/raid1/www/Hosts/bankrupt/TCRAP_Public/080317.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
Monday, March 17, 2008, Vol. 9, Issue 54
Headlines
A U S T R A L I A
ACE COMPUTER: Members' Final Meeting Slated for March 26
B & M WHOLESALERS: Members Resolve to Liquidate Business
BROADCAST INVESTMENTS: Members' Final Meeting Set for March 26
CHRYSLER LLC: Wants District Court to Study Bankr. Court Rulings
CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July
COEUR D'ALENE: Prices US$200 Mil. Conv. Senior Unsecured Notes
COEUR D'ALENE: Plans US$150 Million Sr. Unsecured Notes Offering
COEUR D'ALENE: S&P Puts B- Rating on US$150MM Convertible Notes
ELLIOTT & ROSE: Final Meeting Slated for March 26
HSC PTY: Members Opt to Liquidate Business
J & B PAYNE: Undergoes Liquidation Proceedings
MCJ COMPUTERS: Placed Under Voluntary Liquidation
PROFESSIONAL PAINTING: Members & Creditors Meeting on March 27
R BERMAN PTY: Commences Liquidation Proceedings
RYE ALPINE: Court Enters Wind-Up Order
SANOFI-SYNTHELABO: Commences Liquidation Proceedings
SOUTHERN CROSS: To Declare Final Dividend on March 18
C H I N A & H O N G K O N G & T A I W A N
CHINA EASTERN: Seeks to Expand Cooperation with Shanghai Air
CHINA OCEAN: Members Meeting Fixed for April 7
FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler
GOGO H.K.: Members Meeting Fixed for April 10
GOLD PROFIT: Members Meeting Fixed for April 7
JUMBO PIONEER: Commences Liquidation Proceedings
MEDISON GREATER: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: Ships 4MM Crude Barrels to India, China
SHANGHAI PUDONG: To Sell Hybrid Bonds to Raise CNY6 Billion
SINO GLORY: Members Meeting Fixed for April 9
STAR GUIDE: Appoints New Liquidators
SUN RIGHT: Appoints New Liquidators
TCL CORP: Posted Profit After Three Years
TRW AUTOMOTIVE: Earns US$56 Million in Quarter Ended December 31
WILEADER LIMITED: Appoints New Liquidators
WORLD MASTER: Appoints New Liquidators
I N D I A
GENERAL MOTORS: Wants to Take Tools If Plastech Stops Delivery
ICICI: Moody's Sees No Rating Impact Now from MTM Write-Downs
QUEBECOR WORLD: Phillips Hager Owns 105,300 Non-Voting Shares
QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says
QUEBECOR: Ex-Corby Workers Set Up Taskforce with Unite Union
TATA MOTORS: Taps SBI as Lead Manager in Raising US$3 Billion
TATA MOTORS: Sees Improved Utility Vehicle Sales in FY2009
TATA STEEL: Higher Input Costs Cue Firm to Hike Product Prices
I N D O N E S I A
BANK CENTRAL: 2007 Net Profit Up 6% to IDR4.5 Trillion
BANK INTR'L: Temasek Holdings Draws Up BII Stake Shortlist
GARUDA INDONESIA: Appoints Fares & Schedules Assistant
INDOFOOD: To Keep Flour-Based Prices Steady
TELKOM INDONESIA: Sees 11%-12% Rise in 2008 Net Profit
J A P A N
ALITALIA SPA: State Council Rules Exclusive Talks Legitimate
MITSUBISHI MATERIALS: Earmarks JPY33.5 Bil. to Up Silicon Output
TAKEEI CO: JCR Assigns BB+ Rating on Senior Debts
K O R E A
TONG YANG: Makes Amendments to the Hanil Synthetic Merger
TONG YANG: Concludes Merger with with Unit
YOUNGCHANG SILUP: To Issue 14th Unsecured Bonds with Warrants
YOUNGCHANG SILUP: Lowers Full-Year 2007 Guidance
M A L A Y S I A
FOAMEX INTERNATIONAL: To Pursue Further Deleveraging
SOLUTIA INC: Inks Backstopper Registration Rights Agreement
SOLUTIA INC: Appoints New Members to the Board of Directors
SOLUTIA INC: Inks Distribution Agreement with Funding Co.
N E W Z E A L A N D
BAR XCEL 2007: Fixes March 28 as Last Day to File Claims
BERNARD FENTON: Creditors' Proofs of Debt Due on March 28
BLACKHAND STUDIO'S: Taps Fatupaito & McCloy as Liquidators
C & N BUILDERS: Names Shephard & Dunphy as Liquidators
CHRISTINE LEWIS: Wind-Up Petition Hearing Set for May 9
EVENTMAKERS INTERNATIONAL: Taps Grant & Khov as Liquidators
NEWLINE CONSTRUCTION: Subject to CIR's Wind-Up Petition
PEARL WORLD: Court to Hear Wind-Up Petition on May 7
SURE-MED (NZ): Appoints Whittfield & van Delden as Liquidators
TPH HOLDINGS: Placed Under Voluntary Liquidation
P H I L I P P I N E S
ALLIED BANKING: Tier 2 Issue Oversubscribed, Upsized to PHP4.5BB
FEDDERS CORP: Court Approves Sale of Assets to Elco Holding
- - - - -
=================
A U S T R A L I A
=================
ACE COMPUTER: Members' Final Meeting Slated for March 26
--------------------------------------------------------
Bruce Gleeson, Ace Computer Services Pty. Limited's appointed
estate liquidator, will meet with the company's members on
March 26, 2008, at 11:00 a.m. to provide them with property
disposal and winding-up reports.
In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Sept. 13, 2007.
The liquidator can be reached at:
Bruce Gleeson
c/o Jones Partners Insolvency & Business Recovery
Australia
Telephone:(02) 9251 5222
About Ace Computer
Ace Computer Services Pty. Limited is involved with computer
maintenance and repair. The company is located at Dulwich Hill,
in New South Wales, Australia.
B & M WHOLESALERS: Members Resolve to Liquidate Business
--------------------------------------------------------
B & M Wholesalers Pty. Ltd.'s members agreed on Jan. 23, 2008,
to voluntarily liquidate the company's business. In line with
this goal, the company has appointed Clyde Peter White and
Philip Newman to facilitate the sale of its assets.
The liquidators can be reached at:
Clyde Peter White
Philip Newman
HLB Mann Judd Chartered Accountants
160 Queen Street, Level 1
Melbourne, Victoria 3000
Australia
About B & M Wholesalers
B & M Wholesalers Pty. Ltd. is a distributor of meats and meat
products. The company is located at Laverton North, in
Victoria, Australia.
BROADCAST INVESTMENTS: Members' Final Meeting Set for March 26
--------------------------------------------------------------
John Georgakis, Broadcast Investments Holdings Pty. Ltd.'s
appointed estate liquidator, will meet with the company's
members on March 26, 2008, at 10:00 a.m. to provide them with
property disposal and winding-up reports.
The liquidator can be reached at:
John Georgakis
Ernst & Young
8 Exhibition Street
Melbourne Victoria 3000
Australia
About Broadcast Investments
Broadcast Investments Holdings Pty. Ltd. provides business
services. The company is located at Greenwich, in New South
Wales, Australia.
CHRYSLER LLC: Wants District Court to Study Bankr. Court Rulings
----------------------------------------------------------------
Chrysler LLC asks the U.S. District Court for the Eastern
District of Michigan to review the tool dispute rulings given by
the Honorable Phillip J. Shefferly of the U.S. Bankruptcy Court
for the Eastern District of Michigan.
As reported in the Troubled Company Reporter on March 4, 2008,
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., took an appeal under 28 U.S.C. Section 158(a) before the
District Court from the orders of Judge Shefferly that denied:
i) the lifting of the automatic stay to allow Chrysler to
regain possession of tooling located in Plastech
Engineered Products Inc. and its debtor-affiliates'
plants; and
ii) issuance of a preliminary injunction in connection with
the proposed recovery of tooling equipment.
Judge Shefferly said in a court opinion that the Debtors needed
to keep the tooling equipment to faciliate them in their
reorganization. The balancing of interests favored Plastech,
the Court said.
The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling that Chrysler has not paid for. In addition, the Court
was convinced that if Chrysler takes immediate possession of the
tooling, the Debtor will not be able to continue to provide
parts uninterrupted to its other major customers and therefore
any prospect of an effective reorganization will be lost.
The Chrysler Group therefore asks the District Court to
determine whether the Bankruptcy Court:
-- erred in concluding that the Debtors' mere possession of
certain tooling was sufficient to invoke the automatic
stay under Section 362(a) of the Bankruptcy Code, where
the Court agreed with Chrysler that it has a right to
immediate possession of the tooling and where established
caselaw provides that possession of property is
sufficient to invoke the automatic stay only if there is
some right of possession, i.e., "a good-faith, colorable
claim to possession;"
-- abused its discretion in denying Chrysler's motion to
lift the automatic stay, where Chrysler established
grounds to lift the stay under both Section 362(d)(1)
("cause" to lift the stay) and Section 362(d)(2) (debtor
does not have equity in the property and the property is
not "necessary to an effective reorganization");
-- clearly erred in finding that Chrysler did not
demonstrate "cause" under Section 362(d)(1) of the
Bankruptcy Code to lift the automatic stay and allow
Chrysler to immediately recover its tooling, where the
Bankruptcy Court relied solely on the "early stages" of
the case as a basis to disregard what the court
acknowledged as Chrysler's clear and unambiguous
contractual rights;
-- erred in finding that there was no "cause" to lift the
automatic stay, and that Chrysler's tooling was
"necessary" to the Debtors' "effective reorganization,"
where the continued possession of such tooling (as
opposed to the receipt of revenue from Chrysler resulting
from the production of component parts) would have no
financial impact on the Debtor and would not avoid the
financial harm on which the Bankruptcy Court relied in
reaching its decision;
-- clearly erred in permitting the Debtors to hold Chrysler'
tooling hostage and, as a result, compelling Chrysler to
continue purchasing component parts from the Debtors
against its will;
-- abused its discretion in denying Chrysler's request
for injunctive relief, where the court agreed with
Chrysler that it had a likelihood of success on the
merits with respect to its right to demand possession of
the tooling, and where Chrysler further demonstrated
that:
(a) without an injunction it will suffer irreparable harm
in the form of immediate plant closures and loss of
goodwill if it does not accede to the Debtors'
financial demands;
(b) such harm outweighs any potential harm to the Debtors
if an injunction were to issue, and;
(c) an injunction would serve the public interest by
preventing the Debtors from using their Chapter 11
bankruptcy filing as a means of holding Chrysler's
tooling hostage to extract financial accommodations
from Chrysler;
-- erred in relying on Chrysler's alternative request for
specific performance under its contracts with the Debtors
as a basis for denying Chrysler's request for injunctive
relief, where Chrysler's entitlement to specific
performance was irrelevant to Chrysler's request for
immediate possession of its tooling;
-- clearly erred in finding that Chrysler could not show
irreparable injury in the absence of an injunction since
any resulting damages to Chrysler "are compensable by
money," where the court failed to consider the fact that
the Debtors' insolvency renders it unlikely that Chrysler
could ever recover damages, and where the Court also
disregarded the evidence presented by Chrysler as to the
catastrophic harm it will suffer from an interruption in
the supply of parts to its plants, including irreparable
harm to Chrysler's goodwill with its other suppliers and
customers, that is difficult, if not impossible, to
calculate;
-- clearly erred in relying on purported harm to the
Debtors' other Major Customers to justify its denial of
Chrysler's request for relief from the automatic stay and
for immediate possession of its tooling, where the
testimony and evidence revealed that:
(a) the tooling is used only to produce parts for
Chrysler;
(b) any harm to the Debtors would consist solely of a
loss of revenue from the inability to continue to
produce parts for Chrysler, and;
(c) that the Debtors' other Major Customers, including
General Motors Corporation, Ford Motor Company, and
Johnson Controls, Inc., all supported Chrysler's
right to immediate possession of its tooling;
-- erred as a matter of law in relying on the so-called
"policy considerations of Chapter 11" to trump Chrysler's
contract rights under state law and to allow the Debtors
to effectively hold Chrysler's tooling hostage to extract
financial concessions, even though the court acknowledged
that:
(a) Chrysler's contracts with the Debtors "are clear and
unambiguous in conferring upon Chrysler the right to
take immediate possession of the tooling," and;
(b) that Chrysler will suffer harm "either by having to
contribute additional financial accommodations to the
Debtors, or by having to shut down certain of its
assembly lines and idle certain of its workers if it
does not obtain the tooling."
