T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 4, 2007, Vol. 10, No. 240 Headlines A U S T R A L I A A.M.H. TOOLING: Liquidator Gives Liquidation Report BIOTECH PROJECTS: Will Declare Dividend on December 4 CHRYSLER LLC: Likely to Lose $1 Billion in 2007, Sales Exec Says CITIGOLD CORP: Releases Report for September 30 Quarter CITIGOLD CORP: Shareholders Re-Elect John Foley as Director CLOUGH LIMITED: CEO John Smith Bares Plans CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes CRESCENT GOLD: Shareholders Re-Elects All Directors ELONG BAY: Liquidator Gives Wind-Up Report EMPEROR MINES: To Focus Projects on Asia Pacific and America ERG LIMITED: Westpac Divests ERG Shares JABIRU METALS: Second Zinc Shipment Leaves Oxiana Facility JIM'S WATER: Director & Wife Bank Accounts Frozen Until Dec. 13 KIMBERLEY DIAMOND: Gem Diamond Now Has 82.38% of Shares LEETON PEAK: Liquidator Gives Wind-Up Report METROPOLITAN DISTRIBUTION: Liquidator Presents Wind-Up Report NEW DUTCH PAINTING: Liquidator Presents Wind-Up Report NRG ENERGY: Named Company of the Year by Platts Global Awards PALADIN RESOURCES: Incurs US$14.5MM Loss for Quarter to Sept. 30 PALADIN RESOURCES: Changes Name to Paladin Energy PALADIN RESOURCES: Settles All Litigation in Malawi PERSERVERANCE CORP: Robert Flew Assumes Board Chairmanship PKJS (VIC) PTY: Members and Creditors Hold General Meeting OLD J C&I: Members and Creditors Receive Wind-Up Report OLD MECAL: Members' Final Meeting Slated for December 5 QUEENSLAND GAS: Rakes in AU$13MM for Quarter Ended Sept. 30 TRANSURBAN: Names Former BHP Billiton Exec. Chris Lynch as CEO TRANSURBAN GROUP: Hills M2 Revenue Rise 16% in Sept. 2007 Qtr. TRANSURBAN GROUP: Westlink Revenues Rise 20% in Sept. 2007 Qtr. TRANSURBAN GROUP: M5 Revenues Rise 10.6% in Sept. 2007 Quarter TRANSURBAN GROUP: M4 Revenues Rise 3.8% in Sept. 2007 Quarter TRANSURBAN GROUP: Names KPMG's Lindsay Maxsted as New Director URS CORP: Unveils Washington Stockholders' Elections Results WARBROOK EQUIPMENT: Members & Creditors Hear Wind-Up Report WARRENMANG LTD: ASIC Moves to Protect IPO Investors WHANAU TRANSPORT: Members and Creditors Hear Wind-Up Report C H I N A & H O N G K O N G BEIJING SHOUGANG: Mulls Over CNY6.4-Billion Cold-Rolled Steel JV BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch CUMMINS INC: Andrew Penca Named as President's Assistant DANA CORP: Indiana and Pine Tree Object to Plan Confirmation ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies FERRO CORP: Hires Judy DeForest as Chief Tax Officer HAINAN AIR: Parent May Allow 2 Foreign Investors Take 49% Stake QUINTAIN STEEL: Incurs TWD604.8-Mil. Loss for First 3 Quarters QUINTAIN STEEL: Posts 9.1% Rise in October Sales SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations SRE GROUP: Moody's Affirms B1 Ratings; Outlook Stable TYCOONS GROUP: Incurs TWD51MM Loss for 9 Months Ended Sept. 30 TYCOONS GROUP: October 2007 Sales Rise 53.0% Year-on-Year TYCOONS GROUP: Builds US$1.8-Billion Plant in Vietnam UNION INSURANCE: Fitch Upgrades Financial Strength Rating to BB- I N D I A BHARTI AIRTEL: To Pilot Mobile Money Transfer w/ Western Union DCM SHRIRAM: Shareholders OK Preferential Warrant Allotment DRESSER-RAND GROUP: Implements Terms of the New Union Contract GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+ I N D O N E S I A BANK MANDIRI: Nine-Month Net Profit Up 168% to IDR3.18 Trillion BANK NISP: Targets 30% Increase in 2008 Lending BANK UOB: To Issue Bonds and Sell Shares for Accreditation CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 GARUDA INDONESIA: Opens Nusa Dua Bali Service Center GARUDA INDONESIA: Partners Bank Rakyat for E-Payment Service TELKOM INDONESIA: SAT-GE Provides Satellite Capacity J A P A N ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers ALL NIPPON: Sees JPY3BB Annual Revenue Increase on New Service ALL NIPPON: Expands Code-share Agreement with Malaysia Air AMR CORP: Low Stock Price Cues FL Group to Cut Stake by 8% DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement JAPAN AIRLINES: To Launch First-Class Service on Nat'l Flights KOJIMA CO: R&I Lowers Issuer Rating from BBB- to BB+ MITSUBISHI MOTORS: Changes Ownership Structure in Indonesia Unit SANYO ELECTRIC: To Invest JPY350 Billion to Bring Back Growth SANYO ELECTRIC: Fitch Keeps BB+ Ratings on Negative Watch SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job K O R E A BURGER KING: Moody's Affirms Ba2 Corporate Family Rating HANAROTELECOM: SK Telecom Buys Stake for KRW1.09 Trillion M A L A Y S I A CNLT BHD: Reprimanded by BUrsa for Breach of Listing Requirement N E W Z E A L A N D 114 DOMINION: Creditors Receive Wind-Up Report ARAI FARMS: Names Ronald Leslie Bavage as Liquidator BEKAYEM FARMS: Placed Under Voluntary Liquidation CAPITAL + MERCHANT: Placed in Receivership on Agreement Breach COUNTIES POWDERCOATERS: Fixes Feb. 7 as Last Day to File Claims FRANKLIN BUSINESS: Undergoes Liquidation Proceedings J.W. HARMAN: Requires Creditors to File Claims by Feb. 7 KINLOCH GOLF: Commences Liquidation Proceedings MARCHILL LTD: Taps Sharon Wedlock as Liquidator NORTHRIDGE CONSTRUCTION: Fixes Feb. 1 as Last Day to File Claims NZ INVESTMENT TRUST: Liquidates Firm; Names Roll-Over Options THOM CONTRACTORS: Creditors' Proofs of Debt Due on Feb. 1 P H I L I P P I N E S BENPRES HOLDINGS: Buys Debts for PHP32.3 Million and PHP5.8 Mil. CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union DEL MONTE: European Union Sanctioning Firm for Banana Cartel DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28 FILSYN CORP: Elects Directors and Officers for 2007-2008 IPVG CORP: Proposes to Buy PeopleSupport for Cash LODESTAR INVESTMENT: Taps Chan Kok Bin as Independent Director NAT'L POWER: Confident of Meeting Privatization Targets for 2007 PHIL LONG DISTANCE: Declares Cash Dividend of PHP1 Per Share RIZAL COMMERCIAL: To Issue PHP5-Bil. Worth of Tier 2 Debt Notes TYCO INTERNATIONAL: Incurs US$1.7-Billion Net Loss in Year 2007 S I N G A P O R E AVAGO TECH: Incurs US$2-Mln Net Loss in Qtr. Ended Oct. 31 INFORMATICS: Incurs SGD1.25MM Net Loss in Qtr. Ended Sept. 30 REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact REFCO INC: Mayer Brown Wants US$245 Million Lawsuit Dismissed REFCO INC: U.S. Court Approves Settlement Agreement with SPhinX SEMITECH ELECTRONICS: SGX-ST Approves Sky One Acquisition T H A I L A N D FEDERAL-MOGUL: Expected Chap. 11 Exit Cues Moody's (P)Ba3 Rating THAI PROPERTY: Expects to Submit 2nd Qtr. Financials on Dec. 25 TRUE CORP: Proposals For Stockholders' Meet Agenda Due Jan. 31 * BOND PRICING: For the Week 03 December to 07 December 2007 - - - - - - - - ================= A U S T R A L I A ================= A.M.H. TOOLING: Liquidator Gives Liquidation Report --------------------------------------------------- The members and creditors of A.M.H. Tooling Pty Ltd, which is in liquidation, met on Nov. 29, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone:(03) 9585 5227 About A.M.H. Tooling A.M.H. Tooling Pty Ltd is a distributor of electrical machineries, equipments and supplies. The company is located at Clayton, in Victoria, Australia. BIOTECH PROJECTS: Will Declare Dividend on December 4 ----------------------------------------------------- Biotech Projects Pty Ltd, which is in liquidation, will declare dividend today, Dec. 4. 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 liquidator is: Bruce Mulvaney Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road Surrey Hills, Victoria 3127 Australia About Biotech Projects Biotech Projects Pty Ltd provides business services. The company is located at Clifton Hill, in Victoria, Australia. CHRYSLER LLC: Likely to Lose $1 Billion in 2007, Sales Exec Says ---------------------------------------------------------------- Steve Landry, Chrysler LLC's executive vice president of North American sales, revealed that the company expects to lose US$1 billion this year in costs, according to Andrea MacDonald of The Daily News. Mr. Landry, the paper reports, told marketing and business students of Saint Mary's University in Halifax, Nova Scotia, that Chrysler's 2007 revenue is expected at US$64 billion and costs at around US$65 billion. The Daily News relates that Mr. Landry recounted Chrysler's business aim to recover costs next year and to yield a huge profit in 2009 and 2010, slashing about 8 models from its lineup. Mr. Landry adds that Chrysler has plans to launch a Chrysler Aspen-Dodge Durango hybrid to entice environment- concerned customers. The top sales executive came to the Halifax university to donate US$100,000 for two yearly scholarships from Chrysler Canada, according to The Daily News. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CITIGOLD CORP: Releases Report for September 30 Quarter ------------------------------------------------------- Citigold Corporation Limited has released its quarterly report for the period ended Sept. 30, 2007. Highlights: * Gold produced -- up 52% * Revenue -- up 53% to AU$3.2 Million * Tonnes milled -- up 43% * Underground development -- up 7% * Mill recovery -- 98% * Cash Operating Cost -- AU$469.94 per ounce * Average gold revenue -- AU$807.50 per ounce * Major drill contract granted to increase reserves The company said that this was another quarter of strong gains for Citigold's Charters Towers operations. Gold from production was again up an impressive 52% quarter on quarter to 3,945 ounces. Gold production continues to be predominately development ore and therefore as the mine expands, the ounces produced and average ore grades to the mill will increase as the stope ore increases. The average mine grade of the ore in the September quarter remains strong at 10.1 g/t Au. The Charters Towers operations are projected to reach a production rate of 100,000 ounces a year, the company added. The ore reserve drilling contracts have recently been expanded and are undertaking a major program that aims to see ore reserves increase to a contained 1,000,000 ounces in 2008 through an infill drilling program within the Company's large gold resources. The company related that the average actual cash operating cost of AU$470 per ounce is encouraging for Citigold's first cash cost to recover gold. As gold production builds up later in 2008 it is expected the cost of production will decrease towards AU$350 per ounce due to economies of scale. Average gold revenue per ounce was up slightly at AU$807.50. At