T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, November 28, 2007, Vol. 10, No. 236 Headlines A U S T R A L I A AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30 AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets AUSTRALIAN NATURAL: Declares First Dividend CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007 CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million ERG LTD: Clarifies Public Transport Contract's Termination Date GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30 JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6 KEL LEWIS: Members Receive Wind-Up Report MOBILESOFT LIMITED: To Declare Dividend on December 6 MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation NRG ENERGY: Discloses New Consent Alternative Solicitations PLANTATION EQUITY: Declares Dividend for Creditors ROUSSEL UCLAF: Members to Hold Meeting on November 28 SAN MICHELE: Creditors Resolve to Close Business SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 SYMBION HEALTH: ATO Rules Out Healthscope-Led CGT Arrangement SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid THE BANALASTA OIL: Declares First Dividend for Creditors * Fitch Says Australian RMBS Delinquencies Fall in Q307 C H I N A & H O N G K O N G ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19 ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24 BEST GEAR: Commences Liquidation Proceedings BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17 CARKEY LIMITED: Commences Liquidation Proceedings CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14 CENTRAL FORUM: Commences Liquidation Proceedings CHARGEUSRS: Commences Liquidation Proceedings CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project DIGITAL CREATION: Liquidators Quit Post E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24 GOLD-M: Commences Liquidation Proceedings HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24 IANCASTLE LIMITED: Members to Hold Final Meeting on December 28 JOI MAXIE: Members Will Hold Final Meeting on December 28 LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM LEE GARDENS: Creditors' Proofs of Debt Due on December 14 LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14 LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14 L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11 MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24 MOUNT CITY: Liquidator Quits Post NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5 PARLEX ASIA: Members to Hold Meeting on December 27 RANNIS COMPANY: Commences Liquidation Proceedings RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28 SIBER HEGNER: Liquidator Quits Post I N D I A AES CORP: Restarts Alamitos Power Station Unit CABLE & WIRELESS: Launching Disabling Service for Stolen Phones EXIDE TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers' GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating QUEBECOR WORLD: To Suspend Dividends on Preferred Shares TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility TATA STEEL: Names Two New Directors to Board I N D O N E S I A ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts INDOSAT: Expects Slower Revenue Growth Next Year INDOSAT: Nine Month Net Profit Ups 56% to IDR1.4 Trillion INDOSAT: Expects 2008 Capex to Remain at US$1.2 Billion PT INCO: Production Resumes After Strike Ends J A P A N FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers' FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival GMAC COMMERCIAL: Ba2 Rating for Possible Downgrade, Moodys Says IHI CORP: Shares Rise Due to JPY77-Bil. Property Sale Report JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation NOVA CORP: Fifty-five Schools to Help Nova Students, Survey Says NOVA CORP: Osaka Court Approves Bankruptcy Proceedings SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001 TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components K O R E A ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs BOE HYDIS: Prime View to Buy 95% Stake for KRW260 Billion DAEWOO ELECTRONICS: Back for Sale on Failed Bid EUGENE SCIENCE: Hires Andrew Altman as Vice President KOREAN EXPRESS: Invites Potential Buyers to Bid Until Dec. 11 M A L A Y S I A APL INDUSTRIES: Will Hold General Meeting on December 14 PAN MALAYSIAN: Posts MYR19.7MM Net Loss in Qtr. Ended Sept. 30 SYARIKAT KAYU: Government Grants MYR4 Million for TechnoFund TALAM CORPORATION: Submits Regularization Plan Proposals to SC TALAM CORP: To Pay Dividend to 5-Yr. ICPS Holders on Jan. 1 N E W Z E A L A N D AIR NEW ZEALAND: Lock Out Suspended Pending Union Talks BLIS TECHNOLOGIES: Reports Results for Half-Year Ended Sept. 30 BRIDGECORP: Creditors of Australian Arm Opt for Liquidation LANDGROUP PROPERTIES: Taps Heath and Lamacraft as Liquidators LIVING DESIGN: Court to Hear Wind-Up Petition on Dec. 10 M.A.I. DESIGN: Creditors' Proofs of Debt Due on December 7 MAIA TRAVEL: Appoints Parsons and Kenealy as Liquidators MALMAISON DEVELOPMENT: Fixes Nov. 30 as Last Day to File Claims ONSITE TILT: Creditors' Proofs of Debt Due on Dec. 2 ROBERTSON CORPORATION: Fixes Nov. 30 as Last Day to File Claims XTRA VISION: Commences Liquidation Proceedings P H I L I P P I N E S FEDDERS CORP: Wants Until February 19 to Remove Civil Actions NAT'L POWER: Independent Producers Seek to Acquire Own Fuel NAT'L POWER: Discloses Plans to Import Coal for Plants in 2008 PHIL NAT'L CONSTRUCTION: Elberto Emphasis Joins Directors' Board RIZAL COMMERCIAL: Board Approves Creation of IT Services Group STENIEL MFG: Files Petition to Commence Business Rehabilitation * Peso May Rise Up to PHP38/US$1 in 2008 on Weakening US Dollar * Economy May Have Grown 7.1% in Third Quarter of 2007 S I N G A P O R E A-P ENGINEERING: Court Enters Wind-Up Order HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 7 PYRAMID REALTY: Court Enters Wind-Up Order SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. ZHEJIANG HOLDING(S): Commences Liquidation Proceedings T H A I L A N D DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case PICNIC CORP: SET Temporarily Halts Trading of Securities TOTAL ACCESS: Confident of Outcome of TOT's Access Charges Suit TRUE MOVE: AIS Opts to Delay Collecting Interconnection Charges TUNTEX PCL: Seeks to Extend Deadline for Payment of Group 1 Loan - - - - - - - - ================= A U S T R A L I A ================= AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30 ---------------------------------------------------------------- AED Oil Limited reported a net loss of AU$20.56 million for the year ended June 30, 2007, almost a five-fold increase from the AU$4.53-million net loss reported for the year ended June 30, 2006. As of June 30, 2007, the company had total assets of AU$335.13 million and total liabilities of AU$292.58 million. Accumulated losses for the period totaled AU$25.99 million. AED Oil Limited -- http://www.aedoil.com/-- operates solely in the oil production, and oil and gas exploration industry in Australia. The company is engaged in the planning and development of the Puffin Field. AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets --------------------------------------------------------------- Australasian Resources Ltd. will spin off its nickel business and other assets into a separate listed entity, The Age reports. The Age relates that the company will also acquire additional assets next door for its flagship Balmoral South iron ore project in Western Australia's Pilbara region. Australasian has commenced negotiations with entrepreneur Clive Palmer, who owns the broader Balmoral deposit through his private company Mineralogy Pty Ltd, to acquire the additional iron ore assets. The structure and timing of the spin-off is yet to be determined, The Ages says, but it is expected that shareholders will have an opportunity to become investors in the new entity either on an entitlements or priority allocation basis. Perth, Australia-based Australasian Resources Ltd. -- http://www.austresources.com.au/-- is engaged in mineral exploration. During the fiscal year ended June 30, 2007 (fiscal 2007), the Company's main focus was the finalization of the acquisition of International Minerals Pty Ltd (International Minerals), which holds the right to mine one billion tons of magnetite iron ore from part of the Southern block of the Balmoral project on lease held by Mineralogy. During fiscal 2007, the Company also acquired Sherlock Bay Extended, which is an exploration area that surrounds the main Sherlock Bay Nickel Project area. This is a joint venture between the Company (70% interest) and Metals Australia Ltd (30% interest). The Company wholly owns investments in companies, including Lefroy Gold Mines Limited, Bushjet Pty Ltd and Leteni Pty Ltd. The company incurred net losses of AU$8.50 million, AUS$11.60 million and AUS$4.43 million for the years ended June 30, 2007, 2006 and 2005. AUSTRALIAN NATURAL: Declares First Dividend ------------------------------------------- Australian Natural Oil Research Institute Pty Ltd, which is in liquidation, declared its first dividend on November 26, 2007. Creditors who were not able to file their proofs of debt by Nov. 12, 2007, were excluded from the company's dividend distribution. