T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 27, 2007, Vol. 10, No. 235 Headlines A U S T R A L I A BINGO WORLD: Members and Creditors to Meet on Dec. 4 CAVEAT FINANCE: ASIC Orders Wind Up Due to Insolvency COEUR D'ALENE: Advisory Firms Recommend for Acquisition COLES GROUP: S&P Withdraws BBB+ Corporate Rating DSB INDUSTRIES: Sets Final Meeting for November 30 DYNO NOBEL: Placed Under Voluntary Liquidation ELDER & ROSE: Liquidator Presents Wind-Up Report ENVESTRA LTD: Taxes Cause Third Annual Net Loss of AU$3.01 Mil. ENVESTRA LTD: Pays AU$5.70 Per Security to Security Holders HOBART PORTS: Members Receive Wind-Up Report HUTCHISON TELECOMMUNICATIONS: Issues 75,402,826 Ordinary Shares INFORMATION TECHNOLOGY: Members Pass Resolution to Wind Up Firm KAIRIKI ENERGY: Doubles Net Loss to AU$1.54 Million for FY2007 KAIRIKI ENERGY: Enters Romania and Tunisia via Alpine Oil JV LINK PROJECTS: Placed Under Voluntary Liquidation LLANDILLO KENSIT: Commences Wind-Up Proceedings PALADIN RESOURCES: Incurs US37.6-Million Net Loss for FY2007 SYMBION HEALTH: Primary Health Threatens to Withdraw Bid SYMBION HEALTH: Shares Trading Halted Along w/ Healthscope's TRANSURBAN: Chalks Third Annual Net Loss at AU$152.18 Million TRANSURBAN GROUP: Citilink Revenue Rises 8.3% in Sept. Quarter TRANSURBAN GROUP: M1 Eastern Earnings Up 5.9% in Sept. Quarter ZINIFEX: Sees Lower Operating Profit for 2008 Due to High Costs C H I N A & H O N G K O N G BODISEN BIOTECH: Posts US$2.9 Million Net Loss in Third Quarter CITIC SECURITIES: Eyes Listing in Hong Kong DANA CORPORATION: Earns US$23 Mln. in Month Ended September 30 I N D I A AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits BHARTI AIRTEL: To Use Mformation's Mobile Device Mgmt. Software BPL LTD: Net Loss Widens by 21% in Qtr. Ended Sept. 30, 2007 CABLE & WIRELESS: Excessive Executive Payout Angers Investors DECCAN AVIATION: Says No Reverse Merger Proposal Considered DECCAN AVIATION: Schedules Annual General Meeting on Dec. 19 DCM SHRIRAM: Preferential Warrant Price Fixed at INR90 GERDAU SA: Moody's Affirms Corporate Family Rating at Ba1 QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review I N D O N E S I A HILTON HOTELS: To Issue US$500-MM Unsecured Floating Rate Notes OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+ PT INCO: Hires New Members for the Board of Commissioners J A P A N ALL NIPPON: To Undercut JAL in Int.'l Fares Starting January BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims IHI CORP: To Sell Asset to Dai-ichi Mutual for JPY77 Billion JAPAN AIRLINES: Selects 5 Preferred Bidders for JALCard PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say K O R E A FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB- LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes REMY WORLDWIDE: Court Approves AP Services as Crisis Manager TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim M A L A Y S I A APL INDUSTRIES: Discloses Proposed Capital Reconstruction CNLT (FAR EAST): Enters into MOU with Kamal Kishore CNLT (FAR EAST): Moves Wind-Up Petition Hearing to Feb. 26 SUNWAY INFRASTRUCTURE: To Raise US$223 Million Islamic Bonds N E W Z E A L A N D AUTOWAYS LTD: Court to Hear Wind-Up Petition on Nov. 29 ARCH HILL: Faces Tribro Building’s Wind-Up Petition BEDELIA O: Appoints Tubbs and Johnstone as Liquidators IRIDESCENT DESIGN: Court to Hear Wind-Up Petition on Feb. 8 NICO 1 MACHINERY: Commences Liquidation Proceedings NICO TRANSPORT: Undergoes Liquidation Proceedings SMITH AND HAYES: Fixes Dec. 4 as Last Day to File Claims T.K. SMITH: Commences Liquidation Proceedings TECHNICAL SPECIALISTS: Shareholders Decide to Wind Up Firm * McDouall Stuart Publishes 2007 Report on NZ Finance Co. Sector P H I L I P P I N E S METROPOLITAN BANK: Declares 2% Cash Dividend for Stockholders PHILCOMSAT HOLDINGS: PCGG Group Questions Last Week's Elections PICOP RESOURCES: Awaits DENR's Nod to Extend Operation Plan * Philippines Will Survive Woes from Subprime Crisis, BSP Says S I N G A P O R E SEE HUP SENG: Discloses Shareholders' Change of Interest T H A I L A N D DAIDOMON GROUP: Expects to Submit Rehab Plan on January 9, 2008 FEDERAL-MOGUL: To Issue $305,236,000 in Senior Notes FEDERAL-MOGUL: Posts US$7.6 Mil.-Net Loss in Month Ended Oct. 31 FEDERAL-MOGUL: Thornwood Gets 25% of Reorganized Debtors' Stock TMB BANK: To Set Aside THB25 Bil. Loan-Loss Provision in 4Q 2007 TMB BANK: Divests 17.6% Stake in Zigma Concrete for THB95,246 * BOND PRICING: For the Week 19 November to 23 November 2007 - - - - - - - - ================= A U S T R A L I A ================= BINGO WORLD: Members and Creditors to Meet on Dec. 4 ---------------------------------------------------- Bingo World Pty Limited will hold a meeting for its members and creditors on December 4, 2007, at 9:30 a.m. At the meeting, Schon G. Condon RFD, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Schon G. Condon RFD c/o Condon Associates Australia Telephone:(02) 9893 9499 About Bingo World Bingo World Pty Limited is a distributor of toys, as well as hobby goods and supplies. The company is located at Penrith, in New South Wales, Australia. CAVEAT FINANCE: ASIC Orders Wind Up Due to Insolvency ----------------------------------------------------- The Australian Securities & Investments Commission has obtained an order from the Federal Court of Australia directing the wind- up of Geelong-based finance company Caveat Finance Pty. Ltd. (Caveat) on grounds of insolvency. Caveat was incorporated in November 2005 and provided high interest short-term loans (usually one to four months duration) to clients in the business sector. The interest on these loans was around 5% per month (60% per annum), with penalty rates often up to 10% per month. In order to finance these loans, Caveat borrowed money from private lenders, some of which were invited to loan money to Caveat via the company's Web site. The private lenders were promised interest rates of 2% per month (24% per annum). ASIC initiated proceedings to wind up Caveat on September 20, 2007. ASIC's proceedings alleged that in borrowing the money from private lenders, Caveat had contravened the Corporations Act by issuing debentures without entering into a trust deed or appointing a trustee for the debenture holders. Evidence before the Court indicated that in excess of AU$3.7 million was outstanding to debenture holders. ASIC contended that there was a serious risk that these loans would not be repaid. Following the receipt of an independent auditors' report that concluded Caveat was insolvent, the directors appointed a voluntary administrator on November 12, 2007. The Court ordered that Mr. Robert Cole, of Robert M H Cole & Co, be appointed as liquidator of Caveat and it was of the view that an adjournment of ASIC's proceedings was not in the interests of creditors. ASIC's Executive Director of Enforcement, Jan Redfern, said that while today's court action demonstrated ASIC's continued commitment to acting against those who fail to meet the requirements of the law, investors should be wary of any investments promising high returns. "Some investors mistakenly believe debentures are similar to fixed term deposits with banks, except with a higher interest rate. Unfortunately, what some investors don's realize is that investments offering high returns generally come with a high level of risk. "ASIC urges anyone considering investing in debentures to make sure they fully understand the risks by visiting ASIC's consumer website, FIDO at http://www.fido.gov.au/or calling our Infoline on 1300 300 630," Ms. Redfern said. COEUR D'ALENE: Advisory Firms Recommend for Acquisition ------------------------------------------------------- Coeur d'Alene Mines Corporation has disclosed that two of the nation's most influential independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co., have each recommended that Coeur shareholders vote "FOR" the proposals related to the acquisition of Bolnisi Gold NL (ASX:BSG) and Palmarejo Silver and Gold Corporation at the Company's Special Meeting of shareholders scheduled for Dec. 3, 2007. In recommending that Coeur shareholders vote "FOR" the proposed acquisition, ISS stated in its Nov: 20, 2007 report: "Based on our review of the terms of the transaction and the factors described above, in particular the strategic rationale, the opportunities available to the combined company and the increased liquidity of the combined company's stock, we believe that the merger agreement warrants shareholder support." Glass Lewis also recommended that shareholders vote "FOR" all proposals relating to the acquisition. In its Nov. 20, 2007 report, Glass Lewis stated: "Given the strategic rationale of the Transactions, the financial fairness of the proposed