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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 4, 2008, Vol. 11, No. 67
Headlines
A U S T R A L I A
AUSTRALIAN CAPITAL: Auditors & Former Execs Summoned by Court
BGP GLOBAL: Members' & Creditors' Meeting Set for Today
CITIC NOMINEES: Members Receive Wind-Up Report
CHRYSLER LLC: Disputes Roush Claim on Plastic Molds at Plastech
CLEVELAND CONSULTING: Members Opt to Liquidate Business
DANA CORP: Fitch Affirms 'BBB-' Rating on $90MM Revenue Bonds
DANA: Steelworkers Union Seeks US$2,500,000 Success Fee Payment
DANA CORP: Professionals Seek US$186 Million Final Fee Payments
DIKRANIS CONSTRUCTIONS: Members & Creditors to Meet Today
HOLCO MEAT: Liquidator Presents Wind-Up Report
LARGA PTY: Members & Creditors to Hear Wind-Up Report Today
LION CORPORATION: Members and Creditors to Meet Today
MEGA BRANDS: Posts US$97 Million Net Loss in 2007
METRO SUPERANNUATION: Liquidator Gives Wind-Up Report
REALOGY CORP: S&P Retains 'B' Issue-level Rating on Senior Notes
REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action
SOUTHON BUILDERS: Placed Under Voluntary Liquidation
ST. GEORGE BANK: Increases Main Mortgage Rate by 10 Basis Points
WARTHAM HOLDINGS: Final Meeting Slated for April 9
C H I N A & H O N G K O N G & T A I W A N
EVER WEALTH: Appoints New Liquidators
FOREFRONT MOTORS: Appoints New Liquidators
MOLD-TECH: Members' Meeting Set for April 21
THE NEW CHINA CAPITAL: Members & Creditors to Meet on April 10
THE NEW CHINA FINANCE: Members & Creditors to Meet on April 10
THE NEW CHINA GROUP: Members & Creditors to Meet on April 10
TREASURE YEAR: Court to Hear Wind-Up Proceedings on April 16
VICTOR SHINNING: Court to Hear Wind-Up Proceedings on April 23
I N D I A
NOVELL INC: Augments Operations With PlateSpin Buyout Completion
QUEBECOR WORLD: Court Allows Assumption of BofA's P-Card Pact
QUEBECOR: Court Okays Payment of US$3,175,111 Sales Commissions
QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements
ZTE CORP: Inks Global Framework Deal With Vodafone
I N D O N E S I A
BANK MANDIRI: Disburses IDR19 Trillion in Plantation Sector
BANK NEGARA: To Lead Syndicate to Finance Semarang-Solo Project
GARUDA INDONESIA: Joins Mandala to Lobby Against EU Flight Ban
J A P A N
FUJI HEAVY: Toyota to Double Stake to 17%, Reports Say
MAZDA MOTOR: U.S. March 2008 Sales Down 6.0% Year-on-Year
MITSUKOSHI LTD: Eyes JPY1.54 Trillion Annual Sales With Merger
QUIKSILVER INC: S&P Puts BB- Credit Rating Under Negative Watch
TAIHEIYO CEMENT: Unit Acquires Two U.S. Concrete Makers
VITEC CO: JCR Withdraws BB+ Senior Debt Rating
K O R E A
HYNIX SEMI: To Shut Down NAND Fabrication Line in Third Quarter
M A L A Y S I A
ASPEN TECH: Appoints KPMG as New Independent Accounting Firm
EKRAN BERHAD: Has Until May 31 to Settle Debt to Danaharta
OCI BERHAD: Bursa Grants April 30 Deadline to Submit Reform Plan
N E W Z E A L A N D
AHO RANGI: Placed Under Voluntary Liquidation
AMAR INVESTMENTS: Fixes April 30 as Last Day to File Claims
BAY MORTGAGE: Taps K. Brown and T. Rodewald as Liquidators
BECROFT LTD: Creditors Receive Wind-Up Report
BLUE CHIP: Liquidator Presents Wind-Up Report
CENTRAL RIGGING: Subject to CIR's Wind-Up Petition
MATATA HOTEL: Appoints K. Brown and T. Rodewald as Liquidators
MAYNE AUTOMOTIVE: Wind-Up Petition Hearing Set for June 4
NEWAUST ECONOMIC: Subject to CIR's Wind-Up Petition
R DARGAVILLE TRANSPORT: Shareholders Opt to Liquidate Business
WINDFLOW TECHNOLOGY: Books NZ$2.27 Mil. Loss in Jul-Dec 2007
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN CAPITAL: Auditors & Former Execs Summoned by Court
-------------------------------------------------------------
Australian Capital Reserve Ltd.'s auditors, valuers and former
directors have been summoned to appear before the New South
Wales Supreme Court next week, Anthony Klan writes for The
Australian.
According to Mr. Klan, ACR liquidator PricewaterhouseCoopers
called for legal examinations to determine whether it will
proceed with an action against those parties associated with the
failed empire.
PwC liquidator Phil Carter explained to The Australian,
"Undertaking examinations is an important part of the
liquidators' investigations into the causes of the collapse of
ACR and any assets that may be recoverable for the benefit of
creditors. We expect that the information obtained in these
examinations will assist in deciding whether to pursue recovery
action."
Any action could deliver million of dollars in additional
returns for ACR's 7000 unsecured investors who currently stand
to recover between 58 and 59 cents for each dollar invested,
relates The Australian.
The Australian notes that PwC had previously said it was more
interested in recovering money from professional parties (such
as auditors and valuers) than from ACR's directors whose
personal wealth was "relatively small."
According to the report, Moore Stephens accounting firm audit
partners Scott Whiddett, Christopher Chandran and Stephen
Humphrys, and ACR valuer Peter Phippen of Abbotts Valuers
have been summonsed by PwC to appear. Former ACR directors Sam
Pogson, Murray Lapham, Timothy Mansfield and Steven Martin have
also been called to testify, adds The Australian.
About Australian Capital
Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- an investment group based in
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007. According to a
report by the Troubled Company Reporter-Asia Pacific on June 7,
2007, the Australian and Securities and Investments Commission
issued an Interim Stop Order on the 9th prospectus due to some
concerns relating to disclosure in the prospectus.
ACR finances the activities of Estate Property Group, and ACR
raises money from the public by issuing unsecured deposit notes
to public investors and loans those funds to EPG to finance its
various property activities. As a result of the funding, ACR
was able to raise over AU$300 million between 2000 and 2007
through the issue of nine prospectuses conveyed the ASIC report.
BGP GLOBAL: Members' & Creditors' Meeting Set for Today
-------------------------------------------------------
BGP Global Pty. Ltd. will hold a joint meeting for its members
and creditors today at 11:45 a.m. During the meeting, the
company's liquidator, G. S. Andrews at G.S. Andrews &
Associates, will provide the attendees with property disposal
and winding-up reports.
The liquidator can be reached at:
G. S. Andrews
G.S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
About BGP Global
BGP Global Pty. Ltd. is involved with deep sea foreign
transportation of freight. The company is located at South
Melbourne, in Victoria, Australia.
CITIC NOMINEES: Members Receive Wind-Up Report
----------------------------------------------
Warren White, Citic Nominees 4 Pty. Ltd.'s estate liquidator,
met with the company's members on March 26, 2008, and provided
them with property disposal and winding-up reports.
The liquidator can be reached at:
Warren White
PPB Chartered Accountants
90 Collins Street, Level 10
Melbourne, Victoria 3000
Australia
About Citic Nominees
Citic Nominees 4 Pty. Ltd. is a distributor of durable goods.
The company is located at Melbourne, in Victoria, Australia.
CHRYSLER LLC: Disputes Roush Claim on Plastic Molds at Plastech
---------------------------------------------------------------
As reported in the Troubled Company Reporter on March 19, 2008,
Roush Manufacturing asked the U.S. Bankruptcy Court for the
Eastern District of Michigan to lift the automatic stay to allow
it to recover molds that Plastech Engineered Products Inc. and
its debtor-affiliates use in the production of parts for
particular vehicles manufactured by Chrysler LLC.
