/raid1/www/Hosts/bankrupt/TCRAP_Public/080201.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
Friday, February 1, 2008, Vol. 11, No. 23
Headlines
A U S T R A L I A
BRUCE BAVIN: Commences Liquidation Proceedings
BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007
CHARSCOTT PTY: Placed Under Voluntary Liquidation
CHATTEM INC: Fiscal Year 2007 Net Income Up to US$59.7 Million
FLIGHT CENTRE: Says on Track to Beat Half-Year Profit Forecast
J&B BRIGHT: Taps Bettles and Carter as Liquidators
JOLLY JUMPS: Members Appoint Carter and Bettles as Liquidators
KYRANO PTY: Commences Liquidation Proceedings
MACK GRAZING: Taps Carter and Bettles as Liquidators
NOONARM PTY: Members to Receive Wind-Up Report on February 11
OMEGA PTY: Members Resolve to Liquidate Business
TASKINC PTY: Placed Under Voluntary Liquidation
THE LEISURETIME CENTRE: Members Receive Wind-Up Report
C H I N A , H O N G K O N G & T A I W A N
AVALON KNITTING: Appoints New Liquidator
CURRENT MANAGMENT: Hires Lai Man Chau as Liquidator
HYSOCK COMPANY: Members Meeting Fixed for Feb. 29
INTELSAT LTD: Increased Leverage Cues Moody's to Cut CFR to Caa1
JIANGXI COPPER: To Shut 300,000 Tonnes of Smelting Capacity
LUNG ELECTRONICS: Members Set Final Meeting on February 5
MYSTARU.COM: DNTW Accountants Raises Going Concern Doubt
NEW SUNNY: Members Meeting Fixed for Feb. 25
SUN YUI: Members Set Final Meeting on February 29
VISION FOUNDATION: Members Meeting Fixed for Feb. 25
YUEN TAI: Members Meeting Fixed for Feb. 27
I N D I A
NCO GROUP: Moody's Puts Ba3 Rating on US$139 Million Add-On Loan
SINGER INDIA: Settles Debt With Banks & Financial Institutions
SPICEJET LTD: To Enter Fixed-Price Deal With Oil Marketing Firm
TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says
I N D O N E S I A
ANEKA: Partners With Shenzhen Zhongjin to Buy Herald Resources
ANIXTER INT'L: Reports US$9.7MM Net Income in Qtr. Ended Dec. 28
BANK PERTAMA: Fitch Upgrades Individual Rating to 'C/D'
MEDIA NUSANTARA: Linktone's Shareholders OK 51%-Stake Sale
J A P A N
ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007
DELPHI CORP: Court Allows Committee Participation in Exit Loan
DELPHI CORP: Court Grants Final Approval of MDL Settlements
FORD MOTOR: At Ease with Tata Motors' Jaguar Brand Acquisition
JAPAN AIRLINES: To Slash Discount Fares Up to 80%
JVC CORP: To Transfer Circuit Business to Meiko Electronics
MITSUBISHI MOTORS: Global Production for December 2007 Up 7.9%
MIZUHO FINANCIAL: Subprime Loss May Hit JPY250 Billion in March
K O R E A
DURA AUTO: Wants To Sell 9 Properties to IRG for US$19.2 Mil.
DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer
M A L A Y S I A
OCI BERHAD: Incurs MYR615,000 Net Loss in Qtr. Ended Dec. 31
OCI BERHAD: Anticipates to End Losses by Financial Year 2009
ELECTRONIC DATA: Inks Management Deal With Breast Cancer Org.
N E W Z E A L A N D
ACCESS DRAIN: Wind-Up Petition Hearing Slated for February 4
CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets
EARTH INNOVATIONS: Fixes February 15 as Last Day to File Claims
FRESH TASTE: Court to Hear Wind-Up Petition on April 1
J.W. MADDREN: Taps van Delden & Whittfield as Liquidators
LAURIE WOODING: Faces Gaynor's Wind-Up Petition
MINGINUI VILLAGE: Subject to Watene's Wind-Up Petition
POHUTUKAWA BETA: Names Shane Francis Hussey as Liquidator
TERRACE CAPITAL: Shareholders Resolve to Liquidate Business
THE STICKY SIGN: Court to Hear Wind-Up Petition on February 8
TROOP BUILDERS: Faces CIR's Wind-Up Petition
P H I L I P P I N E S
ATLAS CONSOLIDATED: Nickel Mine Ships 530,158 Metric Tons in '07
BANK OF THE PHIL ISLANDS: Expects 8% Growth in Loans in 2008
CHIQUITA BRANDS: Soliciting Consents to Amend Indenture Terms
GLOBE TELECOM: Signs Money Transfer Alliance with Western Union
MANILA ELECTRIC: Buys 65% of Clark Electric Distribution Corp.
MANILA ELECTRIC: GSIS Acquires Less Than 10% Additional Stake
PRC LLC: Wants to Hire CXO LLC as Restructuring Advisors
PRC LLC: Wants Court Nod on Evercore Group as Investment Bankers
S I N G A P O R E
AT & J: Requires Creditors to File Claims by February 24
ENZER ELECTRONICS: Court Enters Wind-Up Order
FLEXTRONICS: Adjusted Net Income Up 84% to US$250MM in December
KIM HOCK: Taps Chuang and Meng as Liquidators
MINAMI ENGINEERING: Court Directs Wind Up of Operations
T H A I L A N D
NATURAL PARK: Stockholders to Meet on February 22
PICNIC CORP: Somchai Siripunvaraporn Resigns as Chief Executive
TTL INDUSTRIES: Stockholders Opt Not to Pay Dividends for 2008
TUNTEX PCL: Clarifies Reported Takeover by Indorama Polymer
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
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A U S T R A L I A
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BRUCE BAVIN: Commences Liquidation Proceedings
----------------------------------------------
Bruce Bavin and Co Pty Ltd commenced liquidation proceedings on
December 20, 2007.
John William Cunningham John Richard Park were then appointed as
liquidators.
The Liquidators can be reached at:
John William Cunningham
John Richard Park
Ramsay Clout, Suite 2
63 The Esplanade, Cotton Tree
Australia
About Bruce Bavin
Located at Broadbeach Waters, in Queensland, Australia, Bruce
Bavin and Co Pty Ltd is an investor relation company.
BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007
---------------------------------------------------------------
Buckeye Technologies Inc. reported net income of US$13.8 million
on net sales of US$210.9 million for the three months ended
Dec. 31, 2007, compared to net income of US$3.8 million on net
sales of US$184.7 million for the same period in 2006.
Chairman and Chief Executive Officer John B. Crowe said, "We had
an exceptional quarter. Second quarter net sales were up 14%
compared to the same period last year. Sales of US$211 million
are our highest revenue quarter ever. The earnings improvement
is a combination of higher pricing, higher specialty wood volume
and cost control."
Mr. Crowe went on to say, "We are pleased with the quarter and
year-to-date revenue and income growth. Our markets remain
solid and we will benefit from price increases that we
implemented in January. In the current quarter, we anticipate
lower nonwovens production and revenue due to our previously
announced volume reduction from our Delta nonwovens facility.
Additionally, we expect higher manufacturing costs at our
Florida specialty wood facility due to planned maintenance
inspections. While the just completed quarter's earnings
performance will be difficult to repeat, we do anticipate strong
performance in the January-March quarter 2008."
About Buckeye Technologies
Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE: BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials. The company
currently operates facilities in the United States, Germany,
Canada, Brazil and Australia. Its products are sold worldwide
to makers of consumer and industrial goods.
* * *
As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook. All
otherratings were upgraded by one notch while the unsecured
notes were affirmed at B2.
CHARSCOTT PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on December 18, 2007,
the members of Charscott Pty Ltd resolved to voluntarily wind up
the company's operations.
Kelly-Anne Trenfield and John Park of KordaMentha (Queensland)
were appointed as liquidators.
The Liquidators can be reached at:
Kelly-Anne Trenfield
John Park
KordaMentha (Queensland)
22 Market Street
Brisbane, Queensland 4000
Australia
Telephone:(07) 3225 4900
Facsimile:(07) 3225 4999
About Charscott Pty
Located at Birkdale, in Queensland, Australia, Charscott Pty Ltd
is an investor relation company.
CHATTEM INC: Fiscal Year 2007 Net Income Up to US$59.7 Million
--------------------------------------------------------------
Chattem Inc. has announced its financial results for the fiscal
fourth quarter and year ended Nov. 30, 2007.
Fiscal Year 2007 Financial Results
Total revenues for fiscal 2007 rose to a record
US$423.4 million, an increase of 40.9%, compared to total
revenues of US$300.5 million in fiscal 2006. Revenue growth for
the fiscal year was driven by the five acquired brands and
continued growth of the Gold Bond and Icy Hot businesses, offset
by declines in the Icy Hot Pro-Therapy(R) and Dexatrim(R)
franchises, the latter of which was impacted by unprecedented
competition in the weight loss category as well as difficult
comparisons to the fiscal 2006 launch period of Dex Max2O(R).
Excluding the impact of the acquired brands and Icy Hot Pro-
Therapy, total revenues increased 5% compared to fiscal 2006.
Net income for the fiscal year increased to a record
US$59.7 million, compared to US$45.1 million for fiscal 2006,
and earnings per share were US$3.08, compared to US$2.34 for
fiscal 2006. Net income for fiscal 2007 included a loss on
early extinguishment of debt and SFAS 123R employee stock option
expense. Net income for fiscal 2006 included a debt
extinguishment charge, litigation settlement items and SFAS 123R
employee stock option expense. As adjusted to exclude these
items, net income for fiscal 2007 was US$65.1 million, compared
to US$37.5 million for fiscal 2006, and earnings per share were
US$3.36 compared to US$1.95 for fiscal 2006, a 72.3% increase.
Fourth Quarter Financial Results
Total revenues for the fourth quarter of fiscal 2007 were
US$100.6 million, compared to total revenues of US$65.1 million
in the prior year quarter, representing a 54.5% increase.
Revenue growth for the quarter was led by the five acquired
brands as well as strong performances from Gold Bond and
Icy Hot. Offsetting these increases was a reduction in sales of
Dexatrim and lower sales of Icy Hot Pro-Therapy. Excluding the
impact of the acquired brands and Icy Hot Pro-Therapy, total
revenues increased 3% compared to the prior year quarter.
Net income for the quarter rose to US$14.8 million, compared to
US$4.9 million for the prior year quarter. Net income for the
fourth quarter of fiscal 2007 included SFAS 123R employee stock
option expense. Net income for the fourth quarter of fiscal
2006 included litigation settlement items and SFAS 123R employee
stock option expense. As adjusted to exclude these items, net
income for the fourth quarter of fiscal 2007 was
US$15.8 million, compared to US$6.0 million for the prior year
quarter.
In the fourth quarter of fiscal 2007, the Company increased the
reserves for Icy Hot Pro-Therapy retail and in-house inventory
exposure by approximately US$7.0 million, or US$0.24 per share,
which resulted in lower revenue and reduced gross margins during
the fourth quarter of fiscal 2007. This increase in reserves
was based on a detailed evaluation of the Icy Hot Pro-Therapy
business. Management believes this amount fully addresses any
significant product return or in-house inventory obsolescence
exposure.
"The company experienced the most successful year in its 128
year history," said Zan Guerry, Chattem's Chairman and Chief
Executive Officer. "Early in the year, we made the exciting
acquisition of five brands from Johnson & Johnson and were able
to integrate those brands into our organization smoothly and
ahead of schedule. The acquisition, combined with the growth
of our existing business, resulted in a 41% increase in total
revenues for the year to a record US$423 million and even more
impressive earnings growth," Mr. Guerry stated. "In reference
to the balance sheet," Guerry commented further, "we were able
to finance the acquisition of the five brands on very favorable
terms and have put in place a very solid and effective capital
structure. Our strong operating cash flows for fiscal 2007
enabled us to reduce debt more rapidly than we anticipated at
the time of the acquisition while also repurchasing over 400,000
shares of our common stock for US$23.6 million, or an average
cost of US$58.98 per share."
"Looking to fiscal 2008," Mr. Guerry continued, "we have
tremendous momentum and robust advertising support planned for
our Big 6 brands, Gold Bond(R), Icy Hot(R), ACT(R), Cortizone-
10(R), Selsun(R) and Unisom(R), which accounted for
approximately 72% of our total revenues in fiscal 2007. The
strength of our Big 6 brands, together with an impressive line
up of new products, expected gross margin improvement and the
ability to rapidly deleverage with strong cash flows, has led us
to increase our earnings per share guidance for fiscal 2008 to a
range of $4.00 to $4.20 per share before SFAS 123R and debt
extinguishment charges."
Key Highlights:
* Gross margin for the quarter rose to 70.0%, compared to
68.2% for the prior year quarter, and 69.5% for fiscal
2007, compared to 68.7% for fiscal 2006. Gross margin for
fiscal 2008 is expected to approach historical levels as a
result of the full year impact of the in-house
manufacturing of certain of the five acquired brands and
product mix.
* Advertising and promotion expense (A&P) for the quarter
increased by US$5.5 million to US$26.0 million, or 25.8%
as a percentage of total revenues, and rose by
US$16.1 million to US$112.2 million, or 26.5% of total
revenues, for the fiscal year, compared to US$96.1 million,
or 32.0% of total revenues in fiscal 2006. The decline in
A&P expense as a percentage of total revenues from fiscal
2006 reflected unusually high A&P expenses in fiscal 2006
due primarily to the launch of Icy Hot Pro-Therapy. The
company anticipates A&P spending to increase significantly
on a dollar basis for fiscal 2008 and remain consistent
with historical levels of 26% to 28% as a percentage of
total revenues.
* Selling, general and administrative expenses (SG&A)
decreased to 15.3% of total revenues for the quarter,
compared to 20.0% for the prior year quarter, and to 13.6%
of total revenues for the fiscal year, compared to 15.6%
for fiscal 2006. For fiscal 2008, SG&A expenses are not
expected to rise commensurate with increases in total
revenues as the company continues to leverage its
operating infrastructure.
* For the fiscal year, cash flows from operations increased
59.4% to US$86.7 million compared to US$54.4 million for
fiscal 2006. Free cash flow, defined as cash flows from
operations less capital expenditures, was US$80.4 million,
up 61.8%, compared to US$49.7 million for fiscal 2006.
Capital expenditures for the fiscal year were
US$6.3 million with more than half of these expenditures
attributable to the integration of in-house
manufacturing for certain of the five acquired brands.
