T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, January 23, 2008, Vol. 11, No. 16 Headlines A U S T R A L I A BRIGHTPOINT INC: Taps Bashar Nejdawi as Mobile Enhancement Pres. COMFRIG SHEET: To Declare First Dividend on January 29 CTS QUALITY: Members and Creditors to Meet on February 11 DJERRIWARRH INVESTMENTS: Net Profit for H1 of FY08 Up 115% E. TAYLOR: Members Opt to Shut Down Business FORTESCUE METALS: Incurs AU$68.4-Million Net Loss in FY2007 GLENHURST CORP: Placed in Liquidation with AU$7.1-Million Debt ICON SERVICES: Liquidator to Present Wind-Up Report on Feb. 12 KARI & GHOSSAYN: Court Appoints Steven Nicols as Liquidator LULEIGH PTY: To Declare First Dividend on February 11 MW & KF HAWKINS: Commences Liquidation Proceedings OMEGA FIRE: Supreme Court Enters Wind-Up Order PIPHERON PTY: Creditors' Final Meeting Slated for February 11 SIRSI PARADISE: Placed Under Voluntary Liquidation ZINIFEX: Major Allegiance Shareholder Keeps Opposing Stand C H I N A , H O N G K O N G & T A I W A N ADVANCED TEXTILE: Court to Hear Wind-Up Petition on Jan. 23 BALLY TOTAL: Levine Pursues Common Law Fraud Claims in Illinois BOMBARDIER INC: $1BB Debt Redemption Cues Fitch to Lift Ratings CHINA EASTERN: Expects to Post Net Profit for FY2007 ELEET GAMING: Court to Hear Wind-Up Petition on Jan. 23 ELEGANT SLIPPERS: Liquidators Quit Post FIRSTWIDE HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20 GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on January 31 HONG NING MILK: Court to Hear Wind-Up Petition on Feb. 20 MAHR CHINA: Court to Hear Wind-Up Petition on Jan. 30 PROMAIL INTER'L: Appoints Roderick John Sutton as Liquidator RICHLY PLAN: Court to Hear Wind-Up Petition on Jan. 13 ROYAL CARIBBEAN: Vicki Freed Joins as Sales Sr. Vice President TOPFOOD LIMITED: Court to Hear Wind-Up Petition on Feb. 13 TRIMAS CORP: Operating Unit Bags Hi-Vol's Production Contracts UNITED PACIFIC: Appoints Liquidators WEALTH DUKE: Court to Hear Wind-Up Petition on Jan. 30 WORLD HIGHEST: Liquidators Quit Post YUI WING: Creditors' Proofs of Debt Due on February 11 I N D I A BANK OF BARODA: United Forum of Bank Unions Calls 1-Day Strike BANK OF INDIA: Earns INR5.12 Bil. in Qtr. Ended Dec. 31, 2007 BAUSCH & LOMB: Signs Definitive Pact Acquiring eyeonics INDUSTRIAL DEV'T BANK: A. Ramanathan to Replace Rai in Board QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors QUEBECOR WORLD: Chapter 11 Filing Cues S&P to Cut Rating to D STATE BANK OF INDIA: Gov't Names Arun Ramanathan to Board TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results I N D O N E S I A GARUDA INDONESIA: Posts Unaudited Net Profit of IDR259BB in 2007 PERUSAHAAN LISTRIK: Faces Difficulties in Fulfilling Fuel Needs TELKOMSEL: To Seek at Least US$750 Million in Financing J A P A N CHEESE CAKE: Files for Bankruptcy with JPY1.3-Billion Debt JAPAN AIRLINES: To Adjust Domestic Fares in FY08 Due to Oil Hike JAPAN AIRLINES: Extends Flyer Programs with China Air & Mexicana SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says SENSIENT TECH: Declares US$0.18 Per Share Quarterly Dividend K O R E A CHOROKBAEM MEDIA: Adjusts Price of 2nd Convertible Bonds KAFCO C&I: Signs Maintenance Contract with LG CNS Co DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement LEADCORP: Makes Changes to Stake-Sale Contract by Shareholders M A L A Y S I A EKRAN: Bursa Extends Plan Implementation Deadline Until March 28 MANGIUM INDUSTRIES: Bourse Rejects Time Extension Request OCI BERHAD: Publicly Reprimanded by Bursa Securities N E W Z E A L A N D ADVENTURER IMPORTS: Court Enters Wind-Up Order AMAR INVESTMENTS: Subject to N.S.C. Auto Parts' Wind-Up Petition CLEAR CHANNEL: Extends Key Dates for Senior Notes Tender Offer EVODIA GAD: Court to Hear Wind-Up Petition on January 24 KERR MCLOUGHLIN: Creditors' Proofs of Debt Due on February 8 NEW ZEALAND PLASTERERS: Taps Jenkins & Deuchrass as Liquidators PAKURANGA EARTHMOVERS: Creditors Receive Wind-Up Report P L R INVESTMENT: Faces CIR's Wind-Up Petition RAINEYS ONE: Commences Liquidation Proceeding RAINEYS TWO: Shareholders Agree on Voluntary Liquidation TWO AND A HALF: Fixes Feb. 15 as Last Day to File Claims VTL GROUP: Mervyn Doolan Resigns from Board VTL GROUP: Trading Suspended on Failure to File Annual Results P H I L I P P I N E S BANK OF PHIL. ISLANDS: Lists 63,601 New Shares in Local Bourse BANK OF PHIL. ISLANDS: Tapped as Benguet Corp.'s Stock Registrar BENGUET CORP: Ousts HSBC and Taps BPI as New Stock Registrar FEDDERS CORP: Sells Eubank Coil to National Oil for $2.3 Million FEDDERS CORP: Unsecured Creditors Want to Sue Insiders & Lenders ISLAND INFORMATION: OKs Abacus Securities' Offer to Buy Shares METROPOLITAN BANK: Ty Family Transfers Holdings to Grand Titan S I N G A P O R E ADVANCED MICRO: Posts US$1.772BB Net Loss in 2007 4th Quarter AVNET INC: Works with Xilinx to Build Training Lab in Singapore BANGKA OFFSHORE: Court to Hear Wind-Up Petition on February 1 BENCHMARK ELECTRONICS: Earns US$22 Million in 2007 Third Qtr. GESSIT PTE: Court Enters Wind-Up Order GUAN AIK: Creditors' Proofs of Debt Due on February 15 SEA CONTAINERS: Wants SC Iberia and YMCL Guarantees Approved SEA CONTAINERS: Earns US$10,644,110 in November 2007 T H A I L A N D SAFARI WORLD: 3Q Consolidated Net Loss Climbs to THB71MM in 2007 TMB BANK: S&P Raises Rating on Hybrid Tier-1 Securities to 'B+' V I E T N A M VIETCOMBANK: 2007 Profit Falls 27% as Global Interest Rates Drop VIETCOMBANK: Postpones Domestic Listing to June * Upcoming Meetings, Conferences and Seminars - - - - - - - - ================= A U S T R A L I A ================= BRIGHTPOINT INC: Taps Bashar Nejdawi as Mobile Enhancement Pres. ---------------------------------------------------------------- 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. * * * Brightpoint, Inc., continues to carry Standard and Poor's BB- long-term local and foreign issuer credit ratings with a stable outlook. These ratings were assigned on April 2006. COMFRIG SHEET: To Declare First Dividend on January 29 ------------------------------------------------------ Comfrig Sheet Metal & Stainless Products Pty Limited, which is in liquidation, will declare first dividend for its unsecured creditors on January 29, 2008. Only creditors who are able to file their proofs of debt by January 22, 2008, will be included in the company's dividend distribution. The company's liquidator is: David J. Doberer "Brentwood" 1189 Sandy Creek Road Quorrobolong, New South Wales 2325 Australia About Comfrig Sheet Comfrig Sheet Metal & Stainless Products Pty Ltd is involved with sheet metalwork business. The company is located at Narellan, in New South Wales, Australia. CTS QUALITY: Members and Creditors to Meet on February 11 --------------------------------------------------------- The members and creditors of CTS Quality Building Products Pty Limited will meet on February 11, 2008, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: M. J. M. Smith Smith Hancock Level 4, 88 Phillip Street Parramatta, New South Wales 2150 Australia About CTS Quality CTS Quality Building Products Pty Limited is a distributor of durable goods. The company is located at Girraween, in New South Wales, Australia. DJERRIWARRH INVESTMENTS: Net Profit for H1 of FY08 Up 115% ---------------------------------------------------------- Djerriwarrh Investments Ltd. released its financial results for the half year period ended December 31, 2007. * Profit after tax was AU$56.2 million (2006: AU$26.1 million). This includes realized gains on the sale of investments and a revaluation of open option positions. Sales of investments fluctuate greatly from period to period depending primarily upon the level of takeover activity and the sale of securities to meet call option obligations. * Net Operating Profit was AU$23.9 million (2006: AU$22 million), up 8.7% from the previous corresponding period. This operating profit is made up primarily of dividends received from the investment portfolio, option income and revenue from the trading portfolio. It does not include realized gains on the sale of investments and is indicative of the income generated by the Company’s portfolios. * Earnings per share based on Net Operating Profit were 11.8 cents compared with 12.1 cents last year. This outcome was largely a result of the increase in the number of the Company’s shares on issue from the capital raising in late 2006. Operating earnings per share is the key measure used in the Company’s dividend considerations. * A fully franked interim dividend of 10 cents per share will be paid on February 16. This interim dividend is unchanged from last year. * Total portfolio return after tax and management fees over the half (change in net asset backing per share plus dividends reinvested) was an increase of 1.6%; and 15.0% over the twelve months to December 31, 2007. * Total shareholder return measured by change in share price plus dividends over the six month period was 10.0%; and 16.6% over the twelve months to December 31, 2007. * Management expense ratio on an