/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080228.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 28, 2008, Vol. 9, Issue 42 Headlines A U S T R A L I A ALUVIC METAL: Placed Under Voluntary Wind-Up BRIGHTON BAY: ASIC Gets Court Okay to Wind Up Company CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones CITIFASHION INTERNATIONAL: Placed Under Voluntary Liquidation EMPIRE PLASTER: Final Meeting Slated for March 12 FIFTH FANBARB: Final Meeting Slated for March 5 GETTY: To be Bought by Hellman & Friedman in US$2.4-Billion Deal GETTY: US$2.4 Million Hellman Deal Prompts Moody's Rating Review GETTY: S&P Cuts Rating on US$2.4 Billion Hellman & Friedman Deal GREAT OCEAN: Members Opt to Shut Down Firm IMPROVED TOOLS: Members & Creditors to Meet on March 5 INFRASOFT PTY: Members to Receive Wind-Up Report on March 6 JUPITAR INT'L: ASIC Gets Court Approval to Wind Up Operations METRO MEAT: Commences Liquidation Proceedings NEILSON PRODUCTIONS: Members & Creditors to Meet on March 12 PRECISION DESIGN: Liquidator to Give Wind-Up Report on March 12 RUSSELL RHODES: To Declare First Dividend on March 4 SUNTECH INT'L: ASIC Gets Court Approval to Wind Up Operations C H I N A , H O N G K O N G & T A I W A N ALLSWELL MEDICAL: Court to Hear Wind-Up Petition on March 19 ASIA PREMIUM: Changes Officers & Directors CHINA EASTERN: Rejects Alliance Proposal with Air China CHINA EVERBRIGHT: Fitch Lifts Individual Rating to D/E from E GREAT FINE: Appoints New Liquidator EVER WEALTH: Liquidators Quit Post EVER WEALTH: Appoints New Liquidators FORCEWAY INDUSTRIAL: Appoints Anthony Nedderman as Liquidator KIN LEE KO: Appoints Anthony Nedderman as Liquidator MUSIC CHAMBER: Court to Hear Wind-Up Petition on March 19 PLANTERS CHINA: Appoints New Liquidator SUN TAT: Court to Hear Wind-Up Petition on March 26 TIFFANY INTERNATIONAL: Appoints New Liquidator TODAYTECH ASIA: Liquidators Quit Post TODAYTECH ASIA: Appoints New Liquidators I N D I A BHARTI AIRTEL: Joins Consortium to Build US$300MM Cable System GENERAL MOTORS: Workers Strike Has No Impact on Assembly EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative SINGER INDIA: Auditors Unable to Comment on Firm's Continuity STATE BANK OF INDIA: Brings In V. Bharucha as Part-Time Director SUNVIK STEELS: CRISIL Assigns BB Ratings on Bank Facilities TATA STEEL: To Expand Retail Chain to 50 Stores by March 2009 VRL LOGISTICS: ICRA Gives LBB Ratings to Bank Facilities I N D O N E S I A BANK NEGARA: Sees 40% Growth in Credit Card Transactions BANK INTERNASIONAL: Temasek Considers Selling Bank Stake BANK RAKYAT: Minister Favors Takeover Bid for Bank Tabugan BANK RAKYAT: Fitch Upgrades Issuer Default Rating to BB from BB- BANK RAKYAT: May Issue Subordinate Bonds at IDR1 Trillion BERLIAN LAJU: Tunggaladhi Baskara Increases Stake in Company J A P A N FORD MOTOR: To Disclose Deal with Tata Motors on March 6 or 7 NIPPON SHEET: Carlyle Group Wants Majority Stake in NH Techno SPANSION INC: Fitch Affirms B- IDR with Negative Outlook K O R E A BHK INC: To List 6.3 Million Global Depository Receipts DAEWOO ELECTRONIC: Establishes New Joint Venture Company DAEWOO ELECTRONIC: Investor Sells 5.01% Stake ILSUNG CONSTRUCTION: Declares Annual Cash Dividend LG TELECOM: Plans to Move to Korea Exchange MAGNACHIP SEMICON: To Work with eMemory Tech for OTP Technology MIJU RAIL: Signs Contract with Public Procurement Service M A L A Y S I A EKRAN BERHAD: Earns MYR3.92 Mil. in Quarter Ended Dec. 31, 2007 GREIF INC: Board Declares US$0.28 Per Share Class A Dividends GREIF INC: Stockholders Elect Mark A. Emkes as Director HALIFAX CAPITAL: Incurs MYR1.58MM Net Loss in Qtr. Ended Dec. 12 MALAYSIAN AIRLINE: Earns MYR242MM in Quarter Ended Dec. 12, 2007 WEMBLEY: Balance Sheet Upside-Down by MYR937 Mil. at Dec. 12 N E W Z E A L A N D AMBITION WHOLESALERS: Commences Liquidation Proceedings C & W SCHWASS: Fixes March 14 as Last Day to File Claims GRIDLINE CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators NED KELLY: Court to Hear Wind-Up Petition on April 11 PACIFIC EDGE: Raises NZ$5.2 Million in Domestic Market PHOTO ENTERPRISES: Creditors' Proofs of Debt Due on May 11 RATTRAY PROPERTIES: Appoints Higgs & van Dyk as Liquidators SANCTUARY DEVELOPMENTS: Undergoes Liquidation Proceedings SANDRA AND NICK: Taps Whittfield & van Delden as Liquidators STRAND FISK: Commences Liquidation Proceedings WIN-DEY CONSTRUCTION: Faces Gas Pro's Wind-Up Petition P H I L I P P I N E S CHIQUITA BRANDS: S&P Assigns Junk Rating on US$200M Senior Notes PHILCOMSAT HOLDINGS: Clarifies News Article on Bankwise Deposits PHIL. LONG DISTANCE: Amends Disclosure on Cruztelco Acquisition S I N G A P O R E AAR CORP: To Acquire Avborne Heavy Maintenance FLEXTRONICS: Signs EUR3-Million Purchase Deal with Elcoteq LACOS INTERNATIONAL: Court Enters Wind-Up Order S. K. LAM: Members and Creditors to Meet on March 6 YEW SENG: Pays First Dividend to Creditors T A I W A N COSMOS BANK: Hopes to Employ 350 Financial Planners T H A I L A N D DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance - - - - - ================= A U S T R A L I A ================= ALUVIC METAL: Placed Under Voluntary Wind-Up -------------------------------------------- Aluvic Metal Sales Pty. Ltd.'s members agreed on Jan. 24, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Warren White at PPB Chartered Accountants to facilitate the sale of its assets. The liquidator can be reached at: Warren White PPB Chartered Accountants 90 Collins Street, Level 10 Melbourne, Victoria, 3000 Australia About Aluvic Metal Aluvic Metal Sales Pty. Ltd. operates miscellaneous business credit institutions. The company is located in Melbourne, Australia. BRIGHTON BAY: ASIC Gets Court Okay to Wind Up Company ----------------------------------------------------- The Australian Securities and Investments Commission has obtained orders from the Federal Court of Australia in Melbourne to wind up the Brighton Bay Syndicate Scheme. Justice Middleton made the order with the consent of the parties to the proceeding. The Brighton Bay Scheme, which is associated with the Brighton on Bay retirement facility located in Brighton, Victoria, is one of 22 unregistered managed investment schemes associated with retirement villages connected with Babcock & Brown Communities Pty. Ltd. (formerly known as Primelife Corporation) to be wound up. ASIC alleged that the schemes were not registered, as required under the Corporations Act. As part of the winding up of the Brighton Bay Scheme, the Court appointed Andrew McLellan of PPB Chartered Accountants to investigate and report back to the Court in relation to the Scheme. As with previous Primelife associated schemes that have been wound up, the investors and the parties to the proceeding will have the opportunity to consider Mr. McLellan's report before submitting proposals and making submissions to the Court as to how the winding up should proceed. ASIC expects that there will be no disruption to the operation of the Brighton on Bay retirement facility or to the enjoyment of the facility by residents as a result of the winding up of the Brighton Bay Scheme. CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones ----------------------------------------------------------- Chrysler LLC intends to ditch the "car cloning" concept so often used in the automotive industry and concentrate on selling its remaining models, The Wall Street Journal reports. Cloning cars, or creating different brands of the same basic car design or a "common platform," is a common ploy used by most automakers to increase sales and profitability, says WSJ. Chrysler said, however, that it won't employ this sales technique anymore, and instead will focus on selling unique car models. The company's decision came after it lost its tooling battle with Plastech Engineered Products Inc. As reported in the Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy Court for the Eastern District of Michigan denied the company's request to pull out tooling equipment from Plastech's plants. However, the parties already agreed to extend their interim production pact, under which Plastech will continue to manufacture and deliver component parts to Chrysler until Feb. 27, 2008. 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 US$729,000,000 and total liabilities of US$695,000,000. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CITIFASHION INTERNATIONAL: Placed Under Voluntary Liquidation ------------------------------------------------------------- Citifashion International Pty. Ltd.'s members agreed on Jan. 24, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Warren White at PPB Chartered Accountants to facilitate the sale of its assets. The liquidator can be reached at: Warren White PPB Chartered Accountants 90 Collins Street, Level 10 Melbourne, Victoria, 3000 Australia About Citifashion International Citifashion International Pty. Ltd. operates investment offices. The company is located at Melbourne, in Victoria, Australia. EMPIRE PLASTER: Final Meeting Slated for March 12 ------------------------------------------------- Empire Plaster Pty. Ltd. will hold a final meeting for its members and creditors at 12:00 noon on March 12, 2008. During the meeting, the company's liquidator, Anthony R. Cant at Romanis Cant, will provide the attendees with property disposal and winding-up reports. In a report by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Dec. 4, 2006. The liquidator can be reached at: Anthony R. Cant Romanis Cant 106 Hardware Street, 2nd Floor Melbourne, Victoria 3000 Australia About Empire Plaster Empire Plaster Pty. Ltd. is involved with plastering, drywall, and insulation business. The company is located at Cranbourne, in Victoria, Australia. FIFTH FANBARB: Final Meeting Slated for March 5 ----------------------------------------------- Fifth Fanbarb Pty. Ltd. will hold a final meeting for its members and creditors at 10:00 a.m. on March 5, 2008. During the meeting, the company's liquidator, David J. Lofthouse at CJL Partners, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: David J. Lofthouse CJL Partners 180 Flinders Lane, Level 3 Melbourne, Victoria 3000 Australia Telephone:(03) 9639 4779 Facsimile:(03) 9639 4773 About Fifth Fanbarb Fifth Fanbarb Pty. Ltd., which is also trading as Electra Fine Furniture, is a distributor of wood household furnitures. The company is located at Campbellfield, in Victoria, Australia. GETTY: To be Bought by Hellman & Friedman in US$2.4-Billion Deal ---------------------------------------------------------------- Getty Images Inc. entered into a definitive merger agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC in a transaction valued at approximately US$2.4 billion, including the assumption of existing debt. Under the terms of the agreement, Getty Images stockholders will receive US$34.00 in cash for each outstanding share of common stock they own. This price represents a premium of approximately 55% over the closing price on Jan. 18, 2008, the last trading day before the company reported that it was exploring strategic alternatives. The Board of Directors of Getty Images has approved the merger agreement and resolved to recommend that Getty Images' stockholders approve the transaction. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008. "Our Board of Directors has thoroughly evaluated strategic alternatives for Getty Images and has determined that this outcome is in the best interests of our stockholders as it provides them with superior and certain value," Jonathan Klein, co-founder and chief executive officer of Getty Images, said. "Furthermore, Hellman & Friedman brings specific industry expertise and support for the vision of the Company's management team that will benefit our employees, customers and partners. Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners. We are enthusiastic about entering the next phase of Getty Images' evolution by partnering with Hellman & Friedman as we continue to provide innovative offerings to businesses and consumers in a very dynamic digital media environment." "Getty Images is the leader and pioneer in the visual content and digital media business," Andy Ballard, managing director of Hellman & Friedman, said. "We believe in the vision and execution capabilities of Jonathan Klein and his team, and share their commitment to the Company's stakeholders and customers. We look forward to working with all of Getty Images' employees to realize the full potential of its traditional businesses while furthering the evolution of Getty Images into a global digital media company." Financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. In addition, Getty Investments and certain related parties, including the co-founder and chairman, Mark Getty, who collectively hold approximately 15% of the company's shares, have agreed to vote in favor of the transaction and rollover their shares into the acquiring entity. Goldman, Sachs & Co. is acting as financial advisor to Getty Images. Barclays Capital and RBS Greenwich Capital are acting as financial advisors to Hellman & Friedman. Weil Gotshal & Manges LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Getty Images and Hellman & Friedman, respectively. Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company has corporate offices in Australia, the United Kingdom and Argentina. GETTY: US$2.4 Million Hellman Deal Prompts Moody's Rating Review ---------------------------------------------------------------- Moody's Investors Service placed all the credit ratings of Getty Images, Inc. on review for possible downgrade following its announcement that it entered into a definitive agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC for a total enterprise value of US$2.4 billion, including the assumption of existing debt. The transaction has been approved by the Board of Directors of Getty. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008. The company disclosed that financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. Getty's announcement did not disclose the mix of debt and equity to be utilized to finance the acquisition. The review for possible downgrade anticipates that leverage and free cash flow metrics will weaken significantly post-acquisition. Moody's review will focus on the expected capital structure, liquidity position and operating strategy of Getty upon completion of the buyout transaction. In particular, Moody's will review the company's plans for growing or stabilizing the business despite pressure from declining demand for traditional creative still imagery. Getty's US$265 million of convertible subordinated debentures will be convertible at the option of the holders on June 9, 2008. Moody's anticipates that cash, cash equivalents and short term investments (about US$364 million at Dec. 31, 2007) and available bank credit lines will provide the company with sufficient liquidity to fund the cash conversion price. If substantially all of the subordinated debentures are converted, then Moody's may withdraw all of Getty's credit ratings. These ratings were placed on review for possible downgrade: -- US$265 million series B convertible subordinated notes due 2023, Ba2 -- Corporate family rating, Ba1 -- Probability of default rating, Ba1 Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company has corporate offices in Australia, the United Kingdom and Argentina. GETTY: S&P Cuts Rating on US$2.4 Billion Hellman & Friedman Deal --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Seattle, Washington-based visual imagery company Getty Images Inc. to 'BB-' from 'BB' and placed it on CreditWatch with negative implications. At the same time, S&P affirmed the 'B+' rating on the company's subordinated debt. The rating action is based on the announcement that Getty has entered into a definitive agreement to be acquired by Hellman & Friedman LLC, in a transaction valued at $2.4 billion. "We believe this deal will raise financial risk as the company is addressing business challenges," said Standard & Poor's credit analyst Tulip Lim. The transaction value includes existing debt. Getty Images currently expects the transaction to close in the second quarter of 2008. Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company has corporate offices in Australia, the United Kingdom and Argentina. GREAT OCEAN: Members Opt to Shut Down Firm ------------------------------------------ Great Ocean Seafood Pty. Ltd.'s members agreed on Jan. 24, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Warren White at PPB Chartered Accountants to facilitate the sale of its assets. The liquidator can be reached at: Warren White PPB Chartered Accountants 90 Collins Street, Level 10 Melbourne, Victoria, 3000 Australia About Great Ocean Great Ocean Seafood Pty. Ltd. operates investment offices. The company is located at Tullamarine, in Victoria, Australia. IMPROVED TOOLS: Members & Creditors to Meet on March 5 ------------------------------------------------------ Improved Tools Pty. Ltd. will hold a final meeting for its members and creditors at 12:00 noon on March 5, 2008. During the meeting, the company's liquidator, Anthony R. Cant at Romanis Cant, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Anthony R. Cant Romanis Cant 106 Hardware Street, 2nd Floor Melbourne, Victoria 3000 Australia About Improved Tools Improved Tools Pty. Ltd. is a distributor of durable goods. The company is located at Thomastown, in Victoria, Australia. INFRASOFT PTY: Members to Receive Wind-Up Report on March 6 ----------------------------------------------------------- Adrian Brown, Infrasoft Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 6, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Adrian Brown Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia Telephone:(03) 9600 4922 Facsimile:(03) 9642 5887 About Infrasoft Pty. Infrasoft Pty. Ltd. operates computer and software stores. The company is located at Burwood East, in Victoria, Australia. JUPITAR INT'L: ASIC Gets Court Approval to Wind Up Operations ------------------------------------------------------------- The Supreme Court of Queensland orderED on February 19, 2008, to wind up Jupitar International Limited. This proceeding follows allegations by the Australian Securities and Investments Commission that Jupitar International and its director, Rodney John Day, carried on an unlawful financial services business through the promotion of the Suntech International Hedge Fund to investors on the Gold Coast between October 2005 and June 2006. Jupitar's principal place of business in Australia was on the Gold Coast. ASIC's investigations revealed that six investors in Australia deposited approximately AU$225,000 into the Fund, which was to be used for trading in derivatives on the futures market to generate returns. Only one investor has had their funds repaid. ASIC alleged that while Jupitar was a registered company in Vanuatu, it was not registered to carry on business in Australia as a foreign company and did not hold the required Australian Financial Services Licence. Andrew Peter Fielding at PPB Chartered Accountants and Insolvency Specialists was appointed liquidator of the business affairs carried on by Jupitar in Australia on just and equitable grounds. Permanent injunctions were made by the Court, restraining the company and Mr. Day from dealing with funds held in a futures trading account. The Court also made declarations that Suntech carried on business in Australia without being registered to do so. "These court proceedings highlight the importance of Australian investors verifying that the individuals advising them to invest and the operators of the funds, have an Australian Financial Services Licence," said ASIC's Executive Director of Enforcement, Jan Redfern. "This applies whether the company investors are dealing with is based in Australia or not. If you're unsure of whether a licence is necessary for a particular investment, check ASIC's website or call our Infoline on 1300 300 630." Background In June 2006, Jupitar ceased operating in Australia after ASIC obtained interim injunctions in the Supreme Court of Queensland. This order prevented Mr. Day and Jupitar from providing financial services and dealing with any funds raised from the provision of financial services, including US$80,000 held in a futures trading account belonging to Jupitar. Jupitar remains registered in Vanuatu. METRO MEAT: Commences Liquidation Proceedings --------------------------------------------- Metro Meat International Pty. Ltd.'s members agreed on Jan. 24, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Warren White at PPB Chartered Accountants to facilitate the sale of its assets. The liquidator can be reached at: Warren White PPB Chartered Accountants 90 Collins Street, Level 10 Melbourne, Victoria, 3000 Australia About Metro Meat Metro Meat International Pty. Ltd. operates meatpacking plants. The company is located at Adelaide, in South Australia, Australia. NEILSON PRODUCTIONS: Members & Creditors to Meet on March 12 ------------------------------------------------------------ Neilson Productions Pty. Ltd. will hold a final meeting for its members and creditors at 11:15 a.m. on March 12, 2008. During the meeting, the company's liquidator, Anthony R. Cant at Romanis Cant, 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 August 11, 2006. The liquidator can be reached at: Anthony R. Cant Romanis Cant 106 Hardware Street, 2nd Floor Melbourne, Victoria 3000 Australia About Neilson Productions Neilson Productions Pty. Ltd. is a distributor of durable goods. The company is located at Malvern East, in Victoria, Australia. PRECISION DESIGN: Liquidator to Give Wind-Up Report on March 12 --------------------------------------------------------------- Precision Design Australia Pty. Ltd. will hold a final meeting for its members and creditors at 11:00 a.m. on March 12, 2008. During the meeting, the company's liquidator, Anthony R. Cant at Romanis Cant, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Anthony R. Cant Romanis Cant 106 Hardware Street, 2nd Floor Melbourne, Victoria 3000 Australia About Precision Design Precision Design Australia Pty. Ltd. provides business services. The company is located at Cranbourne, in Victoria, Australia. RUSSELL RHODES: To Declare First Dividend on March 4 ---------------------------------------------------- Russell Rhodes Constructions Pty. Ltd., which is in liquidation, will declare its first dividend on March 4, 2008. Only creditors who were able to file their proofs of debt by February 11, 2008, will be included in the company's dividend distribution. The company's liquidator is: Dean R. McVeigh Foremans Business Advisors (Southern) Pty Ltd Suite 8, 56-60 Bay Road Sandringham, Victoria 3191 Australia About Russell Rhodes Russell Rhodes Constructions Pty. Ltd. is involved with single- family housing construction. The company is located at Preston, in Victoria, Australia. SUNTECH INT'L: ASIC Gets Court Approval to Wind Up Operations ------------------------------------------------------------- The Supreme Court of Queensland orderED on February 19, 2008, to wind up suntech International Limited. This proceeding follows allegations by the Australian Securities and Investmetns Commission that Suntech International and its director, Rodney John Day, carried on an unlawful financial services business through the promotion of the Suntech International Hedge Fund to investors on the Gold Coast between October 2005 and June 2006. Suntech's principal place of business in Australia was on the Gold Coast. ASIC's investigations revealed that six investors in Australia deposited approximately AU$225,000 into the Fund, which was to be used for trading in derivatives on the futures market to generate returns. Only one investor has had their funds repaid. ASIC alleged that while Suntech was a registered company in Vanuatu, it was not registered to carry on business in Australia as a foreign company and did not hold the required Australian Financial Services Licence. Andrew Peter Fielding at PPB Chartered Accountants and Insolvency Specialists was appointed liquidator of the business affairs carried on by Suntech in Australia on just and equitable grounds. Permanent injunctions were made by the Court, restraining the company and Mr. Day from dealing with funds held in a futures trading account. The Court also made declarations that Suntech carried on business in Australia without being registered to do so. "These court proceedings highlight the importance of Australian investors verifying that the individuals advising them to invest and the operators of the funds, have an Australian Financial Services Licence," said ASIC's Executive Director of Enforcement, Jan Redfern. "This applies whether the company investors are dealing with is based in Australia or not. If you're unsure of whether a licence is necessary for a particular investment, check ASIC's website or call our Infoline on 1300 300 630." Background In June 2006, Suntech ceased operating in Australia after ASIC obtained interim injunctions in the Supreme Court of Queensland. This order prevented Mr. Day and Jupitar from providing financial services and dealing with any funds raised from the provision of financial services, including US$80,000 held in a futures trading account belonging to Jupitar. Suntech was deregistered by the Vanuatu Financial Services Commission on July 18, 2007. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ ALLSWELL MEDICAL: Court to Hear Wind-Up Petition on March 19 ------------------------------------------------------------ On January 11, 2008, Cheung Lai Fong filed a petition to have Allswell Medical Equiptment Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 19, 2008, to hear the petition. The petitioners' solicitor can be reached at: Kevin Li & Co. Ground Floor No. 3 Tung Mau Square Tai Po Market New Territories Hong Kong ASIA PREMIUM: Changes Officers & Directors ------------------------------------------ The Board of Directors of Asia Premium Television Group, Inc., has terminated Jinjiang Jia's positions as the company's chief executive officer and member of the Board effective immediately. Mr. Jia had not been appointed to serve on any committee of the Board. Effective at the Board meeting held on Feb. 25, 2008, Jing Xing was elected to serve as the company's CEO, in addition to serving as the co-chairmen of the Board. Mr. Xing has served as a director since June 2007. Since 2006, Mr. Xing has served as president of Sun New Media Inc., president of investment business at Sun Media Investment Group, chairman of the board of directors of Sun Capital Consultant Ltd, and the CEO of China Media Tradex Limited. From 2003 to 2006, Mr. Xing served as chairman, vice chairman, executive director and CEO of SMI Corporation Ltd. (formerly known as Star EastHoldings Limited, HK listing symbol 198). From 2003 to 2006, he also served as executive director of Stellar Megamedia Group Limited. From 2003 to 2005, Mr. Xing served as executive director and general manager of Sun TV, chairman and executive director of SMI Publishing Group Limited, and vice chairman and executive director of M-ChannelLimited. Since 2000, Mr. Xing has served as the vice-chairman and executive director of a newspaper, Beijing Daily Messenger, in Beijing, the People's Republic of China. From 1999 to 2005, Mr. Xing was the chairman and CEO of Beijing KP Network Technical Co. Ltd. Mr. Xing holds a master degree of science from the Beijing Software Graduate School of Beijing University. The Board also elected Dr. Wenjun Luo to serve as the company's chief technical officer and director of the Board. Dr. Luo is a leading professional in information technology and mobile services, and has over 10 years of experience in the global handheld industry. While at Globstream, Dr. Luo rolled out the first wireless streaming audio/music portal for the mass mobile phone market in China, which enabled him to establish strategic partnerships with major media companies and mobile carriers in China. Prior to Globstream, Dr. Luo served as a management consultant at McKinsey & Company's Great China Office and subsequently held various management positions at Sun Microsystems, Palm, Inc. and 3 Com Corp. Dr. Luo earned an MBA from Haas School of Business at the University of California - Berkeley, a PhD from School of Electrical Engineering at the University of Pennsylvania, and a B.S. from School of Electrical Engineering at Shanghai Jiao Tong University. Neither Mr. Xing nor Mr. Luo was appointed to serve on any committee of the Board. Mr. Xing and Mr. Luo will hold office for a term of one year or until their qualified successors have been elected. There are no related party transactions between the company and either Mr. Xing or Mr. Luo. No family relationship exists among Mr. Xing or Mr. Luo and any of the company's other directors or executive officers. About Asia Premium Beijing-based Asia Premium Television Group was incorporated in Nevada in 1989 and is operating in China. The company's ASTV, together with its subsidiaries, operates as a single segment business and provides advertising, media and marketing solutions to product manufacturers, service providers and other clients located in China. Asia Premium Television Group, Inc., provides marketing, brand management, advertising, media planning, public relations and direct marketing services to clients in the People's Republic of China. The Company's primary operating activities are publishing advertisements as agents for clients; Media consulting services; and Advertising production. Going Concern Doubt At Sept. 30, 2006, the company had a working capital deficiency of US$3,470,665. The company's management expressed substantial doubt about the company's ability to continue as a going concern due to liquidity problems. However, management believes the going concern is mitigated because of these factors: a) convertible notes payable in the amount of US4,000,000 is included in current liabilities but the note is held by a significant shareholder and will be repaid by conversion into common stock; b) the Company has shown a net profit in each of the two most recent fiscal years and expects the trend to continue; and the Company has generated positive cash flows in each of the two most recent fiscal years and expects the trend to continue. CHINA EASTERN: Rejects Alliance Proposal with Air China -------------------------------------------------------- China Eastern Airlines Corporation Limited rejected a wide- ranging alliance proposal from China National Aviation Corp. (Group), People's Daily Online reports. Analysts opined that the move could close the door for an alliance between China Eastern and Air China Ltd., two of China's largest airlines. The Hong Kong-based CNAC is a wholly owned subsidiary of China National Aviation Company Ltd., parent of Air China, Daily Online relates. "Our board of directors has decided not to give further consideration to CNAC's proposal after prudent and sufficient discussions and advice-seeking from the legal and finance consultants," China Eastern said in a statement to the Shanghai Stock Exchange. "The company will stick to (the plan) of bringing in a strategic investor to make its main air transport business more competitive." "In the whole process of proposal-making and with the communications method, CNAC has never showed any sincerity and deep and thorough planning for our cooperation," China Eastern added. The proposal does not have the legal binding power as any formal offers do and it has huge uncertainty in terms of law and future official approval process, China Eastern told Daily Online. The ultimate purpose of bringing in a strategic investor, China Eastern further said, was to improve corporate management, operation efficiency, profitability and the international competitiveness. "CNAC and the parties it represents will be unable to help us meet the above expectations," China Eastern told Daily Online. About CNAC China National Aviation Company Ltd., is a Hong Kong-based investment holding company that, through its subsidiaries, is principally engaged in the airline operations, airport ground handling services, airline catering services, logistics and other businesses. The company and its jointly controlled entities operate in three geographical areas, including China mainland, Taiwan and other regions (Macau, Thailand and Philippines). The airline operation business is operated in places in China mainland, Taiwan and other regions. The airline catering business is operated in China mainland. Some of its wholly owned subsidiaries include Air Macau Company Limited, China National Aviation Corporation (Macau) Company Limited, Skylink Global Limited, Kingston International Limited, Queenston International Limited, Serfil Limited, Skyrise Limited, Wington Limited and China National Aviation Logistics Company Limited. About Air China Air China Ltd., is a provider of air passenger, air cargo and airline related services in China. The company has a network of domestic and international routes serving approximately 70 domestic and 36 international destinations. The company operates in four segments: the airline operations segment, which comprises the provision of air passenger and air cargo services; the engineering services segment, providing aircraft engineering services, like aircraft maintenance, repair and overhaul services; the airport terminal services segment, offering ground services that include check-in services, boarding services, premium class lounge services, ramp services, luggage handling services, loading and unloading services, cabin cleaning and transit services, and the others segment, which comprises the provision of air catering services and other airline-related services. 