The documents were submitted to the District Court by Michael C.
Hammer, Esq., at Dickinson Wright PLLC, in Ann Arbor, Michigan,
on behalf of Chrysler Motors Company, LLC, and Chrysler Canada.
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. (Plastech Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
About Chrysler LLC
Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. S&P
said the outlook is negative.
CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July
------------------------------------------------------------
Chrysler LLC disclosed its intention to shutter its entire
operations for two weeks starting July 7, 2008, various sources
report citing an e-mail message sent to Chrysler employees.
Although, it isn't unusual for plants to idle production during
the summer, the corporate-wide shutdown will affect Chrysler's
19,000 salaried workers, who will also be asked to go on a
holiday together with the 52,500 hourly workers, Mike Ramsey of
Bloomberg News says.
Mr. Ramsey relates that the summer closing was once set for car
manufacturers to transfer new tools for model-year switchovers,
now July is scheduled for plant maintenance.
Those working on special projects will have to remain, Dee-Ann
Durbin of The Associated Press quotes Chrysler spokeswoman Mary
Beth Heilprin.
As reported in the Troubled Company Reporter on March 11, 2008,
Chrysler disclosed that it was closing its Pacifica Advance
Product Design Center outside Diego, and consolidate the
advanced design studio to its home base in Auburn Hills,
Michigan.
Increasingly, the company is leveraging resources worldwide,
forming new joint ventures and alliances and consolidating
operations in order to better achieve global balance and manage
fixed costs. These moves, Chrysler said, are designed to help
it become a more globally focused manufacturer, with design,
engineering, and sourcing, as well as a local presence to serve
local customers.
Headquartered 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.
COEUR D'ALENE: Prices US$200 Mil. Conv. Senior Unsecured Notes
--------------------------------------------------------------
Coeur d'Alene Mines Corporation has priced its US$200 million in
aggregate principal amount of convertible senior unsecured notes
due 2028 to be issued under an effective shelf registration
statement on file with the U.S. Securities and Exchange
Commission. The company has also granted the underwriters an
option to purchase up to an additional US$30 million aggregate
principal amount of notes solely to cover over-allotments.
Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
are acting as the underwriters of the offering with Deutsche
Bank Securities Inc. acting as sole book-running manager.
The notes will bear interest at a rate of 3 1/4% per year,
payable on March 15 and Sept. 15 of each year, beginning on
Sept. 15, 2008. The notes will mature on March 15, 2028, unless
earlier converted, redeemed or repurchased by the company.
Each holder of the notes may require that the company repurchase
some or all of the holder's notes on March 15, 2013,
March 15, 2015, March 15, 2018, and March 15, 2023, at a
repurchase price equal to 100% of the principal amount of the
notes to be repurchased, plus accrued and unpaid interest, in
cash, shares of common stock or a combination of cash and shares
of common stock, at the company's election. Holders will also
have the right, following certain fundamental change
transactions, to require the company to repurchase all or any
part of their notes for cash at a repurchase price equal to 100%
of the principal amount of the notes to be repurchased plus
accrued and unpaid interest. The company may redeem the notes
for cash in whole or in part at any time on or after
March 22, 2015, at 100% of the principal amount of the notes to
be redeemed plus accrued and unpaid interest.
The notes will be convertible under certain circumstances, at
the holder's option, at an initial conversion rate of 176.0254
shares of the company's common stock per US$1,000 principal
amount of notes, which is equivalent to an initial conversion
price of approximately US$5.68 per share of common stock
(representing a 30% conversion premium based on the closing
price of US$4.37 per share of the company's common stock on
March 12, 2008), subject to adjustment in certain circumstances.
The notes will provide for "net share settlement" of any
conversions, which limits the number of shares of common stock
to be issued in the future. Pursuant to this feature, upon
conversion of the notes, the company 1) will pay the note holder
an amount in cash equal to the lesser of the conversion
obligation or the principal amount of the notes, and (2) will
settle any excess of the conversion obligation above the notes'
principal amount in the company's common stock, cash or a
combination thereof, at the company's election.
The company intends to use the proceeds of this offering to
complete the construction of the San Bartolome silver project in
Bolivia and fund construction of the Palmarejo silver/gold
project in Mexico. Any additional remaining proceeds may be
used to repay borrowings under the company's bridge loan
facility and bank facility and for general corporate purposes.
Closing of the public offering of the notes is expected to occur
on March 18, 2008, and will be subject to the satisfaction of
various customary closing conditions.
About Coeur d'Alene
Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.
* * *
Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.
COEUR D'ALENE: Plans US$150 Million Sr. Unsecured Notes Offering
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has intended to offer
US$150 million in aggregate principal amount of convertible
senior unsecured notes under an effective shelf registration
statement on file with the U.S. Securities and Exchange
Commission.
The company intends to grant the underwriters of the proposed
offering an option to purchase up to an additional
US$22.5 million aggregate principal amount of notes solely to
cover over-allotments. Deutsche Bank Securities Inc. and J.P.
Morgan Securities Inc. will be the underwriters of the offering
with Deutsche Bank Securities Inc. acting as sole book-running
manager. The interest rate, conversion premium and other terms
of the notes will be determined at the time of pricing of the
offering.
The notes will be convertible, under certain circumstances, into
shares of the company's common stock and will provide for "net
share settlement" of any conversions, which limits the number of
shares of common stock to be issued in the future. Pursuant to
this feature, upon conversion of the notes, the company:
(1) will pay the note holder an amount in cash equal to the
lesser of the conversion obligation or the principal
amount of the notes, and
(2) will settle any excess of the conversion obligation above
the notes' principal amount in the company's common
stock, cash or a combination thereof, at the company's
election.
The company has intended to use the proceeds of this offering to
complete the construction of the San Bartolome silver project in
Bolivia and fund construction of the Palmarejo silver/gold
project in Mexico. Any additional remaining proceeds may be
used to repay borrowings under the company's bridge loan
facility and bank facility and for general corporate purposes.
Holders of the notes may require the Company to repurchase the
notes on specified dates and if the company is involved in
certain types of corporate transactions or other events
constituting a fundamental change.
About Coeur d'Alene
Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.
* * *
Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.
COEUR D'ALENE: S&P Puts B- Rating on US$150MM Convertible Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B-' debt
rating to the proposed US$150 million senior unsecured
convertible notes of Coeur D'Alene Mines Corp. (B-/Stable/--).
These notes will be issued under the company's effective shelf
registration filed on Dec. 27, 2005.
Proceeds from the proposed notes will be used to fund Coeur
D'Alene's planned capital expenditures at its San Bartolome
silver project in Bolivia and its Palmarejo silver and gold
project in Mexico. Pro forma for this financing, Coeur D'Alene
will have about US$406 million in debt.
The ratings on Coeur D'Alene Mines reflect its high business
risk as a capital-intensive commodity-based company with a
modest scope of operations, limited reserve base, and political
and operating risk at some of its operations. Ratings also
incorporate the company's aggressive expansion plans and
uncertainties about successfully developing its planned lower-
cost mining operations. Meaningful challenges include volatile
prices, governmental regulation, environmental issues,
permitting, and adverse geological conditions.
Ratings List:
-- Corporate Credit Rating B- ; Stable
-- Senior unsecured B-
Rating Assigned:
-- US$150 million senior unsecured convertible notes B-
Coeur d'Alene Mines Corporation is one of the world's leading
silver companies and also a significant gold producer. The
company, which has no silver or gold production hedged, is
presently constructing two of the world's largest silver mines:
San Bartolome (Bolivia) and Palmarejo (Mexico); operates two
underground mines in southern Chile and Argentina and one
surface mine in Nevada; and owns non-operating interests in two
low-cost mines in Australia. The company also owns a major gold
project in Alaska and conducts exploration activities in
Argentina, Bolivia, Chile, Mexico and Tanzania.
ELLIOTT & ROSE: Final Meeting Slated for March 26
-------------------------------------------------
Elliott & Rose Fabrications (New South Wales) Pty. Limited will
hold a final meeting for its members and creditors at 10:00 a.m.
on March 26, 2008. During the meeting, the company's
liquidator, Adam Shepard, will provide the attendees with
property disposal and winding-up reports.
The liquidator can be reached at:
Adam Shepard
32 Martin Place, Level 1
Sydney, New South Wales
Australia
About Elliott & Rose
Elliott & Rose Fabrications (New South Wales) Pty. Limited is a
distributor of fabricated structural metal. The company is
located at Chipping Norton, in New South Wales, Australia.
HSC PTY: Members Opt to Liquidate Business
------------------------------------------
HSC Pty. Ltd.'s members agreed on January 18, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Tibor Fabian to facilitate the
sale of its assets.
The liquidator can be reached at:
Tibor Fabian
Chartered Accountants
66 Goulburn Street, Level 29
Sydney, New South Wales, 2000
Australia
J & B PAYNE: Undergoes Liquidation Proceedings
----------------------------------------------
J & B Payne Pty. Ltd.'s members agreed on February 14, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Victor Raymond Dye and Roger
Darren Grant to facilitate the sale of its assets.
The liquidators can be reached at:
Victor Raymond Dye
Roger Darren Grant
Dye & Co. Pty Ltd Chartered Accountants
165 Camberwell Road
Hawthorn East, Victoria 3123
Australia
About J & B Payne
J & B Payne Pty. Ltd. is involved with surety insurance. The
company is located at South Melbourne, in Victoria, Australia.
