/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080221.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, February 21, 2008, Vol. 9, Issue 37 Headlines A U S T R A L I A ALCOXPORTS (AUST): Joint Meeting Slated for March 5 ALL SYSTEMS: To Declare First Priority Dividend on February 29 BEST VALUE: Placed Under Voluntary Liquidation CENTRO PROPERTIES: PwC Washes Hands Off Company's Misstatements CHRYSLER: Exceeds Recovery Plan on Key Metrics, Cerberus Says CHRYSLER LLC: Denied by Court to Pull Out Tooling Equipment CORLISO PTY: Members & Creditors to Meet on February 29 EUROSTRALIA CLOTHING: To Declare Dividend on March 14 HERITAGE GREEN: Liquidator to Present Wind-Up Report on Feb. 22 KETTLE LANE: Members to Receive Wind-Up Report on February 29 PLUTEUS (AUST): Members' & Creditors' Meeting Set for March 5 SEWELL ENTERPRISES: Members to Hear Wind-Up Report on March 3 TRICOM EQUITIES: Bell Financial To Acquire Company YORK (AUSTRALIA): Commences Liquidation Proceedings ZINIFEX: Extends Allegiance Takeover Offer to March 3 * Fitch To Hold Telecon for Australia Banking Outlook on Feb. 25 C H I N A , H O N G K O N G & T A I W A N 1 UNION TRAVEL: Creditors Meeting Fixed for February 29 CHENG'S BROTHERS: Creditors' Proofs of Debt Due on April 2 CHINA EASTERN: Signs US$33-Million Delivery Deal with Honeywell CHINA EVERBRIGHT: Reports US$639 Million Profit CHINA HONGKONG: Liquidator Quits Post COUNTRY GARDEN: Moody's Assigns Ba1 Rating on Convertible Bonds JIANGXI COPPER: Back on Track After Storms PIONEER NATIONAL: Creditors Meeting Fixed for February 29 QUALITY DATA: Creditors & Members' Meeting Set for March 25 SHANGHAI PUDONG: Shares Drop After US$6.4-Billion Sale Rumor SINO-AUTO: Creditors' Proofs of Debt Due on March 31 SUPER EXPRESS: Creditors' Proofs of Debt Due on March 31 TARZAN CONTRACTORS: Creditors & Members Meeting Set for March 25 I N D I A BALLY TECH: Earns US$24.4 Million in Quarter Ended December 31 BHARTI AIRTEL: To Install 3,500 Towers in Andhra Pradesh BIRLA VXL: Books INR27.7 Mil. Loss in Qtr. Ended Dec. 31, 2007 BPL LTD: Deutsche Buys Firm's Loan Liabilities from Arcil DECCAN AVIATION: To Replace Old Fleet Starting October 2009 DECCAN AVIATION: Sells Two Airbus A320 Aircraft TATA MOTORS: To Set Up Driving School with Punjab Government I N D O N E S I A ALCATEL-LUCENT SA: Supports AT&T's Wireless Network Expansion GARUDA INDONESIA: Orders Four 777-300ER Airlines from Boeing Co INDOSAT: To Raise IDR1.5 Trillion from Bond Sale in H1 MOBILE 8: To Replace Executive Officers in March MOBILE-8 TELECOM: Moody's Reviews B2 Rating for Likely Downgrade J A P A N ADVANCED MEDICAL: Discloses Plan to Further Cut 150 Jobs ATARI INC: Dec. 31 Balance Sheet Upside-Down by US$16.8 Million M A L A Y S I A CELESTICA INC: To Hold Annual Shareholders' Meeting on April 24 HALIFAX CAPITAL: To Revise Some Proposals Under Reform Plan MALAYSIAN AIRLINES: Negotiations With Airbus to End Soon MEGAN MEDIA: Bourse Commences De-Listing Procedures SANMINA-SCI: Elects John P. Goldsberry to Board of Directors SANMINA-SCI: Fitch Holds Issuer Default Rating at B+ N E W Z E A L A N D ALPHA AVIATON: Halts Shares Trading on Liquidator Appointment ANTARES FINANCE: Subject to Westpac's Wind-Up Petition CLEGG & CO: Wind-Up Petition Hearing Set for March 12 G J & S A HOFFMANN: Placed Under Voluntary Liquidation ICON DIGITAL: Placed Under Voluntary Liquidation JONESES: Fall Cues Stock Exchange to Review Backdoor Listing LINFORD LTD: Wind-Up Petition Hearing Slated for May 7 MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for February 25 PARKTOWN LTD: Placed Under Voluntary Liquidation TITAN FOUNDATION: Faces Lifestyle Orewa's Wind-Up Petition T & M (1997): Taps Shephard & Dunphy as Liquidators WORCESTER 123: Court to Hear Wind-Up Petition on March 3 P H I L I P P I N E S FEDDERS: Allowed to Reject Mr. Giordano's Employment Contract LEPANTO CONSOLIDATED: Board Approves 1:7 Stock Rights Offering NIHAO MINERAL: Gets Exploration Permit for Botolan Mining Claim NIHAO MINERAL: Discloses Board Resignations & Appointments S I N G A P O R E AAR CORP: Receives US$28 Mil. Order for Container Platforms ACCORD EXPRESS: Requires Creditors to File Claims by March 13 EVRAZ GROUP: Seeks to Acquire 51% Stake in Delong Holdings HARRIER TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 29 L&M INTERNATIONAL: Creditors' Proofs of Debt Due on March 3 REFCO INC: Former CEO Philip Bennett Pleads Guilty of Fraud SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact V I E T N A M PETROLEOS DE VENEZUELA: Vietnam Drillship to Arrive in March - - - - - ================= A U S T R A L I A ================= ALCOXPORTS (AUST): Joint Meeting Slated for March 5 --------------------------------------------------- Alcoxports (Aust) Pty. Ltd. will hold a joint meeting for its members and creditors on March 5, 2008. During the meeting, the company's liquidator, Morgan Kelly at Ferrier Hodgson, will provide the attendees with property disposal and winding-up reports. As reported by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on July 5, 2006. The liquidator can be reached at: Morgan Kelly 225 George Street, Level 13 Sydney, New South Wales 2001 Australia About Alcoxports (Aust) Alcoxports (Aust) Pty. Ltd. is a distributor of chemicals and allied products. The company is located at Bondi Junction, in New South Wales, Australia. ALL SYSTEMS: To Declare First Priority Dividend on February 29 -------------------------------------------------------------- All Systems Air Conditioning Pty. Ltd. will declare first dividend for its priority creditors on February 29, 2008. Only priority creditors who were able to file their proofs of debt by Feb. 14, 2008, will be included in the company's dividend distribution. In a report by the Troubled Company Reporter-Asia Pacific, All Systems commenced liquidation proceedings on June 28, 2007. The company's liquidators are: P. W. Gidley J. A. Shaw Ferrier Hodgson (Newcastle) 2 Market Street, Level 3 Newcastle, New South Wales 2300 Australia Telephone:(02) 4908 4444 Facsimile:(02) 4908 4499 About All Systems All Systems Air Conditioning Pty. Ltd. provides plumbing, heating, and air-conditioning services. The company is located at Berkeley Vale, in New South Wales, Australia. BEST VALUE: Placed Under Voluntary Liquidation ---------------------------------------------- Best Value Cars Pty. Ltd.'s members agreed on January 16, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Gavin Moss at Macquarie Gordon & Co. to facilitate the sale of its assets. The liquidator can be reached at: Gavin Moss Macquarie Gordon & Co. 179 Elizabeth Street, Level 11 Sydney, New South Wales 2000 Australia About Best Value Best Value Cars Pty. Ltd., which is also trading as Bankstown Mitsubishi and Bankstown Hyandai, operates offices of holding companies. The company is located at Punchbowl, in New South Wales, Australia. CENTRO PROPERTIES: PwC Washes Hands Off Company's Misstatements --------------------------------------------------------------- Anthony Klan at The Australian reports that auditing firm PricewaterhouseCoopers said in a statement that it will be reviewing Centro Properties Group's changing of "the classification of current and non-current debt." Centro Properties said in August 2007 that it has no short-term debt, which means that none of its debts was maturing within a year's period. However, Centro defaulted on US$1.3 billion of debt in December, while it obtained Friday a two-month extension to refinance about AU$4.9 billion of debts. Mr. Klan suggests that this move from PwC seems like it wants to distance itself from the false financial reports that the company has issued. "PwC will consider in its current review of Centro's half-yearly accounts the basis on which Centro Properties Group and Centro Retail Trust have changed the classification of current and non- current debt," The Australian quotes a line from PwC's prepared statement. According to same paper, Centro hiked Friday its short-term debt at June 30, 2007, to AU$2.61 billion from AU$1.1 billion. Meanwhile, the Australian Shareholders Association's President Stephen Matthews called the company's wrong reporting of debt as "appalling," the same paper says. "The auditor has signed off on these accounts, Centro's former chief executive Andrew Scott and the group's audit risk committee headed by Sam Kavourakis signed off and the other directors signed off," Mr. Matthews told The Australian. "It seems almost unbelievable it's an innocent mistake." The Australian adds that PwC and the Australian Securities & Investments Commission are under pressure to explain Centro's "failure to properly account for its debt." The company has thrice made revisions to its short-term debt after its initial announcement last year of not having any liabilities coming due within twelve months. Clayton Utz currently represents Centro Properties in its ongoing talks with the securities regulator. Clayton Utz can be reached at: Brad Vann Level 18, 333 Collins Street Melbourne Vic 3000, Australia -- or -- Michael Klug Level 28 Riparian Plaza 71 Eagle Street Brisbane, QLD 4000 -- or -- Geoff Simpson Level 27, QV.1 Building 250 St Georges Terrace Perth WA 6000, Australia -- or -- Craig Pudig Levels 19-35, No. 1 O'Connell Street Sydney NSW 2000, Australia P.O. Box H3, Australia Square, Sydney NSW 1215 DX 370 Sydney About PricewaterhouseCoopers Headquartered in Irving, Texas, Flowserve Corp. manufactures pumps, valves, and mechanical seals for industries requiring flow management products, such as the petroleum, chemical, water, and power-generation industries. About Centro Properties Centro Properties Group -- http://www.centro.com.au/-- is a Melbourne, Australia-based company that comprises the operations of Centro Property Trust and its entities, which are engaged in property investment, property management, property development and funds management. The company operates in two business segments: property ownership business and services business. The Company derives income from retail property rentals of shopping center space to retailers across Australasia and the United States. It also derives income from its retail property investments in listed and unlisted entities. Its services business activities include incorporating funds management, property management and development and leasing. During the fiscal year ended June 30, 2007, the Company acquired New Plan Excel Realty Trust, Heritage Property Investment Trust and Galileo Funds Management, as well as assumed full ownership of its United States management operations. The Troubled Company Reporter-Asia Pacific reported on Jan. 4, 2008, that Standard & Poor's Ratings Services lowered its issuer credit, senior-unsecured debt and preferred stock ratings to 'CCC+' with negative implications reflecting the potential of the group's assets to be sold in softening market conditions, particularly in the U.S. CHRYSLER: Exceeds Recovery Plan on Key Metrics, Cerberus Says ------------------------------------------------------------- Chrysler LLC is bound to surpass its recovery plan "on virtually all key metrics" according to an e-mailed statement by Cerberus Capital Management LP on Friday, Terry Kosdrosky writes for The Wall Street Journal. Cerberus expressed confidence on its capital infusion in Chrysler and complimented on the leadership of chief executive RobertNardelli and co-presidents Tom LaSorda and Jim Press, WSJ notes. He said that Chrysler will "fare just fine" with its $8 billion cash but continue to warn investors of the risks, WSJ relates. Cerberus also said that GMAC LLC has "strong long-term prospects," WSJ adds. These compliments came amid the financial pressures that Chrysler and GMAC are facing due to the crisis in the U.S. economy, WSJ notes. Cerberus founder Stephen Feinberg, WSJ relates, had informed shareholders late last month about the risks involving the two companies. Difficulty Warning for GMAC Meanwhile, GMAC struggled with the decline in the U.S. housing industry and financial markets and reported a $724 million loss during the last quarter of 2007. As reported in the Troubled Company Reporter on Feb. 18, 2008, founder of Cerberus Capital warned investors of possible "substantial difficulty" in GMAC, the auto and mortgage lender controlled by Cerberus. Mr. Feinberg wrote in a Jan. 22 letter to investors that while Cerberus has "detailed contingency plans in a continuing worsening environment . . . if the credit markets continue to decline and we find ourselves in a prolonged environment of capital market shutdown, GMAC could run into substantial difficulty." The letter outlines worst-case scenarios for investors according to Cerberus partner Tim Price. About Cerberus Capital Cerberus Capital Management LP -- http://www.cerberuscapital.com/-- is a private investment firms that provides both financial resources and operational expertise to undervalued companies. Cerberus is headquartered in New York City with affiliates and advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei. Cerberus holds controlling or significant minority interests in companies around the world, including 80.1% stake in Chrysler LLC bought in 2007 from Daimler AG. Cerberus was also the lead investor of a group that acquired 51% of GMAC, the financing arm of General Motors. In aggregate, these companies currently generate over US$60 billion in annual revenues. About GMAC GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors Acceptance Corporation, is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and employs approximately 26,700 people worldwide. 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: Denied by Court to Pull Out Tooling Equipment ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan denied Chrysler LLC's request to pull out tooling equipment from Plastech Engineered Products Inc. and its debtor-affiliates' plants. The decision came after a two-day hearing last week, with Chrysler and Plastech presenting their cases about the tooling dispute. Chrysler spokesperson, Kevin Frazier, commented, "We are obviously disappointed with this decision. We cannot provide further information at this time. However, we will continue to work with all parties to ensure that our plants continue to receive deliveries of parts." As reported in the Troubled Company Reporter on Feb. 14, 2008, the Debtors opposed Chrysler's request for lifting of the automatic stay that would allow it to take possession of the tooling. If Chrysler's proposal is granted, the Debtors contended, they would immediately lose approximately 15% of their annual revenues, considering that Chrysler accounts for about US$200,000,000 of Plastech's annual revenues. In addition, the Debtors argued that Chrysler has no right to take the tooling equipment away, since pursuant to their financial accomodation agreements, the tooling is property of the Debtors' estate. As reported in the Troubled Company Reporter on Feb. 15, 2008, Chrysler LLC reacted to Plastech's argument that the tooling equipment is property of the estate. Chrysler argued that the objections of the Debtors and various of the Debtors' lenders, which share a common theme -- that Chrysler's entitlement to possession of the Tooling is somehow conditioned on Chrysler proving "ownership" of the Tooling -- miss the mark. "Possession of the Tooling, not ownership, is the issue before the Court," Chrysler's counsel argued. Representatives for General Motors Corp. and Ford Motor Co. as well as for auto supplier Johnson Controls Inc. told the Court that they believe Chrysler has the right to reclaim their own equipment under their contracts with Plastech. About Plastech Engineered 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. