/raid1/www/Hosts/bankrupt/TCRAP_Public/080121.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
Monday, January 21, 2008, Vol. 11, No. 14
Headlines
A U S T R A L I A
BRIGHTPOINT: Taps Bashar Nejdawi as Mobile Enhancement President
CENTRAL TYRE: To Declare First Interim Dividend on February 5
CENTRO PROPERTIES: Priced for Liquidation, Analysts Say
CENTRO NP: Moody's Slashes Senior Debt Rating to B3 From B1
DENX LIMITED: To Declare Final Dividend on March 7
EXZIT PEST: Appoints Nicholas Crouch as Liquidator
GOLDEN MEAN: Commences Liquidation Proceedings
KENDLE INT'L: Hires Ross Horsburgh to Lead Asia/Pacific Unit
MILLER’S CARAVANS: Creditors Resolve to Liquidate Business
MILTON WHYBROW: Commences Liquidation Proceedings
NEW AGE: Members Agree on Voluntary Liquidation
PETER & LEA: To Declare First Dividend on January 30
RHG LIMITED: Looks to Refinance AU$1.25BB in Commercial Paper
SCINOSRAELC PTY: Liquidator Presents Wind-Up Report
SINGLETON EARTHMOVING: Creditors' Final Meeting Set for Feb. 11
TEREX CORP: Appoints Four Officers to Senior Executive Roles
ZINIFEX: Allegiance Says Zinifex Offer Likely to be Revised
C H I N A , H O N G K O N G & T A I W A N
ACLEX LIMITED: Commences Liquidation Proceedings
ADDWAY LIMITED: Members Meeting Fixed for February 15
ASIA STYLE: Members Final Meeting Slated for February 15
ALBININA LIMITED: Commences Liquidation Proceedings
BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
CLEAR LAKE: Commences Liquidation Proceedings
CHIEFAST LTD: Liquidators to Present Wind-Up Report on Feb. 15
EAGLEFAME INVESTMENT: Commences Liquidation Proceedings
EAGLE SMART: Members Meeting Fixed for February 15
ESPCO LIMITED: Liquidators to Present Wind-Up Report on Feb. 15
FIAT SPA: Buys Back 3.86 Million Ordinary Shares
FILMKO PICTURES: Appoints New Liquidator
GOLDEN REGENT: Hires Chin Woo and Chin Chung as Liquidators
GREEN SEQUOIA: Creditors Meeting Fixed for February 15
JIANGXI COPPER: To Suspend Share Trading for New Acquisition
JINGTIE ECONOMY: Commences Liquidation Proceedings
LI & FUNG: Commences Liquidation Proceedings
MICHELLE PASCUCCI: Liquidator to Present Wind-Up Report
SANYO ELECTRONICS: Creditors Meeting Fixed for February 12
ULTIMATE QUEST: Commences Liquidation Proceedings
UNIPRICE LIMITED: Commences Liquidation Proceedings
UNITED ASIA: Commences Liquidation Proceedings
WATCH PACKAGING: Commences Liquidation Proceedings
WAINFAIR CONSTRUCTION: Liquidator Presents Wind-Up Report
WELL-MADE: Members Meeting Fixed for February 15
I N D I A
ANDHRA CEMENTS: Discloses Changes to Board
ATV PROJECTS: Loss Narrows to INR24.6 Mil. in Qtr. Ended Dec. 31
DRESSER-RAND: Taps Kronos for Workforce Management Services
EMCO LTD: Profit Soars to INR151 Million in Qtr. Ended Dec. 31
EMCO LTD: Board Approves Stock Split and Share Allotment
HINDUSTAN COPPER: Gov't Appoints Six Independent Directors
ICICI BANK: Board OKs ICICI Securities' Initial Public Offering
IMAX CORP: Earns US$145 Million from Hollywood Films in 2007
QUEBECOR WORLD: Moves Rescue Financing Term Compliance Deadline
QUEBECOR WORLD: Interest Nonpayment Spurs S&P to Give D Ratings
SUN MICROSYSTEMS: Expects Up to US$265MM Net Income in 2nd Qtr.
SUN MICROSYSTEMS: Inks Acquisition Pact with MySQL for US$1 Bil.
SUN MICROSYSTEMS: S&P Ratings Unaffected by $1 Bil. MySQL Deal
I N D O N E S I A
AVNET INC: Unit Signs Distribution Agreement With Taiyo Yuden
GARUDA INDONESIA: To Improve On-Time Arrivals for China
PERUSAHAAN LISTRIK: Partners With Bank Bukopin in Billing System
TELKOMSEL: Sees Slower Growth This Year
J A P A N
ALITALIA SPA: Commences Exclusive Talks with Air France-KLM
AMR CORP: Posts US$69 Million Net Loss in Fourth Quarter 2007
AMR CORP: Brings in Two New Members to Board of Directors
DELPHI CORP: Obtains "Broad-Based" Support on Plan
DELPHI CORP: Expands Supply Contract with VaST Systems
DELPHI CORP: Gets $44.2 Mil. Bearing Biz Bid from ND Acquisition
FLOWSERVE CORP: 2007 Full-Year Bookings Up 19% to 4.3 Billion
FORD MOTOR: Appoints Mr. Osborne as New President of AU Unit
ICONIX BRAND: Continues Expansion with Three License Agreements
JAPAN AIRLINES: Weighs Business Impact of Boeing Delivery Delay
NIPPON PAPER: Loses Key Clients, Report Says
* Failed Firms' Debts Hit JPY5.73 Trillion in 2007
K O R E A
DAEWOO E & C: Shares Drops 10. 5% on Korea Express Deal Worries
DURA AUTOMOTIVE: Gets Lenders Consent To Amend DIP Loan Terms
DURA AUTOMOTIVE: Seeks Okay for 2008 Management Incentive Plan
KOREA EXPRESS: Names Kumho-Asiana Group as Preferred Bidder
PIXELPLUS: Secures Strategic Design Win from Pantech
TRIGEM COMPUTER: Representatives File 6TH Section 1518(1) Report
M A L A Y S I A
APL INDUSTRIES: Proposes to Amend to Memorandum of Association
ASPEN TECH: Reports Preliminary 2008 Second Quarter Results
SHAW GROUP: Will Provide Engineering Services for Two Plants
TANCO HOLDINGS: Regularizes Financial Condition
N E W Z E A L A N D
AF LTD: Creditors' Proofs of Debt Due on January 25
AIR NEW ZEALAND: Confident of Aircraft On-Time Deliveries
APEX TRANSPORT: Creditors' Proofs of Debt Due on January 31
BLACKBRIDGE OLIVES: Appoints Simpson and Ruscoe as Liquidators
GROVE ROAD: Placed Under Voluntary Liquidation
GROWTH PROPERTY: Taps Robert James Taylor as Liquidator
M.I. PLASTERING: Commences Liquidation Proceedings
MAGPIE HOLDINGS: Fixes Jan. 18 as Last Day to File Claims
POD RESTAURANT: Taps Shephard & Dunphy as Liquidators
TOWER COMMERCIAL: Fixes Feb. 8 as Last Day to File Claims
TRAFFIC CONTROL: Shareholders Opt to Shut Down Business
VTL SECURITY: Placed Under Voluntary Liquidation
P H I L I P P I N E S
APEX MINING: Names Deogracias Contreras as President & CEO
ATLAS CONSOLIDATED: Still Undecided About Partnership with TVI
EXPORT AND INDUSTRY: Plans PHP3.8BB Capital Increase in 2008
S I N G A P O R E
HSIN SEMICONDUCTOR: Creditors' Meeting Set for January 28
INTERMEC INC: Teams with Apriva to Provide Payment Processing
MOONFISH RESTAURANTS: Creditors' Proofs of Debt Due on Feb. 5
NHG GULF: Court to Hear Wind-Up Petition on January 25
REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million
SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares
SEA CONTAINERS: Court Extends Plan-Filing Period to February 20
SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results
T H A I L A N D
SAHAMITR PRESSURE: 3Q Net Income Dips 72% to THB7.6 Bil. in 2007
TMB BANK: Annual Net Loss Balloons to THB43.656 Billion in 2007
TOTAL ACCESS: To Apply for 3G License on 850 Mhz
- - - - - - - -
=================
A U S T R A L I A
=================
BRIGHTPOINT: Taps Bashar Nejdawi as Mobile Enhancement President
----------------------------------------------------------------
Brightpoint Inc. has appointed Bashar Nejdawi as the President
of its newly created Mobile Enhancement business.
"Mr. Nejdawi's appointment is the first step towards the
Company's investment in the exciting high growth Mobile
Enhancement arena. As the mobile devices become more
sophisticated, the need for mobile enhancements increases
significantly," stated Robert J. Laikin, Brightpoint's Chairman
of the Board and Chief Executive Officer.
"Bashar has developed strong international wireless industry
relationships and deep industry knowledge through his
experiences at Motorola," stated Michael Koehn Milland, Co-Chief
Operating Officer of Brightpoint, Inc. and President Brightpoint
International. "I look forward to working with Bashar
to leverage that expertise with our existing operations and to
develop new growth opportunities in the mobile enhancement
area."
Prior to his appointment as the President of the Company's
Mobile Enhancement business, Mr. Nejdawi served as Senior
Director of Global Distribution for Motorola. In this role, he
led a global distributor team responsible for channel
rationalization and optimization, global account
management, alternative channel development, retail online
management tools and pricing and incentives. His previous
experience includes numerous regional and global positions
within Motorola including Customer Solutions, Product Operations
and Director of Sales. He has worked in Europe, Middle East,
Africa, India, South East Asia and the United States over his
extensive career.
About Brightpoint
Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry. The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States. The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers. Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.
* * *
On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.
CENTRAL TYRE: To Declare First Interim Dividend on February 5
-------------------------------------------------------------
Central Tyre Service (Act) Pty Ltd, which is in liquidation,
will declare its first interim dividend on February 5, 2007.
Creditors are required to file their proofs of debt by Jan. 29,
2008, for them to be included in the company's dividend
distribution.
The company's liquidator is:
Henry Kazar
SimsPartners Canberra
GPO box 138
Canberra ACT 2601
Australia
About Central Tyre
Central Tyre Service (Act) Pty Ltd operates auto and home supply
stores. The company is located at Fyshwick, in ACT, Australia.
CENTRO PROPERTIES: Priced for Liquidation, Analysts Say
-------------------------------------------------------
Centro Properties Group is priced for liquidation, the Sydney
Morning Herald cites analysts as saying as investors continued
to dump the shares, making the stock again the biggest loser on
the ASX200 index.
The SMH report notes that Centro has lost more than
AU$4.4 billion in market value since it shocked the market last
month when it revealed that it was struggling to refinance
AU$3.9 billion in debt.
Shareholders and analysts, SMH says, were not pleased when
Centor Chief Executive Officer Andrew Scott stepped down and
managed to walk away from the company's troubles with a
AU$3-million payout.
Bloomberg relates that newly appointed CEO Glenn Rufrano arrived
at Centro's Melbourne headquarters from New York on Thursday
last week. Mr. Rufrano inherited the task of refinancing the
company's multi-billion debt with bankers by the February 15
deadline.
Meanwhile, market watchers are trying to make sense of the
company's latest announcement that its liabilities may be higher
than reported and that it had failed to extend some of its
foreign exchange hedging contracts, SMH adds. Bondholders in
the U.S. had also claimed that their notes were in default, but
agreed to hold off from any further action until Feb. 15.
According to SMH, Mr. Rufrano is in talks with the company's
lenders over an extension of the deadline.
"People are pre-empting that Centro may get some type of funding
and, if that occurs, it's less likely to have to fire-sale
assets," Bloomberg quotes Michael McCormick, of Leyland Private
Asset Management, as saying.
On the other hand, some analysts, SMH says, were skeptical that
Centro will be able to get more time, saying the banks were
increasingly nervous about their exposure to what seems a
sinking ship.
SMH adds that others also forecast an extension up until the end
of March, underpinned by the fact that Mr. Scott had been asked
to consult for the company until that time.
According to Bloomberg, American law firm Bracewell & Giuliani,
whose partners include Republican presidential candidate Rudolph
Giuliani, is representing unsecured U.S. noteholders in Centro
who are owed AU$450 million (US$511.4 million).
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 NP: Moody's Slashes Senior Debt Rating to B3 From B1
-----------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured debt
ratings of Centro NP LLC to B3, from B1, as the company moves
closer to its Feb. 15, 2008 refinancing deadline and its parent,
Centro Properties Group, discloses additional liquidity and
accounting issues. The ratings remain on review for downgrade.
These ratings actions reflect the continued financial
difficulties, accounting issues, increased exposure to currency
rate fluctuations, and potential Australian Securities &
Investments Commission disclosure investigation. Moody's also
expects that Centro NP LLC will have heightened leverage and
secured debt following the take-out of the bridge financing, and
significant property sales to fund debt. Moody's review will
focus on the final capital structure and strategic profile of
the company in light of Centro NP's and Centro Properties
Group's short-term pressure to refinance debt. Moody's will
continue to monitor Centro NP's compliance with its bond
covenants and the quality and composition of its portfolio as it
works though these financings.
Moody's acknowledges that Centro NP has a defensive portfolio
with a US$6.3 billion market value that may afford opportunities
for asset sales or financing to pay off debt. Since the
acquisition, the bridge loan has been reduced to approximately
US$1.75 billion due to a US$300 million CMBS issuance and the
conversion of US$400 million to a one-year term loan. Centro
Properties Group is operating its US community and neighborhood
shopping center portfolio from Centro NP's New York City
headquarters, utilizing New Plan's nationwide operating
infrastructure and staff as its base. Glenn Rufrano, the CEO of
Centro NP, was appointed the CEO of Centro Properties Group this
week. He brings greater independence to the restructuring
process and a deep knowledge of financing availability in the
US, where two-thirds of Centro's 810 property portfolio is
situated.
Upwards rating movement would be contingent upon Centro NP
refinancing the bridge facility by Feb. 15, 2008 without
materially pressuring their leverage, secured debt, the value of
their portfolio, and other credit metrics, while complying with
bond covenants, in addition to a viable plan to restructure
Centro Properties Group's debt. A confirmation of the B3 rating
would result from Centro NP reaching a financing plan to which
the debt holders agree, with a strategic plan in place to
restructure Centro Properties Group's debt. A downgrade to the
Caa range or lower would most likely reflect Centro NP's
continued issues refinancing its line and/or Centro Properties
Group's inability to finance its debt, noncompliance with bond
covenants at the Centro NP level, acceleration of bond payments,
a firesale of assets or a bankruptcy filing. Although the
maturity date of both the bridge facility and the line of credit
were extended to Feb. 15, 2008, this date may be extended by the
bank group.
These ratings were lowered to B3, and placed under review for
downgrade:
Centro NP LLC
-- senior unsecured debt to B3, from B1;
-- medium-term notes to B3, from B1.
Centro NP LLC, headquartered in New York City, owns and operates
465 community and neighborhood shopping centers in 38 states.
The company had assets of US$6.3 billion and equity of
US$3.8 billion at Sept. 30, 2007.
Centro Properties Group, headquartered in Melbourne, Victoria,
Australia, is an Australian Listed Property Trust that
specializes in the ownership, management and development of
retail shopping centers in Australia, New Zealand and the USA
with AU$26.6 billion in assets under management.
DENX LIMITED: To Declare Final Dividend on March 7
--------------------------------------------------
Denx Limited will declare its final dividend on March 7, 2008.
Creditors are required to file their proofs of debt by Jan. 31,
2008, for them to be included in the company's dividend
distribution.
The company's deed administrator is:
Martin Green
GHK Green Krejci Pty Ltd
Chartered Accountants
Level 13, 1 Castlereagh Street
Sydney, New South Wales 2000
Australia
About Denx Limited
Denx Limited, which is also trading as Helm Corporation Ltd,
operates offices of holding companies. The company is located
at Toorak, in Victoria, Australia.
EXZIT PEST: Appoints Nicholas Crouch as Liquidator
--------------------------------------------------
On December 11, 2007, Nicholas Crouch of Crouch Insolvency was
appointed liquidator of Exzit Pest Control Pty Ltd.
The company commenced liquidation proceedings on that day.
The Liquidator can be reached at:
Nicholas Crouch
Crouch Insolvency, Chartered Accountants
Level 28, 31 Market Street
Sydney, New South Wales 2000
Australia
About Exzit Pest
Exzit Pest Control Pty Ltd provides disinfecting and pest
control services. The company is located at Bongaree, in
Queensland, Australia.
GOLDEN MEAN: Commences Liquidation Proceedings
----------------------------------------------
During a general meeting held on December 24, 2007, the members
of Golden Mean Pty Limited resolved to voluntarily wind up the
company's operations.
David Levi was then appointed as liquidator.
The Liquidator can be reached at:
David Levi
c/o Levi Consulting
Level 4, 151 Macquarie Street
Sydney, New South Wales 2000
Australia
About Golden Mean
Golden Mean Pty Limited provides computer related services. The
company is located at Sydney, in New South Wales, Australia.
KENDLE INT'L: Hires Ross Horsburgh to Lead Asia/Pacific Unit
------------------------------------------------------------
Dr. Ross J. Horsburgh has joined the Kendle International Inc.
as Vice President, Global Clinical Development - Asia/Pacific.
In this role, he will lead the company's overall expansion in
Asia/Pacific and will provide strategic oversight for its Phase
II-III operations in the region, including Melbourne and Sydney,
Australia; New Delhi, India; and Beijing, China. In all, Dr.
Horsburgh brings 20 years of CRO and pharmaceutical industry
experience to the company.
"With a population base of nearly 4.0 billion and R&D spending
expected to reach US$20 billion by 2013, Asia/Pacific is
recognized by our customers as one of the more dynamic regions
in which to conduct clinical trials," said Dr. Kendle. "Dr.
Horsburgh's extensive clinical development experience and
familiarity with the Asia/Pacific region will benefit both our
customers and Kendle as we execute on our growth strategy for
this pivotal market."
Prior to joining Kendle, Dr. Horsburgh was Regional Medical
Director, Asia Pacific for AstraZeneca. In this role, he
assembled and led a team of 200 individuals across 13 markets.
He also served as head of AstraZeneca's internal clinical
research organization, responsible for quality assurance, drug
safety, talent management and development, input of the Asian
view into global product design, and ultimately, submissions to
the U.S. Food and Drug Administration and the European Medicines
Agency. Prior to AstraZeneca, Dr. Horsburgh held positions with
Ciba and the Auckland Hospital Board. He earned his medical
degree from the University of Auckland and his master's and
bachelor's degrees from the University of Canterbury.
Dr. Horsburgh will report directly to Dr. Kendle for
Asia/Pacific expansion and to Martha Feller, PhD, Senior Vice
President, Global Clinical Development for Phase II-III
operations. He will be based in Singapore.
About Kendle
Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide. The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services has revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default. At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.
