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 Thursday, November 29, 2007, Vol. 10, No. 237 Headlines A U S T R A L I A COLES GROUP: Officially Turns Over All Shares to Wesfarmers Unit DIVINE DESTINY: Placed Under Voluntary Liquidation EURO TRADING: Declares First Interim Dividend HEALTH & LIVING: Liquidator to Give Wind-Up Report on Nov. 30 HOECHST AUSTRALIA: Liquidator Presents Wind-up Report to Members HOECHST AUSTRALIAN INVESTMENTS: Liquidator Gives Wind-Up Report LAFAYETTE MINING: Continues Talks with Prospect Investor MCGUIGAN VINEYARDS: Members' Final Meeting Set for Nov. 30 NATIONAL AUSTRALIA: Commences Liquidation Proceedings NOOR AL HOUDA: Will Declare First Dividend on December 22 PAX RAIL PTY: Set to Declare Dividend SYMBION HEALTH: Healthscope Buys 10% Stake After ATO Ruling YOUR PROSPERITY: Members Decide to Liquidate Business * Fitch Studies Performance of AU Residential Mortgages C H I N A & H O N G K O N G AGRICULTURAL BANK: To Trial Restructured Ops in 8 Provinces AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers BALISA LIMITED: Members to Hold Final Meeting on December 28 BOTHEALTH TRAVELS: Court to Hear Wind-Up Petition on December 19 COLLINS & LEAHY: Commences Liquidation Proceedings DANA CORPORATION: Secures US$2,000,000,000 Exit Financing DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina FIAT SPA: Repurchases 1.35 Million Ordinary Shares HENDERSON WAPWORKZ: Commences Liquidation Proceedings HOUSELY INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 12 KESSEL ELECTRONICS: Members' Final Meeting Set for Dec. 24 KONKA GROUP: Tianda Sells 43.55 Million Konka Shares MAHR CHINA: Court to Hear Wind-Up Petition on December 19 MAYWAY LIMITED: Court to Hear Wind-Up Petition on Nov. 28 OVIN-CONSORTIUM: Court to Hear Wind-Up Petition on Dec. 5 PAINEWEBBER ASIA: Members to Have Final Meeting on December 24 PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs PHILIP MORRIS: Members to Have Final Meeting on December 28 READTAIN (INT'L): Court to Hear Wind-Up Petition on January 2 S.T. INDUSTRIAL: Members to Have Final Meeting on December 24 SGIS SONGSHAN: Xinhua Far East Lifts Rating from BB- to BB STAR CRUISES: Moody's Continues B1 Rating Review SUNNY TOP: Creditors to Have Final Meeting on November 30 THE CONSULTING: Members' Final Meeting Set for December 24 VENLINT HOLDINGS: Commences Liquidation Proceedings VINCENT FORUM: Members Will Hold Final Meeting on December 28 WOLVERINE TUBE: To Halt Decatur & Booneville Plumbing Operations WORLDTRADE LINKAGE: Appoints New Liquidators WWW LIMITED: Commences Liquidation Proceedings I N D I A AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban AFFILIATED COMPUTER: Board Authorizes US$1 Bil. Share Repurchase BHARTI AIRTEL: Eyes JV with Idea Cellular and Vodafone-Essar DCM SHRIRAM: Company Law Board Rejects HB's Stay Request DECCAN AVIATION: Funding on Hold Pending Route Rationalization ESSAR OIL: To Consider US$2-Bil. Preferential Allotment ICICI BANK: Strikes Largest Securitization Deal, Report Says MYLAN INC: Hires Steven Zylstra as VP for Public Relations I N D O N E S I A BANK NEGARA: To Acquire Consumer-Based Banks & SME Enterprises BANK NEGARA: Gets Three ISO 9001:2000 Certificates CSM CORPORATAMA: Moody's Confirms Ba1.id Bond Ratings EXCELCOMINDO PRATAMA: Shareholders Resolve Issues in Meeting MERPATI NUSANTARA: To Open New Palu-Kuala Lumpur Route in Dec. TELKOMSEL: Plans to Up 2008 Capex to US$1.7 Billion, CEO Says J A P A N FORD MOTOR: Strike Continues Despite Initial Wage Agreement FURUKAWA ELECTRIC: Ties Up with Toray to Sell Polyolefin Foam KATOKICHI CO: Admits Part in Circular Trading & Inflated Sales KATOKICHI CO: Japan Tobacco & Nissin to Launch US$1BB Offer MITSUBISHI MOTORS: October 2007 Global Production Up 14.8% PACHINKO WORLD: To Voluntarily Deregister Common Stock SANYO ELECTRIC: Posts Net Income of JPY16.0BB for H1 of FY2007 * Moody's Comments on Japanese Regional Banks Reorganization * Six Major Japan Banks Post Decline in Group Profit, S&P Says K O R E A DURA AUTOMOTIVE: Court Postpones Confirmation Hearing HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal M A L A Y S I A ASIAN PAC: Earns MYR5.14 Mil. in 2nd Quarter Ended Sept. 30 ASIAN PAC: Mustapha Bin Buang Quits as Audit Committee Member FA PENINSULAR: Incurs MYR536MM Net Loss in Qtr. Ended Sept. 30 FOREMOST: Turns Around w/ MYR100MM Profit in Qtr. Ended Sept. 30 FOREMOST HOLDINGS: Discloses Change in Audit Committee HARVEST COURT: Will Hold General Meeting on December 19 PROTON HOLDINGS: GM Still Interested in Future Partnership SUNWAY: Incurs MYR21-Mil. Net Loss in Quarter Ended Sept. 30 N E W Z E A L A N D AGBIZ SOUTHLAND: Court Hears CIR's Wind-Up Petition CASH N GO: Fixes Nov. 23 as Last Day to File Proofs of Debt NATHANS FINANCE: Investors to Get Interim Dividend in 1Q FY2008 NOT HERE: Members Agree to Commence Liquidation Proceedings NZXPT LTD: Creditors' Proofs of Debt Due on Dec. 14 POWERPARK LTD: Fixes Dec. 2 as Last Day to File Proofs of Debt RATANA CONTRACTING: Court Hears CIR's Wind-up Petition RIVERVIEW SOLUTIONS: Appoints Grant and Khov as Liquidators THACKERY DEVELOPMENTS: Taps Kim S. Thompson as Liquidator THE HEARING ASSOCIATION: Proofs of Debt Due on Nov. 30 THE MOUSE FACTORY: Subject to CIR's Wind-Up Petition P H I L I P P I N E S CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports EIB REALTY: Annual Net Loss Climbs to PHP126.315 Million in 2006 EIB REALTY: 2nd-Quarter Net Loss Climbs to PHP18.041 Million EIB REALTY: Board Appoints Jaime Gonzalez as Chairman, President LAFAYETTE MINING: Invites Anti-Mining Bishop to Visit Rapu-Rapu LODESTAR INVESTMENT: Anggala Buy Cues Resignation of 3 Directors METROPOLITAN BANK: Divests of PHP2.9-Bil. in Foreclosed Assets PHIL LONG DISTANCE: Completes Consent Solicitation on Sr. Notes PRIME ORION: Annual Stockholders' Meeting Set for December 20 * Exporters Seek To Fix Exchange Rate at PHP47 Per US$1 S I N G A P O R E EMC BUILDING: Wind-Up Petition to be Heard on Nov. 30 FIRST ICE: Court to Hear Wind-Up Petition on Nov. 15 HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R) S R I L A N K A SANASA DEV'T BANK: Fitch Assigns 'BB-(lka)' National Rating T H A I L A N D ADKINSON SECURITIES: Expects to Turn Around in 2007 PICNIC CORP: SET Allows Trading of Securities to Resume TMB BANK: Shareholders Agree to Offer 10.970 Mil. Shares to ING - - - - - - - - ================= A U S T R A L I A ================= COLES GROUP: Officially Turns Over All Shares to Wesfarmers Unit ---------------------------------------------------------------- The Scheme of Arrangement in relation to the acquisition of Coles Group Limited by Wesfarmers Limited has been implemented. All Coles Group ordinary shares have been transferred to Wesfarmers Retail Holdings Pty. Ltd., a wholly owned subsidiary of Wesfarmers. An application to delist Coles Group from ASX will be made shortly. The members of the Coles Group Board have been replaced with a Board nominated by Wesfarmers. The Board of Coles Group Limited now comprises the following directors: -- Trevor Eastwood, Chairman of Wesfarmers; -- Bob Every, Non-executive director of Wesfarmers; -- Richard Goyder, Managing Director of Wesfarmers; -- James Graham, Non-executive director of Wesfarmers; and -- Gene Tilbrook, Finance Director of Wesfarmers. Payment of Scheme Consideration Cash consideration and the Coles fully franked Final Dividend will be paid directly into shareholders' nominated bank accounts. Wesfarmers ordinary shares and Wesfarmers Partially Protected shares (PPS) have also been registered in the name of Scheme Shareholders. Holding statements for new Wesfarmers ordinary shares and Wesfarmers PPS will be despatched by November 30, 2007. Trading of these shares is expected to commence on a normal settlement basis by December 3, 2007. Coles shareholders may check details of their holdings by visiting the website www.linkmarketservices.com.au. About Coles Group Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. DIVINE DESTINY: Placed Under Voluntary Liquidation -------------------------------------------------- During a general meeting held on October 2, 2007, the members of Divine Destiny Pty Limited agreed to voluntarily wind up the company's operations. Stewart William Free and Raymond George Tolcher were appointed as liquidators. The Liquidators can be reached at: Stewart William Free and Raymond George Tolcher Lawler Partners Chartered Accountants 763 Hunter Street Newcastle West, New South Wales 2302 Australia Web site: http://www.lawlerpartners.com.au About Divine Destiny Divine Destiny Pty Limited is a distributor of durable goods. The company is located at Raymond Terrace, in New South Wales, Australia. EURO TRADING: Declares First Interim Dividend --------------------------------------------- Euro Trading Pty Ltd, which is in liquidation, declared its first interim dividend on November 28, 2007. Creditors who were not able to file their proofs of debt by Nov. 21, 2007, were excluded from the company's dividend distribution. The company's liquidator is: Henry Kazar SimsPartners Suite 5, 32 Thesiger Court Deakin ACT 2600 Australia Telephone:(02) 6285 1310 About Euro Trading Euro Trading Pty Ltd is a distributor of farm supplies. The company is located at Camp Mountain, in Queensland, Australia. HEALTH & LIVING: Liquidator to Give Wind-Up Report on Nov. 30 ------------------------------------------------------------- A final meeting will be held for the members of Health & Living Australia Pty Limited, which is in liquidation, on November 30, 2007, at 11:40 a.m. At the meeting, J. D. Brogan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: J. D. Brogan Suite 17, 37-43 Alexander Street Crows Nest, New South Wales 2065 Australia About Health and Living Health And Living Australia Pty Limited operates miscellaneous food stores. The company is located at Kirrawee, in New South Wales, Australia. HOECHST AUSTRALIA: Liquidator Presents Wind-up Report to Members ---------------------------------------------------------------- A final meeting was held for the members of Hoechst Australia Limited on November 28, 2007, at 10:00 a.m. At the meeting, Geoffrey Reidy, the company's liquidator, presented a report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 16, 2006. The Liquidator can be reached at: Geoffrey