/raid1/www/Hosts/bankrupt/TCRAP_Public/080123.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, January 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
----------------------------------------------------------------
Japan Airlines International Co., Ltd., submitted an application
with the Japanese Ministry of Land Infrastructure, and Transport
requesting a revision of domestic normal economy fares and
round-trip discount economy fares for flight departures in the
1st half of FY2008, the period from April 1 to September 30,
2008.
Fuel prices have remained high with the price of Singapore
kerosene-type jet fuel having risen above US$100 dollars per
barrel. The company has been conducting a wide range of
countermeasures to limit the full impact of the price increase
including fuel hedging, fuel consumption reductions, and the
introduction of more fuel-efficient small and medium-sized
aircraft to its fleet.
Despite these measures, the company is reluctantly obliged to
ask its domestic passengers to bear part of the burden caused by
the unprecedented increase in the price of fuel over the past
few years.
As a result, the JAL Group has decided to increase just Japan
domestic normal economy fares and round-trip discount economy
fares. JAL will increase these fares by on average 9% during
the first half of FY2008, the 6 month period starting
April 1, 2008.
The increase will also affect other fares linked to normal adult
fares such as normal child fares.
Such discounted fares as bargain, special flight discount, and
"Otomo de Mile" fares will not be affected by this increase.
Supplements payable for domestic travel in First Class or Class
J will not be increased.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.
As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd. The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic. JAL International will be the surviving company.
Moody's said the rating outlook is stable.
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position. Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.
JAPAN AIRLINES: Extends Flyer Programs with China Air & Mexicana
----------------------------------------------------------------
From February 1, 2008, Japan Airlines International Co., Ltd.,
will inaugurate reciprocal frequent flyer program agreements
with China Eastern Airlines and Mexicana Airlines.
The agreement will enable members of the JAL Mileage Bank, JAL's
frequent flyer program, to accumulate mileage on China Eastern
Airlines' and Mexicana's air networks and redeem flight mileage
on China Eastern Airlines and Mexicana international and
domestic award tickets. China Eastern Airlines and Mexicana
frequent flyer programs members will also be able to accumulate
and redeem mileage on JAL's network.
The two new bilateral agreements increase JAL's total number of
frequent flyer program partner airlines to 13, further extending
and enhancing the network and benefits available to JMB members.
JAL already has frequent flyer tie-ups with Air France, Emirates
as well as oneworld member airlines American Airlines, British
Airways, Cathay Pacific Airways (including affiliate Dragonair),
Finnair, Iberia, LAN, Malev, Qantas, and Royal Jordanian.
JAL Mileage Bank members will be able to accumulate JMB mileage
when traveling on China Eastern Airlines or Mexicana flights
from February 1, 2008, excluding China Eastern Airlines's
flights serving between China and Japan. JMB award tickets can
be redeemed on both international and domestic China Eastern
Airlines and Mexicana Airlines flights.
For China Eastern Airlines' flights, award applications can be
made by JMB members from February 1, 2008, departing on and
after February 8, 2008. For Mexicana flights, award
applications can be made by JMB members from January 22, 2008,
departing on and after February 1, 2008.
JAL Mileage Bank's more than 20.69 million members can
accumulate mileage not only by flying with JAL Group and its JMB
partner airlines, but also by staying at JMB partner hotels and
by using the services of various other JMB partner companies.
Members can exchange mileage for a choice of awards, including
flights, ticket upgrades, and JAL Coupons.
Japan Airlines, Asia's biggest airline group, serves some 213
airports in 33 countries and territories worldwide. The group
network extends over 235 international passenger, 39
international cargo, and 160 domestic routes, making a total of
over 1,200 flights a day and carrying on average over 58 million
passengers per year.
About China Eastern
Established in June 1988, China Eastern Airlines is one of the
biggest airlines of China. Based in Shanghai, China Eastern
Airlines operates over 350 domestic routes in China, and serves
a total of 41 destinations worldwide including cities in
Australia, Europe, Korea, Japan, North America and Southeast
Asia.
About Mexicana Airlines
Mexicana Airlines, one of the largest airlines in Mexico, began
its operations more than 85 years ago. In addition to
comprehensive network coverage of Mexico, the airline has the
most extensive international network out of Mexico City
connecting more than 50 destinations in North America, Central
and South America, and the Caribbean.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.
As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd. The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic. JAL International will be the surviving company.
Moody's said the rating outlook is stable.
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position. Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.
SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units
----------------------------------------------------------------
Sanyo Electric Co. appoints executives from financial firms to
head its main units in a management reshuffle scheduled to take
effect April 1, reports Jiji Press.
According to the report, the appointed officers transferred from
Sanyo's shareholder firms in the financial industry.
The report states that Sanyo will appoint Vice President Koichi
Maeda, formally at Sumitomo Mitsui Banking Corp., to head its
semiconductor business. Sumitomo Mitsui is a major shareholder
of Sanyo, relates Jiji Press.
Kazuhiko Suruta, from Daiwa Securities SMBC Co., will head the
solar cell business, while Kentaro Yamagishi, from Goldman Sachs
Group Inc., will spearhead Sanyo's business strategy division,
notes Jiji Press.
Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.
SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Sanyo Electric Co. Ltd. (BB-/Stable/--) would not be affected by
the company's final agreement to sell its mobile telephone
business to Kyocera Corp. The effective date of sale is
scheduled for April 1, 2008. The business value has been agreed
upon by both companies at JPY50 billion, although the final
amount is subject to adjustments related to the amount of
outstanding debt and the amount of cash and deposits to be
transferred on the effective date.
Standard & Poor's considers the sale of the mobile telephone
business, which is characterized by fierce competition and
volatile profitability, to be a positive factor for Sanyo
allowing it to enhance its business franchise and concentrate
its management resources on its core businesses, particularly
rechargeable batteries and solar cells. The final agreement,
however, is largely consistent with the basic agreement reached
in October 2007, while the effect of the sale on Sanyo's credit
quality is likely to be such that it remains within the range of
the current rating.
An upgrade will depend on Sanyo's steady progress in enhancing
the competitiveness of its core businesses, as laid down in the
current medium-term management plan, and improving cash flow
generation and financial stability. Meanwhile, continued close
attention must be paid to any change in support from the
financial institutions, which are Sanyo's major shareholders, as
well as to any judgment passed down by the Tokyo Stock Exchange,
which placed Sanyo's shares on the supervising post after it
recently voluntarily restated its earnings reports.
Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.
SENSIENT TECH: Declares US$0.18 Per Share Quarterly Dividend
------------------------------------------------------------
Sensient Technologies Corporation's Board of Directors has
declared a regular quarterly cash dividend on its common stock
of US$0.18 per share. The cash dividend will be paid on
March 3, 2008, to shareholders of record on Feb. 8, 2008.
Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances. Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications. The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.
Sensient maintains operations in Argentina, Belgium, China, and
Japan, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative. At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company. Approximately USUS$508 million of debt
was outstanding as of June 30, 2007.
=========
K O R E A
=========
CHOROKBAEM MEDIA: Adjusts Price of 2nd Convertible Bonds
--------------------------------------------------------
Chorokbaem Media Co Ltd. has adjusted the conversion price of
its second convertible bonds from KRW689 to KRW630 per share,
Reuters Investing Keys reports.
According to the report, the adjustment is effective on Jan. 21,
2008.
The initial announcement regarding the bond issuance was made on
Feb. 23, 2007, the report recounts.
Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics. The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages. In
addition, the company operates family restaurants.
Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.
KAFCO C&I: Signs Maintenance Contract with LG CNS Co
----------------------------------------------------
Kafco C&I Co. Ltd. has signed a contract with LG CNS Co. Ltd,
Reuters Investing Keys reports.