Chrysler Motors Company, LLC and Chrysler Canada, Inc., through
their counsel, Michael C. Hammer, Esq., at Dickinson Wright
PLLC, in Ann Arbor, Michigan, assert that Roush Manufacturing,
Inc., has not and cannot establish "cause" for relief from the
stay under Section 362(d)(1) of the U.S. Bankruptcy Code.
Mr. Hammer asserts that Roush, with respect to its claims as to
depreciating value, should be required to produce appropriate
proof that the value of the Molds is in fact diminishing, and
that it is not adequately protected.
He further asserts that Roush's unsupported allegation --
Chrysler is "more likely" to replace the Molds than it is to pay
for the Molds -- is inaccurate.
Mr. Hammer tells the Court that Chrysler has maintained it would
escrow the amount necessary to satisfy any mold builders' claims
to unpaid tooling, including that of Roush, saying that "it will
immediately pay the US$13,400,000 into an escrow account so that
it may also take possession of the unpaid tooling as well as the
paid tooling". If Chrysler desired to simply replace the Molds,
it would have made no proposal, Mr. Hammer states.
He also avers that Roush's request should be denied because
Chrysler -- not Roush -- has the superior right to possess the
Molds. The Court has already found that Chrysler has an
immediate right to possess the tooling, stating in its Opinion
that, "[T]here is nothing about their arguments that would in
any way diminish the right of Chrysler to fully expect that the
possessory rights conferred upon it in the tooling acknowledges
to be enforced... The Court concludes that Chrysler has met its
burden to demonstrate a strong or substantial likelihood or
probability that it will be successful on the merits with
respect to its right to demand possession of the tooling that it
has paid for and any unpaid tooling with respect to which there
is a dispute."
Goldman Sachs Says Roush Not Entitled to Lien
Goldman Sachs Credit Partners L.P., as agent to the lenders
under the US$265,000,000 first lien term loan facility, entered
into on February 12, 2007, says Roush's request to lift the
automatic stay is not supported by the Bankruptcy Code and
should be denied.
Louis P. Rochkind, Esq., at Jaffe Raitt Heuer & Weiss, in
Southfield, Michigan, asserts Roush does not possess a lien on
the Molds. Mr. Rochkind asserts Roush failed to properly file a
financing statement under the Michigan Uniform Commercial Code
as required under the Michigan Mold Lien Act.
Roush's financing statement lists the debtor name as the trade
name "Plastech" rather than the correct legal name "Plastech
Engineered Products, Inc." This error, Mr. Rochkind says,
renders the financing statement ineffective under U.C.C. Section
9502 because (i) a trade name is insufficient to provide the
name of the debtor under U.C.C. Section 9503(3); and (ii) the
name "Plastech" is seriously misleading because Roush's
financing statement did not show up on a recent Online UCC lien
search conducted using Michigan's standard search logic of
searching debtor names "exactly as requested, with no
variations."
Mr. Rochkind also asserts the molds against which Roush seeks to
exercise rights and remedies are currently encumbered by
properly perfected senior liens of the Prepetition First Lien
Term Lenders, as well as the Prepetition Revolving Lenders and
DIP Lenders.
Granting Roush's request would potentially permit Roush, an
unsecured creditor, to repossess a secured creditor's
collateral, Mr. Rochkind avers.
Debtors Object
The Debtors ask the Court to deny Roush' request, citing that:
(a) the Molds are necessary to an effective reorganization;
(b) Roush has failed to demonstrate that cause exists to
modify the automatic stay under section 362(d)(1);
(c) Roush's assersions are based upon a disputed premise
-- that Roush has a valid perfected security interest in
the Molds, and;
(d) Roush's request is procedurally improper and seeks relief
properly sought only through the commencement of an
adversary proceeding.
Gregg M. Galardi, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Wilmington, Delaware says the Debtors' continued right
to use the Molds is necessary to the Debtors' reorganization
efforts in that the molds are used in the RT Program to
manufacture parts for various Chrysler vehicles. The Debtors'
revenue from this program amounts to approximately US$15,000,000
annually.
At this stage of the reorganization process, Mr. Galardi
relates, the Debtors continue to produce parts for Chrysler
using the Molds, and have been negotiating with Chrysler for
continued production of component parts for a period of time.
Mr. Galardi states that, conversely, Roush cannot demonstrate it
will suffer any legally cognizable harm if the motion is denied
as any harm would be monetary harm at best. He notes that
monetary damages, even if significant, do not constitute
irreparable harm.
Additionally, pursuant to Michigan Law, Roush's U.C.C. financing
statement is seriously misleading and, therefore, ineffective,
Mr. Galardi avers. The Financing Statement identifies
"Plastech" as the organization name, instead of "Plastech
Engineered Products, Inc.", he reiterates.
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. 14;
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.
CLEVELAND CONSULTING: Members Opt to Liquidate Business
-------------------------------------------------------
Cleveland Consulting Pty. Ltd.'s members agreed on Feb. 21,
2008, to voluntarily liquidate the company's business. The
company has appointed Gregory Stuart Andrews to facilitate the
sale of its assets.
The liquidator can be reached at:
Gregory Stuart Andrews
G.S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
About Cleveland Consulting
Cleveland Consulting Pty. Ltd. provides schools and educational
services. The company is located at Malvern, in Victoria,
Australia.
DANA CORP: Fitch Affirms 'BBB-' Rating on $90MM Revenue Bonds
-------------------------------------------------------------
Fitch Ratings affirmed and removed from rating watch negative
its 'BBB+' rating on the bond fund's outstanding $90.2 million
development revenue bonds. The rating outlook is stable.
The removal from rating watch negative reflects the emergence
from bankruptcy of Dana Holdings Inc. and its continued timely
payments on its lease obligation.
The bond fund was placed on rating watch negative on Mar. 15,
2006, due to the Chapter 11 bankruptcy filings by two of the
pool's participants, Dana and Engineered Plastic Products Inc.
Both participants are auto parts manufacturers.
The Port Authority used EPP's dedicated reserves and liquidated
assets to fully repay the series 2005B outstanding bonds in
December 2006.
The bond fund bonds issued on behalf of Dana, which account for
7.1% of the portfolio or $6.4 million, are secured by lease
payments that are backed by a first mortgage lien and first
security interest on Dana's research and development facility
and equipment, located in Lucas County.
In connection with the bankruptcy court approved settlement
agreement and the order confirming Dana's reorganization plan,
the company has amended its lease agreement to reflect quarterly
lease payments to the authority instead of monthly lease
payments. The amended lease payments are sufficient to pay the
debt service on the related series 2002B bonds issued by the
authority through maturity.
The authority established the bond fund in 1988 to advance
economic development efforts in the region. Currently, the bond
fund has 26 participants, with outstanding bonds totaling $90.2
million. The authority remains the program's largest obligor
representing 11.2% of the total portfolio.
In addition to lease or loan payments by the pool participants,
all of the bond fund bonds are equally and ratably secured by
funds held in reserves, which equal $28.6 million or 32% of the
principal of all outstanding bonds.
The bond fund reserves comprise: primary reserves funded by each
borrower equal to approximately 10% of bond principal; program
reserves, which include a $6.5 million cash contribution from
the authority and a $10 million irrevocable letter of credit
from Fifth Third Bank that expires Nov. 15, 2016, subject to
extension; and additional reserves specific to certain series of
bonds.
Shortfalls in bond payments due to loan or lease defaults must
be made up first from the defaulting borrowers' primary
reserves, then from program reserves, and finally from any
remaining primary
reserves.
About Dana Corp.
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.
The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008. Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.
(Dana Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008. The
outlook is negative. At the same time, Standard & Poor's
assigned Dana's US$650 million asset-based loan revolving credit
facility due 2013 a 'BB+' rating (two notches higher than the
corporate credit rating) with a recovery rating of '1',
indicating an expectation of very high recovery in the event of
a payment default. In addition, S&P assigned a 'BB' bank loan
rating to Dana's US$1.43 billion senior secured term loan with a
recovery rating of '2', indicating an expectation of average
recovery.
