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 air