Reidy Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia About Hoechst Australia Hoechst Australia Limited,, which is also trading as Hmr Bulk Active Ingredients, is a distributor of medicinal chemicals and botanical products. The company is located at Lane Cove, in New South Wales, Australia. HOECHST AUSTRALIAN INVESTMENTS: Liquidator Gives Wind-Up Report --------------------------------------------------------------- The members of Hoechst Australian Investments Pty Limited met on November 28, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 16, 2006. The company's liquidator is: Geoffrey Reidy Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia About Hoechst Australian Hoechst Australian Investments Pty Limited operates miscellaneous business credit institutions. The company is located at Melbourne, in Victoria, Australia. LAFAYETTE MINING: Continues Talks with Prospect Investor -------------------------------------------------------- Lafayette Mining Incorporated said that negotiations with a major potential investor to pay off its debt were continuing, and the outcome was now uncertain, Jesse Riseborough and Luzi Ann Javier of Bloomberg News reports. The Australian mining firm, which is developing the Rapu Rapu mine in the Philippines, disclosed through the Australian Stock Exchange that the investor has until November 30 to exercise an option to pay off the debt, conveys Bloomberg. The report states that the investor, whose name has not been identified yet, has "not reached a final decision on whether or not they will exercise their option to acquire the bank group exposure. The outcome is now uncertain." Bloomberg, through the statement, quotes Lafayette as saying, "The directors are of the opinion that the company continues to be a going concern." However, should the would-be investor not pay off the debt the "directors will need to carefully consider this opinion," the report says. Peter Wallace, director of the Australia-New Zealand Chamber of Commerce in the Philippines, expressed to Bloomberg through a phone interview that, "It will hurt the prospects for Lafayette, but it's essentially a financial case and doesn't indicate some failure of policies in the Philippines." Lafayette, valued to be at AU$17.7 billion, reported a loss of AU$66.4 million in the six-month period ended Dec. 31 after a typhoon halted output and damaged facilities in the Rapu Rapu mine, recounts Bloomberg. According to Mr. Wallace, "The government can take the blame for the extended time it took to grant approval to reopen the mine. That's essentially what caused Lafayette to lose money." Bloomberg recounts that Lafayette said in an October company statement that the South East Asian Strategic Assets Fund would invest US$152 million in Lafayette, paying off US$123 million in loans and providing a US$28.75 million in credit. About Lafayette Mining Australian firm Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. Lafayette Mining Philippines, Incorporated, is a subsidiary of Lafayette Mining and is currently developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu- Rapu in the Philippines. TCR-AP's "Large Companies with Insolvent Balance Sheets" column on November 23, 2007, reflected Lafayette Mining Limited as having a US$190.86 million equity deficit, on total assets of US$105.24 million. MCGUIGAN VINEYARDS: Members' Final Meeting Set for Nov. 30 ---------------------------------------------------------- The members of Mcguigan Vineyards Pty Limited will hold their final meeting on November 30, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. Creditors who were not able to file their proofs of debt by Nov. 20, 2007, will be excluded from the company's dividend distribution. The company's liquidator is: David J. F. Lombe Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia About Mcguigan Vineyards Mcguigan Vineyards Pty Limited is a distributor of durable goods. The company is located at Pokolbin, in New South Wales, Australia. NATIONAL AUSTRALIA: Commences Liquidation Proceedings ----------------------------------------------------- During a general meeting held on October 18, 2007, the members of National Australia Superannuation Pty Ltd decided to voluntarily liquidate the company's business. David Clement Pratt and Timothy James Cuming were named liquidators. The Liquidators can be reached at: David Clement Pratt Timothy James Cuming Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About National Australia National Australia Superannuation Pty Ltd is involved with trusts, except educational, religious, and charitable trusts. The company is located at Melbourne, in Victoria, Australia. NOOR AL HOUDA: Will Declare First Dividend on December 22 --------------------------------------------------------- Noor Al Houda Islamic College Pty Limited, which is in liquidation, will declare its first dividend on December 22, 2007. Creditors who were not able to file their proofs of debt by the November 23, 2007 deadline will be excluded from the company's dividend distribution. The company's deed administrator is: Martin J. Green GHK Green Krejci Level 13, 1 Castlereagh Street Sydney, New South Wales 2000 Australia About Noor Al Houda Noor Al Houda Islamic College Pty Ltd operates elementary and secondary schools. The company is located at Condell Park, in New South Wales, Australia. PAX RAIL PTY: Set to Declare Dividend ------------------------------------- Pax Rrail Pty Limited, which is in liquidation, intends to declare its first dividend. Creditors who were not able to file their proofs of debt by November 20, 2007, will be excluded from the company's dividend distribution. The company's liquidators are: C. R. Campbell S. J. Cathro Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia About Pax Rail Pax Rail Pty Limited is a distributor of durable goods. The company is located at Keswick, in South Australia, Australia. SYMBION HEALTH: Healthscope Buys 10% Stake After ATO Ruling ----------------------------------------------------------- After the Australian Tax Office ruled out that Symbion Health Ltd. shareholders could not benefit from a merger and scrip-for- scrip capital gains tax rollover relief, Healthscope Ltd. surprised the market by buying shares in Symbion, Teresa Ooi writes for The Australian. According to the Wall Street Journal, Healscope acquired a 10% stake in Symbion. Healthscope, refusing to lie low, spent about AU$250 million to buy 64.7 million Symbion shares at an average price of AU$4.09 a share, relates The Australian. According to the report, this move by Healthscope makes it the second-biggest shareholder in Symbion, following Primary Health Care's 20% stake. Healthscope's Bruce Dixon is said to be "happy to sit at 10%, but is not ruling out increasing its stake further," Ms. Ooi writes, citing a source close to the deal. One analyst expressed to The Australian that, ". . .with a 10 per cent stake in Symbion, Healthscope has now denied Primary from compulsorily acquiring Symbion. It would also make it tougher on Bateman to raise funds or on-sell the pharmacy and vitamin business to private equity firms." The ATO ruling, WSJ relates, leaves Primary as the only bidder left to acquire Symbion's pathology, diagnostic imaging and medical centers assets. However, Symbion's board of directors asserted that Primary's AU$2.65-billion offer is too low and well below market value, reports The Australian. Matthew Murphy of The Age writes that Primary is believed to be considering staying with its current bid or even lowering it now that ATO rebuff has strengthened its position. The report notes that Symbion Chief Executive Office Robert Cooke said Primary could afford to pay at least AU$4.50 a share for Symbion but added that their business is not in distress so they don't "feel any operational pressure to sell their assets cheaply. Mr. Cooke further added, "The pressure is on other parties who are interested in a transaction whether it is Healthscope, Primary singularly or collectively." According to a Healthscope spokesman interviewed by Ms. Ooi, the company has not ruled out making a deal with Primary to carve up Symbion's assets. "We are keeping all options open. We are very patient," adds the spokesman. The Australian Securities & Investments Commission, relates The Age, is investigating whether Healthscope obtained the share parcel fairly. Dr. Edmund Bateman of Primary kept his own counsel and declined to comment on the matter, explains The Australian. 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). YOUR PROSPERITY: Members Decide to Liquidate Business ----------------------------------------------------- On October 18, 2007, the members of Your Prosperity Limited met and agreed to voluntarily wind up the company's operations. David Clement Pratt and Timothy James Cuming were tapped as liquidators. The Liquidators can be reached at: David Clement Pratt Timothy James Cuming Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Your Prosperity Located at Melbourne, in Victoria, Australia, Your Prosperity Limited is an investor relation company. * Fitch Studies Performance of AU Residential Mortgages ------------------------------------------------------- Fitch Ratings has published a study on the performance of Australian residential mortgages with an emphasis on postcode. The study reveals, among other things, that when ranked on the basis of mortgages that have missed more than one mortgage payment, by dollar value, seven of the top ten worst performing postcodes in Australia are in New South Wales (NSW) and six of the seven are in south-west Sydney. The worst performing postcode in the nation according to the study is 2161 - Guildford, a suburb of Sydney, NSW. In Guildford, 5.65% of mortgages in the agency's sample by dollar value are in arrears by one or more mortgage payments as of 30 September 2007. Other postcodes in the top 10 are: 2142 - Granville (NSW), 2164 - Wetherill Park (NSW), 2325 - Cessnock (NSW), 2192 - Belmore (NSW), 2190 - Greenacre (NSW), 2196 - Punchbowl (NSW), 4212 - Helensvale (Queensland), 3048 - Collaroo (Victoria) and 4507 - Bribie Island (Queensland). The national rate of mortgages that have missed more than one payment, by dollar value is 1.56%. Ben McCarthy, managing director of Fitch's structured finance team in Sydney and author of the report commented, "This report, for the first time, confirms the anecdotal evidence that south- west Sydney is the most stressed part of the country in terms of residential mortgages. In south-west Sydney, mortgages that have missed more than one payment at 30 September were almost twice that of the national average." The study includes close to 1 million loans with a total outstanding balance of over AUD168 billion as of 30 September 2007. The study was completed by Fitch to view mortgage performance on a more granular level than the traditional national statistics, and identifies a marked difference between the recent performance of Western Australian mortgages (the best performing state) with those of NSW (the worst performing state). ================================ C H I N A & H O N G K O N G ================================ AGRICULTURAL BANK: To Trial Restructured Ops in 8 Provinces ----------------------------------------------------------- Agricultural Bank of China has rolled out a pilot program under which it will operate as two separately-managed businesses in eight provinces, a source told XFN-Asia. According to XFN, the source did not provide details about the division of business lines. The report explains that Agricultural Bank has been struggling to balance its two missions -- serving the interests of the countryside while achieving a commercial return. Agricultural Bank will complete a restructuring at the start of 2008 before taking in strategic investors and launching an IPO, XFN relates. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers ---------------------------------------------------------------- AMC Entertainment Inc. has hired Scott Wall as vice president of national sales. At the same time, the company has promoted five associates: Zach Baze, Greg Endecott, Raj Valluri, Cezanne Wikoff and Ryan Wood. The group represents the diverse experience of associates working at the Kansas City-based company. "Promoting from within is a key component of associate satisfaction and retention," said Keith Wiedenkeller, senior vice president of human resources at AMC. "And infusing fresh perspectives into the entertainment business through external candidates continues to propel our company forward. Each of these individuals demonstrates a passion for what they do at AMC. I'm proud to work with them." Mr. Wall debuts at AMC in the newly created role of vice president, national sales, overseeing the sale of package tickets, entertainment cards, studio-sponsored screenings and movie premieres. Prior to starring at AMC, Mr. Wall worked as a loan consultant with Capital One Home Loans. He also spent more than 10 years working in marketing and communications roles where he implemented marketing programs for a variety of clients. Mr. Wall earned a bachelor's degree in business and public administration from the University of Missouri in Columbia. Mr. Baze was promoted to the position of vice president, marketing, where he is responsible for setting AMC's promotional, interactive, market research and advertising strategies. Previously, Mr. Baze served as director, media and marketing alliances, where he managed media buys and sponsorships for AMC. In his two years at AMC, Mr. Baze also held manager roles in the corporate communications and marketing departments. He holds a bachelor's degree in journalism from Kansas State University in Manhattan, Kan. Mr. Endecott is now the director of finance, leading financial planning and analysis for AMC. For the past three years, he served as the director of financial reporting, managing both internal and external reporting. Mr. Endecott earned a bachelor's degree in finance from Missouri State University in Springfield, Mo., and master's degree in accounting at the University of Missouri in Kansas City, Mo. He is also a Certified Public Accountant. Mr. Valluri was recently promoted to the vice president of design in AMC's design, construction and facilities department where he manages the design of new theatres and supports projects under construction. Mr. Valluri began his career at AMC as an architect in May 2006. He obtained his bachelor's degree in architecture from the University of Baroda in Baroda, India and earned a master's degree in architecture and urban design from the University of Kansas in Lawrence, Kan. Mr. Valluri is also a Registered Architect in Missouri. Mr. Wikoff is now a director of marketing, where she manages AMC's interactive marketing as well as the MovieWatcher(R) loyalty program. Previously, Wikoff oversaw AMCTheatres.com and MovieWatcher.com as the interactive marketing manager, a position she held since June 2006. Mr. Wikoff obtained a bachelor's degree in advertising at Kansas State University in Manhattan, Kansas. Mr. Wood, a 10-year AMC veteran, is a new vice president of film programming. In his new role, he is responsible for programming movies on 700 screens across AMC theatres. Before his promotion, Mr. Wood was the director of film programming operations where he worked with the operations and film departments to maximize profitability for theatres. Mr. Wood holds a bachelor's degree in management from Old Dominion University in Norfolk, Virginia. Based in Kansas City, Missouri, AMC Entertainment Inc. -- http://www.amctheatres.com/-- is a worldwide leader in the theatrical exhibition industry. The company serves more than 250 million guests annually through interests in 415 theatres and 5,672 screens in 12 countries including the United States, Hong Kong, Brazil and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on June 13, 2007, Standard & Poor's Ratings Services assigned a 'B' corporate credit rating and stable outlook to AMC Entertainment Holdings Inc., the new super-holding company of Marquee Holdings Inc. and ultimate parent of operating company AMC Entertainment Inc. S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings Inc.'s proposed US$400 million senior unsecured pay-in-kind term loan facility due 2012 and a 'CCC+' rating to its 364-day US$275 senior unsecured PIK term loan due 2008. BALISA LIMITED: Members to Hold Final Meeting on December 28 ------------------------------------------------------------ The members of Balisa Limited, which is in liquidation, will have their final general meeting on December 28, 2007, at 10:45 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. BOTHEALTH TRAVELS: Court to Hear Wind-Up Petition on December 19 ---------------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on December 19, 2007, to hear a petition seeking to have Bothealth Travels' operations wound up. Chan Wai Keung filed the petition on August 30, 2007,. The petitioners' solicitor can be reached at: Fung, Wong, Ng, & lam Room 8, 4th Floor, New Henry House 10 Ice House Street, Central, Hong Kong COLLINS & LEAHY: Commences Liquidation Proceedings -------------------------------------------------- Collins & Leahy Far East Limited commenced liquidation proceedings on November 9, 2007. The company's liquidator is: Nathalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong DANA CORPORATION: Secures US$2,000,000,000 Exit Financing --------------------------------------------------------- Dana Corporation has obtained fully underwritten commitments for a US$2,000,000,000 exit financing facility, marking a significant step toward the company's timely emergence from Chapter 11 reorganization. These commitments ensure that Dana will be positioned to emerge from bankruptcy by the end of January 2008, or earlier. The exit facility will be underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital, and will consist of a US$650,000,000 asset-based revolving credit facility and a US$1,350,000,000 term loan facility. The facilities are secured by substantially all of the assets of Dana and most of its domestic subsidiaries. Dana Chairman and Chief Executive Officer Mike Burns said, "This is a significant step toward our emergence as a strong, financially stable company that is equipped to make significant investments in our programs and to continue providing innovative products of the highest quality to our customers worldwide. The fact that our exit facility is fully underwritten during difficult credit market conditions is a strong endorsement of our proposed capital structure and success in implementing our turnaround initiatives. In addition, it further ensures our timely emergence from Chapter 11 after confirmation of our plan of reorganization by the bankruptcy court." Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund working capital and other general corporate purposes. The commitment letter remains subject to bankruptcy court approval and the funding of the commitments set forth in the commitment letter is subject to customary closing conditions. Dana was advised by Miller Buckfire & Co., AlixPartners, and Jones Day in connection with its exit financing process. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved ---------------------------------------------------------- Dana Corporation and 40 of its domestic direct and indirect debtor-subsidiaries ask the U.S. Bankruptcy Court for the Southern District of New York to approve a settlement that resolves their disputes with Appaloosa Management, L.P., which had lost a bid to provide equity exit financing to the company. Under the settlement, Dana agreed to reimburse up to US$2,000,000 for out-of-pocket expenses Appaloosa Management incurred in the Chapter 11 cases, in exchange for its support to Dana's Joint Plan of Reorganization. In October 2007, Dana's Board of Directors rejected Appaloosa's offer to purchase preferred Dana shares that remain unsold in a rights offering. Dana's Reorganization Plan, as amended, incorporates a Global Settlement which provides, among others, (i) an equity financing of up US$790,000,000 by Centerbridge Capital Partners, L.P., and members of an Ad Hoc Steering Committee, and (ii) a settlement between Dana and its unions. As part of of the Settlement, Appaloosa has agreed to withdraw its appeal on a prior order by Judge Lifland approving the Debtors' investment agreement with Centerbridge. The Settlement Agreement will also permit Appaloosa to invest in reorganized Dana. Appaloosa will be permitted to acquire unsecured claims prior to the November 28, 2007 record date established by the Plan and the Investment Agreement for determining parties entitled to purchase new Series B preferred stock. Dana said that its settlement agreement with Appaloosa, which holds 14.98% of existing common stock of Dana, will resolve one of the major potential obstacles remaining to confirmation of the Plan, at minimal cost. The Settlement has been negotiated with the Official Committee of Unsecured Creditors. Centerbridge has also consented to the terms of the Settlement. The primary terms of the Settlement Agreement are: -- Withdrawal of Appeal: Appaloosa will withdraw the Appellate Case with prejudice within two business days of the Settlement becoming effective. -- Waiver of Standstill: The Debtors will waive certain provisions of a Confidentiality Agreement between Dana and Appaloosa to lift contractual restrictions on Appaloosa from acquiring a beneficial ownership of claims or debt securities of Dana its subsidiaries. -- Expenses: The Creditors Committee will support, and the Debtors will take no position with respect to, a motion by Appaloosa under Section 503(b) of the Bankruptcy Code seeking reimbursement of US$2,000,000 of reasonable fees and expenses incurred in connection with the Debtors' Chapter 11 cases. -- Voting: The order approving the Settlement will provide that all of Appaloosa's claims against the Debtors now held or acquired prior to the deadline for voting on the Plan will be deemed to vote to accept the Plan and consent to the releases provided for therein. Appaloosa will only transfer its claims to an entity that agrees to accept all of Appaloosa's obligations under the Settlement. -- Plan Support Agreement: Appaloosa will reaffirm its obligations under the Plan Support Agreement dated July 26, 2007, among Dana, the Unions, Centerbridge and certain of its affiliates and various holders of unsecured claims that agreed to support the Plan. The Debtors and the Creditors Committee waive certain claims for breach of contract they may have versus Appaloosa under the Plan Support Agreement. -- Investment Agreement: Appaloosa will support the Investment Agreement between Dana and Centerbridge and will refrain from taking a number of enumerated actions that would serve to interfere with the Investment Agreement or the confirmation of the Plan. Corinne Ball, Esq., at Jones Day, in New York, tells the Court, the Settlement Agreement (a) surpasses "the lowest point in the range of reasonableness," (b) represents a proper exercise of the Debtors' business judgment and (c) should be approved pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy Procedure. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2007, the Debtors listed US$7,018,000,000 in total assets and 7,554,000,000 in total debts resulting in a total shareholders' deficit of US$536,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion ---------------------------------------------------------------- Fiat SpA plans to increase production in Brazil to meet rising demand. Published reports say that Fiat's total investment in Brazil will reach US$3.4 billion, where US$2.8 billion will be utilized to increase production at its plant in Betim, from 700,000 cars to one million by 2010. The rest of the funding will be used to develop its factories in Sao Pauolo, AFP says. "For Fiat Auto, Brazil is our second biggest market worldwide, and the State of Minas Gerais has shown itself to be a valued partner throughout the thirty-plus years that we've been present in Brazil," AFP quoted Chief Executive Officer Sergio Machione as saying on Friday. Demand in Brazil has risen as a result of rising employment and cheap car credit financing, Bloomberg News says. The carmaker is keeping abreast with expansion programs that its competitors in Brazil are doing. "I travel the world and Ic haven't seen an economic environment which is stable and as favorable," Mr. Marchionne was quoted by Bloomberg as saying. He added that Fiat's car sales in the country rose to 32% for the first ten months, higher than Brazil's 29% total domestic unit car sales. About Fiat S.p.A Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. "The upgrade reflects Fiat's strong debt reduction achievements, positive trends in the auto sector, and improvements in the group's profitability and cash generation," said Standard & Poor's credit analyst Nicolas Baudouin. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Outlook change is underpinned by the consistent improvement of the group's financial profile, the pick-up in Fiat Auto's market shares and earnings since late 2005 and positive expectations for the CNH and Iveco divisions. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina -------------------------------------------------------------- Fiat S.p.A. CEO Sergio Marchionne outlined plans to invest BRL6.4 billion (EUR2.4 billion) in Brazil and Argentina between 2008 and 2010, The Associate Press reports. Of the total amount, AP relates, BRL5 billion (EUR1.88 billion) will be made in Minas Gerais, where most of the company's Brazilian operations are based, while another BRL1 billion (EUR375 million) has been earmarked for Fiat's farm equipment plant in the state of Sao Paulo. Mr. Marchionne told reporters that these investments are aimed to increase the carmaker's current Brazilian production from 720,000 vehicles a year to about 1 million in 2010, Andre Soliani and Telma Marotto write for Bloomberg News. A total of BRL400 million (EUR150 million) will be invested in Fiat's auto plant in Cordoba, Argentina, where Fiat wants to produce 50,000 vehicles as of 2008, AP relates. "I travel the world and I haven't seen an economic environment which is stable and as favorable," Mr. Marchionne was quoted by Bloomberg as saying. "You are going through an incredible period of growth." About Fiat S.p.A Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. "The upgrade reflects Fiat's strong debt reduction achievements, positive trends in the auto sector, and improvements in the group's profitability and cash generation," said Standard & Poor's credit analyst Nicolas Baudouin. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Outlook change is underpinned by the consistent improvement of the group's financial profile, the pick-up in Fiat Auto's market shares and earnings since late 2005 and positive expectations for the CNH and Iveco divisions. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. FIAT SPA: Repurchases 1.35 Million Ordinary Shares -------------------------------------------------- Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average price of EUR17.4935 including fees on Nov. 21, 2007, within the frame of the buy back program announced on April 5, 2007. On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary shares at the average price of EUR18.4559 including fees. From the start of the buy back program on April 24, 2007, the total number of shares purchased by Fiat amounts to 20.482 million for a total invested amount of EUR426 million. Share Repurchase Program On April 5, Fiat stockholders authorized the purchase and disposition of own shares. The program, aimed at servicing stock options plans and at the investment of liquidity, refers to a maximum number of own shares of the three classes of stock which shall not exceed 10% of the capital stock and a maximum aggregate amount of EUR1.4 billion and will be carried out on the regulated market as: -- it will become effective on April 10, 2007, and end on Dec. 31, 2007, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the Stock Exchange on the day before the purchase is made; -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. HENDERSON WAPWORKZ: Commences Liquidation Proceedings ----------------------------------------------------- Henderson Wapworkz Company Limited commenced liquidation proceedings on November 16, 2007. The company's liquidator is: Cheung Fong Ming Two International Finance Centre 8 Finance Street Central Hong Kong HOUSELY INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 12 ------------------------------------------------------------- On September 14, 2007, Deacons filed a petition to have Housely Industries Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on December 12, 2007, to hear a petition to wind up the operations of Housely Industries. KESSEL ELECTRONICS: Members' Final Meeting Set for Dec. 24 ---------------------------------------------------------- The members and creditors of Kessel Electronics (HK) Limited will have their final general meeting on December 24, 2007, at 10:00 a.m. and 10:45 a.m., respectively. During the meeting, Kennic Lai Hang Lui, the company's joint and several liquidator, will give a report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 203 of the Duke of Windsor Social Service Building, 15 Hennessy Road, in Hong Kong. The Joint and Several Liquidator can be reached at: Kennic Lai Hang Lui 5/F, Ho Lee Commercial Building 38-44 D'Aguilar Central Hong Kong KONKA GROUP: Tianda Sells 43.55 Million Konka Shares ---------------------------------------------------- Konka Group Co., Ltd. (SZSE: 000016), disclosed on Nov. 24, 2007, that the former share agreement between Shenzhen Oversea China Town Group, its largest shareholder, and Anhui Tianda Enterprise (Group), its second largest shareholder, will be released, Trading Markets reports. The report recounts that Oversea China Town sold 55 million non- tradable corporate shares in Konka, or a 9.14% stake, to Tianda for CNY 304.15 million on August 28, 2004. The procedures were finished on July 27, 2005. After Konka transforming its non- tradable shares into tradable shares, Tianda took 43.55 million shares, or a 7.23% stake in Konka, among which 6.167 million shares was a consideration paid by Oversea China Town. Tianda will retain the 55 million shares it gained as considerations, Trading Markets says. It will return the rest shares and the CNY4.355 million bonuses it gained to Oversea China Town. Oversea China will return the CNY304.15 and interests of CNY43.7976 million to Tianda. After the deal, Overseas China will directly take 95.94 million non-tradable shares in Kongka, or a 15.94% stake. Headquartered in Shenzhen, Guangdong Province, the People's Republic of China, Konka Group Co., Ltd. -- http://www.konka.com/-- is a manufacturer of electronics and telecommunications products. The Company has established five manufacturing bases, located in Mudanjiang, Shaanxi Province, Dongguan, Anhui Province and Chongqing. It also has a nationwide sales and services network, with 300 sales branches, 7,000 retailers and 30,000 services centers. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating on July 10, 2006. MAHR CHINA: Court to Hear Wind-Up Petition on December 19 --------------------------------------------------------- On October 4, 2007, Measure-Tech Industrial Supplies Company Limited filed a petition to have Mahr China Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on December 19, 2007, to hear a petition to wind up the operations of Mahr China Trading. The petitioners' solicitor can be reached at: C.S. Chan & Co Room 1417, Leighton Centre No. 77 Leighton Road Causeway Bay, Hong Kong MAYWAY LIMITED: Court to Hear Wind-Up Petition on Nov. 28 --------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on November 28, 2007, to hear a petition to have Myway Limited's petition wound up. Chan Kai Wing filed the petition on August 29, 2007. The petitioners' solicitor can be reached at: Messrs. Chak & Associate 11th Floor, HK Diamond Exchange Building 8-10 Duddell Street Central, Hong Kong OVIN-CONSORTIUM: Court to Hear Wind-Up Petition on Dec. 5 --------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on December 5, 2007, to hear Leong Yeut Wah's petition to have Ovin-Consortium's operations wound up. Leong Yeut Wah filed the petition on August 18, 2007. The petitioners' solicitor can be reached at: Sidney Austin Level 39, Two International Finance Centre 8 Finance Street Central, Hong Kong PAINEWEBBER ASIA: Members to Have Final Meeting on December 24 -------------------------------------------------------------- The members of Painewebber Asia Limited, which is in liquidation, will have their final general meeting on Dec. 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 20th Floor, Prince's Building, in Central, Hong Kong. PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs ------------------------------------------------------- El Universal reports that Petroleos de Venezuela SA will instruct newly created Pdvsa Services to obtain oilrigs abroad in the middle of the year. According to the report, the holding had only 112 operational oilrigs to meet an estimated production of 3.6 million bpd leading the firm to declare a state of operational emergency. Oilrigs operations with undergoing major maintenance have been restored by Pdvsa for some two years. In addition, Pdvsa bought 14 units in two recent bidding processes. As a result, total operational oilrigs boosted to 139. Last week, two Chinese oilrigs were added in the country, El Universal relates. Pdvsa board, El Universal states, is expecting that production will increase in 2008. Report shows that Pdvsa should have 191 operational oilrigs to take production to 3.7 million bpd by the end of 2007, which means a 50-oilrigs deficit and at least 500,000 bpd below the best-case scenario of oil output considered by the company. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PHILIP MORRIS: Members to Have Final Meeting on December 28 ----------------------------------------------------------- The members of Philip Morris China Limited, which is in liquidation, will have their final general meeting on Dec. 28, 2007, at 4:00 p.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, in 1 Queen's Road East, Hong Kong. READTAIN (INT'L): Court to Hear Wind-Up Petition on January 2 ------------------------------------------------------------- The High Court of Hong Kong will convene on January 2, 2007, at 9:30 a.m., to hear a petition seeking to have the operations of Readtain (Int'l) Trading wound up. Chow Yuen Ping filed the petition on October 22, 2007. The petitioners' solicitor can be reached at: Messrs. Chak & Associate 11th Floor, HK Diamond Exchange Building 8-10 Duddell Street Central, Hong Kong S.T. INDUSTRIAL: Members to Have Final Meeting on December 24 ------------------------------------------------------------- The members of S.T. Industrial Company Limited will have their final general meeting on December 24, 2007, at 11:00 a.m. During the meeting, Wong Yuk Keung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The meeting will be held at Flat 1801, 18th Floor, Yue Xiu Building, 160 Lockhart Road, in Wanchai, Hong Kong. The company commenced liquidation proceedings on August 15, 2007. The Liquidator can be reached at: Wong Yuk Keung G404 Kornhill Hong Kong SGIS SONGSHAN: Xinhua Far East Lifts Rating from BB- to BB ---------------------------------------------------------- Xinhua Far East China Ratings upgraded SGIS Songshan Co Ltd's issuer credit rating from BB- to BB. The company's rating outlook was also changed from negative to stable. The rating action was mainly prompted by the present better- than-expected sector environment, expectations that the company's financial flexibility will further improve in the favorable domestic capital market, and the company's strengthening strategic position while the sector is undergoing consolidation. Even so, SGIS's investment in capacity and technology has not significantly improved its competitive position, with the company's aggressive financial policies and its poor record in coping with industry downturns preventing it from obtaining a higher rating. With China's steel prices recovering in 2006, SGIS's turnover rose by 16.9% to CNY12.4 billion in 2006. The company's gross margin rose to 7% in 2006 from 4.1% in 2005 and, with prices continuing to rise in 2007, its gross margin reached 8.6% in the first quarter of 2007. Xinhua Far East expects that strong domestic and foreign demand will offset the pressures the company faces from overcapacity and rises in input costs. A better-than-expected sector environment may help it to avoid facing extremely tough demands on capital in the near term. SGIS issued CNY1,538 million in convertible bonds to replace the same amount worth of bank loans in February 2007. Xinhua Far East believes that most bond investors will convert the bonds to common stock given that its common stock price is significantly above the strike price, a move which will lower the company's debt to capital ratios. With the steel industry undergoing a new round of mergers and acquisitions in China and globally, as a result of high industry concentration upstream and intensifying competition, Xinhua Far East expects that SGIS may enjoy higher financial flexibility. SGIS is an attractive target for domestic first-tier steel groups because of its leading exposure to Guangdong Province, one of China's top steel consuming regions. Even so, the company's competitiveness remains relatively weak, compared to its domestic peers, in terms of capacity and its product mix, even though its product mix is more upgraded than it once was. Further, the company's profitability tends to be fragile when the sector goes through hard times, while its financial policies are aggressive. It also faces the possibility that its capital expenditure will rise if it cooperates with domestic large steel groups in new investment projects. Xinhua Far East believes that the progress the company has made thus far is insufficient for it to be assigned a higher rating at this time. The company's rating outlook is likely to remain stable, provided there are no unforeseen huge capital expenditure demands, with its currently disclosed capital expenditure plan expected to be covered by operating cash flow. A regional steel producer primarily focusing on China's Guangdong Province, SGIS has a capacity of more than five million tons, providing medium plates, deformed bars and wire rods. The company's controlling shareholder is Guangdong Province's State-owned Assets Supervision and Administration Commission, which holds a 45.2% stake. STAR CRUISES: Moody's Continues B1 Rating Review ------------------------------------------------ Moody's Investors Service says it will continue to review the B1 corporate family rating of Star Cruises Limited with direction uncertain. The review was initiated on August 20, 2007, after Apollo Management LP's announcement to invest US$1 billion cash in NCL Corporation Limited for a 50% equity interest, with Star Cruises Limited continuing to own the remaining 50% stake. Apollo will name a majority of the NCL board while certain consent rights will be retained by SCL. The cash proceeds will be used to repay NCL's existing debts and fund upcoming new builds. "SCL's current financial profile is largely dragged down by its consolidation with NCL. An improvement in the latter's financial and liquidity positions could lower SCL's financial burden and therefore the need to provide ongoing support to NCL," says Kaven Tsang, Moody's lead analyst for SCL, adding, "A potential dissociation with NCL, as a result of the reduction in ownership level, could also enhance SCL's adjusted key credit metrics." "The current rating of SCL incorporates a 2-notch uplift based on expectations of ongoing support via Resorts World Bhd from Genting Berhad, and its ultimate shareholder, the Lim family. The lowering of Genting's ownership in SCL/NCL may alter the overall group relationship and the support level," adds Tsang. The final rating of SCL will be a result of a combination of the net effect of improvement in its stand-alone financial position and the potential change in support from Genting and the Lim family. Any negative assessment of the latter will pressure the rating. On the other hand, there will be upside potential if Moody's considers the support remains unchanged. In this context, Moody's review will focus on: 1) future development and funding plans of SCL and the associated impact on its stand-alone credit profile; 2) the likelihood of SCL extending support to NCL and the impact on its adjusted financial profile; and 3) future ongoing support from Genting and the Lim family, and the potential rating uplift. Star Cruises Limited, publicly listed in Hong Kong, is 19.3% owned by Resorts World Berhad, which is, in turn, 49.2% owned by Genting Berhad. SCL operates 21 ships with some 33,300 lower berths under five brands: Star Cruises and Cruise Ferries, which service Asia Pacific, and three brands under NCL. SUNNY TOP: Creditors to Have Final Meeting on November 30 --------------------------------------------------------- The creditors of Sunny Top (HK) Limited, which is in liquidation, will have their final general meeting on Nov. 30, 2007, at 12:30 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 1706, Ginza Plaza, 2A Sai Yeung Street, Mongkok, in Kowloon, Hong Kong. THE CONSULTING: Members' Final Meeting Set for December 24 ---------------------------------------------------------- The members of The Consulting Partnership (Hong Kong) Limited will hold their final general meeting on December 24, 2007, at 10:30 a.m. During the meeting, Albrecht Carl King Yeung Yeh, the company's liquidator, report on the company's wind-up proceedings and property disposal. The meeting will be held at 23rd Floor, Wing Hang Finance Centre, 60 Gloucester Road, in Wanchai, Hong Kong. The company commenced liquidation proceedings on July 6, 2007. The liquidator can be reached at: Albrecht Carl King Yeung Yeh Wing Hang Finance Centre, 23rd Floor 60 Gloucester Road, Wanchai Hong Kong VENLINT HOLDINGS: Commences Liquidation Proceedings --------------------------------------------------- Venlint Holdings Limited commenced liquidation proceedings on November 10, 2007. The company's liquidators are: Nathalia Seng Sze Ka Mee Cynthia Wong Tak Yee Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong VINCENT FORUM: Members Will Hold Final Meeting on December 28 ------------------------------------------------------------- The members of Vincent Forum Limited will hold their final general meeting on December 28, 2007, at 10:00 a.m. The meeting will be held at 21st Floor, Fee Tat Commercial Centre No. 613 Nathan Road, in Kowloon, Hong Kong. During the meeting, the company's liquidator, Huang Feng-Li, will give a report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 12, 2007. The company's liquidator can be reached at: Huang Feng-Li Fee Tat Commercial Centre, 21st Floor No. 613 Nathan Road, Kowloon Hong Kong WOLVERINE TUBE: To Halt Decatur & Booneville Plumbing Operations ---------------------------------------------------------------- Wolverine Tube Inc. will discontinue its U.S. plumbing tube business and will close manufacturing facilities located in Decatur, Alabama and Booneville, Mississippi. U.S. plumbing tube sales were made through distributor channels. The actions are in line with Wolverine's strategy of focusing resources on the development and sale of high performance tubular products, fabricated tube assemblies and metal joining products that promote energy efficient heat transfer technology to an expanding market and global OEM customers. "The Decatur and Booneville operations primarily serve the U.S. copper plumbing tube and smooth industrial tube markets,� Harold M. Karp, president and chief operating officer, stated. �Demand for copper plumbing tube has significantly declined over the last several years as a result of the substitution of plastic tube in residential construction. This trend is reinforced by high copper prices.� �Additionally, the smooth industrial tube market is rapidly transitioning to a commodity market and the Decatur/Booneville cost structure is not competitive in either the plumbing or smooth tube markets,� Mr. Karp added. �Wolverine's smooth tube requirements will be satisfied by a combination of production from other Wolverine locations and outsourcing." The company estimated an impairment and restructuring charge of approximately US$72 million in connection with the closure of the Decatur and Booneville manufacturing facilities and cessation of those operations. Approximately US$56 million of the impairment and restructuring charge will be a non-cash reduction of the carrying value of certain assets. Additionally, US$16 million will be for cash charges related to severance, other employee related costs, plant closure and environmental expenses, of which US$10 million is expected to be incurred in 2008 and the balance over the next five years. The Decatur and Booneville manufacturing operations have 440 full time and 50 temporary employees. The company anticipated that discontinuing its U.S. plumbing tube business and plant closings will generate approximately $26 million in cash from the realization of net working capital after cash costs to be incurred in 2008 for related severance and shutdown costs. Additionally, the company will eliminate approximately 40% of its corporate, general and administrative positions totaling approximately 40 employees. These positions will be eliminated in part due to the Decatur and Booneville closures and the company's strategic focus on value-added tubular product sales to global OEM customers. The company estimated $1 million in severance costs will be accrued in the current quarter related to the elimination of these positions. About Wolverine Tube Inc. Headquartered in Huntsville, Alabama, Wolverine Tube Inc. (OTC:WLVT) -- http://www.wlv.com/ and http://www.silvaloy.com/ manufactures and distributes copper and copper alloy tubular products, fabricated and metal joining products, well as rod and bar products. The company focuses on developing and manufacturing tubular products with heat transfer capabilities used in engineered applications. The company's major customers' headquarters are in North America and include commercial and residential air conditioning and refrigeration equipment manufacturers, appliance manufacturers, industrial equipment manufacturers, utilities and other power generating companies, refining and chemical processing companies, and plumbing wholesalers. Wolverine classifies products as commercial products, wholesale products, and rod, bar and other products. The company has locations in China, Mexico and Portugal. * * * As reported in the Troubled Company Reporter on Nov. 22, 2007, Moody's Investors Service confirmed Wolverine Tube's Caa2 corporate family rating, Caa2 probability of default rating, and Caa3 senior unsecured rating (LGD4, 63%). The rating outlook was revised to negative from ratings under review. WORLDTRADE LINKAGE: Appoints New Liquidators -------------------------------------------- The members of Worldtrade Linkage Limited, on November 14, 2007, appointed Wong Man Chung, Francis and Wong Wai Man, Cliff as the company's liquidators. The Liquidators can be reached at: Wong Man Chung, Francis Wong Wai Man, Cliff 19th Floor, No.3 Lockhart Road Wanchai, Hong Kong WWW LIMITED: Commences Liquidation Proceedings ---------------------------------------------- WWW Limited commenced liquidation proceedings on October 2, 2007. The company's liquidator is: Chan Mi Har Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong ========= I N D I A ========= AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban -------------------------------------------------------------- Laura Barnhardt at The Baltimore Sun reports that the Honorable Paul F. Harris Jr. of the Anne Arundel County Circuit Court in the Baltimore County in Maryland will be hearing a plea from The AES Corp. to overturn a law that bans energy projects. According to The Baltimore Sun, AES is seeking to construct a liquefied natural gas facility on Sparrows Point. The Baltimore County repeatedly tried to interfere with the federal approval process for energy projects, The Baltimore Sun says, citing AES. Baltimore County officials told The Baltimore Sun that they can prohibit projects like liquefied natural gas terminals "along the waterfront as part of the state and federally sanctioned Coastal Zone Management Act." The Baltimore Sun relates that AES has also appealed a federal judge's decision to uphold the prohibition on liquefied natural gas facilities in coastal areas. AES is asking the Department of Commerce "to overrule a finding by Maryland that the proposed Sparrows Point facility isn't consistent with the coastal zone management program." The report says that the liquefied natural gas project was opposed by: * Eastern Baltimore County neighborhood activists, and * elected officials that include: -- Maryland's Congress members, -- Governor Martin O'Malley, and -- Baltimore County Executive James T. Smith Jr. Those against the project told The Baltimore Sun that they were worried about accidents and terrorist attacks at the facility, "which is too close to homes." The dredging of the Patapsco River to accommodate the liquefied natural gas tankers would also stir up toxic muck that could harm marine life. The Baltimore Sun notes that in October 2007 the State Highway Administration said AES wouldn't likely be able to build a pipeline from its proposed liquefied natural gas plant to Pennsylvania along sections of the Baltimore Beltway. The project has been delayed as the firm was forced to redraw a route for the pipeline and conduct more tests. The Federal Energy Regulatory Commission decides where the liquefied natural gas plants can be built, according to The Baltimore Sun. The commission consults with the Coast Guard and other state and federal agencies. The Baltimore Sun says that firms who want to construct facilities must secure these permits: -- Clean Water Act, -- Clean Air Act, and -- Coastal Zone Management Act. 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. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. 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. AFFILIATED COMPUTER: Board Authorizes US$1 Bil. Share Repurchase ---------------------------------------------------------------- Affiliated Computer Services Inc.'s board of directors has endorsed a proposed US$1 billion share repurchase program and has authorized the company to purchase up to US$200 million of the company's Class A Common Stock, effective immediately, under the program. ACS management and the board will continually evaluate the timing of these share repurchases and will consider factors such as the company's cash and debt levels, the condition of the debt markets, alternative investment opportunities, and other business trends. Subject to its ongoing evaluation of these factors, the board anticipates authorizing additional share repurchases under the US$1 billion share program. The company may purchase shares of Class A common stock from time to time in the open market or in privately negotiated transactions. In 2006 the company repurchased 27.2 million shares of Class A common stock at a cost of approximately US$1.46 billion. Darwin Deason, chairman of the board of directors of the company, filed a notification under the Hart-Scott-Rodino Antitrust Improvements Act for the acquisition of up to an additional one million shares of the company's Class A common stock after expiration or termination of the waiting period under the Act. The company was notified that the waiting period under the Act has been terminated and that it is permissible for Mr. Deason to begin acquiring company shares. Any purchases of company shares by Mr. Deason, however, would be aggregated with shares repurchased by the company for purposes of calculating daily purchase volume limits applicable to the company and Mr. Deason. Therefore, in order to ensure that the company is able to execute the share repurchase program described above in the most effective manner for the benefit of shareholders, Mr. Deason has elected not to begin acquiring company shares at this time. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on Nov. 6, 2007, Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007. BHARTI AIRTEL: Eyes JV with Idea Cellular and Vodafone-Essar ------------------------------------------------------------ Bharti Airtel Ltd is eying a joint venture for the tower business with Idea Cellular and Vodafone-Essar, the Hindustan Times reports. �It has been reliably learnt that the deal would be announced sometime in December,� says Ganesh Venkatesh of the Times without naming his sources. One the venture is set up, there are plans to tap a private equity investor, he adds. Bharti, however, has not confirmed any JV plan. Telecom companies' joining of forces has been prompted by their tower businesses' not getting the right valuations, Mr. Venkatesh writes. A Lehman Brother report says tower operators have been transferring capital expenses into operational expenses, which have led to lower earnings before interest taxes depreciation and amoritization, a key factor when it comes to valuing a telecom firm, Mr. Venkatesh relates. About Bharti Airtel Headquartered in New Delhi, India, Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. The Mobile Services business unit offers mobile services in all 23 telecom circles of India. The B&TS business unit provides broadband and telephone services in 90 cities across India. The Enterprise Services business unit has two sub-units: Carriers (long- distance services) and Corporates. Through Enterprise Services- Carriers, Bharti Airtel provides national and international long-distance services. The Enterprise Services-Corporates business unit provides integrated voice and data communications solutions to corporate customers and small and medium-size enterprises. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency issuer default rating at 'BB+'. The Outlook on the rating is Stable. Additionally, Standard and Poor's Rating Service gave the company's long-term local and foreign issuer credit both a BB+ rating on Sept. 21, 2005. DCM SHRIRAM: Company Law Board Rejects HB's Stay Request -------------------------------------------------------- The India government's Company Law Board turned down HB Stockholdings Ltd's request to stay DCM Shriram Industries Ltd's proposal to issue preferential warrants to promoters, Ajay Modi of the Business Standard writes. As previously reported by the Troubled Company Reporter-Asia Pacific, DCM's promoters in October 2007 proposed issuance of the preferential warrants in anticipation of a hostile takeover by HB Stockholdings. The warrants reportedly allow the promoters to get an additional 2.1 million shares on conversion within the next 18 months and helps them increase their stake from 32.54% to 40.68%. The preferential allotment is still subject to shareholders approval. On Nov. 19, HB Stockholdings made an open offer to DCM Shriram's stockholders to acquire up to 35,00,000 shares, or 22.88% of the company's stock, at INR70 per share in cash. This will scale up HB Stockholdings' holding in the company from 12.77% to 35.65%. HB sought the stay from the CLB questioning the fairness of the move -- promoters can issue itself warrants at a specified share price, without offering the same option to all shareholders. The CLB, however, refused the request giving the promoters the green light for the warrant issuance . �The petitioner himself made an open offer to acquire 22.88 per cent shares and he should have no problem if the promoters hike their share by 8 per cent by way of warrants,� the Business Standard quoted a CLB official as saying. The price at which its promoters will be issued shares through preferential warrants, previously fixed at INR52 per share, was raised to INR90 per share after HB made the open offer. The price of HB Stockholdings' open offer automatically went up to INR97.05 per share, a 52-week high, since it made some open market purchases yesterday at that price, BS notes. DCM's promoters have until Dec. 10 to make a counter offer. DCM Shriram Industries Ltd is the flagship company of the DCM Shriram Industrial Group, and was established in 1990, following the restructuring of the former DCM group. The group's product portfolio includes sugar, alcohol, industrial fibres, and organic chemicals. DCM Shriram has sugar and chemical plants at Daurala in Meerut district in Uttar Pradesh, and an industrial fibre unit at Kota in Rajasthan. Other DSIG companies are Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance Ltd. In November 2007, CRISIL revised its ratings on DCM Shriram's debenture programmes to 'BB+/Negative' from 'BBB-/Negative'. The rating revision reflects CRISIL's expectation that the weak scenario prevailing in the sugar industry will adversely affect the company's financial risk profile over the next 12 months. Moreover, the stress on cash flows, coupled with high loan repayment obligations of about INR300 million per annum over the medium term, is likely to affect the company's liquidity. DECCAN AVIATION: Funding on Hold Pending Route Rationalization -------------------------------------------------------------- Deccan Aviation Ltd has put on hold US$40 million in funding, which it is set to receive over the next two months, until it has completed route rationalization with UB Group company, Kingfisher Airlines, the Hindustan Times reports citing unnamed sources in Deccan. UB Group holds around 46% of Deccan. According to the report, Deccan is set to receive US$20 million each in December and January as part of a US$100-million funding deal it entered into with Europe's Investec Bank and HSH Nord Bank AG. Deccan already received the US$60 million from the deal. Deccan reportedly is revisiting its fleet acquisition plan because of the rationalization of routes with Kingfisher. To find operational synergies between the two airlines, Accenture was tapped, the Indian news agency states. The firm is expected to spell out in January the road map that the two airlines have to undertake to turn themselves into profitable entities, HT adds. Deccan may need to finalize the route rationalization soon since according to an unnamed aviaton analyst that HT quoted as saying, if the airline does not receive the US$40 million over the next few months, it could delay the airline's progress towards profitability. Deccan's accumulated losses are about INR778 crore excluding the INR253 crore loss it incurred in the July-Sept. 2007 quarter, the news agency points out. Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. ESSAR OIL: To Consider US$2-Bil. Preferential Allotment ------------------------------------------------------- Essar Oil Ltd will hold an extraordinary general meeting on Dec. 18, 2007, to among others, seek shareholders' approval of a preferential allotment of shares or other equity-linked instruments of up to US$2 billion to parent company Essar Energy Holdings, Mauritius. The company might also allot a part of the issue to promoters or associates of the holding company through any financial instrument which would be convertible into equity shares of face value INR10, The Telegraph says. A regulatory filing with the Bombay Exchange reveals that during the meeting, the shareholders will also condsider appointing: -- Naresh Kumar Nayyar as a director; and -- Naresh Kumar Nayyar as managing director for a period of five years with effect from Oct. 15, 2007. Headquartered in Jamnagar, India, Essar Oil Limited -- http://www.essar.com-- is engaged in the exploration, production and marketing of oil and gas. The company's principal activities are to develop, explore, produce, and refine oil and gas. Vadinar Power Company Limited is a wholly owned subsidiary of the company. On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65 billion and INR2 billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicates that the instruments are in default. ICICI BANK: Strikes Largest Securitization Deal, Report Says ------------------------------------------------------------ ICICI Bank Ltd has carried out the largest rated securitization deal for INR1,929.90 crore, the Press Trust of India reports. The securities in the form of Pass Through Certificates, were backed by the bank's new and old car loans, the news agency says. The securities -- (PTC) backed by the new and used car receivables -- originated from ICICI Bank and have been issued by the Indian Retail ABS Trust under the bank's securitisation programme. �Including the credit opinions assigned to the liquidity and second loss facilities, the rated amount of INR1,992.99 crore is the largest in any securitisation transaction in India,� PTI quotes CRISIL, a Indian rating agency, as saying. The total rated amount consists of a liquidity facility of INR76.65 crore and a credit enhancement of INR77.75 crore; the balance of INR1,837.60 crore is the loan amount, PTI explains. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On Oct. 16, S&P assigned its 'BB+' issue rating to its senior unsecured, five-year, fixed-rate U.S. dollar notes. MYLAN INC: Hires Steven Zylstra as VP for Public Relations ---------------------------------------------------------- Mylan Inc. has appointed Steven G. Zylstra as Vice President, Global Corporate Communication and Public Relations. Mr. Zylstra will manage and oversee all internal and external communications and provide communications and public relations counsel to members of Mylan's global senior management team in their various roles across the Company. Mr. Zylstra joins Mylan from the Pittsburgh Technology Council and the Pittsburgh Biomedical Development Corporation where he served as President and CEO. He joined the Pittsburgh Technology Council et al after serving as Director, Business Development, for Simula Technologies Inc. Prior to joining Simula, Mr. Zylstra served as General Manager, General Pneumatics Corporation's Western Research Center, and, prior to that, he served as Technical Manager for Bendix Guidance Systems Division. Mr. Zylstra joins Mylan with nearly 30 years of public relations, senior management, business development, marketing, government relations and engineering experience, including the past seven years as a chief spokesman for the technology and manufacturing industries in southwestern Pennsylvania. Mylan Vice Chairman and Chief Executive Officer Robert J. Coury said: "In Steve, Mylan is adding yet another highly-seasoned, top-notch leader to further strengthen our senior management team. His rich and diverse background steeped in technology and manufacturing, makes him especially well suited to articulate the dynamic future and intrinsic complexities of both Mylan and of the generic and specialty pharmaceuticals industries." Mr. Zylstra said: "I am elated to be joining Mylan at this transformational period in the Company's already prosperous history. I look forward to working with the members of an extraordinary global management team and supporting them and their operations with a world-class communications program as Mylan becomes the leading quality generic and specialty pharmaceutical company in the world." Mr. Zylstra earned a bachelor's of science degree from Western Michigan University. About Mylan Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE: MYL), -- http://www.mylan.com/-- is a global pharmaceutical company with market leading positions in generic pharmaceuticals, transdermal technology and unit dose packaged products. Mylan operates through three principal subsidiaries: Mylan Pharmaceuticals, a world leader in generic pharmaceuticals; Mylan Technologies, the largest producer of generic and branded transdermal patches for the U.S. market; and UDL Laboratories, the top U.S.-supplier of unit dose pharmaceuticals. Mylan also owns a controlling interest in Matrix Laboratories Limited of India. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service has assigned B1 ratings to the new senior secured credit facilities of Mylan Inc. In addition, Moody's lowered Mylan's Corporate Family Rating to B1 from Ba1, concluding a rating review for possible downgrade initiated on May 14, 2007 and lowered the speculative grade liquidity rating to SGL-2 from SGL-1. As reported in the Troubled Company Reporter-Latin America on Nov. 16, 2007, Standard & Poor's Ratings Services has lowered its corporate credit rating on Mylan Inc. (fka Mylan Laboratories Inc.) to 'BB-' from 'BB+' and lowered its senior unsecured debt rating to 'B' from 'BB+'. The ratings are removed from CreditWatch, where they were placed with negative implications on May 14, 2007, following Mylan's announcement that it was acquiring the generic drug business of Merck KGaA for US$6.7 billion. S&P said the outlook is stable. ================= I N D O N E S I A ================= BANK NEGARA: To Acquire Consumer-Based Banks & SME Enterprises -------------------------------------------------------------- PT Bank Negara Indonesia (Persero) Tbk is preparing to acquire several consumer-based private banks and small-and medium-scaled enterprises this year, Tempo Interactive reports. The planned acquisitions, that will last until 2008, target to buy a bank in Denspar, Bali, the report relates. Bank Negara Director Bien Subiantoro refused to name the bank but he said that the negotiation is almost complete. "What is clear is the bank has a strong micro credit network in Bali, with a market segment under IDR50 million," he said. Aside from the Denspar-based bank, the report says, Bank Negara is also eyeing to acquire another bank that is based in Semarang. Dewi Rina of Tempo writes that the acquisitions were carried out to strengthen Bank Negara's plan to increase the financing portion for non-corporate credit, which consisted of financing for small-and medium-size business credit, consumers and syariah. Tempo says that Bank Negara has set a target of disbursed credit to finance this segment to be 60%, and the 40% will be channeled for corporate credit. By the end of this year, the report adds, BNI's non-corporate credit is targeted to be around IDR17.5 trillion, a 24% increase from last year's IDR13.8 trillion. About Bank Negara Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara Indonesia (Persero) Tbk.'s foreign currency long-term debt rating to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. On April 20, 2007, Standard & Poor's Ratings Services raised Bank Negara's long-term counterparty credit ratings to 'BB-' from 'B+'. BANK NEGARA: Gets Three ISO 9001:2000 Certificates -------------------------------------------------- PT Bank Negara Indonesia (Persero) Tbk received three ISO 9001:2000 certificates. ISO 9001:2000 is a certification awarded to companies that are successful in implementing and improving the effectiveness of its Quality Management System. One of its primary criteria is the improvement in customer satisfaction based on customer-defined requirements. The three ISO certifications awarded to BNI are: -- ISO for IT Application Development Project. The certification is recognition of BNI's successful handling of application systems for newly launched BNI products, using the System Development Life Cycle (SDLC). -- ISO for IT Operation Services The certification is recognition of BNI's quality management for IT Operations, which covers customers' complaint handling, data center operations and back up facilities, capacity planning, hardware management, and implementation of various supporting functions. -- ISO for IT Security Management The certification is recognition of BNI's proven and tested system for handling and managing IT Security. The ISO ISO 9001:2000 certificates were personally handed by Mr. Robert J. Parrish, CEO of PT Societe Generale de Surveilance Indonesia, to Mr. Sigit Pramono, President Director of BNI, in Jakarta. PT SGS Indonesia is a certified quality auditor for international certifying agencies such as United Kingdom Accreditation Service and ANSI-ASQ National Accreditation Board. According to Sigit, with the certification, BNI will further improve its services to customers by providing quality IT-based banking products and services in accordance to customer's needs and requirements. "In line with BNI vision for 2008 to become a leading service bank and by 2013 to become a top performing bank, the importance of developing a reliable IT-based banking products and services is a primary focus, so that BNI can be closer to its customers", he added. With the certifications, BNI's commitment to quality and continuous process improvement using standard quality management based on ISO 9001:2000 methodologies for IT Development Projects, IT Operations Services, and IT Security System Managements have been recognized. The implementation of ISO standard for BNI's IT Systems will, in the end, have significant impact towards BNI's business performance, particularly in improving customer satisfaction, revenue generation, as well as improvement in overall BNI's productivity. "It is beyond doubt, our pride, as BNI IT systems have been acknowledged and recognized by ISO, which will make us more productive in delivering maximum support for BNI's business operations," said Sigit. ISO 9001:2000 is an internationally accepted standard used by various industries focused on quality management processes and in line with specific processes characterizing the IT environment. The certifications are valid for 1 year with semi annual review every 6 months performed by independent certifying agency. To support business growth, BNI has established an IT development plan for the future, which, among others, includes: development of electronic channel, increasing the number of ATMs, automation of credit approval process, increasing back office automation, development of risk management information system in line with Basel II requirements, and supporting the development of syariah-based banking technology platform. Since 2004, BNI has developed its core banking technology platform using iCONS (integrated and centralized online system). The state-of-the-art technology system was successfully launched and implemented in all BNI branches across Indonesia coinciding with the commemoration of BNI's 60th anniversary in July 2006. Other than electronic banking facilities for individual customers, BNI has also developed other IT functionalities, such as cash management facilities for corporate clients, automation of credit process, treasury and trade finance (international transactions), in Human Resources (e-learning), procurement (e- procurement), communication, and paperless work desk system. About Bank Negara Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara Indonesia (Persero) Tbk.'s foreign currency long-term debt rating to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. On April 20, 2007, Standard & Poor's Ratings Services raised Bank Negara's long-term counterparty credit ratings to 'BB-' from 'B+'. CSM CORPORATAMA: Moody's Confirms Ba1.id Bond Ratings ----------------------------------------------------- PT Moody's Indonesia has confirmed PT CSM Corporatama's national scale issuer and bond ratings of Ba1.id. The outlook for the ratings is stable. This concludes the review for possible downgrade initiated on October 30, 2007. "The confirmation follows the successful repayment of RENT's IDR100 billion bond due November 11, 2007, a development which has alleviated its immediate refinancing risk," says Joko Widodo, Moody's lead analyst for the company, adding, "The sources of the repayment mainly include bank facilities of IDR87.6 billion with the remainder from internal cash and proceeds from used car sales." "RENT's Ba1.id ratings continue to reflect the declining trend in its operating performance over recent years, a result of growing competition and the una