/raid1/www/Hosts/bankrupt/TCRAP_Public/080116.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, January 16, 2008, Vol. 11, No. 11
Headlines
A U S T R A L I A
ABLAZE METAL: Liquidator Presents Wind-Up Report
BEARINGS INCORPORATED: Members & Creditors Hear Wind-Up Report
CENTRO PROPERTIES: CEO Quits; Asks Payment Deadline Extension
CENTRO PROPERTIES: S&P Remains CCC+ Rating on CreditWatch
CHRYSLER LLC: Confirms OEM Product Agreement with Nissan Motor
CHRYSLER LLC: Working with Midwest Entities in Research Project
CHRYSLER: Wants Getrag Joint Venture Resumed for 2009 Opening
DIGITAL JUKEBOXES: Placed Under Voluntary Liquidation
ELLISON MEDICAL: Commences Liquidation Proceedings
FINLAY ENGINEERING: Declares Interim Dividend
GREENSKY PTY: Members Agree on Voluntary Liquidation
JAMIESON FASHION: Commences Liquidation Proceedings
LANDY ENGINEERING: Liquidator to Present Wind-Up Report Today
LIFE THERAPEUTICS: Appoints Interim COO and Acting Secretary
RON DOWSON: Members Agree on Voluntary Liquidation
STATE PROPERTIES: Members Opt to Shut Down Business
TL TECHNOLOGY: Placed Under Voluntary Liquidation
URS CORP: Taps Thomas H. Zarges as Washington Division President
* AU Bond Risk Rises, Credit-Default Swaps Show
C H I N A , H O N G K O N G & T A I W A N
ALERIS INT'L: Concludes Sale of US Zinc Biz to Votorantim Metais
CHINA EASTERN: Mulls Share-Swap with Air China
DANA CORP: Asbestos Claimants File Appeal to Dana Plan
GLOBAL POWER: Elects David L. Willis as CFO & Sr. Vice Pres.
PETROLEOS DE VENEZUELA: Implements Drilling Technology in RG 278
I N D I A
BAGALKOT UDYOG: Appoints of V K Beswal & Associates as Auditors
DCM SHRIRAM: Brings In S. B. Mathur as Independent Director
EMCO LTD: Allots 17-Lakh Warrants to Promoter Shailesh Jain
GARWARE POLYESTER: Reappoints Shah & Co. as Auditors
JENSON & NICHOLSON: Maurya Divests 55,000 Shares
MYSORE CEMENTS: To File Audited Financial Results by March 31
QUEBECOR WORLD: Gets CDN$400-Million Rescue Financing Proposal
STATE BANK OF INDIA: To Increase Capital to INR650 Crore
I N D O N E S I A
ALCATEL-LUCENT: Signs Turnpike Deal Connecting Hawaii to Tahiti
ANIXTER INTERNATIONAL: Earns US$64.8 Mil. in 2007 Third Quarter
BANK MANDIRI: Plans for 20% Outstanding Loan Growth This Year
DIRECTED: Signs Business Deal With UFC(R) & Top UFC Fighter
EXCELCOMINDO PRATAMA: Plans to Increase 2008 Revenue by 20%
GARUDA INDONESIA: 2007 Punctuality Rate in China reaches 83%
PERUSAHAAN LISTRIK: To Build US$132-Mil. Coal-Fired Power Plant
J A P A N
ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM
DELPHI CORP: Bank of America Opposes Confirmation of Plan
COSMO OIL: Signs Pact with Masdar to Develop New Technology
FORD MOTOR: Creates the Verve to Ride in Small Car Popularity
FORD MOTOR: St. Thomas Plant in Ontario Starts Production
FORD MOTOR: Tata May Tap Ford Exec to Head Two Luxury Brands
GAP INC: December 2007 Sales Decrease by 6% to $2.2 Billion
IHI CORP: Shares Rise on JFE Holdings Tie-Up Report
JAPAN AIRLINES: May Cancel Card Unit Stake Sale, Insiders Say
JAPAN AIRLINES: Expects First Profit in Three Years for FY2008
MITSUBISHI MOTORS: To Launch Electric Vehicle in India
MITSUBISHI MOTORS: To Produce Outlander SUV in India
SAPPORO HOLDINGS: Sees Beer Sales Falling 1.7% in FY2008
SAPPORO HOLDINGS: Hideyo Suzuki Becomes President of Unit
SENBA KITCHO: To File for Court Protection with JPY1-Bln. Debt
SOFTBANK CORP: To Offer Free Mobile-IP Phone Calls in April
K O R E A
ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets
DAEWOO ELECTRONIC: Decides Issuance of 40th Bond With Warrants
DURA AUTOMOTIVE: Posts US$12,399,000 Net Loss in November 2007
GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds
SEJI CO: Signs KRW432.3-Million Contract With IC Corporation
M A L A Y S I A
SOLUTIA INC: Plans to Offer US$400 Mln Senior Unsecured Notes
N E W Z E A L A N D
A.S.A. (NZ): Commences Liquidation Proceedings
ALLTRADE AUTOPARTS: Taps Meltzer & Lamacraft as Liquidators
ARTIST TRADERS: Fixes Jan. 30 as Last Day to File Claims
BLUEBRIDGE HOLDINGS: Commences Liquidation Proceedings
BRIDGEMAN LTD: Appoints Mason & Hayward as Liquidators
CRICHEL MANAGEMENT: Appoints Parsons & Kenealy as Liquidators
D BELL INSURANCE: Fixes March 18 as Last Day to File Claims
DERVIN PROPERTIES: Creditors' Proofs of Debt Due on Feb. 15
FIRST DATA: Moody's Drops Untendered Stub Notes' Rating to Caa1
PUKEKOHE PROFESSIONAL: Taps Damien Grant as Liquidator
SHORE FIRE: Court to Hear Wind-Up Petition on March 6
P H I L I P P I N E S
EXPORT AND INDUSTRY: Lists 12 Billion New Shares in Local Bourse
MANILA ELECTRIC: Seeks 10.4% Increase in Distribution Charges
METROPOLITAN BANK: To Appeal Appeals Court's Ruling on Tax Case
PHIL. LONG DISTANCE: Lists Additional 400 Shares with PSE
SAN MIGUEL: Properties Unit Completes Sale of KSA Stake to Shang
S I N G A P O R E
AAR CORP: To Buyback US$16.36 Mil. Senior Notes on February 12
AF AEROSPACE: Court to Hear Wind-Up Petition on January 25
POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem
SNIJDER SINGAPORE: Final Meeting Slated for February 15
STATS CHIPPAC: S&P Affirms BB+ Corporate Credit Rating
YEW SENG: Creditors' Proofs of Debt Due on January 25
T H A I L A N D
PICNIC CORP: Court To Hear Rehabilitation Petition on March 17
* Upcoming Meetings, Conferences and Seminars
- - - - - - - -
=================
A U S T R A L I A
=================
ABLAZE METAL: Liquidator Presents Wind-Up Report
------------------------------------------------
The members and creditors of Ablaze Metal Spinning Pty Ltd met
on January 11, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
R. A. Sutcliffe
Ground Floor
192-198 High Street
Northcote, Victoria 3070
Australia
Telephone:(03) 9482 6277
About Ablaze Metal
Ablaze Metal Spinning Pty Ltd is involved in the business of
sheet metalwork. The company is located at Bayswater, in
Victoria, Australia.
BEARINGS INCORPORATED: Members & Creditors Hear Wind-Up Report
--------------------------------------------------------------
The members and creditors of Bearings Incorporated (Aust) Pty
Ltd met on January 11, 2007, and heard the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Peter Gountzos
CJL Partners
Level 3, 180 Flinders Lane
Melbourne, Victoria 3000
Australia
Telephone:(03) 9639 4779
Facsimile:(03) 9639 4773
About Bearings Incorporated
Bearings Incorporated (Aust) Pty Ltd is a distributor of
industrial supplies. The company is located at Moorabbin, in
Victoria, Australia.
CENTRO PROPERTIES: CEO Quits; Asks Payment Deadline Extension
-------------------------------------------------------------
Centro Properties Group's chief executive officer, Andrew Scott,
stepped down from his post and will be replaced by Glenn
Rufrano, who heads Centro's business in the United States,
Bloomberg News reports, citing a company statement filed with
the Australian Stock Exchange.
Moreover, according to Bloomberg's Laura Cochrane, Centro
Properties asked its lenders to extend a Feb. 15 deadline to
refinance AU$3.9 billion (US$3.5 billion) of debt.
American and Australian banks are considering Centro's extension
request, as are investors who bought US$450 million of Centro
debt in U.S. private placements, Bloomberg cites the company as
saying. Those noteholders told Centro on Jan. 11 that they were
concerned the company may be in default on at least some of that
debt.
Ms. Cochrane notes that Centro stock has slumped 89% since a
Dec. 17 announcement that the company was struggling to pay its
debts.
According to Bloomberg, Mr. Rufrano joined Centro after it paid
US$5.2 billion in cash and assumed debt for New Plan Excel
Realty Trust, the company he ran for seven years, in the biggest
U.S. acquisition by an Australia-based real estate investment
trust. The deal made Centro the fifth-biggest mall owner in the
U.S. and boosted the company's debt to 44% of total assets.
“They really do need someone who is familiar with the U.S.
property market because it's a very localized market,” Bloomberg
quotes John Snowden, head of property securities in Sydney at
Colonial First State, Centro's largest shareholder. Rufrano was
“very capable” when he ran New Excel, Mr. Snowden added.
Bloomberg explains that Centro's U.S. business accounts for 65%
of the company's AU$26.6-billion worth of assets under
management after Mr. Scott oversaw US$9 billion of acquisitions.
That left the company vulnerable when the subprime mortgage
market collapsed, forcing banks to write down more than
US$35 billion and driving up borrowing costs.
Mr. Scott put Centro and some of its assets up for sale Jan. 2,
the report recalls. Centro's traditional sources of funding in
the U.S. commercial mortgage-backed securities market were “shut
for business,” the company said Dec. 17.
The report notes that the former CEO will receive a
AU$1.5-million payout, as well as any accrued salary or other
benefits, and Centro will pay him a further AU$1.5 million on
March 31, 2008, provided he fulfills obligations to provide
advice to the company.
Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property 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, Heritage Property Investment Trust and
Galileo Funds Management, as well as assumed full ownership of
its United States management operations.
The Troubled Company Reporter-Asia Pacific reported on Jan. 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.
CENTRO PROPERTIES: S&P Remains CCC+ Rating on CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+' issuer
credit ratings on Centro NP LLC remain on CreditWatch with
developing implications, where they were placed on Jan. 3, 2008.
The 'CCC+' senior-unsecured debt and 'CCC-' preferred stock
ratings on Centro NP (formerly New Plan Excel Realty Property
Trust) also remain on CreditWatch with developing implications.
This CreditWatch update follows a series of announcements made
earlier by Centro Properties Group on the company's refinancing
plans for its maturing bank debt and progress made on the
group's "strategic review". Collectively, the announcements do
not have an immediate effect on the Centro NP ratings.
The announcements were:
* NP's U.S. private-placement noteholders, owed US$450
million, agreed with CNP not to act on rights under their
note purchase agreement which could potentially accelerate
repayment of this debt before Feb. 15, 2008. This is
consistent with the deadline for the rollover of
substantial debt facilities at CNP.
* As a consequence of the inability to rollover CNP's
interest-rate and foreign-exchange hedging, the company
advised that its net foreign-currency equity exposure to
movements in the Australian and U.S. dollars is currently
US$4,473 million, of which 80.7% is hedged, from 99.2%
previously.
* CNP is reviewing the classification of current and non-
current interest-bearing liabilities reported in CNP's
audited financial statements to June 30, 2007.
* The sale process—of a whole-of-group review, which may
include a recapitalization, equity issuance, or acquisition
of CNP, and/or the sale of the group's interest in its
Australian and U.S. wholesale funds—is continuing.
* The appointment of Glenn Rufrano as chief executive officer
of CNP. Mr. Rufrano succeeds Andrew Scott, who resigned.
"These announcements do not change the near-term probability
that Centro NP could be put into default by its creditors,
notwithstanding that the company's operating assets remain of
good quality," Standard & Poor's credit analyst Craig Parker
said.
Given the uncertainty facing the group, the issuer rating on
Centro NP could move either up or down from 'CCC+'. A downgrade
would be precipitated by Centro NP not being able to seek an
extension of its debt facility beyond Feb. 15, 2008. There is
also a prospect that some lenders within the CNP group may
selectively rollover facilities that have recourse to favorable
assets, while other lenders may seek repayment on Feb. 15, 2008.
On the other hand, the ratings could be raised if CNP and Centro
NP are able to present a strategic plan that satisfies the bank
lenders and facilitates an extension of the debt facilities.
This may provide CNP and Centro NP with adequate time to reduce
debt levels while enabling the assets to be managed and retain
their market value.
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
Jan. 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: Confirms OEM Product Agreement with Nissan Motor
--------------------------------------------------------------
Chrysler LLC and Nissan Motor Co., Ltd., disclosed an agreement
for Nissan to supply Chrysler with a new car for limited
distribution in South America. Based on the Nissan Versa sedan,
the new car will be supplied to Chrysler on an Original
Equipment Manufacture basis in 2009.
The OEM supply agreement is the second product exchange between
the two corporations, with Nissan affiliate JATCO already
supplying Chrysler with transmissions since 2004.