* Earnings before interest, taxes, depreciation and
amortization (EBITDA) increased 139% to US$32.2 million,
or 32.0% of total revenues, for the quarter and increased
82.6% to US$133.9 million, or 31.6% of total revenues, for
the fiscal year, compared to US$73.3 million, or 24.4% of
total revenues in fiscal 2006.
* Since acquiring the five brands on Jan. 2, 2007, the
company has reduced total debt by US$62.5 million to
US$508.0 million as of Nov. 30, 2007. During that same
period, the company funded the purchase of a net bond
hedge of US$12.1 million in connection with the issuance
of the 1.625% senior convertible notes in April 2007;
acquired the ACT business in Western Europe and the
worldwide trademark rights to ACT for US$4.1 million; and
repurchased 400,129 shares of the Company's common stock
for US$23.6 million, or an average cost of US$58.98 per
share.
Fiscal 2008 Guidance
The company currently expects earnings per share for fiscal 2008
to be in the range of US$4.00 to US$4.20 as compared to our
earlier estimate of US$3.90 to US$4.10, in each case excluding
stock option expense under SFAS 123R and any loss on debt
extinguishment. Stock option expense under SFAS 123R for fiscal
2008 is estimated to be US$0.21 per share.
Chattanooga, Tenn.-based Chattem Inc. manufactures and markets
branded consumer products, including over-the-counter healthcare
products and toiletries and skin care products. Its products
include Gold Bond medicated powder, Icy Hot topical analgesic,
Dexatrim appetite suppressant, and Bullfrog sunblock. Chattem
has operations in the U.K., Australia, and Puerto Rico.
* * *
Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.
FLIGHT CENTRE: Says on Track to Beat Half-Year Profit Forecast
--------------------------------------------------------------
Flight Centre Ltd said that it saw its half-year profit before
tax at between AU$92-AU$93 million (US$82-83 million), exceeding
its previous forecast of AU$85-AU$90 million, Reuters reports.
Reuters notes that Flight Centre attributes the profit forecast
upgrade to the contribution of its recent acquisition, Liberty
Travel.
About Flight Centre
Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares. It had a
turnover in excess of $3 billion worldwide and 18 years of
consecutive profits until its shares plunged more than 8%
following the announcement of its first ever annual profit
decline.
The company, which in the past has reported spectacular results,
hit the wall in 2004-05 with two profit downgrades. Flight
Centre announced 2004-05 profit of AU$67.91 million, down 17%
from the previous period. Embattled Flight Centre then launched
a restructuring drive aimed at saving costs and began working
towards a turnaround in 2005/06 by focusing on ongoing
development of its four main networks. It has implemented
changes to its customer relations programs, following a
comprehensive review of its other company initiatives.
J&B BRIGHT: Taps Bettles and Carter as Liquidators
--------------------------------------------------
During a general meeting held on December 10, 2007, the members
of J&B Bright Sparks Pty Ltd appointed Jason Bettles and Susan
Carter as the company's liquidators.
The Liquidators can be reached at:
Jason Bettles
Susan Carter
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise
Queensland 4217
Australia
Web site: http://www.worrells.net.au
About J&B Bright
J&B Bright Sparks Pty Ltd, which is also trading as Jb Faux
Electrical Services, is involved with electrical work. The
company is located at Pittsworth, in Queensland, Australia.
JOLLY JUMPS: Members Appoint Carter and Bettles as Liquidators
--------------------------------------------------------------
The members of Jolly Jumps Pty Ltd met on November 8, 2007, and
appointed Susan Carter and Jason Bettles of Worrells Solvency &
Forensic Accountants as the company's liquidators.
The Liquidators can be reached at:
Jason Bettles
Susan Carter
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland 4217
Australia
Telephone:(07) 5553 3407
Facsimile:(07) 5570 1884
Web site: http://www.worrells.net.au
About Jolly Jumps
Jolly Jumps Pty Ltd provides miscellaneous personal services.
The company is located at Arundel, in Queensland, Australia.
KYRANO PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on February 1, 2008, the members
of Kyrano Pty Ltd agreed to voluntarily liquidate the company's
business.
Susan Carter was then appointed as liquidator.
The Liquidator can be reached at:
Susan Carter
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise
Queensland 4217
Australia
About Kyrano Pty
Located at Hunters Hill, in New South Wales, Australia, Kyrano
Pty Ltd is an investor relation company.
MACK GRAZING: Taps Carter and Bettles as Liquidators
----------------------------------------------------
Susan Carter and Jason Bettles were appointed liquidators of
Mack Grazing Pty Ltd on December 10, 2007.
The Liquidators can be reached at:
Susan Carter
Jason Bettles
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland 4217
Australia
Telephone:(07) 5553 3411
Facsimile:(07) 5570 1884
About Mack Grazing
Mack Grazing Pty Ltd is involved in the business of beef cattle
feedlots. The company is located at Pittsworth, in Queensland,
Australia.
NOONARM PTY: Members to Receive Wind-Up Report on February 11
-------------------------------------------------------------
The members of Noonarm Pty Ltd will meet on February 11, 2008,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Tony Cordner
Cordner Wilson Ludeke
Certified Practising Accountants
Level 12, 238 Robina Town Centre Drive
Robina, Queensland
Australia
About Noonarm Pty
Noonarm Pty Ltd operates book stores. The company is located at
Darra, in Queensland, Australia.
OMEGA PTY: Members Resolve to Liquidate Business
------------------------------------------------
During a general meeting held on February 4, 2008, the members
of Omega Pty Ltd resolved to voluntarily liquidate the company's
business.
Jason Bettles was then appointed as liquidator.
The Liquidator can be reached at:
Jason Bettles
Worrells Solvency & Forensic Accountants
Web site: http://www.worrells.net.au
About Omega Pty
Located at Nerang, in Queensland, Australia, Omega Pty Ltd is an
investor relation company.
TASKINC PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on December 21, 2007, the members
of Taskinc Pty Ltd resolved to voluntarily liquidate the
company's business.
Samuel Richwol of O'Keeffe Walton Richwol was then appointed as
liquidator.
The Liquidator can be reached at:
Samuel Richwol
O'Keeffe Walton Richwol
Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146
Australia
About Taskinc Pty
Taskinc Pty Ltd provides business services. The company is
located at Caulfield South, in Victoria, Australia.
THE LEISURETIME CENTRE: Members Receive Wind-Up Report
------------------------------------------------------
The members of The Leisuretime Centre Pty Ltd met on January 17,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Thomas G. Hackett
157 Musgrave Street
North Rockhampton Queensland 4701
Australia
About The Leisuretime
The Leisuretime Centre Pty Ltd provides services allied to
motion picture distribution. The company is located at
Rockhampton, in Queensland, Australia.
================================================
C H I N A , H O N G K O N G & T A I W A N
================================================
AVALON KNITTING: Appoints New Liquidator
------------------------------------------
The members of Avalon Knitting & Garment Factory Limited
appointed Lai Man Chau, James as the company's liquidators.
The Liquidator can be reached at:
Lai Man Chau, James
21st Floor, Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon
Hong Kong
CURRENT MANAGMENT: Hires Lai Man Chau as Liquidator
---------------------------------------------------
The members of Current Management Consultants Limited appointed
Lai Man Chau, James as the company's liquidators.
The Liquidator can be reached at:
Lai Man Chau, James
21st Floor, Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon
Hong Kong
HYSOCK COMPANY: Members Meeting Fixed for Feb. 29
-------------------------------------------------
The members of Hysock Company Limited will have their final
general meeting on February 29, 2008, at 11th Floor, Pico Tower,
66 Gloucester Road, Wanchai, in China to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is Lam Wai Hay.
INTELSAT LTD: Increased Leverage Cues Moody's to Cut CFR to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded Intelsat Ltd.'s
corporate family rating by two notches to Caa1. The company's
speculative grade liquidity rating was downgraded to SGL-3
(adequate liquidity) from SGL-1 (very good liquidity).
The rating action reflects the impact of increased leverage
resulting from an additional US$5 billion in debt (US$3.7
billion incremental) that is being incurred to facilitate the
purchase of Intelsat's parent company's equity ownership by BC
Partners, Silver Lake Partners and certain other investors, and
repay certain outstanding indebtedness. Moody's expects the
majority of the new debt to be issued at Intelsat (Bermuda),
Ltd., while Intelsat (Bermuda), Ltd.'s existing assets and
liabilities will be transferred to a newly created holding
company, Intelsat Jackson Holdings, Ltd. Following closing, the
ratings agency expects all equity to be owned by BC Partners,
Silver Lake Partners, certain other investors and management.
The defining factor in the company's credit profile is the
increased leverage resulting from debt financing facilitating
the ownership changes, and risks that the company will not be
able to grow its cash flow stream in order that all of its
substantial interest burden, capital expenditures and periodic
cash income tax obligations can be met from operating cash flow.
The future opportunities to grow cash flow include increases to
EBITDA, plus permanent reductions in capital expenditures as the
company rationalizes its very large satellite constellation
fleet. In the interim, Moody's anticipates a modest cash flow
deficit. However, applicable bank credit agreements and trust
indentures feature relatively lax default triggers that may
provide time before creditors gain default rights. The company
has available sources of external liquidity, including the
revolving credit facilities at Intelsat Corporation and Intelsat
Subsidiary Holding Co. Ltd. For this reason, Moody's rates
Intelsat's liquidity arrangements as being adequate (SGL-3),
with the Caa1 CFR reflecting execution risks related to cash
flow growth including the potential that exogenous factors such
as a slowing global economy may retard necessary progress.
Since Intelsat issues debt from five legal entities, the rating
action also involved adjustments to ratings for several debt
instruments in other Intelsat entities. At closing, the ratings
on notes that will be repaid in full will be withdrawn.
However, the rating actions are based on assumptions
incorporated in the company's acquisition financing plan and on
very preliminary documentation. Accordingly, there is the
potential for minor adjustments to the instrument ratings should
the facts change. Ratings will be finalized in due course (the
transaction is tentatively scheduled to close on Feb. 4).
Instrument rated:
Intelsat Corp.:
-- Secured Bank Credit Facility, Rated B1 (LGD1 05)
* US$150 million incremental Term Loan B-2 due Jan. 3, 2014
Downgrades:
Intelsat Corp.:
-- Senior Secured Bank Credit Facility, Downgraded to B1 (LGD1
05) from Ba2 (LGD1 08)
* Senior Secured Revolving Facility due July 5, 2012
* US$329 million Term Loan A-3 due July 5, 2012
* US$1,623 million Term Loan B-2 due Jan. 3, 2014
-- Senior Secured Regular Bond/Debenture, Downgraded to B1
(LGD1 05) from Ba2 (LGD1 08)
* US$125 million 6.875% Senior Secured Notes due
Jan. 15, 2028
-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
(LGD3 33) from B2 (LGD3 45)
* US$656 million 9% Senior Unsecured Notes due
Aug. 15, 2014
* US$575 million 9% Senior Unsecured Notes due June 15, 2016
Intelsat Subsidiary Holding Co. Ltd.:
-- Senior Secured Bank Credit Facility, Downgraded to B1 (LGD1
05) from Ba2 (LGD1 08)
* Senior Secured Revolving Facility due July 5, 2012
* US$342 million guaranteed Term Loan B due July 5, 2013
-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
(LGD1 33) from B2 (LGD3 45)
* US$875 million 8.25% Senior Notes due Jan. 15, 2013
* US$675 million 8.625% Senior Notes due Jan. 15, 2015
Intelsat Intermediate Holding Company, Ltd.:
-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
(LGD4 53) from B3 (LGD5 72)
* US$388 million 9.25% Senior Discount Notes due
Feb. 1, 2015
Intelsat (Bermuda), Ltd. (to be re-named Intelsat Jackson
Holdings, Ltd.):
-- Senior Unsecured Bank Credit Facility, Downgraded to B3
(LGD3 33) from B2 (LGD3 45)
* US$1,000 million guaranteed Term Loan due 2014
-- Senior Regular Bond/Debenture, Downgraded to B3 (LGD3 33)
from B2 (LGD3 45)
* US$750 million 9.25% guaranteed Senior Notes due
June 15, 2016
-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
(LGD4 60) from Caa1 (LGD5 82)
* US$1,330 million 11.25% Senior Notes due June 15, 2016
Intelsat, Ltd.:
-- Probability of Default Rating, Downgraded to Caa1 from B2
-- Speculative Grade Liquidity Rating, Downgraded to SGL-3
from SGL-1
-- Corporate Family Rating, Downgraded to Caa1 from B2
-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
(LGD6 95) from Caa1 (LGD6 93)
* US$600 million 6.625% Senior Notes due April 15, 2012
* US$700 million 6.5% Senior Notes due Nov. 1, 2013
Outlook Actions:
Intelsat, Ltd.:
-- Outlook, Changed To Stable From Rating Under Review
Ratings to be withdrawn upon closing:
Intelsat (Bermuda), Ltd. (to be re-named Intelsat Jackson
Holdings, Ltd.):
-- Senior Unsecured Regular Bond/Debenture, currently rated
Caa1 (LGD5 82)
* US$260 million Floating Rate Senior Notes due
June 15, 2013
* US$600 million Floating Rate Senior Notes due
Jan. 15, 2015
Intelsat, Ltd.:
-- Senior Unsecured Regular Bond/Debenture, currently rated
Caa1 (LGD6 93)
* US$400 million 5.25% Senior Notes due Nov. 1, 2008
Stable outlook for approximately US$10 billion of rated debt
instruments.
Headquartered in Bermuda, Intelsat is the largest fixed
satellite service operator in the world and is currently
privately held by a group of financial investors: Apax Partners,
Apollo Management, Madison Dearborn Partners, and Permira.
Intelsat has sales offices in Australia, China, Japan, and
Singapore.
JIANGXI COPPER: To Shut 300,000 Tonnes of Smelting Capacity
-----------------------------------------------------------
Jiangxi Copper Co Ltd will shut down 300,000 tonnes of smelting
capacity in two to three days due to power shortages, Reuters
reports, citing company sources.
China, the report says, is suffering its worst power crisis in
years.
Reuters' Polly Yam writes that the smelting capacity to be
closed down is 43% of Jiangxi Copper's total capacity of 700,000
tonnes a year.
According to Reuters, the unnamed source said that Jiangxi
Copper expects the capacity to remain shut until mid-February.
The report notes that the shutdown could see lost output of
about 12,500 tonnes, or 2.3% of the company's expected output of
550,000 tonnes in 2007.
News of the Jiangxi Copper shutdown, Reuters explains, comes
after China's biggest zinc plant shut down on Tuesday, while
stainless steel and aluminium output curbs spread to Shanxi as
power shortages and chaotic weather cut deeper into supply from
the world's top producer of the metals.
