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 Monday, January 7, 2008, Vol. 11, No. 4 Headlines A U S T R A L I A ARROW ENERGY: Closes AU$70 Million Sr. Debt Funding for Asset AVNET INC: Acquires YEL Electronics FORTESCUE METALS: ASIC Questions Ten-for-One Share Split PSIVIDA: Receives 180-day Notice to Regain Bid Price Compliance STATEWEB PRINTING: Placed in Receivership Due to Cash Trouble URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program C H I N A , H O N G K O N G & T A I W A N ASIAPAC DEVELOPMENT: Liquidator Quits Post AU OPTRONICS: To Build Plant in Anticipation of LCD Shortage AU OPTRONICS: Shipped 73.44 Million LCDs in Jan. to Nov. 2007 CMC MAGNETICS: Plans Annual Equipment Maintenance in 1st Quarter DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares EASE WAY: Commences Liquidation Proceedings EMPIRE TOYS: Commences Liquidation Proceedings EVERLIGHT ELECTRONICS: To Expand LED Capacity by 47% in 1Q 2008 EVERLIGHT: Will Expand to LED Production for Notebooks FELIMORE COMPANY: Proofs of Debt Due on February 1 JHT CAPITAL: Creditors Receive Wind-Up Report PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit PETROLEOS DE VENEZUELA: Inks US$190-Mln Contract with Cameron SAMPO CORP: Sharp Says Goodbye to 6% Stake SUCESS PIONEER: Commences Liquidation Proceedings TAKARA DIRECT: Proofs of Debt Due on January 28 TEMPLEPATRICK LIMITED: Proofs of Debt Due on January 28 THE SHOP OF GREEN: Proofs of Debt Due on January 28 TOMEN (H.K.): Liquidators Quit Post TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake WORLD CONGRESS: Proofs of Debt Due on January 28 I N D I A DENA BANK: Fitch Upgrades Individual Rating to 'D' From 'D/E' GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007 IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces TATA STEEL: Forms 50:50 Coal Mining Joint Venture with SAIL TATA POWER: Group Wants Electronic Division Tranferred to Nelco I N D O N E S I A BANK NIAGA: Partners Bakrie Telecom for Bill Payment Services BANK PERMATA: Signs Cooperation Agreement With Toyota Astra BAKRIE SUMATERA:Ups Shareholding in Agri Resources to 25% GAJAH TUNGGAL: Completes Rights Issue of 316,800,000 Shares GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments PERUSAHAAN LISTRIK: To Stop Cilacap Plant Power Operations J A P A N DELPHI CORP: Completes US$40 Mil. Sale of North American Brake DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM DELPHI CORP: IUE-CWA Objects to Employee Compensation Programs ELPIDA MEMORY: Makes Personnel Changes for January 2008 FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors IHI CORP: May Be Probed for Falsifying Financial Statements MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2% MITSUBISHI MOTORS: November 2007 Global Output Rises 6.8% MITSUBISHI MOTORS: U.S. December 2007 Sales Down 40.4% K O R E A EG SEMICON: Completes Bonus Issuance of 22,810,632 Common Shares EVEREX INC: Disposes Shares to Raise Fund EVEREX INC: Converts Eighth Bonds with Warrants into Shares GENEXEL-SEIN: Gets Patent for Covering Molecules REMY WORLD: Court Issues Final Decree Closing 27 Bankr. Cases M A L A Y S I A PAN MALAYSIAN: Implements Proposed Capital Reconstruction TALAM CORPORATION: Gives Update on Europlus Merger Status N E W Z E A L A N D CLEAR CHANNEL: Donald Perry to Quit as President & CEO CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes P H I L I P P I N E S GLOBE TELECOM: Records Increase in Mobile Users in 2007 4th Qtr. MANILA ELECTRIC: ERC Vows Thorough Examination of Recovery Bid UNIOIL RESOURCES: PSE Lifts Trading Suspension on Securities VICTORIAS MILLING: Posts Net Income of PHP80.403 Mil. for FY2007 S I N G A P O R E INTERMEC TECH: Hires David Yung as Asia Pacific Vice President POLYONE CORP: Completes Acquisition of GLS Corporation - - - - - - - - ================= A U S T R A L I A ================= ARROW ENERGY: Closes AU$70 Million Sr. Debt Funding for Asset ------------------------------------------------------------- Directors of Arrow Energy Ltd. say that they have executed the drawdown of a AU$70-million debt facility with Suncorp-Metway Limited for its 50% share of the North Queensland Pipeline Assets recently acquired from the Queensland Government through the Enertrade acquisition. The facility is recoursed solely to the North Queensland Pipeline Assets and has been tailored to give Arrow maximum flexibility as it determines the optimum ownership structure for its 50% interest in the North Queensland Pipeline Assets. Arrow's CEO Nick Davies comments, "The close of the financing arrangement with Suncorp represents a further endorsement of the coal seam gas industry and the maturity of Arrow as a company now with access to additional funding sources. Arrow is pleased to be associated with a professional, like minded Queensland based company in Suncorp and looks forward to building upon this relationship." Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an Australian company engaged in the undertaking of gas exploration and development activities. The Company is focused on coal seam gas exploration and production in the Surat, Clarence-Moreton and Ipswich Basins in southeast Queensland and northern New South Wales and the Styx Basin and Nagoorin Graben in coastal central Queensland. Arrow Energy NL has been carrying out exploration/appraisal drilling (over 50 wells) and has proven a large CSG resource. The Company's projects include Kogan North, Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale and Boyne River. The Troubled Company Reporter-Asia Pacific's Distressed Bonds Column on December 18, 2007, listed Arrow Energy's bond, with a 10.000% coupon and a March 31, 2008 maturity date, as trading at 2.65% on the Australian dollar. AVNET INC: Acquires YEL Electronics ----------------------------------- Avnet Inc. has acquired YEL Electronics Hong Kong Ltd. YEL, which was established in 1992, is a leading distributor of interconnect, passive, electromechanical and limited semiconductor components in the Asia region, representing over 30 franchised suppliers. YEL generated approximately US$200 million of revenue in the twelve months ended December 2007 with over 80 percent coming from IP&E products. With the acquisition, Avnet gains a well- established team of talented and knowledgeable employees serving over 2000 customers in 8 countries across Asia Pacific. The acquisition also expands Avnet Electronics Marketing's franchised line card with new IP&E suppliers in the region. Harley Feldberg, president of Avnet Electronics Marketing global, noted that the acquisition is another significant step in Electronics Marketing's strategy to accelerate growth: "The IP&E distribution industry in Asia is highly fragmented and Avnet intends to actively participate in its consolidation. The acquisition of YEL provides an excellent opportunity to supplement our organic growth initiatives by adding a well- respected regional distributor with a management team that shares our focus on profitable growth and superior customer service. With this acquisition, we have increased our IP&E business in Asia by over 50% and become the largest IP&E distributor in the region." Avnet YEL will operate as a specialist division to maintain its focus on IP&E profitable growth. The combined customer base will also provide additional opportunities for cross selling as our sales organizations will have an expanded line card supported by Avnet's world-class supply chain management and logistics capabilities. The transaction is expected to be immediately accretive to earnings, excluding minimal integration charges, and supports Avnet's long-term return on capital goals. Stephen Wong, President of Avnet Electronics Marketing Asia added, "The acquisition of YEL is a clear demonstration of Avnet's commitment to invest in the high growth Asia components market. With a larger team of talented people, a broadened account base and an expanded line card, Avnet Electronics Marketing Asia will have additional opportunities to accelerate organic growth while leveraging our scale and scope advantages to deliver superior value to our trading partners." In addition to distributing an industry-leading line card comprised of the world's leading suppliers of semiconductor and IP&E products, Avnet Electronics Marketing Asia also offers a wide portfolio of value added services -- from design, demand creation and technical support to leading supply chain and logistic services. This acquisition further validates Avnet's desire and ability to continue investing in this high growth region. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. FORTESCUE METALS: ASIC Questions Ten-for-One Share Split -------------------------------------------------------- Fortescue Metals Group Ltd., after its shareholders have approved a 10-for-1 split, is asked by the Australian Securities Exchange to explain why its shares rose, Peter Gosnell reports for the Daily Telegraph. Ten days after Fortescue's shareholders approved the split, the company's share price increased. However, Fortescue said that it was not aware of any particular reason for the increase or the volume of shares traded. The Troubled Company Reporter-Asia Pacific reported on Dec. 21, 2007, that Fortescue's shareholders approved the plans for the one-for-ten share split, which will pave the way for making its shares more affordable to investors and help improve trading liquidity while reducing price volatility. Meanwhile, in separate filings with the Australian Securities Exchange, directors Herbert James Elliott, Geoffrey Frank Brayshaw and Kenneth Charles Ambrecht increased their shares. Mr. Elliott has increased his ordinary shares to 5,503,740 from 5,501,310. The total number of shares acquired was 2,430 valued at AU$19,318.50. Mr. Brayshaw acquired 1,359 ordinary shares valued at AU$10,804.05. Mr. Brayshaw now holds 15,589 of securities from 14,230. Mr. Ambrecht now holds 6,503,870 securities after acquiring 2,520 ordinary shares valued at AU$20,034.00. Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past two fiscal years. Net loss for the year ended June 30, 2005, was AU$4.52 million and net loss for the year ended June 30, 2006, was AU$2.15 million. PSIVIDA: Receives 180-day Notice to Regain Bid Price Compliance --------------------------------------------------------------- On December 27, 2007, Psivida Ltd. received a letter from the NASDAQ Listing Qualifications Department notifying the company that, for the last 30 consecutive business days, the bid price of the company’s American Depositary Shares has closed below the minimum US$1.00 per share required for continued listing on the NASDAQ Global Market under Marketplace Rule 4450(a)(5). In accordance with Marketplace Rule 4450(e)(2), NASDAQ will provide the company with 180 calendar days, or until June 24, 2008, to regain compliance. If at any time before June 24, 2008 the bid price of the Company’s ADSs closes at US$1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will provide written notification that the Company has achieved compliance with Marketplace Rule 4450(a)(5). If compliance with Marketplace Rule 4450(a)(5) cannot be demonstrated by June 24, 2008, NASDAQ will provide written notice that the Company’s securities will be delisted from the NASDAQ Global Market. At that time, the Company may appeal NASDAQ’s determination or, if the Company satisfies the requirements of Marketplace Rule 4310(c) other than the minimum bid requirement, the Company may apply to transfer its securities to the NASDAQ Capital Market, in which case, if the Company’s application is approved, the Company will be afforded the remainder of the Capital Market’s second 180 calendar day period to regain compliance while on the NASDAQ Capital Market. During the provided compliance periods, the Company will seek to regain compliance. The Company will also continue to monitor its stock price closely and will consider its options for regaining compliance in the event that its stock price remains below $1.00. No assurances can be made at this point as to whether the Company will regain compliance. pSivida's Managind Director, Dr. Paul Ashton says, "The Company is committed to regaining compliance, and are pursuing various strategies including the potential of non-dilutive capital. The Company believes its current cash position, together with the expected development funding from Pfizer and the remaining US$1.5 million due in April related to the sale of a subsidiary, is sufficient to contiue operations until at least September 30, 2008." About pSivida Ltd. pSivida Limited -- http://www.psivida.com/-- is an Australian company existing pursuant to the Australian Corporations Act 2001 with shares listed on the Australian Securities Exchange, the NASDAQ Global Market, the Frankfurt Stock Exchange, and London's OFEX International Market Service. The company is committed to biomedical applications of nano-technology and has as its core focus the development and commercialization of drug delivery products in the healthcare sector, initially in ophthalmology and oncology. The company's corporate headquarters is located at: Level 12 BGC Centre 28 The Esplanade Perth WA 6000, Australia Tel No. (+61 8) 9226 5099 The legal entity that became pSivida was incorporated as the Sumich Group Ltd in April 1987. The Sumich Group operated a business that was placed into administration or receivership in 1998. pSivida was subsequently formed on December 1, 2000, upon entering into a court-approved arrangement with Sumich Group's creditors, which fully extinguished all prior liabilities as of that time. Subsequently, the company appointed new directors and officers and re-listed on the Australian Securities Exchange as pSivida. The company was then recapitalized through a placement to investors of 9.3 million ordinary shares at AU$0.30 per share, raising AU$2.79 million. pSivida revealed that it has not made substantial divestitures in the past three fiscal years through the present. Going Concern Doubt After auditing the company's consolidated balance sheet as of June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered Accountants, said that as of Oct. 31, 2006, pSivida has determined there may be a risk of default associated with maintaining the US$1.5 million minimum cash balance. In the event of a default, the noteholder is entitled to call the full value of the liability. This risk of default, together with the company's recurring losses from operations and negative cash flows from operations, raise substantial doubt about its ability to continue as a going concern. Deloitte notes that the financial statements do not include any adjustments that might result from the outcome of this uncertainty. STATEWEB PRINTING: Placed in Receivership Due to Cash Trouble ------------------------------------------------------------- Stateweb Printing is placed in receivership because of cashflow problems, causing 15 people to lose their jobs, Alexandra Tredrea writes for The Advertiser. Receiver John Hart, of Ferrier Hodgson, says that among the number of factors that contributed to the receivership of the company included "under-capitalization, establishment delays and being unable to achieve its sales targets," relates the Advertiser. Stateweb's business and its assets was advertised for sale on January 5, 2008. Stateweb Printing -- http://www.stateweb.com.au/index.htm-- is an offset printing company headquartered in Torrensville, south Australia. URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program ---------------------------------------------------------------- URS Corporation's EG&G Division has been awarded an indefinite delivery/indefinite quantity contract to provide engineering and program management services for the Joint Unmanned Aircraft Systems Center of Excellence at Creech Air Force Base, Nevada. The three-year contract has a maximum value of US$60 million to URS. Under the terms of the contract, URS can be assigned task orders for a variety of engineering and program management services, including logistics, test and evaluation management, modeling and simulation, as well as administrative, contract, financial, data and security management. Commenting on the contract, Randall A. Wotring, President of the EG&G Division, said: "We are very pleased with this award, which underscores the Company's position as a leader in providing advanced engineering, logistics and program management services to the U.S. Department of Defense. URS has been providing Predator Maintenance Support services at the Creech Air Force Base since 2005, and we are excited to have the opportunity to expand our work at the base." Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ ASIAPAC DEVELOPMENT: Liquidator Quits Post ------------------------------------------ On December 21, 2007, Man King Shing stepped down as liquidator for Fortune Realty Company Limited, which is undergoing liquidation. AU OPTRONICS: To Build Plant in Anticipation of LCD Shortage ------------------------------------------------------------ AU Optronics Corp. says that there could be a global supply shortage of LCDs next year amid booming demand for LCD televisions, Reuters relates. Reuters cites an unnamed AUO official as saying that while supply is seen to grow by at least 22% to 25%, demand is expected to grow by 28% to 30%. Reuters also relates that the company expects its first-quarter sales for 2008 to beat the first quarter of previous years. AUO also discloses its plans to build a next-generation LCD plant to meet demand for bigger flat TVs increasing its capital spending from the current TWD90 billion, and will decide what technology it will use to make panels by the end of the year, Reuters notes. The report explains that bigger rivals such as Samsung Electronics Co. Ltd. and LG.Philips LCD have also been expanding their capacity, fueling concerns of a supply glut. The Troubled Company Reporter-Asia Pacific reported on Jan. 3, 2008, that AU Optronics is set to disclose details regarding its next-generation project during its investors conference on Jan. 30, 2007. The TCR-AP added that the company remains optimistic about the first quarter of 2008, and will give a detailed outlook for the period. Taiwan-based AU Optronics Corp. -- http://www.auo.com/-- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. AU Optronics' long-term local and foreign currency issuer default carries Fitch Ratings' BB rating. AU OPTRONICS: Shipped 73.44 Million LCDs in Jan. to Nov. 2007 ------------------------------------------------------------- AU Optronics Corp. shipped a total of 73.44 million large-area thin film transistor liquid crystal displays during the first 11 months of 2007, making the company the world's largest supplier of the product in terms of unit shipments, according to TradingMarkets.Com The report says that the tallies show LG.Philips LCD as the second largest supplier, shipping 73.04 million units during the period, followed by Samsung Electronics at 71.6 million units. The report explains that in November 2007 alone, AUO shipped 7.93 million large-area TFT-LCDs, while SEC and LPL shipped 7.81 million units and 7.53 million units, respectively. TradingMarkets also says that AUO is the world's largest TV panels shipper in November 2007. Taiwan-based AU Optronics Corp. -- http://www.auo.com/-- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. AU Optronics' long-term local and foreign currency issuer default carries Fitch Ratings' BB rating. CMC MAGNETICS: Plans Annual Equipment Maintenance in 1st Quarter ---------------------------------------------------------------- CMC Magnetics Corp. is planning an annual equipment maintenance in the first quarter of 2008, DigiTimes reports. Digitimes notes that, according to the company, the stoppage of production is intended to also help avoid a possible oversupply of CD-R and DVD+R/-R discs in the traditional off-season. Digitimes writes that the company pointed out it has not yet decided when to start the planned maintenance nor the time length, with the decision hinging on the receipt of orders. The last time the company had an annual maintenance was during the Lunar New Year in 2007 Ritek and Prodisc Technology have also reported similar moves, the report relates. Headquartered in Taipei, Taiwan, CMC Magnetics Corporation -- http://www.cmcdisc.com/-- is