exchange ratios, and in the absence of significant conflicts, we believe that shareholders should support this proposal. The resulting scale of the three- way combination will yield operational and strategic benefits otherwise not available to the Company as a stand-alone entity." "We are very pleased to have the support of both ISS and Glass Lewis," said Dennis E. Wheeler, Coeur's Chairman, President and Chief Executive Officer. "Clearly, both proxy advisory firms recognize the transformative nature of this transaction and the potential for the tremendous value it will create for all Coeur shareholders. On behalf of the entire Board of Directors, I urge all Coeur shareholders to vote "FOR" the merger proposals. We look forward to closing this transaction and working toward becoming the world's undisputed leader in silver." Coeur shareholders are reminded that their vote is very important regardless of the number of shares of common stock they own. Whether or not shareholders are able to attend the Special Meeting in person, they should complete, sign and date the proxy card and return it in the prepaid and addressed envelope as soon as possible or submit a proxy through the Internet or by telephone as described on the proxy card that accompanied the definitive proxy statement. The Special Meeting of Coeur shareholders to consider and vote upon the proposed merger has been scheduled for Dec. 3, 2007 at 9:30 a.m. local time at The Coeur d'Alene Resort and Conference Center, Second Street and Front Avenue, Coeur d'Alene. Coeur shareholders of record as of the close of business on Oct. 19, 2007 will be entitled to vote at the special meeting. Shareholders who have questions about the transactions and the special meeting, including the procedures for voting your shares, should call D.F. King & Co., Inc., which is assisting Coeur, at 1-800-901-0068 (toll-free) or (collect) at 212-269-5550. Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. The company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia and Australia. * * * Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15, 2024, carry Standard & Poor's B- rating. COLES GROUP: S&P Withdraws BBB+ Corporate Rating ------------------------------------------------ Standard & Poor's Ratings Services said it had withdrawn its 'BBB+/A-2' corporate credit ratings on Coles Group Ltd. following Wesfarmers Ltd.'s (BBB+/Negative/A-2) successful takeover of Coles. The only outstanding rated debt of Coles is Coles Group Finance Ltd.'s AU$400 million medium-term notes maturing in July 2012. On Nov. 12, 2007, holders of these notes accepted a revised covenant and guarantee package for the notes. Under these new arrangements, noteholders receive the benefit of the same guarantees that are given by Wesfarmers (and a number of its subsidiaries) to its current financiers, as well as financial and other undertakings drawn from Wesfarmers' current syndicated financing. Accordingly, these 'BBB+' rated notes are now expected to remain outstanding until maturity under the new arrangements. Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. DSB INDUSTRIES: Sets Final Meeting for November 30 -------------------------------------------------- The members and creditors of DSB Industries Pty Limited will hold their final meeting on November 30, 2007, at 12:00 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Frank Lo Pilato RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue Turner ACT 2612 Australia Telephone:(02) 6247 5988 About DSB Industries Located at Deakin, in ACT, Australia, DSB Industries Pty Limited is an investor relation company. DYNO NOBEL: Placed Under Voluntary Liquidation ---------------------------------------------- During a general meeting held on October 15, 2007, the members of Dyno Nobel Holdings Australia Pty Ltd agreed to voluntarily liquidate the company's business. Simon Cathro and Christopher r. Campbell were tapped as liquidators. The Liquidators can be reached at: Simon Cathro Christopher R. Campbell Deloitte Touche Tohmatsu Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia Telephone:(02) 9322 7000 About Dyno Nobel Dyno Nobel Holding Australia Pty Ltd operates offices of holding companies. The company is located at North Sydney, in New South Wales, Australia. ELDER & ROSE: Liquidator Presents Wind-Up Report ------------------------------------------------ The members and creditors of Elder & Rose (Tempe) Pty Limited met on November 9, 2007, and agreed to voluntarily wind up the company's operations. G. D. Short was named as liquidator. The Liquidator can be reached at: G. D. Short c/o Short Kenyon & Co Proprietary Chartered Accountants 54 Sailors Bay Road Northbridge, New South Wales 2063 Australia About Elder & Rose Elder & Rose (Tempe) Pty Limited, which is also trading as Orana Windmill Hotel, operates hotels and motels. The company is located at Gilgandra, in New South Wales, Australia. ENVESTRA LTD: Taxes Cause Third Annual Net Loss of AU$3.01 Mil. --------------------------------------------------------------- Envestra Ltd. posted a net loss of AU$3.01 million for the year ended June 30, 2007, cutting into half the previous fiscal year's AU$6.37-million net loss. The company also reported a net loss of AU$16.31 million for fiscal 2005. For the year ended June 30, 2007, total revenue amounted to AU$347.34 million, while operating costs totaled AU$109.50 million. The company also had a depreciation expense of AU$55.51 million, interest on loan notes of AU$18.20 million and borrowing costs of AU137.10 million, giving the company a profit before income tax expense of AU$25.31 million. As of June 30, 2007, the company had total assets of AU$2.54 billion and accumulated losses of AU$131.83 million. Adelaide, Australia-based Envestra Limited -- http://www.envestra.com.au/-- provides natural gas haulage services to retailers through the transmission pipelines and distribution networks it owns and manages. The company is also engaged in the development of business through expansion of existing networks and construction of new networks. ENVESTRA LTD: Pays AU$5.70 Per Security to Security Holders ----------------------------------------------------------- Envestra Ltd. will pay out an interim distribution of AU$5.70 for the six months ended Sept. 30, 2007, to its security holders who wish to participate, the company said in a release posted on its Web site. The dividend will comprise of AU$0.90 interest on loan note, AU$3.87 repayment of loan note principal and an unfranked dividend of AU$0.93. The company's distribution re-investment plan will apply to the payment, under which a 2.5% discount will be applicable. Adelaide, Australia-based Envestra Limited -- http://www.envestra.com.au/-- provides natural gas haulage services to retailers through the transmission pipelines and distribution networks it owns and manages. The company is also engaged in the development of business through expansion of existing networks and construction of new networks. Envestra posted net losses of: -- AU$3.01 million for the year ended June 30, 2007; -- AU$6.37 million for the year ended June 30, 2006; and -- AU$16.31 million for the year ended June 30, 2005. HOBART PORTS: Members Receive Wind-Up Report -------------------------------------------- The members of Hobart Ports Corporation Proprietary Limited met on November 23, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Harvey J. Gibson Wise Lord & Ferguson Chartered Accountants 1st Floor, 160 Collins Street Hobart, Tasmania 7000 Australia Telephone:(03) 6223 6155 About Hobart Ports Hobart Ports Corporation Proprietary Limited, which is also trading as Melbourne Stevedores, is involved with the arrangement of transportation of freight and cargo. The company is located at Hobart, in Tasmania, Australia. HUTCHISON TELECOMMUNICATIONS: Issues 75,402,826 Ordinary Shares --------------------------------------------------------------- Hutchison Telecommunications (Australia) Limited has issued 75,402,826 ordinary shares and 1,508,056,509 convertible preference shares to Hutchison Communications (Australia) Pty. Ltd., a sophisticated investor, pursuant to a Sale and Subscription Agreement executed on October 10, 2007, between HTA, HCAPL, Telecom Corporation of New Zealand Limited and Telecom 3G (Australia) Limited. This move is part of a transaction to restructure the holding of Telecom Corporation of New Zealand Limited in HTA's 3G network and by which HTA will acquire radiocommunications spectrum from AAPT Limited. The issue was approved by shareholders at a general meeting of HTA held on October 8, 2007. 