30 ------------------------------------------------------------- Bagalkot Udyog Ltd will hold a meeting on Nov. 30, 2007, a filing with the Bombay Stock Exchange reveals. The board, among others, will consider Bagalkot Udyog's audited accounts for the period ended June 30, 2007, and to pass over dividend for the year. For the three months ended June 30, 2007, the company booked a net loss of INR14.08 million, which bottom line widened to INR15.14 million in the July-Sept. 2007 period. Bagalkot Udyog Ltd manufactures cement, clinker and other by- products. The company incurred heavy losses that led to the erosion of its entire net worth. By order dated June 2, 2000, the Board for Industrial & Financial Reconstruction, New Delhi, had declared the company as a sick industrial unit under the provisions of Sick Industrial Companies (Special Provisions), Act 1985. On May 11, 2006, the operations of the company's cement plant at Bagalkot came to a total stop. The company booked net losses of INR12.68 million for the fiscal year ended March 31, 2007, and INR59.16 million in FY 2006. For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme for rehabilitation or Demerger pursuant to which the company's cement division is demerged and transferred to Bagalkot Cement & Industries Ltd on going concern basis with effect from July 1, 2007. Accounting effect for the demerger will be considered after complying with transfer formalities. BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend ----------------------------------------------------------- Bristow Group Inc. Board of Directors has declared a dividend of US$0.68750 per share of Mandatory Convertible Preferred Stock issued and outstanding at the close of business on Dec. 1, 2007, which will be payable on Dec. 17, 2007, to stockholders of record at the close of business. There are 4,600,000 shares of Bristow's Mandatory Convertible Preferred Stock issued and outstanding. Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS) -- http://www.bristowgroup.com/-- fka Offshore Logistics Inc., provides helicopter transportation services to the worldwide offshore oil and gas industry with operations in the United States Gulf of Mexico and the North Sea. The Company also has operations, both directly and indirectly, in offshore oil and gas producing regions of the world, including Australia, Brazil, China, India, Mexico, Nigeria, Russia and Trinidad. The Company also provides production management services for oil and gas production facilities in the United States Gulf of Mexico. * * * Standard & Poor's Ratings Services placed Bristow Group Inc.'s long term corporate family and senior unsecured debt ratings at 'Ba2' in January 2006. The ratings still hold to date with a negative outlook. CABLE & WIRELESS: Excessive Executive Payout Angers Investors ------------------------------------------------------------- Cable & Wireless plc is facing yet another dispute with investors and unions over excessive executive rewards following a management shake-up, the Times reports. On Nov. 13, 2007, C&W implemented changes to the management of its International business in preparation for driving the next phase of its value creation. Harris Jones is to step down as chief executive of International and as a director, and leave the business towards the end of 2007 once handover is complete. As disclosed, Mr. Jones will receive his contractual entitlement on leaving, including GBP4.3 million for his pro-rated share in the Long Term Incentive Plan having delivered value creation on behalf of shareholders from International of over GBP1 billion since he joined in November 2004, of which three quarters of a billion has been created since the commencement of the LTIP on April 1, 2006. There will be no additional charge to shareholders for the LTIP regarding this management change as there is a finite pool of units in the plan. However, according to investors, Mr. Jones' departure came amid a weakening performance in the company's international division, the Times relates. John Pluthero is to become executive chairman of International with immediate effect, while continuing his similar role for Europe, Asia & US. Mr. Pluthero will receive 50% of Mr. Jones' LTIP units for the remaining life of the LTIP after deduction of the LTIP payment above to Mr. Jones. Peter Montagnon, the Association of British Insurers' director of investment affairs, told the Times it would go over the latest revisions of the C&W's remuneration scheme, which he describes as "quite unusual". At its Annual General Meeting on July 20, 2007, C&W recommended the removal of the GBP20 million cap on the amount that can be received by an individual within the LTIP, which angered investors, Elizabeth Judge writes for the Times. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Exide Technologies to 'B-' from 'CCC+' because of the company's improved financial results, which Exide has achieved despite sharply higher lead prices. The outlook is stable. Alpharetta, Georgio-based Exide, a manufacturer of automotive and industrial batteries, has total debt of about $1.1 billion, including Standard & Poor's adjustments for underfunded retiree benefit liabilities, operating leases, and trade receivables sold. "The rating action reflects Standard & Poor's view that a default by Exide is unlikely over the next 12-18 months," said Standard & Poor's credit analyst Gregg Lemos Stein. Exide's financial profile remains highly leveraged, but credit measures have improved meaningfully over the past several quarters as a result of steadily increasing EBITDA. Prices for lead have more than tripled since mid-2006, leading to sharply higher working capital and negative free cash flow. However, Exide has been able to blunt most of the impact on profitability by passing along higher costs to its customers. The outlook is stable. S&P could revise the outlook to negative or lower the ratings if free operating cash flow fails to turn positive, if recent improvements in Exide's pricing environment prove unsustainable, or if lead costs continue to increase dramatically and liquidity diminishes. S&P could revise the rating to positive if leverage continues to moderate substantially and the company demonstrates consistent and sustainable positive free cash flow generation, allowing for permanent debt reduction. Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The company has operations in 89 countries, including, Australia, India, Finland, Poland, New Zealand, among others. GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes ---------------------------------------------------------------- UAW President Ron Gettelfinger wants an audience with General Motors Corp.'s chief financial officer Frederick A. Henderson to seek transparency in the carmaker's vulnerability to the financial woes of Residential Capital LLC, in which it holds a 49% stake, Reuters reports. The UAW leader disclosed that union members are wary of the huge drop in GM shares this week. ResCap is the home mortgage unit of GMAC Financial Services, which is in turn wholly owned by GMAC LLC. As reported in yesterday's Troubled Company Reporter citing the Associated Press, GMAC Financial Services and Cerberus Management Capital LP, which owns 51% stake in ResCap, are likely to place ResCap into bankruptcy due to ResCap's exposure to homebuilders. ResCap is currently under restructuring as severe weakness in the housing market and mortgage industry continues to prevail. ResCap will streamline its operations and revise its cost structure, which will enhance its flexibility, allowing it to scale operations up or down more rapidly to meet changing market conditions. GMAC Financial Services and ResCap continue to investigate strategic alternatives, including to improve ResCap's liquidity and to adjust its business in light of current domestic and international market conditions. These strategic alternatives include potential acquisitions as well as dispositions, alliances, and joint ventures with a variety of third parties with respect to some or all of ResCap's businesses. Reuters adds that JPMorgan analyst, Himanshu Patel, said that a ResCap bankruptcy could cost GM shareholders about $2.65 a share. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. (Delphi Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of $39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal -------------------------------------------------------------- Quebecor World Inc. has withdrawn its refinancing plan involving an offer of approximately CDN$250 million of its equity shares, an offer on a private placement basis of an aggregate of US$500 million of new debt securities and amendments to the company's secured credit facilities. The company has decided to withdraw the refinancing plan due to adverse current financial market conditions. The company will continue to evaluate financing alternatives, including the issuance of equity and debt securities when conditions are more favourable, asset sales and sale leaseback transactions and explore other alternatives. To that effect, the board will hire independent financial advisors. In this connection, Quebecor Inc. has taken note of and agreed with the decision by Quebecor World to withdraw its refinancing plan. As the controlling shareholder, Quebecor Inc. related that it will cooperate in the exploration of other alternatives. About Quebecor World Inc. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. * * * As reported in the Troubled Company Reporter on Nov. 15, 2007, Moody's Investors Service rated Quebecor World Inc.'s new US$400 million senior unsecured note issue Caa1. At the same time, ratings for about US$1.6 billion of existing senior unsecured notes for QWI and its wholly-owned subsidiary companies, Quebecor World Capital Corporation and Quebecor World Capital ULC, were downgraded to Caa1 from B3. Standard & Poor's assigned its 'B' debt rating to Quebecor World's proposed US$400 million senior unsecured notes due 2014. The 'B' debt rating will be placed on CreditWatch with negative implications. ================= I N D O N E S I A ================= BANK RAKYAT: DBS Vickers Lowers Ratings to "Hold" ------------------------------------------------- PT Bank Rakyat Indonesia's ratings were lowered from "buy" to "hold" by DBS Vickers, amid concern that rising inflation will hurt the bank's earnings, Thomson Financial reports. According to the report, DBS Vickers has also cut its target price for the stock to IDR7,750 from IDR7,761. Agus Pramono, a DBS Vickers analyst, told the news agency that they think there is a risk of investing in the banking sector. The main risk for the sector would be a slowdown in loan growth and rising non-performing loans due to companies facing a slowdown in sales while production costs rise because of high oil prices, he said. The report, citing Mr. Pramono, relates that rising inflationary pressures also increase the risk of interest rates being raised. Some foreign banks have raised lending rates in anticipation of the rising cost of funds, after local banks will follow, it may prompt companies to postpone their loan raising, the report adds. DBS Vickers has also lowered its forecast of BRI's loan growth for 2008 to 15% from 17.5%, and reduced its 2007-2009 earnings forecasts by 1.5-5.1%, Thomson says. About Bank Rakyat The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised Bank Rakyat's foreign currency long-term debt rating to Ba2 from Ba3 and its foreign currency long-term deposit ratings to B1 from B2. Fitch Ratings affirmed all the ratings of PT Bank Rakyat Indonesia (Persero) Tbk: * Long-term foreign Issuer Default rating 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '4'. GARUDA: Hires Cargo GSA for Australia & New Zealand Aid Agent ------------------------------------------------------------- PT Garuda Indonesia hired GSA Cargo Services as cargo general sales and services agent in Australia and New Zealand starting December 1, Air Cargo Asia-Pacific News reports. GSA Cargo Services, the report notes, will be responsible for all cargo sales and marketing activities, reservations functions and operations. Garuda Indonesia Cargo services manager, Joe Haddad, will remain with the carrier and undertake a liaison role between the company and the new general sales agent, the report says. GSA Cargo Services director Donna Mayne told the news agency that she planned to make Garuda Indonesia a dominant force in the Australasian air freight industry through enhanced marketing and representation. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. The Troubled Company Reporter-Asia Pacific reported on Sep. 6, 2007, that Garuda, saddled with a debt of around US$750 million including some US$475 million owed to the European Credit Agency, is in negotiations with creditors to restructure some of its debt. The carrier's debt needs to be restructured, otherwise Garuda will not be able to fly anymore as its debt is too big, the report added. The airline was affected by plunging arrivals on the resort island of Bali, where tourists have been killed in bomb attacks in 2002 and 2005. It has also suffered from soaring global oil prices, a weakening of the Indonesian rupiah and rising interest rates. Garuda is concentrating its efforts on repaying its debt with foreign creditors under the European Credit Agency, which was due on Dec. 31, 2005. The company, until November 2006, suffered an unaudited loss of IDR390 billion, which was lower than the IDR672 billion, recorded in the same period the year before. Garuda is currently undergoing debt restructuring. The Troubled Company Reporter-Asia Pacific reported on December 20, 2006, that in line with the airline's debt restructuring, it continues to consistently pay debt interest. INDOSAT: Investors Lose IDR7.1 Trillion Due to Shares Drop ---------------------------------------------------------- Investor's suffered losses of around IDR7.1 trillion in aggregate