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: Fitch Lifts Individual Rating to D/E from E ------------------------------------------------------------- Fitch Ratings has upgraded the Individual and Support ratings of China Everbright Bank, reflecting improved capitalisation at the bank after the state's November 2007 capital injection and the bank's closer relationship with the Chinese government, which now stands as the largest shareholder with a 71% stake. The upgrades of the ratings are: -- Individual rating upgraded to 'D/E' from 'E'; and -- Support rating upgraded to '2' from '3'. The upgrade of CEB's Individual rating reflects the bank's improved financial profile, bolstered by China Central Huijin's USD2.7 billion capital injection, as well as improved asset quality. With fresh capital, CEB now plans to aggressively increase its presence in coastal areas and further expand into new product lines, which had been previously hindered by its pre-restructuring low capitalization. CEB's net profits increased 75% yoy in H107 due to the expansion of retail lending and the growth of its fee-based business. However, the ability of earnings to keep up with growth is a concern given the bank's historically weaker earnings and rising expenses associated with expansion. CEB's post-injection ratios of equity/assets and Tier 1 CAR are estimated to have risen to 3% and 6%, respectively. Meanwhile, asset quality has broadly improved due to the denominator effect from strong loan growth, with NPLs as a share of total loans falling to 6.4% in H107 from a high of 25% in 2000. The Support rating upgrade for CEB reflects the bank's new ownership structure, in which China Central Huijin, owned by the Ministry of Finance, now stands as the bank's largest shareholder, as well as the government's past track record supporting CEB. The combined holding of China Everbright Group and China Everbright Limited, the bank's previous largest shareholders, has been diluted to 13% from 46%. GREAT FINE: Appoints New Liquidator ----------------------------------- The members of Great Fine Engineering Limited appointed Anthony Nedderman as the company's liquidators. The liquidator can be reached at: Anthony Nedderman 11th Floor China Hong Kong Tower 8 Hennessy Road Hong Kong EVER WEALTH: Liquidators Quit Post ---------------------------------- On February 22, 2008, Kelvin Edward Flynn and Cosimo Borrelli stepped down as liquidators for Ever Wealth Management Limited. EVER WEALTH: Appoints New Liquidators ------------------------------------- The members of Ever Wealth Management Limited appointed David Giles Maund and Fernando Gaspar as the company's liquidators. The liquidators' address were not disclosed. FORCEWAY INDUSTRIAL: Appoints Anthony Nedderman as Liquidator ------------------------------------------------------------- The members of Forceway Industrial Limited appointed Anthony Nedderman as the company's liquidators. The liquidator can be reached at: Anthony Nedderman 11th Floor China Hong Kong Tower 8 Hennessy Road Hong Kong KIN LEE KO: Appoints Anthony Nedderman as Liquidator ---------------------------------------------------- The members of Kin Lee Ko Construction Company Limited appointed Anthony Nedderman as the company's liquidators. The liquidator can be reached at: Anthony Nedderman 11th Floor China Hong Kong Tower 8 Hennessy Road Hong Kong MUSIC CHAMBER: Court to Hear Wind-Up Petition on March 19 --------------------------------------------------------- On January 16, 2008, Lam Ngai Bun filed a petition to have Music Chamber International Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 19, 2008, to hear the petition. The petitioners' solicitor can be reached at: Ching Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong PLANTERS CHINA: Appoints New Liquidator --------------------------------------- The members of Planters China Trade Limited appointed Anthony Nedderman as the company's liquidators. The liquidator can be reached at: Anthony Nedderman 11th Floor China Hong Kong Tower 8 Hennessy Road Hong Kong SUN TAT: Court to Hear Wind-Up Petition on March 26 --------------------------------------------------- On January 21, 2008, Lo Shi Wai filed a petition to have Sun Tat Construction Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 26, 2008, to hear the petition. The petitioners' solicitor can be reached at: Ching Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong TIFFANY INTERNATIONAL: Appoints New Liquidator ---------------------------------------------- The members of Tiffany International Fine Food & Wines Company Limited appointed Anthony Nedderman as the company's liquidators. The liquidator can be reached at: Anthony Nedderman 11th Floor China Hong Kong Tower 8 Hennessy Road Hong Kong TODAYTECH ASIA: Liquidators Quit Post ---------------------------------- On February 22, 2008, Kelvin Edward Flynn and Cosimo Borrelli stepped down as liquidators for TodayTech Asia Limited. TODAYTECH ASIA: Appoints New Liquidators ------------------------------------- The members of TodayTech Asia Limited appointed David Giles Maund and Fernando Gaspar as the company's liquidators. The liquidators' address was not disclosed. ========= I N D I A ========= BHARTI AIRTEL: Joins Consortium to Build US$300MM Cable System -------------------------------------------------------------- Bharti Airtel Ltd. along with five leading international companies has executed an agreement to build a high-bandwidth undersea fiber-optic cable linking Asia and the United States. The construction of the new cable system, known as Unity, will cost an estimated US$300 million and will address broadband demand by providing much needed capacity to sustain the unprecedented growth in data and Internet traffic between Asia and the United States. The Unity consortium is a joint effort by Bharti Airtel (India), Global Transit Ltd. (Malaysia), Google (US), KDDI Corporation (Japan), Pacnet (Singapore) and SingTel (Singapore). The name Unity was chosen to signify a new type of consortium, born out of potentially competing systems, to emerge as a system within a system, offering ownership and management of individual fiber pairs. David Nishball, President, Airtel Enterprise Services said, "The partnership in the Unity consortium is yet another important step in our journey towards meeting our customers complete global communication needs. This investment is in line with our strategy to extend our international footprint across the globe to provide seamless connectivity to our customers through partnerships with leading global companies. The Unity cable system will address the demand for increased bandwidth between Asia and US as more and more services migrate to an online environment. This partnership will also provide alternate routes to meet the demands of our customers for increased levels of network resiliency and redundancy." The Unity consortium has selected NEC Corporation and Tyco Telecommunications to construct and install the system. Construction will begin immediately, with initial capacity targeted to be available in the first quarter of 2010. The Unity cable system will provide connectivity between Chikura, located off the coast near Tokyo, to Los Angeles and other West Coast network points of presence. At Chikura, Unity will be seamlessly connected to other cable systems, further enhancing connectivity into Asia. The Unity cable system will initially increase Trans-Pacific lit cable capacity by about 20 percent, with the potential to add up to 7.68 Terabits per second (Tb/s) of bandwidth across the Pacific. The Unity cable system will compliment Bharti Airtel's existing high bandwidth cable systems in the region. The company has two international landing stations in Chennai that connects two submarine cable systems -- i2i to Singapore and SEA-ME-WE-4 to Singapore and Europe. The company has also recently undertaken a series of initiatives to extend its international footprint and has partnered the Asia America Gateway cable system to provide the much-needed diversity against traditional routes to the US, mainly carrying broadband traffic. Earlier this month, it announced the IMEWE cable -- a high-capacity fiber-optic submarine cable that stretches from India to France via the Middle East. About Bharti Airtel 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. GENERAL MOTORS: Workers Strike Has No Impact on Assembly -------------------------------------------------------- Although the strike of union workers at its supplier American Axle and Manufacturing Inc. does not affect General Motors Corp.'s plant production yet, the automaker says it is following the protest closely, Terry Kosdrosky at Dow Jones Newswires reports. The Associated Press points out that GM has a large inventory of pickups and sport utility vehicles, which are equipped with American Axle's products. However, if the strike lasts longer than the backlog, GM's assembly lines would suffer, AP relates citing industry analysts. United Auto Workers union president Ron Gettelfinger and Vice President James Settles disclosed that members at American Axle and Manufacturing Inc. began an unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008, following expiration of a four-year master labor agreement. Talks broke off Monday with major issues unresolved. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P saod the outlook is stable. EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative ------------------------------------------------------------ Fitch Ratings revised Eastman Kodak Company's Rating Outlook to Stable from Negative and affirmed the ratings as: -- Issuer default rating at 'B'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior unsecured debt at 'B/RR4'. Fitch's actions affect approximately US$2.6 billion of total debt, including the company's undrawn US$1 billion RCF. The revision of the Rating Outlook to Stable reflects Kodak's: -- Improving near-term free cash flow prospects, which are due primarily to declining cash restructuring payments following the completion of its significant 2004-2007 restructuring program; -- Revenue stabilization, as accelerating digital revenue growth has started to more than offset declines in traditional revenue; -- Improved credit protection measures and financial flexibility. Ratings concerns continue to center on: -- The ongoing decline of the traditional film business, which, in Fitch's estimate, generates the majority of the company's EBITDA; -- The significantly lower profit margins on digital technology, especially within the company's Consumer Digital Group, which continues to pressure the company's overall profitability. The ratings are supported by Kodak's: -- Strong credit protection metrics; -- Broad geographic revenue diversity; -- Strong brand name; -- Broad Consumer Digital Group product portfolio; -- Leading market position in traditional film market. Positive rating actions could occur if: -- Kodak exhibits consistent year-over-year improvement in digital profitability driven by a revenue mix shift toward higher-margin products, such as consumables for consumer inkjet printers and/or sustainable expense reductions; -- Significant improvement in free cash flow beyond Fitch's current expectations due to higher profitability as opposed to cash restructuring declines. Negative rating actions could occur if: -- The company undertakes significant debt-financed M&A or share repurchase activity; -- Ongoing deterioration in revenues and/or profitability resumes. Fitch believes liquidity at Dec. 31, 2007 was solid and supported by: approximately US$2.9 billion of cash and cash equivalents, and an undrawn US$1 billion senior secured RCF due October 2010 (approximately US$850 million net of letters of credit); and free cash flow from continuing operations, which is expected to improve in 2008 from a loss of $US52 million in 2007 due largely to the completion of the company's restructuring program, which required cash outlays of US$400 million-US$600 million annually since 2004. Approximately US$150 million of residual cash restructuring payments are expected in 2008. Total debt as of Dec. 31, 2007 was approximately US$1.6 billion, consisting primarily of: US$250 million senior notes due May 2008, US$500 million senior notes due 2013, and US$575 million convertible senior notes due 2033, which have a conversion price of US$31.02 per share and which can be put to the company in October 2010. Fitch believes the US$250 million maturity in 2008 will be repaid with cash on hand. Fitch estimates total leverage and interest coverage of 1.5 times and 7.8x, respectively, at Dec. 31, 2007, compared to 2.4x and 4.3x at Dec. 31, 2006. The Recovery Ratings reflect Fitch's belief that Kodak's enterprise value would be maximized in a liquidation, rather than a going-concern, scenario. In estimating liquidation, Fitch applies advance rates of 80%, 20%, and 10%, respectively, to Kodak's accounts receivables, inventories, and property, plant, and equipment balances as of the year ended Dec. 31, 2007. Fitch arrives at an adjusted reorganization value of $1.6 billion after subtracting administrative claims. Based upon these assumptions, The 'RR1' recovery rating for Kodak's secured bank facility reflects Fitch's belief that 100% recovery is realistic. The 'RR4' recovery rating for the senior unsecured debt reflects Fitch's estimate that a recovery of only 31%-50% would be achievable. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China, India among others. SINGER INDIA: Auditors Unable to Comment on Firm's Continuity ------------------------------------------------------------- Singer India Limited's auditors, in its limited review report, said that with the company's net worth completely eroded as of Dec. 31, 2007, the firm is unable to comment on the company's continuity as a going concern. As previously reported by the Troubled Company Reporter-Asia Pacific, Singer India reported a net loss of INR800,000 in the three months ended Dec. 31, 2007, an improvement compared to the INR10.9-million loss incurred in the corresponding quarter in 2006. The financial results have been prepared on a going concern basis, where Singer India will be able to realize all its assets at their carrying values as at Dec. 31, 2007, and discharge all its liabilities of that date in the normal course of business, the auditors noted in its report. However, the report continued, the financial information does not include any adjustments that may be required in case the company is unable to continue its operations as a going concern. Accordingly, the auditors are unable to ascertain the related financial impact, if any, in case the company is unable to continue as a going concern. Singer India Limited manufactures, among others, sewing machines. Singer India, hoping to meet the entire needs of an Indian household, also makes food processors, juicer mixer grinders, microwave ovens, fans, washing machines, televisions, and airconditioners. The company is a 49% subsidiary of Singer Company N.V. Singer India has been declared sick by the Board for Industrial and Financial Reconstruction constituted under Sick Industrial Companies (Special Provision) Act, 1985. The company has filed a restructuring plan for its revival. Its factory at Jammu continues to be under lay off since April 6, 2005. STATE BANK OF INDIA: Brings In V. Bharucha as Part-Time Director ---------------------------------------------------------------- State Bank of India has informed the Bombay Stock Exchange that the Central Government, in consultation with the Reserve Bank of India, has nominated Vasantha Bharucha as a part-time non- official director on the bank's central board. Dr. Bharucha is appointed to the post for a period of three years with effect from Feb. 25, 2008. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. SUNVIK STEELS: CRISIL Assigns BB Ratings on Bank Facilities ----------------------------------------------------------- CRISIL has assigned these ratings to Sunvik Steels Pvt Ltd.'s bank facilities: * INR130 Million Cash Credit Limit BB/Stable * INR870 Million Term Loan BB/Stable * INR80 Million LC & Bank Guarantee P4 CRISIL's ratings on Sunvik Steels' debt programme reflect the steel company's weak financial risk profile and small size of operations. The ratings also factor in Sunvik's moderate operating efficiency. Sunvik has a weak financial risk profile marked by low net worth, high gearing, and moderate debt protection measures. CRISIL estimates that, as on March 31, 2008, Sunvik's net worth will be around INR110 million; the gearing is expected to be high at around 3.5 times on the same date, though it has improved from a peak of 11 times as on March 31, 2006. The company has a large capital expenditure (capex) plan of INR930 million over the next two years, which will be largely debt funded. The expansion will also involve substantial increment in working capital. Therefore, CRISIL expects Sunvik's capital structure to remain weak over the medium term. Time and cost overruns on the expansion project could weaken the financial risk profile further. The debt protection measures for the year ending March 31, 2008, are expected to be moderate: the interest coverage and net cash accrual to total debt ratios are expected to be at 3 times and 0.18 times respectively. The company is a small player in the domestic steel industry, with a market share of less than 1%. As a result, the company faces disadvantages in terms of raw material sourcing and establishing a marketing network. Sunvik has moderate operating efficiency, primarily because of its proximity to iron ore mines. The company incurs low freight costs, as its plant is situated at a distance of 100 km from Chitradurga Mines, its chief source of iron ore. The operating efficiency is partially offset by the lack of backward integration, as the company has no captive mine. The operating efficiency is likely to remain moderate over the medium term. Outlook: Stable CRISIL expects Sunvik's capital structure to remain highly leveraged over the medium term because a substantial portion of the planned INR930-million capex is likely to be debt funded. The company will continue to be a small player in the domestic steel industry. The outlook may be revised to 'Positive' if there is a significant improvement in the capital structure and if the proposed projects are completed within the stipulated time and budget. Conversely, the outlook may be revised to 'Negative' if there are cost overruns or delays. Lower-than- expected profitability may also lend a negative bias to the outlook. About Sunvik Steels Sunvik Steels Pvt. Ltd. was incorporated in 2003 by Vivek Kejriwal, Mahendra Kachchara, and Sandeep Shishodia. The company manufactures sponge iron, steel ingots, and thermo- mechanically treated bars. TATA STEEL: To Expand Retail Chain to 50 Stores by March 2009 ------------------------------------------------------------- Tata Steel Limited plans to expand its retail chain from five steeljunction stores to 50 by March 2009, Sambit Saha of The Telegraph reports. According to the report, Tata Steel began steeljunction, its steel-retail business, in 2005 from Calcutta. Steeljunction provides items including TMT bars, steel furniture and cooking utensils, the news agency relates. "We will expand more in the east and enter either the northern or the western part of the country next year," The Teleqraph quoted Retail Initiative Chief Sarvesh Kumar as saying, adding that the company spent the last two years fine-tuning the retail model for future expansion. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd., and changed the outlook to negative from stable. VRL LOGISTICS: ICRA Gives LBB Ratings to Bank Facilities ------------------------------------------------------ ICRA Ltd., an associate of Moody's Investors Service, has assigned a rating of LBB to INR2.432 billion term loans and INR250 million Fund-based Limits of VRL Logistics Limited. LBB, indicates inadequate credit quality and the rated instrument carries high credit risk. The rating is constrained by the company's unfavourable financial risk profile characterized by high gearing (4 times as on March 31, 2007), relatively shorter maturity profile of the term loans in relation to the cash flows, higher working capital requirements due to its business model of owning its fleet and captive body-building, besides high capital intensity. This has resulted in the company delaying on its debt obligations intermittently in the past couple of years, and in ICRA's opinion the proceeds of the planned IPO would be critical in correcting the company's capital structure and its liquidity position. While assigning the rating, ICRA has noted the company's long track record in transportation business and its fleet of owned vehicles, which is one of the largest among Indian players supported by captive body-building and maintenance plants. The rating also favorably considers its limited presence in the corporate segments, which combined with the economies of scale resulting from its fleet size, enables it to achieve better operating margins than its peers. The transportation industry in which VRL operates, is characterized by a presence of large number of unorganized players controlling a significant share of the market. Going forward, repealing of Carriers Act and amendment of Carriage by Road Bill, which stipulates mandatory registration for common carriers may lead to sector becoming better organized. Given the overall buoyancy in the economy, the industry is expected to register high growth rates in the medium term. VRL operates mainly in the goods transportation segment (80% of revenues) with a small presence in the passenger segment (15%). Within the goods transportation segment, it has a limited presence in the lower margin corporate segment (20%). Ownership of vehicles and a captive bodybuilding plant ensures customization in terms of make of vehicles leading to better utilization of capacity in terms of volume and weight. Thus, an increasingly organized and vibrant transportation industry combined with its revenue mix and operating business model may be positives for VRL in the medium term. VRL also resorts to hiring of trucks to cater, as and when required, however, the extent of reliance on hired trucks is low (20% in 2006-07) vis a vis some of the established players in the industry. Hence, the company is more susceptible to industry downturns, even though its ability to capitalize on the upcycle will also be correspondingly higher compared to other industry players. The company's sales have grown from INR1.67 billion in FY03 to INR4.37 billion in FY07 at a CAGR of 27% over the period 2003- 07. The company's Operating Margins (OPBDIT/OI at 11.5% for FY07) have been consistently higher than other industry players. However, the ownership of trucks has led to high depreciation and interest charges resulting in low net profit margins. The company's gearing has been very high (4 times in FY07) although it has reduced from the previous year levels (7 times in FY06) due to cash inflow from sale of its printer business reflected as extraordinary income during FY07. While the increase in owned fleet over the years has helped the company in deriving benefits from economies of scale, it has also led to the company assuming considerable amounts of debt. Combined with its high debt obligations, its presence in the publishing business through its subsidiary, Vijayanand Printers, has led to company delaying on some of its debt obligations during 2006. The company's constant fund requirements and the loss-making nature of its printing business led to a strain on the company's cash flow and consequent delay in debt servicing. Subsequent to the sale of printer business in August 2006, the company's gearing has corrected from 7 times in FY06 to 4 times in FY07. The company however, has also delayed on some of its debt obligations during 2007 due to a mistiming of cash flows resulting from longer debtor days (60-70 days) on its corporate accounts. The company has also been investing significant sums on windmills and air chartering, which have also consumed a modest share of the internal accruals, thereby negatively impacting the liquidity position. Going forward, implementation of Carriage by Road Bill, introduction of VAT leading to higher number of long-haul trips, better roads leading to faster turnaround of vehicles and growth in overall economy may result in a vibrant market for VRL. However, in view of high gearing levels and shorter maturity profile of term loans, the company's debt protection metrics should remain stressed. VRL plans to come out with an Initial Public Offering as well as private equity funding during FY08 to the tune of around INR2 billion, a substantial portion of which might be used to repay its existing debt leading to an improved capital structure. ICRA will review the ratings once the company successfully concludes its IPO. About VRL Logistics VRL Logistics Limited is involved in the business of road transportation mainly for goods and to a limited extent in passenger transportation. It has the largest fleet of owned vehicles among the Indian companies. It operates through 40 hubs and has a significant presence in the Southern, Western and Northern regions while it plans to increase its presence in the eastern region. Company has a limited share of its revenues from large corporate clients. Started in 1976, VRL is promoted by the Sankeshwar family. Vijay Sankeshwar is the Chairman and Managing Director of the company. The shares of the company are fully held by the promoter group. ================= I N D O N E S I A ================= BANK NEGARA: Sees 40% Growth in Credit Card Transactions -------------------------------------------------------- PT Bank Negara Indonesia (Persero) Tbk aims for a 40% increase in the volume of credit card transaction this year, The Jakarta post reports. BNI General Manager for Credit Cards Sahala Oloan Manik told the news agency that to reach the target, the bank was hoping to increase its credit card users to 1.7 million this year, from 1.3 million users in 2007. Last year, he said, the bank booked around IDR7 trillion in credit card transactions. Novia D. Rulistia at The Post writes that the bank will also modify its credit cards from swipe mode to chips. "We will spend US$12 million for the conversion program, US$2 million of which will be used to change the cards, and the remaining US$10 million to change 20,000 electronic data cards (EDC)," Mr. Manik was quoted by The Post as saying. One EDC unit cost around US$400, the report relates. To support credit card growth, the report relates, the bank hopes to increase the number of its EDCs to 50,000 in stores here and abroad, from the current 25,000 card readers. The conversion aimed at increasing the security of credit cards by adding early detection units for suspicious cards used during transactions, to prevent credit card fraud, the report adds. About Bank Negara Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. As reported by the Troubled Company Reporter-Asia Pacific on Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank Negara. "Apart from the sovereign action, the upgrades in the banks' IDRs reflect their financial improvement in the past year, and our expectations that operating conditions in Indonesia should remain generally supportive of credit quality going forward," notes Tan Lai Peng, Director with Fitch's Financial Institutions group. Fitch revised the outlook to stable from positive. The detailed ratings are: -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised to Stable from Positive; -- Support rating upgraded to '3' from '4'; -- Support Rating Floor upgraded to 'BB-' from 'B+'; -- Individual rating affirmed at 'D'; -- ST IDR affirmed at 'B'; -- National Long-term affirmed at 'AA-(idn)'; -- FC subordinated debt upgraded to 'BB-' from 'B+'. On Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara Indonesia (Persero) Tbk.'s foreign currency long-term debt rating to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. On April 20, 2007, Standard & Poor's Ratings Services raised Bank Negara's long-term counterparty credit ratings to 'BB-' from 'B+'. BANK INTERNASIONAL: Temasek Considers Selling Bank Stake -------------------------------------------------------- PT Bank Internasional Indonesia Tbk's shareholder, Temasek Holdings, may decide to sell its controlling stake in a sale that could fetch more than US$700 million, various reports say. According to WSJ, citing unnamed sources, Temasek is considering starting a process for the sale of its interest in Bank Internasional, driven by an Indonesian central-bank policy. As reported in the Troubled Company Reporter - Asia Pacific on Dec. 26, 2007, under Bank Indonesia's single-presence policy, foreign parties cannot own a controlling stake in more than one Indonesian bank and must submit statements of compliance to this rule. Bank Indonesia, the report noted, set an end-2007 deadline for affected bank owners to decide on how they would comply with the rule. Foreigners controlling Indonesian banks have three options to comply with the single presence policy introduced by Bank of Indonesia, the TCR-AP related: -- merge the banks, -- set up a holding company for the banks, or -- sell down their stakes. The Jakarta Post relates that Temasek's Fullerton Financial Holdings Pte Ltd. since 2003 has owned 75% of the shares of Sorak consortium, which in turn owns a 55.85% stake in BII. Fullerton also holds a 59% majority share in Bank Danamon, the report adds. Potential buyers for the bank's shares are cash-rich Chinese banks, which are eager to expand into emerging markets, Antara News relates. Another Indonesian bank, Bank Mandiri, has reportedly expressed interest to buy Temasek's stake in BII but Bank Mandiri denied the report, the report adds. After