Under the business agreement, the company will provide
maintenance services for the harmful traffic blocking system,
the report relates.
The contract amount is worth KRW190,928,558, the report adds.
Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries. The company
provides its products under two categories: formation and power
supply equipment. Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.
Korea Ratings gives the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.
DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement
--------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
the authority of the U.S. Bankruptcy Court for the District of
Delaware to assume a component supply agreement between the
Debtors and General Motors Corp. The Debtors also seek the
Court's authority to file the CSA and any related materials
under seal.
Before the Petition Date, the Debtors entered into purchase
agreements with GM. According to DURA's Chapter 11
Petition, sales to GM comprises 10% of the Debtors' total annual
revenues.
In the summer of 2007, the Debtors and GM entered into a
component supply agreement, which modified the Prepetition GM
Purchase Contracts. The CSA modifies, among other things, the
pricing agreement between the Debtors and GM.
The Debtors and GM agree that, as a condition to assumption of
the CSA, the Debtors will file any assumption motion, the CSA,
and any related materials, under seal, Albert Togut, Esq., at
Togut, Segal & Segal, LLP, in New York, relates.
Mr. Togut says the CSA contains confidential and commercially
sensitive information that if publicly disclosed may harm the
Debtors' business relationship with GM.
Mr. Togut tells the Court that the Debtors have provided copies
of the Assumption Motion to GM, the Official Committee of
Unsecured Creditors and the office of the U.S. Trustee for the
District of Delaware.
He adds that interested parties may obtain additional
information about the CSA and the Assumption Motion from the
Debtors. Additional information will be disclosed by the
Debtors, with consent from GM, to any requesting party subject
to a confidentiality agreement relating to that additional
information.
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities. (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
LEADCORP: Makes Changes to Stake-Sale Contract by Shareholders
--------------------------------------------------------------
The Leadcorp, Inc. has made amendments to the contract regarding
the stake sale by its largest shareholders, Reuters Investing
Keys reports.
As reported by the Troubled Company Reporter - Asia Pacific on
January 18, 2008, Leadcorp's largest shareholders APGF3 Korea
Investments Co. Ltd. and KGRF Korea Investments Co. Ltd., have
signed a contract to sell off 10,329,450 shares of the company
to dkmarine.co.ltd and its affiliates.
Reuters relates that the details of the amendments are:
* sale of a combined 37.48% stake by largest shareholders to
DK D&I Co. Ltd (a 12.02% stake) and its three related
parties (a combined 25.46% stake)
* the shares are priced at KRW48,507,097,200.
Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service. The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service. Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea. Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea. The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.
Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook,
as of June 28, 2006.
===============
M A L A Y S I A
===============
EKRAN: Bursa Extends Plan Implementation Deadline Until March 28
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad has granted Ekran Berhad
until March 31, 2008, to achieve the milestones of its revised
internal restructuring plan which involves:
-- validation by Ekran of the Cash Installment Payments of
MYR200 million in lieu of the earlier proposed hotels
injection; and
-- settlement by Tan Sri Ting Pek Khiing of the
MYR111-million debt.
If the conditions stipulated above will not be fulfilled by
March 31, a suspension will be imposed on Ekran's trading of
securities.
Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies. Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations. The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.
Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.
MANGIUM INDUSTRIES: Bourse Rejects Time Extension Request
---------------------------------------------------------
The Bursa Malaysia Securities Berhad, in a letter dated Jan. 18,
2008, rejected Mangium Industries Bhd's application to extend
the deadline for it to submit its regularization plan.
The deadline was on Jan. 21, 2008.
Failure of the company to submit its regularization plan to the
relevant authorities for approval by the deadline means
delisting, pursuant to Paragraph 4.0 of the Amended PN17/2005.
As of today, there is no update on this matter.
As reported by the Troubled Company Reporter-Asia Pacific on
January 14, 2008, the company asked the Bursa Securities for a
time extension of another six months, or until July 20, 2008,to
submit its regularization plan.
The TCR-AP reported on May 25, 2007, that Mangium Industries, on
May 22, became an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its
shareholders' equity on consolidated basis is less than 25% of
its issued and paid-up capital. As an affected listed issuer,
Mangium is required to formulate and implement a plan to
regularize its financial condition within a timeframe stipulated
by relevant authorities.
Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million. Shareholders' equity deficit totaled
MYR46.11 million.
OCI BERHAD: Publicly Reprimanded by Bursa Securities
----------------------------------------------------
On January 18, 2008, the Bursa Malaysia Securities Berhad
publicly reprimanded OCI Berhad for failure to make an immediate
announcement to the bourse regarding a wind-up petition which
was served against the company on October 30, 2007, by
Transmare-Chemie (M) Sdn Bhd. OCI only announced the wind-up
petition on November 13, 2007.
OCI has breached Paragraph 9.19(19) of the Bursa Securities'
Listing Requirement, which stipulates that a listed issuer must
make an immediate announcement when there is any commencement of
wind-up proceedings or wind-up order made against the listed
issuer or any of its subsidiaries or major associated companies.
The public reprimand is imposed pursuant to paragraph 16.17 of
the Bursa Securities' Listing Requirement after taking into
consideration all the relevant factors, including the fact that
the company has previously breached the Bursa Securities'
Listing Requirement.
OCI's Previous Public Reprimand
On November 29, 2007, the company was publicly reprimanded and
fined MYR52,500 for breach of paragraph 9.22(1) of the Bursa
Securities Listing Requirement in respect of the company’s
failure to submit its fourth quarterly report for the financial
period ended June 30, 2007, by the due date of August 31, 2007.
The 4th Quarter 2007 was only submitted to Bursa Securities on
October 31, 2007.
Whilst, Bursa Securities has not made a finding that any of the
company's directors caused or permitted of the aforesaid breach,
Bursa Securities nevertheless wishes to highlight that it is the
responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability
within the company and amongst its officers and employees
including, amongst others, an awareness of the importance of
compliance with the Bursa Securities Listing Requirement.
OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.
The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007. The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.
====================
N E W Z E A L A N D
====================
ADVENTURER IMPORTS: Court Enters Wind-Up Order
----------------------------------------------
On December 17, 2007, the High Court at Christchurch entered an
order to have Adventurer Imports Ltd.'s operations wound up.
Wayne John Deuchrass and Iain Andrew Nellies were then appointed
as liquidators.
The Liquidators can be reached at:
Wayne John Deuchrass
Iain Andrew Nellies
c/o Insolvency Management Limited
Level 1, 148 Victoria Street
PO Box 13401, Christchurch
New Zealand
AMAR INVESTMENTS: Subject to N.S.C. Auto Parts' Wind-Up Petition
----------------------------------------------------------------
On December 3, 2007, N.S.C. Auto Parts Limited filed a petition
to have Amar Investments Ltd.'s operations wound up.
The petition will be heard before the High Court of Auckland on
April 18, 2008, at 10:45 a.m.
N.S.C. Auto Parts' solicitor is:
M. M. Edwards
Fortune Manning
gen-i Tower, Level 12
66 Wyndham Street
PO Box 4139, Auckland
New Zealand
CLEAR CHANNEL: Extends Key Dates for Senior Notes Tender Offer
--------------------------------------------------------------
Clear Channel Communications Inc. has extended these dates,
in connection with its tender offer for its outstanding
7.65% Senior Notes due 2010 (CUSIP No. 184502AK8), and Clear
Channel's subsidiary AMFM Operating Inc.'s tender offer for its
outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0):
-- the date on which the pricing for the Notes will be
established from 2:00 p.m. New York City time on
Jan. 14, 2008, to 2:00 p.m. New York City time on
Feb. 15, 2008;
-- the date on which the tender offers are scheduled to
expire from 8:00 a.m. New York City time on Jan. 16,
2008, to 8:00 a.m. New York City time on Feb. 20, 2008;
and
-- the consent payment deadline for the Notes from 8:00 a.m.