"This kind of tactical partnership allows us to maximize product
offerings yet minimize costly investments, such as new plant
infrastructure, tooling and R&D," Chrysler LLC President and
Vice Chairman Tom LaSorda said. "This partnership will give
Chrysler nearly immediate access to vehicle segments in which we
do not currently compete."
"Nissan has a successful track-record of win-win product
exchanges and we are pleased to be entering into this second
agreement with Chrysler," Carlos Tavares, Executive Vice
President, Nissan Motor Company, said.
The two companies have also agreed to maintain an open dialogue
to explore further product-sharing opportunities.
About Nissan Motor
Headquartered in Tokyo, Japan, Nissan Motor Co., Ltd. --
http://www.nissan-global.com/-- provides automotive products
and services that deliver superior measurable values to all
stakeholders in alliance with Renault.
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'.
CHRYSLER LLC: Working with Midwest Entities in Research Project
---------------------------------------------------------------
Chrysler LLC is partnering with a major Midwest utility company
and university researchers in a project to determine if paint
solid residues from automobile manufacturing can reduce
emissions of mercury from electric power plants.
For the past year, Chrysler has recycled paint solid residues
from its two St. Louis assembly plants for use as an alternative
fuel in Ameren Corporation's nearby Meramec electric utility
plant. Prior to this project, Chrysler's St. Louis plants were
sending one million pounds of dried paint solids to landfill
each year.
Now, the paint solids replace about 570 tons of coal per year in
the Ameren plant.
The paint solid residues contain titanium dioxide, which has the
potential to remove mercury from coal-powered plant emissions
without affecting other processes in the plant. Mercury is
chemically bonded with titanium oxide, a process known as
chemisorption, and thus is potentially easier to trap in the
plant's emissions scrubber system, research has found.
"Our 'Paint to Power' program in St. Louis is a recycling
success story. Rather than filling up scarce landfill space, we
are using these paint wastes to produce power for St. Louis
residents and businesses," said Chrysler Vice President of
Regulatory Affairs, Deborah L. Morrissett.
"Now we may be able to build on that success to further protect
the environment from mercury emissions," Ms. Morrissett said.
The effectiveness of titanium dioxide in controlling mercury
emissions has been demonstrated in the laboratory and recent
field studies, according to Dr. Pratim Biswas, chairperson of
the Department of Energy, Environmental and Chemical Engineering
at Washington University in St. Louis. Dr. Biswas is heading up
the project to test the process in a full-scale power plant.
Dr. Biswas and his research team have demonstrated the ability
of nanostructured titanium dioxide to remove mercury with
greater than 95 percent efficiency. Recently concluded tests in
a pilot scale facility have further corroborated the results of
the laboratory research.
Mercury is released into the environment in trace quantities
from the burning of coal in electric-generating plants. The
amount of titanium dioxide in the paint solids from the Chrysler
plants would be sufficient to remove the trace amounts of
mercury from power plant emissions, Dr. Biswas said.
The electric power industry is currently studying the use of
various other chemicals to remove mercury from power plant
emissions. The United States government has implemented the
world's first requirements to cut mercury emissions from
electric power plants.
Through its collaboration with Chrysler's St, Louis assembly
plants, Ameren Corp.'s 855-megawatt Meramec power plant is the
first in the nation to generate electricity by burning paint
solids recovered from an automotive manufacturing facility. In
the initial phase, the project produces enough electricity to
power 70 homes for a year.
The project has been recognized with a pollution prevention
award from the St, Louis chapter of the National Association of
Environmental Managers and with an Environmental Leadership
Award from Chrysler.
About the Partners
Chrysler LLC's two St. Louis assembly plants manufacture the
Dodge Ram light- and heavy-duty pickup trucks and the Chrysler
Town & Country and Dodge Grand Caravan minivans.
St. Louis-based Ameren Corp. and its subsidiaries serve 2.4
million electric customers in Missouri and Illinois.
Washington University in St. Louis is an internationally
recognized independent teaching and research center with
approximately 3,100 faculty and 11,000 students.
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'.
CHRYSLER: Wants Getrag Joint Venture Resumed for 2009 Opening
-------------------------------------------------------------
Chrysler LLC is anxious that work on a joint venture with Getrag
Corp. will resume next week in time for the 2009 opening,
various sources report. Construction of a $530 million
transmission plant in Tipton County, Indiana, was suspended on
Dec. 21, 2007, due to a rift between Chrysler and Getrag.
As reported in the Troubled Company Reporter on June 22, 2007,
Chrysler, which was still under DaimlerChrysler AG, named Tipton
as the site of a new dual-clutch transmission manufacturing
plant with partner company, Getrag. The $530 million investment
is another step in Chrysler's "Powertrain Offensive" -- $3
billion in investments to produce more fuel-efficient engines,
transmissions and axles for the carmaker.
The Indianapolis Star disclosed that Chrysler has not cited
particular reasons of its discord with Getrag, however, auto
analysts say that the problem lies with Chrysler's streamlining
strategy, affecting the number of Getrag transmissions to be
produced once the plant opens in 2009.
A company spokesperson related that the deal will push through,
insisting that transmissions are needed for a new line of
engines, Reuters reports. Government officials are hopeful that
the parties will resolve their differences because the
investment is likely to bring 1,400 jobs to the county.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. S&P
said the outlook is negative.
DIGITAL JUKEBOXES: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on November 28, 2007, the members
of Digital Jukeboxes Pty Ltd resolved to voluntarily wind up the
company's operations.
Richard Herbert Judson was then appointed as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
PO Box 819
Moorabbin, Victoria 3189
Australia
About Digital Jukeboxes
Digital Jukeboxes Pty Ltd is a distributor of durable goods.
The company is located at Athelstone, in South Australia,
Australia.
ELLISON MEDICAL: Commences Liquidation Proceedings
--------------------------------------------------
The members of Ellison Medical Pty Ltd met on November 28, 2007,
and agreed to voluntarily liquidate the company's business.
Richard Herbert Judson was then appointed as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
PO Box 819
Moorabbin, Victoria 3189
Australia
About Ellison Medical
Ellison Medical Pty Ltd provides health and allied services.
The company is located at Teneriffe, in Queensland, Australia.
FINLAY ENGINEERING: Declares Interim Dividend
---------------------------------------------
Finlay Engineering Co. Pty Ltd, which is in liquidation,
declared its interim dividend for its outstanding employees on
January 2, 2008.
Only the employees who were able to file their proofs of debt by
that day were included in the company's dividend distribution.
The company's liquidator is:
William Bernard Abeyratne
Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne, Victoria 3205
Australia
Telephone:(03) 9696 2885
About Finlay Engineering
Finlay Engineering Co Pty Ltd provides engineering services.
The company is located at South Melbourne, in Victoria,
Australia.
GREENSKY PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
During a general meeting held on November 20, 2007, the members
of Greensky Pty Ltd resolved to voluntarily wind up the
company's operations.
Roger David Midgley Smith was tapped as liquidator.
The Liquidator can be reached at:
Roger David Midgley Smith
126 George Street
Morwell, Victoria 3840
Australia
About Greensky Pty
Located at Traralgon, in Victoria, Australia, Greensky Pty Ltd
is an investor relation company.
JAMIESON FASHION: Commences Liquidation Proceedings
---------------------------------------------------
The members of Jamieson Fashion Group Pty. Ltd. met on Nov. 28,
2007, and decided to voluntarily liquidate the company's
business.
Richard Herbert Judson was then tapped as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
PO Box 819
Moorabbin, Victoria 3189
Australia
About Jamieson Fashion
Jamieson Fashion Group Pty Ltd, which is also trading as
Coronet-Fashion@work, is a distributor of apparel and
accessories. The company is located at Port Melbourne, in
Victoria, Australia.
LANDY ENGINEERING: Liquidator to Present Wind-Up Report Today
-------------------------------------------------------------
The members and creditors of Landy Engineering Pty Ltd will have
their final meeting today, January 16, 2008, at 10:30 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Glenn A. Crisp
RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9286 1800
Facsimile:(03) 9286 1899
About Landy Engineering
Landy Engineering Pty Ltd operates non-classifiable
establishments. The company is located at Newtown, in Victoria,
Australia.
LIFE THERAPEUTICS: Appoints Interim COO and Acting Secretary
------------------------------------------------------------
Life Therapeutics Inc. (ASX: LFE) appointed John Carlisle as its
Interim Chief Operating Officer for an initial period of three
months.
Barry Holman has resigned from the position of Chief Operating
Officer effective December 31, 2007.
As a highly experienced senior executive, Mr. Carlisle joined
Life Therapeutics with a proven track record of managing plasma
operations, and leading business integrations, mergers and
acquisitions for Companies including Baxter Biolife LLC, Aventis
Bioservices, Nabi Biopharmaceuticals and Alpha Therapeutic
Corporation.
Mr. Carlisle assumed operational responsibility for driving
improved performance and for the business continuity of the Life
Sera plasma division during the lead up to the proposed sale of
the plasma business to Kedrion S.p.A. As COO, Mr. Carlisle
joined LFE CFO Subhash Sarda in reporting directly to the Board
of Directors.
Moreover, LFE also appointed Rachel Freeman SVP Human Resources
as acting Company Secretary until a permanent appointment is
made. Prakash Patel resigned as Company Secretary effective
November 30, 2007.
About Life Therapeutics
Headquartered in New South Wales, Australia, Life Therapeutics
Limited -- http://www.life-therapeutics.com/-- is engaged in
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.
The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on November 2,
2007, listed Life Therapeutics Limited as having total assets of
US$59.00 million and total shareholders' equity deficit of
US$0.38 million.
The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.
RON DOWSON: Members Agree on Voluntary Liquidation
--------------------------------------------------
During a general meeting held on November 28, 2007, the members
of Ron Dowson Sunraysia Pest Control Pty. Ltd. agreed to
voluntarily wind up the company's operations.
Richard Herbert Judson was then appointed as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
PO Box 819
Moorabbin, Victoria 3189
Australia
About Ron Dowson
Ron Dowson Sunraysia Pest Control Pty Ltd provides disinfecting
and pest control services. The company is located at Mildura,
in Victoria, Australia.
STATE PROPERTIES: Members Opt to Shut Down Business
---------------------------------------------------
The members of State Properties Pty. Ltd. met on November 28,
2007, and agreed to voluntarily wind up the company's
operations.
Richard Herbert Judson was then tapped as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
PO Box 819
Moorabbin, Victoria 3189
Australia
About State Properties
State Properties Pty Ltd is an operator of non-residential
buildings. The company is located at Wingfield, in South
Australia, Australia.
TL TECHNOLOGY: Placed Under Voluntary Liquidation
-------------------------------------------------
On December 21, 2007, TL Technology Research (Aust) Pty Limited
was placed under creditors' voluntary liquidation by Iris
Corporation Berhad, TL Technology's mother company.
Martin John Green of GHK Green Krejci Pty Ltd was then appointed
as liquidator.
TL Technology, which was involved in investment holding, had
suffered losses from its investing activities and has become a
dormant company in the financial year ended Dec. 31, 2007. The
negative net book value of affected assets in TL Technology
amounting to MYR8,578,500 had been provided for in the audited
accounts of ICB for the financial year ended Dec. 31, 2004. TL
Technology is not a major subsidiary of the ICB.
The voluntary liquidation of TL Technology is not expected to
have any material financial and operational impact on the ICB
for the financial year ended Dec. 31, 2007. The ICB
Group is not expected to incur material losses arising from the
voluntary liquidation of TL Technology for the financial year
ended Dec. 31, 2007.
None of the directors or substantial shareholders of ICB or
persons connected to them has any interest in the liquidation of
TL Technology.
URS CORP: Taps Thomas H. Zarges as Washington Division President
----------------------------------------------------------------
URS Corporation has appointed Thomas H. Zarges as President of
the Washington Division. Mr. Zarges, who formerly served as the
Division's Senior Executive Vice President for Operations,
replaces Stephen G. Hanks, who is retiring from the company and
resigning from the URS Board of Directors.
URS' Washington Division is the former Washington Group
International Inc., which URS acquired in November 2007.
"Tom is an experienced executive with a comprehensive
understanding of the Washington Division, gained through more
than 30 years with the business," Martin M. Koffel, Chairman and
Chief Executive Officer of URS, said. "He has directed
Washington Group's power, engineering and construction, and
industrial process businesses, and has managed all of Washington
Group's operations since 2002. He is ideally suited to lead the
Division as we integrate our complementary service offerings and
work to capture the many new opportunities available to URS and
our 55,000 employees."
"I am proud to lead the Washington Division and the exceptional
group of professionals that have been the key to our success,"
Mr. Zarges said. "Now, as part of one of the few fully
integrated engineering, construction and technical services
companies in our industry, our potential is greater than ever.
I look forward to working with Martin and the entire URS
management team and continuing to deliver results for our
stockholders, customers and employees."
Mr. Koffel continued, "I would like to thank Steve for helping
to make the combination between URS and Washington Group a
reality. The strength of the Washington Division's business and
the quality and depth of its management team attest to Steve's
leadership. We wish him well in the future."
The appointment of Mr. Zarges as President of the Washington
Division is effective immediately.
Biographical Information
Thomas Zarges, 59, has more than 35 years of experience in
global engineering and construction. He joined Washington Group
in 1991 as President of Power and Industrial/Manufacturing. He
later served as President of the company's
Engineering/Construction and Industrial/Process business units.