a press statement on Feb. 25, BII President Director Henry Ho confirmed the decision. "The management of BII respects Fullerton's decision. This is, however, a shareholder's issue and does not affect the day-to- day operations of the bank. The bank continues to operate on the basis of business as usual," Mr. Ho was quoted by the news agency as saying. Fullerton expected to complete the sale before 2010, The Post notes. The Post adds that Bank Danamon said that by choosing the option to sell its BII stake, Fullerton had ruled out the other option of merging BII with Danamon. Rick Carew of WSJ writes that the possible sale of Temasek's stake marks a move by Temasek away from a market where it has been embroiled in a political fight over its holdings in Indonesia's telecommunications sector. About Bank Internasional PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/-- engages in general banking services and in other banking activities based on Syariah principles. The bank's services are divided into three categories: Personal Services, consisting of Funding, Credit Card Services, Loan, Reksadana and Bancassurance; Corporate Services, consisting of Funding, Credit Card Services, Loan and Investment Banking, and Platinum Services, consisting of Platinum Access, Syariah Platinum Access and Platinum MasterCard. The bank is headquartered in Jakarta, Indonesia. With a total customer deposit base of more than IDR34 trillion and over IDR47 trillion in assets, Bank Internasional is one of the largest banks in Indonesia with an international network that comprises over 230 branches and 700 ATMs across Indonesia, as well as a banking presence in Mauritius, Mumbai and the Cayman Islands. The Troubled Company Reporter-Asia Pacific reported on Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank Internasional Indonesia Tbk. "Apart from the sovereign action, the upgrades in the banks' IDRs reflect their financial improvement in the past year, and our expectations that operating conditions in Indonesia should remain generally supportive of credit quality going forward," notes Tan Lai Peng, Director with Fitch's Financial Institutions group. Fitch revised the outlook to stable from positive. The detailed ratings are: -- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to Stable from Positive; -- Support rating upgraded to '3' from '4'; -- Individual rating affirmed at C/D; -- ST IDR affirmed at 'B'; -- National Long-term affirmed at 'AA-(idn)'; -- FC subordinated debt rating upgraded to 'BB-' from 'B+'. On October 19, 2007, Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Internasional Indonesia Tbk. -- The issuer/foreign currency subordinated debt ratings were raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit rating to B1 from B2 -- The Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D BFSR were unaffected. On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of Bank Internasional as follows: * Long term foreign currency IDR at 'BB-' with a Positive Outlook, * Short term foreign currency IDR at 'B', * Individual Rating 'C/D', * Support Rating '4', Support Rating Floor 'B' and * National Rating 'AA-(idn)'. BANK RAKYAT: Minister Favors Takeover Bid for Bank Tabugan ---------------------------------------------------------- Minister for State Enterprises Sofyan Djalil favored PT Bank Rakyat Indonesia's plan to take over Bank Tabungan Negara, Antara News reports. Mr. Djalil told the news agency that this company move is aimed at coping with financial difficulties and mismatch faced by Bank Tabungan in financing housing projects in the country. Bank Tabungan has proposed to launch initial public offering to raise funds to cope with its financial problem. "In my opinion the IPO planned by BTN is inferior to takeover by BRI," Mr. Djalil was quoted by Antara as saying. The report relates that Mr. Djalil said all large banks will be asked to make their bidding but BRI is in a better position to create synergy with BTN, which is known to specialize in financing housing projects. Minister for Public Housing Yusuf Asyari, however, disagreed with BRI taking over BTN saying housing development will be slowed as BRI is known to set higher interest of 7% as against only 5% by BTN on housing credits, the report notes. About Bank Rakyat Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia (Persero) Tbk's -- http://www.bri.co.id/-- services comprise Savings, Credits and Syariah. In addition, the bank divides its financial and business services into three groups: Business Services, consisting of bank guarantees, bank clearance, automatic teller machines and safe deposit boxes; Financial Services, consisting of bill payments, CEPEBRI, INKASO, deposit acceptance, online transactions and transfers, and Other Services, consisting of tax and fine payments, donations, Western Union and zakat contributions. During the year ended Dec. 31, 2005, the bank had one branch office in Cayman Islands and two representative offices in New York and Hong Kong, respectively. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised Bank Rakyat's foreign currency long-term debt rating to Ba2 from Ba3 and its foreign currency long-term deposit ratings to B1 from B2. Fitch Ratings affirmed all the ratings of PT Bank Rakyat Indonesia (Persero) Tbk: * Long-term foreign Issuer Default rating 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '4'. BANK RAKYAT: Fitch Upgrades Issuer Default Rating to BB from BB- ---------------------------------------------------------------- Fitch ratings has taken rating actions on Indonesian banks. "Apart from the sovereign action, the upgrades in the banks' IDRs reflect their financial improvement in the past year, and our expectations that operating conditions in Indonesia should remain generally supportive of credit quality going forward," notes Tan Lai Peng, Director with Fitch's Financial Institutions group. The Outlook has been revised to Stable from Positive. This follows a similar revision on the Indonesian sovereign where the Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook revised to Stable from Positive. The Individual ratings, Short- term IDRs and National Ratings have been affirmed. Also, the Support Ratings of state-owned and/or systemically large banks have been upgraded to '3' from '4'. Their Support Rating Floors have been upgraded to 'BB-' from 'B+' or 'B' previously to reflect the stronger financial ability of the sovereign state to provide support. Bank Rakyat Indonesia -- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to Stable from Positive; -- Support rating upgraded to '3' from '4'; -- Support Rating Floor upgraded to 'BB-' from 'B+'; -- Individual rating affirmed at 'C/D'; -- ST IDR affirmed at 'B'; National Long-term affirmed at 'AAA (idn)'. BANK RAKYAT: May Issue Subordinate Bonds at IDR1 Trillion --------------------------------------------------------- PT Bank Rakyat Indonesia (Persero) Tbk is considering issuing subordinate bonds in foreign currency denomination that could exceed IDR1 trillion to increase its Capital Adequacy Ratio, Asia Pulse reports, citing bank President Abdul Salam. Mr. Salam told the news agency that the bank wants to maintain its CAR of above the present level of 14%, as against the minimum limit of 12% set by the central bank. "We are waiting for the market condition to improve and foreign loans are included in the bank's business plan," he was quoted by Asia Pulse as saying. Mr. Salam, the report relates, said the bank still has good long term financing capacity, but it needs to maintain a safe CAR. Mr. Salam said the bank aims to chalk up IDR130 trillion in outstanding credit by the end of this year up from IDR114 trillion at present, and the largest portion of the credit will be for the small and medium enterprises, the report adds. About Bank Rakyat Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia (Persero) Tbk's -- http://www.bri.co.id/-- services comprise Savings, Credits and Syariah. In addition, the bank divides its financial and business services into three groups: Business Services, consisting of bank guarantees, bank clearance, automatic teller machines and safe deposit boxes; Financial Services, consisting of bill payments, CEPEBRI, INKASO, deposit acceptance, online transactions and transfers, and Other Services, consisting of tax and fine payments, donations, Western Union and zakat contributions. During the year ended Dec. 31, 2005, the bank had one branch office in Cayman Islands and two representative offices in New York and Hong Kong, respectively. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised Bank Rakyat's foreign currency long-term debt rating to Ba2 from Ba3 and its foreign currency long-term deposit ratings to B1 from B2. Fitch Ratings affirmed all the ratings of PT Bank Rakyat Indonesia (Persero) Tbk: * Long-term foreign Issuer Default rating 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '4'. BERLIAN LAJU: Tunggaladhi Baskara Increases Stake in Company ------------------------------------------------------------ PT Tunggaladhi Baskara has increased its stake in PT Berlian Laju Tanker to 2,252,216,264 shares or 49.08% of Berlian Laju's paid-up capital, Antara News reports, citing TAB Director Dwijaya Hadi Surya. The relates that Mr. Surya, in a report to the chairman of the Indonesian Capital Market and Non-Bank Financial Institutions Supervisory Agency, said the company gained greater control over BLTA by share purchase transactions on February 21 and 22, 2008. On February 21, Antara recounts, TAB bought 2,505,500 shares through the Indonesian Stock Exchange at IDR2,350 - IDR2,375 per share, and another 550,000 shares through the Singapore Stock Exchange at USS$0.355 per share. On February 22, TAB bought 2,550,000 shares through SEI at the same price as the previous day, and 302,000 shares through SGX also at US$0.355 per share, the report relates. Mr. Surya told the news agency that the company had acquired more shares in BLTA as a good way of investing its funds. About PT Berlian Laju PT Berlian Laju Tanker Tbk is the largest Indonesian shipping company, focusing on liquid bulk cargo, with operations primarily in Asia with some expansion into the Middle East and Europe. In 2006, BLT achieved revenue of US$335 million, EBITDA of US$154 million and net income of US$107 million. The founder, Hadi Surya, has a 48.7% beneficial interest in BLT. The Troubled Company Reporter-Asia Pacific reported on Jan. 22, 2008, Standard & Poor's Ratings Services said PT Berlian Laju Tanker Tbk's corporate credit rating remains on CreditWatch with negative implications. The 'B+' issue rating on the US$400 million senior unsecured notes due 2014 and the US$125 million five-year convertible bonds due 2012, issued by BLT's fully owned BLT Finance B.V., also remains on CreditWatch with negative implications. On Dec. 19, 2007, Fitch Ratings downgraded Indonesia-based PT Berlian Laju Tanker Tbk's Long-term foreign and local currency Issuer Default Ratings to 'B+' from 'BB-'. The Outlook on the ratings is Stable. Fitch also downgraded the senior unsecured rating of the US$400 million notes due in 2014 issued by BLT Finance B.V and guaranteed by BLT to 'B+' from 'BB-, and assigned it a Recovery Rating of 'RR4'. These rating actions resolve the Rating Watch Negative that was applied to BLT on 14 October 2007 following its announcement to acquire Chembulk Tankers LLC, a Marshall Islands-registered chemical tanker company for US$850 million, mostly funded by debt. ========= J A P A N ========= FORD MOTOR: To Disclose Deal with Tata Motors on March 6 or 7 ------------------------------------------------------------- Ford Motor Co. will announce the sale of its Jaguar and Land Rover luxury brands to Tata Motors Limited on March 6 or 7, media reports say. Tata Motors became the front-runner to buy the two luxury brands, outbidding Mahindra & Mahindra in collaboration with buyout firm Apollo; and One Equity Partners LLC. As reported by the Troubled Company Reporter-Asia Pacific on Feb. 1, 2008, Tata Motors is closing in on an agreement with Ford for the purchase. Last week, Tata and Ford met with British union leaders to resolve final details before drawing up a memorandum of understanding for the sale, AFX News said quoting a report by Automotive News. Media reports noted that the union is satisfied with Tata Motors assuring them, among others, of keeping employment in the United Kingdom at its current level. To pave the way for the final takeover, Tata Motors will sign a three-way Heads of Agreement with Ford and the Jaguar-Land Rover labor union Unite within a few days, The Times of India said citing Dave Osboerne, Motor Industry Leader for Unite. The HoA, a tripartite document, would outline the assurances and agreements reached among the three key players regarding the deal, Mr. Osboerne told the news agency. The parties will also enter into a final memorandum of understanding on the takeover soon, The Times added. Announcement of the deal could have been earlier than March 6 or 7, but it is being delayed so as not to overshadow the introduction of an updated Ford Fiesta at the Geneva auto show next week, Automotive News cited an unnamed source from Ford as saying. 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. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. NIPPON SHEET: Carlyle Group Wants Majority Stake in NH Techno ------------------------------------------------------------- Carlyle Group, according to Bloomberg News, may purchase a majority stake in NH Techno Glasss Corp., a joint venture between Nippon Sheet Glass Co. and Hoya Corp. According to the same paper, the transaction may be carried out through a leveraged buyout for JPY100 billion (US$1.3 billion). "We'll see more mergers and acquisitions in Japan as Japanese companies are increasingly selling non-core assets and focusing on their main business," Taiji Okusu, managing director of investment banking at Credit Suisse Securities (Japan) Ltd., told Bloomberg. Nippon Sheet said that it would consider selling its fifty percent holdings in NH Techno, which manufactures glass compounds used in liquid-crystal display television panels. About Nippon Sheet Headquartered in Tokyo, Nippon Sheet Glass Company, Limited -- http://www.nsg.co.jp-- Company operates in four business divisions. Its Glass and Construction Material division manufactures, processes and sells various types of glasses, such as float plate, polished wire, heat absorbing, heat reflecting, reinforced, laminated, double-layer, vacuum, fireproof, template, mirror and ornamental glass, as well as sashes. It also supplies construction materials, and interior accessories for stores. The Information and Electronics division offers optical products, fine glass products, industrial glass products, liquid crystal display (LCD) products and others. Its Glass Fiber division is engaged in the manufacture, processing and sale of special glass fiber products, air filter-related items and others. The Others division is involved in the facility engineering and the test analysis businesses, among others. Nippon Sheet carries Mikuni Credit Rating's BB rating. SPANSION INC: Fitch Affirms B- IDR with Negative Outlook -------------------------------------------------------- Fitch Ratings has affirmed Spansion Inc.'s (Nasdaq: SPSN) Issuer Default Rating at 'B-' while downgrading the following issue- level ratings due to lower recovery prospects: -- US$175 million senior secured revolving credit facility due 201 to 'B/RR3' from 'B+/RR2'; -- US$625 million senior secured floating rating notes due 2013 to 'B/RR3' from 'B+/RR2'; -- US$225 million of 11.25% senior unsecured notes due 2016 to 'CCC/RR6' from 'CCC+/RR5'; and -- US$207 million of 2.25% convertible senior subordinated debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'. The Rating Outlook remains Negative. Approximately US$1.2 billion of debt is affected. The Negative Outlook