engaged in the manufacture and sale of media storage devices and opto-electrical products. The company distributes its products within the domestic market and to overseas markets, including the Americas, Europe and rest of Asia. The Troubled Company Reporter - Asia Pacific reported that on Jan. 11, 2007, Moody's Investors Service changed to stable from negative the outlook for both CMC Magnetics Corporation's B1 corporate family rating and its Ba2.tw national scale issuer rating. DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares --------------------------------------------------------------- Dana Corp. and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of New York to file an Allocation Report, indicating Participating Claims totaling more than US$1.5 billion that were allocated 5.4 million shares of New Series B Preferred Stock on a pro rata basis, under seal. Dana entered into an Investment Agreement dated July 26, 2007, with Centerbridge Capital Partners, L.P.; Centerbridge Capital Partners Strategic, L.P., as successor by assignment from CBP Parts Acquisition Co. LLC; Centerbridge Capital Partners SBS, L.P., as successor by assignment from CBP Parts. The Investment Agreement allows for US$790 million cash infusion in the Reorganized Debtors. Centerbridge will purchase US$250 million in aggregate liquidation preference of New Series A Preferred Stock and qualified creditors of the Debtors who are Qualified Investors will have an opportunity to purchase an additional US$540 million in aggregate liquidation preference of New Series B Preferred Stock on a pro rata basis. To be permitted to invest to purchase a pro rata share of the Series B Shares, the Investment Agreement required parties, among other things, be a "Qualified Investor" under the Investment Agreement and to deliver a duly executed Subscription Agreement prior to 5:00 p.m. EST on Dec. 5, 2007. To be a "Qualified Investor," a party was required, among other things, to (a) beneficially own "Qualified Bond Claims," "Acquired Bond Claims" or "Qualified Trade Claims" in excess of US$25 million by certain dates and (b) timely execute and deliver a signature page to the Plan Support Agreement dated July 26, 2007, among Dana, United Steelworkers, International Union, UAW, Centerbridge Capital Partners, L.P. and certain Dana creditors. The BMC Group, Inc., as Subscription Agent for the Debtors, mailed subscription agreements and instructions for subscription on Nov. 2, 2007, to all parties that the Debtors reasonably believed might be entitled to participate in the subscription based upon information available at that time. Corinne Ball, Esq., at Jones Day in New York, reports that as of Dec. 26, 2007, BMC has received, excluding duplicates, 106 Subscription Agreements from 96 entities constituting 24 investors -- if affiliated entities are counted as one investor. BMC and the Debtors have since undertaken to reconcile the information that was submitted in the subscription agreements. The Debtors have reviewed the information received by BMC and other relevant information, which has been shared with counsel to the Ad Hoc Committee of Dana Noteholders and counsel to the Official Committee of Unsecured Creditors, Ms. Ball says. Based on the information and other numerous meetings at which they consulted with the Ad Hoc Committee and the Creditors' Committee, the Debtors have determined and have prepared a report setting forth: (a) which parties will purchase Series B Shares as part of the subscription process; and (b) the number of Series B Shares to be allocated to each Subscribing Investor for purchase. The Debtors believe that the allocation of New Series B Preferred Stock is commercially sensitive information to them. Publicly disclosing the holdings of preferred shareholders is confidential information that is not customarily disclosed unless and until Securities Exchange Act of 1934 rules require the shareholder to file with the Securities and Exchange Commission after crossing a specified threshold of ownership percentage (generally 5%). The Debtors believe that publicly publishing the individual allocations of New Series B Preferred Stock would only serve to potentially cause delays in the Debtors' ability to obtain the necessary funds. In addition, counsel to the Ad Hoc Committee has advised the Debtors that the Subscribing Investors prefer that their exact holdings in New Series B Preferred Stock not be publicly disclosed because such parties consider their individual allocated holdings to be confidential commercial information. A full-text copy of the redacted version of the Allocation Report identifying each of the Subscribing Investors without identifying the number of shares of New Series B Preferred Stock being allocated to each party, is available at no charge at: http://bankrupt.com/misc/DANA_Subscribing_Investors.pdf Ms. Ball relates the Debtors are providing individualized notices to each Subscribing Investor of, among other things: (a) the number of shares of New Series B Preferred Stock allocated to them; (b) instructions for submitting payment for the shares by Dec. 28, 2007; and (c) information regarding additional documentation that must be completed prior to a Subscribing Investor's receipt of its allocated New Series B Preferred Stock. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EASE WAY: Commences Liquidation Proceedings ------------------------------------------- Ease Way Holdings Limited commenced liquidation proceedings on December 21, 2007. The company's liquidator is: Tsui Man See Room 1908-9, Tower One Lippo Centre, 89 Queensway Hong Kong EMPIRE TOYS: Commences Liquidation Proceedings ---------------------------------------------- Empire Toys (Hong Kong) Limited commenced liquidation proceedings on December 18, 2007. The company's liquidators are: John Robert Lees Column Sebastian Joseph Bancroft John Lees & Associates Limited 1904 Hong Kong Club Building 3A Chater Road, Central Hong Kong EVERLIGHT ELECTRONICS: To Expand LED Capacity by 47% in 1Q 2008 --------------------------------------------------------------- Everlight Electronics Co., Ltd.'s chairman, Robert Yeh, discloses that the company will "greatly expand" its monthly capacity for surface mount device LEDs by 47%, from 680 million units at the end of 2007 to one billion units by the end of the first quarter of 2008, DigiTimes reports. The plan is anchored on a rosy LED market growth expectations, the report notes. Mr. Yeh estimates a 75.2% annual growth in high-power LED light market between 2006 and 2010, DigiTimes relates. According to Mr. Yeh's estimates, the penetration rate of LED backlighting utilized in large-size TVs will rise from 0.5% in 2007 to 1.2% in 2008, and exceed 10% in 2011, the report says. Mr. Yeh adds that the penetration rate of LED backlighting utilized in medium-size panels will increase from 55% in 2007 to 62% in 2008, with related shipments growing from 853 million units to 1.23 billion units, while the penetration rate of LED backlighting utilized in notebook will reach 15% this year, the report continues. According to the report, Mr. Yeh also indicates that the market scale of commercial LED lighting will pick up from US$180 million in 2007 to US$380 million in 2008 and reach US$680 million in 2009, while production values of LED street lamps were estimated to rocket from US$3.6 billion in 2008 to US$12 billion in 2009. According to another Digitimes report, the company's board of directors recently decided to invest US$35.79 million in the company's subsidiary, China-based Everlight Electronics (Suzhou) to expand its SMD LED capacity in the first half 2008 by 30-40%. Digitimes relates that the investment funds will be allocated through various channels. The report explains that an Everlight Electronics Hong-Kong based subsidiary will indirectly invest US$6.51 million, while Guangzhou Heng Guang Electronics and Everlight Electronics (Suzhou) will utilize their own unallocated surplus funds, totaling US$6.14 million and US$3.14 million, respectively, for the investment, the report says. The report also says that Everlight Electronics also reallocated US$25 million originally targeted for Everlight Electronics (Guangzhou). The new allocation will have Everlight Electronics (Suzhou) receiving US$20 million and the other US$5 million will be for Everlight Electronics (Guangzhou). Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd. -- http://www.everlight.com/cht/index.asp-- is engaged in the manufacture of light emitting diode devices. The company distributes its products mainly in Asia, Europe and the Americas. The Troubled Company Reporter-Asia Pacific reported on Aug. 15, 2007, that Standard & Poor's Ratings Services assigned its BB long-term corporate credit rating to Everlight Electronics. The outlook is stable. EVERLIGHT: Will Expand to LED Production for Notebooks ------------------------------------------------------ Everlight Electronics will enter into volume production of LED strips for use in notebook backlight applications, DigiTimes reports. DigiTimes relates that the company expects to reach an initial capacity of 30-50 million LED strips in the first quarter of 2008. DigiTimes explains that during the initial phase, the company will be selling the strips to U.S.-based vendors in Taiwan, and Japanese companies. According to DigiTimes, the company estimates the segment will account for 5-7% of its total revenues in the first quarter of 2008, and the proportion will further increase to 10-15% by the end of 2008. Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd. -- http://www.everlight.com/cht/index.asp-- is engaged in the manufacture of light emitting diode devices. The company distributes its products mainly in Asia, Europe and the Americas. The Troubled Company Reporter-Asia Pacific reported on Aug. 15, 2007, that Standard & Poor's Ratings Services assigned its BB long-term corporate credit rating to Everlight Electronics. The outlook is stable. FELIMORE COMPANY: Proofs of Debt Due on February 1 -------------------------------------------------- The creditors of Felimore Company Limited are required to file proofs of debt by February 1, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 18, 2007. The company's liquidator is: Chi Wai Tam 16th Floor, Ocean Centre Harbour City, Canton Road Kowloon, Hong Kong JHT CAPITAL: Creditors Receive Wind-Up Report --------------------------------------------- The creditors of JHT Capital Limited had a meeting on January 4, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chan Kin Hang, Danvil Room 2301, 23rd Floor Ginza Square, 556-567 Nathan Road Yaumetei, Kowloon Hong Kong PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations ----------------------------------------------------------- Petroleos de Venezuela S.A. has completed its previously announced tender offer for any and all of the outstanding -- 7.33% bonds due 2009 (CUSIP Nos. 156877AA0/G2025MAA9; ISIN No. USG2025MAA92), -- 7.90% Bonds due 2020 (CUSIP Nos. 156877AB8/G2025MAB7; ISIN No. USG2025MAB75), and -- 8.03% bonds due 2028 (CUSIP Nos. 156877AC6/G2025MAC5; ISIN No. USG2025MAC58), issued by Cerro Negro Finance, Ltd., in connection with the Cerro Negro extra heavy crude oil project in the Orinoco Belt region, and the related consent solicitation. Based on information provided by the depositary for the tender offer and consent solicitation, as of the expiration date at 12 midnight, New York City time, on Dec. 27, 2007, a total of US$ 465,809,800 aggregate principal amount of Bonds, representing 99.11% of the aggregate principal amount of outstanding Bonds, were validly tendered, and the consents related thereto were validly delivered. In accordance with the terms of the tender offer and consent solicitation, PDVSA has purchased all of the Bonds validly tendered, for a total purchase price of US$ 501,140,755.74, which includes US$ 32,595,564.55 consisting of a premium over par, and accrued and unpaid interest to, but not including, the payment date. Payment of the purchase price was made. PDVSA also announced that it has repaid all of the outstanding indebtedness owed to the bank lenders under the senior project loan agreement that was part of the Cerro Negro project financing and obtained the bank lenders' consent to the termination agreement. As a result of obtaining the required consents from the holders of the Bonds and the bank lenders, PDVSA and the other participants in the Cerro Negro project have executed a supplemental indenture and a termination agreement which: (i) eliminate substantially all of the restrictive covenants and events of default in the indenture pursuant to which the Bonds were issued and the common security agreement and other financing documents related to the Bonds (other than arising from payment defaults and failure to comply with provisions of the indenture as amended or the Bonds), (ii) release all of the collateral and security interests securing the Bonds, (iii) eliminate certain other covenants in the common security agreement and the other financing documents, (iv) terminate the common security agreement and other financing documents, (v) waive any and all prior and existing defaults under the indenture, the common security agreement and the other financing documents, and (vi) rescind any prior or existing notices of default delivered pursuant to the indenture and the common security agreement. The tender offer and consent solicitation were made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated Nov. 29, 2007 and related Consent and Letter of Transmittal. Lazard Freres & Co. LLC was the Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. Global Bondholder Services Corporation was the Depositary and Information Agent. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 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. PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit ------------------------------------------------------------ Venezuelan state-run oil firm Petroleos de Venezuela SA said in a statement that its Amuau plant at the Paraguana complex in Falcon has restarted its flexicoker unit after scheduled maintenance. Business News Americas relates that Amuau was shut down on Sept. 29 for the maintenance. Repairs were concluded 55 days later. Petroleos de Venezuela told BNamericas that the maintenance was the largest undertaking of its kind at the complex. While the flexicoker unit was shut down, the complex received an additional 30 million cubic of natural gas on top of the 115 million cubic feet per day it usually receives from the firm, Petroles de Venezuela said in a statement. 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. * * * In March 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. PETROLEOS DE VENEZUELA: Inks US$190-Mln Contract with Cameron ------------------------------------------------------------- Business Journal reports that Petroleos de Venezuela SA has entered into a US$190 million subsea equipment and services contract with Cameron International Corp. The agreement includes 10 subsea Christmas trees and other equipment, along with engineering and project management services, for PDVSA's Dragon and Patao natural gas development projects. Cameron is expecting that the first installment of equipment will be delivered in early 2008 and continue through 2009, Business Journal adds. 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. SAMPO CORP: Sharp Says Goodbye to 6% Stake ------------------------------------------ Sharp Corp. will sell its 6% holding in Sampo Corp., Taipei Times reports. The Times relates that Sharp plans to sell its global depositary receipts starting July 2008, and will focus on energy-efficient liquid-crystal-display and solar-cell businesses. As a result, Sharp would be resigning its seat in Sampo's board, but would maintain its current partnership with Sampo, which sells and makes some Sharp home appliances in Taiwan. Headquartered in Taoyuan, Taiwan, Sampo Corporation -- http://www.sampo.com.tw/-- is an electric appliances provider. The company is organized into three divisions: Home Appliances Division, which provides air conditioners, refrigerators, washing machines, dehumidifiers and microwave ovens; Electronics Division, which produces color televisions, plasma display panel monitors, high-definition Internet protocol TVs, liquid crystal display monitors and security LCDs, and Electronics Components Division, which is engaged in the development and production of fly back transformers (FBTs), inverters and digital television modules. The company distributes its products within the domestic market and to overseas markets, including Asia, Europe, Latin America and the United States. The company posted three consecutive annual losses of TWD1.0 billion, TWD5.5 billion and TWD4.1 billion for the years ended Dec. 31, 2004 through 2006. SUCESS PIONEER: Commences Liquidation Proceedings ------------------------------------------------- Success Pioneer Limited commenced liquidation proceedings on December 18, 2007. The company's liquidator is: Chung Cheuk Ming Room 1003-3 10th Floor, Kowloon Building 555 Nathan Road, Kowloon Hong Kong TAKARA DIRECT: Proofs of Debt Due on January 28 ----------------------------------------------- The creditors of Takara Direct Limited are required to file their proofs of debt by January 28, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 17, 2007. The company's liquidators are: Thomas Andrew Corkhill Iain Fegurson Bruce 8th Floor, Gloucester Tower The Landmark, 15 Queen's Road Central, Hong Kong TEMPLEPATRICK LIMITED: Proofs of Debt Due on January 28 ------------------------------------------------------- The creditors of Templepatrick Limited are required to file their proofs of debt by January 28, 2008, so they can be included in the company's dividend distribution. The company's liquidator is: Sung Mi Yin Suite No. A. 11th Floor Ritz Plaza 122 Austin Road, Tsimshatsui Kowloon, Hong Kong THE SHOP OF GREEN: Proofs of Debt Due on January 28 --------------------------------------------------- The creditors of The Shop of Green & Found Limited are required to file their proofs of debt by February 5, 2008, so they can be included in the company's dividend distribution. The company's liquidator is: Au Yan Alfred 24th Floor Hang Wai Commercial Building 231-233 Queen's Road East Wanchai, Hong Kong TOMEN (H.K.): Liquidators Quit Post ----------------------------------- On December 28, 2007, Rainier Hok Chung Lam and John James Toohey stepped down as liquidators for Tomen (H.K.) Co Limited, which is undergoing liquidation. TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake --------------------------------------------------------------- TRW Integrated Chassis Systems LLC, a subsidiary of TRW Automotive Holdings Corp., has completed the purchase of a portion of Delphi Corporation's North American brake component machining and module assembly assets, including production inventory, for approximately $40 million. As reported in the Troubled Company Reporter on Sept. 20, 2007, TRW Automotive said that one of its subsidiaries has signed an agreement with Delphi Corporation to purchase a portion of its North American brake component machining and module assembly assets. In addition to the asset purchase, the company has leased a portion of Delphi's former brake manufacturing facility in Saginaw, Michigan and commenced employment of hourly and salaried employees at the site. In conjunction with the asset purchase, TRW is supplying General Motors with a portion of the business, predominantly braking modules, formerly supplied by Delphi at the Saginaw facility. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries, including China, Brazil, Italy and Germany. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services TRW Automotive Aftermarket provides high quality replacement parts, service, diagnostics and technical support to both the independent aftermarket and the vehicle manufacturer service channels. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Fitch Ratings has affirmed its BB issuer default rating on TRW Automotive Holdings Corp. WORLD CONGRESS: Proofs of Debt Due on January 28 ------------------------------------------------ The creditors of World Congress on Ageing and Dementia in Chinese Communities Co. Limited are required to file their proofs of debt by January 28, 2008, so they can be included in the company's dividend distribution. The company's liquidator is: Kenneth Raymond Deayton 38th Floor, Tower One Lippo Centre 89 Queensway, Hong Kong ========= I N D I A ========= DENA BANK: Fitch Upgrades Individual Rating to 'D' From 'D/E' ------------------------------------------------------------- Fitch Ratings, on Jan. 4, 2007, upgraded Dena Bank's Individual rating to 'D' from 'D/E' and affirmed its ratings, as follows: -- National Long-term rating at 'A+(ind)'; -- INR3 billion unsecured subordinated Upper Tier 2 bonds at 'A(ind)'; -- INR5bn certificates of deposit programme at 'F1+(ind)'; and -- Support rating at '4'. Simultaneously, the agency has assigned ratings to the bank's following debt programmes: -- INR4.5bn Lower Tier 2 debt programme at 'A+(ind)'; -- INR1.25bn Upper Tier 2 debt programme at 'A(ind)'; and -- INR1.6bn perpetual Tier 1 debt programme at 'A(ind)'. The Outlook on the ratings is Stable. The upgrade of Dena's Individual rating reflects continued improvements in the bank's asset quality and profitability. Dena's reported asset quality ratios have improved significantly over the past four years, reflected in the agency's upgrade of the bank's Individual rating first in October 2006 to 'D/E' from 'E', and now to 'D' from 'D/E'. Fitch notes that the operating environment for Indian banks has become increasingly demanding and while this could challenge further improvements in the bank's asset quality and profitability, downward pressures on Dena's Individual rating can be mitigated if the bank maintains its asset quality. While the bank's asset quality ratios have improved (gross NPL ratio: 3.6% in H108 from 4% in FY07; net NPL ratio: 1.6% in H108 from 2% in FY07), the ratios remain higher than systemic medians (FY07 gross NPL ratio: 2.6%, net NPL ratio: 1%). Dena's National ratings are also constrained by its small size relative to the other government banks as well as its modest capitalisation ratios. The bank's Tier 1 ratio, although improved to 6.7% at H108 from 6.0% at FYE07 with plough back of net profits, remained below average (FY07 systemic median: 8.2%). The government's shareholding in Dena (51.2%) is close to the legislative minimum (51%), and hence, the bank's ability to raise common equity is constrained. While the ratio is above the current regulatory minimum Tier 1 ratio (4.5%), the banks would be required to maintain a minimum Tier 1 of 6% from FY10. Furthermore, the banks will have to adopt Basel 2 norms before FYE09. An increase in the risk weighted assets due to the basic indicator approach for operational risk could reduce the reported capital adequacy ratio by 100bps, although its impact would be partially mitigated by some capital relief due to the standardised approach for credit risk. While the bank's internal capital generation has improved, it could be insufficient to maintain its capital adequacy ratio if credit growth continues to be rapid. Dena intends to utilise available headroom to raise hybrid capital to stay adequately capitalised. Lower mark-to-market depreciation on available-for-sale securities and loan loss provisions due to improving asset quality helped Dena improve its return on assets to 0.9% for H108, from 0.7% for FY07. Nevertheless, Fitch notes that further improvements in its ROA could be constrained by the rise in borrowing costs. Dena, established in 1938, is one of the smaller government banks with a market share of about 1.1% of system-wide deposits. Dena's network of 1,135 branches is primarily based in the Western states of Gujarat and Maharashtra. Dena has traditionally focused on corporate lending, but in recent times it is increasing its retail lending (representing 21% of gross advances in H108). GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario --------------------------------------------------------------- A components plant and an engine plant of General Motors of Canada Ltd. in St. Catharines, Ontario, will be displacing 450 employees for the first two weeks in January, Don Fraser of the St. Catharines Standard reports. GM's St. Catharines spokeswoman Virginia Lewis said the plants will be temporarily shut down to adjust inventory. The paper relates that 420 workers at the engine plant, which assembles GM's famous Vortec brand of engines, will be laid off starting Jan. 6 until Jan. 13. Roughly 30 workers at the components plant, which produces high precision transmission components and automotive forgings for North America, have already been displaced on Jan. 2. They will come back to work on Jan. 13. The tentative shuttering is related to GM's truck manufacturing operation in Oshawa, the source says. As reported in the Troubled Company Reporter on Dec. 11, 2007, GM Canada disclosed plans of temporarily closing its truck assembly plant in Oshawa, Ontario, for two weeks in January 2008, cutting roughly 8,800 truck output. The move is a result of the slow sales of Chevrolet Silverados and GMC Sierras in the United States. About General Motors of Canada Headquartered in Oshawa Ontario, General Motors of Canada Ltd. manufactures vehicles, vehicle powertrains, and markets the full range of General Motors vehicles and related services through 743 dealerships and retailers across Canada. Vehicles sold through this network include Chevrolet, Buick, Pontiac, GMC, Saturn, Hummer, Saab and Cadillac. GM of Canada employs more than 19,000 people nationwide. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007 --------------------------------------------------------- General Motors Corp. dealers in the United States delivered 323,453 vehicles in December, down 5% compared with a year ago. With 257,469 retail vehicle deliveries, retail sales for the month were up 1.5%. GM delivered 3.87 million vehicles in 2007, down 6% compared with 2006. GM's retail market share is anticipated to be flat for the year, with daily rental share down significantly, as planned. "We've executed our Go-to-Market strategy throughout the year, and the results show stabilized retail share and net price, reduced daily rentals, improved residual values, smaller inventories and outstanding launch vehicle performance," Mark LaNeve, GM North America vice president, Vehicle Sales, Service and Marketing, said. "Growing our share in key car segments is integral to our strategy. The retail performance of the new Chevrolet Malibu and Cadillac CTS, Saturn AURA, Pontiac G6 and the fuel-efficient Chevrolet Aveo, Cobalt and Pontiac G5, demonstrates the enthusiasm customers have for these outstanding vehicles." December Performance Highlights * Chevrolet, Pontiac, Buick, GMC and Saturn divisions saw retail increases year-over-year; * GM's retail car deliveries increased 15% based on the strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS and fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6. Aveo sales were up 82%; * Chevrolet Impala and Malibu combined were 24,000 retail sales, the best Chevrolet mid-car month since July 2006; * Enclave, OUTLOOK and Acadia crossovers exceeded 14,000 retail sales; GM's mid-utility crossover segment was up 275%. Enclave had a record month. * Chevrolet Silverado, Avalanche and GMC Sierra full-size pickups built retail market share with more than 69,000 vehicles sold; * Retail vehicles, as a percent of total deliveries, increased more than 5 percentage points to 80%; and * Dealer inventories were down 147,000 vehicles year-over- year. "The Malibu, CTS and Enclave have some of the fastest turn rates in the industry and we've seen Malibu retail sales increase nearly 100% compared with a year ago," Mr. LaNeve added. "I was particularly encouraged to see that even though we doubled Malibu sales and basically sold them as soon as they hit dealer lots, the Impala also had a terrific month. More and more customers are realizing that the best mid-car values are no longer at an import dealership." 2007 Performance Highlights * Dealer inventories were at their lowest level going into January in 13 years; * GMC and Saturn divisions had total and retail increases for the year; * Enclave, OUTLOOK and Acadia crossovers exceeded 122,000 retail sales; GM's mid-utility crossover segment was up 333% retail; * Daily rental sales were reduced 108,000 vehicles; GM was at its lowest level of daily rental sales in 9 years (about 596,000 vehicles), while significantly boosting content and resale value. Commercial/government fleet sales were up about 5,000 vehicles * Anticipated retail share stabilized at about 21%; and * Retail vehicles, as a percentage of total deliveries, increased 1 percentage point to 74%. "The Chevrolet Tahoe Hybrid and Malibu, Buick Enclave and Cadillac CTS have been named finalists in the North America Car and Truck of the Year Awards, so our vehicles are being recognized as world-class," Mr. LaNeve said. "While we've seen a challenging market in 2007, we are offering shoppers the best products and value available. A shining example is Saturn's roughly 12% retail increase in 2007, being driven by the AURA, SKY, VUE and OUTLOOK. We believe the industry will be much more resilient than many forecasts and look forward to 2008." About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of $39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims ---------------------------------------------------------- IMAX Corporation said it received on Dec. 21, 2007, summons and complaint from the trustee under the indenture governing the company's senior notes. The indenture trustee sought a declaratory judgment confirming IMAX's position that The Catalyst Fund Limited Partnership II has no basis for its legal claims against IMAX under the indenture. The trustee, U.S. Bank National Association said that despite Catalyst's repeated claims to the contrary, absent a finding of bad faith: (1) no event of default existed under the indenture as of Nov. 6, 2007, (2) the maturity of the company's $160 million of 9-5/8% senior notes due Dec. 1, 2010, was not accelerated as of Nov. 6, 2007, and (3) Catalyst has no basis for legal action under the indenture. On Oct. 29, 2007, IMAX received a letter from Catalyst, advising the company that it had instructed the Depository Trust Company, through its nominee Cede & Co., to issue immediately a notice of acceleration to the company, pursuant to the indenture, to accelerate the maturity of the principal amount of the Senior Notes and any accrued interest. The company had previously received seven purported notices of default from Catalyst, who unsuccessfully opposed the company's consent solicitation in April 2007. The seven notices allege that IMAX breached the financial reporting covenant and related provisions under the indenture and that breaches constitute defaults under the terms of the indenture. On Sept. 7, 2007, Catalyst brought an action in the Ontario Superior Court of Justice, seeking, among other things, a ruling that IMAX is in default under the indenture. According to the trustee, it is the company's position that no default or event of default has occurred or is continuing under the indenture, and accordingly no bondholder has the right to deliver an acceleration notice and the purported acceleration notice delivered by Catalyst is of no force or effect. The Trustee's complaint seeks a declaration confirming this position. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post-production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. * * * As reported in the Troubled Company Reporter on Dec. 27, 2007, Standard & Poor's Ratings Services revised its outlook on IMAX Corp. to stable from positive. S&P also affirmed the ratings on the company, including the 'CCC+' corporate credit rating. S&P also lowered the rating on the $160 million unsecured notes due 2010 to 'CCC' from 'CCC+' based on its expectation of increased borrowings under the senior secured facility, which would diminish recovery prospects of unsecured debt holders. SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces ------------------------------------------------------------ Sun Microsystems' Argentine general manager Alejandro Raffaele told news daily La Nacion that it wants to expand into the provinces through new distribution channels. Sun Microsystems believes that there is potential for sales in the agribusiness sector so it must expand the scope of its channels, Business News Americas relates, citing Mr. Raffaele. Mr. Raffaele thinks there are opportunities in the public sector this year. The public sector didn't invest as much in information technology last year as expected due to presidential elections. Other industries with potential are the banking and telecoms sectors, BNamericas states. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, Singapore, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. TATA STEEL: Forms 50:50 Coal Mining Joint Venture with SAIL ----------------------------------------------------------- Steel Authority of India Limited (SAIL) and Tata Steel Limited (Tata Steel) signed an agreement at New Delhi on Jan. 3, 2008, to establish a 50:50 joint venture company for coal mining in India, a company media release disclosed. The JVC will identify, acquire and develop coal blocks in India. Four suitable medium coking coal blocks in the State of Jharkhand with reserves of around 600 million tonnes are under evaluation for this purpose by a joint working group of SAIL and Tata Steel. On allotment of the blocks, the JVC will develop and carry out mining operations for the captive use by SAIL and Tata Steel. Both the companies are expanding their steel making capacities and require secure sources of key raw material inputs like coking coal. At the signing ceremony, Mr. Roongta said: "As India's steel industry enters a high and sustainable growth phase, raw material availability has assumed critical importance. In order to ensure security of coking coal supplies, it is imperative to augment indigenous coking coal availability. With both SAIL and Tata Steel having distinct strengths in coal mining, this JVC will generate synergy to ensure security of coking coal supplies for both partners. " On his part, Mr. Muthuraman stated: "India has very limited reserves of hard and semi soft coking coal. With the Indian steel industry poised for a robust growth, it is imperative for us to utilise this scarce resource in the best possible manner. Both SAIL and Tata Steel have unique strengths and capabilities and we see a strong case to synergise these complementary strengths through this joint venture." The tie-up will likely expand to other areas in the future. "This is just the beginning of a collaboration that may result in our joining hands for steelmaking and iron ore exploration in future,” Indian Express quoted Mr. Roongta as saying. Mr. Roongta told the news agency that there is also a possibility of the JV going overseas to identify and develop other mines because the reserves of India may not suffice both companies' needs. About SAIL Steel Authority of India Limited (SAIL) is India's leading steel producer with a turnover of over Rs. 39,000 crore. A fully integrated iron & steel maker, it is ranked among the top five profit making companies in India. SAIL manufactures and sells a broad range of steel products, including hot/cold rolled sheets/coils, galvanised sheets, electrical sheets, structurals, railway products, plates, bars & rods, stainless steel and other alloy steels. SAIL produces iron & steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials, including the company's captive iron ore, limestone and dolomite mines. For further information, please visit www.sail.co.in. About Tata Steel Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. TATA POWER: Group Wants Electronic Division Tranferred to Nelco --------------------------------------------------------------- The Tata Group is mulling the transfer of Power Company Ltd's strategic electronic division to Nelco Ltd, also one of the Group's companies, RTT News reports without citing a source. According to the report, the Group believes SED's business profile fits with Nelco, which presently supplies ground sensors to the ministry of defense. Nelco was established in 1940 to manufacture consumer electronic products. The company later expanded its operations to manufacture products used in industrial controls, power electronics, V-SAT networks and automation. RTT, however, notes that an unnamed Tata Power spokesperson denied plans to transfer SED to Nelco for the time being. SED, RTT relates, currently has defense orders worth INR200 crore and has been shortlisted for Rashtriya Udyog Ratna status so as to attract foreign investment. Tata Power Company Ltd. -- http://www.tatapower.com/-- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. The outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds have been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's has downgraded its senior unsecured bond rating to B1 from Ba2. The ratings outlook is negative. ================= I N D O N E S I A ================= BANK NIAGA: Partners Bakrie Telecom for Bill Payment Services ------------------------------------------------------------- PT Bank Niaga Tbk and Bakrie Telecom collaborate in bill payment service acceptance and purchase of Esia talk-time through electronic delivery channel facility. By this cooperation, the customers of Bakrie Telecom who are also Bank Niaga's can do the payment and purchase of talk-time mobile reload through 212 Niaga SSTs, Niaga Access 14041 (phone banking), Niaga Global@ccess (internet banking) and Niaga Ponsel Access (mobile banking). The cooperation signing was held in Jakarta by Jastiro Abi, Financial Director of PT Bakrie Telecom Tbk and Paul S. Hasjim, Head of IT & System of Bank Niaga. This signing was witnessed by Erik Meijer, Deputy President Director of PT Bakrie Telecom Tbk and D. James Rompas, Vice President Director of Bank Niaga. By this program, both parties are fully committed to always give facilities, simplicity and added value to their customers. Mr. Hasjim from Bank Niaga said that the people's need of telecommunication now is higher. To support their need, Bank Niaga is demanded to give simplicity particularly through a comprehensive electronic deliver channel facility provision. Niaga e-Banking as a one stop service facility can be used by Bakrie Telecom's customers to do bill payment and purchase of mobile reload voucher. Further, Mr. Hasjim said that besides in electronic payment sector, Bank Niaga also collaborates with Bakrie Telecom in SMS banking sector where ESIA's customers can enjoy the facility of Niaga Ponsel Access by direct connection to the 14041 single number with faster response time. Moreover, Mr. Abi sees that a business potential can be developed from this cooperation. "The customers of ESIA significantly grow every year. And it has a greater area served. In 2007, we will expand our business to 17 national cities, and by the end of the year, ESIA will be in 34 cities. Therefore our customers need a banking service to simplify their activity to do bill payment or to get a talk-time facility. It is obviously seen that this cooperation is an opportunity for both parties to increase the revenue,"said Mr. Abi. To Mr. Abi, this cooperation will give simplicity to their customers to enjoy the telecommunication service which is provided by Bakrie Telecom. "The customers no longer need to queue in the bank and spend their time to go to BTEL Kiosk to get talk-time facility or pay the bill of Esia, Wifone, or Wimode.” As a growing company, BTEL needs a trusted bank to serve the need of its customers. "The prospect of Bank Niaga is excellence. That's why we choose Bank Niaga as our partner,"said Mr. Abi. About Bakrie Telecom Bakrie Telecom is a pioneer in Indonesian telecomunication industry and it becomes a leader in providing an economical telephone service to its customers in Indonesia. In its last report, the number of its customer increased 126.6% in the 3rd quarter of 2007 or 2.95 customers. Company's net revenue as at September 2007 amounted to IDR848,8 trillion or 98,8 per cent higher than the previous period in 2006 (IDR426,9 trillion). It is also 72,1 per cent ahead of June 2007 (IDR493,2 trillion). Whilst, BTEL's gross revenue