MILLER’S CARAVANS: Creditors Resolve to Liquidate Business
----------------------------------------------------------
The creditors of Miller’s Caravans & Cabins Pty Ltd met on
July 10, 2007, and agreed to voluntarily wind up the company's
operations.
Danny Vrkic was then appointed as liquidator.
The Liquidator can be reached at:
Danny Vrkic
Jirsch Sutherland & Co
PO Box 573
Wollongong, New South Wales 2500
Australia
About Miller's Caravans
Miller's Caravans & Cabins Pty Ltd is a dealer of recreational
vehicles. The company is located at North Albury, in New South
Wales, Australia.
MILTON WHYBROW: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on December 10, 2007, the members
of Milton Whybrow Autos Pty Limited agreed to voluntarily wind
up the company's operations.
Milton Ernest Whybrow and Nancye Louise Whybrow were then
appointed as liquidators.
The Liquidators can be reached at:
Milton Ernest Whybrow
Nancye Louise Whybrow
c/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2611
Australia
Telephone:(02) 6247 5988
About Milton Whybrow
Milton Whybrow Autos Pty Limited is a dealer of used motor
vehicles. The company is located at Braddon, in ACT, Australia.
NEW AGE: Members Agree on Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on December 13, 2008,
the members of New Age Automotive Pty Limited resolved to
voluntarily wind up the company's operations.
Chris Wykes was then appointed as liquidator.
The Liquidator can be reached at:
Chris Wykes
c/o Lawler Partners
Chartered Accountants
Level 9, 1 O'Connell Street
Sydney, New South Wales 2000
Australia
About New Age
New Age Automotive Pty Limited is a distributor of durable
goods. The company is located at Ingleburn, in New South Wales,
Australia.
PETER & LEA: To Declare First Dividend on January 30
----------------------------------------------------
Peter & Lea Nominees Pty Ltd, which is in liquidation, will
declare first dividend for its unsecured creditors on Jan. 30,
2008.
Only creditors who were able to file their proofs of debt by the
January 15, 2008 deadline will be included in the company's
dividend distribution.
The company's liquidator is:
Alan Scott
SimsPartners
Level 4, 12 Pirie Street
Adelaide, South Australia 5000
Australia
About Peter & Lea
Peter & Lea Nominees Pty Ltd is a distributor of durable goods.
The company is located at Gawler, in South Australia, Australia.
RHG LIMITED: Looks to Refinance AU$1.25BB in Commercial Paper
-------------------------------------------------------------
Non-bank lender RHG Home Loans Group, formerly RAMS Home Loans,
is racing against a February 11 deadline to refinance
AU$1.25 billion, just as the U.S. credit crunch threatens to
slash another US$34 billion from banks, the Herald Sun reports.
According to the report, RHG had signed conditional deals to
refinance AU$3.5 billion of AU$5.5 billion in commercial paper
due on Feb. 11, and is in "advanced stages of documentation" for
AU$750 million more.
RHG plans to refinance AU$1.5 billion of its extendable
commercial paper with the help of Westpac Banking Corp. The
company hopes to get the AU$2 billion from another financial
institution, the report indicates.
Yet, Standard and Poor's says in a report that RHG plans to
raise AU$750 million (US$670 million) in a private sale of debt
backed by mortgages to people with good credit histories.
According to S&P, RHG will be the first Australian residential
mortgage-backed bond sale this year.
That means the company must find a financier for the remaining
AU$1.25 billion by the deadline.
RHG admitted it has yet to meet "various conditions precedent"
in order to get access to the money, Herald Sun notes.
RHG told the Australian Stock Exchange that it hopes to satisfy
these conditions precedent as soon as possible to facilitate
progressive refinancing of the relevant extendible commercial
paper in January and February.
The Herald Sun explains that if RHG doesn't find a financier to
fund the remaining AU$1.25 billion, it will lose the economic
value of the home loans backing that portion of the XCP program.
Bloomberg News had earlier reported that new research showed
three major U.S. banks, including Citigroup, are likely to write
down an additional US$34 billion in securities linked to the
collapse of the U.S. sub-prime mortgage market. Losses and
writedowns by big U.S. banks this year so far total
US$97 billion.
RHG Limited, formerly RAMS Home Loans, specializes in providing
residential home loans throughout Australia.
SCINOSRAELC PTY: Liquidator Presents Wind-Up Report
---------------------------------------------------
The members and creditors of Scinosraelc Pty Ltd met on Jan. 15,
2008, and received the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Sam Davies
McGrathNicol
Level 13, 99 Gawler Place
Adelaide, South Australia 5000
Australia
Telephone:(08) 8468 3700
Web site: http://www.mcgrathnicol.com
About Scinosraelc Pty
Scinosraelc Pty Ltd is a distributor of telephone and telegraph
apparatus. The company is located at Adelaide, in South
Australia, Australia.
SINGLETON EARTHMOVING: Creditors' Final Meeting Set for Feb. 11
---------------------------------------------------------------
The creditors of Singleton Earthmoving Pty Limited will have
their final meeting on February 11, 2008, at 12:00 p.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Stuart Ariff
Stuart Ariff Insolvency Administrators
Level 2, 21 Bolton Street
Newcastle, New South Wales 2300
Australia
Telephone:(02) 4929 7880
Facsimile:(02) 4929 7882
About Singleton Earthmoving
Singleton Earthmoving Pty Limited provides excavation work. The
company is located at Singleton, in New South Wales, Australia.
TEREX CORP: Appoints Four Officers to Senior Executive Roles
------------------------------------------------------------
Terex Corporation has announced several senior executive
appointments in support of its strategy to increase its market
presence in high growth markets around the globe.
Steve Filipov, who has been President, Terex Cranes, has been
named to the new position of President, Developing Markets and
Strategic Accounts, reporting to Terex President and Chief
Operating Officer Tom Riordan. Mr. Filipov has led the Terex
Cranes team that has dramatically increased business and
profitability in the last three years. Much of this growth has
come from developing markets.
Rick Nichols has been named President, Terex Cranes. He has
been serving as President, Terex Materials Processing & Mining.
He also reports to Mr. Riordan. Mr. Nichols has been successful
in leading the advancement of lean manufacturing capabilities to
improve margins and capacity, overseeing acquisitions, and
changing the business strategy for the Terex mining truck
business.
Harry Bussman has been promoted to run the global Terex Mining
business. He had been General Manager of the Terex O&K large
hydraulic mining shovel business. He will report to Mr. Nichols
on an interim basis while a search is conducted for a President
of the overall Materials Processing & Mining segment. The
Materials Processing business led by Kieran Hegarty will report
to Mr. Riordan on an interim basis.
George Ellis has been appointed Vice President, Manufacturing
Services, reporting to Mr. Riordan. Mr. Ellis currently leads
the Terex Utilities business and will continue to do so until a
replacement is named. Mr. Ellis has responsibility for the
Terex manufacturing strategic plan and assisting business
operations with capital expenditure budgets.
"Steve Filipov is the right person to lead efforts to improve
Terex relationships with our large global customer strategic
accounts and to oversee a more aggressive approach to increasing
our presence in developing markets," Terex President and COO
Riordan said. "Rick Nichols will lead capacity improvement
efforts in our Crane facilities while continuing the
globalization of our business, and we are excited about future
prospects for this rapidly expanding segment."
Mr. Riordan continued, "With these appointments, we are putting
in place the leadership we need to meet the challenging
objectives we have set for Terex, including our ambitious 12 x
12 in '10 goal. We are clearly aiming to grow Terex to have $12
billion of net sales with a 12 percent operating margin in
2010."
About Terex Corporation
Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services. The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other. The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.
* * *
In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date. Moody's said the outlook is
stable.
Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB, which still hold to date. S&P said
the rating's outlook is stable.
ZINIFEX: Allegiance Says Zinifex Offer Likely to be Revised
-----------------------------------------------------------
Zinifex Ltd's takeover bid for Allegiance Mining NL is likely to
be revised, the Sydney Morning Herald reports, citing
Allegiance.
According to SMH, Allegiance said that Zinifex's AU$745-million
offer "is unlikely to be Zinifex's last move."
Zinifex had intended to step up its 90-cents-a-share offer to
AU$1 each if it gains 30% acceptances, the SMH report adds.
Bloomberg News relates that Allegiance is trading above
Zinifex's offer price, indicating that some investors are
expecting a higher bid.
SMH notes that Allegiance's target statement indicated that
shareholders representing a combined interest of 11.1% of the
company's shares on issue, and 12.2% on a fully diluted basis,
have expressed in writing that they intend to reject Zinifex's
offer.
Allegiance said that on that basis, Zinifex will not be able to
satisfy the 90% threshold and will not be able to compulsorily
acquire the Allegiance shares, the SMH report relates.
Zinifex, which declared its offer on Thursday after obtaining
the approval of the Foreign Investment Review Board, holds 0.01%
of Allegiance. The FIRB approval was required because more than
40% of Zinifex's shareholder base is made up of foreign
investors, SMH points out.
Bloomberg says that Zinifex wants control of Allegiance's
Avebury nickel project in Tasmania, which has a US$3-billion
supply agreement with China's Jinchuan Group Ltd., Asia's
largest producer of the metal used in stainless steel.
About Zinifex Ltd.
Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered
in Melbourne, Australia. The company owns and operates two
mines and four smelters. The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China. The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries. More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production. Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.
* * *
The Troubled Company Reporter-Asia Pacific reported on Dec. 18,
2007, that Fitch Ratings affirmed Zinifex Limited's 'BB+'
Long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance). The Outlook is Stable.
================================================
C H I N A , H O N G K O N G & T A I W A N
================================================
ACLEX LIMITED: Commences Liquidation Proceedings
------------------------------------------------
Aclex Limited commenced liquidation proceedings on December 28,
2007.
The company's liquidators are:
Ying Hing Chiu
Chung Mui Yin, Diana
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
ADDWAY LIMITED: Members Meeting Fixed for February 15
-----------------------------------------------------
The members of Addway Limited will have their final general
meeting on February 15, 2008, at the 19th Floor of the Seaview
Commercial Building, 21-24 Connaught Road, in West, Hong Kong,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator are Andrew C.C. MA and Felix K.L. Lee.
ASIA STYLE: Members Final Meeting Slated for February 15
--------------------------------------------------------
The members of Asia Style Far East Limited will have their final
general meeting on February 15, 2008, at the 19th Floor, of the
Seaview Commercial Building, 21-24 Connaught Road, in West, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
ALBININA LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Albinina Limited commenced liquidation proceedings on Dec. 31,
2007.
The company's liquidators are:
Jan G.W. Blaauw
Donald Edward Osborn
22nd Floor, Prince Building
Central, Hong Kong
BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Hercules, California-based Bio-Rad Laboratories Inc.
to 'BBB-' from 'BB+' following a review of the company's
financial policies.
"The upgrade reflects our expectation that Bio-Rad will maintain
a financial risk profile appropriate for an investment-grade
rating while conducting small acquisitions," said Standard &
Poor's credit analyst David Lugg, "with significant acquisitions
a rare event following by rapid deleveraging."
Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics. It serves more than
85,000 research and industry customers worldwide through its
global network of operations. The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006. Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.
CLEAR LAKE: Commences Liquidation Proceedings
---------------------------------------------
Clear Lake Group Limited commenced liquidation proceedings on
December 31, 2007.
The company's liquidators are:
Jan G.W. Blaauw
Donald Edward Osborn
22nd Floor, Prince Building
Central, Hong Kong
CHIEFAST LTD: Liquidators to Present Wind-Up Report on Feb. 15
--------------------------------------------------------------
The members of Chiefast Limited will have their final general
meeting on February 15, 2008, at the 19th Floor of the Seaview
Commercial Building, 21-24 Connaught Road, in West, Hong Kong,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
EAGLEFAME INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Eaglefame Investment Limited commenced liquidation proceedings
on December 31, 2007.
The company's liquidators are:
Jan G.W. Blaauw
Donald Edward Osborn
22nd Floor, Prince Building
Central, Hong Kong
EAGLE SMART: Members Meeting Fixed for February 15
---------------------------------------------------
The members of Eagle Smart Limited will have their final general
meeting on February 15, 2008, at 19th Floor,Seaview Commercial
Building, 21-24 Connaught Road West, in Hong Kong, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
ESPCO LIMITED: Liquidators to Present Wind-Up Report on Feb. 15
---------------------------------------------------------------
The members of Espco Limited will have their final general
meeting on February 15, 2008, at 19th Floor of the Seaview
Commercial Building, 21-24 Connaught Road, in West, Hong Kong,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
FIAT SPA: Buys Back 3.86 Million Ordinary Shares
------------------------------------------------
Fiat S.p.A. purchased 38,609 Fiat ordinary shares at the average
price of EUR16.4254 including fees on Jan. 11, 2008, within the
frame of the buy back program announced on April 5, 2007.
On Jan. 10, 2008, the company bought 3.851 million Fiat ordinary
shares at the average price of EUR16.1705 including fees.
From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to 31.54
million for a total invested amount of EUR603.4 million.
Share Repurchase Program
At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion. The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008. The buy back will be carried
out on the regulated markets as:
-- it will end on April 30, 2008, or once the maximum amount
of EUR1.4 billion or a number of shares equal to 10% of
the capital stock is reached;
-- the maximum purchase price will not exceed 10% of the
reference price reported on the stock exchange on the day
before the purchase is made; and
-- the maximum number of shares purchased daily will not
exceed 20% of the total daily trading volume for each
class of shares.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.
The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.
FILMKO PICTURES: Appoints New Liquidator
---------------------------------------
The members of Filmko Pictures Limited appointed Wong Hoi Fung
as the company's liquidator.
The Liquidator can be reached at:
Wong Hoi Fung
Room 2301, 23rd Floor
Ginza Square
565-567 Nathan Road
Yaumatei, Kowloon, Hong Kong
GOLDEN REGENT: Hires Chin Woo and Chin Chung as Liquidators
-----------------------------------------------------------
The members of Golden Regent China Limited appointed Poon Chi
Woo and Poon Chin Chung, Philip as the company's liquidators.
The Liquidators can be reached at:
Poon Chi Woo
Poon Chin Chung, Philip
Room 1307-8 Dominion Centre
43-59 Queen's Road East
Wanchai
Hong Kong
GREEN SEQUOIA: Creditors Meeting Fixed for February 15
------------------------------------------------------
The members of Green Sequoia Limited will have their final
general meeting on February 15, 2008, at the 19th Floor of the
Seaview Commercial Building, 21-24 Connaught Road, in West, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
JIANGXI COPPER: To Suspend Share Trading for New Acquisition
------------------------------------------------------------
Jiangxi Copper Co <600362><358> asked for the suspension of the
trading of its shares last week as it plans to buy mines from
its parent, Jiangxi Copper Group, to maintain its declining
profits, China Knowledge reports.
Under the plan, Jiangxi Copper will sell shares in China, the
report says, citing the company statement to the Hong Kong
Exchange. Jiangxi Copper asked for shares to be suspended in
both Shanghai and Hong Kong bourses.
As reported in Troubled Company Reporter-Asia Pacific on
Jan. 17, Jiangxi Copper has been facing declining profits
because a lack of ore forces it to buy two-thirds of raw
materials.
Jiangxi Copper's shares were suspended on Wednesday, and the
last closing price was CNY66.85 and HK$20.45 on the Shanghai
Stock Exchange and the Hong Kong Stock Exchange, respectively.
Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
JINGTIE ECONOMY: Commences Liquidation Proceedings
--------------------------------------------------
Jingtie Economy Development (Hong Kong) Company Limited
commenced liquidation proceedings on December 27, 2007.
The company's liquidator is:
Wong Tak Chui, Peter
Room M207-8, Hakeson Building
1 Jubilee Street
Central, Hong Kong
LI & FUNG: Commences Liquidation Proceedings
--------------------------------------------
Li & Fung Development Limited commenced liquidation proceedings
on December 31, 2007.
The company's liquidators are:
Jan G.W. Blaauw
Donald Edward Osborn
22nd Floor, Prince Building
Central, Hong Kong
MICHELLE PASCUCCI: Liquidator to Present Wind-Up Report
-------------------------------------------------------
The members of Michele Pascucci Foundation Limited will have
their final general meeting on February 15, 2008, at the 19th
Floor of the Seaview Commercial Building, 21-24 Connaught Road,
in West, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
SANYO ELECTRONICS: Creditors Meeting Fixed for February 12
----------------------------------------------------------
The members of Sanyo Electronics (H. K.) Limited will
have their final general meeting on February 12, 2008, at Room
1909, 19th Floor of the C.C. Wu Building, 302-308 Hennessy Road,
in Wanchai, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is Chow Chor Kai, Francis.
ULTIMATE QUEST: Commences Liquidation Proceedings
-------------------------------------------------
Ultimate Quest Limited commenced liquidation proceedings on
December 31, 2007.
The company's liquidators are:
Jan G.W. Blaauw
Donald Edward Osborn
22nd Floor, Prince Building
Central, Hong Kong
UNIPRICE LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Uniprice Limited commenced liquidation proceedings on Dec. 28,
2007.
The company's liquidators are:
Ying Hing Chiu
Chung Mui Yin, Diana
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
UNITED ASIA: Commences Liquidation Proceedings
----------------------------------------------
United Asia Investment (HK) Limited commenced liquidation
proceedings on January 7, 2008.
The company's liquidator is:
Billy Li Sze Kuen
12th Floor, No. 3 Lockhart Road
Wanchai, Hong Kong
WATCH PACKAGING: Commences Liquidation Proceedings
--------------------------------------------------
Watch Packaging Limited commenced liquidation proceedings on
January 4, 2008.
The company's liquidator is:
Billy Li Sze Kuen
12th Floor, No.3 Lockhart Road
Wanchai, Hong Kong
WAINFAIR CONSTRUCTION: Liquidator Presents Wind-Up Report
---------------------------------------------------------
The members of Wainfair Construction Company Limited will have
their final general meeting on February 6, 2008, at the 12th
Floor of Double Building, 22 Stanley Street, in Central, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is Wong Ka Sek.
WELL-MADE: Members Meeting Fixed for February 15
------------------------------------------------
The members of Well-made Toy Far East Limited will have their
final general meeting on February 15, 2008, at the 19th Floor of
Seaview Commercial Building, 21-24 Connaught Road, in West, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are Andrew C.C. MA and Felix K.L. Lee.
=========
I N D I A
=========
ANDHRA CEMENTS: Discloses Changes to Board
------------------------------------------
Andhra Cements Ltd has informed the Bombay Stock Exchange of the
changes that took place in the board.
Two nominee directors ceased to be part of the board with the
withdrawal of their nominations:
1. K. N. Bhandari: nomination has been withdrawn by IDBI,
ceasing to be a nominee director starting Aug. 21, 2007.
2. Vikash Goenka: nomination has been withdrawn by ICICI
Bank, ceasing to be the bank's nominee director effective
Nov. 19, 2007.
