T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 12, 2007, Vol. 10, No. 246 Headlines A U S T R A L I A ACCESS STRAPPING: Declares First Dividend ADVANCE AIR: Creditors & Members Receive Wind-Up Report CAMPBELLFIELD AUTO: Members & Creditors Receiver Wind-Up Report CATERLEC PTY: Members & Creditors Receive Wind-Up Report CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says CHRYSLER LLC: Expected Losses Spurs January Production Cuts CHRYSLER LLC: S&P Retains 'B' Rating and Revises RR to 3 CONSORTIUM MANAGEMENT: Creditors' Proofs of Debt Due on Dec. 18 CONSTELLATION BRANDS: Starts Exchange Offer for US$700MM Notes DENLIN CONSTRUCTIONS: Declares Dividend for Priority Creditors HASBRO INC: Names Lisa Licht as General Manager for Licensing HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008 MICKLETON GROVE: Liquidator Presents Wind-Up Report MOBIUS ELR-01: Fitch Lowers Three Classes of Notes & Affirms 1 NMS MANAGEMENT: Liquidator Presents Wind-Up Report PONTIFF LIMITED: Members Receive Wind-Up Report PREFECT & DUX: Members & Creditors Hear Wind-Up Report REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO SYMBION HEALTH: Healthscope May Attempt Takeover for Third Time ZINIFEX: Xstrata and Oxiana May Launch Takeover Bid, Sources Say C H I N A , H O N G K O N G & T A I W A N AGRICULTURAL BANK: Finance Ministry Sells CNY750BB of Bonds BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2 DANA CORP: Announces Selection List for Board of Directors DANA CORP: Personal Injury Committee Objects to Plan FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks SEA WAVE: Appoints New Liquidators SYSTEM-PRO: Liquidators Quit Post TIBET SUMMIT: Nine-Month Loss Hits CNY57MM; Sees Loss for FY2007 TOP SPEED HOLDINGS: Commences Liquidation Proceedings YAN WING: Members Final Meeting Slated for January 18 I N D I A AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures AXIS BANK: S.B. Mathur Quits Director Post Effective Dec. 6 DECCAN AVIATION: To Operate Separately After Kingfisher Merger ESSAR OIL: Plans to Acquire 50% Stake in Kenyan Refinery ICICI BANK: Offers Tax Concessions to NRO Deposits IFCI LTD: Fixes Dec. 17 as Date to Determine Conversion Price IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems I N D O N E S I A ALCATEL-LUCENT: Signs EUR90-Mil. Turnkey Deal w/ Tele Greenland BAKRIE SUMATERA: To Buy Two Plantation Firms for IDR1.05 Tril. BAKRIE SUMATERA: Sets FY2007 Net Profit and 2008 Revenue Targets BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating EXCELCOMINDO: To Sell 7,000 units of Base Transceiver Stations EXCELCOMINDO PRATAMA: S&P Affirms 'BB-' Corporate Credit Ratings GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes GOODYEAR TIRE: Forms New Strategic Business Unit SEMEN: To Issue US1BB Bond for Factory Construction Financing J A P A N ALITALIA SPA: Three Groups Submit Non-Binding Offers ALITALIA SPA: Won't Cancel Flights on Dec. 14 Strike CBO ALL JAPAN: S&P Puts Class B, C and D Notes on CreditWatch DELPHI CORP: Gets Committees' Support on Plan Amendments FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder FORD MOTOR: Mulls Production Cuts Due to Low November Sales GAP INC.: November 2007 Net Sales Up 11 Percent at US$1.54 Bil. ICONIX BRAND: Brings In Four New Executives to Management Team ICONIX BRAND: Planned Loan Increase Cues Moody's to Hold B1 PDR IHI CORP: To Book JPY30 Bil. in Operating Losses for FY06-07 KAJIMA CORP: Conceals JPY600 Million in Income for Two Years KOBE STEEL: To Boost Aluminum Parts by 30% Through U.S. Unit KOBE STEEL: To Build JPY3.5-Bil. Titanium Melt Shop in January MITSUBISHI MOTORS: N. America Unit November Sales Down by 13.8% XEROX CORP: Appoints Three Corporate Officers to Executive Roles K O R E A HYNIX SEMICONDUCTOR: Issues US$583.4-Million convertible Notes HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28 MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW M A L A Y S I A TAP RESOURCES: Unit Inks Concession Agreement with Penang Port WONDERFUL WIRE: Incurs MYR7.9MM Net Loss in Qtr. Ended Sept. 30 N E W Z E A L A N D AMS HAULAGE: Taps Official Assignee as Liquidator BOTRY-ZEN: Books NZ$544,045 Deficit in Half-Year Ended Sept. 30 BRUCE HAYWARD: Official Assignee Appointed as Liquidator CENTRAL STEELIEZ: Appoints Official Assignee as Liquidator CLAYBROOK ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 17 JOLLY FARMER: Appoints Official Assignee as Liquidator PAN AUSTRAL: Court Appoints Shephard & Dunphy as Liquidators PLASTERBOARD SOLUTIONS: Taps Brown and Neilson as Liquidators POWER PLATE: Taps Parsons and Kenealy as Liquidators RUATAHI HOLDINGS: Appoints Official Assignee as Liquidator SCRUBBERS ENTERPRISES: Commences Liquidation Proceedings ZELOPHEDAD INVESTMENTS: Fixes Dec. 14 as Last Day to File Claims S I N G A P O R E CKE RESTAURANTS: Refranchising Continues; Sells 30 Restaurants FREESCALE SEMI: High Leverage Cues Moody's to Cut Rating to B1 REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court SEE HUP SENG: Appoints Fong Wei Seong as Financial Controller THOR HANNE: Creditors' Proofs of Debt Due on January 7 V I E T N A M TECHCOMBANK: Assets as of November 30 Triple to US$2 Billion * Upcoming Meetings, Conferences and Seminars - - - - - - - - ================= A U S T R A L I A ================= ACCESS STRAPPING: Declares First Dividend ----------------------------------------- Access Strapping Pty. Ltd., which is in liquidation, declared its first and final dividend on December 5, 2007. Creditors who were not able to timely file their proofs of debt were excluded from the company's dividend distribution. The company's members will also have their final meeting on December 13, 2007, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham 3192 Australia About Access Strapping Access Strapping Pty Ltd, which is also trading as Access Strapping Pty Ltd, is a distributor of industrial and personal service paper. The company is located at Bayswater North, in Victoria, Australia. ADVANCE AIR: Creditors & Members Receive Wind-Up Report ------------------------------------------------------- A final meeting was held for the members and creditors of Advance Air Systems Pty Ltd on December 10, 2007, at 10:00 a.m. At the meeting, Loke Ching Wong, the company's liquidator, gave a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Loke Ching Wong c/o Harrisons Insolvency Level 5, 150 Albert Road South Melbourne, Victoria 3205 Australia Telephone:(03) 9696 2885 About Advanced Air Advanced Air Systems Pty Ltd is a distributor of warm air heating and air-conditioning equipments and supplies. The company is located at Osborne Park, in Western Australia, Australia. CAMPBELLFIELD AUTO: Members & Creditors Receiver Wind-Up Report --------------------------------------------------------------- On December 7, 2007, the members and creditors of Campbellfield Auto Electrics Pty. Ltd. met and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Barry Keith Taylor B. K. Taylor & Co 8/608 St Kilda Road Melbourne, Victoria 3004 Australia About Campbellfield Auto Campbellfield Auto Electrics Pty Ltd, which is also trading as Campbellfield Truck Electrics, operates automotive repair shops. The company is located at Campbellfield, in Victoria, Australia. CATERLEC PTY: Members & Creditors Receive Wind-Up Report -------------------------------------------------------- The members and creditors of Caterlec Pty Ltd met on Dec. 10, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen R. Dixon BDO Kendalls Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia About Caterlec Pty Caterlec Pty Ltd is involved with electrical work. The company is located at Melton, in Victoria, Australia. CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says -------------------------------------------------------------- Chrysler LLC Chief Executive Officer Robert Nardelli disclosed to company employees that Chrysler is in for a wider financial loss of US$1.6 billion than what Steve Landry, executive vice president of North American sales, revealed to marketing and business students in Halifax, Nova Scotia last week, various papers report. It would be Chrysler's second consecutive year of losses if Mr. Nardelli's forecast is right, according to the Associated Press citing an unnamed source. The company reported a loss of US$618 million in 2006 but disclosed earnings of US$1.8 billion in 2005. As reported in the Troubled Company Reporter on Dec. 3, 2007, Mr. Landry declared that Chrysler anticipates a loss of US$1 billion this year in costs. He told Saint Mary's University students in Halifax, Nova Scotia, that Chrysler's 2007 revenue is expected at US$64 billion and costs at about US$65 billion. Mr. Landry recounted Chrysler's business aim to recover costs next year and to yield a huge profit in 2009 and 2010, slashing about 8 models from its lineup. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CHRYSLER LLC: Expected Losses Spurs January Production Cuts ----------------------------------------------------------- Chrysler LLC plans to temporarily cease car production in its plants in Warren, Michigan and Fenton, Missouri, before Christmas, postponing its opening until the whole month of January 2008, according to various sources. The move is due to due to the company's expected US$1 billion loss, slow pickup sales and prevention of an oversupply. Sources say that the company will also shutter a truck plant in Mexico for two weeks in January. As reported in the Troubled Company Reporter on Dec. 4, 2007, Chrysler dealers delivered 161,088 new vehicles to U.S. customers in November 2007, down 2% compared with a year ago. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CHRYSLER LLC: S&P Retains 'B' Rating and Revises RR to 3 -------------------------------------------------------- Standard & Poor's Ratings Services revised its recovery rating on Chrysler's $2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. Both the issue-level and recovery ratings on Chrysler's $7 billion first-lien term loan due 2013 remain unchanged. The issue-level rating on this debt is 'BB-' with a recovery rating of '1', indicating an expectation for very high (90% to 100%) recovery in the event of a payment default. "The revised recovery rating on the second-lien debt reflects Chrysler's reduction of outstanding borrowings under the first- lien term loan to $7.0 billion from $7.5 billion, using $500 million of cash that was previously restricted at DaimlerChrysler Financial Services Americas LLC," said Standard & Poor's recovery analyst Olen Honeyman. The 'B' corporate credit rating on Chrysler reflects the wide- ranging challenges the company faces in North America, where the vast majority of its automotive operations are located. Ratings List Ratings Affirmed Chrysler LLC Corporate Credit Rating B/Negative/-- First-Lien Loan BB- Recovery Rating 1 Recovery Rating Revised To From -- ---- Second-Lien Loan B B Recovery Rating 3 4 Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. CONSORTIUM MANAGEMENT: Creditors' Proofs of Debt Due on Dec. 18 --------------------------------------------------------------- Consortium Management Planning Pty Ltd, which is in liquidation, requires its creditors to file their proofs of debt by Dec. 18, 2007, to be included in the company's dividend distribution. The company will declare its dividend on December 19, 2007. The company's liquidator is: Ian Carson c/- PPB Chartered Accountants Level 10, 90 Collins Street Melbourne, Victoria 3000 Australia About Consortium Management Consortium Management Planning Pty Ltd operates employment agencies. The company is located at Albert Park, in Victoria, Australia. CONSTELLATION BRANDS: Starts Exchange Offer for US$700MM Notes -------------------------------------------------------------- Constellation Brands Inc. has commenced an offer to exchange US$700 million principal amount of its 7.25% Senior Notes due 2017, which are registered under the Securities Act of 1933 for all US$700 million of its currently outstanding 7.25% Senior Notes due 2017, which have not been registered under the Securities Act of 1933. The company said it will not receive any proceeds from the exchange offer, nor will its debt level change as a result of the exchange offer. The terms of the Exchange Notes and the Original Notes are substantially identical in all material respects. The exchange offer will be open for acceptance until 5:00 p.m., New York City time, on Jan. 7, 2008, unless extended. Persons with questions regarding the exchange offer should contact the exchange agent, The Bank of New York Trust Company, N.A., at 212-815-2742. A copy of the prospectus for the exchange offer and related letter of transmittal, included in the registration statement, may be obtained by writing to investor relations, at: Constellation Brands Inc. Suite 300, 370 Woodcliff Drive Fairport, NY 14450 About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- is a producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with market presence in the U.S., Canada, U.K., Australia and New Zealand. The company has more than 250 brands in its portfolio, sales in 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. * * * As reported in the Troubled Company Reporter on Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: $500 million 8.375% senior unsecured note due Dec. 15, 2014. The rating outlook is Negative. DENLIN CONSTRUCTIONS: Declares Dividend for Priority Creditors -------------------------------------------------------------- Denlin Constructions Group Pty Ltd, which is in liquidation, declared first dividend for its priority creditors on Dec. 3, 2007. Creditors who were not able to timely file their proofs of debt were excluded from the company's dividend distribution. The company's liquidator is: Stephen R. Dixon BDO Kendalls Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia About Denlin Constructions Denlin Constructions Group Pty Ltd is a general contractor of single-family houses. The company is located at Canterbury, in Victoria, Australia. HASBRO INC: Names Lisa Licht as General Manager for Licensing ------------------------------------------------------------- Hasbro Inc. has hired Lisa Licht, most recently the Executive Vice President, Global Marketing Partnerships for Twentieth Century Fox, as its newly created position of General Manager, Entertainment & Licensing. Ms. Licht will be based in Los Angeles. In this new role, Ms. Licht will look to further strengthen and deepen Hasbro's already successful track record with the entertainment industry, while building upon the company's strong and growing licensing programs around the world, leveraging Hasbro's brands in a wide variety of consumer-focused categories. "Hasbro owns what we believe to be the best portfolio of brands in the children's and family entertainment business," said Brian Goldner, Hasbro's Chief Operating Officer. "We are thrilled to bring Lisa on board - she is a highly-respected entertainment executive and the right person to lead our accelerated efforts as we look to create additional immersive brand experiences beyond traditional toys and games." "The opportunity to join Hasbro during what I see as a very dynamic time for the Company is incredibly exciting," said Ms. Licht. "The success of Transformers -- as an intellectual property that translated so powerfully into a movie and a highly successful licensing program -- is just the tip of the iceberg from my perspective. Hasbro's iconic and unmatched brand portfolio is truly a 'who's who" when it comes to family entertainment, and I am eager to help the company leverage these brands to their fullest potential." Ms. Licht held several key senior-level posts at Twentieth Century Fox prior to her appointment as EVP, including Senior Vice President, Feature Film Promotions and Field Operations; and Senior Vice President, Marketing, Licensing and Merchandising. Prior to joining Twentieth Century Fox, Ms. Licht was Vice President of Marketing at Mattel, where she managed the worldwide Barbie doll line. Ms. Licht is married to producer Andy Licht. They have three children. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) -- http://www.hasbro.com/-- provides children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. The company has operations in Australia, France, Hong Kong, and Mexico, among others. * * * Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro, Inc., and changed the ratings outlook to positive from stable to reflect the expectation for continued- strong operating performance and cash flows, leading to further debt reduction and credit metric improvement over the near-to- intermediate-term. Ratings affirmed include the Baa3 senior unsecured debt rating and the (P)Ba1 rating for subordinated debt. HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008 -------------------------------------------------------------- Hasbro Inc.'s Board of Directors has declared a quarterly cash dividend of US$0.16 per common share. The dividend will be payable on Feb. 15, 2008 to shareholders of record at the close of business on Feb. 1, 2008. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) -- http://www.hasbro.com/-- provides children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. The company has operations in Australia, France, Hong Kong, and Mexico, among others. * * * Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro, Inc., and changed the ratings outlook to positive from stable to reflect the expectation for continued- strong operating performance and cash flows, leading to further debt reduction and credit metric improvement over the near-to- intermediate-term. Ratings affirmed include the Baa3 senior unsecured debt rating and the (P)Ba1 rating for subordinated debt. MICKLETON GROVE: Liquidator Presents Wind-Up Report --------------------------------------------------- The members and creditors of Mickleton Grove Building Pty Ltd met on December 10, 2007, and heard the liquidator's report on the company's wind-up proceeding and property disposal. The company's liquidator is: Stephen R. Dixon BDO Kendalls Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia About Mickleton Grove Mickleton Grove Building Pty Ltd is involved with residential construction. The company is located at Melbourne, in Victoria, Australia. MOBIUS ELR-01: Fitch Lowers Three Classes of Notes & Affirms 1 -------------------------------------------------------------- Fitch Ratings has downgraded three classes of notes and affirmed Class A notes for the Mobius Financial Services Pty. Limited lease receivable asset-backed securities transaction known as "Mobius ELR-01 Trust". The complete rating actions are: -- AU$119.7 million Class A affirmed at 'AAA'; -- AU$30.3 million Class B downgraded to 'BB+' from 'BBB'; -- AU$3.5 million Class