DANA: Steelworkers Union Seeks US$2,500,000 Success Fee Payment
---------------------------------------------------------------
The United Steel, Paper, and Forestry, Rubber, Manufacturing,
Energy, Allied Industrial and Service Workers International
Union asks the U.S. Bankruptcy Court for the Southern District
of New York to compel payment of $2,500,000 as investment
management fee for the professional services rendered by its
financial advisor, Potok and Co., Inc., for:
(1) the firm's role in the successful resolution of the
abor, financial and restructuring issues involving the
USW and the International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America;
and
(2) the negotiation of the global settlement with Dana Corp
and its debtor-affiliates and Centerbridge Capital
Partners.
Suzanne Hepner, Esq., at Levy Ratner, P.C., in New York, says
the Global Settlement provided the cornerstone for the Debtors'
Plan of Reorganization, which was overwhelmingly approved by
voting creditors and confirmed by the Court less than five
months after the Global Settlement was decisively approved by
the Court.
Ms. Hepner adds that Potok's role as financial advisor to the
Unions throughout the bankruptcy cases and in working with the
Debtors and Centerbridge in the Global Settlement process
demonstrates that payment of a $2,500,000, success fee for
substantial contribution to the Debtors' bankruptcy cases is
appropriate under Sections 503(b)(3) and 4. "Potok's services
demonstrably fostered and enhanced the process of Dana's
reorganization and benefited Dana's estate and creditors", she
asserts.
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.
The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008. Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.
(Dana Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008. The
outlook is negative. At the same time, Standard & Poor's
assigned Dana's US$650 million asset-based loan revolving credit
facility due 2013 a 'BB+' rating (two notches higher than the
corporate credit rating) with a recovery rating of '1',
indicating an expectation of very high recovery in the event of
a payment default. In addition, S&P assigned a 'BB' bank loan
rating to Dana's US$1.43 billion senior secured term loan with a
recovery rating of '2', indicating an expectation of average
recovery.
DANA CORP: Professionals Seek US$186 Million Final Fee Payments
---------------------------------------------------------------
Various law firms, accountants, and other professionals employed
in the Chapter 11 cases of Dana Corporation and its debtor-
affiliates asked the Hon. Burton Lifland of the U.S. Bankruptcy
Court for the Southern District of New York for the final
allowance of about US$121,771,458, for their services:
Professional Fee Period Fees Expenses
------------ ---------- ---- --------
Jones Day 03/03/06-01/31/08 $57,026,501 $2,598,005
Ernst & Young LLP 03/03/06-01/01/08 34,114,418 1,612,174
Miller Buckfire & Co. 03/03/06-01/31/08 27,750,000 658,781
PricewaterhouseCoopers 03/03/06-01/31/08 14,721,262 655,849
Kramer Levin Naftalis
& Frankel LLP 03/10/06-01/31/08 10,878,509 670,267
FTI Consulting, Inc. 03/14/06-01/31/08 5,592,311 65,641
Hunton & Williams LLP 03/03/06-01/31/08 4,914,951 116,149
UBS Securities LLC 03/14/06-01/31/08 4,225,806 94,724
AP Services, LLC 03/03/06-01/31/08 4,000,000 -
Katten Muchin Rosenman 03/03/06-01/31/08 2,883,621 111,509
Stahl Cowen Crowley 09/05/06-02/29/08 2,306,379 267,372
Pachulski Stang Ziehl
Young Jones & Weintraub 03/03/06-01/31/08 2,082,594 114,203
White & Case LLP 06/14/07-11/30/07 1,963,713 89,927
Fried, Frank, Harris,
Shriver & Jacobson LLP 06/30/06-03/15/08 1,819,870 59,484
Development Specialists 09/12/06-01/31/08 1,236,579 68,578
Halperin Battaglia
Raicht, LLP 03/31/06-01/31/08 1,197,170 32,000
Analysis, Research,
and Planning Corp. 07/28/06-12/31/07 671,988 5,363
Hilco Appraisal
Services, LLC 08/08/07-01/31/08 597,500 106,296
The Segal Company 10/01/06-01/31/08 551,331 6,056
Jefferies & Company 07/11/06-02/09/07 540,000 24,033
Blackstone Advisory
Services, L.P. 06/14/07-11/30/07 450,000 4,017
Cushman & Wakefield
of Oregon, Inc. 09/01/07-12/31/07 300,000 0
Berwin Leighton Paisner 11/01/06-02/25/07 126,777 5,517
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.
The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008. Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.
(Dana Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008. The
outlook is negative. At the same time, Standard & Poor's
assigned Dana's US$650 million asset-based loan revolving credit
facility due 2013 a 'BB+' rating (two notches higher than the
corporate credit rating) with a recovery rating of '1',
indicating an expectation of very high recovery in the event of
a payment default. In addition, S&P assigned a 'BB' bank loan
rating to Dana's US$1.43 billion senior secured term loan with a
recovery rating of '2', indicating an expectation of average
recovery.
DIKRANIS CONSTRUCTIONS: Members & Creditors to Meet Today
---------------------------------------------------------
Dikranis Constructions Pty. Ltd. will hold a joint meeting for
its members and creditors today at 9:30 a.m. At the meeting,
the company's liquidator, G. S. Andrews at G.S. Andrews &
Associates will provide the attendees with property disposal and
winding-up reports.
The liquidator can be reached at:
G. S. Andrews
G.S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
About Dikranis Constructions
Dikranis Constructions Pty. Ltd. operates non-classifiable
establishments. The company is located at Buxton, in Victoria,
Australia.
HOLCO MEAT: Liquidator Presents Wind-Up Report
----------------------------------------------
Warren White, Holco Meat (International) Pty. Ltd.'s estate
liquidator, met with the company's members on March 26, 2008,
and provided them with property disposal and winding-up reports.
The liquidator can be reached at:
Warren White
PPB Chartered Accountants
90 Collins Street, Level 10
Melbourne, Victoria 3000
Australia
About Holco Meat
Holco Meat (International) Pty. Ltd. operates offices of holding
companies. The company is located at Melbourne, in Victoria,
Australia.
LARGA PTY: Members & Creditors to Hear Wind-Up Report Today
-----------------------------------------------------------
Larga Pty. Ltd. will hold a joint meeting for its members and
creditors today at 10:00 a.m. At the meeting, the company's
liquidator, G. S. Andrews at G.S. Andrews & Associates will
provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
G. S. Andrews
G.S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
About Larga Pty.
Larga Pty. Ltd. operates miscellaneous retail stores. The
company is located at Werribee, in Victoria, Australia.
LION CORPORATION: Members and Creditors to Meet Today
-----------------------------------------------------
Lion Corporation (Australia) Pty. Ltd. will hold a joint meeting
for its members and creditors today at 9:45 a.m. At the
meeting, the company's liquidator, G. S. Andrews at G.S. Andrews
& Associates will provide the attendees with property disposal
and winding-up reports.
The liquidator can be reached at:
G. S. Andrews
G.S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
About Lion Corporation
Lion Corporation (Australia) Pty. Ltd. is a distributor of
construction and mining machineries. The company is located at
Deer Park, in Victoria, Australia.
MEGA BRANDS: Posts US$97 Million Net Loss in 2007
-------------------------------------------------
MEGA Brands Inc. reported its fourth quarter and full-year 2007
financial results. Full-year net loss was US$97.1 million
compared to net earnings of $25.3 million in 2006. Net loss was
US$66.2 million in fourth quarter 2007, compared to net earnings
of US$2.8 million in the fourth quarter of 2006.
"2007 was a difficult year for MEGA Brands, for our employees
and shareholders, and for our many loyal fans," Marc Bertrand,
president and CEO, stated. "We are disappointed with our
overall performance and we promise that no effort is being
spared to achieve a meaningful turnaround as quickly as
possible."