annualized basis was 0.24% * Net asset backing at December 31, 2007, was AU$5.16 (before providing for the 10 cent interim dividend). As of December 31, 2007, the company's balance sheet has AU$40.8 million in total current assets available to pay AU$90.7 million in total current liabilities coming due within the next 12 months. Total assets AU$1.2 billion versus total liabilities AU$240.3 million, resulting in total shareholder's equity of AU$932.4 million. Chairman’s Comments Djerriwarrh Chairman Bruce Teele commented, "The market has experienced significant volatility over the past six months as investors dealt with the upheaval in sub-prime credit markets in the United States. This heightened uncertainty is against the background of an Australian equity market that has produced significant gains over the past few years. The extent of the volatility during the period was evidenced by the market reaching a significant low for the period in August and then an all time high in October. The volatility that has occurred around these market conditions has been conducive to the investment activities of Djerriwarrh in that it has allowed us to generate higher premiums from our option writing activities. In particular, we have operated at a relatively high level of option coverage during the six months to December 31, 2007 at close to 40% coverage which is toward the upper end of our historical range. In addition, we have also been using 'buywrite' strategies to acquire shares in good companies at advantageous prices and good yields given the higher option premium that accompanied these transactions." Outlook Mr. Teele adds, "At this point it is very difficult to make a prediction about the likely direction of markets over the remainder of the financial year. At present, there is significant concern about a potential slowdown in the United States because of the disruptions in credit markets, the impact of a falling housing market and the follow-on effects on consumer confidence. In addition, there are also signs that Europe and Japan may encounter more subdued growth than previously expected. More recent geopolitical events are also fueling heightened caution. In Australia, company profitability which has been very strong may come under some pressure because of higher costs of debt funding, capacity constraints and higher inflation that are evident in an economy running strongly. However as a counter to these concerns, the outlook for growth in China and other emerging markets which has been a key impetus for Australia’s recent prosperity remains positive. Djerriwarrh enters the second half well placed with a higher level of written option premium than this time last year. Market conditions will ultimately dictate how much of this premium will flow though to net operating profit by year end. Since December 31 the market has experienced a significant correction and increased volatility. As has been the case with such corrections in the past, while this has resulted in a decline in the value of the Company’s investments, it has also provided opportunities to add to our holdings in quality companies and to write further options to enhance income." About Djerriwarrh Investments Melbourne, Australia-based Djerriwarrh Investments Limited -- http://www.djerri.com.au/-- is a closed-end investment company. It provides shareholders with investment returns through access to a steady stream of fully franked dividends, and increase in the value of capital invested. The company also uses exchange- traded options written against its portfolios to enhance income return to investors. As at June 30, 2006, Djerriwarrh's top 10 investment securities included BHP Billiton, National Australian Bank, Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, St. George Bank, The News Corporation, Telstra Corporation, Rio Tinto and Alumina. The company's investment includes in various sectors, such as energy, materials, industrials, consumer discretionary, consumer staples, banks, financials, telecommunications and others. The Troubled Company Reporter - Asia Pacific, on Jan. 22, 2008, listed Djerriwarrh Investments' bond with a 6.500% coupon and a September 30, 2009 maturity date as distressed, having a trading price of AU$4.96. E. TAYLOR: Members Opt to Shut Down Business -------------------------------------------- During a general meeting held on December 10, 2008, the members of E. Taylor & Co Pty Ltd resolved to voluntarily wind up the company's operations. Peter Hillig was then appointed as liquidator. The Liquidator can be reached at: Peter Hillig Smith Hancock Chartered Accountants Level 4, 88 Phillip Street Parramatta, New South Wales 2150 Australia About E. Taylor E. Taylor & Co Pty Ltd is a distributor of men's footwear, except athletic. The company is located at South Windsor, in New South Wales, Australia. FORTESCUE METALS: Incurs AU$68.4-Million Net Loss in FY2007 ----------------------------------------------------------- Fortescue Metals Group incurred a net loss of AU$68.43 million for the year ended June 30, 2007, an increase from the AU$2.15- million net loss recorded for the year ended June 30, 2006. As of end-June 2007, the company's balance sheets showed consolidated total current assets of AU$1.94 billion available to pay consolidated total current liabilities of AU$332.06 million within the next 12 months. Moreover, as of June 30, 2007, the company had total assets of AU$3.69 billion and total liabilities of AU$3.19 billion, resulting in total equity of AU$496.52 million. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past three fiscal years. Net loss for the year ended June 30, 2007, was AU$68.43 million, while net losses for FY2006 was AU$2.15 million and for FY2005 was AU$4.52 million. GLENHURST CORP: Placed in Liquidation with AU$7.1-Million Debt -------------------------------------------------------------- Glenhurst Corporation, after being placed in administration on December 14, 2007, is now in liquidation, Kate Kachor writes for InvestorDaily. Ms. Kachor relates that after a creditors meeting on January 17, Glenhurst's administrators, CJL Partners, informed the Australian Securities & Investments Commission that they had advanced the process and had become the group's liquidators. On the same day, CJL Partners, through CJL executive and acting Glenhurst chairman David Lofthouse, filed a notice of special resolution with the ASIC to wind up the company, states the report. Mr. Lofthouse, according to InvestorDaily, stated that the company's records did not disclose a high number of trade creditors and noted that the principal claims against the company related to those that arose from the collapse of the Westpoint group of companies. The report recalls that ASIC, in November, announced its plans to file a lawsuit against Glenhurst, saying the company owed 78 investors AU$7.1 million in damages. Also in that announcement, ASIC said it will seek damages against Westpoint directors for 3,650 investors of the collapsed property lender. InvestorDaily notes that calls were not returned by CJL Partner. Melbourne-based Glenhurst Corporation -- http://www.glenhurstfinancialservices.com.au/www/269/1001127/dis playarticle/1001172.html -- is an independently-owned licensed financial services firm in Australia. The company offers superannuation, insurance and investment options. ICON SERVICES: Liquidator to Present Wind-Up Report on Feb. 12 -------------------------------------------------------------- The members and creditors of Icon Services (Australia) Pty Limited will meet on February 12, 2008, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher J. Palmer Level 4, 23-25 Hunter Street Sydney, New South Wales 2000 Australia About Icon Services Icon Services (Australia) Pty Limited operates travel agencies. The company is located at Sydney, in New South Wales, Australia. KARI & GHOSSAYN: Court Appoints Steven Nicols as Liquidator ----------------------------------------------------------- On December 7, 2007, the Federal Court of Australia appointed Steven Nicols as liquidator for Kari & Ghossayn Pty Ltd. The Liquidator can be reached at: Steven Nicols c/o Nicols + Brien Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia Telephone:(02) 9299 2289 Facsimile:(02) 9299 2239 e-mail: mail@bankrupt.com.au About Kari & Ghossayn Kari & Ghossayn Pty Ltd is involved with excavation work. The company is located at Chipping Norton, in New South Wales, Australia. LULEIGH PTY: To Declare First Dividend on February 11 ----------------------------------------------------- Luleigh Pty Limited will declare first dividend on Feb. 11, 2008. Only creditors who were able to file their proofs of debt by January 21, 2008, will be included in the company's dividend distribution. The company's deed administrator is: Schon G. Condon RFD c/o Condon Associates Australia Telephone:(02) 9893 9499 About Luleigh Pty Luleigh Pty Limited, which is also trading as Courtney's Brasserie, operates eating places. The company is located at