C downgraded to 'B/DR1' from 'BB'; and -- AU$3.7 million Class D downgraded to 'CCC/DR4' from 'B'. The transaction is collateralized by a pool of lease receivables that, at the end of October 2007, comprised 13,108 individual lease receivables with Mobius acting as Master Servicer and trust manager. The transaction has paid down from initial outstanding notes of AUD163.3m to a current stated amount of AU$100.1 million. To date all principal receipts have reduced the Class A notes to approximately 51% of their initial amount. Fitch has reviewed the transaction's performance and modeled forward the prospective outlook for the transaction taking into account the higher than expected arrears and losses within the transaction that have negatively impacted the level of excess spread available to reimburse charge-offs. This reduced level of excess spread has resulted in the unrated Class E notes being charged-off significantly, eroding the overall level of credit support to the rated notes. Additional losses have been anticipated by Fitch in its analysis, and this will continue to erode credit support provided by the Class E and Class D notes. The transaction has suffered from a significant level of ineligible receivables amounting to AU$3.67 million, that have to-date, been repurchased by the seller warehouses. Fitch anticipates further ineligibles will emerge within the remaining pool. In its analysis Fitch has not provided for the ongoing support of the seller warehouses to repurchase ineligible receivables. If additional repurchases were to occur this may positively impact the ongoing performance of the transaction. The transaction to-date has suffered gross charge-offs of approximately 5.5% with excess spread reimbursing approximately 38% of gross charge-offs and ineligible repurchases reimbursing 41% with the remaining net losses being charged-off to the Class E notes. Gross charge-offs have principally arisen within the consumer receivables sub-pool originated by Tech Leasing - approximately 41% of losses, Tech Leasing's commercial equipment pool - 18% and the commercial equipment lease sub-pool originated by Enterprise Finance Solutions Pty. Ltd. (EFS) - 31%. These two originators have also seen the highest level of ineligibles within their pools. Looking forward, additional and rising losses are also anticipated to be incurred by EFS and Iden Leasing Pty. Ltd. Receivables from Technology Business International Pty. Ltd. have performed considerably better than originally anticipated with no losses incurred to-date. Fitch will continue to closely monitor the performance of the transaction. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report titled "Structured Finance Distressed Recovery Ratings", which is available on the Fitch Ratings Web site at http://www.fitchratings.com/ NMS MANAGEMENT: Liquidator Presents Wind-Up Report -------------------------------------------------- The members and creditors of NMS Management Services Pty. Ltd met on December 7, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Barry Keith Taylor B. K. Taylor & Co 8/608 St Kilda Road Melbourne, Victoria 3004 Australia About NMS Management NMS Management Services Pty Ltd provides services allied to motion picture production. The company is located at Richmond, in Victoria, Australia. PONTIFF LIMITED: Members Receive Wind-Up Report ----------------------------------------------- The members of Pontiff Limited met on December 6, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. About Pontiff Limited Pontiff Limited is a distributor of durable goods. The company is located at Mount Waverley, in Victoria, Australia. PREFECT & DUX: Members & Creditors Hear Wind-Up Report ------------------------------------------------------ On December 10, 2007, the members and creditors of Prefect & Dux Pty Ltd met and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen R. Dixon BDO Kendalls Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia About Prefect & Dux Prefect & Dux Pty Ltd is a distributor of durable goods. The company is located at Melbourne, in Victoria, Australia. REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan ---------------------------------------------------------------- MacAndrews & Forbes Holdings Inc., Revlon Inc.'s stockholder, which is owned by Ronald O. Perelman, has agreed to provide Revlon Inc.'s operating subsidiary, Revlon Consumer Products Corporation, with a US$170 million Senior Subordinated Term Loan. RCPC will use the proceeds of such term loan to repay in full the US$167.4 million remaining aggregate principal amount of its 8-5/8% Senior Subordinated Notes, which matures on Feb. 1, 2008, and to pay fees and expenses incurred in connection with such transaction. RCPC expects to close and fund the US$170 million Senior Subordinated Term Loan on Feb. 1, 2008. The US$170 million Senior Subordinated Term Loan from MacAndrews & Forbes will bear interest at the rate of 11% per annum, which will be payable quarterly in cash, and will be unsecured and subordinated to RCPC's senior debt, with a final maturity of Aug. 1, 2009. MacAndrews & Forbes beneficially owns approximately 57% of the company's outstanding Class A common stock, 100% of the company's Class B common stock and 60% of the company's combined outstanding shares of Class A and Class B common stock, which together represent approximately 74% of the combined voting power of such shares. About Revlon Inc. Headquartered in New York City, Revlon Inc. (NYSE:REV) -- http://www.revlon.com/-- conducts its business through its direct wholly owned operating subsidiary, Revlon Consumer Products Corporation and its subsidiaries, which manufactures, markets and sells an array of cosmetics, skincare, fragrances, beauty tools, hair color and personal care products. The company is a mass-market cosmetics brand. The company has international operations in Argentina, Australia, Bermuda, Brazil, Germany, Spain, the Netherlands and the United Kingdom. * * * As reported in the Troubled Company Reporter on Nov. 8, 2007, Revlon's Sept. 30, 2007, consolidated balance sheet showed US$882.4 million in total assets and US$2.03 billion in total liabilities, resulting in a US$1.15 billion in total shareholders' deficit. Net loss in the third quarter of 2007 was US$10.4 million, compared with a net loss of US$100.5 million in the third quarter of 2006. SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant -------------------------------------------------------------- The SCO Group Inc. and its affiliate, SCO Operations Inc., obtained authority from the U.S. Bankruptcy Court for the District of Delaware to employ Tanner LC as their accountants. As reported in the Troubled Company Reporter on Nov. 8, 2007, Tanner LC is expected to perform an audit of the Debtors' consolidated financial statements for the year ending Oct. 31, 2007, and to assist the Debtors in reviewing their financial statements and other documents necessary for the Securities and Exchange Commission submissions. Kent M. Bowman, an auditor at Tanner LC, told the Court the Debtors agreed to pay an estimated amount of approximately US$196,000. The firm's reviews of the 10-Q's will bill a fixed fee of US$22,500 per 10-Q report. For all other services in connection with the services rendered, the firm will bill at the normal customary rate. To the best of the Debtors' knowledge, the firm is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the Debtors' claims and noticing agent. The U.S. Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO ---------------------------------------------------------------- The SCO Group Inc. and its affiliate, SCO Operations Inc., obtained authority from the U.S. Bankruptcy Court for the District of Delaware, to employ CFO Solutions LC to provide their company with a chief financial officer. As reported in the Troubled Company Reporter on Nov 8, 2007, CFO Solutions provides consulting services and temporary employees to staff CFO and other key financial positions in companies. CFO Solutions proposed the appointment of Ken Nielsen as the Debtors' chief financial officer. Mr. Nielsen is expected to assist the Debtors in financial and general management matters, including, evaluating and implementing strategic and tactical options through the restructuring process. Specifically, Mr. Nielsen will: a) develop and implement cash management strategies and reporting protocols; b) develop and evaluate various restructuring alternatives and negotiate with key creditors and other stakeholders; c) assist in day-to-day oversight and management of the Debtors' operations; and d) counsel and assist the Debtors through the marketing and sale process, or other reorganization strategies, including the identification of the highest and best transaction, and to assist with such other matters as may be requested that fall within the firm's expertise and mutually agreeable. The Debtors told the Court that the firm will charge US$150 per hour. Of the total amount, Mr. Nielsen will receive US$105 through the Debtors' payroll and US$45 will be paid to the firm. The Debtors also related that they agreed to pay the firm an amount not to exceed 30% of Mr. Nilesen's annual salary, minus all amounts paid to the firm, as of the date of termination as a placement fee, if Mr. Nielsen will be terminated prior to the expiration of the six month term. Furthermore, the Debtors agreed to pay the firm US$40,000 minus 70% of any severance amounts paid to Mr. Nielsen, if the Debtors terminate Mr. Nielsen, without cause, or if Mr. Nielsen is unable to perform the services. If the Court does not approve the hourly payments to the firm under the agreement, the Debtors have agreed to compensate the firm 30% of Mr. Nielsen's annual base salary, as a placement fee for a chief operating officer. To the best of the Debtors' knowledge, the Mr. Nielsen holds no interest adverse to the Debtors' and their estates and is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the Debtors' claims and noticing agent. The U.S. Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SYMBION HEALTH: Healthscope May Attempt Takeover for Third Time --------------------------------------------------------------- Healthscope Ltd. could make another takeover bid for Symbion Health Ltd. after its two previous attempts to secure Symbion's diagnostic assets failed, the Australian Associated Press reports. AAP states that Healthscope is considering a number of options and has "continued to increase its economic exposure to Symbion.� The report quotes Healthscope as saying that it is ". . .also open to discussing with Symbion and Primary Health Care Ltd any proposal that maximises value for all parties." Healthscope, which was subject to a temporary contractual restriction stopping it from talking to Primary without Symbion's consent until January 26, 2008, had asked to be released immediately from this obligation, relates AAP. Healthscope added that Primary's bid must remain open until January 7, 2008, unless extended, adds AAP. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). ZINIFEX: Xstrata and Oxiana May Launch Takeover Bid, Sources Say ---------------------------------------------------------------- Xstrata Plc might launch a bid for zinc and lead producer Zinifex Ltd. for AU$9.7 billion, sources revealed to RTT News. Switzerland-based Xstrata, according to the report, is expected to make an offer of AU$20.00 per share for Zinifex. Aside from Xstrata, there were market speculations that rival Oxiana Resources Ltd. might also launch a bid for Zinifex with 4 Oxiana shares for every 1 Zinifex share, relates RTT. Zinifex Limited, one of the world's largest integrated zinc andlead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's' BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ AGRICULTURAL BANK: Finance Ministry Sells CNY750BB of Bonds ----------------------------------------------------------- China's finance ministry sold on Dec. 11, 2007, CNY750 billion (US$101 billion) of 15-year special treasury bonds to Agricultural Bank of China to raise capital for its sovereign wealth fund, Li Yanping writes for Bloomberg News, citing a ministry statement. According to Trading Markets, the bonds carry an interest rate of 4.45%. The bonds can be traded in the inter-bank bond market from December 11, and interest will be paid on June 11 and December 11 every year. The finance ministry will repay the principal and pay the last interest on December 11, 2022. Bloomberg relates that the finance ministry's announcement is similar to its special bond sales in August, wherein it sold CNY600 billion of 10-year bonds to Agricultural Bank. The report recounts that these bonds were later sold to the central bank to fund the establishment of China Investment Corp., which is buying US$200 billion of currency reserves. Bloomberg recalls that China's lawmakers earlier approved a plan to sell the so-called special government bonds to finance CIC, which was officially set up in September to help manage and boost returns on the country's US$1.43 trillion of reserves. The Chinabond Web site indicated that the government has now sold about CNY174 billion of the agency's debt to the interbank market and CNY600 billion to the central bank as part of the CNY1.55 trillion in scheduled sales by the end of 2007. Trading Markets notes that after the coming issue, only a CNY26.09 billion quota will be available out of the 2007 CNY1.55 trillion quota. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2 --------------------------------------------------------------- The Board of Directors of Brown Shoe Company, Inc. has declared a quarterly dividend of US$0.07 per share, payable Jan. 2, 2008, to shareholders of record on Dec. 20, 2007. This dividend will be the 340th consecutive quarterly dividend paid by the company. Headquartered in St. Louis, Missouri, Brown Shoe Company Inc. (NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion footwear company with global operations including Brazil, Italy, China, Hong Kong, and Taiwan. Brown Shoe's Retail division operates Famous Footwear, the 1,000-store chain that sells brand name shoes for the family, approximately 300 specialty retail stores in the U.S. and Canada under the Naturalizer, FX LaSalle, and Franco Sarto names, and Shoes.com, the company's e-commerce subsidiary. Brown Shoe, through its wholesale divisions, owns and markets footwear brands including Naturalizer, LifeStride, Via Spiga, Nickels Soft, Connie and Buster Brown; it also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney and Nickelodeon character footwear for children. * * * On April 2007, Moody's Investors Service changed the outlook of Brown Shoe Company, Inc., to positive from stable and affirmed its Ba3 corporate family rating on the company. Moody's Investor Services placed Brown Shoe Company Inc.'s probability of default rating at 'Ba3' in September 2006. Moody's said the rating still hold to date with a positive outlook. DANA CORP: Announces Selection List for Board of Directors ---------------------------------------------------------- Dana Corporation has announced the selection of nine individuals who are expected to serve as members of the board of directors of the company upon emergence from Chapter 11 reorganization. The board will include Dana Chairperson and Chief Executive Officer Mike Burns. At emergence, it is expected that the offices of Chairperson and CEO will be separate. "We are pleased to welcome this group of highly respected individuals to the Dana team and look forward to benefiting from their perspective and guidance as we embark on our new beginning," Mr. Burns said. "The combined experience, business acumen, and high ethical standards represented by this board will provide a sound foundation for our future success." The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance, and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience. Proposed New Board of Directors Upon confirmation of the company's Plan of Reorganization by the Court, the board of directors will take office on the effective date of the plan. Joining Mr. Burns on the board will be: Gary L. Convis has retired in 2007 as the Chairperson of Toyota Manufacturing, Kentucky and Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc., where he had served since 2002. Prior to serving in these roles, Mr. Convis spent 16 years at New United Motor Manufacturing, Inc. Mr. Convis also spent more than 20 years in various roles with General Motors Corporation and Ford Motor Company. Mr. Convis is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc. John M. Devine is the former Vice Chairperson and Chief Financial Officer of General Motors Corporation, where he served from 2001 to 2005. Prior to joining GM, Mr. Devine served as Chairperson and CEO of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as Executive Vice President and CFO. Mr. Devine is also currently a board member of Amerigon Incorporated. Mark T. Gallogly is Managing Partner of Centerbridge Partners, L.P., a multi-strategy private investment firm. Prior to co- founding Centerbridge, Mr. Gallogly served as a Senior Managing Director of The Blackstone Group from 1994 to 2005, heading the firm's Private Equity Group from 2003 to 2005. Richard A. Gephardt is a senior counsel in the Government Affairs practice group at DLA Piper, one of the world's largest law firms. Previously, Mr. Gephardt served as a Congressman for Missouri's Third Congressional District for 28 years. He was the leader of the House Democrats for more than a decade, serving as House majority leader from 1989 to 1994 and minority leader from 1995 to 2003. Stephen J. Girsky is President of Centerbridge Industrial Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the Special Adviser to the CEO and CFO of General Motors Corporation from 2005 to 2006. Prior to joining GM, Mr. Girsky was managing director at Morgan Stanley and the senior analyst of the Morgan Stanley Global Automotive and Auto Parts Research Team. Terrence J. Keating is Chairperson of Accuride Corporation, one the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. He has served as CEO and a director of Accuride Corporation since 2002, and was named Chairperson of the company earlier this year. He recently announced plans to retire from active employment as an officer of the company at the end of 2008. Mr. Keating also serves as Vice Chairperson and a director of the Heavy Duty Manufacturers Association. Mark A. Schulz is the former President of International Operations of the Ford Motor Company, where he spent 32 years in a variety of global roles. Mr. Schulz serves as a member of several boards, including the National Committee of United States-China Relations, the United States-China Business Council, and the National Bureau of Asian Research. He is also a member of the International Advisory Board for the President of the Republic of the Philippines. Mr. Schulz is also currently a board member of YRC Worldwide Inc. Jerome B. York has served as Chief Executive Officer of Harwinton Capital LLC, a private investment company that he controls, since 2000. From 2000 to 2003, Mr. York was Chairperson and CEO of MicroWarehouse, Inc. From 1995 to 1999, he served as Vice Chairperson of Tracinda Corporation. He served as Senior Vice President and Chief Financial Officer of IBM Corporation from 1993 to 1995. Prior to that, Mr. York spent 14 years at Chrysler Corporation serving as its CFO from 1990 to 1993. Mr. York is also currently a director of Apple Inc. and Tyco International Ltd. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. DANA CORP: Personal Injury Committee Objects to Plan ---------------------------------------------------- The Ad Hoc Committee of Asbestos Personal Injury Claimants disputes Dana Corp.'s contention that the asbestos personal injury claimants are not impaired by the Third Amended Joint Plan of Reorganization. According to Douglas T. Tabachnik, at Law Offices of Douglas T. Tabachnik, in Freehold, N.J., the Debtors have failed to demonstrate that the asbestos personal injury claimants are not impaired. He elaborates that under the Plan, the Debtors can engage in Court-sanctioned Restructuring Transactions that could readily leave holders of asbestos personal injury claims with little or no meaningful remedy for injuries. A Restructuring Transaction can extinguish a Reorganized Debtor's obligation to pay asbestos injury claims and the successor Acquiring Entity would have no obligation to assume those liabilities, Mr. Tabachnik points out. Accordingly, the Ah Hoc Committee of Asbestos Personal Injury Claimants asserts that the Plan should not be confirmed. Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration ------------------------------------------------------------ Fiat S.p.A. decided to commit itself to complete the integration of the Pomigliano plant into the Fiat Group Automobiles manufacturing system. According to the company, the commitment will be realized through a plan of technological investments worth a total of EUR70 million. The investments will be flanked by intensive training programs for employees and they are in addition to the other EUR40 million in extra costs stemming from the suspension of production necessary to realize the plan. Fiat's objective is to bring this plant to best-in-class performance levels and ensure that it will be able to meet the conditions necessary for the allocation of production of new future models. Normal working activities at the plant will be suspended for around two months, from Jan. 7 to March 2, 2008, in order to process in accordance with the world class manufacturing principles currently applied at all the group's facilities. In the same period, employees will receive training. Fiat group will bear all costs of the temporary shutdown, including wages and associated social security contributions. As regards the manufacturing process, the plant organization will be thoroughly rationalized, eliminating the trim shop and incorporating all vehicle prep areas in the final assembly line. Closure panel hemming, Alfa 159 body framing and all quality activities will be housed in a single building. In the next twelve to fifteen months, the company will make investments aimed at boosting efficiency at the plant and improving workers' safety and the facilities provided to them. The work called for by the plan will be carried out by outside contractors, and is expected to involve over 900 contractor employees. With this initiative, the Fiat underscores its strong determination to do everything possible, in organizational and financial terms, to guarantee that the plant can continue to exist, and continue to grow. At the same time, the contribution of all employees is absolutely essential to achieve our development objectives. Fiat expects that in 2008, once the operation is completed, Pomigliano to have turned into a manufacturing plant which can go head to head with its best competitors. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks ------------------------------------------------------------- The Venezuelan government has given Belarus' state-oil company approval to operate three more oil blocks in order to produce 50,000 barrels of oil per day, Matthew Walter at Bloomberg News reports. Petroleos de Venezuela and Belarus Neft are already in partnership in Junin I block, which requires a US$120-million investment to drill nine wells. The bilateral oil pact was inked Thursday by Presidents Hugo Chavez and Alexander Lukashenko. Other agreements that the two leaders agreed on involved deepening military and trade ties, the same report adds. "The international media dictatorship... calls him 'Europe's last dictator,' and me the last dictator of Latin America. Here we are, the last dictators," President Chavez said, laughing, according to the Associated Press. "They demonize us ... (because) we're leading a process of liberating our nations, uniting our nations." Both leaders are opponents of the U.S. government, which calls them tyrants and destabilizing factors. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. SEA WAVE: Appoints New Liquidators ----------------------------------- The members of Sea Wave International Limited appointed Chan Chi Ho and Lau Wai Fung as the company's liquidator. The Liquidators can be reached at: Chan Chi Ho Lau Wai Fung Room 1501, Eastern Com Building 397 Hennessy Road, Hong Kong SYSTEM-PRO: Liquidators Quit Post --------------------------------- On October 30, 2007, Ying Hing Chui and Chung Mui Yin, Diana, stepped down as liquidators for Systems-Pro Computers Limited, which is undergoing liquidation. TIBET SUMMIT: Nine-Month Loss Hits CNY57MM; Sees Loss for FY2007 ---------------------------------------------------------------- Tibet Summit Industry Co., Ltd., incurred a net loss of CNY57 million for the nine-month period ended September 30, 2007, up from the CNY26.3-million net loss it recorded for the same period in 2006, Reuters Key Developments reports. The report notes that Tibet Summit's revenues for the nine-month period totaled CNY546.1 million, up from the CNY5.1 million recorded for the nine-month period the previous year. Revenues reflect increased steady growth of the new business in metal mining, while the net loss was offset by much higher selling, general and administrative expenses, increased investment loss, and increased non-operating expense, Reuters relates. Tibet Summit disclosed that it expects to report a loss for fiscal 2007 guidance, despite the company having experienced a net profit of CNY1,076,064.26 for FY2006. About Tibet Industry Tibet Summit Industry Co., Ltd. is principally engaged in the smelting, production and sale of non-ferrous metal such as zinc and indium, as well as related products. The Company produces zinc sulphate, indium, zinc ignot, zinc oxide, sulphuric acid and others. The Company operates its businesses mainly in northwestern China. As of December 31, 2006, the Company had one major subsidiary, engaged in the production and sale of indium and related products, and two associates, of which one was engaged in the sale of tax-exempt imported and domestic commodities. The Company is headquartered in Lhasa, Tibet Autonomous Region, China. The Troubled Company Reporter-Asia Pacific �Large Companies with Insolvent Balance Sheets� column on Dec. 7, 2007, listed Tibet Summit Industry (600338) as having total assets of US$90.92 million and total shareholders' equity deficit of US$4.05 million. TOP SPEED HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------------- Top Speed Holdings Limited commenced liquidation proceedings on November 27, 2007. The company's liquidator is: Yuen Sik Ming, Patrick 805 Capitol Centre 5-19 Jardine's Bazaar Causeway Bay, Hong Kong YAN WING: Members Final Meeting Slated for January 18 ----------------------------------------------------- The members of Yan Wing Fibre & Accesory Company Limited will have their final general meeting on January 18, 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 21st Floor, Fee Tat Commercial Centre No. 613, Nathan Road, in Kowloon, Hong Kong. ========= I N D I A ========= AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures ---------------------------------------------------------------- AES Corp.'s Brazilian power distributor AES Eletropaulo said in a filing with securities regulator Comissao de Valores Mobiliarios that it has began selling non-convertible debentures of up to BRL200 million. According to AES Eletropaulo's filing, the firm will use the proceeds from the sale in distribution operations. AES Eletropaulo told Business News Americas that "the 11-year notes will yield Brazil's interbank lending rate, plus 1.75% a year." Investors will get the proceeds every six months beginning May next year, BNamericas states. About AES Eletropaulo AES Eletropaulo is a distributor serving in Sao Paulo, Brazil. It has 4.6 million clients and serves an estimated 14 million people in its 4,526sq km concession area. In terms of revenues, it is the largest electricity distributor in Latin America. About AES Corp. 