New York City time on Jan. 16, 2008, to 8:00 a.m. New
York City time on Feb. 20, 2008.
Each of the price determination date, the offer expiration date
and the consent payment deadline is subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.
Clear Channel disclosed on Jan. 2, 2008, that it had received,
pursuant to its tender offer and consent solicitation for the
CCU Notes, the requisite consents to adopt the proposed
amendments to the CCU Notes and the indenture governing the CCU
Notes applicable to the CCU Notes, and that AMFM had received,
pursuant to its tender offer and consent solicitation for the
AMFM Notes, the requisite consents to adopt the proposed
amendments to the AMFM Notes and the indenture governing the
AMFM Notes.
The Clear Channel tender offer and consent solicitation were
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.
Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations. Questions regarding the transaction should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).
Global Bondholder Services Corporation is the Information Agent
for the tender offers and the consent solicitations. Requests
for documentation should be directed to Global Bondholder
Services Corporation at (212) 430-3774 (for banks and brokers
only) or (866) 924-2200 (for all others toll-free).
The tender offers and consent solicitations for the Notes are
being made in connection with the merger with BT Triple Crown
Merger Co. Inc. The completion of the merger and the related
debt financings are not subject to, or conditioned upon, the
completion of the tender offers or the related consent
solicitations or the adoption of the proposed amendments with
respect to the Notes.
The closing of the merger is expected to occur during the first
quarter 2008 and concurrently with the consummation of the
merger, Clear Channel expects to obtain US$18.525 billion of new
senior secured credit facilities, to be available to Clear
Channel and certain of its subsidiaries as borrowers, and to
issue US$2.6 billion of new senior unsecured notes.
Clear Channel and one or more of its subsidiaries would also be
the borrowers under a separate receivables-backed revolving
credit facility with availability of up to US$1 billion. The
closing of the merger is subject to the receipt of regulatory
approvals and conditions.
About Clear Channel Communications
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.
EVODIA GAD: Court to Hear Wind-Up Petition on January 24
--------------------------------------------------------
A petition to have Evodia Gad Ltd.'s operations wound up will be
heard before the High Court of Nelson on January 24, 2008, at
10:00 a.m.
Fruitfed Supplies filed the petition on December 10, 2007.
Fruitfed Supplies' solicitor is:
A. J. Sherlock
Hesketh Henry
Level 11, 41 Shortland Street
Auckland
New Zealand
KERR MCLOUGHLIN: Creditors' Proofs of Debt Due on February 8
------------------------------------------------------------
Kerr McLoughlin Ltd. requires its creditors to file their proofs
of debt by February 8, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on December 24,
2007.
The company's liquidator is:
Kim S. Thompson
PO Box 1027, Hamilton
New Zealand
Telephone:(07) 834 6813
Facsimile:(07) 834 6104
NEW ZEALAND PLASTERERS: Taps Jenkins & Deuchrass as Liquidators
---------------------------------------------------------------
Paul William Gerrard Jenkins and Wayne John Deuchrass were
appointed liquidators of New Zealand Plasterers Ltd. on Dec. 21,
2007.
The company commenced liquidation proceedings on that day.
The Liquidators can be reached at:
Paul William Gerrard Jenkins
Wayne John Deuchrass
c/o Insolvency Management Limited
Level 1, 148 Victoria Street
PO Box 13401, Christchurch
New Zealand
PAKURANGA EARTHMOVERS: Creditors Receive Wind-Up Report
-------------------------------------------------------
The creditors of Pakuranga Earthmovers Ltd. met on January 21,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
L. J. Hayward
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
P L R INVESTMENT: Faces CIR's Wind-Up Petition
----------------------------------------------
On August 21, 2007, the Commissioner of Inland Revenue filed a
petition to have P L R Investment (2003) Ltd.'s operations wound
up.
The petition will be heard before the High Court of Auckland on
January 24, 2008, at 10:00 a.m.
The CIR's solicitor is:
Sandra Joy North
c/o Inland Revenue Department
Legal and Technical Services
17 Putney Way
PO Box 76198, Manukau
Auckland 2241
New Zealand
Telephone:(09) 985 7214
Facsimile:(09) 985 9473
RAINEYS ONE: Commences Liquidation Proceeding
---------------------------------------------
On October 30, 2007, the shareholders of Raineys One Ltd.
resolved to voluntarily wind up the company's operations.
Michael Gerard Schimanski, of Kendons Scott Macdonald Limited,
was then appointed as liquidator for Raineys One.
The Liquidator can be reached at:
Michael Gerard Schimanski
119 Blenheim Road
PO Box 8621, Christchurch
New Zealand
Telephone:(03) 343 4448
Facsimile:(03) 348 2262
RAINEYS TWO: Shareholders Agree on Voluntary Liquidation
--------------------------------------------------------
The shareholders of Raineys Two Ltd. met on October 30, 2007,
and agreed to voluntarily liquidate the company's business.
Michael Gerard Schimanski was then appointed as liquidator.
The Liquidator can be reached at:
Michael Gerard Schimanski
119 Blenheim Road
PO Box 8621, Christchurch
New Zealand
Telephone:(03) 343 4448
Facsimile:(03) 348 2262
TWO AND A HALF: Fixes Feb. 15 as Last Day to File Claims
--------------------------------------------------------
The creditors of Two and a Half Musketeers Ltd. are required to
file their proofs of debt by February 15, 2008, for them to be
included in the company's dividend distribution.
The company's liquidators are:
Arron Leslie Heath
Michael Lamacraft
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
VTL GROUP: Mervyn Doolan Resigns from Board
-------------------------------------------
VTL Group disclosed yesterday that Mervyn Doolan has resigned
from the company's board of directors.
According to a filing with the New Zealand Stock Exchange, the
company stated that Mr. Doolan quit as director “to pursue other
business interests.”
VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe. VTL Group's
franchise model is supported by a complete management system
including its leading-edge proprietary technology and financing.
The company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.
VTL Group Limited has declared itself insolvent. Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.
VTL GROUP: Trading Suspended on Failure to File Annual Results
--------------------------------------------------------------
As previously reported by the Troubled Company Reporter-Asia
Pacific, NZX suspended the trading of VTL Group's securities
after the franchisor failed to submit within the required period
its financial results for the year ended Aug. 31, 2007.
According to the stock exchange, VTL Group did not provide its
annual financial results that were due on Oct. 30, 2007, hence
the suspension, which took effect on Nov. 6, 2007.
VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe. VTL Group's
franchise model is supported by a complete management system
including its leading-edge proprietary technology and financing.
The company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.
VTL Group Limited has declared itself insolvent. Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.
=====================
P H I L I P P I N E S
=====================
BANK OF PHIL. ISLANDS: Lists 63,601 New Shares in Local Bourse
--------------------------------------------------------------
The Bank of the Philippine Islands has listed 63,601 new common
shares in the Philippine Stock Exchange.
The shares reflect the same number of common shares that have
been subscribed and fully paid under the bank's executive stock
option plan as of December 31, 2007.
The shares were listed yesterday, January 22, 2008.
Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003. The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.
On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.
BANK OF PHIL. ISLANDS: Tapped as Benguet Corp.'s Stock Registrar
----------------------------------------------------------------
Benguet Corp. has decided to engage the service of the Bank of
the Philippine Islands as its new stock registrar effective
January 15, 2008.