MCJ COMPUTERS: Placed Under Voluntary Liquidation
-------------------------------------------------
MCJ Computers Pty. Limited's members agreed on Feb. 14, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed David Anthony Hurst and Andrew
High Jenner Wily to facilitate the sale of its assets.
The liquidators can be reached at:
David Anthony Hurst
Andrew High Jenner Wily
c/o Armstrong Wily, Chartered Accountants
75 Castlereagh Street, Level 5
Sydney, New South Wales 2000
Australia
About MCJ Computers
MCJ Computers Pty. Limited operates computer and computer
software stores. The company is located at Taren Point, in New
South Wales, Australia.
PROFESSIONAL PAINTING: Members & Creditors Meeting on March 27
---------------------------------------------------------------
Professional Painting Services Pty. Ltd. will hold a final
meeting for its members and creditors at 10:00 a.m. on
March 27, 2008. During the meeting, the company's liquidator,
Scott Turner at, 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 Oct. 23, 2007.
The liquidator can be reached at:
Scott Turner
151 Macquarie Street, Level 4
Sydney, New South Wales 2000
Australia
About Professional Painting
Professional Painting Services Pty. Ltd. is a distributor of
paintings and paper hangings. The company is located at Kiama,
in New South Wales, Australia.
R BERMAN PTY: Commences Liquidation Proceedings
-----------------------------------------------
R Berman Pty. Ltd.'s members agreed on Feb. 10, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Gary Rex Cox to facilitate the
sale of its assets.
The liquidator can be reached at:
Gary Rex Cox
251A Brunker Road
Adamstown, New South Wales 2289
Australia
About R Berman Pty.
R Berman Pty. Ltd. is a distributor of wood kitchen cabinets.
The company is located at Warners Bay, in New South Wales,
Australia.
RYE ALPINE: Court Enters Wind-Up Order
--------------------------------------
On February 15, 2008, the Federal Court of Australia entered an
order to have The Rye Alpine Group Pty. Ltd.'s operations wound
up.
The company's liquidator is:
Steven Nicols
350 Kent Street, Level 2
Sydney, New South Wales 2000
Australia
About The Rye Alpine
The Rye Alpine Group Pty. Ltd. is involved with heavy
construction equipment rental and leasing. The company is
located at Berridale, in New South Wales, Australia.
SANOFI-SYNTHELABO: Commences Liquidation Proceedings
----------------------------------------------------
Sanofi-Synthelabo Australia Pty. Limited's members agreed on
November 23, 2007, to voluntarily liquidate the company's
business. In line with this goal, the company has appointed
Geoffrey Reidy to facilitate the sale of its assets.
The liquidator can be reached at:
Geoffrey Reidy
Rodgers Reidy
333 George Street, Level 8
Sydney, New South Wales 2000
Australia
About Sanofi-Synthelabo
Sanofi-Synthelabo Australia Pty. Limited is a distributor of
drugs, proprietaries, and sundries. The company is located at
Macquarie Park, in New South Wales, Australia.
SOUTHERN CROSS: To Declare Final Dividend on March 18
-----------------------------------------------------
Southern Cross University Union Limited, which is in
liquidation, will declare final dividend on March 18, 2008.
According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Oct. 2, 2007.
The company's liquidator is:
M. J. Chubb
Clout & Associates Chartered Accountants
PO Box 962
Coffs Harbour, New South Wales 2450
Australia
About Southern Cross
Southern Cross University Union Limited is involved with
membership organizations. The company is located at Lismore, in
New South Wales, Australia.
==================================================
C H I N A & H O N G K O N G & T A I W A N
==================================================
CHINA EASTERN: Seeks to Expand Cooperation with Shanghai Air
------------------------------------------------------------
China Eastern Airlines Corporation Limited plans to extend
cooperation with Shanghai Airlines on nine domestic routes,
China Hospitality News reports.
Prior to this, the two parties signed a cooperation agreement
for five routes including those from Shanghai to Urumchi,
Suzhou, Nanjing, Baotou, and Huhhot, the report says. Because
neither of the two companies operates flights from Shanghai to
Baotou, the agreement will be not effective for this route.
China Hospitality News relates that the newly signed extended
agreement between the two airlines includes another five
domestic routes: from Shanghai to Harbin, Chengdu, Chongqing,
Shenzhen, and Tianjin. Together with the former four routes,
the number of domestic routes China Eastern and Shanghai
Airlines cooperate on has increased to nine.
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 OCEAN: Members Meeting Fixed for April 7
----------------------------------------------
The members of China Ocean Development Limited will have their
final meeting on April 7, 2008, at Room 1005, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The liquidator can be reached at:
Lam Ying Sui
Room 1005
Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler
-------------------------------------------------------------
Fiat Powertrain Technologies, a unit of Fiat S.p.A., signed an
agreement with Chrysler LLC to take over full ownership of the
Tritec Motors plant located in Campo Largo, in the metropolitan
region of Curitiba.
The purchase includes the facilities, the manufacturing unit,
the production lines and the license to produce the current
range of products.
Total investment in this initiative will amount to
BRL250 million (EUR83 million) including further development
costs.
In addition to acquiring one of the world's most modern engine
factories, FPT also announced that the Campo Largo manufacturing
unit will produce a new range of mid-size gasoline and flex-fuel
engines.
This product will be developed jointly by the Engineering
Centers in Betim and Torino, working together with staff at the
Campo Largo plant.
The acquisition of this plant by FPT - FIAT Powertrain
Technologies will create approximately 500 direct jobs and 1,500
indirect jobs, thus contributing significantly to economic
growth in the city of Campo Largo, the local industrial district
and the entire state of Parana.
"Acquiring the Campo Largo manufacturing facility will enable us
to reach two main strategic goals: first, to attract an even
larger number of non-captive customers for this product,"
Alfredo Altavilla, FPT CEO, said. "Secondly, to widen our
product portfolio, offering a new extremely modern and
competitive product range."
"The announcement is great news and provides a stable future for
Tritec under the ownership of Fiat Powertrain Technologies,"
said Chrysler Vice Chairman and President Tom LaSorda.
Headquartered 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.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005. Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.
* * *
As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.
The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating. The compay also carries B short-
term rating. S&P said the outlook is stable.
GOGO H.K.: Members Meeting Fixed for April 10
----------------------------------------------
The members of Gogo H.K. Co. Limited will have their final
meeting on April 10, 2008, at Unit 1507, 15th Floor, AXA Centre,
151 Gloucester Road, Wan Chai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The liquidator can be reached at:
Robert Osborne Lee
Unit 1507
15th Floor
AXA Centre
151 Gloucester Road
Wan Chai, Hong Kong
GOLD PROFIT: Members Meeting Fixed for April 7
----------------------------------------------
The members of Gold Profit Industries Limited will have their
final meeting on April 7, 2008, at Room 1005, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The liquidator can be reached at:
Lam Ying Sui
Room 1005
Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
JUMBO PIONEER: Commences Liquidation Proceedings
------------------------------------------------
Jumbo Pioneer Limited's members agreed February 29, 2008 to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Chui Kun Feng to facilitate the
sale of its assets.
The liquidator can be reached at:
Tam Chun Wan
Tse Chiang Kwok, Nassar
Room 403, 4th Floor
Wing On House
71 Des Voeux Road
Central, Hong Kong
MEDISON GREATER: Commences Liquidation Proceedings
--------------------------------------------------
Medison Greater China Limited's members agreed Feb. 28, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Au-Yeung Sin Ming Cindy to
facilitate the sale of its assets.
The liquidator's address was not disclosed.
PETROLEOS DE VENEZUELA: Ships 4MM Crude Barrels to India, China
---------------------------------------------------------------
Petroleos de Venezuela SA Refinacion Oriente shipped 4 million
crude barrels to India and China as part of a successful
strategy to achieve operating integration for the sea docks of
(TAECJ by its initials in Spanish) located in the Jose Storing
and Shipping Terminal and (TOJ by its initials in Spanish)
located in the Jose Eastern Terminal.
This way, PDVSA is promoting the successful strategy of
increasing the price of the oil barrel worldwide, thereby
complying with the guidelines issued by the Bolivarian
Government through the People's Ministry for Energy and
Petroleum, with the purpose of opening new markets for
Venezuelan crudes.
This integration paves the way for an important increase in
domestic and international oil shipments. By connecting these
two terminals located in the Petroleum and Petrochemical
Industrial Complex "Jos‚ Antonio Anzoategui", PDVSA guarantees
the delivery of cargoes to deep-draft ships and an approximate
capacity of 2 million crude barrels.
This strategic operational decision of strengthening the
capacities of TAECJ and TOJ makes possible to pump oil to large-
capacity ships in less time. Similarly, it guarantees the
delivery of the highly-valued product to a larger number of
markets. For example, increasing cargo volumes allows for much
quicker shipments to places like Asia and Europe.
The first cargo took place when the "La Providencia" ship
received 1,867,000 oil barrels to be shipped to China. This
volume was loaded using both terminals. 1,067,000 barrels were
loaded using the TAECJ Terminal and 800,000 barrels were pumped
using the TOJ terminal.
The pumping of the second cargo to be shipped to the Far East
finished on March 1 in the TAECJ's sea platform in the
"Capricorn Star" ship, and included 2 million barrels to be
shipped to India. Of these 2 million, 1 million were
Leona type crude barrels and the other million was Merey 16 type
crude barrels.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.
PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.
* * *
As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-. Fitch said the ratings
outlook is negative.
SHANGHAI PUDONG: To Sell Hybrid Bonds to Raise CNY6 Billion
-----------------------------------------------------------
Shanghai Pudong Development Bank Co. Ltd., partly owned by
Citigroup Inc., plans to raise about CNY6 billion (US$846
million) selling hybrid bonds this year after loan growth
drained capital, Shanghai Daily says. The bank told China Daily
that the sale needs regulatory approval, without giving further
details.
Profits surged at China's banks in 2007, as the fastest economic
growth in 13 years spurred demand for loans, China Daily
reports. Lending growth and the highest reserve ratio in more
than 20 years have cut into banks' capital and liquidity.
"While loan expansion powers the engine of profit, it uses up
capital more quickly than any other financial product," Liu
Xiaochang, an analyst at Huatai Securities Co in Nanjing, told
China Daily. "Selling bonds is a more viable option now as the
market doesn't seem to have appetite for any more share
offerings."
According to the report, Shanghai Pudong expanded lending by
20%, driving a 64% jump in profit. The growth pushed the bank's
capital adequacy ratio to 9.15%, above the 8% minimum required
by the regulator. Shanghai Pudong needs more capital after
forecasting loan growth of 14% for 2008.
The company said in February 2007, that it plans to sell as many
as 800 million shares to the public, seeking to raise CNY26
billion based on the current price, China Daily relates. After
completing the bond and share sales, the bank's capital ratio
will increase to at least 12% by the end of 2008, the bank told
China Daily.
