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 Tuesday, February 12, 2008, Vol. 9, Issue 30 Headlines A U S T R A L I A APPLECROSS MEDICAL: Members to Meet on February 20 AUSTAR UNITED: Sells Spectrum Biz for AU$65 Million to OPEL CELAD PTY: Liquidator to Give Wind-Up Report on February 20 CHRYSLER LLC: Has Plans to Cut Product Lines & Dealerships CHRYSLER LLC: Still Out to Grab Tooling Equipment from Plastech CRINALIN PTY: Liquidator to Present Wind-Up Report on Feb. 20 ENDEAVOUR HEALTHCARE: Members' Meeting Set for February 20 EYERS FORCE: Placed Under Voluntary Liquidation HASBRO INC: Board Declares US$0.20 Per Share Quarterly Dividend HASBRO INC: Gets Board OK to Repurchase US$500-Mln Common Stock HEALTHPOINT BELMONT: Members to Meet on February 20 HEALTHPOINT ELLENBROOK: Members' Meeting Set for February 20 PHYSICIAN RESOURCE: Members to Hear Wind-Up Report on Feb. 20 RHG LIMITED: Refinances AU$5.5 Billion of Short-Term Debt STARTUNE HOLDINGS: Members' Final Meeting Slated for Feb. 20 SYMBION HEALTH: Board Provides Conditions for Primary Offer TAMSITY PTY: Members to Receive Wind-Up Report on February 20 TELBAZ PTY: Members' Final Meeting Set for February 20 ZINIFEX: Gets 5% of Allegiance Stake Through Lion Selection C H I N A , H O N G K O N G & T A I W A N ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares APDON DEVELPOMENT: Members & Creditors to Meet on March 3 FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition HOI YUEN: Members' Final General Meeting Fixed on March 3 HONG KONG YOUTH: Commences Liquidation Proceedings INFRONT ASIA: Members' Final General Meeting Fixed on March 7 JUSTIN HONG: Members' Final General Meeting Fixed on March 13 LENG LOI: Commences Liquidation Proceedings PETROLEOS DE VENEZUELA: US$1-Bln Facility Extended for One Year PETROLEOS DE VENEZUELA: Courts Lock US$12 Billion in Oil Assets PETROLEOS DE VENEZUELA: Asset Freeze Has Little Impact: Fitch POLIMIDE PALSTIC: Commences Liquidation Proceedings TRIUMPH KEY: Members' Final General Meeting Fixed on March 7 WAH TAT PU: Creditors' Proofs of Debt Due on March 6 I N D I A BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Up to US$20 Mil. DECCAN AVIATION: Posts INR1.9-Bil. Loss in Qtr. Ended Dec. 31 EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President GARWARE POLYESTER: Reports INR9.2 Million Quarter Net Profit LOK HOUSING: Shareholders OK Preferential Allotment of Warrants QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades QUEBECOR WORLD: Pres. Says Magazine Arm Unaffected by Bankruptcy STATE BANK OF INDIA: RBI Appoints 14 Firms as Statutory Auditors STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.50% TATA STEEL: Now Holds 50.05% of Tata Metaliks TATA STEEL: Fails to Win Race for Liberia's Iron Ore Mines I N D O N E S I A EXCELCOMINDO: Deals with Datacraft for SGD3.1M Operation Upgrade GARUDA INDONESIA: Opens New Flights on China-Indonesia Routes J A P A N ALITALIA SPA: Chairman Warns of Possible Bankruptcy BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31 FORD MOTOR: Bear Stearns Downgrades Firm to Peer Perform JAPAN AIRLINES: Paying JPY48 Million on Employee Suit SOFTBANK: Unit to Post Lost of JPY26BB for 3Q Ending March 2008 K O R E A CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25 HANAROTELCOM: SK Telecom To Get Conditional OK from Trade Agency HYNIX SEMI: To Spend 8% of 2007 Revenue for R&D Budget This Year * KOREA: 18 Korean Bank's NPL Fell Record Low in 2007 M A L A Y S I A KNOLL INC: Reports US$20.7-Mln Net Income in Fourth Quarter 2007 PROTON HOLDINGS: To Launch Multi-Purpose Vehicle by Early 2009 N E W Z E A L A N D 13 PETONE: Placed Under Voluntary Liquidation AUCKLAND TRADE: Subject to CIR's Wind-Up Petition EVODIA GAD: Appoints PricewaterhouseCoopers as Liquidators GOVERNORS BAY: Court to Hear Wind-Up Petition on February 18 NATIONWIDE REPILING: Fixes Feb. 28 as Last Day to File Claims SDS INVESTMENTS: Faces CIR's Wind-Up Petition THCIP LTD: Fixes March 8 as Last Day to File Claims VEITCH ENTERPRISES: Placed Under Voluntary Liquidation WOODLAND DEVELOPMENTS: Wind-Up Petition Hearing Set for March 10 YORKSHIRE HOLDINGS: Creditors' Proofs of Debt Due on Feb. 29 P H I L I P P I N E S BANKWISE: Monetary Board Orders Closure; PDIC Takes Over CHINA BANKING: Integrates 16 Manila Bank Branches Into Network CHIQUITA BRANDS: Prices 4.25% Convertible Senior Notes Due 2016 FEDDERS CORP: Banks Want Court to Deny Panel from Filing Suit PHIL. LONG DISTANCE: SBI Completes Cruztelco Acquisition PRC LLC: Wants to Sell Property to Brett Houston for US$2.2MM S I N G A P O R E AAR CORP: Robert Regan Replaces H.A. Pulsifer as General Counsel ALLCO REIT: Unveils Shareholders' Change of Interests CHEMTURA CORP: Completes Fluorochemicals Biz Sale to Du Pont COM-TEX ASSOCIATES: Court Enters Wind-Up Order FLEXTRONICS INT'L: To Acquire CEAG AG's Unit for US$85 Million LEE TUNG: Contributories' Meeting Set for February 15 WESTLITE DEVELOPMENT: Creditors' Proofs of Debt Due on March 7 T H A I L A N D DOLE FOOD: Fitch Says WTO Ruling Good for Company * BOND PRICING: For the Week 11 February to 15 February 2008 - - - - - ================= A U S T R A L I A ================= APPLECROSS MEDICAL: Members to Meet on February 20 -------------------------------------------------- Gary P. Doran, Applecross Medical Group Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 11:00 a.m., to provide them with property disposal and winding-up reports. The company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Applecross Medical Applecross Medical Group Pty Ltd operates offices and clinics of doctors of medicine. The company is located at Yangebup, in Western Australia, Australia. AUSTAR UNITED: Sells Spectrum Biz for AU$65 Million to OPEL ----------------------------------------------------------- Austar United Communications Limited has sold its spectrum holdings to OPEL Venturers, Optus and Elders for AU$65 million, Hamish King at Egoli reports. In a statement, the company said that the sale of its spectrum holdings will facilitate the building of a WiMAX network as part of the OPEL Broadband Connect network in regional Australia, giving regional Australians an even brighter broadband future. Under the arrangements, the OPEL Venturers, Optus and Elders, acquire AUSTAR's 2.3 gigahertz (Ghz) and 3.5Ghz spectrum licences. Access to the AUSTAR licensed spectrum will allow the OPEL Venturers to build a state-of-the-art WiMAX network, which will keep pace with the developments in international standards. The OPEL network will ensure that regional Australians have access to a broad range of world's best broadband access technologies including WiMAX and ADSL2+. AUSTAR will also expand its relationship with Optus Wholesale to market broadband, voice and mobile services to not only its existing subscription television customers but to all homes in AUSTAR areas. AUSTAR Chief Executive Officer John Porter said, "We are extremely pleased with this outcome as we will be in a position to deliver on the promise of the triple play and offer a much broader range of services to our customers in a way that also makes sense for our shareholders." Mr. Porter added, "There is no doubt that Optus and Elders, working with the Australian Government under Broadband Connect, are in a position to build great broadband access services in regional Australia very efficiently. With access to wholesale products from Optus and OPEL once it starts operations, we believe we are even better placed than we would be if we were to build a network ourselves. "Mr. Porter noted that AUSTAR would continue to focus on what AUSTAR does best; making must-have television the driver of growth, while adding new product lines and offering value-driven bundling opportunities." AUSTAR expects to begin wholesaling Optus' new access products in late 2008. Austar has more than 600,000 subscription customers and expected around a third of its customers to have a MyStar after three years. About Austar United New South Wales, Australia-based Austar United Communications Limited -- http://www.austarunited.com.au/-- is a subscription television provider, offering primarily digital satellite services to customers in regional and rural areas in Australia. AUSTAR also offers dial-up Internet and mobile phone services. The company has two business segments: Subscription services and Radio spectrum licenses. Subscription services represent subscription television distribution operations, Internet, interactive television and mobile telephony operations and license fee income. Radio spectrum licenses represent income and gains earned from the leasing of radio spectrum licenses. As of September 30, 2006, the company had a net debt standing of AU$486.4 million. The Troubled Company Reporter-Asia Pacific, on Dec. 14, 2007, included in its "Large Companies With Insolvent Balance Sheets" Column, Austar United Communications Ltd., with US$411.16 million in assets and US$43.72 million in stockholders' equity deficit. CELAD PTY: Liquidator to Give Wind-Up Report on February 20 ----------------------------------------------------------- Gary P. Doran, Celad Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 