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 19, 2007, Vol. 10, No. 251 Headlines A U S T R A L I A 057802383 PTY: Members Opt to Shut Down Firm ADLAM ENTERPRISES: Members Receive Wind-Up Report AURORA GEMSTONE: To Declare Unsecured Dividend on Jan. 4 BRENTON BEEF: Commences Liquidation Proceedings C.F. & G.M. MILDWATERS: Undergoes Liquidation Proceedings CENTRO FINANCIAL: Court Issues Wind-Up Order CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January COMPREHENSIVE AUTOMOTIVE: Placed Under Voluntary Liquidation FINCORP GROUP: Founder's Mansion Up for Sale JIM'S WATER: ASIC Starts Wind-Up Proceedings Due to Insolvency MORTON SELF STORAGE: Placed Under Voluntary Liquidation PETS WONDERLAND: Declares Dividend to Priority Creditors ROBCASE HOLDINGS: Liquidator Presents Wind-Up Report SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel SINO GOLD MINING: Acquires Remaining Golden China Shares SINO GOLD MINING: To Acquire 72% Interest in Eastern Dragon SINO GOLD MINING: Completes AU$170 million Placement SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI SYMBION HEALTH: ACCC Won't Interfere in Primary's AU$2.65BB Bid WESTPOINT GROUP: NSW Court Blocks Westpoint-Related Suit WYADUP BROOK: Declares First Dividend ZINIFEX LTD: Allegiance Says Cash Offer Is "Opportunistic" C H I N A , H O N G K O N G & T A I W A N ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating CITIC PACIFIC: Moody's Affirms Ba1 Rating on Vessels Acquisition CITIC RESOURCES: Moody's Affirms Ba2 Ratings ENRICO TRADING: Proofs of Debt Due on January 15 EXPANDING HONG KONG: Commences Liquidation Proceedings GLENROY LIMITED: Filing Proofs of Debt Due on January 31 HENTON ENTERPRISES: Commences Liquidation Proceedings HONG KONG FOUNDATION: Commences Liquidation Proceedings HONG LONG: Chairman Buys 660,000 Shares for HK$1.6 Million LAVALLE INVESTMENTS: Liquidators Quit Post MAINFAT INVESTMENT: Commences Liquidation Proceedings MELCO PBL GAMING: Moody's Affirms Ba3 Ratings MITTOLAND LIMITED: Liquidators Quit Post NEDLLOYD (HONG KONG): Commences Liquidation Proceedings PANORAMA MANAGEMENT: Filing Proofs of Debt Due on January 18 PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras PLUS HOLDINGS: HK Listing Committee Okays Resumption Proposal QUALTECH LIMITED: Filing Proofs of Debt Due on January 14 RONIA INTERNATIONAL: Filing Proofs of Debt Due on January 29 SHINSHO ELECTRONICS: Liquidators Quit Post SKINDER COMPANY: Filing Proofs of Debt Due on January 4 TALLISON (HONG KONG): Filing Proofs of Debt Due on January 14 I N D I A AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland ESSAR OIL: Shareholders OK Preferential Issue of US$2 Bil. GDS QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB I N D O N E S I A ADARO INDONESIA: S&P Affirms 'B-' Corporate Credit Ratings ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders BANK LIPPO: Shareholder Seeks Merger With Bank Niaga GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX PT INCO: In Talks With Ministry Regarding Royalty Rates PT INCO: Shareholders Approve 10-for-1 Stock Split PERUSAHAAN: May Partner With Ashmore Energy for Power Projects J A P A N ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal With Avista Capital DELPHI CORP: Court Approves Modified Disclosure Statement FORD MOTOR: Revival Plans Cues R&I to Affirm BB- Rating INTERNATIONAL RECTIFIER: Moody's Withdraws Assigned Ratings JAPAN AIRLINES: To Boost Int'l. Fuel Surcharge Starting Jan. 16 JAPAN AIRLINES: Expands Code Share With China Eastern Airlines PENTA-OCEAN: Moody's Withdraws Ba2 Issuer Rating SANYO ELECTRIC: May Face Fines Over Accounting Irregularities SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't K O R E A BURGER KING: Launches First Restaurant in Colombia DAEWOO ELECTRONICS: Videcon Renews Bid DURA AUTO: Wants Plan Confirmation Hearing Deferred to 2008 DURA AUTO: Defers Exit Financing Process Due to Market Riff DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture * South Korean Firms See Increase in Fourth-Quarter Profit M A L A Y S I A OCI BERHAD: AGM Extended to Date Not Later Than Jan. 31 MALAYSIA AIRLINE: Plans Flying to All Major Airports by End-2008 N E W Z E A L A N D AFTERWARDS SEVEN: Commences Liquidation Proceedings BRIDGECORP: Secured Debentures to Get 19% to 63% of Investment CER GROUP: Names Evan Davies as New Chairman DOMMAR LTD: Appoints Whittfield & Finnigan as Liquidators FIVE CROSS: Fixes January 11 as Last Day to File Claims G & H BUILDING: Court to Hear Wind-Up Petition on March 13 IDEAL CLEANING: Fixes December 28 as Last Day to File Claims M.R.HOMES: Creditors' Proofs of Debt Due on January 25 MAINLAND RURAL: Creditors' Proofs of Debt Due on December 31 MIDWAY CORPORATION: Court Taps Shephard & Dunphy as Liquidators STANTIALL ENTERPRISES: Taps Simpson and Ruscoe as Liquidators STORYVILLE COMPANY: Shareholders Resolve to Liquidate Business P H I L I P P I N E S EIB REALTY: To Hold Special Stockholders' Meeting on January 28 MANILA ELECTRIC: Board Affirms Appointment of 3 Vice Presidents NAT’L POWER: PSALM May Postpone Sale of Palinpinon Power Plant PHILCOMSAT HOLDINGS: Court Tells Parent to Surrender Dividends PHIL. LONG DISTANCE: Joins 13 Firms in Disaster Recovery Pact RIZAL COMMERCIAL: Board OKs Promotion of 5 Corporate Officers SAN MIGUEL: Properties Unit Sells 24.9% Ownership in KSA Realty SAN MIGUEL: May Engage in Coal Mining Investments Abroad SAN MIGUEL: Energy Unit May Join in PNOC-EC’s Privatization VULCAN INDUSTRIAL: Board Elects New Set of Corporate Officers S I N G A P O R E AAR CORP: Howard A. Pulsifer to Retire as General Counsel SEMITECH ELECTRONICS: Notes Shareholders' Change of Interests T H A I L A N D ADVANCE AGRO: S&P Affirms 'B-' Corporate Credit Rating TRUE MOVE: Response to TOT’s Access Charge Suit Due January 7 * Moody's: Strong Asia Utilities in '08 Despite Moderate Risk * Upcoming Meetings, Conferences and Seminars - - - - - - - - ================= A U S T R A L I A ================= 057802383 PTY: Members Opt to Shut Down Firm -------------------------------------------- On October 26, 2007, the members of 057802383 Pty Ltd had a meeting and agreed to voluntarily wind up the company's operations. G A Lopez and E R Verge were appointed as liquidators. 057802383 Pty Ltd provides accounting, auditing and bookkeeping services. The company is located at Gosnells, in Western Australia, Australia. ADLAM ENTERPRISES: Members Receive Wind-Up Report ------------------------------------------------- The members of Adlam Enterprises Pty Limited met on Dec. 18, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: C.E. Walker c/o Paragon Consultants, Chartered Accountants First Floor, 160 Stirling Highway Nedlands, Western Australia Australia About Adlam Enterprises Adlam Enterprises Pty Ltd is a distributor of durable goods. The company is located at Belmont, in Western Australia, Australia. AURORA GEMSTONE: To Declare Unsecured Dividend on Jan. 4 -------------------------------------------------------- Aurora Gemstone Mines Pty Ltd, which is in liquidation, will declare its first dividend for its unsecured creditors on January 4, 2008. Only creditors who were able to file their proofs of debt by the December 4, 2007 due date will be included in the company's dividend distribution. The company's liquidator is: Glenn Michael Shannon SV House 138 Mary Street Brisbane, Queensland Australia About Aurora Gemstone Aurora Gemstone Mines Pty Ltd is a distributor of miscellaneous non-metallic minerals, except fuels. The company is located at Lightning Ridge, in New South Wales, Australia. BRENTON BEEF: Commences Liquidation Proceedings ----------------------------------------------- The members and creditors of Brenton Beef Processing Pty Ltd met on November 2, 2007, and agreed to voluntarily wind up the company's operations. The company's liquidators are: John Lethbridge Greig Nicholas Harwood Deloitte Touche Tohmatsu 123 Eagle Street Brisbane, Queensland 4001 Australia About Brenton Beef Brenton Beef Processing Pty Ltd operates meat packing plants. The company is located at Hemmant, in Queensland, Australia. C.F. & G.M. MILDWATERS: Undergoes Liquidation Proceedings --------------------------------------------------------- The members of C.F. & G.M. Mildwaters Pty Ltd met on Oct. 29, 2007, and decided to voluntarily liquidate the company's business. The company also declared its first dividend on Dec. 12, 2007. Only creditors who were able to file their proofs of debt by November 28, 2007, were included in the company's dividend distribution. The company's liquidators are: Shaun Boyle Benjamin Piggott summerscorporate Next Building, Level 5 16 Milligan Street Perth, Western Australia Australia About C.F. & G.M. Mildwaters Located at Waggrakine, in Western Australia, Australia, C.F. & G.M. Mildwaters Pty Ltd is an investor relation company. CENTRO FINANCIAL: Court Issues Wind-Up Order -------------------------------------------- The Australian Securities & Investments Commission has obtained orders from the Federal Court in Perth winding up Centro Financial Synergy Group Pty. Ltd. Centro, a Subiaco-based financial services company, was one of several financial services licensees that recommended Westpoint investment products to its clients. The company was previously the holder of an Australian Financial Services license (AFSL) which it has since surrendered. ASIC commenced proceedings against Centro on January 18, 2007, following the company’s failure to comply with ASIC’s requests for information and lodge audited financial accounts pursuant to its AFSL obligations. ASIC also alleged that Centro had ceased to operate its business. Centro’s sole director was Annemieke De Boer of Shenton Park, Western Australia, who was charged on April 11, 2007, by the West Australian Police Major Fraud Squad for stealing. These charges followed a joint investigation conducted by ASIC and the West Australian Police. The matter is currently before the West Australian courts. On September 20, 2007, ASIC permanently banned Ms. De Boer from providing financial services. Centro Financial Synergy Group Pty. Ltd. is not related to the listed entity, Centro Properties Group. CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January --------------------------------------------------------------- Chrysler LLC said it intends to close two more plants in Detroit, Michigan and Windsor, Ontario, for two weeks beginning Jan. 14, 2007, to avoid an oversupply of Jeep Commanders, Grand Cherokees and Dodge & Chrysler minivans, the