Parramatta, in New South Wales, Australia. MW & KF HAWKINS: Commences Liquidation Proceedings -------------------------------------------------- The members of MW & KF Hawkins Hotel Pty Ltd met on Dec. 17, 2007, and resolved to voluntarily liquidate the company's business. About MW & KF Hawkins MW & KF Hawkins Hotel Pty Ltd, which is also trading as Imperial Hotel, operates drinking places. The company is located at Coonabarabran, in New South Wales, Australia. OMEGA FIRE: Supreme Court Enters Wind-Up Order ---------------------------------------------- On December 11, 2007, the Supreme Court of New South Wales entered an order to have Omega Fire Technology Pty Limited's operations wound up. D. I. Mansfield was then appointed as liquidator. The Liquidator can be reached at: D. I. Mansfield Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta, New South Wales 2150 Australia About Omega Fire Omega Fire Technology Pty Limited provides business services. The company is located at Turramurra, in New South Wales, Australia. PIPHERON PTY: Creditors' Final Meeting Slated for February 11 ------------------------------------------------------------- Pipheron Pty Limited will hold a final meeting for creditors on February 11, 2008, at 10:00 a.m. At the meeting, the creditors will receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicholas Malanos Level 1, 32 Martin Place Sydney, New South Wales Australia About Pipheron Pty Pipheron Pty Limited operates non-classifiable establishments. The company is located at Surry Hills, in New South Wales, Australia. SIRSI PARADISE: Placed Under Voluntary Liquidation -------------------------------------------------- During a general meeting held on December 5, 2008, the members of Sirsi Paradise Waters Pty Ltd agreed to voluntarily wind up the company's operations. Edmund Chuen So was then tapped as liquidator. The Liquidator can be reached at: Edmund Chuen So The Accountancy Practice (Services) Pty Limited Suite 7, 20 Bungan Street Mona Vale, New South Wales 2103 Australia Telephone:(02) 9979 4399 Facsimile:(02) 9999 4200 About Sirsi Paradise Sirsi Paradise Waters Pty Ltd is a distributor of durable goods. The company is located at Newport, in New South Wales, Australia. ZINIFEX: Major Allegiance Shareholder Keeps Opposing Stand ---------------------------------------------------------- Allegiance Mining NL's largest shareholder, Jinchuan Group Ltd., holds its position against the acquisition proposal raised by Zinifex Ltd., reports Comtex. According to Comtex, Jinchuan has a 10.4% stake in Zinifex's takeover target, which stake it bought in May 2007 for AU$38.5 million. Jinchuan Chairman Li Yongjun wrote to the other shareholders of Allegiance that it refuses Zinifex's acquisition plan. Zinifex's offer of AU$744.927 million provides two different prices, AU$0.9 per share or AU$1 per share, relates the report. The higher compensation has a precondition: Zinifex could successfully buy more than 30% shares of Allegiance as it expects, or the board of the target company suggests the shareholders to accept the acquisition plan, adds Comtex. A TCR-AP report on Jan. 21 cited Bloomberg News as saying that Allegiance is trading above Zinifex's offer price, which indicates that some investors are expecting a higher bid from Zinifex. Bloomberg said that Zinifex wants control of Allegiance's Avebury nickel project in Tasmania, which has a US$3-billion supply agreement with Jinchuan, 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 ================================================ ADVANCED TEXTILE: Court to Hear Wind-Up Petition on Jan. 23 ----------------------------------------------------------- On January 11, 2008, Alberto Girotto filed a petition to have Advanced Textile Trade Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 20, 2008, to hear the petition. The petitioners' solicitors can be reached at: Barlow Lyde & Gilbert Suite 1901, 9th Floor Cheung Kong Center 2 Queen's Road Central Hong Kong BALLY TOTAL: Levine Pursues Common Law Fraud Claims in Illinois --------------------------------------------------------------- Levine's new action in the Circuit Court of Cook County, Illinois, Case No. 07 L 4280, asserting only claims for common law fraud and under the Illinois Consumer Fraud and Deceptive Practices Act against Bally Total Fitness Holding Corp. remains pending. The U.S. District Court for the Northern District of Illinois, on April 2, 2007, granted without prejudice, the Company's motion to dismiss an amended complaint filed by the plaintiff under the lawsuit captioned Levine v. Bally Total Fitness Holding Corporation, et al., Case No. 06 C 1437. The plaintiff's complaint alleged violations of Sections 10(b), 18 and 20(a) of the Exchange Act, SEC Rule 10b-5, and the Illinois Consumer Fraud and Deceptive Practices Act, as well as common law fraud in connection with the Company's restatement. The Court found this action related to the consolidated securities class action filed against the Company and transferred it to the judge before whom the class action cases are tried. The Court, however, granted the Company's motion to dismiss the class action cases, allowing the plaintiff to file for a motion to amend its complaint. On July 19, 2006, the Court denied the plaintiff's motion and ordered completion of briefings on the defendant's motions to dismiss on statute of limitations issues. On Sept. 29, 2006, the Court granted defendant's motion to dismiss plaintiff's Section 18 claim as untimely, denied the motion as to Sections 10 (b) and 20(a), dismissed Ernst & Young, LLP as a defendant and granted the plaintiff's leave to amend his complaint. The amended complaint was filed on Nov. 3, 2006. The Company filed a motion to dismiss the amended complaint on Jan. 5, 2007. After the Court has granted the dismissal, the plaintiff did not file a timely Notice of Appeal, but instead filed a new action in the Circuit Court of Cook County, Ill., Case No. 07 L 4280, asserting only claims for common law fraud and under the Illinois Consumer Fraud and Deceptive Practices Act. (Corporate Litigation Reporter, July 19, 2007) On April 2, 2007, the Court granted the Company's motion and dismissed the case with prejudice. Plaintiff did not file a timely Notice of Appeal of this dismissal, but instead filed a new action in the Circuit Court of Cook County, Illinois, Case No. 07 L 4280. A Notice of Pendency of Cases under Chapter 11 of the Federal Bankruptcy Code and of Automatic Stay was filed on Aug. 2, 2007. The Company has not yet answered or otherwise responded to the complaint, given that the action was stayed prior to the deadline for the Company's answer or responsive pleading. Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre-packaged chapter 11 plan. Joseph Furst, III, Esq., at Latham & Watkins, L.L.P. represented the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. On Aug. 13, 2007, they filed an Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified Amended Prepackaged Plan. BOMBARDIER INC: $1BB Debt Redemption Cues Fitch to Lift Ratings --------------------------------------------------------------- Fitch Ratings has upgraded Bombardier Inc.'s ratings and removed the ratings from Rating Watch Positive following BBD's early redemption of approximately US$1 billion of debt. The Rating Outlook is Positive. Fitch's rating actions are summarized as: Bombardier Inc. -- Issuer Default Rating to 'BB' from 'BB-'; -- Senior unsecured debt to 'BB' from 'BB-'; -- Preferred stock to 'B+' from 'B'. In addition, Fitch has upgraded the IDR and senior unsecured debt rating for Bombardier Capital Inc. to 'BB' from 'BB-' and withdrawn the ratings. BC has retired nearly all of its remaining debt. BC's ratings were linked to those of BBD due to the existence of a support agreement and demonstrated support by the parent. The ratings for BBD affect debt and preferred stock that totaled approximately US$4.6 billion on a pro forma basis as of Oct. 31, 2007. The rating upgrades reflect the completion of BBD's plan, announced in November 2007, to reduce debt by approximately US$1 billion by the end of its fiscal year ending Jan. 31, 2008. Fitch estimates that BBD's pro forma debt/EBITDA at Oct. 31, 2007 declined to 3.2 times, compared to nearly 4x as reported. The ratings and Positive Outlook are supported by continuing expectations for margin improvement, sales growth, and solid cash generation. Strong orders in all of BBD's businesses, together with a large backlog, support projections for ongoing progress in BBD's operating performance. These factors could potentially lead to further long-term improvement in BBD's credit profile. Additional factors supporting the ratings include BBD's diversification, its leading market positions, the health of the business jet and turboprop markets, BBD's cash balances, its debt maturity schedule, BT's successful restructuring, and a large backlog. Rating concerns include relatively low operating margins; business jet market cyclicality; the pension