"We are solidly on track to achieve the $12 million in
annualized savings targeted under the Value Enhancement Plan
announced at the end of the third quarter. We have exciting new
products in the pipeline in all of our product categories and we
are pleased to be working with Intertek, a leading provider of
quality and safety solutions, as we roll out MAGNEXT(R: 60.91,
+0.08, +0.13%), the new generation of magnetic construction
toys," added Bertrand.
"Although 2007 was a challenging year, there were several
positive results in the company's performance, including record
sales of preschool construction toys and continued solid growth
in international sales," Mr. Bertrand added. "In Stationery and
Activities, sales matched 2006 levels, with improved margins.
"We are very focused on executing the many operational and new
product initiatives under way. With the recent amendment to our
credit agreement, we now have the financial flexibility to
implement current initiatives that will strengthen our core toy
business while exploring a sale of our Stationery and Activities
business through an orderly process," concluded Bertrand.
Financial results were impacted by these factors in 2007:
-- US$65.9 million of Specified Items resulting mainly from
voluntary product recall, inventory provisions, sales
below cost and termination of licensing agreements;
-- lower gross profit generated by the Magnetix product line
of US$21 million due to lower unit sales and prices;
-- lower manufacturing efficiencies resulting from the
inventory reduction plan initiated by the corporation and
the downsizing of the Woodridge, New Jersey facility which
was fully closed in December 2007. The impact of lower
manufacturing efficiencies on gross profit amounted to
approximately US$6 million.
-- US$5.7 million of Other Charges.
Marketing and advertising expenses were slightly lower at
US$26.2 million compared to $26.8 million in 2006.
Liquidity
Cash flows used in operating activities before changes in non-
cash operating working capital amounted to US$26.3 million
compared to cash flows generated of US$1.8 million in the fourth
quarter of 2006.
This change resulted from the higher net loss in the 2007
period. After favorable changes in non-cash operating working
capital in both periods, cash flows from operating activities
were US$64.6 million in the fourth quarter of 2007 compared to
US$28 million in the corresponding 2006 period.
At Dec. 31, the company's balance sheet showed total assets of
US$709.714 million, total liabilities US$487.320 million and
total shareholders' equity US$222.394 million.
About Mega Brands Inc.
MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products. Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
Belgium, United Kingdom, Germany, France, Spain, Mexico, and
Australia. The Corporation's products are sold in over 100
countries.
* * *
As reported in the Troubled company Reporter on Jan. 25, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Mega Brands Inc. to 'B' from 'B+'. The
ratings remain on CreditWatch with negative implications, where
they were placed Nov. 9, 2007. The '3' recovery rating on the
bank loan is unchanged.
METRO SUPERANNUATION: Liquidator Gives Wind-Up Report
-----------------------------------------------------
Warren White, Metro Superannuation Pty. Ltd.'s estate
liquidator, met with the company's members on March 26, 2008,
and provided them with property disposal and winding-up reports.
The liquidator can be reached at:
Warren White
PPB Chartered Accountants
90 Collins Street, Level 10
Melbourne, Victoria 3000
Australia
About Metro Superannuation
Metro Superannuation Pty. Ltd. is involved with insurance
carriers. The company is located at Adelaide, in South
Australia, Australia.
REALOGY CORP: S&P Retains 'B' Issue-level Rating on Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Realogy Corp.'s senior unsecured debt to '4', indicating that
lenders can expect average (30% to 50%) recovery in the event of
a payment default, from '3'. The issue-level rating on these
securities remains unchanged at 'B' (at the same level as the
'B' corporate credit rating on the company).
The recovery rating revision reflects Standard & Poor's reduced
cash flow expectations for Realogy, which also resulted in S&P's
outlook change on the company to negative from stable.
Ratings List
Realogy Corp.
Corporate Credit Rating B/Negative/--
Rating Revised
To From
-- ----
Realogy Corp.
Senior Unsecured B B
Recovery Rating 4 3
About Realogy Corp.
Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a
member of the S&P 500. The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services. Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group. Realogy has
more than 15,000 employees worldwide. The company operates in
Australia, Brazil and France.
REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action
-------------------------------------------------------------
Standard & Poor's Ratings Services, on March 27, 2008, affirmed
Realogy Corp.'s "B" corporate rating, but revised its outlook
from "Stable" to "Negative."
According to S&P credit analyst Emile Courtney, "[t]he outlook
revision reflects a significantly lower expectation for EBITDA
generation in 2008 than we had previously anticipated, as well
as the resultant narrowing of the EBITDA cushion in the
company's senior secured credit facilities leverage covenant[.]"
CFO Anthony E. Hull however said that the S&P report does not
explicitly mention three key factors that are important to
reiterate:
-- Realogy's interest cost in 2008 will be significantly
less than previously expected and 2007 pro forma levels.
-- Realogy's proactive cost savings and cash maximization
initiatives that have been successfully implemented
(including exit from the government at-risk business
that will free up US$50 million of cash this year) will
continue to enhance our ability to tap into our bank
debt revolver.
-- Due to the seasonality of the real estate market, first
quarter of any year is historically our slowest quarter
(not just 2008). As we are only one-quarter into the
year, the company has 85% to 90% of its EBITDA
opportunity ahead of it.
While the revised outlook was based primarily upon the
continuing downturn in the residential real estate market, the
S&P report concluded with the following astute statement:
"Even though a return to growth in sides and price metrics in
the industry could be at least one year away (in early 2009),
our expectation remains that Realogy will benefit meaningfully
in terms of growth in EBITDA and cash flow generation when the
cycle turns upward, and that credit measures would improve."
About Realogy Corporation
Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is a real estate
franchisor and a member of the S&P 500. The company has a
diversified business model that also includes real estate
brokerage, relocation, and title services. Realogy's world-
renowned brands and business units include CENTURY 21(R),
Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R),
Sotheby's International Realty(R), NRT Incorporated, Cartus, and
Title Resource Group. Realogy has more than 15,000 employees
worldwide. The company operates in Australia, Brazil and
France.
SOUTHON BUILDERS: Placed Under Voluntary Liquidation
----------------------------------------------------
Southon Builders Pty. Ltd.'s members agreed on Feb. 25, 2008, to
voluntarily liquidate the company's business. The company has
appointed Samuel Richwol of O'Keeffe Walton Richwol to
facilitate the sale of its assets.
The liquidator can be reached at:
Samuel Richwol
O'Keeffe Walton Richwol
Chartered Accountants
431 Burke Road, Suite 3
Glen Iris 3146
Australia
About Southon Builders
Southon Builders Pty. Ltd. is involved with non-residential
construction. The company is located at Bairnsdale, in
Victoria, Australia.
ST. GEORGE BANK: Increases Main Mortgage Rate by 10 Basis Points
----------------------------------------------------------------
St. George Bank Ltd. lifted its main mortgage rate by a further
10 basis points, pressured by the global credit crunch, Danny
John of The Sydney Morning Herald reports.
According to Mr. John, the pressure on banks caused by the
global credit crunch has pushed interest rates on standard
variable home loans to almost 9.5%.
St. George's decision to push up the price of its standard
variable mortgages for the second time in less than four weeks,
puts it on top of the leading banks, which have now severed the
link between the official cash rate set by the Reserve Bank and
the industry's own interest rates, relates SMH.
SMH states that St. George said it was absorbing some of the
additional funding pressures even with the latest price
increase. The 10 basis points rise will add AU$17 a month to
its average loan of AU$250,000 repayable over 30 years, the
report relates.
About St. George Bank
Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a
banking company. The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM). RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners. This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.
On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.
* * *
The Troubled Company Reporter-Asia Pacific reported on March 28,
2008 that Fitch Ratings assigned a 'B' rating on the AU$1.0
million Class E bond of St. George. A subsequent TCR-AP report
on April 2, 2008, said Fitch Ratings rated St. George's AU$1.7
million Class D bond a 'BB'.