Associated Press reports citing an unnamed source. As reported in the Troubled Company Reporter on Dec. 7, 2007, Chrysler planned 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. The move is due to due to the company's expected $1 billion loss, slow pickup sales and prevention of an oversupply. The company will also shutter a truck plant in Mexico for two weeks in January. As previously reported, 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. COMPREHENSIVE AUTOMOTIVE: Placed Under Voluntary Liquidation ------------------------------------------------------------ The members of Comprehensive Automotive Repairs & Servicing Pty Ltd met on November 2, 2007, and resolved to voluntarily wind up the company's operations. Nick Combis and Peter Dinoris were appointed as liquidators. The Liquidators can be reached at: Nick Combis Peter Dinoris Vincents Chartered Accountants 239 George Street, Level 27 Brisbane, Queensland Australia About Comprehensive Automotive Comprehensive Automotive Repairs & Servicing Pty Ltd operates general automotive repair shops. The company is located at Stafford, in Queensland, Australia. FINCORP GROUP: Founder's Mansion Up for Sale -------------------------------------------- The mansion of Fincorp Group Holdings Pty. Ltd.'s founder is up for sale with a AU$6-million price tag, but Eric Krecichwost won't score the funds, Peter Gosnell writes for The Daily Telegraph. According to Mr. Gosnell, the property, spread across a lush 3.2 hectares in Sydney's southwestern suburb of Cobbity, is in the name of his wife, Tiffany Krecichwost. This means that even though the Australian Securities & Investments Commission has court-imposed freezing orders tying up Mr. Krecichwost's assets for the duration of their investigation into Fincorp's collapse, they have not got her goodies bound up, relates The Daily Telegraph. On December 14, 2007, the Troubled Company Reporter-Asia Pacific reported that Fincorp's former chief executive Craig Stubbs admitted that it operated a high-rise business model, even though the company promoted itself as a secure, low-risk investment, guaranteeing top-end rates of return. Fincorp's liquidators have returned about AU$110 million to secured creditors and secured noteholders, however, almost 2,000 unsecured investors will get nothing, recounts The Daily Telegraph. The report states that Mr. Krecichwost will face an examination by the liquidators and a possible questioning by ASIC. About Fincorp Fincorp Group -- http://www.fincorp.com.au/-- in its current structure was established in July 2005. The company is a boutique funds management and property development business that focuses on mortgage-backed and property products. It is based in Grosvenor Place, Sydney, with around 40 employees across New South Wales, Victoria, and Queensland. Two companies with the Fincorp Group (Fincorp Financial Services Limited and Fincorp Managed Investments Limited) hold Australian Financial Services Licenses and act as Responsible Entities under the Corporations Act 2001. Fincorp and its Funds are regulated by the Australian Securities and Investment Commission. * * * On March 27, 2007, the Troubled Company Reporter-Asia Pacific reported that Fincorp Group went into administration with AU$290 million in debt, of which AU$200 million were owed to investors and AU$90 million to external financiers. David Winterbottom was appointed as administrator together with Mark Korda and Lachlan McIntosh, partners at corporate recovery firm KordaMentha. Fincorp Group has reportedly been struggling under heavy inter- company debt loads and negative cashflow, the TCR-AP cited a report from The Australian, published on March 26, 2007. JIM'S WATER: ASIC Starts Wind-Up Proceedings Due to Insolvency -------------------------------------------------------------- The Australian Securities & Investments Commission is seeking orders from the Supreme Court of Queensland to wind up Jim’s Water Tanks Pty. Ltd. (JWT) because of concerns about insolvency. The ASIC’s application to appoint a liquidator will be heard on January 29, 2008. If the Court decides to grant orders to wind up the company, customers of JWT will be treated as unsecured creditors for the purposes of liquidation. ASIC first obtained ex parte injunctions against JWT Director Alan Jorgensen and his wife, on August 13, 2007, upon the commencement of a broader investigation into the solvency of JWT and the conduct of Mr. Jorgensen as a director of JWT. The investigation followed a referral from the Queensland Office of Fair Trading, concerning claims that JWT had failed to deliver water tanks to its customers. ASIC conducted an investigation, which gave ASIC reason to believe the company may be insolvent. ASIC notes that around 5,500 customers have made payments to JWT of between AU$1.7 and AU$2.5 million. Some of the orders obtained by ASIC related to the freezing of some of the funds that ASIC had identified as belonging to JWT. The asset-freezing orders were sought, in part, to preserve current assets for the benefit of customers and creditors of JWT in the event the company was found to be insolvent. Total funds frozen by ASIC are approximately AU$70,000. A further AU$200,000 is being held by Mr. Jorgensen’s former trustee in bankruptcy. Since early September 2007, ASIC has been awaiting evidence from Mr. Jorgensen and JWT that JWT is not in fact insolvent and that the water tanks (in sufficient numbers to satisfy JWT’s unfilled orders) were being or had been constructed and that JWT was in a position to deliver the water tanks to customers without breaching its obligations to pay its debts as and when they fell due. This evidence has not been provided, giving ASIC reason to believe that the company is insolvent and should be wound up on just and equitable grounds. Justice Daubney of the Queensland Supreme Court ordered, on December 13, 2007, that JWT and Mr. Jorgensen are to file and serve evidence by 4:00 p.m. on Jan. 2, 2008. MORTON SELF STORAGE: Placed Under Voluntary Liquidation ------------------------------------------------------- During a general meeting held on October 31, 2007, the members of Morton Self Storage Pty Ltd resolved to voluntarily wind up the company's operations. Richard Hudson was appointed as liquidator. The Liquidator can be reached at: Richard Hudson Members Voluntarys Pty Ltd P.O. Box 819 Moorabbin, Victoria 3189 Australia About Morton Self Storage Morton Self Storage Pty Ltd provides miscellaneous personal services. The company is located at Sunbury, in Victoria, Australia. PETS WONDERLAND: Declares Dividend to Priority Creditors -------------------------------------------------------- Pets Wonderland Aust. Pty Ltd declared its first and final dividend for its priority creditors on December 10, 2007. Only creditors who were able to file their proofs of debt December 5, 2007, were included in the company's dividend distribution. The company's deed administrator is: Stephen R. Dixon BDO Kendalls Chartered Accountants 525 Collins Street, Level 30 Melbourne, Victoria 3000 Australia About Pets Wonderland Pets Wonderland Aust Pty Ltd operates miscellaneous retail stores. The company is located at Prahran, in Victoria, Australia. ROBCASE HOLDINGS: Liquidator Presents Wind-Up Report ---------------------------------------------------- The members of Robcase Holdings Pty Ltd met on December 4, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kim Holbrook Holbrook & Associates Chartered Accountants Pier Street, Level 2 (GPO Box M925) Perth, Western Australia Australia About Robcase Holdings About Robcase Holdings Pty Ltd operates general automotive repair shops. The company is located at Bellevue, in Western Australia, Australia. SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel ---------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Boies, Schiller & flexner LLP as special litigation counsel. As reported in the Troubled Company Reporter on Nov. 1, 2007, Boies Schiller will assist the Debtors in connection with the continuation of the SCO Litigation. The SCO Litigation consists of these pending matters: -- SCO Group v. International Businesses Machines Corp. pending in the U.S. District Court for the District of Utah; -- SCO Group v. Novell Inc. pending in the U.S. District Court for the District of Utah; -- Red Hat Inc. v. SCO Group pending in the U.S. District Court for the District of Delaware; -- SCO Group v. Autozone Inc. pending in the U.S. District Court for the District of Nevada; -- SCO Group v. DaimlerChrysler Corporation pending in the State of Michigan, Circuit Court for the County of Oakland; -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and X/Open Company Ltd. pending in the U.S. District Court for the Middle District of Florida; and -- SuSE Linux GmbH v. SCO Group pending before the International Court of Arbitration. Specifically, the firm is expected to: a. give advice to the Debtors with respect to the SCO Litigation; b. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the prosecution, defense or appeal of administration of the SCO Litigation; c. represent the Debtors at all trials, hearings or arbitration proceedings with respect to the SCO Litigation; and d. protect the interests of the Debtors with respect to the SCO Litigation. Subject to the Court's approval, the Debtors will pay the firm at its standard hourly rate with respect to the Gray Litigation and 50% of its standard hourly rates with respect to the SuSE Arbitration and continue the terms of their pre-bankruptcy engagement on other SCO Litigation. The Debtors believe that the employment of the firm is necessary and in the best interest of the Debtors' estates. To the best of the Debtors' knowledge, Boies Schiller does not represent or hold any interest adverse to the Debtors or their estates. The firm can be reached at: Stuart H. Singer, Esq. Boies, Schiller & flexner LLP 333 Main St. Armonk, NY 10504-1812 Tel: (914) 749-8200 Fax: (914) 749-8300 http://www.bsfllp.com/ 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 United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SINO GOLD MINING: Acquires Remaining Golden China Shares -------------------------------------------------------- Sino Gold Mining Limited said that, following the mailing of the Notice of Compulsory Acquisition and ancillary documents to the shareholders of Golden China Resources Corporation that did not tender their Golden China shares to Sino Gold's offer for all of the outstanding Golden China shares, Sino Gold has compulsorily acquired all of the Golden China shares held by the Non- Tendering Shareholders. Golden China shares are expected to be de-listed from the Toronto Stock Exchange shortly. Sino Gold confirms that it has control over 13,168,913 common shares of Australian Solomons Gold Limited which are held by Golden China. About Golden China Golden China Resources Corporation is a significant participant and consolidator in the Chinese precious metal industry and one of the largest producers of gold in China. The company is using its extensive knowledge of the Chinese marketplace and best practices based on established international standards in building a diversified gold business focused on exploration and development, operations, and corporate development in the Chinese precious metal industry. Golden China's shares are listed on the main boards of both the Toronto Stock Exchange and the Australian Securities Exchange under the symbol GCX. On August 13, 2007, Golden China announced an Agreement to be acquired by Sino Gold Mining Ltd. whereby Golden China shareholders would receive one Sino Gold share for every 4.5 Golden China common shares they hold. A definitive support agreement was signed on September 7, 2007 and on September 18, 2007, Sino Gold purchased from treasury 5,882,352 million shares of Golden China representing 9.5% of the issued and outstanding shares of the Corporation. About Sino Gold Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004, through 2006. SINO GOLD MINING: To Acquire 72% Interest in Eastern Dragon ----------------------------------------------------------- Sino Gold has entered into an agreement to acquire an effective 72% interest in the Eastern Dragon gold-silver deposit in northern China. Commenting on this acquisition, Sino Gold Chief Executive Officer Jake Klein said: "Eastern Dragon Lode 5 is an outstanding near-surface gold-silver deposit with the potential to be a low-cost mine. The district has demonstrable potential for additional epithermal gold deposits and this acquisition complements our adjacent Sanjianfang Joint Venture. "We are pleased to have acquired a majority interest in this high-grade deposit which we have pursued for several years. This acquisition provides Sino Gold a clear path to more than 500,000 ounces of low-cost production from four quality operations. "We believe this acquisition will add significant shareholder value and reinforces our first mover position in a country that is likely to become the world’s largest gold producer this year." Main Points: -- Agreements signed to acquire an effective 72% interest in Eastern Dragon Lode 5 in Heilongjiang Province, China at a cost of US$90 million, subject to various conditions precedent. -- Acquisition of 72% interest, achieved through the acquisition of 90% of Rockmining (a private Hong Kong company), is part of a strategic partnership with the vendor in relation to gold opportunities in Heilongjiang province. -- Eastern Dragon Lode 5 is a high-grade, low-sulphidation epithermal gold-silver deposit which has been tested by extensive trenching, diamond drilling and underground development. -- The local Chinese joint venture partner has identified a resource to Chinese standards, as approved by the national Ministry of Land and Resources in 2003. -- Further verification work is required prior to reporting an Identified Mineral Resource for Lode 5 in accordance with internationally accepted standards, principally Australasia’s JORC Code. The exploration and development target is to confirm 600,000 to 800,000 ounces of contained gold, with potential average grades of between 7g/t to 8g/t gold, 70g/t to 75g/t silver and a potential tonnage range of 2.3 to 2.9 million tonnes. -- Potential to produce gold at a cash cost of ounce (after silver credits). About Sino Gold Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004, through 2006. SINO GOLD MINING: Completes AU$170 million Placement ---------------------------------------------------- Sino Gold Mining Limited has completed the bookbuild of a AU$170 million placement through the issue of 26.46 million shares to institutional investors. The Placement was conducted through a bookbuild process joint lead managed by Macquarie Equity Capital Markets and Merrill Lynch with a final price of AU$A6.45 per share. The 26.46 million shares issued pursuant to the Placement represents 13.2% of the existing issued share capital of the Company. The number of the Placees will not be less than six. The issue price, net of the estimated expenses of the Placement, will be approximately A$6.32 per share. The shares will be issued to clients of the joint lead managers or Placees. To the best of the knowledge and belief of the directors of the Company, and after making all reasonable enquiry, each of the Placees and their ultimate beneficial owner(s) are third party independent of the Company and its connected persons save for Gold Fields Australasia BVI Ltd, being a substantial shareholder of the Company with approximately 16.5% interest in the Company immediately before and after completion of the Placement. The final price represents a 5.4% discount to the volume weighted average price of Sino Gold’s shares in the five trading days immediately prior to the Placement. The final price represented a 4.4% discount to the closing price of Sino Gold shares of AU$6.75 on the day immediately prior to the announcement of the Placement. Commenting on the Placement, Jake Klein, President and CEO of Sino Gold, said: "The support by new and existing shareholders for the Placement is a strong endorsement of the Company's strategy. The successful execution of the Placement provides the financial resources to progress Eastern Dragon and Beyinhar towards becoming Sino Gold's third and fourth gold mines after White Mountain and Jinfeng." The Placement will be settled in two tranches: -- Unconditional Tranche: 9.79 million shares, equal to Sino Gold’s available placement capacity from its 15% general mandate to be settled on 20 December 2007; and -- Conditional Tranche: 16.67 million shares, which will be settled subject to approval at an Extraordinary General Meeting of Sino Gold shareholders, expected to be held on January 24, 2008. In addition, the Placement is subject to, among other things, the granting of the listing approval of, and permission to deal in, the shares to be issued pursuant to the Placement. Completion of the unconditional and conditional tranches of the Placement will take place on or before December 20, 2007, and January 31, 2008, respectively. The Company will apply to the Listing Committee of the Stock Exchange for the listing of, and permission to deal in, the shares to be issued pursuant to the Placement. Proposed Use of Proceeds Item Amount ---- ------ Eastern Dragon acquisition & associated costs $105,000,000 Eastern Dragon exploration & working capital $5,000,000 Construction, pre development, feasibility and exploration of various assets including Beyinhar, Nibao, Biogold and White Mountain along with general working capital $40,000,000 General working capital and exploration and development of other existing assets $20,000,000 ------------ Total: $170,000,000 About Sino Gold Headquartered in Sydney, Australia, Sino Gold Mining Limited -- http://www.sinogold.com.au/-- is engaged in mining and processing of gold ore and the sale of recovered gold, as well as exploration and development of mining properties. Sino Gold incurred net losses of AU$21.14 million, AU$26.21 million and AU$20.05 million for the years ended Dec. 31, 2004, through 2006. SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI ------------------------------------------------------------ VeriFone Holdings Inc. has acquired the EFTPOS services business of Peripheral Computer Industries to enhance its ability to provide acquirer banks and other organizations with one-stop electronic payments products and services. Local acquirers are increasingly reliant on partners to add value to their product offerings through expanded solutions and managed service offerings while at the same time reducing their cost of ownership. With an expanded services organization, VeriFone Australia now has the ability to provide one-stop shopping with a complete array of APCA-certified products, software solutions and an integrated services capability. APCA - Australian Payments Clearing Association - has defined standards for design, security and functionality in line with global standards. VeriFone has developed a broad portfolio of powerful system solutions and peripherals that have received APCA certification. "PCI has built up one of the largest EFTPOS service companies in Australia, with a superior service infrastructure, strong customer relationship management skills and a large help desk organization," said William C. Nichols, senior vice president, VeriFone Asia Pacific. "With the continuing growth in electronic payments and the industry's need to comply with global security standards such as PCI, EMV and local APCA mandates, these resources will further enhance VeriFone's ability to provide a full complement of integrated point-of-sale payment solutions and services. "With this acquisition VeriFone will provide a variety of value added services to our customers not only in Australia and New Zealand but across the South East Asia market," Mr. Nichols said. "Our Melbourne-based Helpdesk is capable of providing 7x24 coverage. VeriFone is the only company to offer key injection, repairs, installation and maintenance and software development in both Sydney and Melbourne to service local customers." The PCI acquisition will also provide a launch pad for VeriFone's expanded product portfolio of unattended, petro and retail solutions, which have seen considerable success around the globe. Australia is one of the largest EFTPOS markets in Asia, with an installed base of over 500,000 payment systems. VeriFone markets and supports secure technology that enables electronic payment transactions and value-added services at the point of sale throughout Asia and the Pacific Rim region. The company delivers advanced payment solutions based on leading-edge IP technologies such as Ethernet, Wi-Fi, CDMA and GPRS. About VeriFone Holdings Inc. Headquartered in San Jose, Calif., VeriFone Holdings Inc. (NYSE: PAY) -- http://www.verifone.com/-- provides secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant- operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. The company has operations in Argentina, Australia, Brazil, China, France, India, Malaysia, Poland, the United Kingdom, the United States, among others. * * * Verifone Holdings Inc. still carries Moody's Moody's Investors Service 'B1' long-term corporate family rating. Moody's said the rating outlook is stable. SYMBION HEALTH: ACCC Won't Interfere in Primary's AU$2.65BB Bid --------------------------------------------------------------- The Australian Competition and Consumer Commission said it would not intervene in Primary Health Care Ltd.'s AU$2.65 billion bid for rival Symbion Health Ltd., Sonali Paul and Jonathan Standing report for Reuters. The regulator, according to Helen Schuller of Egoli News, has already conducted an informal review of the bid and has considered the information provided during its market inquiries and other relevant information. Egoli quotes the regulator as saying, "based on that information, the ACCC does not propose to intervene in the matter pursuant to section 50 of the Trade Practices Act 1974." According to analysts interviewed by Reuters, the most likely outcome to the takeover battle would be for Primary to raise its offer by including shares, or for Primary and Healthscope to carve up Symbion. The Troubled Company Reporter-Asia Pacific yesterday reported that Symbion blocked both rivals from talking to each other before January 26, a move that Healthscope doesn't like. The Symbion board has repeatedly rejected Primary's offer saying it is too low. 