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling $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. CORLISO PTY: Members & Creditors to Meet on February 29 ------------------------------------------------------- Corliso Pty. Limited will hold a final meeting for its members and creditors at 8:30 a.m. on February 29, 2008. During the meeting, the company's liquidator, David Levi at Levi Consulting, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: David Levi c/o Levi Consulting GPO Box 4681 Sydney, New South Wales 2000 Australia About Corliso Pty. Corliso Pty. Limited, which is also trading as Bruno Di Veroli Shoes, operates shoe stores. The company is located at Sydney, in New South Wales, Australia. EUROSTRALIA CLOTHING: To Declare Dividend on March 14 ----------------------------------------------------- Eurostralia Clothing Company Pty. Ltd. will declare its first and final dividend on March 14, 2008. Creditors are required to file their proofs of debt by Feb. 22, 2008, to be included in the company's dividend distribution. The company's liquidator is: C. Wykes Lawler Partners Chartered Accountants 1 Margaret Street, Level 7 Sydney, New South Wales 2000 Australia About Eurostralia Clothing Eurostralia Clothing Company Pty. Ltd., which is also trading as Mycatwalk Com Au is involved in the business of catalog and mail-order houses. The company is located at Double Bay, in New South Wales, Australia. HERITAGE GREEN: Liquidator to Present Wind-Up Report on Feb. 22 --------------------------------------------------------------- Heritage Green Golf Club Limited will hold a final meeting for its members and creditors at 12:00 noon on February 22, 2008. During the meeting, the company's liquidator, Stuart Ariff at Stuart Ariff Insolvency Administrators, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Stuart Ariff Stuart Ariff Insolvency Administrators Level 2, 21 Bolton Street Newcastle, New South Wales 2300 Australia Telephone:(02) 4929 7880 Facsimile:(02) 4929 7882 About Heritage Green Heritage Green Golf Club Limited operates membership organizations. The company is located at Rutherford, in New South Wales, Australia. KETTLE LANE: Members to Receive Wind-Up Report on February 29 ------------------------------------------------------------- R. W. Whitton, Kettle Lane Properties Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on Feb. 29, 2008, to provide them with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on March 21, 2007. The liquidator can be reached at: R. W. Whitton Lawler Partners 1 O'Connell Street, Level 9 Sydney, New South Wales 2000 Australia About Kettle Lane Kettle Lane Properties Pty. Ltd. operates advertising agencies. The company is located at Ultimo, in New South Wales, Australia. PLUTEUS (AUST): Members' & Creditors' Meeting Set for March 5 ------------------------------------------------------------- Pluteus (Aust) Exports Pty. Ltd. will hold a joint meeting for its members and creditors at 10:30 a.m. on March 5, 2008. During the meeting, the company's liquidator, Morgan Kelly at Ferrier Hodgson, will provide the attendees with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on July 5, 2006. The liquidator can be reached at: Morgan Kelly 225 George Street, Level 13 Sydney, New South Wales 2001 Australia About Pluteus (Australia) Pluteus (Australia) Exports Pty. Ltd. is a distributor of wine and distilled alcoholic beverages. The company is located at Bondi Junction, in New South Wales, Australia. SEWELL ENTERPRISES: Members to Hear Wind-Up Report on March 3 ------------------------------------------------------------- Warren White, Sewell Enterprises Pty. Ltd.'s appointed estate liquidator, will meet with the company's members at 10:0 a.m. on March 3, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Warren White PPB, Level 10 90 Collins Street Melbourne, Victoria 3000 Australia About Sewell Enterprises Located at Wongan Hills, in Western Australia, Australia, Sewell Enterprises Pty. Ltd. is an investor relation company. TRICOM EQUITIES: Bell Financial To Acquire Company -------------------------------------------------- Bell Financial Group (ASX: BFG) has signed Heads of Agreement for the acquisition of 100% of Tricom Group, subject to a number of conditions, including satisfactory completion of due diligence prior to March 7, 2008. Published reports said that Bell is expected to pay a AU$1 nominal sum for the business. Another salient part of the agreement is the "earn-out mechanism" for Tricom's shareholders and brokers. The brokers will paid to keep the client base intact and to keep earning money for the company, FairfaxDigital explains. Should all conditions precedent be satisfied Bell Financial Group would provide a capital infusion into, and take control of, Tricom. An earn-out mechanism would be put in place for existing Tricom shareholders assuming Tricom meets certain performance targets. The acquisition, if completed, would benefit staff and clients of both Bell Financial Group and Tricom. About Bell Financial Bell Financial Group was founded with the goal of assisting its clients in every aspect of their financial lives. It provides comprehensive and personal services. About Tricom Group Tricom was formed in Sydney in 1994 as a specialist futures broking firm. The Tricom group has since grown rapidly to become an integrated investment and financial services company, which now has operations spanning four pillars: Broking Solutions; Margin and Securities Lending; Capital Markets and Corporate Advisory; and Wealth Management. According to several Australian publications, Tricom was forced in January to cut its margin lending exposures as stock prices dropped. The company has cut its margin loan book to AU$900 million from AU$2.4 billion in June 2007. FairfaxDigital thinks that the company's value is about to be reduced to zero. It was placed under monitoring by the Australian Securities Exchange because of its financial problems, The Sydney Morning Herald reported. YORK (AUSTRALIA): Commences Liquidation Proceedings --------------------------------------------------- York (Australia) Wholesale Pty. Ltd.'s members agreed on Jan. 14, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Gideon Isaac Rathner and David John Coyne at Lowe Lippmann to facilitate the sale of its assets. The liquidators can be reached at: Gideon Isaac Rathner David John Coyne Lowe Lippmann Chartered Accountants 5 St Kilda Road St Kilda, Victoria 3182 Australia About York (Australia) York (Australia) Wholesale Pty Ltd is a distributor of durable goods. The company is located at Asquith, in New South Wales, Australia. ZINIFEX: Extends Allegiance Takeover Offer to March 3 ----------------------------------------------------- Zinifex Australia Limited has extended the offer period under its takeover bid for all the ordinary shares in Allegiance Mining NL. The offer is now scheduled to close at 7 p.m. (Melbourne time) on March 7, 2008. Zinifex has offered to buy Allegiance's ordinary shares for a total of AU$745 million. The offer was previously set to close by Feb. 22. So far, Zinifex has already secured 5% of shares in Allegiance Mining NL as a result of Lion Selection's acceptance of its purchase offer of AU$1/share. Published reports suggested 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. As previously reported, Zinifex has warned it may drop its AU$745 million offer for Allegiance Mining on account of its recently disclosed speculative share trading loss of US$7.9 million. It asked Zinifex to make a full disclosure concerning its trading investment activities. 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. * Fitch To Hold Telecon for Australia Banking Outlook on Feb. 25 ---------------------------------------------------------------- Fitch Ratings will host a teleconference on February 25 at 1 p.m. AEDST/10 a.m. HK to discuss the agency's outlook on Australia's banks in 2008. The teleconference will be hosted by Tim Roche, Associate Director with the Financial Institutions team. Mr. Roche will discuss the impact and outlook for the Australian banking sector in the wake of global credit market turmoil, including a look at performance, asset quality, funding, liquidity and capital. He will also touch on the outlook of the Australian economy. John Miles, Senior Director will also be available on the call. The call is expected to run approximately 20 minutes, followed by a short Q&A session for interested participants. To register for this event, please contact Katrina Stuve at +61 2 8256 0326/ Katrina.stuve@fitchratings.com. Instructions: Participants should dial the listed toll free telephone access number at least five minutes before start time. Participants will be placed in listen-only mode with music until the moderator or speaker starts the conference. All callers are advised to dial the toll free lines from an IDD-enabled fixed land line. These are the details of the teleconference: -- Date: Monday, February 25, 2008 -- Time: 1PM SYD/10AM HK -- Australian Toll Free: 1800 730 040 -- New Zealand Toll Free: 0800 450 134 -- Japan Toll Free: 0053 125 0041 -- Hong Kong Toll Free: 800 964 460 -- Singapore Toll Free: 800 616 3054 -- UK Toll Free: 0800 917 6705 -- US/Canada Toll Free: 1800 248 8071 -- Alternate International: +612 9112 4637 Replay Information: -- Replay dates: February 25 - March 3, 2008 -- Australia: 1800 735 513 -- International: (612) 8524 1009 -- Passcode: 125424# ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ 1 UNION TRAVEL: Creditors Meeting Fixed for February 29 ------------------------------------------------------- The creditors of 1 Union Travel (Hong Kong) Limited will have their final general meeting at 4:00 p.m. on February 29, 2008, at Room 203, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. CHENG'S BROTHERS: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------------- The creditors of Cheng's Brothers Engineering Limited are required to file their proofs of debt by April 2, 2008, to be included in the company's dividend distribution. The company's liquidators are: Cheng Kwan Yam Cheng Shing Chung, Ricky 6 Shun Yung Street, Flat 12A Hunghom, Kowloon CHINA EASTERN: Signs US$33-Million Delivery Deal with Honeywell --------------------------------------------------------------- Honeywell has signed a US$33 million agreement to provide wheels and brakes for China Eastern Airlines' new Boeing 737NG aircraft. Delivery of the 14 737-700 and six 737-800 aircraft began in 2007 and will continue through 2010. "By offering new wheels and brakes solutions and providing reliable services, we are able to grow our valued partnership with China Eastern," said Mike Madsen, Vice President of Airlines Business for Honeywell Aerospace. "With the tremendous growth in China, Honeywell strives to be the leading wheel and brake business in the region by providing premier products and services." About Honeywell Based in Phoenix, Honeywell's aerospace business is a leading global provider of integrated avionics, engines, systems and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space and airport operations. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA EVERBRIGHT: Reports US$639 Million Profit ----------------------------------------------- China Everbright Bank Co., which got a CNY20 billion ($2.8 billion) cash injection in November, earned CNY4.57 billion in 2007, paving the way for its initial public offering this year, Luo Jun of Bloomberg News reports. China Everbright Securities Co., the brokerage unit of China Everbright Group, posted a profit of CNY4.63 billion last year, Everbright Group said in a statement, without giving a year- earlier comparison. Mr. Jun reports that Everbright Group, with more than CNY800 billion of assets, is restructuring its banking, brokerage and insurance units. The complex ownership structure between Everbright units has made a reorganization "arduous," Chairman Tang Shuangning said in August. Everbright Bank hired China International Capital Corp. and Morgan Stanley to find a foreign strategic investor before its 2008 initial public offering, aiming to raise at least US$1 billion, Mr. Jun relates. Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. Everbright Bank is 21%-owned by Hong Kong-listed China Everbright Ltd, an Everbright Group unit. The Asian Development Bank is the only foreign stakeholder, with 2%. The Troubled Company Reporter-Asia Pacific stated on Aug. 9, 2007, that China approved China Everbright Bank's plan for financial restructuring, paving the way for a capital injection and eventual listing. China Everbright Bank is saddled with debts partly because of its takeover of the troubled China Investment Bank in the late 1990s. The bank has planned an IPO later this year to improve its capital. Despite receiving CNY20 billion of fresh capital from China's central bank, Everbright's capital is still lower than the regulatory minimum of 8% for domestic listing. CHINA HONGKONG: Liquidator Quits Post ------------------------------------- On February 15, 2008,Huen Ho Yin stepped down as liquidators for China Hong Kong Decoration Limited. The former liquidator can be reached at: Huen Ho Yin Units 3309-3311 33rd Floor, West Tower Shun Tak Centre 168-200 Connaught Road Central Sheung Wan Hong Kong COUNTRY GARDEN: Moody's Assigns Ba1 Rating on Convertible Bonds --------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 rating to Country Garden Holdings Company Limited's CNY3,595 million five years convertible bonds. Moody's has also affirmed Country Garden's corporate family rating of Ba1. The outlook for both ratings remains stable. At the same time, Moody's has withdrawn the company's (P)Ba1 provisional bond rating as the US$1.5 billion bonds were not issued. The proceeds from the bond issue, excluding cash collateral for the equity swap to hedge the cost of a future share repurchase, will be used for repayment of the company's existing debt obligations, funding property projects and for general corporate purposes. "The issuance of the convertible bond, which is to be partly used for debt repayment, will not materially impact Country Garden's debt leverage, as the company's key credit metrics of Debt/Capitalization of 37%-32% and EBITDA/interest of 9x--13x remain within its rating range," says Peter Choy, a Moody's Vice President and Senior Credit Officer. "Despite the fact that the size of the convertible bond is smaller than the originally planned US$1.5 billion bonds, Country Garden will be able to generate adequate cash flow from its 45 development projects as well as utilize its substantial cash holding to support its business plan," Choy adds. Founded in 1997 in China and listed in Hong Kong in April 2007, Country Garden Holdings Co Ltd is one of the leading integrated property developers in China. It has a sizeable land bank of about 50 million square meters gross floor area spreading over 45 projects located in Guangdong, Anhui, Hubei, Hunan, Jiangsu, Inner Mongolia, Liaoning, and Chongqing. JIANGXI COPPER: Back on Track After Storms ------------------------------------------ Jiangxi Copper Co. rose by the daily limit of 10 percent in Shanghaitrading the day after it said most mine and smelting work was back to normal after snowstorms disrupted operations, Bloomberg News reports. The smelter was running at about 85% of capacity and output from mines and other processing activities was back to the level before the storms hit, Jiangxi Copper said in a statement to stock exchanges in Hong Kong, Shanghai and London. In January and February, China was struck by the worst snowstorms in 50 years disrupting power and transport, Bloomberg relates. Apart from Yongping, Jiangxi Copper's other mines were either closed or operated at about half capacity, the metal- producer said Feb. 4. Smelter output fell to 60% to 70% of normal. "The damage seems to be less than we had expected," Zhang Fang, an analyst at China Securities Co., told Bloomberg. The brokerage has an "add" recommendation on the shares. Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. PIONEER NATIONAL: Creditors Meeting Fixed for February 29 --------------------------------------------------------- The creditors of Pioneer National (fashion Outlet) Limited will have their final general meeting at 3:15 p.m. on Feb. 29, 2008, at Room 203, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. QUALITY DATA: Creditors & Members' Meeting Set for March 25 ----------------------------------------------------------- Quality Data Network (HK) Limited will hold a joint meeting for its members and creditors at 9:30 a.m. and 9:45 a.m. respectively on March 25, 2008. During the meeting, the company's liquidator, Huen Ho Yin at 8th Floor, Li Po Chun Chambers, 189 Des Voeux Road, Central, Hong Kong, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Huen Ho Yin Units 3309-3311 33rd Floor, West Tower Shun Tak Centre 168-200 Connaught Road Central Sheung Wan Hong Kong SHANGHAI PUDONG: Shares Drop After US$6.4-Billion Sale Rumor ------------------------------------------------------------ Shanghai Pudong Development Bank Co.'s shares dropped the most in six years in Shanghai trading on concern that the company may seek to raise as much as US$6.4 billion by selling stock, Luo Jun at Bloomberg News reports. Pudong Bank slumped by the 10% limit to close at CNY45.98 at 3 p.m. on Wednesday in Shanghai. The bank may announce plans to sell 1 billion new shares to the public as early as next week for CNY46 billion at the current price, Bloomberg says, citing fund managers including Fan Dizhao at Guotai Asset Management Co. The sale would boost Pudong Bank's shares outstanding by almost a quarter at a time when the benchmark CSI 300 Index has lost 15% since Oct. 16 record after tripling in the previous year, Bloomberg says. Ping An Insurance (Group) Co., the nation's second-largest insurer, has lost a quarter of its market value since announcing plans to sell stock last January, Bloomberg notes. "The market doesn't welcome the increase in stock supply amid this weak sentiment," said Fan, who helps manage the equivalent of US$8.3 billion at Guotai Asset Management in Shanghai, including Pudong Bank shares. Gao Xia, a Shanghai-based spokeswoman at Pudong Bank, told Bloomberg "there's nothing to disclose at the current stage." The bank has been working on a fund-raising plan for a "long" time, she added. Headquartered in Shanghai, China, Shanghai Pudong Development Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial bank involved in personal banking, corporate banking, and inter- bank business. The bank also offers Internet banking and telephone banking. Fitch Ratings on March 12, 2007, upgraded the Support ratings of Shanghai Pudong Development Bank to 3 from 4, reflecting the improved ability of the government to support domestic financial institutions and the close relationship between the bank and the central and local governments. At the same time, the agency affirmed the bank's individual rating at D. The bank, as of May 4, 2007, also carries Moody's Ba1 rating for financial strength rating. SINO-AUTO: Creditors' Proofs of Debt Due on March 31 ---------------------------------------------------- The creditors of Sino-Auto (China) Limited are required to file their proofs of debt by March 31, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 11, 2008. The company's liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Bldg. 21-24 Connaught Road West Hong Kong SUPER EXPRESS: Creditors' Proofs of Debt Due on March 31 -------------------------------------------------------- The creditors of Super Express (China) Industries Limited are required to file their proofs of debt by March 31, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 11, 2008. The company's liquidators are: Andrew C.C. MA Felix K.L. Lee 19th Floor, Seaview Commercial Bldg. 21-24 Connaught Road West Hong Kong TARZAN CONTRACTORS: Creditors & Members Meeting Set for March 25 ---------------------------------------------------------------- Tarzan Contractors Limited will hold a joint meeting for its members and creditors at 9:30 a.m. and 9:45 a.m. respectively on March 25, 2008. During the meeting, the company's liquidator, Huen Ho Yin at 8th Floor, Li Po Chun Chambers, 189 Des Voeux Road, Central, Hong Kong, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Huen Ho Yin Units 3309-3311 33rd Floor, West Tower Shun Tak Centre 168-200 Connaught Road Central Sheung Wan Hong Kong ========= I N D I A ========= BALLY TECH: Earns US$24.4 Million in Quarter Ended December 31 -------------------------------------------------------------- Bally Technologies Inc. disclosed results for the three months and six months ended Dec. 31, 2007. "We are very pleased to report record quarterly results for our second quarter," said Chief Executive Officer, Richard M. Haddril. "Our great game performance and continued system success is reflected in record quarterly revenues in each of our game sales, gaming operations and systems businesses." Second Quarter Fiscal 2008 Highlights Three Months Ended Dec. 31, 2007 Vs. Three Months Ended Dec. 31, 2006 -- Total revenues increased 53% to US$230.7 million as compared with US$150.9 million in the same period last year. -- Operating income increased by US$41.1 million to US$46.8 million, as compared with US$5.7 million in the same period last year; operating margin was 20% in the three months ended Dec. 31, 2007. -- Net income increased by US$26.9 million to US$24.4 million, as compared with a loss of US$2.5 million in the same period last year, primarily as a result of improved margin and cost leverage. -- Adjusted EBITDA was US$63.9 million, a 172% increase as compared with the same period last year. -- Selling, general and administrative expenses declined to 26% of total revenue from 33% as compared with the same period last year. Six Months Ended Dec. 2007, Vs. Six Months Ended Dec. 2006 -- Total revenues increased 38% to US$419.7 million as compared with US$304.7 million in the same period last year. -- Operating income increased by US$74 million to US$88 million, as compared with US$14 million in the same period last year; operating margin was 21% in the six months ended Dec. 31, 2007. -- Net income increased by US$48.4 million to US$45.7 million, as compared with a loss of US$2.7 million in the same period last year, primarily as a result of improved margin and cost leverage. -- Adjusted EBITDA was US$122.4 million, a 146% increase as compared with the same period last year. -- Selling, general and administrative expenses declined to 27% of total revenue from 33% as compared with the same period last year. "We are again pleased with our operating leverage this quarter," said Chief Financial Officer, Robert C. Caller. "Our SG&A in the current quarter compared with the September 2007 quarter increased by US$8.7 million primarily due to higher professional and accounting fees, Global Gaming Expo trade-show expenses, and commission and bad-debt expenses associated with higher revenue. However, as a% of revenue, SG&A decreased to 26% from 28% in the September 2007 quarter." Fiscal 2008 Business Update The company expects revenues in fiscal 2008 to exceed $875 million with continued year-over-year growth in each of game sales, gaming operations and system revenues. The company continues to forecast an increase in the placement of premium daily-fee games and an increase in the number of gaming devices sold, and also expects margins on game sales and operations to continue to improve in fiscal 2008 as compared with fiscal 2007. The company also continues to expect its selling, general and administrative expenses as average of revenue to be lower in fiscal 2008 as compared with fiscal 2007. The company expects its effective tax rate for fiscal 2008 will be between 37% and 38%. The company has provided this broad range of earnings guidance to give investors general information on the overall direction of its business. The guidance provided is subject to numerous uncertainties, including, among others, overall economic conditions, the market for gaming devices and systems, competitive product introductions, complex revenue recognition rules related to the company's business, and assumptions about the company's new product introductions and regulatory approvals. The company may update this fiscal 2008 guidance from time to time as the year progresses. Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Dec. 28, 2007, Fitch Ratings upgraded Bally Technologies' Issuer Default Rating and senior secured bank debt ratings as: IDR to 'B' from 'B-' and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'. BHARTI AIRTEL: To Install 3,500 Towers in Andhra Pradesh -------------------------------------------------------- Bharti Airtel Limited will be adding 3,500 towers by the end of December as part of plans to increase its market share in Andhra Pradesh to 90% from the current 78%, the Business Standard reports citing CEO Elango T. According to the report, mobile penetration in Andhra Pradesh is still only 20%, compared with 40% in Tamil Nadu, Kerala, and Karnataka. Hence, the company believes it has enough scope to increase its business in the state. Airtel also plans to increase the number of distributors from 800 as of January 31, 2008, to more than 1,000 during the next one year, and retail outlets from the existing 70,000 to 100,000 during the same period, the CEO added. Headquartered in New Delhi, India, -- Bharti Airtel Limited's -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services and Enterprise Services. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency Issuer Default Rating at 'BB+'. Fitch said the outlook on the rating is stable. BIRLA VXL: Books INR27.7 Mil. Loss in Qtr. Ended Dec. 31, 2007 -------------------------------------------------------------- Birla VXL booked a net loss of INR27.7 million in the quarter ended Dec. 31, 2007; an improvement compared to the INR42.5- million net loss in the same quarter in 2006. Total income increased from INR241 million in the three months ended Dec. 31, 2006, to INR299.4 million in the latest three- month period under review. With operating expenditures totaling INR288.8 million, the company is left with an operating profit of INR10.6 million. According to the company, its operating margins in Oct.-Dec. 2007 were severely affected by much higher cost of wool and lower export sale realisations due to appreciation of the Indian Rupee. The company also booked interest of INR21.5 million, depreciation of INR16.2 million and INR600,000 in taxes. In the limited review of the company's auditors for the financial results for Oct.-Dec. 2007, the auditors noted that the the company's accounts have been drawn on going concern basis despite negative net worth, as the board expects that under improved market conditions, post implementation of various provisions of the Scheme and continued initiatives towards operational improvements, adequate net worth and working capital will be available for sustained operations. 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?2845 Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla Group and manufactures fabrics for suitings under the brand name DIGJAM. In July 2004, the High Courts of Gujarat and Punjab & Haryana approved the company's Scheme of Arrangement, under Sections 391 to 394 of the Companies Act, 1956. The Scheme, which took effect on March 30, 2006, among others provides the debt and capital restructuring and transfer of OCM Division of the company to its wholly owned subsidiary OCM India Ltd. BPL LTD: Deutsche Buys Firm's Loan Liabilities from Arcil --------------------------------------------------------- Germany's Deutsche Bank has bailed out BPL Limited by buying the electronic company's loan liabilities from the Asset Reconstruction Company of India Ltd., Satish John of DNA Money reports without naming sources. Mr. John estimated BPL's loan liabilities -- Arcil's receivables from BPL -- at around INR1,000 crore. Some pegged it at INR1,500 crore, he added. The bank reportedly bought the loans at a huge discount, at around INR350-400 crore. Deutsche Bank will take the risk of recovering the money from BPL by jointly developing the huge chunk of real estate at Avalahalli on Old Madras Road in Bangalore, which houses BPL's electronic components business, the report states. According to the report's unnamed sources, the parties have already signed the agreement to transfer the loan liabilities. Headquartered in Bangalore, India, BPL Limited manufactures and distributes consumer electronic products such as televisions, video tape recorder, audio systems, emergency lanterns, electrocardiographs and monitors. The Group also manufactures home appliances like washing machines, refrigerators, vacuum cleaners, microwave ovens, gas tables, soft energy and consumer telecom products. Its plants are located at Kerala, Karnataka and Uttar Pradesh. The Group operates in India. In 2006, the Company obtained approval from the Kerala High Court for its financial restructuring scheme and the launch of the 50:50 joint venture with Sanyo for the CTV business. The restructuring has allowed BPL to focus and strategize on its core businesses like mobile phones, entertainment electronics, medical electronics, engineering plastics and tooling for automotive and consumer electronics industry. As a part of the restructuring exercise, BPL had recently sold off its dry cell business -- which operated through its subsidiary BPL Soft Energy Systems -- in a INR67 crore deal including liabilities to the Khaitans of Eveready Industries. The company incurred at least two consecutive annual net losses -- INR301.4 million in fiscal year ended March 31, 2007, and INR2.73 billion in FY2006. DECCAN AVIATION: To Replace Old Fleet Starting October 2009 ----------------------------------------------------------- Deccan Aviation Ltd. plans to replace seven A-320 aircraft with new ones starting October 2009, according to Indo Asian News Service. The carrier reportedly has a fleet of 43 aircraft -- 20 Airbus A-320s and 23 turboprops. "We will be phasing out our old fleet," Anand Ramchandran, Air Deccan VP-Finance told IANS. "Over the years, these aircraft have aged, requiring increased downtime for maintenance, which has hit our punctuality. We have decided to replace the ageing fleet in a phased manner." 