the end of the quarter the cash balance was over AU$1.7 million, revenue from goldsales was up over 50% and the company remained debt free, the company reported. The company's full quarterly report may be viewed at: http://www.citigold.com/viewasxrelease.asp?Releasenumber=229 Milton, Australia-based Citigold Corporation Limited -- http://www.citigold.com/-- is a gold producers engaged in the exploration and development of the Charters Towers goldfield. The company had net losses of AU$10.05 million, AU$4.26 million, and AU$5.91 million for the years ended June 30, 2007, 2006 and 2005. CITIGOLD CORP: Shareholders Re-Elect John Foley as Director ----------------------------------------------------------- Citigold Corp. Ltd.'s shareholders has re-elected John Foley as director of the company, the company said in a corporate disclosure with the Australian Securities Exchange Ltd. The re-election was held during the company's annual general meeting, where shareholders also approved the company's director remuneration report and appointed BDO Kendalls as auditor, replacing Nexia Court $ Co. Milton, Australia-based Citigold Corporation Limited -- http://www.citigold.com/-- is a gold producers engaged in the exploration and development of the Charters Towers goldfield. The company had net losses of AU$10.05 million, AU$4.26 million, and AU$5.91 million for the years ended June 30, 2007, 2006 and 2005. CLOUGH LIMITED: CEO John Smith Bares Plans ------------------------------------------ Clough Ltd. expects to return to profitability in fiscal 2008, after two legal battles hampered earnings last financial year, The Age reports. According to the Troubled Company Reporter-Asia Pacific, Clough Limited reported a net loss of AU$105.3 million for the year ended June 30, 2007, the figure comprising improved underlying earnings of AU$25.4 million on ongoing operations offset by provisions against two prior year contracts. The Age explains that the AU$130-million provision for both legal issues are subject to negotiations. The Age also recounts that Clough Chief Executive Officer John Smith said that he hoped there would be no need for further provisioning in fiscal 2008. The Age quotes Mr. Smith as saying that Clough aims to focus on its transition into an upstream oil and gas industry engineering, procurement and construction contractor, from the wellhead to the refinery gate. Mr. Smith added that Clough was seeking to secure contracts for major oil and gas projects including Inpex's Icthys liquefied natural gas development, for which it has been slated as the preferred engineering, procurement, construction and management contractor, and construction of the export jetty at Woodside Petroleum's Pluto LNG project. It also hopes to secure work at Chevron's massive Gorgon gas project, Apache Corporation's Devil Creek gas plant and Wesfarmers' small scale LNG project, The Age relates. The report also says that the company plans to: * selectively target non oil and gas EPC projects in Australia; * venture into a new desalination plant in Perth; and * increase its labor force. Perth, Australia-based Clough Limited -- http://www.clough.com.au/-- is an engineering and construction contractor providing full project lifecycle solutions primarily to the oil and gas industry in Australia and South East Asia. Its services range from front-end engineering design, construction, installation and commissioning to long-term operations and asset management. The company incurred net losses of AU$105.26 million, AU$15.08 million, and AU$57.64 million for the years ended June 30, 2007, 2006, and 2005. CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating to the note registered by Constellation Brands, Inc. to fund the purchase price of Beam Wine Estates, Inc, a subsidiary of Fortune Brands, Inc: -- US$500 million 8.375% senior unsecured note due Dec. 15, 2014. The rating outlook is negative. The rating reflects Constellation Brands' leading market share in most of the major wine markets around the globe and a diversified alcoholic beverage portfolio. The rating also considers the company's willingness to operate at higher leverage levels and its appetite for acquisitions. The company's leverage has increased due to successive debt-financed acquisitions and stock repurchases. Required debt repayment over the next five years is expected to be well beyond the company's cash-generating capabilities. It is noted that the company currently maintains adequate liquidity and access to the capital markets as shown by this financing. Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an international producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with significant market presence in the U.S., Canada, U.K., Chile, Australia and New Zealand. The company has more than 250 brands in its portfolio, sales in approximately 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. CRESCENT GOLD: Shareholders Re-Elects All Directors --------------------------------------------------- Crescent Gold Limited has released the results of its annual general meeting held on Nov. 28, 2007. Aside from getting shareholders' approval on the company's remuneration report for the year ended June 30, 2007, Martin Belvisi, Jose Garcia Esteban, Franco Cavallini, Geoffrey Stanley, and Renatto Barbieri were re-elected as directors. Headquartered in Perth, Australia, Crescent Gold Limited's -- http://www.crescentgold.com/-- assets comprises mineral exploration tenements and agreements concerning 58 tenements and three tenement applications covering an area of 8,592 square kilometers within Australia. The principal metal commodity exploration emphasis is on gold in Western Australia, gold copper-uranium in South Australia, and uranium in the Northern Territory. The Company's subsidiaries include RAB Projects Pty Ltd, RAB Mining Ltd, Xinjiang Tianau Joint Venture Company, Uranium West Holdings Ltd, Laverton Nickel Pty Ltd, RAB Tian Shan Ltd and RAB Altay Shan Ltd. The company had total assets of AU$198.38 million as of June 30, 2007. The company incurred net losses of AU$2.06 million, AU$4.29 million, and AU$2.82 million for the years ended June 30, 2007, 2006 and 2005. ELONG BAY: Liquidator Gives Wind-Up Report ------------------------------------------ The members and creditors of Elong Bay Pty Ltd met on Nov. 27, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on February 28, 2007. The company's liquidator is: Leonard A. Milner Venn Milner & Co Chartered Accountants Suite 1, 43 Railway Road Blackburn, Victoria 3130 Australia About Elong Bay Elong Bay Pty Ltd, which is also trading as Trivelli Cake Shop, operates retail bakeries. The company is located at Coburg, in Victoria, Australia. EMPEROR MINES: To Focus Projects on Asia Pacific and America ------------------------------------------------------------ Emperor Mines Ltd. will focus taking on projects in the Americas and the Asia-Pacific region, ruling out Africa, Europe, China or Russia, the Australian Associated Press reports. Emperor Mines Chief Executive Officer Brad Gordon, in the shareholders annual meeting, revealed that the company would maintain its primary focus on gold and that its Tujuh Bukit gold, silver and copper project in Java was a "potential company maker," relates AAP. Emperor, states the report, was forced to sell all its producing assets, namely its Vatukoula gold mine in Fiji and its stake in the Porgera gold mine in Papua New Guinea, as part of a recent, radical restructure due to the mines' poor performance and consecutive losses. Mr. Gordon, told AAP that the company would look at other metals if such projects "could add significant value" and added that this is one of the things that attracted the company to the Indonesian project. Emperor, according to Mr. Gordon, was selling its last producing asset, the Tolukuma gold mine in Papua New Guinea, where the site workforce has been reduced by 20%. In its September report, Mr. Gordon, explains AAP, said the sale of Tolukuma would free up management and other resources to concentrate on implementing the company's growth strategy. Mr. Gordon added that the sell down had opened up the share register and provided stock liquidity. "Emperor's management team have successfully delivered a major transformation of Emperor, through the closure of Vatukoula, the sale of (the stake in) Porgera for US$255 million, the pay down of debt and hedging, and the capital return of US$52 million," Mr. Gordon is quoted by AAP as saying. Intrepid Merger Mr. Gordon's comments came as Emperor mergers with Canada's Intrepid Mines Ltd., reports AAP. According to AAP, the troubled gold miner agreed to merge with Intrepid in September and is set to become a multi-metal play through Intrepid's Casposo gold and silver project in Argentina, Taviche gold-silver project in Mexico and Paulsens gold mine in Western Australia. AAP quotes Mr. Gordon as saying, "We see significant upside at both Paulsens and Casposo, and we will be expecting the start of the good news from the first quarter of next year. We expect improved performance at Paulsens starting December quarter this year and we'll have some news on the approvals and development of Casposo within the next few months." Through a statement with the Australian Stock Exchange, Emperor Mines has announced that it has already lodged with the Australian Securities & Investments Commission its draft Scheme Booklet in respect of the proposed scheme of arrangement between Emperor and Intrepid. A hearing date for approval of the Scheme documentation has been obtained for December 13, 2007 and is intended that the Scheme Booklet will be dispatched to the shareholders in mid-January 2008. AAP notes that Emperor shareholders will be receiving one Intrepid share for every 4.25 Emperor shares held and the implementation of the merger is expected on March 3. Mr. Gordon, adds AAP, said the merger would allow Emperor shareholders to benefit from Intrepid's low-cost production and listing on the Toronto Stock Exchange as well its substantial project-development pipeline. "The 'new Intrepid' will have the balance sheet strength and depth of management skills to fully exploit the opportunities available to it," recounts AAP. About Emperor Mines Based in Sydney, Australia, Emperor Mines Limited -- http://www.emperor.com.au/-- is engaged in the exploration, development and exploitation of gold deposits. The Troubled Company Reporter-Asia Pacific, on November 30, 2007, included in its "Large Companies With Insolvent Balance Sheets" Column Emperor Mines Ltd., with US$50.63 million in stockholders' equity deficit. ERG LIMITED: Westpac Divests ERG Shares --------------------------------------- Westpac Banking Corp. has reduced its stakeholding in ERG Limited to 77,390,672 ordinary shares from 82,950,733, ERG said in a corporate disclosure with the Australian Stock Exchange. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. The company has incurred net losses of AU$14.84 million, AU$74.77 million, and AU$7.36 million for the years ended June 30, 2007, 2006, and 2005. JABIRU METALS: Second Zinc Shipment Leaves Oxiana Facility ---------------------------------------------------------- Jabiru Metals Limited advised that the second shipment of zinc has left from Oxiana Ltd's facility, MineWeb.Com reports. Approximately 5,300 tonnes of zinc concentrate left the port on November 22, 2007, MineWeb says. Jabiru has also accumulated approximately 3,000 tonne of saleable grade copper concentrate which is expected to be shipped as part of a 5,000 tonne parcel in the New Year, the report continues. Zinc and copper concentrate shipments will occur more regularly in 2008 in line with the Jaguar production ramp up, and more stoping ore becomes available from the underground mining, the report relates. The process of optimizing blasting and mining of the stopes is now taking place as more stoped ore is provided to the concentrator. Headquartered in West Perth, Australia, Jabiru Metals Limited. -- http://www.jabirumetals.com.au/-- is engaged in mineral exploration and mining of base metals. The company suffered net losses of AU$14.51 million, AU$5.41 million, and AU$7.39 million for the years ended June 30, 2007, 2006 and 2005. JIM'S WATER: Director & Wife Bank Accounts Frozen Until Dec. 13 --------------------------------------------------------------- On November 26,2007, the Supreme Court of Queensland (by consent) extended, until December 13, 2007, orders freezing bank accounts held by director Alan Jorgensen, Linya Jorgensen and Jim�s Water Tanks Pty. Ltd. and restraining Mr. Jorgensen, Mrs. Jorgensen and JWT from dealing with payments from JWT customers. The Court also extended orders restraining Mr. Jorgensen and Mrs. Jorgensen from withdrawing money from or otherwise dealing with funds held in a St. George�s bank account held in the name of JWT Marketing. The matter returns to court on December 13, 2007. The Australian Securities & Investments Commission has sought these orders to preserve the funds that it has identified are being held by JWT, while it conducts its investigation into the conduct of Mr. Alan Jorgensen and JWT. This investigation has led to ASIC having real concerns that JWT may be insolvent and that customers of JWT might never see their tanks delivered. ASIC therefore wants to ensure that, in the event JWT is wound up, the funds identified are available for distribution to creditors of JWT. ASIC's action will, in part, safeguard the funds to allow for an orderly and equitable distribution to creditors in the event that a winding up takes place. ASIC has, since early September 2007, been awaiting evidence from Mr. Jorgensen and JWT that JWT is not in fact insolvent, that water tanks (in sufficient numbers to satisfy JWT's unfilled orders) are being/have been constructed and that there is a real prospect that JWT will comply with its obligations to customers, by delivering tanks to customers in a timely manner. Getting Money Back Customers who have paid a deposit by credit card should also contact their bank to discuss their options. Under some circumstances, individuals who have paid for goods with their credit card, may get their money back through charge-back arrangements. KIMBERLEY DIAMOND: Gem Diamond Now Has 82.38% of Shares ------------------------------------------------------- Kimberley Diamond Company NL has released its quarterly activities report for the period ended Sept. 30, 2007. Monterrey Investment Management Ltd. has ceased to be a substantial stakeholder of Kimberley Diamond Company NL, Kimberley Diamond said in a corporate disclosure filed with the Australian Securities Exchange. Monterrey Investment has accepted Gem Diamond Australia Pty. Ltd.'s AU$0.70-per share cash offer. Macquaries Investment's sold holdings are: * 16,289,000 held by HSBC Custody Nominees (Australia) Ltd. * 9,106,005 held by UBS Nominees Pty. Ltd. * 17.173,000 held by Citicorp Nominees Pty. Ltd. In another corporate disclosure, Kimberley Diamond discloses that Gem Diamond Australia now has 82.38% of the company's ordinary shares after shareholders sold 112,264,938 ordinary shares in acceptance to Gem Diamond's takeover offer. The Troubled Company Reporter-Asia Pacific reported that Gem Diamonds Australia agreed to a AU$0.70 per share cash offer on July 19, 2007. The report added that once Gem Diamonds Australia acquires 90% of the issued shares in Kimberley, it intends to compulsorily acquire the remaining 10% of the shares and delist Kimberley from the Australian Stock Exchange, and also withdraw its admission to trade on London Stock Exchange's AIM Market. West Perth, Australia-based Kimberley Diamond Company NL -- http://www.kimberleydiamondco.com.au/-- is engaged in diamond mining, processing, marketing and exploration. The company is listed at both Australian Securities Echange Ltd. and London Stock Exchange. The company has incurred net losses of AU$31.87 million, AU$13.13 million, and AU$3.5 million for the years ended June 30, 2007, 2006, and 2005. Going Concern Doubt After reviewing the company's annual financial statements for 2007, DP McComish at KPMG raised significant uncertainty on the company's ability to continue as a going concern citing uncertainty in the outcomes of the company's funding sourcing activities. LEETON PEAK: Liquidator Gives Wind-Up Report -------------------------------------------- On November 30, 2007, the members and creditors of Leeton Peak Pty Ltd met and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 8, 2007. The company's liquidator is: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About Leeton Peak Leeton Peak Pty Ltd is a distributor of textile goods. The company is located at Preston, in Victoria, Australia. METROPOLITAN DISTRIBUTION: Liquidator Presents Wind-Up Report ------------------------------------------------------------- On November 29, 2007, the members and creditors of Metropolitan Distribution Systems Pty Ltd had a meeting and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone:(03) 9585 5227 About Metropolitan Distribution Metropolitan Distribution Systems Pty Ltd provides courier services except by air. The company is located at Boronia, in Victoria, Australia. NEW DUTCH PAINTING: Liquidator Presents Wind-Up Report ------------------------------------------------------ On November 29, 2007, the members and creditors of New Dutch Painting Services Pty Ltd met and received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on January 11, 2006. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone:(03) 9585 5227 About New Dutch Painting New Dutch Painting Services Pty Ltd is a distributor of paintings and paper hangings. The company is located at Ferntree Gully, in Victoria, Australia. NRG ENERGY: Named Company of the Year by Platts Global Awards ------------------------------------------------------------- Houston-based NRG Energy, the international power generator, snared two top awards -- "Energy Company of the Year" and the "Industry Leadership Award" -- at the 9th annual Platts Global Energy Awards. Platts' prestigious "CEO of the Year" award went to Duke Energy's Jim Rogers, known for his advocacy of energy efficiency. "Congratulations to NRG Energy and to Jim Rogers," said Platts President Victoria Chu Pao. "NRG is a true global pioneer, and the judges were impressed by the company's vision, sense of corporate responsibility and leadership. NRG Energy has transformed itself into a powerhouse -- and was recognized as one of the fastest growing companies in the Platts Top 250 awards announced earlier this year." "Duke Energy's Jim Rogers has been a leader, an innovator and an implementer. The judges honored Rogers as a leading voice and visionary for an entire industry," said Ms. Chu Pao. Platts' annual awards showcase extraordinary accomplishments by energy businesses and individuals worldwide. Finalists and winners are determined by an independent international panel of judges. This year's "Energy Company of the Year" winner, NRG Energy, less than two decades old, has one of the industry's most diverse portfolios, with a breadth of interests that span geographies, fuel sources and dispatch mechanisms. In addition to its current US$16 billion environmental and efficiency spending plans, the energy provider is the first independent power producer in the United States in decades to apply to build a nuclear power station. As a leader in demonstrating environmental responsibility, NRG Energy has been spearheading innovative research and development programs, including algae-based CO2 recycling. Duke Energy's Chief Executive Officer James Rogers, winner of this year's "CEO of the Year" award, has been a noted inspirational leader throughout his career. In addition to his role heading the United States' third largest coal burner, Mr. Rogers has served as chairman of the Edison Electric Institute, the national association for investor-owned electric companies, and has led the U.S. Climate Action Partnership, a coalition of businesses and other groups calling for a nationwide limit on CO2 emission. Mr. Rogers' outspoken advocacy of energy efficiency and conservation prompted his appointment as co-chair of two pivotal organizations -- the Alliance to Save Energy and the National Action Plan for Energy Efficiency. He has also participated in President Clinton's Global Initiative meetings. More than 500 top executives from more than a dozen countries gathered in New York City for the gala event tonight at Cipriani Wall Street. The evening dinner and ceremony was preceded by the Platts Lecture, in which industry leaders, market analysts, and academic scholars discussed energy sustainability issues against the backdrop of the global debate about climate change. Mr. Rogers, together