The bank is also the company's stock transfer agent.
According to a disclosure with the Philippine Stock Exchange,
Benguet decided not to renew its appointment of Hongkong &
Shanghai Banking Corp. Ltd. as its stock registrar because of
the increase in its service fees.
Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003. The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.
On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.
BENGUET CORP: Ousts HSBC and Taps BPI as New Stock Registrar
------------------------------------------------------------
Benguet Corp. has decided not to renew its employment of
HongKong & Shanghai Banking Corp. Ltd. as its stock registrar
because of the increase in its service fees.
Instead, the company chose to engage the service of the Bank of
the Philippine Islands as its new stock registrar, effective
January 15, 2008. The bank is also the company's stock transfer
agent.
Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining. It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.
The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005. The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively. The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively. In addition, the
group was unable to pay its maturing bank loans and related
interests.
FEDDERS CORP: Sells Eubank Coil to National Oil for $2.3 Million
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the sale of substantially all of Eubank Coil Company's
assets to National Oil Company, United Refrigeration Inc., and
Tersco Property Management Limited for $2,340,000.
Eubank Coil is a subsidiary of Fedders Corporation.
Eubank entered into an asset purchase agreement dated Dec. 14,
2007, with National Oil Company for the sale of its assets.
Under the sale agreement, National Oil will assume certain
liabilities and certain executory contracts and unexpired
leases.
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP. When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.
As reported in the Troubled Company Reporter on Jan. 21, 2008,
the Court extended the Debtors' exclusive period to file a
Chapter 11 plan until Feb. 29, 2008.
FEDDERS CORP: Unsecured Creditors Want to Sue Insiders & Lenders
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Fedders Corp.
and its debtor-affiliates' Chapter 11 cases asks authority from
the U.S. Bankruptcy Court for the District of Delaware to assert
and prosecute the Debtors' claims against certain insiders,
lenders, and directors, on behalf of the Debtors.
Committee conflicts counsel Sharon L. Levine, Esq., at
Lowenstein Sandler P.C., relates that, in accordance with its
fiduciary duties to unsecured creditors in the Debtors' cases,
the Committee began an extensive investigation of claims that
the Debtors' estates hold against third parties. These parties
include:
A) Lenders
-- Goldman Sachs Credit Partners L.P.
-- Bank of America, N.A.
-- General Electric Capital Corporation
-- Highland Capital Partners, LLC
B) Insiders
-- Salvatore Giordano, Jr.
-- Michael Giordano
-- Joseph Giordano, S.A.
-- Robert L. Laurent
-- Kent E. Hansen
-- Peter Gasiewicz
-- Warren Emley
C) Outside Directors
-- William J. Brennan
-- David C. Chang
-- Michael L. Ducker
-- Howard S. Modlin
-- Herbert A. Morey
-- Anthony E. Puleo
-- Jitendra V. Singh
The Committee also continues to investigate potential claims
against Wachovia Bank, N.A., certain financial advisors,
accountants, auditors, and other officers of the Debtors.
Ms. Levine says that the Committee had compelled the Debtors to
use their authority to either commence a lawsuit and prosecute
the claims, or to consent to the Committee's standing. Since
the Committee did not receive any response from the Debtors, the
Committee accordingly asks the Court for proper standing to
prosecute such claims.
Committee's Investigation of Claims
According to Ms. Levine, the Committee's investigation
discovered apparent misconduct being done by the lenders, the
insiders, and outside directors, which collectively caused as
much as
$150 million or more in damages to the Debtors and, ultimately,
the unsecured creditors.
The claims against the defendants are premised upon causes of
action, which include the following, among others:
1) breach of fiduciary duty;
2) aiding and abetting breach of fiduciary duty;
3) fraudulent conveyance;
4) aiding and abetting fraudelent conveyance;
5) waste of corporate assets / ultra vires acts;
6) tortious interference with contractual relations;
7) tortious interference with prospective business
advantage;
8) improvident lending;
9) unjust enrichment; and
10) breach of the covenants of good faith and fair dealing.
Ms. Levine relates that, first, the insiders betrayed the
Debtors by using the Debtors as their "personal piggy bank" and
extracted, among other things, lavish compensation, interest-
free personal loans and rich severance packages, even when they
knew the Debtors were financially disintegrating. In March
2007, the insiders closed on loans they knew the Debtors could
never repay. Ms. Levine tells the Court that the loans were
already in default when the insiders signed the corresponding
loan agreements. The insiders breached their fiduciary duties
and hid their loan agreements from public filings, Ms. Levine
contends.
Second, the lenders are jointly and severally liable by aiding
and abetting the insiders' misconduct. Even though the loans
were in default, the lenders gave the insiders substantial
assistance and encouragement, so they could pocket large fees
for themselves, argues Ms. Levine.
Third, Ms. Levine complained that the outside Directors didn't
safeguard the interests of the Debtors and apparently allowed
insiders' and lenders' misconduct to happen.
The Committee concludes that a recovery coming from a successful
litigation against the conspirators will be beneficial to the
Debtors' estates.
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP. When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.
As reported in the Troubled Company Reporter on Jan. 21, 2008,
the Court extended the Debtors' exclusive period to file a
Chapter 11 plan until Feb. 29, 2008.
ISLAND INFORMATION: OKs Abacus Securities' Offer to Buy Shares
--------------------------------------------------------------
The Board of Directors of Island Information and Technology
Inc. has decided to accept Abacus Securities Corp.'s offer to
subscribe to the company's remaining unsubscribed shares.
Abacus will undertake the subscription jointly with First Abacus
Financial Holdings Corp.
Headquartered in Makati, Philippines, Island Information and
Technology, Inc. (IS) was incorporated on December 10, 1959 as
Island Oil Company to primarily engage in oil exploration and
mineral development projects. Due to incurred losses, the
management decided to shift its oil exploration activities to
metal mining in the province of Isabela in the hope that it
could recover previous losses, thus changing its name from
Island Oil Company to Island Mining & Industrial Corporation on
January 20, 1965.
In a stockholders' meeting held last May 29, 2000, it was
approved to change the name of the corporation to Island
Information and Technology, Inc. (IS) and to change its primary
purpose from that of a mining concern to that of an intensive
internet technology and telecommunication company. Subsequently,
the Securities and Exchange Commission (SEC) approved the
resolutions on September 11, 2000. This move is intended to
allow the corporation to venture into other lines of business
considering that mining is capital intensive and no longer
profitable as far as management is concerned.
As of July 30, 2007, the company has PHP51.918 million in
capital deficit.
METROPOLITAN BANK: Ty Family Transfers Holdings to Grand Titan
--------------------------------------------------------------
The Ty family has transferred their shareholdings in the
Metropolitan Bank & Trust Co. to Grand Titan Capital Holdings
Inc. through a share swap agreement, the bank told the
Philippine Stock Exchange through a disclosure.
Grand Titan is a holding company that was formed to consolidate
the Ty family's business interests.
The bank said the transaction is part of general corporate
exercise and is expected to be completed within the first
quarter of 2008. It will not change the beneficial ownership or
effective control of Metrobank.
Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group. Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network. Metrobank is also the leading provider of
trade finance in the Philippines, and its overseas branch
network has enabled it to service the fund remittances of
Filipino overseas contract workers.
The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.
* * *
In November 2006, Moody's Investors Service revised the outlook
of Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable. The outlooks for
Metropolitan Bank's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of "D" remain
stable.
On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'. All the bank's other ratings were
affirmed: Long-term Issuer Default rating 'BB-' with a stable
Outlook; Short-term rating 'B'; and Support rating '3.