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. DECCAN AVIATION: Sells Two Airbus A320 Aircraft ----------------------------------------------- Deccan Aviation Limited has sold a new aircraft and will sell another this month, Reuters reports, citing Officiating Chief Executive Ramki Sunaram. The executive said it will book the profit this quarter without disclosing financial details of the transaction. According to Reuters, analysts estimate at least a US$10-million (US$5 million per aircraft) profit from the sale. Mr. Sundaram told Reuters that the move was part of the carrier's fleet management program. 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. TATA MOTORS: To Set Up Driving School with Punjab Government ------------------------------------------------------------ Tata Motors Limited and the Government of Punjab has signed a Memorandum of Understanding for setting up a State Institute of Automotive and Driving Skills, at Mahuanna Village, District Muktsar, State of Punjab. The objective of the institute is to provide training to the youth of Punjab, and in turn enhance their employability, a press release said. The institute will impart driving training of heavy and light commercial vehicles, buses, passenger cars, off-the-road vehicles, earth moving equipment and technical training related to trades such as Auto Mechanics, Welding, Painting, Electrical, Electronics and Air Conditioning. The institute will be set up in an area of 14 acres and the Government of Punjab will invest INR10.17 crore for creating a modern complex, testing track, computerized driving test and hostel facilities. The Government of Punjab will provide the land, building, furniture and funds for establishing the institute. Tata Motors along with its subsidiary, Telco Construction Equipment Company, will invest about INR2.5 crore as a joint venture partner, and will provide support in the form of designing course content, technical assistance and know-how, guidance, vehicles and earth moving equipments required for training, training aggregates, training material including vehicles manuals, and teaching aids. The Department of Technical Education and Industrial Training will provide instructors for all the Industrial Training courses. The institute will be operated and maintained by a society set up for the purpose, and will be self sustaining. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd. on review for possible downgrade. ================= I N D O N E S I A ================= ALCATEL-LUCENT SA: Supports AT&T's Wireless Network Expansion ------------------------------------------------------------- Alcatel-Lucent has signed an agreement to support the expansion of AT&T's Universal Mobile Telecommunications Service/High Speed Packet Access (UMTS/HSPA) wireless network. The expansion includes the deployment of Alcatel-Lucent's UMTS/HSDPA Distributed NodeB solution, which provides operators with the flexibility to deploy third-generation radio network elements in a wide array of locations including the sides of buildings, existing cell sites, remote locations and more, helping operators build out their networks more quickly and cost- effectively. This advanced mobile network project will enable AT&T to expand capacity while offering sophisticated next-generation services, including advanced multimedia, mobile broadband and converged services such as audio and video streaming, video sharing and high-speed mobile Internet access on 3G handsets. The technology also will help decrease AT&T's operating expenditures due to the cost saving features of this compact, easy-to-deploy, low-power solution. As part of the agreement -- which builds on Alcatel-Lucent's November 2004 UMTS/HSPA supply agreement with AT&T -- Alcatel- Lucent has expanded the end-to-end, turnkey UMTS/HSPA solution, including messaging, voice switching and network applications and services. Alcatel-Lucent also has previously supplied AT&T with an IP Multimedia Subsystem service delivery solution -- TDM, ATM and MPLS networking solutions, as well as ADSL/VDSL broadband access and optical advanced platforms. "Alcatel-Lucent has had a longstanding relationship with AT&T," said Alcatel-Lucent's Americas business President, Cindy Christy. "The introduction of our Distributed NodeB reinforces Alcatel-Lucent's worldwide leadership in mobile broadband, highlights our strong footprint in the North America market and underscores our commitment to helping service providers transform their services, network and business to profitably increase voice and data penetration, and enable mass-market wireless broadband." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported on Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. GARUDA INDONESIA: Orders Four 777-300ER Airlines from Boeing Co --------------------------------------------------------------- PT Garuda Indonesia ordered four 777-300ER Show that the airline has ordered four 777-300ER (Extended Range) airplanes from the Boeing Company for more than US$1 billion at current list prices. Additionally, Garuda confirmed a previous unidentified order for seven Next-Generation 737-800s placed in 2007, and announced that it has converted 18 of its existing 737-700s on order to 737-800s and six 777-200ERs on order to 777-300ERs. "We are extremely pleased with the support provided by Boeing to restructure previous purchase commitments," said Emirsyah Satar, president-director and chief executive officer of Garuda Indonesia. "This will enable Garuda to strategically implement its fleet renewal and expansion plan to meet the demands of a changing marketplace." Garuda originally placed an order for six 777-200ERs in 1996 and 18 737-700s in 1999, which were recorded on Boeing's order books. Garuda's total order now stands at 25 737-800s and 10 777-300ERs jetliners. Additionally, the airline acquired purchase rights for an additional 25 737-800s and 10 777-300ERs. "The Next-Generation 737-800 and 777-300ER's dependability, low operating cost and passenger comfort will provide unmatched value and reliability for our passengers and enhance the position of Garuda as the full-service airline of Indonesia," Satar said. Garuda's 737s will be fitted with Blended Winglets, which will improve fuel efficiency, increase range, and reduce CO2 emissions and takeoff noise. "The digitally designed Next-Generation 737-800 and 777-300ER are the most technologically advanced airplane families for the single- and twin-aisle market flying today," said Dinesh Keskar, vice president, Sales, Boeing Commercial Airplanes. "We are honored that Garuda has selected Boeing jetliners to support its strategic modernization plan and we welcome this occasion to strengthen our long-time partnership with Garuda and our commitment to Indonesia's aviation industry." 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. INDOSAT: To Raise IDR1.5 Trillion from Bond Sale in H1 ------------------------------------------------------ PT Indosat Tbk plans to raise as much as IDR1.5 trillion in bonds in the first half to finance its expansion, Reuters reports. According to the report, the company said that a maximum of IDR1 trillion will be through conventional debt while the rest will be in sharia compliant bonds. The company, Harry Suhartono and Nury Sybli of Reuters write, plans to offer the bonds from April 3-7. Two state-owned brokerage companies, Danareksa Sekuritas and Mandiri Sekuritas, have been appointed as lead underwriters for the issue, the report adds. About Indosat PT Indosat Tbk -- http://www.indosat.com/-- is a fully integrated Indonesian telecommunications network and service provider and provides a full complement of national and international telecommunications services in Indonesia. The company provides international long-distance services in Indonesia. It also provides multimedia, data communications and Internet services to Indonesian and regional corporate and retail customers. The company's principal cellular service is the provision of airtime, which measures the usage of its cellular network by its customers. Airtime is sold through postpaid and prepaid plans. It provides a variety of international voice telecommunications services and both international switched and non-switched telecommunications services. MIDI services include high-speed point-to-point international and domestic digital leased line broadband and narrowband services, a high-performance packet-switching service and satellite transponder leasing and broadcasting services. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive, which is in line with the outlook on Indonesia's foreign currency country ceiling. A TCR-AP report on June 7, 2006, stated that Fitch Ratings affirmed PT Indosat Tbk's long-term foreign and local currency Issuer Default Ratings at 'BB-'. Fitch said the outlook on the ratings is stable. MOBILE 8: To Replace Executive Officers in March ------------------------------------------------ PT Mobile-8 Telecom will replace its president and two executives next month after failing to meet subscriber targets, Bloomberg News reports. According to the report, Wityasmoro Sih Handayanto, head of parent PT Global Mediacom's information-technology division, will succeed Hidajat Tjandradjaja as president at the annual meeting. Merza Fachys, Mobile-8's director in charge of corporate affairs, declined to confirm or deny the changes, the report notes. Mr. Fachys was quoted by the news agency as saying, "A management change is a shareholder matter." Mr. Handayanto, Bloomberg relates, will seek to revive investor confidence in Mobile- 8, whose stock has fallen 26% in the past year after the company failed to expand its network on schedule to meet surging demand in Indonesia. Mr. Tjandradjaja said the company probably missed its 4 million-subscriber target by 25% last year, the report adds. Meanwhile, the report says, PT Bhakti Capital President Anthony Chandra Kartawiria will replace Lucy Suyanto, who is resigning, as chief financial officer. Arijit Ghosh of Bloomberg writes that the company will also name Susanto Soesilo, a director at Sony Ericsson Mobile Communications Ltd.'s Indonesian unit, as the new sales and marketing director next month. Mr. Soesilo will replace Chief Operating Officer Chee Pok Jin, who joined the company from Malaysia's Digi.Com Bhd. in 2006 About Mobile-8 Telecom Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is a part of Bimantara Group. Established in 2002 and commercially launched in 2003 is the fourth largest mobile cellular operator in the country. Its product is Fren, which offers pre-paid and post-paid billing services. The Company's other products and services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068, Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren Mobile Internet. Its subsidiaries, which provide mobile cellular network services, are PT Komunikasi Selular Indonesia, PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As of May 31, 2007, the three subsidiaries have been merged into the Company. * * * The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that Moody's Investors Service has affirmed the B2 corporate family rating of PT Mobile-8 Telecom Tbk. At the same time, Moody's has affirmed the B2 rating for the US$100m senior unsecured 11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8 following the completion of the bond issuance. Both ratings have had their provisional status removed. The outlook on the ratings is stable. On July 19, 2007, Standard and Poors assigned its 'B' long-term corporate credit rating to Indonesia's wireless operator PT Mobile-8 Telekom Tbk. The outlook is stable. At the same time, Standard & Poor's assigned its 'B' rating to the proposed US$150 million senior unsecured notes to be issued by Mobile-8 Telecom Finance B.V., a wholly owned subsidiary of Mobile-8. MOBILE-8 TELECOM: Moody's Reviews B2 Rating for Likely Downgrade ---------------------------------------------------------------- Moody's Investors Service has placed the B2 corporate family and senior unsecured bond ratings for PT Mobile-8 Telecom Tbk under review for possible downgrade. "The change in outlook is in response to today's news articles that the President Director, Chief Financial Officer and Chief Operating Officer are to resign at the Annual Shareholders Meetings scheduled for end March 2008," says Laura Acres, a Moody's Vice President, adding, "Moody's acknowledges the extensive industry experience of the new appointees but is also concerned that the senior management changes may have a potential negative impact on the company's credit profile." The review will focus on the reasons for the management resignation and the long-term intentions of the new management team. The review will also evaluate the potential change in management strategy and the impact on the company's credit profile, as well as the 2007 audited financial results, which are expected to be released shortly. Established in 2002 and commercially launched in 2003, Mobile-8 is the fourth largest mobile cellular operator in Indonesia. Mobile-8 operates in the 800MHz spectrum on a CDMA2000 1x platform. As of September 2007, the company had approximately 2.5 million subscribers, of which approximately 96.7% were pre- paid. Mobile-8 was also recently awarded a nationwide fixed- wireless license allowing it to increase its addressable market and widen its range of products. ========= J A P A N ========= ADVANCED MEDICAL: Discloses Plan to Further Cut 150 Jobs -------------------------------------------------------- To further enhance its global competitiveness, operating leverage and cash flow, the Board of Directors of Advanced Medical Optics Inc. on Feb. 12, 2008, committed to an additional plan to reduce its fixed costs. The additional plan includes a net workforce reduction of approximately 150 positions, or about 4% of the company's global workforce. In addition, AMO plans to consolidate certain operations, including the relocation of all activities at the Irvine plant, to improve its overall facility utilization. This additional plan includes workforce reductions and related expenses, outplacement assistance, facilities-related costs and accelerated amortization of certain long-lived assets. AMO expects to complete these additional activities in 2008 and estimates the total non-recurring pre-tax charges resulting from the additional plan to be in the range of US$25.0 million to US$30.0 million, substantially all of which will be incurred in 2008. The significant majority are expected to be cash expenditures. On Dec. 18, 2007, the company disclosed that it would relocate its femtosecond laser manufacturing operations from the Irvine plant to its excimer laser and phacoemulsification manufacturing facility in Milpitas, California, as well as the the assembly of IntraLase disposable patient interfaces from the Irvine plant to AMO's facility in Puerto Rico. About Advanced Medical Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- develops, manufactures and markets ophthalmic surgical and contact lens care products. Sales for the twelve months ended June 24, 2005 were approximately US$921 million. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service downgraded Advanced Medical Optics, Inc.'s Corporate Family Rating and Probability of Default Rating to B2 from B1. The rating outlook was revised to stable. Ratings hold to date. ATARI INC: Dec. 31 Balance Sheet Upside-Down by US$16.8 Million --------------------------------------------------------------- Atari Inc. disclosed Tuesday results for the third quarter of fiscal 2008 ended Dec. 31, 2007. At Dec. 31, 2007, the company's consolidated balance sheet showed US$43.5 million in total assets and US$60.3 million in total liabilities, resulting in a US$16.8 million total stockholders' deficit. The company's consolidated balance sheet at Dec. 31, 2007, also showed strained liquidity with US$34.9 million in total current assets available to pay US$45.2 million in total current liabilities. Net loss for the third quarter ended Dec. 31, 2007, was US$348,000, compared to net loss of US$644,000 in the year- earlier period. Without restructuring charges of US$3.7 million, the loss for the third quarter ended Dec. 31, 2007 would have been income of US$3.4 million. Net revenue for the third quarter ended Dec. 31, 2007, was US$41.1 million versus US$47.3 million in the comparable year- earlier period. Publishing net revenue was US$35.2 million, versus US$46.0 million in the prior year, while distribution revenue was US$5.9 million, versus US$1.3 million in the comparable year-earlier period. Net revenue for the nine months ended Dec. 31, 2007, was US$64.8 million versus US$95.3 million in the comparable year- earlier period. Publishing net revenue was US$56.2 million, versus US$78.8 million in the prior year's nine month period, while distribution revenue was US$8.6 million, versus US$16.5 million in the comparable year-earlier period. Net loss for the nine months ended Dec. 31, 2007, was US$20.0 million, compared to net loss of US$8.0 million in the year-earlier period. Full-text copies of the company's consolidated financial statements for the quarter ended Dec. 31, 2007, are available for free at http://researcharchives.com/t/s?280b Going Concern Doubt New York-based Deloitte & Touche LLP expressed substantial doubt about Atari's ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's significant operating losses. As of Dec. 31, 2007, and through Feb. 12, 2008, Atari Inc. was in violation of its financial covenants. BlueBay High Yield Investments (Luxembourg) S.A.R.L., Atari Inc.'s lender and a majority shareholder of Infogrames Entertainment S.A., has not waived this violation and has entered into a forbearance agreement with Atari Inc. which states that BlueBay will not exercise its rights on its facility until the earlier of (i) March 3, 2008, (ii) additional covenant defaults except for the ones existing as of Feb. 12, 2008, or (iii) if any action transpires which is viewed to be adverse to the position of the lender. About Atari Inc. Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -- http://www.atari.com/-- develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. Atari Inc. is a majority- owned subsidiary of France-based Infogrames Entertainment SA, an interactive games publisher in Europe. Atari has offices in Brazil, the United Kingdom and Japan. =============== M A L A Y S I A =============== CELESTICA INC: To Hold Annual Shareholders' Meeting on April 24 --------------------------------------------------------------- The Annual General Shareholders' Meeting of Celestica Inc. will be held on Thursday, April 24, 2008 at 10:00 a.m. Eastern at the Dominion Club, 1 King Street West, Toronto, Ontario. Celestica also set March 14, 2008, as the record date for determining shareholders of the company who are entitled to vote at the meeting. Shareholders will receive the company's proxy statement and related materials in late March. Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/-- provides innovative electronics manufacturing services. Its global manufacturing and supply chain network, the company delivers competitive advantage to companies in the computing, communications, consumer, industrial, and aerospace and defense end markets. Celestica operates a highly sophisticated global manufacturing network with operations in Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United Kingdom, among others. * * * Moody's Investors Service placed Celestica Inc.'s corporate family and probability of default ratings at 'B1' in May 2007. The ratings still hold to date with a negative outlook. HALIFAX CAPITAL: To Revise Some Proposals Under Reform Plan ----------------------------------------------------------- Halifax Capital Berhad, being an affected listed issuer under the PN17 criteria of the Bursa Malaysia Securities, plans to revise some terms in its proposals for its reform plan after the Bourse raised some concerns into it. The new proposal will include the injection of new asset into Halifax to improve its future cash flow and profitability. The revisions to be made will reflect the latest audited financial statements for the financial year ended Dec. 31, 2007, of Halifax and Zecon Toll Concessionaire Sdn Bhd (being the subject matter of Halifax Restructuring Scheme). The audit of the financial statements of Halifax and Zecon Toll is expected to be completed by March 2008. Thus, MIDF Investment on behalf of Halifax, submitted an application to Bursa Securities on February 15, 2008, for an extension of time of three months for Halifax to submit the revised applications of its proposals to the Securities Commission and other relevant authorities. As reported by the Troubled Company Reporter-Asia Pacific on June 7, 2007, the company's proposals, include, among others: -- capital reduction; -- share premium reduction; -- acquisition of Zecon Toll Concessionaire Sdn Bhd; -- waiver; -- rights issue with warrant; and -- disposal of land and building of Halifax Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad -- fka. Setron (Malaysia) Berhad -- is principally engaged in investment holding, and assembly and sale of electrical and electronic products. Setron Sales & Service (M) Sdn. Bhd., the company's wholly owned subsidiary, is engaged in the distribution of electrical and electronic products. Its subsidiaries also include Al-Marsa Worldtrade Sdn. Bhd., Affluent Capital Sdn. Bhd., Setin Sdn. Bhd., Setron Electronic Industries Sdn. Bhd., Meltron Multimedia Sdn. Bhd., VA Advertising & Promotion Sdn. Bhd., ASH Creative Sdn. Bhd., Darulmas Manufacturing Services Sdn. Bhd., Setron Lyngso (M) Sdn. Bhd., Setron Mathews Sdn. Bhd. and Setron Timber Industries Sdn. Bhd. All of these subsidiaries have ceased their business operations. In April 2006, it announced that Zecon Engineering Berhad has a 25.48% interest in the company. The company is considered an Affected Listed Issuer, as its shareholders' equity on consolidated basis is less than 25% of the issued and paid-up share capital of the listed issuer and such shareholders' equity is less than the minimum issued and paid up share capital. MALAYSIAN AIRLINES: Negotiations With Airbus to End Soon -------------------------------------------------------- Discussions between Malaysian Airline System Bhd and Airbus will soon see an outcome beneficial to both parties after the latter's delayed delivery of the A380 aircrafts, the EdgeDaily reports, citing Malaysian Airline's managing director and chief executive officer Datuk Seri Idris Jala. "I am happy with the latest round of discussions with Airbus. If they are happy, we are happy, too. We are probably nearing the point we could reach win-win," Mr. Jala said. The report also added that Mr. Jala declined to give further details on the latest development of the negotiations between MAS and Airbus, saying that it would only make a full announcement by the end of March or early April. Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with airlines partners. The carrier posted a loss after tax of MYR1.3 billion for fiscal year 2005, due to high fuel and operating costs, and unprofitable routes. In late February 2006, it unveiled a radical rescue plan to raise MYR4 billion to stay afloat and return to profitability by 2007. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging whistle-blowing and stop corporate sponsorship. MEGAN MEDIA: Bourse Commences De-Listing Procedures --------------------------------------------------- Bursa Malaysia Securities Bhd has commenced de-listing procedures against Megan Media Holdings Bhd, with a notice to give cause why its securities should not be removed from the official list, the DailyEdge reports. In a statement released by the Bursa Securities, it says that it will decide whether to de-list the company, upon due consideration of the matter and the conclusion of the relevant due process accorded. As reported by the Troubled Company Reporter-Asia Pacific on Feb. 11, 2008, Megan Media is not hesitating to wind up its operations following its failure to pursue a scheme of arrangement with creditor banks. Moreover, the company and its subsidiaries have defaulted on MYR899.96 million in maturing banking facilities, the TCR-AP noted on Feb. 6, 2008. Megan Media Holdings Berhad's principal activities are manufacturing and trading data storage media products like Computer diskettes, video cassette tapes, compact disc recordable (CD-R's) and digital versatile disc recordable (DVD- R's). The Group operates in Malaysia, Singapore and other countries. The Troubled Company Reporter-Asia Pacific reported on June 11, 2007, that the Rating Agency Malaysia downgraded the long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3 (with a negative outlook) to D. The BaIDS carries a corporate guarantee from MTSB's holding company, Megan Media Holdings Berhad. Concurrently, RAM has lifted the Rating Watch (with a negative outlook) that had been placed on MTSB on May 9, 2007, following the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly owned subsidiary of Megan Media, to repay their trade facilities amounting to MYR47.36 million. On June 19, 2007, the company was classified as a PN17 company, and was given eight months to submit a substantive plan to regularize its financial condition. SANMINA-SCI: Elects John P. Goldsberry to Board of Directors ------------------------------------------------------------ Sanmina-SCI Corporation has appointed John P. Goldsberry to the company's board of directors effective Jan. 28, 2008. Mr. Goldsberry will serve as chairman of the audit committee. Mr. Goldsberry meets the requirements as defined by NASDAQ and Institutional Shareholder Services as a financial expert and an independent director. Mr. Goldsberry is a seasoned financial executive with broad industry experience in investment banking, corporate finance and computer and semiconductor manufacturing. He has over 14 years of chief financial officer experience with both public and private companies and is chief financial officer and SVP-IT of Gateway Inc. Mr. Goldsberry also held CFO positions with TrueSpectra, Calibre, Quality Semiconductor, DSP Group and the Good Guys and served in a variety of corporate finance positions at Salomon Brothers and Morgan Stanley. Goldsberry earned a bachelor's degree in Applied Mathematics and a Ph.D. in Business Economics from Harvard University. "We are fortunate to have someone of John's caliber join our board of directors," Jure Sola, chairman and chief executive officer of Sanmina-SCI Corporation, stated. "His financial expertise and insight will bring an additional perspective and significant value to the board and the audit committee." About Sanmina-SCI Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. * * * Moody's Investor Service has placed Sanmina-SCI Corp.'s long term corporate family and probability of default ratings at 'B1' in December 2007. Moody's said the outlook is stable. SANMINA-SCI: Fitch Holds Issuer Default Rating at B+ ---------------------------------------------------- Fitch has affirmed these ratings for Sanmina-SCI Corporation: -- Issuer Default Rating at 'B+'; -- Senior secured credit facility at 'BB+/RR1'. -- Senior unsecured notes at 'BB+/RR1'; -- Senior subordinated debt at 'B/RR5'. The Outlook is Negative. Fitch's action affects approximately US$1.5 billion in debt securities. The Negative Outlook reflects continued uncertainty surrounding Sanmina's ability to satisfactorily exit the Personal Computer business via a sale or, conversely, potential restructuring costs associated with exiting this business. In addition, revenue for Sanmina's core EMS business continues to decline, down 7.7% in fiscal 1Q08 (end December 2007) versus the prior year period due to weakness in communications equipment and Enterprise PC segments which together represent approximately 60% of total core EMS revenue. The affirmation reflects these considerations: -- Sanmina has significantly improved its working capital efficiency, lowering cash conversion cycle days to 25 from a recent high of 45 in fiscal 1Q07 (end December 2007); -- Sanmina's improved CCC days, in conjunction with lower working capital requirements due to a 5% decline in revenue, positively impacted free cash flow in fiscal 2007 by approximately US$470 million, enabling the company to reduce long term debt by US$200 million to US$1.5 billion as of calendar 2007. Fitch estimates Sanmina's