11:30 a.m., to provide them with property disposal and winding- up reports. In a report by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Celad Pty Celad Pty Ltd provides health and allied services. The company is located at Mosman, in New South Wales, Australia. CHRYSLER LLC: Has Plans to Cut Product Lines & Dealerships ---------------------------------------------------------- Chrysler LLC intends to downsize certain aspects of its operations in order to match the market's demand for its products, Neal E. Boudette at the Wall Street Journal reports. For the automaker, this includes slashing the number of its product models and decreasing the number of dealers, WSJ cites company representatives in meetings with Chrysler's dealers. The Journal's Neal E. Boudette and Terry Kosdrosky relate that over the next three years or so, Chrysler plans to drop as many as half of the roughly 30 models it now produces, a move likely to cut sales at least for a while. Along the way, it expects a substantial consolidation in its network of 3,600 dealers, the Journal writers relate. According to people familiar with the issue, the adjustment is part of a strategy to trim the company to achieve healthy profits, which was a far cry from several years ago where it was aiming to double its sales volume, WSJ relates. Company executives acknowledged the fact that Chrysler "can't expect to increase its sales volume substantially," says WSJ. The company and its shareholders are considering solutions in order to contract the number of dealers, WSJ reports, citing a Chrysler spokesman. The company is currently rushing on finding a new supplier for its components. As reported in the Troubled Company Reporter on Feb. 8, 2008, Chrysler LLC CEO Robert Nardelli disclosed that the automaker is still in pursuit of its tooling equipment holed up at Plastech Engineered Products Inc.'s plants, and continues to seek component supplies from other vendors. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CHRYSLER LLC: Still Out to Grab Tooling Equipment from Plastech --------------------------------------------------------------- Chrysler LLC CEO Robert Nardelli disclosed that the auto-maker is still in pursuit of its tooling equipment holed up at Plastech Engineered Products Inc.'s plants, and continues to seek component supplies from other vendors, Jeff Bennett of the Wall Street Journal reports. As reported on Feb. 7, 2008, a temporary disruption in Chrysler's production was caused by a tooling dispute over the parties, with Chrysler attempting to retrieve its tooling equipment over at Plastech's plants and transfer them to other suppliers so its operations would not suffer. The parties however, reached an agreement early this week that ended the idling of Chrysler plants. Pursuant to an interim agreement, Plastech resumed its shipment of car parts and components to Chrysler, which enabled the automaker to resume its plant operations. The arrangement will continue until Feb. 15. "This was not hard-ball tactics, it was a solid business practice," WSJ quotes Nardelli during an auto show. "We never meant to create an adversarial relationship with Plastech or any other suppliers." Nardelli related to WSJ that Plastech was going to raise its prices. "We have to stay competitive," Nardelli insisted. "No hard feelings, no animosity, just solid business practices." While Chrysler previously said that it could close four of its U.S. plants due to Plastech's failure to deliver component parts, Ford Motor Co. and Toyota Motor Corp. said their automotive production won't be affected by the auto-parts supplier's Chapter 11 filing. Ford said that Plastech's Chapter 11 filing won't adversely affect the auto maker's production, The Wall Street Journal reports. "We've had no impact," said Mark Fields, Ford's President of the Americas. "We anticipate, for the time being, to be able to continue our production." About Plastech Engineering Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CRINALIN PTY: Liquidator to Present Wind-Up Report on Feb. 20 ------------------------------------------------------------- Gary P. Doran, Crinalin Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 9:00 a.m., to provide them with property disposal and winding-up reports. As reported by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Crinalin Pty Located at Ellenbrook, in Western Australia, Australia, Crinalin Pty Ltd is an investor relation company. ENDEAVOUR HEALTHCARE: Members' Meeting Set for February 20 ---------------------------------------------------------- Gary P. Doran, Endeavour Healthcare (Pathology) Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 12:00 noon, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Endeavour Healthcare Endeavour Healthcare (Pathology) Pty Ltd operates non- classifiable establishments. The company is located at Bentley, in Western Australia, Australia. EYERS FORCE: Placed Under Voluntary Liquidation ----------------------------------------------- The Eyers Force Pty Ltd's members agreed on January 2, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Andre Janis Strazdins and Nicholas David Cooper at SimsPartners to facilitate the sale of its assets. The liquidators can be reached at: Andre Janis Strazdins Nicholas David Cooper SimsPartners Chartered Accountants 12 Pirie Street, Level 4 Adelaide, South Australia 5000 Australia Telephone:(08) 8233 9900 About The Eyers Force The Eyers Force Pty Ltd provides amusement and recreation services. The company is located at Hindmarsh, in South Australia, Australia. HASBRO INC: Board Declares US$0.20 Per Share Quarterly Dividend --------------------------------------------------------------- Hasbro Inc.'s Board of Directors has declared a quarterly cash dividend of US$0.20 per common share, an increase of US$0.04 per share or 25% from the previous quarterly dividend of US$0.16 per common share. The dividend will be payable on May 15, 2008 to shareholders of record at the close of business on May 1, 2008. "The Board's decision to increase the dividend, recognizes the Company's continued strong earnings and cash flow, and demonstrates Hasbro's commitment to returning excess cash to shareholders," said Alfred J. Verrecchia, President and Chief Executive Officer. About Hasbro Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) -- http://www.hasbro.com/-- provides children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. The company has operations in Australia, France, Hong Kong, and Mexico, among others. * * * Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro, Inc., and changed the ratings outlook to positive from stable to reflect the expectation for continued- strong operating performance and cash flows, leading to further debt reduction and credit metric improvement over the near-to- intermediate-term. Ratings affirmed include the Baa3 senior unsecured debt rating and the (P)Ba1 rating for subordinated debt. HASBRO INC: Gets Board OK to Repurchase US$500-Mln Common Stock --------------------------------------------------------------- Hasbro Inc.'s Board of Directors has authorized the company to repurchase an additional US$500 million in common stock. Repurchases of the company's common stock may be made from time to time, subject to market conditions. These shares may be purchased in the open market or through privately negotiated transactions. Hasbro has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares, which are repurchased will depend on a number of factors, including the price of the company's common stock. The company may suspend or discontinue the repurchase program at any time. "This program reflects the continuing commitment of the Board of Directors and Hasbro management to pursue opportunities that create value for our shareholders," said Alfred J. Verrecchia, President and Chief Executive Officer. The company announced a US$500 million share repurchase authorization in August 2007, which has US$48.3 million remaining in the authorization. Since May 2005, the Company has spent US$1.152 billion to repurchase 48,495,100 shares. About Hasbro Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) -- http://www.hasbro.com/-- provides children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. The company has operations in Australia, France, Hong Kong, and Mexico, among others. * * * Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro, Inc., and changed the ratings outlook to positive from stable to reflect the expectation for continued- strong operating performance and cash flows, leading to further debt reduction and credit metric improvement over the near-to- intermediate-term. Ratings affirmed include the Baa3 senior unsecured debt rating and the (P)Ba1 rating for subordinated debt. HEALTHPOINT BELMONT: Members to Meet on February 20 --------------------------------------------------- Gary P. Doran, Healthpoint Belmont Pty Ltd's appointed estate liquidator, will meet with the company's members on Feb. 20, 2008, at 12:30 p.m., to provide them with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Healthpoint Belmont Healthpoint Belmont Pty Ltd is a distributor of durable goods. The company is located at Belmont, in Western Australia, Australia. HEALTHPOINT ELLENBROOK: Members' Meeting Set for February 20 ------------------------------------------------------------ Gary P. Doran, Healthpoint Ellenbrook Pty Ltd's appointed estate liquidator, will meet with the company's members on Feb. 20, 2008, at 3:30 p.m., to provide them with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Healthpoint Ellenbrook Healthpoint Ellenbrook Pty Ltd provides health and allied services. The company is located at Ellenbrook, in Western Australia, Australia. PHYSICIAN RESOURCE: Members to Hear Wind-Up Report on Feb. 20 ------------------------------------------------------------- Gary P. Doran, Physician Resources Group Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 2:30 p.m., to provide them with property disposal and winding-up reports. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Physician Resources Located at Osborne Park, in Western Australia, Australia, Physician Resources Group Pty Ltd is an investor relation company. RHG LIMITED: Refinances AU$5.5 Billion of Short-Term Debt --------------------------------------------------------- RHG Limited has successfully refinanced Friday its AU$5.5 billion of short-term debt, beating a Feb. 11 deadline, Helen Schuller at Egoli reports. As a result of the refinancing, two US extendable commercial (XCP) facilities have been fully repaid, the same report says. Egoli relates that the company faced difficulties in August last year as a liquidity problem prevented it from refinancing an AU$6.17 billion of debt. RHG then sold its brand and distribution divisions to Westpac Banking Corp. Ltd. for AU$140 million. RHG's refinancing of the debt saved the economic value of the home loans backing portion of the XCP program. RHG Limited, formerly RAMS Home Loans, specializes in providing residential home loans throughout Australia. STARTUNE HOLDINGS: Members' Final Meeting Slated for Feb. 20 ------------------------------------------------------------ Gary P. Doran, Startune Holdings Pty Ltd's appointed estate liquidator, will meet with the company's members on Feb. 20, 2008, at 10:30 a.m., to provide them with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Startune Holdings Startune Holdings Pty Ltd operates offices and clinics of doctors of medicine. The company is located at Perth, in Western Australia, Australia. SYMBION HEALTH: Board Provides Conditions for Primary Offer ----------------------------------------------------------- Egoli reports that Symbion Health's board of directors has said that it would endorse Primary Health Care Limited's AUS$2.7- billion deal based on two conditions: i) that Primary will secure acceptances of more than 50.1%; and ii) for the offer to be unconditional. Primary, according to Egoli's Feb. 11 report, has so far received 48% of acceptances from shareholders. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 14, 2007, Symbion Health's board told shareholders to reject Primary Health Care's offer, reiterating that its offer price "does not adequately compensate" the holders. Symbion Chairman Paul McClintock had said last week that the board will reconsider the offer as circumstances have changed in the market. "The sharemarket has become increasingly volatile, falling 13% since Primary's offer was announced, which has increased the risk of a decline in Symbion Health's share price upon the close of Primary's Offer, and has impacted the Board's view on relative value in the current environment," Mr. Mclintock was quoted by Egoli as saying. "If Primary's Offer becomes unconditional all Symbion Health shareholders have the opportunity to receive US$4.10 cash per share, if they choose to do so." Primary Health's offer will expire Feb. 21. About Primary Health Primary Health Care Limited -- http://www.primaryhealthcare.com.au/IRM/Content/default.htm-- is a service provider to a wide range of health care professionals who provide comprehensive care to patients. Additionally, Primary operates licensed and accredited day surgery facilities, specialist eye clinics and an automated pathology laboratory - SDS Pathology. About Symbion Health Headquartered in Melbourne, Australia, Symbion Health Limited -- http://www.symbionhealth.com/-- is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). TAMSITY PTY: Members to Receive Wind-Up Report on February 20 ------------------------------------------------------------- Gary P. Doran, Tamsity Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 8:30 a.m., to provide them with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Tamsity Pty Located at Osborne Park, in Western Australia, Australia, Tamsity Pty Ltd is an investor relation company. TELBAZ PTY: Members' Final Meeting Set for February 20 ------------------------------------------------------ Gary P. Doran, Telbaz Pty Ltd's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 2:00 p.m., to provide them with property disposal and winding-up reports. In a report by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Feb. 7, 2007. The liquidator can be reached at: Gary P. Doran Woodside Plaza, Level 14 240 St Georges Terrace Perth, Western Australia 6000 Australia Telephone:(08) 9365 7000 About Telbaz Pty Located at Subiaco, in Western Australia, Australia, Telbaz Pty Ltd is an investor relation company. ZINIFEX: Gets 5% of Allegiance Stake Through Lion Selection ----------------------------------------------------------- Zinifex Limited has secured over 5% of shares in Allegiance Mining NL as a result of Lion Selection's acceptance of its purchase offer of AUS$1/share, published reports say. Lion Selection is Allegiance's largest instutional shareholder. Its acceptance proved to Zinifex that the one dollar per share cash offer is a fair representation of Allegiance's value, Reuters says. "We believe this sends a clear signal to other Allegiance investors that Zinifex's Offer represents fair value and provides certainty in the current volatile market," Zinifex Chief Executive Officer Andrew Michelmore was quoted by Reuters as saying. Previous reports said that Allegiance Mining's board of directors had adviced its shareholders that the Zinifex offer is inadequate. The company's chairman, Tony Howland-Rose said in a statement that Zinifex's offer is "unsolicited, opportunistic, and inadequate." Zinifex has yet to convince Allegiance major shareholder, Jinchuan Group Limited, to accept its offer. According to Comtex, Jinchuan, which holds a 10.4% stake in Allegiance, is opposed to the proposal. The major shareholder had written to other holders stating its opposition against the deal. In a previous report from Bloomberg, it suggests that Zinifex's hostile offer stems from its plan to take control of Allegiance's Avebury nickel project in Tasmania, which has a US$3-billion supply agreement with Jinchuan, Asia's largest producer of the metal used in stainless steel. The offer stands until February 22. About Allegiance Mining Allegiance Mining is an Australian nickel mining company that is about to commission its first nickel project located in Tasmania. Its Avebury nickel project is due to start production in 1Q-08 and the company has an on-going exploration effort targeting nickel sulphide deposits. About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * The Troubled Company Reporter-Asia Pacific reported on Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's 'BB+' Long-term foreign currency Issuer Default Rating (IDR), following the announcement of an all cash offer for Allegiance Mining NL (Allegiance). Fitch said the outlook is stable. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares -------------------------------------------------------------- Acxiom(R) Corporation disclosed that, in connection with its hiring of John A. Meyer as its Chief Executive Officer and President, Mr. Meyer was granted inducement awards consisting of nonqualified stock options to purchase 265,000 shares of the company's common stock and restricted stock units in respect of 115,000 shares of the company's common stock. The stock options have a per share exercise price equal to the fair market value on the date of the grant, have a 10-year term and will vest ratably over four years, 25 percent per year, beginning on the first anniversary of the grant. The restrictions on the restricted stock units granted to Meyer will lapse ratably over four years, 25 percent per year, beginning on the first anniversary of the grant. These inducement awards were granted outside of the 2005 Equity Compensation Plan of Acxiom Corporation, approved by the independent members of the Company's board of directors and granted as an inducement material to Meyer's employment with the Company in accordance with Nasdaq Marketplace Rule 4350(i)(1)(iv). As previously reported by the company in its Current Report on Form 8-K filed Jan. 17, 2008, Mr. Meyer was also granted certain equity incentive awards under the 2005 Equity Compensation Plan of Acxiom Corporation in connection with his employment, and he is to be granted certain performance share units in respect of the company's