reached its peak performance of IDR989,2 trillion and was 68,2 per cent higher than the same period last year (IDR588,2 trillion). Outstanding performance was also seen at Company's net profit – as at September 2007, it grew by 118,7 per cent to IDR113,5 trillion from IDR51,9 trillion. It also 166,2 per cent higher than June 2007 (IDR42,6 trillion). Company's EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) as at September 2007 amounted to IDR354,1 trillion or 78,6 per cent higher than September 2006 (IDR198,3 trillion). Further, EBITDA margin also increased from 33, 7 per cent as at September 2006 to 35,8 per cent as at September 2007. By adopting the Code Division Multiple Access (CDMA) 2000 1X technology, now Bakrie Telecom is being a national phone operator through Esia, Wifone and Wimode. After giving service in 3 provinces, this year Bakrie Telecom expands its network in 17 national cities. And at the presents, Bakrie Telecom opened in 7 national cities: Surabya, Malang, Semarang, Solo, Jogjakarta, Medan and Padang. Further, Bakrie Telecom received trust from government to serve direct international connection. Thus, it was not doubted that Bakrie Telecom was proper to receive the Best Operator CDMA 2007. Beside collaborate with Bank Niaga, BTEL also cooperate with national banks such as Bank Mandiri, Permata, BCA, BNI, Panin, NISP and Bukopin. About Bank Niaga Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk -- http://www.bankniaga.com/-- has a license to operate as a commercial bank, a foreign exchange bank and a bank engaged in activities based on Syariah principles. The bank's products and services include: Funding, Consumer Financing, Business Financing, Credit and Debit Cards, Private Banking, Preferred Circle, e-Banking, Corporate Trust, Bancassurance and Treasury Indicator. The bank's subsidiaries consist of: PT Niaga Aset Manajemen and PT Saseka Gelora Finance. As of January 31, 2006, the Bank operates 54 domestic branches, 145 domestic supporting branches, 22 domestic payment points, seven Syariah units and one overseas branch. * * * The bank also has the following existing global scale ratings assigned by Moody's Investors Service: -- issuer/foreign currency subordinated debt of Ba3; -- global local currency deposit of Baa3; -- foreign currency long-term/short-term deposit of B2/Not Prime; -- and bank financial strength of D. Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as: Long-term foreign Issuer Default ratings at 'BB-'; Individual at 'C/D'; and Support '4'. The Outlook for the ratings was revised to Positive from Stable. BANK PERMATA: Signs Cooperation Agreement With Toyota Astra ----------------------------------------------------------- PT Bank Permata Tbk has signed a cooperation agreement with Toyota Astra Finance Services (TA Finance), Reuters Investing Keys reports. According to the report, the two companies will launch the TA Personal Account, an online payment system for TA Finance's customers through a virtual account and network distribution of the bank. Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's -- http://www.permatabank.com/-- products and services include liabilities, asset, credit card and bancassurance, PermataFOREX, commercial banking, e-channels and preferred banking. The bank has approximately 318 domestic branches, sub branches and cash offices throughout the country. The bank's subsidiaries, which are engaged in the securities industry, the consumer finance and leasing sector, the general insurance business and the banking sector, include PT Bali Securities, PT Bali Tunas Finance, PT Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan Rakyat. As reported by the Troubled Company Reporter-Asia pacific on Oct. 19, 2007, Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of Bank Permata. The detailed ratings are: -- The foreign currency long-term deposit rating was raised to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D- BFSR were unaffected. BAKRIE SUMATERA:Ups Shareholding in Agri Resources to 25% --------------------------------------------------------- PT Bakrie Sumatera Plantations Tbk has increased its shareholding in Agri Resources BV to 25% from 20%, Reuters Investing Keys reports. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 6, 2007, Bakrie Sumatera plans to raise its current 20% stake in Agri Resources B.V. to 51%. According to the TCR-AP, Bakrie Sumatera paid US$10 million for a 20% stake in a US$100-million joint-venture company Agri Resources. Under the terms of the joint venture agreement, Bakrie Sumatra will manage the acquired estates and will earn a management fee of US$100 per annum per each hectare managed. Agri Resources' crude palm oil and palm kernel output will be sold to Bakrie Sumatra, with prices reduced to US$10 for CPO and 5 dollars for kernel as marketing fee, the TCR-AP said. Ambono Janurianto, a director of Bakrie Sumatera Plantations, said they have the option to buy up to 51% in the first year, the TCR-AP related. He said they will exercise their option, with expectation that it will take place before June 2008, the report added. Reuters relates that the company bought the new share at the price of US$8,240,318.28. Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera Plantations Tbk is Indonesia's third largest largest publicly traded plantation company. It is 54% owned by PT Bakrie & Brothers Tbk, and its products include crude palm oil, palm kernel oil and latex. It was listed in 1990 on the Jakarta Stock Exchange. BSP carries Standard & Poor's Ratings Services' 'B' corporate credit rating. The outlook is stable. The Troubled Company Reporter-Asia Pacific reported on Sep 28, 2007, that Standard & Poor's Ratings Services affirmed its 'B' corporate credit ratings on Indonesia's PT Bakrie Sumatera Plantations Tbk. The outlook is stable. On Sep 27, 2007, Moody's Investors Service has changed to positive from stable the outlook for Bakrie Sumatera Plantations Tbk's B2 corporate family rating and secured bond rating on its US$160 million notes. GAJAH TUNGGAL: Completes Rights Issue of 316,800,000 Shares ----------------------------------------------------------- PT Gajah Tunggal Tbk has completed its rights issue of 316,800,000 shares, Reuters Investing Keys reports citing an Indonesia Stock Exchange report. According to the report, as of December 28, 2007, the company's shares listed on Indonesia Stock Exchange has increased to 3,484,800,000 shares. Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk -- http://www.gt-tires.com/-- is primarily engaged in the production and marketing of a range of tires and inner tubes for motorcycles, passenger cars, commercial cars, off the road vehicles and industrial and heavy equipment vehicles. Its products are marketed to both domestic and international markets, including Australia, the United States and other countries in Asia and Europe. These products can be purchased in approximately 5,000 retail outlets around the world. The company's subsidiaries, which are engaged in the general trading and financial services, the distribution sector and the chemical industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT Prima Sentra Megah and PT Polychem Indonesia Tbk. The company operates a production facility in Tangerang. * * * The Troubled Company Reporter-Asia Pacific reported on June 6, 2007, that Moody's Investors Service assigned a B2 senior unsecured rating for PT Gajah Tunggal Tbk's proposed US$95 million bonds. At the same time, Moody's has affirmed GT's B2 corporate family rating and the B2 senior unsecured rating for existing US$325 million bonds, guaranteed by GT. The outlook for all the ratings is at present negative. On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Gajah Tunggal. The outlook is stable. At the same time, it affirmed the 'B' issue rating on the five- year US$325 million senior unsecured bonds issued by GT2005 Bonds B.V., and irrevocably and unconditionally guaranteed by Gajah Tunggal. GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments --------------------------------------------------------- The Goodyear Tire & Rubber Company's board of directors have decided that the firm won't pay dividends. Radio Jamaica relates that the board made the decision during a meeting on Dec. 13. Radio Jamaica says the reasons for the decision was not disclosed. 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. PERUSAHAAN LISTRIK: To Stop Cilacap Plant Power Operations ---------------------------------------------------------- PT Perusahaan Listrik Negara will stop its operations at its Cilacap coal-fired power plant in Central Java due to coal shortage after bad weather delayed coal shipments, Thomson Financial reports. As reported by the Troubled Company Reporter-Asia Pacific on Jan. 4, 2008, Perusahaan Listrik Negara's power output capacity at its Tanjung Jati B and Cilacap coal-fired power plants has halved since December 31 due to a shortage of coal after inclement weather delayed coal deliveries. PLN Transmission and Distribution Director Ali Herman Ibrahim , the TCR-AP related, said "There was a transportation problem because of high waves that reached about 5-6 meters." Company Spokesman Mulyo Aji told Thomson Financial that the company will optimize power output from other plants that use fuel oil to cover the shortfall that would arise from the Cilacap shutdown. “It means that our oil consumption will rise,” he said. According to the TCR-AP, Mr. Ibrahim said PLN hopes to see the situation resolved soon as Indonesia's Meteorological and Geophysics Agency has forecast that the weather will start to normalize around January 4. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. ========= J A P A N ========= DELPHI CORP: Completes US$40 Mil. Sale of North American Brake -------------------------------------------------------------- Delphi Corporation has completed the purchase agreement entered with TRW Automotive Holdings Corp.'s subsidiary, pursuant to TRW Integrated Chassis Systems LLC acquiring Delphi Corp.'s North American brake component machining and module assembly assets, including production inventory, for approximately US$40 million. As reported in the Troubled Company Reporter on Sept. 20, 2007, Delphi Corporation and TRW Automotive's subsidiary signed an agreement in relation to the purchase of a portion of its North American brake component machining and module assembly assets. In addition to the asset purchase, the company has leased a portion of Delphi's former brake manufacturing facility in Saginaw, Michigan and commenced employment of hourly and salaried employees at the site. In conjunction with the asset purchase, TRW is supplying General Motors with a portion of the business, predominantly braking modules, formerly supplied by Delphi at the Saginaw facility. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services TRW Automotive Aftermarket provides high quality replacement parts, service, diagnostics and technical support to both the independent aftermarket and the vehicle manufacturer service channels. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expired on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Delphi Corp. and its debtor-affiliates' Interiors and Closures Businesses to Inteva Products, LLC, and its affiliates for about US$106 million, pursuant to the Master Sale and Purchase Agreement, dated October 15, 2007. The Debtors told the Court at the Jan. 25, 2007 sale hearing that no higher and better offers have been made. The Court notes that the entry of the Sale Order will not modify the terms and conditions applicable to the parts designated in the agreements to be assumed and assigned to Inteva. Siemens VDO Automotive AG, Siemens VDO Automotive Corp., Siemens Electric Ltd, and Siemens VDO Automotive Inc., now known as Siemens VDO Automotive Canada Inc., each, as applicable, expressly reserve its rights and defenses in this regard. In connection with the sale, the Debtors are authorized, but not directed, to enter into and perform under the sixth amendment of lease, dated Sept. 28, 2007, by and between DAS LLC and 1401 Troy Associates Limited Partnership, covering certain premises located at 1401 Crooks Road, Troy, Michigan. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expired on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: IUE-CWA Objects to Employee Compensation Programs -------------------------------------------------------------- The International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of America does not object to the confirmation of Delphi Corp. and its debtor-affiliates' Joint Plan of Reorganization, but objects to: (i) the Management Compensation Plan, which was attached to the Plan, and (ii) the Salaried Employee Compensation Program, which was described in the Disclosure Statement with respect to the Plan. Thomas M. Kennedy, Esq., at Kennedy, Jennik & Murray, P.C., notes that through the duration of the Chapter 11 cases, the Debtors' management employees have continued to receive their salaries and benefits as well as overly generous performance awards through an annual incentive program. On the other hand, Delphi's union members have made deep and irreversible sacrifices to ensure the survival of the companies, he points out. The Debtors, on Oct. 13, 2005, sought the Court's approval of a Key Employee Compensation Program, which included enhanced income to the Debtors' management during the Chapter 11 process through the implementation of the AIP. The KECP Motion also included a forward looking proposal to grant, upon emergence from Chapter 11, an emergence bonus plan consisting of both cash and equity. The KECP had three parts: the annual incentive program, an emergence bonus plan, and a prepetition severance plan. Mr. Kennedy notes that the current proposed MCP/SECP contains similar elements, with a short-term incentive plan, long-term incentive plan, and a Chapter 11 Effective Date Executive Payment program -- formerly the Emergence Cash Plan. The AIP is the only part of the KECP which has been approved by the Court. The Debtors, Mr. Kennedy points out, acknowledge in the Disclosure Statement that the longer term elements of the originally proposed compensation program, i.e., cash payments on the Effective Date and long-term equity grants for post- emergence periods, were deferred to the plan confirmation process. Thus, Debtors are estopped from arguing that the initial proposal established reliance interests which would justify inequitable and excessive executive compensation, Mr. Kennedy asserts. The Debtors may not establish binding plan elements before the creation and introduction of the Plan, Mr. Kennedy avers. He notes that motions made under Section 363 of the Bankruptcy Code are not available "to short circuit the requirements of a reorganization plan by establishing the terms of the plan sub rosa in connection with a proposed transaction." The Debtors' proposal for emergence cash and equity grants in the initial KECP Motion -- which was never granted by the Court -- can not now be used to dictate terms to the Court or the creditors, Mr. Kennedy argues. "It is now the appropriate moment for the Court to determine whether the Debtors' proposal regarding executive compensation is equitable." Mr. Kennedy points out that the purposes of the KECP -- to retain and incentivize employees during the restructuring period -- have been met through the implementation of the AIPs. He contends that the proposed MCP/SECP is an unreasonable transfer of wealth directly from the creditors, and at the expense of the workers, and in its current form it is manifestly inequitable. "The Court should independently weigh the equity of delivering to the executives a platinum compensation plan where the survival of the companies is due to the sacrifices of its workers." While the initial KECP proposal was overreaching and greeted with scorn, the final proposed MCP/SECP, rather than recognizing the need and equity of a shared sacrifice, includes new provisions causing it to be even more inequitable, Mr. Kennedy points out. "The proposed MCP/SECP should be rejected in its current form." Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expired on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ELPIDA MEMORY: Makes Personnel Changes for January 2008 ------------------------------------------------------- Elpida Memory, Inc., has made some changes in its executive management sales team to help strengthen the company's global sales and marketing operations. The changes took effect on January 1. * Tatsuya Iida -- is now the appointed Deputy Chief Sales Officer for Elpida Memory Inc. He was the President and CEO of Elpida Memory (USA) Inc. * Oliver Chang -- is now President and CEO of Elpida Memory (USA) Inc. and previously the President, Elpida Memory (Hong Kong) Co., Ltd. * Sam Kin Keon -- is now the President, Elpida Memory (Hong Kong) Co., Ltd. and President of Elpida Memory (Singapore) Pte. Ltd. and was formerly the Deputy Managing Director of Elpida Memory (Singapore) Pte. Ltd. Elpida also made some executive appointments: * Jiro Yamamoto -- is appointed as the Executive Officer at the Business Development Office and he was formerly the Director of Hiroshima Elpida, Hiroshima Plant Manager, Executive Officer of Elpida. * Hideki Gomi -- is now the Director of Hiroshima Elpida, Hiroshima Plant Manager, and Executive Officer of Elpida. He used to be the Executive Officer of the Technology & Development Office. Elpida Memory, Inc. is a Japan-based company principally engaged in the development, design, manufacture and sale of semiconductor products, with a focus on dynamic random access memory (DRAM) silicon chips. The Company offers its DRAM products to companies in the server, digital consumer electronics, mobile phone, personal computer (PC) and foundry markets. Elpida Memory has two domestic subsidiaries, which are engaged in the manufacture of DRAM products, and five overseas subsidiaries, which specialize in the sale of DRAM products to the Company's overseas customers, in the United States, Europe, Singapore, Taiwan and Hong Kong. Through its associated company, Tera Probe, Inc., Elpida Memory is engaged in the wafer testing process. Headquartered in Tokyo, the Company has seven subsidiaries and one associated companies. Seimei Yaesu Building 3rd Fl. 2-2-1 Yaesu Chuo-ku, TKY 104-0028 JPN +81-3-32811500 (Phone) The Troubled Company Reporter-Asia Pacific reported on Dec. 10, 2007, that Standard & Poor's Rating Services assigned a BB- for Elpida Memory Inc.'s long-term corporate credit rating with a stable outlook reflecting the company's heavy financial burden which is required to make regular large investments to maintain and improve its competitiveness. FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million ------------------------------------------------------- Ford Motor Company's full-year 2007 sales totaled 2.57 million, down 12% compared with a year ago. Retail sales were down 10% and fleet sales were down 18% (including a 32% reduction in daily rental sales). More than two thirds of Ford's sales decline reflected discontinued products. Ford's December sales totaled 212,094, down 9% compared with a year ago. Retail sales were down 13% and fleet sales were down 1%. Led by two new and three redesigned models, Ford, Lincoln and Mercury crossover utility vehicles paced the industry's fastest- growing segment with a gain of 62% in 2007, more than triple the industry-wide growth of 17%. In its first full year, Ford Edge sales were 130,125, exceeding Ford's original forecast by 30%. In December, Edge capped off the year with its best-ever retail sales month. "Ford Edge is a great example of our plan to build products people really want to buy," Jim Farley, Ford's group vice president, Marketing and Communications, said. "Demand is growing at a fast pace beyond the nation's heartland, our traditional region of strength." Ford expects continued growth in crossovers in 2008 with the mid-year introduction of the Ford Flex. Lincoln achieved full-year sales of 131,487, a 9% increase versus 2006. The Lincoln MKX crossover was the largest contributor to Lincoln's growth, but the MKZ sedan and Lincoln Navigator also helped spur Lincoln's momentum, which began in late 2006. The next new Lincoln was revealed at t