T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 8, 2008, Vol. 11, No. 5 Headlines A U S T R A L I A CENTRO PROPERTIES: Unable to Extend Interest Rate Hedges CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP CHRYSLER LLC: U.S. December S2007 Sales Increase 1% * Australian Employees of Failed Companies Can Get Pension C H I N A , H O N G K O N G & T A I W A N AU OPTRONICS: Affiliate Plans Construction of Taiwan Plant C.T. ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30 CHAROEN POKPHAND: Members Meeting Fixed for January 30 CHIA-TAI ZHEN HUA: Members Meeting Fixed for January 30 CHINA EASTERN: Shares Climb After Air China's Expressed Bid DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property HOVER STATE: Members to Receive Wind-Up Report on Jan. 30 INTERFORM INVESTMENT: Commences Liquidation Proceedings INTEX INVESTMENT: Members to Receive Wind-Up Report on Jan. 30 KARVEN INVESTMENT: Members Meeting Fixed for January 30 LIMCOLNSHIRE DEV'T: Members to Receive Wind-Up Report on Jan. 30 LINK WIDE: Members to Receive Wind-Up Report on Jan. 30 LOCKING DEVELOPMENT: Members Meeting Fixed for January 30 LUBANGO INVESTMENTS: Members to Get Wind-Up Report on Jan. 30 NAH LOONG: Members Meeting Fixed for January 30 NATION PROFIT: Members to Receive Wind-Up Report on Jan. 30 PIROL DEVELPOMENT: Members Meeting Fixed for January 30 QISDA CORP: November 2007 Sales Down by 5% PETROLEOS DE VENEZUELA: To Boost Natural Gas Output PETROLEOS DE VENEZUELA: Paying US$630MM on Cerro Linked Bonds POLYMER GROUP: Brings In Robert Kocourek as Vice President SOLAR PROFIT: Members to Receive Wind-Up Report on Jan. 30 SKY PROJECT: Members Meeting Fixed for January 30 SINOGREAT INT'L: Members to Receive Wind-Up Report on Jan. 30 SOTA ELECTRONICS: Commences Liquidation Proceedings TOMAX ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30 WISE POOL: Members Meeting Fixed for January 30 YING KEE: Members to Receive Wind-Up Report on Jan. 30 WILBURY COMPANY: Members Meeting Fixed for January 30 VARALLO ENTERPRISES: Members to Get Wind-Up Report on Jan. 30 I N D I A AFFILIATED COMPUTER: S&P Maintains 'BB' Corporate Credit Rating AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix IMAX CORP: To Sell Feinstein Theatre to National Amusements TATA MOTORS: Moody's Puts Rating on Review for Likely Downgrade TATA MOTORS: ICRA Places Ratings on Negative Watch TATA MOTORS: May Tap Sr. Ford Exec to Head Jaguar-Land Rover TATA STEEL: Sees INR100,000-Crore Turnover in Fiscal Year 2008 WESTERN INDIA: Loss Soars to INR96 Mil. in Qtr. Ended Sept. 30 WESTERN INDIA: Members OK Proposed Preferential Allotment I N D O N E S I A BANK MANDIRI: To Increase Stake in PT AXA Mandiri GARUDA: Flies 21,650 Customers from Beijing to Jakarta in 2007 GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier INDOSAT: Singtel Expects Decision by Early March * Fitch Assigns 'BB-' Rating to Indonesia's Forthcoming Bond * Moody's Assigns Ba3 Rating to Indonesia's Forthcoming Bond J A P A N DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims DELPHI CORP: UAW Objects to Management Compensation Plan ELPIDA MEMORY: Issues Sixth Unsecured Straight Bonds FUJI HEAVY: To Make Low-Price SUV with Toyota Motor GAP INC: Names Simon Kneen as Creative Dir. for Banana Republic HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager JAPAN AIRLINES: Final Bidding for JALCard to be Held This Week K O R E A COREBRID: Establishes New Subsidiary KAFCO C&I: Completes Merger with Open Object Component KAFCO C&I: Signs Distribution Contract with Korea-Based Company SEJI CO: Completes Issuance of New Shares SEJI CO: Signs KRW2.99-Million Contract with Trans Global One M A L A Y S I A HARVEST COURT: To Seeks Court OK for Capital & Premium Reduction MANGIUM INDUSTRIES: Divests Plantations Holding for US$6.03 Mil. MEGAN MEDIA: Fails to Submit Annual Audited Accounts MEGAN MEDIA: Expects to Release Financial Statements by Jan. 31 MEGAN MEDIA: Gives Updates on PN1 Status SUNWAY INFRASTRUCTURE: Parent Sells Entire Stake to Affin N E W Z E A L A N D GLASS EARTH: Grants Incentive Stock Options to NZ-Based Staff S I N G A P O R E INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition STANDARD AERO: Wins US$9-Mil. Contract From Lufthansa Cityline T H A I L A N D FEDERAL-MOGUL: S&P Puts BB- Rating on $2.96 Billion Senior Loan * BOND PRICING: For the Week 07 January to 11 January 2008 - - - - - - - - ================= A U S T R A L I A ================= CENTRO PROPERTIES: Unable to Extend Interest Rate Hedges -------------------------------------------------------- In a statement filed with the Australian Securities Exchange, Centro Properties Group says it has been unable to extend maturing interest rate hedges resulting to below historical levels of the company's current interest rate hedging. Centro claims that this has increased the company's exposure to interest rate movements and could translate into volatility in its earnings if interest rates rise or fall significantly. The interest rate hedging positions of Centro's managed funds, including Centro Retail Trust, are not affected. The fixed rate portion of Centro's Australian dollar interest rate exposure is currently approximately 50%. The weighted average term-to-maturity of Centro's AU$ fixed interest rates remains within policy at approximately 6.2 years (compared with 5.3 years as reported in August 2007.) The current AU$ average fixed interest rate is 5.63% (excluding margin.) The fixed rate portion of Centro's US dollar interest rate exposure is currently approximated 40%. The weighted average term-to-maturity of Centro's US$ interest rates remains within policy at approximately 4.0 years (compared with 5.3 years as reported in August 2007.) The current USD average fixed interest rate is 4.73% (generally excluding margin.) Centro's ongoing hedging levels are being considered as part of the previously advised Strategic Review. Given the review of Centro's overall financing structure and move towards reducing debt levels, the current interest rate hedging profile may be appropriate based upon future debt levels. The change in interest hedging position does not impact or require action under the arrangements with Centro's financiers. Centro has advised its relationship banks of the issues involved and will be seeking to co-develop a solution with them. Meanwhile, in a separate filing with the ASX, Centro has appointed Ivan St. Clair as the group's acting Chief Financial Officer and a member of the Executive Committee as Romano Nenna is on leave fore health reasons. About Centro Properties Centro Properties Group -- http://www.centro.com.au/-- is an Australia-based company that comprises the operations of Centro Property Trust (the Trust) and its entities, which are engaged in property investment, property management, property development and funds management. The Company operates in two business segments: property ownership business and services business. The Company derives income from retail property rentals of shopping center space to retailers across Australasia and the United States. It also derives income from its retail property investments in listed and unlisted entities. Its services business activities include incorporating funds management, property management and development and leasing. During the fiscal year ended June 30, 2007, the Company acquired New Plan Excel Realty Trust (New Plan), Heritage Property Investment Trust (Heritage) and Galileo Funds Management, as well as assumed full ownership of its United States management operations. The Troubled Company Reporter-Asia Pacific reported on January 4, 2008, that Standard & Poor's Ratings Services lowered its issuer credit, senior-unsecured debt and preferred stock ratings to 'CCC+' with negative implications reflecting the potential of the group's assets to be sold in softening market conditions, particularly in the U.S. CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP ------------------------------------------------------------- Chrysler LLC has named Simon Boag to the newly created position of Executive Vice President -- Global Alliance Operations, reporting to Vice Chairperson and President Tom LaSorda. Mr. Boag will lead the operations side of Chrysler's alliances which are designed to expand opportunities for global growth. "As outlined in the Company's Recovery and Transformation Plan, growth in markets outside of North America is critical to the success of Chrysler," said Mr. LaSorda. "We are looking for new alliances and growth opportunities all over the world." Mr. Boag joined Chrysler in April 2005 as Vice President -- Assembly and Stamping Operations. Following this assignment, he spent a year and a half as the head of Production Planning for Mercedes-Benz Passenger Cars, and most recently held the position of Executive Vice President -- Procurement and Supply. Mr. Boag also serves as the Co-Chairperson of ENVI, an organization within Chrysler that is responsible for the development of electric-drive vehicles and related advanced- propulsion technologies. In an additional announcement, the company appointed John P. Campi to the post of Executive Vice President -- Procurement, also reporting to Mr. LaSorda. In this role, Mr. Campi will be responsible for all worldwide purchasing and supplier quality activities. "John is a recognized leader in field of sourcing and cost management," said Mr. LaSorda. "His addition to the already strong Chrysler executive team further ensures that we have the talent and experience to succeed in even the most challenging of economic environments." Mr. Campi has more than 35 years of experience in the sourcing industry. Before joining Chrysler, he was President of Genesis Consulting Group, a company he founded. Mr. Campi and Genesis Consulting were hired as Chrysler consultants in October 2007. Previously, Mr. Campi led the drive for standardization and optimization of The Home Depot Global Supply Chain as its Senior Vice President of Sourcing and Vendor Management. Prior to joining The Home Depot, Mr. Campi served as Vice President for E.I. du Pont de Nemours & Co. and Chief Procurement Officer for Global Sourcing and Logistics. "Purchasing plays a critical role in cost management and building high-quality vehicles for our customers, and affects every facet of the company," said Mr. Campi. "My goal is to take a disciplined approach to purchasing and apply best practices learned from both within and outside of the automotive industry." Mr. Campi is a graduate of Indiana University with a bachelor's degree in Accounting. He also earned his master's degree from the Executive Program of the Weatherhead School of Management, Case Western Reserve University. Chrysler's Supply Operations -- which include Logistics, Packaging, Materials Handling and Production Scheduling -- will be realigned to report to Manufacturing under Joe L. Chao, Vice President -- Advance Manufacturing Engineering and Supply. Mr. Chao reports to Frank Ewasyshyn, Executive Vice President -- Manufacturing. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised it recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. CHRYSLER LLC: U.S. December S2007 Sales Increase 1% --------------------------------------------------- Chrysler posted a 1% rise in December 2007 sales to 191,423 units, up from 190,415 in December the previous year. We talked to Steven Landry, Executive Vice President of North American Sales, about the results. "December is always a little unpredictable," Mr. Landry said. "We're very happy with our sales being up 1%. I will also add inside that 1% sales, our fleet was down and our retail number was up, so it's all going in the right direction. In the month of December, it looks like we will gain market share." Not all automakers have posted results yet, precise market share figures are not available. "Our forecast estimate is that we will pick up half a point of market in the month of December," he said. Mr. Landry said that Chrysler has momentum going into January, and the new "Zero Plus" incentive program should help. Under that program, qualified customers can choose 0% APR financing for 36 months or 3.9% APR financing for 60 months PLUS consumer cash allowance amounts of up to $2,500. The program runs through Feb. 29, 2008. "We're providing the opportunity for some consumers to have that down payment, that elusive down payment, that is important for consumers to get a deal done today," Mr. Landry said. "With the banks and the financial institutions the way they are today, they like to see a bigger down payment, it makes it easier for them to do financing." The all-new Chrysler Town & Country and Dodge Grand Caravan minivans recorded strong results in December, which also gives Mr. Landry confidence for 2008. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. * Australian Employees of Failed Companies Can Get Pension ---------------------------------------------------------- Employees of failed Australian companies now have greater legal rights to claim their superannuation entitlements, reports Asia Pulse. According to the report, under new laws, which came into effect last week, superannuation will be given the same priority as other debts and will rank equally with employee entitlements such as unpaid wages and annual leave. The Australian Taxation Office says any outstanding superannuation contributions and superannuation guarantee charge will be paid to employees before payments to ordinary unsecured creditors and once priority creditors and liquidators fees are paid, relates Asia Pulse. Excluded employees such as directors and their relatives will also be entitled to claim the super guarantee charge debt but this will be capped at AU$200, states the report. The new rules, adds Asia Pulse, apply to companies that go into liquidation, administration or receivership from December 31, 2007. In addition to the new law, employers must pay compulsory superannuation contributions into a complying superannuation fund or retirement savings account on behalf of their eligible employees. Further, employers who don't pay enough superannuation contributions by the quarterly cut-off dates or to the employee chosen fund are liable for the superannuation guarantee charge, which is payable to the tax office, relates Asia Pulse. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ AU OPTRONICS: Affiliate Plans Construction of Taiwan Plant ---------------------------------------------------------- Toppan CFI (Taiwan), an affiliate of AU Optronics Corp., is planning to build a plant in Taiwan to produce more color filters for fifth-generation panels, DigiTimes reports. The new plant, with volume production slated to begin in the fourth quarter of 2008, will augment Toppan's existing capacity at its current plants, DigiTimes relates. DigiTimes explains that AUO is said to house a monthly capacity of 70,000 substrates at L5D, currently, and the panel maker aims to boost the amount to 120,000 in the future. 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. C.T. ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30 -------------------------------------------------------------- The members of C.T. Enterprises Management Limited will have their final general meeting on January 30, 2008, at 15:40 p.m., at Room 804 of China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. CHAROEN POKPHAND: Members Meeting Fixed for January 30 ------------------------------------------------------ The members of Charoen Pokpahand Insurance (H.K.) Limited will have their final general meeting on January 30, 2008, at Room 804 of China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. CHIA-TAI ZHEN HUA: Members Meeting Fixed for January 30 ------------------------------------------------------- The members of Chia-Tai Zhen-Hua 851 International Company Limited will have their final general meeting on January 30, 2008, at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. CHINA EASTERN: Shares Climb After Air China's Expressed Bid ----------------------------------------------------------- Shares of China Eastern Airlines Corp. rose 3% on January 7 after Air China's parent -- China National Aviation Holding Co. -- vowed to pay at least 32% more than what Singapore Airlines agreed to pay for a holding in Chine Eastern, Reuters reports. According to Reuters, China Eastern shares were set to open at HK$7.15, up HK$0.23 while Air China fell 3.7% to HK$10.40. The report recounts that CNAHC had earlier pledged to pay at least HK$5.00 a share if stockholders were to reject Singapore Air's and Temasek Holding Pte Ltd's proposal to buy a 24% stake in China Eastern for HK$3.80 per share, or HK$7.2 billion (US$923 million) in aggregate. China Eastern shareholders, the Wall Street Journal notes, are set to meet today and decide on the proposed China Air/Singapore Air tie-up. The WSJ report indicates that Cathay Pacific Ltd may play a role in case China Eastern shareholders reject the proposed partnership with the Singapore-based investors. The report says that although CNAHC didn't mention Cathay Pacific directly, it said that Air China "and its business partners" would cooperate in any strategic partnership with China Eastern. Cathay Pacific said in a statement to the Hong Kong stock exchange late yesterday that it "will seriously consider any proposals" by Air China on Cathay's participation in a partnership, WSJ relates. WSJ writes that the new bid adds to questions relating to China Eastern's fate and that of its tie-up with Singapore Air. The report says that it is unclear where the Chinese government stands on the fight between two state-controlled airlines. If Air China's bid is successful, it will shake up the status quo in China's aviation sector by promoting a single dominant Chinese carrier, WSJ writes. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property ---------------------------------------------------------- Plaza Tire Service Inc. won the bidding for the industrial building that formerly housed Dana Corp.'s production facility in Cape Girardeau, the Southeast Missourian reports, citing Plaza Tire Service's vice president Scott Rhodes. As reported in the Troubled Company Reporter on Dec. 18, 2007, Rhodes Development Company, LLC, had expressed interest in purchasing the Cape Girardeau property at a purchase price higher than that of Schaefer's Power Panels, Inc., hence, it had asked the Debtors to consider its offer. As previously reported, the Debtors had asked authority from the U.S. Bankruptcy Court for the Southern District of New York the to sell a 15-acre parcel of real estate and a 150,000 square- foot building located at 2075 Corporate Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels, Inc., for US$2,841,750. According to the Southeast Missourian, Plaza Tire edged out an offer from Schaefer's Electrical Enclosures, which had strong support from city and economic development leaders. Bidders submitted their best price to the U.S. Bankruptcy Court for the Southern District of New York, and the Dana court deemed Plaza's bid the best offer, Southeast Missourian's Rudi Keller reports. The facility will house corporate offices and a distribution center for Plaza Tire's 49 stores in Missouri and Illinois, according to Southeast Missourian. Details of the transaction were not immediately available, Southeast Missourian notes. Plaza Tire Service consists of 49 tire stores and is listed as the 28th largest independently owned tire retailer in North American by Tire Business' magazine, according to information posted on the company's Web site. 