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 re-branded 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 Troubled Company Reporter-Asia Pacific, on April 20, 2007, included in its "Large Companies With Insolvent Balance Sheets" Column Hutchison Telecommunication, with US$786.31 million in stockholders' equity deficit. The company recorded a AU$759.4-million net loss for the 2006 fiscal year, compared with a AU$547.3-million loss for 2005. INFORMATION TECHNOLOGY: Members Pass Resolution to Wind Up Firm --------------------------------------------------------------- During a general meeting held on October 16, 2007, the members of Information Technology Training Institute Pty Ltd resolved to voluntarily wind up the company's operations. Gregory J. Parker was named liquidator for the company. The Liquidator can be reached at: Gregory J. Parker Parker Insolvency Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Information Technology Information Technology Training Institute Pty Ltd operates data processing schools. The company is located at Surrey Hills, in New South Wales, Australia. KAIRIKI ENERGY: Doubles Net Loss to AU$1.54 Million for FY2007 -------------------------------------------------------------- Kairiki Energy Limited reported a net loss of AU$1.54 million for the year ended June 30, 2007, doubling its net loss of AU$0.71 million for the year ended June 30, 2006. The company earned total revenues of AU$0.19 million in fiscal 2007. The company, however, spent AU$0.23 million on salaries and employees benefits, AU$0.14 million on consultants and directors fees, AU$0.42 million on share-based payments, AU$0.38 on exploration and evaluation expenses, and another AU$0.55 million on other expenses. The company had total assets of AU$14.95 million as of June 30, 2007. Based in West Perth, Australia, Kairiki Energy Limited -- http://www.kairikienergy.com/-- formerly Yilgarn Gold Limited, is engaged in mineral exploration. The company's projects in western Australia include New Bulong Project, Browns Lagoon JV Project, Foley Well JV Project, Great Southern Project, Goodenough Project, Clinker Hill Project, Cowarna Rocks Project and Golden Cliffs Project. Great Southern Mines NL, Resource Assets Pty Ltd. and Yilgarn Petroleum Philippines Pty Ltd. are wholly owned subsidiaries of Kairiki Energy Limited. KAIRIKI ENERGY: Enters Romania and Tunisia via Alpine Oil JV ------------------------------------------------------------ Kairiki Energy Limited and its joint venture partner Alpine Oil & Gas Pty. Ltd. have signed conditional purchase agreements with Stratic Energy Limited to acquire: * Stratic's 40% interest (held through wholly owned subsidiary company -- Grove Energy (Romania) Limited) in the South Craiova permit, onshore Romania; and * Stratic's 100% interest each in the Chorbane permit located onshore south-east Tunisia. The underlying terms of the Romanian transaction are: Kairiki and Alpine will each acquire 50% each of the shares of Grove Energy (Romania) Limited for a total consideration of US$1 million cash to Stratic. The transaction is subject to certain conditions precedent including: (a) the realization of certain receivables of Grove Energy (Romania) Limited which are currently outstanding; (b) the replacement of all bonds and guarantees with the Romanian authorities from Stratic to Kairiki and Alpine; and (c) the replacement of all bonds and guarantees with the operator, Sterling Resources (UK) from Stratic to Kairiki and Alpine. The permit expires in December 2009 and there are no outstanding work program obligations. The underlying terms of the Tunisian transaction are: 1. Kairiki and Alpine will each acquire a 50% interest in the permit for a total consideration of US$1 million cash to Stratic. The transaction is subject to certain conditions precedent including: (a) approval in writing by the Tunisian authorities of the conversion of the Chorbane Permit into an Exploration Permit; and (b) approval in writing by the Tunisian authorities to the assignment of the permit to Kairiki and Alpine. 2. The permit will have a three year exploration period when the permit is converted into an exploration permit with the right to extend it two times for two years each time for a total period of seven years. Based in West Perth, Australia, Kairiki Energy Limited -- http://www.kairikienergy.com/-- formerly Yilgarn Gold Limited, is engaged in mineral exploration. The company's projects in western Australia include New Bulong Project, Browns Lagoon JV Project, Foley Well JV Project, Great Southern Project, Goodenough Project, Clinker Hill Project, Cowarna Rocks Project and Golden Cliffs Project. Great Southern Mines NL, Resource Assets Pty Ltd. and Yilgarn Petroleum Philippines Pty Ltd. are wholly owned subsidiaries of Kairiki Energy Limited. The company had incurred net losses of AU$1.54 million, AU$0.71 million and AU$ AU$0.89 million for the years ended June 30, 2007, 2006 and 2005. LINK PROJECTS: Placed Under Voluntary Liquidation ------------------------------------------------- At an extraordinary general meeting held on October 15, 2007, the members of Link Projects Australasia Pty Ltd agreed to voluntarily liquidate the company's business. Christopher Michael Williamson and Kimberley Andrew Strickland wee appointed as liquidators. The Liquidators can be reached at: Christopher Michael Williamson Kimberley Andrew Strickland SimsPartners Level 12, 40 St George's Terrace Perth, Western Australia 6000 Australia About Link Projects Link Projects Australasia Pty Ltd is a general contractor of nonresidential buildings, other than industrial buildings and warehouses. The company is located at Osborne Park, in Western Australia, Australia. LLANDILLO KENSIT: Commences Wind-Up Proceedings ----------------------------------------------- During a general meeting held on October 10, 2007, the members of Llandillo Kensit Pty Ltd agreed to voluntarily wind up the company's operations. R. L. Cardwell was appointed as liquidator. The Liquidator can be reached at: R. L. Cardwell 14 Barry Place Cherrybrook, New South Wales 2126 Australia About Llandillo Kensit Llandillo Kensit Pty Ltd, which is also trading as Moorlands Department Store, operates department stores. The company is located at Crookwell, in New South Wales, Australia. PALADIN RESOURCES: Incurs US37.6-Million Net Loss for FY2007 ------------------------------------------------------------ Paladin Resources Ltd. reported a net loss of US$37.6 million for the year ended June 30, 2007, compared to the US$5.6-million net loss for the year ended June 30, 2006. The company had total revenues of US$11.2 million and cost of sales of US$12.0 million, giving the company a gross loss of US$0.8 million. As of June 30, 2007, the company had total assets of US$2.06 billion. The highlights: Projects * Operations commenced at the Langer Heinrich Uranium Project, Namibia with production of 119,586 pounds of U3O8 to June 30, 2007. Expect 2.6Mlb U3O8 pa nameplate production starting early calendar 2008. * Shipments of Langer Heinrich uranium concentrate made to conversion facilities with first sale of U3O8 made under long term contract * Completion of Bankable Feasibility Study for the Kayelekera Uranium Project, Malawi with construction commencing as scheduled for the designed 3.3Mlb U3O8 pa nameplate production at an estimated cost of US$185 million * Focus on exploration and evaluation of Australian projects, in particular the Bigryli Uranium Joint Venture in Northern Territory and the Mount Isa Uranium Joint Venture in Queensland * Completed acquisitions of Summit Resources Ltd (81.9%) and Valhalla Uranium Ltd (100%) with substantial Australian uranium resources Corporate * Loss after tax for the year ending 30 June 2007 of US$38 million -- consisting of US$7 million loss for Langer Heinrich as a consequence of extended operational ramp up activities; US$7 million investment in exploration and evaluation expenditure; US$13 million finance costs; and US$11 million in net corporate costs * Strong balance sheet at 30 June 2007 with net assets of US$1.3 billion including US$183 million in cash (US$159 million invested in US treasury bonds) * Transition to sources of debt and hybrid financing with completion of a US$250 million Convertible Bond issue on 15 December 2006 and drawdown of Langer Heinrich Project Finance Facilities * Third party uranium purchase of 250,000 pounds of U3O8 as a strategic holding and to assist meeting some early contracted deliveries of Langer Heinrich production while conversion facility inventories are accumulated * Expanded corporate capability and personnel numbers to enable future growth Headquartered in Subiaco, Australia, Paladin Energy Ltd. -- http://www.paladinresources.com.au-- formerly Paladin Resources, Ltd., operates in the resource industry, with a principal