with Gene Sperling, former White House National Economic Advisor and former Director of the National Economic Council, were the key speakers at the event. The 2007 Platts Global Energy Awards were co-sponsored for the fifth year by Capgemini and for the second year by Bracewell & Giuliani and also included sponsors: Standard & Poor's, Panasonic Computer Solutions Company and Spectra Energy Corporation. The Global Energy Awards recognize excellence and innovation by companies and executives in more than a dozen sectors within the global energy industry. Platts received more than 200 nominations this year from energy companies around the world. The winners in each awards category are: Commercial Technology of the Year: Shell Global Solutions B.V./Criterion Catalysts & Technologies Community Development Program of the Year: Attock Refinery Limited Downstream Business of the Year: Valero Energy Corporation Energy Company of the Year: NRG Energy Energy Efficiency Initiative of the Year: Toronto Hydro-Electric System Limited-Peaksaver Program Energy Transporter of the Year: Sovcomflot Energy Engineering Project of the Year: Nexen Inc. ENR Energy Construction Project of the Year: Tennessee Valley Authority Green Energy Innovator of the Year: Applied Materials, Inc. Hydrocarbon Producer of the Year: Chesapeake Energy Corporation Industry Leadership Award: NRG Energy Lifetime Achievement Award: Lord Ernest Ronald Oxburgh Marketing Campaign of the Year: E Wie Einfach/E.ON Power Company of the Year: MidAmerican Energy Holdings Company Rising Star Award: AED Oil Limited Risk Management Innovator of the Year: OpenLink Financial CEO of the Year: Duke Energy CEO James Rogers Next year's Platts Global Energy Awards Gala and events will be held on Dec. 3, 2008 in New York City. About Platts Platts -- http://www.platts.com--, a division of The McGraw- Hill Companies, is a global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries. From 14 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, petrochemical, emissions, and metals markets. Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. About The McGraw-Hill Companies Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) -- http://www.mcgraw-hill.com-- is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The corporation has more than 280 offices in 40 countries. Sales in 2006 were US$6.3 billion. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s US$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. PALADIN RESOURCES: Incurs US$14.5MM Loss for Quarter to Sept. 30 ---------------------------------------------------------------- Paladin Resources Ltd. reported a net loss of US$14.5 million for the quarter ended Sept. 30, 2007, almost four times the US$3.9-million net loss reported for the quarter ended Sept. 30, 2006. The company had total revenues of AU$28.3 million. The main activities undertaken during the quarter ended Sept. 30, 2007 were: * Langer Heinrich Uranium Project -- Ramp up and remediation making good progress -- one remaining bottleneck expected to be rectified in December 2007. -- Production of 274,360lb for the quarter. -- Uranium delivered to all three conversion facilities. -- Sales revenue of US$26M -- sales volume of 333,000lb U3O8 at an average realized price of US$78/lb. -- Design of Stage II expansion 2.6Mlb to 3.7Mlb underway. * Kayelekera Uranium Project -- construction work accelerating with Paladin community relations and agricultural specialists team established in Karonga. * Valhalla/Skal Uranium Deposits -- resource drilling and evaluation re-commences at Skal; baseline environmental studies and preliminary metallurgical testing begins for Valhalla and Skal deposits. * More encouraging results from drilling program at Bigryli Uranium Joint Venture. * Deep Yellow Limited -- increase in shareholding to 159,058,461 (14.34% interest) after participation in an entitlement issue and subscription for shortfall shares. * Corporate -- settlement of proceedings commenced by Summit Resources (Aust) Pty Ltd (ultimately 81.9% owned by the Company) against the wholly owned subsidiary, Mt Isa Uranium Pty Ltd and unrelated Resolute Ltd in relation to alleged breaches of confidentiality provisions in the Mt Isa Uranium Project joint venture agreement. Areva NC (Australia) Pty Ltd has advised that it intends to apply to the Supreme Court of Western Australia for orders under Section 237 of the Corporations Act 2001 to be granted leave to intervene in the court proceedings which is not significant to the Company, as a consequence of the indemnity given by Resolute Ltd and the fact that the Company holds an ultimate 81.9% interest in Summit Resources (Aust) Pty Ltd. Headquartered in Subiaco, Australia, Paladin Energy Ltd. -- http://www.paladinresources.com.au-- formerly Paladin Resources, Ltd., operates in the resource industry, with a principal business of evaluation and development of uranium projects in Africa and Australia. Its wholly owned projects include the Langer Heinrich Uranium Project, which is located in Namibia, Southern Africa, and hosts surficial, calcrete type uranium deposit; the Kayelekera Uranium Project, which is located in northern Malawi, Southern Africa; the Manyingee Uranium Project, which is located in the north west of Western Australia, and hosts sandstone deposits, and the Oobagooma Project, which is located in the West Kimberley region of Western Australia, and hosts sandstone deposits. Its joint venture with Quasar Resources Pty Ltd covers two exploration licenses in the northern Frome Basin in South Australia. During the fiscal year ended June 30, 2006, it completed resource drilling programs at Langer Heinrich and Kayelekera Uranium Projects. As of June 1, 2007, Paladin held an 81.82% interest in Summit Resources Limited. The company reported net losses of AU$37.6 million, AU$5.5 million and AU$7.1 million for the years ended June 30, 2006, 2005 and 2004. PALADIN RESOURCES: Changes Name to Paladin Energy ------------------------------------------------- Paladin Resources has changed its name to Paladin Energy, Ltd., Paladin managing director John Borshoff informs the Australian Stock Exchange. Mr. Borshoff says that the company has been advised by the ASX that the change will be effective on Nov. 27, 2007. Headquartered in Subiaco, Australia, Paladin Energy Ltd. -- http://www.paladinresources.com.au-- formerly Paladin Resources, Ltd., operates in the resource industry, with a principal business of evaluation and development of uranium projects in Africa and Australia. Its wholly owned projects include the Langer Heinrich Uranium Project, which is located in Namibia, Southern Africa, and hosts surficial, calcrete type uranium deposit; the Kayelekera Uranium Project, which is located in northern Malawi, Southern Africa; the Manyingee Uranium Project, which is located in the north west of Western Australia, and hosts sandstone deposits, and the Oobagooma Project, which is located in the West Kimberley region of Western Australia, and hosts sandstone deposits. Its joint venture with Quasar Resources Pty Ltd covers two exploration licenses in the northern Frome Basin in South Australia. During the fiscal year ended June 30, 2006, it completed resource drilling programs at Langer Heinrich and Kayelekera Uranium Projects. As of June 1, 2007, Paladin held an 81.82% interest in Summit Resources Limited. The company reported net losses of AU$37.6 million, AU$5.5 million and AU$7.1 million for the years ended June 30, 2006, 2005 and 2004. PALADIN RESOURCES: Settles All Litigation in Malawi --------------------------------------------------- The board of directors of Paladin Resources Ltd. announced that all six Malawian Civil Society Organisations that commenced legal proceedings against Paladin Africa Ltd. and the Government of Malawi have now settled their action on a positive and amicable basis, the company said in a corporate disclosure filed with the Australian Stock Exchange. The company said that each party to the settlement has released each other from all actions and claims associated with the litigation and each Party has agreed to not recommence litigation, while court proceedings will be formally withdrawn. In reaching the settlement, the parties that have settled engaged in constructive dialogue which was facilitated by the Paramount Chief and the Chiefs of the Karonga Region. Members of Parliament for the Karonga Region assisted in ensuring that the settlement discussions addressed the matters of concern to the people of Karonga. Under the settlement arrangements: 1. The Government of Malawi is to establish a working group to: a. review and make recommendations to amend the Mines and Minerals Act; and b. develop appropriate legislation with respect to the handling and transport of radioactive substances, in order to ensure Malawi has in place legislation which is to international best practice by the time mining operations commence at Kayelekera. The CSOs are to be fully engaged in this process in order to obtain their views and opinions. Paladin readily accepts these arrangements, as they reflect the company's stated objective to meet international best practice in all its mining operations. 2. The Government of Malawi is to invite representatives of the CSOs to join the monitoring team which is to be established to monitor Paladin's environmental and health obligations. 3. At the request of the Karonga community, the Government and Paladin have agreed to amend the Social Responsibility Programme which had been agreed in the Development Agreement. It is now agreed that US$8.2 million of the US$10 million which was to be spent on a school and boarding facilities three years after the commencement of production, is to be applied to the upgrading of the community water supply at Karonga. Physical work will commence after detailed planning and tendering has been completed. Paladin has agreed to immediately spend US$50,000 on emergency repairs. 