plan deficit; the impact of exchange rate volatility on margins, financial results, and planning; and several RJ concerns, including uncertainty regarding development of new aircraft models and contingent obligations related to past aircraft sales, although these contingent obligations are spread out over time and are not a near-term concern. BBD's eventual decision about its potential entry into the mainline aircraft market could have an impact on its financial and operating profile. Even after the recent use of cash to reduce debt, BBD maintains strong cash balances that are sufficient to support its liquidity requirements. The company's $3.6 billion of unrestricted cash balances at Oct. 31, 2007 would be reduced on a pro forma basis by the recent debt repurchase. However, cash balances do not include $1.3 billion of restricted cash related to a letter of credit facility. In addition, the company can be expected to support its cash position from operating cash flow that contributed to an increase of roughly $400 million in BBD's net cash balances during the fiscal third quarter. The debt redeemed yesterday by BBD included approximately US$407 million of Euro-denominated 5.75% notes due in February 2008 and US$619 million of BC's Sterling-denominated 6.75% notes due in May 2009. BBD also planned to repurchase US$26 million of other long-term debt. The repurchased debt amounted to approximately 20% of BBD's consolidated debt reported at Oct. 31, 2007. Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. Headquartered in Canada, the company also has offices in the U.S., Northern Ireland, United Kingdom, Germany, Switzerland, Sweden, Austria, Australia and China. CHINA EASTERN: Expects to Post Net Profit for FY2007 ---------------------------------------------------- China Eastern Airlines said on Tuesday that it would post a net profit for 2007 and recover from the CNY2.78-billion (US$3840-million) net loss it recorded in 2006, Reuters reports. China Eastern, Reuters relates, attributes its profit forecast to big foreign exchange gains in 2007, as well improvement in core operations. According to Reuters, China Eastern's forecast merely repeated previous statements its officials already made. The report recounts that in the third quarter of 2007, China Eastern posted a net profit of CNY976.48 million, up from the CNY491.53-million profit it booked a year earlier. The airline is expected to announce its 2007 earnings results in coming weeks, Reuters says. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. ELEET GAMING: Court to Hear Wind-Up Petition on Jan. 23 ------------------------------------------------------- On January 11, 2008, Alan Johan Debonneville filed a petition to have Eleet Gaming Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 23, 2008, to hear the petition. The petitioners' solicitors can be reached at: Gallant Y. T. Ho & Co. 5th Floor, jardine House No. 1 Connaught Place Central, Hong Kong ELEGANT SLIPPERS: Liquidators Quit Post --------------------------------------- On January 11, 2007, Bruno Arboit and Simon Blade stepped down as liquidators for Elegant Slippers Manufacturing Company Limited, which is undergoing liquidation. FIRSTWIDE HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20 ------------------------------------------------------------- On December 17, 2007, Mak Kam Loy filed a petition to have Firstwide Holdings Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 20, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on January 31 --------------------------------------------------------------- The creditors of Goldco Development Limited are required to file their proofs of debt by January 31, 2008, to be included in the company's dividend distribution. The company's liquidators are: Stephen Liu Yui Keung Robert Armor 18th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong HONG NING MILK: Court to Hear Wind-Up Petition on Feb. 20 --------------------------------------------------------- On December 17, 2007, Leung Kin Ki filed a petition to have Hong Ning Milk Products Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 20, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong MAHR CHINA: Court to Hear Wind-Up Petition on Jan. 30 ----------------------------------------------------- On October 4, 2007, Measure-Tech Industrial Supplies Company Limited filed a petition to have Mahr China Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 30, 2008, to hear the petition. The petitioners' solicitor can be reached at: C.S. Chan & Co. Room 1417, Leighton Centre No. 77 Leighton Road Causeway Bay, Hong Kong PROMAIL INTER'L: Appoints Roderick John Sutton as Liquidator ------------------------------------------------------------ The members of Hotel Tycoon Travel Limited, on December 13, 2007, appointed Roderick John Sutton as liquidator for the company. The Liquidator can be reached at: Roderick John Sutton Ferrrier Hodgson Limited 14th Floor, Hong Club Building 3A Charter Road, Central Hong Kong RICHLY PLAN: Court to Hear Wind-Up Petition on Jan. 13 ------------------------------------------------------ On December 12, 2007, Yeuh Siu Chu filed a petition to have Rich Plan Trading Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 13, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong ROYAL CARIBBEAN: Vicki Freed Joins as Sales Sr. Vice President -------------------------------------------------------------- Royal Caribbean International has named cruise industry veteran Vicki Freed as the company's senior vice president of Sales. Ms. Freed joins the company after 29 years with Carnival Cruise Lines, where she spent the last 15 years as senior vice president of Sales and Marketing. Prior to that, Ms. Freed served in a variety of sales management positions within the cruise line. From 1998 to 2000, Ms. Freed also served as the first, and only, female chairperson of the Cruise Line International Association, the marketing and travel agent training arm of the North American cruise industry. "Vicki has an outstanding and proven background within our industry and we are very pleased to have her join our team," said Royal Caribbean International president and chief executive officer, Adam Goldstein. "Vicki's passionate support of travel agents has been well chronicled and recognized. She will be a great asset to our brand as we continue to grow." In her new role, Ms. Freed will take charge of the company's 345-person sales force, the largest sales team in the cruise industry. She will also manage the company's Trade Support and Services division, which includes Reservations, Group Sales, Customer Service, and Loyalty Programs. Ms. Freed will report to Goldstein. Ms. Freed earned a bachelor's degree in business from the University of Colorado, and holds a Certified Travel Counselor designation. She also serves as a trustee of the United Way of Miami-Dade County. Royal Caribbean International is a brand of Royal Caribbean Cruises Ltd., with 21 ships in service and one more under construction. About Royal Caribbean Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL) -- http://www.royalcaribbean.com/-- is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres de France. The company has a combined total of 35 ships in service and seven under construction. It also offers unique land-tour vacations in Alaska, Australia, China, Canada, Europe, Latin America and New Zealand. The company has operations in Puerto Rico. * * * Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long term corporate family rating last placed on Feb. 22, 2005. Moody's said the outlook is stable. TOPFOOD LIMITED: Court to Hear Wind-Up Petition on Feb. 13 ---------------------------------------------------------- On January 11, 2008, Dah Sing Bank filed a petition to have Topfood Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 13, 2008, to hear the petition. The petitioners' solicitors can be reached at: K.B. Chau & Co. 16th Floor, Wing Lung Bank Bldg. 45 Des Voeux Road Central, Hong Kong TRIMAS CORP: Operating Unit Bags Hi-Vol's Production Contracts -------------------------------------------------------------- TriMas Corporation's Hi-Vol Products operating unit has been awarded production contracts for several components that will be utilized on a next generation gasoline direct injection (GDI) engine for a major North American automobile manufacturer. Hi-Vol Products will be an indirect, tiered supplier to the engines through an existing Hi-Vol Products customer. The GDI engine features improvements in fuel economy and horsepower, as well as reduced start up emissions relative to comparable current generation non-GDI engines. The awarded components represent engineered products that were developed through a highly collaborative effort between Hi-Vol's engineering resources and those at the customer. Hi-Vol Products General Manager, Eli Crotzer commented, "We are extremely pleased to have been awarded this new business after a lengthy period of development with our customer and