T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, December 6, 2007, Vol. 10, No. 242 Headlines A U S T R A L I A AGRIBUSINESS PRODUCTS: Members Opt to Shut Down Business AGRIBUSINESS PTY: Commences Liquidation Proceedings ALLSTATE EXPLORATIONS: Emerges from Administration GILPEAR NOMINEES: Placed Under Voluntary Liquidation GRACIA PTY: Declares First & Final Dividend HOLLYWOOD WIGS: Liquidator Presents Wind-Up Report HUDSON HAULAGE: Members & Creditors Receive Liquidator's Report INDEPENDENT TRADING: Commences Wind-Up Proceedings LAFAYETTE MINING: Prospect Investor Declines Option Arrangement LIFECARE SERVICES: ASIC Obtains Orders Against 2 Illegal Schemes O'CONNOR AIR: Placed in Voluntary Administration OFFICE IDEALS: To Declare Priority Dividend on December 28 PAUL WILLS: Declares First Dividend WESTPOINT GROUP: Court Orders Asset Preservation Until February YORK THERMFRESH: Members Receive Wind-Up Report * Mother Nature Dampens Australia's Utilities, S&P Says C H I N A & H O N G K O N G ASSET PROFIT: Members to Receive Liquidation Report on Jan. 4 AU OPTRONICS: May Enter Joint Venture with Prodisc, 3M, Sumitomo CHAODA MODERN: Moody's Changes Ba2 Rating Outlook to Stable DESIGN: Court to Hear Dentsu's Wind-Up Petition on January 16 EAST WEST: Members to Receive Liquidation Report on January 4 FAIRWIND SHIPPING: Court to Hear Wind-Up Petition on December 12 HEATHCOTE ENTERPRISE: Members Final Meeting Set for Dec. 31 HONG KONG JIN: Court to Hear Wind-Up Petition on January 9 HUNG FUNG: Creditors' Proofs of Debt Due on December 18 LEAN GIAP: Members to Hold Final Meeting on December 31 LEEDKEEN INDUSTRIAL: Pays Second Ordinary Dividend on Dec. 3 NANO COMPOSITE: Court to Hear Wind-Up Petition on January 9 ONWAY ENGINEERING: Court to Hear Wind-Up Petition on January 16 PETROLEOS DE VENEZUELA: Commences Tender Offer for Cerro Bonds QUANTA COMPUTER: Denies Reports of Balda Partnership RESEARCH INT'L: Members Final Meeting Slated for Jan. 3, 2008 RICH SMART: Court to Hear Wind-Up Petition on January 16 SAN MEIJI: Court to Hear Wind-Up Petition on January 2 SUN YUEN: Creditors' Proofs of Debt Due on December 17 TARZAN CONTRACTORS: Members Final Meeting Scheduled for Dec. 28 UFJ INT'L: Members to Receive Liquidation Report on Dec. 31 VICTORY (HK) LIMITED: Court to Hear Wind-Up Petition on Jan. 2 ZHCT LIMITED: To Pay Second Ordinary Dividend on Dec. 28 * Former Regulatory Body Spokesman Jailed for Corruption I N D I A AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit AFFILIATED COMPUTER: Fitch Affirms BB- Rating on Secured Notes GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ TATA MOTORS: November Vehicle Sales Down 4% in 2007 I N D O N E S I A AFC ENTERPRISES: Frank Belatti Retires as Board's Chairperson ALCATEL-LUCENT: Deploys Contact Center Software for Telecom ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program BANK DANAMON: Targets More Than 20% Growth in Lending Next Year FOSTER WHEELER: Chilean Unit Bags Contract from UTE CT GOODYEAR TIRE: James Firestone Joins Board of Directors J A P A N FUJI HEAVY: Net Income Down 32.5% for First Half of FY2007 KOJIMA CO: Posts 94.5% Slide in Net Income for 1st Half of FY07 SAPPORO HOLDINGS: Launches New Drink; Targets 350,000 Cases SOFTBANK CORP: Sees Alibaba-related Q3 Profit of JPY55 Billion K O R E A DAEWOO ELECTRONICS: Buys Moore Microprocessor Patent(TM) EDS CORP: Completes US$420-Million Buyout of Saber Corp.'s Stake KENERTEC CO: Signs KRW8.14-Billion Deal with POSCO KENERTEC: Receives Patent on Solid Carbonizing Fuels Preparation KENERTEC CO: Establishes New Subsidiary in Cambodia LEADCORP: Completes Private Placement of Common Shares M A L A Y S I A LITYAN HOLDINGS: Loan Default Reaches MYR26.3 Mil. at Nov. 30 LITYAN HOLDINGS: Sept. 30 Balance Sheet Upside Down by MYR85MM MANGIUM INDUSTRIES: Unit Defaults on MYR17.4 Million in Payment MEGAN MEDIA: Will Hold General Meeting on December 18 OCI BHD: Reprimanded by Bursa for Breach of Listing Requirement OCI BERHAD: Incurs MYR2.01-Mil. Net Loss for Qtr. to Sept. 30 OCI BERHAD: Resolves to Undertake Restructuring Scheme N E W Z E A L A N D 451237 LTD.: Appoints Official Assignee as Liquidator 3-TIER.COM LTD: Fixes Dec. 13 as Last Day to File Claims ALTITUDE SCIENCE: Commences Liquidation Proceedings CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger CLEAR CHANNEL: Paying US$0.1875 Quarterly Dividend January 15 EFKEROS LTD: Court to Hear Wind-Up Petition on February 8 INTERNATIONAL PEOPLE: Creditors' Proofs of Debt Due December 13 LIGHTFOOT INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 13 MORGANS BAR: Taps Levin and Vance as Liquidators SAFEQUIP LTD: Appoints Graham and Gibson as Liquidators SOFENIS LABOUR: Fixes Feb. 8 as Last Day to File Proofs of Debt VTL SECURITY: Subject to CIR's Wind-Up Petition P H I L I P P I N E S FASTECH SYNERGY: 2006 Net Loss Dips 18% to US$5.8 Million FASTECH SYNERGY: 1st Qtr. Net Loss Drops 31.8% to US$1.038 Mil. FASTECH SYNERGY: 2nd Quarter Net Loss Dips 20.7% to US%1.06 Mil. NAT'L POWER: PSALM to Pre-Pay US$1-Billion Worth of Debts PHIL LONG DISTANCE: Loses Regulatory Fee Case Against NTC * Inflation Outlook Still Favorable Despite High Price Index S I N G A P O R E AVAGO TECH: Incurs US$2MM Net Loss in Quarter 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 SEMITECH ELECTRONICS: SGX-ST Approves Sky One Acquisition T H A I L A N D SIAM CITY BANK: Fitch Affirms BB and B Foreign Currency Ratings TMB BANK: Cabinet Approves Finance Ministry's Purchase of Shares TTL INDUSTRIES: FY2007 Net Loss Drops 29.24% to THB36.389 Mil. - - - - - - - - ================= A U S T R A L I A ================= AGRIBUSINESS PRODUCTS: Members Opt to Shut Down Business -------------------------------------------------------- The members of Agribusiness Products Pty Ltd, on October 8, 2007, passed a resolution to voluntarily liquidate the company's business. A. T. Macgillivray was tapped as liquidator. The Liquidator can be reached at: A. T. Macgillivray c/o Provimi Australia Pty Ltd PO Box 15 Macclesfield, South Australia 5153 Australia About Agribusiness Products Agribusiness Products Pty Ltd is a distributor of prepared feeds. The company is located at Macclesfield, in South Australia, Australia. AGRIBUSINESS PTY: Commences Liquidation Proceedings --------------------------------------------------- On October 8, 2007, members resolved to voluntarily wind up Agribusiness Pty Ltd's operations. A. T. Macgillivray was appointed as liquidator. The Liquidator can be reached at: A. T. Macgillivray c/o Provimi Australia Pty Ltd PO Box 15 Macclesfield, South Australia 5153 Australia About Agribusiness Pty Agribusiness Pty Ltd provides business services. The company is located at Spring Hill, in Queensland, Australia. ALLSTATE EXPLORATIONS: Emerges from Administration -------------------------------------------------- Allstate Explorations NL has already come out of administration, but is under a different company, its chairman revealed during its Annual General Meeting. The chairman's statement, filed with the Australian Stock Exchange, revealed that Allstate is now approximately 90% owned by Beaconsfield Gold and is reliant on the continued financial support of its new parent. In a separate statement with the ASX, the company said that as part of the ownership restructure, Beaconsfield agreed to arrange novation of, or to pay out, Allstate's gold hedging contracts held with Macquarie Bank Ltd. with novation being Beaconsfield's preferred option. Allstate, through its two subsidiaries, remains a participant and manager in the Beaconsfield Mine Joint Venture. The company in its statement said that in the short term, the Allstate group will remain totally dependent on the financial support of its parent Beaconsfield. The longer term, added the company, will be dependent on the financial success of the BMJV. Allstate was placed under administration in 2004. As of June 30, 2007, the company's balance sheet showed total assets of AU$21.41 million and total liabilities of AU$71.73 million, resulting in a capital deficiency of AU$50.32 million. GILPEAR NOMINEES: Placed Under Voluntary Liquidation ---------------------------------------------------- At an extraordinary general meeting held on October 19, 2007, the members of Gilpear Nominees Pty Ltd resolved to voluntarily liquidate the company's business. Kimberley Andrew Strickland and David Ashley Norman Hurt were appointed as liquidators. The Liquidators can be reached at: Kimberley Andrew Strickland David Ashley Norman Hurt SimsPartners Level 12, 40 St George's Terrace Perth, Western Australia 6000 Australia About Gilpear Nominees Located at West Perth, in Western Australia, Australia, Gilpear Nominees Pty Ltd is an investor relation company. GRACIA PTY: Declares First & Final Dividend ------------------------------------------- Gracia Pty Ltd declared its first and final dividend on Nov. 23, 2007. Only creditors who were able to file their proofs of debt by November 8, 2007, will be included in the company's dividend distribution. The company commenced wind-up proceedings on December 30, 2005. The company's liquidator is: Kim Holbrook Holbrook & Associates Chartered Accountants Level 2, 19 Pier Street GPO Box M925 Perth, Western Australia 6001 Australia About Gracia Pty Gracia Pty Ltd is involved with freight transportation arrangement. The company is located at Bellevue, in Western Australia, Australia. HOLLYWOOD WIGS: Liquidator Presents Wind-Up Report -------------------------------------------------- The members and creditors of Hollywood Wigs & Hairpieces Pty Ltd met on November 30, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jason Bettles Worrells Solvency & Forensic Accountants Level 6, 50 Cavill Avenue Surfers Paradise, Queensland 4217 Australia Web site: http://www.worrells.net.au About Hollywood Wigs Hollywood Wigs And Hairpieces Pty Ltd is a distributor of nondurable goods. The company is located at Woolloongabba, in Queensland, Australia. HUDSON HAULAGE: Members & Creditors Receive Liquidator's Report --------------------------------------------------------------- On November 27, 2007, the members and creditors of Hudson Haulage (Western Australia) Pty Ltd met and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kim David Holbrook Holbrook & Associates Chartered Accountants Level 2, 19 Pier Street GPO Box M925 Perth, Western Australia 6001 Australia About Hudson Haulage Hudson Haulage (Western Australia) Pty Ltd is involved with trucking business, except local. The company is located at Beckenham, in Western Australia, Australia. INDEPENDENT TRADING: Commences Wind-Up Proceedings -------------------------------------------------- During a general meeting held on August 3, 2007, the members of Independent Trading Co