4. All parties have agreed that, in going forward they will engage in constructive dialogue so as to ensure that there is a good understanding of the issues affecting each group. Headquartered in Subiaco, Australia, Paladin Energy Ltd. -- http://www.paladinresources.com.au-- formerly Paladin Resources, Ltd., operates in the resource industry, with a principal business of evaluation and development of uranium projects in Africa and Australia. Its wholly owned projects include the Langer Heinrich Uranium Project, which is located in Namibia, Southern Africa, and hosts surficial, calcrete type uranium deposit; the Kayelekera Uranium Project, which is located in northern Malawi, Southern Africa; the Manyingee Uranium Project, which is located in the north west of Western Australia, and hosts sandstone deposits, and the Oobagooma Project, which is located in the West Kimberley region of Western Australia, and hosts sandstone deposits. Its joint venture with Quasar Resources Pty Ltd covers two exploration licenses in the northern Frome Basin in South Australia. During the fiscal year ended June 30, 2006, it completed resource drilling programs at Langer Heinrich and Kayelekera Uranium Projects. As of June 1, 2007, Paladin held an 81.82% interest in Summit Resources Limited. The company reported net losses of AU$37.6 million, AU$5.5 million and AU$7.1 million for the years ended June 30, 2006, 2005 and 2004. PERSERVERANCE CORP: Robert Flew Assumes Board Chairmanship ---------------------------------------------------------- Perseverance Corporation Limited has appointed Robert Flew as non-executive chairman of the board on Nov. 14, 2007, the company said in a corporate disclosure with the Australian Securities Exchange. In another filing, the company also announced that Mark Mitchell will be stepping down as the company's executive general manager on Jan. 4, 2008. Mr. Mitchell has accepted a senior executive appointment in another mining company. In yet another filing, the company announced the re-election of Christopher Linden Roberts, Brian Marshall Phillips, and John Rowe as directors of the company's board. The re-elections were held during the company's annual general meeting where shareholders also adopted the company's remuneration reported, and approved the increase in directos' fees. Three motions, however, were disapproved: performance rights plan, insertion of proportional takeover approval provisions, employee option plan. Fosterville, Australia-based Perseverance Corporation Limited -- http://www.perseverance.com.au/-- is a gold mining and exploration company. The company owns and operates gold mines at Fosterville and Stawell in Victoria, Australia, and has exploration tenements covering over 7,000 square kilometers along the Victorian goldfields. The company suffered net losses of AU$20.82 million, AU$1.04 million, and AU$7.15 million for the years ended June 30, 2007, 2006 and 2005. After reviewing the company's financial statements for FY2007, Brett Croft at Ernst and Young, the company's independent auditors, raised an inherent uncertainty regarding the company's ability to continue as a going concern. PKJS (VIC) PTY: Members and Creditors Hold General Meeting ---------------------------------------------------------- On November 30, 2007, the members and creditors of PKJS (Vic) Pty Ltd met and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on on October 4, 2006. The company's liquidator is: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About PKJS (Victoria) PKJS (Victoria) Pty Ltd is involved with plastering, drywall, acoustical and insulation work. The company is located at Essendon, in Victoria, Australia. OLD J C&I: Members and Creditors Receive Wind-Up Report ------------------------------------------------------- The members and creditors of Old J C&I Pty Ltd met on Nov. 29, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on January 19, 2006. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone:(03) 9585 5227 About Old J C&I Old J C&I Pty Ltd is a distributor of durable goods. The company is located at Footscray, in Victoria, Australia. OLD MECAL: Members' Final Meeting Slated for December 5 ------------------------------------------------------- Old Mecal Pty Ltd will hold a final meeting for its members on December 5, 2007, at 10:00 a.m. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on April 20, 2007. The company's liquidator is: Ian Cattanach 9 Rockwood Street, Balwyn North Victoria 3104 Australia About Old Mecal Old Mecal Pty Ltd provides engineering services. The company is located at West Footscray, in Victoria, Australia. QUEENSLAND GAS: Rakes in AU$13MM for Quarter Ended Sept. 30 ----------------------------------------------------------- Queensland Gas Company Limited reported total revenues of AU$13 million for the quarter ended Sept. 30, 2007. The company said in its quarterly report that the above- expectations revenue was due to strong production and a higher average sales price for its products. Other highlights for the quarter include: * Gas sales improved by 16% -- Gas sales for the September quarter totaled 4.8 petajoules (PJ), which represents an increase of 16% on the June quarter result; * Reserves upgrade announced -- On August 16, 2007, QGC announced a 20%upgrade of its proved and probable (2P) reserves following an independent review of its gas production and exploration activities to June 30, 2007; * Production increased as planned -- Daily gas production reached the equivalent of 26.0 PJ a year by the end of September 2007 and had exceeded the equivalent of 28.5 PJ a year by the end of October; * Compression capacity boosted -- In late September, QGC commissioned additional gas processing plant at Berwyndale South that increased production capacity by 70% with minimal impact on daily production activities; and * Construction commenced on power station -- A ground -breaking ceremony was held on Oct. 17, 2007 to celebrate the start of construction for the 140 MW Condamine Power Station, which is due to commence electricity sales to the National Electricity Market in February 2009. Headquartered in Brisbane, Australia, Queensland Gas Company Limited -- http://www.qgc.com.au/-- is a coal seam gas producer. The company's principal activities consisted of the ongoing development of the Berwyndale South producing area, the development of the Berwyndale, Bellevue and Kenya-Argyle producing area, and the ongoing exploration and appraisal for coal seam gas in the Surat Basin in southern Queensland. The company incurred net losses of AU$12.22 million, AU$6.25 million, and AU$12.17 million for the years ended June 30, 2007, 2006 and 2005. TRANSURBAN: Names Former BHP Billiton Exec. Chris Lynch as CEO -------------------------------------------------------------- The Transurban Group has appointed Chris Lynch as its new chief executive officer, the company said in a press release. Mr. Lynch will be joining the company in February 2008 and will succeed the current Managing Director, Kim Edwards, when he retires from the business in July 2008. Mr. Lynch joins Transurban after seven years with BHP Billiton where he was an Executive Director and Group President-Carbon Steel Materials from April 2006 to August 2007. Before that, he was BHP Billiton's Chief Financial Officer for five years. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: Hills M2 Revenue Rise 16% in Sept. 2007 Qtr. -------------------------------------------------------------- Transurban Group's revenue for its Hills M2 operations went up 16.4% year-on-year to AU$30.1 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Average daily transaction volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change -------- -------- --------- Average Daily Revenue (AU$) 327,571 281,387 16.4% Average Workday Trips 100,456 95,624 5.1% Average Daily Trips 91,072 87,397 4.2% * The Lane Cove Tunnel opened on 25 March 2007, with tolling commencing one month later. This has had a positive impact on traffic at the Main toll point in the quarter. Transurban remains confident of its forecast of an additional 5,000 ADT on Hills M2 post Lane Cove Tunnel ramp up. * Revenue for the September quarter 2007 was impacted by the toll for Class 2 vehicles (cars) at the Main toll point increasing from AU$3.80 to AU$4.40 (including GST) on Oct. 1, 2006, and the toll for Class 4 vehicles (trucks) at the Pennant Hills toll point increased from AU$4.90 to AU$5.50 (including GST) on Jan. 1, 2007. * The September quarter 2007 had one less workday than the corresponding period last year due to the public holiday declared for the APEC conference. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: Westlink Revenues Rise 20% in Sept. 2007 Qtr. --------------------------------------------------------------- Transurban Group's revenue for its Westlink M7 Motorway operations went up 19.8% year-on-year to AU$41.0 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Westlink M7 Motorway recorded the following traffic and revenue information for the September Quarter 2007: Quarter Ending September 2007 2006 % Change ----------- ----------- -------- Average Daily Revenue (AU$) 446,019 372,161 19.8% Average Workday Trips 126,135 107,184 17.7% Average Daily Trips 112,145 96,211 16.6% Average Daily Tolled Vehicle KMs Travelled 1,435,529 1,227,039 17.0% Average Daily Total Vehicle KMs Travelled 1,736,356 1,483,990 17.0% * Westlink M7 is a distance based toll road with a trip cap at 20km. The September quarter 2007 trip cap was AU$6.21 and the Average Daily Tolled Vehicle Kilometres Travelled was calculated using the September quarter 2007 toll price of AU$0.3107 per km. * Average tolled trip length was 12.80 km for the September quarter 2007. * Transurban owns 47.5% of Westlink M7. * The September quarter 2007 had one less workday than the corresponding period last year due to the public holiday declared for the APEC conference. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: M5 Revenues Rise 10.6% in Sept. 2007 Quarter -------------------------------------------------------------- Transurban Group's revenue for its M5 operations went up 10.6% year-on-year to AU$39.2 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Average Daily Traffic volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change ----------- ----------- -------- Average Daily Revenue (AU$) 426,122 385,350 10.6% Average Workday Trips 120,739 119,717 0.9% Average Daily Trips 114,963 112,443 2.2% * Revenue for the September quarter 2007 was impacted by the toll for cars increasing from AU$3.30 to AU$3.80 (including GST) in August 2006. * Transurban owns 50.0% of M5. * The September quarter 2007 had one less workday than the corresponding period last year due to the public holiday declared for the APEC conference. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. TRANSURBAN GROUP: M4 Revenues Rise 3.8% in Sept. 2007 Quarter ------------------------------------------------------------- Transurban Group's revenue for its M4 operations went up 3.8% year-on-year to AU$22.2 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Average Daily Traffic volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change ----------- ----------- -------- Average Daily Revenue (AU$) 241,444 232,508 3.8% Average Workday Trips 117,157 114,993 1.9% Average Daily Trips 110,401 106,413 3.7% * Transurban owns 50.61% of M4. * The September quarter 2007 had one less workday than the corresponding period last year due to the public holiday declared for the APEC conference. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005, through 2007. TRANSURBAN GROUP: Names KPMG's Lindsay Maxsted as New Director -------------------------------------------------------------- Lindsay Maxsted will join Transurban Group's board of directors starting on March 2008, the company said in a corporate disclosure filed with the Australian Stock Exchange. Mr. Maxsted will take up the appointment following his retirement as chief executive officer of KPMG Australia. The company added that Mr. Maxsted would immediately join Transurban's audit committee. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. URS CORP: Unveils Washington Stockholders' Elections Results ------------------------------------------------------------ URS Corporation announced the results of the elections made by stockholders of Washington Group International, Inc. as to the form of merger consideration to be received in the Nov. 15, 2007 acquisition by URS. The results of the elections are: a) Cash Elections: Washington Group stockholders who validly elected to receive all cash will receive US$95.11656000 in cash for each share of Washington Group common stock with respect to which that election was made; b) Stock Elections: Washington Group stockholders who validly elected to receive all URS common stock will receive 1.14588411 shares of URS common stock and US$29.78008168 in cash for each share of Washington Group common stock with respect to which that election was made; and c) Mixed Elections and Non-Elections: Washington Group stockholders who validly elected the mixed merger consideration or did not make a valid election will receive US$43.80 in cash and 0.90 of a share of URS common stock for each share of Washington Group common stock held immediately prior to the merger. The all-cash and all-stock elections were subject to proration calculations to preserve an overall per share mix of US$43.80 in cash and 0.90 of a share of URS common stock for all outstanding shares of Washington Group common stock taken together. Under the terms of the merger agreement, cash will be issued in lieu of fractional shares. Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services has lowered its corporate credit rating on URS Corp. to 'BB' from 'BB+' and removed the ratings from CreditWatch, where they were placed with negative implications on May 29, 2007. In addition, S&P affirmed the 'BB+' bank loan rating and left the '2' recovery rating unchanged on the company's senior secured debt (composed of a US$700 million revolving credit facility, a USUS$1.1 billion term loan A, and a US$300 million term loan B), and withdrew the ratings on the company's previous USUS$300 million revolving credit facility and US$350 million term loan. WARBROOK EQUIPMENT: Members & Creditors Hear Wind-Up Report ----------------------------------------------------------- On November 30, 2007, the members and creditors of Warbrook Equipment Pty Ltd met and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on August 8, 2006. The company's liquidator is: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About Warbrook Equipment Warbrook Equipment Pty Ltd, which is also trading as Dome Chadstone Victoria, operates eating places. The company is located at Chadstone, in Victoria, Australia. WARRENMANG LTD: ASIC Moves to Protect IPO Investors --------------------------------------------------- As a result of proceedings brought by the Australian Securities & Investments Commission, investors in the failed Warrenmang Limited (in liquidation) initial public offer may now receive a refund of their application monies. On November 28, 2007, the Federal Court of Australia approved the terms of settlement, agreed to by all the parties to the proceeding, including a representative of the Warrenmang IPO investors. The payment is to come from the proceeds of the sale of a house previously owned by the Chairman of Warrenmang. Pursuant to the terms of settlement approved by the Order of the Federal Court of Australia: 1.Persons who subscribed to the Warrenmang IPO and paid application monies in the period from December 12, 2003 to January 19, 2004 and who have not had their application monies refunded in full may now have their application monies refunded in full. A maximum of AU$170,000 has been set aside to meet claims made by these investors. 2.Persons who subscribed to the Warrenmang IPO and paid application monies in the period from January 20, 2004 to July 8, 2005 and who have not had their application monies refunded in full may be entitled to a partial refund of their application monies. A maximum of AU$135,000 has been set aside for distribution to these investors on a pro-rata basis. 3. The liquidator of Warrenmang, Colin Nicol of McGrathNicol + Partners will write to persons who he has identified as being persons who subscribed to the Warrenmang IPO and paid application monies in the period between December 12, 2003 to July 8, 2005 and who have not had their application monies refunded in full. 4. Any persons who do not make a claim to the liquidator within 30 days of the date of the liquidator�s letter will not be able to claim against the funds available for distribution to eligible Warrenmang investors. 5. Any persons who make a claim to the liquidator and whose claim is rejected by the liquidator will have a right of appeal to the Federal Court of Australia. Persons who subscribed to the Warrenmang IPO and paid application monies in the period between December 12, 2003 to July 8, 2005 and who have not had their application monies refunded in full and who have not received a letter from the liquidator within 21 days should contact the liquidator as a matter of urgency and state their claim. Background This action arises out of ASIC�s ongoing investigation into Warrenmang. In October 2006, ASIC received complaints alleging that Warrenmang had not refunded all the application monies owed to subscribers following Warrenmang�s unsuccessful public float. Warrenmang was incorporated on September 1, 2003 as a vehicle to acquire wine businesses in Victoria. Warrenmang issued a prospectus in December 2003 to raise a minimum of AU$6 million with a view to listing the company on the Australian Stock Exchange (ASX). This prospectus stated that the funds raised would be used to acquire and consolidate various wine and vineyard businesses. Warrenmang failed to raise the minimum subscription and list on the ASX. In March 2004, a supplementary prospectus was issued to extend the offer period for a further three months. Warrenmang was again unsuccessful in raising the minimum amount and the planned public float never took place. The law requires that application money raised from subscribers to an IPO must be held in trust until the securities are issued or the money is returned to the subscribers. Following an application by ASIC, Warrenmang was placed into liquidation on December 19, 2006. On June 29, 2006, the Federal Court of Australia made further orders that Robert Graeme Pritchard, the former Chairman of Warrenmang, had contravened the Corporations Act by failing to appropriately deal with the money raised by the IPO. ASIC�s ongoing investigation is not related to the Warrenmang Vineyard and Resort in Bendigo, Victoria. WHANAU TRANSPORT: Members and Creditors Hear Wind-Up Report ----------------------------------------------------------- On November 29, 2007, the members and creditors of Whanau Transport Pty Ltd met and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on on Sept. 19, 2005. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone:(03) 9585 5227 About Whanau Transport Whanau Transport Pty Ltd is involved with trucking business, except local. The company is located at Croydon, in Victoria, Australia. ================================ C H I N A & H O N G K O N G ================================ BEIJING SHOUGANG: Mulls Over CNY6.4-Billion Cold-Rolled Steel JV ---------------------------------------------------------------- Beijing Shougang Co <000959> is mulling over a CNY6.4-billion (US$867 million) cold-rolled steel venture to cater to China's burgeoning auto industry, Market Avenue reports. The report says that the proposed joint venture would involve Beijing Shougang's parent company, Shougang Corp, and state- controlled Beijing Automobile Investment Co. Ltd, a partner with Hyundai Motor Corp since 2003. Under the joint venture agreement, the cold-rolled steel production would be carried out at a new plant scheduled for operations this year in Shunyi, eastern Beijing. Market Avenue recounts that Beijing Shougang was reportedly planning to acquire about 24% stake in Beijing Automobile Investment last year. The report cites unidentified sources as saying that Beijing Shougang will have a 70.3% controlling stake in the venture, while its parent will have 9.7% and Beijing Automobile will own 20%. The company is targeting to achieve an output of 700,000 tons of cold-rolled sheets from hot-rolled steel for 2008. Market Avenue says that Shougang, which is currently the only Beijing-based steel company, announced in 2005 that its steel plants and blast furnaces would be completely shifted outside the city by 2010, in anticipation of the Olympics Games in 2008. Based in Beijing, China, Beijing Shougang Co., Ltd. -- http://www.sggf.com.cn/index-1.asp-- is principally engaged in the iron and steel industry. The company mainly produces steel wire rods, square steel billets, steel plates, chemical products, gas, coke, pig iron and granulating slag. The company also provides compact discs, software, color-coated boards and building materials, through its subsidiaries. As of Dec. 