business of evaluation and development of uranium projects in Africa and Australia. Its wholly owned projects include the Langer Heinrich Uranium Project, which is located in Namibia, Southern Africa, and hosts surficial, calcrete type uranium deposit; the Kayelekera Uranium Project, which is located in northern Malawi, Southern Africa; the Manyingee Uranium Project, which is located in the north west of Western Australia, and hosts sandstone deposits, and the Oobagooma Project, which is located in the West Kimberley region of Western Australia, and hosts sandstone deposits. Its joint venture with Quasar Resources Pty Ltd covers two exploration licenses in the northern Frome Basin in South Australia. During the fiscal year ended June 30, 2006, it completed resource drilling programs at Langer Heinrich and Kayelekera Uranium Projects. As of June 1, 2007, Paladin held an 81.82% interest in Summit Resources Limited. SYMBION HEALTH: Primary Health Threatens to Withdraw Bid -------------------------------------------------------- Primary Health Care threatened to withdraw its AU$4.10-a-share offer for Symbion Health Ltd. if Symbion shareholders will vote in favor of Healthscope Ltd.'s proposal to buy Symbion's diagnostic and medical center assets, Teresa Ooi writes for The Australian. The Australian relates that Primary managing director Edmund Bateman is determined to create more uncertainty for shareholders by telling them he will cancel the AU$2.65-billion offer he made earlier this month. Dr. Bateman, according to the report, wrote to Symbion shareholders urging them to say "no" to Healthscope's uncertain and risky proposal. However Primary's letter, notes the article, has sparked some anxiety among shareholders, with one saying that Primary has been economic with the truth as it failed to list the 15 conditions attached to its bid. The report adds that Dr. Bateman claims that its AU$4.10-per- share offer was at a healthy premium to the independent expert's valuation range of between AU$3.52 and AU$3.91. Primary, which is Symbion's largest shareholder, owning 20%, is quoted by Ms. Ooi as saying, "If shareholders vote in favor of the diagnostic proposal absent of a favorable ATO ruling, they will be subject to uncertainty for potentially some considerable time." The report states that the Australian Securities & Investments Commission has already been alerted to Primary's strong-arm tactics and letter, containing selective information. Meanwhile, Symbion managing director Robert Cooke is quoted as saying, "The board has already rejected Primary's AU$4.10-a- share bid as inferior to the current Healthscope offer on the table. Primary's threat to walk away from the deal will make no difference. Ultimately it's up to shareholders to decide. However, it is disappointing that Primary has decided not to put all the information and conditions before shareholders." 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). SYMBION HEALTH: Shares Trading Halted Along w/ Healthscope's ------------------------------------------------------------ Symbion Health Ltd. and Healthscope Ltd. shares trading had been halted, pending announcements from both companies, Jonathan Standing writes for Reuters. Healthscope, which is leading a AU$2.8-billion bid for Symbion, has been challenged by Symbion's top shareholder, Primary Health Care Ltd., by launching its own hostile cash bid valuing Symbion at AU$2.7 billion, relates Reuters. 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). TRANSURBAN: Chalks Third Annual Net Loss at AU$152.18 Million ------------------------------------------------------------- Transurban Group reported a net loss of AU$152.18 million for the year ended June 30, 2007, more than doubling its AU$60.90-million net loss for the year ended June 30, 2006. The company also had a net loss of AU$152.18 million for fiscal 2005. Revenue was up 25.00%, underlying earnings were 38.00% higher and costs were down by 8.00% year-on-year, the company said in its annual report. Investors received total distributions of AU$0.54 per security for the financial year, 77.50% tax deferred. Highlights: * In Melbourne, the Tullamarine and Calder freeway interchange was completed and the forecast uplift in CityLink traffic and revenue is on track; * Additional lanes opened on part of Hills M2 in Sydney; * A total of AU$723 million in debt was refinanced during fiscal 2007. A total of AU$600 million in bank and SRG debt was refinanced on attractive terms in August 2007; and * The US Government's Federal Highway Administration agreed to provide Transurban with concessional loan funding so it can build a new tolled link from the road concession in Virginia -- the Pocahontas Parkway -- to the Richmond International Airport. As of June 30, 2007, the company had total assets of AU$11.62 billion. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: Citilink Revenue Rises 8.3% in Sept. Quarter -------------------------------------------------------------- Transurban Group's revenue for its Citilink operations went up 8.3% for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. The company's toll and fee revenue was AU$88.0 million. Average daily transaction volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change -------- -------- --------- Average Daily Revenue (AU$) AU$956,568 AU$883,124 8.3% Average Workday Transactions 750,024 726,637 3.2% Average Daily Transactions 680,032 657,402 3.4% * Provision for doubtful debts has been removed from revenue reporting and reallocated to CityLink expenditure. This was done to bring CityLink in line with the other Transurban assets. The adjustment was AU$192,000. * Both sections of the Tullamarine-Calder interchange project were open throughout the September quarter 2007. Transurban's forecast of 1% uplift in total traffic as a result of the project remains on track. * The September quarter 2007 had the same day mix as the corresponding period last year. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: M1 Eastern Earnings Up 5.9% in Sept. Quarter -------------------------------------------------------------- Transurban Group's revenue for its M1 Eastern Distributor operations went up 5.9% year-on-year to AU$18.2 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Average Daily Traffic volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change ----------- ----------- -------- Average Daily Revenue (AU$) AU$197,391 AU$186,311 5.9% Average Workday Trips 51,436 48,375 6.3% Average Daily Trips 46,917 44,338 5.8% * Tolling applies to Northbound traffic only. * Transurban owns 75.15% of M1 Eastern Distributor. * The September quarter 2007 had one less workday than the corresponding period past year due to the public holiday declared for the APEC conference. The Eastern Distributor also had lower traffic in days surrounding the holiday as general CBD activity decreased. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. ZINIFEX: Sees Lower Operating Profit for 2008 Due to High Costs --------------------------------------------------------------- Zinifex Limited (ZFX) said that lower zinc prices, a stronger Australian dollar and higher costs are expected to result in a lower operating profit for FY08, Egoli News notes. According to the report, Zinifex said that cost pressures continue, with high commodity prices and shortages of skilled mining personnel and supplies expected to increase operating costs by 10% from last year. Egoli says that Zinifex's acting chief executive officer, Tony Barnes, said during the company's annual general meeting that it would not be reasonable to expect a repeat of the record operating profit in 2006. “However, if prices and exchange rates continue at today's level our net profit should exceed that of last year when we take into account the profit earned on the sale of our shares in Nyrstar,” Mr. Barnes advised. Zinifex, in conjunction with its joint venture partner, Belgium's Umicore, recorded a gain of AU$1.6 billion on completion of the initial public offering of its smelting business, Nyrstar, on the Euronext, Egoli points out. In spite of rising costs, Mr. Barnes advised, production was ahead compared to the same period last year. The company reported that zinc output from its Century mine was 16% higher following a quarter of production without any stoppages, the report notes. Egoli cites Chairman Peter Mansell as saying that although the company's revenues are currently generated in Australia, Zinifex would look overseas for future opportunities. He said that while they have ruled out some places where the country risk is too great, they believe that opportunities still exist in northern Canada and Alaska, Europe, parts of Africa, China, Mexico and parts of