The report points out that snow has blanketed parts of central
and southern China, blocking roads and railways and choking coal
shipments, adding pressure on energy shortages that have caused
power outages in 17 Chinese provinces and province-status
cities.
Reuters recounts that Jiangxi Copper lost about 30,000 tonnes of
copper output due to repairs of another 400,000 tonnes of
smelting capacity in December.
The source also told Reuters that Jiangxi Copper had reduced
transportation of copper and sulphuric acid to clients in other
provinces, building stocks at its plant in Guixi in Jiangxi
province. The company, the report relates, produces 2 million
tonnes annually of sulphuric acid, a bi-product during the
process of smelting concentrate, which is the main material for
copper production. When the sulphuric acid is not collected, it
could cause an environmental disaster.
A second company source told Reuters that Jiangxi Copper had
already informed its clients that term copper deliveries might
be delayed in the coming weeks.
Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
LUNG ELECTRONICS: Members Set Final Meeting on February 5
---------------------------------------------------------
The members of Lung Electroncs (HK) Limited will have their
final general meeting on February 5, 2008, 1301-02, 13th, Kwan
Chart Tower, 6 Tonnochy Road, Wanchai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is Au-Yeung Sin Ming Cindy.
MYSTARU.COM: DNTW Accountants Raises Going Concern Doubt
--------------------------------------------------------
DNTW Chartered Accountants, LLP in Markham, Canada, expressed
substantial doubt about the ability of MyStarU.com, Inc.,
(formerly Telecom Communications, Inc.) to continue as a going
concern after it audited the company's financial statements for
the year ended Sept. 30, 2007. The auditor pointed to the
company's significant cumulative operating losses.
The company posted a comprehensive loss of US$4,997,250 on total
revenue of US$21,554,811 for the year ended Sept. 30, 2007, as
compared with a comprehensive income of US$1,071,729 on total
revenue of US$15,546,181 in the prior year.
The Company had cumulative losses of US$2,450,726 as of
September 30, 2007, and cash flows from operations during the
year ending September 30, 2007, of US$695,098. The Company has
committed to its new business segment, "Investments in
Entertainment Arts," which requires substantial capital in order
to invest in and manage the Company's investments. On April 1,
2006, MYST sold all its interests in Island Media with the net
gain on the disposal of US$295,533. Island Media's operating
loss for the period up to the date of disposition was
US$239,776.
At September 30, 2006, based on management's projected future
discounted cash flows, management determined an impairment loss
related to the Company's copyrights was present as on those
copyrights of US$1,530,000 at September 30, 2006. The portion
of the acquisition costs of Panyu M&M that has been allocated to
goodwill totaled US$354,614. Such allocation was made on the
basis of the Company’s appraised value of Panyu M&M's net assets
as of September 30, 2007.
At Sept. 30, 2007, the company's balance sheet showed
US$27,611,494 in total assets, US$3,693,242 in total
liabilities, US$3,801,642 of minority interest in consolidated
subsidiaries and stockholders' equity of US$20,116,610.
A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?276a
About Mystaru.com
Mystaru.com, Inc., formerly Telecom Communications, Inc., is a
fully integrated information and entertainment service provider
in the People's Republic of China. The Company operates in four
segments: investments in entertainment arts productions, in
which the Company purchases and licenses or resells copyrights
of entertainment-related assets; online content and member
services provider, in which it provides online content and
member services for commercial use; software sales, in which it
provides Web-based and mobile software platforms, and importing
and exporting of goods, in which it conducts international trade
using the People’s Republic of China as its base of operations.
NEW SUNNY: Members Meeting Fixed for Feb. 25
--------------------------------------------
The members of New Sunny Limited will have their final general
meeting on February 25, 2008, at their registered office to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is Chui Ching Wai.
SUN YUI: Members Set Final Meeting on February 29
-------------------------------------------------
The members of Sun Yui Memorial Association Limited will have
their final general meeting on February 29, 2008, at the Haven
Commercial Building, Nos. 6-8 Tsing Fung Street, North Point in
Hong Kong.
During the meeting, the members will hear the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is Chan Yim Wah.
VISION FOUNDATION: Members Meeting Fixed for Feb. 25
----------------------------------------------------
The members of Vision Foundation Limited will have their final
general meeting on February 25, 2008, at Room 10, Bock 4E,
Selwyn Industrial Building, 404 Kwun Tong Road, Kowloon, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is Soong Yuen Kei.
YUEN TAI: Members Meeting Fixed for Feb. 27
-------------------------------------------
The members of Yeun Tai Electrical (Hong Kong) Company Limited
will have their final general meeting on February 27, 2008, at
Jiaoyitang Industry Zone, Tangxia Town, Dongguang City in
Guangdong, China. The members will hear the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is Suen Man Fai.
=========
I N D I A
=========
NCO GROUP: Moody's Puts Ba3 Rating on US$139 Million Add-On Loan
----------------------------------------------------------------
Moody's Investors Service confirmed all the credit ratings of
NCO Group, Inc., concluding a review for possible downgrade
initiated on Dec. 13, 2007. Moody's also assigned a Ba3 rating
to the US$139 million add-on term loan B, which will be used
along with a US$210 million equity contribution from One Equity
Partners and its co-investors, to finance the acquisition of
Outsourcing Solutions, Inc. Moody's downgraded NCO Group's
speculative grade liquidity rating to SGL-3 from SGL-2
reflecting material revolver borrowings and a projected
tightening of headroom under financial covenants during 2008.
The rating outlook is stable.
Moody's views the acquisition of Outsourcing Solutions favorably
since it will be financed with a large equity component (about
60% of acquisition financing) and provides increased scale and
significant cost saving opportunities. The confirmation of the
B2 Corporate Family Rating reflects the company's sizeable
revenue base, leading market position in the accounts receivable
outsourcing industry, a large global platform of on-shore and
off-shore offerings and adequate credit metrics pro forma for
the Outsourcing Solutions acquisition. The ratings are
constrained by economic pressures that may continue to weaken
performance in the contingent collection and portfolio
management businesses as well as limited business line diversity
and moderate customer concentration.
Moody's took these rating actions:
-- Assigned US$139 million add-on term loan B, Ba3 (LGD 3,
31%)
-- Confirmed US$465 million senior secured term loan due 2013,
Ba3 (to LGD 3, 31% from LGD 2, 29%)
-- Confirmed US$100 million senior secured revolver due 2011,
Ba3 (to LGD 3, 31% from LGD 2, 29%)
-- Confirmed US$165 million senior floating rate notes, B3 (to
LGD 4, 67% from LGD 4, 63%)
-- Confirmed US$200 million senior subordinated notes, Caa1
(to LGD 6, 91% from LGD 6, 90%)
-- Confirmed Corporate Family Rating, B2
-- Confirmed Probability of Default Rating, B2
-- Downgraded Speculative Grade Liquidity rating, to SGL-3
from SGL-2
Approximately US$1.1 billion of rated debt securities affected.
Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services. NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.
SINGER INDIA: Settles Debt With Banks & Financial Institutions
--------------------------------------------------------------
Singer India Ltd has made a INR700-lakhs one-time settlement
with a consortium of bankers lead by the State Bank of
Travancore, the company informed the Bombay Stock Exchange. The
company said the full amount has been paid, hence it has no
outstanding dues with banks and financial institutions.
As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2007, the auditors of Singer India, in a limited review
report, pointed out that the net worth of the company as at
Sept. 30, 2007, has been completely eroded.
Singer India Limited manufactures, among others, sewing
machines. Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners. The company is a 49% subsidiary of Singer
Company N.V.
Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985. The company has filed
a restructuring plan for its revival. Its factory at Jammu
continues to be under lay off since April 6, 2005.
SPICEJET LTD: To Enter Fixed-Price Deal With Oil Marketing Firm
---------------------------------------------------------------
SpiceJet Ltd is poised to enter into a fixed-price deal with an
oil company to buy 20% of the carrier's annual requirement of
aviation turbine fuel, P.R. Sanjai writes for livemint.com.
According to the report, the move is aimed at protecting
SpiceJet from the ATF's price volatility resulting from
fluctuations in crude prices.
ATF supply in India is controlled by Indian Oil Corp. Ltd,
Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd
that also fix ATF prices on a mutually agreed common formula
every month, Mr. Sanjai relates.
Citing an unnamed source "familiar with the development," Mr.
Sanjay writes that an agreement is expected to be signed early
February with 3% plus or minus to January's base ATF price
(INR47,045.16 per kiloliter at Mumbai airport).
As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 28, SpiceJet's net profit decreased to INR93.37 million in
the three months ended Dec. 31, 2007, on higher fuel prices, the
Bombay Stock Exchange discloses.
Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier. In fiscal
2006, SpiceJet carried over 1.6 million passengers. As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip. The company has launched a co-branded credit card
with State Bank of India in association with MasterCard. In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.
Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005. The company
changed its financial year from June-May to April-March. For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.
TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says
----------------------------------------------------------------
Tata Motors Ltd may have to shell out more to purchase Ford
Motor Co.'s Jaguar and Land Rover as the brands' stable, Premier
Automobile Group, posted a US$504-million profit before tax, The
Economic Times reports. Aside from the two Ford brands, PAG
also houses Volvo.
Tata Motors became the front-runner bidder for Ford's Jaguar and
Land Rover when the U.S. carmaker announced on Jan. 3, that it
has entered into “focused negotiations at a more detailed level”
with Tata. Tata Motors outbid Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.
As reported yesterday by the Troubled Company Reporter-Asia
Pacific, Tata Motors and Ford are closing in on a deal for the
sale. The Times, citing an unnamed source, anticipates an
announcement of an agreement as early as next week to as late as
March.
Since the negotiations are not yet over, Ford could push for
better valuations now that PAG has become profitable, the Times
says, citing auto consultants and analysts. PAG's pre-tax 2007
profit is a huge improvement from the U$344-million loss in
2006, the news agency points out.
Ford spokesperson John Gardiner attributed the turnaround to
Land Rover and Jaguar. “Jaguar and Land Rover have been solidly
profitable in each quarter of 2007, but Volvo made a loss,” Mr.
Gardiner told the news agency.
Tata Motors reportedly made a US$2-billion bid for the two
luxury brands. According to The Times, auto analysts have
unanimously maintained that Tata's bid price is too high.
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.
* * *
As reported in the TCR-Europe 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
=================
ANEKA: Partners With Shenzhen Zhongjin to Buy Herald Resources
--------------------------------------------------------------
PT Aneka Tambang Tbk and Chinese zinc producer Shenzhen Zhongjin
Lingnan Nonfemet Co. joined together to submit an offer to
acquire Australian miner Herald Resources Ltd for
US$448-US$449 million, various reports say.
According to Bloomberg News, the joint venture offered AU$2.50 a
share, topping Calipso InvestmentPte's bid of AU$2.25.
In a statement to the Australian Securities Exchange, The
Jakarta Post relates, the Herald board unanimously urged
investors to accept the consortium's cash offer and withdrew its
support to Calipso InvestmentPte. Herald's directors indicated
that, in the absence of a better proposal, would accept the
joint venture's bid, the report notes.
The Post says that the Antam-Zhongjin offer is subject to
conditions, including 50.1% minimum acceptance, foreign
investment regulatory approval. Antam and Zhongjin also need to
get necessary shareholder and regulatory approvals, the report
adds.
Antam and Zhongjin are being advised by Macquarie Capital
Advisers, while Blake Dawson is acting as their Australian legal
adviser, Bloomberg adds.
About Aneka Tambang
PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits. The company
operates six mines. They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold). The company also operates a precious metal
refinery and a geology unit in Jakarta.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan 17,
2008, Moody's Investors Service has upgraded PT Aneka Tambang
(Persero) Tbk's corporate family rating to Ba3 from B1. This
concludes the review for possible upgrade which commenced on
October 22, 2007.
On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'. The outlook is
stable. At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.
ANIXTER INT'L: Reports US$9.7MM Net Income in Qtr. Ended Dec. 28
----------------------------------------------------------------
Anixter International Inc. has reported results for the quarter
ended Dec. 28, 2007.
Fourth Quarter Highlights
-- Sales of US$1.49 billion, including US$20.5 million of
incremental sales from a series of acquisitions completed
over the past twelve months, rose 15 percent compared to
sales of US$1.30 billion in the year ago quarter.
-- Quarterly operating income of US$114.4 million increased
27 percent from the US$90.4 million reported in the
fourth quarter of 2006.
-- Net income in the quarter, inclusive of a benefit of
US$9.7 million or 23 cents per share primarily related to
foreign tax benefits and the finalization of prior year's
tax returns, increased 34 percent, to US$70.5 million, or
US$1.69 per diluted share, from US$52.4 million, or
US$1.20 per diluted share, in last year's fourth quarter
when the company reported a benefit of US$4.2 million or
10 cents per share primarily related to tax benefits
associated with its foreign operations.
-- Cash flow generated from operations was US$92.9 million,
up significantly compared to US$17.0 million in the year
ago quarter.
Robert Grubbs, President and Chief Executive Officer, stated,
"We are very pleased with the strong financial results in the
quarter and the year. Our success in expanding our product and
supply chain offering, along with an intense focus on broadening
and diversifying our global customer base, drove record sales,
operating margins and net income in 2007. We enter 2008
confident in our ability to continue executing on our growth
strategies including further expanding our customer base as well
as growing with our existing customers."
Fourth Quarter Results
For the three-month period ended Dec. 28, 2007, sales of US$1.49
billion produced net income of US$70.5 million, or US$1.69 per
diluted share. Included in the current year's fourth quarter
results was US$20.5 million of incremental sales from a series
of acquisitions completed in the past year. After adjusting for
acquisitions and the favorable foreign exchange impact of
US$50.5 million, fourth quarter sales grew at a year-over-year
organic rate of 9 percent. Also included in the fourth quarter
results was a benefit of US$9.7 million, or 23 cents per diluted
share, of net income primarily related to foreign tax benefits
and the finalization of prior year's tax returns. Exclusive of
these tax related items, net income was US$60.8 million or
US$1.46 per diluted share.
In the prior year period, sales of US$1.30 billion generated net
income of US$52.4 million, or US$1.20 per diluted share. The
fourth quarter 2006 results include US$4.2 million, or 10 cents
per diluted share, of net income primarily related to tax
benefits for foreign operations. Included in the net income
associated with these tax benefits is US$0.8 million of interest
expense that is reflected as a part of the other, net line in
the accompanying income statement. Exclusive of these tax
benefits, net income was US$48.2 million or US$1.10 per diluted
share.