Chinese banks are resorting to debt sales after the nation's
benchmark CSI 300 Index tumbled 29% from its October 16 peak,
China Daily says. News of Shanghai Pudong's share sale
triggered a 27% drop in the lender's market value since February
20 on concern it would dilute per-share earnings.
About Shanghai Pudong
Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business. The bank also offers Internet banking and
telephone banking.
Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments. At the same time, the agency
affirmed the bank's individual rating at D.
The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
financial strength rating.
SINO GLORY: Members Meeting Fixed for April 9
---------------------------------------------
The members of Sino Glory Investment (Holdings) Limited will
have their final meeting on April 9, 2008, at 19th Floor, on
Hong Kong Commercial Building, 145 Hennessy Road, Wanchai, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.
The liquidator can be reached at:
Leung Woon Che
19th Floor
Hong Kong Commercial Building
145 Hennessy Road
Wanchai, Hong Kong
STAR GUIDE: Appoints New Liquidators
------------------------------------
The members of Star Guide Limited appointed Lam Kwong Chak,
Zaloit as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
SUN RIGHT: Appoints New Liquidators
------------------------------------
The members of Sun Right Investment Limited appointed Lam Kwong
Chak, Zaloit as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
TCL CORP: Posted Profit After Three Years
-----------------------------------------
TCL Corporation had its first profit in three years after
closing an unprofitable unit in Europe, John Liu of Bloomberg
News reports. China's biggest consumer electronics maker posted
2007 profit that exceeded previously announced preliminary
earnings.
According to the report, net income was CNY395.8 million, or
CNY0.153 a share, compared with a loss of CNY1.86 billion, or
CNY0.72, a year earlier. TCL had told Bloomberg that it
expected 2007 profit of CNY380.8 million in a preliminary
announcement dated March 1.
TCL CEO Li Dongsheng closed the company's television-making
operations in Europe and sold off smaller businesses including
its personal-computer unit to cut costs and help the company
return to profit, Bloomberg relates. TCL's TV unit vowed to
boost production of liquid crystal-display sets in 2008 because
it expects this year's Beijing Olympics to spur Chinese demand
for flat-panels sets.
TCL rose 1.4% to CNY5.95 at the end of trading in March 14,
compared with a 1% decline in China's benchmark CSI 300 Index,
Bloomberg says. TCL's stock has gained 1.9% this year, as the
CSI 300 Index has fallen 22%. The company's 2007 sales fell 20%
to CNY39.1 billion from a year earlier, the same as was reported
in its preliminary earnings.
According to Bloomberg, companies publicly traded in China must
announce if they expect to turn to profit from loss or to loss
from profit. An announcement is also needed if they estimate
profit will rise or fall by 50% or more.
TCL Multimedia Technology Holdings Ltd., the company's Hong
Kong-listed TV unit, told Bloomberg that its fourth-quarter loss
narrowed to HK$260 million ($33.4 million) from HK$978.5
million. Sales fell to HK$6.33 billion from HK$7.76 billion.
More than half of the parent company's sales come from its TV
businesses. In 2006, its European operations posted a CNY763
million loss, which caused losses of the TCL Corp. group to
widen to CNY737.56 million. The TCR-AP report recounted that in
2004, TCL acquired the TV unit of French electronics firm
Thomson, which uses the Thomson brand in Europe and RCA in North
America. TCL grouped all its TV businesses under TMT.
TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.
About TCL Corp
Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.
TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .
Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB". The ratings outlook remains negative.
TRW AUTOMOTIVE: Earns US$56 Million in Quarter Ended December 31
----------------------------------------------------------------
TRW Automotive Holdings Corp. reported financial results for
fourth-quarter ended Dec. 31, 2007, with net earnings of
US$56 million, which compares to the prior year result of
US$33 million.
The company's full-year 2007 net earnings for the year were
US$90 million, which compares to 2006 earnings of US$176
million.
"In 2007, TRW delivered solid operating results, including
record sales and outstanding cash flow, that exceeded the
business objectives set at the beginning of the year," John
Plant, president and chief executive officer, said. "Our
achievements in 2007 related to our financial performance,
together with steady expansion overseas, debt refinancing and
safety advancements have helped the company grow stronger
despite challenging industry conditions."
"We have performed remarkably well since becoming an independent
company, providing solid results to our stakeholders and
capitalizing on our position as the world's preeminent active
and passive safety systems supplier," Mr. Plant added. "Now in
2008, we are a significantly larger, more diverse enterprise
that is reaching further into the world's growing markets with a
portfolio of safety technology that is unrivaled in the
marketplace. We continue to build for the future and are
focused on moving the company forward profitably over the long
term."
Cash Flow and Capital Structure
Net cash provided by operating activities during the fourth
quarter was US$826 million, which compares to US$397 million in
the prior year period. Fourth quarter capital expenditures were
US$174 million compared to US$195 million in 2006.
For full-year 2007, net cash flow from operating activities was
US$737 million, which compares to US$649 million in the prior
year. Capital expenditures were US$513 million in 2007, which
compares to US$529 million in 2006.
Full year 2007 operating cash flow after capital expenditures,
referred to as free cash flow, was US$224 million, which
compares to US$120 million in 2006.
The company completed its debt recapitalization plan during the
second quarter of 2007, including the refinancing of its
US$2.5 billion credit facilities on May 9, 2007. Additionally,
on March 26, 2007, the company completed its US$1.5 billion
Senior Note offering and repurchased substantially all of the
existing US$1.3 billion Notes through a tender offer. The
company incurred debt retirement charges of approximately US$155
million in 2007 related to these transactions.
As of Dec. 31, 2007, the company had US$3,244 million of debt
and US$899 million of cash and marketable securities, resulting
in net debt of US$2,345 million. This net debt outcome is US$98
million lower than the balance at the end of 2006.
At Dec. 31, 2007, the company's balance sheet showed total
assets of US$12.29 billion, total liabilities of US$8.96 billion
and total stockholders' equity of US$3.19 billion.
About TRW Automotive Holdings
Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier. Through its subsidiaries, it employs approximately
63,000 people in 25 countries. TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services.
* * *
TRW Automotive Holdings continues to carry Fitch Ratings' 'BB'
long term issuer default rating, which was placed in October
2004.
WILEADER LIMITED: Appoints New Liquidators
------------------------------------------
The members of Wileader Limited appointed Lam Kwong Chak, Zaloit
as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
WORLD MASTER: Appoints New Liquidators
--------------------------------------
The members of World Master Development Limited appointed Lam
Kwong Chak, Zaloit as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
=========
I N D I A
=========
GENERAL MOTORS: Wants to Take Tools If Plastech Stops Delivery
--------------------------------------------------------------
General Motors Corporation seeks relief from the automatic stay
under Section 362(d) of the U.S. Bankruptcy Code to allow it to
recover certain equipment in the event Plastech Engineered
Products, Inc., and its debtor-affiliates fail to produce
component parts for GM vehicles.
General Motors has provided to the Debtors via bailment, certain
supplies, materials, tools, jigs, dies, gauges, fixtures, molds,
patterns, equipment and other items to enable the Debtors to
manufacture parts unique to GM's vehicles.
On Feb. 12, 2007, and January 22, 2008, Plastech entered into
Financial Accommodation Agreements with GM and other major
customers. Under the Agreements, GM provided significant
accommodations to Plastech, including a payment of $11,500,000
beyond GM's otherwise existing contractual obligations to the
company. In exchange, Plastech agreed to grant immediate
possessory rights to tooling paid by the Major Customers.
GM did not disclose the value of tooling in the Debtors'
possession that it had paid for.
Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Detroit, Michigan, informs the U.S. Bankruptcy Court for
the Eastern District of Michigan that GM has strongly supported
Plastech through financial and other accommodations, and will
continue its discussions with Plastech and others in pursuit of
the Debtors' efforts to emerge from Chapter 11 as competitive,
viable suppliers or, if a reorganization is not possible, to
effectuate an orderly wind-down, respectful of the interests of
all customers and other constituents.
However, the uncertainties confronting Plastech are self-
evident, Mr. Wolfson avers. He notes that Plastech has only
obtained a limited amount and duration of its debtor-in-
possession loan and has already advised GM that it plans to
close four facilities where GM component parts are made.
According to Mr. Wolfson, GM must prepare for contingencies and
circumstances in which Plastech cannot or otherwise fails to
deliver components to GM on a timely basis, thereby placing GM's
assembly operations in jeopardy with consequential prejudice and
actual harm to GM, its over 100,000 employees and those persons
and entities who rely upon and engage in business with GM.
Mr. Wolfson asserts that GM's request for a lifting of the stay
under Section 362(d) is necessary so that GM could prepare for
resourcing in the event that Plastech is no longer able to
provide GM with the parts it needs for its manufacturing
processes.
"As the Court has recognized, any failure by Plastech to supply
component parts to a major customer such as GM would result in
disruptions to assembly lines within hours, which would be
followed by layoffs and substantial damages," Mr. Wolfson
states.
Mr. Wolfson notes that:
-- In its ruling on a motion from relief from stay filed by
Chrysler, LLC, the Court recognized that Plastech has no
equity in the tooling by virtue of certain tooling
acknowledgments to which Chrysler and GM were both
parties; and
-- Granting GM's request will not adversely affect any
reasonable likelihood of Plastech's pursuit of a
successful conclusion to its Chapter 11 cases. GM
proposes that modification of the automatic stay be only
allowed when Plastech is either (i) by its own statement
or actions, unwilling or (ii) unable to continue to
supply specific component parts under the terms of
governing purchase orders, as a result of which the
certain tooling will be unnecessary to future prosecution
of the Chapter 11 cases.
GM asks the Court to enter an order allowing it to enforce its
non-bankruptcy rights in state court to:
(1) recover possession of all Tooling associated with a
rejected Production Purchase Order immediately upon the
rejection of any Production Purchase Order;
(2) recover possession of all Tooling associated with a
facility that Debtors notify GM of their intent to close;
(3) recover possession of all Tooling upon the expiration of
financing for Debtors in the absence of a final, non-
appealable order approving further financing for the
Debtors; and
(4) recover possession of all Tooling associated with a
Component Part in the event Debtors are unable to supply
GM its requirements of that Component Part under the
terms of the Production Purchase Orders.
About Plastech Engineered
Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules. Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is
certified as a Minority Business Enterprise by the state of
Michigan. Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States. The
company's products are sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No.
08-42417). Gregg M. Galardi, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish,
P.C., represent the Debtors in their restructuring efforts. The
Debtors chose Jones Day as their special corporate and
litigation counsel. Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services. The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.
An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
US$695,000,000. (Plastech Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or
215/945-7000)
About General Motors
Based in Detroit, Michigan, General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was founded in 1908. GM employs about
266,000 people around the world and manufactures cars and trucks
in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
* * *
As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.
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 said the outlook is stable.