Mr. Bhandari, however, has been re-appointed as independent
director of the company with effect from Aug. 21, 2007.
Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement. Andhra is part of the
Kolkata-based Duncan Goenka group. The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.
Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994. The
scheme is presently under revision.
ATV PROJECTS: Loss Narrows to INR24.6 Mil. in Qtr. Ended Dec. 31
----------------------------------------------------------------
ATV Projects India Ltd's net loss narrowed in the three months
ended Dec. 31, 2007, to INR24.59 million, from the
INR40.63-million net loss incurred in the same quarter in 2006.
Revenues in October-December 2007 leaped to INR54.76 million
from last year's INR18.15 million. With operating expenditures
aggregating INR36.67 million, the company posted an operating
profit of INR18.09 million in the current quarter under review.
The company recorded interest charges of INR37.97 million,
provided depreciation of INR4.7 million and INR10,000 in taxes.
No Interest has been provided on the long term loans, debentures
and arrears of interest along with liquidated damages as the
company is a sick unit and has submitted the revised One-Time
Settlement proposal to the secured lenders, the company
explained. The proposal has been approved and letter of
approval has been received from around 70% of the secured
lenders. Discussion with rest of the lenders are in progress.
A copy of ATV Projects' financial results for the quarter ended
Dec. 31, 2007, is available for free at:
http://ResearchArchives.com/t/s?272c
ATV Projects India Ltd undertakes engineering and construction
projects, besides manufacturing heavy engineering and industrial
equipment. The company's projects include power plants, off-
site facilities, oil pipelines and sugar mills. ATV Projects
also manufactures thermoplastic elastomer products. The company
has private and public sector customers, domestically and
abroad.
The company is a sick industrial undertaking and has submitted a
revised One-Time Settlement proposal to its secured lenders,
which has been approved by them. The company is currently
awaiting the lenders' formal sanction.
DRESSER-RAND: Taps Kronos for Workforce Management Services
-----------------------------------------------------------
Dresser-Rand Group Inc. has selected Kronos for Manufacturing
from Kronos(R) Incorporated in France, Germany, and the United
States. By providing visibility into multi-site global
operations, Kronos is enabling Dresser Rand to effectively
manage its workforce to improve efficiencies, reduce costs, and
manage compliance with labor regulations.
"We selected Kronos because it has the best capabilities for
managing a global workforce," said Jenine Bogrand, IT manager at
Dresser-Rand. "We see great value in Kronos' workforce
management expertise, flexible product offering, global business
know-how, and understanding of the unique needs of the
manufacturing industry."
Prior to Kronos, Dresser-Rand suffered from a lack of
consistency with timekeeping systems around the world.
Multiple, redundant paper-based spreadsheets resulted in
inaccuracies, and an inability to effectively track operator
labor activities and production on the shop floor. By
automating with an integrated solution from Kronos, Dresser-Rand
is now able to accurately report overtime and flex time,
consistently deliver operational metrics, and uniformly apply
pay rules.
"With hundreds of unions and potentially thousands of unique pay
rules to accommodate, standardizing time and attendance is
seemingly an insurmountable challenge for global manufacturers,"
said Gregg Gordon, global practice leader for manufacturing at
Kronos. "Leading global manufacturers such as Dresser-Rand
realize that the benefits outweigh the challenge. These
organizations are standardizing on Kronos for their global
workforces."
About Dresser-Rand
Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries. It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--)
EMCO LTD: Profit Soars to INR151 Million in Qtr. Ended Dec. 31
--------------------------------------------------------------
Emco Ltd reported a net profit of INR151.13 million in the three
months ended Dec. 31, 2007, up 53% from the INR99.02 million
earned in the corresponding quarter in 2006.
Revenues increased 49% to INR2.43 billion and operating expenses
went up by the same percentage to INR2.11 billion, bringing the
company and operating profit of INR327.87 million.
The company pointed out that its Oct.-Dec. 2007 results include
results of Urja Engineers Ltd and India Energy Investments Pvt
Ltd, which have been amalgamated into Emco.
In the quarter under review, the company also booked interest
expenses of INR69.16 million, depreciation charges of
INR22.89 million and INR84.7 in taxes.
A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:
http://ResearchArchives.com/t/s?272f
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.
EMCO LTD: Board Approves Stock Split and Share Allotment
--------------------------------------------------------
Emco Ltd's board of directors, at its meeting on Jan. 17,
approved the proposed stock split, sub-dividing the shares of
the company with face value of INR10 each to face value of INR2
each. Accordingly for one Emco share of INR10 each, five shares
of INR2 each will be allotted.
The stock split is still subject to the approval of the
company's shareholders. To consider the move, the shareholders
will meet on Feb. 25, 2008.
During the Jan. 17 meeting, the board also gave its nod on the
allotment of:
-- 12,20,000 shares pursuant to the Scheme of Amalgamation of
Urja Engineers Ltd and India Energy Investments Pvt Ltd
with the company sanctioned by the High Court of Bombay on
Oct. 26, 2007; and
-- 4,650 shares to employees who have exercised their option
granted pursuant to the Employees Stock Option Scheme,
2006.
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.
HINDUSTAN COPPER: Gov't Appoints Six Independent Directors
----------------------------------------------------------
The Ministry of Mines, Govt. of India, has appointed the six
independent directors on the board of Hindustan Copper Ltd:
1. Arun Kumar Mago, former Chief Secretary, Government of
Maharashtra.
2. S. K. Banerjee, former Chairman & Managing Director,
National Aluminum Company Ltd.
3. M. K. Murthy, former Chairman & Managing Director, Cochin
Shipyard Ltd.
4. Michael Bastian, former Chairman & Managing Syndicate
Bank.
5. Mukesh Khare, Professor, IIT (Delhi).
6. Shantikam Hazarika, Director, Assam Institute of
Management.
Based in Kolkata, India, Hindustan Copper Limited --
http://www.hindustancopper.com/-- is an undertaking of the
Government of India. The company is the sole fully integrated
copper manufacturer in India.
On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'. Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year. Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.
ICICI BANK: Board OKs ICICI Securities' Initial Public Offering
---------------------------------------------------------------
The board of directors of ICICI Bank Ltd's wholly owned
subsidiary, ICICI Securities Ltd, at its meeting on Saturday,
approved an initial public offering of equity shares, as well a
private placement of equity shares to one or more institutional
investors. ICICI Bank's board has also approved the proposed
capital raising.
The maximum dilution of ICICI Bank's holding in ICICI Securities
through the proposed public offering and private placement would
be up to 15.0% of the post-issue capital base of ICICI
Securities.
ICICI Securities' operations primarily encompass retail broking,
institutional broking, distribution of retail financial
products, wealth management and equity capital markets,
including advisory services. The equity offering would be
subject to necessary regulatory, statutory and other approvals
and procedures.
ICICI Securities is contemplating, subject to market conditions
and regulatory approvals, an initial public offering of equity
shares, which may include an offer for sale by the promoter.
The draft red herring prospectus will be filed with Securities
and Exchange Board of India in due course.
Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance. It also has
interests in the software development, software services and
business process outsourcing businesses. The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others. It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.
* * *
Fitch Ratings gave ICICI a 'C' Individual Rating.
On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.
IMAX CORP: Earns US$145 Million from Hollywood Films in 2007
------------------------------------------------------------
IMAX Corporation continued its impressive box office winning
streak during 2007 by generating US$145 million for Hollywood
releases, which is 56% higher than the US$93 million that the
IMAX(R) theatre network grossed during 2006. Hollywood films
that played in IMAX theatres in 2007 included eight titles from
4 different studios, all of which were converted into The IMAX
Experience(R) using the company's proprietary DMR technology in
both 2D and IMAX(R) 3D.
The titles in IMAX's 2007 film slate that contributed to this
record-setting box office performance included 300 (Warner Bros.
Pictures), Spider-Man 3 (Sony), Harry Potter and the Order of
the Phoenix (Warner Bros. Pictures), Transformers (Paramount
Pictures), Beowulf (Paramount Pictures) and I Am Legend (Warner
Bros. Pictures) as well as the early 2007 playoffs of Night at
the Museum (Twentieth Century Fox) and the Polar Express re-
issue (Warner Bros. Pictures).
"This milestone is another testament to strong relationships
IMAX has formed with the Hollywood studios, the filmmaking
community and our exhibitor partners," said IMAX Co-Chairpersons
and Co-Chief Executive Officers, Richard L. Gelfond and Bradley
J. Wechsler. "Last year's box office performance and the strong
IMAX brand makes the timing ideal for the rollout of our new
digital projection system in mid-2008. We look forward to
delivering even more terrific Hollywood content from our studio
partners as the IMAX theatre network continues to grow -- making
The IMAX Experience accessible to consumers in nearly every
major market in the United States and in new IMAX locations
worldwide."
"Our winning streak is particularly gratifying when you consider
that since September 2006, we've released eight "day and date"
theatrical titles from four different studios and each has
opened in the number one spot the weekend they launched, with
IMAX contributing as much as 13%," added IMAX Filmed
Entertainment Chairperson and President, Greg Foster. "Further,
five of the Hollywood titles released in IMAX finished in the
top ten grossing films of 2007, which indicates that IMAX really
has become part of the distribution mind set for tent pole
pictures and part of the movie-going habits of audiences
throughout the world. Our incredible studio partners continue
to deliver amazing content, and we're so pleased that they
recognize the value in making IMAX an important part of their
release strategy."
Looking forward, IMAX Corp. has already secured significant
titles for its film slate for 2008, 2009 and 2010 through
agreements with major Hollywood studios including: The
Spiderwick Chronicles (February 2008), Shine A Light (April
2008), Kung Fu Panda (June 2008), The Dark Knight (July 2008),
Under the Sea 3D (February 2009), Monsters vs. Aliens 3D (March
2009), How to Train Your Dragon 3D (November 2009), Hubble 3D
(working title, February 2010) and Shrek Goes Forth 3D (May
2010).
About IMAX Corp.
Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection. IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films. IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2008, IMAX Corp.'s consolidated balance sheet at
Sept. 30, 2007, showed US$212.7 million in total assets and
US$289.5 million in total liabilities, resulting in a US$76.8
million total stockholders' deficit.
QUEBECOR WORLD: Moves Rescue Financing Term Compliance Deadline
---------------------------------------------------------------
Quebecor World Inc. has extended the deadline for the
satisfaction of certain conditions precedent to the previously
disclosed CDN$400 million rescue financing agreement with
Quebecor Inc. and Tricap Partners Ltd. Quebecor Inc. and Tricap
Partners Ltd. have indicated that they have made progress on the
satisfaction of these conditions and have requested additional
time to attempt to satisfy them. The deadline for these
conditions has been moved from 9:00 p.m. on Jan. 16, 2008 to
9:00 a.m. on Jan. 20, 2008.
Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue financing plan and believes that
satisfaction of the conditions of such initiative would be in
the best interests of the company and all its stakeholders.
There is no assurance all the consents and approvals to the
completion of the rescue financing initiative will be received
on a timely basis.
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.
QUEBECOR WORLD: Interest Nonpayment Spurs S&P to Give D Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Montreal-based printing company
Quebecor World Inc. to 'D' from 'CCC'. Standard & Poor's also
lowered the rating on the company's US$400 million 9.75% senior
unsecured notes due 2015 to 'D' from 'CCC-'. In addition, S&P
lowered the rating on the company's other senior unsecured notes
to 'CC' from 'CCC-'. The preferred stock rating remains
unchanged at 'D'. With these rating actions, S&P also removed
the ratings from CreditWatch with negative implications, where
they were placed Aug. 9, 2007.
"The downgrade follows Quebecor World's nonpayment of interest
expense on its US$400 million 9.75% senior unsecured notes, due
Jan. 15, 2008," said Standard & Poor's credit analyst Lori
Harris. "In the unlikely event that the company makes the
payment within the 30-day cure period, we could raise the
ratings," Ms. Harris added.
The interest payments on Quebecor World's remaining senior
unsecured notes remain current, hence S&P hasn't lowered the
ratings on these issues to 'D'. However, S&P will lower the
ratings on these issues should the senior unsecured notes go
into default.
Quebecor World is in default on its US$750 million revolving
credit facility because the company was unable to raise the
required US$125 million by Jan. 15, 2008, which was a condition
to the covenant waiver on Dec. 31, 2007. Although Quebecor
World had requested an extension from the bank group regarding
the requirement for US$125 million in new funds, it did not
receive it. The nonsatisfaction of this condition does not
automatically result in the termination of the bank group's
waiver, an acceleration of the maturity of indebtedness under
the credit facilities, or a cross-default under Quebecor
World's other debt obligations. Any such action would require
formal notification from a majority of the bank group to
Quebecor World.
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.
SUN MICROSYSTEMS: Expects Up to US$265MM Net Income in 2nd Qtr.
---------------------------------------------------------------
Sun Microsystems Inc. has recorded preliminary results for its
second quarter of fiscal 2008, which ended Dec. 30, 2007.
Sun expects to report revenues for the second quarter of fiscal
2008 of approximately US$3.60 billion, an increase of
approximately 1 percent as compared with US$3.57 billion for the
second quarter of fiscal 2007. Net bookings for the second
quarter of fiscal 2008 were approximately US$3.85 billion, an
increase of approximately 7% year over year.
Total gross margin as a percent of revenues for the second
quarter of fiscal 2008 is expected to be approximately 48%, an
increase of approximately 3.0 percentage points as compared with
the second quarter of fiscal 2007.
Net income for the second quarter of fiscal 2008 on a GAAP basis
is expected to be in the range of US$230 million to US$265
million, or US$0.28 to US$0.32 per share on a diluted basis, as
compared with net income of US$133 million, or US$0.15 per
share, for the second quarter of fiscal 2007.
"Our preliminary results for the second quarter reflect solid
execution and continued operational progress," said Jonathan
Schwartz, Chief Executive Officer and president of Sun
Microsystems. "The future is even brighter today as evidenced
by our agreement to acquire MySQL, one of the fastest growing
players in the $15 billion database market and a key component
of many of the Web's premier properties such as Facebook,
Wikipedia, China Mobile and Baidu. As the market for open
source databases continues its spectacular growth, we look
forward to this acquisition directly contributing to Sun's
growth as the platform of choice for the Web economy."
Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services. It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.
Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.
* * *
Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook. The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.
Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.
SUN MICROSYSTEMS: Inks Acquisition Pact with MySQL for US$1 Bil.
----------------------------------------------------------------
Sun Microsystems Inc. has entered into a definitive agreement to
acquire MySQL AB, an open source icon and developer of one of
the world's fastest growing open source databases for
approximately US$1 billion in total consideration. The
acquisition accelerates Sun's position in enterprise IT to now
include the US$15 billion database market. The announcement
reaffirms Sun's position as the leading provider of platforms
for the Web economy and its role as the largest commercial open
source contributor.
With millions of global deployments including Facebook, Google,
Nokia, Baidu and China Mobile, MySQL will bring synergies to Sun
that will change the landscape of the software industry by
driving new adoption of MySQL's open source database in more
traditional applications and enterprises. The integration with
Sun will greatly extend the commercial appeal of MySQL's
offerings and improve its value proposition with the addition of
Sun's global services organization. MySQL will also gain new
distribution through Sun's channels including its OEM
relationships with Intel, IBM and Dell.
"Today's acquisition reaffirms Sun's position at the center of
the global Web economy. Supporting our overall growth plan,
acquiring MySQL amplifies our investments in the technologies
demanded by those driving extreme growth and efficiency, from
Internet media titans to the world's largest traditional
enterprises," said Jonathan Schwartz, Chief Executive Officer
and president, Sun Microsystems. "MySQL's employees and
culture, along with its near ubiquity across the Web, make it an
ideal fit with Sun's open approach to network innovation. And
most importantly, this announcement boosts our investments into
the communities at the heart of innovation on the Internet and
of enterprises that rely on technology as a competitive weapon."
MySQL's open source database is widely deployed across all major
operating systems, hardware vendors, geographies, industries and
application types. The complementary product line-ups will
extend MySQL's database reach and are expected to bring new
markets for Sun's systems, virtualization, middleware and
storage platforms.
"The combination of MySQL and Sun represents an enormous
opportunity for users and organizations of all sizes seeking
innovation, growth and choice," said Marten Mickos, CEO, MySQL.
"Sun's culture and business model complements MySQL's own by
sharing the same ideals that we have had since our foundation --
software freedom, online innovation and community and partner
participation. We are tremendously excited to work with Sun and
the millions of members of the MySQL open source ecosystem to
continue to deliver the best database for powering the modern
Web economy."
MySQL's open source database is the "M" in LAMP - the software
platform comprised of Linux, Apache, MySQL and PHP/Perl often
viewed as the foundation of the Internet. Sun is committed to
enhancing and optimizing the LAMP stack on GNU/Linux and
Microsoft Windows along with OpenSolaris(TM) and MAC OS X. The
database from MySQL, OpenSolaris and GlassFish(TM), together
with Sun's Java(TM) platform and NetBeans(TM) communities, will
create a powerful Web application platform across a wide range
of customers shifting their applications to the Web.
More than 100 million copies of MySQL's high-performance open
source database software have been downloaded and distributed
and an additional 50,000 copies are downloaded daily. This
broad penetration coupled with MySQL's strength in Web 2.0,
Software as a Service (SaaS), enterprise, telecom and the OEM
embedded market make it an important fit for Sun. With MySQL,
Sun will have the ability to deepen its existing customer
relationships and create new opportunities with companies
seeking the flexibility and ease-of-use of open source systems.
Following completion of the proposed transaction, MySQL will be
integrated into Sun's Software, Sales and Service organizations
and the company's CEO, Marten Mickos, will be joining Sun's
senior executive leadership team. In the interim, a joint team
with representatives from both companies will develop
integration plans that build upon the technical, product and
cultural synergies and the best business and product development
practices of both companies. MySQL is headquartered in
Cupertino, CA and Uppsala, Sweden and has 400 employees in 25
countries.
As part of the transaction, Sun will pay approximately US$800
million in cash in exchange for all MySQL stock and assume
approximately US$200 million in options. The transaction is
expected to close in late Q3 or early Q4 of Sun's fiscal 2008.
Completion of the transaction is subject to regulatory approval
and other customary closing conditions. The deal is expected to
be accretive to FY10 operating income on a GAAP basis.
About MySQL
MySQL AB -- http://www.mysql.com/-- develops and supports a
family of high database products. The company's flagship
offering is 'MySQL Enterprise', a set of production-tested
software, proactive monitoring tools, and premium support
services. MySQL is the world's most popular open source
database software. Many of the world's largest and fastest-
growing organizations use MySQL to save time and money powering
their high-volume Web sites, business-critical systems and
packaged software -- including industry leaders such as Yahoo!,
Alcatel-Lucent, Google, Nokia, YouTube and Booking.com. With
headquarters in the United States and Sweden -- and operations
around the world -- MySQL AB supports both open source values
and corporate customers' needs.