the engine manufacturer. It is particularly satisfying to know that these engineered products will be instrumental components in making advancements in fuel economy and start up emissions reductions." The next generation GDI engine is scheduled to go into production in 2009 for use on 2010 model year vehicles. There is also potential for follow-on awards for separate programs. About Hi-Vol Products Headquartered in Livonia, Michigan, Hi-Vol Products is a manufacturer of specialized cold-formed and precision-machined parts for multiple applications and industries. In particular, Hi-Vol Products has developed a reputation for being able to successfully cold form some of the most challenging parts and is among the first in the industry to achieve TS 16949 and ISO 14001 certification. About TriMas Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas Corporation is organized into five strategic business groups: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products, and Recreational Accessories. TriMas Corporation has nearly 5,000 employees at 80 different facilities in 10 countries. The company has manufacturing facilities in Indiana, Mexico, England, Germany, Italy, and China. * * * TriMas Corp. carries Standard & Poor's Ratings Services' B+ corporate credit rating. S&P said the outlook is stable. UNITED PACIFIC: Appoints Liquidators ------------------------------------- The members of United Pacific Trading Limited, on January 11, 2008, appointed Stephen Lui Yui Keung and Chan Wai Hing as the company's liquidators. The Liquidator can be reached at: Stephen Lui Yui Keung Chan Wai Hing 18th Floor, Two International Finance Centre 8 Finance Street Central Hong Kong WEALTH DUKE: Court to Hear Wind-Up Petition on Jan. 30 ------------------------------------------------------ On June 12, 2007, The Incorporation of Owners of Pearl and Garden filed a petition to have Wealth Duke Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 30, 2008, to hear the petition. The petitioners' solicitors can be reached at: Messrs. Sam Fu & Co. Units A-B, 13th Floor 88 Commercial Bldg. Nos. 28-34 Wing Lok Street Hong Kong WORLD HIGHEST: Liquidators Quit Post ------------------------------------ On August 14, 2007, Bruno Arboit and Simon Blade stepped down as liquidators for World Highest Prosperity Limited. The former liquidators can be reached at: Bruno Arboit Simon Blade 1203-1213 China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong YUI WING: Creditors' Proofs of Debt Due on February 11 ------------------------------------------------------ The creditors of Yui Wing Construction Company Limited are required to file their proofs of debt by February 11, 2008, for them to be included in the company's dividend distribution. The company's liquidators are: Messrs. Derek Kar Yan Lai and Darach E. Haughey 35th Floor One Pacific Place 88 Queensway Hong Kong ========= I N D I A ========= BANK OF BARODA: United Forum of Bank Unions Calls 1-Day Strike -------------------------------------------------------------- Bank of Baroda has informed the Bombay Stock Exchange that the United Forum of Bank Unions has served a notice informing the bank of its decision to go on a nationwide strike on Jan. 25, 2008. According to the bank, it is taking all the necessary steps for the smooth functioning of the bank's branches and offices to deal with the strike in the event it materializes on the indicated date. Headquartered in Vadodara, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. * * * On July 2007, Standard & Poor's assigned its 'BB' issue rating to Bank of Baroda's US$300 million upper Tier-II subordinated notes due 2022. Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of Baroda's proposed unsecured subordinated Upper Tier 2 notes (expected size: US$250 million plus greenshoe option), as well as the hybrid Tier 1 debt to be issued under its USD1.5 billion medium-term notes program. Fitch said the outlook on all ratings is stable. BANK OF INDIA: Earns INR5.12 Bil. in Qtr. Ended Dec. 31, 2007 ------------------------------------------------------------- The Bank of India posted a net profit of INR5.12 billion on revenues totaling INR37.05 billion for the three months ended Dec. 31, 2007. The result is a huge improvement compared to the figures earned during the corresponding quarter in 2006 -- INR2.55 billion profit on revenues of INR26.41 billion. With operating expenses of INR6.62 billion and interest expenditure of INR20.72 billion, the bank booked an operating profit of INR9.71 billion in Oct.-Dec. 31, 2007. The bank also recorded INR2.31 billion in provision and contingencies and INR2.28 billion in taxes. During the quarter, BoI raised Tier I capital of INR1.55 billion in the form of Innovative Perpetual Debt Instrument, the bank noted. A copy of the bank's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?2740 Headquartered in Mumbai, India, Bank of India -- http://www.bankofindia.com-- 2628 branches in India spread over all states/ union territories, including 93 specialized branches. The bank provides a range of financial products and services, including numerous credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. It also extends finance to small and medium enterprises and small-scale industries. It provides a variety of loans, such as mortgage loans, educational loans, auto finance loans, holiday loans, personal loans and home loans. The bank offers Internet banking services for both the retail and corporate clients. The bank operates in the Cayman Islands, China, the Channel Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore, the United Kingdom, the United States, and Vietnam. * * * Moody's Investors Service gave a Ba2 rating to the bank's Foreign LT Bank Deposits. BAUSCH & LOMB: Signs Definitive Pact Acquiring eyeonics ------------------------------------------------------- Bausch & Lomb Inc. has entered into a definitive agreement to acquire eyeonics, inc., a privately held ophthalmic medical device company headquartered in Aliso Viejo, Calif. Financial terms of the transaction, which is expected to close during the first quarter of 2008 subject to standard regulatory approval, were not disclosed. Upon completion of the acquisition, eyeonics' operations will become part of Bausch & Lomb's surgical business, which offers a complete line of standard intraocular lenses, phacoemulsification equipment, vitreoretinal and refractive products to ophthalmologists worldwide. The U.S. surgical business will be led by J. Andy Corley, eyeonics' co-founder, chairman, and chief executive officer. Accommodation is the eye's method to achieve near-distance focusing by altering the curvature of the natural crystalline lens, allowing a person to easily read small type used in books, restaurant menus, and on computer monitors. As the natural lens ages, accommodation decreases. This results in a condition known as presbyopia for most people over age 40, for which reading glasses are commonly required. Other approved IOLs only permit focusing at a fixed distances, while the crystalens IOL mimics the accommodating characteristics of a natural lens. "This represents our first acquisition since Bausch & Lomb became a private company in a transaction led by Warburg Pincus," said Ronald L. Zarrella, chairman and Chief Executive Officer, Bausch & Lomb. "We are excited to enter a new phase of growth and innovation, and believe the eyeonics acquisition is another sign of our commitment to delivering innovative, high- quality products to ophthalmologists and patients worldwide." Mr. Zarrella continued, "This acquisition immediately places Bausch & Lomb into the rapidly expanding premium IOL market. The crystalens technology complements our existing cataract surgical business, including our Stellaris(TM) Vision Enhancement System and our portfolio of monofocal IOLs. The acquisition also adds leadership depth, as Andy and his team bring a strong track record of product innovation and growth to the company. We look forward to their contributions as part of the Bausch & Lomb family." The global premium IOL market is growing in excess of 20 percent annually. This growth rate is fueled by an increasing demand for technological advancements by cataract patients worldwide. In 2007, eyeonics generated revenues of approximately US$34 million, an increase of 100 percent over the prior year revenues of approximately US$17 million. Its crystalens IOL is estimated to represent approximately 30 percent of the presbyopic IOL market in the United States. "We expect that this transaction will lead to accelerated adoption of the crystalens IOL, given Bausch & Lomb's global sales and marketing reach and brand equity," said Andy Corley. "Through the extensive Bausch & Lomb sales and marketing organization, we expect to quickly and significantly expand the appreciation for the distinct patient benefits offered by the crystalens. In addition, the unsurpassed optics R&D expertise of Bausch & Lomb will help further advance our technology. Our entire