South America. Egoli recounts that the company reported it would spend approximately AU$100 million in 2007 on exploration and development, a three-fold increase over last year's result. The group also said it planned to invest around AU$500 million into the business next year, with the largest budget item being the overburden removal at its flagship Century zinc mine. About Zinifex Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. ================================ C H I N A & H O N G K O N G ================================ BODISEN BIOTECH: Posts US$2.9 Million Net Loss in Third Quarter --------------------------------------------------------------- Bodisen Biotech Inc. reported a net loss of US$2.9 million on net revenue of US$2.3 million for the third quarter ended Sept. 30, 2007, compared with net income of US$3.2 million on net revenue of US$12.7 million in the same period in 2006. At Sept. 30, 2007, the company's consolidated balance sheet showed US$77.4 million in total assets, US$1.1 million in total liabilities, and US$76.3 million in total stockholders' equity. The significant decrease in revenue was due to the much smaller customer base in the three months ended Sept. 30, 2007, as compared to Sept. 30, 2006, as a result of the loss of customers following the company's delisting from the American Stock Exchange, as well as, to a lesser extent, a storm and drought, which affected crop plantings in the three-month period and decreased the use of fertilizers. Net operating expenses increased to US$3.5 million for the three months ended Sept. 30, 2007, from US$1.7 million for the three months ended Sept. 30, 2006. The significant increase is due to a loss of approximately US$1.7 million due to storm damage in August 2007. Excluding the effects of the storm damage, operating expenses increased slightly, primarily due to increased labor costs. The company had total non-operating expense of US$557,842 for the three months ended Sept. 30, 2007, compared to total non- operating income of US$28,817 for the three months ended Sept. 30, 2006. Other expense amounted to US$639,729 for the three months ended Sept. 30, 2007, compared to US$31,771 for three months ended Sept. 30, 2006. The increase is primarily the result of a foreign currency transaction loss. Going Concern Doubt As reported in the Troubled Company Reporter on May 8, 2007, Kabani & Company Inc., in Los Angeles, expressed substantial doubt about Bodisen Biotech Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the years ended Dec. 31, 2006, and 2005. The auditing firm pointed to certain lawsuits filed by investors against the company and the company being subject to potential claims from certain investors who have a right to receive the company's shares. Lawsuits filed by Shareholders In late 2006, various shareholders of the company filed eight purported class actions in the U.S. District Court for the Southern District of New York against the company and certain of its officers and directors, asserting claims under the federal securities laws. The complaints contain general and non- specific allegations about prior financial disclosures and its internal controls and a prior, now-terminated relationship with a financial advisor. The eight actions are Stephanie Tabor vs. Bodisen Inc., et al., Case No. 06-13220 (filed November 2006), Fraser Laschinger vs. Bodisen Inc., et al., Case No. 06-13254 (filed November 2006), Anthony DeSantis vs. Bodisen Inc., et. al., Case No. 06-13454 (filed November 2006), Yuchen Zhou vs. Bodisen Inc., et. al., Case No. 06-13567 (filed November 2006), William E. Cowley vs. Bodisen Inc., et. al., Case No. 06-13739 (filed December 2006), Ronald Stubblefield vs. Bodisen Inc., et. al., Case No. 06-14449 (filed December 2006), Adam Cohen vs. Bodisen Inc., et. al., Case No. 06-15179 (filed December 2006) and Lawrence M. Cohen vs. Bodisen Inc., et. al., Case No. 06-15399 (filed December 2006). The court has consolidated each of the actions into a single proceeding. The time for the company to respond formally to these lawsuits has not come and thus, the company has not done so. The complaints do not specify an amount of damages that plaintiffs seek. About Bodisen Biotech Headquartered in Shaanxi province, China, Bodisen Biotech Inc. (Other OTC: BBCZ.PK) -- http://www.bodisen.com/-- is a Delaware corporation which manufactures liquid and organic compound fertilizers, pesticides, insecticides and agricultural raw materials certified by the Petroleum Chemical Industry Administrative office of China, Shaanxi provincial government and Chinese government. CITIC SECURITIES: Eyes Listing in Hong Kong ------------------------------------------- CITIC Securities Co Ltd (600030.SS: Quote, Profile, Research) is considering listing in Hong Kong in the wake of its pioneering joint venture agreement with U.S. investment bank Bear Stearns Co Inc (BSC.N: Quote, Profile, Research), Reuters says, citing a Financial Times report on Monday. According to Reuters, FT quoted Citic Securities Chairman Wang Dongming as saying that an offshore listing for Citic, the securities arm of Citic Group, would help to make it a truly global firm. Mr. Wang, according to the report, said that there were still several serious issues to be considered before a final decision on a Hong Kong listing could be made. These issues, the report noted, include the Hong Kong Stock Exchange's requirement that listings in the territory must cover a minimum of 15% of issued share capital. In addition, the Chinese government requires all companies listing outside mainland China to hand over 10% of the proceeds to the national social security fund, the newspaper said, adding this would cost Citic Securities about CNY5 billion (US$668 million), based on its current share price in Shanghai. The report said that Citic Securities has been increasing its earnings fast and expects to continue growing, but according to Mr. Wang, there was an artificial element to valuations in China. "Everyone is over-enjoying their market capitalisation," he said. "We know these high multiples can't last forever." State-owned conglomerate CITIC Group -- http://www.citic.com/wps/portal/-- oversees the government's international investments, as well as some domestic ones. Its approximately 45 subsidiaries on four different continents include financial institutions -- more than 80% of its assets -- industrial concerns (satellite telecommunications, energy, manufacturing), and service companies (construction, advertising). Holdings include stakes in CITIC Securities and CITIC International Financial Holdings. The Troubled Company Reporter-Asia Pacific reported that on Feb. 13, 2007, Standard & Poor's Ratings Services said that it had removed the BB+ long-term and B short-term foreign currency counterparty credit rating on CITIC Group from CreditWatch. The outlook on the ratings is developing. At the same time, Standard & Poor's also removed the BB+ foreign currency issue rating on the group's senior unsecured debt from CreditWatch. DANA CORPORATION: Earns US$23 Mln. in Month Ended September 30 -------------------------------------------------------------- Dana Corporation Unaudited Condensed Consolidated Balance Sheet As of September 30, 2007 ASSETS CURRENT ASSETS Cash and cash equivalent assets US$1,035,000,000 Accounts receivable Trade 1,410,000,000 Other 290,000,000 Inventories 843,000,000 Assets of discontinued operations 52,000,000 Other current assets 155,000,000 --------------- Total current assets 3,785,000,000 Investments in equity affiliates 430,000,000 Net property, plant and equipment 1,740,000,000 Other noncurrent assets 1,063,000,000 --------------- TOTAL ASSETS US$7,018,000,000 =============== LIABILITY AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES DIP Financing US$900,000,000 Notes payable, including current portion of long-term debt 52,000,000 Accounts payable 1,136,000,000 Liabilities of discontinued operations 21,000,000 Other accrued liabilities 833,000,000 --------------- Total current liabilities 2,942,000,000 Liabilities subject to compromise 4,011,000,000 Deferred employee benefits and other non-current liabilities 493,000,000 Long-term debt 13,000,000 Minority interest in consolidated subsidiaries 95,000,000 --------------- Total liabilities 7,554,000,000 Shareholders' deficit (536,000,000) --------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT US$7,018,000,000 =============== Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended September 30, 2007 Net Sales US$732,000,000 Costs and expenses Costs of sales 690,000,000 Selling, general and administrative expenses 23,000,000 Realignment charges (4,000,000) Other income, net 12,000,000 --------------- Income (loss) from