On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.
=================
S I N G A P O R E
=================
ADVANCED MICRO: Posts US$1.772BB Net Loss in 2007 4th Quarter
-------------------------------------------------------------
Advanced Micro Devices Inc. reported that for the fourth quarter
ended Dec. 29, 2007, it incurred a net loss of US$1.772 billion
and an operating loss of US$1.678 billion. Fourth quarter net
loss included charges of US$1.675 billion, of which
US$1.669 billion were operating charges. The non-cash portion
of the fourth quarter charges was US$1.606 billion.
Fourth quarter 2007 revenue was US$1.770 billion, an 8% increase
compared to the third quarter of 2007 and flat compared to the
fourth quarter of 2006.
In the third quarter of 2007, AMD reported revenue of
US$1.632 billion, a net loss of US$396.0 million, and an
operating loss of US$226.0 million. In the fourth quarter of
2006, AMD reported revenue of US$1.773 billion, a net loss
US$576.0 million, and an operating loss of US$529.0 million.
For the year ended Dec. 29, 2007, AMD achieved revenue of
US$6.013 billion, a 6% increase from 2006. The fiscal 2007 net
loss was US$3.379 billion. Included in the 2007 net loss were
non-cash charges of US$2.007 billion. AMD reported revenue of
US$5.649 billion and a net loss of US$166.0 million for fiscal
2006.
"We were close to break-even operationally for the quarter,
reducing our fourth quarter non-GAAP operating loss to
US$9.0 million. We improved gross margin by three points
sequentially, driven by increased shipments of new products,
higher average selling prices and cost containment actions,"
said Robert J. Rivet, AMD's chief financial officer. "We
shipped a record number of microprocessor units in the quarter,
including nearly four hundred thousand quad-core processors."
Fourth quarter 2007 gross margin was 44%, compared to 41% in the
third quarter of 2007 and 36% in the fourth quarter of 2006.
Balance Sheet
At Dec. 29, 2007, the company's consolidated balance sheet
showed US$11.550 in total assets, US$8.295 billion in total
liabilities, US$265.0 million in minority interest in
consolidated subsidiaries, and US$2.990 billion in total
stockholders' equity.
About Advanced Micro
Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets. The company has a facility in Singapore.
It has sales offices in Belgium, France, Germany, the United
Kingdom, Mexico and Brazil.
* * *
Advanced Micro Devices Inc. continues to carry Standard & Poor's
Ratings Services' B/Negative/-- corporate credit rating. S&P
assigned a 'B' rating to the company's US$1.5 billion 5.75%
senior convertible notes due 2012, and raised the rating on the
company's existing senior unsecured debt to 'B' from 'B-'.
In addition, Fitch Ratings assigned a 'CCC+/RR6' rating to the
company's private placement of US$1.5 billion 5.75% convertible
senior notes due 2012. Fitch also affirmed the company's Issuer
Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'.
AVNET INC: Works with Xilinx to Build Training Lab in Singapore
---------------------------------------------------------------
Avnet Electronics Marketing, an operating group of the leading
global distributor of electronic components, Avnet, Inc.,
together with Xilinx, Inc., are investing in Singapore education
by providing hands-on experience for engineering students at
Singapore's Republic Polytechnic via a specially designed
training lab.
The lab is funded by Xilinx while Avnet Electronics Marketing is
providing experienced field applications engineers to conduct
all the training including monthly workshops for students as
well as customers. At the lab, students and faculty members
will have the opportunity to undertake training and workshops on
a variety of topics including the development of various end-
user applications as well as embedded system design.
"Avnet recognises that meeting the educational needs of young
people requires more than just providing them with technical
knowledge. It is also important for them to learn to become
innovative problem solvers," commented Avnet Electronics
Marketing Asia senior director of segment marketing and design
service, Andy Wong. "The Republic Polytechnic lab will offer a
unique opportunity for students to better understand the latest
technology innovations in the rapidly changing world of FPGAs
and equip them with the practical knowledge necessary to tackle
design challenges they may encounter when they embark on their
own careers."
"The establishment of the RP Xilinx Programmable Logic Solutions
Lab will provide the necessary infrastructure for both staff and
students to embark on exciting development work in areas such as
digital entertainment systems, portable multimedia devices and
hardware acceleration for human-machine interaction. We aim to
develop this lab into a premier lab in programmable logic
solutions, harnessing capabilities of students, staff and
industry to break new ground in the innovation application of
FPGA solutions," commented Republic Polytechnic's Director of
School of Engineering, Mr. Fong Yew Chan.
"The Republic Polytechnic is geared towards technical education
and together with our strategic partner, Xilinx, we are thrilled
to be able to offer our expertise and help foster the education
of local students," said regional president of Avnet Electronics
Marketing in South Asia, Keith Lam.
"The joint labs will be a perfect complement to the 'problem-
based learning' philosophy practised at Republic Polytechnic.
Students will be able to develop their engineering skills by
using the industry's leading silicon and software tools to
tackle realistic audio and video design projects for digital
entertainment applications" said Xilinx corporate solutions
marketing manager for Xilinx Asia Pacific, Simon Ho. "As the
worldwide leading programmable solution provider, Xilinx is
committed to educating future engineers in Singapore and the
whole Asia market with continuous increasing of programmable
technology requirement."
This latest project between Avnet Electronics Marketing and
Xilinx comes after the successful X-Fest global series of
technical seminars that kicked off in China in 2007 and rolled
out across Asia and on to the United States and Europe.
About Xilinx
Xilinx, Inc. (Nasdaq: XLNX) -- http://www.xilinx.com-- is the
worldwide leader of programmable logic solutions.
About Avnet Electronics Marketing EMEA
Avnet Electronics Marketing EMEA, a part of Avnet Electronics
Marketing, is a group of highly focused distribution business
units (speedboats), concentrating on special market segments,
franchise partners or technology areas. The group includes EBV
Elektronik, Silica, Avnet Memec, Avnet Time, Avnet Israel and
Avnet Kopp. The distribution business units are supported by
Avnet Logistics, which operates warehouses in Poing (Germany)
and Tongeren (Belgium).
About Avnet Electronics Marketing
Avnet Electronics Marketing -- http://www.em.avnet.com/-- 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 73
countries, distributing electronic componentsfrom leading
manufacturers and providing associated design-chain and supply-
chain services.
About Avnet Inc.
Headquartered in Phoenix, Arizona, Avnet, Inc. --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers. It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.
* * *
Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007. Moody's said the outlook
is positive.
BANGKA OFFSHORE: Court to Hear Wind-Up Petition on February 1
-------------------------------------------------------------
A petition to have Bangka Offshore Pte Ltd's operations wound up
will be heard before the High Court of Singapore on Feb. 1,
2008, at 10:00 a.m.
Swissco Offshore Pte Ltd filed the petition on January 8, 2008.
Swissco Offshore's solicitors are:
Gurbani & Co
9 Temasek Boulevard
Suntec Tower 2, #17-01
Singapore 038989
BENCHMARK ELECTRONICS: Earns US$22 Million in 2007 Third Qtr.
-------------------------------------------------------------
Benchmark Electronics Inc. reported a net income of
US$22.0 million for the third quarter ended Sept. 30, 2007,
which included a discrete tax benefit of US$6.0 million relating
to a previously closed facility. In the comparable period of
2006, net income was US$29.3 million.
Sales were US$672.6 million for the quarter ended Sept. 30,
2007, compared to US$769.5 million for the same quarter in the
prior year.