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 confirmed the Debtors' Chapter 11 Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). HOVER STATE: Members to Receive Wind-Up Report on Jan. 30 --------------------------------------------------------- The members of Hover State Investment Limited will have their final general meeting on January 30, 2008, at 9:00 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. INTERFORM INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------------- Interform Investment Company Limited commenced liquidation proceedings on December 18, 2007. The company's liquidators are: Stephen Liu Yui Keung Chan Wai Hing Room 1908-9, Tower One Lippo Centre, 89 Queensway Hong Kong INTEX INVESTMENT: Members to Receive Wind-Up Report on Jan. 30 -------------------------------------------------------------- The members of Intex Investment Limited will have their final general meeting on January 30, 2008, at 9:20 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. KARVEN INVESTMENT: Members Meeting Fixed for January 30 ------------------------------------------------------- The members of Karven Investment Limited will have their final general meeting on January 30, 2008, at 9:40 a. m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. LIMCOLNSHIRE DEV'T: Members to Receive Wind-Up Report on Jan. 30 ---------------------------------------------------------------- The members of Limcolnshire Development Limited will have their final general meeting on January 30, 2008, at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. LINK WIDE: Members to Receive Wind-Up Report on Jan. 30 ------------------------------------------------------- The members of Link Wide Trading Limited will have their final general meeting on January 30, 2008, at 10:00 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. LOCKING DEVELOPMENT: Members Meeting Fixed for January 30 --------------------------------------------------------- The members of Locking Development Company Limited will have their final general meeting on January 30, 2008, at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. LUBANGO INVESTMENTS: Members to Get Wind-Up Report on Jan. 30 ------------------------------------------------------------- The members of Lubango Investments Limited will have their final general meeting on January 30, 2008, at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. NAH LOONG: Members Meeting Fixed for January 30 ----------------------------------------------- The members of Nah Loong Trading Company Limited will have their final general meeting on January 30, 2008, at 10:00 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. NATION PROFIT: Members to Receive Wind-Up Report on Jan. 30 ----------------------------------------------------------- The members of Nation Profit International Limited will have their final general meeting on January 30, 2008, at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. PIROL DEVELPOMENT: Members Meeting Fixed for January 30 ------------------------------------------------------- The members of Pirol Development Limited will have their final general meeting on January 30, 2008, at 10:40 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. QISDA CORP: November 2007 Sales Down by 5% ------------------------------------------ Qisda Corp.'s November 2007 consolidated sales amounted to TWD10.5 billion, down 5% from the figure in October 2007, TradingMarkets.Com reports. The report cites Qisda Chief Financial Officer David Wang as saying that the decline was due to a decrease in LCD monitors shipment, which overshadowed sales growth for the company's other product lines. Headquartered in Taiwan, Republic of China, Qisda Corp., fka BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, camera phones, and other products. BenQ Mobile GmbH & Co., the company's German-based wholly owned subsidiary, filed for insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a buyer for the company by the Dec. 31, 2006 deadline. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 3, 2008, that Taiwan Ratings Corp. affirmed its twBB+ long-term corporate credit rating and twB short-term rating on Qisda Corp. At the same time, the rating agency also affirmed its twBB+ ratings on the company's unsecured corporate bonds and unsecured exchangeable bond. The outlook on the long-term rating is negative. PETROLEOS DE VENEZUELA: To Boost Natural Gas Output --------------------------------------------------- Venezuelan state-run oil firm Petroleos de Venezuela SA said in a statement that it will increase its natural gas production to 110 million cubic feet per day through horizontal drilling in the RG 278 well on the Santa Rosa block in Anzoategui. Business News Americas relates that testing in RG 278 showed that the well could increase production to 11 million cubic feet per day. According to Petroleos de Venezuela's statement, the firm will apply the technology to 14 nearby wells. The horizontal drilling technique will allow two wells to be drilled at the same time. The new drilling "will target gas reserves of depths between 800 feet and 900 feet that have never been developed." The new gas produced will be used to meet domestic demand and gas integration deals signed between Venezuela and other Latin American nations, BNamericas states. 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: Paying US$630MM on Cerro Linked Bonds ------------------------------------------------------------- Petroleos de Venezuela SA is paying US$630 Million all bonds linked to the multi-billion dollar Cerro Negro heavy oil project that President Hugo Chavez nationalized last year, FinancialWire states. Report shows that in the 1990's, Exxon Mobil and BP Plc has partnered with PDVSA in the project. Exxon Mobil Shares upped US$1.33 to close at US$95.00, while BP shares plunged eight cents to close at US$73.95. 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. POLYMER GROUP: Brings In Robert Kocourek as Vice President ---------------------------------------------------------- Polymer Group, Inc. has appointed Robert Kocourek as vice president and chief accounting officer. Mr. Kocourek assumes the responsibilities of the principal accounting officer, which were previously performed by Willis C. Moore III, the company's chief financial officer. Such responsibilities include the development of global financial accounting policies, interpretations of accounting literature and ensuring that the company's financial statements are prepared in accordance with generally accepted accounting principles on a global basis. Mr. Kocourek will continue to report to Moore, who remains chief financial officer. Mr. Kocourek previously served as vice president, corporate finance and treasurer since he joined the company in May 2006. Prior to joining the company, Mr. Kocourek assisted the company in its Sarbanes-Oxley implementation efforts and other financial accounting and reporting projects as a consultant and gained extensive financial and accounting experience working with Ernst & Young, LLC and Coopers and Lybrand earlier in his career. "I am very pleased that Bob has agreed to take this position and believe it will further our on-going efforts to achieve best in class accuracy and transparency of our global financial reporting," said Mr. Moore. Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2007, Standard & Poor's Ratings Services has affirmed its ratings on Polymer Group Inc., including its 'BB-' corporate credit rating. S&P said the outlook is negative. SOLAR PROFIT: Members to Receive Wind-Up Report on Jan. 30 ---------------------------------------------------------- The members of Solar Profit Company Limited will have their final general meeting on January 30, 2008, at 11:00 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. SKY PROJECT: Members Meeting Fixed for January 30 ------------------------------------------------- The members of Sky Project Limited will have their final general meeting on January 30, 2008, at 11:20 a. m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. SINOGREAT INT'L: Members to Receive Wind-Up Report on Jan. 30 ------------------------------------------------------------- The members of Sinogreat International Limited will have their final general meeting on January 30, 2008, at 11:40 a.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. SOTA ELECTRONICS: Commences Liquidation Proceedings --------------------------------------------------- Sota Electronics Company Limited commenced liquidation proceedings on December 19, 2007. The company's liquidator is: Poon Ka Lee Barry 1607, ING Tower 308 Des Voeux Road Central Hong Kong TOMAX ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30 --------------------------------------------------------------- The members of Tomax Enterprises Limited will have their final general meeting on January 30, 2008, at 12:00 p.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. WISE POOL: Members Meeting Fixed for January 30 ----------------------------------------------- The members of Wise Pool Limited will have their final general meeting on January 30, 2008, at 12:20 p.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. YING KEE: Members to Receive Wind-Up Report on Jan. 30 ------------------------------------------------------ The members of Ying Kee Limited will have their final general meeting on January 30, 2008, at 12:40 p.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. WILBURY COMPANY: Members Meeting Fixed for January 30 ----------------------------------------------------- The members of Wilbury Company Limited will have their final general meeting on January 30, 2008, at 15:00 p.m., at Room 804 of the China Merchants Building, 152-155 Connaught Road, in Central Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Pang Siu Chik, Alick. VARALLO ENTERPRISES: Members to Get Wind-Up Report on Jan. 30 ----------------------------------------------------------- The members of Varallo Enterprises Limited will have their final general meeting on January 30, 2008, at 10:00 a.m., at the 21st Floor of the Fee Tat Commercial Centre, No. 613 Natahn Road, in Kowloon, Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Wong Kam Chiu, Paul. ========= I N D I A ========= AFFILIATED COMPUTER: S&P Maintains 'BB' Corporate Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on Dallas, Texas-based Affiliated Computer Services Inc. (ACS), and removed it from CreditWatch, where it had been placed with negative implications on March 20, 2007. The outlook is negative. The affirmation follows the withdrawal of a buyout offer by private equity firm Cerberus Capital Management, and led by ACS' chairman and founder, for over US$8 billion (including the assumption of debt). "Although ACS' current debt levels (in the 3x area) are somewhat moderate for the rating given ACS' satisfactory business profile, the company has exhibited a much more aggressive financial policy in its willingness to pursue an LBO, and it may continue to pursue ongoing acquisitions and share repurchases," said Standard & Poor's credit analyst Philip Schrank. "At the 'BB' rating level, our expectation is that ACS will manage its debt leverage at 3x-5x over the intermediate term, which would allow it to complete its outstanding US$800 million share repurchase program, as well as make some moderate-size acquisitions." The negative outlook reflects ACS' ability within its credit facilities to significantly increase debt to finance sizable share repurchases or acquisitions, if it desires. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix --------------------------------------------------------- Affiliated Computer Services, Inc. and Ingenix has announced a strategic alliance to provide Medicaid Management Information Systems decision support solutions to state governments. Under the terms of the alliance agreement, the two companies will work with each other to supply decision support solutions for Affiliated Computer's state Medicaid Systems initiatives. Affiliated Computer will license its portfolio of federally certified decision support technologies to Ingenix, which will provide its Medicaid Systems clients with a broad array of decision support methodologies, software applications, and related consulting services. Decision support systems analyze data to help health administrators assess Medicaid program status, analyze healthcare policy, monitor budget trends and measure program performance. "This partnership allows us to enhance our current systems and deliver better service to our Medicaid clients," said Affiliated Computer senior vice president and managing director, Government Healthcare Solutions, Christopher T. Deelsnyder. "Combining Ingenix' innovative decision support capabilities with ACS' technologies strengthens our ability to streamline and improve the delivery of healthcare in Medicaid programs." Impact Pro for Care Management is Ingenix' innovative platform for helping state Medicaid programs better identify and manage both chronic and acute health conditions. This predictive modeling and care management tool is currently being used by the ACS-Ingenix alliance to support the State of Mississippi's Division of Medicaid. "This relationship brings together an unparalleled set of data, technology and experience that will increase efficiency, reduce costs and improve care outcomes for Medicaid recipients and the state governments that manage their health services," said Ingenix chief executive officer, Andy Slavitt. "Together, we will offer a unique set of solutions that will help us grow our respective businesses by giving our clients a suite of services that meet their expectations." About Ingenix Ingenix --http://www.ingenix.com--,a wholly owned subsidiary of UnitedHealth Group (NYSE: UNH), transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer Services, Inc. from Rating Watch Negative and affirmed these ratings: Issuer Default Rating 'BB'; Senior secured revolving credit facility at 'BB'; Senior secured term loan at 'BB'; Senior notes at 'BB-'. Fitch said the rating outlook is stable. IMAX CORP: To Sell Feinstein Theatre to National Amusements ----------------------------------------------------------- IMAX Corporation and National Amusements Inc., the United States' fifth largest theatre operator, have announced IMAX's sale of the Feinstein IMAX(R) Theatre in Providence, Rhode Island to National Amusements. The IMAX theatre had been owned and operated by IMAX Corp. since it opened in June, 2000. Under the terms of the sale, National Amusements assumed ownership and control of the theatre effective close of business on Dec. 31, 2007. "IMAX theatres are becoming an increasingly important component of today's modern multiplex and nothing underscores this more than when the world's top exhibitors increase the number of IMAX screens they operate," said IMAX Co-Chief Executive Officers and Co-Chairpersons Richard L. Gelfond and Bradley J. Wechsler. "National Amusements has been a phenomenal IMAX operator both domestically and internationally, and we are pleased they are expanding their IMAX presence in Providence." National Amusements is the first major exhibitor to operate IMAX theatres on three continents -- with a total of nine IMAX theatres in North America, South America and Europe. The exhibitor's purchase of the Feinstein IMAX Theatre in Providence, Rhode Island was made on the heels of a record- breaking box office year for the IMAX theatre network, which showcased a strong slate of digitally re-mastered IMAX releases that included 300, Spider-Man 3, Harry Potter and the Order of the Phoenix, Transformers, Beowulf and I Am Legend. IMAX and National Amusements both have marketing partnerships with Movietickets.com, giving North American consumers greater access to The IMAX Experience(R). National Amusements' current IMAX locations in North America are at City Center 15: Cinema de Lux in White Plains, New York; Showcase Cinemas Stonybrook in Louisville, Kentucky; Showcase Cinemas Buckland Hills in Manchester, Connecticut; Springdale 18: Cinema de Lux in Springdale, Ohio; and The Bridge: Cinema de Lux in Los Angeles, California; Showcase Cinemas Ann Arbor in Ypsilanti, Michigan. Internationally, the exhibitor's IMAX locations are the IMAX Theatre at Center Norte in Buenos Aires as well as the Coca-Cola IMAX Kinostar City in St. Petersburg, Russia. About National Amusements National Amusements, Inc., is a world leader in the motion picture exhibition industry operating more than 1,500 screens in the U.S., U.K., Latin America and Russia. National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Multiplex, Cinema de Lux, and KinoStar brands. Based in Dedham, Massachusetts, it is a closely held company operating under the third generation of leadership by the Redstone family. The company is also an equal partner in the online ticketing service, MovieTickets.com, and is the parent company of both Viacom and CBS Corporation. About IMAX 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-Latin America on Dec. 28, 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. TATA MOTORS: Moody's Puts Rating on Review for Likely Downgrade --------------------------------------------------------------- Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. This rating action follows the announcement by Ford Motor Company (B3/Stable) naming TML as the preferred buyer for Ford's luxury Jaguar and Land Rover car brands after several months of discussion. TML will now be entering a period of more focused and detailed negotiations with Ford and hopes to reach an agreement in the forthcoming weeks. Moody's believes TML has a keen interest in the two brands. "Should TML proceed with the transaction and acquire these two businesses, it will face considerable execution and integration challenges," says Elizabeth Allen, a Moody's Vice President/Senior Analyst. "Furthermore, while TML enjoys a strong position primarily in the low to mid-end vehicle segments in India and in some developing markets, the acquisition of the Jaguar and Land Rover brands will expose the company to the luxury product category as well as to broader geographies; these are areas in which TML lacks experience. Moody's therefore believes such a transaction would materially increase the business risk profile of TML," says Allen. On the other hand, Moody's acknowledges that in the long term this potential acquisition could elevate TML from a major Indian player into a global automobile manufacturer, enlarge its operating scale, improve its technology base and broaden its product range. Nonetheless, the challenges in the near to medium term are substantial. The review will focus on 1) the funding structure of the potential transaction, 2) the potential transaction's overall impact on TML's operating and financial profile -- including the company's plans to address the potential integration challenges and Moody's assessment of the substantial funding arrangements involved. Should TML decide not to proceed with the transaction, the rating outlook is likely to revert to stable. Tata Motors Ltd, incorporated in 1945, is India's largest manufacturer of commercial vehicles and second largest manufacturer of passenger vehicles. Products include light, medium and heavy commercial vehicles (trucks, pick-ups and buses), utility vehicles and cars. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It is ultimately 33.42% owned by the Tata Group as of September 2007. TATA MOTORS: ICRA Places Ratings on Negative Watch -------------------------------------------------- ICRA has placed the ratings assigned to Tata Motors Limited on rating watch with negative implications. The rating watch reflects the likely increase in the business and financial risk profile of TML, in the event of successful conclusion of Jaguar and Land Rover acquisitions, where Ford has announced focused discussions with TML concerning potential sale of the combined Jaguar Land Rover business. ICRA would take further rating action as and when full details of the proposed acquisition are made available. Should the proposed acquisition fall through, the rating watch is likely to be removed, restoring back the stable outlook. TML currently has LAA+ rating outstanding on its INR40 billion fund based limits. The rating indicates high-credit quality of the rated instrument. TML also has A1+ (pronounced A 1 plus) rating outstanding on TML's INR20 billion non fund based limits. This is the highest-credit-quality rating assigned by ICRA in the short term. Further, TML has a rating outstanding of A1+ for short-term debt programme of INR30 billion and a rating outstanding of LAA+ (pronounced L double A plus) for its INR4.5 billion and INR2.5 billion Non- Convertible Debenture (NCD) Programmes. Company Profile: TML is India's largest automotive company with market leadership in the CV segment. The Tata Group holds a 33.4% equity stake in the company. TML has four manufacturing plants in India at Pune (Maharashtra), Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pant Nagar (Uttaranchal) and a manufacturing facility in Gunsan (South Korea). As of March 2007, TML's manufacturing capacities stood at 310,500 for trucks and UVs and 225,000 for cars at India besides CV capacity of 20,000 units in South Korea. Traditionally a CV manufacturer, TML entered the passenger car business in 1998-99 with the launch of an indigenously developed B segment car. Currently, TML enjoys 15.4% share in the Indian PV industry through a single platform (three models -Indica, Indigo and Indigo Marina) for cars and single platform for MUVs (Safari). With the existing PV products, TML is the second largest player and its existing product portfolio addresses about 65% of the 1 million domestic PV market. The company is in the process of setting up a car manufacturing facility at Singur (West Bengal). TATA MOTORS: May Tap Sr. Ford Exec to Head Jaguar-Land Rover ------------------------------------------------------------ After being chosen as preferred bidder for Ford Motor Co.'s Jaguar and Land Rover brands, Tata Motors Ltd, according to media reports, is expected to to name a Ford senior executive to head the two brands. Last week, Ford disclosed that it has entered into "focused negotiations at a more detailed level" with Tata Motors, signalling that the Indian carmaker has become the preferred bidder. Even if there is no deal yet and nothing is final, the Press Trust of India quoted The Sunday Times, citing unnamed senior industry sources, as reporting that Tata was likely to name a top Ford executive in Europe as chief executive of the Jaguar- Land Rover group. Presently, the group's chief executive is Geoff Polities, an Australian, PTI notes. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA STEEL: Sees INR100,000-Crore Turnover in Fiscal Year 2008 -------------------------------------------------------------- Tata Steel Ltd Managing Director B. Muthuraman is optimistic that the company, together with Corus, will post a turnover of INR100,000 this fiscal, according to media reports. Mr. Muthuraman admitted that the Corus acquisition, in the short-term, had put pressure on EBIDTA margins. However, the synergies between the two companies will help double EBIDTA in the next five years, the Business Standard quotes the managing director as saying. Mr. Muthuraman also told the media about Tata Steel's plans to begin construction of 6,000,000-ton plant at Kalinganagar in Orissa in the next three months. The Kalinganagar fab, which is expected to be completed by 2010, will entail the company an investment of around INR2,000 crore. As reported by the Troubled Company Reporter-Asia Pacific on Jan. 3, the company has already started the building expansion of its Jamshedpur plant's capacity to 10,000,000 tonnes. The managing director, BS relates, said Tata would invest INR20,000 crore in scaling up the capacity in the Jamshedpur plant. For a INR250-crore investment, the company will commission a galvanized steel production plant at Gopalpur in Orissa within the next two years, Mr. Muthuraman added. 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. WESTERN INDIA: Loss Soars to INR96 Mil. in Qtr. Ended Sept. 30 -------------------------------------------------------------- Western India Shipyard Ltd's net loss soared more than four times to INR96.45 million in the quarter ended Sept. 30, 2007, from the INR21.36-million loss booked in the same quarter in 2006. The widening loss resulted from sales that dipped 66% to INR48.57 million, from the July-August 2006 sales of INR141.5 million. With other income of INR2.68 million, total revenues for the quarter aggregated INR51.24 million. Expenditures from operations aggregating INR78.63 million brought the company an operating loss of INR27.39 million. A copy of the company's financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?26d6 Operating as a composite ship repair facility in India, Western India Shipyard Ltd -- http://www.westinshp.com/-- offers ship routine maintenance and damage repairs; cargo hold/tank space blasting and coating; main engine overhauls; rudder, propeller, and tailshaft repairs; cargo gear overhaul and repairs; heating coil hydro test and electric works; hatch cover modifications and container cell guide conversions; and auxiliary machinery overhauls. The Troubled Company Reporter-Asia Pacific reported on Jan. 4, 2008, that Western India Shipyard has a stockholder's equity deficit of US$22.78 million. The company has incurred at least two years of consecutive net losses -- INR207.58 million in the year ended Mar. 31, 2007, and INR233.68 million in the year ended Mar. 31, 2008. WESTERN INDIA: Members OK Proposed Preferential Allotment --------------------------------------------------------- Western India Shipyard, in a filing with the Bombay Stock Exchange, disclosed that its shareholders, at the 15th Annual General Meeting in December, authorized the company's board of directors to: a. issue, on preferential basis, not more than 48,32,850 shares of the company with face value of INR10 each, subject to 80% write down condition, pursuant to the options received or default proviso for the conversion of 8,05,475 - 12% Secured Redeemable Non-convertible Debentures with face value of INR60 each to the debenture holders on record on the date yet to be fixed by the company. b. issue 37,20,500 shares, of INR10 each fully paid up at par, on preferential basis to UTI Asset Management Company Ltd on conversion of 37,20,500 Zero Coupon Optionally Fully Convertible debentures (series II: Unsecured) of INR10 each, subject to 80% write down of the face value of each share of INR10 each up to INR2 each. The preferential allotment to debenture holders is pursuant to the terms and conditions of the Scheme of Arrangement approved by the holders on March 11, 2005 and confirmed by the High Court of Bombay, Goa Bench at Panaji on June 23, 2006. The issuance to UTI Asset is under the terms of sanction letters dated April 29, 2002, and June 12, 2003, for the restructuring of the liabilities of the company and their option letter dated Aug. 16, 2007. Subject to the confirmation of the High Court of Bombay, Goa Bench at Goa, the shareholders agree that the issued and paid-up share capital of the company aggregating to INR4,83,28,500 (consisting of 48,32,850 shares with face value of INR10 each) issued to the debenture holders pursuant to the terms and conditions contained in the Scheme of Arrangement approved by the holders of 8,46,100 - 12% Secured Redeemable Non-Convertible Debentures on Sept. 11, 2005, be reduced to INR96,65,700 (consisting of 48,32,850 equity shares of the face value of INR2 each) by extinguishing or canceling a sum of INR8 of the face value of each equity share or 80%, against the losses of the company pari-passu with the existing shareholders of the company. During the meeting, the shareholders further accorded to the: -- re-appointment of P. B. Gadgil as director; -- re-appointment of M/s. V. V. Kale & Company, Chartered Accountants, as auditors to hold office up to the conclusion of the next AGM; and -- appointment of Cdr. Subhash Kumar Mutreja, (Retd) as whole time director & chief executive officer for a term of one year. Operating as a composite ship repair facility in India, Western India Shipyard Ltd -- http://www.westinshp.com/-- offers ship routine maintenance and damage repairs; cargo hold/tank space blasting and coating; main engine overhauls; rudder, propeller, and tailshaft repairs; cargo gear overhaul and repairs; heating coil hydro test and electric works; hatch cover modifications and container cell guide conversions; and auxiliary machinery overhauls. The Troubled Company Reporter-Asia Pacific reported on Jan. 4, 2008, that Western India Shipyard has a stockholder's equity deficit of US$22.78 million. The company has incurred at least two years of consecutive net losses -- INR207.58 million in the year ended Mar. 31, 2007, and INR233.68 million in the year ended Mar. 31, 2008. ================= I N D O N E S I A ================= BANK MANDIRI: To Increase Stake in PT AXA Mandiri ------------------------------------------------- PT Bank Mandiri wants to increase its 49% stake in its mutual fund subsidiary PT AXA Mandiri Financial Services, Asia Pulse reports. According to the report, the majority stake of 51% of AMFS is now owned by AXA Pacific Holdings through National Mutual Fund Pty Ltd. State Bank Director Bambang Setiawan said Bank Mandiri's negotiations on a proposal to increase its stake in AXA Pacific to 51% is now in progress, the report notes. PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, and provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. The Troubled Company Reporter-Asia Pacific reported on Dec. 7, 2007, that Fitch Ratings upgraded the Individual Rating of PT Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its National Long-term rating to 'AA+ (idn)' from 'AA (idn)'. The Outlook on the National rating remains Stable. At the same time, all other ratings are affirmed, as follows: -- Long-term foreign and local currency Issuer Default ratings at 'BB-' with a Positive Outlook -- Short-term IDR at 'B' -- Support at '4', and -- Support Floor at 'B+' On Oct. 19, 2007, Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of Bank Mandiri. -- The foreign currency senior/subordinated debt ratings were raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa2 global local currency deposit rating and D- BFSR were unaffected. GARUDA: Flies 21,650 Customers from Beijing to Jakarta in 2007 -------------------------------------------------------------- PT Garuda Indonesia flew 21,650 passengers from Beijing to Jakarta in 2007 with a seat occupancy rate of 81.8%, Antara News reports citing Garuda General Manager for Beiing Pikri Ilham K. Mr. Ilham was quoted by the news agency as saying, "Amid tight competition with foreign airlines which also serve the Beijing- Jakarta route, the number of Garuda's passengers from Beijing continued to increase in 2007." Garuda used B737 New Generation (NG) airplanes in flying passengers from Beijing to Jakarta with a capacity of 26,499 seats, he added. According to the report, besides serving the Beijing-Jakarta route, Garuda also plied the Shanghai-Jakarta and Guanzhou- Jakarta routes with four flights a week respectively. Mr. Ilham, the report adds, hopes that Garuda would fly more passengers this year. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. The Troubled Company Reporter-Asia Pacific reported on Sept. 6, 2007, that Garuda, saddled with a debt of around US$750 million including some US$475 million owed to the European Credit Agency, is in negotiations with creditors to restructure some of its debt. The carrier's debt needs to be restructured, otherwise Garuda will not be able to fly anymore as its debt is too big, the report added. The airline was affected by plunging arrivals on the resort island of Bali, where tourists have been killed in bomb attacks in 2002 and 2005. It has also suffered from soaring global oil prices, a weakening of the Indonesian rupiah and rising interest rates. Garuda is concentrating its efforts on repaying its debt with foreign creditors under the European Credit Agency, which was due on Dec. 31, 2005. The company, until November 2006, suffered an unaudited loss of IDR390 billion, which was lower than the IDR672 billion, recorded in the same period the year before. Garuda is currently undergoing debt restructuring. The Troubled Company Reporter-Asia Pacific reported on December 20, 2006, that in line with the airline's debt restructuring, it continues to consistently pay debt interest. GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier ------------------------------------------------------------- The Goodyear Tire & Rubber Company reported that T&WA Inc., a tire mounting business based in Louisville, Ky., has sold substantially all of its assets to EnovaPremier, LLC. Goodyear has had a minority ownership interest in T&WA since 1999. T&WA and EnovaPremier have not disclosed the terms of the transaction. Goodyear anticipates recording an after-tax, non-cash loss of US$30 million to US$35 million in the fourth quarter of 2007 as a result of the transaction, subject to post-closing adjustments. The company said T&WA's exit from the tire and wheel assembly business is consistent with Goodyear's previously announced strategy to focus on its core consumer and commercial tire businesses. T&WA is a variable interest entity that is consolidated with Goodyear under generally accepted accounting principles. T&WA, a minority business enterprise that was founded in 1995, supplies mounted and balanced tire and wheel assemblies to auto manufacturers. The business operates facilities in Alabama, Indiana, Kentucky and Michigan. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world, including Indonesia, Australia, China, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. INDOSAT: Singtel Expects Decision by Early March ------------------------------------------------ PT Indosat Tbk's shareholder Singapore Telecommunications expects a Jakarta court to rule on the fate of its stake in Indosat by late February or early March, Reuters reports. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 23, 2007, Temasek Holdings, which owns 54% of SingTel, was found guilty by the Business Competition Monitoring Commission (KPPU) of violating Indonesia's anti-monopoly laws. Temasek violated the country's anti-monopoly laws through its ownership in PT Indosat Tbk and PT Telekomunikasi Selular Indonesia. The TCR-AP related that KPPU ruled that Temasek must sell its minority stake in either Telekomunikasi Selular or Indosat. Syamsul Maarif, KPPU commission assembly chairman, reportedly said the shares must be sold within two years at the maximum since the decision has legal grounds. SingTel International CEO Lim Chuan Poh was quoted by Reuters as saying, "The first court hearing should be sometime before the end of January. We hope a decision (will be made) by the court by end of next month or early March." Mr. Pohsaid SingTel has not considered selling its stake in Telkomsel and had not been approached by a buyer. "We remain committed to our investment in Indonesia," he said. Another TCR-AP report on Dec. 20, 2007, noted that Temasek Holdings filed an appeal against the Indonesian court ruling that said it broke antitrust laws. According to the TCR-AP, analysts at DBS Vickers Research Singapore said Temasek will use the legal process to appeal the ruling and the worst-case scenario is an imposition of a tariff cut on Indonesian mobile- phone companies. Reuters notes that ST Telemedia holds a 75% stake in Asia Mobile Holdings, which in turn owns about 40% of Indosat. About Indosat PT Indosat Tbk -- http://www.indosat.com/-- is a fully integrated Indonesian telecommunications network and service provider and provides a full complement of national and international telecommunications services in Indonesia. The company provides international long-distance services in Indonesia. It also provides multimedia, data communications and Internet services to Indonesian and regional corporate and retail customers. The company's principal cellular service is the provision of airtime, which measures the usage of its cellular network by its customers. Airtime is sold through postpaid and prepaid plans. It provides a variety of international voice telecommunications services and both international switched and non-switched telecommunications services. MIDI services include high-speed point-to-point international and domestic digital leased line broadband and narrowband services, a high-performance packet-switching service and satellite transponder leasing and broadcasting services. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive which is in line with the outlook on Indonesia's foreign currency country ceiling. A TCR-AP report on June 7, 2006, stated that Fitch Ratings affirmed PT Indosat Tbk's long-term foreign and local currency Issuer Default Ratings at 'BB-'. The outlook on the ratings is stable. * Fitch Assigns 'BB-' Rating to Indonesia's Forthcoming Bond ------------------------------------------------------------ Fitch Ratings has assigned an expected Long-term foreign currency rating of 'BB-' to the Republic of Indonesia's forthcoming benchmark US dollar-denominated Global Bond. The final rating is contingent upon receipt of final documents conforming to information already received. Fitch placed Indonesia's foreign and local currency Issuer Default ratings, which are both 'BB-', on Positive Outlook in January 2007. The agency notes that Indonesia's economic growth momentum will only be marginally impacted by weakness in external demand, as domestic demand has recovered. The country's structural reform agenda on both the public and external finances front remains intact, which in turn will help to improve Indonesia's credit risk profile going forward. * Moody's Assigns Ba3 Rating to Indonesia's Forthcoming Bond ------------------------------------------------------------ Moody's has assigned a Foreign Currency rating of 'Ba3' with a stable outlook to the Republic of Indonesia's forthcoming benchmark US dollar-denominated Global Bond. Moody's upgraded the local- and foreign-currency bond ratings of Indonesia to Ba3 from B1 in October 2007. The agency noted that a track record of fiscal prudence and a more resilient external position coupled with structural reforms and improved policy management has bolstered the government's credit fundamentals. Moody's also expects political stability through upcoming elections which should help to underpin a generally orthodox and pro-reform economic policy stance. ========= J A P A N ========= DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims --------------------------------------------------------------- Delphi Corp. and its debtor-affiliates seek the provisional allowance or estimation of 1,817 claims solely for purposes of distributing the Discount Rights provided for the in First Amended Plan of Reorganization. The estimated allowed amounts for the claims aggregate US$414,716,298, but majority of the claims are estimated at US$0. The Plan provides that each holder of an Allowed General Unsecured Claim will receive: (i) the number of shares of New Common Stock equal to 77.3% of the Face Amount of the Allowed Claim and (ii) the entitlement to participate in the Discount Rights Offering. Discount Rights are to be distributed on a pro rata basis to holders of allowed claims in Class C - General Unsecured Claims under the Plan. The Plan provides in pertinent part that "[i]f a Claim of a Discount Rights Offering Eligible Holder is not Allowed or otherwise reconciled by the Debtors by the date of commencement of the Confirmation Hearing, such Claim shall be temporarily allowed, solely for purposes of participation in the Discount Rights Offering, in the amount so estimated by the Bankruptcy Court or agreed to by the holder of the claim and the Debtors." John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, relates that to make a pro rata distribution of the Discount Rights, it is necessary to estimate or temporarily allow any claims that have not been allowed, disallowed, or reconciled prior to the commencement of the Discount Rights Offering. Although the vast majority of claims against the Debtors have been allowed or reconciled, there remain a number of Unreconciled Claims that will need to be estimated or provisionally allowed for purposes of making the appropriate calculations for a pro rata distribution of the Discount Rights, Mr. Butler tells the Court. A list of the Unreconciled Claims, and their estimated allowed amounts is available for free at: http://bankrupt.com/misc/Delphi_RightsOffering_Caims.pdf The list includes certain holders of Supplemental Executive Retirement Program claims for which the holder has not yet filed a proof of claim, but for whom the Debtors will schedule an actuarially determined SERP claim prior to the confirmation hearing so that these claimants are able to participate in the Discount Rights Offering. In particular, several claims that were filed as secured claims or claims with other priority status, but which the Debtors assert should be reclassified as general unsecured claims, are included on the list in the amount of $0 because as currently classified they are not entitled to participate in the Discount Rights Offering under the Plan, Mr. Butler explains. The Debtors note that, to the extent that the Claimants will receive contract cure payments in cash, and those amounts are reconciled prior to the commencement of the Discount Rights Offering, the amount at which the claimants are entitled to participate in the Discount Rights Offering will be correspondingly reduced. The Debtors also propose that, should the provisional allowance or estimation results in a particular claimant's receiving more Discount Rights than the claimant should have received based on the ultimate allowed amount of the claim and those rights are transferred or exercised, then, in the Reorganized Debtors' sole discretion, (a) an amount of New Common Stock equivalent to the value of the Excess Discount Rights will be withheld from the ultimate distribution to such claimant or (b) the claimant will be required to remit payment to the Reorganized Debtors in an amount equal to the value of the Excess Discount Rights. The Debtors, in this request, do not seek estimation or temporary allowance of certain claims which, while filed as general unsecured claims, will not be entitled to distributions as general unsecured claims. These claims include Flow-Through Claims, which are not impaired under the Plan, and certain other unsecured claims that will be expunged or otherwise resolved on or shortly after the Effective Date of the Plan, or that have been or will be satisfied pursuant to other orders of the Court. 