31, 2005, the company had three major subsidiaries and three major associates. The company has been widely accused of being one of Beijing's major polluters. Beijing Shougang carries Xinhua Far East China Ratings BB+ issuer credit rating. BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch --------------------------------------------------------------- Fitch Ratings has placed these ratings of Bombardier Inc. and Bombardier Capital Inc. on Rating Watch Positive: Bombardier Inc. -- Issuer Default Rating 'BB-'; -- Senior unsecured debt 'BB-'; -- Preferred stock 'B'. Bombardier Capital Inc. -- IDR 'BB-'; -- Senior unsecured debt 'BB-'. The action reflects BBD's announcement that it intends to repurchase approximately US$1.1 billion of debt by Jan. 31, 2008. The ratings cover outstanding debt and preferred stock totaling approximately US$5.7 billion as of Oct. 31, 2007. Due to the existence of a support agreement and demonstrated support by the parent, BC's ratings are linked to those of BBD. The Positive Rating Watch primarily reflects the reduction in leverage that would result from BBD's intended repurchase of debt. Fitch expects to resolve the Rating Watch within the next two to three months. Should the ratings be upgraded in that time period, Fitch expects the IDR's and unsecured debt ratings to remain in the 'BB' category. The Positive Rating Watch and longer-term rating trends are also supported by expectations for continued margin improvement, sales growth, and solid cash generation. Strong orders in all of BBD's businesses and a large backlog support projections for continued improvement. These factors could potentially lead to further long term improvement in BBD's credit profile. As indicated by BBD in a press release, the debt targeted to be repurchased includes approximately US$408 million of Euro- denominated 5.75% notes due in February 2008, US$623 million of BC's Sterling-denominated 6.75% notes due in May 2009, and US$26 million of other long term debt. This debt amounts to approximately 20% of BBD's consolidated debt. All of BC's remaining debt would be retired. Factors supporting the ratings include BBD's diversification, leading market positions, the health of the business jet and turboprop markets, cash balances, debt maturity schedule, BT's successful restructuring, and large backlog. Rating concerns include the elevated but improving consolidated gross debt levels compared to EBITDA; relatively low operating margins; business jet market cyclicality; the pension plan deficit; the impact of exchange rate volatility on margins, financial results, and planning; and several RJ concerns, including uncertainty regarding development of new aircraft models and contingent obligations related to past aircraft sales, although these contingent obligations are spread out over time and are not a near-term concern. BBD's eventual decision about its potential entry into the mainline aircraft market could have an impact on its financial and operating profile. Fitch believes the recent performance issues with one operator's Q400 aircraft are not a significant credit concern at this time. At Oct. 31, 2007 the company had US$3.6 billion of unrestricted cash balances, not including US$1.3 billion of restricted cash related to its letter of credit facility. Restricted cash balances are not available for liquidity purposes or for the benefit of unsecured bond holders. Bombardier's unrestricted cash balances are the company's sole source of liquidity because the LOC facility is not available on a revolving credit basis. Free cash flow has been solid, supporting the increase of roughly US$400 million in BBD's net cash balances during the fiscal third quarter. Upon completion of the expected debt reduction, cash balances would be nearly US$2.6 billion on a pro forma basis which Fitch considers to be sufficient to support BBD's liquidity requirements. Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. Headquartered in Canada, the company also has offices in the U.S., Northern Ireland, United Kingdom, Germany, Switzerland, Sweden, Austria, Australia and China. CUMMINS INC: Andrew Penca Named as President's Assistant -------------------------------------------------------- Cummins Inc. has named Andrew Penca, Commissioner of Indiana Workforce Development, as the company's assistant to President Joe Loughrey, effective Dec. 3. Mr. Penca's duties will be split between Cummins project work and supporting Loughrey's efforts as Chairman of Conexus Indiana, a statewide advanced manufacturing and logistics initiative. Conexus' primary goal is to attract and educate young people in the state as they pursue careers in advanced manufacturing and logistics. Mr. Penca joined Indiana Workforce Development in early 2005 and has served as Commissioner since October 2006. In his role with the state, Mr. Penca was instrumental in working with employers and state and local government officials to develop and implement programs and policies aimed at raising the education and skill levels of Indiana's workforce. Mr. Penca also brings extensive auto-related experience to Cummins. He spent roughly six years at Honda R&D Americas, Inc. in the advanced product planning and concept development department where he served in roles ranging from research analyst to senior specialist. During his time with Honda, he led concept teams responsible for the development of the current Acura TL, Honda Element, and Honda's first ever pickup, the Ridgeline. Mr. Penca, a native of Peoria, Ill., earned his bachelor's degree in Business Administration, with honors in International Management, from Butler University in 1996 and his MBA in finance and accounting from the University of Southern California in 2003. He currently lives in Carmel with his wife, Laurie, and their two sons, Andrew and Landon. About Cummins Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) -- http://www.cummins.com/-- designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins has Latin-American operations, particularly in Venezuela, Brazil, Peru, Colombia, and Argentina. Its operations in the Asia-Pacific are found in China, Japan and Korea. Its also has facilities in Europe, particularly in the United Kingdom. * * * Cummins' Junior Convertible Subordinated Debentures carry Fitch's 'BB' rating with a stable outlook. Moody's Investors Service raised Cummins' convertible preferred stock rating to Ba1 from Ba2 and withdrew the company's SGL-1 Speculative Grade Liquidity rating and its Ba1 Corporate Family Rating. DANA CORP: Indiana and Pine Tree Object to Plan Confirmation ------------------------------------------------------------ As of November 27, 2007, two parties have filed objections to confirmation of Dana Corp. and its debtor-affiliates' Third Amended Joint Plan of Reorganization. Objections are due November 28. The Debtors will submit the Plan for confirmation on Dec. 10, 2007. (a) Indiana Environment Department The Indiana Department of Environmental Management objects to all portions of the Plan as might be construed to limit or prohibit its exercise of police or regulatory powers, if and as necessary, to compel Dana Corp. to address ongoing environmental violations existing at sites located in the State as a result of the company's prior operations at those sites. The Department has filed a US$14,000,000 claim against the Debtors based on the Sites and, to the extent quantifiable, the estimated cleanup costs at each site. Elizabeth A. Whelan, Esq., the state's Deputy Attorney General, relates that the Debtors and the Department have been exchanging cleanup information in a good faith attempt to resolve potentially disputed claims. The goal of the settlement discussions is to reach an agreed- upon dollar value of the Department's claims, thus allowing payment pursuant to the terms of the Plan, Ms. Whelan says. (b) Pine Tree ISD, et al. Pine Tree Independent School District, Longview Independent School District, Hallsville Independent School District, and the county of Harrison, each have claims against the Debtors, which are included in the class of claims described as Class 2A Claims under the Third Amended Joint Plan of Reorganization. Michael Reed, Esq., at McCreary, Veselka, Bragg & Allen, P.C., in Round Rock, Texas, relates that the secured claims arise from property taxes for the tax years 2005-2007 due on the Debtors' real and business personal property located in Texas. According to the laws of the state of Texas, the tax liens securing property taxes are superior claims over any other claim or lien against the property. Mr. Reed points out that the Plan provisions dealing with the secured claims fail to provide fair and equitable treatment to the Creditors' secured claims as required by Section 1129(b)(1) and (2)(A) of the Bankruptcy Code, in that their secured claims are entitled to express retention of all property tax liens, including those for postpetition taxes, until all taxes, penalties and interest protected by those liens have been paid. Mr. Reed also points out that the Plan fails to provide for interim interest as required by Section 506(b), at the statutory rate provided in Section 511, being 1% per month as required by the Texas Property Tax Code. The interest must be paid in cash in full as a component part of the Creditors' Tax Claims, calculated through the Effective Date of the plan and to be paid on the Effective Date, he contends. To the extent the Tax Claims not be paid for any reason, on the Effective Date, Mr. Reed asserts that post-Effective Date interest at the same statutory rate of 1% per month must be provided for the Claims. To the extent that prepetition penalty has attached to any of the Tax Claims, that prepetition penalty is entitled to be considered a part of the Claims and must be paid in cash, in full on the Effective Date, he further asserts. Furthermore, to the extent any claims for administrative expense are not timely paid as provided in the Plan, the Tax Claims will be entitled to interest and penalty to be paid in full in cash on the ultimate resolution and payment of these claims as provided in Section 503. Pine Tree, et al., also object to the bar date for objections to claims being 150 days after the Effective Date. 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 USUS$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. 63; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies --------------------------------------------------------------- EnerSys Inc. and certain of its stockholders, including affiliates of Metalmark Capital LLC and certain other institutional stockholders, have agreed to sell 5,000,000 shares of its common stock to Jefferies & Company, Inc. All net proceeds from the sale of the common stock will be received by the selling stockholders. EnerSys will not receive any of the proceeds. The shares are being sold by the selling stockholders pursuant to an effective shelf registration statement. The copy of the prospectus relating to these securities may be obtained, when available, from Jefferies & Co., Inc., Capital Markets, 520 Madison Avenue, New York, NY 10022: (888) 449-2342. For more information, please contact: Richard Zuidema Executive Vice President EnerSys P.O. Box 14145 Reading, PA 19612-4145 Tel: 800-538-3627 About EnerSys EnerSys Inc. -- http://www.enersys.com/-- (NYSE: ENS) manufactures industrial battery through 21 manufacturing and assembly facilities worldwide. Headquartered in Reading, Pennsylvania, the company is uniquely positioned to provide expertise in designing, building, installing and maintaining a comprehensive stored energy solution for industrial applications throughout the world. The company's products and services are focused on two primary markets: Motive Power (North & South America) or (Europe) and Reserve Power (Worldwide), (Aerospace & Defense) or (Speciality Batteries). The company's facilities are located at China, France, Mexico, Germany, and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 21, 2007, Standard & Poor's Ratings Services revised its outlook on industrial battery manufacturer EnerSys to stable from negative. Standard & Poor's also affirmed all its ratings on the company, including its 'BB' corporate credit rating. FERRO CORP: Hires Judy DeForest as Chief Tax Officer ---------------------------------------------------- Ferro Corporation has appointed Judy DeForest as its Chief Tax Officer. Ms. DeForest has senior management responsibility for Ferro's tax operations and planning and reports to Vice President & Chief Financial Officer Sallie Bailey. She is based at Ferro's worldwide headquarters in Cleveland. Ms. DeForest was most recently with Pittsfield, Massachusetts- based specialty toy retailer KB Toys, Inc., where she was director of tax. In her six years at KB Toys, she was responsible for tax planning and strategy, as well as supervision of the company's transactional and income tax departments. Previous to her corporate experience, Ms. DeForest spent 16 years in positions of increasing responsibility at three major public accounting firms. She was Tax Managing Director and Senior Tax Manager at KPMG in Atlanta before moving to KB Toys. In her roles at KPMG, she provided tax planning and compliance services for multi-national clients in the manufacturing, retail and distribution sectors. Ms. DeForest received her Bachelor of Science degree in Business Administration, with an accounting concentration, from Western New England College. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were USUS$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's USUS$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. HAINAN AIR: Parent May Allow 2 Foreign Investors Take 49% Stake --------------------------------------------------------------- HNA Group, Hainan Airlines' parent, has won the official approval of the commerce ministry to allow two foreign investors to take 49% of its airport company, Cargonews Asia reports. Pacific Investment Partners and Global Infrastructure Partners, a joint venture between Credit Suisse and GE Infrastructure, will invest US$200 million in HNA Airport Holding, the report says, citing HNA Group Chairman Chen Feng. Mr. Chen said that the deal will help the airport company focus on the development of regional airports and those in China's northwest, where funding is badly needed, Cargonews relates. HNA Airport Holding currently owns nine airports across China, with four in the northwest province of Gansu. Mr. Chen, Cargonews notes, also announced that Grand China Air, a carrier formed out of the merger of Hainan Airlines and three small airliners, will launch its first flight on Dec. 7, 2007, from Beijing to the coastal city of Dalian in the northeast. Based in Haikou, Hainan Province, the People's Republic of China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is an airline company that operates nearly 500 domestic routes in more than 80 major cities. It also provides scheduled and non- scheduled international flights from Hainan Province to Southeast Asia and other Asian countries. Xinhua Far East China Ratings gave the company a CC issuer credit rating on October 31, 2005. QUINTAIN STEEL: Incurs TWD604.8-Mil. Loss for First 3 Quarters -------------------------------------------------------------- Quintain Steel Co., Ltd., incurred a net loss of TWD604.8 million for the nine months ended Sept. 30, 2007, an astounding 1922.74% increase from the TWD29.9-million net loss for the nine-month period ended Sept. 30, 2006. The company reported net sales of TWD3.9 billion for the nine months ended Sept. 30, 2007, but operating expenses amounted to TWD4.0 billion, giving the company an operating loss of TWD144.0 million. The company also incurred a TWD362.3 net non-operating loss for the period in review. Tainan, Taiwan-based Quintain Steel Co., Ltd. -- http://www.quintain.com.tw/-- is engaged in the manufacture and distribution of steel wire rods, spheroiditic steel wires, galvanized steel wires and black iron wires. The company distributes its products in the domestic market and to overseas markets, including the United States, mainland China, Southeast Asia and Japan. The company incurred net losses of TWD86.2 million and TWD232.2 million for the years ended Dec. 31, 2006 and 2005. QUINTAIN STEEL: Posts 9.1% Rise in October Sales ------------------------------------------------ Quintain Steel Co., Ltd.'s sales in October 2007 rose 9.1% year- on-year to TWD439.9 million from TWD403.3 million, according to data obtained from Bloomberg News. The company's year-to-date sales amounted to TWD4.4 billion, a 7.5% increase year-on-year from TWD4.1 million. The company's September 2007 sales rose 9.3% year-on-year to TWD418.3 million while August 2007 sales amounted to TWD350.1 million, a 6.6% year-on-year fall. Tainan, Taiwan-based Quintain Steel Co., Ltd. -- http://www.quintain.com.tw/-- is engaged in the manufacture and distribution of steel wire rods, spheroiditic steel wires, galvanized steel wires and black iron wires. The company distributes its products in the domestic market and to overseas markets, including the United States, mainland China, Southeast Asia and Japan. The company incurred net losses of TWD86.2 million and TWD232.2 million for the years ended Dec. 31, 2006 and 2005. SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations ---------------------------------------------------------------- Smithfield Foods, Inc. has reported income from continuing operations for the second quarter of fiscal 2008 of US$18.7 million, or US$.14 per diluted share, versus income from continuing operations of US$46.4 million, or US$.41 per diluted share last year. Sales were US$3.5 billion, compared to US$2.8 billion a year ago. Second quarter results include approximately US$13 million of after tax charges related to the previously-announced disease outbreak in the company's Romanian operations and an after tax loss of US$25 million related to the effects of foreign currency fluctuations. These charges and foreign currency losses totaled US$.28 per diluted share. Second quarter results in the pork segment rose significantly, reflecting a significant expansion in packaged meats margins, a much-improved fresh pork environment late in the quarter and the contribution of Premium Standard Farms, acquired in May. Packaged meats profit margins more than doubled. Total volume of key packaged meats categories, including pre-cooked bacon and sausage, boneless and spiral sliced ham and dry sausage, grew 37 percent, primarily the result of the contribution of Armour- Eckrich, acquired in October 2006. These product categories now represent 33 percent of the company's total domestic packaged meats business compared to 29 percent last year. Excluding the impact of Armour-Eckrich, packaged meats volume grew five percent. Smithfield Foods continued acceleration of its marketing programs, accomplishing national rollouts of several Paul Deen brand specialty products. Pre-cooked entrees Healthy Ones and Sizzle 'n Serve also reached national distribution. Beef segment results were below those of a year ago. However, the company believes that it has maintained a strong competitive position even as industry economics remained a challenge. Beef processing posted a slight gain in spite of higher cattle prices. Cattle feeding operations recorded a modest profit although feed costs were well above last year. Hog production profits declined significantly, the result of lower live hog market prices and considerably higher raising costs. Live hog market prices averaged US$46 per hundredweight versus US$50 per hundredweight a year ago. Raising costs rose to US$49 per hundredweight from US$41 per hundredweight last year on higher grain costs. In addition, the company experienced write-downs of US$13 million in Romania due to the liquidation of livestock inventory and cleanup costs associated with the previously-announced outbreak of classical swine fever at three of the company's farms. During the quarter results also were negatively impacted by US$19 million in foreign currency translation losses. In the Other segment, earnings rose at the company's joint venture turkey operation, Butterball, LLC, acquired in October 2006. Increased feed costs at the company's growing operations partially offset strong gains in turkey processing. International meat processing operating earnings rose sharply, as Groupe Smithfield and Poland operations continued their strong contributions. Results of Groupe Smithfield, a 50 percent-owned joint venture formed through an acquisition in August 2006, almost doubled. The Animex meat processing operations in Poland demonstrated continued earnings improvement on higher volumes and margins in packaged meats. The profi