leverage at 5.5 times as of Dec 2007 compared to 4.5x at FYE 2006. Fitch estimates adjusted leverage at 6.7x as of Dec 2007; -- Fitch believes Sanmina's planned exit from the Personal Computer business should enable the company to focus on more profitable segments of its core EMS business and potentially lead to more consistent positive free cash flow; -- Fitch believes that the long-term opportunity for revenue growth in non-traditional markets for Sanmina including industrial, defense and medical supplies, should partially mitigate potential further revenue declines in the Enterprise PC and Communications markets; -- Fitch believes that Sanmina should achieve greater stabilization in profitability going forward as its reorganization actions have reduced excess manufacturing capacity and shifted an increased percentage of operations to low cost regions making the company more competitive with its peers. Ratings concerns include Fitch's expectation that the EMS market will remain highly competitive with continued pressure on profitability across all North American tier one competitors in addition to concerns over Sanmina's ability to stabilize its revenue base following several quarters of negative growth in its core EMS business. While recent and on-going restructuring initiatives have reduced excess capacity and transferred manufacturing assets to lower cost regions, the above factors could drive the need for additional restructuring initiatives beyond the approximately US$70 million in restructuring costs currently anticipated for the remainder of fiscal 2008. Changes to the rating could occur under these scenarios: -- A resolution to Sanmina's effort to divest its Personal Computer business and clarification of the financial impact, if any, on the company of exiting this business; -- Continued improvement in profitability and use of free cash flow to further reduce debt could positively impact the ratings. As of Dec. 31, 2007, liquidity was solid and consisted of US$941 million in cash plus a US$500 million senior secured credit facility, expiring December 2008, which was fully available to the company. In addition, Sanmina utilizes various off-balance sheet accounts receivable sales facilities, totaling approximately US$400 million, for additional liquidity purposes. Fitch expects free cash flow in fiscal 2008 to be break-even to slightly positive, positively impacted by reduced working capital requirements. Total debt as of Dec. 31, 2007 was US$1.5 billion and consisted of: i) US$180 million in senior unsecured floating rate notes due June 2010; ii) US$300 million in senior unsecured floating rate notes due June 2014; iii) US$400 million in senior subordinated 6.75% notes due Feb 2013; and iv) US$600 million in senior subordinated 8.125% notes due March 2016. The Recovery Ratings and notching reflect Fitch's recovery expectations under a distressed scenario, as well as Fitch's expectation that the enterprise value of Sanmina, and hence recovery rates for its creditors, will be maximized in liquidation rather than in a going concern enterprise value scenario. In estimating Sanmina's liquidation value under a distressed scenario, Fitch applied advanced rates of 80%, 20%, and 10% to Sanmina's current balance of accounts receivable, inventory, and property, plant and equipment, respectively. That leads to a distressed enterprise value estimate of approximately US$1.3 billion, providing the basis for a waterfall analysis to determine recovery ratings. The current 'RR1' recovery rating for Sanmina's secured credit facility and unsecured notes reflects Fitch's belief that 100% recovery is realistic. As is standard with Fitch's recovery analysis, the revolver is fully drawn and cash balances fully depleted to reflect a stress event. The current 'RR5' Recovery Rating for the senior subordinated debt reflects Fitch's estimate that a recovery of only 10%-30% would be achievable. Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. ==================== N E W Z E A L A N D ==================== ALPHA AVIATON: Halts Shares Trading on Liquidator Appointment ------------------------------------------------------------- Alpha Aviation Limited's parent firm Inventis Limited requested a temporary halt of the company's shares pending the provision of information on the financial implications of the appointment of a liquidator to its wholly owned subsidiaries Alpha Aviation Limited, Alpha Aviation Manufacturing Limited and Alpha Aviation Marketing Limited. The Bank of New Zealand Limited also appointed a receiver to the above three companies and may in due course appoint a receiver to Alpha Aviation Design Limited, Alpha Aviation Property Limited, A & CL Properties Limited, Alpha Aviation Leasing Limited and Alpha Aviation Investments Limited all of which are wholly owned subsidiaries of Inventis Limited. The action of placing these companies in Liquidation was taken by the Board of Inventis as a result of the failure of Alpha Aviation to meet its projected output of aircraft and the consequential impact that this has had on the funding requirements of Alpha Aviation. Sales of Alpha aircraft have been very strong and at the time of the Liquidation and receivership, Alpha Aviation had produced and sold 20 aircraft and had on hand confirmed orders for a further 16 aircraft and options for 14 aircraft. Production of the Alpha aircraft has been the greatest challenge for Alpha Aviation and the objective has always been to change the production methods of the aircraft from a "one off"hand crafted aircraft into a "production line"aircraft that could be made in quantity, quickly and the same way every time. Alpha Aviation had not yet achieved this aim for various reasons including the state of the drawings, tools and jigs acquired from the vendor of the aircraft. In addition, the manufacturing model originally adopted by Alpha Aviation assumed that only painting and assembly would be carried out in-house and that all component manufacturing would be done by contract component manufacturers. This approach to manufacturing of the aircraft proved to be a significant issue for Alpha Aviation with speed of delivery, quality and cost of manufacture of the component parts and the aircraft becoming major issues. Management at Alpha Aviation had developed solutions for these problems that would allow the Alpha aircraft to be manufactured as a production line aircraft and at a rate that would meet the output requirements of the production facility and at a cost that would lead to acceptable margins. However, in order to implement these solutions significant additional capital investment was required to implement a productivity improvement programme, increase stock holdings and provide for additional capital expenditure. It was always intended by the Board of Inventis that the required capital for Alpha Aviation would be provided from: -- An Issue of 25 million shares expected to raise US$11.25 million (before costs); and -- A Strategic Investment Fund Grant (SIF) of US$3 million from the New Zealand Government. The Company embarked on a two-stage capital raising program on May 16, 2007, the first stage of which was completed with the issue of 10 million Shares at 45 cents per share to the Directors of Alpha Aviation and/or their Associates (most of whom are also Inventis Directors), raising US$4.5 million. The remaining 15 million shares were offered to the public at 45 cents each pursuant to a Prospectus dated 16 May 2007. Despite extensive road shows by the management of Inventis and the manager of the issue Intersuisse Limited, only 4,603,109 shares were placed raising US$2,071,399.05 (after costs of the issue) and leaving a shortfall of approximately US$5 million. On August 10, 2007, Alpha Aviation filed with agencies of the New Zealand Government an application for a SIF grant of US$3 million dollars. Alpha Aviation had been strongly encouraged by New Zealand Trade and Enterprise (NZTE) to make this application as it was anticipated that when Alpha Aviation reached full production capacity a further production facility would be built in Hamilton, New Zealand, to produce in Joint Venture with EADS Socata, the TB 20 aircraft: -- Export Revenues for New Zealand would reach US$95 million; -- There would be an increase in the New Zealand GDP by over US$35 million, during the construction phase; -- Net New Zealand household Income would increase by US$16 million; -- 438 extra direct and indirect jobs in New Zealand would be created; as well as -- Increasing the Employee Skill Base and Technological Capability of New Zealand. These benefits to New Zealand were outlined in an economic study conducted by Dr Warren Hughes, Associate Professor of the University of Waikato. Despite the fact that Alpha Aviation would provide many spill over benefits to the economy of New Zealand and met many of the criteria regarded as important economic strategies by the New Zealand Ministry of Economic Development1, Alpha 1 In March 2006 Cabinet of the New Zealand Government agreed that Economic Transformation would be one of the Government's three priorities for the next decade. This direction builds on the Government's Growth and Innovation Framework. GIF provided a framework for lifting New Zealand's innovation and economic performance. Economic Transformation continues the Government's long-term commitment to improving income per capita through innovation and raising productivity in an environmentally sustainable way with the five themes of Economic Transformation being: -- Growing globally competitive firms; -- World class infrastructure; -- Innovative and productive workplaces; -- Auckland as an internationally competitive city; and -- Environmental sustainability Aviation was unable to convince the agencies of the New Zealand Government to jointly fund with Inventis, the US$6 million productivity improvement programme. Undeterred, the management of Inventis has made numerous presentations throughout 2007 and even in 2008 to Venture Capital funds and individuals both here and overseas, in an attempt to try and raise the required capital elsewhere. However severe contraction of venture capital markets and eventually share markets worldwide, has prevented Inventis from raising the required capital or securing a joint venture partner in Alpha Aviation. The failure of Inventis to secure required funding which was critical to the success of Alpha Aviation led to the decision made by the Board of Inventis to place Alpha Aviation in Liquidation. The effect of the Liquidation and receivership of Alpha Aviation (assuming that the Bank of New Zealand places all Alpha Group companies in receivership) on the: -- Revenue projections for 2008 and 2009; and -- Net tangible assets as at 30 June 2008, of Inventis are estimated to be as follows: US$000 Prospectus dated AGM Reforecast as 16/5/2007 21/11/2007 at 24/1/2008 Year Ending 30 June 2008 Revenue 62,213 53,834 47,999 Net Profit after Tax 754 (423) (21,854) Net Tangible Assets 12,526 Included in the estimated result for the year ended is a complete provision for the dimuition of value of the loans and investment in Alpha Aviation of US$20.5 million. Year Ending 30 June 2009 Revenue 81,166 59,184 Net Profit after Tax 7,202 5,445 Net Tangible Assets 17,971 About Alpha Aviation Based in Hamilton, New Zealand, Alpha Aviation produces the Alpha 2000 Series (formerly known as the Robin R2160 and R2120) training aircraft. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 8, 2008, that Alpha Aviation's shareholders agreed on January 21, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Stephen Mark Lawrence and Anthony John McCullagh at Horwath Corporate (Auckland) Limited to facilitate the sale of its assets. The company, to the report, further informed its staff that it can't pay wages. ANTARES FINANCE: Subject to Westpac's Wind-Up Petition ------------------------------------------------------ On December 14, 2007, Westpac New Zealand Limited filed a petition to have Antares Finance Holdings Ltd.'s operations wound up. The petition will be heard before the High Court of Auckland on May 7, 2008, at 10:45 a.m. Westpac's solicitor is: M. V. Robinson c/o Simpson Grierson 88 Shortland Street, Level 27 Auckland New Zealand CLEGG & CO: Wind-Up Petition Hearing Set for March 12 ----------------------------------------------------- A petition to have Clegg & Co Ltd.'s operations wound up will be be heard before the High Court of Auckland on March 12, 2008, at 10:00 a.m. Brian Mayo-Smith and Shaun Neil Adams filed the petition on December 10, 2007. The Petitioners' solicitor is: C. C. H. Allan The Gosling Chapman Tower Tower One, Level 10 51-53 Shortland Street Auckland 1 New Zealand G J & S A HOFFMANN: Placed Under Voluntary Liquidation ------------------------------------------------------ G J & S A Hoffmann Ltd.'s members agreed on January 25, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Helen Elizabeth Walker to facilitate the sale of its assets. Creditors are required to file their proofs of debt by Feb. 22, 2008, to be included in the company's dividend distribution. The liquidator can be reached at: Helen Elizabeth Walker c/o Walker & Walker Limited Chartered Accountants 408 Khyber Pass Road, Level 1 Newmarket, Auckland 1023 New Zealand Telephone:(09) 529 2215 Facsimile:(09) 529 2217 ICON DIGITAL: Placed Under Voluntary Liquidation ------------------------------------------------ Icon Digital Entertainment Ltd.'s members agreed on Jan. 31, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Shaun Neil Adams and Brian Mayo-Smith to facilitate the sale of its assets. Creditors are required to file their proofs of debt by March 31, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Shaun Neil Adams Brian Mayo-Smith c/o BDO Spicers Rifleman Tower, Level 8 120 Albert Street Auckland 1010 New Zealand Telephone:(09) 373 9053 Facsimile:(09) 303 2830 Web site: http://www.bdospicers.com/icon JONESES: Fall Cues Stock Exchange to Review Backdoor Listing ------------------------------------------------------------ The fall of The Joneses Real Estate Ltd. has prompted the New Zealand Stock Exchange to look up backdoor listings and may even consider banning it, media reports say. As reported yesterday IN The Troubled Company Reporter-Asia Pacific, The Joneses has been placed in voluntary liquidation by its sole shareholder TJRE Holdings Ltd. Various reports relate that just 19 days before going into liquidation, accountancy firm Gosling Chapman and its subsidiary WHK Corporate valued The Joneses at NZ$13.75 million. The valuation was included in an independent adviser's report posted to shareholders in listed shell company RLV No. 3 Ltd. just before the planned backdoor listing of The Joneses. In December 2007, RLV agreed (subject to shareholder approval) to acquire all of the issued share capital of TJRE in accordance with a reverse listing agreement at a net