mainly reflects Fitch's expectations that: * the company's financial flexibility and liquidity position will remain relatively weak; * Spansion's free cash flow will be negative again in 2008, despite the anticipation of significantly lower capital spending, further pressuring the company's liquidity position or resulting in higher debt levels; and * ongoing industry-wide excess capacity, which continues to pressure average selling prices in all but the highest bit- density products and should constrain the company's ability to meaningfully expand gross margins and, therefore, achieve operating profitability over the near-term. Ratings concerns mainly center on: * substantial ongoing capital spending and research and development (R&D) requirements, which should exceed 30% of sales in 2008, (at the higher end for the industry), while recognizing that Spansion's capital spending has been accelerated to support solid unit growth prospects and gain a sustainable cost leadership position; * Spansion's current lack of diversification beyond NOR flash memory markets (although emerging products are expected to address certain NAND and DRAM markets), which Fitch believes limits the company's tolerance for shortfalls in the commercial success of its technology roadmap or delays in transitioning to ever smaller circuitry nodes. Fitch notes that Spansion's key competitors have stronger financial flexibility, enabling them to withstand a challenging operating environment over the intermediate-term. The ratings are supported by Fitch's expectations that: * Spansion will continue to outgrow the NOR flash memory marke over the next few years, driven by ongoing industry consolidation, including an opportunity to become a second source supplier for customers of Intel Corp. and STMicroelectronics N.V., which are forming a NOR flash memory joint venture currently expected to close March 28, 2008; * beyond the near-term, Spansion's significant recent investments in leading edge manufacturing technology and ongoing transition to smaller circuit geometries, as well as development of foundry partnerships, should enable the company to achieves sustainable operating profitability through a normalized cycle; * Spansion's technology roadmap, including its MirrorBit and ORNAND architectures, will expand the company's addressable market beyond NOR flash memory, potentially strengthening Spansion's longer-term unit growth and profitability prospects. The Recovery Ratings and notching reflect Fitch's expectation that Spansion's enterprise value, and hence recovery rates for its creditors, will be maximized as a going concern rather than as in liquidation under a distressed scenario. The lower recovery ratings incorporate Spansion's meaningful decline in operating EBITDA and increased debt levels over the past several quarters, as well as a greater proportion of secured debt within the capital structure. Fitch's analysis assumes Spansion is not restricted by covenants or borrowing bases to fully draw down on its existing bank credit facilities. Given the erosion of Spansion's profitability to nearly distressed levels over the past several quarters, Fitch has reduced the discount to operating EBITDA (in estimating distressed operating EBITDA) for 2007 to 25% from the previous discount of 55%. Fitch believes of US$800 million of rated senior secured debt, including US$625 million of senior secured floating rate notes and a fully drawn US$175 million U.S. revolving bank credit facility, would recover 51%-70% in a reorganization scenario, resulting in a 'RR3' recovery rating. A waterfall analysis provides 0%-10% recovery for the approximately US$225 million of rated senior unsecured debt and US$207 million of senior subordinated notes, both resulting in a recovery rating of 'RR6'. As of Dec. 31, 2007, Fitch believes Spansion's liquidity was weak but sufficient to meet Fitch's anticipated near-term short- fall in free cash flow nd supported by: approximately US$416 million of cash and cash equivalents and ii) approximately US$236 million in total availability under various existing credit facilities (subject to certain borrowing base limitations), including Spansion's undrawn US$175 million senior secured U.S. revolving credit facility expiring 2010. A portion of Spansion's additional availability is related to credit facilities at the company's wholly owned subsidiary, Spansion Japan. Total debt as of Dec. 31, 2007, was US$1.4 billion and consisted primarily of: i) approximately US$260 million outstanding under a JPY48.8 billion (approximately US$400 million as of Dec. 31, 2007) Spansion Japan's, a wholly owned subsidiary of Spansion Inc., senior secured credit facility expiring 2012; ii) approximately US$625 million of floating rate senior secured notes due 2013; iii) approximately US$225 million of 11.25% senior unsecured notes due 2016; iv) US$207 million of 2.25% exchangeable senior subordinated debentures due 2016; and iv) approximately US$80 million of other debt, including capital leases. Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- designs, develops, manufactures, markets and sells flash memory solutions for wireless, automotive, networking and consumer electronics applications. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. ========= K O R E A ========= BHK INC: To List 6.3 Million Global Depository Receipts ------------------------------------------------------- BHK Inc. plans to list 6.3 milion global depository receipts on the Alternative Investment Market, as the admission will increase its profile in the UK and the rest of Europe, Thomson Financial reports. According to the report, the company said one GDR, which represents one ordinary share of KRW500 Korean, is expected to be issued at 82 pence. BHK told the news agency that said if it is admitted to AIM, it will be the first Korean company to be listed on it. The company is currently listed on the Korea Exchange, the report adds. Deloitte Corporate Finance, Thomson Financial relates, is acting as nominated adviser and Lewis Charles Securities is acting as broker to the company. Seoul, Korea-based BHK Inc. is engaged in international trading. The company's products consist of liquid crystal display televisions (LCD-TV's), electronic products, bed sheets, pillows, pillowcases, curtains and clothing. The company sells its bedding products in the department stores under the brand name Pierre Cardin. Currently, the company is also in the development stage for launching of a new business segment, which specializes in biomedical products, namely MyoCell, for heart muscle regeneration. The Troubled Company Reporter-Asia Pacific reported on Sept. 14, 2007, that the company has a shareholders' equity deficit of US$17.38 million on total assets of US$24.36 million. DAEWOO ELECTRONIC: Establishes New Joint Venture Company -------------------------------------------------------- Daewoo Electronic Components Co. Ltd. has established a joint venture company with a Korea-based company on February 18, 2008, Reuters Investing Keys reports. According to the report, the new entity, capitalized at KRW500 million, is mainly engaged in the sale of electronic and automobile parts. Daewoo Electronic, the report notes, holds a 40% stake in the JV company while the remaining 60% stake is held by the Korea-based entity. The report, however, did not say who's Daewoo's partner in the unnamed joint venture. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale at US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo Electronics is put up for sale a second time as the US$746- million Videocon-Ripplewood bid fails. Morgan Stanley's private equity unit has emerged as the preferred bidder to acquire Daewoo Electronics. DAEWOO ELECTRONIC: Investor Sells 5.01% Stake --------------------------------------------- Daewoo Electronic Components Co. Ltd.'s investor Choi Yong Geon has sold 5.01% stake or 688,410 shares of the company, Reuters Investing Keys reports. According to the report, after the transaction, Mr. Geon's stake in the company decreased to 4.39% from 9.40%. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale at US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo Electronics is put up for sale a second time as the US$746- million Videocon-Ripplewood bid fails. Morgan Stanley's private equity unit has emerged as the preferred bidder to acquire Daewoo Electronics. ILSUNG CONSTRUCTION: Declares Annual Cash Dividend -------------------------------------------------- Ilsung Construction Co. Ltd. has declared an annual cash dividend of KRW300 per share of common stock and KRW350 per share of preferred stock, to shareholders of record on December 31, 2007, Reuters Investing Keys reports. According to the report, the total cash dividend amount is KRW1,571,760,000. Seoul, Korea-based Ilsung Construction Co., Ltd. -- http://www.ilsungconst.co.kr/-- specializes in the provision of construction and engineering services. The Company has five major divisions: Construction division, which constructs buildings, high-speed railways and condominiums; Engineering Works division, which builds highways, subways, tunnels, bridges and housing developments; Social Overhead Capital (SOC) division, which collects toll fees to recoup its investment in the construction of tunnels, environment and energy plants; Housing division, which constructs apartment, mansions and villas, and Gardening division, which constructs golf clubs, parks and landscape architecture. Korea Ratings gave the company's commercial papers a B+ rating on January 31, 2007. LG TELECOM: Plans to Move to Korea Exchange ------------------------------------------- LG Telecom Ltd. plans to move to the Korea Exchange from its current listing in the Kosdaq market, Reuters reports. The report explains that moving to the main exchange usually helps a company draw interest from funds and investors who choose not to buy Kosdaq shares due to price volatility and limited trading volume. Rhee So-eui of Reuters writes that the company has 18% of the South Korean telecom market, where nine out of ten have a mobile phone. The listing on the Korea Exchange, pending shareholder approval, will take about two months, the report adds. Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd. -- http://www.lgtelecom.com/-- is a telecommunications and mobile phone operator controlled by the LG Group, one of the country's largest chaebol. It is Korea's smallest wireless operator. LG Telecom became one of the first companies to launch a commercial 3G service using PCS technology. In 1997, this was followed up by launching the second PCS network, offering greatly increased data transmission speeds. LG Telecom also offers a variety of internet services. BankOn is one of the most popular mobile banking services in South Korea and Musicon is a popular instant messenger. Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long- Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings. As reported in the Troubled Company Reporter-Asia Pacific on March 27, 2007, Moody's Investors Service upgraded LG Telecom's foreign currency corporate family rating and senior unsecured bond rating to Ba1 from Ba2. Moody' said the outlook on the rating is stable. On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign currency Issuer Default rating to 'BB+' from 'BB.' MAGNACHIP SEMICON: To Work with eMemory Tech for OTP Technology -------------------------------------------------------------- MagnaChip Semiconductor signed an agreement to collaborate with eMemory Technology Inc. in the development of embedded NVM technology and the qualification of an 0.18um One Time Programmable (OTP) macro using both the CMOS logic and high- voltage processes. eMemory's OTP technology can be applied in analog, LCD driver, and network ICs for the purpose of data storage, code programming, and trimming. The technology does not require any additional mask or process steps. "We are pleased to announce that eMemory has become one of our IP alliance program partners. We believe eMemory's leading edge technologies, combined with MagnaChip's reliable, advanced manufacturing capabilities, will allow us to provide robust and cost-effective manufacturing solutions, Specifically, the alliance will permit us to better serve the increasing demand for compact size and the need for flexibility in high-voltage products," said Channy Lee, Executive Vice President and General Manager of MagnaChip's Semiconductor Manufacturing Service Division. "As the demand for embedded NVM continues to expand, we are pleased to partner with a world leading foundry such as MagnaChip," stated Charles Hsu, President of eMemory. "MagnaChip offers fully qualified 0.18um logic processes for a variety of applications. We will work with MagnaChip to provide OTP solutions targeted at high growth analog, LCD driver and personal mobile applications." About eMemory Technology Inc. eMemory Technology Inc. was founded in August of 2000 at Hsinchu Science Park in Taiwan. eMemory is a technology-based company focused on the development of logic embedded non-volatile memory IP's such as OTP, MTP, and Flash. eMemory has been dedicated to the innovation of Neobit(R) and NeoFlash(R) for years and continues its efforts in providing a wide range of IP and technology services for programmable NVM devices and embedded memory applications. For more information about eMemory, please visit http://www.ememory.com.tw. About MagnaChip Semiconductor Based in Korea, MagnaChip Semiconductor -- http://www.magnachip.com/-- designs, develops, and manufactures mixed-signal and digital multimedia semiconductors addressing the convergence of consumer electronics and communications devices. MagnaChip also provides wafer foundry services utilizing CMOS high voltage, embedded memory, and analog and power process technologies for the manufacture of IC's for customer-owned designs. MagnaChip has world-class manufacturing capabilities and an extensive portfolio of approximately 8,500 registered and pending patents. As a result, MagnaChip is a valued partner in providing leading technology solutions to its customers worldwide. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 10, 2007, that Moody's Investors Service confirmed the B2 corporate family rating of MagnaChip Semiconductor LLC. At the same time, Moody's confirmed the ratings of the debt issued by MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor S.A., including: 1) B1 rating of the US$100 million five-year senior secured credit revolver 2) B2 rating of the US$500 million aggregate floating and fixed-rate second-priority senior secured notes due 2011 3) Caa1 rating of the US$250 million senior subordinated notes due 2014 On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on MagnaChip to 'B' from 'B+'. At the same time, S&P lowered the rating on MagnaChip's senior unsecured debt to 'B' from 'B+' and rating on its senior subordinated notes due 2014 to 'CCC+' from 'B-'. MIJU RAIL: Signs Contract with Public Procurement Service --------------------------------------------------------- Miju Rail MFG. Co. Ltd. has signed a contract with Public Procurement Service to supply rails for train, Reuters Investing Keys reports. Reuters Keys notes that the contract amount is for KRW4,260,000,000. Incheon, Korea-based Miju Rail MFG. Co., Ltd. -- http://www.miju.co.kr/-- is a manufacturer of steel products. The company offers carbon steel pipes, stainless steel pipes, spiral steel pipes, elevator guardrails, light rails and steel plates. Korea Ratings, on May 8, 2006, gave the company's US$3,000,000 overseas bond with warrants issue a 'BB-' rating with a stable outlook. =============== M A L A Y S I A =============== EKRAN BERHAD: Earns MYR3.92 Mil. in Quarter Ended Dec. 31, 2007 --------------------------------------------------------------- Ekran Bhd posted a net profit of MYR3.92 million on MYR20.54 million of revenues in the second quarter ended Dec. 31, 2007, as compared with a net profit of MYR23.53 million on MYR8.78 million of revenues recorded in the same quarter of 2006. The company's consolidated balance sheet as of Dec. 31, 2007, showed total current assets of MYR336.95 million and MYR233.61 million in current liabilities. As of end-December 2007, total assets of the company amounted to MYR1.06 billion and total liabilities aggregated to MYR327.05 million, resulting to shareholders' equity of MYR783.78 million. Ekran Berhad is a Malaysian company engaged in investment holding and the provision of management services to its subsidiary companies. Through its subsidiaries, the company is engaged in property development; the provision of property management services; timber logging and saw milling; the sale of timber products, and the operation of oil palm plantations. The company's operations are mainly concentrated in Malaysia, China and the Philippines. Ekran has been classified as an affected listed issuer under Amended Practice Note 17, when the auditors have expressed a disclaimer opinion on the company's audited financial report for the financial year ended June 30, 2005, and for defaulting on various credit facilities. GREIF INC: Board Declares US$0.28 Per Share Class A Dividends ------------------------------------------------------------- The Board of Directors of Greif, Inc. has declared quarterly cash dividends of US$0.28 per share of Class A Common Stock and US$0.42 per share of Class B Common Stock. The dividends are payable on April 1, 2008, to shareholders of record at close of business on March 17, 2008. Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE: GEF, GEF.B) -- http://www.greif.com/-- is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multi-wall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. For fiscal year 2006, the company generated approximately US$2.6 billion in net sales and US$326 million in EBITDA. The company has operations in Australia, Argentina, Brazil, Belgium, China, Malaysia, among others. * * * On Nov. 14, 2007, Moody's affirmed the company's Corporate Family Rating at Ba1; Senior Unsecured at Ba2; and Speculative Grade Liquidity of SGL-1 with stable rating outlook. GREIF INC: Stockholders Elect Mark A. Emkes as Director ------------------------------------------------------- At the Greif, Inc. annual meeting of stockholders on Feb. 25, Mark A. Emkes was elected to a one-year term on Greif's Board of Directors. Mr. Emkes joins re-elected members Vicki L. Avril, Michael H. Dempsey, Bruce A. Edwards, Michael J. Gasser, Daniel J. Gunsett, Judith D. Hook and Patrick J. Norton. John F. Finn, also elected for a one-year term, was appointed to Greif's Board in December. Mr. Emkes is chairperson and chief executive officer of Bridgestone Americas Holdings, Inc. and Bridgestone Firestone North American Tire, LLC, based in Nashville, Tennessee. Both Charles R. Chandler and William B. Sparks, Jr., did not stand for re-election and have retired from the Board. Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE: GEF, GEF.B) -- http://www.greif.com/-- is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multi-wall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. For fiscal year 2006, the company generated approximately US$2.6 billion in net sales and US$326 million in EBITDA. The company has operations in Australia, Argentina, Brazil, Belgium, China, Malaysia, among others. * * * On Nov. 14, 2007, Moody's affirmed the company's Corporate Family Rating at Ba1; Senior Unsecured at Ba2; and Speculative Grade Liquidity of SGL-1 with stable rating outlook. HALIFAX CAPITAL: Incurs MYR1.58MM Net Loss in Qtr. Ended Dec. 12 ---------------------------------------------------------------- Halifax Capital Bhd incurred a net loss of MYR1.58 million on MYR3.23 million of revenues in the fourth quarter ended Dec. 31, 2007, as compared with a net loss of MYR930,000 on MYR2.09 million of revenues in the same quarter in 2006. As of end-December 2007, the company's balance sheet showed strained liquidity with current assets of MYR2.23 million available to pay current liabilities of MYR16.01 million coming due within the next twelve months. Halifax's total assets as of Dec. 31, 2007, amounted to MYR18.39 million and total liabilities reached MYR16.68 million, resulting to a shareholders' equity of MYR1.72 million. 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 AIRLINE: Earns MYR242MM in Quarter Ended Dec. 12, 2007 ---------------------------------------------------------------- Malaysian Airline System Berhad recorded a net profit of MYR242.25 million in the quarter ended December 12, 2007, as compared to a net profit of MYR122.03 million in the same period of 2006. The Group recorded a higher operating profit of MYR260.8 million for the fourth quarter ended December 31, 2007, as compared to MYR148.6 million of operating profit in the same quarter of 2006. This was due to higher operating revenue and improved yields. Operating revenue for the fourth quarter increased to MYR4 billion from RM3.65 billion in the preceding quarter. Operating profit for the quarter decreased from MYR376.4 million to MYR260.8 million and profit after tax for the quarter decreased from MYR364.6 million to MYR242.3 million, against preceding quarter. In addition, preceding quarter results recorded MYR220.6 million residual value sharing on sale of aircraft by Penerbangan Malaysia Berhad and MYR51.7 million gains on sale of properties. As of December 12, 2008, the company's balance sheet showed MYR7.42 billion in current assets available to pay current liabilities of MYR5.25 billion coming due within the next twelve months. 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. WEMBLEY: Balance Sheet Upside-Down by MYR937 Mil. at Dec. 12 ------------------------------------------------------------ Wembley Industries Holdings Bhd's balance sheet went upside down to MYR937.87 million after posting total assets of MYR416 million and total liabilities of MYR1.35 billion as of December 12, 2007. The company's balance sheet as of end-September also reflected strained liquidity with current assets of MYR415.9 million available to pay MYR1.35 billion of current liabilities coming due within the next 12 months. Meanwhile, Wembley incurred a net loss of MYR14.89 million in the quarter ended Dec. 12, 2007, compared with the MYR32.71-million net loss in the same period of 2006. Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure Berhad -- http://www.sunway.com.my/-- is an investment holding company in Malaysia. The Company's wholly owned subsidiary, Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is responsible for the construction of the Kajang Traffic Dispersal Ring Road. Silk's activities are the upgrading and widening of existing roads; the design and construction of a new alignment, and the operation of the Kajang Traffic Dispersal Ring Road, including toll operations and maintenance. Through SILK, the Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd mainly focuses on undertaking housing development for residents whose dwellings are located on the land, on which the Kajang Traffic Dispersal Ring Road is constructed or who are affected by the construction of the Kajang Traffic Dispersal ring road. On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd. The company is an affected listed issuer pursuant to the Amended PN17 since its auditors have expressed a modified opinion with emphasis on the company's going concern in the company's audited financial statements for the year ended June 30, 2006, and since the unaudited shareholders' equity of approximately MYR26.702 million based on its quarterly results for the period ended September 30, 2006, is less than 50% of its issued and paid up capital of MYR90 million. In addition, the Troubled Company Reporter-Asia Pacific reported on March 20, 2007, that its shareholders' equity on a consolidated basis based on the unaudited results for the quarter ended Dec. 31, 2006, of MYR7.173 million, is less than 25% of the company's issued and paid-up capital of MYR90 million and such shareholders' equity is less than the minimum issued and paid-up capital as required under Paragraph 8.16A(1) of the Listing Requirements of MYR60 million, triggering another listing criteria under Amended PN17 listing requirements. ==================== N E W Z E A L A N D ==================== AMBITION WHOLESALERS: Commences Liquidation Proceedings ------------------------------------------------------- Ambition Wholesalers Ltd.'s shareholders agreed on Feb. 11, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Stephen Mark Lawrence and Anthony John McCullagh to facilitate the sale of its assets. Creditors are required to file their proofs of debt by March 14, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Stephen Mark Lawrence Anthony John McCullagh c/o Horwath Corporate (Auckland) Limited PO Box 3678, Auckland 1140 New Zealand Telephone:(09) 306 7421 Facsimile:(09) 302 0536 C & W SCHWASS: Fixes March 14 as Last Day to File Claims -------------------------------------------------------- The creditors of C & W Schwass Ltd. are required to file their proofs of debt by March 14, 2008, to be included in the company's dividend distribution. The company's liquidators are: Jeffrey Philip Meltzer Lloyd James Hayward c/o Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 GRIDLINE CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators ------------------------------------------------------------- On February 5, 2008, the shareholders of Gridline Construction Ltd. appointed Vivian Judith Fatupaito and Colin Thomas McCloy as the company's liquidators. Creditors are required to file their proofs of debt by April 5, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 NED KELLY: Court to Hear Wind-Up Petition on April 11 ----------------------------------------------------- A petition to have Ned Kelly Building Supplies (2003) Ltd.'s operations wound up will be heard before the High Court of Auckland on April 11, 2008, at 10:45 a.m. Nationwide Prehung Doors Limited filed the petition on Dec. 10, 2007. Nationwide Prehung's solicitor is: M. M. Edwards Fortune Manning, gen-i Tower 66 Wyndham Street, Level 12 PO Box 4139, Auckland New Zealand PACIFIC EDGE: Raises NZ$5.2 Million in Domestic Market ------------------------------------------------------ Pacific Edge Biotechnology Limited has successfully completed a NZ$5.2 million round of fund raising to carry the company through to the launch of its first product on the market, the company said in a regulatory filing with the New Zealand Stock exchange. The company has targeted these funds for the next 18 months to enable the completion of the clinical trial for its bladder cancer assay, its colorectal cancer trial and to bring forward several of the company's late stage products currently in development. The company could reasonably expect to see revenues closely following the successful completion of the bladder clinical trial in 12 months time. According to the company, this is an exciting time to see its vision of more accurate and less invasive tests for the early detection and monitoring of cancer so close to the market. Strong progress in the last 12 months for each core product development programs has brought the market proposition closer. The company's bladder cancer urine test has undergone further improvements to increase its ease of use in diagnostic laboratories. It has also begun work on adding additional features that it hopes to incorporate into later versions of the test; in particular, it will be developing markers that predict the risk of disease recurrence. Currently the tests for bladder cancer are of poor accuracy and can be invasive. This new test from PEB provides a significant increase in accuracy and is non-invasive. The test requires only 2 mls of urine and is unprecedented in providing, from the analysis of four genes in the urine, clinicians with specific information on the presence of a bladder tumour and also identifies how advanced the tumour is. These product advantages are a significant step change in the detection and monitoring capability for bladder cancer. The company's clinical trial program for this new assay for the early detection of bladder cancer is underway with planning and logistics completed. Patient recruitment for the trial will begin in the next few weeks in Christchurch and Tauranga with other sites to follow. On completion of the clinical trial the company is looking for a rapid release to the Australasian market followed by the US and Europe. The company is already seeking leading urologists in Australasia to participate in the early use of this test and is in discussion with a leading diagnostic platform company to take the product to market in the US. The gastric cancer serum test development has also advanced well. The company is currently testing its markers on serum samples from patients with gastric cancer using an 'antibody chip' approach. Once this testing is complete the company is set to finalize details of the test with the intention of initiating clinical trials in 2008. The colorectal cancer prognostic test is scheduled to enter a retrospective clinical study in Europe in the next few months, under the supervision of our partner, Signature Diagnostics, in Germany. The melanoma test, predicting the aggressiveness of stage III melanoma, is currently being validated at the Ludwig Institute in Melbourne on an independent set of samples. An independent review, in November 07, of the market place for in-vitro diagnostics for cancer outlines there is a rampantly growing market for molecular diagnostics for cancer that is anticipated to total US$9.8 billion by 2016. Dunedin, New Zealand-based Pacific Edge Biotechnology Limited -- http://www.pacificedgebiotech.com/-- is a biomedical company specializing in the discovery and commercialization of diagnostic and prognostic products for human cancer. The company is focused on developing genomic and proteomic tools for the earlier detection, improved characterization and better management of gastric, bladder, colorectal, endometrial cancers and melanoma. PEBL's early detection program for gastric cancer uses different detection technology to the bladder and endometrial programs. This program is developing protein/antibody assays that can be used to detect the targeted biomarkers in blood samples. The company has a 25% investment in Prognostic Systems Limited, which has been formed to investigate the possible usage of PEBL's core software in predictive cardiovascular disease onset. The company has booked at least two consecutive annual net losses -- NZ$1,880,836 for the year ended March 31, 2007, and NZ$2,516,838 for the year ended March 31, 2006. PHOTO ENTERPRISES: Creditors' Proofs of Debt Due on May 11 ---------------------------------------------------------- Photo Enterprises Ltd. requires its creditors to file their proofs of debt by May 11, 2008, to be included in the company's dividend distribution. The company's liquidators are: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 RATTRAY PROPERTIES: Appoints Higgs & van Dyk as Liquidators ----------------------------------------------------------- On February 13, 2008, Stephen James Higgs and Henry Martin van Dyk were appointed liquidators of Rattray Properties Ltd. Messrs. Higgs and van Dyk require the company's creditors to file their proofs of debt by March 13, 2008. The liquidators can be reached at: Stephen James Higgs Henry Martin van Dyk Polson Higgs P.O. Box 5346, Dunedin New Zealand SANCTUARY DEVELOPMENTS: Undergoes Liquidation Proceedings --------------------------------------------------------- Sanctuary Developments (Columbia) Ltd.'s directors and shareholders agreed on February 8, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Gregory Noel Rathbun and Richard Charles Ashby to facilitate the sale of its