MySQL and the MySQL logo are registered trademarks of MySBL AB
in the United States, the European Union and other countries.
About Sun Microsystems
Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services. It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.
Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.
* * *
Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook. The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.
Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.
SUN MICROSYSTEMS: S&P Ratings Unaffected by $1 Bil. MySQL Deal
--------------------------------------------------------------
Standard & Poor's Ratings Services's ratings and outlook on Sun
Microsystems Inc. (BB+/Stable/--) are not affected by the
company's recent announcement that it has agreed to acquire
MySQL AB for a total consideration of about $1 billion
(consisting of $800 million in cash and $200 million in
options).
The acquisition supports Sun's strategic intent to expand its
position in the open-source software market; MySQL is an open-
source developer of database software.
S&P expects Sun to maintain a moderately leveraged financial
profile and strong liquidity. As of Sept. 30, 2007, leverage
was less than 2x and cash and investments totaled $5.2 billion.
About Sun Microsystems
Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services. It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.
Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.
=================
I N D O N E S I A
=================
AVNET INC: Unit Signs Distribution Agreement With Taiyo Yuden
-------------------------------------------------------------
Avnet, Inc's unit Avnet Electronics Marketing Americas and TAIYO
YUDEN INC. signed a distribution agreement. Under the pact,
Avnet will distribute Taiyo Yuden's full line of ceramic
capacitors, filters, inductors, high frequency and magnetic
components in North and South America.
Taiyo Yuden utilizes industry leading resources to raise
standards and outcomes in research and development, technology,
production and distribution to offer customers top-flight
solutions worldwide.
"We are very impressed by Avnet's leading position in the global
distribution market and look to leverage their fulfillment and
supply chain expertise to help TAIYO YUDEN enhance service
levels while bringing our cutting edge technology products to
our customer base in the North and South American markets," said
Hisashi Oi, CEO of Taiyo Yuden "We are excited about the
relationship and feel that combining Taiyo Yuden's product
technology with Avnet's logistics services is an ideal way to
streamline operations while focusing more resources on
developing new business in the Americas."
"As one of the largest manufacturers of surface-mount capacitors
and inductive components, Taiyo Yuden's product portfolio is a
strong complement to Avnet's current offerings," said Pat
Wastal, senior vice president of IP&E for Avnet Electronics
Marketing. "The agreement will allow us to augment our
historical supply chain solutions and position Avnet and Taiyo
Yuden as premier logistics support providers for our customers."
About Avnet Electronics Marketing
Avnet Electronics Marketing is an operating group of Phoenix-
based Avnet, Inc. (NYSE:AVT), a Fortune 500 company. Avnet
Electronics Marketing serves electronic original equipment
manufacturers (EOEMs) and electronic manufacturing services
(EMS) providers in more than 70 countries, distributing
electronic components from leading manufacturers and providing
associated design-chain and supply-chain services. The group's
Web site is located at http://www.em.avnet.com.
About Avnet Inc.
Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers. Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion. It
has operations in these Asia-Pacific countries: Indonesia,
Australia, China, Hong Kong, India, Japan, Malaysia, New
Zealand, Philippines and Singapore.
The Troubled Company Reporter - Asia Pacific reported on
Nov. 6, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba1 corporate family rating on Avnet, Inc.
Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$400MM 8.00% Sr.
Unsecured Notes
due 2006 Ba1 Ba1 LGD3 49%
US$250MM 6.00% Sr.
Unsecured Notes
due 2015 Ba1 Ba1 LGD3 49%
US$300MM 6.625% Sr.
Unsecured Notes
due 2016 Ba1 Ba1 LGD3 49%
US$300MM 2.00%
Convertible Sr.
Debentures due 2034 Ba1 Ba1 LGD3 49%
Shelf - Sr.
Unsecured (P)Ba1 (P)Ba1 LGD3 49%
Shelf - Subor. (P)Ba2 (P)Ba2 LGD6 97%
GARUDA INDONESIA: To Improve On-Time Arrivals for China
-------------------------------------------------------
PT Garuda Indonesia, in a bid to satisfy its customers, is
seeking ways to improve its punctuality rate for its flights to
China this year, E Travel Blackboard reports.
A Troubled Company Reporter - Asia Pacific report on Jan. 16,
2008, cited General Manager in Beijing Pikri Ilham K as saying
that the the airline's 2007 punctuality rate in China reached
83%, and the company plans to improve it this year to satisfy
its passengers.
Mr. Pikri, the report related, 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.
According to E-Travel, Mr. Pikri said both Indonesians living in
Beijing and Chinese travelers showed high interest in flying
with Garuda, with the airline seeing a high level of seat demand
particularly during peak seasons. "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," Mr. Pikri added.
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: Partners With Bank Bukopin in Billing System
----------------------------------------------------------------
PT Perusahaan Listrik Negara has partnered with Bank Bukopin to
introduce its first pre-paid billing system for home customers,
The Jakarta Post reports.
President Director Eddie Widiono explained to the news agency
that the new billing system was similar to pre-paid credit
vouchers for cellular phones, which are basically aimed at
helping customers monitor their monthly spending.
According to the report, the company planned to roll out the
system for its 36 million customers across the country, but that
at least until the middle of this year the new system would only
be available to West Java customers.
Mr. Widion was quoted by The Post as saying, "First, we are
targeting home customers because they account for 98% of the
company's total customers." Home customers used some 110
billion kilowatts per hour in 2007, he added.
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.
TELKOMSEL: Sees Slower Growth This Year
---------------------------------------
PT Telekomunikasi Selular Indonesia predicted slower growth this
year than in 2007 when it recorded strong growth both in income
and in number of subscribers, Antara News reports.
Telkomsel President Kiskenda Suriahardja told the news agency
that the slower growth this year is predicted partly on a cut in
tariff planned by the government next month.
As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 18, 2008, Telkomsel has reported a 24% year-on-year rise in
revenues in 2007 to IDR29.15 trillion. The increase is driven
by sustained subscriber growth, the report related.
According to Antara News, Mr. Suriahardja said the company
predicted an increase of only 9 million in the number of its
subscribers.
In 2007, Antara recounts, Telkomsel built 5,270 units of base
transceiver station ringing the number of its BTS to 20,884
units by the end of that year. This year, it plans to build
5,000 more units of BTS including Node-B, the report adds.
About Telkomsel
PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share. By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.
Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006. The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.
Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.
=========
J A P A N
=========
ALITALIA SPA: Commences Exclusive Talks with Air France-KLM
-----------------------------------------------------------
Alitalia S.p.A. has commenced exclusive talks with Air France-
KLM S.A. over the sale of the Italian government's 49.9% stake
in the national carrier, Reuters reports citing a spokeswoman
for the French airline.
The carriers have two months to reach an agreement, which would
be approved by the government.
As reported on Jan. 15, 2007, 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.
In its non-binding offer, Air France 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.
Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.
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 Japan and Argentina.
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.
AMR CORP: Posts US$69 Million Net Loss in Fourth Quarter 2007
-------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
has reported a net loss of US$69 million for the fourth quarter
of 2007, or US$0.28 per share.
The results for the fourth quarter of 2007 include the impact of
several special items that were identified in AMR Corp.'s
Dec. 21, 2007 investor update and amounted to a cumulative
positive impact of approximately US$115 million, or US$0.46
cents per diluted share. These items include: a US$138 million
gain on the sale of the company's stake in ARINC; a US$39
million gain to reflect the positive impact of the previously
announced change to an 18-month expiration of AAdvantage(R)
miles; and a US$63 million charge associated with the retirement
of 24 MD-80 aircraft that previously had been temporarily
stored.
The current quarter results compare to a net profit of US$17
million for the fourth quarter of 2006, or US$0.07 per diluted
share.
For all of 2007, the company posted a net profit of US$504
million, or US$1.78 per diluted share. In addition to the
special items from the fourth quarter, the full-year 2007
results also include the impact of a US$30 million charge,
disclosed in the third quarter, to reflect an adjustment for
additional salary and benefit expense accruals related to years
2003 through 2006.
The company's full-year 2007 results compare to a net profit of
US$231 million net profit, or US$0.98 per diluted share, for all
of 2006.
"Our employees overcame enormous challenges from unprecedented
weather disruptions, air traffic control problems and record
fuel prices to help our company take another important step
forward in 2007. We earned our second straight annual profit,
achieving our first back-to-back profitable years since
1999-2000, and made progress in many areas, including
strengthening our balance sheet, focusing on customers, renewing
our fleet, bolstering our network and investing in products and
services," said AMR Chairperson and Chief Executive Officer,
Gerard Arpey. "While record fuel prices contributed
significantly to our fourth quarter loss -- our first quarterly
loss after six straight profitable quarters -- they are a
reminder of the challenges we must continue to overcome as we
strive for consistent and adequate profitability. As we thank
our employees for their efforts in 2007, it is also clear that
we have more work ahead as we seek to maintain momentum in 2008
and beyond."
Operational Performance
American Airlines' mainline passenger revenue per available seat
mile (unit revenue), excluding special items, increased by 4.5
percent in the fourth quarter compared to the year-ago quarter.
Mainline capacity, or total available seat miles, in the fourth
quarter increased 0.4 percent compared to the same period in
2006. The year-over-year increase in capacity was largely the
result of previously announced aircraft density initiatives,
mitigated somewhat by weather-related cancellations. Fourth
quarter mainline departures declined slightly year over year.
The airline's mainline load factor -- or the percentage of total
seats filled -- was a record 80.2 percent during the fourth
quarter, compared to 78.8 percent in the fourth quarter of 2006.
Its fourth-quarter yield, which represents average fares paid,
excluding special items, increased 2.6 percent compared to the
fourth quarter of 2006, its 11th consecutive quarter of year-
over-year yield increases.
Excluding special items, AMR Corp. reported fourth quarter
consolidated revenues of approximately US$5.6 billion, an
increase of 4.6 percent year over year.
The airline's mainline cost per available seat mile (unit cost)
in the fourth quarter, excluding special items, increased 8.6
percent year over year. The largest contributor to the year-
over-year increase in unit costs was fuel. In the fourth
quarter, American paid US$367 million more than it would have
paid at fourth quarter 2006 fuel prices. Consolidated fuel
expense in the fourth quarter was US$412 million higher than it
would have been at fourth quarter 2006 fuel prices.
Excluding fuel and special items, mainline unit costs in the
fourth quarter increased by 0.6 percent year over year, largely
reflecting a US$44 million accrual in the fourth quarter for a
one-time payment to eligible employees under the company's
broad-based variable compensation plans. For the full year, the
accrual for the one-time payment totalled US$67 million.
Mr. Arpey said the company's Board of Directors had approved the
one-time payment "in recognition of the collective effort of our
employees and the special circumstances that existed in 2007."
Each eligible American Airlines employee is expected to receive
a payment of US$800 under the Customer Service Component of the
company's Annual Incentive Plan (AIP). "This is a tangible way
of saying 'thank you' for all that our employees did for our
company in a challenging year," he added.
Balance Sheet Improvement
AMR Corp. continued to strengthen its balance sheet in the
fourth quarter.
The company ended the fourth quarter with US$5.0 billion in cash
and short-term investments, including a restricted balance of
US$428 million, compared to a balance of US$5.2 billion in cash
and short-term investments, including a restricted balance of
US$468 million, at the end of the fourth quarter of 2006. As
previously disclosed, it paid off US$865 million in debt in the
fourth quarter, including scheduled debt payments and an
unscheduled US$545 million aircraft debt prepayment. Of the
company's US$2.3 billion in debt payments for all of 2007,
approximately US$1 billion of those were prepayments.
The company reduced Total Debt, which it defines as the
aggregate of its long-term debt, capital lease obligations, the
principal amount of airport facility tax-exempt bonds, and the
present value of aircraft operating lease obligations, to
US$15.6 billion at the end of the fourth quarter of 2007,
compared to US$18.4 billion a year earlier. Its reduced Net
Debt, which it defines as Total Debt less unrestricted cash and
short-term investments, from US$13.6 billion at the end of the
fourth quarter of 2006 to US$11.0 billion in the fourth quarter
of 2007.
As a result of scheduled principal payments as well as
prepayments, refinancing and other efforts to strengthen its
balance sheet, the company's net interest expense for 2007 was
US$174 million lower than in 2006, a 23.2 percent reduction.
As announced in October, the company met its projected 2007
commitment to fund its defined benefit pension plans for
employees by contributing US$380 million to these plans through
the first three quarters of the year. AMR Corp. has contributed
nearly US$2 billion to these plans since 2002, as the company
continues to meet this important commitment to employees. The
company's 2007 pension contributions, along with strong
investment returns, higher market discount rates and legislative
changes to the mandatory pilot retirement age, helped to improve
the accumulated benefit obligation funded status of its pension
plans to 96 percent, up from 84 percent at the end
of 2006.
Highlights
Fourth Quarter 2007 and Recent
-- Since providing a fleet renewal update in October,
American Airlines has increased the number of additional
Boeing 737-800s that will be delivered in 2009 by 10
aircraft. Six of the 10 737s are part of its announced
plan to accelerate the deliveries of 47 previously
ordered 737s into the 2009-2012 timeframe, while the
other four 737s are incremental to the 47 aircraft.
Including the 10 737s cited, the airline so far has
scheduled delivery of a total of 23 737s throughout 2009
(representing 18 of the initial 47 aircraft and five
incremental aircraft).
-- The airline announced that it is offering complimentary
Wi-Fi service powered by T-Mobile to Admirals Club
members and One-Day pass guests visiting club locations
in the United States and Puerto Rico. The complimentary
in-club service is part of its continuing focus on
enhancing the value of the Admirals Club membership, and
it allows members a way to remain easily connected to
work, home or elsewhere when travelling.
-- The company announced plans to divest American Eagle, its
wholly-owned regional airline. AMR said that the
divestiture of American Eagle is intended to provide it
with the structure, incentives and opportunities to win
new business and provide new opportunities for its
employees. It also said that it believes that the
divestiture will enable American Airlines to focus on its
mainline business, while ensuring its continued access to
cost-competitive regional feed.
-- The airlines announced that it will begin non-stop
service from Chicago's O'Hare International Airport to
Moscow's Domodedovo International Airport on
June 2, 2008. From Chicago, American Airlines is -- or
soon will be -- providing links to the world's key
developing economies in Russia, China, and India as well
as the established markets of Japan, Europe, and Latin
America.
-- The airline launched its inaugural nonstop service
between New York's John F. Kennedy International Airport
and London's Stansted Airport. Its second daily round
trip between JFK and Stansted, to be added in April 2008,
will give customers the choice of an early or late
evening departure from New York to Stansted and a morning
or late afternoon departure from Stansted to New York.
-- American Airlines launched new service from South
Florida, including: Miami-Barranquilla, Colombia; Ft.
Lauderdale-Santo Domingo, Dominican Republic; and Ft.
Lauderdale-San Jose, Costa Rica. It also launched:
Chicago-Buenos Aires, Argentina; DFW-Panama City, Panama;
and DFW-Providenciales, Turks & Caicos.
Third Quarter 2007
-- The airlines introduced DealFinder, a downloadable,
computer desktop tool that offers customers exclusive,
targeted, discounted fares to locations throughout its
network. The tool, available at
http://www.aa.com/dealfinder,searches for the lowest
fares, allowing customers to spend less time planning
travel.
-- The airline continued to grow and enhance its New York
service into Europe, announcing that it will begin two
new routes early in 2008 to Milan, Italy, and Barcelona,
Spain, from JFK, as well as a second daily roundtrip
between JFK and London's Stansted Airport. It also
unveiled its state-of-the-art, US$1.3 billion terminal at
JFK as part of its continuing commitment to become the
airline of choice in the New York market.
-- American Airlines, American Eagle and Texas Aero Engine
Services Limited (TAESL), an affiliated engine repair
facility, received the coveted Federal Aviation
Administration's Diamond Award for excellence in
training their Aviation Maintenance Technicians.
Second Quarter 2007
-- Overhaul & Maintenance Magazine honored American and the
Transport Workers Union (TWU) with its Outstanding
Achievement Award for their work together as partners to
transform the airline's Maintenance & Engineering
organization from a cost center to a profit center.
-- The airline announced plans to make upgrades on its
entire fleet of 124 Boeing 757 aircraft, including
installation of new seats, new cabin interiors and
updated in-flight entertainment systems.
-- The company continued to improve its balance sheet by
refinancing the US$442 million floating rate term loan
portion of its credit facility, refinancing US$586
million in airport facility bonds and prepaying US$48
million in aircraft debt.
-- The airline announced and implemented a significant
upgrade to AA.com that offers customers a faster and
easier way to shop for and purchase travel. The new
shopping and ticket purchase functionality on AA.com
empowers customers to quickly evaluate flight options by
providing a convenient display of schedule, price and
levels of service combinations.
First Quarter 2007
-- The company improved its balance sheet by paying down the
US$285 million balance on its revolving credit facility
and by prepaying US$79 million in aircraft debt.
-- AMR Corp. was honored by PLANSPONSOR Magazine as
Corporate Plan Sponsor of the Year for the company's
efforts to protect and preserve its employees' defined
benefit pension plans.
-- American Airlines launched a new booking tool on AA.com
that makes it easier and more convenient for Aadvantage
program members to redeem earned miles for travel.
Guidance
Mainline and Consolidated Capacity
The company expects its full-year mainline capacity to increase
by 1.0 percent in 2008 compared to 2007, with a 0.4 percent
reduction in domestic capacity and a 3.3 percent increase in
international capacity. On a consolidated basis, AMR expects
full-year capacity to increase by 0.9 percent in 2008 compared
to 2007. Given that weather cancellations caused American to
significantly under-fly its 2007 schedule, 2008 mainline
capacity is expected to be roughly flat with 2007 levels on a
schedule-to-schedule basis.
The company expects mainline capacity in the first quarter of
2008 to increase 0.9 percent year over year. It expects
consolidated capacity to increase 0.8 percent in the first
quarter of 2008 compared to the prior-year period. However,
mainline capacity and consolidated capacity in the first quarter
of 2008 are expected to decline year over year on a schedule-to-
schedule basis due to under-flying related to weather impact in
the first quarter of 2007.
Fuel Expense and Hedging
While the cost of jet fuel remains volatile, as of now the
company is planning for an average system price of US$2.64 per
gallon in the first quarter of 2008 and US$2.65 per gallon for
all of 2008. It has 35 percent of its anticipated first quarter
2008 fuel consumption capped at an average crude equivalent of
US$77 per barrel (jet fuel equivalent of US$2.21 per gallon),
with 24 percent of its anticipated full-year consumption capped
at an average crude equivalent of US$79 per barrel (jet fuel
equivalent of US$2.31 per gallon). Consolidated consumption for
the first quarter is expected to be 771 million gallons of jet
fuel.