He was named Senior Executive Vice President of Operations in
2002. Earlier in his career, Mr. Zarges served with United
Engineers & Constructors, a predecessor firm to Washington
Group, for 20 years. He is a 1970 engineering graduate of the
Virginia Military Institute.
About URS Corp.
Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems. The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries. The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.
* * *
As reported in the Troubled Company Reporter on Dec. 7, 2007,
Moody's Investors Service has downgraded the Corporate Family
Rating of URS Corporation to Ba2 from Ba1 following the
company's acquisition of Washington Group International, Inc.
Moody's said the ratings outlook is stable.
* AU Bond Risk Rises, Credit-Default Swaps Show
-----------------------------------------------
The risk of Australian companies defaulting on their debt rose
to a record, Bloomberg News reports, citing traders of credit-
default swaps.
Bloomberg's Laura Cochrane says that, according to prices from
Citigroup Inc., the Markit iTraxx Australia Series 8 Index
climbed 2.75 basis points to 91.5 basis points as of 12:20 p.m.
yesterday in Sydney. The cost is the most since the benchmark
began trading in September. The index contains credit-default
swaps tied to 25 borrowers including Qantas Airways Ltd. and BHP
Billiton Ltd.
The indexes are benchmarks for protecting bonds against default
and traders use them to speculate on changes in credit quality,
Bloomberg explains. A basis point, or 0.01 percentage point, is
worth US$1,000 on a swap that protects US$10 million of debt
from default.
Credit-default swaps, financial instruments based on bonds or
loans, were conceived to protect bondholders by paying the buyer
face value in exchange for the underlying securities should the
borrower default, the report further notes. A decrease in the
price indicates improving investor perceptions of credit quality
and an increase suggests deterioration.
================================================
C H I N A , H O N G K O N G & T A I W A N
================================================
ALERIS INT'L: Concludes Sale of US Zinc Biz to Votorantim Metais
----------------------------------------------------------------
Aleris International, Inc. has completed the sale of its Zinc
business, which operates under the name US Zinc, to affiliates
of Votorantim Metais Ltda. for US$295 million with certain
adjustments for working capital and other items. The company
will use net proceeds from the divestiture to reduce outstanding
debt.
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys. The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal. The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, Wales,
and China, and employs approximately 4,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company. Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.
CHINA EASTERN: Mulls Share-Swap with Air China
----------------------------------------------
China Eastern Airlines and Air China are now discussing an
alliance plan that involve swapping of shares, China Knowledge
reports, citing sources who refused to be identified.
As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, shareholders of China Eastern rejected a bid by
Singapore Airlines to buy a minority stake after Air China's
parent, China National Aviation Holding Co., pledged a
higher offer. Specifically, CNAHC vowed to pay at least HK$5.00
a share, or at least 32% more than Singapore Airlines' and
Temasek Holding Pte Ltd's bid of HK$3.80 per share, or
HK$7.2 billion (US$923 million) in aggregate, for a holding in
China Eastern.
The rejection, the TCRAP stated, paved the way for a possible
counterbid for China Eastern by CNAHC.
According to China Knowledge, the cross-holding plan will be
suggested by CNAHC.
Air China, together with Cathay Pacific Airways Ltd
<293>, intend to make a tie-up with China Eastern to
dominate the domestic aviation market, China Knowledge explains.
The report adds that CNAHC will make an offer by January 22, and
a joint venture may be proposed by the company between the two
carriers and the Cathay Pacific.
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: Asbestos Claimants File Appeal to Dana Plan
------------------------------------------------------
A group, known as the ad hoc committee of asbestos claimants, on
Jan. 3, 2008, filed an appeal with the U.S. Bankruptcy Court in
Manhattan on the confirmation of Dana Corp.'s Plan of
Reorganization, Associated Press reports.
This group represents "tens of thousands" of people who claim
they were injured by asbestos in Dana's products.
The committee has argued that Dana's bankruptcy plan did not set
aside enough money to settle all the asbestos personal-injury
claims against the Company.
In December 2007, the Company said it had US$240 million in cash
and other assets to cover future asbestos and environmental
contamination liabilities. The Company said it has enough money
to satisfy all the claims based on the number of active cases
pending against it and the number of dismissed cases.
Dana spokesman David Lilly said the appeal "was not unexpected."
He said the appeal will not affect Dana's plans to emerge from
Chapter 11 protection by the end of January 2008.
Dana reached settlements with some asbestos personal-injury
claimants as it worked its way through the bankruptcy process.
The Company agreed to pay a total of US$2 million to a group of
about 7,500 who claim they were injured by asbestos in Dana
products. Dana's plan allows other asbestos claimants to retain
their right to sue Dana once the company emerges from
bankruptcy.
The Company filed for bankruptcy in March 2006 amid a downturn
in the vehicle manufacturing industry. Its plan was confirmed by
Judge Burton Lifland in December 2007. The plan calls for
unsecured creditors to be repaid between 72 percent and 86
percent on their claims.
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 region 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 $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 Debtor's Plan on Dec. 26, 2007.
GLOBAL POWER: Elects David L. Willis as CFO & Sr. Vice Pres.
------------------------------------------------------------
Global Power Equipment Group Inc. appointed David L. Willis to
the position of senior vice president and chief financial
officer, effective Jan. 28, 2008.
Mr. Willis will take the place of Mike Hanson who will be
leaving the company to pursue other opportunities. Mr. Hanson
will remain with the company until the end of February 2008,
allowing for an orderly transition of responsibilities.
"With David's wealth of financial and operations experience, he
is an exceptional addition to our senior management team," said
John Matheson, president and chief executive officer of Global
Power. "With our executive group now complete, we look forward
to achieving our goals coming out of our successful
reorganization while continuing our focus on running the
business and servicing our customers. We also thank Mike for
all of his contributions to the company and wish him well with
his future plans."
Mr. Willis has a broad range of leadership experience including
restructuring advisory services, telecommunications and energy
companies and public accounting. Most recently he was with the
restructuring practice of Alvarez and Marsal, a global
professional services firm, where he served clients in advisory
and interim management capacities overseeing the development and
implementation of initiatives to improve operational and
financial performance.
Prior to his restructuring practice, Mr. Willis held positions
with The Williams Companies, an energy and telecommunications
company, and with Ernst & Young. Mr. Willis received his
Bachelor of Business Administration degree from the Price
College of Business at the University of Oklahoma and
holds a Master of Business Administration from the University of
Tulsa. He is a Certified Public Accountant and a Certified
Insolvency Restructuring Advisor.
About Global Power Equipment Group
Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries. The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience. The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents. In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.
The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.
The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors. Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assetsof US$177,758,000 and total debts of US$99,017,000
Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors. The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.
PETROLEOS DE VENEZUELA: Implements Drilling Technology in RG 278
----------------------------------------------------------------
Euro-Petrole reports that Venezuelan state-run oil firm
Petroleos de Venezuela SA's unit PDVSA Gas has implemented a
highly inclined drilling technology in the RG 278 well in the
Santa Rosa oilfield in Anzoategui.
Petroleos de Venezuela came up with a pilot project to drill
shallow deposits and get the technical and economic feasibility
to develop significant, easily accessible gas reserves of 800-
900 feet deep that had been not developed.
According to Euro-Petrole, the technology will be implemented in
14 wells included in Anaco's major area. It will increase the
gas production in the country by 110 million cubic feet. The
new strategy will help "run two shallow deposits concomitantly,
resulting in high productivity levels and profitable
operations."
Testing and the first stage of production of RG 278 was
successful and surpassed PDVSA Gas' expectations without the
need for more expenses, Euro-Petrole 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.
=========
I N D I A
=========
BAGALKOT UDYOG: Appoints of V K Beswal & Associates as Auditors
---------------------------------------------------------------
Bagalkot Udyog Ltd has confirmed the appointment of M/s. V K
Beswal & Associates as the company's statutory auditors with the
shareholders' approval of the move. The firm will hold office
from the conclusion of the shareholders annual general meeting
on Dec. 31, 2007, to the conclusion of the next AGM.
During the Dec. 31 AGM, the shareholders also agreed to the re-
appointment of M. L. Daga and L. N. Chaturvedi as directors.
The shareholders also accorded to the adoption of the directors'
report and the company's audited balance sheet and profit and
loss account for the period ended June 30, 2007.
Bagalkot Udyog Ltd manufactures cement, clinker and other by-
products.
The company incurred heavy losses that led to the erosion of its
entire net worth. By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.
On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop. The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, and
INR59.16 million in FY 2006.
For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme
for rehabilitation or Demerger pursuant to which the company's
cement division is demerged and transferred to Bagalkot Cement &
Industries Ltd on going concern basis with effect from July 1,
2007. Accounting effect for the demerger will be considered
after complying with transfer formalities.
DCM SHRIRAM: Brings In S. B. Mathur as Independent Director
-----------------------------------------------------------
DCM Shriram Industries Ltd's board of directors has co-opted S.
B. Mathur on the board as an additional director. He will be an
independent director.
The board made the appointment at at its meeting on Jan. 14,
2008.
DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group. The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals. DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan. Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.
In November 2007, CRISIL revised its ratings on DCM Shriram's
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
the company's financial risk profile over the next 12 months.
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.
EMCO LTD: Allots 17-Lakh Warrants to Promoter Shailesh Jain
-----------------------------------------------------------
Emco Ltd informs the Bombay Stock Exchange that the company's
Preferential Issue Committee of Directors, on Jan. 14, 2008,
allotted 17-lakh warrants to Promoter and Managing Director
Shailesh Jain.
The warrants, which were issued at INR115 each, carries an
option to subscribe to one equity share of INR10 each at a price
of INR1,150 each.
Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India. Through its
Transformer Division, Emco offers power transformers,
specialized rectifier transformers, furnace transformers, and
locomotive and traction transformers. Through its Meters
Division, the company offers metering solutions like tamper-
proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions. Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects. It
also undertakes entire industrial electrification work from
designing to execution. Emco offers information technology
solutions for power distribution management. Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.
Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.
GARWARE POLYESTER: Reappoints Shah & Co. as Auditors
----------------------------------------------------
Garware Polyester Ltd has informed the Bombay Stock Exchange
that its shareholders have agreed to the re-appointment of eight
directors and of M/s. Shah & Co., Chartered Accountants, as
auditors. The re-appointed executives are:
-- Sonia Garware, Dilip J Thakkar, Nimish Pandya, M.Garware
Modi, Gautam Doshi and N. P. Chapalgaonkar as directors;
-- A. B. Bhalerao, to the office of Whole-time Director
designated as director-technical for a period commencing
from Oct. 1, 2006, to May 31, 2007, being the date of his
retirement; and
-- M. S. Adsul to the office of Whole-time Director
designated as Director-Technical from Aug. 1, 2007, for a
tenure of five years.
Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film. Its
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry. In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.
The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Credit Rating Information Services of India Limited
has reaffirmed its 'D' rating on Garware's non-convertible
debenture programme. The rating continues to indicate that the
instrument is in default. The arrears on interest and principal
repayments have not been entirely cleared.
JENSON & NICHOLSON: Maurya Divests 55,000 Shares
-------------------------------------------------
Maurya Management Pvt. Ltd. sold 55,000 shares in Jenson &
Nicholson India, Ltd. on Jan. 8, 2008, Jenson & Nicholson
discloses in a company disclosure.
The divestment brings Maurya's holdings in the company down to
12,267,214 shares, representing a 32.78% voting right.
Jenson & Nicholson India Ltd. has has a country wide presence
with 33 branches and stock points across the country and
manufacturing plants at Naihati (near Calcutta), Sikandrabad
(near Delhi) and Panvel (near Mumbai). The company reinvented
itself as a completely Indian company in 1973 when the foreign
holding was bought over by Mr. S. P. Sinha an industrialist with
interest in cement and hotels. Jenson & Nicholson manufactures
almost every type of paint for the decorative and industrial
customer.
As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2008, the company has a stockholders' equity deficit of
US$81.79 million on total assets of US$14.81 million.
The Board for Industrial and Financial Reconstruction has
declared the company as sick company with in the purview of
SICA, Act. The company continues to suffer due to shortages of
working capital. Its proposal for financial restructuring is
pending with banks and financial institutions.
MYSORE CEMENTS: To File Audited Financial Results by March 31
-------------------------------------------------------------
Mysore Cements Ltd. will be publishing its audited financial
results for the financial year ended Dec. 31, 2007,
before Mar. 31, 2008, the company said in a regulatory filing.
The company also says that it will not file unaudited financial
results for the last quarter ended December 31, 2007, due on
Jan. 31, 2008.
Mysore Cements Ltd. is engaged in the cement business. Its
products include cement, sponge iron and M.S. ingots.
The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Mysore Cements has a stockholder's equity deficit of
US$14.57 million.
QUEBECOR WORLD: Gets CDN$400-Million Rescue Financing Proposal
--------------------------------------------------------------
Quebecor World Inc. has received a binding proposal with respect
to a potential CDN$400 million rescue financing submitted
jointly by Quebecor Inc. and Tricap Partners Ltd. Quebecor Inc.
is the controlling shareholder of Quebecor World holding
approximately 84.5% of the voting interests and 35.5% of the
equity interests in the company. Quebecor World understands
that Tricap Partners is a private equity fund managed by
Brookfield Asset Management Inc. Management of Quebecor World
has determined, after a preliminary review with its advisors,
that the submitted proposal is meaningful and serious in light
of the circumstances and the company's current financial
situation.