assets. The liquidators can be reached at: Gregory Noel Rathbun Richard Charles Ashby PO Box 6310, Wellesley Street Auckland New Zealand Telephone:(09) 309 5191 Facsimile:(09) 309 5260 SANDRA AND NICK: Taps Whittfield & van Delden as Liquidators ------------------------------------------------------------ On February 9, 2008, John Trevor Whittfield and Boris van Delden were appointed liquidators of Sandra and Nick Ltd. Messrs. Whittfield and van Delden are accepting creditors' proofs of debt until March 10, 2008. The liquidators can be reached at: John Trevor Whittfield Boris van Delden McDonald Vague PO Box 6092, Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz STRAND FISK: Commences Liquidation Proceedings ---------------------------------------------- Strand Fisk & Muldoon Ltd.'s shareholders agreed on Feb. 15, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Edward Jansen and Brian Walshe to facilitate the sale of its assets. Creditors are required to file their proofs of debt by March 6, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Edward Jansen Brian Walshe PO Box 30568, Lower Hutt New Zealand Telephone:(04) 569 9069 WIN-DEY CONSTRUCTION: Faces Gas Pro's Wind-Up Petition ------------------------------------------------------ On January 15, 2008, Gas Pro Plumbing Limited filed a petition to have Win-Dey Construction Ltd.'s operations wound up. The petition will be heard before the High Court of Wellington on March 3, 2008, at 10:00 a.m. Gas Pro's solicitor is: D. G. Dewar c/o Thomas Dewar Sziranyi Letts, Solicitors 1 Margaret Street, 2nd Floor PO Box 31240, Lower Hutt New Zealand ===================== P H I L I P P I N E S ===================== CHIQUITA BRANDS: S&P Assigns Junk Rating on US$200M Senior Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to Chiquita Brands International Inc.'s US$200 million convertible senior notes due 2016. Net proceeds from the issuance were used to repay a portion of the US$375 million term loan C (US$132 million outstanding at Dec. 31, 2007, pro forma for this notes offering) of its senior secured credit facility. About US$820 million of debt was outstanding at Dec. 31, 2007. The ratings on Cincinnati, Ohio-based Chiquita reflect the company's high debt leverage, weak credit measures, and its product concentration in bananas and packaged salad. The company competes in the fruit and vegetable industry, which is mature and faces uncontrollable factors such as global supply, world trade policies, political risk, currency swings, weather, and disease. Ratings List Chiquita Brands International Inc. Corporate Credit Rating B-/Negative/-- Rating Assigned Chiquita Brands International Inc. US$200 Million 4.25% Convertible Notes Due 2016 CCC PHILCOMSAT HOLDINGS: Clarifies News Article on Bankwise Deposits ---------------------------------------------------------------- Philcomsat Holdings Corporation, in a filing with the Philippine Stock Exchange, denied acts that were suggested in the Feb. 15, 2008 Business Circuit column of The Malaya, a local daily. According to the regulatory filing, the Feb. 15 column that Amado Macasaet authored imputed certain acts to Philcomsat Holding's board of directors that are false and inaccurate. The article, subtitled "PHC lost money in failed bank" stated the bulk of the company's deposits are with Bankwise Inc. and that the same have "gone to ashes by the closure." As previously reported by the Troubled Company Reporter-Asia Pacific, the Philippine Deposit Insurance Corporation said it took over Bankwise on Feb. 8 a day after the Monetary Board ordered the bank's closure. "It is not true that the 'PHC deposits in Bankwise disappeared,'" Philcomsat asserted. Contrary to Mr. Macasaet's column, the company continued, the board has not connived with any Bankwise official to cause the money to disappear. The company, however, admitted that it has made certain deposits with Bankwise. But the current status of the bank should not be cause for alarm since the PDIC and Philippine Veterans Bank have already manifested their commitment to reimburse Bankwise's depositors of their investments, the PSE filing pointed out. According to the company, PVB has already made appropriate arrangements to protect Bankwise depositors. PVB will assume Bankwise's uninsured deposits on record, the company added. Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc. -- was incorporated on May 10, 1956. During the 70s and early 80s when the country experienced a boom in geophysical and drilling activities both offshore and onshore, Philcomsat Holdings was one of the active participants in search of oil. The company has since withdrawn from oil exploration because there was no commercial discovery of oil. On January 10, 1997, the company approved amendments to its Articles of Incorporation, changing its primary purpose from embarking in the discovery, exploitation, development and exploration of mineral oils, petroleum in its natural state, rock or carbon oils, natural oils and other volatile mineral substances to a holding company. According to a Troubled Company Reporter-Asia Pacific report on May 18, 2006, Philcomsat Holdings has not declared dividends for the past two fiscal years. Philcomsat is involved in an anomaly brought about by huge losses. The company reported a PHP6.965-million loss in 2004 and a PHP22-million loss in 2005. The Philippine Senate has initiated an inquiry into the matter. Moreover, according to press reports, a huge fraction of the shareholdings of Philcomsat, which is said to be ill-gotten, had been confiscated by the Government. PHIL. LONG DISTANCE: Amends Disclosure on Cruztelco Acquisition --------------------------------------------------------------- The Philippine Long Distance Telephone Co. has disclosed that Smart Broadband Inc. has completed the acquisition of all of the assets of Cruz Telephone Company. Smart Broadband is a subsidiary of PLDT's wholly owned subsidiary Smart Communications Inc. In another filing with the Philippine Stock Exchange, the company amended the prior disclosure to say that Smart Broadband completed the acquisition not all of the assets of Cruztelco but only its Cluster 3 assets. According to PLDT, the Cruztelco Cluster 3 assets are located in Northeastern Mindanao, specifically in the provinces of Surigao del Norte, Agusan del Norte, Agusan del Sur, Davao del Norte and Misamis Oriental. Since 2004, PLDT has been managing Cruztelco's network infrastructure and facilities for the provision of local exchange services by Cruztelco under a Facilities Management Agreement dated Feb. 5, 2004. Cruztelco is a telecommunications company operating in Northeast Mindanao. Since 2004, PLDT has been managing Cruztelco's network infrastructure and facilities for the provision of local exchange services by Cruztelco in Northeast Mindanao, under a Facilities Management Agreement dated Feb. 5, 2004. The National Telecommunications Commission approved SBI's acquisition of the Cruztelco Cluster 3 assets on Jan. 21, 2008. Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/-- is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * As of November 7, 2007, Philippine Long Distance Telephone Company carried Fitch Ratings' long-term foreign currency issuer default and senior notes ratings of 'BB+'. The company also carries Standard & Poor's 'BB+' foreign currency rating, as well as Moody's Investors Service's foreign currency bond rating of Ba2. In January 2008, Moody's changed the rating's outlook to positive from stable. ================= S I N G A P O R E ================= AAR CORP: To Acquire Avborne Heavy Maintenance ---------------------------------------------- AAR unveiled that it has signed an agreement to acquire Avborne Heavy Maintenance, Inc. and a related entity from AHM Holding, Corp. Avborne is an independent provider of aircraft heavy maintenance checks, modifications, installations and painting services to commercial airlines, international cargo carriers and major aircraft leasing companies. Founded in 1985, Avborne performs heavy maintenance on both Airbus and Boeing aircraft at its 226,000 square-foot hangar, located at Miami International Airport. The Avborne facility is capable of accommodating up to three wide-body aircraft or nine narrow-body aircraft, simultaneously. The company expects the acquisition will be completed during the fourth quarter of its fiscal year 2008, subject to customary closing conditions. The newly acquired business will operate as part of AAR's Maintenance, Repair and Overhaul segment. AAR currently operates MRO facilities in Indianapolis, Indiana, Oklahoma City, Oklahoma and Hot Springs, Arkansas and was ranked among the top 10 MROs in the world according to a 2007 study conducted by Aviation Week's Overhaul and Maintenance magazine. 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. FLEXTRONICS: Signs EUR3-Million Purchase Deal with Elcoteq ---------------------------------------------------------- Flextronics International Ltd. had signed a deal to purchase Finnish electronics contract manufacturer Elcoteq's factory in St. Petersburg in Russia, STT News reports. According to the report, Elcoteq sold the factory as part of the plan to restore profitability and competitiveness. Elcoteq said it expected to book a one-off gain of about EUR3 million from the sale in its second-quarter figures, the report adds. Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * Flextronics International Ltd. continues to carry Moody's Investors Service's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. LACOS INTERNATIONAL: Court Enters Wind-Up Order ----------------------------------------------- On February 15, 2008, the High Court of Singapore entered an order to have Lacos International Pte. Ltd.'s operations wound up. Thomas Teddy filed the petition against the company. Lacos International's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 S. K. LAM: Members and Creditors to Meet on March 6 --------------------------------------------------- S. K. Lam Meat Wholesaler (1988) Pte. Ltd. will hold a joint meeting for its members and creditors at 4:00 p.m. on March 6, 2008, at: ERC Marina Boulevard Room #17-01 Robinson Centre Singapore 068893 During the meeting, the company's liquidator, Yin Kum Choy, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Yin Kum Choy c/o K C Yin & Co Certified Public Accountants, S'pore 100 Tras Street #16-01 Amara Corporate Tower Singapore 079027 Telephone: 6323 1613 Facsimile: 6323 1763 YEW SENG: Pays First Dividend to Creditors ------------------------------------------ Yew Seng (Lian) Pte. Ltd., which is in compulsory liquidation, paid its first dividend to its creditors on March 17, 2008. The company paid 100% to all admitted ordinary claims. The company's liquidator is: Lai Seng Kwoon c/o SK Lai & Co 8 Robinson Road #13-00, ASO Building Singapore 048544 =========== T A I W A N =========== COSMOS BANK: Hopes to Employ 350 Financial Planners --------------------------------------------------- Seeking to cash in and pinning its hope on the lucrative wealth management business, Cosmos Bank Taiwan will nearly double its financial planners to 350 this year, The China Post reports. Taiwan is the third biggest wealth management market in Asia and has attracted foreign players like American International Group, Inc., and UBS AG (USA). "We think this is a great opportunity," said Jim Slavik, Cosmos' chief management director, as intercepted by China Post. As part of the expansion, Cosmos will put 60 relationship managers in the VIP Center in Taipei 101, one of Asia's tallest buildings, to serve high-net-worth customers this year, Mr. Slavik told China Post. He added that the bank now has a total of 200 relationship managers throughout its branches. China Post further quoted Mr. Slavik as saying that Cosmos also would focus on the small-medium-enterprise and credit card and cash card business. About Cosmos Bank Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan -- http://www.cosmosbank.com.tw/-- provides financial services for individuals and small and medium-sized enterprises in Taiwan. The Troubled Company Reporter Asia Pacific reported on Sept. 4, 2007, that Cosmos Bank inked a memorandum of understanding with SAC Private Capital Group LLC and General Electric Co., wherein SAC Capital and GE will pay a combined US$900 million for a majority stake in the bank. The report adds that Susan Chang, spokesperson of the Financial Supervisory Commission, said that Cosmos will sell the stake at TWD2.00 (US$0.06) per share, representing a 63% discount from its August 31-close trading price of TWD5.47. As of December 5, 2007, about 93.8% of the lender's bondholders had agreed to change their debt holdings into equities in Cosmos as part of the recapitalization plan. =============== T H A I L A N D =============== DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance ---------------------------------------------------------- Moody's Investors Service lowered Dole Food Company, Inc.'s corporate family rating and probability of default ratings to B3 from B2, and downgraded the ratings of the company's unsecured shelf filings. Dole's other debt ratings were confirmed. The rating outlook is stable. Ratings Lowered Dole Food Company, Inc. -- Corporate family rating to B3 from B2 -- Probability of default rating to B3 from B2 -- Senior unsecured shelf, senior subordinated shelf and junior subordinated shelf to (P)Caa2 (LGD6,97%) from (P)Caa1 (LGD6,97%) Ratings Confirmed Dole Food Company, Inc. -- Senior secured term loan B at Ba3 (LGD2,23%) -- Senior secured prefunded letter of credit facility at Ba3 (LGD2,23%) Dole Food Company, Inc. -- Senior unsecured notes at Caa1 (LGD5). LGD percentage to 77% from 78% "The downgrade in the corporate family rating and probability of default rating reflects Dole's weaker than anticipated operating performance in its fresh vegetable segment, margin pressure in packaged foods, and the lack of success in turning around its small flowers business", noted Elaine Francolino, Vice President, Senior Credit Officer. As a result, Dole's credit metrics are weaker than those appropriate for its prior rating level -- debt to EBITDA at October 6, 2007 was still high at 8.2 times, and unlikely to improve in the near term to the 7.5 times threshold articulated in Moody's January 2007 credit opinion as appropriate for the company's prior (B2) rating level. Free cash flow has been negative since the end of fiscal 2004, stemming from low profitability. The shelf instruments that were also downgraded are assumed to be unguaranteed in the loss-given-default model, and consequently have a low priority ranking in the liabilities waterfall. The ratings of these instruments were negatively impacted by the higher level of accounts payable, perhaps resulting from rising input prices and from company growth. Headquartered in Westlake Village, California, Dole Food Company, Inc. -- http://www.dole.com/-- is a producer and marketer of fresh fruit, fresh vegetables and fresh-cut flowers, and markets a line of packaged foods. The company has four primary operating segments. The fresh fruit segment produces and markets fresh fruit to wholesale, retail and institutional customers worldwide. The fresh vegetables segment contains operating segments that produce and market commodity vegetables and ready-to-eat packaged vegetables to wholesale, retail and institutional customers primarily in North America, Europe and Asia, including Thailand. The packaged foods segment contains several operating segments that produce and market packaged foods, including fruit, juices and snack foods. Dole's fresh- cut! flowers segment sources, imports and markets fresh-cut flowers, grown mainly in Colombia and Ecuador, primarily to wholesale florists and supermarkets in the U.S. ********* 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. 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