Mainline and Consolidated Unit Costs
For the first quarter of 2008, mainline unit costs are expected
to increase 13.1 percent compared to the first quarter of 2007,
while first quarter consolidated unit costs are expected to
increase 12.9 percent compared to the first quarter of 2007.
In the first quarter of 2008, mainline unit costs excluding fuel
are expected to increase 1.8 percent year over year while
consolidated unit costs excluding fuel are expected to increase
1.7 percent from the first quarter of 2007.
Full-year mainline unit costs are expected to increase 8.6
percent in 2008 compared to 2007, while full-year consolidated
unit costs are expected to increase 8.4 percent in 2008 compared
to 2007.
The company expects mainline unit costs excluding fuel to be 1.5
percent higher in 2008 versus 2007 while 2008 consolidated unit
costs excluding fuel are expected to increase 1.4 percent year
over year.
About AMR Corp.
Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others. American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, following the announcement by AMR Corp. that it
intends to divest its American Eagle Holding Corp. subsidiary in
2008, Fitch expects no near-term impact on the debt ratings of
AMR and its principal operating subsidiary, American Airlines
Inc. Fitch affirmed both entities' Issuer Default Ratings at
'B-' on Nov. 13, 2007, while revising the Rating Outlook for AMR
to Positive.
AMR CORP: Brings in Two New Members to Board of Directors
---------------------------------------------------------
Rajat K. Gupta, Senior Partner Emeritus of McKinsey & Company,
and Alberto Ibarguen, former newspaper publisher and now the
President and Chief Executive Officer of the John S. and James
L. Knight Foundation, have been elected to the Boards of
Directors of AMR Corporation and American Airlines, Inc. AMR
Corp. is the parent company of American Airlines and American
Eagle, Inc.
"We are fortunate to bring Rajat's and Alberto's vast experience
in business and broad community involvement to the Boards of AMR
and American Airlines," said AMR and American Airlines,
Chairperson and CEO, Gerard J. Arpey. "They bring to our Boards
the necessary diverse points of view and personal qualities that
will help strengthen both AMR and American now and in the years
to come."
Rajat K. Gupta
Born in India and now a United States citizen residing in
Connecticut, Mr. Gupta joined McKinsey's New York office in
1973, assumed the leadership of its Scandinavian offices in
1981, and then its Chicago office in 1989. He served as the
Managing Director Worldwide of McKinsey from 1994-2003.
In his 34-year career in consulting, Mr. Gupta has served many
leading companies on a broad set of topics related to strategy,
organization and operations. He also is active in many non-
profit institutions with a particular focus on education, health
and development. He served as the United Nations Secretary-
General's Special Advisor on United Nations Reform, serves as a
director of Goldman Sachs, Procter & Gamble, Qatar Financial
Centre, and is the Chairperson of the Board of Genpact and New
Silk Route Private Equity.
Mr. Gupta is also on the Board of Rockefeller Foundation and
contributes to the work of the Board of the Indian School of
Business; Chairperson of Pan IIT Alumni Association; the Board
of Associates of the Harvard Business School; the Advisory Board
of the Kellogg School of Management; the Dean's Advisory Board
for the School of Economics and Management at Tsinghua
University; the Yale President's Council; and the Board of
Business Higher Education Forum. He also is Chairperson of the
Advisory Board of the Bill & Melinda Gates Foundation; co-Chair
of the American India Foundation; and serves on the boards of
the India Education Initiative, World Economic Forum, and
Millennium Promise.
Mr. Gupta holds a Bachelor's of Technology degree in Mechanical
Engineering from the Indian Institute of Technology and an M.B.A
from Harvard Business School.
Alberto Ibarguen
A resident of Miami, Mr. Ibarguen has served as CEO and
President of the John S. and James L. Knight Foundation since
2005 and is the former publisher of The Miami Herald and of El
Nuevo Herald. During his tenure at the newspapers, The Miami
Herald won three Pulitzer Prizes and El Nuevo Herald won Spain's
Ortega y Gasset Prize for excellence in journalism. Knight
Foundation promotes excellence in journalism worldwide and
invests in the vitality of 26 U.S. communities.
Mr. Ibarguen graduated from Wesleyan University and the
University of Pennsylvania Law School. Between Wesleyan and
Penn, he served in the Peace Corps in Venezuela's Amazon
Territory and in Colombia. He practiced law in Hartford,
Connecticut, until he joined The Hartford Courant. Following
his career at The Hartford Courant he moved to Newsday in New
York before moving to Miami and The Miami Herald.
Mr. Ibarguen is chairperson of the board of the Newseum in
Washington, D.C., a museum dedicated to free speech and free
press. He is a member of the board of PepsiCo and of the
Council on Foreign Relations, is a former board member of NCL
Corporation Ltd., is on the Trustees' Council of the National
Gallery of Art, and serves as a Senior Advisor on the
International Advisory Board of the School of Journalism and
Communication at Tsinghua University. Over the years, he also
has served on the boards for the Lincoln Center for the
Performing Arts, the Committee to Protect Journalists, Wesleyan
University and Smith College, and was the national board chair
of the Public Broadcasting System.
For his work to protect journalists in Latin America as part of
the Inter American Press Association, Mr. Ibarguen received a
Maria Moors Cabot citation from Columbia University and George
Washington University awarded him an honorary Doctor of Letters.
About AMR Corporation
Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others. American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, following the announcement by AMR Corp. that it
intends to divest its American Eagle Holding Corp. subsidiary in
2008, Fitch expects no near-term impact on the debt ratings of
AMR and its principal operating subsidiary, American Airlines
Inc. Fitch affirmed both entities' Issuer Default Ratings at
'B-' on Nov. 13, 2007, while revising the Rating Outlook for AMR
to Positive.
DELPHI CORP: Obtains "Broad-Based" Support on Plan
--------------------------------------------------
Delphi Corp. reported the voting results for its First Amended
Joint Plan of Reorganization to the U.S. Bankruptcy Court for
the Southern District of New York. Voting by classes of
creditors and holders of interests, including shareholders,
entitled to vote on the Plan illustrates broad-based support for
the Plan, the company said in a news release.
Of the more than 4,000 ballots cast by general unsecured
creditors voting on the Plan, 3,329 or 81% of all voting
creditors aggregated across classes voted to accept the Plan --
excluding ballots cast by GM, plaintiffs in the multi-district
litigation and holders of interests. Of the total amount voted
by all general unsecured creditor classes, 78% or
US$2,083,647,859.13 voted to accept the Plan. 100% of the
ballots cast in the GM and MDL classes voted to accept the Plan
in the respective amounts of US$2.57 billion and US$57.2
million. Of the approximately 217,000,000 shares voted by
shareholders, 78% or 170,297,851 shares voted to accept the
Plan.
The broad-based support expressed by creditors and shareholders
of Delphi Corporation and its principal subsidiaries holding its
US and global businesses was reflected in the votes of each of
the principal segments of the general unsecured creditor class
of the Delphi-DAS Debtors (Class 1C). More than 70% of the
ballots cast and 70% of the total dollar amount voted by
Delphi's senior note claims, TOPrS claims, and all other claims,
including trade claims, segments each voted separately to accept
the Plan. The company noted that one of the classes in one of
the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C)
rejected the Plan because less than two-thirds in amount of the
ballots cast supported the Plan. In addition, depending on
whether the
Bankruptcy Court allows certain other contested ballots to be
counted, one additional class in each of two additional
subsidiary debtors (Connection System Debtors - Class 3C and
Delco Electronics Overseas Corporation - Class 5C) will have
rejected the Plan based on a reduction in the percentage of
dollar amounts voted in favor of the Plan below the statutory
threshold.
Although no assurances can be made, Delphi believes that the
Plan satisfies the requirements of the Bankruptcy Code and is
confirmable notwithstanding the rejection of the Plan by certain
classes. A confirmation hearing on the Plan is scheduled to
begin on Jan. 17, 2008.
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
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 Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007. The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.
(Delphi Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DELPHI CORP: Expands Supply Contract with VaST Systems
------------------------------------------------------
Delphi Corp. has expanded its contract with VaST Systems to
supply virtualization solutions.
Delphi Electronics & Safety Division uses VaST's solutions to
help develop electronic control unit (ECU) software. VaST helps
Delphi develop software without requiring hardware prototypes.
The use of VaST virtualization solutions can bring deeper
visibility and controllability to the software design process
helping to net higher quality products.
"Automotive electronic systems are experiencing exponential
growth in software complexity with the growing expectation of
improving product quality," said Frank Winters, Delphi
Electronics & Safety manager of design methodology. "VaST's
solutions help Delphi manage complexity."
"Delphi is a leader in automotive electronics and a key customer
in one of our most important market segments. Delphi's use of
VaST solutions is indicative of an industry trend toward
virtualized electronic system development. We are extremely
pleased to provide Delphi with solutions that help them extend
their leadership by delivering superior, differentiated
products," said Jeff Roane, vice president of marketing at VaST.
About VaST
VaST Systems drives electronics virtualization. With VaST
virtualization electronics companies develop software before
hardware, enable early software development by ecosystem
partners.
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period will expire on
Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan. On Dec. 10, 2007, the Court entered an
order approving the Debtors' Disclosure Statement. The hearing
to consider confirmation of the Plan is set for Jan. 17, 2008.
DELPHI CORP: Gets $44.2 Mil. Bearing Biz Bid from ND Acquisition
----------------------------------------------------------------
Delphi Automotive Systems LLC and Delphi Technologies, Inc.,
debtor-subsidiaries of Delphi Corp., intend to sell their global
bearings business to ND Acquisition Corp., or to another party
submitting a higher and better offer for the business.
ND Acquisition, a wholly owned subsidiary of private equity
investment firm Resilience Capital Partners LLC, has agreed to
submit a stalking horse bid of $44,200,000, subject to
adjustments, for the Bearings Business.
The Bearings Business produces both wheel bearings and roller
clutch product lines. It is the leading producer of Gen III
wheel bearings in North America and the primary North American
supplier of those parts to General Motors. The Bearings
Business
occupies a 1.3-million square foot plant set on 133 acres in
Sandusky, Ohio.
The Debtors have invested more than $140,000,000 in new tooling
and refurbishment for older equipment and new state-of-the-art
machinery and equipment since 2000. The Bearings Business
employs approximately 1,000 people, including approximately 775
Hourly Employees. The hourly workforce is represented by the
International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America.
Marketing Efforts for Non-Core Businesses
As previously reported, to achieve the necessary cost savings
and operational effectiveness envisioned in its transformation
plan, Delphi is streamlining its product portfolio to capitalize
on its world-class technology and market strengths and make the
necessary manufacturing realignment consistent with its new
focus. As part of the company's transformation plan, the
company identified the Bearings Business as a non-core business
subject to disposition.
The Debtors believe that as a standalone business, the Bearings
Business could become more profitable and competitive, and thus,
have determined that the value of the Bearings Business would be
maximized through its divestiture, relates John Wm. Butler, Jr.,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois.
The Debtors, according to Mr. Butler, have actively marketed the
Bearings Business since February 2007. After evaluating
proposals submitted by potential buyers, the Debtors concluded
that ND Acquisition offered the most advantageous terms and the
greatest economic benefit.
Pursuant to a Sale and Purchase Agreement, entered into on
January 15, 2008, the Debtors have agreed to sell the Bearings
Business to ND Acquisition for $44,200,000, subject to certain
adjustments, and subject to higher or otherwise better offers.
Bidding Procedures
The Debtors will accept and consider competing bids for the
Bearings Business. The proposed Bidding Procedures provide, in
relevant part:
(a) Participation Requirements: To ensure that only bidders
with financial ability and a serious interest in the
purchase of the Acquired Assets participate in the
Bidding Process, the Bidding Procedures provide for
certain requirements for a potential bidder to become a
"Qualified Bidder", including the submission of certain
financial assurances.
(b) Due Diligence: All Qualified Bidders would be afforded an
opportunity to participate in the diligence process.
(c) Bid Deadline: All bids would have to be received not
later than 11:00 a.m. prevailing Eastern time, by
Feb. 11, 2008. The Debtors would provide the UAW with
notice of all Qualified Bidders and their contact
information.
(d) Bid Requirements: All bids would be required to include
certain documents, including a good-faith deposit of
US$750,000.
(e) Qualified Bids: To be deemed a "Qualified Bid," a bid
would be required to be received by the Bid Deadline and,
among other things, (i) be on terms and conditions that
are substantially similar to, and are not materially more
burdensome or conditional to the Debtors than, those
contained in the Agreement, (ii) have a value of the
Purchase Price plus the amount of the US$1,500,000 Break-
Up Fee and the Expense Reimbursement, plus US$500,000 in
the case of an initial Qualified Bid, plus US$250,000 in
the case of any subsequent Qualified Bids over the
immediately preceding highest Qualified Bid.
(f) Conduct Of Auction: If the Debtors receive at least one
Qualified Bid in addition to that of ND Acquisition, they
would conduct an auction of the Acquired Assets at 10:00
a.m. (prevailing Eastern time) on February 13, 2008, or
at a later date.
(g) Selection Of Successful Bid: After the conclusion of the
Auction, the Debtors, in consultation with their
advisors, would review each Qualified Bid and identify
the highest or otherwise best offer for the Acquired
Assets and the bidder making the bid. The Debtors would
sell the Acquired Assets for the highest or otherwise
best bid to the Successful Bidder upon the approval of
the Court after the sale hearing.
(h) Sale Hearing: The Debtors request that the hearing to
consider the sale to ND Acquisition, or the winning
bidder, be scheduled for February 21, 2008, at 10:00
a.m., prevailing Eastern time. If the highest bidder
fails to consummate the sale for specified reasons, then
the second highest bid would be deemed to be the
successful bid.
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
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 $23,851,000,000 in total
debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007. The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.
(Delphi Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
FLOWSERVE CORP: 2007 Full-Year Bookings Up 19% to 4.3 Billion
-------------------------------------------------------------
Flowserve Corp. reported record bookings for both the fourth
quarter and full year of 2007. Fourth quarter bookings were up
19 percent over the prior year quarter to approximately
US$1.1 billion, while full year bookings increased 19 percent
over 2006 to US$4.3 billion.
Fourth quarter 2007 bookings increased approximately 19 percent,
to a record of approximately US$1.1 billion, including currency
benefits of approximately US$75 million. This compares to
bookings of US$934 million in the same period a year ago. Full
year 2007 bookings increased about 19 percent, to a record of
approximately US$4.3 billion, including currency benefits of
approximately US$200 million. This compares to bookings of
US$3.6 billion for full year 2006.
"We are very pleased with our continued strong bookings growth
and are excited about the outlook for 2008 due to the robust
markets we are seeing," said Lewis Kling, Flowserve's President
and Chief Executive Officer. "We also believe that our strong
execution abilities are enabling us to take market share from
our competitors."
About Flowserve
Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services. Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services. Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1. Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.
FORD MOTOR: Appoints Mr. Osborne as New President of AU Unit
------------------------------------------------------------
Ford Motor Australia appoints a new president as it moves to
play a bigger role in the automaker's global operations, the
Australian Associated Press reports.
According to the report, Bill Osborne, who is currently the
chief executive officer of the Ford Motor Company in Canada,
will take over the post as president next month. Former
Australia chief Tom Gorman, who has led the company for almost
four years, is leaving the company to take up other business
opportunities, relates AAP.
The change comes following one of Ford's most turbulent years in
Australia, which included a decision to close its engine plant
in Geelong in 2010, a move that would cut 600 jobs, relates AAP.
Ford believes its decision to close the Geelong facility will
allow it to improve efficiencies and cut costs as it replaces
the locally made engine with one sourced from the United States.
The Geelong plant closure, states AAP, was prompted by a falling
demand for large cars in Australia due to rising cost of fuel.
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-Latin America 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.
ICONIX BRAND: Continues Expansion with Three License Agreements
---------------------------------------------------------------
Iconix Brand Group, Inc. has entered into license agreements for
its Royal Velvet (R), Badgley Mischka (R), Rocawear (R), London
Fog (R), Op (R) and Rampage (R) brands that expand existing
product categories and open new markets.
Domestically, Iconix Brand has entered into a license agreement
for its newly acquired home brand, Royal Velvet, with Mohawk
Home for bath and scatter rugs. Mohawk Home, a division of
Mohawk Industries, will debut the new Royal Velvet collections
for Spring 2008. Under the terms of the agreement, Mohawk Home
will manufacture and produce bath, scatter and kitchen rugs to
be sold in the United States and Canada in department and
specialty stores as well as online retailers.
Continuing to grow its Badgley Mischka brand's licensing
portfolio, the company announced a long-term license agreement
with Zalemark for Badgley Mischka fine jewelry. The luxurious
jewelry collection will be distributed through high-end retail
stores and will launch for Fall 2008 at the May 2008 Couture
tradeshow.
The company has entered into a license agreement with K&M
Jewelry for its Rocawear brand. K&M will manufacture and
distribute Rocawear costume jewelry and will launch the first
collection for Fall 2008 at the MAGIC tradeshow in February.
Additionally, the company has signed a license agreement with
Synclaire Brands/BCNY to manufacture and distribute London Fog
women's and men's socks and women's hosiery which will be sold
at department stores throughout the United States.
Internationally, the company has signed a long-term master
license agreement with Pena Group to distribute the Rampage
brand exclusively in Thailand. Pena Group is one of the leading
manufacturers and fashion retailers in Thailand, with more than
100 free standing retail stores and 150 shop-in-shops throughout
Thailand and currently holds the license for a variety of
international fashion brands including Nautica, Ecko Unlimited
and Diesel in Thailand. The company has also extended a master
license for its Op brand with MGS for men's, women's and
children's apparel and accessories including bags and backpacks
in Israel.
Iconix Chairperson and Chief Executive Officer, Neil Cole
stated, "We are pleased to welcome our new partners to our
expansive network of over two hundred licensees worldwide.
Iconix continues to grow and we are always excited to pair with
industry leaders as we expand our brands into complete lifestyle
collections in the Unites States and abroad."
Separately, the company is reaffirming its previously stated
guidance for the full years 2007 and 2008. For 2007, the
company is reaffirming revenue and fully diluted EPS at the
higher end of its ranges of US$150 to US$160 million and US$0.96
to US$1.00 respectively. For 2008, the company is reaffirming
its previously stated guidance of revenue between US$240 to
US$250 million and fully diluted EPS between US$1.35 and
US$1.40. As announced earlier, management will be presenting
this afternoon at the 10th Annual ICR XChange Conference. The
audio portion of the presentation will be webcast live. The
presentation materials will be posted at the company's web site.
The webcast can be found in the investor relations section of
the company website.
About Iconix Brand
Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market. The company licenses its
brands to retailers and manufacturers worldwide. The group has
international licenses in Mexico, Japan and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2007, Standard & Poor's Ratings Service has assigned
its bank loan and recovery ratings to apparel brand manager and
licensor Iconix Brand Group Inc.'s proposed US$60 million add-on
term loan facility. The add-on was rated 'BB', two notches
above the corporate credit rating, with a '1' recovery rating,
indicating the expectation of very high (90%-100%) recovery in
the event of a default.