Quebecor's Board of Directors has established a special
committee of independent directors for the purpose, among other
matters, of reviewing and considering the terms of the rescue
financing proposal, and the Board, the Independent Committee and
company management, together with their various financial and
legal advisors, will diligently review and consider the terms of
the financing proposal in the coming days.
About Quebecor World Inc.
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. two notches to 'CCC' from 'B-'.
In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.
STATE BANK OF INDIA: To Increase Capital to INR650 Crore
--------------------------------------------------------
The State Bank of India's central board has decided to increase
the bank's issued capital from INR526.30 crore to INR650 crore.
The bank plans to raise the capital at an aggregate amount of
INR16,736.31 crore (including premium), through:
-- rights issue offer to the Government of India and to other
eligible existing shareholders including GDR holders; and
-- issue of shares to employees of the bank under Employees
Stock Purchase Scheme.
Pursuant to the proposed rights issue, one share will be issued
for every five shares held by eligible shareholders. The rights
will be issued at INR1,590 per share (i.e., face value of INR10
each and a premium of INR1,580 per share).
State Bank of India (SBI) has informed BSE that February 04,
2008 has been fixed as the Record Date for the purpose of Rights
Issue.
State Bank of India (SBI) has informed BSE that a meeting of the
Bank's Central Board will be held on January 14, 2008, to
consider the issue of increase in the Issued Capital of the Bank
through Right Issue and Employees Stock Purchase Scheme (ESPS).
Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.
* * *
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program. The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.
Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: Signs Turnpike Deal Connecting Hawaii to Tahiti
---------------------------------------------------------------
Alcatel-Lucent SA has signed a turnkey contract with French
Polynesian operator Office des Postes & Telecommunications.
According to this agreement, Alcatel-Lucent will roll out a new,
high-speed submarine cable network linking Tahiti in French
Polynesia to Hawaii in the United States, as well as providing
domestic connectivity.
This new submarine network, with a value of 72.2 M Euros, has
been called 'Honotua' (a Tahitian name meaning the link towards
the open sea) and it will greatly increase French Polynesia's
local and international connectivity.
Accordingly, the French Polynesian comapny will be able to
respond at more affordable costs, to the growing demand for
broadband services of its business and residential users. By
providing the first submarine connection in French Polynesia,
this network will also help reduce the digital divide in the
Pacific region.
Delivering an ultimate capacity of 32x10 Gbit/s, the 'Honotua'
network will be composed of an international link between Tahiti
and Hawaii (4,650 km) and a domestic connection (305 km) linking
some of the islands in the French Polynesian archipelago. With
completion scheduled in 2010, the 'Honotua' submarine cable
network will ease the availability and accessibility to high
quality, innovative broadband applications such as telemedicine,
e-learning and on-line tourism programs.
"This is a fundamental endeavor for French Polynesia aiming to
fuel economic and social viability for our community" points out
French Polynesia's Minister of Culture, Post &
Telecommunications, M. Jacqui Drollet. "The new broadband
services and business-driven applications this network will make
available will allow us to improve the quality of life for our
citizens."
"The adoption rates of data services are growing fast, as well
as end-users' needs for bandwidth, reliability and service
delivery speeds," emphasizes OPT's Chairperson of the Board,
Jean-Paul Barral. "With its recognized experience, Alcatel-
Lucent is a trusted technology partner as we take a new step in
our communication capabilities to meet these new service demands
reliably and at affordable costs."
"This contract confirms Alcatel-Lucent's commitment to helping
customers like OPT bridge the digital divide and spur
sustainable growth", says President of Alcatel-Lucent's
submarine network activity, Etienne Lafougere. "Our solutions
give access to advanced technologies for delivering high added-
value broadband services and applications that stimulate socio-
economic development."
This new contract further strengthens the long-lasting
cooperation between Alcatel-Lucent and Office des Postes &
Telecommunications that already deploys Alcatel-Lucent's
wireless and access solutions to extend service reach in less
dense and remote rural areas of the archipelago.
About OPT
Office des Postes & Telecommunications is a public entity fully
owned by the territory of French Polynesia. Its main duty is to
provide comprehensive telephony services and is committed to
improve access to all forms of information all over French
Polynesia, including remote islands. Its 81 postal offices are
able to deliver postal and simple banking services as well. The
company fully owns or controls entities such as Tikiphone for
mobile GSM services, MANA for internet services, Tahiti Nui
Satellite which operates 23 channels direct to home video
services, Tahiti Nui Telecom for International Telephone traffic
and finally, ISS as ITC in addition to providing advice, IT
consultancies often implement, deploy, and administer IT
systems.
About the Alcatel-Lucent solution
The Alcatel-Lucent submarine solution will be based on its 1620
Light Manager next-generation DWDM submarine platform, and will
also include cable and submarine repeaters, providing direct
connectivity to landing stations. A comprehensive suite of
professional services, including permitting and project
management, engineering, marine operation, installation, testing
and commissioning, is part of this turnkey project.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1. At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent. Moody's said the outlook for the ratings is
stable.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
ANIXTER INTERNATIONAL: Earns US$64.8 Mil. in 2007 Third Quarter
---------------------------------------------------------------
Anixter International Inc. reported net income of US$64.8
million for the third quarter ended Sept. 28, 2007, compared to
net income of US$76.2 million for the same period ended Sept.
29, 2006. In last year's third quarter the company reported a
gain of US$22.8 million arising primarily from a settlement with
the Internal Revenue Service. Excluding the settlement from the
prior year third quarter, net income increased 21%.
For the three-month period ended Sept. 28, 2007, sales were
US$1.52 billion, compared to sales of US$1.33 billion in the
same period last year. Sales in the current quarter included
US$31.7 million from a series of acquisitions completed in the
past year.
Operating income in the third quarter increased 23% to
US$118.2 million as compared to US$96.1 million in the year ago
quarter. For the latest quarter, operating margins were 7.8%
compared to 7.2% in the third quarter of 2006.
Robert Grubbs, president and chief executive officer, stated,
"The 14% sales growth generated in the current quarter was
particularly encouraging in light of the significant economic
uncertainty that existed during the quarter, especially relating
to the difficult credit environment in the U.S., our largest
market. Our growth reflects the fact that we continued to see
strong growth in most major geographies and end markets that we
serve on a global basis. Based on our results through the first
nine months we are in a good position to have another record
setting year of sales and earnings."
First Nine Month Results
For the nine-month period ended Sept. 28, 2007, sales of
US$4.36 billion produced net income of US$183.0 million.
Included in the 2007 nine-month results were sales of
US$105.0 million from a series of acquisitions completed in the
past year. Net income in the first nine months of 2007 also
includes a US$2.1 million gain primarily from the settlement of
certain income tax audits occurring during the first six months
of this year. In the prior year period, sales of US$3.64
billion produced net income of US$156.9 million. These results
are inclusive of the third quarter 2006 income tax settlement
that added US$22.8 million to the year ago results.
Operating income in the first nine months of fiscal 2007
increased by 32% to US$324.7 million as compared to
US$246.7 million in the year ago period. Operating margins in
the first nine months of 2007 were 7.4% as compared to 6.8% in
the prior year period.
Cash flow generated from operations was US$10.0 million as
compared to US$17.4 million used in operations in the year ago
quarter.
"Increased working capital requirements associated with our
year-on-year sales growth, combined with two acquisitions
completed in the first nine months for total consideration of
US$41.7 million and the repurchase of US$162.7 million of our
outstanding shares during the first quarter of 2007, have
increased our debt-to-total capital ratio," said said Dennis
Letham, executive vice president-finance.
"At the end of the third quarter that ratio was 49.6% as
compared to 45.7%. For the third quarter our weighted-average
cost of borrowed capital was 4.3% as compared to 5.5% in the
year ago quarter. At the end of the third quarter,
approximately 78% percent of our total borrowings of US$1.03
billion had fixed interest rates, either by the terms of the
borrowing agreements or through hedging contracts. We also had
US$246.9 million of available, unused credit facilities at Sept.
28, 2007, which provide us with the resources to support
continued strong organic growth and to pursue other strategic
alternatives, such as acquisitions, in the coming quarters."
Balance Sheet
At Sept. 28, 2007, the company's consolidated balance sheet
showed US$3.03 billion in total assets, US$1.99 billion in total
liabilities, and US$1.04 billion in total stockholders' equity.
Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 28, 2007, are available
for free at http://researcharchives.com/t/s?26f4
About Anixter
Headquartered in Glenview, Illinois, Anixter International Inc.
(NYSE: AXE) -- http://www.anixter.com/-- is a distributor of
communication products, electrical and electronic wire & cable
and a distributor of fasteners and other small parts to Original
Equipment Manufacturers.
The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
France, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Spain, Taiwan, Thailand, and the United
Kingdom.
* * *
To date, Anixter International Inc. carries Fitch Ratings' BB+
Issuer Default Rating and BB- Senior Unsecured Debt Rating.
BANK MANDIRI: Plans for 20% Outstanding Loan Growth This Year
-------------------------------------------------------------
PT Bank Mandiri Tbk plans to boost its outstanding loans by at
least 20% in 2008 and is setting aside IDR1 trillion for
acquisitions, Reuters reports citing Bank Director Omar Anwar.
Mr. Anwar was quoted by the news agency as saying, "We will
acquire a number of multi-finance companies. We have the
candidates and we are aiming to make it happen in 2008. We have
set aside IDR1 trillion for it."
Harry Suhartono of Reuters writes that Bank Mandiri's
outstanding loans between January and September grew 11.9 % from
a year earlier, less than its main rivals, whose loans grew
around 20%.
Moreover, Mr. Anwar said Bank Mandiri will hold a roadshow for
its planned US$300 million bond issue by the end of January or
early February in Singapore, Hong Kong and London, the report
adds.
About Bank Mandiri
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.
Indonesia's Mandiri aims for 20 pct 08 loan growth
DIRECTED: Signs Business Deal With UFC(R) & Top UFC Fighter
-----------------------------------------------------------
Directed Electronics has signed a contract with the
Ultimate Fighting Championship(R) organization to become its
exclusive mobile audio partner, promoting the legendary Orion
Car Audio brand through http://www.UFC.com/web advertising,
point-of-purchase displays, and association with one of the
UFC's top fighters, Roger "El Matador" Huerta. Directed will use
innovative online promotions to channel new car audio customers
to preferred Orion Octagon(TM) dealers.
According to Jim Jardin, Director of Marketing for Directed:
"The UFC is one of the fastest-growing and most popular sports
in the world with young men -- exactly the same hardcore
demographic that has made Orion a legend in high performance car
audio for over 25 years. We look forward to our exclusive
mobile audio partnership with the UFC and Roger Huerta as we
promote the launch of the affordable Orion COBALT(R) line of
speakers, amplifiers and subwoofers, and drive new car audio
customers to Orion dealers."
About Directed Electronics
Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts. As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers. Directed's mobile audio
products include speakers, subwoofers, and amplifiers. Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names. Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base. The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.
The Troubled Company Reporter-Asia Pacific reported on Dec. 3,
2007, Moody's Investors Service downgraded Directed Electronics'
corporate family rating to B2 from B1 and the probability of
default rating to B3 from B2 following continued softness in the
company's operating performance. At the same time, the ratings
on the senior secured credit facility (term loan and revolver)
were also downgraded to B2 from B1 and the ratings were placed
under review for further possible downgrade. LGD assessments
are also subject to change.
Oct. 13, 2006, Standard & Poor's Ratings Services lowered its
ratings on consumer electronics maker Directed Electronics Inc.
following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash. The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.
EXCELCOMINDO PRATAMA: Plans to Increase 2008 Revenue by 20%
---------------------------------------------------------
PT Excelcomindo Pratama Tbk aims to boost its revenue by 20%
this year and lift subscriber numbers by 3-4 million, various
reports say, citing President Director Hasnul Suhaimi .
According to Antara News, Mr. Suhaimi said they are likely to
post a 30% rise in their 2007 revenue from IDR4.7 trillion in
2006. Reuters Estimates notes that the company is set for
IDR7.1 trillion in revenue in 2007 and IDR8.7 trillion for this
year.
Antara relates that Mr. Suhaimi said, referring to the statement
of the communications and information minister, the 2008 income
target was based on the expected 10-30% decline in
telecommunication tariffs this year. The decline in
telecommunication tariffs would have no impact on the company's
operational income since it depends on market elasticity, he
added.
The company, Reuters notes, posted a 63.2% jump in its
subscriber base to 15.5 million last year partly due to lower
prepaid rates and cheaper handset prices. The firm aims to
boost its subscriber base further this year by improving its
network facilities, the report adds.
Mr. Suhaimi told Reuters that the firm would invest US$650
million this year to increase the number of towers, BTS and
improve backbone networks.
Excelcomindo Pratama
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
The Troubled Company Reporter-Asia Pacific reported on Dec 12,
2007, Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit ratings on Indonesian cellular operator, PT
Excelcomindo Pratama Tbk, and removed them from CreditWatch with
negative implications. The outlook is stable. The 'BB-' ratings
on all foreign currency senior unsecured debt were also
affirmed.
In October 2007, Moody's Investors Service upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3. The bond is irrevocably and
unconditionally guaranteed by Excelcomindo Pratama. At the same
time, Moody's affirmed the Ba2 local currency corporate family
rating of XL with a positive outlook.
In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'. The Outlook remains Stable. At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.