Operating income in the fourth quarter increased 27 percent to
US$114.4 million as compared to US$90.4 million in the year ago
quarter. For the latest quarter, operating margins were 7.7
percent compared to 7.0 percent in the fourth quarter of 2006.
Twelve-Month Results
For the twelve-month period ended Dec. 28, 2007, sales of
US$5.85 billion produced net income of US$253.5 million, or
US$6.00 per diluted share. The 2007 results include incremental
sales of US$125.5 million from a series of acquisitions
completed in the past year. After adjusting for acquisitions
and the favorable foreign exchange impact of US$139.3 million,
full year sales grew at a year-on-year organic rate of 13
percent. Net income in 2007 also includes US$11.8 million, or
28 cents per diluted share, primarily related to foreign tax
benefits and the finalization of prior year's tax returns.
Exclusive of these tax benefits, net income was US$241.7 million
or US$5.73 per diluted share.
In the prior year period, sales of US$4.94 billion produced net
income of US$209.3 million or US$4.86 per diluted share. In
addition to the previously discussed tax benefits recorded in
the prior year's fourth quarter associated with the company's
foreign operations, the 2006 twelve-month results include
US$22.8 million, or 53 cents per diluted share, of income
primarily associated with a refund from the United States
Internal Revenue. This refund was the result of the final
settlement of income taxes covering the period of 1996 through
1998. The interest income portion of this settlement of US$7.7
million (after-tax impact of US$4.7 million) is reflected on the
income statement in the other, net line. The remaining portion
of the settlement is recorded as an US$18.1 million reduction to
the tax provision. Excluding the tax benefits and the favorable
tax settlements, net income was US$182.3 million or US$4.23 per
diluted share.
Operating income in fiscal 2007 increased by 30 percent to
US$439.1 million as compared to US$337.1 million in the prior
fiscal year. Operating margins in 2007 were 7.5 percent as
compared to 6.8 percent in the prior year.
Fourth Quarter Operating Results
"As a result of solid sales growth, fourth quarter operating
margins were 7.7 percent as compared to 7.0 percent in the year
ago period," said Mr. Grubbs. "In North America, our operating
margins were 8.6 percent as compared to 8.2 percent in the year
ago quarter, with sales growth again producing additional
operating leverage."
Mr. Grubbs added, "In Europe, operating margins in the most
recent quarter were 4.9 percent as compared to 2.6 percent in
the year ago quarter. This improvement in operating margins
reflects improved gross margins and operating expense leverage
including the fact that the prior year quarter included US$1.3
million of expenses associated with certain facility
consolidations and pension plan restructuring costs. We were
again encouraged by the results in the most recent quarter as
operating profits more than doubled. Our investments in this
market in the past couple of years combined with our recent
success in organically growing this business enables us to feel
positive about the outlook for our business in Europe."
"Fourth quarter operating margins in the emerging markets were
6.8 percent as compared to 7.2 percent in the year ago quarter
as a result of further investment in personnel and
infrastructure to support future growth," added Mr. Grubbs.
Cash Flow and Leverage
"In the fourth quarter we generated US$92.9 million in cash from
operations, up significantly compared to the US$17.0 million
generated in the year ago quarter," said Finance Executive Vice
President, Dennis Letham. "The positive cash flow in the
quarter reflects the normal seasonal patterns associated with
the previously discussed slight drop in consecutive quarter
sales due to the number of holidays in the fourth quarter and
the related effects on working capital needs."
"During the fourth quarter the company repurchased 1,250,000 of
its outstanding shares at a total cost of US$82.1 million. When
combined with the 3,000,000 shares repurchased during the first
quarter of 2007 for US$162.7 million, the company repurchased
4,250,000, or 10.8 percent of the outstanding shares it had at
the start of 2007, for a total consideration of US$244.8 million
or an average of US$57.61 per share," continued Mr. Letham.
Mr. Letham added, "Working capital requirements associated with
our year-on-year sales growth consumed US$139.8 million of cash
during 2007. The company also completed two acquisitions for
total consideration of US$35.2 million. The share repurchases,
added working capital requirements and acquisition costs were
financed from a combination of a US$300 million convertible bond
offering completed in the first quarter of 2007 and added
borrowings under bank lines of credit. The company ended 2007
with a debt-to-total capital ratio of 49.4 percent as compared
to 45.7 percent at the end of 2006. For the fourth quarter the
weighted-average cost of borrowed capital was 4.3 percent as
compared to 5.4 percent in the year ago quarter. At the end of
the fourth quarter, approximately 77 percent of our total
borrowings of US$1.02 billion had fixed interest rates, either
by the terms of the borrowing agreements or through hedge
contracts. We also had US$243 million of available, unused
credit facilities at Dec. 28, 2007, which provide us with the
resources to support continued strong organic growth and to
pursue other strategic alternatives, such as acquisitions, in
the new year."
Business Outlook
Mr. Grubbs concluded, "The record sales and earnings performance
in 2007 was the result of many of the same underlying trends
that generated record performances over the past couple of
years, especially as relates to expansion of our customer base.
While 2008 begins with a well publicized, less certain overall
economic environment than 2007, recent activity levels suggest
the end markets we serve have remained strong and we are
comfortable they will continue to present opportunities for
growth in the coming year. As we look to the start of a new
year, we remain focused on building on our strategic initiatives
of growing our security and OEM supply businesses, initiating an
industrial automation network sales effort, adding to our supply
chain services offering, enlarging the geographic presence of
our electrical wire & cable business, and expanding our product
offering. We believe that if we continue to successfully
execute our strategic initiatives to grow our product and
service offerings and expand our customer base, we can drive
solid sales and earnings growth in 2008."
About Anixter
Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.
The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
France, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Spain, Taiwan, Thailand, and the United
Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings has affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:
Anixter International Inc.
-- Issuer Default Rating 'BB+';
-- Senior unsecured debt 'BB-'.
Anixter Inc.
-- Issuer Default Rating 'BB+';
-- Senior unsecured notes 'BB+';
-- Senior unsecured bank credit facility at 'BB+'.
BANK PERTAMA: Fitch Upgrades Individual Rating to 'C/D'
-------------------------------------------------------
Fitch Ratings has upgraded the Individual rating of PT Bank
Permata Tbk to 'C/D' from 'D' and affirmed its Support rating at
'4'.
The upgrade in the Individual rating reflects the bank's
improved profitability and asset quality, while the Support
rating reflects expectations for limited support from Standard
Chartered Bank (SCB, 'A+'/Stable), which together with Astra
International, own an 89% stake in Permata through a 50:50 joint
venture. Permata is tapping into the technical resources of
SCB, combined with support from Astra to further expand its
banking business. Permata focuses on consumer and SME loans,
which accounted for a combined 87% of total loans.
Pre-provision profit improved to 3.0% of average assets in 9M07
on higher net interest margin and trading income, which helped
to offset the increase in operating expenses as the bank
continues to expand its network and IT system. NPLs declined to
5.5% of gross loans at end-September 2007, from 6.4% at end-2006
and provision cover increased to 85.9%, bringing it closer to
the peer average of 85% (based on end-2006 data). Following the
IDR500 billion subordinated debt issue in November 2006 and
higher profits, total CAR improved to 13.9% from 9.9% in end-
2005, which is still below the peer average of about 20%.
Bank Permata is the ninth-largest bank in Indonesia by assets
and was formed from the merger of four IBRA-owned banks into
Bank Bali in September 2002. In November 2004, the Indonesian
government sold a 51% stake in the bank to a 50:50 consortium
comprising SCB and Astra International (which is part of the
Jardine group of companies in Hong Kong).
MEDIA NUSANTARA: Linktone's Shareholders OK 51%-Stake Sale
----------------------------------------------------------
Linktone Ltd's shareholders approved PT Media Nusantara Citra
Tbk's proposal to acquire at least 51% of the outstanding shares
of the company.
As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2007, Media Nusantara will acquire the stakes through
a combination of a tender offer for existing shares and
subscription for newly issued shares.
The tender offer, the TCR-AP said, will be for 6.1 million ADS,
or nearly 25% of total shares outstanding. MNC will subscribe a
minimum of 18.0 million ADS up to 25.2 million ADS, representing
up to 57% and no less than 51% of total shares outstanding at
the close of the subscription and tender, the report added.
Linktone's shareholders, at the extraordinary meeting held in
connection with the proposed acquisition, duly approved the
following proposals:
-- the adoption of the acquisition agreement between
Linktone and MNC and the issuance of up to 252 million
ordinary shares to MNC;
-- the amendment of Linktone's Amended and Restated
Memorandum and Articles of Association to require that
material transactions between Linktone and any holder of
5% or more of its share capital be approved (i) by a
majority of the disinterested directors of Linktone's
board of directors, in the case of transactions valued at
or above US$1 million, and (ii) by holders of a majority
of the shares held by Linktone's disinterested
shareholders, in the case of transactions valued at or
above US$10 million; and
-- the election of MNC's designees to Linktone's board of
directors, subject to and effective upon the consummation
of the subscription and purchase.
Linktone's Chief Executive Officer Michael Li commented, "We
believe that our companies will have a major opportunity to
pursue advertising and WVAS cross-selling initiatives both in
China and other Asian countries. We anticipate a very strong
and mutually beneficial relationship that provides a great value
proposition for shareholders going forward."
As previously announced by Linktone, MNC will launch a partial
tender offer in the United States within five business days
after the conditions to the tender offer are satisfied or
waived. The tender offer will be for up to 6 million of
Linktone's outstanding American Depositary Shares ("ADSs") for
US$3.80 per ADS.
About Linktone Ltd.
Linktone Ltd. is one of the leading providers of wireless
interactive entertainment services to consumers and advertising
services to enterprises in China. Linktone provides a diverse
portfolio of services to wireless consumers and corporate
customers, with a particular focus on media, entertainment and
communications. These services are promoted through the
Company's and our partners cross-media platform which merges
traditional and new media marketing channels, and through the
networks of the mobile operators in China. Through in-house
development and alliances with international and local branded
content partners, the Company develops, aggregates, and
distributes innovative and engaging products to maximize
the breadth, quality and diversity of its offerings.
About Media Nusantara
Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations in television broadcasting network, radio and print
media. It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005. MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.
The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra. The outlook has been revised to positive from
stable.
On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion. At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC. Both ratings have been removed from their provisional
status. The ratings outlook is stable.
=========
J A P A N
=========
ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007
------------------------------------------------------
Alitalia S.p.A.'s December 2007 traffic data compared to the
same period in 2006 showed no difference in passenger business
and a decrease in cargo business.
Passenger business showed traffic in line with the same period
of 2006 (+0.1%) with an increase of capacity offered by 0.7%.
December 2007 Cargo statistics, compared to December 2006,
showed a decrease in terms of goods flown (-7.8%) with capacity
offered down 5.7%.
Passengers Operations
Traffic, measured in Revenue Passenger Kilometers, showed levels
in line with 2006 (+0.1%) and the capacity, measured in
Available Seat Kilometres, increased by 0.7%.
Therefore load factor decreased by 0.4 percentage points
reaching 68.6%.
Alitalia carried 1.8 million passengers, up 1.2% compared to the
previous year.
Detailed comparisons with December 2006:
-- Domestic Passenger Network: traffic increased by 3.9%
with offered capacity up 6.2%. Load factor was 59.8%;
-- International Passenger Network: traffic decreased by
1.3% and offered capacity decreased by 0.7%. Load
factor was 62.6%.
-- Intercontinental Passenger Network: traffic (-0.2%) and
capacity offered (-0.1%) showed levels in line with
2006. Load factor was 76.6%.
Cargo Operations
December 2007 Cargo performance showed, compared to December
2006, a traffic decrease by 7.8% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 5.7%.
Overall Load factor was 71.2% with a decrease by 1.7 percentage
points. Regarding the All-Cargo sector, Load factor was 82.2%
with an increase by 5.6 percentage points compared with the same
period of 2006.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina and Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
DELPHI CORP: Court Allows Committee Participation in Exit Loan
--------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York permits members of the Official
Committee of Unsecured Creditors and the Official Committee of
Equity Security Holders appointed in the bankruptcy cases of
Delphi Corp. and its debtor-affiliates to participate in any
syndicate of lenders assembled to provide exit financing
facilities for the Debtors' emergence from Chapter 11.
The Court directs all interested Statutory Committee members to:
(a) to make advanced written disclosure of their
participation in the Exit Loan Syndication to the
Debtors, counsel to each of the Statutory Committees, and
the U.S. Trustee;
(b) withhold any information with his or her institution, or
any lender or other party involved in the Exit Financing,
related to the Debtors' or Statutory Committees' strategy
regarding the Exit Financing; and
(c) abstain from any direct negotiations with the Debtors or
the Statutory Committees on the Exit Financing.
Participating Statutory Committee members will be screened on an
ongoing basis from any information relating to the Debtors' or
the Statutory Committees' strategy regarding, and any
deliberations by the applicable Statutory Committee in any
respect thereon, the Exit Financing, Judge Drain rules.
Nothing in the Court's order relieves any member of the
Statutory Committees from its obligations under any applicable
securities laws, Judge Drain clarifies.
As reported in the Troubled Company Reporter on Jan. 9, 2008,
the Debtors reduced their Exit Financing from the Court-approved
US$6.8 billion to US$6.1 billion. The reduced facilities
include:
(a) US$1.6 billion in an asset-backed revolving credit
facility;
(b) US$3.7 billion in a first-lien term loan facility; and
(c) US$825 million in a second lien term loan facility.
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology. The
company's technology and products are present in more than 75
million vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007. The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.
(Delphi Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned. Moody's said the outlook is stable.
As reported in the Troubled Company Reporter-Latin America on
Jan. 11, 2008, Standard & Poor's Ratings Services expects to
assign its 'B' corporate credit rating to Troy, Michigan-based
automotive supplier Delphi Corp. upon the company's emergence
from Chapter 11 bankruptcy protection, which may occur by the
end of the first quarter of 2008. S&P expects the outlook to be
negative.
In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.
DELPHI CORP: Court Grants Final Approval of MDL Settlements
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered a final order on Jan. 25, 2008, approving the
Multidistrict Litigation Settlements among the Debtors, General
Motors Corp., and the lead plaintiffs in securities actions and
lawsuits brought under the Employee Retirement Income Security
Act consolidated before the U.S. District Court for the Eastern
District Of Michigan, Southern Division.