ICICI: Moody's Sees No Rating Impact Now from MTM Write-Downs
-------------------------------------------------------------
Moody's Investors Service, on March 13, said that it currently
sees no rating implications for ICICI Bank Ltd following its
recent announcement regarding the negative mark-to-market impact
on its credit derivatives and fixed-income investment portfolios
from the widening of spreads in the international markets.
Moody's currently assigns a C- bank financial strength rating to
ICICI Bank Ltd as well as A2/Prime-1 global local currency
deposit ratings. The bank is also assigned a Baa2 foreign
currency long-term debt rating for its senior, subordinated,
junior subordinated and hybrid Tier 1 notes and Ba2/NP foreign
currency deposit ratings. All ratings have a stable outlook.
Based on the information available to Moody's, the rating agency
sees no rating impact on the bank given the relatively limited
detrimental effect on the bank's capitalization and recurring
profits from the MTM write-downs at this stage.
"According to our estimates, the overall negative impact on the
group's nine-month pre-provision operating profits and its net
worth amounts to around 17% and 2% respectively," says Moody's
Assistant Vice President and Analyst, Nondas Nicolaides.
ICICI Bank disclosed that it has a credit derivatives portfolio
of around US$2.2 billion, with about 66% of the underlying
credit being mainly Indian corporates, and that it has no
material direct or indirect exposure to US sub-prime credit. It
also stated that the negative MTM impact until the end of
January 2008 related to both its credit derivatives and fixed-
income portfolios was US$263 million, of which US$189 was
provided for in the financial statements at the end of December
2007.
Moody's has further stress-tested some of these exposures
assuming further write-downs from 20% up to 40%, concluding
that, in such a scenario, the bank would remain comfortably
capitalized, even after considering fresh capital investment
into its two fully owned banking subsidiaries in the UK and
Canada. Although Moody's will continue to monitor the situation
closely, at present the bank's ratings are unlikely to be
affected. However, any material future losses that
significantly impaired the bank's comfortable capital levels or
even introduced a higher level of income volatility could exert
negative rating pressure.
ICICI Bank Limited is headquartered in Mumbai, India and had
total assets of INR3,767 billion (US$95.6 billion) at the end of
December 2007.
QUEBECOR WORLD: Phillips Hager Owns 105,300 Non-Voting Shares
-------------------------------------------------------------
Phillips, Hager & North Investment Management Ltd. disclosed in
a regulatory filing with the Securities and Exchange Commission
that they maybe deemed to beneficially own 105,300 shares of
Quebecor World Inc.'s common non-voting stock.
Phillips Hager's shares represents 0.12% of Quebecor World
Inc.'s 85,079,000 shares outstanding as of Sept. 30, 2007.
According to Bloomberg News, about 85,585,000 shares of QWI
common stock have been issued and outstanding as of
Feb. 29, 2008. Shares of QWI have been trading hands at CA$0.20
a share at the Toronto Stock Exchange as of the close of trading
on March 7, 2008.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.
The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case. The Debtors' CCAA stay
has been extended to May 12, 2008. (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says
--------------------------------------------------------------
Quebecor World Inc.'s insolvency has made many of its European
employees nervous but those in Quebec, Canada, are confident
about the future, according to The Canadian Press.
The report relates that Union Network International, Britain's
union for graphical workers, said it's "extremely concerned and
worried at the development." On a March 4 release Tony Burke,
the union's assistant general secretary, said "A lack of
information from the company has added to employee fears." "The
only communication our members have had is a letter from the CEO
Jacques Mallette in Canada advising that the bankruptcy
protection only covers the U.S.A. and Canada and it's 'business
as usual' in its European, Asian and Latin American companies,"
The Canadian Press quoted Mr. Burke, as saying.
The Canadian Press reported that employees are confused since
Mr. Mallette blamed the bankruptcy on industry pressures,
particularly in Europe, the company's inability to raise new
capital, and inability to complete the sale of its European
operations.
Mr. Burke, according to the report, said that "The fact that the
company has failed to communicate with its own workforce and
unions has lead to speculation, rumor and uncertainty."
But the Teamsters union, which represents some 1,500 workers,
said "the mood is completely different in Quebec." The Canadian
Press quoted Teamsters as stating, "[Quebecor World] is in a
strong position to survive because of recent technological
upgrades."
The Canadian Press quoted Stephane Lacroix, director of
communications for Teamster Canada, saying, "We're reasonably
confident that we'll be OK at the end of this crisis."
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.
The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case. The Debtors' CCAA stay
has been extended to May 12, 2008. (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
QUEBECOR: Ex-Corby Workers Set Up Taskforce with Unite Union
------------------------------------------------------------
William Mitting of PrintWeek reports that former employees of
Quebecor World Inc.'s site in Corby, central United Kingdom,
have set up a taskforce with Unite, a local union, and local
authorities to attain funding for training to help them find
work.
The taskforce is aiming to secure funds from the government to
pay for training for workers at the Corby site, and at other
firms who lost their jobs in the area recently, the report
relates. Almost 1,000 employees lost their jobs as a result of
Quebecor World's decision to close its Corby plant.
Job Cuts with Corby Unit Receivership
As reported in the Troubled Company Reporter on Feb. 4, 2008,
Unite Assistant General Secretary, Tony Burke, said the labor
group expects to see 300 potential job losses at Quebecor World
PLC, Quebecor World's United Kingdom subsidiary, after the
Corby-based facility has been placed into receivership in
Jan. 28, 2008.
The Canadian Press reported in early February 2008, that Ian
Best and David Duggins of Ernst & Young LLP, the joint
administrators of Quebecor World's British operation, have
decided to shut down the printing plant in Corby.
The Corby facility is located in the central U.K. about 70 miles
north of London. It employed approximately 290 people and
produced magazines, catalogs and specialty print products for
marketing and advertising campaigns.
According to the report, at least 250 workers will lose their
jobs due to the closure.
The Canadian Press related that Messrs. Best and Duggins were
not able to find a buyer who would continue operating the plant.
"The only interest expressed by potential investors were in the
assets, including the building and machinery, of Quebecor World
in the United Kingdom," The Canadian Press reported.
Tony Burke, assistant secretary-general of Unite, the union
representing workers at the Corby plant, blamed the Quebecor
parent company in Canada, The Canadian press noted.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.
The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case. The Debtors' CCAA stay
has been extended to May 12, 2008. (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
TATA MOTORS: Taps SBI as Lead Manager in Raising US$3 Billion
-------------------------------------------------------------
Tata Motors Ltd. has tapped the State Bank of India as sole lead
manager in raising US$3 billion, Hemang Palan of The Financial
Expres reports.
As reported in the Troubled Company Reporter-Asia Pacific on
March 7, Tata Motors is seeking US$3 billion in loans to fund
its planned acquisition of Ford Motor Co.'s Jaguar and Land
Rover brands.
Tata Motors became the front-runner to buy Ford's Jaguar and
Land Rover, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC. A deal
for the sale is expected to be announced since early this month,
but recent reports say it will be delayed by more than 10 days.
According to the Indo-Asian News Service, a memorandum of sales
will now take place in the week beginning March 17.
"For Tata Motors' acquisition corpus, we have already initiated
the process for raising debt worth [US]$3 billion in the
overseas market through a syndicated approach," the report
quoted an unnamed SBI official as saying. The Express says Tata
Group wants the acquisition corpus to be ready by April 10.
Tata Motors expects to raise the funds as a foreign exchange
bridge loan of 12 to 15 months at around 4.29% in the overseas
market, the SBI officer told the financial daily. The unnamed
bank official is hopeful that even with tight liquidity
condition in the overseas market, SBI can raise the funds at
that interest rates without difficulty.
The bank officer further told the news agency that the other
banks that will pool the resources are Citi-bank, Standard
Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and
Mizuho Financial Group. SBI may approach other Indin public
sector banks too, the spokesperson added.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia and the United Kingdom.
* * *
On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications. At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.
As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd. on review for possible downgrade.
TATA MOTORS: Sees Improved Utility Vehicle Sales in FY2009
----------------------------------------------------------
Tata Motors Ltd. sees improved Utility Vehicle sales in fiscal
year 2009, the Press Trust of India reports.
The UV market grew by 10.3% this fiscal with volumes of about
2.18 lakh units, PTI quoted Tata Motors Head Utility Vehicles S.
G. Saxena as telling reporters. This is expected to touch over
2.35 lakh in the upcoming fiscal, he added.
According to Mr. Saxena, Tata Motors expects that its UV sales
is even better than the industry growth with the company's new
products.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia and the United Kingdom.
* * *
On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications. At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.
As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd. on review for possible downgrade.
TATA STEEL: Higher Input Costs Cue Firm to Hike Product Prices
--------------------------------------------------------------
Tata Steel Ltd. has increased product prices due to higher input
costs of coal and iron ore, various reports say.
Tata Steel reportedly raised prices of its long products by
INR1,500-2,000 per tonne. Those of flat products went up by
INR2,500-3,000 per tonne.
The input costs have seen a 72-100% rise in the last year, while
product prices have just risen by 10-15%, Thomson Financial
quoted an unnamed Tata Steel official as saying.
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals. Tata Steel's products are targeted at the
auto sector and construction industry. With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.
As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive. The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).
Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.
=================
I N D O N E S I A
=================
BANK CENTRAL: 2007 Net Profit Up 6% to IDR4.5 Trillion
------------------------------------------------------
PT Bank Central Asia Tbk's 2007 net profit increased 6% to
IDR4.5 trillion from IDR4.242 trillion in 2006.
According to the report, analysts polled by Reuters Estimates
had forecast a net profit of IDR4.60 trillion.
Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services. The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities. The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises. In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting. The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited. It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs. The bank serves
6.6 million accounts throughout Indonesia.
* * *
The Troubled Company Reporter-Asia Pacific reported on
March 5, 2008, that Fitch Ratings has upgraded PT Bank Central
Asia Tbk's long-term issuer default rating to BB with a stable
outlook. At the same time, Fitch affirmed the company's B
short-term issuer default rating, and AA+(IDN) national long
term rating with stable outlook.
BANK INTR'L: Temasek Holdings Draws Up BII Stake Shortlist
----------------------------------------------------------
Singapore state investor Temasek Holdings has shortlisted
Malayan Banking Bhd, HSBC and Bank of China as bidders for its
stake in PT Bank Internasional Indonesia Tbk, Reuters reports.
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.
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.
A source close to the deal told Reuters that Temasek has already
shortlisted the bidders but has not yet disclosed the winning
bid.
Last week, the same report recounts, Malayan Banking, which is
looking to expand overseas, said it was interested in buying
Temasek's stake in BII, but would make any further announcement
at an appropriate time.
Sandy Flockhart, Asia chief executive for HSBC told Reuters that
the bank was stepping up its presence in Indonesia and other
developing Asian economies.
Lehman Brothers is advising Bank of China, according to a source
familiar with the matter, the report notes.