GARUDA INDONESIA: 2007 Punctuality Rate in China reaches 83%
------------------------------------------------------------
PT Garuda Indonesia's 2007 punctuality rate in China reached
83%, and the company plans to improve it this year to satisfy
its passengers, Antara News reports citing General Manager in
Beijing Pikri Ilham K.
According to the report, Mr. Pikri said the airline continues to
improve its services by, among others, guaranteeing punctuality
on its flight schedules amid the tight business competition in
the China-Indonesia flight route.
Mr. Pikri was quoted by the news agency as saying, "We remain to
provide passengers with prime services as an effort to help
increase the number of tourists from Beijing who wish to visit
tourist objects in Indonesia."
The report adds that Garuda's markets in a number of cities in
the southern part of China are big prompting it to take
aggressive measures to catch the opportunity.
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.
PERUSAHAAN LISTRIK: To Build US$132-Mil. Coal-Fired Power Plant
---------------------------------------------------------------
PT Perusahaan Listrik Negara has signed an agreement with a
consortium including China National Heavy Machinery Corp and
Shandong Electric Power to build a US$132 million coal-fired
power plant, Reuters reports.
According to the report, PLN Acting Power Plant Director Fahmi
Mochtar said the plant will need 600,000 tonnes of coal
annually. The construction of the plant is expected to be
completed by 2010, he added.
Mr. Mochtar, the report notes, said the 120-MW plant will be
built in Central Kalimantan, part of Borneo island.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
=========
J A P A N
=========
ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM
----------------------------------------------------------------
Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement exclusive
talks with Air France-KLM S.A. over the sale of the government's
49.9% stake in the national carrier, Agenzia Giornalistica
Italia reports.
As reported in the TCR-Europe on Jan. 14, 2008, Air France CEO
Jean-Cyril Spinetta has held preliminary meetings with Alitalia
executives, government officials and trade unions over its
planned acquisition.
During the meetings, Mr. Spinetta confirmed plans to:
-- acquire 100% of the shares of Alitalia through an
exchange offer;
-- acquire 100% of Alitalia convertible bonds; and
-- immediately inject at least EUR750 million into
Alitalia through a capital increase, that will be open to
all shareholders and be fully underwritten by Air France.
Mr. Spinetta also confirmed plans to cut 1,700 jobs, Reuters
relates. He, however, defended plans to downsize
Alitalia's operations in Milan's Malpensa airport, and assured
that the national carrier will not abandon its slots in the
northern hub.
Mr. Spinetta also revealed that should the French carrier
acquire 100% of Alitalia shares, Air France would list itself in
the Milan bourse.
Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina and Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
DELPHI CORP: Bank of America Opposes Confirmation of Plan
---------------------------------------------------------
Bank of America, N.A., files an objection with the U.S.
Bankruptcy Court for the Southern District of New York, opposing
to confirmation of Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization.
Representing Bank of America, N.A., John T. Gregg, Esq., at
Barnes & Thornburg LLP, in Grand Rapids, Michigan, contends that
the Plan proposes assumption and cure procedures that are
contrary to Sections 1123(b)(2) and 365(b)(1) of the Bankruptcy
Code. The Plan also potentially terminates the Bank of
America's rights under its leases regardless of whether they are
assumed or rejected, Mr. Gregg asserts.
Bank of America clarifies that it does not oppose confirmation
of the Plan as long as:
(1) the Debtors assume the Aircraft Leases and cure any and
all the potential defaults thereunder; and
(2) the guaranties, liens and security agreements to which
Bank of America is entitled under the Leases survive and
continue in existence after confirmation of the Plan.
Prior to the Petition Date, Bank of America and Delphi
Automotive Systems Human Resources, LLC, were parties to two
aircraft leases.
In July 2006, Bank of America filed three claims against the
Debtors, each for $38,127,592 plus interest, for violations of
the Aircraft Leases. Bank of America subsequently agreed to
withdraw its claims without prejudice pending the Debtors'
decision to assume or reject the Aircraft Leases. In a Court-
approved stipulation, the Debtors agreed to provide Bank of
America with 10 days' prior notice of their election to assume
or reject the Aircraft Leases.
As of Jan. 10, 2008, the Debtors have neither assumed nor
rejected the Aircraft Leases. The Debtors have also not
committed to provide Bank of America with new guaranties or
reaffirm the existing guaranties on the Aircraft Leases as part
of their cure obligations in the event that they assume the
Leases, Mr. Gregg informs the Court.
"Section 1123(b) of the Bankruptcy Code provides that a plan
may, subject to Section 365, provide for the assumption,
rejection, or assignment of an executory contract or unexpired
lease of the debtor not previously rejected under Section 365 .
. . Such assumption must occur by no later than plan
confirmation," Mr. Gregg reminds the Court. The Plan, however,
states that the cure, as the sole requirement for assumption,
will not be determined for a period of 45 days or more after
confirmation. In addition, the Plan authorizes the Debtors to
reject any contract or lease for a period of five days after a
final Court order establishing a cure amount in excess of that
which they have provided. The Plan is therefore in direct
conflict with Sections 1123(b)(2) and 365(b)(1) because the
Debtors are improperly attempting to extend their time to
assume, reject, and provide cure and adequate assurance of
future performance under assumed contracts and leases, Mr. Gregg
contends.
The Debtors, according to Mr. Gregg, are seeking the approval of
procedures that require the Court to render an advisory opinion.
The Debtors should be required to cure any breach or default
under the Aircraft Leases, he maintains.
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. The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.
(Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
COSMO OIL: Signs Pact with Masdar to Develop New Technology
-----------------------------------------------------------
Cosmo Oil Co., Ltd., and Abu Dhabi's Masdar have signed a
contract with the Tokyo Institute of Technology to research and
develop solar tower "beam technology," reports the AME Info.
Cosmo and Masdar, AME states, will each invest several million
dollars in the program.
According to the report, the "beam technology" is a solar
thermal process that offers lower electricity generation costs
and higher efficiency. Solar thermal technology on the other
hand, converts solar energy into electricity via a system of
mirrors and turbines.
Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining
company. The company is also involved in the purchase and sale
of real estate, the manufacture and sale of alpha lipoic acid
(ALA) products, as well as the provision of leasing and
insurance services.
Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating
and issuer rating of Cosmo Oil Co., Ltd. (Cosmo). The rating
review is prompted by Moody's expectation that Cosmo will likely
be able to maintain the stability of its operating performance
and capital structure, despite a rather difficult business
environment, over the intermediate term through successful
business diversification.
FORD MOTOR: Creates the Verve to Ride in Small Car Popularity
-------------------------------------------------------------
Ford Motor Company is revealing the Verve, a concept vehicle
that makes clear the vision for the new small cars Ford soon
will introduce in North America.
The Verve is bold and sophisticated -– to help it clearly stand
out from other small cars on the road. Ford is building on
decades of small car leadership in Europe as it develops new
small cars for North America to appeal to increasingly savvy
customers who value technology, design and fuel efficiency.
The Verve concept has been developed with Ford's new global
product development strategy that better leverages the company's
global strengths. Globally, Ford is building on its European
small-car expertise to stake a bigger claim in this critically
important segment. Ford’s celebrated small car lineup in Europe
includes such top-sellers as the Ford Focus, Fiesta and Ka.
"We're looking at every aspect of what's defined Ford as a
small-car leader in Europe and working to build on this
expertise in driving dynamics and design across a global family
of Ford cars that are as exciting to drive as they are to look
at," Derrick Kuzak, Ford’s group vice president, Global Product
Development, said.
"The Verve concept family provides a vision for a new world
standard for quality, design and comfort in the small car
segment," Mr. Kuzak added. "These concepts demonstrate how
leveraging our global strengths can yield attractive benefits
for our customers in markets around the world."
Small Car Popularity Skyrockets in North America
Momentum in small-car sales is outpacing overall industry growth
worldwide. Globally, small car sales have grown from 23 million
units in 2002 to an estimated 38 million in 2012. That’s nearly
45% of the total expected 85-million unit industry, a level
never before achieved. In the U.S., sales of small cars likely
will grow by 800,000, or 25% -– to a record 3.4 million units by
2012.
In fact, small cars and crossovers are the only vehicles with
projected near-term growth in the U.S.
Driving the growth in the U.S. market is a group of young people
aged 13 to 28 years –- dubbed "Millennials." Today, this group
stands 1.7 billion strong worldwide and will represent 28% of
the total U.S. population by 2010.
As a group, Millennials embrace eco-friendliness, stay in
constant touch using modern technology and demand best-in-class
products from around the world. This group will grow from
representing 19% of the driving public in 2004 to amassing 28%
in 2010.
Every day, 11,000 Millennials in the U.S. come of driving age.
When it’s time to buy their first car, nearly half of this group
shops the small-car segment.
"Millennials will be the defining group of customers in the
future, driving all types of consumer trends," Jim Farley,
Ford's group vice president, Marketing and Communications, said.
"Ford's European-based cars are a great fit for this generation
of drivers, who have grown up with the Internet and mobile
phones as necessities, not luxuries – believing that bigger
isn't necessarily better, precision is everything and technology
rules."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.
FORD MOTOR: St. Thomas Plant in Ontario Starts Production
---------------------------------------------------------
The keys to Ford Motor Company's first Lincoln Town Car to roll
off the assembly line at St. Thomas Assembly plant near London,
Ontario were presented to local Ford Lincoln dealer Bruce
Dumouchelle.
"A new chapter in the history of the St. Thomas Assembly Plant
has started as we've proudly begun producing the Lincoln Town
Car," Mark Boldin, plant manager of the St. Thomas Assembly
Plant, said. "The Lincoln Town Car is an outstanding vehicle in
regards to safety with many best in class attributes -– and
we're pleased to add it to our portfolio of vehicles."
The Ford St. Thomas Assembly Plant opened in 1967 with the Ford
Falcon as its inaugural product, and has since produced more
than 10 different models including the Ford Fairmont, the
Mercury Zephyr and the Ford Escort. Since 1984 the St. Thomas
Assembly Plant, a 241,548 square meters (2,600,000 square foot)
facility, has been the global source for the Ford Crown Victoria
and Mercury Grand Marquis -- now joined by the Lincoln Town Car.
Lauded for its attention to quality, environmental
responsibility and commitment to the community, the St. Thomas
Assembly Plant and its employees have earned numerous awards.
Similarly, the Lincoln Town Car has been highlighted for high
customer satisfaction and excellent safety ratings -- for
example, the Lincoln Town Car was the first car in history to
receive the U.S. Government's highest five-star government
safety ratings for four years in a row in all five categories
(2003 – 2006).
"The employees here at the St. Thomas Assembly Plant have always
held quality as a top priority," Scott Smith, CAW plant chair at
St. Thomas Assembly Plant, said. "That same pride will be built
into each Lincoln Town Car produced here."
The St. Thomas Assembly Plant and the Lincoln Town Car also play
a roll in Ford's commitment to sustainability and the reduction
of dependence on fossil fuels -- Ford plans to continue
delivering products capable of running on renewable fuels, such
as ethanol. Ford has more than five million flexible fuel
vehicles on the roads globally. Ford currently offers a total
of 14 flexible fuel vehicles in various markets globally, and
the Lincoln Town Car, Ford Crown Victoria and Mercury Grand
Marquis are among that group.
In 1981 the Lincoln Town Car was introduced as its own line and
has seen re-designs for the 1990, 1998 and 2003 model years.
Each time the Town Car has been refreshed the goal has been to
enhance qualities that define the vehicle -- roominess, ride,
comfort and safety -- as well as adding some unexpected
luxurious touches such as a THX-certified audiophile system.
"The Lincoln Town Car is a dominant player in the chauffeured
transportation industry here in North America," Mark Boldin,
plant manager of St. Thomas Assembly Plant, said. "The overall
quality of the Town Car coupled with its reliability, tradition
of a smooth ride and superb comfort, has secured a loyal
customer base which has long experienced excellent customer
satisfaction."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.
FORD MOTOR: Tata May Tap Ford Exec to Head Two Luxury Brands
------------------------------------------------------------
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 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,
signaling 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.
About Tata
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.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.
GAP INC: December 2007 Sales Decrease by 6% to $2.2 Billion
-----------------------------------------------------------
Gap Inc. reported net sales of $2.2 billion for the five-week
period ended Jan. 5, 2008, which represents a 6% decrease
compared with net sales of $2.3 billion for the five-week period
ended Dec. 30, 2006. Due to the 53rd week in fiscal year 2006,
December 2007 comparable store sales are compared with the five-
week period ended Jan. 6, 2007. On this basis, the company’s
comparable store sales for December 2007 decreased 6% compared
with an 8% decrease in December 2006.
Comparable store sales by division for December 2007 were:
* Gap North America: negative 9% versus negative 9% last
year;
* Banana Republic North America: negative 1% versus positive
2% last year;
* Old Navy North America: negative 8% versus negative 10%
last year; and
* International: negative 1% versus negative 8% last year.
"We were pleased that merchandise margins in December were
significantly above last year, which is consistent with our
strategy of delivering earnings with healthy margins," Sabrina
Simmons, executive vice president of finance and acting chief
financial officer of Gap Inc., said. "However, we did not sell
through as much inventory as we anticipated, and we’ll focus on
clearing through remaining holiday product in January."
Year-to-date net sales of $14.8 billion for the 48 weeks ended
Jan. 5, 2008, increased 1% compared with net sales of $14.7
billion for the 48 weeks ended Dec. 30, 2006. Due to the 53rd
week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared with the 48 week period
ended Jan. 6, 2007. On this basis, the company’s year-to-date
comparable store sales decreased 5%, compared with a 7% decrease
in the prior year.