Excluding restructuring charges, integration costs, amortization
of intangibles, the impact of stock-based compensation costs and
the tax benefit, the company would have reported net income of
US$17.0 million in the third quarter of 2007. Excluding
restructuring charges and the impact of stock-based compensation
costs, the company would have reported net income of
US$30.0 million in the third quarter of 2006.
"We are clearly disappointed with our revenue performance for
the third quarter,” said Cary T. Fu, the company's chief
executive officer. "However, as our fourth quarter guidance
reflects, we continue to believe that Benchmark is well
positioned for the future based on our operating focus and
execution, new program bookings and continued strong cash flows
from operations."
Looking forward, sales for the fourth quarter of 2007 are
expected to be between US$700.0 million and US$740.0 million.
Diluted earnings per share for the fourth quarter, excluding
restructuring charges, integration costs, amortization of
intangibles and the impact of stock-based compensation expense,
are expected to be between US$0.32 and US$0.38.
Operating margin for the third quarter was 2.2% on a GAAP basis
and was 2.6%, excluding restructuring charges, integration
costs, amortization of intangibles and the impact of stock-based
compensation expense.
Selling, general and administrative expenses for the third
quarter were US$22.0 million, a decrease of 9.2% from the second
quarter of 2007.
Cash flows provided by operating activities for the third
quarter were approximately US$66.0 million.
Cash and short-term investments balance was US$379.0 million at
Sept. 30, 2007.
Total debt outstanding at Sept. 30, 2007, was US$12.8 million.
Balance Sheet
At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.78 billion in total assets, US$460.1 million in
total liabilities, and US$1.32 billion in total stockholders'
equity.
Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2736
About Benchmark Electronics
Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE)
-- http://www.bench.com/-- manufactures electronics and
provides services to original equipment manufacturers of
computers and related products for business enterprises, medical
devices, industrial control equipment, testing and
instrumentation products, and telecommunications equipment. The
company's global operations include facilities in The
Netherlands, Romania, Ireland, Brazil, Mexico, Thailand,
Singapore, and China.
* * *
As reported in the Troubled Company Reporter on Jan. 21, 2008,
Moody's Investors Service assigned a Ba2 (LGD-3, 39%) rating to
Benchmark Electronics Inc.'s new 5-year US$100 million senior
secured revolving credit facility due 2012 and affirmed the
company's Ba3 corporate family rating. The rating outlook is
stable.
GESSIT PTE: Court Enters Wind-Up Order
--------------------------------------
On January 4, 2008, the High Court of Singapore entered an order
to have Gessit Pte. Ltd.'s operations wound up.
Don Ho Mun-Tuke was then appointed as liquidator.
The Liquidator can be reached at:
Don Ho Mun-Tuke
c/o Don Ho & Associates
20 Cecil Street
#12-02/03 Equity Plaza
Singapore 049705
GUAN AIK: Creditors' Proofs of Debt Due on February 15
------------------------------------------------------
Guan Aik Property Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Feb. 15,
2008, for them to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
SEA CONTAINERS: Wants SC Iberia and YMCL Guarantees Approved
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
enter into two Deed of Guarantees in favor its two wholly owned
non-debtor subsidiaries, Sea Containers Iberia SA and Yorkshire
Marine Containers Ltd., in connection with a potential
settlement by SCL and certain of its subsidiaries, of
intercompany claims asserted by GE SeaCo SRL and its
subsidiaries.
Sanjay Bhatnagar, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that many of the GE SeaCo
Entities' claims against the Debtors are currently under a
pending arbitration proceeding. However, the Parties excluded
certain claims from arbitration in an attempt to consensually
resolve those claims.
The excluded claims consist of more than US$90,000,000 in
intercompany claims asserted by GE SeaCo out of ordinary course
business transactions between the Parties.
After extensive negotiations among the Parties, the Official
Committee of Unsecured Creditors of Sea Containers Ltd. and the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., reached a stipulation for the resolution of the
Intercompany Claims, the terms of which are yet to be finalized.
As a condition to their entry into the Stipulation, the
directors of SC Iberia and YMCL have required that SCL provide
certain guarantees in exchange for releasing their receivable
balances against the GE SeaCo Entities, Mr. Bhatnagar discloses.
Accordingly, SCL made arrangements to provide postpetition
guarantees to SC Iberia and YMCL for the value of their
receivables due from the GE SeaCo Entities, amounting to
US$585,861 for YMCL and US$189,858 for SC Iberia.
Each Guarantee is payable solely to the extent necessary to fund
recoveries of sums owed to creditors of SC Iberia and YMCL,
other than the SCL Entities, and only upon the occurrence of the
earlier of:
-- certain insolvency events with respect to SC Iberia and
YMCL; or
-- the Debtors' confirmation of a plan of reorganization that
includes a final settlement of any of the Intercompany
Claims.
The Stipulation provides that as of June 30, 2007, the GE SeaCo
Entities owe approximately US$4,300,000 to SCL and its
subsidiaries on account of all Intercompany Claims. The amount
would be adjusted based on certain payments made by and between
the GE SeaCo Entities and the SCL Parties subsequent to June 30.
Pursuant to the Stipulation, after accounting for the post-June
30 payments, the GE SeaCo Entities agree to set aside at least
US$600,000 in a segregated account as the net balance owing to
the SCL Parties. The funds would remain in the segregated
account for SCL's benefit, pending resolution of all the GE
SeaCo Entities' claims, including those subject to arbitration.
In addition, the GE SeaCo Entities would have the ability to
offset against the Segregated Account (i) allowed claims in the
bankruptcy cases, and (ii) claims that would arise on account of
certain avoidance actions against them.
The Parties agree that the Stipulation is the full and final
settlement of the Intercompany Claims, and upon its
consummation, the Parties would exchange mutual releases.
Mr. Bhatnagar contends that the Stipulation, if finalized, would
maximize value for the bankruptcy estates, and that SCL's grant
of the Guarantees is necessary to induce SC Iberia and YMCL to
enter into the Stipulation.
The Guarantees serve the Debtors' interests in helping to ensure
that third-party claims against SC Iberia and YMCL are funded,
thus, avoiding the need for the third-party claimants to resort
to collection efforts, which may reach back to the bankruptcy
estates, Mr. Bhatnagar explains.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules
filed
with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008 to file a plan of
reorganization. (Sea Containers Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Earns US$10,644,110 in November 2007
----------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of November 30, 2007
Assets
Current Assets
Cash and cash equivalents US$46,979,067
Trade receivables, less allowances
for doubtful accounts 440,764
Due from related parties 678,434
Prepaid expenses and other current assets 1,221,998
------------
Total current assets 49,320,263
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 220,612,336
Other assets 3,669,219
------------
Total assets US$417,148,674
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable US$13,841,321
Accrued expenses 62,601,847
Current portion of long-term debt 173,097,845
Current portion of senior notes 385,407,893
------------
Total current liabilities 634,948,906
Total shareholders' equity (217,800,232)
------------
Total liabilities and shareholders' equity US$417,148,674
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended November 30, 2007
Revenue US$1,214,000
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (244,792)
Professional fees (4,059,681)
Credits to provide against
intercompany accounts 20,917,753
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses 16,613,280
------------
Gain or (Loss) on sale of assets (2,025,436)
------------
Operating income (loss) 15,801,844
Other income (expense)
Interest income 588,042
Foreign exchange gains or (losses) (8,225)
Interest expense, net (4,796,551)
------------
Income (Loss) before taxes 11,585,110
Income tax expense (941,000)
------------
Net (Loss) US$10,644,110
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008, to file a plan
of reorganization.