Bank of China of spokesman Wang Zhoawen said the bank is
considering many M&A opportunities in order to establish a
diversified financial platform, but said there was no
transaction that required disclosure at the moment, the same
report adds.
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
March 3, 2008, Fitch Ratings has affirmed PT Bank Internasional
Indonesia Tbk's(BII) long-term foreign currency Issuer Default
Rating at 'BB', following Fullerton Financial Holdings'
announcement of its intentions to pursue the sale of its
interest in BII. FFH is a wholly owned subsidiary of Temasek
Holdings.
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)'.
GARUDA INDONESIA: Appoints Fares & Schedules Assistant
------------------------------------------------------
Garuda Indonesia appointed Melania Rusli as Tariffs & Schedules
Assistant, providing support to the National Tariffs & Schedules
Coordinator, Vanessa Booth.
Indonesian-born and now a New Zealand citizen, Melania has been
in the tourism and travel industry since 1992 and has had
extensive training in fares and ticketing, as well as in the
distribution and loading of fares.
Having worked for Garuda Indonesia in Auckland for nine years,
Melania is also familiar with the airline's systems and
procedures.
In August last year she emigrated to Australia and, until taking
up this new position, was airfares coordinator with Pinpoint
Travel Group in Sydney.
Mr. Poerwoko Soeparyono, Garuda Indonesia's General Manager
Australia/SWP says he is delighted to welcome Melania on board
and has no doubt that her contribution to the pricing and
scheduling department will be invaluable in enabling Garuda
Indonesia to remain proactive and competitive in the market
place.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The Troubled Company Reporter-Asia Pacific reported on
Sept. 6, 2007, that Garuda, saddled with a debt of around US$750
million including some US$475 million owed to the European
Credit Agency, is in negotiations with creditors to restructure
some of its debt. The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.
The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.
Garuda is currently undergoing debt restructuring. The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.
INDOFOOD: To Keep Flour-Based Prices Steady
-------------------------------------------
PT Indofood Sukses Makmur Tbk plans to keep the price of their
flour-based products unchanged until the Ramadhan celebration
ends despite increased in wheat prices, The Jakarta Post
reports.
Ramadan is a Muslim religious observance that starts in
September and ends in early October, believed to be the month in
which the Qur'an began to be revealed. The most prominent event
of this month is the daytime fasting (sawm) practiced by most
observant Muslims.
Indofood Vice President Fransiscus said the price of wheat -- a
key ingredient in the company's product -- had reached more than
twice its price to US$500 per ton, before the dramatic rise of
crude oil prices that caused the increase in prices of other
primary commodities.
However, Mr. Fransiscus said the company was only slightly
affected by the increase in crude oil prices since they had
shifted to alternative sources of energy such as gas and coal.
"In the last two years, around 60 to 70% of our energy
consumption has been from gas and coal," he was quoted as
saying.
Indofood's net profit in the first semester of last year was up
37.1% from IDR267.77 billion in 2006, the report notes.
According to the report, an expert in the socioeconomic aspects
of farming Prof. Bustanul Arifin said the increases in foodstuff
prices were similar to those of the 1930s recession. "The Food
and Agriculture Organization and the WHO have agreed that the
increases are not temporary. Each commodity is increasing in
price, and, along with that, oil prices are also increasing," he
added.
About Indofood Sukses
PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed
foods company. Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively. Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country. Total employees as of December 1999 were 42,172. A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.
In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004. The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.
Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.
The company also plans to redeem all the outstanding balance of
the Eurobonds this year.
The Troubled Company Reporter-Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew
its 'B' corporate credit rating on Indofood at the company's
request.
TELKOM INDONESIA: Sees 11%-12% Rise in 2008 Net Profit
------------------------------------------------------
PT Telekomunikasi Indonesia Tbk expect its 2008 net profit to
increase by 11-12% as competition in the sector squeezes growth,
Reuters reports.
Chief Financial Officer Sudiro Asno told Reuters that the firm's
revenue growth might slow to 14-15% in 2008, down from between
16-17% last year as rivals cut tariffs to win customers.
According to the report, analysts polled by Reuters Estimates
expect Telkom to book a net profit of IDR13.4 trillion in 2007,
up 21.9% from a year earlier. This year the company's net
profit is seen at IDR15.1 trillion, up 12.7%, the same report
relates.
Mr. Asno, the report posts, said those targets are the company's
guidance, reflecting the intensifying competition in the sector.
Reuters relates that John Teja, head of equities sales at
Ciptadana Securities, said the latest guidance signaled cooling
growth. "This is strong indication that the growth will slow
down ahead. I think this could lead to a downgrade in the
shares' recommendations," Mr. Teja was quoted by the news agency
as saying.
Nury Sybli of Reuters writes that according to analyst
forecasts, Telkom is expected to post a rise in revenue of 20.3%
for last year and a 13.9% gain this year.
About PT Telkom Indonesia
Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia. Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable. At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.
On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency.
=========
J A P A N
=========
ALITALIA SPA: State Council Rules Exclusive Talks Legitimate
------------------------------------------------------------
Italy's State Council, the highest administrative appeals court
in the country, has dismissed an appeal by AirOne S.p.A. to
reverse a ruling by the Italian Regional Administration Court of
Lazio that confirmed the legitimacy of the exclusive talks to
sell the Italian government's 49.9% stake in Alitalia S.p.A. to
Air France-KLM S.A., Reuters reports.
The Council ruled that the selection process for Alitalia's
potential buyer was conducted "in an adequate way, guaranteeing
the proper competition between the potential buyers."
The Lazio court rejected an appeal filed by AirOne to its
Feb. 20, 2008 decision that rejected its petition to declare
null and void a Dec. 28, 2007 decision of Italy's Ministry of
Economy and Finance to commence exclusive talks with Air France.
As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM. The
carriers have until mid-March to reach an agreement, which
would be approved by the government. Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008, snap elections, for any agreement to
acquire Italy's stake in Alitalia.
Air France managing director Pierre Henri Gourgeon that the
exclusive talks may go beyond the April elections due to various
procedural steps, Radiocor relates.
AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.
Air France's Board of Directors has authorized the submission on
March 14, 2008, an offer for Italy's stake in Alitalia, subject
to suspensive conditions, including notably the commitment of
the trade unions.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
MITSUBISHI MATERIALS: Earmarks JPY33.5 Bil. to Up Silicon Output
----------------------------------------------------------------
Mitsubishi Materials Corp. is to invest JPY33.5 billion (US$33
million) to increase its multi-crystal silicon for its solar
cells, Gregory Turk reports.
The company will expand its Yokkaichi plant in the central
prefecture of Mie. The plan is to up annual capacity by 1,000
tons to 2,800 tons by 2010, the same report says.
About Mitsubishi Materials
Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited. The company manufactures
metals and ceramics products.
The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.
* * *
As reported on Feb. 19, 2007, that Standard & Poor's Ratings
Services revised to positive from stable the outlook on its 'BB'
long-term corporate credit rating on Mitsubishi Materials Corp.
based on the company's increasing level and stability of cash
flows, and expectations for further improvement in the company's
financial profile.
TAKEEI CO: JCR Assigns BB+ Rating on Senior Debts
-------------------------------------------------
JCR has assigned a BB+/Stable rating to the senior debts of
Takeei Co., Ltd.
Takeei is a construction-related industrial waste disposal and
recycling company that has a foothold in Tokyo metropolitan
area. The Company has the largest market share in Tokyo
metropolitan area on the strength of the strong client base
centered on large general contractors. It has a strength in its
integrated handling of waste disposal on its own from waste
collection and transportation to intermediate treatment and then
to final disposal. The Company's net assets will increase by
capital increase twice made in May 2007 and the one scheduled
for March 2008. Given the business development plan for the
future, JCR thinks that the Company should strengthen the
financial base further. The Company needs to reduce the
interest-bearing debt more to improve the financial balance and
to increase the capacity to raise funds. The Company will be
able to retain relatively stable earnings by raising its
competitive advantage further in the industrial waste disposal
industry in the direction of continued market expansion. JCR
deems it necessary to watch carefully the Company's capital
needs associated with expansion in new business lines and
implementation of the financial strategy. Given the fact that
the industrial waste disposal business is a statutory licensed
and approved business, maintenance and enhancement of compliance
system will remain important to the Company.
=========
K O R E A
=========
TONG YANG: Makes Amendments to the Hanil Synthetic Merger
---------------------------------------------------------
Tong Yang Major Corporation has made amendments to the merger
with Hanil Synthetic Fiber Co. Ltd., which was initially
announced on December 24, 2007, Ruters Investing keys reports.
According to the report, the exchange ratio of the company and
Hanil Synthetic has been amended to 1:0.2724059. The number of
new shares to be issued with the merger has changed to 2,606,295
shares, the report adds.
Headquartered in Seoul, Korea, Tong Yang Major Corporation
-- http://www.tongyangmajor.com/-- provides construction
services and allied materials. The company also builds
apartment complexes, commercial buildings, industrial plants and
highways, and offers remodeling and renovation services.
Korea Investors Services placed a BB- rating to the company's
senior unsecured debt on Jan. 5, 2006. The company's commercial
papers also carries Korea Rating's B rating effective on
Oct. 18, 2006.
The company has been experiencing annual net losses of KRW 7.45
billion in 2005, KRW47.66 billion in 2004, KRW64.89 billion in
2003 and KRW361.49 billion in 2002.
As of march 14, 2008, the company had a shareholders' equity
deficit of US$25.77 million.
TONG YANG: Concludes Merger with with Unit
------------------------------------------
Tong Yang Major Corporation has completed the merger with its
unit Tong Yang Major Industry Co., Ltd., Reuters Investing keys
reports.
According to the report, the merger took effect on
Feb. 29, 2008. The initial announcement regarding the merger
was made on December 24, 2007, the report notes.
Headquartered in Seoul, Korea, Tong Yang Major Corporation
-- http://www.tongyangmajor.com/-- provides construction
services and allied materials. The company also builds
apartment complexes, commercial buildings, industrial plants and
highways, and offers remodeling and renovation services.
Korea Investors Services placed a BB- rating to the company's
senior unsecured debt on Jan. 5, 2006. The company's commercial
papers also carries Korea Rating's B rating effective on
Oct. 18, 2006.
The company has been experiencing annual net losses of KRW7.45
billion in 2005, KRW47.66 billion in 2004, KRW64.89 billion in
2003 and KRW361.49 billion in 2002.
As of march 14, 2008, the company had a shareholders' equity
deficit of US$25.77 million.
YOUNGCHANG SILUP: To Issue 14th Unsecured Bonds with Warrants
-------------------------------------------------------------
Youngchang Silup Co., Ltd. will issue its 14th unregistered
unsecured bonds with warrants raising funds up to KRW1,990
million, through a public offering, Reuters Investing Keys
reports.