common stock as an inducement award no later than May 15, 2008, pursuant to his employment agreement. About Acxiom Headquartered in Little Rock, Arkansas, Acxiom Corporation, (Nasdaq: ACXM) -- http://www.acxiom.com/-- designs, builds and manages marketing solutions across offline and online channels for many of the largest, most respected companies in the world. The core components of Acxiom's services include data integration technology, data and analytics products, database services, IT outsourcing, consulting and campaign management software. Founded in 1969, Acxiom has locations throughout the United States and Europe, and in Australia, China and Canada. In May 2007, Acxiom reached an agreement with Silver Lake Partners and ValueAct Capital Partners LP to sell 100% of the outstanding equity interests in Acxiom by Axio Holdings LLC in an all-cash transaction valued at US$3 billion, including the assumption of approximately US$756 million of debt. However, Silver Lake and ValueAct Capital terminated the deal in October 2007 and have signed a settlement agreement with Acxiom. Silver Lake and ValueAct paid Acxiom US$65 million in cash pursuant to the termination of the merger agreement. * * * As reported in the Troubled Company Reporter on Dec. 17, 2007, Moody's Investors Service confirmed Acxiom's Ba2 corporate family rating and assigned a negative rating outlook. APDON DEVELPOMENT: Members & Creditors to Meet on March 3 --------------------------------------------------------- Adpon Development Limited will hold a joint meeting for its members and creditors at 10:00 a.m. on March 3, 2007. During the meeting, the company's liquidator Lui Wan Ho will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Lui Wan Ho Room 1701 Olympia Plaza 255 King's Road North Point, Hong Kong FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition --------------------------------------------------------- Fiat S.p.A. reiterated its previously stated position that it would not participate in the bidding process for the acquisition of Jaguar/Land Rover and would not buy these assets. The issued statement answered recent press speculations on Fiat's involvement with Tata Motors in its discussions regarding the acquisition of the marques. According to a Fiat spokesman, Fiat has not had discussions, directly or indirectly, with Tata regarding this potential transaction or its participation in it and it has not offered to purchase any assets or technologies from Tata if the transaction is completed. "Fiat nonetheless considers Tata as a strategic partner, and is considering other collaboration alternatives which do not involve the Jaguar/Land Rover assets," a Fiat spokesman said. In a report by Adrian Michaels for the Financial Times, Tata Motors is the frontrunner in negotiations to acquire Jaguar/Land Rover in a deal worth around US$2 billion. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Jan. 28, 2008, Moody's Investors Service affirmed Fiat SpA's Ba1 Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook was maintained. The short term Not Prime rating remains unchanged. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. HOI YUEN: Members' Final General Meeting Fixed on March 3 --------------------------------------------------------- Leung Wing Ching, Winston, Hoi Yuen Investment Limited's appointed estate liquidator, will meet with the company's members on March 3, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Leung Wing Ching, Winston Room 1115, 11th Floor Bank of America Tower 12 Harcourt Road Hong Kong HONG KONG YOUTH: Commences Liquidation Proceedings -------------------------------------------------- Hong Kong Youth Arts Limited's members agreed January 28, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Nam Chi Ming to facilitate the sale of its assets. The liquidator(s) can be reached at: Nam Chi Ming Gibson of Four Sears Group Bldg. No. 1 Hong Ting Road Sai Kung Hong Kong INFRONT ASIA: Members' Final General Meeting Fixed on March 7 ------------------------------------------------------------ Nathalia K M Seng, Infront Asia Limited's appointed estate liquidator, will meet with the company's members on March 7, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Nathalia K M Seng Level 28, Three Pacific Place 1 Queen's Road East Hong Kong JUSTIN HONG: Members' Final General Meeting Fixed on March 13 ------------------------------------------------------------- Anthony Nedderman, Justin Hong Kong Limited's appointed estate liquidator, will meet with the company's members on March 13, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Anthony Nedderman 11th Floor, China Hong Kong Tower 8 Hennesy Road Hong Kong LENG LOI: Commences Liquidation Proceedings ------------------------------------------- Leng Loi Limited's members agreed January 19, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Kan Tim Hei and Fok Pui Ling Linda to facilitate the sale of its assets. The liquidator can be reached at: Kan Tim Hei Fok Pui Ling Linda 31st Floor, The Center 99 Queen's Road Central Hong Kong PETROLEOS DE VENEZUELA: US$1-Bln Facility Extended for One Year --------------------------------------------------------------- BNP Paribas has extended for another 12 months the US$1 billion credit line it granted to Petroleos de Venezuela SA, according to El Universal. The initial term of the loan matured last January 30, the report says. El Universal earlier reported that PDVSA's debt to equity ratio rose to 29.72 percent after contracting new debts amounting to US$13.12 billion in 2007. While the company's debt increased 449 percent in 12 months from USD 2.91 billion to more than USD 16 billion, its consolidated assets grew only 2 percent, from USD 53.10 billion to USD 53.85 billion, El Universal said, citing a company report. About Petroleos de Venezuela SA Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. PDVSA estimates it will achieve a 5 million 847 thousand barrel per day production capacity by the year 2012. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Courts Lock US$12 Billion in Oil Assets --------------------------------------------------------------- Petroleos de Venezuela S.A., a state-owned company, is barred from taking or disposing of up to US$12 billion in petroleum assets worldwide after courts in Britain and the U.S. ordered freezing of those assets. Chris Kraul of the Los Angeles Times says Exxon Mobil sought the ruling amid reports that PDVSA could be looking to sell assets to counter financial crisis. A U.K. court filing cited by Bloomberg News says however that Exxon Mobil is concerned that PDVSA will transfer assets to other countries including China to put them out of reach of an international arbitration commission. Last year, Venezuelan President Hugo Chavez nationalized oil projects in the country and Exxon Mobil has been seeking to recover the value of its investments in those fields, Peter Wilson of BusinessWeek relates. As reported in the Troubled Company Reporter-Latin America on Jan. 29, 2008, Moody's Investors Service noted the reported increase in PDVSA's total consolidated debt to US$16 billion in 2007, from approximately US$2.9 billion at the end of 2006. Moody's said the debt increase will not affect the company's B1 global local currency issuer rating with a stable outlook, based on the company's low financial leverage and the level of its current credit rating, the latter of which reflects Venezuelan sovereign risk and control over the state oil company's operations. According to Moody's, the increase in PDVSA's total debt clearly reflects a continuation of capital spending that exceeds internal cash flow, with its cash flow from operations heavily affected by large transfer payments to support government social programs. About Petroleos de Venezuela SA Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. PDVSA estimates it will achieve a 5 million 847 thousand barrel per day production capacity by the year 2012. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Asset Freeze Has Little Impact: Fitch ------------------------------------------------------------- Fitch Ratings views a British court order to freeze up to US$12 billion of PDVSA's worldwide assets to have a minimum impact on the company's day to day operations, as well as its near term credit quality and financial flexibility. In order to comply with this court order, PDVSA must maintain US$12 billion of unencumbered assets anywhere in the world. The order in and of itself does not prevent PDVSA from transacting business, and from a practical perspective transferring assets given its total consolidated asset base of more than US$92 billion. PDVSA is expected to oppose this decision and present their opposing arguments later this month. The enforcement of this order and the applicability of British jurisdiction over assets domiciled outside of the UK remain unclear at this time. More importantly, this order is part of the legal wrangling over the ongoing dispute between PDVSA and Exxon Mobil regarding the nationalization of the Cerro Negro heavy oil project in the Orinoco belt. The compensation to Exxon Mobil for this action remains in dispute and is currently in arbitration; the outcome of this arbitration process remains uncertain. A negative outcome of the arbitration could pressure the credit profile of PDVSA, which timing could be lengthy. In the meantime, the ability of the courts to encumber any of PDVSA assets before the arbitration process is complete is unlikely. PDVSA, Venezuela's national oil company, is engaged in the exploration and production of crude oil and natural gas; the refining, marketing and transportation of crude and refined products; and the production of petrochemicals, as well as various other hydrocarbon-related activities in Venezuela and abroad. The Venezuelan government is the company's sole shareholder. The majority of PDVSA's cash generating assets are located in Venezuela (85%), and in the United States (15%) through its Citgo subsidiary. PDVSA's European assets represent only a small portion of the company's US$92.6 billion of total consolidated assets as of June 30, 2007. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company n charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. POLIMIDE PALSTIC: Commences Liquidation Proceedings --------------------------------------------------- Polimide Plastic Manufactory Limited's members agreed January 31, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Nam Chi Ming to facilitate the sale of its assets. The liquidator can be reached at: Lui Wan Ho To Chi Man Room 1701, Olympia Plaza 255 King's Road, North Point Hong Kong TRIUMPH KEY: Members' Final General Meeting Fixed on March 7 ------------------------------------------------------------ Nathalia K M Seng, Triumph Key Limited's appointed estate liquidator, will meet with the company's members on March 7, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Nathalia K M Seng Level 28, Three Pacific Place 1 Queen's Road East Hong Kong WAH TAT PU: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- Wah Tat Pu Limited's creditors are required to file their proofs of debt by March 6, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 25, 2008. The company's liquidator is: Chan Kam Man Unit 803, 8th Floor Shanghai, Industrial Investment Bldg. 48-62 Hennessy Road Wanchai Hong Kong ========= I N D I A ========= BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Up to US$20 Mil. -------------------------------------------------------------- Bristow Group Inc. reported financial results for its three and nine-month periods ended Dec. 31, 2007. The company reported net income of US$20.1 million, a 91% increase from US$10.5 million for the December 2006 quarter. Net income for the December 2007 quarter includes the loss of US$6.2 million on the sale of our Grasso Production Management business in November 2007, which is presented as discontinued operations. . For the nine months ended Dec. 31, 2007, net income of US$76.8 million increased 64% from US$46.8 million for the nine months ended Dec. 31, 2006. Net income for the nine months ended Dec. 31, 2007, includes the loss of US$6.2 million on the sale of our Grasso business in November 2007, which is presented as discontinued operations. Capital and Liquidity -- the Dec. 31, 2007 consolidated balance sheet reflected US$959.3 million in stockholders' investment and US$607.8 million of indebtedness. -- the company has US$315.3 million in cash and an undrawn US$100 million revolving credit facility. -- the company generated US$57.8 million of cash from operating activities, US$344.8 million in net proceeds from the issuance of 7 1/2% senior notes, US$23 million of cash from asset dispositions and US$22 million in net cash from the sale of Grasso during the nine months ended Dec. 31, 2007. -- the company used US$288.8 million for capital expenditures -- for aircraft -- and US$14.6 million for the acquisitions, net of cash acquired, of Bristow Academy and Vortex during the nine months ended Dec. 31, 2007. -- Aircraft purchase commitments totaled US$344.7 million for 28 aircraft, with options totaling US$472.6 million for 34 aircraft as of Dec. 31, 2007. "We remain very pleased with our operational and financial performance," William E. Chiles, president and chief executive officer of Bristow Group Inc., said. The delivery of new aircraft well as rate increases in several operating regions produced strong revenues and earnings performance in the December quarter." "We renegotiated and extended the last of our major contracts in Nigeria at significantly better rates during the quarter, which should result in improved operating margins for our West Africa business unit and move us closer to meeting our return on capital goal for this region. We also saw improved rates from the North Sea," he added. "We continued to invest in our fleet with the exercise of options on eight additional aircraft, including five large- and three medium-sized helicopters from Sikorsky and Eurocopter," Mr. Chiles continued. "During the quarter we also completed the sale of our Grasso Production Management business, which makes Bristow Group a pure play in helicopter transportation services principally to the offshore energy industry," Mr. Chiles ended. About Bristow Group Inc. Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS) - - http://www.bristowgroup.com/-- fka Offshore Logistics Inc., provides helicopter transportation services to the worldwide offshore oil and gas industry with operations in the United States Gulf of Mexico and the North Sea. The company also has operations, both directly and indirectly, in offshore oil and gas producing regions of the world, including Australia, Brazil, China, India, Mexico, Nigeria, Russia and Trinidad. The company also provides production management services for oil and gas production facilities in the United States Gulf of Mexico. * * * Standard & Poor's Ratings Services placed Bristow Group Inc.'s long-term corporate family and senior unsecured debt ratings at 'Ba2' in January 2006. The ratings still hold to date with a negative outlook. DECCAN AVIATION: Posts INR1.9-Bil. Loss in Qtr. Ended Dec. 31 ------------------------------------------------------------- Deccan Aviation Ltd. incurred a net loss of INR1.9 billion in the three months ended Dec. 31, 2007, on increased expenditures and lesser revenues. In the same quarter in 2006, the charter aviation firm posted a net profit of INR96.4 million. Deccan Aviation's total income slid from INR6.37 billion in Oct.-Dec. 2006, to INR5.77 billion in the latest quarter under review. Operating expenditures rose from INR6.04 billion to INR7.31 billion, bringing the company an operating loss of INR1.54 billion. The bulk of the company's operating expenses come from aircraft fuel expenses -- INR2.88 billion -- way more than the INR1.14 billion in aircraft lease rentals. Results in Oct.-Dec. 2007 also showed increased interest charges (2007:INR244.1 million; 2006: INR124.3 million), depreciation (2007:INR119.4 million; 2006: INR104.1 million) and taxes (2007:INR11.1 million; 2006: INR6.6 million). In the previous financial year, the company pointed out, its treatment of certain deferred expenses were subject to qualifications by the statutory auditors and the qualification continues in the quarter ended Dec. 31, 2007. As a result, the company said, the loss for the current quarter under review is overstated by INR6.5 million. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27ec Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President ---------------------------------------------------------------- Exide Technologies Board of Directors has appointed Phillip A. Damaska as the new Executive Vice President and Chief Financial Officer, effective April 1, 2008. Mr. Damaska brings more than 30 years of experience to his new role at Exide. He joined the company in January 2005 as Vice President, Finance and was subsequently appointed Vice President and Corporate Controller in August of that same year. Since March 2006, Mr. Damaska has held the position of Senior Vice President and Corporate Controller and has overseen all of the company's internal and external financial reporting, the preparation of annual operating plans and forecast updates as well as provided guidance in the company's efforts to comply with requirements of the Sarbanes-Oxley Act. From 1996 through 2004, Mr. Damaska held a variety of positions at Freudenberg-NOK, the Americas joint venture partnership between Freudenberg and Company in Germany and NOK Corporation in Japan. Freudenberg-NOK provides an extensive portfolio of precision molded products to the aerospace, aftermarket, fluid power, oil and gas, marine, healthcare/medical, off-highway equipment, recreational, industrial, chemical processing and semiconductor markets worldwide. During his tenure, he served as President of Corteco, an automotive and industrial seal supplier that is part of the Freudenberg-NOK global group of companies. He also held several finance related positions of increasing responsibility. "During his time at Exide, Phil has demonstrated leadership and financial acuity while earning the respect of the entire executive team and our Board of Directors," said Exide Technologies President