(Sea Containers Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
===============
T H A I L A N D
===============
SAFARI WORLD: 3Q Consolidated Net Loss Climbs to THB71MM in 2007
----------------------------------------------------------------
Safari World PCL's consolidated income statement for the quarter
ending September 30, 2007, showed a net loss of
THB71.728 million, an increase from 2006's THB63.669 million.
For the quarter ending September 30, 2007, the company and its
subsidiary recognized revenues of THB318.395 million, comprising
mostly of ticket sales of THB170.715 million. Operating
expenses for the quarter are at THB333.827 million, the bulk of
which is occupied by costs of sales and animal maintenance of
THB133.591 million and selling and administrative expenses of
THB114.575 million. Third-quarter interest expenses are at
THB27.614 million.
Likewise, the group's net loss for the 2007 nine-month period
also went up to THB269.481 million, from 2006's
THB272.072 million. Revenues for the January-September period
are at THB845.261 million and expenses are at
THB947.984 million.
As of September 30, 2007, the company had THB3.76 billion in
total assets and THB4.101 billion in total liabilities,
resulting in a capital deficiency of THB340.916 million. The
company is also illiquid as of September 30, 2007, as its
current liabilities of THB2.762 billion exceeded current assets
of THB151.549 million.
GOING CONCERN DOUBT
After reviewing the company's financial statements for the third
quarter and nine-month period ending September 30, 2007, Atipong
Atipongsakul at ANS Audit Co. Ltd. raised significant doubt on
the company's ability to continue as a going concern.
According to Mr. Atipong, the Company and its subsidiary have
incurred a continuous operating loss and have a net consolidated
loss for the nine-month periods ended September 30, 2007 and
2006, amounting to about THB269.5 million and THB272.1 million,
respectively, and have total liabilities exceeded total assets
as at September 30, 2007, amounting to about THB340.9 million.
In addition, the Company has not complied with conditions
indicated in the debt restructuring agreement that caused the
default and the creditor filed a lawsuit against the Company
regarding the default in payment of loan and bank overdraft and
the enforcement of the mortgage. Presently, the Company has
been in the process of negotiating with another creditor to
refinance the debt. These factors, Mr. Atipong said, may cause
significant doubt as to the ability of the Company to continue
as a going concern.
The company's third quarter and nine-month financial statements
can be downloaded for free at:
http://researcharchives.com/t/s?273f
About Safari World PCL
Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment
business. The company operates Safari World, which is comprised
of an open zoo, a marine park, a bird park and other theme
parks. It offers animal performances and other recreational
activities such as jungle cruises and feeding shows. The
company is also involved in food and beverage services, the sale
of souvenirs and the provision of air-conditioned coach
services. Safari World has a subsidiary, Phuket FantaSea Company
Limited, which is engaged in the operation of Phuket FantaSea (a
nighttime cultural theme park).
TMB BANK: S&P Raises Rating on Hybrid Tier-1 Securities to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit
rating of TMB Bank Public Co. Ltd.'s Hybrid Tier-1 securities to
'B+' from 'D', reflecting expectations that the bank will report
a profit in the first half of fiscal 2008 and will pay the
coupon on its hybrid notes in accordance with the issue's terms
and conditions.
The three-notch rating differential between the counterparty
credit rating on TMB Bank (BB+/Negative/B) and the issue rating
reflects the junior subordinated nature and embedded interest
deferral feature of the hybrid notes, according to Standard &
Poor's methodology.
The outlook on the counterparty credit ratings on TMB Bank is
negative, indicating that there is at least a one-in-three
possibility of the bank's ratings being lowered in the
intermediate term if there is continual material deterioration
in its core earnings or asset quality. The bank has
successfully completed a capital infusion exercise and its
adjusted total equity ratio has improved to about 3% in fiscal
2007 from 1.90% in fiscal 2006. TMB Bank's core profitability
has remained relatively stable with net interest margin
improving to 2.7% and noninterest income increasing by 25% to
Thai baht (THB) 8.3 billion as of Dec. 31, 2007. Nonetheless,
nonperforming loans increased by 12.4% to THB72.4 billion in the
last quarter of fiscal 2007.
S&P said it will continue to closely monitor the bank for
progress and signs of stability in its business and financial
profiles, especially in the first quarter of fiscal 2008. The
operating environment could remain challenging for TMB Bank as
Thailand repairs its credit fundamentals after the completion of
the parliamentary election on Dec. 23, 2007.
In addition, the bank needs to work with its new foreign
partner, ING Bank N.V. (AA/Stable/A-1+), to complete the
restructuring exercise and devise a new business strategy, which
should be finalized by April 2008. S&P expect benefits from a
successful collaboration between TMB Bank and ING Bank in the
medium term to include transfer of knowledge and technical
skills in terms of products (especially in the areas
of bancassurance and asset management), risk management, and
best practices.
=============
V I E T N A M
=============
VIETCOMBANK: 2007 Profit Falls 27% as Global Interest Rates Drop
----------------------------------------------------------------
Vietcombank, or Commercial Bank for Foreign Trade of Vietnam,
disclosed that its profit for 2007 dropped 27% because of
declines in global interest rates, Bloomberg reports.
Vietcombank's net income fell to VND2.1 trillion (US$131
million) from VND2.88 trillion in 2006, Bloomberg cites Nguyen
Thu Ha, the bank's deputy chief executive.
"Earnings from our deposits in international banks, which make
up a large part of our total income, were significantly lower
last year because of falling interest rates," Ms. Ha told
Bloomberg in a telephone interview from Hanoi.
Bloomberg points out that the United States may cut interest
rates again, after 1 percentage point of reductions since
September 2007, as the odds of recession in the world's largest
economy increase on a jump in unemployment. The European
Central Bank also said yesterday that it may lower interest
rates to slow inflation, the report adds.
Vietcombank, Bloomberg notes, has overseas deposits mainly in
dollars and euros. Vietcombank also had to pay more in Vietnam
as domestic deposit rates rose.
Moreover, data compiled by Bloomberg shows that dong overnight
rates reached 6.8% on Monday, the highest in more than a month.
The bank forecasts earnings to increase 40% in 2008, Bloomberg
says.
Bloomberg recounts that the government raised VND10.5 trillion
in December by auctioning a 6.5% stake in Vietcombank. The
bank's total assets increased to more than VND196 trillion as of
Dec. 31, compared with VND167 trillion in 2006, according to a
release from the company.
Assets, Bloomberg states, are forecast to rise 20% this year.
Bloomberg Calculation Conflicts with Bank's Information
According to VietNamNet Bridge, Bloomberg's report on
Vietcombank's 2007 earnings shocked many investors as it is
contrary to financial information recently provided by
Vietcombank.
VietNamNet notes that Bloomberg compared 2007's profit, which
was officially announced several days ago, to that of 2006,
provided by Vietcombank's report to serve its IPO. Bloomberg's
said the bank's post-tax profit was VND2.9 trillion in 2006;
Vietcombank said post-tax profit in 2007 was VND2.1 trillion, a
27% decrease.
However, VietNamNet cites Ms. Ha as denying Bloomberg's
calculations. Ms. Ha clarifies that Vietcombank's 2007 post-tax
profit was VND2.1 trillion, down by 16.8% over 2006, and not 27%
as Bloomberg reported.
Yet, VietNamNet says, despite the decrease in post-tax profit in
2007, Vietcombank's profit was still highest among state-owned
banks. In fact, Vietcombank's post-tax profit decreased in 2007
over 2006 because the bank put more money in their contingency
fund (VND1.2 trillion in 2007 vs. VND17 billion in 2006).
VietNamNet explains that increasing the contingency fund was
required by the State Bank of Vietnam, which obligates
commercial banks to follow international practice in classifying
debts and developing contingency funds.