Pursuant to the MDL Settlements, the Debtors agreed to grant the
Lead Plaintiffs and ERISA Plaintiffs claims under their First
Amended Joint Plan of Reorganization. The Lead Plaintiffs are
the holders of Section 510(b) Note Claims under the Plan, while
the ERISA Plaintiffs are the holders of the Section 510(b)
Equity Claims. In exchange, the Lead Plaintiffs and the ERISA
Plaintiffs will release the Debtors from any and all claims in
connection with the Securities Litigation.
The Hon. Robert Drain authorizes the Debtors to release any and
all of their claims against the current and former officers and
directors of Delphi Corp. that relate to or arise out of any
alleged violations of the federal securities laws during the
period March 7, 2000, through March 3, 2005, inclusive.
Judge Drain permits the Debtors and the other MDL Settlement
parties to make nonmaterial modifications to the MDL Settlements
without further Court order provided that the Official Committee
of Unsecured Creditors and the Official Committee of Equity
Security Holders do not lodge an objection to any proposed
modification within five business days' notice.
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology. The
company's technology and products are present in more than 75
million vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007. The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.
(Delphi Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned. The outlook is stable.
As reported in the Troubled Company Reporter-Latin America on
Jan. 11, 2008, Standard & Poor's Ratings Services expects to
assign its 'B' corporate credit rating to Troy, Michigan-based
automotive supplier Delphi Corp. upon the company's emergence
from Chapter 11 bankruptcy protection, which may occur by the
end of the first quarter of 2008. S&P expects the outlook to be
negative.
In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.
FORD MOTOR: At Ease with Tata Motors' Jaguar Brand Acquisition
--------------------------------------------------------------
Ford Motor Company anticipates a return of its Jaguar brand to
profitability once it is sold, together with the Land Rover
brand, to preferred bidder Tata Motors Ltd., insisting that its
management is at ease at Tata Motor's operational capabilities,
John Griffiths of the Financial Times in London reports citing
Ford Director of Design Ian Callum.
As reported in the Troubled Company Reporter on Jan. 4, 2008,
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo
and Ford of Europe) stated that Ford is committed to focused
detailed talks with Tata Motors on the potential sale of its
Jaguar and Land Rover brands. He related that while no final
decision has been made, Ford will proceed with further
substantive discussions with Tata Motors over the coming weeks
with a view to securing an agreement that is in the best
interests of all parties concerned.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents. With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The
company provides financial services through Ford Motor Credit
Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative. These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.
JAPAN AIRLINES: To Slash Discount Fares Up to 80%
-------------------------------------------------
Japan Airlines International Company, Ltd., will cut discount
fares up to 80% for tickets sold directly to passengers starting
April, sources disclosed to The Asahi Shimbun.
The Asahi Shimbun's sources revealed that JAL's move, designed
to bolster occupancy rates during the off-season, could lead to
off-peak round-trip fares from Narita Airport to Vancouver for
as low as JPY50,000.
Under JAL's plan, the fare from Narita Airport, Chubu Airport or
Kansai International Airport to Vancouver would be JPY50,000
round trip, depending on the week, relates the article.
The report adds that the step will take advantage of the
transport ministry's decision to abolish in April the floor
price for the discount International Air Transport Association
PEX tickets a carrier can sell directly to passengers.
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.
JVC CORP: To Transfer Circuit Business to Meiko Electronics
-----------------------------------------------------------
Victor Company of Japan, Limited, or JVC, adopted a resolution
at the Board of Directors meeting held on January 30, 2008, to
transfer its circuit business to Meiko Electronics Co., Ltd. as
of March 31, 2008.
JVC is currently reforming its business structure and management
foundation by focusing on consumer electronics, professional
electronics, and entertainment as the three future core
businesses, under its management reconstruction plan, Action
Plan 2007.
As part of Action Plan 2007, JVC has planned fundamental
structural reforms in each business area including business
transfer and spin-off. As part of JVC’s component business,
printed circuit boards are manufactured and sold to Meiko
Electronics. JVC and Meiko Electronics have been considering a
transfer of JVC's circuit business to Meiko Electronics.
This business transfer will allow JVC to concentrate its
management resources on its core businesses, namely, consumer
electronics, professional electronics, and entertainment. It
enables JVC to further commit itself to rebuilding the entire
company through business selection and concentration.
JVC and Meiko concluded that the transfer of JVC’s circuit
business would contribute to the future development of Meiko's
printed wiring board business, whose priority strategy is to
expand into the areas of high-end and module package boards.
JVC’s unique circuit technology assets include the Victor
Interconnected Layer (VIL) method that excels in thin
construction and insulation for high-density, multilayer build-
up boards, as well as JVC’s human resources, and manufacturing
expertise.
In addition, this move is expected to enhance the job security
of JVC employees working in the circuit business and ensure the
continuity in the responsibility of product supply to existing
customers. The decision is also consistent with the direction
of the reforms under Action Plan 2007.
About Victor Co.
Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others. The Company has five business
segments. The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems. The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors. The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts. The Software and
Media segment provides music and visual software and recording
media. The Others segment is engaged in businesses related to
interior furniture and production facilities. It has 96
subsidiaries and seven associated companies.
JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.
MITSUBISHI MOTORS: Global Production for December 2007 Up 7.9%
--------------------------------------------------------------
Mitsubishi Motors Corporation posts global production, as well
as domestic sales and export figures both for December 2007 and
calendar year 2007.
Total global production came in at 118,648 units, an increase of
7.9% over December 2006 and marking the tenth consecutive
monthly increase since March last year. Production volume in
Japan at 79,279 units was up 10.3%, the 15th consecutive month
of year-on-year growth, and marked a new record for December
since Mitsubishi Motors spun off its truck and bus operations in
2003. This growth was driven by a 92.6% increase in output
(28,706 units) of the new Lancer for the Russian, North
American, and Middle East and African markets and by a 12.3%
increase in output (15,663 units) of the new Outlander for
European and Chinese markets.
Sales in Japan
Vehicle sales in Japan in December totaled 16,210 units, 1.3%
down year-on-year. Passenger car (registrations and mini-car)
sales of 12,528 units and commercial vehicle sales of 3,682
units were 3.5% up and 14.7% down respectively on the same month
last year. Total registered vehicle sales were 47.9% up year-
on-year driven mainly by firm sales of the Delica D:5, and the
recently introduced Galant Fortis and the Lancer Evolution X.
Total mini-car sales were 21.5% down.
Production Overseas
Overseas production volume totaled 39,369 units, 3.4% up over
December last year, and marked the fourth consecutive monthly
increase since September 2007. In Asia production at 25,613
units was 6.3% up on December 2006, driven mainly by higher
output at China Motor Co., Ltd. in Taiwan (42.8% up at 3,293
units). In Europe production came in at 4,835 units or 1.0%
down on last year's figure. In North America production at
4,694 units was 27.9% down on last year.
Export Shipments From Japan
Total exports from Japan of 57,022 units were 47.7% up on
December 2006, marking the 14th consecutive month of year-on-
year increases and setting a new record for December since
Mitsubishi Motors spun off its truck and bus operations in 2003.
Exports to Asia of 4,962 units were 37.6% up over the same
period last year thanks to firm sales of the new Outlander in
China and to the introduction of the new Pajero.
Exports to North America of 7,430 units marked a substantial
103.4% increase over December 2006, this reflecting firm sales
of the new Lancer, solid growth in Canada. Export shipments to
Europe of 18,796 units were 28.3% up ear-on-year driven by the
introduction of the new Lancer and by firm sales of the
Outlander.
January-December 2007
In calendar year 2007 global production marked the first
increase in five years, since 2002, registering a 7.5% rise on
calendar 2006. Production volume in Japan in 2007 rose for the
third year in succession, chalking up an 11.6 percent increase
year-on-year,and marked a new record since the splitting off of
truck and bus operations in 2003.due to:
(1) a 201.0% increase in output of the Outlander (159,614
units) since its launch in America and Europe in
September and November 2006 respectively and also for the
Chinese market;
(2) a large 26.2% increase in output of the Lancer (282,052
units) which is selling particularly well in Russia,
North America, and the Middle East and Africa;
(3) a 557.5% rise in output of the Delica D:5 (34,106 units);
and
(4) a 62.7% increase in output of the Pajero (105,212 units.)
Vehicle sales on the Japanese market in calendar 2007 were 13.9%
down on the same period last year, the first decline in two
years. Registered vehicle volume increased 7.3% but minicar
sales declined by 22.9%. The boost in sales stemming from the
introduction of the new Delica D:5, Galant Fortis and Lancer
Evolution X during the year was more than sufficient to cover
the drop in sales of other models against 2006 year levels.
Overseas production in the period rose 2.0% over the previous
period, the first increase in five years, since 2002.
Production in Asian markets grew 8.5% to 368,422 units driven
mainly by higher shipments of the L200 pickup truck from
Thailand and increased output at CMC and South East (Fujian)
Motor Co., Ltd. Production in Europe and North America came in
at 66,670 and 78,739 units, 19.2% and 15.1% down respectively
over 2006 totals.
Lastly, exports from Japan registered a 40.9% increase over the
total for calendar 2006, registering the second consecutive
year-on-year gain since calendar 2006 and marking a new record
since the company spun off its truck and bus operations in 2003.
Exports to Asia grew by 28.0% to 40,323 units, principally on
the back of higher sales of the new Outlander in China and of
the Grandis, and boosted by the introduction of the new Pajero.
Export shipments to North America grew 40.7% to 66,334 units
driven mainly by strong sales of the new Lancer and by gains in
the Canadian market. Shipments to Europe also grew a strong
61.9 percent to 221,308 units on the back of fast sales of the
new Lancer and new Outlander models.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.
* * *
The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program. The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
MIZUHO FINANCIAL: Subprime Loss May Hit JPY250 Billion in March
---------------------------------------------------------------
Mizuho Financial Group Inc.'s losses stemming from the United
States subprime mortgage crisis could bloat up to JPY250 billion
in the fiscal year ending in March 2008 instead of the
JPY170 billion forecast at the end of September, Japan Times
says, citing banking industry sources.
According to the report, the sources said that the expected
losses are blamed on Mizuho Securities Co., which got burned in
securities investments amid the subprime crisis.
The Times recounts that in December 2007, Mizuho Securities said
it would issue JPY150 billion worth of new shares to parent
Mizuho Corporate Bank in order to reload its capital.
However, with the loss estimate for FY2007-08 rising, Mizuho
Securities might need a further cash infusion, considering that
it is due to merge with Shinko Securities Co. in May, the report
says.
Mizuho has been forced to put off the merger with Shinko from
January to May 2008 after incurring net losses for the six-
month period ended September 31, 2007, due to the subprime woes,
the Times explains. The delay became necessary as the two
merger partners need more time to revise their stock swap ratio.
=========
K O R E A
=========
DURA AUTO: Wants To Sell 9 Properties to IRG for US$19.2 Mil.
-------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the District of
Delaware to sell to Industrial Realty Group, LLC, real property
located at:
-- 9444 Florida Mining Boulevard East, Jacksonville, Florida
32257,
-- 617 Douro Street, Stratford, Ontario, Canada,
-- 322 East Bridge Street, Brownstown, Indiana,
-- 800 North College Street, Fulton, Kentucky,
-- 132 Ferro Road, Pikeville, Tennessee,
-- 1775 East U,S, 20, LaGrange, Indiana,
-- 5 Industrial Loop, Hannibal, Missouri,
-- 345 Ecclestone Road, Bracebridge, Ontario, Canada, and
-- 445 Helm Street, Brookfield, Missouri,
Dura Operating Corp. and its affiliates seek to sell the
Property Portfolio to IRG free and clear of all liens, claims,
encumbrances, and other interests.
The Debtors also seek the Court's permission to pay broker fees
in connection with the Sale.
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that over a period of
three years, each of the properties in the Property Portfolio
was individually marketed by the Debtors and Colliers
International, the Debtors' exclusive real estate broker for the
properties, including listing on national multi-listing sites,
municipal and regional economic development Web sites, and
through direct canvassing by local brokers of local businesses,
investors and developers within a radius of approximately 100
miles of each property.
Starting May 2007, the Debtors and Colliers International
marketed the Property Portfolio as a whole to certain developers
and investors who had previously expressed interest in
purchasing similar rural industrial properties. IRG was one of
the parties contacted by Colliers International, on the Debtors'
behalf, and was the only party to submit an offer for the
Property Portfolio.
Between August and December 2007, the Debtors conducted arm's-
length negotiations with IRG. As a result of the negotiations,
IRG agreed to material improvements in the lease terms under the
purchase and sale agreements, resulting in an additional benefit
to the Debtors' estates of approximately US$900,000.
IRG submitted a written offer on Sept. 7, 2007. When DSN
Holdings, Inc., the original purchaser of the Jacksonville
Property, determined not to proceed to closing, the Debtors
offered to sell the property to IRG for the same purchase price
of US$8,400,000 and on substantially similar terms.
The Debtors believe the purchase price offered by IRG for the
Property Portfolio is both fair and favorable to their estates
based on:
(a) appraisal information provided by Gordon Schreur,
director of AlixPartners, LLP;
(b) the willingness of IRG to lease certain of the facilities
to the Debtors on a short-term basis at a competitive
rate to the Debtors while the Debtors wind down remaining
operations at those locations; and
(c) the fact that IRG is willing to purchase all of the
properties in a single transaction, which will reduce the
costs associated with selling the Property Portfolio.
The material terms of the Purchase and Sale Agreements signed by
the parties are:
Term Description
---- -----------
Purchase Price US$19,200,000 -- US$8,400,000 for the
Jacksonville Property, and $10,800,000
for the remainder of the Property
Portfolio.
Escrow Deposit US$100,000 for the Jacksonville
Property, and US$300,000 for the
remainder of the Property Portfolio.
Seller Customary representations and warranties
Representations for an "as is" sale.
and Warranties
Inspection Period 45 days.
Purchaser's Satisfactory completion of due
Conditions diligence.
Precedent to
Closing
Mutual Conditions Entry of Bankruptcy Court order
approving
Precedent to Sale.
Closing
Timing of Closing 30 days after the end of the inspection
period.
Interim Short-term leases of property at 800
Short-Term Leases North College Street, Fulton, Kentucky,
322 East Bridge Street, Brownstown,
Indiana, and Jacksonville Property.
About DURA Automotive
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 $1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities. (Dura Automotive
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates have
withdrawn their request to sell property located at 9444 Florida
Mining Boulevard East, in Jacksonville, Florida, to DSN
Holdings, Inc.
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that DSN determined not
to proceed to closing.
The Debtors now intend to sell the Jacksonville Property at the
same purchase price of US$8,400,000 to Industrial Realty Group,
LLC.