At the same time, S&P raised the rating on the existing US$212.5
million loan facility to 'BB', from 'BB-', and revised the
recovery rating to '1' from '2'.
S&P affirmed the 'B+' corporate credit rating on the company.
The outlook is negative. The group had about US$642.2 million
in debt at Sept. 30, 2007.
JAPAN AIRLINES: Weighs Business Impact of Boeing Delivery Delay
---------------------------------------------------------------
The Wall Street Journal reports that Japan Airlines
International Company is weighing the potential impact that
Boeing Co.'s delivery delay would bring to its business.
According to Japan Times, Japan Airlines and rival All Nippon
Airways Co. are scheduled to be the first recipients of the new
Boeing 787 Dreamliner. Boeing, the report says, won't start
delivering the B787 until early 2009 after suppliers failed to
complete production work on time.
Japan Airlines spokesman Atsushi Abe told Japan Times that the
carrier may seek compensation from the U.S. plane maker after
the second delay in the aircraft's delivery.
WSJ notes that Japan Airlines, which has 35 orders for the B787,
with an option to buy 20 additional planes, said it is still
looking into the delivery schedule with Boeing.
ANA, on the other hand, will examine the effect the delay will
have on its expansion plans before making a decision, the Times
cites ANA spokesman Rob Henderson as saying.
WSJ points out that Boeing's latest delay, which is by about
three months, comes as airlines around the world step up efforts
to modernize their fleets to boost fuel and operating
efficiencies as they deal with high fuel prices. This, WSJ
says, has put pressure on aircraft makers to come up with
advanced models that combine the best in engine performance with
environmentally friendly technology.
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.
NIPPON PAPER: Loses Key Clients, Report Says
--------------------------------------------
Fuji Xerox Co. said that it will immediately stop selling
recycled copy and printer paper made by Nippon Paper Group Inc.
following revelations that it lied about the content of its used
paper products, Japan Times reports.
The Times adds that other clients -- Canon Marketing Japan Inc.,
Konica Minolta Holdings Inc. and Ricoh Co. -- decided to follow
suit.
The report recounts that Nippon Paper admitted last week that it
had sold recycled paper products containing smaller-than-claimed
amounts of used paper.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2008, Nippon Paper President Masatomo Nakamura had
indicated on Wednesday last week that he will resign from his
post at a yet-undetermined date to take the blame for the
scandal.
The Times notes that among paper products subject to the law
requiring the central and local governments to take into account
environmental protection when making purchases, the actual ratio
of waste paper used by Nippon Paper was 59% for copy paper,
compared with the company's claim of 100%; 35% for notebook
paper, against the claimed 80%; and 50% for printing paper,
against 70%.
The report says that according to Japan Post Holdings Co., four
other leading paper mills -- Oji Paper Co., Daio Paper Corp.,
Mitsubishi Paper Mills Ltd. and Hokuetsu Paper Mills Ltd. --
committed the same wrongful action in producing New Year's
greeting cards.
Fuji Xerox and other clients, who have kicked off internal
investigations, are set to stop selling recycled copy and
printer paper made by the other mills besides Nippon Paper, if
they are also proven to have lied about the used paper content,
the Times adds.
Nippon Paper Group, Inc. -- http://www.np-g.com/-- is a Japan-
based holding company mainly engaged in the paper manufacturing
business. The Company is active in four business segments. Its
Paper and Pulp segment manufactures and sells foreign paper,
paperboards and paper pulp, as well as paper for household,
newspaper and phone directory use. This segment is also
involved in the import sale and overseas sale of paper products.
The Paper-related segment offers processed paper products, such
as paper containers and adhesive-related products, in addition
to cardboards, chemical products and others. Its Wooden
Material, Construction Material and Civil Engineering-related
segment is engaged in the purchase and sale of wooden materials,
the purchase, manufacture and sale of construction materials and
the civil engineering-related business. The Others segment is
involved in the distribution business, the manufacture and sale
of soft drinks, the supply of electrical power and the leisure
business, among others.
The Troubled Company Reporter Asia-Pacific reported on
September 20, 2007, that Standard & Poor's Rating Agency
affirmed its BB+ long-term corporate credit rating with a stable
outlook on Nippon Paper Group Inc. reflecting the company's
prospects for improved profitability and cash flow generation
and a limited increase in the company's financial burdens
despite the continuing high level of capital expenditures.
* Failed Firms' Debts Hit JPY5.73 Trillion in 2007
--------------------------------------------------
Debts left by failed companies totaled JPY5.73 trillion in 2007,
up 4.1% from that of 2006, due partly to a large-scale
bankruptcy in the real estate sector, Japan Times reports,
citing private credit-research agency Tokyo Shoko Research.
According to the report, this is the first increase in seven
years.
The number of corporate bankruptcies in 2007 rose 6.4% to 14,091
firms, up for the second straight year, with many companies in
the construction and manufacturing sectors going under, the
report notes.
The Times relates that data showed the uptrend in corporate
bankruptcies is becoming clearer after they hit bottom in 2005.
The collapse of real estate firm Azabu Buildings Co. in August,
which left debts of JPY564.8 billion, boosted the overall debts
left by failed firms, the agency said.
According to the report, the number of construction firms that
went bankrupt came to 4,018, topping the 4,000 mark for the
first time in three years. Of them, 24 collapsed due to tougher
building regulations introduced in June.
Moreover, the Times notes that the number of manufacturing
bankruptcies came to 2,022, rising for the first time in six
years due to soaring oil prices that raised the costs of raw
materials.
The Times explains that these statistics cover bankrupt
companies with debts of JPY10 million or more.
The number of bankruptcies involving debts of JPY1 billion or
more increased 7.4% to 766, while the number of bankruptcies
that resulted in the liquidation of the businesses concerned hit
a record high 8,020, the Times further writes.
The Times cites another private research firm, Teikoku Databank,
as recording that the number of corporate bankruptcies in 2007
increased 17.2% from a year earlier to 10,959, leaving debts of
JPY5.49 trillion, up 4.2%. The Teikoku Databank report covers
only failures filed with courts and involving debts of
JPY10 million or more.
=========
K O R E A
=========
DAEWOO E & C: Shares Drops 10. 5% on Korea Express Deal Worries
---------------------------------------------------------------
Daewoo Engineering & Construction's shares sank 10.5% on January
17, on concerns it may foot most of the bill for a majority
stake in logistics firm Korea Express, various reports say.
As reported by the Troubled Company Reporter-Asia Pacific on
September 11, 2007, Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.
According to Bloomberg News, the construction company plunge 10%
to KRW20,050 at the 3:00 p.m., the lowest in three years in
Seoul trading.
An analyst told Bloomberg that Kumho-Asiana Group, led by bid
partners Asiana Airlines Ltd and Daewoo E & C, is set to be
named preferred bidder for a stake in Korea Express. The deal,
costing at least US$2.5 billion, may add to the company's debt
and stunt earnings' growth, analysts added.
An unnamed court official, Reuters relates citing Yonhap News,
said that Kumho Asiana offered around KRW4 trillion to buy a 50%
stake plus one share in Korea Express, including new shares.
The proposed price is three times market value of Korea Express,
the report adds.
Kim Yeon-hee and Rhee So-eui of Reuters relates that the group
already owned a 14% stake in the logistics firm as of September
2007.
The sale will give Goldman Sachs further handsome profits from
South Korean assets, this time from its 26% stake in the
logistics firm, Reuters notes.
Bloomberg adds that buying Korea Express will help Daewoo
Engineering expand overseas because of its international
network, particularly in Libya.
About Korea Express Co.
Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services. The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs. Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines. Korea Express also operates
Internet home shopping business.
Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co. Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.
In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.
Korea Investors Service gave the company a BB rating.
About Daewoo Engineering
Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities. In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.
Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.
In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, dislosed a proposed auction of
the construction firm. Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.
The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea. The company's market value
rose 70% in 2005 to KRW4.5 trillion. Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue. Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.
DURA AUTOMOTIVE: Gets Lenders Consent To Amend DIP Loan Terms
-------------------------------------------------------------
DURA Automotive Systems, Inc., said in a filing with the
Securities and Exchange Commission that it received the
necessary consents from its lenders to amend the terms of the
Revolving DIP Credit Agreement and the Term Loan DIP Credit
Agreement to, among other things,
(i) extend their final maturity dates from Dec. 31, 2007 to
Jan. 31, 2008,
(ii) restrict outstandings under the Revolving DIP Credit
Agreement to a maximum amount of US$48 million,
(iii) waive the minimum EBITDA covenant under the Revolving DIP
Credit Agreement during January 2008 and extend the
capital expenditure covenant set forth in the Term Loan
DIP Credit Agreement,
(iv) incorporate a new minimum excess availability covenant in
the Revolving DIP Credit Agreement and
(v) increase the interest rate set forth in the Term Loan DIP
Credit Agreement by 2.00%.
Debtors Obtain Reduction of Carve-Out Cap
Marc Kieselstein, P.C., Esq., at Kirkland & Ellis, LLP, in
Chicago, Illinois, tells the Court that the Amended DIP
Documents contemplate the reduction of the Carve-Out Cap and
provided specific consent of the Postpetition Secured Parties to
the reduction.
Mr. Kieselstein says reduction of the Carve-Out Cap will provide
the Debtors with enhanced access to working capital to fund
ongoing operations.
In this regard, the Debtors submitted an amended Final DIP Order
to add a paragraph implementing the reduction in the Carve-Out
Cap, consistent with the DIP Amendments.
The Court's order approving the request provides that Carve-Out
Cap is reduced from US$10 million to US$5 million.
Copies of the Amendment No. 4 and Waiver with Respect to
Revolving DIP Credit Agreement and Amendment No. 5 and Waiver
with Respect to Term Loan DIP Credit Agreement are available at:
http://ResearchArchives.com/t/s?270f
http://ResearchArchives.com/t/s?2710
The company expects that it will need to obtain additional
amendments to further extend the final maturity dates of the
Revolving DIP Credit Agreement and the Term Loan DIP Agreement
or refinance the Term Loan DIP Agreement.
About DURA
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. (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DURA AUTOMOTIVE: Seeks Okay for 2008 Management Incentive Plan
--------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve a
key management incentive plan for the year 2008, which will
cover 220 participants consisting of middle and senior
management positions in North America and globally, including
their chief executive officer.
The 2008 KMIP will be effective for six months, from
Jan. 1, 2008, to June 30, 2008. The KMIP proposes a two three-
month performance measurement and payout periods:
* Threshold pay-out: If the Debtors achieve 90% of adjusted
EBITDA goals, participants will receive 50% of their
individual target bonus opportunities; and
* Maximum pay-out: If the Debtors achieve 120% of adjusted
EBITDA goals, participants will receive 150% of their
individual target bonus opportunities.
Under the 2008 KMIP, participants' target bonus opportunities
range from 5% to 80% of each participant's base salary. Target
bonus opportunities for participants in the previous KMIP were
reduced in the 2008 KMIP to allow greater number of
participants, Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, P.A., in Wilmington, Delaware, tells the Court.
The Debtors' CEO will be awarded a US$2.5 million bonus if the
Debtors emerge from Chapter 11 by June 30, 2008. If Debtors do
not emerge from Chapter 11 by July 30, the CEO's bonus will be
reduced by US$250,000 per month through and including Dec. 31.
Furthermore, if the Debtors will not emerge from Chapter 11 by
Dec. 31, 2007, the CEO's bonus will be reduced to zero.
The Debtors anticipate to pay approximately US$6 million at the
achievement of target EBITDA.
The Debtors will make payments on completion of each of the
three-month performance periods, as dictated by the company's
achieved EBITDA at that time and as determined by the company's
board of directors. The CEO's Bonus will be paid on the
Debtors' exit from Chapter 11.
Mr. DeFranceschi says the 2008 KMIP aims to properly incentivize
those key employees who have worked diligently towards -- and
were highly focused on -- the Debtors' exit from Chapter 11 by
Dec. 31, 2007.
Recent developments in the Debtors' bankruptcy cases have
"engendered uncertainty among the Debtors' key employees," he
tells the Court. As previously reported, the Debtors were
unable to get the Court's approval of their plan of
reorganization after they failed to obtain a favorable exit
financing.
"It is important that these key employees remain engaged and
properly incentivized to maximize the Debtors' financial and
operational performance, thereby maximizing the Debtors' value
and creditor recoveries," he further asserts.
Toward this end, the Debtors retained Watson Wyatt Worldwide as
their compensation consultant to craft an appropriate key
employee incentive plan. Mr. DeFranceschi tells the Court that
the 2008 KMIP is fundamental to motivating key employees to
achieve or exceed the Debtors' financial and operational
restructuring goals.
The Debtors' previously Court-approved KIMP expired on
Dec. 31, 2007, and the Debtors' compensation structure continues
to be below the medial level of compensation provided by
comparable companies in the marketplace, he adds.
About DURA
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. (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
KOREA EXPRESS: Names Kumho-Asiana Group as Preferred Bidder
-----------------------------------------------------------
Korea Express Co. Ltd. named Kumho-Asiana Group, through
affiliates Asiana Airlines Ltd. and Daewoo E & C, as the
preferred bidder for a controlling stake in the company, various
reports say.
As reported by the Troubled Company Reporter-Asia Pacific on
September 11, 2007, Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.
Forbes citing Yonhap News, reports that Kumho-Asiana plans to
sign a memorandum of understanding to purchase 24 million new
shares, amounting to a 60% stake, in Korea Express on Jan. 25.
A formal agreement would be signed on February 22, after the
conglomerate completes due diligence on Korea Express, the
report adds.
Kumho-Asiana, with assets of KRW22.8 trillion, out-bid Hanjin
Group, LS Cable, GS, Nonghyup, Hyundai Heavy Industries, and STX
who are all said to have been interested in the offering,
FinanceAsia relates. Intense competition for the asset drove
the winning bid substantially above the minimum price of
KRW2.3 trillion set by Seoul's courts, the report says.
Kim Jin Sung, an analyst at Kyobo Securities Co. in Seoul, told
Bloomberg News that the offer looks too expensive. Uncertainty
still remains for each of the Kumho-Asiana Group affiliates as
they're not disclosing how much they're chipping in, he added.
Bloomberg News notes that Daewoo E & C plunge 10% to KRW20,050
at the 3:00 p. m. on Jan. 17, the lowest in three years in Seoul
trading. The deal, costing at least US$2.5 billion, may add to
the company's debt and stunt earnings' growth , the report
relates.
FinanceAsia notes that the structure of the deal does not
provide an exit for existing shareholders. Some sources deem
this surprising since Korea Express' three major shareholders
are currently Goldman Sachs, with a 20.6% stake, and STX Pan
Ocean and Kumho-Asiana, each with about 14%, the report says.
It is unlikely that Kumho-Asiana will want STX to retain such a
large shareholding in the company post-acquisition, FinanceAsia
points out.
Merrill Lynch and Samil PricewaterhouseCoopers, FinanceAsia
adds, are managing the sale of Korea Express.
About Korea Express Co.
Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services. The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs. Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines. Korea Express also operates
Internet home shopping business.
Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co. Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.
In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.
Korea Investors Service gave the company a BB rating.
PIXELPLUS: Secures Strategic Design Win from Pantech
----------------------------------------------------
Pixelplus Co. Ltd. has secured a strategic design win to supply
its PO4010 CIF 'System-on-a-Chip' image sensors for use in
upcoming mobile camera phones of Pantech. This design win marks
the Company's first design win acquired from Pantech since
Pixelplus completed its IPO in December 2005. The company
expects to start shipment of its PO4010 to Pantech starting in
the first quarter of 2008.
The PO4010 is based on the company's PlusPixel2(TM) technology
and is one of the industry's smallest and most compact with an
optical size of 1/11 inch. The company developed the PO4010 in
response to the increasing demand for ultra compact camera
modules embedded in mobile devices such as third generation
("3G") mobile phones with dual camera functionality which
utilize two image sensors, a CIF image sensor for
videoconferencing and a higher megapixel image sensor for taking
digital photos.
The company's latest design win obtained from Pantech is
separate from a different design win which the Company had
acquired from a world leading Korean mobile phone manufacturer
in December 2007.
About Pixelplus
Headquartered in Gyeonggi-do, South Korea, Pixelplus Co. Ltd.
(NasdaqGM: PXPL) -- http://www.pixelplus.com/-- is a developer
of high-performance, high-resolution, and cost-effective CMOS
image sensors for use primarily in mobile camera phones. In
addition to mobile phones, Pixelplus provides CMOS image sensors
and SoC solutions for use in webcams and notebook embedded
cameras, toys and games, and security and surveillance system
applications.
Pixelplus Technology Inc.'s business is to manufacture modules
purchased from the company into CMOS image sensor or distribute
the company's products in forms of wafers, chips or modules.
Pixelplus Semiconductor Inc., the company's wholly-owned
subsidiary, serves as the company's U.S. headquarters for sales
and marketing and research and development. The offices of
Pixelplus Semiconductor Inc. are located in San Jose,
California.
Going Concern Doubt
Ernst & Young Hanyong, in Seoul, Korea, expressed substantial
doubt about Pixelplus Co. Ltd.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006. The auditing firm
reported that the company has incurred significant operating
losses in the year ended Dec. 31, 2006, and working capital
decreased significantly between Dec. 31, 2005, and 2006.
TRIGEM COMPUTER: Representatives File 6TH Section 1518(1) Report
----------------------------------------------------------------
Charles D. Axelrod, Esq., at Stutman, Treister & Glatt P.C., in
Los Angeles, California, on behalf of Il-Hwan Park, the foreign
representative for TriGem Computer, Inc., delivered to the U.S.
Bankruptcy Court for the Central District of California a sixth
status report pursuant to Section 1518(1) of Chapter 15 of the
Bankruptcy Code on January 14, 2008.
Mr. Axelrod reports that the Suwon District Court, Bankruptcy
Division, in the Republic of Korea, ruled on January 2, 2008,
that TriGem's corporate reorganization proceedings in South
Korea has been completed pursuant to Article 3 of the Addendum
of the Act on Reorganization and Bankruptcy of Debtors and
Article 272.1 of the old Act on Corporate Reorganization.
As previously reported, parties-in-interest in TriGem's
bankruptcy proceeding before the Korea Bankruptcy Court approved
on October 4, 2007, by the required votes a final amendment to
TriGem's amended plan of reorganization, which incorporated the
terms of the Second M&A Tender.
The Korea Bankruptcy Court subsequently confirmed TriGem's final
amended plan. TriGem's reorganization plan calls for the sale
of the company's assets through a merger and acquisition type
transaction.