According to the report, the issuance details are:
-- maturity on February 15, 2011, yield to maturity 4%
-- zero coupon, lump-sum redemption of principal on maturity
date
-- 100% conversion rate of bonds to common shares at KRW790
per share and exercise period from March 15, 2008 to
January 14, 2011.
Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers. The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.
On May 18, 2005, Korea Ratings gave the company's
KRW10.00 billion convertible bond and KRW5.00 billion straight
bond a BB+ rating with a stable outlook.
YOUNGCHANG SILUP: Lowers Full-Year 2007 Guidance
------------------------------------------------
Youngchang Silup Co. Ltd. announced has lowered its full year
2007 revenue from KRW91,615 million to KRW85,066 million,
Reuters Investing Keys reports.
According to the report, the company's operating profit from
KRW1,287 million to KRW446 million. Net profit from KRW2,025
million to loss of KRW6,694 million, on delay of its property
disposal, the report notes.
Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers. The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.
On May 18, 2005, Korea Ratings gave the company's
KRW10.00 billion convertible bond and KRW5.00 billion straight
bond a BB+ rating with a stable outlook.
===============
M A L A Y S I A
===============
FOAMEX INTERNATIONAL: To Pursue Further Deleveraging
----------------------------------------------------
Foamex International Inc. intends to make a rights offering to
all of its stockholders to purchase its Common Stock at US$1.50
per share, subject to adjustment in certain circumstances.
The Company also intends to make an offer at the same time to
its Second Lien Loan lenders to permit them to acquire Common
Stock at the same price as in the Rights Offering using their
Second Lien Loans at par value.
The Rights Offering and the Second Lien Offering would
significantly deleverage the Company.
Under the Rights Offering and the Second Lien Offering, the
Company would anticipate receiving collectively a minimum of $80
million in new equity, which would be through a combination of
cash and an exchange of Second Lien Loans at par. Any cash
received in the Rights Offering, net of fees, expenses and
accrued interest, would be used to prepay the loans under the
First Lien Term Credit Agreement. Any Second Lien Loans that
are used to purchase Common Stock would be canceled.
Both the Rights Offering and the Second Lien Offering would be
subject to certain conditions and limitations, including to
prevent the Company from undergoing an "ownership change" for
purposes of Section 382 of the Internal Revenue Code.
The Rights Offering and the Second Lien Offering would be
subject to, among other things, the Company obtaining the
appropriate lender amendments and consents, which the Company is
currently seeking to obtain.
Foamex will be negotiating with certain of its large
stockholders for potential commitments for the offerings of
US$80 million -- in cash and Second Lien Loans at par -- which
would be offset by any funding under capital commitments of up
to US$20 million that the Company obtained. However, there is
no assurance that any commitments will be made or that the
Rights Offering or the Second Lien Offering will take place.
On Feb. 13, 2008, Foamex received commitments for up to $20
million of additional investment from D.E. Shaw Laminar
Portfolios, L.L.C., Goldman Sachs & Co. and Sigma Capital
Management, LLC. Foamex believes the commitments will assist in
its compliance with financial covenants under its credit
agreements during the entire 2008 year.
If the Company proceeds with the two offerings, they would be
expected to be completed in the second quarter of 2008. If the
Rights Offering and Second Lien Offering are not consummated,
the Company will retain the right to utilize up to US$20 million
through the capital commitments.
Certain fees will be payable to the lenders in connection with
the amendments and consents. In addition, if commitments are
agreed to regarding the Rights Offering and Second Lien
Offering, put premiums are expected to be paid to the committing
stockholders.
Foamex's Credit Facilities
On February 12, 2007, Foamex entered into new senior secured
credit facilities consisting of:
-- a US$175.0 million revolving credit facility, including a
sub-limit of US$45.0 million for letters of credit; and
-- term loan facilities aggregating $600.0 million, including
US$425.0 million under a first lien term loan facility and
US$175.0 million under a second lien term loan facility.
Substantially all of the assets of Foamex and its domestic
subsidiaries and Foamex Canada are pledged as collateral for the
borrowings.
Borrowings under the revolving credit facility are subject to a
borrowing base formula based on eligible accounts receivable and
bear interest at floating rates based upon either LIBOR or a
Base Rate, including an applicable margin.
The revolving credit facility will mature on February 12, 2012.
Borrowings under the term loan facilities also bear interest at
floating rates based upon and including a margin over either
Eurodollar, or a Base Rate.
The first lien term loan facility is subject to quarterly
principal repayments initially equal to approximately $1.1
million, and annual excess cash flow repayments, with the
balance maturing on February 12, 2013.
The second lien term loan facility matures on February 12, 2014,
and is subject to a prepayment premium of 2.0% during the first
year and 1.0% during the second year.
Foamex borrowed approximately US$13.4 million under the US$175.0
million revolving credit facility and the full amounts of the
first lien term loan facility and second lien term loan facility
on February 12, 2007 to pay amounts due under the Company's
bankruptcy plan. The initial weighted average interest rates
were 8.25%, 7.57% and 10.07%, respectively.
About Foamex International Inc.
Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.
The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693). As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.
On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization. The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.
* * *
At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of $529,433,000 and total liabilities of
US$794,223,000, resulting to a total stockholders' deficit of
US$264,790,000.
SOLUTIA INC: Inks Backstopper Registration Rights Agreement
-----------------------------------------------------------
In connection with the purchase of 2,812,359 shares of New
Common Stock by certain backstop investors in the Creditor
Rights Offering, Solutia Inc. has entered into a Registration
Rights Agreement with Backstop Investors, Rosemary L. Klein,
Solutia's senior vice president, general counsel and secretary,
discloses in a regulatory filing with the U.S. Securities and
Exchange Commission.
Pursuant to the backstopper registration rights agreement,
Solutia is required to file a registration statement under the
Securities Act of 1933, as amended, to effect the registration
of the resale of the shares of new common stock issued to the
backstop investors.
Once the registration statement has been declared effective by
the SEC, Solutia must keep it effective for four years after the
later of (i) the initial effective date of the registration
statement and (ii) the effective date of its Plan of
Reorganization. In the event that the registration statement
ceases to be effective, Solutia will (i) cause a replacement
registration statement to be filed with the SEC as promptly as
practicable, (ii) have that replacement registration statement
declared effective by the SEC as promptly as practicable after
its filing, and (iii) cause that replacement registration
statement to remain continually effective and properly
supplemented and amended such that, in the aggregate, the shelf
registration statement and any replacement registration
statement will be kept effective for four years following the
first day of effectiveness of the initial shelf registration
statement.
In addition, if Solutia proposes to file certain types of
registration statements under the securities act with respect to
an offering of its equity securities at a time when the
registration statement, or a replacement, is not effective, then
Solutia is required to offer the backstop investors the
opportunity to include all or part of their shares on the
registration statement on the terms and conditions set forth in
the registration rights agreement.
The registration rights granted in the backstopper registration
rights agreement are subject to customary restrictions,
including minimums, blackout periods and, if a registration is
for an underwritten offering, limitations on the number of
shares to be included in the underwritten offering imposed by
the managing underwriter.
According to Ms. Klein, the backstopper registration rights
agreement contains customary indemnification and contribution
provisions, as well as representations and warranties by Solutia
and by the Backstop Investors. The company will be responsible
for expenses relating to the registrations contemplated by the
backstopper registration rights agreement, subject to certain
limitations.
The Backstop Investors include:
-- Highland Crusader Holding Corporation,
-- Longacre Fund Management,
-- Merrill Lynch Pierce, Fenner & Smith Incorporated,
-- Gmam Investment Funds Trust Ii,
-- Recap International (Master) Ltd.,
-- Institutional Benchmark Series (Master Feeder) Ltd.,
-- Southpaw Asset Management Lp, And
-- Ubs Securities Llc
About Solutia Inc.
Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ)
(NYSE:SOA-WI) -- http://www.solutia.com/-- and its
subsidiaries, engage in the manufacture and sale of chemical-
based materials, which are used in consumer and industrial
applications worldwide.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No.
03-17949). When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan. Solutia emerged from chapter 11
protection Feb. 28, 2008. (Solutia Bankruptcy News, Issue No.
121; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan. S&P said the outlook is
stable.
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan. In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility. S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.
SOLUTIA INC: Appoints New Members to the Board of Directors
-----------------------------------------------------------
These individuals became members of Solutia Inc.'s board of
directors by operation of the Debtors' fifth amended joint plan
of reorganization:
(a) Class I Directors -- Term expiring in 2009
Robert K. DeVeer, Jr.
J. Patrick Mulcahy
Gregory C. Smith
(b) Class II Directors -- Term expiring in 2010
Eugene I. Davis
James P. Heffernan
W. Thomas Jagodinski
(c) Class III Directors -- Term expiring in 2011
William T. Monahan
Robert A. Peiser
Jeffry N. Quinn
On the effective date, five directors stepped down from the
board of directors in connection with Solutia's emergence from
Chapter 11 -- Paul H. Hatfield, Robert H. Jenkins, Frank A.
Metz, Jr., Sally G. Narodick and John B. Slaughter.
Rosemary L. Klein, Solutia Inc.'s senior vice president, general
counsel and secretary, discloses in a regulatory filing with the
U.S. Securities and Exchange Commission that the new non-
employee members of Solutia's Board will receive a US$50,000
annual cash retainer, payable quarterly, and an annual stock
retainer of shares with a value of US$50,000 payable once a
year.
Upon joining the Board, each non-employee director will receive
a one-time grant of restricted shares with a value of US100,000.
All shares will vest one-third annually over the three-year
period following the grant. Within five years of joining the
board, all directors are required to own and hold Solutia's
stock with a value of US$200,000, which is equal to four years
of the annual cash retainer, Ms. Klein says.
The non-employee lead director will receive an additional annual
cash retainer of US$30,000. Committee chairs will receive an
additional cash retainer of US$15,000 while other committee
members will receive an additional annual cash retainer of
US$7,500. No additional fees for attendance at regularly
scheduled meetings will be paid.
In addition, non-employee directors may participate in Solutia's
non-employee director stock compensation plan, under which
various forms of stock-based compensation could be granted at
the discretion of the executive compensation and development
committee of Solutia's Board.
A copy of the annual incentive plan, which will be effective for
the next five years, at which time Solutia's shareholders will
need to re-approve the plan or approve a new plan, is available
for free at: http://ResearchArchives.com/t/s?28fa
In a separate filing, Ms. Klein states that upon recommendation
of the ECDC, the Board has granted restricted stock units and
stock options to approximately 225 executives, managers and
directors. The grants were effective upon the effective date.
* An aggregate of 1,016,560 restricted shares and 176,800
restricted stock units, equal to 2% of total shares of
new common stock outstanding. These restricted shares
and restricted stock units will vest one-third annually
over the three-year period following the date of grant;
and
* An aggregate of 3,000,000 stock options, equal to 5% of
total shares of new common stock outstanding. These
options have an exercise price of US$17.33. These will
vest one-third annually over the three-year period
following the date of grant.
About Solutia Inc.
Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ)
(NYSE:SOA-WI) -- http://www.solutia.com/-- and its
subsidiaries, engage in the manufacture and sale of chemical-
based materials, which are used in consumer and industrial
applications worldwide.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No.
03-17949). When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan. Solutia emerged from chapter 11
protection Feb. 28, 2008. (Solutia Bankruptcy News, Issue No.
121; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan. S&P said the outlook is
stable.
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan. In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility. S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.
SOLUTIA INC: Inks Distribution Agreement with Funding Co.
---------------------------------------------------------
Solutia Inc. is the sole member of Funding Co., a special
purpose, tax-efficient, bankruptcy remote limited liability
company that was established for purposes of holding, investing
and distributing certain proceeds from the creditor rights
offering in accordance with the amended and restated Monsanto
settlement agreement.
Pursuant to Funding's limited liability company agreement,
Funding will be managed by a board of managers consisting of one
or more managers, including an independent manager, according to
Rosemary L. Klein, Solutia's senior vice president, general
counsel and secretary, in a regulatory filing with the U.S.
Securities and Exchange Commission.
Subject to certain limitations set forth in the Monsanto
settlement agreement, the Board and any individual manager
authorized by the Board will have the authority to bind Funding
in any manner expressly permitted by and in compliance with the
Monsanto Settlement Agreement, Ms. Klein says.
Funding will be dissolved upon the earlier to occur of (i) two
years after the distribution of all of Funding's assets in
accordance with the Monsanto settlement agreement, and (ii) the
entry of a decree of judicial dissolution under Section 18-802
of the Delaware Limited Liability Company Act.
On the effective date, Funding was funded with US$45,679,000 in
proceeds from the creditor rights offering remaining after the
creation and funding of the retiree trust, and US$29,321,000 for
payment of Monsanto Company's administrative expense claim. In
accordance with the terms of the Monsanto settlement agreement,
the US$45,679,000 will be made available to pay for post-
emergence remediation and cleanup costs in connection with
Shared Sites.
Monsanto Settlement Agreement
As reported in the Troubled Company Reporter on March 11, 2008,
in accordance with its fifth amended joint plan of
reorganization, Solutia Inc. entered into an amended and
restated Monsanto settlement agreement; indemnification
agreement with Pharmacia Corporation; and first amended and
restated retiree settlement agreement with certain parties,
Rosemary L. Klein, Solutia's senior vice president, general
counsel and secretary, discloses in a regulatory filing with the
U.S. Securities and Exchange Commission.
The Monsanto settlement and Pharmacia indemnity agreements
provide that Monsanto will fund post-emergence the environmental
remediation obligations and related environmental liabilities at
sites owned, operated or used by Pharmacia, but which Solutia
never owned, operated or used. Solutia and Monsanto will share
the environmental remediation obligations and related
environmental liabilities for the Anniston, Alabama, and Sauget,
Illinois offsite remediation projects, according to Ms. Klein.
Pursuant to the Monsanto Settlement Agreement, Monsanto has
agreed to assume financial responsibility for all litigation
relating to property damage, personal injury, products liability
or premises liability or other damages related to asbestos, PCB,
dioxin, and other chemicals manufactured before Solutia's spin
off from Pharmacia on Sept. 1, 1997.
Monsanto's funding of the environmental remediation activities
and the resulting claim against Solutia, which Monsanto has
asserted, are being resolved through the Plan, Ms. Klein
relates. Solutia will remain responsible for the environmental
liabilities at sites that it owned or operated after the Spin-
off.
A full-text copy of the Monsanto Settlement Agreement is
available for free at: http://ResearchArchives.com/t/s?28f6
About Solutia Inc.
Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ)
(NYSE:SOA-WI) -- http://www.solutia.com/-- and its
subsidiaries, engage in the manufacture and sale of chemical-
based materials, which are used in consumer and industrial
applications worldwide.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No.
03-17949). When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan. Solutia emerged from chapter 11
protection Feb. 28, 2008. (Solutia Bankruptcy News, Issue No.
121; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan. S&P said the outlook is
stable.
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan. In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility. S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.
====================
N E W Z E A L A N D
====================
BAR XCEL 2007: Fixes March 28 as Last Day to File Claims
--------------------------------------------------------
Bar Xcel 2007 Ltd. requires its creditors to file their proofs
of debt by March 28, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Damien Grant
Steven Khov
Waterstone Insolvency
PO Box 352, Auckland
New Zealand
Facsimile: 0800FAXWSI
BERNARD FENTON: Creditors' Proofs of Debt Due on March 28
---------------------------------------------------------
The creditors of Bernard Fenton Ltd. are required to file their
proofs of debt by March 28, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
Damien Grant
Steven Khov
Waterstone Insolvency
PO Box 352, Auckland
New Zealand
Facsimile: 0800FAXWSI
BLACKHAND STUDIO'S: Taps Fatupaito & McCloy as Liquidators
----------------------------------------------------------
On February 21, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Blackhand Studio's Ltd.
Creditors are required to file their proofs of debt by
May 21, 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
C & N BUILDERS: Names Shephard & Dunphy as Liquidators
------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were named
liquidators of C & N Builders Ltd. on February 18, 2008.
The liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street, Wellington
New Zealand
Telephone:(04) 473 6747
Facsimile:(04) 473 6748
CHRISTINE LEWIS: Wind-Up Petition Hearing Set for May 9
-------------------------------------------------------
The High Court of Auckland will hear on May 9, 2008, at
10:45 a.m., a petition to have Christine Lewis Holdings Ltd.'s
operations wound up.
The petition was filed by the Commissioner of Inland Revenue on
January 9, 2008.
The CIR's solicitor is:
Julie Newton
Inland Revenue Department
Legal and Technical Services
First Floor Reception
224 Cashel Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0807
Facsimile:(03) 977 9853
EVENTMAKERS INTERNATIONAL: Taps Grant & Khov as Liquidators
-----------------------------------------------------------
On February 14, 2008, Damien Grant and Steven Khov were
appointed liquidators of Eventmakers International Ltd.
Messrs. Grant and Khov are accepting creditors' proofs of debt
until March 25, 2008.
The liquidators can be reached at:
Damien Grant
Steven Khov
Waterstone Insolvency
PO Box 352, Auckland
New Zealand
Facsimile: 0800FAXWSI
e-mail: enquiries@waterstone.co.nz
NEWLINE CONSTRUCTION: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On January 4, 2008, the Commissioner of Inland Revenue filed a
petition to have Newline Construction (2006) Ltd.'s operations
wound up.
The petition will be heard before the High Court of Blenheim on
April 16, 2008, at 10:00 a.m.
The CIR's solicitor is:
Julie Newton
Inland Revenue Department
Legal and Technical Services
First Floor Reception, 224 Cashel Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0807
Facsimile:(03) 977 9853
PEARL WORLD: Court to Hear Wind-Up Petition on May 7
----------------------------------------------------
A petition to have Pearl World and Jewellery House Ltd.'s
operations wound up will be heard before the High Court of
Auckland on May 7, 2008, at 10:45 a.m.
Pearl World filed the petition on December 12, 2007.
Pearl World's solicitor is:
C. A. Murphy
Shieff Angland, Solicitors
Tower Centre, 3rd Level
45 Queen Street
PO Box 2180, Auckland
New Zealand
SURE-MED (NZ): Appoints Whittfield & van Delden as Liquidators
--------------------------------------------------------------
The shareholders of Sure-Med (NZ) Ltd., on January 11, 2008,
appointed John Trevor Whittfield and Boris van Delden as the
company's liquidators.
Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt until March 31, 2008.
The liquidators can be reached at:
John Trevor Whittfield
Boris van Delden
c/o McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
TPH HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------
TPH Holdings Ltd. commenced liquidation proceedings on
Feb. 19, 2008.
The company's liquidator is:
Daryl P. Bonney
The Invisible Office Company Limited
PO Box 15069, Tauranga
New Zealand
Telephone:(07) 578 0489
Facsimile:(07) 578 0490
=====================
P H I L I P P I N E S
=====================
ALLIED BANKING: Tier 2 Issue Oversubscribed, Upsized to PHP4.5BB
----------------------------------------------------------------
Allied Banking Corp. said it has successfully closed its lower
tier 2 notes on March 6, 2008. According to a press release,
subscriptions reached more than 1.7x the issue size of
PHP3 billion, allowing Allied Bank to increase the issue size by
50% to PHP4.5 billion. The issuance is the bank's first public
debt capital market transaction.
The facility was priced at 7.125%, the mid of indicated pricing
range of 6.875% to 7.375% at the start of offer. The notes were
rated Ba3 by Moody's Investors Service.
According to Allied Bank, the issuance of the notes strengthened
its capital base and improved its capital adequacy ratio from
16.9% as of end-December 2007 to approximately 20.09%.
ING Bank N.V., Manila Branch, was the lead manager and sole
bookrunner for the issue. Selling agents included BDO Capital &
Investment Corporation, Multinational Investment Bancorporation,
and Philippine National Bank. PNB Capital & Investment Corp.
was the bank's financial advisor for the issuance.
Allied Banking Corporation -- http://www.alliedbank.com.ph/--
is a universal bank incorporated in the Philippines on
April 4, 1977. The company and its subsidiaries/affiliates are
engaged in all aspects of banking, financing and leasing to
personal, commercial, corporate and institution clients. Allied
Bank offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services. In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.
Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.
FEDDERS CORP: Court Approves Sale of Assets to Elco Holding
-----------------------------------------------------------
The Hon. Brendan Linehan Shannon of the United States Bankruptcy
Court for the District of Delaware authorized Fedders
Corporation and its debtor-affiliates to sell their Fedders
North America Inc. and Emerson Quite Kool Corporation
subsidiaries' assets to Elco Holding Ltd.
During the March 11 public auction, Elco Holding made the
highest and best offer for the assets.
As reported in the Troubled Company Reporter on Feb. 18, 2008,
under an asset purchase agreement dated Feb. 8, 2008, the
Debtors agreed to sell their assets to Israel-based Elco Holding
for US$13,250,000 in cash. A full-text copy of the Debtors' and
Elco Holding agreement is available for free at:
http://ResearchArchives.com/t/s?280f
The Debtors said that two of their non-foreign affiliates --
Fedders Air Treatment Research and Development (Shanghai) Co.,
Ltd.; and Fedders Shanghai Corporation -- have agreed to sell
all of their assets to Electra Air-Conditioning (Shenzhen) Co.,
Ltd., for US$3,857,368 in aggregate.
A full-text copy of the Fedders Air and Electra Agreement is
available for free at: http://ResearchArchives.com/t/s?2810
A full-text copy of the Fedders Shanghai and Electra Agreement
is available for free at: http://ResearchArchives.com/t/s?2811
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP. When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.
* * *
As reported in the Troubled Company Reporter on March 4, 2008,
the Debtors asked the Court to further extend their exclusive
period to file a Chapter 11 plan until April 14, 2008.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***