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About Australian Natural Australian Natural Oil Research Institute Pty Ltd is a distributor of durable goods. The company is located at Armidale, in New South Wales, Australia. CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007 ------------------------------------------------------------- Customers Ltd. reported a net loss of AU$6.16 million for the year ended June 30, 2007, more than a six-fold increase from the AU$0.91-million net loss reported for the year ended June 30, 2006. As of June 30, 2007, the company had total assets of AU$256.00 million, total liabilities of AU$74.84 million, and accumulated losses of AU$18.50 million. Highlights: * 48% increase in full-year revenue to AU$42.3 million; * Business triples in size and scale; * Operational integration of ATM Solutions, acquired in April 2007, successfully completed, one-off costs fully absorbed in 2006/07; * EBITDA of AU$4.6 million impacted by one-off costs associated with acquisition of ATM Solutions, ATM upgrade and fleet renewal and expansion in Asia; * Assumed 100% control of Customers Asia Ltd (previously jointly owned); * Major stake in Fintronics Holdings (Hong Kong) delivers key platform for expanding ATM business into China; * Revenues increased to AU$42.3 million up 48%; * Total assets increased by 262% to AU$256 million, largely as a result of the acquisition of ATM Solutions and the related capital raising; * Lower EBITDA of AU$4.6 million reflected the ATM fleet upgrade and renewal linked to the mandated Triple DES project. Customers also fully absorbed one-off costs related to the ATM Solutions acquisition including restructuring costs, redundancies and transaction costs. Significant start-up costs were also incurred in the SPS processing joint venture and by Customers Asia in making investments in Asia. Both of these enterprises are at an early stage of their development cycles; * Customers invested a total of AU$29.5 million in Customers Asia Limited through a number of equityfunded transactions. By financial year end Customers Asia was a wholly owned subsidiary of Customers Limited, and effectively the largest shareholder in Fintronics Holdings. Fintronics has since been restructured to become a pure ATM business, with operations and the sales force re-oriented along these lines over the past six months. Fintronics' success in attracting new contracts for the deployment of ATMs in China after these moves has been particularly pleasing. Fintronics' focus is now to accelerate ATM deployment which has been slower than expected. Fintronics' management team is making good progress to this end, and the Board is confident that the ATM deployment strategy is gaining traction. Customers remains very confident in the tremendous potential to create a large ATM infrastructure throughout Asia; and * 2006/07 financial results were also impacted by capital expenditure and the write-down in the carrying value of a number of ATMs as a result of the fleet upgrade/replacement program. Importantly, the fleet has now been upgraded or replaced. This positions the business well for the future. Headquartered in Sydney, Australia, Customers Limited -- http://www.customers.com.au/-- provides automated teller machine and payment system services. CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy -------------------------------------------------------------- Customers Limited has established a strategic foothold in the New Zealand market after completing an agreement to acquire a 25% stake in NZ ATM Services Limited for NZ$1 million, Customers Ltd. said in a corporate disclosure filed with the Australian Stock Exchange. The company related that the investment will occur in stages subject to certain milestones being achieved. The company added that the tie-up with NZ ATM is an important step toward Customers' aim of becoming the largest independent owner of ATMs in the Australasian region. Customers already owns and operates one of the largest ATM networks in Australia, and is strategically positioned in the rapidly growing Chinese ATM market. The disclosure stated that NZ ATM is an emerging provider of merchant ATMs and related services in New Zealand. The company has been working with Electronic Transaction Services Ltd., the transaction processing business of New Zealand's leading banks, to be part of the pilot roll-out of the country's first convenience ATMs, expected to commence in early 2008. Headquartered in Sydney, Australia, Customers Limited -- http://www.customers.com.au/-- provides automated teller machine and payment system services. The company has incurred net losses of AU$6.16 million, AU$0.91 million, and AU$4.19 million for the years ended June 30, 2007, 2006, 2005. ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million ------------------------------------------------------------ ERG Limited reported a net loss of AU$14.84 million for the year ended June 30, 2007, a decrease from the AU$74.77-million net loss recorded for the year ended June 30, 2006. The company also reported a net loss of AU$7.36 million for fiscal 2005. The company posted total revenues of AU$224.21 million for fiscal 2007, while other income and non-operating income added another AU$6.34 million and AU$0.16 million to give the company an earnings before interest tax depreciation and amortization of AU$5.59 million, reversing a loss position of AU$18.74 million from a year before. Operating company divisional revenue for the year was in line with the prior year at AU$100.5 million with EBITDA increasing 21.5% to AU$28.5 million reflecting excellent results from its operating contracts in Melbourne, in the US including San Francisco and Washington, and maintenance operations in Sydney, Brisbane, Hong Kong, and Rome. Small Project divisional revenue increased 8.5% year-on-year to AU$48.0 million while EBITDA grew 29.4% to AU$9.2 million. Strong results were recorded both in France and Belgium, especially from the Toulon, Le Mans and Clermont Ferrand projects together with continuing growth in the product sales and equipment maintenance areas. Large Project divisional revenue increased 79% year-on-year to AU$75.2 million for the year. However as a result of some delay in achieving project milestones, increasing labour costs and higher general project costs, the estimated costs to complete the Sydney and San Francisco projects were revised upwards during the year by approximately AU$14.5 million. Margin improvements in a number of other projects could not fully offset these increased costs resulting in the Large Projects Division posting a loss at the EBITDA level of approximately AU$11.5 million. As of June 30, 2007, the company had total assets of AU$273.77 million, total liabilities of AU$175.93 million, and accumulated losses of AU$597.32 million. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. ERG LTD: Clarifies Public Transport Contract's Termination Date --------------------------------------------------------------- ERG Limited has corrected media reports by confirming that its contract with the Public Transport Ticketing Corporation would not necessarily terminate on Dec. 3, 2007, Egoli News relates. Although the company had received notices from the PTTC of its intention to terminate their agreement, ERG said that it was preparing a program to demonstrate its capability to complete the project, Egoli states. Egoli explains that since February 2003, ERG has been building and installing the Sydney Integrated Ticketing System under an agreement with the PTTC. On Nov. 9, 2007, ERG released a statement explaining that delays in the technical development of the system and certain customer actions had resulted in the company's failure to achieve particular milestones in the project schedule, and has received notices from the PTTC of its intention to terminate the agreement on Dec. 3. Contrary to some media reports, ERG advised that the notice received from the PTTC did not necessarily indicate that their contract would terminate, and clarifies that ERG has 20 business days to pursue a remedy and submit a satisfactory remedial program, Egoli writes. Accordingly, ERG said it is preparing a program to demonstrate its capability to complete the project in a reliable and predictable manner, Egoli continues. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. The company has incurred net losses of AU$14.84 million, AU$74.77 million, and AU$7.36 million for the years ended June 30, 2007, 2006, and 2005. GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade ---------------------------------------------------------------- Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC (ResCap), as disclosed in ResCap's November 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. Moody's said that GMAC's most recent expressions of support for ResCap have raised additional concerns as to the extent to which the firm might entertain a leveraging of its credit profile to support ResCap through its operating difficulties. Moody's position is that any capital support GMAC extends to ResCap, other than that for which GMAC serves only as a conduit for GMAC's owners, would result in an equalization of GMAC's ratings with ResCap's. In Moody's view, GMAC's high stand-alone leverage position has no capacity to provide un-backed support at the current credit grade. In Moody's last rating action on GMAC and ResCap, GMAC's ratings were downgraded one notch to Ba2 while ResCap's ratings were downgraded two notches to Ba3. GMAC's ratings were kept in proximity to ResCap's, reflecting Moody's view that GMAC could be required to provide support to ResCap that weakens GMAC's stand-alone credit profile. Moody's believes that the probability of such support may have shifted higher, in light of the explicit indications of support recently provided by management. During its review of GMAC's ratings, Moody's will seek greater definition regarding the tolerances GMAC's owners exhibit regarding the uses of GMAC's capital and credit worth to support ResCap in ways that could heighten risks to GMAC's creditors. Moody's will also explore the owners' ability and willingness to take actions that neutralize the impact of GMAC's extensions of support to ResCap that would otherwise diminish GMAC's stand- alone credit profile. Moody's anticipates concluding its review by the end of December 2007. According to Moody's, investments or pursuit of endeavors that primarily benefit ResCap could evidence a use of GMAC capital that constitutes ResCap support, if not backed by injections or other explicit support from GMAC's owners. Moody's is also concerned that current market conditions have delayed GMAC's pursuit of other intended capital management initiatives designed to strengthen its capital position. Moody's view is that GMAC's auto finance and