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). WESTPOINT GROUP: NSW Court Blocks Westpoint-Related Suit -------------------------------------------------------- The New South Wales Supreme Court ruled that a lawsuit filed by 51 people who lost money in the collapse of Westpoint could not proceed with a class action for damages, the Sydney Morning Herald reports. Chief Justice Peter Young said there was insufficient common interest among all 51 plaintiffs for the case to be tried as a class action; lead plaintiff, Bruce Jameson, may sue a Westpoint company, Professional Investment Services, as an individual. Slater & Gordon filed the suit in September 2006 on behalf of all 51 members of the group who advanced loans to Ann Street Mezzanine and received promissory notes in return. They allege that Professional Investment Services told them the notes were guaranteed by Westpoint. The suit is funded by listed litigation funder IMF (Australia) Ltd. The judge also ruled that the court could not hear a class action that limited the plaintiffs to clients of these two firms. About Westpoint Headquartered in Perth, Western Australia, the Westpoint Group -- http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced investigations on 160 companies within the Westpoint Group. ASIC's investigation led to ASIC initiating action in late 2005 in the Federal Court of Australia against a number of mezzanine companies in the Westpoint Group, including winding up proceedings. ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. ASIC also sought wind-up orders after the Westpoint companies failed to comply with its requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, the Federal Court in Perth issued a wind-up order against Westpoint Corporation Pty Ltd. The ASIC had applied to wind up the company on grounds of insolvency. The ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. The ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. WYADUP BROOK: Declares First Dividend ------------------------------------- Wyadup Brook Pty Ltd declared its first dividend on Nov. 20, 2007. Creditors who were not able to file their proofs of debt by that day were excluded from the company's dividend distribution. The company's liquidator is: M.H. Lyford Lyfords Ogilvie House 12 Kintail Road Applecross, Western Australia 6153 Australia ZINIFEX LTD: Allegiance Says Cash Offer Is "Opportunistic" ---------------------------------------------------------- The Board of Allegiance Mining NL is advising shareholders to take no action regarding Zinifex Limited's all-cash takeover offer. Zinifex Limited announced on Monday an off-market all cash takeover offer for all of the issued ordinary shares of Allegiance Mining NL by its subsidiary Zinifex Australia Limited. Under Zinifex's two-tiered offer structure, Allegiance shareholders will be offered $0.90 cash per share -- totaling AU$775 million. This will be increased to $1.00 cash per share for all Allegiance shareholders who accept Zinifex’s Offer, if Zinifex obtains a relevant interest of more than 30% of Allegiance shares, or if the Allegiance Board of Directors recommends the Offer. Allegiance Chairman Tony Howland-Rose said Zinifex’s takeover offer is unsolicited. "The Allegiance Directors believe the offer is opportunistic and designed to take advantage of the company following the recent successful drawdown of the project finance facilities and with production scheduled to commence at the company’s Avebury Nickel project which is expected in the first quarter 2008." "The Board is unanimous in its view that Allegiance shareholders should take no action or make any decision in relation to their shareholding until the Board has had an opportunity to consider the Bidder's Statement and has issued its formal recommendation regarding the offer." Allegiance has appointed Merrill Lynch International (Australia) Limited and ANZ Corporate Finance as financial advisers and Minter Ellison and Schetzer Brott & Appel as its legal advisers to assist the Directors to evaluate and respond to the unsolicited takeover offer from Zinifex. According to Zinifex, its Offer clearly represents an attractive premium for Allegiance shareholders: Cash Offer Price $0.90 $1.00 Premium to Closing Price 27% 41% Premium to 1 Month VWAP 29% 44% Note: Closing price of $0.71 as at 14 December 2007, 1 Month VWAP of $0.695 VWAP = volume weighted average price Zinifex newly-elected Chief Executive Officer Andrew Michelmore said that Allegiance's Avebury project is "an excellent entry point for Zinifex with nickel production due to commence in early 2008," contributing to Zinifex's strategy to "vigorously grow" in the company's chosen base metals of copper, nickel and zinc. Mr. Michelmore added, "We like investing in high margin, long life, expandable mines, and Avebury delivers all of these attributes. Avebury promises to be an exciting new nickel region that, with appropriate investment, we expect will support rapid production expansion and mine life extension." Allegiance is the owner of the 8,500 tonnes per annum Avebury nickel project on the Tasmanian west coast, which is due to be commissioned in the first quarter of 2008. According to Bloomberg News, buying Allegiance will give Zinifex the Avebury nickel mine, which will supply China's Jinchuan Group Co. with AU$3 billion of nickel, used to make stainless steel. In a media briefing, Bloomberg notes, Mr. Michelmore revealed that Zinifex has a team studying a portfolio of potential acquistion targets and will continue to study large takeover, including an expansion into copper. Bloomberg quotes Mr. Michelmore as saying, "We continue to look at those and like Allegiance we will do our numbers and we will work out when is appropriate and what are the appropriate ones." About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead 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. * * * The Troubled Company Reporter-Asia Pacific reported yesterday that Fitch Ratings affirmed Zinifex Limited's 'BB+' Long-term foreign currency Issuer Default Rating (IDR), following the announcement of an all cash offer for Allegiance Mining NL (Allegiance). The Outlook is Stable. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service confirmed Acxiom's Ba2 corporate family rating and assigned a negative rating outlook, concluding a review for possible downgrade initiated on May 17, 2007 following the company's announcement that it had entered into a definitive agreement to be acquired by Silver Lake and ValueAct Capital for US$3 billion. On Oct. 1, 2007, Acxiom reached a settlement agreement with Silver Lake and ValueAct Capital to terminate the previously announced acquisition pursuant to which Acxiom received US$65 million in cash. The negative outlook reflects the challenges the company will have to regain organic revenue growth and profitability and the potential impact from the downturn in the financial services market, which accounts for approximately 25% of their business. The Ba2 corporate family rating confirmation reflects the company's leadership position in the database marketing services space, solid free cash flow and liquidity position and moderate financial leverage. The rating is constrained by its relatively high client (top 30 clients represented about 50% of fiscal 2007 revenues) and business line concentration, modest size, and market challenges including consumer privacy and potential regulatory concerns. The ratings could be downgraded if the company were to increase its share repurchase or acquisition activity such that there is a leveraging event that results in free cash flow to debt of less than 5%, or if operating margins decline significantly from historical results. Given the negative outlook, a rating upgrade is unlikely at the present time. The rating outlook could be stabilized were the company to demonstrate free cash flow to debt (adjusted for capitalized leases) exceeding 15% on a sustained basis. Ratings confirmed: -- Corporate Family Rating - Ba2 -- Probability of Default Rating - Ba3 -- US$544 million Senior Secured Term Loan due September 2012 - Ba2, LGD 3, 30% -- US$200 million Senior Secured Revolving Credit Facility expiring September 2011 - Ba2, LGD 3, 30% Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Argentina, Australia, China, Mexico, Portugal, Poland, among others. The company has about US$1.4 billion in revenues and US$343 million of EBITDA for the twelve months ended September 2007. CITIC PACIFIC: Moody's Affirms Ba1 Rating on Vessels Acquisition ---------------------------------------------------------------- Moody's Investors Service has affirmed the Ba1 corporate family rating of CITIC Pacific Ltd and the Ba1 senior unsecured rating for CITIC Pacific Finance (2001) Ltd's US$450m bond. The rating outlook remains stable. The rating action follows CITIC Pacific's announcement of its plan to acquire 17 vessels at a total consideration of around HK$6.9 billion, or about 8% of consolidated assets as of June 2007. Of