purchase price at be approximately NZ$13.75 million. In the independent advisors report, the accounting firm said, "In our opinion, a current value for all of TJRE's shares lies in a range from $12.25m to $16.6m." As such, the report continued, the agreed consideration accords with our assessment of value. "Gosling Chapman must look like absolute plonkers for valuing something at $13.75m that's fallen over," Nick Smith of the Independent Financial Review quoted Shareholders Association Chairman Bruce Sheppard as saying. "It's a black eye and a pretty swollen one at that." WHK Gosling Chapman is a New Zealand-based firm offering business advisory services including accounting, tax, audit and corporate advice. According to NZX Markets Development Manager Geoff Brown, the stock exchange would review backdoor listings and would come up with recommendations next month. The exchange might follow other jurisdictions and forbid backdoor listings, the Independent Review said. RLV early Monday called off the proposed reverse listing saying that sufficient new capital could not be raised. With the reverse listing unable to proceed, alternative funding sources for The Joneses had been explored but these were not sufficient to continue to fund the business, TJRE's directors said. While there was a commitment of further capital from private investors and the directors of TJRE subject to the listing proceeding, spokesperson Chris Taylor said that, with that option no longer available, the directors of TJRE now believed that The Joneses had insufficient cashflow to continue trading, and were obliged to place the business in voluntary liquidation. The Joneses liquidators are Aaron Heath and Mike Lamacraft of Meltzer, Mason & Heath. The Joneses Real Estate Ltd. is a fixed-fee real estate agency chain in New Zealand. LINFORD LTD: Wind-Up Petition Hearing Slated for May 7 ------------------------------------------------------ The High Court of Auckland will hear on May 7, 2008, at 10:45 a.m. A petition to have Linford Ltd.'s operations wound up. The petition was filed by Westpac New Zealand Limited on December 14, 2007. Westpac New Zealand's solicitor is: M. V. Robinson c/o Simpson Grierson 88 Shortland Street, Level 27 Auckland New Zealand MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for February 25 ---------------------------------------------------------------- A petition to have Mechanical Systems Ltd.'s operations wound up will be heard before the High Court of Hamilton on Feb. 25, 2008, at 10:30 a.m. Mainline Sheetmetals Limited filed the petition on Jan. 22, 2008. Mainline Sheetmetals' solicitor is: J. A. Bolton c/o Norris Ward McKinnon WEL Energy House, 7th Floor New Zealand Telephone:(07) 834 6089 PARKTOWN LTD: Placed Under Voluntary Liquidation ------------------------------------------------ Parktown Ltd.'s shareholders agreed on February 1, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Hamish John Pryde at Brumby Simpson Partners Limited to facilitate the sale of its assets. Creditors are required to file their proofs of debt by March 20, 2008, to be included in the company's dividend distribution. The liquidator can be reached at: Hamish John Pryde Brumby Simpson Partners Limited PO Box 1245, Palmerston North New Zealand Telephone:(06) 356 4808 Facsimile:(06) 356 8525 TITAN FOUNDATION: Faces Lifestyle Orewa's Wind-Up Petition ---------------------------------------------------------- On December 7, 2007, Lifestyle Orewa Limited filed a petition to have Titan Foundation Ltd.'s operations wound up. The petition will be heard before the High Court of Auckland on April 24, 2008, at 10:45 a.m. Lifestyle Orewa's solicitor is: M. V. Robinson c/o Simpson Grierson 88 Shortland Street, Level 27 Auckland New Zealand T & M (1997): Taps Shephard & Dunphy as Liquidators --------------------------------------------------- On January 31, 2008, the High Court of Auckland appointed Iain Bruce Shephard and Christine Margaret Dunphy as the liquidators of T & M (1997) Ltd. The liquidators can be reached at: Iain Bruce Shephard Christine Margaret Dunphy Zephyr House, Level 2 82 Willis Street, Wellington New Zealand Telephone:(04) 473 6747 Facsimile:(04) 473 6748 WORCESTER 123: Court to Hear Wind-Up Petition on March 3 -------------------------------------------------------- The High Court of Christchurch will hear on March 3, 2008, at 10:00 a.m., a petition to have Worcester 123 Ltd.'s operations wound up. Raine Blackadder Limited filed the petition on January 25, 2008. Raine Blackadder's solicitor is: P. M. James Saunders & Co 227 Cambridge Terrace PO Box 18, Christchurch New Zealand Telephone:(03) 379 7690 Facsimile:(03) 379 3669 ===================== P H I L I P P I N E S ===================== FEDDERS: Allowed to Reject Mr. Giordano's Employment Contract ------------------------------------------------------------- On Jan. 30, 2008, the United States Bankruptcy Court for the District of Delaware granted a motion by Fedders Corporation to reject an employment agreement with Sal Giordano, Jr., executive chairman of the company. As a result, Mr. Giordano is no longer executive chairman of the company, with effect from Jan. 1, 2008. On Jan. 30, 2008, Mr. Giordano submitted to the board of directors of the company his resignation as a director. At a meeting of the board held on Jan. 30, 2008, Mr. Giordano was elected a director of the company and chairman of the board. About Fedders Corporation Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/-- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul, Ewing, Remick & Saul LLP represents the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors is represented by Brown Rudnick Berlack Israels LLP. When the Debtors filed for protection from its creditors, it listed total assets of $186,300,000 and total debts of US$322,000,000. As reported in the Troubled Company Reporter on Jan. 21, 2008, the Court extended the Debtors' exclusive period to file a Chapter 11 plan until Feb. 29, 2008. LEPANTO CONSOLIDATED: Board Approves 1:7 Stock Rights Offering -------------------------------------------------------------- Lepanto Consolidated Mining Company's board of directors, at a meeting on Feb. 18, approved an offer to be made from the current unissued authorized capital of the company to shareholders to subscribe to one share of the company's common stock for every seven shares held at a price of PHP0.25 per share. The record and offer date is yet to be fixed. According to the company, the proceeds from the offer, which will be about PHP1.04 billion, will be used to retire loans; settle accounts with banks, suppliers, and service providers; pay advances from shareholders. During the meeting, the board scheduled the annual stockholder meeting on April 21, 2008, at 4:00 p.m. at The Peninsula Manila. Deadline for nominations for independent directors will be on March 10. About Lepanto Consolidated Headquartered in Makati City, Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated primarily to engage in the exploration and mining of gold, silver, copper, lead, zinc and all kinds of ores, metals, minerals, oil, gas and coal and their related by-products. The company was incorporated in 1936 and until 1997 was operating an enargite copper mine. It shifted to gold bullion production that same year through its Victoria Project. Lepanto operated a copper flotation plant from August 2000 to December 2001, when copper operations were suspended due to the presence of excessive penalty elements in the mill feed and copper concentrate. Lepanto sells its gold bullion production to London's Johnson Matthey. Lepanto is now one of the country's top producers of gold and its by-products, copper and silver. The company also has investments in other areas through its subsidiaries such as hauling business, diamond drilling business, insurance business, manufacturing of industrial diamond tools for mining exploration, marble cutting and the construction industry. Lepanto Consolidated Mining Co. posted a PHP35.63-million consolidated net loss for the year ended Dec. 31, 2006, a 90% decrease from the PHP355.22-million net loss posted for the year ended Dec. 31, 2005. NIHAO MINERAL: Gets Exploration Permit for Botolan Mining Claim --------------------------------------------------------------- The Mines and Geosciences Bureau of the Department of Environment and Natural Resources, on Feb. 12, 2008, issued NiHAO Mineral Resources Inc. an exploration permit for the Botolan Mining Claim of wholly owned subsidiary Mina Tierra Garcia, Inc., the company informed the Philippine Stock Exchange in a regulatory filing. The permit was issued in the name of Saprolite Mining, Inc., the original applicant, who assigned its interest in the mining claim to Mina Tierra in July 2007. NiHAO Mineral acquired 100% of Mina Tierra in October 2007. According to the company, the Botolan Mining Claim covers approximately 5,081.6408 hectares of prospective nickel sites in Botolan, Zambales. Approximately 2,020 hectares were excised by the Mines & Geosciences Bureau from the original exploration permit application, which covered 7,107 hectares. The company further informed PSE that wholly owned subsidiary Visayas Ore Philippines, Inc., is applying for an exploration permit in Antipas, North Cotabato, covering around 11,441 hectares. The area largely consists of Ophiolitic piles, volcanics, and sediments, the company said. Formerly known as Magnum Holdings Inc., Pasig City, Philippine- based NiHAO Mineral Resources Inc. was originally organized to engage in mining exploration. On June 28, 2007, the Securities and Exchange Commission approved the change in its Magnum Holdings Inc.'s name to NiHAO Mineral Resources, Inc. After auditing the company's annual report for FY2006, Napoleon Calderon at MCJ & Co. raised significant doubt on the company's ability to continue as a going concern, citing the company's: * losses of PHP920,708 and capital deficit of PHP4.82 million for the year ended Dec. 31, 2006; * losses of PHP788,695 and capital deficit of PHP3.90 million for the year ended Dec. 31, 2005; and * losses of PHP691,286 and capital deficit of PHP3.11 million for the year ended Dec. 31, 2004. NIHAO MINERAL: Discloses Board Resignations & Appointments ---------------------------------------------------------- Magnum Holdings Inc., fka NiHao Minerals, disclosed the resignations of three directors from its board: 1. Khrisnamurti A. Africano 2. Felix Ang 3. Eugenio Esguerra To replace the three, the board elected David Atienza, David Chua, and Johnny Co. The new directors will serve for the ensuing year and until the election and qualification of their successors. With Atty. Africano's quitting the director post, he also left vacant the position of chairman. The board elected Jerry C. Angping to act as the company's new chairman. Jerry Angping also resigned as president of the company. Accordingly, the board decided to elect Mr. Atienza as new president. Formerly known as Magnum Holdings Inc., Pasig City, Philippine- based NiHAO Mineral Resources Inc. was originally organized to engage in mining exploration. On June 28, 2007, the Securities and Exchange Commission approved the change in its Magnum Holdings Inc.'s name to NiHAO Mineral Resources, Inc. After auditing the company's annual report for FY2006, Napoleon Calderon at MCJ & Co. raised significant doubt on the company's ability to continue as a going concern, citing the company's: * losses of PHP920,708 and capital deficit of PHP4.82 million for the year ended Dec. 31, 2006; * losses of PHP788,695 and capital deficit of PHP3.90 million for the year ended Dec. 31, 2005; and * losses of PHP691,286 and capital deficit of PHP3.11 million for the year ended Dec. 31, 2004. ================= S I N G A P O R E ================= AAR CORP: Receives US$28 Mil. Order for Container Platforms ----------------------------------------------------------- AAR Corp. has received an order to provide containerized roll- in/out platforms for the U.S. Army, valued at US$28 million. The specialized equipment, which is used primarily to transport ammunition, will be manufactured by AAR SUMMA Technology in Cullman, Alabama through June 2009. The order was placed as part of a five-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract that was established in 2005. "We are proud to contribute to the readiness and mobility of our defense customers with products that support the movement of troops and supplies into theaters of operation and sustain in- theater activity," said Timothy J. Romenesko, President and Chief Operating Officer of AAR CORP. "The recent addition of AAR SUMMA Technology has expanded our mobility product line, broadened our manufacturing capabilities and improved our ability to serve both commercial and defense customers." On December 3, 2007, AAR acquired SUMMA Technology, Inc., a provider of high-end sub-systems and precision machining, fabrication, welding and engineering services. The acquisition strengthens AAR's competitive position in the market for aerospace and defense products and services by extending AAR's manufacturing capabilities and increasing its product offerings. AAR SUMMA Technology currently provides complex machined parts and assemblies for the F-35, F-22, F-16, F-18, C-130, Gulfstream Aircraft, Expeditionary Fighting Vehicle (EFV) and various missile and space programs. About AAR Corp. AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides products and value-added services to the worldwide aviation and aerospace industry. With facilities and sales locations around the world, AAR uses its lose-to-the-customer business model to serve airline and defense customers through Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. In Asia Pacific, the company has offices in Singapore, China, Japan and Australia. In Latin America, the company has a sales office in Rio de Janeiro, Brazil. * * * AAR Corporation continues to carry Moody's Investors Service's 'Ba3' long-term corporate family rating, which was assigned on November 2006. ACCORD EXPRESS: Requires Creditors to File Claims by March 13 ------------------------------------------------------------- Accord Express Holdings Pte. Ltd., which is in voluntary liquidation, requires its creditors to file their proofs of debt by March 13, 2008, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 EVRAZ GROUP: Seeks to Acquire 51% Stake in Delong Holdings ---------------------------------------------------------- Evraz Group S.A. has entered into a Share Purchase Agreement with Best Decade Holdings Limited and its shareholders for the acquisition of approximately 51% of the issued share capital of Delong Holdings Limited over an agreed period of time. This transaction is subject to anti-trust clearance by the Ministry of Commerce and the State Administration of Industry and Commerce of the People's Republic of China. Share Purchase Agreement The Share Purchase