WARTHAM HOLDINGS: Final Meeting Slated for April 9
--------------------------------------------------
Wartham Holdings Pty. Ltd. will hold a final meeting for its
members and creditors at 11:00 a.m. on April 9, 2008. At the
meeting, the company's liquidator, John Georgakis at Ernst &
Young, will provide the attendees with property disposal and
winding-up reports.
The liquidator can be reached at:
John Georgakis
Ernst & Young
8 Exhibition Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9288 8000
About Wartham Holdings
Wartham Holdings Pty. Ltd. operates household appliance stores.
The company is located at Coffs Harbour, in New South Wales,
Australia.
==================================================
C H I N A & H O N G K O N G & T A I W A N
==================================================
EVER WEALTH: Appoints New Liquidators
-------------------------------------
On March 20, 2008, Cosimo Borrelli and Kevin Edward Flynn
stepped down as liquidators for Ever Wealth Management Limited.
Members of Ever Wealth Management Limited appointed David Giles
Maund and Fernando L. Gaspar as the company's liquidators.
The liquidators can be reached at:
David Giles Maund
Fernando L. Gaspar
L Gaspar of Rooms 1101-1103
MassMutual Tower, 11th Floor
38 Gloucester Road
Wanchai, Hong Kong
FOREFRONT MOTORS: Appoints New Liquidators
------------------------------------------
Members of Forefront Motors (Hong Kong) Limited appointed David
Giles Maund and Fernando L. Gaspar as the company's liquidators.
The liquidators can be reached at:
David Giles Maund
Fernando L. Gaspar
L Gaspar of Rooms 1101-1103
MassMutual Tower, 11th Floor
38 Gloucester Road
Wanchai, Hong Kong
MOLD-TECH: Members' Meeting Set for April 21
--------------------------------------------
Members of Mold-Tech Limited will have their final general
meeting on April 21, 2008, at Level 28, Three Pacific Place, 1
Queen's Road east, in Hong Kong, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidators can be reached at:
Nathalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Three Pacific Place, Level 28
1 Queen's Road east, Hong Kong
THE NEW CHINA CAPITAL: Members & Creditors to Meet on April 10
--------------------------------------------------------------
The New China Hong Kong Capital Limited will hold a joint
meeting for its members and creditors at 9:00 a.m. And 10:00
a.m. respectively, on April 10, 2008. At the meeting, the
company's liquidator, James Wardell, will provide the attendees
with property disposal and winding-up reports.
The company's liquidator can be reached at:
James Wardell
Duke of Windsor Social Service Building, Room 203
No. 15 Hennessy Road
Wanchai, Hong Kong
THE NEW CHINA FINANCE: Members & Creditors to Meet on April 10
--------------------------------------------------------------
The New China Hong Kong Finance Limited will hold a joint
meeting for its members and creditors at 9:30 a.m. and 10:30
a.m. respectively, on April 10, 2008. At the meeting, the
company's liquidator, James Wardell, will provide the attendees
with property disposal and winding-up reports.
The company's liquidator can be reached at:
James Wardell
Duke of Windsor Social Service Building, Room 203
No. 15 Hennessy Road
Wanchai, Hong Kong
THE NEW CHINA GROUP: Members & Creditors to Meet on April 10
------------------------------------------------------------
The New China Hong Kong Group Limited will hold a joint meeting
for its members and creditors at 11:00 a.m. and 11:30 a.m.
respectively, on April 10, 2008. At the meeting, the company's
liquidator, James Wardell, will provide the attendees with
property disposal and winding-up reports.
The company's liquidator can be reached at:
James Wardell
Duke of Windsor Social Service Building, Room 203
No. 15 Hennessy Road
Wanchai, Hong Kong
TREASURE YEAR: Court to Hear Wind-Up Proceedings on April 16
------------------------------------------------------------
On February 29, 2008, Fort Crown Investment filed a petition to
have Treasure Year Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Ford, Kwan & Company
Chinachem Golden Plaza, Suites 1501-1508, 15th Floor
No. 77 Mody Road
Tsimshatsui East
Kowloon, Hong Kong
VICTOR SHINNING: Court to Hear Wind-Up Proceedings on April 23
--------------------------------------------------------------
On March 3, 2008, Tang Kwong Fung filed a petition to have
Victor Shinning Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Chong Yan-tung Chris
Revenue Tower, 30th Floor
5 Gloucester Road
Wanchai, Hong Kong
=========
I N D I A
=========
NOVELL INC: Augments Operations With PlateSpin Buyout Completion
----------------------------------------------------------------
Novell Inc. completed its acquisition of PlateSpin Ltd. The
company related that PlateSpin allows the movement of workloads
between physical and virtual environments regardless of platform
or operating system. These capabilities, combined with Novell's
systems management solutions, enable customers to fully leverage
their virtualization investments and reduce both costs and
server sprawl in their data centers.
As reported in the Troubled Company Reporter on Feb. 28, 2008,
Novell Inc. entered into a definitive agreement to acquire
PlateSpin Ltd. for $205 million.
"The addition of PlateSpin to Novell's existing enterprise IT
management and Linux solutions will give customers the
capabilities they need to build their next generation data
center," Joe Wagner, senior vice president and general manager
of Novell(R) Systems and Resource Management, said. "With
solutions for data center consolidation, virtualization,
relocation, disaster recovery and ongoing optimization,
customers now have powerhouse technology to reduce cost,
minimize risk and create value across heterogeneous environments
with flexibility, interoperability and agility."
"We are excited to be joining the Novell organization and a
global team of people committed to the vision of optimizing the
data center," Stephen Pollack, founder and CEO of PlateSpin,
said. "We will continue to focus on the development of the
PlateSpin product line and look forward to the new synergies our
combined offerings will bring to customers."
With the closing of the acquisition, PlateSpin will become part
of the Novell Systems and Resource Management business unit and
continue to develop and market its solutions to the customer
base. This is another key step in Novell's strategy to help
customers integrate their mixed IT environments, allowing people
and technology to work as one.
About PlateSpin Ltd.
PlateSpin offers extensive solutions for the management of
heterogeneous workloads that encapsulate data, applications and
operating systems residing on a physical or virtual host. These
solutions improve the speed and quality of server consolidation,
data center relocation and disaster recovery.
About Novell Inc.
Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise. Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.
The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.
* * *
Novell Inc. continues to carry Moody's Investors Service's 'B1'
subordinated debt rating, which was placed in September 1988.
QUEBECOR WORLD: Court Allows Assumption of BofA's P-Card Pact
-------------------------------------------------------------
Pursuant to Section 363 of the Bankruptcy Code, Quebecor World
Inc. and its debtor-affiliates are authorized to use property of
their bankruptcy estates to pay Bank of America on account of
prepetition amounts due and owing under the existing purchasing
card agreement.
Pursuant to Section 364(a), the Debtors are authorized to obtain
unsecured postpetition financing from Bank of America under an
employee purchasing card program.
As reported in the Troubled Company Reporter on March 24, 2008
the Debtors sought permission from the U.S. Bankruptcy Court for
the Southern District of New York to assume their Purchasing
Card Agreement with Bank of America and cure an existing
monetary default. In the alternative, the Debtors seek the
Court's authority to re-establish a purchasing card agreement
with Bank of America.
Michael Canning, Esq., at Arnold & Porter LLP, in New York,
related that prior to the bankruptcy filing, the Debtors had a
purchasing card agreement with Bank of America in which Bank of
America issued credit cards to certain of the Debtors' employees
to be used in a manner similar to consumer credit cards and
constitute unsecured debt obligations to the Debtors.
The Debtors have historically used P-Cards for transactions with
small vendors or ad hoc purchases in large part to minimize
administrative costs for smaller purchasing transactions. The
P-Cards serve as substitutes for petty cash, thus reducing the
need for the Debtors to keep cash on hand at each of their
facilities and permitting the Debtors to make certain payments
more efficiently than would be possible using checks or wire
transfers.
Through 2007, the Debtors had approximately 400 individual card
users and processed approximately US$2,000,000 per month in
purchases on the P-Cards.