this total, the company itself has ordered 12 to secure suitable transportation of iron ore from its mine in Australia to its steel manufacturing facilities in China. Its joint- controlled entity, Jiangyin Ligang Electric Power Generation Company Limited, has separately ordered the remaining 5 to move coal to its power plant. "In view of its other investments, this acquisition will inevitably weaken CITIC Pacific's credit profile moderately," says Elizabeth Allen, a Moody's VP/Senior Analyst. "Nonetheless, about 40% of the total consideration will be paid in future years with the bulk over 2010-2012, when some of its property developments will start to generate more meaningful cash flow to the group and when the iron ore project is scheduled to commence operations," says Ms. Allen. "As a result, the company's near-term financials are expected to stay appropriate for its current rating," says Ms. Allen. The rating drivers for CITIC Pacific depend on the success of its key investments in property development and iron ore, and whether the groups' key businesses can deliver returns in line with expectations over the next few years. And the company is also expected to maintain its financial prudence to manage its high capex spending in the next few years. A rating upgrade in the near term is unlikely in light of the company's current investment plan. In the medium term, an upgrade could be considered if: i) there is a stabilization in and successful execution of its business strategy; and ii) it demonstrates its ability to continue generating stable recurring income, in particular in the property development and specialty steel sectors. On the other hand, downward rating pressure could evolve if: i) the company's increasing investments in property development and specialty steel segments do not generate satisfactory returns, and cannot be adequately compensated for by contributions from other businesses; or ii) there emerges a further aggressive capital investment plan. Financial indicators Moody's will look for in either situation are adjusted FFO coverage below 2.5-3x and/or adjusted FFO/debt below 10% on a consistent basis. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. CITIC RESOURCES: Moody's Affirms Ba2 Ratings -------------------------------------------- Moody's Investors Service affirmed last week the Ba2 corporate family rating on CITIC Resources Holdings Ltd (CITIC Resources), and the Ba2 rating of the US$1 billion seven-year unsecured senior notes issued by CITIC Resources Finance (2007) Ltd and guaranteed by CITIC Resources. At the same time, Moody's removed both ratings from their provisional status. The ratings outlook is stable. The affirmation follows CITIC Resources' completion of acquiring from CITIC Group 50% equity interests in CITIC Canada Energy Ltd (CCEL) which owns indirectly 100% voting rights of JSC Karazhanbasmunai (KBM). KBM has the right to develop and produce oil from the Karazhanbas oilfield in Kazakhstan until Jun 2020. CITIC Resources' joint venture partner, JSC KazMunaiGas Exploration Production (KMG EP), has also completed its acquisition of the remaining 50% equity interests in CCEL from CITIC Group. KMG EP is 61%-owned by JSC National Company KazMunaiGas, the state-owned oil company of Kazakhstan. About CITIC Resources Incorporated in Bermuda in 1997, CITIC Resources has its shares listed on the Hong Kong Stock Exchange. The company positions itself as an integrated provider of key commodities and strategic natural resources with particular focus in oil business. The principal activities of the company and its subsidiaries are in the fields of oil, aluminium, coal, import and export of commodities, manganese and iron ore. CITIC Group (formerly China International Trust and Investment Corporation) became the majority controlling shareholder of the Company in March 2004, indirectly holding interest in the Company of over 54%. The Troubled Company Reporter-Asia Pacific reported on July 31, 2007, that Standard & Poor's Ratings Services raised the corporate credit rating on CITIC Resources Holdings Ltd. to 'BB+' from 'BB'. ENRICO TRADING: Proofs of Debt Due on January 15 ------------------------------------------------ The creditors of Enrico Trading Company Limited are required to file proofs of debt by January 15, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 14, 2007. The company's liquidator is: Wong leung Tim 21st Floor, Fee tat Commercial Building No 613 Nathan Road Kowloon, Hong Kong EXPANDING HONG KONG: Commences Liquidation Proceedings ------------------------------------------------------ Expanding Hong Kong Limited commenced liquidation proceedings on December 8, 2007. The company's liquidator is: Lee Kwok On, Alexander Rooms 1901-2, Park-In Commercial Centre 56 Dundas Street, Kowloon GLENROY LIMITED: Filing Proofs of Debt Due on January 31 ------------------------------------------------------- The creditors of Glenroy Limited are required to file proofs of debt by January 31, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 2007. The company's liquidator are: Robert Michael James Atkinson Chim Foong Heng 35th Floor, Two Pacific Place 88 Queensway, Hong Kong HENTON ENTERPRISES: Commences Liquidation Proceedings ----------------------------------------------------- Henton Enterprises Limited commenced liquidation proceedings on December 3, 2007. The company's liquidator is: Ho Man Kit Kong Sze Man, Simone Unit 511, 5th Floor, Tower 1 Silvercord, No. 30 Canton Road Tsimshatsui, Kowloon, Hong Kong HONG KONG FOUNDATION: Commences Liquidation Proceedings ------------------------------------------------------- Hong Kong Foundation for Social Democracy Limited commenced liquidation proceedings on December 8, 2007. The Liquidator can be reached at: Chan Suit Fei, Esther Room 2303, CRE Building 303 Hennessy Road, Wanchai Hong Kong HONG LONG: Chairman Buys 660,000 Shares for HK$1.6 Million ---------------------------------------------------------- Infocast News reports that Hong Long Holdings Limited's Chairman and President Zeng Yunshu has paid HK$1.657 million to buy 660,000 shares, or 0.063% stake, of the company. According to Infocast News, the highest and average prices per shares are HK$2.60 and HK$2.51 respectively. Hong Long Holdings Limited (Hong Long) is a Chinese property developer engaged in residential and commercial properties developments in Guangdong Province. It has eight major projects under development in Shenzhen and the cities of Guangzhou, Huizhou and Meizhou and has a land bank of 996,581 sq m of saleable area. Except for Yifeng in Shenzhen, the rest are residential projects with associated retail space. Yifeng is an office and commercial complex wherein office space accounts for about 80% of the total saleable area. Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Hong Long, with a stable outlook. At the same time, S&P assigned its 'B' issue rating to the company's proposed issue of up to US$200 million in five- to seven-year senior unsecured notes. The TCR-AP reported on July 5, 2007, that Moody's Investors Service assigned a (P)B2 corporate family rating to Hong Long. At the same time, Moody's has assigned a (P)B2 foreign currency senior unsecured rating to Hong Long's proposed US$175-200 million bond issue. The outlook for both ratings is stable. LAVALLE INVESTMENTS: Liquidators Quit Post ------------------------------------------ On December 14, 2007, Ying hing Chui and Chung Miu Yin, Diana, step down as Lavalle Investments Limited's liquidator. The liquidators can be reached at: Ying hing Chui Chung Miu Yin Level 2, Three Pacific Place 1 Queen's Road East, Hong Kong MAINFAT INVESTMENT: Commences Liquidation Proceedings ----------------------------------------------------- Mainfat Investment Limited on commenced liquidation proceedings on December 14, 2007. The Liquidator can be reached at: Lian Mingshun A3, 5th Floor, Great George Building 27 Paterson Street Causeway Bay, hong Kong MELCO PBL GAMING: Moody's Affirms Ba3 Ratings --------------------------------------------- Moody's Investors Service has affirmed Melco PBL Gaming (Macau) Limited's Ba3 corporate family and senior secured ratings. The ratings outlook is stable. The affirmation follows the company's successful completion of its US$1.75 billion syndicated loan facility. The ratings have also had their provisional status removed. Hong Kong-based Melco PBL Entertainment (Macau) Limited -- http://www.melco-pbl.com/-- is a developer, owner and operator of casino gaming and entertainment resort facilities focused on the Macau market. The company, through its subsidiary MPBL Gaming is one of six companies licensed, through concessions or sub-concessions, to operate casinos in Macau. MPBL Entertainment is a 50/50 joint venture between Melco International Development Limited and Publishing and Broadcasting Limited. Through its existing operations and projects under development, MPBL Entertainment caters to a range of potential gaming patrons, including wealthy high-end patrons, as well as mass market patrons, who wager lower stakes and may be casual gaming patrons. Its existing operations and development projects consist of The Crown Macau, The City of Dreams, Mocha Clubs and Macau Peninsula Site. The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2007, that Standard & Poor's Ratings Services said that it had assigned its BB- long-term corporate credit rating to Melco PBL Gaming (Macau) Ltd. (MPGL). The outlook is stable. At the same time, Standard & Poor's assigned its BB- bank loan rating to a loan package that consists of US$1.5 billion in Series A (amortizing) debt with a seven-year term and a five-year US$250 million revolver. MITTOLAND LIMITED: Liquidators Quit Post ---------------------------------------- On December 14, 2007, Man Mo Leung and Kenneth Graeme Morisson stepped down as Mittoland Limited's liquidator. The liquidators can be reached at: Man Mo Leung Kenneth Graeme Morisson 34th Floor, The Lee Gardens 33 Hysan Avenue, Causeway Bay Hong Kong NEDLLOYD (HONG KONG): Commences Liquidation Proceedings ------------------------------------------------------- Nedlloyd (Hong Kong)Limited commenced liquidation proceedings on November 30, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28 Three Palace Place 1 Queen's Road East PANORAMA MANAGEMENT: Filing Proofs of Debt Due on January 18 ------------------------------------------------------------ The creditors of Panorama Management Company Limited are required to file proofs of debt