Agreement entered into between Evraz, Best Decade and Best Decade's shareholders includes an initial sale to Evraz of approximately 10% of the issued share capital of Delong at S$3.9459 per share. Best Decade has also granted Evraz a call option to acquire an additional 32.08% of the issued share capital of Delong that is conditional upon the satisfaction of certain conditions. The Call Option is exercisable between the date of the completion of the Initial Sale and ending after the date following 6 months immediately after Feb. 18, 2008. Evraz has granted Best Decade a put option with respect to 32.08% of the issued share capital of Delong, exercisable between the date immediately after completion of the Initial Sale and ending on the date falling six months immediately after Feb. 18. Both the Call Option and the Put Option have a strike price equal to the Offer Price of US$3.9459. In addition, the beneficial shareholders of Best Decade have signed an undertaking to sell an additional approximately 8.97% of the issued share capital of Delong to Evraz at the Offer Price when certain restrictions in place due to existing financing arrangements are released. Following completion of these transactions, Evraz will control approximately 51.05% of the issued share capital of Delong. Best Decade has an interest in approximately 77.08% of the issued share capital of Delong and will retain an interest of approximately 26.03% following this transaction. In accordance with the Singapore Code on Takeovers and Mergers, Evraz will make a mandatory cash offer for the remaining Delong shares at the Offer Price, upon the exercise of the Call Option or the Put Option. The maximum consideration payable by Evraz will be approximately US$1,494 million, assuming full acceptance of the mandatory offer, and the exercise of all outstanding warrants. Evraz expects that Delong will maintain its head office in Beijing and does not envisage any material changes to the management of Delong following the completion of the transactions. The management of both companies are excited about the many areas of synergies between Evraz and Delong arising from technology cooperation, joint procurement as well as cross selling and marketing opportunities. Commenting, Alexander Frolov, Evraz's chairman and CEO, said: "This investment by Evraz in the Chinese steel sector, our first in the Asia Pacific region, is a critical strategic move to expand our global footprint. The Chinese steel market is the largest and fastest growing in the world. Delong has an established position in the Hebei province, an important industrial region of China. Under the leadership of Mr. Ding, Chairman and controlling shareholder of Delong, the company has demonstrated an impressive track record of growth and profitability. Mr. Ding brings exceptional operational expertise and local market insight and will be a valuable partner for Evraz." Liguo Ding, chairman of Delong, said: "I am proud of Delong's significant accomplishments to date, and believe that this potential combination with Evraz has much to offer both companies. Becoming part of a leading global steelmaker with complementary strengths and markets, we expect to gain scale and more growth opportunities in the current highly competitive steel environment. This combination will provide us with the critical elements, to continue to grow the business including a secure access to raw materials and substantial financial resources. We believe that this transaction will also create new opportunities to share technology, research and development." Merrill Lynch (Singapore) Pte. Ltd. is acting as exclusive financial advisor to Evraz. Allen & Gledhill LLP is acting as legal counsel to Evraz. Merril Lynch can be reached at: 1 Temasek Avenue #28-01 & 29-01 Millenia Tower Singapore 039192 Allen & Gledhill LLP can be reached at: One Marina Boulevard #28-00 Singapore 018989 Email: inquiries@allenandgledhill.com About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the outlook is stable. HARRIER TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 29 ------------------------------------------------------------- A petition to have Harrier Technology Pte Ltd's operations wound up will be heard before the High Court of Singapore on Feb. 29, 2008, at 10:00 a.m. Fauzi Ong Yoke Tee filed the petition on Feb. 5, 2008. Fauzi Ong's solicitor is: Nicholas Narayanan Messrs Nicholas & Co 10 Anson Road #19-01 International Plaza Singapore 079903 L&M INTERNATIONAL: Creditors' Proofs of Debt Due on March 3 ----------------------------------------------------------- L&M International Ltd, which is under court wind-up, requires its creditors to file their proofs of debt by March 3, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Ng Geok Mui c/o BDO Raffles 5 Shenton Way #07-01 UIC Building Singapore 068808 REFCO INC: Former CEO Philip Bennett Pleads Guilty of Fraud ----------------------------------------------------------- Phillip R. Bennett, former chief executive officer, chairman, and controlling shareholder of Refco, Inc., pleaded guilty to conspiracy, money laundering and 17 other charges in a scheme that cost investors more than US$2,400,000,000, David Glovin and Patricia Hurtado of Bloomberg News reported. "I know I was wrong, and I deeply regret it," Mr. Bennett told District Judge Naomi Buchwald of the United States District Court for the Southern District of New York. "I take full responsibility for my conduct. I wish to publicly apologize to my family and to all those I've harmed." "Bennett has candidly acknowledged his involvement in the matter," Gary Naftalis, Esq., counsel for the defendants, told journalists. "He was forthcoming and candid and wants to put this matter behind him." Robert Trosten, Refco's former chief financial officer, and Tone Grant, Refco's former president, have pleaded not guilty to helping Mr. Bennett, and will face trial on March 17, Bloomberg News said. Mr. Bennett joined Refco in 1981, and served as president, CEO and chairman since September 1998, Bloomberg said. Along with Mr. Grant, who also served as president, Mr. Bennett transformed Refco from a firm that focused on trading for itself to one that executed transactions for clients. According to Bloomberg, in 1997, Refco began hiding massive losses sustained by clients in the Asian debt crisis. With its viability threatened, Refco began masking its true performance by moving more than US$1,000,000,000 in debt off the company's books to an entity controlled by Mr. Bennett, Refco Group Holdings Inc., Michael Garcia, Manhattan U.S. Attorney said. In return, Refco Group Holdings gave Refco worthless IOUs, according to the government. In his plea, Mr. Bennett admitted that he conspired with other Refco executives, whom he didn't name, to conceal the size of the receivables owed to Refco, Bloomberg News reported. Mr. Bennett said he deceived his auditors, investors and lenders, including Thomas H. Lee and a unit of HSBC Holdings Plc, Europe's biggest banks by market value. Under the U.S. guidelines, Mr. Bennett faces life imprisonment of up to 315 years, as well as forfeiture of US$2,400,000,000, Bloomberg said. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets Ltd. and Refco F/X Associates LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Refco Commodity's exclusive period to file a chapter 11 plan expired on Feb. 13, 2007. (Refco Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact --------------------------------------------------------------- Sea Containers Ltd. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to approve the pension scheme agreement between them and the trustees of the two main Sea Containers Pension Schemes to agree on the amount of their claims against the Sea Containers estate. As reported in the Troubled Company Reporter on. Feb. 8, 2008, the Debtors emphasized that the agreement is a critical and positive milestone in its efforts to emerge from Chapter 11. Since the Chapter 11 negotiations first began in October 2006, the board of directors and the officers of Sea Containers have been focused on achieving a plan of reorganization that provides full and fair settlement for all creditors. The major creditors involved are the 1983 and the 1990 Pension Funds which have almost 1500 members between them and the holders -- thought to be a number of U.S. hedge funds -- of the four outstanding bond issues. The agreement with the Trustees for the pension funds, which are estimated to be in deficit by approximately $200 million under the s75 'buy out' basis prescribed by U.K. law, will allow the company and the trustees to avoid costly and protracted litigation in multiple and potentially competing jurisdictions. The agreement also creates an additional reserve of $69 million for certain potential pension scheme liabilities in respect of age-related equalization changes. In connection with this important agreement, Sea Containers withdrew its appeal against the Financial Support Direction. The FSD, which sought to oblige Sea Containers Limited -- the ultimate parent company -- to put in place additional financial support for the pension funds, was handed down by the Determinations Panel of the UK Pensions Regulator on July 3, 2007. Sea Containers considers that the settlement will adequately address any FSD and that the current legal proceedings would be of no further benefit. Terms of the Settlement As a result of extensive negotiations that commenced prior to the bankruptcy filing and have continued throughout these Chapter 11 cases, the Debtors, their Official Committee of Unsecured Creditors, and the Trustees agreed to the Settlement under which the Schemes' claims against the Debtors are fully resolved. Pertinent terms of the Settlement are as follows: a) Schemes' Claim: In full and final satisfaction of all of the Schemes' claims against SCL, SCSL and other direct and indirect subsidiaries of SCL or SCSL, the Schemes shall have a single allowed general unsecured claim against SCL in the aggregate amount of US$194 million of which: i) US$153.8 million will be allocated to the 1983 Scheme; and ii) US$40.2 million will be allocated to the 1990 Scheme. b) Administrative Expenses: Within three business days after entry of an order approving the Settlement, the Debtors shall pay US$5 million to the Schemes on account of certain administrative ordinary course expenses. c) Chapter 11 Advisory Fees: If the Debtors agree to pay, or the Court approves payment of, Chapter 11 advisory fees to any of the Debtors' prepetition creditors as administrative expenses, the Schemes may seek reimbursement of their Chapter 11 advisory fees in accordance with the terms of the Settlement. d) Equalization Claim Reserve: On the effective date of a confirmed Chapter 11 plan in these cases, the Debtors shall establish a reserve in respect of a US$69 million claim for equalization matters. The Trustees shall allocate such reserve between the Schemes. Upon determination of the allowed amount of the equalization claims, such amount, if any, shall be allowed against SCL as a general unsecured claim and shall be paid from the reserve. e) Status Quo: The Schemes shall agree for a period of time and under certain circumstance to refrain from selling or assigning or otherwise transferring any legal or beneficial interest in their claims and from winding up the Schemes. f) Definitive Documentation: The Settlement is subject to: i) definitive documentation in form and substance acceptable to all parties (executed and delivered by the parties); ii) approval under Federal Bankruptcy Rules P. 9019; and iii) if required by the Schemes, U.K. court and regulatory approval to ensure the Schemes' continued eligibility for protection by the U.K. Pension Protection Fund. In addition to the foregoing terms, the Debtors and the Trustees agree that in response to any FSD issued by the U.K. Pensions Regulator, the Debtors shall propose, and the Trustees shall support, financial support arrangements consistent with the terms of the Settlement. The Debtors and the Trustees further agree that the Settlement is conditioned, in part, upon TPR's approval of such financial support arrangements. The parties have also agreed that the definitive documentation for the Settlement will be in a form which will not result in creditors of SCSL and such other subsidiaries receiving unwarranted changes in recoveries as a result of the Schemes' allowed claims at the SCL level. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court previously gave the Debtors until Feb. 20, 2008 to file a plan of reorganization. ============= V I E T N A M ============= PETROLEOS DE VENEZUELA: Vietnam Drillship to Arrive in March ------------------------------------------------------------ Petroleos de Venezuela, S.A. Exploration and Production Vice-President Luis Vierma disclosed that the first drillship from Vietnam will arrive in March to start drilling in the Mariscal Sucre Project run by the Offshore Division. The announcement was made at the opening session of the First International Congress on Heavy Oil held in Maturin, eastern Monagas state. "The survey of the geological model in the area is almost completed. We are very proud, because Petroleos de Venezuela, with its engineers, technicians and workers, and most important, with the involvement of the national sector, is to start developing oil and gas reserves in multiple areas offshore," he said. The senior official noted that by legal means and through the People's Minister of Energy and Petroleum, the Bolivarian Republic of Venezuela recovered national sovereignty over the Orinoco Oil Belt, the largest reservoir of heavy oil in the world. "We are very proud to say that the oil contained in the Orinoco Oil Belt is the Venezuelans' property, as it should be always," added Mr. Vierma. In reference to the energy resource appreciation, he noted that now multinationals are paying no more a ludicrous 1-percent royalty. "We have increased the value of the hydrocarbons in our subsoil. Now, we can say that any future business related to the Oil Belt deposits will have to pay the fair price needed by Venezuelans. In this way, this country will become a more balanced nation, full of opportunities for everybody." He said that PDVSA had taken significant steps in future exploitation of heavy oil at the Orinoco Oil Belt. For more than two years, the Venezuelan Petroleum Corporation has been working hard on a successful strategy. The Orinoco Oil Belt has been divided into exploration and production blocks, where more than 15 foreign companies are involved in certification of reserves. 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. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook was negative. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Azela Jane Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C. Sabijon, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***