insurance businesses have continuing and important strategic value to GM. GM's consent is required on many significant matters relating to GMAC's strategic direction, investment, and capitalization. GM's interest could act as a countervailing influence on investor pressures to further involve GMAC in supporting ResCap through its difficulties. ResCap's ratings (senior unsecured at Ba3) and negative outlook are not affected by Moody's review of GMAC's ratings or the announced US$750 million tender offer. ResCap's current rating assumes its parent is willing and able to provide capital support if needed. Moody's added that it believes that the maturities selected for tender and overall size of the program are appropriate considering ResCap's current liquidity position. Detroit-based GMAC LLC provides retail and wholesale auto financing, auto extended warranty and insurance products, and residential mortgage finance through wholly-owned subsidiary Residential Capital, LLC. GMAC reported a consolidated nine- month net loss of US$1.6 billion. H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30 -------------------------------------------------------------- H.R. Glossop Pty Ltd will hold a final meeting for its members and creditors on November 30, 2007. At the meeting, Steven Nicols, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Steven Nicols Nicols + Brien Level 5, 221-229 Crown Street Wollongong, New South Wales Australia Telephone:(02) 9299 2289 Web site: http://www.bankrupt.com.au Australia About H.R. Glossop H.R. Glossop Pty Ltd provides electrical work. The company is located at Wollongong, in New South Wales, Australia. JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6 ---------------------------------------------------------- A meeting will be held for the members of Jay Gardening Pty Ltd on December 6, 2007, at 10:30 a.m. At the meeting, the members will receive the liquidator's report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: David Levi PKF Chartered Accountants & Business Advisers Level 10, 1 Margaret Street Sydney, New South Wales 2000 Australia About Jay Gardening Jay Gardening Pty Ltd provides electrical equipments and supplies. The company is located at Villawood, in New South Wales, Australia. KEL LEWIS: Members Receive Wind-Up Report ----------------------------------------- The members of Kel Lewis Real Estate Australia Pty Ltd met on November 19, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Hicks Forsythes Level 5, 175 Scott Street Newcastle, New South Wales 2300 Australia About Kel Lewis Kel Lewis Real Estate Australia Pty Limited operates non- classifiable establishments. The company is located at Cardiff, in New South Wales, Australia. MOBILESOFT LIMITED: To Declare Dividend on December 6 ----------------------------------------------------- Mobilesoft Limited, which is in liquidation, will declare dividend on December 6, 2007. Creditors who were not able to file their proofs of debt by the November 20, 2007 deadline will be excluded from the company's dividend distribution. The company's deed administrators are: Sule Arnautovic Roderick Mackay Sutherland Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About Mobilesoft Limited Mobilesoft Limited provides communications services. The company is located at Neutral Bay, in New South Wales, Australia. MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation --------------------------------------------------------- At an extraordinary general meeting held on October 19, 2007, the members of Mullins Constructions Pty Ltd agreed to voluntarily liquidate the company's business. Arthur Eady was appointed as liquidator. The Liquidator can be reached at: Arthur Eady Chartered Accountant Level 6, 131 Clarence Street Sydney Australia About Mullins Constructions Mullins Constructions Pty Ltd provides coating, engraving, and allied services. The company is located at Belfield, in New South Wales, Australia. NRG ENERGY: Discloses New Consent Alternative Solicitations ----------------------------------------------------------- NRG Energy Inc. is providing each investor with a new consent alternative with respect to its Notes in addition to the previously announced tender offers and consent solicitations, which remain in effect, in connection with its pending conditional tender offers and concurrent consent solicitations relating to its US$4.7 billion of outstanding 7.25% senior notes due 2014, 7.375% senior notes due 2016 and 7.375% senior notes due 2017. As previously announced, each investor may elect to tender its Notes in the conditional, contractually required offers at 101% of the principal amount, plus accrued interest, or may elect to receive a consent payment of US$1.25 to US$2.50 in cash per US$1,000 principal amount of Notes. For the Original Consent Payment, consents are limited to an agreement (the Original Amendment) not to require the change of control offers in connection with NRG's formation of a holding company structure via the contemplated intercompany merger transaction. The Original Consent Payment will be a minimum of US$1.25 per US$1,000 principal amount of Notes, or, in the event that such consents are received from a majority in principal amount of a series of Notes, will be US$1.25 divided by the percentage of that series which consented. As supplemented, each investor will have the same two alternatives as before as well as a new consent alternative. Under the new alternative, each investor may elect to receive a consent payment of US$7.50 to US$15.00 in cash per US$1,000 principal amount of Notes. For the Alternative Consent Payment, consents will provide a new exception to the limitation on restricted payments in the indentures for the Notes which will permit restricted payments, including dividends and/or stock repurchases, of up to US$300 million per year, with any of this additional restricted payment capacity not used during a year being carried over to the next year on a cumulative basis and without reducing the amounts otherwise available to make restricted payments. In the event that consents to the new consent alternative are received from a majority in principal amount of each of the three series of Notes, the Alternative Consent Payment will be US$7.50, divided by the overall percentage of the aggregate principal amount of the Notes that delivered consents under the new alternative and, in that event, NRG will not consummate the Holdco Merger and NRG will not be obligated (but reserves the right) to consummate the tender offers. In all other events, Holders of Notes who deliver consents under the new consent alternative will also be consenting to the Original Amendment and will receive US$7.50 per US$1,000 principal amount of such Notes subject to and promptly upon consummation of the Holdco Merger. NRG's obligation to make the minimum consent payments of US$1.25 per US$1,000 principal amount of Notes or US$7.50 per US$1,000 principal amount of Notes, as applicable, is not conditioned on the receipt of consents from holders of Notes representing a majority in principal amount of any one or more series. The only condition to NRG's obligation to make these minimum consent payments is the consummation of the Holdco Merger, and NRG will make these consent payments promptly thereafter. The only condition to NRG's obligation to make the Maximum Alternative Consent Payment is the receipt and effectiveness of consents to the new consent alternative from holders of a majority in principal amount of each of the three series of Notes, and NRG will make such payments promptly thereafter. If that consents are received with respect to Notes representing a majority in principal amount of a particular series of Notes (whether under the original consent alternative, the new consent alternative or both on a combined basis), NRG will have the option to terminate the tender offer for that series of Notes in its discretion without purchasing any tendered Notes of such series. Tendered Notes will not be eligible to receive any consent payment even if NRG exercises its option to terminate the tender offer for a series after receiving majority consents from that series. The tender offers are not being modified and will continue in effect on the same terms and conditions as previously announced. The tender offers are expressly conditioned on the consummation of the Holdco Merger (although NRG reserves the right to accept tenders and purchase tendered Notes even if the Holdco Merger is not consummated). Only one election (tender, original consent or alternative consent) may be made with respect to a specific principal amount of Notes. However, one election may be made for a portion of such Notes and another election or elections may be made for the remainder of such Notes (in each case in a minimum principal amount of US$1,000). Holders who deliver consents with respect to any Notes will be eligible to receive either the Original Consent Payment or the Alternative Consent Payment for such Notes, as appropriate according to their election for such Notes, but not both consent payments. Notes that are neither tendered nor consented will not be eligible to receive a consent payment under any circumstances. The tender offers and the consent solicitations will expire at 9:00 a.m., New York City time, on Dec. 4, 2007, unless extended. NRG reserves the right, but is not obligated, to extend the tender offers and the consent solicitations. Tenders may be withdrawn and consents may be revoked at any time prior to 9:00 a.m., New York City time, on Dec. 4, 2007. The complete terms of the tender offers and consent solicitations are contained in the Notice of Conditional Offers to Purchase and Concurrent Alternative Consent Solicitations Statement dated Nov. 2, 2007, as supplemented by the Supplement dated Nov. 26, 2007. Copies of the Supplement are being sent to holders of Notes. Each tender offer or consent solicitation with respect to a series of Notes is independent of the others. Banc of America Securities LLC is the exclusive dealer manager for the tender offers and solicitation agent for the consent solicitations. Questions regarding the tender offers and the consent solicitations can be addressed to Banc of America Securities LLC at (888) 292-0070 or (212) 847-5188. Requests for documents may be directed to MacKenzie Partners, Inc., the information agent, at (800) 322-2885 or (212) 929-5500. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s USUS$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. PLANTATION EQUITY: Declares Dividend for Creditors -------------------------------------------------- Plantation Equity Pty Ltd declared its first dividend on Nov. 26, 2007. Creditors who were not able to file their proofs of debt by Nov. 12, 2007, will be excluded from the company's dividend distribution. The company commenced liquidation proceedings on Oct. 4, 2005. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About Plantation Equity Plantation Equity Pty Ltd is involved with chemical preparations. The company is located at Bendemeer, in New South Wales, Australia. ROUSSEL UCLAF: Members to Hold Meeting on November 28 ----------------------------------------------------- The members of Roussel Uclaf Australia Pty Limited will hold a meeting on November 28, 2007, at 10:15 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 1, 2006. The company's liquidator is: Geoffrey Reidy Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia About Roussel Uclaf Roussel Uclaf Australia Pty Limited operates offices of holding companies. The company is located at Lane Cove, in New South Wales, Australia. SAN MICHELE: Creditors Resolve to Close Business ------------------------------------------------ On October 17, 2007, the creditors of San Michele Travel Pty Ltd had a meeting and resolved to voluntarily liquidate the company's business. Bradd Morelli and Sule Arnautovic were appointed as liquidators. The Liquidators can be reached at: Bradd Morelli Sule Arnautovic Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About San Michele San Michele Travel Pty Ltd, which is also trading as Singapore Travel, operates travel agencies. The company is located at Sydney, in New South Wales, Australia. SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 ----------------------------------------------------------- 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 Sept. 15-30, 2007, report: 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: ATO Rules Out Healthscope-Led CGT Arrangement ------------------------------------------------------------- Symbion Health Limited said that the Australian Tax Office has ruled that Symbion cannot benefit from scrip for scrip CGT roll- over relief in relation to the proposed diagnostics transaction with Healthscope Limited. As a result, neither the proposed diagnostics transaction with Healthscope nor the proposed C&P scheme with the consortium comprising Ironbridge Capital and Archer Capital will proceed. Symbion Health's Chairman, Paul McClintock said: "We are very disappointed that the ATO has formed the view that Symbion Health cannot benefit from scrip for scrip roll-over relief in relation to the proposed diagnostics transaction. Symbion Health had expected to receive all the regulatory approvals required to implement the proposed diagnostics transaction and the proposed C&P scheme and had received strong tax advice supporting the applications for the ATO rulings. Given the ATO's decision, Symbion Health shareholders will miss out on the opportunity to participate in the very substantial benefits which were expected from the diagnostics transaction." "Symbion Health has attractive businesses which are performing well. They have a strong track record and have further opportunities for growth. The Board has full confidence in the management team's ability to continue to deliver strong results from the Symbion Health's businesses." "The Symbion Health Board is unanimous and resolute in continuing to reject Primary's inadequate and highly conditional offer for Symbion Health. The Board continues to believe that Primary's AU$4.10 offer does not reflect the high quality of the company's businesses or provide our shareholders with an adequate share of the very significant synergy benefits which are expected to arise from a combination of the company's businesses with Primary's businesses." "Based on our analysis and the synergies that Primary has said it expects to achieve, an acquisition of Symbion Health by Primary is likely to be significantly earnings per share accretive for Primary at a price well above AU$4.50 per Symbion share." "If shareholders accept Primary's offer, they will no longer benefit from exposure to Symbion Health's businesses." "The Symbion Health Board continues to unanimously recommend that shareholders reject the inadequate and highly conditional takeover offer by Primary." "Symbion Health continues to be concerned at Primary's misleading presentation of its offer to Symbion Health shareholders and Symbion Health intends to take action to ensure that its shareholders are fully and fairly informed." Symbion Health, Healthscope and the IAC Consortium have agreed to terminate the Transaction Implementation Deed between Symbion Health and Healthscope and the Scheme Implementation Deed between Symbion Health and the IAC Consortium in accordance with the terms of those documents, other than in relation to the timing of the termination, which has immediate effect. As a result, the Symbion Health Board has resolved to cancel the transaction meetings scheduled for this Friday, November 30, 2007, commencing at 10.30 a.m. Accordingly, the Symbion Health Diagnostics General Meeting, the C&P General Meeting and, subject to the approval of the Victorian Supreme Court, the C&P Scheme Meeting will not take place. The Company's Annual General Meeting will however still be held as scheduled this Friday November 30, 2007. 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: Moody's Continues Downward Review of Ba1 Rating --------------------------------------------------------------- Moody's Investors Service said that its Ba1 issuer rating for Symbion Health Limited remains on review for possible downgrade. This follows Symbion's announcement that the proposed schemes of arrangement involving Healthscope Limited and a private equity consortium will not progress. "Although the proposed schemes of arrangement will no longer proceed to a shareholder vote, the rating remains under review for possible downgrade reflecting the uncertainties surrounding Primary Healthcare Limited offer to acquire the remaining shares in Symbion," says Peter Fullerton, a Moody's AVP/Analyst. Primary announced their intention to make a formal acquisition offer to Symbion's shareholders on November 8, 2007, and that the offer is expected to be formalized on December 4, 2007. Moody's notes that Primary continues to hold a 20% interest in Symbion. The review reflects the uncertainties surrounding Symbion's financial and operational profile as a result of the acquisition offer currently put forward by Primary. Moody's also notes the presence of change-of-control provisions in Symbion's bank facility agreement as well as financial covenants, which could restrict further indebtedness at the company. 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. SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid --------------------------------------------------------------- Standard & Poor's Ratings Services said that it had affirmed its 'BBB-' ratings on Symbion Health Ltd. and Symbion's associated bank loans and removed the ratings from CreditWatch with negative implications, where they were first placed on May 1, 2007. The outlook is negative. This rating action follows Symbion's announcement that the Australian Tax Office had ruled that Symbion could not benefit from capital-gains-tax rollover relief in relation to the proposed diagnostics transaction with Healthscope Ltd. (Healthscope; not rated). The ruling was a key condition for the proposed bid to go ahead. As a result, neither the proposed diagnostics transaction with Healthscope nor the proposed consumer and pharmacy services businesses scheme arrangement with the consortium comprising Ironbridge Capital and Archer Capital will proceed. While the Symbion board continues to reject a separate takeover offer from Primary Health Care Ltd. (not rated), the potential for further ownership-related alternatives cannot be ruled out. The negative outlook on the Symbion credit rating relates to the challenge for management to improve profitability from its four business platforms and reduce the company's debt burden. The key credit-protection measures expected to remain appropriate for the rating category are sustained funds from operations to debt greater than 20%, and net debt to net capital below 50%. THE BANALASTA OIL: Declares First Dividend for Creditors -------------------------------------------------------- The Banalasta Oil Plantation Limited, which is in liquidation, declared its first dividend on November 26, 2007. Creditors who were not able to file their proofs of debt by November 12, 2007, were excluded from the company's dividend distribution. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About The Banalasta Oil The Banalasta Oil Plantation Limited operates vegetable oil mills. The company is located at Bendemeer, in New South Wales, Australia. * Fitch Says Australian RMBS Delinquencies Fall in Q307 ------------------------------------------------------- Fitch Ratings has said that the Australian prime mortgage market has shown a decline in delinquencies in the third quarter of 2007. The 30+ day delinquencies for the market decreased to 1.15% from 1.48%, the index's lowest level since December 2005. The improvement in the index supports the agency's continued positive outlook for Australian prime residential mortgage backed securities (RMBS), which is underpinned by strong fundamentals of record low unemployment and historically low, albeit increasing, interest rates. Fitch notes that part of the reduction in delinquencies was due to index constituent methodology; however, taking the methodology out of the equation, delinquency did improve in Q307, which continues the downward trend for third quarter delinquency. The breakdown net of the methodology can be viewed in the full report. "There are seasonal aspects at play in the most recent data on missed mortgage payments. Typically, missed mortgage payments are at their lowest between May and October and rise in the Christmas and post-Christmas periods of November through to April. We expect the upcoming Christmas period, coupled with recent interest rate rises to result in an increase in arrears levels in Q407 and Q108, although the low base from which these increases will start keeps Australian residential mortgage performance well within Fitch's expectations," noted Ben McCarthy, Managing Director and Head of Fitch's Australian Structured Finance team. The agency notes that 30+ day delinquencies for low-doc loans have also decreased in Q307 to 4.05% from 4.54% in Q207. Fitch, in its Dinkum Index, states low-doc borrowers, being primarily self-employed, are more affected by shifts in the economy such as interest rate movements, thus, Fitch expects low-doc arrears to rise in the next six months as the latest interest rate rises and Christmas credit purchases are expected to put pressure on this sector of the market. Covering four categories of delinquencies (30 to 59 days, 60 to 89 days, 90+ days and 30+ days) as well as claims against lenders' mortgage insurance (LMI), the Dinkum report enables market participants to compare the performance of Australian RMBS deals and monitor trends in the Australian RMBS market. ================================ C H I N A & H O N G K O N G ================================ ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19 ---------------------------------------------------------- The creditors of Alpha Profit Company Limited, which is in liquidation, are required to file their proofs of debt by December 19, 2007, to be included in the company's dividend distribution. The company's liquidator is: Mark Ching Hang 1st Floor, 46 Johnston Road Wanchai, Hong Kong ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24 ---------------------------------------------------------------- The members of the Association for a Better Hong Kong Limited will hold their final general meeting on December 24, 2007, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 2302, CRE Building, 303 Hennessy Road, in Wanchai, Hong Kong. BEST GEAR: Commences Liquidation Proceedings -------------------------------------------- Best Gear International Company Limited commenced liquidation proceedings on November 23, 2007. The company's liquidator is: Yeung Ping Hung Room 1801-05, Hua Qin International Building 340 Queen's Road, Hong Kong BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17 ------------------------------------------------------------ The creditors of Brean Distributors Limited, which is in liquidation, are required to file their proofs of debt by December 17, 2007, to be included in the company's dividend distribution. The company's liquidator is: Stephen Briscoe 7th Floor Allied Kajima Building 138 Gloucester Road, Hong Kong CARKEY LIMITED: Commences Liquidation Proceedings ------------------------------------------------- Carkey Limited commenced liquidation proceedings on November 10, 2007. The company's liquidators are: Chou Sin Mui Wong Hon Sing Room 603-4,6th Floor, Hang Seng Wanchai Building 200 Hennessy Road Wanchai, Hong Kong CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14 ------------------------------------------------------------ The creditors of Carlzen Investment & Development Company Limited, which is in liquidation, are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company's liquidator is: Lin Lai Har Wendy 1301 Eton Tower, 8 Hysan Avenue Causeway Bay, Hong Kong CENTRAL FORUM: Commences Liquidation Proceedings ------------------------------------------------ Central Forum Investment Limited commenced liquidation proceedings on November 17, 2007. The company's liquidator is: Ho Te Hwai Cecil Unit 3091, 39th Floor Far East Finance Centre 16 Harcourt Road, Hong Kong CHARGEUSRS: Commences Liquidation Proceedings --------------------------------------------- Chargeurs Wool Sales (Hong Kong) Limited commenced liquidation proceedings on November 14, 2007. The company's liquidators are: Chung Miu Yin Diana Yeung Betty Yuen Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China -------------------------------------------------------------- CITIC Pacific Ltd's unit, Ipson Investments Ltd, has entered into an agreement with Perfect Future International Ltd to form two joint venture companies in the eastern Jiangsu province of China, Trading Markets reports. The joint ventures, according to the report, will process and recycle metal slag and resell these recycled products. Trading Markets relates that the joint ventures, which will each be owned 80% by Ipson and 20% by Perfect Future, will require a total investment of US$99.6 million. Thus, each company will require a total investment of US$49.8 million, the report says. CITIC Pacific, the report notes, said that steel manufacturing is one of the group's core businesses and the establishment of the joint ventures provides an opportunity for it to invest in and further expand its steel manufacturing business in mainland China. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. In addition, the TCR-AP reported that Moody's Investors Service on June 16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating. The senior unsecured rating for CITIC Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3. The rating outlook is stable. This concludes the review initiated by the rating agency in April 2006. CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project -------------------------------------------------------------- Citic Pacific Ltd., a listed unit of China's Citic Group, said that it plans to spend US$4.6 billion on its proposed Sino Iron Project in Australia. the Associated Press reports. Citic Pacific, in an e-mail message to Dow Jones Newswires, said that construction in Western Australia's Pilbara region is due to start in 2008, while production of 27.6 million metric tons may start in 2009, with iron pellets and concentrates exported to Chinese steel mills. AP cites Larry Yung, Citic Pacific's chairman, as saying that the project includes options for expansion that could increase production to over 70 million tons annually. Citic Pacific said that it is working with the Western Australian government to secure approval for the project, the report says. The project, the report explains, involves construction of a concentrator, pellet plant, slurry pipeline, port facilities, power station and desalination plant. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. In addition, the TCR-AP reported that Moody's Investors Service on June 16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating. The senior unsecured rating for CITIC Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3. The rating outlook is stable. This concludes the review initiated by the rating agency in April 2006. DIGITAL CREATION: Liquidators Quit Post --------------------------------------- On November 15, 2007, Hau Wun Fai and Li Siu Fung stepped down as liquidators for Digital Creation Company Limited, which is currently undergoing liquidation. E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24 ---------------------------------------------------- The creditors of E2E Supply (Hong Kong) Limited, which is in liquidation, are required to file their proofs of debt by December 24, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 15, 2007. The company's liquidator is: Men Yihu c/o Century Business Consultant Limited 23 Floor, Asia Orient Tower Town Place 33 Lockhart Road Wanchai, Hong Kong GOLD-M: Commences Liquidation Proceedings ----------------------------------------- Gold-M Investment Limited commenced liquidation proceedings on November 17, 2007. The company's liquidator is: Ho Te Hwai Cecil Unit 3091, 39th Floor Far East Finance Centre 16 Harcourt Road, Hong Kong HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24 ------------------------------------------------------------- The creditors of Hong Kong & Kowloon Sun Hing Clansmen General United Association Limited, which is in liquidation, are required to file their proofs of debt by December 24, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 15, 2007. The company's liquidator is: Leung Kai Ming Flat 2601, 26th Floor, Block 7 On Pak House, Cheung On Estate 1 Tam Kon Shan Road Tsing Yi, N.T. IANCASTLE LIMITED: Members to Hold Final Meeting on December 28 --------------------------------------------------------------- The members of Iancastle Limited will have their final general meeting on December 28 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Unit 2605, Island Place Tower, 510 King's Road, in North Point, Hong Kong. The company commenced liquidation proceedings on July 26, 2007. JOI MAXIE: Members Will Hold Final Meeting on December 28 -------------------------------------------------------- The members of Joi Maxie Limited will have their final general meeting on December 28, 2007, at 10:35 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Level 28, Three Pacific Palce, in 1 Queen's Road East, Hong Kong. The company commenced liquidation proceedings on June 22, 2007. The Liquidator can be reached at: Huang Qimin No. 99, Lane 4028 Long Dong Avenue Shanghai, Postcode 201201 China LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM ---------------------------------------------------------------- Lai Fung Holdings Ltd said that its subsidiary, Lai Fung Co Ltd, has agreed to sell its wholly owned Perfect Mark Worldwide Ltd to Right Rich Investments Ltd for HKD422 million, Trading Markets relates. According