The provision of purchasing card services was withdrawn by Bank
of America in mid-December 2007, in conjunction with actions
taken by Bank of America to reduce credit exposure to the
Debtors. As of the bankruptcy filing, the Debtors had an
outstanding balance of US$460,000 owing to Bank of America for
prepetition charges.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media. Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.
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. 10; 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: Court Okays Payment of US$3,175,111 Sales Commissions
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Quebecor World Inc. and its debtor-affiliates to pay:
(i) 107 sales representatives who are owed accrued
prepetition commissions,
(ii) one employee US$15,000 for meeting specific sales and
budget attainment goals in 2007.
The Court also authorized the Debtors to pay additional accrued
prepetition commissions to sales employees that become due and
payable without further need for Court approval, provided that
the payments are agreeable to the Official Committee of
Unsecured Creditors and the Office of the United States Trustee.
As reported in the Troubled Company Reporter on March 28, 2008,
the Debtors sought the Court's authority to pay prepetition
sales commissions currently owing to 108 sales representatives.
Of these 108 sales representatives, 107 are owed accrued
prepetition commissions by no later than March 31, 2008. The
other employee is owed US$15,000 for meeting specific sales and
budget attainment goals in 2007. This payment was due at the
end of January 2007, and the Debtors seek authority to pay this
employee for successfully achieving the target sales goal.
The total amount of the sales commissions due to these 108
individuals is US$3,175,111. Of this amount, US$2,224,373
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$142
to US$251,441.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media. Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.
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. 10; 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 Until June 4 to File Schedules & Statements
---------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York extended Quebecor World Inc. and
its debtor-affiliates' deadline to file their schedules of
assets and liabilities and statements of financial affairs,
until June 4, 2008.
Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media. Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.
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. 10; 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.
ZTE CORP: Inks Global Framework Deal With Vodafone
--------------------------------------------------
ZTE Corporation has signed a network equipment Global Framework
Agreement with Vodafone on spanning ZTE's complete telecoms
infrastructure equipment portfolio. The GFA represents a
contract framework that can be used if Vodafone decides to
contract ZTE for network equipment in the future.
The agreement builds on agreements previously signed by the two
companies making ZTE a Vodafone Qualified Global Supplier in
April 2006, and a terminal GFA announced in February 2007.
"As a major global telecoms equipment supplier, ZTE is an
important potential network equipment supplier to Vodafone
worldwide," said Detlef Schultz, Vodafone Global Supply Chain
Management Director. "This GFA ensures that when Vodafone
companies want to work with ZTE, the structure is in place to
enable that to happen quickly and efficiently for both parties."
"This GFA gives Vodafone companies access to ZTE's comprehensive
range of network equipment that covers every possible equipment
need for every global mobile communications standard," said Mr
Lin Cheng, President of ZTE West Europe. "We look forward to a
long and fruitful relationship with Vodafone as a strategic
global partner in the telecoms infrastructure equipment area."
The terminal GFA signed by Vodafone and ZTE in 2007 led to the
launch of Vodafone's first ZTE-made ultra low cost handset
(ULCH) GSM handset in May 2007. ZTE has now shipped over eight
million units of Vodafone branded GSM handsets to over 30
Vodafone operating companies and partner networks worldwide.
About ZTE Corp
Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments. The group operates both in
the domestic and international market.
The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.
=================
I N D O N E S I A
=================
BANK MANDIRI: Disburses IDR19 Trillion in Plantation Sector
-----------------------------------------------------------
PT Bank Mandiri disbursed IDR19 trillion in credits to the
plantation sector last year as part of its pledge to finance the
program to revitalize the sector, Asia Pulse reports.
According to the report, the bank has pledged to provide
IDR32 trillion to help finance the government's program to
revitalize state plantation companies mainly those operating in
rubber, cacao, and oil palm sectors.
PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.
The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of
PT Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and
its National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.
The outlook on the national rating remains stable. At the same
time, all other ratings are affirmed:
-- Long-term foreign and local currency Issuer Default
ratings at 'BB-' with a Positive Outlook
-- Short-term IDR at 'B'
-- Support at '4', and
-- Support Floor at 'B+'
On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.
-- The foreign currency senior/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,
Baa2 global local currency deposit rating and D- BFSR were
unaffected.
BANK NEGARA: To Lead Syndicate to Finance Semarang-Solo Project
---------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk will lead a syndicate to
provide a loan of IDR5 trillion to finance the construction of
the Semarang-Solo toll road project in Central Java, Asia Pulse
reports.
Bank Director Krisna Suparto told the news agency that a number
of private banks will be involved in the syndicate to sign a
credit agreement toward the end of the first half of the year.
The bank, the report relates, will provide 40% or IDR2 trillion,
of the IDR6.1 trillion estimated cost to build the 76-kilometer
toll road.
About Bank Negara
Headquartered in Jakarta, Indon vesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature. The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore. The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.
As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:
-- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
to Stable from Positive;
-- Support rating upgraded to '3' from '4';
-- Support Rating Floor upgraded to 'BB-' from 'B+';
-- Individual rating affirmed at 'D';
-- ST IDR affirmed at 'B';
-- National Long-term affirmed at 'AA-(idn)';
-- FC subordinated debt upgraded to 'BB-' from 'B+'.
On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.
On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.
GARUDA INDONESIA: Joins Mandala to Lobby Against EU Flight Ban
--------------------------------------------------------------
PT Garuda Indonesia and Mandala Airlines joined hands to urge
the European Union to lift the ban it had clamped on them to fly
to Europe, Antara News reports citing Mandala Chief Executive
Officer Warwick Brady.
Mr. Brady told the news agency that both airlines are urging the
EU to show their ability to meet the EU's flight safety
requirements.
The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that the European Union sent safety experts to Indonesia
to review an EU ban on Indonesian airlines. Fifty-one
Indonesian airlines, including Garuda, have been barred due to
safety concerns. Indonesian officials asserted that EU failed
to account the improvements made this year.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The Troubled Company Reporter-Asia Pacific reported on Sept. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt. The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.
The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.
Garuda is currently undergoing debt restructuring. The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.
=========
J A P A N
=========
FUJI HEAVY: Toyota to Double Stake to 17%, Reports Say
------------------------------------------------------
Toyota Motor Corp. will almost double its stake in the Fuji
Heavy Industries Ltd., Kiyori Ueno and Naoko Fujimara
of Bloomberg News report.
Nikkei English News, relates Bloomberg, reported that Toyota
will raise its holdings in Fuji Heavy to about 17% from 8.7% by
buying shares. Toyota, according to Nikkei, may help Fuji Heavy
develop new models.
Shinichi Murata, a Fuji Heavy spokesman is quoted by Bloomberg
as saying, "nothing has been decided." Toyota spokesman Hideaki
Homma also declined to comment on the report, notes Bloomberg.
Bloomberg reports that according to Koji Endo, a senior auto
analyst at Credit Suisse Group in Tokyo, "Toyota is bailing out
Fuji Heavy. Fuji Heavy is suffering because of sluggish sales
in the U.S., and its minicar business is unprofitable here in
Japan."
March U.S. Vehicle Sales
Reuters reports that Fuji Heavy's sales in the U.S. is down by
0.3% from March 2007. A total of 16,685 units were sold in
March 2008, down by 1,342 units, from last year's 18,027 units.
About Fuji Heavy
Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments. The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles. The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment. The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates. The Company distributes its products
in both domestic and overseas markets. As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.
Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.
MAZDA MOTOR: U.S. March 2008 Sales Down 6.0% Year-on-Year
---------------------------------------------------------
Mazda Motor Corp.'s U.S. sales for its vehicles declined 6.0%
for the month of March, Reuters reports.
According to Reuters, a total of 32,929 units were sold in
March 2008, as compared to the 37,742 units sold in March 2007.
Import cars contributed a total of 17,390 units, followed by the
7,741 units of domestic cars; import trucks sold totaled 6,075,
while domestic truck sold 1,723 units, notes Reuters.
Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles. The company
manufactures passenger cars and commercial vehicles. Mazda
Motor distributes its products in both domestic and overseas
markets. The company has 58 subsidiaries. It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China. The Company has a global network.
* * *
As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.
MITSUKOSHI LTD: Eyes JPY1.54 Trillion Annual Sales With Merger
--------------------------------------------------------------
Mitsukoshi Ltd. and Isetan Co. merged their management under one
holding company on April 1, creating Japan's largest department
store group, Kyodo News reports.
According to the report, the merged entity -- Isetan Mitsukoshi
Holdings Ltd. -- has an annual sales target of JPY1.54 trillion.
The department store industry is currently facing falling sales
amid the graying population and harsh competition from other
retailing businesses, states Kyodo News.
The new company, notes Kyodo News, aims to survive the harsh
business environment by seeking synergy through Isetan's
strength in appealing to young customers and Mitsukoshi's
ability to attract a relatively upscale clientele.
Mitsukoshi President Kunio Ishizuka will assume the presidency
of Isetan Mitsukoshi Holdings, while Isetan President Nobukazu
Muto is to take the post of chairman at the holding company.
The two companies will retain their names, adds Kyodo News.
About Isetan Co.
Isetan Company Limited is a Japan-based company mainly engaged
in the operation of department stores. The Company operates in
four business segments. The Department Store segment sells
women's apparel, men's apparel, children's apparel, sundry
goods, domestic articles, food products and others. The Credit
Card and Finance segment provides credit and finance services.
The Retail and Specialty Store segment is engaged in the sale of
men's clothing, women's clothing and miscellaneous products, as
well as the operation of restaurants and supermarkets. The
Others segment is involved in the provision of staffing,
information processing and other services. Headquartered in
Tokyo, the Company has 29 subsidiaries and eight associated
companies. On March 31, 2008, the Company sold its subsidiary,
Kokura Isetan Co., Ltd., to Izutsuya Co., Ltd.
About Mitsukoshi Ltd.
Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi. The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.
* * *
Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.
Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.
QUIKSILVER INC: S&P Puts BB- Credit Rating Under Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Quiksilver Inc., including its 'BB-' corporate credit rating, on
CreditWatch with negative implications. The Huntington Beach,
Calif.-based apparel company had about US$996 million in debt
outstanding at Jan. 31, 2008.
The CreditWatch placement reflects the much weaker-than-expected
credit measures reported for the first quarter ended January
2008. "While we expected that results would be lower due to the
company's current difficulties with its Rossignol hard-good
equipment business," said Standard & Poor's credit analyst
Susan Ding, "financial measures for the last 12 months came in
well below our expectations, despite the US$100 million debt
reduction from the sale of its Cleveland Golf business in
December 2007."
Standard & Poor's originally expected that leverage would be
about 4.7x at year end (adjusted for the sale of Cleveland
Golf). However, due to losses at the Rossignol business that
depressed the EBITDA base significantly, leverage climbed to
close to 6x for the 12 months ended January 2008 versus about
5.7x for the 12 months ended October 2007. Total debt also
increased as a result of increased capitalized operating leases,
due to the new retail stores opened during the year. Although
the company announced it will explore selling the Rossignol
business, it is uncertain when and if the company would be able
to effect a transaction, in light of the current economic
environment, and what the magnitude would be of any potential
debt reduction from the application of sale proceeds and ensuing
improvement in credit measures.
"We will meet with management to further discuss Quiksilver's
operating trends and forecasts in order to resolve the
CreditWatch," said Ms. Ding.
Quiksilver, Inc. -- http://www.quiksilver.com/-- is a globally
diversified company that designs, produces and distributes
branded apparel, wintersports equipment, footwear, accessories
and related products. Its products are sold in over 90 countries
in a range of distribution channels, including surf shops, ski
shops, skateboard shops, snowboard shops, its Boardriders Club
shops, other specialty stores and select department stores. The
Company has three operating segments, the Americas, Europe and
Asia/Pacific. The Americas segment includes revenues primarily
from the United States and Canada. The European segment includes
revenues primarily from Western Europe. The Asia/Pacific
segment includes revenues primarily from Australia, Japan, New
Zealand and Indonesia. In October 2007, the Company entered into
an agreement to sell its golf equipment business. This
transaction was completed in December 2007. The company has
operations in Argentina.
TAIHEIYO CEMENT: Unit Acquires Two U.S. Concrete Makers
-------------------------------------------------------
Taiheiyo Cement Corp. acquired SSMC Holdings Corp. for an
undisclosed sum on April 2 to bolster its North American
operations, Jiji Press reports.
According to the report, California Portland Cement Co., a
wholly owned unit of Taiheiyo Cement USA Inc., bought all shares
in SSMC, the parent of concrete maker Silver State Materials
LLC.
Silver State, notes Jiji Press, operates eight ready-mixed
concrete plants in and outside Las Vegas, while California
Portland owns no such plant in the city.
Taiheiyo decided on the acquisition to bolster its operations
mainly in the city, the report relates.
On January 10, Taiehiyo, through is U.S. unit, acquired the
business assets of IMIX Group, an Arizona-based producer and
seller of ready-mixed concrete and aggregate.
In a posting on the company's Web site, Taiheiyo said that
"Arizona has tremendous upside potential for population and
economic growth, and demand for ready-mixed concrete and
aggregate appears poised to continue rising in and around
Phoenix, the state's main population center."
Acquiring the assets of IMIX, which serves Phoenix and
vicinity, gives California Portland the capacity to enter the
downstream market in the Phoenix area as well as secure a stable
customer for cement manufactured at the Rillito plant.
About Taiheiyo Cement
Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer. Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate. The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants. Taiheiyo
provides real estate management services in the Tokyo area.
The Troubled Company Reporter - Asia Pacific reported on
June 25, 2007, that Standard & Poor's Rating Services lifted its
'BB' long-term foreign and local issuer credit ratings to 'BB+'
Taiheiyo Cement Corporation. The outlook is stable.
VITEC CO: JCR Withdraws BB+ Senior Debt Rating
----------------------------------------------
Japan Credit Rating Agency Ltd. has withdrawn its BB+/Stable
rating on senior debts of the issuer at the request of Vitec
Co., Ltd.
Headquartered in Tokyo, Japan, Vitec Co., Ltd. --
http://www.vitec.co.jp/-- is primarily engaged in the
electronic products business. Along with its subsidiaries, the
Company has three business segments. The Electronic Device
segment sells electronic components to electronic equipment
makers in the domestic market, as well as the overseas market.
It is the sole agent of electronic components for Sony
Corporation, Hynix Semiconductor Japan Inc. and Philips
Electronics Japan. The Composite Business segment is engaged in
the component procurement business, as well as the strategic
planning, sale and production of mount assembly business. The
Support segment encompasses the development of digital versatile
disc (DVD) software, the design of audio-visual (AV) equipment
systems, the design of hardware, as well as the development and
design of composite modules. The company has 14 subsidiaries in
Japan, Taiwan, China, Singapore and the United States.
=========
K O R E A
=========
HYNIX SEMI: To Shut Down NAND Fabrication Line in Third Quarter
---------------------------------------------------------------
Hynix Semiconductor Inc. plans to shut down a NAND flash-memory-
chip fabrication line (M9) in the third quarter to reduce output
amid an industry slump and falling chip prices, The Wall Street
Journal reports.
In-Soo Nam of WSJ writes that NAND prices have remained at
record lows since late 2007 because of weaker-than-expected
demand for the chips.
The company's M9 line, the report notes, had a monthly output
capacity of 150,000 units of 8-inch wafers at the end of 2007.
But output was gradually lowered to 120,000 units in the first
quarter of this year, according to WSJ citing Meritz Securities.
Moreover, company spokeswoman Shi Hyun Lee told WSJ that Hynix
also plans to move the launching of its NAND chip-volume
production at a 12-inch fabrication line to the third quarter
due to poor global NAND market.
The report relates that Ms. Lee said the delay and the line
shutdown will likely help reduce the global NAND market's output
by 5% this year.