Pty Ltd agreed to voluntarily liquidate the company's business. Angela Ann Gaffney was appointed as liquidator. The Liquidator can be reached at: Angela Ann Gaffney c/o RSM Bird Cameron 4th Floor, 8 St Georges Terrace Perth, Western Australia 6000 Australia About Independent Trading Independent Trading Co Pty Ltd, which is also trading as The Fish Factory, is involved in the fish and seafoods business. The company is located at Morley, in Western Australia, Australia. LAFAYETTE MINING: Prospect Investor Declines Option Arrangement --------------------------------------------------------------- Lafayette Mining Ltd. shares have been halted from trading on the Australian Stock Exchange since December 4. In a statement lodged with the ASX, the mining company requested to have its shares suspended from trading while it continues to hold discussions with its key stakeholders regarding a new plan that can provide a viable basis for the company and its Rapu Rapu project to move forward. The Troubled Company Reporter-Asia Pacific reported on Nov. 29, 2007, that Lafayette is in negotiations with a major potential investor who had until November 30 to exercise an option to pay off its debt. However, the investor, according to the ASX statement by Lafayette, chose not to exercise their rights under and option agreement with the Rapu Rapu bank group. Australian firm Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. Lafayette Mining Philippines, Incorporated, is a subsidiary of Lafayette Mining and is currently developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu- Rapu in the Philippines. The TCR-AP's "Large Companies with Insolvent Balance Sheets" column on November 30, 2007, reflected Lafayette Mining Limited as having a US$190.86 million equity deficit, on total assets of US$105.24 million. LIFECARE SERVICES: ASIC Obtains Orders Against 2 Illegal Schemes ---------------------------------------------------------------- Australian Securities & Investments Commission has obtained orders in the Supreme Court of Queensland in relation to two illegal managed investment schemes associated with property developments, known as Varsity Lodge and Wahroonga Manors in Ipswich, Queensland (the Varsity Lodge scheme), and Kallangur Mews in Kallangur, Queensland, (the Kallangur Mews scheme). ASIC alleged that between January 1, 2004, and September 13, 2006, the Varsity Lodge scheme and the Kallangur Mews scheme raised approximately AU$2.9 million from investors for property developments including a proposed development of student accommodation and a unit development in Ipswich, and the development of an aged care facility at Kallangur. ASIC alleged the Varsity Lodge scheme and the Kallangur Mews scheme were promoted to investors on behalf of Lifecare Services Australia Pty. Ltd. At the time of the investment offerings the directors of Lifecare, Robert Thomas Adcock, Colin Graham Francis and David Joseph Stoyakovich were either jointly or individually the directors/secretary and shareholders of the respondent companies (being Varsity Lodge Pty. Ltd., Varsity Lodge Ipswich Pty. Ltd., Lifecare, Jacaranda Properties Australia Pty. Ltd. and Kallangur Mews Pty. Ltd.) The Court made declarations that during the above period the respondents (the abovenamed directors and companies) operated the Varsity Lodge scheme and the Kallangur Mews scheme, when they were not registered in accordance with the Corporations Act. The Court further declared that the respondents carried on a financial services business without holding an Australian financial services license. The Court ordered that the Varsity Lodge scheme and the Kallangur Mews scheme be wound up and appointed Justin Dennis Walsh of Ernst & Young as liquidator of the schemes and trustee of the Varsity Lodge Ipswich Unit Investment Trust and the Kallangur Mews Unit Trust. The Court also granted injunctions permanently restraining the respondents from dealing in financial products or carrying on a financial services business. O'CONNOR AIR: Placed in Voluntary Administration ------------------------------------------------ O'Connor Air Services Pty. Ltd., a regional airline, has been placed in voluntary administration at the request of the company's directors, states a media release from McGrathNicol. Sam Davies and Colin Nicol of McGrathNicol have been appointed as voluntary administrators to O'Connor and a number of other companies which operate as O'Connor. Mr. Davies, who is seeking other regional operators to acquire the whole O'Connor business, said he understood the collapse of the airline had been caused by the significant competition on some routes resulting in price discounting which had in turn caused cash losses, among others. The administrators are hopeful of a going concern sale in which their immediate priority was to identify and secure all assets of O'Connor for the benefit of creditors and assess whether the airline can viably continue its current operations. "We will work closely with key stakeholders including employees, customers, creditors, CASA and the South Australian Government throughout the course of the administration in an attempt to maximise the outcomes for O'Connor Airlines creditors." A meeting of creditors was held on November 28. In a separate McGrathNicol statement, Mr. Davies said that "significant interest" had been shown in the Mount Gambier-based company by internationally-based and other existing regional airline operators looking to establish a footprint in Australia. Mr. Davies is quoted as saying, "This level of interest in the airline so early in the administration is very pleasing and we are hopeful of a going concern sale." O'Connor, despite the ongoing administration, will continue to operate as normal. O'Connor Airlines -- which has been providing regional airline services for 34 years -- operates flights under an exclusive licence from Adelaide to Port Augusta as well as servicing the Mildura and Mount Gambier routes. OFFICE IDEALS: To Declare Priority Dividend on December 28 ---------------------------------------------------------- Office Ideals Qld Pty Ltd, which is in liquidation, will declare its first dividend for priority creditors on Dec. 28, 2007. Creditors who were not able to file their proofs of debt by the November 22, 2007 deadline will be excluded from the company's dividend distribution. The company's liquidator is: M. G. Mccann Grant Thornton Ground Floor, Grant Thornton House 102 Adelaide Street Brisbane, Queensland 4000 Australia Telephone:(07) 3222 0200 Facsimile:(07) 3222 0446 About Office Ideals Office Ideals Qld Pty Ltd is involved in the business of local trucking with storage. The company is located at West End, in Queensland, Australia. PAUL WILLS: Declares First Dividend ----------------------------------- Paul Wills Pty Ltd, which is in liquidation, declared its first dividend on December 5. Only creditors who were able to file their proofs of debt by the November 20 deadline were included in the company's dividend distribution. The company's liquidator is: Gary Anderson PO Box 1661 West Perth, Western Australia 6872 Australia Telephone:(08) 9486 7822 Facsimile:(08) 9226 4250 e-mail: garya@iinet.net.au About Paul Wills Paul Wills Pty Ltd is a distributor of scrap and waste materials. The company is located at Maddington, in Western Australia, Australia. WESTPOINT GROUP: Court Orders Asset Preservation Until February --------------------------------------------------------------- Justice Barrett of the Supreme Court of New South Wales made orders against the sole director of Palentia Pty. Ltd., formerly known as Kebbel (NSW) Pty. Ltd. Neil Austin Burnard, the sole director of Palentia, reportedly promoted Westpoint schemes to investors. Mr. Burnard, through Palentia, helped raise more than AU$100 million for Westpoint from small investors. The Court ordered that asset preservation orders continue against Mr. Burnard and Palentia until February 11, 2008. The orders prevent Mr. Burnard and Palentia from disposing of any assets subject to Mr. Burnard and Palentia paying certain expenses including ordinary living and operating expenses, school fees for Mr. Burnard's children, and legal expenses. The Court also ordered Mr. Burnard and Palentia, except to the extent that a claim of privilege against self-incrimination or exposure to a civil penalty is made, to deliver to ASIC a full and detailed affidavit setting out details of all assets and liabilities. The proceedings have been stood over to 10:00am on Monday February 11, 2008. The parties have liberty to apply to the Supreme Court in relation to the orders. ASIC's investigations are continuing. Background On 30 July 2007, the Supreme Court of New South Wales extended orders against Mr. Burnard, Palentia formerly known as Kebbel (NSW) Pty. Ltd., Ms. Robins and BDI Pty. Ltd. (BDI). These orders were extended by consent and without admissions to August 20, 2007. On August 27, 2007, the Supreme Court of New South Wales extended orders against the Burnard parties. These orders were extended by consent until the delivery of Justice Barrett's judgment on October 31, 2007. On October 31, 2007, the Court discharged the orders against Ms. Robins and BDI but indicated that asset preservation orders would continue against Mr. Burnard and Palentia, pending the finalization of orders in accordance with the reasons for judgment. About Westpoint Headquartered in Perth, Western Australia, the Westpoint Group -- http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced investigations on 160 companies within the Westpoint Group. ASIC's investigation led to ASIC initiating action in late 2005 in the Federal Court of Australia against a number of mezzanine companies in the Westpoint Group, including winding up proceedings. ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. ASIC also sought wind-up orders after the Westpoint companies failed to comply with its requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, the Federal Court in Perth issued a wind-up order against Westpoint Corporation Pty Ltd. The ASIC had applied to wind up the company on grounds of insolvency. The ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. The ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. YORK THERMFRESH: Members Receive Wind-Up Report ----------------------------------------------- The members of York Thermfresh Pty Ltd met on November 30, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Patrick Cronin McGrathNicol Level 14, 145 Eagle Street Brisbane, Queensland 4000 Australia Telephone:+61 7 3333 9800 Web site: http://www.mcgrathnicol.com About York Thermfresh York Thermfresh Pty Ltd operates manufacturing industries. The company is located at Clayton, in Victoria, Australia. * Mother Nature Dampens Australia's Utilities, S&P Says ------------------------------------------------------- Adverse weather conditions continue to restrain the profit margins and credit profile of Australia's utilities sector, according to a report published today by Standard & Poor's Ratings Services, titled "Rain Eases Pressure, But Australian Utilities Not Out Of The Woods Yet." The report highlights the risks facing the industry resulting from the ongoing drought conditions, and examines the fallout from the buoyant M&A activity in the sector over the past six months. It also discusses the credit implications of recent regulatory decisions on the sector, as well as our concerns relating to the rising presence of listed funds in the market. "Despite recent rain across parts of Australia, the lingering drought remains a significant credit factor for the competitive generation and retail segments of the nation's utilities industry," said Standard & Poor's credit analyst Richard Creed. "Meantime, M&A activity in the utility infrastructure sector shows no sign of abating and is at the forefront of factors shaping the industry's creditworthiness." ================================ C H I N A & H O N G K O N G ================================ ASSET PROFIT: Members to Receive Liquidation Report on Jan. 4 ------------------------------------------------------------- The members of Asset Profit Limited will have their final general meeting on January 4, 2008, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 8th Floor of the Two International Finance Centre, 8 Finance Street, in Central Hong Kong. Stephen Liu Yiu Keung is the company's liquidator. AU OPTRONICS: May Enter Joint Venture with Prodisc, 3M, Sumitomo ---------------------------------------------------------------- AU Optronics Corp. may set up a venture to make optical film, a component in liquid-crystal display production, Bloomberg News reports, citing the Commercial Times. The report says that Prodisc Technology Inc. is a possible partner in the venture, while 3M Co. of the U.S. and Japan's Sumitomo Chemical Co. may also take part, the report relates. Taiwan-based AU Optronics Corp. -- http://www.auo.com/-- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. AU Optronics' long-term local and foreign currency issuer default carries Fitch Ratings' BB rating. CHAODA MODERN: Moody's Changes Ba2 Rating Outlook to Stable ----------------------------------------------------------- Moody's Investors Service has revised the outlook to stable from negative for Chaoda Modern Agriculture (Holdings) Ltd's Ba2 corporate family rating and foreign currency debt rating. This rating action follows the company's full-year result announcement for FY07 with an unqualified auditors' opinion. "We note the clean bill of health issued by Chaoda's auditors for its FY07 accounts, and the delivery of another year of strong financial performance, which is in line with our expectations," says Ken Chan, Moody's lead analyst for the company. "Furthermore, Chaoda has demonstrated its execution capability in managing its growth strategy in various parts of China over the last few years," says Chan, adding, "The company successfully expanded its overall plantation area by around 30% in FY07, while keeping capex within guidance." Moody's expects the company to continue growing its plantation base and revenue by around 20-30% per annum, and keep its capex to CNY2.0-2.5 billion per annum over the next 1-2 years. On the other hand, corporate governance and financial discipline remains crucial to Chaoda's ratings, given material related- party transactions as well as an ongoing expansion plan. The stable outlook reflects Moody's expectation that the company will continue to execute its expansion strategy, while maintaining its financial discipline to focus on its core business. Downward rating pressure would emerge if: 1) there is evidence of cash leakage to fund related companies; 2) there are further issues regarding its financial audits, such as the resignation of auditors or receipt of a qualified opinion on its financial accounts; 3) the company pursues a more aggressive debt-funded expansion plan or investment in non-core businesses; and/or 4) there are significant margin erosion and deterioration in Chaoda's financial profile as the business expands, such that adjusted EBIT margin declines to 35-40% and retained cash flow/adjusted debt decreases to 20-25%. Upward rating pressure is limited in the near term. An improvement in its corporate governance structure and demonstration of financial prudence in pursuing its growth strategy and, at the same time, maintenance of its strong financial profile with positive free cash flow generation would be important factors for considering any rating upgrade. Chaoda Modern Agriculture (Holdings) Ltd is a vertically integrated agricultural company. It produces and distributes fruit and vegetables in China. It is also involved in livestock breeding and sales. DESIGN: Court to Hear Dentsu's Wind-Up Petition on January 16 ------------------------------------------------------------- On November 6, 2007, Dentsu Engineering Company Limited filed a petition to have Design & Construction Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 16, 2008, to hear the petition. The petitioners' solicitor can be reached at: Kong & Chang Office No. 601, 6th Floor China Insurance Group Building 141 Des Voeux Road, Central Hong Kong EAST WEST: Members to Receive Liquidation Report on January 4 ------------------------------------------------------------- The members of East West Intellectual Property Limited will have their final general meeting on January 4, 2007, at 10:00 a.m., to hear the liquidators' report on the company's wind-up proceedings and property disposal. The meeting will be held at Suites 2205-06, Island Place Tower, 510 king's Road, in North Point, Hong Kong. The company's liquidators are: Lam Kwai Ming Chang Lai Ying Island Place Tower, Suites 2205-06 510 King's Road, North Point Hong Kong FAIRWIND SHIPPING: Court to Hear Wind-Up Petition on December 12 ---------------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on December 12, 2007, to hear TAL International Container Corporation's petition to have the operations of Fairwind Shipping Company Limited wound up. TAL filed the petition on October 2, 2007. The petitioners' solicitor can be reached at: Clyde & Co 18th Floor, CITIC Tower 1 Tim Mei Avenue Central Hong Kong HEATHCOTE ENTERPRISE: Members Final Meeting Set for Dec. 31 ----------------------------------------------------------- The members of Heathcote Enterprises Limited, which is in liquidation, will have their final general meeting on Dec. 31, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at office B, 26th Floor, United Centre, in 95 Queensway, Hong Kong. HONG KONG JIN: Court to Hear Wind-Up Petition on January 9 ---------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on January 9, 2007, to hear Global Matrix Holdings Limited's petition to have the operations of Hong Kong Jin Sheng Industrial Group Limited wound up. Global Matrix filed the petition on October 16, 2007. The petitioners' solicitor can be reached at: Lovelss 23rd Floor, Cheung Kong Center 2 Queen's Road Central, Hong Kong HUNG FUNG: Creditors' Proofs of Debt Due on December 18 ------------------------------------------------------ The creditors of Hung Fung Holdings Limited, which is in liquidation, are required to file proofs of debt by December 18, 2007, to be included in the company's dividend distribution. The company's liquidators are: Joseph Kin Ching Lo Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway, Hong Kong LEAN GIAP: Members to Hold Final Meeting on December 31 ------------------------------------------------------- The members of Lean Giap Investment Limited, which is in liquidation, will hold their final general meeting on Dec. 31, 2007, at 10:10 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Caroline Centre, Lee gardens Two, 28 Yung Ping Road, in Causeway Bay, Hong Kong. LEEDKEEN INDUSTRIAL: Pays Second Ordinary Dividend on Dec. 3 ------------------------------------------------------------ Leadkeen Industrial Limited, which is in liquidation, will pay its second ordinary dividend on December 3, 2007. The company's liquidators can be reached at: Roderick John Sutton Desmond Chung Seng Chiong 14th Floor, Hong Kong Club Building 3A Charter Road Central Hong Kong NANO COMPOSITE: Court to Hear Wind-Up Petition on January 9 ----------------------------------------------------------- On October 29, 2007, Ma Chi Ming filed a petition to have Nano Composite Materials Technology Limited's operations wound up. The High Court of Hong Kong will then convene at 9:30 a.m. on January 9, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung 34th Floor Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong ONWAY ENGINEERING: Court to Hear Wind-Up Petition on January 16 --------------------------------------------------------------- On November 20, 2007, Chinney Construction Company Limited filed a petition to have Onway Engineering Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 16, 2008, to hear Chinney's petition. The petitioners' solicitor can be reached at: Wong & Fok Room 605, Admiralty Centre, Tower 1 18 Harcourt Road, Admiralty Hong Kong PETROLEOS DE VENEZUELA: Commences Tender Offer for Cerro Bonds -------------------------------------------------------------- Petroleos de Venezuela S.A. has commenced, on Nov. 29, 2007, a cash tender offer for any and all of the outstanding: -- 7.33% bonds due 2009 (CUSIP Nos. 156877AA0/G2025MAA9; ISIN No. USG2025MAA92), -- 7.90% bonds due 2020 (CUSIP Nos. 156877AB8/G2025MAB7; ISIN No. USG2025MAB75) and -- 8.03% bonds due 2028 (CUSIP Nos. 156877AC6/G2025MAC5; ISIN No. USG2025MAC58) issued by Cerro Negro Finance, Ltd. in connection with the Cerro Negro extra-heavy crude oil project in the Orinoco Belt region. There are currently outstanding approximately US$82.0 million, US$350.0 million and US$50.0 million in aggregate principal amount of the 2009 Bonds, the 2020 Bonds and the 2028 Bonds, respectively. The tender offer will expire at midnight, New York City time, on Dec. 27, 2007, unless extended or terminated by PDVSA. In conjunction with the tender offer, PDVSA is soliciting consents of the holders of the Bonds to certain proposed amendments and waivers to: (i) eliminate substantially all of the restrictive covenants and events of default in the indenture pursuant to which the Bonds were issued and the common security agreement and other financing documents related to the Bonds (other than arising from payment defaults and failure to comply with provisions of the indenture as amended or the Bonds), (ii) release