to the report, Lai Fung Holdings said that the aggregate sale price includes a shareholder loan. The company, however, did not specify the loan amount, the report notes. Trading Markets says that Lai Fung Holdings will use the net proceeds of the sale as working capital. Lai Fung Holdings Ltd is the China property arm of Lai Sun Group and focuses on mid-market property development and investment in Guangzhou and Shanghai. The company currently has a development land bank of around 1 million sqm. It also has two investment properties with attributable gross floor area of 162,000 sqm. Moody's Investors Service, on April 17, 2007, affirmed Lai Fung Holdings Ltd's B1 corporate family rating and senior bond rating in view of the successful closing of its US$200 million bond issuance. LEE GARDENS: Creditors' Proofs of Debt Due on December 14 --------------------------------------------------------- The creditors of Lee Gardens Company Limited, which is in liquidation, are required to file proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14 ------------------------------------------------------------- The creditors of Lee Gardens Hotel Management (China) Company Limited, which is in liquidation, are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14 --------------------------------------------------------------- The creditors of Lee Gardens Hotel Management (Hong Kong) Company Limited are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11 --------------------------------------------------------------- The members of L.P. Contractors & Construction Co. (Hong Kong) Limited will hold their general meeting on December 11, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 103, Duke of Windsor Social Service Building, 15 Hennessy Road, in Wanchai, Hong Kong. The liquidator can be reached at: Mr. Lo Wing Hung Room 401, 4th Floor China Insurance Building 141 Des Voeux Road Central, Hong Kong MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24 ------------------------------------------------------------ The members of Mosside Enterprises Limited will have their general meeting on December 24, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Level 28, Three Pacific Place, 1 Queen's Road, in East, Hong Kong. The company commenced liquidation proceedings on on Feb. 26, 2007. The company's Liquidators are: Ying Hing Chiu Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong MOUNT CITY: Liquidator Quits Post --------------------------------- On November 15, 2007, Ng Hon Wai Derek stepped down as liquidator for Mount City Property Limited. The company is currently undergoing liquidation. NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5 -------------------------------------------------------------- The members of Nuclear Construction and Engineering Company Limited will have their general meeting on December 5, 2007, at 10:00 a.m., while the company's creditors will meet at 10:30 a.m. on the same date. During the meeting, Stephen Briscoe and Cosimo Borrelli, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. The meeting will be held at the 9th Floor of Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong. The Joint and Several Liquidators can be reached at: Stephen Briscoe Cosimo Borrelli 5/F Allied Kajima Building 138 Gloucester Road Wanchai, Hong Kong PARLEX ASIA: Members to Hold Meeting on December 27 --------------------------------------------------- The members of Parlex Asia Pacific Limited will hold their general meeting on December 27, 2007, at 9:00 a.m., to hear the liquidators' report on the company's wind-up proceedings and property disposal. The meeting will be held at 6-22 Dai Shun Street, Tai Po Industrial Estate, N.T., Hong Kong. The company's liquidators are: Yip Chee Lan Chan Kwok Hung Johnson Building 6-22 Dai Shun Street, Tai Po Industrial Estate Tai Po, N.T. Hong Kong RANNIS COMPANY: Commences Liquidation Proceedings ------------------------------------------------- Rannis Company Limited commenced liquidation proceedings on November 9, 2007. The company's liquidators are: Nathalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28 ------------------------------------------------------------- The creditors of Rashti & Rashti (Hong Kong) Limited, which is in liquidation, are required to file their proofs of debt by December 28, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 13, 2007. The company's liquidators are: Robin Harris Fok Pui Ling Linda 31st Floor, The Center 99 Queen's Road Central, Hong Kong SIBER HEGNER: Liquidator Quits Post ----------------------------------- On November 22, 2007, Tsang Man Hing, stepped down as liquidator for Siber Hegner Luxury Limited, which is undergoing liquidation. The former liquidator can be reached at: Tsang Man Hing 12/F, Grand Building Nos. 15-18 Connaught Road Central, Hong Kong ========= I N D I A ========= AES CORP: Restarts Alamitos Power Station Unit ---------------------------------------------- The AES Corp. has restarted the 495-megawatt Unit 6 at its Alamitos natural gas-fired power station in California, according to a report by the California Independent System Operator. As reported in the Troubled Company Reporter-Latin America on Oct. 25, 2007, AES shut down Unit 6 for unplanned work. Reuters reports that AES closed down the unit on Nov. 1, 2007. The other units were available for service, Reuters notes. According to Reuters, the 1,997-megawatt Alamitos plant is in Long Beach in Los Angeles County. The plant has six units: -- two 175-megawatt Units 1 and 2, -- the 332-megawatt Unit 3, -- the 335-megawatt Unit 4, -- the 485-megawatt Unit 5, and -- the 495-megawatt Unit 6. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. CABLE & WIRELESS: Launching Disabling Service for Stolen Phones --------------------------------------------------------------- Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a new service that will blacklist and shut down stolen cellular phones, The Jamaica Observer reports. The Jamaica Information Service relates that the Jamaican government had asked Cable & Wireless, Digicel, and Miphone to make efforts to protect subscribers. Jamaican energy, mining and telecommunications minister Clive Mullings told The Observer that due to concerns raised about the "alarming rate of cellular phones being stolen and the threat of violence to the owners," he launched discussions with mobile companies Cable & Wireless, Digicel, and Miphone about launching a system of closing down and blacklisting stolen phones to make those phones useless in the hands of thieves or their beneficiaries. According to The Observer, Jamaican education minister Andrew Holness suggested the service two years ago. Minister Mullings told The Observer that Cable & Wireless, Digicel, and Miphone responded positively to proposals. Cable & Wireless sent a letter to him on Nov. 9, advising him that the firm would be ready to implement blacklisting and shutting down of their stolen mobile phones by Dec. 1. Digicel and MiPhone also expressed their willingness to launch the same service but they hadn't given a start-up date, The Jamaica Gleaner notes, citing Minister Mullings. Minister Mullings commented to The Observer, "We are a people who like to be 'on top of things', and we will continue to acquire the latest in phone and telecommunication technology to keep us in touch. The government, therefore, had to find a way to allow individuals to continue to avail themselves of the use of mobile phones, while reducing the danger posed by dishonest and anti-social persons." Minister Mullings told the Jamaica Information Service, "If the government did not move quickly to address the problem, we would continue to see an increase in the number of incidents in which our citizens, including school children, are attacked for their phones." 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 TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter -------------------------------------------------------------- Exide Technologies reported its financial results for its fiscal 2008 second quarter, which ended Sept. 30, 2007. The company reported a net loss of US$14.8 million for the second quarter of fiscal 2008 as compared with a net loss of US$35.1 million in the second quarter of fiscal 2007. Included in the current period's net loss was a non-cash tax charge of US$16.7 million resulting from an adjustment to the company's net deferred tax asset in Germany to recognize the impact of a lower corporate tax rate. Foreign currency remeasurement gains in the current quarter aggregated US$9.6 million compared with a US$1.3 million remeasurement loss in the prior year period favorably impacting year-over-year pre-tax results by US$10.9 million. Operationally, gross profit aggregated US$130.3 million in the second quarter of fiscal 2008, an increase of US$24.9 million over the prior year comparable period. Increased gross profit resulted principally from higher pricing and continued improved manufacturing performance, partially offset by the rapid escalation of lead costs and recognition of an incremental US$4.5 million environmental remediation provision. Total selling, general, and administrative expenses for the second quarter of fiscal 2008 amounted to US$107.9 million compared with US$102.3 million in the fiscal 2007 second quarter. The fiscal 2008 second quarter costs were unfavorably impacted by the weaker U.S. dollar, but were also impacted by targeted incremental marketing spending. The net loss for the first half of fiscal 2008 was US$50.5 million and compared with a net loss of US$73.0 million in the comparable prior year period. In addition to the aforementioned tax charge in the second quarter of fiscal 2008, current year six month results were unfavorably impacted by the US$21.3 million loss on early debt extinguishment disclosed in the company's 10-Q for the first quarter of this fiscal year, associated with the company's lower cost refinancing effort. Liquidity and Capital Resources As of Sept. 30, 2007, the company