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 expires 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: UAW Objects to Management Compensation Plan -------------------------------------------------------- The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America objects to confirmation of Delphi Corp. and its debtor-affiliates' Joint Plan of Reorganization solely based on the Management Compensation Plan, which was made part of the Plan. The UAW reserves its right, after taking discovery, to amend, change or add to the assertions set forth herein, to reflect facts and evidence discovered. The proposed MCP includes, among other things, cash and equity emergence awards to be issued on the Plan's effective date, as well as other compensation to be paid to executives after the Effective Date, including a long-term incentive plan that purports to reserve 8% of Reorganized Delphi's fully diluted new common stock for annual grants to executives covered by the MCP. Peter D. DeChiara, Esq., at Cohen, Weiss and Simon LLP, in New York, avers that among other possible grounds that the UAW may assert for its objection after taking discovery, the UAW objects on the ground that Plan, to the extent it contains the MCP, fails to satisfy Section 1129(a)(3) of the Bankruptcy Code. Section 1129(a)(3) provides that a court shall only confirm a plan if it "has been proposed in good faith and not by any means forbidden by law." Mr. DeChiara argues that the MCP is not reasonable and is not fundamentally fair to the UAW-represented employees who made enormous sacrifices for the Debtors' reorganization. In particular, the MCP, he says, violates the "Equivalence of Sacrifice" provision of the UAW-Delphi-GM Memorandum of Understanding, which the Court approved on July 19, 2007. The UAW finds the MCP in its entirety objectionable, in that the total compensation that it will provide to the executives covered by it will make it impossible to conclude that the Plan is fundamentally fair to the UAW-represented employees or that the executives have sacrificed in a manner equivalent to the UAW-represented employees. UAW intends to focus on these provisions on the MCP -- Short- Term Incentive Plan, the Long-Term Incentive Plan and the Chapter 11 Effective Date Executive Payments. These specific provisions will make the executives covered by it whole or substantially whole for any compensation they did not receive because of the Debtors' Chapter 11 filing, Mr. DeChiara relates. He notes that the UAW-represented employees, by contrast, have not been and will not be made whole, but have sacrificed tremendously for the Debtors' reorganization. Mr. DeChiara adds that the incentives and payments under the MCP will leave some or all of the executives above market levels regarding some or all of their compensation. "To the extent some or all of the executives are above market levels as a result of the MCP, the POR is unfair and violates the equivalence-of-sacrifice requirement." UAW filed the Amended Objection to heed to certain demands by the Debtors. At a meet-and-confer held on Dec. 19, 2007, the Debtors told UAW that they would not agree to the discovery requested by the union, unless it (i) amended its preliminary objection to reflect that it was an objection to confirmation of the Plan; and (ii) add allegations on the specific provisions of the MCP to which the UAW was objecting. 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 expires 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: Issues Sixth Unsecured Straight Bonds ---------------------------------------------------- Elpida Memory, Inc., has determined the terms of the 6th unsecured straight bonds (with inter-bond pari passu clause) based on the domestic straight bond shelf registration (registered amount: JPY150 billion, effective period: through October 26, 2009) as stated below: * Issue Size: JPY20 billion * Denomination: JPY100 million * Interest Rate: 2.10% per annum * Issue price: JPY100 per face value JPY100 * Duration: 5 years * Maturity Date: November 29, 2012 * Interest Payment Date: May 29, and November 29 each year * Payment Date: November 29, 2007 * Underwriters: Nomura Securities Co.,Ltd.; Mizuho Securities Co., Ltd. (joint lead managers and joint bookrunners) * Fiscal Agent: Mizuho Corporate Bank, Ltd. * Rating: BBB+ (Japan Credit Rating Agency, Ltd.) * Use of Proceeds: Repayment of loans and lease obligations 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. FUJI HEAVY: To Make Low-Price SUV with Toyota Motor --------------------------------------------------- Fuji Heavy Industries Ltd. has been consigned by Toyota Motor Corp. to develop and produce a new low-price sports car targeting young drivers, sources disclosed to The Yomiuri Shimbun. According to the paper's sources, Fuji Heavy and Toyota are in negotiations toward an agreement within the current fiscal year and seek to put the vehicle on the market around 2009. The car, which is to be marketed overseas, including the U.S., will be equipped with a 2-liter engine and rear-wheel drive system. It will be priced around JPY2 million and positioned as an entry-level car. Fuji Heavy, states The Yomiuri Shimbun, plans to take the development initiative and base the car on its horizontally opposed engine and chassis design used in its existing models. The Yomiuri Shimbun adds that the sports car will be sold solely under the Toyota brand and not under Fuji Heavy's Subaru brand. Sources said that Toyota's consignment benefits Fuji Heavy by boosting engineer morale and improving operating rates at plants while Toyota, quickly expanding worldwide and needing to make up for a shortage of development engineers, finds it efficient to use Fuji Heavy's engineering power. About Fuji Heavy Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. -- http://www.fhi.co.jp-- is manufacturing company engaged in four business segments. The Automobile segment is engaged in the manufacturing, repair and sale of light vehicles, compact cars and standard vehicles. The Industrial Machinery segment offers motors, machinery for agricultural, forestry and constructional use, as well as other machinery and equipment. The Aerospace segment offers airplanes, aerospace-related equipment and parts. The Others segment is engaged in the manufacturing, repair and sale of dustcarts, bus-related parts and houses, as well as the leasing of real estates. The Company distributes its products in both domestic and overseas markets. As of March 31, 2007, Fuji Heavy Industries has 109 subsidiaries and nine associated companies. The Company has a global network. Fuji Heavy still carries' Standard & Poor's Ratings Services' BB+ long-term foreign and local currency Issuer Default Ratings, with a stable outlook. The rating was announced on June 17, 2005. S&P's rating based it on Fuji Heavy's diminished prospects for a recovery in profitability and cash flow over the near term along with intensifying competition in the global auto industry. GAP INC: Names Simon Kneen as Creative Dir. for Banana Republic --------------------------------------------------------------- Gap Inc. has appointed Simon Kneen as executive vice president of design and creative director for Banana Republic, effective January 9. Simon Kneen is a fashion leader with more than 25 years of experience in key design roles for apparel brands in the United States and Europe. In this role, Mr. Kneen will set the product direction for Banana Republic apparel and accessories, well as set the overall creative direction for the brand. "Simon has a tremendous ability to creatively guide a brand, experience delivering a consistent aesthetic across all expressions of the brand, and a proven track record of fostering strong creative teams," Jack Calhoun, president of Banana Republic, said. "After talking with dozens of fantastic candidates, it's clear that Simon is a great fit for Banana Republic." For the past five years, Mr. Kneen served as creative design director for the Retail Brand Alliance, where he led the creative vision for such well-known brands as Brooks Brothers and Adrienne Vittadini. He was the first to design a fashion collection for men's and women's at Brooks Brothers, and was part of the leadership team that helped reposition the brand. While at the Retail Brand Alliance, he was also responsible for designing the collections under the Casual Corner label from 2003 until 2005, prior to the brand's sale. From 2001 to 2003, Mr. Kneen was creative director for Maska, the Italian fashion house known for its exclusive couture collection and fashionable ready-to-wear line. Prior to that, he was head designer, Pret-a Porter, for Maison Balmain, based in Paris. Mr. Kneen also led his own design firm and produced the Simon Kneen Collection, a line of suiting, separate, knitwear and accessories sold through luxury apparel retailers in Italy. Mr. Kneen, 46, will report to Mr. Calhoun in this new role. About Banana Republic Banana Republic is a luxury brand, offering quality apparel and accessories collections for men and women. The brand offers essentials and seasonal collections of accessories, shoes, personal care products and intimate apparel. From work to casual occasions, Banana Republic offers covetable, uncomplicated style. About Gap Inc. Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * Moody's Investor Service placed Gap Inc.'s corporate family, senior unsecured debt and probability of default ratings at 'Ba1' in February 2007. The ratings still hold to date with a stable outlook. HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager -------------------------------------------------------------- Herbalife Ltd. has promoted Jerry Li to general manager of the company's China operations. Mr. Li reports to Paul Noack, who was recently named managing director of the company's Asia Pacific region. Mr. Li has extensive experience in the direct selling industry. Since joining the company as sales director in December 2004, he has held various operational roles, and most recently, was jointly responsible for the day-to-day operations in China. Prior to joining Herbalife, Mr. Li worked at Amway for about seven years, ultimately as senior manager overseeing operations for the Shandong province. He earned an MBA from Peking University. Herbalife received its first direct selling license from China's Ministry of Commerce in March 2007. In July, the license was expanded to include the entire Jiangsu province. Headquartered in Shanghai, the company currently operates 90 stores in 29 provinces in China. Herbalife sells more than 34 products in China. The company operates its own manufacturing facility in Suzhou, China, that produces products for local use and export. Herbalife is affiliated with, and plays an active role in a large number of industry trade organizations, including The World Federation of Direct Selling Associations, the Federation of European Direct Selling Associations and 40 individual direct selling associations globally. About Herbalife Ltd. Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- Herbalife, now in its 26th year, conducts business in 62 countries. The company does business with several manufacturers worldwide and has its own manufacturing facility in Suzhou, China as well as major distribution centers in Venray, Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., Guadalajara, Mexico, and El Salvador. The company also has operations in Venezuela. * * * As reported in the Troubled Company Reporter on April 5, 2007, Standard & Poor's Ratings Services said that its 'BB+' corporate credit rating on Los Angeles-based Herbalife Ltd. remains on CreditWatch with negative implications following the company's announcement that the company's board of directors has rejected a bid to be acquired by Whitney V L.P. The board indicated that although it views Whitney's bid as too low, it would consider an improved offer. JAPAN AIRLINES: Final Bidding for JALCard to be Held This Week -------------------------------------------------------------- Japan Airlines International Co., Ltd., will hold the final round of bidding for shares in JALCard in the later part of this week, sources familiar with the matter revealed to Jiji Press. Jiji Press' sources say that JAL has already narrowed down the candidates to buy shares of its wholly owned credit card unit to five companies, including Mitsubishi UFJ Financial Group Inc., Credit Saison Co., and U.S. investment fund TPG. The five selected bidders are expected to participate in the upcoming bidding where JAL will decide the winner in late March, relates Jiji Press. According to the report, JAL will take into account not only the bid prices but also the business plans presented by the bidders. The sources of Jiji Press further revealed that JAL may consider giving up its majority stake in JALCard. JAL, which intends to use the proceeds of the share sale to reduce interest-bearing debts and strengthen its financial standing, hopes to tie-up with the procurer of JALcard and wants the new shareholder to agree to retain the brand name, adds Jiji Press. Jiji Press states that JALCard is expected to total tens of billions of yen. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. ========= K O R E A ========= COREBRID: Establishes New Subsidiary ------------------------------------ CoreBrid Inc. has established a new subsidiary, Reuters Key Developments reports. According to the report, the new unit is mainly engaged in the shipbuilding material businesses. This company move, the report notes, used a capital of KRW100 million. Seoul-based CoreBrid Inc. previously known as Curon Inc. -- http://www.curon.co.kr-- is engaged in the provision of diaphragms, vaporizers and Video On Demand servers. The company provides three main products: diaphragms and vaporizers, which are used in gas meters, speakers, automobiles, medical applications, heavy machinery, industrial valves and pumps; VOD servers such as StreamXpert, which supply High Definition Television (HDTV) multimedia content; and Telematics, which are used in entertainment, games, digital multimedia players, traffic information, satellites, digital versatile discs, TVs and radios. Korea Ratings gave Curon Inc.'s US$10 million convertible bond a B- rating with a stable outlook on February 22, 2007. KAFCO C&I: Completes Merger with Open Object Component ------------------------------------------------------ Kafco C&I Co. Ltd. has completed the merger with Open Object Component, Reuters Key Developments reports. According to the report, the merger took effect on November 19, 2007. Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd. is an equipment manufacturer of lithium batteries. The company provides its products under two categories: formation and power supply equipment. Its formation equipment includes formation and grading equipment, disposable battery dischargers and research and development (R&D) equipment used by manufacturers of lithium batteries, mobile phones, condensers and others. Its power supply equipment is used in electric power stations, plating factories and others. Korea Ratings gives the company's KRW1.20-billion bond a CCC rating with negative outlook, as of April 18, 2006. KAFCO C&I: Signs Distribution Contract with Korea-Based Company --------------------------------------------------------------- Kafco C&I Co. Ltd. has signed a contract with a Korea-based company to get a right to distribute IDsentrie (Network Identity Management), Reuters Key Developments reports. Reuters explains that IDsentrie is a networks product in Korea. Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd. is an equipment manufacturer of lithium batteries. The company provides its products under two categories: formation and power supply equipment. Its formation equipment includes formation and grading equipment, disposable battery dischargers and research and development (R&D) equipment used by manufacturers of lithium batteries, mobile phones, condensers and others. Its power supply equipment is used in electric power stations, plating factories and others. Korea Ratings gives the company's KRW1.20-billion bond a CCC rating with negative outlook, as of April 18, 2006. SEJI CO: Completes Issuance of New Shares ----------------------------------------- Seji Co Ltd. has completed issuance of 14,515,058 common shares of the company at an offer price of KRW500 per share, through a private placement, Reuters Investing Keys reports. According to the report, this brings the total number of the company's outstanding common shares to 76,391,659. Headquartered in Korea, Seji Company Limited specializes in the field of environmental engineering. The Company develops and manufactures sludge collectors, screens and filters, dehydrators and other related equipment. It also carries out work from design to manufacturing, installation, testing of water, air and waste treatment facilities and their automatic control devices. Seji Co' balance sheet as of January 4, 2007, showed total assets of US$37.25 million and total liabilities of US$37.56 million, resulting to a shareholder's deficit of US$0.31 billion. The company had been suffering net losses of KRW3.25 trillion, KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from 2003 through 2006. SEJI CO: Signs KRW2.99-Million Contract with Trans Global One ------------------------------------------------------------- Seji Co Ltd has signed a contract with Trans Global One Investments Corp, Reuters Key Developments reports. Under the business agreement, the report notes, Seji Co will supply HMS 1&2 (iron and steel scarp) for the latter company. The contract amount is worth KRW2,985,336,000, the report adds. Headquartered in Korea, Seji Company Limited specializes in the field of environmental engineering. The Company develops and manufactures sludge collectors, screens and filters, dehydrators and other related equipment. It also carries out work from design to manufacturing, installation, testing of water, air and waste treatment facilities and their automatic control devices. Seji Co' balance sheet as of January 4, 2007, showed total assets of US$37.25 million and total liabilities of US$37.56 million, resulting to a shareholder's deficit of US$0.31 billion. The company had been suffering net losses of KRW3.25 trillion, KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from 2003 through 2006. =============== M A L A Y S I A =============== HARVEST COURT: To Seeks Court OK for Capital & Premium Reduction ---------------------------------------------------------------- The Troubled Company Reporter-Asia Pacific reported on Dec. 21, 2007, that the shareholders of Harvest Court Industries Berhad approved all the proposals presented at their Extraordinary General Meeting held on December 19, 2007. The proposals passed during the extraordinary general meeting were: * proposed share capital reduction involving the reduction of the par value of each existing HCIB share from MYR1.00 to MYR0.25 via the cancellation of MYR0.75 of the par value of each HCIB share of MYR1.00 each; * proposed reduction of the share premium account of HCIB of MYR873,000; * proposed amendments to the company�s memorandum and articles of association to facilitate the proposed capital reconstruction; * proposed increase in authorized share capital; * proposed renounceable rights issue of up to 49,450,000 new ordinary shares of MYR0.25 each with up to 49,450,000 free detachable warrants in HCIB on the basis of 36 rights shares with 36 free detachable warrants for every 17 existing HCIB shares of MYR0.25 each held at an issue price of MYR0.25 per rights share; * proposed acquisition of four parcels of leasehold industrial land at a total purchase consideration of MYR5,370,000 to be satisfied entirely by the issuance of 21,480,000 new HCIB shares of MYR0.25 each at an issue price of MYR0.25 per share together with 5,370,000 free detachable warrants on the basis of one free detachable warrant for every four new HCIB shares of MYR 0.25 each issued; * proposed settlement of debts owing to the bank lenders and statutory creditors of HCIB group amounting up to MYR38,820,060 and MYR1,431,548 respectively as at Dec. 31, 2005, by a combination of issuance of new HCIB shares with w