all of the collateral and security interests securing the Bonds, (iii) eliminate certain other covenants in the common security agreement and the other financing documents, (iv) terminate the common security agreement and other financing documents, (v) waive any and all prior and existing defaults under the indenture, the common security agreement and the other financing documents, and (vi) rescind any prior or existing notices of default delivered pursuant to the indenture and the common security agreement. The consent of holders of Bonds representing more than 75% in aggregate principal amount of all outstanding Bonds will be sufficient to approve all of the Proposed Amendments. PDVSA has reserved the right to amend, extend or terminate the tender offer and consent solicitation at any time. The tender offer and consent solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated Nov. 29, 2007 and related Consent and Letter of Transmittal. As described in more detail in the Offer to Purchase, the purchase price per US$1,000 principal amount of Bonds validly tendered and accepted for purchase by PDVSA will be par plus a premium calculated two business days prior to the payment date based upon: (i) for the 2009 Bonds, a fixed spread of 30 basis points over the yield of the 4.75% U.S. Treasury Note due Feb. 28, 2009, (ii) for the 2020 Bonds, a fixed spread of 50 basis points over the yield on the 4.25% U.S. Treasury Note due Nov. 15, 2017 (or if there is an issuance of a 10-year U.S. Treasury security after Nov. 29, 2007, based upon the yield of such security) and (iii) for the 2028 Bonds, a fixed spread of 50 basis points over the yield on the 5.00% U.S. Treasury Note due May 15, 2037, together with any accrued but unpaid interest up to but not including the payment date for the Bonds (or if there is an issuance of a 30-year U.S. Treasury security after Nov. 29, 2007, based upon the yield of such security). The premium is approximately equivalent to 33% of the redemption premium that would be payable on Bonds of each Series under the indenture pursuant to which the Bonds were issued if such Bonds were to be redeemed. Holders must validly tender their Bonds on or before the Expiration Date in order to be eligible to receive the applicable purchase price. Consummation of the tender offer and consent solicitation, and payment of the tender offer consideration, are subject to the satisfaction or waiver of various conditions, as described in the Offer to Purchase, including: (i) the tender of Bonds representing not less than 75% in aggregate principal amount of all outstanding Bonds and the delivery of the related consents in the tender offer and consent solicitation and (ii) the compliance by certain holders of Bonds with their obligations under a lock-up agreement with PDVSA pursuant to which they have made a commitment to tender their Bonds and deliver consents in the tender offer and consent solicitation, subject to their right to terminate the agreement in the event of the failure of certain conditions or of a material breach by PDVSA. Such holders have indicated that they own (or represent the owners of) approximately 79% of all outstanding Bonds. Subject to the rights of the holders under the lock-up agreement, PDVSA has reserved the right to amend, extend or terminate the tender offer and consent solicitation at any time on the terms and conditions specified in the Offer to Purchase. Lazard Freres & Co. LLC is the Dealer Manager and Solicitation Agent for the tender offer and consent solicitation and may be contacted at (312) 407-6674 (call collect). Requests for documents may be directed to Global Bondholder Services Corporation, the Information Agent, at (212) 430-3774 (call collect) or (866) 470-3700 (toll free). PDVSA expects to finance the purchase of Bonds pursuant to the tender offer with funds from internal sources. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, USUS$2 billion notes due 2027, and US$1 billion notes due 2037. QUANTA COMPUTER: Denies Reports of Balda Partnership ---------------------------------------------------- Quanta Computer Inc. and Asustek Computer Inc. have denied a newspaper report that they approached Balda AG, a German maker of mobile-phone parts, for a possible strategic partnership, Bloomberg News relates. Bloomberg explains that Qunata and Asustek are among the four Asian electronics makers that were reported by Handelsblatt as being attracted by Balda's know-how in the production of touch- screen components. The Handelsblatt report also mentioned Flextronics International Ltd. and Foxconn International Holdings Ltd. as also being interested in a partnership with Balda. Headquartered in Taiwan, Quanta Computer Inc. -- http://www.quantatw.com/-- is principally engaged in the manufacture, research, development and sale of laptop computers and components. The company offers laptops, cellular telephones, liquid crystal display televisions, servers, LCD monitors, computer peripherals, computer components, wireless local area network (WLAN) bridges and communications products. It serves overseas markets, predominantly the Americas, Asia and Europe. The Troubled Company Reporter-Asia Pacific reported on Feb. 9, 2007, that Fitch Ratings assigned Quanta Computer a long-term foreign currency issuer default rating of BB. RESEARCH INT'L: Members Final Meeting Slated for Jan. 3, 2008 ------------------------------------------------------------- The members of Research International China (HK) Limited will have their final general meeting on January 3, 2007, at 3:00 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Shop Unit 9, Expo Galleria, Hong Kong Convention and Exhibition Centre, 1 Expo Drive, in Wanchai, Hong Kong. The company's liquidator is: Cheung Chun Kwok Shop Unit 9, Expo Galleria Hong Kong Convention and Exhibition Centre 1 Expo Drive, Wanchai Hong Kong RICH SMART: Court to Hear Wind-Up Petition on January 16 -------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on January 16, 2007, to hear a petition seeking to have Rich Smart Development Holdings Limited's operations wound up. The petitioners' solicitor is: Knight & Ho Room 904B, 9th Floor Admiralty Centre, Tower 1 No. 18 Harcourt Road Admiralty Hong Kong SAN MEIJI: Court to Hear Wind-Up Petition on January 2 ------------------------------------------------------ On October 17, 2007, WU Tin Yan filed a petition to have San Meiji Logistic Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 2, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung 34th Floor Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong SUN YUEN: Creditors' Proofs of Debt Due on December 17 ------------------------------------------------------ The creditors of Sun Yuen Cheong Cafe (B)Limited, which is in liquidation, are required to file their proofs of debt by December 17, 2007, to be included in the company's dividend distribution. The company's liquidators is: E.T. O Connell 10th Floor, Queensway 66 Queensway, Hong Kong TARZAN CONTRACTORS: Members Final Meeting Scheduled for Dec. 28 --------------------------------------------------------------- The members of Tarzan Contractors Limited will have their final general meeting on December 28, 2007, at 9:30 a.m., while the creditors will meet at 10:00 a.m. on the same date, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Units 3307-3312, 33th Floor, West Tower, Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong. UFJ INT'L: Members to Receive Liquidation Report on Dec. 31 ----------------------------------------------------------- The members of UFJ International Finance Asia Limited will have their final general meeting on December 31, 2007, at 11:00 a.m., to hear the liquidators' report on the company's wind-up proceedings and property disposal. The meeting will be held at 8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road, in Central, Hong Kong. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark, 15 Queen's Road Central Hong Kong VICTORY (HK) LIMITED: Court to Hear Wind-Up Petition on Jan. 2 -------------------------------------------------------------- On October 15, 2007, China Merchant Bank Co. filed a petition to have Victory (HK) Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 2, 2008, to hear China Merchant's petition. The petitioners' solicitor can be reached at: Dibb Luptop Alsop 40th Floor, Bank of China Tower 1 Garden Road Central Hong Kong ZHCT LIMITED: To Pay Second Ordinary Dividend on Dec. 28 -------------------------------------------------------- ZHCT Limited, which is in liquidation, will pay its second ordinary dividend on December 28, 2007. The company's liquidators are: Baker Tilly Hong Kong 12th Floor, China Merchants Tower Shun Tak Centre 168-200 Connaught Road Central Hong Kong * Former Regulatory Body Spokesman Jailed for Corruption -------------------------------------------------------- Former Financial Supervisory Commission spokesman Lin Chung- cheng was sentenced to 16 years in jail by the Taipei District Court in his first corruption trial, Taipei Times reports. Mr. Lin was found guilty of accepting bribes and illegally lobbying for several companies, including China Development Financial Holding Corp. during its hostile takeover bid for Taiwan International Securities Corp., Taipei Times says. The ruling said Lin accepted bribes in return for insider stock market information to which he had access as a FSC official, Taipei Times relates. The Times explains that Mr. Lin and his secretary, Su Jun-ji accepted money, valuable gifts and a cabin in Sijhih, Taipei County, worth between TWD3 million and TWD5 million, the ruling said. Mr. Su and Tsuei Mei-lan, an official from China Development Financial, were also charged with corruption and offenses relating to the protection of trade secrets, the Times adds. The Times adds that Mr. Su will be serving probation instead of his two-year sentence, while Mr. Tsuei was sentenced to 15 months in jail. ========= I N D I A ========= AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit ------------------------------------------------------------ The Buffalo News reports that the Town of Somerset has sought the disqualification of State Supreme Court Justice Richard C. Kloch Sr. from the lawsuits against the AES Corp.'s planned power plant. According to the Buffalo News, Somerset claimed that Judge Kloch made several statements in open court prejudging the result of the cases and "slamming the attorneys for the town." Shoemaker's partner, Robert S. Roberson, signed the motion. It asserts that Judge Kloch made several statements in court during hearings in June 2007 on the tax break that indicated that he had decided how he would rule on the power plant assessment case if he had to do so. The