The company will report January sales on Feb. 7, 2008.
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.
IHI CORP: Shares Rise on JFE Holdings Tie-Up Report
---------------------------------------------------
Shares in IHI Corp. rose sharply on Friday after a newspaper
report that said it is in talks with JFE Holdings Inc. regarding
a merger of some of their operations, the Associated Press says.
IHI rose 1.4% to close at JPY218 after rising as much as 7.4% on
the report, AP relates. Shares of JFE finished the day 0.5%
lower at JPY5,580, although they rose as much as 4.4% in the
morning session, AP adds.
Both companies, the report notes, outperformed the Nikkei 225
index, which fell 1.9% to its lowest close in more than two
years.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2008, IHI is in talks with JFE Holdings to combine
shipbuilding operations this year to create Japan's largest
company to compete against South Korean and Chinese shipyards.
The new company, the TCRAP noted, would have sales of about
JPY345 billion to become the sixth biggest shipbuilder in the
world.
According to AP, the IHI and JFE separately issued statements
saying they had made no decisions on any restructuring of their
shipbuilding units.
The Nikkei business daily earlier reported that JFE and IHI are
looking to consolidate their shipbuilding businesses via
Universal Shipbuilding Corp., a 50-50 joint venture of JFE and
Hitachi Zosen Corp.
AP cites the Nikkei as saying that based on FY2007 sales
projections, a combination of the two companies have sales of
roughly JPY345 billion (US$3.1 billion) a year. With its total
annual vessel production reaching about 3 million tons, it would
have a domestic market share slightly above 18%, the paper
added.
About IHI Corp.
Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is
a Japan-based company engaged in six business segments. The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others. The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others. The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities. The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services. The
Ship and Offshore segment builds container ships, bulk
carriers, tankers and other ships, as well as develops marine
equipment and machinery and provides design and engineering
services. The Others segment provides real estate, financial
and insurance services.
The Troubled Company Reporter-Asia Pacific reported on
July 13, 2007, that Standard & Poors Rating Agency affirmed its
BB+ long-term corporate credit rating with a positive outlook.
JAPAN AIRLINES: May Cancel Card Unit Stake Sale, Insiders Say
-------------------------------------------------------------
Japan Airlines Corp. may cancel its plan to sell a stake in its
credit card unit as it raises cash by selling securities
instead, Bloomberg News reports, citing two people familiar with
the transaction but who refused to be identified.
Japan Airlines is considering selling at least JPY100 billion
(US$925 million) of securities including preferred shares to
banks, as well as petroleum and trading companies, the sources
told Bloomberg.
Bloomberg's Takahiko Hyuga and Shingo Kawamoto write that Japan
Airlines has JPY48 billion of debt coming due this year and
President Haruka Nishimatsu said the airlines needs to increase
its capital. The carrier has also ordered 35 Boeing Co. 787
planes, with a value of at least US$5.1 billion at list prices,
the report notes.
Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group
Inc.'s Credit Saison Co. are among the bidders for JALCard.
Bloomberg explains that JALCard is attractive to banks because
cardholders spend an average JPY860,000 a year. The airline
plans to keep a majority stake in JALCard, the sources told
Bloomberg.
The report recounts that Japan Airlines asked local and overseas
companies in October to submit acquisition proposals by Oct. 31,
and held the second bidding round on Jan. 11.
Japan Airlines, Bloomberg cites the sources as saying, will
delay the sale if the proposals do not match its marketing
strategy for the unit. The carrier will probably hold a third
round of bids if it decides to proceed with the sale, the
sources added.
Meanwhile, Japan Airlines is in talks with Mitsubishi UFJ,
Mizuho, Sumitomo Mitsui and Development Bank of Japan, to sell
new securities, the sources further revealed to Bloomberg. The
carrier expects to reach a decision by March 31, they said.
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.
S&P said 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. Moody's said 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.
JAPAN AIRLINES: Expects First Profit in Three Years for FY2008
--------------------------------------------------------------
Japan Airlines Corp. forecasts its first profit in three years
for the 12 months ending March 31, 2008, Bloomberg News reports.
The report relates that Japan Airlines has accelerated job cuts
and is shedding unprofitable routes.
According to Bloomberg data, Japan Airlines incurred net losses
of JPY16.27 billion in FY2007 and JPY47.24 billion in FY2006.
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.
S&P said 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. Moody's said 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.
MITSUBISHI MOTORS: To Launch Electric Vehicle in India
------------------------------------------------------
Mitsubishi Motors Corporation expects to launch its electric
vehicle in India in a few years, reports Sify Business.
Sify relates that MMC General Manager for Product Planning,
Katsuya Maeda, and Hindustan Motors' Managing Director, Ravi
Santhanam, told the media that the electric car, i-MiEv
(Mitsubishi innovative electric vehicle), is expected to be
launched in India a few years from now.
The i-MiEV, which has been launched in Japan and Hong Kong,
works on lithium ion battery and can be charged up to 80% in 30
minutes using a special charging system, Sify explains.
Mr. Santhanam is quoted by Sify as saying, "This car is for real
and is getting ready for commercial production."
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.
* * *
The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program. The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
MITSUBISHI MOTORS: To Produce Outlander SUV in India
----------------------------------------------------
Mitsubishi Motors Corporation will also manufacture the
Outlander SUV in India, following the automaker's decision to
manufacture the vehicle in Europe, Sify Business reports.
Sify states that MMC's Lancer Evolution, which is popular among
rallyists, is also expected to be launched in India shortly.
The 2.4-lite powered Outlander, according to the report, has
advanced drive train features and is based on the Mitsubishi
all-wheel control system.
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.
* * *
The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program. The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
SAPPORO HOLDINGS: Sees Beer Sales Falling 1.7% in FY2008
--------------------------------------------------------
Sapporo Holdings Ltd. said it expects total beer sales to fall
1.7% in 2008, Maki Shiraki writes for Bloomberg News.
In a statement released at a press conference, Sapporo forecasts
sales of 60.5 million cases this year, relates Bloomberg.
The report states that a case of beer in Japan is equivalent to
12.66 liters.
Japan's brewers, according to Bloomberg, have faced falling
sales as the population ages and younger consumers switch to
wine and other beverages.
About Sapporo Holdings
Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants. Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu. Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.
* * *
As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on
March 14, 2006.
SAPPORO HOLDINGS: Hideyo Suzuki Becomes President of Unit
---------------------------------------------------------
Sapporo Holdings Ltd. says that Hideyo Suzuki became president
of its subsidiary, Sapporo Beverage Co., on January 12, 2008,
Jiji Press reports.
Mr. Suzuki, who was invited by Sapporo, is known for his track
record of turning around failed Japanese food wholesaler Toshoku
Ltd., via Crescent Partners, relates Jiji Press.
The report adds that Sapporo Holdings formed a business and
capital alliance with Crescent in October in order to prop up
its beverage unit, which has been in the red for three straight
years.
About Sapporo Holdings
Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants. Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu. Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.
* * *
As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on
March 14, 2006.
SENBA KITCHO: To File for Court Protection with JPY1-Bln. Debt
--------------------------------------------------------------
Senba Kitcho K.K. plans to file for court protection from
creditors under the Civil Rehabilitation Law in the face of a
false labeling scandal involving its beef and other products,
sources familiar with the matter reveal to Kyodo News.
According to the report, Senba Kitcho, which has incurred more
than JPY1 billion in liabilities, suspended operations for
nearly two months since the scandal last year that lead to the
deterioration in its finances.
The Yomiuri Shimbun reports that the restaurant operator has
implemented cost-cutting measures such as seeking voluntary
retirement. Half of the company's 184 full-time and part-time
employees have accepted the firm's retirement request.
The Yomiuri Shimbun relates that Senba Kitcho concluded it would
be difficult to keep the remaining employees on its payroll, and
will consider laying them off or transferring them to other
restaurant firms.
However, despite its efforts to save the company by offering
voluntary retirement to its employees, the company's finances
suffered from paying wages and tenant charges for its outlets,
says Kyodo News.
Kyodo News, in an earlier article, reported that Senba Kitcho's
main branch was raided by the Osaka Prefectural Police on
suspicions that the chain is involved in the false labeling of
its beef products, in violation of the unfair competition
prevention law.
Allegations
* The Agriculture, Forestry and Fisheries Ministry and other
sources of Kyodo News said that Senba Kitcho falsely
labeled the ingredients of three processed beef products
sold between March and October. The ministry said that
while their labels said the products used the luxurious
Tajima beef from Hyogo Prefecture, they really used
beef from Saga, Kagoshima and other prefectures.
* Aside fom mislabeling, Senba Kitcho is also suspected of
using from around 2004 broiler chickens for products that
listed an indigenous breed of chicken as ingredients on
their labels, relates Kyodo News.
* The report states that other suspicions include faking the
expiration dates of noodle dipping sauce and those of
expired dessert items sold at its delicatessen in the
Iwataya department store.
Moreover, a December article by Kyodo News wrote that Sencho
Kitcho was found to have been faking the production of its
conger eel product and the eat-by expiry date of its fish egg
product.
The firm, relates Kyodo News, held local staff responsible for
the alleged acts. However, some of its part-time employees
admitted that they have been "repeatedly instructed" to extend
the dates on the labels by board member Shoji Yuki, a director
on the board in charge of Kyushu.
Senba Kitcho President Masanori Yuki, who is suspected of
selling a variety of confectionary and delicatessen items with
falsified labels with full knowledge of the illegal practice,
offered an apology at a news conference but denied the scam was
corporate-wide, notes Kyodo News.
Osaka-based Sencho Kitcho K.K., is a restaurant chain operator
with 12 branches all over Japan.
SOFTBANK CORP: To Offer Free Mobile-IP Phone Calls in April
-----------------------------------------------------------
Softbank Corp. plans to offer free calls between its mobile
phone subscribers and the users of its Web-based fixed-line
phone service starting around April, Reuters reports, citing the
Nikkei business daily.
According to Reuters, Softbank's move will intensify price
competition.
Softbank is likely to see its per-user revenue decline, but the
company aims to boost total sales by attracting more customers,
the Nikkei reported, according to Reuters.
Softbank has more than 17 million mobile phone subscribers, and
users of its Internet Protocol phone service total slightly less
than 5 million, the Nikkei earlier noted.
Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation. SoftBank was
established on September 3, 1981. The company operates in eight
business segments:
* Broadband Infrastructure Segment
* Fixed-line Telecommunications Segment
* e-Commerce Segment
* Internet Culture Segment
* Broadmedia Segment
* Technology Services Segment
* Media & Marketing Segment
* Overseas Funds Segment
Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan. SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment. In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market. As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable. Moody's
Investors Service, on August 9, 2006, upgraded Softbank Corp.'s
stable long-term debt rating and issuer rating to Ba2from Ba3,
concluding a review initiated on March 17, 2006, when the
company announced that it would acquire a 97.7% stake in mobile
phone giant Vodafone Group's Japanese unit, Vodafone K.K.
=========
K O R E A
=========
ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets
----------------------------------------------------------------
Arrow Electronics Inc. agreed to acquire all of the assets
related to the franchise components distribution business of
Hynetic Electronics and Shreyanics Electronics in India,
effective Jan. 1, 2008. Privately owned, Hynetic Electronics
and Shreyanics Electronics are leading electronic component
distributors in India.
"I am delighted to add the components distribution business of
Hynetic to our expanding franchise in the Asia Pac region,
further strengthening our leadership position in the fast-
growing Indian marketplace. The Hynetic business is similar to
Arrow's, with its demand-creation business model and strong
engineering capabilities, and we anticipate meaningful synergies
between our two businesses. Hynetic's complementary linecard
and experienced sales professionals will allow us to expand our
product portfolio and offer improved services and support to our
business partners," said Michael J. Long, president of Arrow
Global Components.
"This acquisition will be beneficial to Arrow, with an expanded
customer base focusing on the rapidly growing small- and medium-
sized market and additional strategic product lines, which are
critical for Arrow to further expand market share in India. At
the same time, Hynetic's customers and suppliers gain instant
access to Arrow's specialized expertise, technical resources,
supply chain solutions and extensive logistics capabilities,"
said Peter Kong, president of Arrow Asia Pacific.
About Arrow Electronics
Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products. Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.
The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.
* * *
Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating. The company's senior
preferred stock is rated at Ba2.
DAEWOO ELECTRONIC: Decides Issuance of 40th Bond With Warrants
-------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. disclosed its 40th
offering of unregistered public bonds with warrants, raising
KRW1,990,000,000 for its operational funds, Reuters Investing
Keys reports.
According to the report, the details regarding the bonds
issuance are:
-- maturity on January 18, 2011, yield to maturity 6.0%
-- lump-sum redemption of 119.1016% bonds principal on
maturity date
-- 100% conversion rate of bonds to common shares at KRW6,400
per share and exercise period from April 18, 2008 to
December 18, 2010.
Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company. It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.
According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.
Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%. The net loss compares with the
KRW30-billion profit the company posted in 2004. Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.
The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion. ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business. In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.