had total liquidity of US$167.7 million consisting of cash and cash equivalents of US$91.6 million and availability under the company's revolving loan facility and other loan facilities of US$40.1 million and US$36.0 million. This compared to a total liquidity position of US$145.9 million at March 31, 2007, consisting of cash and cash equivalents of US$76.2 million and availability under the revolving loan facility and other credit facilities of US$59.3 million and US$10.4 million. At Sept. 30, 2007, the company's balance sheet showed total assets of US$2.39 billion, total liabilities of US$2.0 billion and total sheholders' equity of US$394.7 million. About Exide Technologies 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 Norway, India and Italy. The company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the Debtors in their successful restructuring. The Court confirmed Exide's Amended Joint Chapter 11 Plan on April 20, 2004. The plan took effect on May 5, 2004. * * * Moody's Investor Service placed Exide Technologies' senior secured debt and probability of default ratings at 'Caa1' in September 2006. The ratings still hold to date with a stable outlook. GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers' ------------------------------------------------------------- Ford Motor Company retirees face a higher risk of paying their own medical expenses compared to their General Motors Corp. counterparts under a newly ratified union provision, which analysts claim works better for Ford than for its workers, Jeff Green and Bill Koenig write for Bloomberg News. The Troubled Company Reporter disclosed on Nov. 16, 2007, that the United Auto Workers union membership employed at Ford Motor had ratified a memorandum of understanding that covers post- retirement medical care and a new national collective bargaining agreement governing the wages, hours and terms and conditions of employment for UAW-represented employees. A new retiree health care plan will be established and maintained by either an independent committee or a joint labor- management committee and will be funded by a newly established Voluntary Employee Beneficiary Association trust, which will be responsible for payment of all the Retiree Medical Benefits. Almost half of the US$13.6 billion that Ford Motor had agreed to contribute into the VEBA trust, is pledged against either Ford shares or assets, compared with about 14% of GM's US$32 billion, Bloomberg states. Ford will use a US$3.3 billion bond convertible to Ford shares that matures in 2013 and a US$3 billion, 10-year, second lien against the company's assets to pay part of the US$13.6 billion, Bloomberg reveals. "Ford's health care scheme fails to achieve one of the primary goals of the UAW -- a separation between the financing for retiree health care and the fate of Ford," Fitch Ratings credit analyst Mark Oline said in an interview, Bloomberg notes. When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end their obligation to pay an estimated US$70.7 billion in retiree health care costs, Bloomberg relates. To sweeten the deal, Ford agreed to keep open until 2011 five plants that it had intended to close. The carmaker also committed to manufacture new models in many factories. "The GM structure is better for the workers," Pete Hastings, an analyst at Morgan Keegan & Co. in Memphis, Tennessee, said. "Ford's structure is better for Ford, the way it's structured, than for the workers." About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. About GM 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. * * * 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 US$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. GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating ---------------------------------------------------------- Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. Moody's said that GMAC's most recent expressions of support for ResCap have raised additional concerns as to the extent to which the firm might entertain a leveraging of its credit profile to support ResCap through its operating difficulties. Moody's position is that any capital support GMAC extends to ResCap, other than that for which GMAC serves only as a conduit for GMAC's owners, would result in an equalization of GMAC's ratings with ResCap's. In Moody's view, GMAC's high stand-alone leverage position has no capacity to provide un-backed support at the current credit grade. In Moody's last rating action on GMAC and ResCap, GMAC's ratings were downgraded one notch to Ba2 while ResCap's ratings were downgraded two notches to Ba3. GMAC's ratings were kept in proximity to ResCap's, reflecting Moody's view that GMAC could be required to provide support to ResCap that weakens GMAC's stand-alone credit profile. Moody's believes that the probability of such support may have shifted higher, in light of the explicit indications of support recently provided by management. During its review of GMAC's ratings, Moody's will seek greater definition regarding the tolerances GMAC's owners exhibit regarding the uses of GMAC's capital and credit worth to support ResCap in ways that could heighten risks to GMAC's creditors. Moody's will also explore the owners' ability and willingness to take actions that neutralize the impact of GMAC's extensions of support to ResCap that would otherwise diminish GMAC's stand- alone credit profile. Moody's anticipates concluding its review by the end of December 2007. According to Moody's, investments or pursuit of endeavors that primarily benefit ResCap could evidence a use of GMAC capital that constitutes ResCap support, if not backed by injections or other explicit support from GMAC's owners. Moody's is also concerned that current market conditions have delayed GMAC's pursuit of other intended capital management initiatives designed to strengthen its capital position. Moody's view is that GMAC's auto finance and insurance businesses have continuing and important strategic value to GM. GM's consent is required on many significant matters relating to GMAC's strategic direction, investment, and capitalization. GM's interest could act as a countervailing influence on investor pressures to further involve GMAC in supporting ResCap through its difficulties. ResCap's ratings (senior unsecured at Ba3) and negative outlook are not affected by Moody's review of GMAC's ratings or the announced US$750 million tender offer. ResCap's current rating assumes its parent is willing and able to provide capital support if needed. Moody's added that it believes that the maturities selected for tender and overall size of the program are appropriate considering ResCap's current liquidity position. Detroit-based GMAC LLC provides retail and wholesale auto financing, auto extended warranty and insurance products, and residential mortgage finance through wholly-owned subsidiary Residential Capital, LLC. GMAC reported a consolidated nine- month net loss of US$1.6 billion. GMAC LLC has a subsidiary in India called GMAC Financial Services India Limited. QUEBECOR WORLD: To Suspend Dividends on Preferred Shares -------------------------------------------------------- Quebecor World Inc. is suspending dividend payments on its Series 3 and Series 5 Preferred Shares. While the company has the funds available to pay such dividends, it has been advised by counsel that as a result of recent developments, the company may be prevented from paying dividends to holders of its preferred shares because it may not satisfy the applicable capital adequacy test contained in the Canada Business Corporations Act. In order to rectify this situation, the company intends to propose to its shareholders at its next annual shareholders meeting scheduled for May 2008 a reduction of stated capital as permitted under the CBCA to allow the company to resume paying dividends, including accrued, unpaid dividends. The company notes that the dividends on the Series 3 and Series 5 preferred shares (including dividends that were to be paid on Dec. 1, 2007) are cumulative and holders will be entitled to receive unpaid dividends, when declared by the Board of Directors, at such time as the company is permitted to resume the payment of dividends. The company also disclosed that one of its directors, Robert Coallier has resigned from the Board of Directors for personal reasons which are unrelated to the announcement. 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. 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. * * * As reported in Troubled Company Reporter-Asia Pacific on Nov. 27, 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 US$500 million of new debt securities and amendments to the Company's secured credit facilities". Moody's also placed these ratings on review for possible downgrade: B3 Corporate Family Rating; Caa1 Senior Unsecured Regular Bond/Debenture; and B3 Probability of Default Rating, Placed. As reported in the Troubled Company Reporter on Nov. 22, 2007 Standard & Poor's Ratings Services has lowered its ratings on Quebecor World Inc. by one notch, including the long-term corporate credit rating to 'B-' from 'B'. TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform ------------------------------------------------------------ Tata Motors Ltd has rolled out the one millionth passenger car off the Indica platform at its Car Plant in Pune, in its ninth year since the commencement of production in January 1999, the company said in a press release. While it achieved the 100,000th car in March 2001, and the 500,000th car in February, 2005, the progression from the 900,000th car to the millionth car was achieved in just seven months. Starting with the Indica, the company launched the Indigo in 2002, the Indigo Marina in 2004, and the Indigo XL in 2007. The plant started with a capacity of 150,000 p.a., which was subsequently expanded to 225,000 p.a. in 2006. Speaking at the ceremony, Mr. Tata said, "I am very pleased that the company has rolled out the one millionth car off the Indica platform -- something that was considered inconceivable by the project's critics during the investment and the initial gestation period. The team of people involved with the journey to this milestone should feel satisfied today of having created a robust car business for the company." The Indica, the Indigo and the Indigo Marina, apart from being successful brands in the domestic market, have made a mark in several overseas markets in Asia, Europe, Africa, Middle East and South America. As part of the celebration of the one-millionth milestone, Tata Motors has planned several activities involving key stakeholders in recognition of their contribution towards the achievement of the milestone. Free service check-ups, free service camps, discounts on accessories and value added services for existing customers and a contest for free upgrades for lucky customers are coupled with special retail offers for new customers. In addition, special retail offers and finance schemes for employees of vendors, financiers, dealerships and Tata Motors are also planned. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility ---------------------------------------------------------- Tata Steel Ltd plans to put up an eight-million-tonne pellet facility at Jharkhand or Orissa at an investment of more than INR1,000 crore, The Telegraph reports. The company's location choice for the plant is largely due to the presence of iron mines in the areas. The company will make use of the fines produced during the extraction or ore lumps for the mine, The Telegraph cites Tata Steel Adviser Amit Chatterjee as saying. After washing out impurities, iron ore fines are glued with additives like limestone and coal to form pellets that can be directly fed into furnaces to make steel, the news agency explains. Mr. Chatterjee sees India's steel production in 2020 to expand around four times to around 170mt. With that production increase, Tata Steels expects a shortage of skilled workers. In that regard, the company is allying with engineering colleges and universities as preemptive measure, tge news agency cites Mr. Chatterjee as saying. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. TATA STEEL: Names Two New Directors to Board -------------------------------------------- Tata Steel Ltd brings in two directors to its board: 1. Andrew Robb as a Non Executive Independent Director; and 2. T. Mukherjee as a Non Executive Director. According to a filing with the Bombay Stock Exchange, the company's board made the appointments at the meeting on Nov. 22, 2007. Mr. Robb is a Non Executive Director of Corus Group Ltd since August 2003. Dr. Mukherjee was previously the company's Managing Director (Steel) who retired from the post on Oct. 31, 2007. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. ================= I N D O N E S I A ================= ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid ------------------------------------------------------------ PT Adaro Indonesia said it is unaware of China Shenhua Energy Co.'s plan to bid US$4 billion for a stake in the company, various reports say. Adaro's Chairman Edwin Soeryadjaya said the rumors are not true, and until now he does not know of such a plan, Chron.com relates. Shenhua Energy is thinking of buying a controlling stake in unlisted PT Adaro Indonesia, Reuters reprots citing the South China Post. Reuters says Shenhua had not been content with merely buying a small slice of the firm via Adaro's US$750- million initial public offering, to be launched in Jakarta in 2008. Instead it could either take a controlling stake and scrap the stock sale, or buy out existing shareholders at the time of the IPO, the report notes. However, Chron News relates, China Shenhua has made no announcements to the Hong Kong or Shanghai stock exchanges where its shares are traded. About PT Adaro Indonesia Headquartered in Indonesia, PT Adaro Indonesia -- http://www.adaro-envirocoal.com-- operates one of the world's largest sub-bituminous coalmines in Kalimantan, Indonesia. The company operates under a Coal Cooperation Agreement with the Government of Indonesia, which gives it the right to mine coal within its agreement area in the Tanjung district of South Kalimantan Province until the year 2022 with rights to extend by mutual agreement. There are four deposits within the Agreement Area, which contain total coal resources of approximately 3.0 billion tones of open cut coal characterized by extremely thick seams of up to 50 meters with relatively low overburden. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 9, 2007, that Moody's Investors Service placed PT Adaro Indonesia's Ba3 local currency corporate family and foreign currency bond ratings under review for possible upgrade. On Sept. 11, 2006, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Adaro Indonesia. The outlook is stable. At the same time, Standard & Poor's affirmed its 'B+' rating on the senior secured notes issued by Adaro's wholly owned subsidiary, Adaro Finance B.V. The issue is unconditionally and irrevocably guaranteed by Adaro, and its related company, PT Indonesia Bulk Terminal. Adaro had total assets or US$1.4 billion at March 31, 2006. It is the largest single-mine coal producer in Indonesia, with capacity of 38 million tons per year in 2006 and reserves of at least 14 years. EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts ---------------------------------------------------------- PT Excelcomindo Pratama Tbk plans to raise US$950 million by selling bonds or borrowing to repay existing debt and expand its wireless services as competition for customers intensifies, Bloomberg News reports. Arijit Ghosh of Bloomberg writes that the company has already obtained the approval of its shareholders about the plan. The company said in a press release that its shareholders convened a meeting on November 23, 2007, and resolved to, among others, obtain new borrowings of as much as US$950,000,000 in the form of bilateral credit facility, syndicated credit facility through issuances of bonds and other debts instruments. The company, Bloomberg notes, will use US$350 million of the amount for expansion and the balance to reduce debt. The process will start by the end of the year, the report adds. Excelcomindo is expanding outside the main island of Java to win more customers that may help it counter a decline in prices as competition increases, Bloomberg says. Excelcom President Director Hasnul Suhaimi said "To execute future plans there are a lot of things that need to be done", the report notes. The company also needs to restructure their organization in order for the company to be slimmer and more assertive, he added. About Excelcomidndo Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk -- http://www.xl.co.id/ -- provides wireless telecommunications services, leased lines and corporate services, which include Internet Service Provider (ISP) and Voice over Internet Protocol services. In addition, Excelcomindo provides voice, data and other value-added cellular telecommunications services. Its product lines include jempol, bebas and xplor. The company also provides services that allow its customers to purchase electronic voucher reloads at all of its centers and outlets, automated teller machines of various major banks and through its all centers. Excelcomindo starter packs and voucher reloads are also sold by independent retailers. Excelcomindo is Indonesia's third-largest cellular operator; as at the first quarter of 2006 the company had 8.2 million subscribers representing total market share of around 15% but with cellular revenue market share of approximately 10%. TM and its parent Khazanah together hold 73.7% in XL. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service has upgraded Excelcomindo Finance Company B.V.'s foreign currency senior unsecured bond rating to Ba2 from Ba3. The bond is irrevocably and unconditionally guaranteed by PT Excelcomindo Pratama. At the same time, Moody's has affirmed the Ba2 local currency corporate family rating of XL with a positive outlook. On Oct. 03, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Indonesia's cellular operator, Excelcomindo Pratama, on CreditWatch with negative implications following the disclosure that its parent, Telekom Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency A/Watch Neg/--), intends to separate its cellular and international operations from its fixed-line business. At the same time, Standard & Poor's 'BB-' rating on Excelcomindo's outstanding senior unsecured notes has been placed on CreditWatch with negative implications. On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo Pratama Tbk's Long- term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'. The Outlook remains Stable. At the same time, Fitch has affirmed the 'BB-' rating on its senior unsecured notes programme. INDOSAT: Expects Slower Revenue Growth Next Year ------------------------------------------------ PT Indosat Tbk expects slow growth in revenue even with increased third-quarter revenues, due to tougher competition, Reuters reports. The report relates that the company's third quarter revenue increased 35% to IDR4.19 trillion, while its cellular operations revenue increased 38.2% to IDR3.25 trillion. According to the report, President Director Johnny Swandi Sjam said, "Next year, competition will be tougher and we have to penetrate further to the lower income group, which will push our average revenue per user (ARPU) further down." Mr. Sjam told the news agency that Indosat, which was the subject of a controversial ruling by Indonesia's anti-monopoly agency earlier this week, was targeting revenue growth of 18% in 2008, against 34% in the first nine months of this year. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 23, 2007, Indosat's largest shareholder Temasek Holdings, was found guilty by the Business Competition Monitoring Commission (KPPU) of violating Indonesia's anti monopoly laws. Temasek Holdings, TCR-AP noted, violated the country's anti- monopoly laws through i