by January 18, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 30, 2007. The company's liquidator is: Kevin Chung Ying Hui 16th Floor, Ocean Centre Harbour City, Canton Road Kowloon, Hong Kong PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras ---------------------------------------------------------------- Petroleo Brasileiro SA and Petroleos de Venezuela SA have decided to incorporate a mixed corporation in Brazil aiming at building and operating the Abreu e Lima Refinery, in the state of Pernambuco, Northeastern Brazil. Interest in the company will be shared at the rate of 60% for Petrobras and 40% for PDVSA, and staff from both companies will operate the plant. The refinery will be capable of processing 200,000 barrels of oil per day, and a supply agreement for 100,000 barrels of oil per day, coming from the Carabobo 1 block, in the Orinoco oil range, will be signed to provision it. PDVSA said the development of the fields identified in the Carabobo 1 block is underway, keeping a participation option open for PETROBRAS in the improved oil production projects, while PETROBRAS concludes its pertinent technical and economic studies. It must be emphasized that, as the result of the joint work carried out between Petrobras and PDVSA, it was possible to certify 45.5 billion barrels of oil in situ in the Carabobo 1 block. Petrobras and PDVSA said they are pleased with the agreements that have been reached and with the progress achieved in joint projects, since this allows them to materialize and strengthen the integration efforts between Brazil and Venezuela, driven by presidents Lula and Chavez. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. About PDVSA 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. PLUS HOLDINGS: HK Listing Committee Okays Resumption Proposal ------------------------------------------------------------- Stephen Liu Yiu Keung and Robert Armor Morris, joint and several provisional liquidators of Plus Holdings Limited, informed the Stock Exchange of Hong Kong that on November 23, 2007, the Listing Committee has in principle approved the company's Resumption Proposal. The Listing Committee decided to allow the Company to implement the Resumption Proposal, subject to certain conditions. The proposed restructuring contemplated under the Resumption Proposal will include, inter alia: 1) Capital Reorganization; 2) Debt Restructuring involving schemes of arrangement with creditors; 3) Subscription of New Shares, Convertible Preference Shares, Options; and 4) Whitewash Waiver. The investor, Wai Chun Ventures Limited and represented by Lam Ching Kui, will: (i) subscribe for 4,000,000,000 New Shares at the subscription price of HK$0.01 each; (ii) subscribe for the 11,000,000,000 Convertible Preference Shares at the subscription price of HK$0.01 each; and (iii) subscribe HK$20 million for the subscription of the Options at HK$0.001 each. Upon completion of the restructuring agreement, the beneficial shareholding interest of the Investor in Plus Holdings will increase from nil to approximately 74.20%. Accordingly, the Investor will be obliged to make an unconditional mandatory general offer for all the issued new shares not already owned or agreed to be acquired by it. In this regard, the Investor will make an application to the SFC for a whitewash waiver. The capital reorganization will involve capital reduction, authorized share capital cancellation, and authorized share capital increase. Infocast News reports that the nominal value of every share in the company will be reduced from $0.10 to $0.01 -- giving rise to a credit of $125.205 million. The amount standing to the credit of the share premium account of the company as at March 31, 2007, of approximately HK$383 million will be cancelled. As at May 17, 2007, the total indebtedness owed by the Company to its creditors was approximately HK$77 million. According to the liquidators, the indebtedness figures are indicative only and the claims of the creditors will be subject to the Hong Kong Scheme. The indebtedness will be settled under the Schemes. On December 4, 2007, a Board meeting was held to approve, amongst others, the appointment of members of audit committee, remuneration committee and nomination committee comprising the three independent non-executive directors, namely Mr. Choi Man On (who will also act as the chairman of the audit committee), Mr. Young Meng Cheung Andrew and Mr. Chan Kin Sang. A Special General Meeting will be convened to approve, inter alia, the Restructuring, the Schemes, the Whitewash Waiver and other matters contemplated under the Restructuring by way of poll by Independent Shareholders. * * * Headquartered in Hong Kong, Plus Holdings Limited is an investment holding company. The company is organized into three operating divisions: sales and integration services, services income and contract income. Sales and integration includes income from sales and services, provision of integration services of computer and communication systems. Services income includes income from design, consultation, production of information system software and management training services. Contract income includes income in connection with the sale of communication systems equipment for intelligent buildings and provision of installation services. The company's subsidiaries include Beijing HollyBridge System Integration Company Limited, Chun Tai (BVI) Limited, Full Hope Enterprises Limited, Holy (Hong Kong) Universal Limited, Plus Financial Distribution Holdings Limited and Telecom Plus Investment Limited. Going Concern Doubt Morison Heng, the company's independent auditor was not able to assess the validity of the board of directors' assumptions that the group is a going concern. The auditors said that for the year ended March 31, 2006, the group reported a loss attributable to shareholders of HK$1,210,000. As at March 31, 2006, the group had a capital deficiency of HK$25,956,000 and net current liabilities of HK$29,101,000. During the year, the group had overdue borrowings totaling HK$16,886,000. In addition, there are various actions involving litigation against the group from various parties, including suppliers, leasing company and others. Subsequent to the balance sheet date, a finance company has petitioned to the Court in Hong Kong for the winding up of the company. On May 17, 2007, Stephen Liu Yiu Keung and Robert Armor Morris were appointed as liquidators of Plus Holdings Limited. The provisional Liquidators can be reached at: Stephen Liu Yiu Keung Robert Armor Morris Two International Finance Centre, 18th Floor Central, Hong Kong QUALTECH LIMITED: Filing Proofs of Debt Due on January 14 --------------------------------------------------------- The creditors of Qualtech Limited are required to file proofs of debt by January 14, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 1, 2007. The company's liquidator is: Yeung man Li Unit 1602, 16th Floor Malaysia Building 50 Gloucester Road Wanchai, Hong Kong] RONIA INTERNATIONAL: Filing Proofs of Debt Due on January 29 ------------------------------------------------------------ The creditors of Ronia International Limited are required to file proofs of debt by January 29, 2008, to be included in the company's dividend distribution. The company's liquidator is: Sytske Helena Maria Teppema Suite 1306, 13th Floor ING Tower, 308 Des Voeux Road Central, Hong Kong SHINSHO ELECTRONICS: Liquidators Quit Post ------------------------------------------ On December 4, 2007, Rainer Hok Chung Lam and John James Toohey, stepped down as Shinsho Electronics Limited's liquidator. The liquidators can be reached at: Rainer Hok Chung Lam John James Toohey 22nd Floor, Prince Building Central, Hong Kong SKINDER COMPANY: Filing Proofs of Debt Due on January 4 ------------------------------------------------------- The creditors of Skinder Company Limited are required to file proofs of debt by January 4, 2008, to be included in the company's dividend and distribution. The company's liquidator is: Chu Yu Leung Flat 25B, South Bay Tower No. 59 South Bay Tower Road Hong Kong TALLISON (HONG KONG): Filing Proofs of Debt Due on January 14 ------------------------------------------------------------- The creditors of Tallison (Hong Kong) Limited are required to file proofs of debt by January 14, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 6, 2007. The company's liquidator is: Chui Chi Wa Flat B, 16th Floor Kwong on Bank (Mongkok Branch) Building 728-730, Nathan Road Mongkok, H.K.S.A.R. ========= I N D I A ========= AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland ------------------------------------------------------------ Affiliated Computer Services, Inc. will install and maintain an additional 24 fixed speed enforcement cameras in Montgomery County, Maryland, as part of an amended and expanded contract. The estimated value of the contract is US$19 million if all renewal options are exercised. Affiated Computer currently provides Montgomery County with six mobile speed enforcement units, as well as turnkey violation processing and customer services. The expanded contract brings the total number of speed enforcement units the company provides to the county to 30 units. The contract amendment and expansion was reflected in the company' first quarter fiscal year 2008 results. "Montgomery County is pleased to have an experienced partner like ACS to help us meet the demands of increasing traffic and the public safety issues that result," said Montgomery County Department of Police director for Automated Traffic Enforcement Unit, Maurice Nelson. "Through the use of red light and speed enforcement cameras, we are making Montgomery County a safer place to live and work." Under the contract, Affiliated Computer processes violations; generates and mails notices; schedules adjudication and appeals appointments; provides document imaging and correspondence management; provides walk-in customer service; maintains camera equipment; and provides pay-by-web, pay-by-phone, and integrated voice response systems. "Public safety cameras have proven to reduce death and injury time and again," said Affiliated Computer Services vice president for Transportation Solutions, Norman Dong. "We applaud Montgomery County for its concern for its citizens and its use of technology to make them safer." In addition to Montgomery County, the company has photo enforcement contracts in Atlanta, Baltimore, Cleveland, Dallas, Denver, Providence, San Francisco, and the State of Illinois. Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2007, Fitch Ratings removed Affiliated Computer Services, Inc. from Rating Watch Negative and affirmed these ratings: -- Issuer Default Rating 'BB'; -- Senior secured revolving credit facility at 'BB'; -- Senior secured term loan at 'BB'; -- Senior notes at 'BB-'. Fitch said the rating outlook is stable. ESSAR OIL: Shareholders OK Preferential Issue of US$2 Bil. GDS -------------------------------------------------------------- Essar Oil Ltd's shareholders has approved the proposed issuance of of US$2,000,000,000 Global Depository Shares to promoters, the company said in a regulatory filing filed with the Bombay Stock Exchange. The GDS will be issued to the promoters on preferential issue basis. The shareholders gave their nod at their Extraordinary General Meeting held yesterday, Dec. 18. According to the filing, the shareholders also approved the appointment of Naresh Kumar Nayyar as the company's managing director. 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. QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB --------------------------------------------------------------- Quebecor World Inc. will not be proceeding with the sale of its European business to RSDB NV due to the lack of support of the transaction from RSDB's shareholders. In November 2007, Quebecor World and RSDB NV have signed a definitive share purchase agreement and implementation agreement to sell/merge Quebecor World’s European operations to RSDB Group. RSDB will buy Quebecor World’s European operations and Quebecor World will retain a 29.9% interest in the merged entity that will be named "Roto Smeets Quebecor" and will be listed on Euronext Amsterdam. Under the terms of the share purchase agreement and implementation agreement, RSDB will deliver to Quebecor World, at closing, cash, a note and shares valued in the aggregate at approximately EUR240 million or US$341 million, subject to certain post-closing adjustments. More specifically, the consideration payable to Quebecor World will be comprised of approximately EUR150 million or US$213 million in cash, a EUR35 million or US$50 million note, and 1.4 million shares in RSQ representing approximately 29.9% of the issued and outstanding shares of the combined business post- closing. The share purchase and implementation agreement was agreed to by both RSDB's management and supervisory boards but was conditional upon the approval of RSDB's shareholders. Notwithstanding the outcome of the RSDB's shareholders vote, Quebecor World believes that the overall terms of the transaction represented fair value for all affected stakeholders. The company will explore its strategic options for its European operations, including consolidation opportunities and other initiatives to enhance value. "While we believed this transaction represented an important consolidation opportunity for the European industry, our European business remains a leader, with one of the most extensive and technologically advanced pan-European platforms," Wes Lucas, president and CEO Quebecor World, said. "Our customers will continue to receive top quality, on-time products and services each and every day as we are fortunate to have some of the most skilled and dedicated people in the industry." The company is evaluating and implementing a variety of options that should compensate for the sale proceeds that will no longer be realized as a result of this transaction not proceeding, including the implementation of new accounts receivable financing programs in Europe. Moreover, Quebecor World's management and board of directors, together with its independent financial advisor, explore and evaluate financing and other alternatives to further strengthen the company's balance sheet and liquidity. While recent external market conditions have been challenging, the company's completed retooling and turn-around plan are generating improvements and have contributed to ensuring the company's continued positive operating cash flow. About Quebecor World Inc. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. * * * As reported in the Troubled Company Reporter on Nov. 29, 2007, Standard & Poor's Ratings Services lowered its preferred stock rating on Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long-term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. ================= I N D O N E S I A ================= ADARO INDONESIA: S&P Affirms 'B-' Corporate Credit Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' corporate credit ratings and issue ratings on Thailand's integrated pulp and paper company, Advance Agro Public Co. Ltd, and removed them from CreditWatch, where they were placed with negative implications on Nov. 9, 2007. The outlook is negative. The ratings were initially placed on CreditWatch after the announcement of the company's corporate restructuring and delisting plan. This rating action is based on the anticipated longer time horizon for Advance Agro to execute its restructuring plan. The negative outlook reflects uncertainties on Advance Agro's financial and business strategies and potential further weakening of the company's financial flexibility and transparency post-privatization. The current rating incorporates expectations that Advance Agro would be able to refinance its maturing debt (mostly working capital facilities) in the near term. The unavailability of refinancing debt funding would put the rating under further downward pressure. "The rating on Advance Agro is constrained by the company's highly leveraged financial risk profile, exposure to volatile and cyclical pulp and paper prices, and single site concentration," said Standard & Poor's credit analyst Yasmin Wirjawan. "These weaknesses are partially offset by Advance Agro's integrated and efficient operations, favorable market position, and geographical diversity through exports." Advance Agro's liquidity is weak. The company faces refinancing risk and is dependent on the smooth rollover of its short-term credit facilities. As at Sept. 30, 2007, the company had debt of THB4.1 billion due within the next 12 months, compared with cash balance of about THB0.3 billion. This risk is partially offset by the operating cash flow of about THB2 billion per year and unused working capital facilities of THB2 billion. "The outlook could be revised to stable if the company's business strategy and financial policy post-restructuring are not perceived to lead to a material weakening of Advanced Agro's credit quality," Ms. Wirjawan noted. "In addition, it will have to be accompanied by a steady improvement in cash flow generation, which could help strengthen the company's liquidity position. As the company will potentially be privatized in the near term, an outlook revision would also be based on the expectation that Advance Agro will not be required to provide additional financing or other type of support to related parties or shareholders." Headquartered in Indonesia, PT Adaro Indonesia -- http://www.adaro-envirocoal.com-- operates one of the world's largest sub-bituminous coalmines in Kalimantan, Indonesia. The company operates under a Coal Cooperation Agreement with the Government of Indonesia, which gives it the right to mine coal within its agreement area in the Tanjung district of South Kalimantan Province until the year 2022 with rights to extend by mutual agreement. There are four deposits within the Agreement Area, which contain total coal resources of approximately 3.0 billion tones of open cut coal characterized by extremely thick seams of up to 50 meters with relatively low overburden. ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders --------------------------------------------------------------- Armstrong Holdings, Inc., the former parent company of Armstrong World Industries, Inc., has completed its previously announced distribution of its entire net assets to shareholders. Checks to record holders were mailed on Dec. 12, 2007. Shareholders who have ACKH stock in brokerage accounts will receive the distribution in their accounts in the near future. The company's common stock had traded on the Over-the-Counter Bulletin Board under the symbol "ACKH." Direct shareholders did not need to return their stock certificates to receive a distribution. Those certificates are void and have no value. When they receive their distribution checks through the mail, direct shareholders should follow instructions enclosed with their payment to cancel or destroy those Armstrong Holdings stock certificates. The company will file Articles of Dissolution with the Commonwealth of Pennsylvania and will cease to exist. Direct shareholders with questions concerning their accounts should contact American Stock Transfer & Trust Company at 800- 937-5449. About Armstrong Holdings Inc. Based in Lancaster, Pennsylvania, Armstrong Holdings Inc. (OTC Bulletin Board: ACKH) -- http://www.armstrong.com/-- was the parent holding company of Armstrong World Industries Inc. On Oct. 2, 2006, Armstrong World Industries Inc. emerged from Chapter 11 reorganization under its Fourth Amended Plan of Reorganization, which provided for the cancellation of the AWI stock owned by the company. The company has conducted no business and had no operations since Oct. 2, 2006. The company has Asia-Pacific locations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also has locations in Colombia, Costa Rica, Greece and Iceland, among others. * * * Standard & Poor's Ratings Service affirmed the 'BB' corporate credit and senior secured ratings for Armstrong World Industries Inc. on March 2007. Moody's Investors Service assigned, in October 2006, a Ba2 rating on Armstrong World Industries, Inc.'s new credit facility and a Corporate Family Rating of Ba2. Moody's said the ratings outlook is stable. BANK LIPPO: Shareholder Seeks Merger With Bank Niaga ---------------------------------------------------- PT Lippo Bank Tbk's shareholder Khazanah Nasional Bhd is looking into the possibility of merging Lippo Bank and PT Bank Niaga given the synergy involved, and also to comply with Indonesia's single presence policy, The Edge Daily reports citing Khazanah Managing Director Datuk Azman Mokhtar. Khazanah Nasional, The Edge relates, has a 52.02% stake in Lippo Bank, while CIMB Group Sdn Bhd owns a 67% stake. Under the single presence policy, CIMB group and Khazanah were deemed as a single shareholder because Khazanah has a 19.7% stake in CIMB, the report notes. According to the report, foreigners controlling Indonesian banks have three options to comply with the single presence policy introduced by Bank of Indonesia. They can either merge the banks, set up a holding company for the banks, or sell down their stakes, The Edge notes. The foreign investors, the report says, have until month-end to submit their proposals on how they intend to comply and have until 2010 to implement their plans. The Edge relates that the policy was aimed at hastening the consolidation of the Indonesian banking industry and ensuring effectiveness of supervision of its central bank. Mr. Mokhtar told the news agency that Khazanah would comply with the policy but would seek further clarification before coming to a decision on its interest in the Indonesian banks. Several issues needed clarification including the tax structure in the implementation of the merger, he added. About Bank Lippo Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk -- http://www.lippobank.co.id/-- offers two product segments: Consumer Products, comprised of personal accounts, debit cards, distribution cards, VIP banking, credit cards, loans, bancassurance, payment services, loyalty programs and safe deposit boxes, and Corporate Products, consisting of LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink and MFTS. The bank is supported by 134 branch offices, 21 sub branch offices, 238 cash offices and four payment service offices nationwide. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Lippo Bank Tbk. The detailed ratings are: -- The issuer/foreign currency subordinated debt ratings were raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating and D BFSR were unaffected. On Sept. 11, 2007, Fitch Ratings upgraded the Individual Ratings of PT Bank Lippo Tbk to 'C/D' from 'D. At the same time, the agency upgraded Bank Lippo's National Long-term Rating to 'AA-' from 'A+'. The Outlook remains Stable. All other ratings have been affirmed: * Long-term foreign currency IDR at 'BB-' with Positive Outlook, * Short-term foreign currency Rating at 'B', * Support Rating at 4 and Support Rating Floor at 'B', On July 12, 2007, Standard & Poor's Ratings Services assigned 'B+' long-term and 'B' short-term counterparty credit ratings to Indonesia-base Lippo Bank. The outlook is stable. Standard & Poor's also assigned its 'D' bank fundamental strength rating to the bank. At the same time, Standard & Poor's assigned its 'B-' issue rating to Lippo Bank's US$200 million subordinated notes due in 2016. The differential between the 'B+' counterparty credit rating on Lippo Bank and the 'B-' rating on its subordinated notes reflects the subordinated feature of the notes. GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA --------------------------------------------------------------- Goodyear Tire & Rubber Co. is working with NASA Glenn Research Center to significantly evolve the technology and take its capabilities to the rest of the universe. Part of a funded program by NASA's Innovative Partnership Program to develop non- pneumatic tires for use first on the moon, and eventually on Mars, the Innovative Partnership Program Seed Fund was established to advance key technologies to meet critical needs for NASA's missions. Because of the unique atmospheric characteristics of the operational environment, "The basic rubber-pneumatic design used on Earth does not have the same utility on the moon," said NASA Principal Investigator Vivake Asnani. "The challenges associated with creating a lunar tire are further complicated by the fact that there are no lunar roads. Lunar tires need to be designed to develop traction on sandy undulated terrain, in regions that humans have never even seen up close. Plus, the prospect of an immobilizing 'flat tire' would be devastating to the mission." Vivake Asnani is a founding member of the Surface Mobility Technology team at Glenn Research Center that was created in late 2005 in response to the announcement by President Bush in 2004 that the United States would embark on an initiative to further explore the moon and Mars. Vivake Asnani said Goodyear Tire was selected to work with Glenn Research Center because of its experience in previous lunar programs, understanding of vehicle dynamics and state-of-the-art computer modeling capabilities. Goodyear engineers are used to thinking out-of-the-box in terms of developing entirely new technologies, so thinking "out-of- this-world" was not a stretch, according to Joe Gingo, Goodyear's executive vice president and chief technical officer. "The mission performance goals for these tires will push known tire technology well beyond its comfort zone," Mr. Gingo said, "and I am confident we have the capabilities to do that." Goodyear Principal Investigator Dave Glemming said the decision to partner with NASA for this initiative was easy. "Not only will the outcome of this project deliver a product that can handle the performance capabilities required for lunar mobility and beyond, we expect the outcome will yield answers to how future non-pneumatic tires may be designed for Earth applications." The Goodyear team will consist of a cross section of research and tire technology associates at the Akron Technical Center. In the past year the company has been evaluating the Apollo lunar rover wheel, prototype pneumatic tires and non-pneumatic concepts to build a baseline understanding of the mechanics of these wheels and the challenges of the lunar environment. While a one-year timeline to develop and demonstrate something as novel as a lunar tire seems extremely aggressive, the group is building on technology from the first moon landing, Glemming said. In the 1960s, NASA funded over 10 years of intensive research at Goodyear Tire and General Motors to develop the wire mesh moon tire for the Apollo Lunar Roving Vehicle. The Lunar Roving Vehicle tire was woven out of piano wire, in order to provide a soft, springy surface to contour to the ground and provide good ride quality. It looks a bit like the skeleton of an Earth tire. This approach worked very well, because each Lunar Roving Vehicle tire was only required to support about 60 pounds of weight (all things weigh six times less on the moon than on Earth) and be used for a maximum of 75 miles. The new fleet of lunar vehicles will require tires to support about 10 times the weight and last for up to 100 times the distance. A tire that would meet such requirements would also be useful for commercial applications on Earth, Glemming said. To extend the utility of this wire mesh tire, the team is first analyzing the original design using computer-modeling tools. Furthermore, exact replicates of the tires are being manufactured and tested to find out how and why their load and life are limited. Essentially, the tires will be loaded and cycled until they fail. The Goodyear tire designers and research engineers at NASA Glenn Research Center will then iteratively design, build, and laboratory-test concept tires to mitigate the failures. The exact nature of these design changes has not been disclosed yet. Following in the NASA tradition, everything will be proven and nothing taken for granted. A set of 12 tires will be built by winter of 2009 and demonstrated on the new NASA Chariot roving vehicle at the Johnson Space Center in Texas. (See http://robonaut.jsc.nasa.gov/chariot/) About Glenn Research Center Glenn Research Center -- http://www.nasa.gov/centers/glenn/home/index.html-- develops technologies and flight systems for NASA's exploration aeronautics, and science missions. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world, including Indonesia, Australia, China, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX --------------------------------------------------------------- McDermott International Inc.'s subsidiary, J. Ray McDermott, S.A., has been awarded a contract by PEMEX Exploracion y Produccion, Northeast Marine Region, for the fabrication of the Maloob-C Drilling Platform. The project is located in the Ku- Maloob-Zaap field in the Bay of Campeche, Mexico, in 269 feet of water. "This is the first project award for our new facility at Altamira, Mexico," said Bob Deason, J. Ray's President and Chief Executive Officer. "I believe the Altamira facility will prove increasingly valuable for J. Ray in the coming years with its capabilities and deep water access to the Gulf of Mexico." Work on the drilling platform is scheduled to begin at Altamira in February 2008, and it is expected that over 275 craftsmen and professionals will be involved with the project. Designed to sustain 18 wells, the drilling platform will have a 3,200-short ton eight-legged jacket and a two-level deck weighing just over 2,500 short tons, with more than 3,300 short tons of piles. The contract is expected to be completed in the first quarter of 2009. Headquartered in Houston Texas, McDermott International, Inc. (NYSE:MDR) -- http://www.mcdermott.com/-- through its subsidiaries, an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott's customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries -- including Indonesia and the United Kingdom -- with more than 20,000 employees. * * * As reported in the Troubled Company Reporter-Latin America on July 5, 2007, Moody's raised MII's Corporate Family Rating to Ba3 from B1. Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1, its Probability of Default Rating to B1 from B2 and its senior secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%) and The Babcock & Wilcox Company's senior secured bank facility rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%). The rating outlook for J. Ray is positive, while the rating outlooks for MII and B&W are both stable, according to Moody's. PT INCO: In Talks With Ministry Regarding Royalty Rates ------------------------------------------------------- PT International Nickel Indonesia is currently discussing with the energy and mineral resources ministry regarding a plan to review the rate of the company's royalties to the government, Antara News reports citing PT INCO President Director Arif Siregar. Mr. Siregar told the news agency that under its first work contract PT INCO was required to pay royalties on a floating basis, namely based on the nickel price prevailing in the world market. However, based on the signed 2008-2025 work contract, the company was required to pay royalties at a flat rate based on the assumed nickel price of US$7 - US$8 per pound, the report recounts. But the current nickel price had reached US$11 per pound so that the governme