operations 35,000,000 Interest expense 5,000,000 Reorganization items, net (24,000,000) --------------- Income (loss) before income taxes 54,000,000 Income tax (expense) benefit (15,000,000) Minority interest 1,000,000 Equity in earnings of affiliates (5,000,000) --------------- Income (loss) before continuing operations 63,000,000 Income (loss) from discontinued operations (40,000,000) --------------- Net income (loss) US$23,000,000 =============== Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended September 30, 2007 OPERATING ACTIVITIES Net income (loss) US$23,000,000 Depreciation and amortization 24,000,000 Loss on sale of business 23,000,000 Non-cash portion of U.K. pension charge 0 Decrease (increase) in working capital (86,000,000) Unremitted equity earnings in affiliates 5,000,000 Reorganization items, net of payments (30,000,000) Other 20,000,000 --------------- Net cash flow provided by (used for) operating activities (21,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (13,000,000) Proceeds from sale of assets 0 Other 5,000,000 --------------- Net cash flow provided by (used for) investing activities (8,000,000) FINANCING ACTIVITIES Net change in short-term debt (14,000,000) Proceeds from DIP Credit Agreement 0 Net cash flow provided by (used for) financing activities (14,000,000) --------------- Net increase in cash equivalents (43,000,000) Cash & cash equivalents, beginning of period 1,078,000,000 --------------- Cash and cash equivalents, end of period US$1,035,000,000 =============== Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ========= I N D I A ========= AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits -------------------------------------------------------- Affiliated Computer Services, Inc. has announced that Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill, and Frank A. Rossi resigned from the company's Board of Directors. These former directors have agreed to dismiss their lawsuit, without prejudice, seeking a declaratory judgment that they had not breached their fiduciary duties in responding to the offer by Chairperson of the Affiliated Computer Services Board of Directors and Cerberus Capital Management, L.P., Darwin Deason, to acquire the company. Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Standard & Poor's Ratings Services has kept its 'BB' corporate credit and senior secured ratings on Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on Mar. 20, 2007. BHARTI AIRTEL: To Use Mformation's Mobile Device Mgmt. Software --------------------------------------------------------------- Bharti Airtel Ltd has tied up with Mformation(R) Technologies Inc. to use Mformation's technology as the core platform for enabling the seamless delivery of new data services and managing the mobile devices of its more than 48 million mobile subscribers. Bharti Airtel will use MFORMATION SERVICE MANAGER to configure, diagnose, update and manage advanced mobile devices through every phase of their lifecycle. Mformation's platform will be critical to the launch of new mobile data services and applications such as Instant Messaging and device browsers. In addition, Bharti Airtel's enterprise customers will benefit from a hosted device management and security solution that gives each enterprise complete control over the mobile devices, applications and services used by their employees. Bharti Airtel selected Mformation, the leading global provider of complete mobile device management solutions, because of its proven ability to help mobile operators unlock the power of their mobile networks and deliver on the full potential of next- generation wireless technology profitably. Jagbir Singh, Bharti Airtel's Group CTO, said, "As our subscriber base grows from nearly 50 million to more than 100 million over the next three years, the ability to resolve faults quickly and roll out exciting new data services and applications seamlessly will be key to accelerating the adoption of sophisticated new devices and advanced data services within our customer base. As the critical platform for controlling the mobile device, MFORMATION SERVICE MANAGER will be essential in helping us optimize the user experience and deliver seamless, intuitive services to both our business and consumer subscribers." Mark Edwards, Mformation's CEO, comments: "Bharti Airtel has achieved a leadership position in the highly competitive and demanding Indian mobile industry, which continues to experience unprecedented growth. We are excited to be working with Bharti Airtel during this time to help them deliver the highest possible levels of customer satisfaction while accelerating the delivery of new data services to their fast-growing customer base. MFORMATION SERVICE MANAGER will enable Bharti Airtel to deliver advanced device management capabilities -- from initial device configuration to diagnostics, maintenance, software management and data service rollout -- to both their consumer and business customers, helping grow revenues and increase profits." About Mformation Mformation Technologies Inc. is the leading global provider of mobile device management technology, offering a complete solution that enables mobile operators to rapidly accelerate their data revenues and reduce support costs. Mformation's award-winning MFORMATION SERVICE MANAGER(TM) suite is the most complete, flexible and integrated mobile device management software solution in the industry, providing solutions for OMA DM-based provisioning and configuration, FOTA management, smartphone application management, diagnostics, security management, enterprise management and customer experience management. MFORMATION SERVICE MANAGER(TM) received the 2007 GSM Association's award for "Best Service Delivery Platform" at this year's 3GSM World Congress in Barcelona. Mformation's platform has been licensed to leading operators in Asia, Australia, Europe and North America including Bell Mobility, Sprint Nextel, T-Mobile, Telefonica, Telus and Vodafone. Mformation is headquartered in Edison, New Jersey with offices around the globe. Mformation is a privately held company funded by Battery Ventures, Carmel Ventures, Intel Capital (NASDAQ:INTC), North Bridge Venture Partners, QuestMark Partners, Visa International and Wasatch Advisors Inc. About Bharti Airtel Headquartered in New Delhi, India, Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. The Mobile Services business unit offers mobile services in all 23 telecom circles of India. The B&TS business unit provides broadband and telephone services in 90 cities across India. The Enterprise Services business unit has two sub-units: Carriers (long- distance services) and Corporates. Through Enterprise Services- Carriers, Bharti Airtel provides national and international long-distance services. The Enterprise Services-Corporates business unit provides integrated voice and data communications solutions to corporate customers and small and medium-size enterprises. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency issuer default rating at 'BB+'. The Outlook on the rating is Stable. Additionally, Standard and Poor's Rating Service gave the company's long-term local and foreign issuer credit both a BB+ rating on Sept. 21, 2005. BPL LTD: Net Loss Widens by 21% in Qtr. Ended Sept. 30, 2007 ------------------------------------------------------------ In the three months ended Sept. 30, 2007, BPL Ltd's net loss widened to INR71.8 million on declining revenues. The negative bottom line is 21% higher than the INR59.2-million loss incurred in the quarter ended Sept. 30, 2006. For the current quarter under review, the company's revenues decreased 26% to INR257.2 million, which is comprised of net sales of INR254.2 million and INR3 million in other income. Operating expense aggregated INR270.5 million leaving the company with an operating loss of INR13.3 million. The company also booked interest charges of INR29 million, depreciation of INR28.8 million and INR700,000 in taxes. A copy of BPL Ltd's financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?25c2 Headquartered in Bangalore, India, BPL Limited manufactures and distributes consumer electronic products such as televisions, video tape recorder, audio systems, emergency lanterns, electrocardiographs and monitors. The Group also manufactures home appliances like washing machines, refrigerators, vacuum cleaners, microwave ovens, gas tables, soft energy and consumer telecom products. Its plants are located at Kerala, Karnataka and Uttar Pradesh. The Group operates in India. In 2006, the Company obtained approval from the Kerala High Court for its financial restructuring scheme and the launch of the 50:50 joint venture with Sanyo for the CTV business. The restructuring has allowed BPL to focus and strategize on its core businesses like mobile phones, entertainment electronics, medical electronics, engineering plastics and tooling for automotive and consumer electronics industry. As a part of the restructuring exercise, BPL had recently sold off its dry cell business -- which operated through its subsidiary BPL Soft Energy Systems -- in a INR67 crore deal including liabilities to the Khaitans of Eveready Industries. 