and Chief Executive Officer, Gordon A. Ulsh. "He has played a fundamental role in strengthening Exide's stability and profitability, and his guidance as Chief Financial Officer will help the Company as we drive toward achieving our goals of growth and profitability." Mr. Damaska holds a Bachelor's Degree in Accounting from Albion College and an MBA from the University of Detroit. He also is a Certified Public Accountant in the state of Michigan. Mr. Damaska succeeds Francis M. Corby, Jr., who has served Exide as Executive Vice President and Chief Financial Officer since March 2006. During his tenure, Mr. Corby has been instrumental in helping the Company refinance its bank debt and complete two separate equity rights offerings. He plans his retirement to coincide with the conclusion of the Company's fiscal year 2008. "As a mature, experienced leader, Fran infused Exide with financial stability at a critical time in our company's evolution, bringing a number of internal issues under control," said Mr. Ulsh. "He took the lead, for example, in strengthening our corporate accounting controls and compliance with Sarbanes- Oxley. We are grateful for his many contributions that have strengthened our position in the financial marketplace." About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The company has operations in 89 countries, including, Australia, India, Finland, Poland, New Zealand, among others. The company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the Debtors in their successful restructuring. The Court confirmed Exide's Amended Joint Chapter 11 Plan on April 20, 2004. The plan took effect on May 5, 2004. * * * As reported in the Troubled Company Reporter-Europe on Nov. 26, 2007, Standard & Poor's Ratings Services has raised its corporate credit rating on Exide Technologies to 'B-' from 'CCC+' because of the company's improved financial results, which the company has achieved despite sharply higher lead prices. S&P said the outlook is stable. Moody's Investor Service placed Exide Technologies' senior secured debt and probability of default ratings at 'Caa1' in September 2006. The ratings still hold to date with a stable outlook. GARWARE POLYESTER: Reports INR9.2 Million Quarter Net Profit ------------------------------------------------------------ Garware Polyester Ltd. turned around in the quarter ended Dec. 31, 2007, with a net profit of INR9.2 million from the net loss of INR43.5 million incurred in the same quarter in 2006. Total income increased 9% from INR1.31 billion earned in Oct.-Dec. 2006 to INR1.43 billion in the three months ended Dec. 31, 2007. Operating expenditures for the quarter under review totaled INR1.18 billion, just about the same in 2006. The company also booked INR146 million in interest charges, depreciation of INR83.8 million and INR2.1 million in taxes. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27ee Headquartered in Aurangabad, India, Garware Polyester Ltd. -- http://www.garwarepoly.com/-- produces polyester film. Its products range includes films that cater to the solar control industry, packaging industry and reprographic industry. In addition, the company's bi-axially oriented polyethylene teraphthalate film range includes sun control films, overhead projector films and film for packaging, cable insulation, audiotapes, tracing and drafting. The Troubled Company Reporter-Asia Pacific reported on July 13, 2007, that Credit Rating Information Services of India Limited has reaffirmed its 'D' rating on Garware's non- convertible debenture programme. The rating continues to indicate that the instrument is in default. The arrears on interest and principal repayments have not been entirely cleared. LOK HOUSING: Shareholders OK Preferential Allotment of Warrants --------------------------------------------------------------- The shareholders of Lok Housing & Constructions Ltd. have approved the company's proposed Preferential Allotment of 50,00,000 convertible warrants to promoters. The shareholders gave their nods at their Extraordinary General Meeting on Feb. 8, 2008, by passing a special resolution. Pursuant to the resolution, the company will be issuing 50,00,000 warrants on preferential basis to: 1. Seagreen Marketing Pvt Ltd Maximum No of warrants to be allotted: 20,00,000 2. Oryx Finance & Investments Pvt Ltd Maximum No of warrants to be allotted: 20,00,000 3. Midas Footwears Pvt Ltd Maximum No of warrants to be allotted: 6,00,000 4. Ozone Finance And Investments Pvt Ltd Maximum No. of warrants to be allotted: 4,00,000 Headquartered in Mumbai, India, Lok Housing and Constructions Ltd constructs residential buildings. Apart from housing construction, the company manufactures concrete blocks catering to in-house needs. The company is also involved in the construction of railway quarters, railway bridges and slum rehabilitation programs through its associate companies. Credit Rating Information Services of India Ltd, on June 27, 2007, reaffirmed its 'D' rating on Lok Housing's INR170-million non-convertible debentures. The rating continues to indicate that the instrument is in default. The arrears on interest and principal payments have not been entirely cleared. QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades ---------------------------------------------------------------- The International Swaps and Derivatives Association has announced the launch of a protocol created to facilitate settlement of credit derivative trades involving Quebecor World Inc., a Canadian printing company that filed for creditor protection under the Canadian Companies' Creditors Arrangement Act on Jan. 21, 2008. The 2008 Quebecor CDS Protocol permits cash settlement of single-name, index, tranche and other credit derivative transactions. The Protocol offers market participants an efficient way to settle credit derivative trades referencing Quebecor. It enables parties to agree to settle their trades on a multilateral basis based on a final price established at auction. This approach to settlement brings considerable operational efficiencies, while also preserving a participant's right to receive or deliver obligations if desired. Markit and Creditex will administer the auction, scheduled for Feb. 19, 2008, which will determine the final price for Quebecor bonds. "At a time when credit concerns are permeating the global financial markets, the ISDA mechanism reassures derivatives industry participants of a smooth and reliable settlement process," said Robert Pickel, ISDA's Chief Executive Officer and Executive Director. "ISDA is committed to supporting the integrity of credit risk management practices and operational efficiency across privately negotiated derivatives." While earlier ad hoc protocols enabled cash settlement only of index trades, this is the second time this settlement methodology has been applied to a broad range of credit derivative transactions. The mechanism was successfully implemented in the 2006 Dura CDS Protocol. The Protocol is open to ISDA members and non-members alike. The adherence period for the Protocol runs until Feb. 8, 2008. Details on the auction are included in the Protocol. About ISDA The International Swaps and Derivatives Association, ISDA, -- http://www.isda.org/-- which represents participants in the privately negotiated derivatives industry, is among the world's largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has approximately 805 member institutions from 55 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW) (NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. They obtained creditor protection until Feb. 20, 2008. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of USUS$5,554,900,000, total liabilities of USUS$3,964,800,000, preferred shares of USUS$175,900,000, and total shareholders' equity of USUS$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. (Quebecor World Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Pres. Says Magazine Arm Unaffected by Bankruptcy ---------------------------------------------------------------- Doron Grosman, president of Quebecor World Inc.'s magazine division, told Publishing Executive Inbox in an interview that QW Magazine customers, as well as those in its other divisions, are unaffected by the parent's reorganization. Mr. Grosman said the unit's plants are all fully operational and its commitments to its customers are being fulfilled. "We've received an extraordinary level of support from the magazine industry, including some personal notes from customers to our plant personnel and management expressing their loyalty. Many customers recognize that QW is an integral part of the history of many magazines, and its continued strength is important to the industry," Mr. Grosman said. About Publishing Executive Inbox Publishing Executive Inbox -- http://www.pubexec.com/-- is a biweekly summary of news brought to you by Publishing Executive magazine. Publishing Executive is available now in either print or digital format. It is an affiliate of North American Publishing Company -- http://www.napco.com/-- established in 1958 and headquartered in Philadelphia. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. They obtained creditor protection until Feb. 20, 2008. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. (Quebecor World Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) STATE BANK OF INDIA: RBI Appoints 14 Firms as Statutory Auditors ---------------------------------------------------------------- The Reserve Bank of India has named 14 audit firms as statutory central auditors for the State Bank of India, a filing with the Bombay Stock Exchange reveals. According to the BSE filing, RBI, pursuant to a notice dated Jan. 31, 2008, has appointed these firms: 1. M/s. D P Sen & Co., Kolkata 2. M/s. Khandelwal Jain & Co., Mumbai 3. M/s. S K Mittal & Co., New Delhi, 4. M/s. R G N Price & Co, Chennai, 5. M/s. M M Nissim & Co., Mumbai, 6. M/s. Jain Kapila Associates, New Delhi 7. M/s. Vinay Kumar & Co., Allahabad 8. M/s. Dutta Sarkar & Co., Kolkata 9. M/s. Laxminiwas & Jain, Hyderabad, 10. M/s. A K Sabat & Co., Bhubaneswar, 11. M/s. Dutta Singla & Co., Chandigarh 12. M/s. G M Kapadia & Co., Mumbai 13. M/s. V K Jindal & Co. Ranchi 14. M/s. Vardhaman & Co., Chennai. The 14 audit firms will act as SBI's statutory auditors until the bank's next annual general meeting. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.50% ---------------------------------------------------------------- State Bank of India has informed the Bombay Stock Exchange that the bank has decided to lowered its Benchmark Prime Lending Rate -- SBAR -- by 25 basis points. Starting Feb. 16, 2008, the bank's SBAR is revised downwards by from 12.75% p.a. to 12.50% p.a. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. TATA STEEL: Now Holds 50.05% of Tata Metaliks --------------------------------------------- Tata Steel Ltd. wholly owned subsidiary, Kalimati Investment Company Ltd., has acquired 604,383 equity shares of Tata Metaliks Ltd. The purchase brings Tata Steel and Kalimati's shareholding to a total of 50.05%, making Tata Metaliks a Tata Steel subsidiary. Tata Metaliks Limited manufactures foundry-grade pig iron. Tata Metaliks produced 441,280 tons of hot metal, and 419,138 tons of pig iron during the fiscal year ended March 31, 2007. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd., and changed the outlook to negative from stable. TATA STEEL: Fails to Win Race for Liberia's Iron Ore Mines ---------------------------------------------------------- Tata Steel Ltd. has lost in the race to acquire rights to iron ore reserves in Liberia, various reports say. According to Liberian newspaper, The Analyst, Tata Steel, along with six other firms, participated in the bidding process to buy the rights for the western cluster iron ore deposit. Tata Steel made the move as part of its plan to insulate itself from rising iron ore prices and ward off Chinese competition, The Analyst relates. The government of Liberia, however, awarded the rights to Delta Mining Consolidated Company reportedly outbidding Tata Steel, Sinosteel Corp., Xingxing Group, Rio Doce South Africa, ArcelorMittal and Bahlodi Africa. Tata Steel is believed to have offered US$1.5 billion, Nevin John at The Economic Times says. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd., and changed the outlook to negative from stable. ================= I N D O N E S I A ================= EXCELCOMINDO: Deals with Datacraft for SGD3.1M Operation Upgrade ---------------------------------------------------------------- Datacraft Asia Ltd. completed construction of PT Excelcomindo Pratama's new data centre and intelligent network for SGD3.1 million, ComputerWorld News reports. According to the report, the solution involves migration of SS7 traffic from expensive lease lines to a high capacity, lower cost intelligent IP network. Country Manager for Datacraft Indonesia Patrap Yakin told the news agency that Excelcomindo Pratama needed to upgrade its network capability to ensure that rapidly growing traffic volumes generated by SMS messages and other new services did not overwhelm existing infrastructure Dian Siswarini, director of network services for Excelcomindo Pratama, was quoted by the news agency as saying, "The new intelligent network will support our expansion into both the consumer and corporate markets." About Excelcomindo Pratama Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk -- http://www.xl.co.id/-- provides wireless telecommunications services, leased lines and corporate services, which include Internet Service Provider and Voice over Internet Protocol services. In addition, Excelcomindo provides voice, data and other value-added cellular telecommunications services. Its product lines include jempol, bebas and xplor. The company also provides services that allow its customers to purchase electronic voucher reloads at all of its centers and outlets, automated teller machines of various major banks and through its all centers. Excelcomindo starter packs and voucher reloads are also sold by independent retailers. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 29, 2008, Moody's Investors Service has affirmed PT Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and changed the outlook to stable from positive. At the same time, Moody's has affirmed XL's Ba2 senior unsecured foreign currency rating. Concurrently, PT Moody's Indonesia has affirmed the company's national scale rating of Aa1.id. Moody's said the outlook for all ratings is stable. On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit ratings on Excelcomindo Pratama and removed them from CreditWatch with negative implications. The outlook is stable. The 'BB-' ratings on all foreign currency senior unsecured debt were also affirmed. In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama Tbk's Long-term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'. The Outlook remains Stable. At the same time, Fitch affirmed the 'BB-' rating on its senior unsecured notes programme. GARUDA INDONESIA: Opens New Flights on China-Indonesia Routes ------------------------------------------------------------- PT Garuda Indonesia has been conducting extra flights on its China-Indonesia routes to accommodate an increase in passengers on the occasion of Chinese New Year, Antara News reports citing Garuda General Manager for Beijing Pikri Ilham K. Mr. Pikri told the news agency that the extra flights for the Beijing-Jakarta and Guangzhou-Jakarta routes were only available for four days, starting Feb 6 until Feb 11. Garuda, the report notes, had prepared itself to conduct a total of 30 extra flights in connection with the Lunar New Year and the Olympic Games in Beijing. Normally, Mr. Pikri said, Garuda was flying the Beijing-Jakarta route three times a week, the Shanghai-Jakarta route four times a week and the Guangzhou-Jakarta route four times a week, the report adds. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. The Troubled Company Reporter-Asia Pacific reported on Sept. 6, 2007, that Garuda, saddled with a debt of around US$750 million including some US$475 million owed to the European Credit Agency, is in negotiations with creditors to restructure some of its debt. The carrier's debt needs to be restructured, otherwise Garuda will not be able to fly anymore as its debt is too big, the report added. The airline was affected by plunging arrivals on the resort island of Bali, where tourists have been killed in bomb attacks in 2002 and 2005. It has also suffered from soaring global oil prices, a weakening of the Indonesian rupiah and rising interest rates. Garuda is concentrating its efforts on repaying its debt with foreign creditors under the European Credit Agency, which was due on Dec. 31, 2005. The company, until November 2006, suffered an unaudited loss of IDR390 billion, which was lower than the IDR672 billion, recorded in the same period the year before. Garuda is currently undergoing debt restructuring. The Troubled Company Reporter-Asia Pacific reported on December 20, 2006, that in line with the airline's debt restructuring, it continues to consistently pay debt interest. ========= J A P A N ========= ALITALIA SPA: Chairman Warns of Possible Bankruptcy --------------------------------------------------- Alitalia S.p.A. may file for bankruptcy if the sale of the Italian government's 49.9% stake to Air France-KLM SA is blocked, Bloomberg News reports citing Il Sole 24 Ore as its source. According to Il Sole 24 Ore, Alitalia chairman Maurizio Prato told stock market regulator Commissione Nazionale per le Societa e la Borsa that the exclusive sale talks with Air France is currently threatened by the current political crisis and the recently filed appeal by AirOne S.p.A. As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and Italy commenced exclusive sale talks with Air France-KLM. The carriers have until mid-March to reach an agreement, which would be approved by the government. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase that will be open to all shareholders and be fully underwritten by Air France. As reported in the TCR-Europe on Feb. 5, 2008, AP Holding S.p.A., the investment arm of AirOne, has filed an appeal with the Italian Regional Administration Court of Lazio to declare null and void a Dec. 28, 2007, decision of Italy's Ministry of Economy and Finance to commence exclusive talks to sell the Italian government's 49.9% stake to Air France-KLM SA. 