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. AXIS BANK: S.B. Mathur Quits Director Post Effective Dec. 6 ----------------------------------------------------------- S. B. Mathur, the nominee director of Specified Undertaking of the Unit Trust of India, has resigned as director of Axis Bank Ltd, a regulatory filing with the Bombay Stock Exchange says. The move is consequent on his handing over charge as administrator of SUUTI. According to the BSE filing, the resignation took effect on Dec. 6, 2007. Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. * * * The bank's Foreign Long Term Bank Deposits carry Moody's Investors Service's Ba2 rating, which was placed on July 1, 2005. DECCAN AVIATION: To Operate Separately After Kingfisher Merger -------------------------------------------------------------- Deccan Aviation Ltd will operate separately from UB Group's Kingfisher Airlines even after the two carriers are merged, various reports say, citing Deccan Executive Chairmn Captain Gopinath. UB Group owns nearly 46% stake in Deccan. According to Captain Gopinath, they will only focus on rebranding the airlines. Post merger, UB Group will run as full service airline while Deccan will operate as low cost carrier, the Press Trust of India relates. As previously reported by the Troubled Company Reporter-Asia Pacific, management consultancy firm Accenture was tapped to find operational synergies between the two airlines. The firm is expected to spell out in January the road map that the two airlines have to undertake to turn themselves into profitable entities. Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. ESSAR OIL: Plans to Acquire 50% Stake in Kenyan Refinery -------------------------------------------------------- Essar Oil Ltd is eying a 50% stake in Kenya Petroleum Refinery as part of its move to go global and diversify its market, various reports say. According to The Financial Express, the Essar Group has initiated talks for the refinery in which the government of Kenya owns a 50% interest. The other 50%, which Essar is eyeing, is held by Chevron, Royal Dutch/Shell and British Petroleum. The Kenyan refinery, located in Mombassa, has an annual capacity of four million tonnes. Reliance Industries and Bharat Petroleum Corporation are also reportedly in the race for the 50% stake. The Economic Times, however, said Essar Oil is very close to sealing the deal. Citing a source close to developments, the Times said the deal will probably be announced within the week. Headquartered in Jamnagar, India, Essar Oil Limited -- http://www.essar.com-- is engaged in the exploration, production and marketing of oil and gas. The company's principal activities are to develop, explore, produce, and refine oil and gas. Vadinar Power Company Limited is a wholly owned subsidiary of the company. On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65 billion and INR2 billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicates that the instruments are in default. ICICI BANK: Offers Tax Concessions to NRO Deposits -------------------------------------------------- ICICI Bank has launched a new Non-Resident Ordinary deposit feature, NRO Fixed Deposit Plus. This new feature introduced by the Bank's NRI Services division will enable NRI's to maximize their post tax yield on NRO FDs. With this, ICICI Bank has made available the benefit of concessional rate of Tax Deducted at Source under the Double Taxation Avoidance Agreement as a standard product feature to its NRI customers. ICICI Bank will offer this feature initially to NRI's from countries including the U.S., U.K., Canada and Singapore. Manish Misra, Head-NRI services and Remittances, ICICI Bank, said �Fixed Deposits have a steady place in any asset allocation mix. In a well-balanced asset allocation strategy, the share of such investments will be in double digits. And, depending on the risk profile of the investor, this may vary from 5%- 50% of the portfolio. In the current scenario, bank deposits offer one of the safest, convenient and yet an attractive investment option for all. For NRIs, Non Resident (Ordinary) bank deposits generate the best guaranteed rupee returns�. However, the plain vanilla NRO deposits, which earn interest equal to the high yield resident deposits, unfortunately are not eligible for the statutory tax benefits enjoyed by NRE /FCNR deposits. Currently, interest on NRO FD is subject to a tax of 30.9 to 33.9% if DTAA benefit is not allowed. Also, such a tax is deducted at source on plain NRO FDs. This makes the post tax yield on plain NRO deposits relatively unattractive for a savvy investor. For example, a plain NRO FD giving an 8.5% interest rate p.a., gives a post tax yield of 6% (TDS being deducted @ 30.9%). However, with the DTAA provisions applied to a similar NRO FD, ICICI Bank's NRI customers will be entitled to a lower TDS of 15% subject to fulfillment of prescribed conditions resulting in an effective post tax return of approx. 7.4%. A post-tax return of 7.4% on a safe and secure NRO FD plus will be a boon to investment-savvy NRIs. Customers can visit the nearest ICICI Bank branch for investing in these high yield deposits. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On Oct. 16, S&P assigned its 'BB+' issue rating to its senior unsecured, five-year, fixed-rate U.S. dollar notes. IFCI LTD: Fixes Dec. 17 as Date to Determine Conversion Price ------------------------------------------------------------- IFCI Ltd has set Dec. 17, 2007, as the date for determining the price of shares to be issued on conversion into equities of zero coupon bonds, the Indian Express reports. Coupon bonds aggregating around INR1,300 held by public sector banks and financial institutions will be converted into the company's shares at a price that will be determined on Monday as per SEBI guidelines. The exact number of shares to be issued on conversion is yet to be determined after the relevant date. IFCI's board of directors has recently gave its nod on the proposed conversion of all optionally convertible bonds given to the public sector banks into equity and maintain the hold of state-run insurance firms at the present level of over 13%, The Financial Express relates. The board has also fixed Dec. 14 as the last date of receiving financial bids for the 26% stake in the company, the Indian Express says. The board is expected to induct the strategic investor by Dec. 20. IFCI Limited -- http://www.ifciltd.com/-- is established to cater the long-term finance needs of the industrial sector. The principal activities of IFCI include project finance, financial services, non-project specific assistance and corporate advisory services. Project finance involves providing credit and other facilities to green-field industrial projects (including infrastructure projects), as well as to brown-field projects. Financial services covers a range of activities wherein assistance is provided to existing concerns through various schemes for the acquisition of assets, as part of their expansion, diversification and modernization programs. Non-project specific assistance is provided in the form of corporate/short-term loans, working capital, bills discounting, etc to meet expenditure, which is not specifically related to any particular project. Its investment portfolio includes equity shares, preference shares, security receipts and government securities. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 3, 2007, India's Credit Analysis & Research Ltd. retained a CARE D rating to IFCI's Long & Medium Term Debt aggregating INR91.36 crore. The amount represents the outstanding non- restructured amount under the Bonds series, which have been rated by CARE. Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating at '4'. The outlook on the rating is stable. IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems ------------------------------------------------------------ IMAX Corporation and AMC Entertainment Inc. enter a joint- venture agreement to install 100 IMAX(R) digital projection systems at AMC locations in 33 major U.S. markets. The theatres will feature IMAX's digital projection system which is being developed for the IMAX MPX(R) theatre design. The agreement is projected to double IMAX's current commercial theatre footprint in North America and accelerates the momentum behind IMAX and AMC's transition to digital projection technology. "We are committed to delivering a premium entertainment experience by offering a menu of entertainment alternatives inside our facilities," Peter C. Brown, chairman and chief executive officer, AMC Entertainment Inc., said. "Our expanded relationship with IMAX and the deployment of its state-of-the- art, next-generation digital projection systems is a key part of our strategy of continuing to broaden and enhance the AMC experience. It also builds on the successful partnership we have had with IMAX since June of 2005 and complements our overall digital plan." The rollout of the first 50 IMAX digital projection systems will begin in July 2008 at premier AMC theatre locations in 24 of the 33 selected markets, with an additional 25 scheduled for rollout in 2009 and 25 more in 2010. The IMAX theatres are slated to be installed in many of AMC's top-performing locations in the United States, including: AMC South Barrington 30, Chicago; AMC Mesquite 30, Dallas; AMC Gulf Pointe 30, Houston; AMC Century City 15, Los Angeles; AMC Empire 25, New York; AMC