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% DECCAN AVIATION: Says No Reverse Merger Proposal Considered ----------------------------------------------------------- Deccan Aviation Ltd said in a regulatory filing that there are no proposals relating to members of Kingfisher Airlines with the company that has been considered by its board of directors. The statement came after talks arose about a possible reverse merger. On Nov. 23, 2007, the Troubled Company Reporter-Asia Pacific reported that Deccan Aviation's stock rose by 23.3% after rumors that UB Group company Kingfisher is considering a reverse merger. The merger talks reportedly came from the news that Deccan might get clearance to fly international routes as it completes the mandatory five years of operating locally. As the UB Group owns nearly 46% stake in Deccan and is ready to operate international routes, it wants to piggyback on the aviation company to start its operations. The UB Group reportedly prefers Kingfisher to operate the overseas routes because business travelers, who bring in the revenues for international airlines, wouldn't prefer riding Deccan with its low-cost image. Deccan after clarifying that its board has not considered any related proposals, assured the stock exchange that it will disclose when any like proposals will be considered. Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. DECCAN AVIATION: Schedules Annual General Meeting on Dec. 19 ------------------------------------------------------------ Deccan Aviation Ltd informed the Bombay Stock Exchange that it will hold its 12th annual general meeting on Dec. 19, 2007. In that regard, the company will close its Register of Members & Share Transfer Books from Dec. 15 to Dec. 19. Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. DCM SHRIRAM: Preferential Warrant Price Fixed at INR90 ------------------------------------------------------ DCM Shriram Industries Ltd has fixed at INR90 per share the price at which its promoters will be issued shares through preferential warrants, the company said in a filing with the Bombay Stock Exchange. The price set is a premium of 74% over the price arrived at as per SEBI Pricing formula. Anticipating the threat of a hostile takeover by HB Stockholdings Ltd, DCM's promoters in October 2007 proposed issuance of the preferential warrants. According to the Hindustan Times, the warrants allow the promoters to get an additional 2.1 million shares on conversion within the next 18 months and helps them scale up their holding from 32.54% to 40.68%. On Nov. 19, HB Stockholdings made an open offer to DCM Shriram's stockholders to acquire up to 35,00,000 shares, or 22.88% of the company's stock, at INR70 per share in cash. According to the Business Standard, HB Stockholdings currently owns 12.77% in the company. HB Stockholdings has filed with the Company Law Board a petition seeking stay on the proposed preferential allotment. The issue before the CLB is the fairness of the promoter family seeking to issue itself warrants at a specified share price, without offering the same option to all shareholders, Rediff News states. The promoters seem to be keen on avoiding a hostile takeover by HB. The Hindustan Times, citing “chighly placed sources,” said the promoters, led by Tilak Dhar, are planning to make a counter-bid to buy a 20% stake in the company from the public to ramp up their holding to above 51%. DCM Shriram Industries Ltd is the flagship company of the DCM Shriram Industrial Group, and was established in 1990, following the restructuring of the former DCM group. The group's product portfolio includes sugar, alcohol, industrial fibres, and organic chemicals. DCM Shriram has sugar and chemical plants at Daurala in Meerut district in Uttar Pradesh, and an industrial fibre unit at Kota in Rajasthan. Other DSIG companies are Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance Ltd. In November 2007, CRISIL revised its ratings on DCM Shriram's debenture programmes to 'BB+/Negative' from 'BBB-/Negative'. The rating revision reflects CRISIL's expectation that the weak scenario prevailing in the sugar industry will adversely affect the company's financial risk profile over the next 12 months. Moreover, the stress on cash flows, coupled with high loan repayment obligations of about INR300 million per annum over the medium term, is likely to affect the company's liquidity. GERDAU SA: Moody's Affirms Corporate Family Rating at Ba1 ---------------------------------------------------------- Moody's Investors Service has affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook, following the announcement of an agreement to acquire the specialty steel operations of Quanex Corporation, mainly represented by its MacSteel division for some US$1.46 billion in cash. All other ratings related to the company were affirmed. Ratings affirmed are: Issuer: Gerdau S.A. -- Ba1 Global Local Currency Corporate Family Rating -- US$600 million Senior Unsecured Guaranteed Perpetual Notes: Ba1 Foreign Currency Rating Issuer: Gerdau Brazil (fictitious entity representing the Brazilian operations of Gerdau S.A. comprising Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A.). -- Ba1 Global Local Currency Corporate Family Rating Issuer: Gerdau Ameristeel Corporation -- Ba1 Probability of Default Rating -- Ba1 Corporate Family Rating -- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59% Issuer: Jacksonville Economic Development Comm. -- US$23 million Senior Unsecured Revenue Bonds guaranteed by Gerdau Ameristeel: Ba1, LGD4 59% Outlook for all ratings: stable On Nov. 19, 2007, Gerdau SA announced an agreement to acquire MacSteel for US$1.46 billion in cash (equivalent to nine times estimated 2007 EBITDA), to be initially fully funded with existing cash balance. The transaction is subject to approval by Quanex Corp.'s shareholders and regulatory approvals, and is expected to be completed during the first quarter of 2008. The announcement occurred just a few months after the conclusion of its acquisition of Chaparral Steel Company for some US$4.5 billion in September 2007. Although Total Adjusted Debt to EBITDA is anticipated to peak at about 2.6 pro-forma for MacSteel and Chaparral, Moody's expects that Gerdau SA will use cash flow to reduce indebtedness over the near term resulting in leverage metrics that are commensurate with the Ba1 rating. Liquidity post-acquisition is expected to remain sufficient to cover debt maturities, considering the maintenance of a cash position in excess of US$1 billion and full availability under the company's US$1,050 million committed credit facility, its ample access to export- related loans, and free cash flow. In spite of the increased capex associated with the Acominas plant expansion program, free cash flow is anticipated to remain strong and supportive of adequate debt protection metrics. The acquisition of MacSteel contributes to a broadening of Gerdau SA's product portfolio and makes it the second largest manufacturer of long specialty steel (SBQ) for use by the automotive industry on a global basis. While the associated integration risks are somewhat mitigated by the large experience of the company with several acquisitions in North America over the past years, Moody's views the risk of overpayment as material based on the relatively high multiple paid combined with limited synergy gains announced by the company that would permit MacSteel's margins to improve to a level closer to the group's SBQ operations in Brazil (Acos Villares) and Spain (Sidenor). Moody's believes that Gerdau will continue to play an active role in the ongoing consolidation of the global steel industry and pursue opportunistic acquisitions. While acquisitions made so far have contributed to improved business profile of Gerdau, Moody's notes that the event risk associated with the group's acquisitive strategy is a constraining factor to the rating. The stable outlook reflects Moody's view that Gerdau SA will maintain prudent financial management and use free cash flow to reduce indebtedness following the acquisition of MacSteel, while simultaneously maintaining a comfortable liquidity position. Furthermore, Moody's believes that the company will continue to focus on the improvement of its cost structure, as well as