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. 44; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
===============
M A L A Y S I A
===============
OCI BERHAD: Incurs MYR615,000 Net Loss in Qtr. Ended Dec. 31
-------------------------------------------------------------
OCI Berhad incurred a net loss of MYR615,000 on MYR482,000 of
revenues for the quarter ended December 31, 2007, as compared to
MYR4.76 million net loss on MYR13.36 million of revenues in the
same period of 2006.
As of December 31, 2007, the company's balance sheet showed
strained liquidity with MYR4.06 million of current assets
available to pay MYR59 million of current liabilities coming due
within the next twelve months.
The company's balance sheet as of end-December also showed
MYR27.4 million in total assets and MYR61.42 million in total
liabilities resulting in a MYR33.97-million shareholders'
deficit.
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.
OCI BERHAD: Anticipates to End Losses by Financial Year 2009
------------------------------------------------------------
OCI Berhad anticipates ending its string of losses in the
financial year ending June 30, 2009, after the completion of its
financial restructuring scheme, said its Executive Chairman
Wijoto Tjiptodihardjo, the DailyEdge reports.
According to Mr. Tjiptodihardjo, the adhesive and solvents
manufacturer had been operating its plant at 20% its original
capacity since November 2007, the report said.
The plant had since churned out at least MYR200,000 worth of
products, and the production capacity would gradually be
increased to 50% by year end, added the report, citing
Mr. Tjiptodihardjo.
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.
ELECTRONIC DATA: Inks Management Deal With Breast Cancer Org.
-------------------------------------------------------------
Electronic Data Services Corp. has announced a five-year, server
management services agreement with Susan G. Komen for the Cure,
the world's largest and most progressive grassroots network of
breast cancer survivors and activists. The contract was signed
in the fourth quarter of 2007, and financial terms of the
agreement are not being disclosed.
Under this new agreement, Electronic Data will manage Komen for
the Cure's server environment, including planning, configuring,
hosting and ongoing server support, allowing the organization to
remain focused on being the global leader in the fight against
breast cancer.
"Strengthening our information technology infrastructure gives
Susan G. Komen for the Cure the foundation to deliver new
capabilities that will accelerate the promise to end breast
cancer," said Komen information technology vice president,
Justin Ricketts. "EDS' cost-effective and secure solution
provides us with the server agility and reliability needed to
change and flex as our organization grows."
The company's Server Management Services optimally deploy,
monitor and manage servers through standardization,
virtualization, automation and ITIL-based best practices. "EDS
has developed a strong relationship with Susan G. Komen for the
Cure -- first by supporting the Susan G. Komen Race for the
Cure(R) globally and now through information technology
services," said Electronic Data's Global Healthcare Industry
vice president, Sean Kenny. "By entrusting its enterprise
server environment to EDS, Komen can stay focused on its goals
of finding the cures for breast cancer and serving those around
the world touched by the disease."
In addition to supporting Komen through IT services, Electronic
Data employees participated in more than 16 Susan G. Komen Race
for the Cure events around the world in 2007, including Races in
Germany and Italy. The company has been the local presenting
sponsor of the Komen North Texas Race for the Cure(R) since
2004. Last year, with more than 12,000 participants, the North
Texas Race was held at the company's global headquarters in
Plano, Texas. The company will once again host this year's
Race, put on by Komen's North Texas Affiliate, on June 7, 2008.
About Susan G. Komen for the Cure
Nancy G. Brinker promised her dying sister, Susan G. Komen, she
would do everything in her power to end breast cancer forever.
In 1982, that promise became Susan G. Komen for the Cure and
launched the global breast cancer movement. Today, Komen for
the Cure is the world's largest grassroots network of breast
cancer survivors and activists fighting to save lives, empower
people, ensure quality care for all and energize science to find
the cures. Thanks to events like the Komen Race for the Cure,
the organization invested nearly US$1 billion to fulfill its
promise, becoming the largest source of nonprofit funds
dedicated to the fight against breast cancer in the world. For
more information about Susan G. Komen for the Cure, breast
health or breast cancer, visit
http://www.komen.orgor call 1-877 GO KOMEN.
About Electronic Data System
Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients. The
company founded the information technology outsourcing industry
more than 40 years ago. The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world. The
company has locations in Argentina, Australia, Brazil, China,
Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.
* * *
Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006. Moody's said the outlook is positive. The
ratings still hold to date.
====================
N E W Z E A L A N D
====================
ACCESS DRAIN: Wind-Up Petition Hearing Slated for February 4
------------------------------------------------------------
The High Court of Wellington will hear on February 4, 2008, at
10:00 a.m., a petition to have Access Drain Clearing Ltd.'s
operations wound up.
Truck Stops NZ Limited filed the petition on December 6, 2007.
Truck Stops' solicitor is:
Bruce Ronald Young
Sladden Cochrane & Co
Hallenstein House, Level 7
276 Lambton Quay
PO Box 10909, Wellington
New Zealand
CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets
----------------------------------------------------------------
Private investment firms, Thomas H. Lee Partners LP and Bain
Capital Partners LLC, remained undaunted in their plans to buy
Clear Channel Communications Inc. for US$39.20 per share amid
market's worries, various reports relate.
Days before, investors were stirred when the buyers refused to
comment on the pending buyout deal worth around US$19.5 billion
that led to speculation that deal will not push through, reports
say.
THL co-president Anthony DiNovi cleared out the issue at
Tuesday's conference by explaining he would violate Securities
and Exchange Commission rules if he commented on the pending
deal, reports reveal.
Some news disclose that the buyout firms provided personnel to
Clear Channel to help execute steps to reduce expenses. This
report led investors to believe that the would-be buyers have
not given up, according to the report.
Clear Channel told reporters Tuesday that the pending deal will
be completed by March 2008, as previously planned.
FCC Publication on the Sale Deal
The Federal Communications Commission published in its Web site
that Clear Channel Communications Inc., Thomas H. Lee Equity
Fund VI LP and Bain Capital (CC) IX LP have jointly submitted
applications to the Commission. The applications seek consent
to transfer control of certain subsidiaries of Clear Channel
that are the holders of various Commission licenses and other
authorizations. Clear Channel, through its subsidiaries,
controls 1172 broadcast radio stations and 35 broadcast
television stations. The applications seek Commission consent
to the proposed transfer of control of Clear Channel from its
shareholders to the Transferees. After the transfer, the
company would continue to operate under the name "Clear Channel
Communications Inc." under the control of the Transferees.
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 on Jan. 30, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications. S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.
EARTH INNOVATIONS: Fixes February 15 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Earth Innovations Ltd. are required to file
their proofs of debt by February 15, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 11, 2008.
The company's liquidators are:
Christopher Robert Ross Horton
John Albert Price
Horton Price Limited
PO Box 9125, Newmarket
Auckland
New Zealand
Telephone:(09) 366 3700
Facsimile:(09) 366 7276
FRESH TASTE: Court to Hear Wind-Up Petition on April 1
------------------------------------------------------
The High Court Auckland will hear on April 1, 2008, at
10:45 a.m., a petition to have Fresh Taste Ltd.'s operations
wound up.
Sam’s Fukuyama Food Services Limited filed the petition on
December 7, 2007.
Sam’s Fukuyama's solicitor is:
Kevin Patrick McDonald
Kevin McDonald & Associates
Takapuna Towers, Level 11
19-21 Como Street
PO Box 331065, Takapuna
Auckland
New Zealand
Telephone:(09) 486 6827
Facsimile:(09) 486 5082
J.W. MADDREN: Taps van Delden & Whittfield as Liquidators
---------------------------------------------------------
Boris van Delden and John Trevor Whittfield were appointed
liquidators of J.W. Maddren Construction Ltd. on January 14,
2007.
Creditors are required to file their proofs of debt by Feb. 29,
2008, to be included in the company's dividend distribution.
The Liquidators can be reached at:
Boris van Delden
John Trevor Whittfield
c/o McDonald Vague
PO Box 6092, Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
LAURIE WOODING: Faces Gaynor's Wind-Up Petition
-----------------------------------------------
On December 10, 2007, Gaynor Oniel filed a petition to have
Laurie Wooding Properties Ltd.'s operations wound up.
The petition will be heard before the High Court of Whangarei on
February 18, 2008, at 10:00 a.m.
Gaynor Oniel's solicitor is:
Malcolm Whitlock
c/o Debt Recovery Group NZ Limited
Level 5, 5 Short Street
Newmarket, Auckland
New Zealand
MINGINUI VILLAGE: Subject to Watene's Wind-Up Petition
------------------------------------------------------
On November 27, 2007, Watene Horsfall filed a petition to have
Minginui Village Council Ltd.'s operations wound up.
The petition will be heard before the High Court of Rotorua on
February 11, 2008, at 11:45 a.m.
Watene's solicitor is:
Fraser C. K. Wood
Davys Burton
PO Box 248, Fenton Street
Rotorua 3040
New Zealand
POHUTUKAWA BETA: Names Shane Francis Hussey as Liquidator
---------------------------------------------------------
Shane Francis Hussey was named liquidator of Pohutukawa Beta
Investments Ltd. on December 21, 2007.
The Liquidator can be reached at:
Shane Francis Hussey
Hussey & Co
55-65 Shortland Street, Level 7
PO Box 1325, Auckland
New Zealand
Telephone:(09) 300 5481
Facsimile:(09) 300 5489
TERRACE CAPITAL: Shareholders Resolve to Liquidate Business
-----------------------------------------------------------
The shareholders of Terrace Capital Ltd. met on December 20,
2007, the resolved to voluntarily liquidate the company's
business.
Creditors are required to file their proofs of debt today,
February 1, 2008, to be included in the company's dividend
distribution.
The company's liquidator is:
David Peter Shillson
David Shillson, Kensington Swan
PO Box 10246, The Terrace
Wellington 6143
New Zealand
Telephone:(04) 498 0890
Facsimile:(04) 472 2291
THE STICKY SIGN: Court to Hear Wind-Up Petition on February 8
-------------------------------------------------------------
A petition to have The Sticky Sign Company Ltd.'s operations
wound up will be heard before the High Court of Auckland on
February 8, 2008, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition on
October 1, 2007.
The CIR's solicitor is:
Kathleena Hemotitaha Smith
c/o Inland Revenue Department
Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1309
Facsimile:(09) 984 3116
TROOP BUILDERS: Faces CIR's Wind-Up Petition
--------------------------------------------
On October 29, 2007, the Commissioner of Inland Revenue filed a
petition to have Troop Builders Ltd.'s operations wound up.
The petition will be heard before the High Court of Auckland on
March 13, 2008, at 10:45 a.m.
The CIR's solicitor is:
Kay S. Morgan
Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432, Hamilton
New Zealand
Telephone:(07) 959 0373
Facsimile:(07) 959 7614
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Nickel Mine Ships 530,158 Metric Tons in '07
----------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. has reported on
the activities of its Berong nickel mine during the fourth
quarter of 2007.
According to a disclosure with the Philippine Stock Exchange,
the nickel mine shipped a total of 55,447 wet metric tons of
laterite ore at an average of 1.49% Ni were shipped to Australia
and China. For the whole year, Berong nickel mine made a total
shipment of 530,168 metric tons at an average of 1.53% Ni. Also
awaiting shipment is 141,000 wet metric tons of ore.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million. Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.
BANK OF THE PHIL ISLANDS: Expects 8% Growth in Loans in 2008
------------------------------------------------------------
The Bank of the Philippine Islands is expecting its loans to
grow by 12% in 2008, the ABS-CBN News reports.
Its net income for 2007 rose 11% from 2006 to 2007's
PHP10 billion, the report says.
A flat income from interest has caused revenues to grow only by
9%, BPI told ABS-CBN. Its lending rose by 11% on gross loan
loss reserves, and by 13% on net loan loss reserves. 90-day
non-performing loans is at 3.9%, down from 6% in 2006, the bank
added.
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 January 28, 2008, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service has revised the outlook
of the foreign currency debt and deposit ratings of Bank of the
Philippine Islands to positive from stable.
The outlooks for the following ratings were revised to positive:
* Foreign currency long-term deposit rating of B1
The outlooks for the following ratings were unaffected by the
action, and remain stable:
* BFSR of C-
* Local currency deposit ratings of A3/P-1, foreign currency
Not-Prime short-term deposit rating
CHIQUITA BRANDS: Soliciting Consents to Amend Indenture Terms
-------------------------------------------------------------
Chiquita Brands International Inc. disclosed solicitation of
consents to amend the terms of the indenture for its 7-1/2%
senior notes due 2014, in connection with a proposed refinancing
of its senior credit facility that is intended to lower its
interest expense, extend maturities and provide additional
covenant flexibility.
The purpose of the consent solicitation is to amend provisions
in the indenture governing the Notes regarding the company's
ability to incur certain liens.
The record date for the consent solicitation is the close of
business, New York City time, on Jan. 25, 2008. The consent
solicitation will expire at 5:00 p.m., New York City time, on
Monday, Feb. 4, 2008, unless extended. The company is offering
a consent fee of $20 per $1,000 of principal amount of Notes to
each holder of record as of the record date who has delivered a
valid consent prior to the Expiration Time.
The company's obligations to accept consents and pay a consent
fee is conditioned, among other things, on the receipt of
consents to the amendments from holders of at least a majority
in aggregate principal amount of Notes, the consummation of a
senior unsecured convertible indebtedness transaction raising
gross proceeds of not less than $125 million on or before
Feb. 15, 2008, and other conditions.
Questions from holders regarding the consent solicitation or
requests for additional copies of the Consent Solicitation
Statement, the Consent Form or other related documents should be
directed to the information agent for the consent solicitation:
Global Bondholder Services Corporation
Suite 723, 65 Broadway
New York, NY 10006
Tel (866) 873-6300 (toll free)
(212) 430-3774 (call collect)
or
Morgan Stanley & Co. Incorporated
Solicitation Agent
Tel (800) 624-1808 (toll free)
About Chiquita Brands International Inc.
Cincinnati, Ohio-based Chiquita Brands International Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.
GLOBE TELECOM: Signs Money Transfer Alliance with Western Union
---------------------------------------------------------------
Western Union has signed a partnership deal with Globe Telecom
Inc., through its subsidiary G-Exchange Inc., to offer a cross-
border mobile money transfer service through Globe's GCash
service, the Philippine Star reports.
The service is expected to be launched by the second quarter of
this year, the report reveals.
According to PhilStar, the service will allow Globe to use its
own "mobile wallet" software to allow direct person-to-person
remittances over Western Union's cross-border network.
Consumers can now be able to transfer money over mobile wallets,
the Star adds.
Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies. It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services. Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.
The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services. It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office. It also offers caller ID, voice mail, call forwarding
and data/fax capabilities. Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.