DURA AUTOMOTIVE: Posts US$12,399,000 Net Loss in November 2007
--------------------------------------------------------------
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Consolidated Balance Sheet
As of November 25, 2007
(In thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents US$11,660
Accounts receivable, net
Trade 110,629
Other 8,373
Non-Debtor subsidiaries 24,197
Inventories 49,021
Other current assets 35,880
----------
Total current assets 239,760
----------
Property, plant and equipment, net 131,184
Goodwill, net 178,611
Notes receivable from Non-Debtors subsidiaries 194,310
Investment in Non-Debtors subsidiaries 790,647
Other noncurrent assets 16,883
----------
Total Assets US$1,551,395
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Debtors-in-possession financing US$140,332
Accounts payable 41,424
Accounts payable to Non-Debtors subsidiaries 2,052
Accrued Liabilities 77,506
----------
Total current liabilities 261,314
----------
Long-term Liabilities:
Notes Payable to Non-Debtors subsidiaries 9,652
Other noncurrent liabilities 57,440
Liabilities Subject to Compromise 1,310,265
----------
Total Liabilities 1,638,671
Stockholders' Investment (87,276)
----------
Total Liabilities and Stockholders' Investment US$1,551,395
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statement of Operations
For the Four Weeks Ended November 25, 2007
(In thousands of dollars)
Total sales US$57,195
Cost of sales 56,610
----------
Gross (loss) profit 585
Selling, general and administrative expenses 4,587
Facility consolidation, asset impairment
and other charges 877
Amortization expense 19
----------
Operating (loss) income (4,898)
Interest expense, net 2,898
----------
Loss before reorganization items and income taxes (7,796)
Reorganization items 4,286
----------
Loss before income taxes (12,082)
Provision for income taxes (23)
----------
Loss from continuing operations 12,059
Loss from discontinued operations 340
----------
Net Income (Loss) (US$12,399)
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Four Weeks Ended November 25, 2007
(In thousands of dollars)
Operating Activities:
Net Income (loss) (US$12,399)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairments 2,164
Amortization of deferred financing fees 708
(Gain)/Loss on sale of assets (243)
Reorganization items 4,286
Changes in other operating items:
Accounts receivable 2,004
Inventories 95
Other current assets (1,590)
Noncurrent assets 110
Accounts payable (4,579)
Accrued liabilities (4,277)
Noncurrent liabilities (202)
Current intercompany transactions 7,847
--------
Net cash provided by operating activities 6,076
Investing Activities:
Purchases of property, plant & equipment (1,607)
Proceeds from sales of assets 1,075
--------
Net cash (used in) provided by investing activities 532
Financing Activities:
DIP borrowings 13,708
Payments on prepetition debt -
--------
Net cash used in financing activities 13,708
Net Increase (Decrease) in Cash & Equivalents 7,100
Cash & Cash Equivalent, Beginning Balance 4,560
--------
Cash & Cash Equivalent, Ending Balance US$11,660
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.
The Debtors Plan of Reorganization was filed on Aug. 22, 2007.
The Court approved the Disclosure Statement explaining that Plan
on Oct. 3, 2007. Plan confirmation hearing is yet to be
scheduled. The Debtors' exlusive plan filing period expires on
Jan. 24, 2008. (Dura Automotive Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/
or 215/945-7000).
GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds
---------------------------------------------------------------
Genexel-Sein Inc has adjusted the conversion price of its second
convertible bonds from KRW2,720 to KRW 2,713 per share, Reuters
Investing Keys reports.
According to the report, this company move is effective on
January 14, 2008.
The initial announcement regarding the bond issuance was made on
April 16, 2007, the report recounts.
Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators. Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.
On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.
SEJI CO: Signs KRW432.3-Million Contract With IC Corporation
------------------------------------------------------------
SEJI CO., LTD has signed a contract with IC Corporation to
provide maintenance services for sewages, in Gyeongsan City.
According to the report, the contract amount is worth
KRW432,300,000.
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 11, 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
===============
SOLUTIA INC: Plans to Offer US$400 Mln Senior Unsecured Notes
-------------------------------------------------------------
Solutia Inc. is planning to offer $400 million aggregate
principal amount of senior unsecured notes, which are expected
to mature in 2016.
As previously announced by Solutia on Oct. 31, 2007, the notes
offering is part of a US$2.0 billion exit financing package that
would be used to pay certain creditors upon Solutia's emergence
from Chapter 11 pursuant to its confirmed plan of
reorganization, and for the ongoing operations of the company
after emergence. As part of this exit financing package,
Solutia also intends to enter into a senior secured asset-based
revolving credit facility in the aggregate principal amount of
US$400 million and a senior secured term loan facility in an
aggregate principal amount of US$1.2 billion.
The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States pursuant
to Regulation S under the Securities Act. The notes have not
been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements.
The notes will be governed by an indenture that is expected
to contain covenants restricting Solutia's ability to, among
other things, incur indebtedness, pay dividends, incur liens,
and sell assets.
About Solutia Inc.
Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide. Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on November 29, 2007, the Court confirmed the
Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No.
113, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
====================
N E W Z E A L A N D
====================
A.S.A. (NZ): Commences Liquidation Proceedings
----------------------------------------------
The shareholders of A.S.A. (NZ) Ltd. resolved to voluntarily
liquidate the company's business on December 4, 2007.
Antonia Catherine Walker was then appointed as liquidator.
The Liquidator can be reached at:
Antonia Catherine Walker
PO Box 19737, Christchurch
New Zealand
Telephone:(03) 379 1585
Facsimile:(03) 379 1515
ALLTRADE AUTOPARTS: Taps Meltzer & Lamacraft as Liquidators
-----------------------------------------------------------
On December 17, 2007, Jeffrey Philip Meltzer and Michael
Lamacraft were appointed liquidators of Alltrade Autoparts (NZ)
Ltd.
Creditors are required to file their proofs of debt by Feb. 15,
2008, for them to be included in the company's dividend
distribution.
The Liquidators can be reached at:
Jeffrey Philip Meltzer
Michael Lamacraft
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
ARTIST TRADERS: Fixes Jan. 30 as Last Day to File Claims
--------------------------------------------------------
The creditors of Artist Traders Ltd. are required to file their
proofs of debt by January 30, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 17, 2007.
The company's liquidator is:
Grant Bruce Reynolds
c/o Reynolds & Associates Limited
Insolvency Practitioners
PO Box 259059
Greenmount, East Tamaki
Auckland
New Zealand
Telephone:(09) 522 5662
Facsimile:(09) 522 5788
BLUEBRIDGE HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
Bluebridge Holdings Ltd. commenced liquidation proceedings on
December 18, 2007.
Creditors are required to file their proofs of debt by Feb. 5,
2008, for them to be included in the company's dividend
distribution.
The company's liquidator is:
John Michael Gilbert
c/o C & C Strategic Limited
Ponsonby, Auckland
New Zealand
Telephone:(09) 376 7506
Facsimile:(09) 376 6441
BRIDGEMAN LTD: Appoints Mason & Hayward as Liquidators
------------------------------------------------------
On December 18, 2007, Karen Betty Mason and Lloyd James Hayward
were appointed liquidators of Bridgeman Ltd.
The Liquidators are accepting creditors' proofs of debt until
February 10, 2008.
The Liquidators can be reached at:
Karen Betty Mason
Lloyd James Hayward
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
CRICHEL MANAGEMENT: Appoints Parsons & Kenealy as Liquidators
-------------------------------------------------------------
On December 17, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of Crichel Management
Ltd.
The Liquidators can be reached at:
Dennis Clifford Parsons
Katherine Louise Kenealy
Indepth Forensic Limited
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Web site: http://www.indepth.co.nz
D BELL INSURANCE: Fixes March 18 as Last Day to File Claims
-----------------------------------------------------------
D Bell Insurance Services Ltd. requires its creditors to file
their proofs of debt by March 18, 2008, to be included in the
company's dividend distribution
The company's liquidators are:
Vivian Judith Fatupaito
Richard Dale Agnew
c/o PricewaterhouseCoopers
188 Quay Street, Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
DERVIN PROPERTIES: Creditors' Proofs of Debt Due on Feb. 15
-----------------------------------------------------------
The creditors of Dervin Properties Ltd. are required to file
their proofs of debt by February 15, 2008, to be included in the
company's dividend distribution.
The company's liquidator is:
Michael Thomas Tomlinson
c/o Tomlinson & Associates Limited
PO Box 105407, Auckland
New Zealand
Telephone:(09) 302 6187
Facsimile:(09) 307 3113
FIRST DATA: Moody's Drops Untendered Stub Notes' Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service has lowered First Data Corporation's
untendered senior unsecured stub notes rating to Caa1 from A2.
Upon completion of the tender process, First Data had
approximately US$200 million of the pre-LBO senior unsecured
notes outstanding at the end of December 2007, of which US$68
million will be due in August 2008. The downgrade of the
existing notes positions the rating at a level consistent with
the company's subordinated notes based on their junior position
within the capital structure. The company's corporate family
rating of B2 and stable rating outlook remain unchanged.
First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico. The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions. The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.
PUKEKOHE PROFESSIONAL: Taps Damien Grant as Liquidator
------------------------------------------------------
Damien Grant was named liquidator of Pukekohe Professional
Laboratory Ltd. on December 4, 2007.
The Liquidator can be reached at:
Damien Grant
Waterstone Insolvency
PO Box 352, Auckland
New Zealand
Facsimile: 0800 FAX WSI
SHORE FIRE: Court to Hear Wind-Up Petition on March 6
-----------------------------------------------------
A petition to have Shore Fire Ltd.'s operations wound up will be
heard before the High Court of Auckland on March 6, 2008, at
10:00 a.m.
Pertronic Industries Limited filed the petition on October 17,
2007.
Pertronic Industries' solicitor is:
Eugene Jeffery Collins
Collins & May Law Office
4th Floor, 44 Queens Drive
PO Box 30614, Lower Hutt
New Zealand
Telephone:(04) 566 5775
=====================
P H I L I P P I N E S
=====================
EXPORT AND INDUSTRY: Lists 12 Billion New Shares in Local Bourse
----------------------------------------------------------------
Export and Industry Bank Inc. has listed an additional 12
billion common B shares with the Philippine Stock Exchange.
However, only 4,358,028,596 of these shares will be traded with
the Exchange effective on Wednesday, January 16. The remaining
7,641,971,404 shares will be held in escrow under the memorandum
of agreement with the Philippine Deposit Insurance Corp.
The shares in escrow will be traded one trading day after the
PSE receives a sworn certification signed by an authorized
signatory of the Bank on the release of the Common B shares held
under escrow by the Escrow Agent.
Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has
revived former Urban Bank unit under new names. Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.
The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.
The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.
Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of
PHP600 million to the bank.
Export and Industry Bank Inc. has posted a consolidated net loss
of PHP166.634 million in fiscal year 2006, its third annual net
loss following a PHP1.691-billion loss in 2005 and a
PHP459.07-million loss in 2004.
MANILA ELECTRIC: Seeks 10.4% Increase in Distribution Charges
-------------------------------------------------------------
Manila Electric Co. is seeking to raise its monthly distribution
charges by 10.4%, stating that the proceeds will be used for
capital expenditures for 2008, a report by the Daily Tribune
says.
MERALCO is also seeking a PHP15-hike in supply charges for each
usage, the report adds, as well as a PHP0.02 increase per
kilowatt hour in distribution charges for those that have low
power consumption, the report adds.
According to the Tribune, MERALCO said the increase, if
approved, will most likely hit residential consumers eating
above 200 kwh monthly and 401 kwh for other other costumers.
MERALCO then told the Tribune that once approved by the ERC, it
will now charge a distribution rate of PHP1.1670 per kwh
including distribution, supply and metering charges. It said
that it has sought the ERC's approval to break down of the
PHP1.1670 per kwh maximum allowable price into a distribution
charge of 77.22 centavos per kwh, supply charge of 24.23 and
metering charge of 15.24 kwh.
"This will apply to residential, non-industrial and industrial,
one-day power sales, government hospitals, metered
streetlighting and charitable institutions, and flat
streetlighting customers," the Tribune quotes MERALCO as saying.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.
METROPOLITAN BANK: To Appeal Appeals Court's Ruling on Tax Case
----------------------------------------------------------------
Metropolitan Bank & Trust Co. said that it will appeal the
decision by the Court of Tax Appeals affirming an earlier ruling
that the bank should pay about PHP229 million in deficiency
documentary stamp tax to the Bureau of Internal Revenues.
On January 12, 2007, the Manila Standard published an article
stating that Metrobank's appeal to the earlier decision was
junked by the Court of Tax Appeals, thus affirming the decision
against the bank. The Court of Tax Appeals also directed the
bank to pay PHP3.786 billion in back taxes and interest from
documentary-stamp taxes, and deficiency gross-receipts tax.
In a letter to the Philippine Stock Exchange, the company said
that it will further appeal the decision and is considering
other legal remedies if necessary including an appeal to the
Supreme Court.
Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group. Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network. Metrobank is also the leading provider of
trade finance in the Philippines, and its overseas branch
network has enabled it to service the fund remittances of
Filipino overseas contract workers.
The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.
* * *
In November 2006, Moody's Investors Service revised the outlook
of Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable. The outlooks for
Metropolitan Bank's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of "D" remain
stable.
On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'. All the bank's other ratings were
affirmed: Long-term Issuer Default rating 'BB-' -- with a stable
Outlook; Short-term rating 'B'; and Support rating '3.
On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.
PHIL. LONG DISTANCE: Lists Additional 400 Shares with PSE
---------------------------------------------------------
The Philippine Long Distance Telephone Co. has listed an
additional 400 common shares with the Philippine Stock Exchange.