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. 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. BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31 ------------------------------------------------------------- Blackboard Inc. reported financial results for the fourth quarter and year ended Dec. 31, 2007. Net income was US$4.2 million for the fourth quarter of 2007 compared to net income of US$201,000 in the same period last year. Net income was US$12.9 million for the full year 2007 compared to a net loss of US$10.7 million in the same period last year. "This was a tremendous year for Blackboard," Michael Chasen, chief executive officer and president for Blackboard, said. "We are pleased with our financial results, made possible by our global client base adopting Blackboard products and services to manage their most mission-critical technologies. During the year, we realized strong revenue and earnings performance and generated operating cash-flows of more than US$69 million." At Dec. 31, 2007, the company's balance sheet showed total assets of US$307.3 million, total liabilities of US$167.18 million and total stockholders' equity of US$140.12 million. About Blackboard Inc. Headquartered in Washington D.C., Blackboard Inc. (Nasdaq: BBBB) -- http://www.blackboard.com/-- is a provider of enterprise software applications and related services to the education industry. Founded in 1997, Blackboard's software applications are used by colleges, universities, K-12 schools and other education providers, well as textbook publishers and student- focused merchants that serve education providers and their students. Blackboard has offices in North America, the Netherlands, Australia, and China. * * * As reported on Jan, 17, 2008, Standard & Poor's Ratings Services said its ratings and outlook on Blackboard Inc. (B+/Positive/--) would not be affected by the company's disclosed acquisition of The NTI Group Inc. FORD MOTOR: Bear Stearns Downgrades Firm to Peer Perform -------------------------------------------------------- Bear Stearns analyst Peter Nesvold has downgraded Ford Motor Co.'s shares to "peer perform" from "outperform," Newratings.com reports. According to Newratings.com, Mr. Nesvold said in a research note that Ford Motor's share price appreciated by 12% since the Detroit Auto Show, compared to a 1% rise in the S&P index. Mr. Nesvold is concerned about the rapid decrease in the purchasing power of automotive customers, Newratings.com states. Based 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 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: Paying JPY48 Million on Employee Suit ----------------------------------------------------- Japan Airlines Corp. will pay JPY48 million to 194 flight attendants for illegally collecting and managing the employees' personal information, Takahiro Fukada at The Japan Times reports. The flight attendants, former and current, have brought the suit to the Tokyo District Court. JAL agreed to pay the amount but asserted that the payment does not constitute an admission of guilt, the same report adds. The airline said in a statement that it agreed to compensate the plaintiffs to avoid damaging its customers' trust. Aside from the airline, the flight attendants have also sued Japan Airlines Workers' Union and some of its executives. Only the airline has agreed to the settlement, leaving the other two defendants to proceed with the case, the Times continues. In its suit, the flight attendants accused JAL, the union, and some executives, of illegally collecting 150 private information on 9,000 crew members, which includes personal beliefs, family backgrounds, and medical histories. 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. SOFTBANK: Unit to Post Lost of JPY26BB for 3Q Ending March 2008 --------------------------------------------------------------- The Board of Directors of Softbank Telecom Corp., a unit of Softbank Corp, resolved the recognition of loss on disposal and impairment loss relating to part of its telecommunications equipment. The details are: 1. Reasons for disposal and impairment In its direct connection fixed-line voice service SBTM has focused its efforts towards the acquisition of corporate customers; the number of corporate customers continues to increase steadily. The corporate demand is currently shifting from analogue to digital lines for which profitability is higher. In view of this change, SBTM has reexamined its acquisition strategy. Due to the fact that use of part of the analogue telecommunications equipment is not anticipated, loss on unused telecommunication supplies and loss on disposal of fixed assets (including leased assets) is recorded. 2. Impact on financial results The company expects to record approximately JPY26 billion as special loss for the third quarter of the fiscal year ending March, 2008. The consolidated financial report for the nine-month period ended December 31, 2007, is scheduled to be announced on February 7. About Softbank Based in Tokyo, Japan, Softbank Corporation -- http://www.softbank.co.jp/-- is a leading Japanese telecommunications and media corporation. SoftBank was established on September 3, 1981. The company operates in eight business segments: * Broadband Infrastructure Segment * Fixed-line Telecommunications Segment * e-Commerce Segment * Internet Culture Segment * Broadmedia Segment * Technology Services Segment * Media & Marketing Segment * Overseas Funds Segment Softbank is also involved with leisure and service operations, e-finance, holding company functions for overseas operations, and back-office services in Japan. SoftBank's corporate profile includes various other companies such as Japanese broadband company Cable & Wireless IDC, cable company BB-Serve, and gaming company GungHo Online Entertainment. In 2006, SoftBank bought Vodafone Japan, giving it a stake in Japan's US$78 billion mobile market. As of March 31, 2007, the company's paid-in capital was JPY163.3 billion. * * * The Troubled Company Reporter-Asia Pacific reported on June 7, 2007, that Standard & Poor's Rating Agency lifted its long-term corporate credit and senior unsecured debt ratings to BB from BB- in light of the company's increasing earnings stability. The outlook for the long-term credit rating is stable. Moody's Investors Service, on August 9, 2006, upgraded Softbank Corp.'s stable long-term debt rating and issuer rating to Ba2from Ba3, concluding a review initiated on March 17, 2006, when the company announced that it would acquire a 97.7% stake in mobile phone giant Vodafone Group's Japanese unit, Vodafone K.K. ========= K O R E A ========= CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25 ------------------------------------------------------------ The Clorox Company's board of directors has declared a regular quarterly dividend of 40 cents per share on the company's common stock, payable April 25, 2008, to stockholders of record on May 15, 2008. Headquartered in Oakland, California, The Clorox Company (NYSE: CLX) -- http://www.thecloroxcompany.com/-- manufactures and markets household cleaning products with fiscal year 2007 revenues of US$4.8 billion. Clorox markets some of consumers' most trusted and recognized brand names, including its namesake bleach and cleaning products, Green Works(TM) natural cleaners, Armor All(R) and STP(R) auto-care products, Fresh Step(R) and Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R) water-filtration systems, Glad(R) bags, wraps and containers, and Burt's Bees(R) natural personal care products. The company has locations worldwide, including the Philippines, South Korea, Hungary, Russia and the United Kingdom. * * * At Dec. 31, 2006, Clorox's balance sheet showed total assets of US$3,624 million and total liabilities of US$3,657 million resulting in a stockholders' deficit of US$33 million. The company reported a stockholders' deficit of US$156 million at June 30, 2006. HANAROTELCOM: SK Telecom To Get Conditional OK from Trade Agency ---------------------------------------------------------------- The Fair Trade Commission will give a final ruling this week on the acquisition of hanarotelecom Inc. by SK Telecom Co., The Korean Times reports. As reported by the Troubled Company Reporter-Asia Pacific on Dec. 20, 2007, SK Telecom Co. has applied for government approval to purchase a controlling stake in hanarotelecom. SK Telecom agreed to buy hanarotelecom for KRW1.09 trillion in cash, a near 50% premium on pre-acquisition talks, the TCR-AP noted. SK Telekom, the TCR-AP posted, will buy the stake from a consortium led by Newbridge Capital and AIG earlier this month. Under local law, the TCR-AP explained, any company is required to get approval from the ministry before taking over more than a 15% stake or becoming the largest shareholder of a communications carrier that provides services to the general public. Cho Jin-seo of The Times writes that FTC will hold a meeting this February 15, 2008, to make its decision on the SKT-Hanaro issue. &nb