Buffalo News notes that as indicated by a courtroom transcript, Judge Kloch said on June 11, 2007, "Only one person really knows the value, and that's myself, and that's without the benefit of hearing all the proof." The judge also admitted, "I have a recurring nightmare, and the nightmare is that I have to, in fact, try these [assessment] proceedings." The Buffalo News says that the motion also claims that Judge Kloch made critical comments about Mr. Roberson and Shoemaker in court. The complainants commented to the Buffalo News, "Various actions and statements of Justice Kloch . . . were improper, establish actual impropriety as well as create the appearance of impropriety on behalf of Justice Kloch, [and] establish bias on the part of Justice Kloch toward the town and its attorneys." The report says that the motion demanding that Judge Kloch remove himself from the assessment cases would be heard before him on Jan. 24, 2007. Town Attorney Edwin J. Shoemaker told the Buffalo News that he is positive the complainants will win the appeal on the tax break case. The motion was "obviously without foundation, and highly ironic, because Judge Kloch has ruled against AES in every instance [in the assessment cases]," the Buffalo News says, citing Mark McNamara, the attorney for AES. Judge Kloch was citing other cases. "Since when does looking at legal precedent rise to the level of bias?" Mr. McNamara commented to the Buffalo News. The assessment suits were dismissed but could be reinstated once the town and the Barker Central School District succeed in their appeals on Judge Kloch's ruling that a tax break for the AES plant was legal, the Buffalo News states. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. AFFILIATED COMPUTER: Fitch Affirms BB- Rating on Secured Notes -------------------------------------------------------------- Fitch Ratings has removed Affiliated Computer Services, Inc. from Rating Watch Negative and affirmed these ratings: -- Issuer Default Rating 'BB'; -- Senior secured revolving credit facility at 'BB'; -- Senior secured term loan at 'BB'; -- Senior notes at 'BB-'. The rating outlook is stable. Approximately US$3.4 billion of debt, including the US$1 billion revolving credit facility, is affected by Fitch's action. Fitch's removal of Affiliated Computer from Rating Watch Negative reflects the conclusion of the company's review of strategic alternatives, which ultimately resulted in no modification of the existing capital structure attributable to a leveraged buyout or other change of ownership. The ratings are supported by the company's: -- Consistent free cash flow due to a significant recurring revenue base from long-term outsourcing contracts (85% of total revenue); -- Diverse business lines, several of which are insulated or countercyclical to U.S. economic growth, with minimal exposure (5%-10% of revenue) to discretionary IT spending, such as consulting; -- Solid growth prospects for the business process outsourcing services market (75% of total revenue); -- Established and geographically diverse offshore delivery model that reduces the effect of currency fluctuations and/or salary inflation in individual offshore markets; and -- Material and sustained improvement in renewal rates. Rating concerns continue to center on: -- The lack of visibility with respect to the company's long- term capital structure plans, which could include further debt-financed stock buybacks; -- Acquisitive nature, which could be debt-financed going forward; -- Decline of new commercial contract bookings (60% of revenues), which fell approximately 30% year-over-year for the latest 12 months ended Sept. 30, 2007; -- The ongoing Securities and Exchange Commission and Department of Justice investigations, and several derivative lawsuits, all of which relate to the company's timing of historical stock option grants. The ratings may be downgraded in the event of: -- Aggressive resumption of debt-financed share buybacks. Although Fitch believes some flexibility exists in the current ratings for incremental debt-financed share repurchases, full utilization of the company's remaining US$2 billion uncommitted term loan accordion feature to buy back shares would lead to negative rating actions. -- A material reduction of liquidity if the pending court decision rules that the company's failure to timely file its 10-K for fiscal year 2006 constitutes an event of default for the senior notes; and -- Continued declines in new commercial contract bookings. The ratings may be upgraded in the event of: -- Greater company transparency with respect to long-term capital structure targets; -- Material debt reduction; and -- Strong and sustainable growth of free cash flow. The rating of 'BB-' for the senior notes incorporates the fact that the secured credit facilities have the sole rights to Affiliated Computer's accounts receivable, which represented approximately 23% of total assets and 46% of tangible assets as of Sept. 30, 2007, despite the notes being equally and ratably secured with the senior secured credit facilities under the terms of the related indenture. The credit facility is secured by a first priority perfected pledge of all notes owned by the borrowers and guarantors, all capital stock of predominantly all domestic subsidiaries and certain foreign subsidiaries of the company, and a first priority perfected security interest in all other assets owned by the company, including tangible and intangible assets. As of June 30, 2007, the financial covenant ratios contained in the credit facility, which are based on a quarterly schedule that becomes more restrictive over time relative to the amount of covenant adjusted debt outstanding, consist of bank-defined maximum consolidated senior leverage ratio of 3 times, maximum consolidated total leverage ratio of 4.0 and interest coverage covenant of 4.5. Fitch estimates leverage (total debt/operating EBITDA) declined slightly year-over-year to 2.3 as of Sept. 30, 2007, from 2.5 due to growth in operating EBITDA. Fitch estimates interest coverage (operating EBITDA/ gross interest expense) declined to 5.8 for the LTM ended Sept. 30, 2007, compared with nearly 10 in the year-ago period due to increased interest expense from higher average debt levels. Fitch believes Affiliated Computer's liquidity is adequate and was supported by approximately US$246 million of cash at Sept. 30, 2007, and US$818 million of availability on its US$1 billion secured revolving credit facility expiring 2012. The credit facility also includes an uncommitted accordion feature enabling the company to increase the size of the revolver by up to US$750 million for general corporate purposes under certain circumstances. Liquidity is further supported by the company's consistent free cash flow, which increased to US$378 million in fiscal 2007 despite increased interest expense. Total debt as of Sept. 30, 2007 was approximately US$2.4 billion, consisting primarily of US$1.8 billion of secured term loans due 2013 and US$250 million of senior notes due in June 2010 and June 2015. The company's near-term debt maturities are manageable as the next material debt obligations of US$275 million occur in fiscal year 2010. However, if the company's failure to timely file its 10-K for fiscal 2006 is ruled an event of default by the court, Fitch believes the company will utilize its US$1 billion revolver to refinance the US$500 million of senior notes that would become immediately due at par value plus accrued interest. Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ ------------------------------------------------------------ General Motors Corp. has submitted a formal bid for a stake in Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports. GM spokesman Marc Kempe described the offer as "competitive", without specifying how large a stake the company is bidding or how much it is willing to pay, WSJ relates. Mr. Kempe told WSJ that the bid was part of its effort to extend its presence in Russia, where foreign-brand cars posted a 60% rise in sales. GM expects this year's sales to reach 250,000 vehicles, compared to 132,000 units in 2006, WSJ relates. GM's Chevrolet and Opel brands are Russia's best-selling foreign and fastest-growing brands respectively. WSJ cites some industry analysts as saying that Russia will become Europe's second-biggest car market by number of new cars sold as early as the end of 2007. GM and AvtoVAZ operate a joint venture that manufactures the Chevrolet Niva and the Chevrolet Viva. The companies' relationship, however, soured in 2005 after the Russian government took over AvtoVaz. GM may face Fiat S.p.A. and Renault S.A. in the bidding process, WSJ relates. Fiat has an existing memorandum of understanding with Avtovaz to explore ways in which the two companies could share technology, parts and platforms. "All of these auto makers are building their sales and production networks [in Russia] organically, but it's not going quickly enough to meet the targets they've set [for Russia]," Ivan Bonchev at Ernst & Young Moscow told WSJ. About Avtovaz Headquartered in Toliatti, Russia, Avtovaz OAO -- http://www.lada-auto.ru/-- manufactures passenger cars under brand names LADA, VAZ and NIVA. Through its subsidiaries and associates, the Company manufactures automobile components, distributes automobiles and spare parts and operates automobile service centers. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- wmanufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM employs about 280,000 people around the world * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. TATA MOTORS: November Vehicle Sales Down 4% in 2007 --------------------------------------------------- Tata Motors reported a total sale of 46,947 vehicles (including exports) for the month of November 2007, a decline of 4% compared to 49,061 vehicles sold in November last year. Cumulative sales for the company at 3,59,251 units, grew by 0.3% over last year. The domestic market continues to be sluggish, due to the high interest rate regime, continuing to affect retails. Commercial Vehicles The company's sales of commercial vehicles in November 2007 in the domestic market were 26,895 units, a growth of 4% compared to 25,793 vehicles sold in November last year. Medium and Heavy Commercial Vehicle sales stood at 14,426 units, a growth of 0.2% over November 2006, whileLight Commercial Vehicle sales were 12,469 units, a growth of 10% over November 2006. Cumulative sales of commercial vehicles in the domestic market for the fiscal were 1,86,869 units, a growth of 2% over last year. Cumulative M&HCV sales stood at 97,182 units, a decline of 7% over last year, while LCV sales for the fiscal were 89,687 units, an increase of 14% over last year. Passenger Vehicles The passenger vehicle business achieved total sales of 16,322 vehicles in the domestic market in November 2007, a decline of 16% over November 2006. The Indica reported sales of 10,488 units, a decline of 19.6% over November 2006. The Indigo family registered sales of 2,014 units, a decline of 29.5% over November 2006. November 2006 had a high base month for car sales in view of the full supply impact post the restoration of the company's paint shop, which had got damaged in a fire in late September 2006. The Sumo and Safari accounted for sales of 3,820 units, a growth of 7% over November 2006. The new Safari Dicor 2.2 VTT recorded a 55% growth with sales of 1,775 units Cumulative sales of passenger vehicles in the domestic market for the fiscal were 1,36,820 units, a decline of 2.6% over the same period last year. Cumulative sales of the Indica at 90,614 units, reported a decline of 1.3%. Cumulative sales of the Indigo family were 18,679 units, a decline of 12%. The company reached the landmark of producing a million vehicles off the Indica platform in November 2007, in a period of just under nine years. Cumulative sales of Sumo and Safari were flat at 27,527 units. The Safari recorded a 25% growth with sales of 10,695 units. Exports The company's sales from exports at 3,730 vehicles in November 2007 declined by 1.7% compared to 3,793 vehicles in November 2006. The cumulative sales from exports in the current period at 35,562 units have recorded a growth of 4% over the previous year. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. ================= I N D O N E S I A ================= AFC ENTERPRISES: Frank Belatti Retires as Board's Chairperson ------------------------------------------------------------- AFC Enterprises, Inc. has announced the retirement of Frank J. Belatti as Chairperson of the Board of Directors and appointed John M. Cranor as new the Chairperson. Mr. Belatti, who is retiring as Chairperson, founded AFC Enterprises in 1992 and served as the Chief Executive Officer from 1992-2005. Mr. Belatti was instrumental in the growth of the company's portfolio of brands, its initial public offering in March 2001, and the subsequent strategic divestitures of the company's Church's Chicken, Cinnabon and Seattle Coffee Company brands, leading to its current stand alone ownership of Popeyes Chicken & Biscuits. Mr. Belatti will now assume a full time role as Managing Partner, Equicorp Partners, LLC, an Atlanta based investment firm. Mr. Belatti also serves as an adjunct professor at the Mendoza College of Business at the University of Notre Dame where he teaches Microventuring, as part of the Gigot Center Social Entrepreneurship Initiative. Mr. John Cranor, a member of the AFC Board since November 2006, has been appointed to succeed Mr. Belatti as Chairperson of the Board of Directors. Previously, Mr. Cranor served as Chairperson, President and Chief Executive Officer of Long John Silver's Restaurants, Inc., a position he held from 1996-1999. Prior to that, Mr. Cranor was President and CEO of KFC Corporation from 1989-1994. Mr. Cranor has more than 30-years of management experience in the food service and retail industries including senior executive positions with Pepsi-Cola North America, Taco Bell Corporation, Wilson Sporting Goods, and Frito-Lay Company. Since 2003, Mr. Cranor has also served as the President and CEO of the New College Foundation, affiliated with New College of Florida in Sarasota. Mr. Cranor holds a Bachelor's of Arts degree from New College of Florida and a Master's of Business Administration from Harvard University. "After 15 years building a successful enterprise, I will miss AFC, especially all the wonderful and talented people throughout the organization. I am proud to have John as our new Chairperson. John is a highly regarded leader with substantial experience in the food industry. His expertise in our quick service sector will be of great benefit to the Popeyes brand. We have great confidence in his ability to work with our new CEO, Cheryl Bachelder, to lead the company to future growth," stated Mr. Belatti. About AFC Enterprises Inc. Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (NASDAQ: AFCE) -- http://www.afce.com/-- owns, operates and franchises Popeyes Chicken & Biscuits quick service restaurants. As of July 15, 2007, AFC owned and operated 61 restaurants and franchised 1,817 restaurants in 44 states, the District of Columbia, Puerto Rico, Guam and 23 foreign countries, inclusing Indonesia. The Popeyes concept features a New Orleans Cajun- style menu, with regional items such as spicy fried chicken pieces, chicken sandwiches and strips, fried shrimp, jambalaya and red beans & rice. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 26, 2007, Moody's Investors Service changed AFC Enterprises Inc.'s rating outlook to stable from positive. Concurrently, Moody's affirmed all the debt ratings of AFC, including its B1 corporate family rating and probability of default rating at B2, while upgrading the senior secured credit facilities rating to Ba3 from B1. ALCATEL-LUCENT: Deploys Contact Center Software for Telecom ----------------------------------------------------------- Alcatel-Lucent said in a statement that it will install an Internet protocol contact center software for Telecom Personal. According to Alcatel-Lucent's statement, the software is based on the firm's OmniPCX platform and OmniGenesys contact center. It offers personalized communications for clients through: -- 24-hour access, -- short messaging service or E-mail interaction, -- real time and historic custom statistics, -- workforce forecast, and -- voice portal services. Business News Americas relates that the software also includes: -- new Internet protocol telephony infrastructure, -- Internet protocol phones, and -- software for softphones. "[Telecom] Personal Paraguay handles more than 1.3mn customer transactions a month. It was important for us to find a solution that would deliver faster linkage of people, processes and resources for our more than 280 customer service representatives to provide global service," Telecom Personal's information technology manager Mario Bort told BNamericas. About Telecom Personal Telecom Personal is the wireless provider of Telecom Argentina SA, providing services in Argentina and Paraguay over a GSM network. The company has 7.7 million users, with an estimated 30% market share in Argentina and a customer mix of 66% prepaid and 34% postpaid as of June 30, 2006. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short term debt of Alcatel-Lucent. Moody's outlook for the ratings is stable. ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program --------------------------------------------------------------- Anixter International Inc. has announced a share repurchase program under which the company may repurchase up to 1 million of its outstanding shares with the exact volume and timing dependent on market conditions. Anixter noted that this program is in addition to all previously announced share repurchase programs that have been completed, including the one announced on Nov. 2, 2007. Anixter currently has approximately 36.4 million shares outstanding. About Anixter Anixter International Inc. -- http://www.anixter.com/-- is the world's largest distributor of communication products and electrical and electronic wire and cable, and a leading distributor of fasteners and other small parts ("C" class inventory components) to original equipment manufacturers. The company has nearly US$725 million in inventory of more than 325,000 products, logistics network of 197 warehouses with more than 5.0 million square feet of space, and has presence in 220 cities in 45 countries, including Indonesia, Australia, China, Hong Kong, India, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 2, 2007, Fitch Ratings has affirmed these ratings for Anixter International Inc. and its wholly owned operating subsidiary, Anixter Inc.: Anixter International Inc. -- Issuer Default Rating 'BB+'; -- Senior unsecured debt 'BB-'. Anixter Inc. -- Issuer Default Rating 'BB+'; -- Senior unsecured notes 'BB+'; -- Senior unsecured bank credit facility at 'BB+'. BANK DANAMON: Targets More Than 20% Growth in Lending Next Year --------------------------------------------------------------- PT Bank Danamon Indonesia Tbk aimed to increase lending by more than 20% next year, Reuters reports. Danamon Chief Financial Officer Vera Eve Lim said even though inflation may come in above the central bank's forecast next year, Danamon still expects to see strong loan growth, the report relates. Mr. Lim told the news agency that the bank's loan growth will not be affected much by inflation as it is catering to the mass market segment which still has strong demand. He said they will watch the impact on interest rates due to high oil prices, the report says. The report adds that Bank Danamon, which has total assets of IDR88 trillion, is forecasting inflation of around 6.5% in 2008, Lim said, which is above the central bank's target of 4-6%. About Bank Danamon Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia Tbk provides a range of products and services, including Consumer Banking, Small to Medium-Sized Enterprise and Commercial, Trade Finance, Treasury Product, Cash Management, Other Services, Financial Planning and e-Banking. Danamon Syariah is the Bank's business unit that provides its customers with syariah banking products and services. The bank also operates Danamon Simpan Pinjam, which caters to micro banking customers. DSP is divided into two groups: DSP to serve and help enterprises in micro and small-scale banking, and DSP for individual customers with fixed income. Bank Danamon is supported by 86 domestic branch offices, 325 domestic supporting branch offices, 25 domestic cash office, 739 supporting branches for DSP, six personal banking branch offices, 10 syariah branch offices and one overseas branch. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Danamon Indonesia Tbk: -- The foreign currency subordinated debt rating was raised to Ba2 from Ba3 -- Foreign currency long-term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D BFSR were unaffected. On Aug. 15,2007, Fitch Ratings upgraded the National Long-term rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA- (idn)') while affirming all its other ratings as follows: * Long term foreign currency Issuer Default Rating (IDR) 'BB-' with a Positive Outlook, * Short term foreign currency IDR at 'B', * Individual Rating 'C/D', * Support Rating '4' and * Support Rating Floor 'B'. FOSTER WHEELER: Chilean Unit Bags Contract from UTE CT ------------------------------------------------------ Foster Wheeler Ltd.'s Chilean subsidiary, Foster Wheeler Chile, S.A., part of its Global Engineering and Construction Group, has been awarded a lump-sum detailed engineering contract by the Spanish company UTE CT Mejillones, which is owned by Cobra Instalaciones y Servicios S.A., part of the ACS Group, for a new power facility at the Andino power plant at Mejillones, northern Chile. The Foster Wheeler contract value was not disclosed. The project will be included in the company's fourth-quarter 2007 bookings. Foster Wheeler Chile will undertake the detailed engineering for the entire facility, which will include a 165 MWe (gross megawatt electric) circulating fluidized-bed (CFB) boiler and a steam turbine. As previously announced on Sept. 18, 2007, Foster Wheeler's Global Power Group has been awarded a design and supply contract for the CFB boiler island. "These two awards from Cobra demonstrate our customer's confidence not only in the flexible, reliable and environmentally responsible solution offered by our CFB boilers, but also in the quality of our engineering expertise," commented Ramon Zubizarreta, managing director of Foster Wheeler Chile, S.A. The utility company, Central Termoelectrica Andino S.A., a subsidiary of the Suez Energy International Group, will operate the new power plant, which is expected to commence operation in 2010. Cobra is Suez's contractor. About Foster Wheeler Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/-- offers a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey. The company has offices in China, India, Indonesia, Malaysia, Singapore, Thailand, and Vietnam. * * * As reported in the Troubled Company Reporter on Dec. 18, 2006, Standard & Poor's Ratings Services revised its outlook on Foster Wheeler Ltd. to positive from stable. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating and other ratings on the company. The company had about US$217 million of total debt at Sept. 29, 2006. GOODYEAR TIRE: James Firestone Joins Board of Directors ------------------------------------------------------- James A. Firestone, president, Xerox North America, has been elected to the Board of Directors of The Goodyear Tire & Rubber Company. "Jim has a wealth of managerial experience with a diverse group of respected companies, including Xerox, IBM and American Express," said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. "We are confident that he will contribute significantly to Goodyear's continued growth." Mr. Firestone is an executive vice president of Xerox Corporation and has led the company's North American operations since 2004. He has also served as head of Xerox's channels group and was the company's chief strategy officer. Before joining Xerox in 1998, Mr. Firestone worked for the IBM Corporation as general manager of the Consumer Division and for the Ameritech Corporation as president of Consumer Services. He began his business career in 1978 with American Express, where during his 15-year tenure he ultimately rose to President, Travelers Cheques. Mr. Firestone holds a Bachelor of Science Degree in international economics from Georgetown University School of Foreign Service and a Master of public and private management from the Yale University School of Management. The election of Firestone brings the size of Goodyear's board to 13 members. About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world, including Indonesia, Australia, China, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand. Goodyear employs more than 80,000 people worldwide. * * * As reported in the Troubled Company Reporter on June 4, 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. In addition, the ratings were removed from CreditWatch where they were placed with positive implications on May 10, 2007. ========= J A P A N ========= FUJI HEAVY: Net Income Down 32.5% for First Half of FY2007 ---------------------------------------------------------- Fuji Heavy Industries Ltd. posted its financial results for the first half of the current fiscal year. The manufacturer of Subaru-brand vehicles reported a 32.5% decrease in its net income for the six-month period ended September 30, 2007, to JPY78 million from the JPY116 million recorded in the same period last year. Operating income increased 4.3% year-on-year to JPY189 million from JPY181 million. Ordinary income inched up 2.0% to JPY142 million year-on-year. Net sales for the 2007 first half climbed 1.5% to JPY7.1 billion from last year's JPY7.0 billion. Domestic sales slid 11.3% to JPY99 million, while overseas sales gained 9.8% to JPY172 million as compared to the JPY157 million of last year with North America contributing JPY90 million, followed by Europe with JPY38 million and Other with JPY44 million. October U.S. Sales Reuters reported on the vehicle sales of Subaru for the month of October saying that revenues dropped 6.5% year-on-year. A total of 14,979 vehicles were sold by the month of October 2007, compared to the 15,404 units of October 2006. About Fuji Heavy Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. -- http://www.fhi.co.jp-- is manufacturing company engaged in four business segments. The Automobile segment is engaged in the manufacturing, repair and sale of light vehicles, compact cars and standard vehicles. The Industrial Machinery segment offers motors, machinery for agricultural, forestry and constructional use, as well as other machinery and equipment. The Aerospace segment offers airplanes, aerospace-related equipment and parts. The Others segment is engaged in the manufacturing, repair and sale of dustcarts, bus-related parts and houses, as well as the leasing of real estates. The Company distributes its products in both domestic and overseas markets. As of March 31, 2007, Fuji Heavy Industries has 109 subsidiaries and nine associated companies. The Company has a global network. Standard & Poor's Ratings Services lowered its long-term credit rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based on diminished prospects for a recovery in profitability and cash flow over the near term along with intensifying competition in the global auto industry. KOJIMA CO: Posts 94.5% Slide in Net Income for 1st Half of FY07 --------------------------------------------------------------- Kojima Co. Ltd reported half-year group earnings results for the six-month period ended September 30, 2007. Net income plummeted 94.5% to JPY64 million as compared to the same period last year's JPY1.2 billion. Operating loss narrowed to JPY3.2 billion from the previous year's JPY2.6 billion. Revenue inched up 0.3% to JPY254.9 billion, and current profit dipped down 57.2% to JPY940 million year-on-year. Reuters Key Development reports that Kojima lowered its consolidated full-year financial results due to lower-than-expected sales of DVD-R products, personal computers and air conditioners. Net profit, which was originally estimated to reach JPY2.6 billion, is now seen to be at JPY1.2 billion. Revenue from JPY529.7 billion to JPY517.4 billion. Operating profit from a loss is now forecasted to be at JPY5.1 billion from a loss of JPY4.4 billion, relates Reuters. About Kojima Co. Kojima Co., Ltd., -- http://www.kojima.net/-- headquartered in Tochigi Prefecture, is a Japan-based retailer of home electric appliances. The Company sells computers and peripheral equipment, computer software, audiovisual (AV) equipment, information devises, health equipment, lighting, clocks, office equipment, games and others. The Company also offers its products through its own online retail stores. Through its subsidiaries, Kojima is also engaged in the operation of halls and the provision of restaurant services, as well as the travel, real estate leasing, life and non-life insurance agency and advertising businesses. 2-1-8 Hoshigaoka Utsunomiya-shi, TCG 320-8528 JPN +81-28-6210001 (Phone) * * * The Troubled Company Reporter-Asia Pacific reported on December 4, 2007, that Rating and Investment Information Inc. has downgraded the issuer rating of Kojima from 'BBB-' to 'BB+' with a stable outlook. According to R&I, the company has undertaken reforms for improving its competitiveness through consolidation and elimination of outlets and opening large stores. However, sales have not grown despite the expanded sales floor areas, and recovery of profit is lagging behind. SAPPORO HOLDINGS: Launches New Drink; Targets 350,000 Cases ----------------------------------------------------------- Sapporo Holdings Ltd. said it is set to launch a new beerlike alcoholic beverage featuring a fruity aroma, report Japan Times. According to the report, Draft One Sparkling Aroma, which hit the stores on Wednesday, is made from aroma-rich hops and tastes like a cross between beer and sparkling wine. The brewery, states Japan Times, is targeting sales of 350,000 cases for the new drink this winter, where one case contains 20 bottles. The report added that Sapporo retuned its Draft One beverage, making the taste lighter and sharper. Sapporo Holdings Limited -- http://www.sapporoholdings.jp/-- formerly known as Sapporo Breweries, brews beer and operates more than 200 beer halls and restaurants. Sapporo is one of Japan's oldest brewers, and is Japan's third largest brewing company, with brews ranging from its flagship Black Label to the pricier Yebisu. Sapporo also makes the low-malt happoshu brew. The company sells Guinness beer in Japan through its Sapporo Guinness Company and owns a beverage company that makes canned coffee, bottled water, and soft drinks. * * * As of May 16, 2007, the company carries Standard & Poor's Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long- Term Local Issuer Credit Ratings that were issued on February 6, 2006; and Fitch Ratings' 'B' Short-term Foreign and Local Currency Issuer Default Ratings that were issued on March 14, 2006. SOFTBANK CORP: Sees Alibaba-related Q3 Profit of JPY55 Billion --------------------------------------------------------------- Softbank Corp. expects to post an equity-method investment profit related to Alibaba.com Ltd. of JPY55 billion in the current quarter ending December 31, Kiyoshi Takenaka writes for Reuters. Reuters relates that Softbank, on the day of Alibaba.com's trading debut, said it would book an investment profit in connection with the market listing. Softbank, Reuters notes, owns one-third of Alibaba Group Holdings, parent company of Alibaba.com, which made its market debut in Hong Kong on November 6 after raising US$1.49 billion in Hong Kong's popular initial public offering. Based in Tokyo, Japan, Softbank Corporation -- http://www.softbank.co.jp/-- is a leading Japanese telecommunications and media corporation. SoftBank was established on September 3, 1981. The company operates in eight business segments: * Broadband Infrastructure Segment * Fixed-line Telecommunications