The 400 common shares represents the same number of shares that
have been availed of and fully paid by the optionees under the
company's employee stock option plan.
The shares will be listed today, January 16.
PLDT now has 843,492 common shares listed in the PSE under the
ESOP.
Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.
* * *
As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.
The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.
SAN MIGUEL: Properties Unit Completes Sale of KSA Stake to Shang
----------------------------------------------------------------
San Miguel Corp.'s subsidiary, San Miguel Properties Inc., has
completed the sale of its entire shareholdings in KSA Realty
Corp. to Shang Properties Inc.
The sale involves the 354,862 common shares in KSA previously
held by SMPI, representing 29.38% of KSA. The shares were sold
for PHP1.811 billion.
Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation. This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion. The rating
outlook remains stable.
The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp. The outlook remains
negative. The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.
=================
S I N G A P O R E
=================
AAR CORP: To Buyback US$16.36 Mil. Senior Notes on February 12
--------------------------------------------------------------
AAR Corporation will redeem on Feb. 12, 2008, in full its 2.875%
convertible senior notes due Feb. 1, 2024. The aggregate
principal amount of the notes outstanding is approximately
US$16.36 million.
The notes will be redeemed at a price of 100.958% of the
principal amount thereof, plus accrued and unpaid interest to
the redemption date.
On or prior to 5:00 p.m., eastern time, on Feb. 11, 2008,
holders may convert their notes into shares of the company's
common stock at a conversion price of approximately US$18.59 per
share of common stock, which is equal to a conversion rate of
approximately 53.7924 shares of common stock per US$1,000
principal amount of notes.
Cash will be paid in lieu of fractional shares. The last
reported sale price of the company's common stock on the on the
New York stock exchange, as of Jan. 8, 2008, was US$31.25 per
share.
Any notes not converted on or before on Feb. 11, 2008, will be
automatically redeemed on Feb. 12, 2008, after which interest
will cease to accrue.
A notice of redemption is being mailed to all registered holders
of the notes. Copies of the notice of redemption may be
obtained from the paying and redemption agent, U.S. Bank
National Association by calling Mr. Richard Prokosch at 651-495-
3918.
About AAR Corp.
AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry. With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing. In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia. In Latin America, the company has a sales office in
Rio de Janeiro, Brazil.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'. The outlook
is stable.
The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment. The ratings outlook is stable.
AF AEROSPACE: Court to Hear Wind-Up Petition on January 25
----------------------------------------------------------
A petition to have AF Aerospace Pte Ltd's operations wound up
will be heard before the High Court of Singapore on January 25,
2008.
Alter Bail Aviation S.A.S. filed the petition on November 26,
2007.
Alter Bail's solicitor is:
Tan Kok Quan Partnership
No. 8 Shenton Way #47-01
Singapore 068811
POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem
----------------------------------------------------------
PolyOne Corporation has completed its previously announced
acquisition of the assets and operations of Ngai Hing PlastChem
Company Ltd., the vinyl-compounding subsidiary of Ngai Hing Hong
Company Ltd. A subsidiary of Ngai Hing Hong will hold a 5%
interest in the new company that PolyOne Corp. will establish to
conduct its vinyl compound business in Asia.
This acquisition expands PolyOne Corp.'s geographic footprint
and is further testament to the company's globalization
emphasis, one of the four key components of its overall
corporate strategy. Globalization moves the company into high-
growth markets where its customers are migrating, and positions
the company to serve them with consistency everywhere in the
world.
"The acquisition of Ngai Hing PlastChem Company creates further
opportunities for us in Asia, in line with our globalization
strategy," said senior vice president and general manager of
Vinyl Business, Robert M. Rosenau. "We look forward to
accelerating our global growth and delivering the value our
customers expect from PolyOne."
Included in the transaction is the transfer of a manufacturing
facility in Dongguan, a city in the Guangdong province of
southern China. This plant will be the company's fourth
manufacturing site in China; the other three make a broad array
of specialty products for the business equipment, electrical,
packaging and textile printing markets.
About PolyOne Corp.
Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a leading global provider of
specialized polymer materials, services and solutions. PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America. The company
maintains operations in China, Colombia, Thailand and Singapore.
* * *
Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long-term corporate family and probability of
default ratings at 'B1' in July 2007. The ratings still hold to
date with a stable outlook.
SNIJDER SINGAPORE: Final Meeting Slated for February 15
-------------------------------------------------------
Snijder Singapore Pte Ltd, which is under members' voluntary
liquidation, will hold a final meeting on February 15, 2008, at
10:00 a.m., for the purposes as stated in Section 308 of the
Companies Act, Cap. 50.
The meeting will be held at 1 Scotts Road #21-07/08/09, in Shaw
Centre, Singapore 228208.
Madam Chia Lay Beng is the company's liquidator.
STATS CHIPPAC: S&P Affirms BB+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit ratings on STATS ChipPAC Ltd. on CreditWatch with
negative implications. At the same time, Standard & Poor's
also placed its 'BB+' rating on all STATS ChipPAC's senior
unsecured rated debts on CreditWatch with negative implications.
This came after STATS ChipPAC's announcement of a proposed
capital reduction exercise, which may result in a proposed
payout of up to US$813 million in cash distribution to its
shareholders. STATS ChipPAC indicated that it would be funding
this cash distribution by obtaining additional debt.
The company's increase in leverage from completion of the
proposed capital reduction exercise may result in STATS
ChipPAC's total debt rising to US$1,412 million from US$683
million as at September 2007.
"In resolving the CreditWatch status on STATS ChipPAC, Standard
& Poor's will factor in the additional debt as a result of the
proposed capital reduction exercise and assess the likely impact
on debt-to-EBITDA ratio of the company in the near term," said
Standard & Poor's credit analyst Wee Lee Cheng. "The rating on
STATS ChipPAC could be lowered if debt to EBITDA rises above 4x.
In addition, we will also consider the overall credit profile of
the company in the short to medium term, along with elements
related to shareholder support factored in the current ratings,"
Mr. Cheng said.
STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company. It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia. It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006. In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance. The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.
YEW SENG: Creditors' Proofs of Debt Due on January 25
-----------------------------------------------------
Yew Seng (Lian) Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by Jan. 25,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
Lai Seng Kwoon
c/o SK Lai & Co
8 Robinson Road
#13-00, ASO Building
Singapore 048544
===============
T H A I L A N D
===============
PICNIC CORP: Court To Hear Rehabilitation Petition on March 17
--------------------------------------------------------------
The Central Bankruptcy Court of Thailand will hear on March 17,
2008, at 9:00 a.m., Picnic Corp. PCL's petition to commence
rehabilitation proceedings.
In its petition, the company said that its creditors have
continually detained and seized the company's assets which has
negatively affected the company's operations and its liquidity.
In an earlier disclosure with the Stock Exchange of Thailand,
Picnic requested a suspension in the trading of its securities
as it resolves issues of debt restructuring with one of its
creditors.
The company's stocks still carry SET's SP sign for suspension.
Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
Going Concern Doubt
After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.
Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006. Mr. Somchai also said that the group has
various loans, some of which are already in default. The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.
Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 16, 2008
Turnaround Management Association
Current Outlook: Workouts, Lending and Turnarounds
Marriott North, Fort Lauderdale, Florida
Web site: http://www.turnaround.org/
January 17-18, 2008
American Bankruptcy Institute
Caribbean Insolvency Symposium
Westin Diplomat, Hollywood, Florida
Web site: http://www.abiworld.org/
January 28, 2008
Turnaround Management Association
Finding Money: Int'l Asset Search and
Recovery Methods for Collecting Judgments
Centre Club, Tampa, Florida
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
Breakfast Event
Carnelian Room, San Francisco, California
Telephone: 510-346-6000 ext 226
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 14-16, 2008
American Bankruptcy Institute
13th Annual Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
February 19, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Singapore
Web site: http://www.moodys.com/trainingservices
February 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
February 22, 2008
American Bankruptcy Institute
Bankruptcy Battleground West
Fairmont Miramar, Santa Monica, California
Web site: http://www.abiworld.org/
February 23-26, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar I
Park City, Utah
Web site: http://www.nortoninstitutes.org/
February 26, 2008
Turnaround Management Association
Retail Panel
Citrus Club, Orlando, Florida
Web site: http://www.turnaround.org/
February 27-28, 2008
Euromoney Institutional Investor
6th Annual Distressed Investing Forum
Union League Club, New York, New York
Web site: http://www.euromoneyplc.com/
March 6-8, 2008
ALI-ABA
Fundamentals of Bankruptcy Law
Mandalay Bay Resort, Las Vegas, Nevada
Web site: http://www.ali-aba.org/
March 8-10, 2008
American Bankruptcy Institute
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York
Web site: http://www.abiworld.org/
March 12-14, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 17-18, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 19, 2008
Turnaround Management Association
South Florida Dinner
Bankers Club of Miami, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25, 2008
Turnaround Management Association
Luncheon - Maggie Good
Centre Club, Tampa, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
March 27-30, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar II
Las Vegas, Nevada
Web site: http://www.nortoninstitutes.org/
April 2-4, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 3, 2008
International Women's Insolvency & Restructuring Confederation
Annual Spring Luncheon
Renaissance Hotel, Washington, District of Columbia
Telephone: 703-449-1316
Web site: http://www.iwirc.org
April 3, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - East
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 3-6, 2008
American Bankruptcy Institute
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 7-8, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 10-11, 2008
Moody's Investors Service
Introduction to Credit Derivatives - Structures &
Applications
Singapore
Web site: http://www.moodys.com/trainingservices
April 14-15, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
April 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
April 25-27, 2008
National Association of Bankruptcy Judges
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Web site: http://www.nabt.com/
May 1-2, 2008
American Bankruptcy Institute
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 5-6, 2008
Moody's Investors Service
Islamic Bank Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 7-9, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 9, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12, 2008
American Bankruptcy Institute
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12-14, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
May 13-16, 2008
American Bankruptcy Institute
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 18-20, 2008
International Bar Association
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
Web site: http://www.ibanet.org/
May 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
May 22, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
June 2-4, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Singapore
Web site: http://www.moodys.com/trainingservices
June 5, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Contact: http://www.moodys.com/trainingservices
June 4-7, 2008
Association of Insolvency & Restructuring Advisors
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Web site: http://www.airacira.org/
June 12-14, 2008
American Bankruptcy Institute
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Web site: http://www.abiworld.org/
June 18-20, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 19-21, 2008
ALI-ABA
Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
Drafting, Securities, and Bankruptcy
Omni Hotel, San Francisco, California
Web site: http://www.ali-aba.org/
June 23, 2008
Moody's Investors Service
Hedge Fund Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 24-25, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 26, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Singapore
Web site: http://www.moodys.com/trainingservices
June 26-29, 2008
Norton Institutes on Bankruptcy Law
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Web site: http://www.nortoninstitutes.org/
July 1-2, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 3, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 4, 2008
Moody's Investors Service
Analyzing and Rating Hybrid Securities
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 10-13, 2008
American Bankruptcy Institute
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Web site: http://www.abiworld.org/events
July 31 - Aug. 2, 2008
American Bankruptcy Institute
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Web site: http://www.abiworld.org/
August 16-19, 2008
American Bankruptcy Institute
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Web site: http://www.abiworld.org/
August 20-24, 2008
National Association of Bankruptcy Judges
NABT Convention
Captain Cook, Anchorage, Alaska
Web site: http://www.nabt.com/
September 4-5, 2008
American Bankruptcy Institute
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 4-6, 2008
American Bankruptcy Institute
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 8, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Web site: http://www.moodys.com/trainingservices
September 22-23, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
September 24-26, 2008
International Women's Insolvency & Restructuring Confederation
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Web site: http://www.ncbj.org/
September 24-27, 2008
National Conference of Bankruptcy Judges
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Web site: http://www.iwirc.org/
October 9, 2008
Turnaround Management Association
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Web site: http://www.turnaround.org/
October 15-16, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
October 22-23, 2008
Moody's Investors Service
Securities Firms Analysis \u2013 Including Broker-Dealers
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 24, 2008
Moody's Investors Service
Hedge Fund Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 27, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
November 4-5, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Hong Kong, China
Web site: http://www.moodys.com/trainingservices
November 11-12, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 13-14, 2008
Moody's Investors Service
Introduction to Credit Derivatives-Structures & Applications
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 17-19, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Singapore
Web site: http://www.moodys.com/trainingservices
November 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
November 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
December 3-5, 2008
American Bankruptcy Institute
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Web site: http://www.abiworld.org/
TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
Web site: http://www.insol.org/
May 7-10, 2009
American Bankruptcy Institute
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Web site: http://www.abiworld.org/
June 11-13, 2009
American Bankruptcy Institute
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Web site: http://www.abiworld.org/
June 21-24, 2009
International Association of Restructuring, Insolvency &
Bankruptcy Professionals
8th International World Congress
TBA
Web site: http://www.insol.org/
July 16-19, 2009
American Bankruptcy Institute
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Web site: http://www.abiworld.org/
September 10-12, 2009
American Bankruptcy Institute
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Web site: http://www.abiworld.org/
October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
December 3-5, 2009
American Bankruptcy Institute
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Reverse Mergers-the New IPO?
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Distressed Market Opportunities
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Homestead Exemptions under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
E-Discovery and Records Management for Bankruptcy
Practitioners and Litigators
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Equitable Subordination and Recharacterization
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Marites Claro, Mark Andre Yapching, Azela Jane
Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza
Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter
A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
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