On June 4, 2007, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service raised the local
currency issuer rating for Globe Telecom Inc. to Baa1 from Baa2
with a stable outlook.
The TCR-AP also reported on November 16, 2007 that Fitch Ratings
affirmed Globe Telecom's issuer and instrument ratings following
the company's declaration of a special dividend at PHP50 per
common share, equivalent to PHP6.6 billion and payable on
December 17, 2007. The affirmed ratings include Globe's Long-
term local currency Issuer Default Rating (IDR) at 'BBB-' (BBB
minus), its Long-term foreign currency IDR at 'BB+' and National
Long-term rating at 'AAA(phl)'. The Outlook on the ratings
remains Stable. Also, Globe's senior unsecured debt instruments
have been affirmed at 'BB+'.
MANILA ELECTRIC: Buys 65% of Clark Electric Distribution Corp.
--------------------------------------------------------------
The Manila Electric Co. has acquired 65% of Clark Electric
Distribution Corp. through its subsidiary Meralco Industrial
Engineering Services Corp.
The company, through dacion en pago, acquired 561,500 common
shares of CEDC with a par/book value of PHP100 per share.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.
MANILA ELECTRIC: GSIS Acquires Less Than 10% Additional Stake
-------------------------------------------------------------
The Government Service Insurance System has acquired a less-
than-10% shareholding in the Manila Electric Co. from the
government for PHP8.9 billion, the Philippine Daily Inquirer
reports.
According to Finance Undersecretary Crisanta Legaspi, selling
the stake to a government financial institution brought the
government closer to its PHP30-billion revenue target from asset
sales, while making sure the shares remain government-owned.
GSIS now has a 20% shareholding in MERALCO, president and
general manager Winston Garcia told the Inquirer. It is a "wise
move" given the amount potential in the power sector, he said.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.
PRC LLC: Wants to Hire CXO LLC as Restructuring Advisors
--------------------------------------------------------
PRC LLC and its debtor-affiliates asks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
CXO LLC, to provide them with a chief restructuring officer and
temporary staff in accordance with Section 363 of the U.S.
Bankruptcy Code.
H. Philip Goodeve, the Debtors' chief financial officer, says
the CXO Professionals are well-qualified to act on the Debtors'
behalf, and are also familiar with the Debtors' businesses and
financial affairs.
Pursuant to the parties' agreement dated Jan. 20, 2008, Stephen
R. Dube, a principal at CXO, will serve as chief restructuring
officer to to assist the Debtors. Pursuant to an engagement
letter, the CXO Professionals will:
(i) be engaged solely by the Debtors and will take direction
from the Debtors' board;
(ii) provide crisis and turnaround management services; and
(iii) assist in the direction and management of the Debtors'
restructuring efforts.
Before the bankruptcy filing, the Debtors advanced US$200,000 to
CXO for fees and expenses and also paid the pro-rata share of
US$200,000 per month for services rendered prepetition. The
Debtors propose to pay a US$200,000 aggregate flat monthly fee
to
CXO for services rendered during the first full month after the
Petition Date.
For the second and third months after the filing of bankruptcy,
the Monthly Fee will be reduced to US$175,000 per month and
thereafter reduced further to US$150,000 per month for any and
all subsequent months. The monthly fee is a standard fee for
work of this nature and is set at a level designed to fairly
compensate CXO for the restructuring advisory and consulting
services that they provide to the Debtors, Mr. Goodeve says.
Mr. Dube assures the Court that neither CXO nor any professional
employee or independent contractor of CXO has any connection
with or any interest adverse to the Debtors, their creditors, or
any other party-in-interest. Mr. Dube says the firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code.
The additional CXO Professionals are:
1. Robert Gary, Finance;
2. John Ofenloch, Finance and bankruptcy administration;
3. Michael Katzenstein, Strategic planning; and
4. Brian Kushner, Strategic planning.
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor. Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000. (PRC LLC Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Wants Court Nod on Evercore Group as Investment Bankers
----------------------------------------------------------------
PRC LLC and its debtor-affiliates seek permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Evercore Group LLC as their investment bankers and financial
advisors.
H. Philip Goodeve, PRC LLC's Chief Financial Officer, says that
Evercore is familiar with the Debtors' businesses, financial
affairs, and capital structure. Since the firm's initial
retention in November 2007, Evercore has worked closely with the
Debtors' management, creditors, other professionals and advisors
in exploring various restructuring alternatives and otherwise
assisting in preparing for the bankruptcy filing.
The Debtors will look to Evercore to, among others:
-- review and analyze the Debtors' business, operations, and
financial projections;
-- evaluate the Debtors' potential debt capacity in light of
its projected cash flows;
-- assist in determining a capital structure for the Debtors,
and a range of values for the Debtors on a going concern
basis;
-- advise the Debtors on tactics and strategies for
negotiating with certain creditors;
-- render financial advice to the Debtors and participate in
meetings or negotiations with certain creditors or rating
agencies or other appropriate parties in connection with
any restructuring;
-- advise the Debtors on the timing, nature, and terms of new
securities, other consideration or other inducements to be
offered pursuant to a restructuring;
-- advise and assist the Debtors in evaluating potential
financing transactions; and
-- assist the Debtors in identifying and evaluating
candidates for a potential sale transaction, advise the
Debtors in connection with negotiations, and aid in the
consummation of a sale transaction.
The Debtors will pay Evercore a US$125,000 monthly fee.
Following the sixth month of the engagement, the monthly fee
will be lowered to US$100,000 for each successive month
thereafter.
Evercore will also receive a consummation fee, payable upon the
consummation of any Restructuring -- but not both:
(a) US$1,800,000 if the Restructuring is confirmed within six
months of the Debtors' filing for bankruptcy; or
(b) US$1,300,000 if any other Restructuring is confirmed
later.
The firm will be paid a Sale Transaction Fee if a Sale
Transaction is consummated. The fee is equal to a portion of
the Aggregate Consideration of a Sale Transaction:
Aggregate Consideration Percentage Fee
----------------------- --------------
Less than US$100 million 0.75%
US$100 to US$140 million 1.00%
Greater than US$140 million 1.25%
If the Aggregate Consideration is less than US$100,000,000 then
the Sale Transaction Fee should equal US$1,000,000. Any Sale
Transaction Fee paid will be credited against any Consummation
Fee payable. The credit will only apply to the extent that the
fees fees are approved in entirety by the Court.
The firm will get a Financing Fee, payable upon consummation of
any financing. The fee is equal to a portion of the total gross
proceeds of a financing:
Security Issued Percentage Fee
--------------- --------------
Senior Secured Debt 1.00%
Senior Debt 1.75%
Subordinated Debt 2.25%
Convertible Debt 2.50%
Preferred Stock
(convertible or otherwise) 3.75%
Common Stock 4.25%
Any Financing Fee paid will be credited against any Consummation
Fee payable. The credit will only apply to the extent that the
fees are approved in entirety by the Court.
Stephen Sieh, a Managing Director at Evercore, assures the Court
that neither Evercore nor any professional employee of Evercore
has any connection with or any interest adverse to the Debtors,
their creditors, or any other party-in-interest. Mr. Sieh says
the firm is a "disinterested person," as that term is defined in
Section 101(14) of the Bankruptcy Code.
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor. Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000. (PRC LLC Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
=================
S I N G A P O R E
=================
AT & J: Requires Creditors to File Claims by February 24
--------------------------------------------------------
The creditors of AT & J Company Pte Ltd are required to file
their proofs of debt by February 24, 2008, to be included in the
company’s dividend distribution.
The company’s liquidators are:
Lim Boon Cheng
Abuthahir Abdul Gafoor
c/o 1 Raffles Place
#20-02 OUB Centre
Singapore 048616
ENZER ELECTRONICS: Court Enters Wind-Up Order
---------------------------------------------
On January 16, 2007, the High Court of Singapore entered an
order to have Enzer Electronics Pte Ltd's operations wound up.
Tay Swee Sze filed the petition against the company.
Enzer Electronics’ solicitor is:
Tay Swee Sze
Tay Swee Sze & Associates
137 Telok Ayer Street
#04-01, Singapore 068602
FLEXTRONICS: Adjusted Net Income Up 84% to US$250MM in December
---------------------------------------------------------------
Flextronics has announced results for its third quarter ended
Dec. 31, 2007:
Third Quarter Results
Revenue increased US$3.7 billion, or 67%, from the year ago
quarter to a record high US$9.1 billion in the December 2007
quarter. Adjusted operating profit increased US$139 million, or
86%, from the year ago quarter to US$300 million in the December
2007 quarter while adjusted operating margin improved 30 basis
points from 3.0% to 3.3% over the same time period. Adjusted
net income increased US$114 million, or 84%, from the year ago
quarter to US$250 million in the December 2007 quarter while
adjusted EPS increased 30% from US$0.23 to US$0.30 over the same
time period.
Cash amounted to US$1.8 billion at Dec. 31, 2007. Operating
cash flow generated US$534 million and US$1.05 billion in the
three and nine-month periods ended Dec. 31, 2007, respectively.
Free cash flow amounted to US$470 million and US$840 million in
the three and nine-month periods ended Dec. 31, 2007,
respectively.
"Overall demand in the December quarter was exceptionally strong
as revenues and earnings exceeded the high end of our guidance,"
said Flextronics chief financial officer, Thomas Smach. "Actual
revenue in the quarter was US$9.1 billion versus our guidance of
US$8.5 billion and adjusted EPS was US$0.30 versus our guidance
of US$0.26."
"Our strong financial position provides us with substantial
flexibility to make synergistic investments to enhance our
competitiveness, expand our capabilities, drive revenue growth
and enhance profitability," Flextronics chief executive officer,
Mike McNamara said. "We remain intensely focused on generating
a higher return on capital while growing our business, as
evidenced by the return on invested capital of 11.9%, which
increased 70 basis points from the previous quarter."
Mr. McNamara concluded, "I am very proud of the dedication and
hard work of our employees and management across the globe in
making this a record quarter for Flextronics while successfully
integrating Solectron, the largest acquisition in our company's
history."
Guidance
The company reiterated its previously provided March 2008
quarter guidance of revenue in the range of US$7.5 - US$7.9
billion and adjusted EPS in the range of US$0.22 - US$0.24.
GAAP earnings per share are expected to be lower than the
guidance provided herein by approximately US$0.05 for quarterly
intangible amortization and stock-based compensation expense and
by approximately US$0.19 - US$0.27 per share for the previously
announced remaining restructuring and other charges relating to
the Solectron acquisition.
About Flextronics
Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs. Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings: Issuer Default
Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'.
Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'. Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.
At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition. The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.
KIM HOCK: Taps Chuang and Meng as Liquidators
---------------------------------------------
Chee Yoh Chuang and Lim Lee Meng were named liquidators of Kim
Hock Recycling (Pte) Ltd on January 18, 2008.
The company went into liquidation on that day.
The Liquidators can be reached at:
Chee Yoh Chuang
Lim Lee Meng
Stone Forest Corporate Advisory Pte Ltd
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
MINAMI ENGINEERING: Court Directs Wind Up of Operations
-------------------------------------------------------
On January 11, 2008, the High Court of Singapore entered an
order to have Minami Engineering Asia Pte Ltd’s operations wound
up.
Minami Engineering (M) Sdn Bhd filed the petition against the
company.
Minami Engineering’s liquidators are:
Chee Yoh Chuang
Lim Lee Meng
Messrs Stone Forest Corporate Advisory Pte Ltd
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
===============
T H A I L A N D
===============
NATURAL PARK: Stockholders to Meet on February 22
-------------------------------------------------
Natural Park PCL will hold an extraordinary general meeting of
shareholders on February 22, 2008, at 9:00 a.m.
The meeting will be held at the Pimarnman Room, Four Seasons
Hotel Bangkok, No. 155 Rajdamri Road, Kwaeng LUmpinee, in Khet
Pathumwan, Bangkok.
Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.
Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.
PICNIC CORP: Somchai Siripunvaraporn Resigns as Chief Executive
---------------------------------------------------------------
Somchai Siripunvaraporn has resigned as chief executive officer
of Picnic Corp. PCL.
According to a disclosure with the Stock Exchange of Thailand,
Mr. Somchai's resignation became effective on January 22, 2008.
Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
Going Concern Doubt
After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.
Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006. Mr. Somchai also said that the group has
various loans, some of which are already in default. The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.
Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.
TTL INDUSTRIES: Stockholders Opt Not to Pay Dividends for 2008
--------------------------------------------------------------
TTL Industries PLC has held its annual stockholders' meeting on
January 30, and decided not to pay dividends for its 42nd fiscal
year ending September 30, 2008.
During the meeting, the company's stockholders also elected 18
directors:
* Pongpol Adireksarn
* Sombath Phanichewa
* Liang Rojanasiriwongse
* Chainarong Srifuengfung
* Kerati Panichewa
* Voraphat Artthayukti (Independent)
* Poonlap Tangyongmas (Independent)
* Chartchai Panichewa
* Toshihide Hashima
* Boonsong Srifuengfung
* Veerapol Adireksarn
* Chaikiri Srifuengfung
* Chokedee Boon-Long
* Kraivijit Tantimedh
* Wongduen Thananart (Independent)
* Tongpao Boon-Long
* Shinji Onoe
* Mitsuru Umino
Out of the 18, these 9 directors were appointed as executive
directors:
* Pongpol Adireksarn
* Chaikiri Srifuengfung
* Liang Rojanasiriwongse
* Chokedee Boon-Long
* Kerati Panichewa
* Tongpao Boon-Long
* Chartchai Panichewa
* Shinji Onoe
* Mitsuru Umino
These directors were elected as members of the Audit Committee:
* Kraivijit Tantimedh - Chairman
* Wongduen Thananart - Member
* Poonlap Tangyongmas - Member
The Audit Committee members will be paid THB100,000 for their
auditing this year.
The stockholders also appointed these auditors from Ernst &
Young Office Ltd. as auditors of the company for the year 2008,
with an auditing fee of THB650,000:
* Chayapol Suppasedtanon, License No. 3972
* Vissuta Jariyathanakorn License No. 3853
* Nonglak Pumnoi, License No. 4172
About TTL Industries
TTL Industries Public Company Limited is a Thailand-based
company engaged in the textile industry. The Company provides
spinning, weaving, dyeing, and finishing of yarn and fabric made
mostly from two kinds of synthetic fibers, tetoron mixed with
rayon. Its main products include yarn, produced from tetoron
mixed with rayon, and fabric, made from its own produced yarn.