Individual shareholders of TriGem have filed an appeal with
respect to the Korea Bankruptcy Court's confirmation order. The
shareholders were not pleased with the reduction of TriGem's
capital as contemplated by the final amended plan, Mr. Axelrod
says.
Mr. Axelrod says that in December 2007, TriGem settled with the
the individual shareholders and they eventually withdrew their
appeal. Since no injunctive relief was sought in connection
with the individual shareholders' appeal, all actions scheduled
to take in the Foreign Proceeding will still occur, except for
the issuance of a final decree by the Korea Bankruptcy Court.
Pursuant to the amended plan, TriGem would repay its secured
debt and liens with KRW122,000,000,000 given by Celrun Co. Ltd.
for the acquisition of TriGem.
In its January 2 ruling, the Korea Bankruptcy Court stated that
from a total secured debt of KRW121,158,275,383 exclusive of
debt converted into equity, TriGem repaid KRW112,297,281,791 in
two installments on November 9, 2005 and November 16, 2005. The
remainder of KRW8,860,993,592 including secured debt has not
been repaid yet.
As of November 30, 2007, and after TriGem's repayment of
approximately 92% of its total secured debt, TriGem estimated
assets of KRW201,400,000,000 and estimated liabilities of
KRW74,400,000,000.
The Korea Bankruptcy Court said that the Receivership Committee
of the Suwon District Court confirmed that TriGem's
reorganization proceeding will be deemed to be fully completed
earlier than the planned schedule and the creditors either
agreed or confirmed that they had no opinion on the completion
of the reorganization proceeding.
The Korea Bankruptcy Court found that TriGem has normalized its
financial and business conditions through acquisition by a third
party with financial capabilities and it repaid most its secured
debt and liens by carrying out its reorganization plan in good
faith.
Considering the financial structure, corporate governance,
recent sales and operational profit records, technological
capability and marketing power, and management plan and
capability of TriGem and Celrun, the Korea Bankruptcy Court
concluded that TriGem will continue to perform its
reorganization plan without any problem.
Mr. Axelrod also reports that TriGem commenced on December 26,
2007, Adversary Proceeding No. 07-01924 against Toshiba
Corporation, David Packard and John E. Hock.
In its complaint, TriGem asked the Bankruptcy Court to
permanently enjoin the continuation of a prepetition lawsuit
commenced by Toshiba, Messrs. Packard and Cock against TriGem in
the U.S. District Court for the Central District of California.
In the alternative, TriGem requested that the Bankruptcy Court
allow its Chapter 15 case to remain open in perpetuity so that
the automatic stay will continue and obviate the need to
permanently enjoin the continuation of Toshiba, et al.'s
litigation.
When the adversary proceeding has been concluded, Mr. Park will
then address the propriety of closing TriGem's Chapter 15
proceeding, says Mr. Axelrod.
A full-text copy of TriGem's status report dated January 14,
2008, is available at no charge at:
http://chapter15.com/c15_files/20080116/0021StatusReportNo6.pdf
Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world. Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052). Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.
TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972). TriGem Texas, Inc., another affiliate of
the Debtor, also filed for chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047).
On Sept. 13, 2007, TriGem filed Draft Plan Amendments in Korea
and on September 20 filed a Final Plan Amendment. The Korean
Court confirmed Trigem's Amended Plan on Oct. 4, 2007. (TriGem
Bankruptcy News, Issue No. 12 Bankruptcy Creditors' Service,
Inc., 215/945-7000).
===============
M A L A Y S I A
===============
APL INDUSTRIES: Proposes to Amend to Memorandum of Association
--------------------------------------------------------------
APL Industries Berhad has resolved to undertake the Proposed
Amendment to the Memorandum of Association. The Proposed
Amendment entails the:
-- proposed share capital reduction of APL’s existing issued
and paid-up share capital of MYR347,611,928 comprising
347,611,928 ordinary shares of MYR1.00 each, via
cancellation of MYR0.93 of the par value of ordinary
shares of MYR1.00 each in APL pursuant to Section 64 of
the Companies Act, 1965. The issued and paid-up share
capital of APL will be reduced to MYR24,332,835 comprising
347,611,928 ordinary shares of MYR0.07 each upon
completion of the Proposed Capital Reduction;
-- proposed consolidation of the entire issued and paid-up
share capital of APL after the Proposed Capital Reduction
of MYR24,332,835 comprising 347,611,928 ordinary shares of
MYR0.07 each via the consolidation of 100 ordinary shares
of MYR0.07 each into 70 ordinary shares of MYR0.10 each.
The issued and paid-up share capital of APL will be
MYR24,332,835 comprising 243,328,350 Shares upon
completion of the Proposed Capital Consolidation; and
-- pProposed renounceable rights issue of 729,985,050 new
Shares at an indicative issue price of MYR0.135 per Rights
Share, on the basis of three Rights Shares for every one
Share held by the entitled shareholders of APL after the
Proposed Capital Reconstruction, whose names appear in the
Record of Depositors on an entitlement date to be
determined later.
In conjunction with the Proposed Capital Reconstruction and
Proposed Rights Issue, APL proposes to undertake the Proposed
Amendment in order to amend its Memorandum of Association to
reflect the change in the par value of APL’s ordinary share
capital from MYR1.00 each to MYR0.10 each.
Subsequent to the Proposed Amendment, the authorized share
capital of APL of MYR800,000,000 will comprise 8,000,000,000
Shares.
* Rationale for the Proposed Amendment
The Proposed Amendment is necessary to enable APL to undertake
the Proposed Capital Reconstruction and subsequently the
Proposed Rights Issue. The Proposed Capital Reconstruction
together with the Proposed Rights Issue would enable the company
to remove itself from being classified as an affected listed
issuer under Practice Note 17 of the Listing Requirements issued
by Bursa Malaysia Securities Berhad.
* Effects of the Proposed Amendment
The Proposed Amendment will not have any effect on APL's issued
and paid-up share capital, earnings, net assets, gearing,
dividend rate and substantial shareholders’ shareholdings.
* Approval Required
The Proposed Amendment is subject to the approval being obtained
from the shareholders of APL at an extraordinary general meeting
to be convened.
The Proposed Capital Reconstruction and Proposed Rights Issue
are conditional upon the Proposed Amendment but not vice versa.
APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe. Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.
The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.
ASPEN TECH: Reports Preliminary 2008 Second Quarter Results
-----------------------------------------------------------
Aspen Technology Inc. has disclosed selected preliminary
financial results for the second quarter of fiscal 2008.
The company reported license bookings of approximately
US$66 million during the second quarter of fiscal 2008, with
license bookings defined as the total net present value of all
license contracts signed in the quarter. This represents an
increase of approximately 10% compared to license bookings of
approximately US$60 million in the second quarter of fiscal
2007.
For the first six months of fiscal 2008, ending Dec. 31, 2007,
the Company generated license bookings of approximately
US$102 million, representing an increase of over 20% compared to
the same time period in fiscal 2007.
The company ended Dec. 31, 2007, with US$131 million in cash and
cash equivalents, which is an increase from the end of the prior
quarter primarily due to strong license bookings and continued
focus on managing costs and expenses, offset by a previously
disclosed US$4 million payment the company elected to make in
December to satisfy the remaining balances of a loan agreement.
The company continues to have full access to its installments
receivable financing facilities. However, the company elected
to reduce the level of cash proceeds from sales of installments
receivable by approximately 30%, or US$20 million, compared to
the first six months of fiscal 2007 during a period that license
bookings increased by over 20%.
Mark Fusco, the company's Chief Executive Officer, said, "While
the company's finance organization is working diligently to
bring the company's financial statements up-to-date, the focus
and execution of our customer facing operations remains at a
high level. Combined with continued strength in market demand
and interest for our aspenONE suite, this has enabled the
company to generate over 20% growth in license bookings on a
fiscal year-to-date basis. We continue to be optimistic about
the long-term fundamental outlook for the Company based on our
industry leading domain expertise, unique suite of aspenONE
solutions and solid demand we continue to see in our core
markets."
The company also announced that Deloitte & Touche LLP, the
company's independent registered public accounting firm, is
declining to stand for re-appointment for the fiscal 2008 audit.
There is no disagreement between the company and Deloitte on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.
AspenTech's Audit Committee has begun the process of selecting a
successor independent registered public accounting firm, and it
will make an announcement when this process concludes.
Deloitte's decision does not impact their engagement to complete
the audit of AspenTech's financial statements as of
June 30, 2006 and 2007 and for each of the three years in the
period ending June 30, 2007. In addition, Deloitte has agreed
to be engaged for the review of the company's interim
consolidated financial statements included in its Quarterly
Report on Form 10-Q for the quarter ended Sept. 30, 2007. While
substantial progress has been made in these efforts, the company
has requested from the Nasdaq Listings Qualification Panel an
additional extension to February 8 to file the above financial
statements and related reports with the SEC and comply with
Nasdaq listing requirements. There can be no assurance that the
Nasdaq Listing Qualifications panel will grant the company's
request, and failure to grant the request would likely result in
the company's securities being delisted from the Nasdaq Global
Market.
Brad Miller, Aspen's Chief Financial Officer, said "We believe
we are in the final stages of completing our work on the
accounting positions related to income taxes. Once completed,
this would bring to close the previously disclosed detailed
review of our financial accounting and put the company in a
position to become current in its filings."
About Aspen Technology
Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations. The company has operations in
Brazil, Malaysia and France.
* * *
Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating. Moody's said the outlook
is stable.
The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.
SHAW GROUP: Will Provide Engineering Services for Two Plants
------------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
a contract to provide proprietary technology, engineering and
procurement services for two 200,000 metric tons per annum
acrylonitrile butadiene styrene plants for Tianjin Dagu Chemical
Industry Co., Ltd. The plants will be located in Tianjin
Industrial Park, Lingang Industry Area, in the city of Tianjin.
The value of Shaw's contract, which has been included in the
company's previously announced backlog, was not disclosed.
The contract covers the licensing, process design package,
detailed engineering support, training and commissioning of the
plants as well as procurement of proprietary and critical
equipment. Shaw's agreement with SABIC Innovative Plastics
Technologies, Inc. (formally GE Plastics Global Technology, LLP)
will enable the two Tianjin Dagu plants to utilize the licensed
styrenic emulsion ABS technology.
"We are pleased to be the first company in the world selected by
SABIC Innovative Plastics to license its leading ABS
technology," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw. "We look forward to working
with our long-term client, Tianjin Dagu, on this important
project as we further establish Shaw as a market leader in the
Chinese petrochemicals market."
In 2007, Shaw announced another contract with Tianjin Dagu
Chemical Industry Co., Ltd. to provide technology, basic
engineering and critical equipment procurement services for a
500,000 metric tons per annum ethylbenzene/styrene monomer
(EB/SM) plant also located in Tianjin, China.
Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers. It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries. The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution. In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.
The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.
* * *
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006. S&P said the outlook is stable.
In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.
TANCO HOLDINGS: Regularizes Financial Condition
-----------------------------------------------
Tanco Holdings Berhad has regularized its financial condition,
thus, it no longer triggers any of the criteria under Practice
Note No. 17/2005.
As reported by the Troubled Company Reporter-Asia Pacific on
January 3, 2008, the company has completed its debt
restructuring scheme. Accordingly, all scheme creditors had
been paid the Settlement Sum in accordance to the terms and
conditions of the Scheme of Arrangement and has acknowledged
receipt of the Settlement Sum.
Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services. Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding. The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.
This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Tanco Holdings Bhd until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.
====================
N E W Z E A L A N D
====================
AF LTD: Creditors' Proofs of Debt Due on January 25
---------------------------------------------------
The creditors of AF Ltd. are required to file their proofs of
debt by January 25, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on December 21,
2007.
The company's liquidator is:
Richard Burge
PO Box 30568, Lower Hutt
New Zealand
Telephone:(04) 569 9069
AIR NEW ZEALAND: Confident of Aircraft On-Time Deliveries
---------------------------------------------------------
Air New Zealand remains confident its Boeing 787 Dreamliners
will be delivered on time even though Boeing is set to announce
that deliveries will be delayed, Grant Bradley of the New
Zealand Herald reports.
Air New Zealand continued to be reassured by Boeing that the
787-9 program remained on schedule, the report quoted quoted an
unnamed of spokesperson of the carrier as saying.
Boeing, however, is poised to announce that first deliveries of
the carbon composite aircraft will be delayed by a further three
months, leaving the program up to 10 months behind schedule, the
Herald relates.
The spokesperson told the Herald that in the event of delays,
ANZ has “retained sufficient flexibility” in its portfolio of
aircraft to ensure no capacity shortfall arises. “[W]e can
continue to support existing demand and our expansion plans," he
assured.
Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business. Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.
Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating. At the
same time, it has changed the outlook on the rating to positive
from stable.
ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.
APEX TRANSPORT: Creditors' Proofs of Debt Due on January 31
-----------------------------------------------------------
The creditors of Apex Transport Ltd. are required to file their
proofs of debt by January 31, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
Arron Leslie Heath
Rachel Karen Mason
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
BLACKBRIDGE OLIVES: Appoints Simpson and Ruscoe as Liquidators
--------------------------------------------------------------
On December 19, 2007, Grant Simpson and David Ian Ruscoe were
appointed liquidators of Blackbridge Olives Ltd.
Creditors who were not able to file their proofs of debt by the
January 18, 2008 deadline will be excluded from the company's
dividend distribution
The Liquidators can be reached at:
Grant Simpson
David Ian Ruscoe
c/o Grant Thornton
AXA Building, Level 13
80 The Terrace
PO Box 10712, Wellington
New Zealand
Telephone:(04) 474 8500
Facsimile:(04) 474 8509
GROVE ROAD: Placed Under Voluntary Liquidation
----------------------------------------------
On December 10, 2007, members of Grove Road Ltd. resolved to
voluntarily liquidate the company's operations.
Bruce William Stormer was then appointed as liquidator.
The Liquidator can be reached at:
Bruce William Stormer
354 Lambton Quay, Level 2
Wellington
New Zealand
Telephone:(04) 472 4815
Facsimile:(04) 473 7011
GROWTH PROPERTY: Taps Robert James Taylor as Liquidator
-------------------------------------------------------
The shareholders of Growth Property Group Ltd. appointed Robert
James Taylor as the company's liquidator.
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 company's liquidator is:
Robert James Taylor
Christmas Gouwland & Co
PO Box 106090, Auckland
New Zealand
Telephone:(09) 309 1799
Facsimile:(09) 307 3113
M.I. PLASTERING: Commences Liquidation Proceedings
--------------------------------------------------
M.I. Plastering (2000) Limited commenced liquidation proceedings
on December 18, 2007.
Grant Bruce Reynolds was then appointed as liquidator.
The Liquidator can be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
PO Box 259059, Greenmount
East Tamaki, Auckland
New Zealand
Telephone:(09) 522 5662
Facsimile:(09) 534 5699
MAGPIE HOLDINGS: Fixes Jan. 18 as Last Day to File Claims
---------------------------------------------------------
Magpie Holdings Ltd. requires its creditors to file their proofs
of debt by January 18, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Richard Grant Simpson
David Ian Ruscoe
Grant Thornton
AXA Building, Level 13
80 The Terrace
PO Box 10712, Wellington
New Zealand
Telephone:(04) 474 8500
Facsimile:(04) 474 8509
POD RESTAURANT: Taps Shephard & Dunphy as Liquidators
-----------------------------------------------------
On December 21, 2007, the High Court of Wellington appointed
Iain Bruce Shephard and Christine Margaret Dunphy as liquidators
of Pod Restaurant Ltd.
The Liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
c/o Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street
Wellington
New Zealand
Telephone:(04) 473 6747
Facsimile:(04) 473 6748
TOWER COMMERCIAL: Fixes Feb. 8 as Last Day to File Claims
---------------------------------------------------------
The creditors of Tower Commercial Properties Ltd. are required
to file their proofs of debt by February 8, 2008, for them to be
included in the company's dividend distribution.
The company's liquidator is:
William Gavin Barnes
W. G. Barnes
PO Box 102061, North Shore Mail Centre
Auckland
New Zealand
Mobile:(021) 830 578
Facsimile:(09) 444 1988
TRAFFIC CONTROL: Shareholders Opt to Shut Down Business
-------------------------------------------------------
The shareholders of Traffic Control Services Ltd. met on
December 18, 2007, and resolved to voluntarily liquidate the
company's business.
Grant Bruce Reynolds was then appointed as liquidator.
The Liquidator can be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
PO Box 259059, Greenmount
East Tamaki, Auckland
New Zealand
Telephone:(09) 522 5662
Facsimile:(09) 534 5699
VTL SECURITY: Placed Under Voluntary Liquidation
------------------------------------------------
VTL Security Services Limited was placed under voluntary
liquidation on December 18, 2007.
Grant Bruce Reynolds was then appointed as liquidator.
The Liquidator can be reached at:
Grant Bruce Reynolds
c/o Reynolds & Associates Limited
PO Box 259059, Greenmount
East Tamaki, Auckland
New Zealand
Telephone:(09) 522 5662
Facsimile:(09) 534 5699
=====================
P H I L I P P I N E S
=====================
APEX MINING: Names Deogracias Contreras as President & CEO
----------------------------------------------------------
Deogracias Contreras Jr. has been elected as president and chief
executive officer of Apex Mining Co. Inc. effective January 14,
2008.
Mr. Contreras' appointment was approved by the Board of
Directors on January 17, 2008.
Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom. It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao. Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals. The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.
Apex Mining reported a net loss of PHP53.92 million for the year
ended Dec. 31, 2006, following the PHP30.13-million and
PHP7.31-million losses for the years 2005 and 2004,
respectively.
As of Dec. 31, 2006, the company had total assets of
PHP464.44 million and total liabilities of PHP521.58 million,
resulting in a capital deficiency of PHP57.14 million.
ATLAS CONSOLIDATED: Still Undecided About Partnership with TVI
--------------------------------------------------------------
The Atlas Consolidated Mining and Development Corp. is still
undecided about its planned joint venture with TVI Resource
Development regarding the copper-zinc sulphide project in
Canatuan, Zamboanga, and has until January 31 to render a final
decision, ABS-CBN News reports.
According to ABS-CBN, the company wants to conduct a more
thorough due diligence review, and to scrutinize carefully all
of the project's aspects. Atlas also said that the project,
which covers its advances of PHP42 million to TVI, is at an
advanced stage of development and has about three metric tons of
copper deposits with a life span of about six years.
The Philippine Star relates that the project is expected to
begin initial production of copper concentrates by the second
half of this year.
"The mineral resources classified to the Canadian equivalent of
JORC standards contained three metric tons at 1.35 percent
copper,1.05 percent zinc, 0.75 gpt gold and 36.09 gpt silver.
Potential resource exist to the north of the Canatuan MPSA to
extend the estimated mine life beyond six years," Atlas told the
Star.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million. Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.