management team is excited about becoming part of the Bausch & Lomb organization at the outset of its new partnership with Warburg Pincus. We believe Bausch & Lomb's deepened commitment to ophthalmology will further drive the crystalens IOL's market acceptance as well as growth of the entire surgical product portfolio." "I've been using the crystalens accommodating IOL for several years, and continue to be impressed with the positive impact it makes on my patients' lifestyles and quality of life," said Dr. Richard Lindstrom, the founder of Minnesota Eye Consultants and an internationally-recognized ophthalmologist. "Now, with the crystalens IOL carrying the globally-known Bausch & Lomb brand, surgeons can be even more confident in presenting this option to their patients. I fully expect to see even further evolution of the crystalens IOL and related technologies, considering the esteemed reputations and innovative cultures of both companies." The crystalens IOL was approved by the FDA in November 2003. Financial Metrics Bausch & Lomb also announced certain preliminary and unaudited fourth-quarter and full-year 2007 financial metrics. While the company has not yet finalized its financial close process, including purchase accounting associated with the recently completed merger with affiliates of Warburg Pincus, it currently projects it will report fourth-quarter net sales of between US$654 million and US$660 million, compared to US$597.6 million in the same period in 2006. That would represent an increase of approximately 10 percent, or approximately 4 percent growth excluding the effects of changes in foreign currency exchange rates. The company currently projects fourth-quarter Adjusted EBITDA of between US$120 million and US$126 million, compared to US$85.7 million in the year-ago period. For the full year, Bausch & Lomb currently projects it will report net sales between US$2.513 billion and US$2.519 billion, compared to US$2.292 billion in 2006. That would represent an increase of approximately 10 percent, or approximately 6 percent growth excluding the effects of changes in foreign currency exchange rates. The company currently projects full-year Adjusted EBITDA of between US$408 million and US$414 million, compared to US$338.5 million in 2006. These selected financial metrics are estimates and subject to change. Bausch & Lomb has not completed its financial close processes or allocation of purchase price and its auditors have not completed their audit procedures for the year ended Dec. 29, 2007. Therefore, there can be no assurance that final audited results will not differ from these estimates, including as a result of year-end closing procedures, purchase accounting or audit adjustments, and any such changes could be material. In addition, these estimates should not be viewed as a substitute for full audited financial statements prepared in accordance with generally accepted accounting principles or as a measure of the company's performance. As a result of the foregoing considerations, investors are cautioned not to place undue reliance on this preliminary financial information. EBITDA means earnings before interest expense (net of interest income), income taxes and depreciation and amortization. Adjusted EBITDA means EBITDA further adjusted to exclude items consistent with those that were described in the company's Current Report on Form 8-K dated Oct. 5, 2007. These items include: * non-cash stock compensation expense; * direct charges associated with the MoistureLoc(R) lens care solution recall; * the impact of the 2007 reversal of certain Brazilian tax reserves based on amnesty granted by the tax authority; * expenses incurred in connection with brand rebuilding efforts subsequent to the MoistureLoc recall; * fees and other costs associated with the merger between the company and affiliates of Warburg Pincus; * fees associated with the defense of product liability cases related to the MoistureLoc recall and shareholder lawsuits, as well as the cost of actual MoistureLoc claims settled; * fees related to accounting investigation and enhanced audit procedures; and * other adjustments. Estimated adjustments to EBITDA included in the company's current projections for the fourth quarter and full-year 2007 totaled approximately US$93 million and US$132 million, respectively. Such adjustments to EBITDA totaled US$19.4 million and US$98.4 million for the fourth quarter and full-year 2006, respectively. About eyeonics eyeonics, founded in 1998, developed and markets the crystalens intraocular lens, the first and only U.S. Food and Drug Administration-approved accommodating IOL for the treatment of cataracts. The crystalens IOL replaces the eye's natural lens and has been implanted in more than 95,000 eyes worldwide. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). * * * As reported in the Troubled Company Reporter-Latin America on Oct. 31, 2007, Moody's Investors Service has confirmed and will withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family Rating, Ba1 Probability of Default Rating and Ba1 ratings on certain existing senior unsecured notes. The rating outlook was revised to stable and will be withdrawn. INDUSTRIAL DEV'T BANK: A. Ramanathan to Replace Rai in Board ------------------------------------------------------------ The Govt. of India, Ministry of Finance, Department of Financial Services appointed Arun Ramanathan as government director on the Industrial Development Bank of India's board with effect from Jan. 21, 2008. Mr. Ramanathan, Secretary (Financial Services) of GoI, will replace Vinod Rai. As reported by the Troubled Company Reporter-Asia Pacific yesterday, Mr. Rai has tendered his resignation from IDBI effective Jan. 6. Mr. Rai quit to enable him to take oath of office for the post of the comptroller and auditor general of India, the TCR-AP said. Headquartered in Mumbai, India, Industrial Development Bank of India -- http://www.idbi.com-- is a commercial bank that offers a range of products, including secured loans, such as housing loans, mortgage loans and loan against securities, and unsecured loans, such as personal loans, educational loans and overdrafts to merchant establishments. It also distributes third-party products, such as insurance and mutual fund products to its retail customers. IDBI also offers project financing, film financing, equipment financing, asset credits, corporate loans, working capital loans, direct discounting, the financing of receivables, venture capital funds, bill rediscounting, rehabilitation financing, foreign exchange and merchant banking. * * * As part of the application of Moody's Investors Service's refined joint default analysis and updated bank financial strength rating methodologies, the rating agency, on April 24, 2007, affirmed Industrial Development Bank of India's BFSR at D-. Moody's also maintains the bank's Foreign Currency Deposit Rating at Ba2. QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan ------------------------------------------------------------ Quebecor World Inc. has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of New York after a deal to raise new money failed, Chris Fournier of the Bloomberg News reports. Quebecor World also obtained an order for creditor protection under the Companies' Creditors Arrangement Act in Canada. Under the terms of the order, Ernst & Young Inc. will serve as the monitor under the CCAA process and will assist the company in formulating its restructuring plan. As reported in the Troubled Company Reporter on Jan. 17, 2008, the company had accepted a CDN$400 million rescue financing proposal submitted jointly by Quebecor Inc. and Tricap Partners Ltd., a private equity fund managed by Brookfield Asset Management Inc. The proposal contemplates an interim financing facility of CDN$200 million, which will be made available to the company in accordance with its cash flow needs, subject to receipt or waiver on Jan. 16, 2008. The financing further contemplates that on or prior to March 31, 2008, the CDN$200 million interim facility will be replaced by a recapitalization plan comprised of an aggregate CDN$400 million issuance of Senior Secured Notes due 2012 to Quebecor Inc. and Tricap Partners. As reported in the Troubled Company Reporter on Jan. 18, 2008, Quebecor World said that it was unable to pay the $19.5 million interest due Jan. 15, 2008, on its outstanding $400 million 9.75% Senior Notes due 2015. The publishing company had difficulties trying to raise money after banking institutions further restricted credit terms, which was prompted by U.S. subprime mortgage losses, Bloomberg relates. According to CEO Jacques Mallette, market conditions spurred the company to seek for bankruptcy protection, Bloomberg says. "Under the circumstances, it was probably the best thing for them to do," Bloomberg quotes Jarislowsky Fraser Ltd. partner Denis Durand. In addition, Quebecor World disclosed that in connection with the waivers obtained from its banking syndicate and the sponsors of its securitization program on Dec. 31, 2007, it had not obtained by Jan. 15, 2008, $125 million of new financing, as had been required under the terms of the waivers, the TCR reports. Parent company Quebecor Inc. and subsidiary, Quebecor Media Inc., have not filed for bankruptcy protection. About Quebecor World Inc. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. * * * As reported in the Troubled Company Reporter on Nov. 29, 2007, Standard & Poor's Ratings Services lowered its preferred stock rating on Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long-term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Quebecor World (U.S.A.), Inc. 150 42nd Street New York, NY 10034 Bankruptcy Case No.: 08-10152 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Quebecor World Capital II, L.L.C. 08-10153 Quebecor World Capital Corp. 08-10154 Quebecor World Capital II, G.P. 08-10155 Quebecor Printing Holding Co. 08-10156 Quebecor World Johnson & Hardin Co. 08-10157 Quebecor World Buffalo, Inc. 08-10158 Quebecor World San Jose, Inc. 08-10159 Quebecor World Northeast Graphics, Inc. 08-10160 Quebecor World U.P./Graphics, Inc. 08-10161 Quebecor World Great Western Publishing, 08-10162 Inc. Type of Business: The Debtors provide market solutions, including marketing and advertising activities, and print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. They have around 100 printing and related facilities in North America, Latin America and Asia. See http://www.quebecorworldinc.com/ Chapter 11 Petition Date: January 21, 2008 Court: Southern District of New York (Manhattan) Debtors' Counsel: Anthony D. Boccanfuso, Esq. Arnold & Porter, L.L.P. 399 Park Avenue New York, NY 10022 Tel: (212) 715-1315 Fax: (212) 715-1399 Consolidated Quarterly Financial Condition as of September 2007 Total Assets: US$5,554,900,000 Total Debts: US$4,140,700,000 Debtors' Consolidated List of 57 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Royal Bank of Canada as revolving credit US$735,000,000 Administrative Agent under a facility; value Revolving Credit Facility of security: Attention: Nigel Delph US$135,000,000 One Liberty Plaza, 4th Floor New York, NY 10006-1404 Wilmington Trust Co., as notes US$450,000,000 Indenture Trustee for 8.75% Senior Notes due in 2016 Attention: Geoffrey J. Lewis Rodney Square North 1100 North Market Street Wilmington, DE 19801 Tel: (302) 636-6438 Fax: (302) 636-4145 notes (as indenture $400,000,000 trustee for 9.75% senior notes due in 2015) notes (as indenture $398,200,000 trustee for 6.125% senior notes due in 2013) notes (as indenture $199,900,000 trustee for 4.875% senior notes due in 2008) Societe Generale (Canada), equipment US$184,321,796 under an Equipment Financing financing Agreement loan; value of Attention: Benoit Desmarais, US$135,000,000 Managing Director Export Finance 1501 McGill College Avenue, Bureau 1800 Montreal (Quebec) H3A 3M8 Tel: (514) 841-6014 Fax: (514) 841-6259 Abitibi Consolidated Sales trade debt US$9,256,226 A.R. Department 1228 Paysphere Circle Chicago, IL 60674 Tel: (914) 640-8600 Fax: (914) 640-8900 Cellmark Paper, Inc. trade debt US$6,633,295 A.R. Department P.O. Box 7777 Philadelphia, PA 19175-0509 Tel: (203) 363-7820 Fax: (203) 363-7825 Midland Paper trade debt US$5,488,174 A.R. Department 6330 West Sunset Road Chicago, IL 60674 Tel: (847) 777-2552 Fax: (847) 777-2551 Bowater, Inc. trade debt US$4,082,616 A.R. Department P.O. Box 7 Catawba, SC 29704 Tel: (800) 952-1582 Fax: (803) 282-9562 A.I.G. Credit Corp. of Canada premium financing US$3,694,951 Attention: Isabelle Gervais, agreement Branch Manager, Assistant Vice-President 2000 McGill College Avenue, Suite 1200 Montreal, QC H3A 3H3 Canada Tel: (514) 987-2905 Fax: (514) 987-5326 Catalyst Paper, Inc. trade debt US$3,339,490 A.R. Department 3600 Lysander Lane, 2nd Floor Richmond, B.C. CA. V7B 1C3 Tel: (604) 247-4400 Fax: (604) 247-0512 The Bank of New York as notes US$3,200,000 Indenture Trustee for 6.50% Senior Notes Due in 2027 Attention: Arlene Thelwell Assistant Vice-President Global Trust Services, Americas 101 Barclay Street, 4E New York, NY 10286 Tel: (212) 815-4869 Fax: (212) 815-5008 Graphic Communications trade debt US$2,610,161 A.R. Department International Union Local 765 70 Fox Chapel Drive Hudson, OH 44239 Tel: (330) 668-1993 Fax: (330) 650-8999 Norske Skog U.S.A., Inc. trade debt US$2,448,176 A.R. Department P.O. Box 8500-52978 Philadelphia, PA 19178-2978 Tel: (203) 254-5292 Fax: (203) 254-5290 Stora Enso North America trade debt US$2,408,160 A.R. Department 2386 Collections, Center Drive Chicago, IL 60693-0023 Tel: (800) 888-70STORA Fax: (203) 356-2375 Packaging Corp. of America trade debt US$2,214,339 A.R. Department 36596 Treasury Center Chicago, IL 60694-6500 Tel: (334) 749-1788 Fax: (847) 482-4545 U.P.M. Kymmeme, Inc. trade debt US$2,016,229 A.R. Department 999 Oakmont Plaza, Suite 200 Westmont, IL 60559 Tel: (630) 850-3310 Fax: (630) 850-3322 Myllykoski North America trade debt US$1,904,950 A.R. Department P.O. Box 4235, Station A Toronto, ON, CA M5W 5P7 Tel: (514) 878-1977 Fax: (514) 878-2155 Aaron Direct trade debt US$1,795,527 A.R. Department 161 Washington Street, 11th Floor Conshohocken, PA 19428 Tel: (610) 940-0800 Fax: (610) 940-0132 Day International, Inc. trade debt US$1,461,126 A.R. Department P.O. Box 643526 Pittsburgh, PA 15264-3526 Tel: (800) 877-8187 Fax: (513) 226-1466 NewPage Corp. trade debt US$1,441,655 A.R. Department 23504 Network Place Chicago, IL 60673-1235 Tel: (847) 285-4800 Fax: (847) 285-4846 At Clayton Corp. trade debt US$1,376,237 A.R. Department P.O. Box 911405 Dallas, TX 75391-1405 Tel: (203) 861-1190 Fax: (203) 861-1170 Roosevelt Paper Co. trade debt US$1,063,058 A.R. Department P.O. Box 790208 St. Louis, MO 63179 Tel: (800) 323-1778 Fax: (708) 771-7979 Horizon Paper Co. trade debt US$1,030,897 A.R. Department P.O. Box 10374 Newark, NJ 07193-0374 Tel: (212) 682-5820 Fax: (212) 986-0689 Quebecor World Baird-Ward, pension plan US$900,000 Inc. Retirement Plan funding Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Buffalo, Inc. pension plan US$990,000 Retirement Plan for Hourly funding Employees Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Kingsport, Inc. pension plan US$990,000 Retirement Plan for Hourly funding Bargaining Unit Employees of Kingsport, Hawkins, Sherwood and Distribution Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Mount Morris pension plan US$990,000 II, Inc. Employees' Pension funding Plan Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 The Pension Plan for Hourly pension plan US$990,000 Employees of the Salem Gravure funding Division of Quebecor World (U.S.A.), Inc. Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Pension Plan pension plan US$990,000 Attention: Helen Levine State funding Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Milwood, Inc. trade debt US$931,984 A.R. Department P.O. Box 960 Vienna, OH 44473-0960 Tel: (330) 359-5220 Fax: (330) 359-5781 Nippon Paper Industries U.S.A. trade debt US$899,188 Co. A.R. Department P.O. Box 11626 Tacoma, WA 98411-6626 Tel: (206) 623-1772 Fax: (360) 457-8675 Atmos Energy Marketing, L.L.C. utility debt US$897,041 A.R. Department 13430 Northwest Freeway, Suite 700 Houston, TX 77040 Tel: (713) 688-7771 A.E.P. Industries trade debt US$872,832 A.R. Department P.O. Box 8500-50590 Philadelphia, PA 19178-8500 Tel: (800) 477-AEPI Fax: (708) 389-3515 Blue Heron Paper Co. trade debt US$848,968 A.R. Department 1200 West 7th Street, Suite T2-210 Department 2964 Oregon, OR 97045-1809 Tel: (503) 650-4211 Fax: (503) 650-4595 H.B. Fuller Co. trade debt US$834,873 A.R. Department P.O. Box 73515 Chicago, IL 60673-7515 Tel: (888) 351-3521 Fax: (214) 285-8739 Xpedx trade debt US$815,551 A.R. Department P.O. Box 32467 Hartford, CT 06150-2467 Tel: (201) 934-5115 Fax: (201) 934-5188 Tembec Enterprises, Inc. trade debt US$783,953 A.R. Department 4542 Paysphere Circle Chicago, IL 60674 Tel: (819) 627-8111 Fax: (819) 627-3177 Verso Paper trade debt US$757,133 A.R. Department 3630 Park 42 Drive, Suite 160D Cincinnati, OH 45069 Tel: (800) 258-8852 Fax: (888) 293-0958 Oji Paper Canada, Ltd. trade debt US$725,518 A.R. Department 1200 West 73rd Avenue, Suite 1100 Port Mellon, BC CA VON 2S0 Tel: (604) 884-5223 Fax: (604) 884-2170 Federal Express trade debt US$666,199 A.R. Department P.O. Box 1140, Department A Memphis, TN 38101-1140 Tel: (800) 622-1147 Fax: (901) 395-2000 Rock Tenn Co. trade debt US$617,010 A.R. Department P.O. Box 102064 Norcross, GA 30071 Tel: (770) 448-2193 Fax: (678) 291-7666 Stadacona, Inc. trade debt US$603,882 A.R. Department 1000 Stewart Avenue Glen Burnie, MD 79443 Tel: (410) 590-8298 Fax: (418) 525-2995 Preprint Logistics Management trade debt US$597,628 A.R. Department 105 Filley Street, Unit A Bloomfield, CT 06002 Tel: (800) 596-2335 Fax: (860) 286-9290 Caraustar trade debt US$582,410 A.R. Department 3082 Pacific Avenue Austell, GA 30106 Tel: (770) 948-6101 Fax: (770) 732-6209 Forbo Adhesives trade debt US$581,447 A.R. Department Station A Toronto, ON