* * *
Vietcombank, or the Bank for Foreign Trade of Vietnam, is one of
four state-run banks earmarked for partial privatization in
2007. According to reports, the bank is Vietnam's third-largest
lender by assets, with assets of US$11.3 billion at the end of
June 2007.
The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings on Vietcombank. The outlook
is stable. Standard & Poor's also assigned a Bank Fundamental
Strength Rating of 'D' on the bank.
VIETCOMBANK: Postpones Domestic Listing to June
-----------------------------------------------
Vietcombank, or the Bank for Foreign Trade of Vietnam, said on
Tuesday that it would delay its domestic listing by three months
to June while it talked to foreign investors about a stake sale,
Reuters reports.
"In case Vietcombank has yet to pick appropriate foreign
partners in early 2008, it will still conduct its first
shareholder meeting in the late first quarter and list shares on
domestic markets in June," Reuters quotes the bank's statement.
Vietcombank, the report recounts, had planned to list on the Ho
Chi Minh City exchange by the end of the first quarter or early
in the second quarter of 2008.
* * *
Vietcombank, or the Bank for Foreign Trade of Vietnam, is one of
four state-run banks earmarked for partial privatization in
2007. According to reports, the bank is Vietnam's third-largest
lender by assets, with assets of US$11.3 billion at the end of
June 2007.
The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings on Vietcombank. The outlook
is stable. Standard & Poor's also assigned a Bank Fundamental
Strength Rating of 'D' on the bank.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 28, 2008
Turnaround Management Association
Finding Money: Int'l Asset Search and
Recovery Methods for Collecting Judgments
Centre Club, Tampa, Florida
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
Breakfast Event
Carnelian Room, San Francisco, California
Telephone: 510-346-6000 ext 226
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 14-16, 2008
American Bankruptcy Institute
13th Annual Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
February 19, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Singapore
Web site: http://www.moodys.com/trainingservices
February 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
February 22, 2008
American Bankruptcy Institute
Bankruptcy Battleground West
Fairmont Miramar, Santa Monica, California
Web site: http://www.abiworld.org/
February 23-26, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar I
Park City, Utah
Web site: http://www.nortoninstitutes.org/
February 26, 2008
Turnaround Management Association
Retail Panel
Citrus Club, Orlando, Florida
Web site: http://www.turnaround.org/
February 27-28, 2008
Euromoney Institutional Investor
6th Annual Distressed Investing Forum
Union League Club, New York, New York
Web site: http://www.euromoneyplc.com/
March 6-8, 2008
ALI-ABA
Fundamentals of Bankruptcy Law
Mandalay Bay Resort, Las Vegas, Nevada
Web site: http://www.ali-aba.org/
March 8-10, 2008
American Bankruptcy Institute
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York
Web site: http://www.abiworld.org/
March 12-14, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 17-18, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 19, 2008
Turnaround Management Association
South Florida Dinner
Bankers Club of Miami, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25, 2008
Turnaround Management Association
Luncheon - Maggie Good
Centre Club, Tampa, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
March 27-30, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar II
Las Vegas, Nevada
Web site: http://www.nortoninstitutes.org/
April 2-4, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 3, 2008
International Women's Insolvency & Restructuring Confederation
Annual Spring Luncheon
Renaissance Hotel, Washington, District of Columbia
Telephone: 703-449-1316
Web site: http://www.iwirc.org
April 3, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - East
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 3-6, 2008
American Bankruptcy Institute
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 7-8, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 10-11, 2008
Moody's Investors Service
Introduction to Credit Derivatives - Structures &
Applications
Singapore
Web site: http://www.moodys.com/trainingservices
April 14-15, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
April 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
April 25-27, 2008
National Association of Bankruptcy Judges
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Web site: http://www.nabt.com/
May 1-2, 2008
American Bankruptcy Institute
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 5-6, 2008
Moody's Investors Service
Islamic Bank Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 7-9, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 9, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12, 2008
American Bankruptcy Institute
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12-14, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
May 13-16, 2008
American Bankruptcy Institute
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 18-20, 2008
International Bar Association
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
Web site: http://www.ibanet.org/
May 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
May 22, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
June 2-4, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Singapore
Web site: http://www.moodys.com/trainingservices
June 5, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Contact: http://www.moodys.com/trainingservices
June 4-7, 2008
Association of Insolvency & Restructuring Advisors
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Web site: http://www.airacira.org/
June 12-14, 2008
American Bankruptcy Institute
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Web site: http://www.abiworld.org/
June 18-20, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 19-21, 2008
ALI-ABA
Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
Drafting, Securities, and Bankruptcy
Omni Hotel, San Francisco, California
Web site: http://www.ali-aba.org/
June 23, 2008
Moody's Investors Service
Hedge Fund Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 24-25, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 26, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Singapore
Web site: http://www.moodys.com/trainingservices
June 26-29, 2008
Norton Institutes on Bankruptcy Law
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Web site: http://www.nortoninstitutes.org/
July 1-2, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 3, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 4, 2008
Moody's Investors Service
Analyzing and Rating Hybrid Securities
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 10-13, 2008
American Bankruptcy Institute
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Web site: http://www.abiworld.org/events
July 31 - Aug. 2, 2008
American Bankruptcy Institute
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Web site: http://www.abiworld.org/
August 16-19, 2008
American Bankruptcy Institute
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Web site: http://www.abiworld.org/
August 20-24, 2008
National Association of Bankruptcy Judges
NABT Convention
Captain Cook, Anchorage, Alaska
Web site: http://www.nabt.com/
September 4-5, 2008
American Bankruptcy Institute
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 4-6, 2008
American Bankruptcy Institute
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 8, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Web site: http://www.moodys.com/trainingservices
September 22-23, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
September 24-26, 2008
International Women's Insolvency & Restructuring Confederation
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Web site: http://www.ncbj.org/
September 24-27, 2008
National Conference of Bankruptcy Judges
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Web site: http://www.iwirc.org/
October 9, 2008
Turnaround Management Association
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Web site: http://www.turnaround.org/
October 15-16, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
October 22-23, 2008
Moody's Investors Service
Securities Firms Analysis \u2013 Including Broker-Dealers
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 24, 2008
Moody's Investors Service
Hedge Fund Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 27, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
November 4-5, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Hong Kong, China
Web site: http://www.moodys.com/trainingservices
November 11-12, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 13-14, 2008
Moody's Investors Service
Introduction to Credit Derivatives-Structures & Applications
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 17-19, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Singapore
Web site: http://www.moodys.com/trainingservices
November 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
November 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
December 3-5, 2008
American Bankruptcy Institute
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Web site: http://www.abiworld.org/
TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
Web site: http://www.insol.org/
May 7-10, 2009
American Bankruptcy Institute
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Web site: http://www.abiworld.org/
June 11-13, 2009
American Bankruptcy Institute
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Web site: http://www.abiworld.org/
June 21-24, 2009
International Association of Restructuring, Insolvency &
Bankruptcy Professionals
8th International World Congress
TBA
Web site: http://www.insol.org/
July 16-19, 2009
American Bankruptcy Institute
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Web site: http://www.abiworld.org/
September 10-12, 2009
American Bankruptcy Institute
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Web site: http://www.abiworld.org/
October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
December 3-5, 2009
American Bankruptcy Institute
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Reverse Mergers-the New IPO?
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
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Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Distressed Market Opportunities
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Homestead Exemptions under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
E-Discovery and Records Management for Bankruptcy
Practitioners and Litigators
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Equitable Subordination and Recharacterization
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Marites Claro, Mark Andre Yapching, Azela Jane
Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza
Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter
A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***