Headquartered in Bangkok, TTL operates its two factories in
Bangkok and Patumthani Provinces. The Company markets its
products in both domestic and overseas markets, including the
United States, Japan and the Middle East.
TTL Industries PCL's consolidated income statements show that
the group's net loss for fiscal year ending September 30, 2007,
has dropped 29.24% to THB36.389 million from last year's
THB52.061 billion.
TUNTEX PCL: Clarifies Reported Takeover by Indorama Polymer
-----------------------------------------------------------
Tuntex PCL has clarified to the Stock Exchange of Thailand an
article published by the Bangkok Biznews on January 29, 2008,
regarding an alleged takeover by Indorama Polymer PCL of the
company.
In its letter to the SET, the company said that it has signed a
memorandum of understanding with Indorama subsidiary Beacon
Holding Co., which expressed intention to invest in the company.
Thus, the company has allowed Beacon to exercise exclusive due
diligence for six months.
Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws. The company operates in Thailand and its principal
activity is the manufacture of polyester yarn.
The company is currently classified under the Non-Performing
Group of the Stock Exchange of Thailand, and is currently
implementing a rehabilitation plan.
Tuntex's balance sheets as of June 30, 2007, showed illiquidity
with total current assets of THB417.00 million and total current
liabilities of THB6.58 billion.
As of end-June 2007, Tuntex also recorded total assets of
THB7.91 billion and total liabilities of THB8.40 billion,
resulting in a capital deficit of THB481.35 million.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
Advance Healthcare Group Ltd AHG 15.65 -6.78
Allstate Exploration NL ALX 18.20 -42.75
Austar United Communications
Limited AUN 411.16 -43.72
Biron Apparel Ltd BIC 19.71 -2.22
Croesus Mining NL CRS 16.00 -13.81
Emperor Mines Limited EMP 138.99 -50.63
Evans & Tate Ltd ETW 103.76 -50.22
Hutchison Telecommunications
(Aust) Ltd. HTA 1637.04 -1443.69
Intellect Holdings Limited IHG 15.25 -10.88
KH Foods Ltd KHF 38.40 -6.79
Lafayette Mining Limited LAF 105.24 -190.86
Renison Consolidated Mines NL RSN 38.83 -3.94
Tooth & Co. Ltd. TTH 120.47 -87.64
UnderCoverWear Limited UCW 28.92 -16.07
ViaGOLD Capital Limited VIA 15.49 -3.11
CHINA AND HONG KONG
Asia Telemedia Limited 376 16.97 -7.53
Baiyin Copper Commercial
Bldg (Group) Co 672 24.47 -2.40
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Brilliant Arts Multi-Media
Holding Ltd 8130 11.62 -2.32
Cangzhou Chemical Industrial
Co.Ltd 600722 496.98 -91.41
Chang Ling Group 561 85.06 -80.88
Changjiang Securities
Co., Ltd 783 357.75 -84.57
Chia Tai Enterprises
International Ltd. 121 316.12 -8.92
China HealthCare Holdings Ltd 673 25.44 -3.37
China Liaoning International
Cooperation (Group) Ltd 638 20.46 -41.24
Chinese.com Logi 805 13.75 -32.33
Chongqing Int'l Enterprise
Investment Co 000736 19.88 -15.67
Compass Pacific Holdings Ltd 1188 46.98 -14.92
Datasys Technology
Holdings Ltd 8057 14.10 -2.07
Dongxin Electrical Carbon
Co., Ltd 600691 34.19 -2.90
Dynamic Global Holdings Ltd. 231 44.64 -9.70
Everpride Biopharmaceutical
Company Limited 8019 14.19 -0.02
Ever Fortune Intl.
Hldgs. Limited 875 14.41 -4.03
Fujian Changyuan Investment
Holdings Limited 592 34.52 -66.85
Fujian Sannong Group Co. Ltd 732 42.50 -100.37
Fujian Start Computer
Group Co.Ltd 600734 114.76 -16.98
Guangzhou Oriental
Baolong Automotive Co 600988 15.78 -11.11
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Hisense Kelon Electrical
Hldngs Co., Ltd 921 596.71 -94.69
Guangdong Meiya Group
Co., Ltd. 529 70.62 -59.86
Guangxia (Yinchuan) Industry
Co. Ltd. 557 48.71 -59.63
Hainan Dadonghai Tourism
Centre Co., Ltd 613 18.34 -8.39
Hainan Overseas Chinese
Investment Co., Ltd 600759 28.97 -9.90
Hans Energy Company Limited 554 85.00 -0.49
Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47
Heilongjiang Black Dragon
Co., Ltd 600187 113.45 -74.67
Hisense Kelon Electrical
Hldngs. Co., Ltd 921 596.71 -94.69
Hualing Holdings Limited 382 262.90 -32.17
HuaTongTianXiang Group
Co., Ltd. 600225 52.77 -42.02
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Anplas Co. 156 77.57 -77.92
Innovo Leisure Recreation
Holdings Ltd. 703 13.40 -4.50
Jiaozuo Xin'an-a 719 50.82 -25.45
Junefield Department
Store Group Limited 758 12.93 -5.39
Lan Bao Technology
Information Co.,Ltd 631 110.09 -78.89
Loulan Holdings Limited 8039 11.14 -2.21
Mianyang Gao Xin Industrial
Dev (Group) 600139 23.90 -15.65
New City China Development Ltd 456 253.47 -25.03
Orient Power Holdings Ltd. 615 176.86 -64.20
Paladin Ltd. 495 167.43 -6.23
Plus Holdings Ltd. 1013 18.52 -3.34
Qinghai Xiancheng Industry
Stock Co.,Ltd 600381 55.58 -55.04
Regal Real Estate
Investment Trust 1881 945.38 -234.68
Sanjiu Yigong Biopharmaceutical
& Chem 000403 218.51 -3.48
Shanghai Worldbest
Pharmaceutical Co.Ltd 600656 66.75 -13.42
Shanghai Xingye Housing
Co.,Ltd 600603 16.23 -49.40
Shenyang Hejin Holding
Company Ltd. 633 103.86 -3.16
Shenz China BI-A 20017 34.21 -238.76
Shenzhen Dawncom Business
Tech. and Service Co., Ltd. 863 32.57 -137.55
Shenzhen Shenxin Taifeng
Group Co., Ltd. 34 69.92 -53.39
Shenzhen Konda-A 48 112.05 -15.98
Sichuan Langsha Holding Ltd. 600137 13.82 -62.11
Sichuan Direct-A 575 143.71 -94.34
Stellar Megaunion Corporation 000892 54.33 -152.43
Success Information Industry
Group Co. 517 77.23 -17.78
Suncorp Tech Ltd. 1063 75.28 -5.03
Suntek Technology Co., Ltd 600728 49.03 -14.65
Suntime International
Economic Trading 600084 359.49 -47.93
Taiyuan Tianlong Group Co.
Ltd 600234 19.47 -89.51
The First Investment &
Merchant Co, Ltd 600515 90.66 5.98
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 45.82 -41.20
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Winowner Group Co. Ltd. 600681 23.34 -72.39
Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74
Yueyang Hengli Air-Cooling
Equipment Inc. 622 40.61 -17.21
Yun Sky Chemical (Int)
Hldg. Ltd 663 29.31 -1.13
Zarva Technology Co. Ltd. 688 25.83 -175.37
Zhejiang Haina Science & Tech
Co., Ltd. 925 28.53 -36.27
INDIA
Andrew Yule & Co. Ltd ANY 81.41 -30.90
Artson Engr. ART 10.31 -0.71
Ashima Ltd. NASHM 104.15 -35.01
Balaji Distiller BLD 45.66 -74.20
Birla VXL Ltd NVXL 37.82 -11.29
CFL Capital Financial
Services Ltd CEATF 25.42 -47.32
Core Healthcare Ltd. CPAR 196.08 -229.95
Dish TV India Limited DITV 239.48 -12.62
Elque Polyesters ELQP 13.04 -22.66
Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66
Himachal Futuris HMFC 574.62 -38.68
JCT Electronics Ltd. JCTE 117.60 -50.17
Jenson & Nic Ltd JN 14.81 -81.79
JK Synthetics Ltd JKS 17.99 -2.61
JOG Engineering VMJ 50.08 -10.08
Kalyanpur Cement KCEM 38.11 -48.48
Lloyds Metals LYDM 70.72 -10.25
Lloyds Steel Ind LYDS 404.38 -86.45
LML Ltd. LML 81.21 -11.89
Mafatlal Ind. MFI 96.32 -82.81
Modi Rubber Ltd MDR 39.76 -24.30
Mysore Cements MYC 82.02 -14.57
Panyam Cements PYC 17.18 -18.32
Parekh Platinum PKPL 59.20 -75.23
Rollatainers Ltd RLT 20.68 -3.88
RPG Cables Ltdd NRPG 55.40 -3.10
Shree Rama Multi Tech Ltd. NSRMT 79.66 -7.83
Shyam Telecom NSHY 147.34 -22.80
Sil Businesse Enterprises Ltd. SILB 12.46 -19.96
Tata Teleservices (Maharashtra)
Limited NTTLS 657.28 -73.89
TVS Electronics TVSEL 30.73 -1.57
UB Engineeering UBE 47.78 -2.77
INDONESIA
Ades Waters Indonesia Tbk ADES 25.94 -24.09
Argo Pantes Tbk ARGO 217.96 -15.70
Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21
Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57
Panca Wiratama Sakti Tbk PWSI 39.72 -18.82
Sekar Bumi Tbk SKBM 23.07 -41.95
Steady Safe Tbk SAFE 19.65 -2.43
Surya Dumai Industri Tbk SUDI 105.06 -30.49
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 29.08 -5.87
Wicaksana Overseas
International Tbk WICO 43.09 -46.36
JAPAN
Banners Co., Ltd 3011 46.33 -14.11
C4 Technology, Inc 2355 33.71 -1.24
Heiwa Okuda Co., Ltd 1790 82.68 -6.66
NIWS Co., HQ Ltd. 2731 541.08 -33.01
Orient Corporation 8585 37956.19 -1109.02
TascoSystem Co., Ltd 2709 48.80 -13.52
Trustex Holdings, Inc. 9374 102.84 -7.81
KOREA
Cosmos PLC Co., Ltd 053170 19.31 -4.95
DaiShin Information &
Communication Co. 20180 740.50 -158.45
E-Rae Electronics Industry
Co., Ltd 45310 45.47 -10.37
E Star B Co., Ltd. 55250 186.00 -1.50
EG Semicon Co. Ltd. 38720 166.70 -12.34
Everex Inc 47600 35.66 -0.66
Hyundai IT Corp. 48410 137.08 -48.10
Inno Metal Izirobot Inc. 70080 28.56 -0.33
Oricom Inc. 10470 82.65 -40.04
Rocket Electric Co., Ltd. 420 77.37 -4.76
Seji Co., Ltd 53330 37.25 -0.31
Starmax Co., Ltd 17050 76.61 -1.50
Tong Yang Magic Co., Ltd. 23020 355.15 -25.77
Unick Corporation 11320 36.54 -4.45
MALAYSIA
Boustead Heavy Industries
Corp. Bhd BHIC 57.34 -152.51
FED Furniture FFHB 38.27 -5.11
Harvest Court Industries Bhd HAR 10.17 -3.85
Lityan Holdings Berhad LIT 18.84 -23.22
Mangium Industries Bhd MANG 14.24 -12.15
Megan Media Holdings Berhad MMHB 47.76 -232.89
Pan Malay Industries PMRI 185.98 -6.91
PanGlobal Berhad PGL 181.15 -125.36
Paxelent Corp PAXE 13.16 -4.51
Putera Capital Berhad PCAP 10.56 -4.70
Sino Hua-An International Bhd HUAAN 184.60 -98.30
Sunway Infrastructure Berhad SIB 399.84 -10.08
Sycal Ventures Berhad SYC 58.76 -85.36
TAP Resources Bhd TAP 13.05 -1.33
Techventure Bhd TECH 36.31 -6.21
Tenggara Oil Bhd TENG 12.87 -0.34
Wembley Industries
Holdings Bhd WMY 118.13 -243.99
PHILIPPINES
APC Group Inc. APC 71.75 -218.13
Atlas Consolidated Mining and
Development Corp. AT 61.14 -16.74
Benguet Corp. BC 55.45 -44.94
Central Azucarera de Tarlac CAT 35.74 -1.80
Cyber Bay Corporation CYBR 12.49 -64.98
East Asia Power Resources Corp. PWR 92.52 -82.10
Fil Estate Corp. FC 36.10 -7.75
Filsyn Corporation FYN 20.88 -9.68
Gotesco Land, Inc. GO 18.68 -10.86
Mariwasa Manufacturing, Inc. MMI 71.98 -0.78
Prime Orion Philippines Inc. POPI 99.69 -82.12
Unioil Resources & Holdings
Company Inc. UNI 11.37 -11.44
United Paragon UPM 22.80 -29.23
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 62.99 -38.58
Victorias Milling Company Inc. VMC 175.01 -38.64
SINGAPORE
ADV Systems Auto ASA 14.32 -8.54
Compact Metal Industries Ltd. CMI 47.42 -36.47
Falmac Limited FAL 10.51 -2.30
Gul Technologies GUL 155.76 -15.21
HLG Enterprise HLGE 116.77 -8.71
Informatics Holdings Ltd INFO 20.42 -11.65
Lindeteves-Jacoberg Limited LJ 185.49 -46.43
L&M Group Inv LNM 56.91 -10.59
Pacific Century Regional PAC 1569.35 -88.20
Semitech Electronics Ltd. SEMI 11.01 -0.23
TAIWAN
CIS Technology Inc. 2326 33.74 -18.91
Pacco Tech Co Ltd 5510 16.01 -7.00
Protop Technology Co., Ltd. 2410 55.69 -13.46
Yeu Tyan Machine 8702 39.57 -271.07
THAILAND
Bangkok Rubber PCL BRC 79.58 -65.24
Bangkok Steel Industry
Public Co. Ltd BSI 378.66 -120.56
Central Paper Industry PCL CPICO 12.29 -186.37
Circuit Electronic
Industries PCL CIRKIT 21.90 -75.21
Daidomon Group PLC DAIDO 12.92 -8.51
Datamat Public Co., Ltd DTM 17.55 -1.72
Kuang Pei San Food Products
Public Co. POMPUI 15.77 -11.32
Safari World Public Company
Limited SAFARI 107.75 -1.98
Sahamitr Pressure Container
Public Co. Ltd. SMPC 26.36 -28.88
Siam General Factoring PCL SGF 30.84 -5.36
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Thai-Denmark PCL DMARK 19.57 -3.02
*********
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 ***