CA M5W 4K9 Tel: (919) 433-1300 Fax: (919) 433-1301 Gould Paper Corp. trade debt US$532,047 A.R. Department 2148 Paysphere Circle Chicago, IL 60674-2148 Tel: (847) 441-6820 Fax: (847) 490-5376 Goss International Americas trade debt US$504,402 A.R. Department Lockbox 835055 Atlanta, GA 30353-5055 Tel: (603) 740-5965 Fax: (603) 940-5970 M.E.G.T.E.C. Systems, Inc. trade debt US$495,562 A.R. Department Lockbox 14268 Chicago, IL 60693-4268 Tel: (920) 336-5715 Fax: (920) 337-1534 Georgia Power Co. utility belt US$489,781 A.R. Department 241 Ralph McGill Boulevard Northeast Atlanta, GA 30308 Tel: (404) 506-6526 Fax: (404) 506-3771 M.S.C. Industrial Supply Co., trade debt US$483,826 Inc. A.R. Department Department Ch 0075 Palatine, IL 60055-0075 Tel: (800) 645-7271 Randstad Staffing Services trade debt US$476,637 A.R. Department P.O. Box 2084 Carol Stream, IL 60132-2084 Tel: (877) 922-2468 Applied Industrial trade debt US$476,257 A.R. Department 22510 Network Place Chicago, IL 60673-1225 Tel: (216) 426-4000 Fax: (216) 426-4822 Merced Irrigation District utility debt US$467,385 A.R. Department Merced Irrigation District 744 West 20th Street Merced, CA 95340 Tel: (209) 722-5761 Fax: (209) 722-6421 Motion Industries, Inc. trade debt US$458,562 A.R. Department P.O. Box 404130 Atlanta, GA 30384-4130 Tel: (209) 529-0261 Fax: (209) 529-1812 Hess Corp. utility debt US$422,835 A.R. Department 1185 Avenue of the Americas New York, NY 10036 Tel: (212) 997-8500 Fax: (212) 536-8593 Sempra Energy Solutions utility debt US$386,623 A.R. Department 101 Ash Street, 9th Floor San Diego, CA 92101 Tel: (619) 696-3100 Fax: (619) 696-3103 Suez Energy Resources utility belt US$383,783 A.R. Department Corporate Communications Suez Energy North America, Inc. 1990 Post Oak Boulevard, Suite 1900 Tel: (713) 636-0000 Fax: (713)636-1364 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: Chapter 11 Filing Cues S&P to Cut Rating to D ------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its ratings on the remainder of Quebecor World Inc.'s senior unsecured notes to 'D' from 'CC'. The downgrade follows the company's announcement that its board has unanimously agreed to file for creditor protection under the Companies' Creditors Arrangement Act in Canada and under Chapter 11 of the United States Bankruptcy Code. On Jan. 16, 2008, S&P's downgraded Quebecor World to 'D' from 'CCC' and lowered the ratings on the company's US$400 million 9.75% senior unsecured notes due 2015 to 'D' from 'CCC-', following its nonpayment of interest expense on these notes. 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. STATE BANK OF INDIA: Gov't Names Arun Ramanathan to Board --------------------------------------------------------- State Bank of India has informed the Bombay Stock Exchange that the Government of India nominated Arun Ramanathan as director on SBI's central board with effect from Jan. 18, 2008, replacing Vinod Rai. Mr. Rai resigned from the bank's board for he will be taking his oath of office for the post of the comptroller and auditor general of India. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results ------------------------------------------------------------- Tata Motors Ltd's board of directors will hold a meeting on Jan. 31, 2008, inter alia, to consider, the audited results for the third quarter ended Dec. 31, 2007, the company informed the Bombay Stock Exchange. In the corresponding quarter in 2006, the company reported a net profit of INR5.13 billion on net sales of INR69.57 billion. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. ================= I N D O N E S I A ================= GARUDA INDONESIA: Posts Unaudited Net Profit of IDR259BB in 2007 ---------------------------------------------------------------- PT Garuda Indonesia posted an unaudited net profit of IDR259 billion in 2007, compared to a loss of IDR197 billion in the preceding year, Antara News reports. PT Garuda Indonesia President Director Emirsyah Satar told Antara News that 2007 is a rehabilitation year for the company. The 2007 net profit was achieved because the company was able to optimize the use of its networks, resulting in a 3-percent increase in its productivity, the report relates. However, Antara notes, the airline's punctuality in arrival and departure times in 2007 dropped 8% to 77% from 85% in 2006. According to the news agency, Mr. Satar said the airline's average seat load factor increased to 78% in 2007 from 72% in 2006. Their passengers in 2007 also rose 11% to 8,410,000 from 7,550,000 in 2006, he 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: Faces Difficulties in Fulfilling Fuel Needs --------------------------------------------------------------- PT Perusahaan Listrik Negara is having difficulties in fulfilling primary energy fuel demands from its power plants due to an increase of oil prices reaching above US$90 per barrel, Tempo Interactive reports. According to the report, the government is being urged to make a political decision in connection with the company as soon as possible. Clarity as regards the government's attitude is also needed, the report notes. House Energy Commission Member Alvin Lie told Tempo that in the run-up to the 2009 General Election, he suspected that the government would prefer not to raise electricity tariffs. So, the government needs to increase electricity subsidies, he said. Since 2007, the report recounts, crude oil prices on world markets have been increasing. The price increases caused last year's electricity subsidies to rise from IDR29.4 trillion to IDR43.3 trillion, Tempo notes. Moreover, the prices of company's power plant fuels, gas and coal, have also gone up in line with world oil prices, Tempo points out. Company Managing Director Eddie Widiono was quoted by the news agency as saying, "this has also caused electricity production costs to rise. Now we're looking for ways to reduce basic production costs." The news agency explains that one of the ways in minimizing production costs by replacing diesel fuel oil with marine fuel oil. The company said it is also continuing to develop alternatives, including mini-hydro and micro-hydro power plants, the report adds. 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: To Seek at Least US$750 Million in Financing ------------------------------------------------------- PT Telekomunikasi Selular Indonesia plans to seek a minimum of US$750 million to help finance its capital expenditure this year, various reports say. According to Chine View, the company's 2008 capex is expected to range from US$1.5 billion to US$1.7 billion. Telkomsel President Director Kiskenda Suriahardj said that half of the amount will be funded internally and they will seek financing for the rest, Reuters relates. Telomsel's parent company PT Telekomunikasi Indonesia, The Jakarta Post reports, expects to gather US$200 million to US$300 million dollars through a combination of Medium Term Notes and bonds for that purpose. Mr. Suriahardja told The Jakarta Post that about 40% of the total capital expenditure would be used to finance the expansion of its network coverage. While 45% would be allocated to a service quality enhancement program and the rest would be used on strategic investments in related businesses, he added. Telkom President Director Rinaldi Firmansyah told Reuters that Telkom group, which includes Telkomsel, plans US$2.5 billion in capital spending this year, a quarter more than last year, and would seek financing to fund between 30-35% of the total. 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 ========= CHEESE CAKE: Files for Bankruptcy with JPY1.3-Billion Debt ---------------------------------------------------------- Cheese Cake Factory Co. has received a go-ahead from the court to initiate bankruptcy proceedings, reports Kyodo News. According to Kyodo News' company sources, CCF filed for bankruptcy with the Tokyo District Court on Dec. 28. The report cites private research firm Teikoku Databank Ltd. as saying that CCF has debts totaling an estimated JPY1.26 billion. Among the factors that contributed to the company's collapse is the rising cheese and other ingredient costs, as well as the increasingly stiff competition in the marketplace, relates Kyodo News. Leo Lewis of Japan Times writes that CCF was forced to close down because the price that it pays for cheese has almost doubled in a year. The sources of Kyodo News further revealed that CCF has been opening shops at a fast pace and became short of necessary funds. The Times relates that Australian cheddar prices for the first half of 2008 were set at US$5,700 per tonne, a jump from last year's US$3,000, which caught the Japanese food industry off- guard and unable to pass such steep rises on to customers. Some economists predict that the soaring cost of cheese will be felt worldwide, adds the Times. Tokyo-based Cheese Cake Factory Co. is Japan's biggest chain of cheesecake restaurants. JAPAN AIRLINES: To Adjust Domestic Fares in FY08 Due to Oil Hike -----------------------------