successfully integrate MacSteel and Chaparral into its North American assets. Assuming the acquisition of MacSteel materializes, Gerdau SA's ratings could be under downward pressure if Total Adjusted Net Debt (considering a minimum cash equivalent position of US$1.5 billion) / EBITDA pro-forma for MacSteel and Chaparral remains above 2.2 for an extended time period or in case of a sharp deterioration in the group's liquidity position or financial performance. Also, further acquisitions preventing Gerdau from reducing its leverage could have an adverse impact on the rating. For the rated unsecured bonds, a substantial increase in the level of secured debt of the guarantors could lead to a downgrade of the respective ratings. A positive impact on the ratings could result from the successful integration of Chaparral and MacSteel combined with a decline in leverage as measured by Net Debt (considering a minimum cash equivalent position of US$1.5 billion) to EBITDA below 1.8 on a sustained basis simultaneously with the maintenance of strong credit fundamentals that include efficient cost management and adequate liquidity levels. About Gerdau Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review ---------------------------------------------------------------- Moody's Investors Service placed Quebecor World Inc.'s long term debt ratings on review for possible downgrade and downgraded the company's speculative grade liquidity rating to SGL-4 (indicating poor liquidity). The rating action responds to the company's Nov. 20 announcement that "adverse current financial market conditions" had caused it to withdraw "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 $500 million of new debt securities and amendments to the Company's secured credit facilities". In combination with the benefits of a pending partial divestiture of its European operations, these steps would have significantly improved the company's liquidity position. With the refinancing transaction having been cancelled, the company's financing arrangements require prompt attention in order to assure ongoing orderly operations, and Moody's considers near term default risk and, therefore, QWI's long term debt ratings, to be inextricably linked to the company's ability to normalize its financing arrangements. Moody's intends to review the company's financing/liquidity plans in short order, with any resulting rating action being based on likely effectiveness and prospects for timely execution. With QWI appearing to be on the verge of generating modest positive cash flow as the cash drain related to its extensive retooling exercise nears completion, presuming that the company's financing/liquidity plans are viable, Moody's would affirm the existing B3 corporate family rating and Caa1 instrument ratings. Should this not be the case, downwards ratings actions are likely. Downgrades: Issuer: Quebecor World, Inc. -- Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3 -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 On Review for Possible Downgrade: Issuer: Quebecor World, Inc. -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B3 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B3 Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Quebecor World, Inc. -- Outlook, Changed to Rating Under Review from Stable Issuer: Quebecor World Capital Corporation -- Outlook, Changed to Rating Under Review from Stable Issuer: Quebecor World Capital ULC -- Outlook, Changed to Rating Under Review from Stable Withdrawals: Issuer: Quebecor World, Inc. -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated Caa1 (LGD4, 60) In addition, QWI noted it "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." QWI's major shareholder, Quebecor Inc., (holds 85% of the voting rights and 35.6% of QWI's economic equity) has indicated that it "will cooperate in the exploration of other alternatives that will be examined by the Quebecor World board." This has raised conjecture of QWI being sold. Moody's is not aware that any such activities are being pursued. Irrespective, while a sale may have an impact on QWI's future ratings, until a transaction becomes certain, it will have no immediate ratings' impact. In the interim, developments will be monitored and assessed as they occur. In addition to the above matters, Moody's withdrew the instrument ratings related to the cancelled debt issue and implemented minor revisions to loss given default ratings. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. is one of the world's largest commercial printers. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. ================= I N D O N E S I A ================= HILTON HOTELS: To Issue US$500-MM Unsecured Floating Rate Notes --------------------------------------------------------------- Hilton Hotels Corporation has agreed to issue an aggregate principal amount of US$500 million of unsecured Floating Rate Notes due 2013. The Notes will bear interest equal to three month LIBOR plus 4.50% per year, adjusted quarterly. The proceeds of the sale of the Notes will be used to repay an equal amount of Hilton's secured mezzanine loans incurred in connection with the funding of the acquisition of Hilton by investment funds affiliated with The Blackstone Group and related transactions. Completion of the transaction is subject to customary closing conditions. The Notes have been offered and sold in a private placement to qualified institutional buyers pursuant to Section 4(2) of the Securities Act of 1933, as amended. The Notes have not been registered under the Securities Act or securities laws of any state and may not be offered or sold in the United States absent an applicable exemption from registration requirements under the Securities Act or the laws of any state. In connection with the offering of the Notes, Hilton has made certain information available to prospective financing sources. Hilton is posting under the Investor Relations tab on its website. Certain of this information, including information relating to Hilton's financial performance for the three months ended Sept. 30, 2007 and information relating to the financing of the merger of Hilton, which was completed on Oct. 24, 2007. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+ ---------------------------------------------------------------- Standard & Poor's Ratings Services has raised its ratings on the bank credit facilities of Owens-Illinois Inc. and its wholly owned subsidiary, Owens-Brockway Glass Container Inc., to 'BB+' from 'BB'. S&P also revised the recovery rating on the debt to '1' from '2', indicating the expectation that lenders would experience very high (90%-100%) recovery of principal in the event of a payment default. "The improved ratings," said S&P's credit analyst Liley Mehta, "reflect the company's reduction of senior secured debt with the proceeds from the recently completed sale of its plastics packaging business to Rexam PLC." At the same time, S&P removed the ratings on the company's senior secured credit facilities from CreditWatch with positive implications where they were placed on June 11, 2007. S&P also affirmed the 'BB-' corporate credit, 'B' unsecured debt, and 'B-' preferred stock ratings. Total debt (adjusted to include unfunded postretirement liabilities as well as capitalized operating leases) was about US$5 billion at Sept. 30, 2007. About Owens-Illinois Headquartered in Perrysburg, Ohio, Owens-Illinois Inc. -- http://www.o-i.com/-- is the largest manufacturer of glass containers in the world, with leading positions in Europe, North America, Asia Pacific and South America. The company's principal product lines in the glass containers product segment are glass containers for the food and beverage industries. Its principal product lines in the Plastics Packaging product segment include healthcare containers, closures and prescription containers. The company maintains operations in Australia, Brazil, China, Colombia, Czech Republic, Ecuador, Estonia, Finland, France, Germany, Hungary, Italy, Indonesia, New Zealand, Peru, and Poland. PT INCO: Hires New Members for the Board of Commissioners --------------------------------------------------------- PT International Nickel Indonesia Tbk's shareholders, in an Extraordinary General Meeting, appointed Jennifer Maki and Marco Aurelio Lopes Pires as members of the Board of Commissioners of the Company. Ms. Maki and Mr. Pires replace Leonardo Moretzsohn and Mark Cutifani who recently resigned from the Board of Commissioners. Claudio Renato Chaves Bastos was also appointed Director, replacing Johannes Cornelis Maria van Gaalen. Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company holds Standard and Poor's long-term foreign and local issuer credit