Segment * e-Commerce Segment * Internet Culture Segment * Broadmedia Segment * Technology Services Segment * Media & Marketing Segment * Overseas Funds Segment Softbank is also involved with leisure and service operations, e-finance, holding company functions for overseas operations, and back-office services in Japan. SoftBank's corporate profile includes various other companies such as Japanese broadband company Cable & Wireless IDC, cable company BB-Serve, and gaming company GungHo Online Entertainment. In 2006, SoftBank bought Vodafone Japan, giving it a stake in Japan's US$78 billion mobile market. As of March 31, 2007, the company's paid-in capital was JPY163.3 billion. * * * The Troubled Company Reporter-Asia Pacific reported on June 7, 2007, that Standard & Poor's Rating Agency lifted its long-term corporate credit and senior unsecured debt ratings to BB from BB- in light of the company's increasing earnings stability. The outlook for the long-term credit rating is stable. Moody's Investors Service, on August 9, 2006, upgraded Softbank Corp.'s stable long-term debt rating and issuer rating to Ba2 from Ba3, concluding a review initiated on March 17, 2006, when the company announced that it would acquire a 97.7% stake in mobile phone giant Vodafone Group's Japanese unit, Vodafone K.K. ========= K O R E A ========= DAEWOO ELECTRONICS: Buys Moore Microprocessor Patent(TM) -------------------------------------------------------- Patriot Scientific Corporation disclosed that Daewoo Electronics Corporation has purchased a Moore Microprocessor Patent (TM)(MMP) Portfolio license from The TPL Group. Daewoo Electronics, the first Korean licensee to purchase an MMP license. Daewoo Electronics is the 26th licensee to date. "Daewoo will benefit significantly by their decisive action to purchase an MMP License," said Carl Silverman, vice president, Licensing for Alliacense. "Daewoo joins a long and growing list of forward-thinking companies who have been agile enough to secure a significant jump on their competition." While the MMP Portfolio Licensing Program has been in place for over two years, 30% of the license purchases have followed the favorable "Markman" ruling issued earlier this summer, confirming the strength of the MMP Portfolio, and enhancing the momentum of the Licensing Program. The sweeping scope of applications using MMP design techniques continues to encourage manufacturers of end-user products from around the globe to become MMP licensees. Since January 2006 more than twenty companies have purchased MMP Portfolio licenses. About Patriot Scientific Patriot Scientific is a leading intellectual-property licensing company that develops, markets, and enables innovative technologies that satisfy the demands of fast-growing markets for wireless devices, smart cards, home appliances, network gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices, industrial controllers and more. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.ptsc.com. About the MMP Portfolio The Moore Microprocessor Patent (MMP) Portfolio contains intellectual property that is jointly owned by the privately held TPL Group and publicly held Patriot Scientific Corporation (OTCBB:PTSC). The portfolio includes seven U.S. patents as well as their European and Japanese counterparts. It is becoming widely recognized that the jointly-owned patents protect fundamental technology used in designing microprocessors, microcontrollers, digital signal processors (DSPs), embedded processors and system-on-chip (SoC) devices. The MMP portfolio is exclusively managed by Alliacense, a TPL Group Enterprise. About Alliacense Alliacense is a TPL Group Enterprise executing best-in-class design and implementation of Intellectual Property (IP) licensing programs. As a cadre of IP licensing strategists, technology experts, and experienced business development/management executives, Alliacense focuses on expanding the awareness and value of TPL�s IP portfolios. Founded in 1988, The TPL Group has emerged as a coalition of high technology enterprises involved in the development, management and commercialization of proprietary product technologies as well as the design, manufacture and sales of proprietary products based on those technologies and corresponding IP assets. For more information, visit http://www.alliacense.com. About Daewoo Electronics Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. EDS CORP: Completes US$420-Million Buyout of Saber Corp.'s Stake ---------------------------------------------------------------- EDS Corp. has completed the acquisition of an approximate 93% equity interest in Saber Corp., including majority shareholder Accel-KKR. As reported in the Troubled Company Reporter on Nov. 19, 2007, EDS Corp. has agreed to purchase an approximate 93% equity interest in Saber Holdings Inc., including majority shareholder Accel-KKR, for approximately US$420 million in cash. Saber's chief executive officer Nitin Khanna and president and chief operating officer Karan Khanna will retain an approximate 7% interest in Saber and continue to lead the company after the closing. About Saber Holdings Inc. Headquartered in Portland, Oregon, Saber Holdings Inc. -- http://www.sabercorp.com/-- is a privately held company that has customer relationships with state and local government entities across the country. Founded in 1997, the company provides software and services that underpin essential functions such as voter registration, election management, public retirement programs, human services, public health services, motor vehicles, unemployment insurance, and forms and document processing. About Accel-KKR Accel-KKR - http://www.accel-kkr.com/-- is a technology-focused private equity firm that invests in technology businesses. Accel-KKR has a particular focus on the following transactions: Recapitalizations of family-owned or closely-held private companies, divisional buyouts of larger companies, and going- private transactions. About EDS Corp. Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/-- is a global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 40 years ago. EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Brazil, China, Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand and South Korea. * * * Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1' in July 2004, and its probability of default rating at 'Ba1' in September 2006. Moody's said the outlook is positive. The ratings still hold to date. KENERTEC CO: Signs KRW8.14-Billion Deal with POSCO -------------------------------------------------- Kenertec Co., Ltd. has signed a contract with POSCO, Reuters Investing Keys reports. According to the report, under the business agreement, the company will construct a furnace for POSCO. The contract is worth KRW8,140 million, the report adds. Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co., Ltd. -- http://www.kenertec.co.kr/-- is provides industrial burners and energy-related equipment. The company operates two main divisions: Furnace division, which provides regenerative combustion systems, including regenerative combustion industrial furnace burners, regenerative combustion radiant tube burners, regenerative combustion raddle burners, radiant combustion devices, direct heat-treatment burners, flat flame burners, turndish-heating burners, high-spray burners, low-nitrogen-oxide radiant tube burners, oxygen burners, flare stack burners and rotary kiln burners, and Energy division, which provides cogeneration systems, community energy systems and energy diagnosis equipment. Korea Ratings gave the company's convertible bond a BB rating on Jan. 30, 2007. KENERTEC: Receives Patent on Solid Carbonizing Fuels Preparation ---------------------------------------------------------------- Kenertec Co., Ltd. has been granted a patent on November 20, 2007, Reuters Investing Keys reports. According to the report, the company gets exclusive rights to use the solid carbonizing fuels using wood biomass preparation method. Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co., Ltd. -- http://www.kenertec.co.kr/-- is provides industrial burners and energy-related equipment. The company operates two main divisions: Furnace division, which provides regenerative combustion systems, including regenerative combustion industrial furnace burners, regenerative combustion radiant tube burners, regenerative combustion raddle burners, radiant combustion devices, direct heat-treatment burners, flat flame burners, turndish-heating burners, high-spray burners, low-nitrogen-oxide radiant tube burners, oxygen burners, flare stack burners and rotary kiln burners, and Energy division, which provides cogeneration systems, community energy systems and energy diagnosis equipment. Korea Ratings gave the company's convertible bond a BB rating on Jan. 30, 2007. KENERTEC CO: Establishes New Subsidiary in Cambodia --------------------------------------------------- Kenertec Co Ltd. has established a wholly owned subsidiary in Cambodia, Reuters Keys Investing reports. According to the report, the unit is named Kenertec Resources Co., Ltd. The new subsidiary, the report relates, will be mainly engaged in the biomass co-generations businesses. The parent company has invested US$3 billion in the said project, which took effect since November 14, 2007, the report adds. Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co., Ltd. -- http://www.kenertec.co.kr/-- is provides industrial burners and energy-related equipment. The company operates two main divisions: Furnace division, which provides regenerative combustion systems, including regenerative combustion industrial furnace burners, regenerative combustion radiant tube burners, regenerative combustion raddle burners, radiant combustion devices, direct heat-treatment burners, flat flame burners, turndish-heating burners, high-spray burners, low-nitrogen-oxide radiant tube burners, oxygen burners, flare stack burners and rotary kiln burners, and Energy division, which provides cogeneration systems, community energy systems and energy diagnosis equipment. LEADCORP: Completes Private Placement of Common Shares ------------------------------------------------------ The Leadcorp, Inc. has completed issuance of 1,343,288 common shares at an offer price of KRW3,273 per share through a private placement, Reuters Investing Keys reports. According to the report, this brings the total number of the company's outstanding common shares to 27,414,056. The confirmed listing date of the new shares was on November 6, 2007, the report adds. Seoul, Korea-based The LEADCORP, Inc. is engaged in the provision of oil and consumer financial service. The company operates its business under three main sectors: oil, gas station and resting place, and cons