EXPORT AND INDUSTRY: Plans PHP3.8BB Capital Increase in 2008
------------------------------------------------------------
Export and Industry Bank Inc. is planning to raise its capital
by PHP3.8 billion this year, the Philippine Daily Inquirer
reports.
The Inquirer notes that according to EIB President Nilo Pacheco
and Chairman Jaime Gonzales, the bank recognized the strength of
foreign investors' interest in the banking sector and plans to
utilize it to its advantage. However, they did not specify the
methods of capital-raising, although Mr. Gonzales said that the
bank would prefer raising its Tier-1 capital.
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.
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.
=================
S I N G A P O R E
=================
HSIN SEMICONDUCTOR: Creditors' Meeting Set for January 28
---------------------------------------------------------
The creditors of Hsin Semiconductor Pte Ltd will have their
first meeting on January 28, 2008, at 10:00 a.m., at the 47 Hill
Street, in #08-04 SCCCI Building, Singapore 179365.
At the meeting, the creditors will be asked to:
-- approve the Judicial Managers’ Statement of Proposals;
-- appoint a Committee of Creditors pursuant to Section 227
(O) of the Companies Act (Cap 50);
-- consider any other matter which may properly be brought
before the meeting.
The company's judicial manager is:
Kon Yin Tong
c/o 47 Hill Street
#05-01 SCCCI Building
Singapore 179365
INTERMEC INC: Teams with Apriva to Provide Payment Processing
-------------------------------------------------------------
Intermec Inc. and Apriva have partnered to provide payment
processing capabilities on Intermec's CN3 Mobile Computer,
providing customers the highest level of security for credit
card compliance.
Apriva completed Class A certification of the CN3 Mobile
Computer using the Apriva Secure POS Suite running on the
device. Apriva's Class A certification allows Apriva to provide
a choice of Level 1, direct merchant support, or Level 2, ISO
support, for the product. The Class A certification verifies
that Apriva has fully reviewed and tested the solution and its
usability on multiple processing partner platforms.
"The combined solution from Intermec and Apriva will enable
customers to accept mobile payments on the CN3 with the
assurance that their payment solution meets the highest level of
security available. Apriva's platform has achieved
certifications for both PCI DSS and MasterCard PTS which makes
them an ideal solution partner for our customers," commented
Retail Industry Marketing Director for Intermec, Brian Schulte.
"We are pleased to announce our partnership with Intermec and
are delighted to include Intermec in our Certified Secure
Program," said Bill Clark, Apriva's Senior Vice President of
Sales and Marketing.
About Apriva
Founded in 1999, Apriva --http://www.apriva.com/-- is the
leading wireless solution provider integrating the hardware,
software and network infrastructure required to develop and
deploy high-performance high-reliability solutions in the Point
of Sale (POS) and Secure Mobile Messaging markets. Apriva
offers end-to-end solutions for Point of Sale that make it easy
and cost-effective to develop, deploy and maintain highly secure
and reliable business critical mobile applications.
About Intermec Inc.
Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets. Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.
The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.
* * *
Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'. The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage. S&P said the outlook is stable.
MOONFISH RESTAURANTS: Creditors' Proofs of Debt Due on Feb. 5
-------------------------------------------------------------
The creditors of Moonfish Restaurants Pte. Ltd. are required to
file their proofs of debt by February 5, 2008, for them to be
included in the company's dividend distribution.
The company's liquidator is:
Chou Kong Seng
17 Jurong Port Road
Singapore 619092
NHG GULF: Court to Hear Wind-Up Petition on January 25
------------------------------------------------------
A petition to have NHG Gulf Pte Ltd's operations wound up will
be heard before the High Court of Singapore on January 25, 2008,
at 10:00 a.m.
National Healthcare Group Pte Ltd filed the petition on Dec. 4,
2007.
National Healthcare's solicitor is:
Rodyk & Davidson LLP
80 Raffles Place
#33-00 UOB Plaza 1
Singapore 048624
REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million
-------------------------------------------------------------
On Dec. 7, 2007, Lead Plaintiffs in a suit related to the
collapse of Refco Inc. presented a US$7,600,000 settlement to
U.S. District Judge Gerard E. Lynch for preliminary approval and
certification of the settlement class.
On Dec. 6, 2007, RH Capital Associates LLC and Pacific
Investment Management Company LLC, the institutional investors
appointed by Judge Lynch to serve as Lead Plaintiffs on behalf
of investors victimized by the Refco affair, signed a settlement
agreement with Dennis A. Klejna.
Mr. Klejna was Refco's former General Counsel and Executive Vice
President. Pursuant to the agreement, Mr. Klejna has agreed to
pay to Lead Plaintiffs, on behalf of the Class, a total
settlement amount of US$7,600,000, including a personal
contribution of US$50,000.00 in cash.
In addition to the monetary payment, Mr. Klejna has pledged to
cooperate with Lead Plaintiffs as they pursue the Class' claims
against other current (and prospective) defendants in the
consolidated securities class action.
The settlement resolves two categories of claims asserted
against Klejna in the Refco class action, namely, claims arising
from Refco's bond and stock offerings in 2004 and 2005, and
claims arising out of the purchase of Refco securities in the
open market between Aug. 5, 2004 and Oct. 17, 2005 . As
part of the settlement, the Class' claims against Mr. Klejna
will be released.
This is the second settlement achieved for the Class in the
Refco Securities Litigation. Lead Plaintiffs will continue to
pursue the Class' claims against the remaining defendants, which
include:
-- several former Refco insiders (including former CEO
Phillip Bennett),
-- Refco's former board of directors,
-- Refco's former auditor (Grant Thornton LLP),
-- the investment banking concern that helped take Refco
"public" in August 2005 (Thomas H. Lee Partners L.P. and
related entities), and
-- a total of fifteen investment banks that sold Refco
stocks and bonds to public investors (including Goldman
Sachs, Credit Suisse and Bank of America).
The attorneys who worked to achieve this settlement are partners
Sean Coffey, Salvatore Graziano and John Browne and associate
Jeremy Robinson of Bernstein Litowitz Berger & Grossmann LLP,
and partners Stuart Grant, James Sabella, and Megan McIntyre of
Grant & Eisenhofer P.A. Their work prosecuting the Class' claims
against other defendants in the Refco debacle continues.
On December 3, 2007, Lead Plaintiffs RH Capital Associates LLC
and Pacific Investment Management Company LLC and Plaintiff
PIMCO Funds: Pacific Investment Management Series - PIMCO High
Yield Fund filed a Second Amended Consolidated Class Action
Complaint complaint which, among other things, collects and
consolidates all complaints filed and defendants named to date
* including Mayer Brown LLP and Mayer Brown partner Joseph
P. Collins,
updates Lead Plaintiffs' existing allegations and claims based
on recently obtained information and adds new allegations
against former Refco Group CFO Robert Trosten.
Case Background
A securities suit pending against Refco in the U.S. District
Court for the Southern District of New York, was consolidated
in April 2006 (Class Action Reporter, April 7, 2006). It
claimed the collapsed commodity brokerage hid more than
US$5 billion off its books, far more than previously thought.
It also accuses company executives, company auditors, and
investment bankers of negligence.
This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005 initial public
offering of common stock, and only 14 months after its issuance
of 9% Senior Subordinated Notes due 2012. The company filed the
fourth largest bankruptcy in U.S. history as a result.
The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.
Representing the plaintiffs are:
Max W. Berger, Esq.
John P. Coffey, Esq.
John C. Browne, Esq.
Noam N. Mandel, Esq.
Bernstein Litowitz Berg & Grossmann, LLP
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 554-1400
Fax: (212) 554-1444
Stuart M. Grant, Esq.
James J. Sabella, Esq.
Megan D. McIntyre, Esq.
Jeff A. Almeida, Esq.
Christine M. Mackintosh, Esq.
Jill Agro, Esq.
Grant & Eisenhofer, P.A.,
Phone: (646) 722-8500 and (302) 622-7000
Fax: (646) 722-8501 and (302) 622-7100
For more details, contact Refco, Inc. Securities Litigation
c/o The Garden City Group, Inc., PO Box 9087, Dublin, OH 43017-
0987, Web site: http://www.refcosecuritieslitigation.com.
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006. That Plan became effective on
Dec. 26, 2006.
Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007. (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares
--------------------------------------------------------------
Sopris Capital Advisors LLC disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission dated Dec. 6,
2007, that it:
(a) indirectly owns:
-- 503,180 shares of Class A common stock of Sea
Containers Ltd., through mananged accounts;
-- 2,472,800 shares of Class A common stock through a
partnership and managed accounts; and
(b) directly owns 55,000 shares of Class A common stock.
All of the 503,180 shares, which represent 1.9% of the isssued
and outstanding Sea Containers Class A common stock, are owned
by private institutional accounts managed by Aspen Advisors LLC,
a Delaware limited liability company. Aspen Advisors disclaim
any beneficial interest in the securities owned by the Aspen
Managed Accounts. By virtue of Nikos Hecht's position as a
managing member of Aspen Advisors, he may be deemed the
beneficial owner of the securities held by the Aspen Managed
Accounts under Regulation 13D-G under the Exchange Act. Mr.
Hecht disclaims any beneficial interest in the securities owned
by the Aspen Managed Accounts.
Of the 2,472,800 shares that represent 9.5% of the isssued and
outstanding Sea Containers Class A common stock, Sopris Partners
Series A, of Sopris Capital Partners, L.P., a Delaware limited
partnership, owns 1,779,700 shares and private institutional
accounts managed by Sopris Capital Advisors LLC, a Delaware
limited liability company own 693,100 shares. The 1,779,700
shares represent 6.8% of Sea Containers shares outstanding.
Sopris Capital LLC is the general partner of the Sopris
Partnership. The Sopris Partnership and the Sopris General
Partner disclaim any beneficial interest in the securities owned
by the Sopris Managed Accounts, and the Sopris General Partner
disclaims any beneficial interest in the securities owned by the
Sopris Partnership in excess of a 0.70% pecuniary interest,
calculated in accordance with Rules 16(a)-1(a)(2) and (a)(3)
under the Exchange Act. Sopris Advisors disclaims any
beneficial interest in the securities owned by the Sopris
Partnership and the Sopris Managed Accounts.
Mr. Hecht is the sole managing member of the Sopris General
Partner and the managing member of Sopris Advisors. By virtue
of that status, he may be deemed the beneficial owner of the
securities held by the Sopris Partnership and the Sopris Managed
Accounts under Regulation 13D-G under the Exchange Act.
Mr. Hecht disclaims any beneficial interest in the securities
owned by the Sopris Partnership other than a 0.60% pecuniary
interest in the shares, calculated in accordance with rules
16(a)-1(a)(2) and (a)(3). He disclaims any beneficial interest
in the securities owned by the Sopris Managed Accounts.
Mr. Hecht directly owns all of the 55,000 shares. Mr. Hecht
has the sole power to vote or to direct the vote on -- as well
as dispose or direct the disposition of -- the 55,000 shares.
In a separate filing with the Securities and Exchange
Commission, Mr. Hecht disclosed that he owns an aggregate of
3,030,980 shares representing 11.6% of the isssued and
outstanding Sea Containers Class A common stock.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008 to file a plan of
reorganization. (Sea Containers Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Court Extends Plan-Filing Period to February 20
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware extended, until Feb. 20, 2008, the
exclusive period wherein Sea Containers Ltd. and its debtor-
affiliates can file a plan of reorganization.
Additionally, Judge Carey fixed April 19, 2008, as the deadline
for the Debtors to solicit acceptances of that plan.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008 to file a plan of
reorganization. (Sea Containers Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results
----------------------------------------------------------
Syniverse Technologies Inc. reported its preliminary results for
the year ended Dec. 31, 2007. Based on current unaudited
information, Syniverse currently expects to report:
* Net revenues of between US$369 - US$371 million, compared
to net revenues of US$328.9 million for 2006.
* Adjusted EBITDA of between US$154 - US$156 million,
compared to Adjusted EBITDA of US$127.7 million in 2006.
* Cash Net Income, a non-GAAP measure of profitability, of
between US$74 - US$75.3 million, compared to cash net
income of US$57.3 million in 2006.
Syniverse expected its results to show continued strong growth
in technology interoperability, driven by continued growth in
data-related products as well as roaming and clearing services.
Gross margins and Adjusted EBITDA margins are both expected to
increase, reflecting growing revenues together with continued
cost management. Syniverse's recent acquisition of BSG
Wireless was not included in its operating results during 2007,
but will be included in its balance sheet.
"2007 was a strong year for Syniverse," said Tony Holcombe,
President and CEO of Syniverse. "This is a result of continued
strong data results and Syniverse's ongoing global expansion.
Our recent acquisition of BSG Wireless enhances our global
presence while providing significant efficiency savings and an
important financial clearinghouse service."
Outlook
The company is providing the following outlook for 2008:
Net Revenues US$425 - US$440 million
Adjusted EBITDA US$190 - US$200 million
Cash Net Income US$85 - US$90 million
Additionally, the company expects to generate operating free
cash flow in excess of US$100 million in 2008.
Syniverse has not yet finalized its financial statement close
process for the year ended Dec. 31, 2007. As it completes this
process, Syniverse may identify items that would require the
company to make adjustments to its preliminary operating
results. Additionally, the financial information in this press
release is not a comprehensive statement of our financial
results for the year ended Dec. 31, 2007 and should therefore be
considered together with our full results of operations when
published.
About Syniverse
Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies. Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services. Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe. Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices. The company has its
international offices in the Netherlands, China, Japan and
Singapore, among others.
* * *
As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc. At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility. The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.
===============
T H A I L A N D
===============
SAHAMITR PRESSURE: 3Q Net Income Dips 72% to THB7.6 Bil. in 2007
----------------------------------------------------------------
Sahamitr Pressure Container PCL has reported a net income of
THB7.678 million for the third quarter of 2007, 72.85% lower
than the THB28.276-million net income recorded for the same
period in 2006.
For the quarter ending September 30, 2007, the company earned
revenues of THB426.355 million, comprising of THB422.608 million
in net sales and THB3.747 million in other income. The company
also recorded cost and expenses of THB412.098 million,
comprising mostly of a THB354.551-million cost of sales.
Interest expenses for the period were at THB6.579 million.
The company also reported a reduced nine-month income of
THB978,000 for 2007, compared to the THB29.526-million income
for the same period in 2006. For this period, the company
earned revenues of THB1.264 billion while incurring expenses of
THB1.242 billion and interest expenses of THB20.868 million.
As of September 30, 2007, the company had total assets of
THB849.485 million and total liabilities of THB1.89 billion,
resulting in a capital deficiency of THB1.040 billion. The
company's current liabilities of THB636.486 million also exceed
its current assets of THB371.788 million.
GOING CONCERN DOUBT
After auditing the company's third quarter and nine-month
financial statements for 2007, the company's independent
auditor, Somckid Tiatragul, raised significant doubt regarding
the company's ability to continue as a going concern.
Mr. Somckid said that the company is currently facing a loan
repayment suit from an affiliate creditors involving about
PHP1.797 billion in loans, THB1.35 billion of which is
guaranteed by the company. This has caused the company to have
a deficit of THB1.331 billion at September 30, 2007, and
THB1.332 billion at December 31, 2006. The company has also
recorded a capital deficiency of THB1.040 billion as of
September 30, 2007 and THB1.041 billion as of December 31, 2006.
The company's auditor said that, even though the company and its
affiliate were successful in negotiating for debt restructuring,
the company's ability to continue as a going concern is
dependent on:
* The affiliate's ability to operate successfully in the
future, to change its capital structure and find new
strategic partners, and its ability to comply with the
conditions throughout the terms of its debt restructuring
agreement to relieve the company of its obligation, and
* The company's ability to operate successfully in the
future, and to comply with the conditions throughout the
terms of its debt restructuring agreement to relieve the
company of its obligation.
The company's third quarter and nine-month financials for 2007
can be downloaded for free at:
http://researcharchives.com/t/s?2730
About Sahamitr Pressure
Sahamitr Pressure Container Public Company Limited --
http://www.smpcplc.com/-- produces pressure containers for
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.
The company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years. In July 2006, the SET reclassified
the whole sector and categorized the company under the "non-
performing group." Companies under the group will retain their
listing status and will be obligated to comply with the SET
requirements.
TMB BANK: Annual Net Loss Balloons to THB43.656 Billion in 2007
---------------------------------------------------------------
TMB Bank PCL's annual losses have risen 255% in 2007 to
THB43.656 billion, from 2006's THB12.292 billion.
For the year ended December 31, 2007, the bank earned interest
and dividend income of THB33.724 billion and non-interest income
of THB6.605 billion, while incurring interest expenses of
THB17.282 billion and non-interest expenses of
THB35.348 billion.
As of December 31, 2007, the bank had total assets of
THB622.183 billion and total liabilities of THB577.643 billion,
resulting in a shareholders' equity of THB44.54 billion.
The company's 2007 annual financial statements can be downloaded
for free at:
http://researcharchives.com/t/s?272e
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
Standard & Poor's Ratings Services lowered its issue credit
rating on Thailand's TMB Bank Public Co. Ltd.'s hybrid Tier-1
issue to 'D' from 'CC'. This comes after the bank said it would
not pay interest on its US$200 million perpetual non-cumulative
hybrid Tier-1 securities.
On October 30, 2007, Fitch Ratings placed TMB Bank Public
Company Limited's Long-term foreign currency Issuer Default
Rating of 'BB+', Short-term foreign currency IDR of 'B', foreign
currency subordinated debt rating of 'BB', foreign currency
hybrid Tier 1 rating of 'B', Individual 'D', Support '3',
Support Rating Floor of 'BB', national Long-term 'A(tha)',
national Short-term 'F1(tha)', national subordinated debt 'A-
(tha)' (A minus (tha)) rating on Rating Watch Evolving.
TOTAL ACCESS: To Apply for 3G License on 850 Mhz
------------------------------------------------
Total Access Communication PCL has clarified with the Stock
Exchange of Thailand an article published by the Bangkok Post
about a possible joint venture with CAT Telecom PCL to offer
third generation mobile services.
According to DTAC, it is considering applying for a 3G license
using the 850 MHz spectrum and not the 2.1 GHz spectrum as
reported by the Post.
On January 18, 2008, the Troubled Company Reporter-Asia Pacific
cited the Post's article, which stated that the company is in
talks with CAT Telecom for a possible joint venture to offer 3G
services. The article quoted DTAC's CEO Sigve Brekke as saying
that they wouldn't need to apply for a 3G license if they could
modify its existing analogue 850 MHz frequency. According to
the article, Mr. Brekke said that they are considering applying
for a license on the 2.1 GHz spectrum.
Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 3,
2006, that Moody's Investors Service upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook. This concluded the review for possible upgrade
commenced on October 21, 2005.
Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.
Fitch Ratings on July 18, 2006, affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha). The company's National Short-term rating
was also affirmed at F1(tha). The Outlook on the ratings is
Stable.
*********
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.
*** End of Transmission ***