Neshaminy 24, Philadelphia; AMC Eastridge 15, San Francisco; AMC Hoffman Center 22, Washington D.C. "The agreement cements a partnership between two great brands,� IMAX co-chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler, said. �Partnering with AMC in a theatre deal of this size and scope is a transformational moment for our company from both a financial and strategic perspective. We couldn't be more pleased that The IMAX Experience(R) will be more accessible to consumers in nearly every major market in the United States. �AMC is unique in the number of successful, stadium-seat megaplexes in locations that could accommodate this large number of new IMAX(R) theatres,� they continued. �Further, AMC's confidence in our digital projection system is a terrific endorsement. We look forward to rolling out our ground-breaking new technology and delivering the premium experience that moviegoers have come to expect from the IMAX(R) brand." In October of this year, IMAX disclosed that it had moved up the launch date of its digital projection system to mid-2008 from its anticipated timeframe of the end of 2008 to mid-2009. The anticipated IMAX digital projection system will further enhance The IMAX Experience and help to drive profitability for studios, exhibitors and IMAX theatres by virtually eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. IMAX has already secured important parts of its film slate for 2008, 2009 and 2010 through agreements with major Hollywood studios including: The Spiderwick Chronicles (February 2008), Shine A Light (April 2008), Kung Fu Panda (June 2008), The Dark Knight (July 2008), Deep Sea-quel 3D (working title, February 2009), Monsters vs. Aliens 3D (March 2009), How to Train Your Dragon 3D (November 2009), Hubble 3D (working title, February 2010) and Shrek Goes Forth 3D (May 2010). "An agreement of this magnitude significantly jumpstarts our joint venture initiative, which we expect will generate increased recurring revenues for IMAX going forward,� added Messrs. Gelfond and Wechsler. �AMC's decision to enter into this agreement will accelerate the growth of our theatre network in North America and should help power the digital transition underway at our company, which we believe will help drive our operating and financial performance for years to come." AMC's initial 50 IMAX digital locations will include: MARKET AMC THEATRE ------ ----------- Atlanta AMC Barrett Commons 24 AMC Southlake Pavilion 24 Baltimore AMC Columbia Mall 14 AMC Loews White Marsh 16 Boston AMC Loews Boston Common 19 Charlotte AMC Concord Mills 24 Chicago AMC South Barrington 30 AMC Loews Crestwood 18 Cincinnati AMC Newport on the Levee 20 Dallas AMC Mesquite 30 Denver AMC Highlands Ranch 24 AMC Orchards 12 AMC Westminister Promenade 24 Houston AMC First Colony 24 AMC Gulf Pointe 30 Jacksonville AMC Orange Park 24 AMC Regency Square 24 Kansas City AMC BarryWoods 24 AMC Independence Commons 20 Los Angeles AMC Burbank 16 AMC Century City 15 AMC Del Amo 18 AMC Promenade 16 AMC Puente Hills 20 AMC Santa Anita 16 Miami AMC Aventura 24 AMC Sunset Place 24 New Orleans AMC Elmwood Place 20 New York AMC Loews 34Th Street 14 AMC Empire 25 AMC Loews Kips Bay 15 AMC Rockaway 16 AMC Loews Stony Brook 17 AMC Loews Monmouth Mall 15 Norfolk AMC Lynnhaven 18 Orlando AMC Altamonte Mall 18 Philadelphia AMC Loews Cherry Hill 24 AMC Hamilton 24 AMC Neshaminy 24 Pittsburg AMC Loews Waterfront 22 San Diego AMC Palm Promenade 24 San Francisco AMC Bay Street 16 AMC Eastridge 15 AMC Mercado 20 Seattle AMC Loews Alderwood 16 AMC Southcenter 16 Tampa AMC Veterans Expressway 24 Washington D.C. AMC Hoffman Center 22 AMC Potomac Mills 18 AMC Tysons Corner 16 About AMC Entertainment Inc. Headquartered in Kansas City, Missouri, AMC Entertainment Inc. -- http://www.amctheatres.com/-- is an innovative theatrical exhibition company. Established in 1920, the company serves more than 230 million guests annually through interests in 358 theatres with 5,128 screens in six countries. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post- production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. * * * Moody's Investor Services placed IMAX Corporation's long term corporate family and probability of default ratings at 'Caa1' in July 2007. The ratings still hold to date with a positive outlook. ================= I N D O N E S I A ================= ALCATEL-LUCENT: Signs EUR90-Mil. Turnkey Deal w/ Tele Greenland --------------------------------------------------------------- Alcatel-Lucent has signed a EUR90 million turnkey contract with Tele Greenland to deploy a 4,600-kilometer submarine cable network linking Greenland to Iceland and Canada. The new cable network, called Greenland Connect, is expected to provide international and domestic connectivity to meet the growing bandwidth requirements for new applications -- including video, data, and other multimedia services -- to serve Tele Greenland's users. The project should be completed before the winter season of 2008. The Greenland Connect network will consist of two main sections or trunk cables: the first one will span 2,500 kilometers from Nuuk in Greenland to Milton in Newfoundland and the second will link Nuuk and Qaqortoq to Landeyarsandur in Iceland over 2,100 kilometers. Each of the trunk cables will be equipped with branching units allowing for future connections north of Nuuk and also for a direct connection from Newfoundland to Iceland. Greenland Connect will offer an ultimate capacity of up to 96 by 10Gbit/s. The network will enable businesses and consumers to benefit from services such as broadband Internet and video conferencing. Tele Greenland will also be able to further enhance its end-to- end offering for voice and data network hubs, call centers and advanced multimedia applications for maritime safety and emergency communications. "According to our vision, 'Greenland in the Centre of the World', we have to address increased connectivity requirements, while minimizing our operational costs and guaranteeing performance continuity at the highest level possible. The Greenland Connect cable will provide Greenland with a place on the worldwide Internet network, and direct access to American and European markets" said Tele Greenland Chief Executive Officer, Brian Buus Pedersen. "Alcatel-Lucent's submarine solutions offer the flexibly and reliability our customers require to support the cost-effective delivery of innovative services." "The severe weather conditions of Greenland and the North Atlantic Ocean make this project very challenging," stated President of Alcatel-Lucent's submarine network activity, Jean Godeluck. "Our selection for this project is based on our ability to manage from the most simple to the most complex turnkey projects and deliver it on time." About Tele Greenland For more than 75 years, TELE Greenland Inc. has provided telecommunications and marketed telecom and IT-solutions in Greenland. The telecom division operates telecommunications activities in Greenland according to a concession granted by the Greenland Home Rule Government. With a total area of 2,2 million Sq. km, Greenland is the largest island in the world, 10 times the size of The United Kingdom and part of the North American continent. Greenland has a population of 57,000 people located along the west and east coast of the island in 17 towns and 55 settlements. 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. BAKRIE SUMATERA: To Buy Two Plantation Firms for IDR1.05 Tril. -------------------------------------------------------------- PT Bakrie Sumatera Plantations Tbk has decided to acquire two plantation companies, which has a total area of 20,000 hectares, Reuters Investing Keys reports citing Bisnis Indonesia. According to the report, the company will buy the plantations at the price of IDR1.05 trillion. Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera Plantations Tbk is Indonesia's third largest largest publicly traded plantation company. It is 54% owned by PT Bakrie & Brothers Tbk, and its products include crude palm oil, palm kernel oil and latex. It was listed in 1990 on the Jakarta Stock Exchange. BSP carries Standard & Poor's Ratings Services' 'B' corporate credit rating. The outlook is stable. The Troubled Company Reporter-Asia Pacific reported on Sep 28, 2007, that Standard & Poor's Ratings Services affirmed its 'B' corporate credit ratings on Indonesia's PT Bakrie Sumatera Plantations Tbk. The outlook is stable. On Sep 27, 2007, Moody's Investors Service has changed to positive from stable the outlook for Bakrie Sumatera Plantations Tbk's B2 corporate family rating and secured bond rating on its US$160 million notes. BAKRIE SUMATERA: Sets FY2007 Net Profit and 2008 Revenue Targets ---------------------------------------------------------------- PT Bakrie Sumatera Plantations Tbk expect its fiscal-year 2007 net profit to be between IDR210 billion to IDR220 billion, Reuters Investing Keys reports citing Bisnis Indonesia. The company also sees its fiscal year 2008 revenue to be IDR1.7 trillion, the report adds. According to Reuters Estimates, analysts on average expect the company's fiscal year 2007 net profit to be IDR228,886,700 million and fiscal year 2008 revenue to be IDR2,030,640 million. Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations Tbk is Indonesia's third largest largest publicly traded plantation company. It is 54% owned by PT Bakrie & Brothers Tbk, and its products include crude palm oil, palm kernel oil and latex. It was listed in 1990 on the Jakarta Stock Exchange. BSP carries Standard & Poor's Ratings Services' 'B' corporate credit rating. The outlook is stable. The Troubled Company Reporter-Asia Pacific reported on Sep 28, 2007, that Standard & Poor's Ratings Services affirmed its 'B' corporate credit ratings on Indonesia's PT Bakrie Sumatera Plantations Tbk. The outlook is stable. On Sep 27, 2007, Moody's Investors Service has changed to positive from stable the outlook for Bakrie Sumatera Plantations Tbk's B2 corporate family rating and secured bond rating on its US$160 million notes. BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating ------------------------------------------------------------- Moody's has confirmed BearingPoint Inc.'s B2 corporate family rating and assigned a negative rating outlook. In doing so, Moody's has concluded its review for possible downgrade of the company's ratings. The B2 rating confirmation is supported by the likelihood that, irrespective of a potential further slowdown in the United States economy, the company's Public Services, EMEA, and Asia Pacific divisions will continue to provide support for the company's overall revenue growth and achievement of operating profitability. The confirmation also reflects the likelihood that the company will continue reduce its high finance, accounting, and infrastructure costs, raise staff utilization levels, and lower capital expenditures, thereby improving its overall financial operating performance. On Dec. 3, 2007, the company reestablished and expects to maintain current financial reporting status. The corporate family rating is constrained by the company's large operating losses and negative free cash flow, the project consulting industry's exposure to economic cyclicality, including the current downturn in the U.S. financial services sector, the company's high, but declining, finance and accounting costs, and its near-term potential debt refinancing needs related to an April 2009 investor put option on US$200 million convertible bonds. The negative rating outlook reflects the company's exposure to economic cyclicality and the potential that a more severe U.S. economic downturn could offset substantial near-term improvement to its financial performance. In addition to the rating confirmation, Moody's assigned a short-term SGL-3 liquidity rating to the company that reflects substantial negative free cash flow in the trailing twelve months ended Sept. 30, 2007, prospects for achieving positive free cash flow over the next twelve months, and a heavy reliance on cash balances and on previously obtained external sources of financing. The company has a US$500 million credit facility (US$300 million drawn term loan and US$200 LOC facility) and is in compliance with the covenants of this facility. The covenants require the company to file its financial statements with the SEC on a timely basis subsequent to Oct. 31, 2008. As of Sept. 25, 2007, cash balances were US$431 million. BearingPoint fortified its cash balances in May 2007 with US$300 million proceeds from its term loan offering. Potential near- term liquidity needs include potential debt refinancing needs related to an April 15, 2009, investor put option date on its 5% US$200 million senior subordinated convertible notes. The Caa1 rating for the Series A and B Unsecured Subordinated Convertible Notes reflects their un-guaranteed and junior position as holding company instruments within the company's capital structure. These notes are subordinate to the US$300 million secured term loan, issued May 2007, the US$200 million 5.0% senior subordinated convertible notes, as well as to other operating liabilities considered to be senior in priority of claims, including its trade payables, operating leases, and under-funded German pension program. The ratings for these A and B Notes has been downgraded to Caa1 from B3, reflecting the addition of the senior secured term loan into the company's capital structure since the initiation of the review for possible downgrade. Rating Confirmed: -- Corporate Family Rating B2 Ratings Assigned: -- Short-Term Liquidity Rating SGL-3 Ratings Downgraded: -- US$250 million Series A Subordinated Convertible Notes to Caa1 from B3 (LGD5, 86%) -- US$200 million Series B Subordinated Convertible Notes to Caa1 from B3 (LGD5, 86%) Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE) -- http://www.BearingPoint.com/-- provides of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. The firm has approximately 17,500 employees, and major practice areas focusing on the Public Services, Financial Services and Commercial Services markets. BearingPoint has global locations including in Indonesia, Australia, Austria, China, India, Japan, Mexico, Portugal, Singapore and Thailand. The company reported total assets of US$1.9 billion, total liabilities of US$2.1 billion, and total stockholders deficit of US$177.3 million as of Dec. 31, 2006. EXCELCOMINDO: To Sell 7,000 units of Base Transceiver Stations -------------------------------------------------------------- PT Excelcomindo Pratama plans to sell 7,000 units of its base transceiver stations, which are estimated to be worth IDR7 trillion, various reports say. President Hasnul Suhaimi told Antara News that the company has hired Goldman Sachs as the sales arranger. According to Teleography News, the transaction is expected to be completed in April 2008. Last month, Teleography recounts, Excelcom said it was seeking to raise US$950 million through bonds and borrowing to repay existing debt and fund the continuing expansion of its wireless networks and services. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 29, 2007, Excelcomindo Pratama's shareholders convened a extraordinary general meeting on Nov. 23, 2007, and resolved to approve the company's plan to obtain new borrowings in the aggregate amount not exceeding US$950,000,000 through one or a number of transactions in the form of bilateral credit facility, syndicated credit facility, and/or through issuances of bonds and/or other debts instruments, denominated in foreign currencies and/or Rupiah. According to Teleography, the company believes the move, which was approved by shareholders on Nov. 25, is vital in an intensely competitive mobile market. Around US$350 million will be set aside for network expansion and the remainder will be used to reduce debt, Teleography adds. Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk -- http://www.xl.co.id/ -- provides wireless telecommunications services, leased lines and corporate services, which include Internet Service Provider (ISP) and Voice over Internet Protocol services. In addition, Excelcomindo provides voice, data and other value-added cellular telecommunications services. Its product lines include jempol, bebas and xplor. The company also provides services that allow its customers to purchase electronic voucher reloads at all of its centers and outlets, automated teller machines of various major banks and through its all centers. Excelcomindo starter packs and voucher reloads are also sold by independent retailers. Excelcomindo is Indonesia's third-largest cellular operator; as at the first quarter of 2006 the company had 8.2 million subscribers representing total market share of around 15% but with cellular revenue market share of approximately 10%. TM and its parent Khazanah together hold 73.7% in XL. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service has upgraded Excelcomindo Finance Company B.V.'s foreign currency senior unsecured bond rating to Ba2 from Ba3. The bond is irrevocably and unconditionally guaranteed by PT Excelcomindo Pratama. At the same time, Moody's has affirmed the Ba2 local currency corporate family rating of XL with a positive outlook. On Oct. 03, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Indonesia's cellular operator, Excelcomindo Pratama, on CreditWatch with negative implications following the disclosure that its parent, Telekom Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency A/Watch Neg/--), intends to separate its cellular and international operations from its fixed-line business. At the same time, Standard & Poor's 'BB-' rating on Excelcomindo's outstanding senior unsecured notes has been placed on CreditWatch with negative implications. On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo Pratama Tbk's Long- term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'. The Outlook remains Stable. At the same time, Fitch has affirmed the 'BB-' rating on its senior unsecured notes programme. EXCELCOMINDO PRATAMA: S&P Affirms 'BB-' Corporate Credit Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services said today it affirmed its 'BB-' corporate credit ratings on Indonesian cellular operator, PT Excelcomindo Pratama Tbk, and removed them from CreditWatch with negative implications. The outlook is stable. The 'BB-' ratings on all foreign currency senior unsecured debt were also affirmed. The ratings were placed on CreditWatch with negative implications on Oct. 1, 2007, following XL's parent company announcement that it planned to spin off its cellular and international operations. The ratings on Excelcomindo no longer factor in the potential financial support from the parent company, Telekom Malaysia Bhd. (foreign cur