Lee Sun-Tae, an analyst at Meritz Securities, said: "This is
good news for its rivals and the NAND market. . . . For Hynix,
this will mean a reduced market share," the report adds.
About Hynix Semiconductor
Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating. At the same time, Moody's assigned a
Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance. Moody's said the outlook for the ratings is
stable.
===============
M A L A Y S I A
===============
ASPEN TECH: Appoints KPMG as New Independent Accounting Firm
------------------------------------------------------------
The Audit Committee of Aspen Technology Inc.'s Board of
Directors has appointed KPMG LLP as its independent registered
public accounting firm for the fiscal year ending June 30, 2008.
As disclosed on Jan. 16, 2008, Deloitte & Touche LLP declined to
stand for re-appointment for the fiscal 2008 audit. There was
no disagreement between the company and Deloitte on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.
About Aspen Technology
Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq:AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations. The company has locations in
Brazil, Malaysia and France.
At March 31, 2007, the company's consolidated balance sheet
showed $273.0 million in total assets, $154.5 million in total
liabilities, and $118.5 million in total stockholders' equity.
* * *
Moody's Investor Service placed the company's long-term
corporate family rating at B2 and its equity-linked rating at
Caa1 in October 2001. These ratings still hold to date with a
stable outlook.
EKRAN BERHAD: Has Until May 31 to Settle Debt to Danaharta
----------------------------------------------------------
In relation to Ekran Berhad's revised internal restructuring
plan, the Bursa Malaysia Securities Berhad has granted the
company until May 31, 2008, to complete the settlement of the
approximately MYR75 million debt assigned from Ekran to Tan Sri
Ting Pek Khiing owed from Danaharta Urus Sdn Bhd. The time
extension is subject to these conditions:
(a) Ekran to procure a letter of confirmation from Danaharta
allowing the company an extension of time until May 31,
2008, to complete the settlement of debt as per the
Letter of Offer and Settlement of Debt dated Dec. 26,
2007, and furnish a copy of the Letter of Confirmation to
Bursa Securities today, April 4, 2008; and
(b) a commitment from Tan Sri Ting that the debt assigned
will be settled by May 31, 2008.
Bursa Securities will proceed to suspend the trading of the
company's securities and commence de-listing procedures in the
event:
(i) the company fails to procure and furnish Bursa
Securities a copy of the Letter of Confirmation today;
or
(ii) Tan Sri Ting fails to settle the debt by May 31, 2008.
Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies. Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations. The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.
Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.
OCI BERHAD: Bursa Grants April 30 Deadline to Submit Reform Plan
----------------------------------------------------------------
The Bursa Securities Bhd. has granted OCI Berhad an extension of
time or until April 30, 2008, to submit its regularization plan
to the Approving Authorities for approval.
As reported by the Troubled Company Reporter-Asia Pacific on
March 25, 2008, the company's regularization plan includes:
* Proposed Scheme of Arrangement with Shareholders;
* proposed Rights Issue;
* proposed Exemption;
* proposed Scheme of Arrangement with creditors;
* proposed Transfer of listing status; and
* proposed Disposal
OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.
The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007. The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.
====================
N E W Z E A L A N D
====================
AHO RANGI: Placed Under Voluntary Liquidation
---------------------------------------------
On March 17, 2008, shareholders of Aho Rangi Management Services
Limited resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Grant Bruce Reynolds
c/o Grant Reynolds
PO Box 259059
Greenmount, Auckland
New Zealand
Telephone:(09) 526 0743
Facsimile:(09) 526 0748
AMAR INVESTMENTS: Fixes April 30 as Last Day to File Claims
-----------------------------------------------------------
Creditors of Amar Investments Ltd. are required to file their
proofs of debt by April 30, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
Stephen John Tubbs
Colin Anthony Gower
c/o BDO Spicers
Spicer House, Level 6
148 Victoria Street
Christchurch
New Zealand
Telephone:(03) 353 5528
Facsimile:(03) 353 5526
e-mail: Barbara.king@chc.bdospicers.com
BAY MORTGAGE: Taps K. Brown and T. Rodewald as Liquidators
----------------------------------------------------------
On March 10, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of Bay Mortgage and Insurance
Consultants Ltd.
The liquidators can be reached at:
Kenneth Peter Brown
Thomas Lee Rodewald
c/o Rodewald Hart Brown Limited
127 Durham Street
PO Box 13380, Tauranga
New Zealand
Telephone:(07) 571 6280
Web site: http://www.rhb.co.nz
BECROFT LTD: Creditors Receive Wind-Up Report
---------------------------------------------
Creditors of Becroft Ltd. met on March 26, 2008, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Lloyd Hayward
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302
Wellesley Street, Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
BLUE CHIP: Liquidator Presents Wind-Up Report
---------------------------------------------
Creditors of Blue Chip Joint Ventures Limited met on March 26,
2008, and received the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Lloyd Hayward
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302
Wellesley Street, Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
CENTRAL RIGGING: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On November 27, 2007, the Commissioner of Inland Revenue filed a
petition to have Central Rigging & Cranes Ltd.'s operations
wound up.
The petition will be heard before the High Court of Auckland on
April 18, 2008, at 10:00 a.m.
The CIR's solicitor is:
Kay S. Morgan
c/o Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432
Hamilton
New Zealand
Telephone:(07) 959 0373
Facsimile:(07) 959 7614
MATATA HOTEL: Appoints K. Brown and T. Rodewald as Liquidators
--------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Matata Hotel 2004 Limited on March 10, 2008.
The liquidators can be reached at:
Kenneth Peter Brown
Thomas Lee Rodewald
c/o Rodewald Hart Brown Limited
127 Durham Street
PO Box 13380, Tauranga
New Zealand
Telephone:(07) 571 6280
Web site: http://www.rhb.co.nz
MAYNE AUTOMOTIVE: Wind-Up Petition Hearing Set for June 4
---------------------------------------------------------
A petition to have Mayne Automotive Penrose Ltd.'s operations
wound up will be heard before the High Court of Auckland on
June 4, 2008, at 10:45 a.m.
SREL Limited filed the petition on February 4, 2008.
SREL Limited's solicitor is:
Malcolm Whitlock
Debt Recovery Group NZ Limited
5 Short Street, Level 5
Newmarket
Auckland
New Zealand
NEWAUST ECONOMIC: Subject to CIR's Wind-Up Petition
---------------------------------------------------
On September 6, 2007, the Commissioner of Inland Revenue filed a
petition to have Newaust Economic & Culture Group Ltd.'s
operations wound up.
The petition will be heard before the High Court of Auckland on
April 18, 2008, at 10:45 a.m.
The CIR's solicitor is:
Kay S. Morgan
c/o Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432, Hamilton
New Zealand
Telephone:(07) 959 0373
Facsimile:(07) 959 7614
R DARGAVILLE TRANSPORT: Shareholders Opt to Liquidate Business
--------------------------------------------------------------
Shareholders of R Dargaville Transport Ltd. met on March 14,
2008, and resolved to voluntarily liquidate the company's
business. Grant Bruce Reynolds was appointed as liquidator.
The liquidator can be reached at:
Grant Bruce Reynolds
c/o Grant Reynolds
PO Box 259059, Greenmount
Auckland
New Zealand
Telephone:(09) 526 0743
Facsimile:(09) 526 0748
WINDFLOW TECHNOLOGY: Books NZ$2.27 Mil. Loss in Jul-Dec 2007
------------------------------------------------------------
A regulatory filing with the New Zealand Stock Exchange showed
that Windflow Technology Limited incurred a net loss
attributable to security holders of NZ$2.27 million in the six
months ended Dec. 31, 2007.
The company pointed out that for the first time it produced a
positive gross profit from the manufacture of turbines, while
(as expected) remaining in a loss position overall once the
expenditure for non-recurring and overheads is deducted.
Sales revenue of NZ$2,910,052 (last year NZ$2,411,390) has been
recognised for the six-month period. According to the company,
The main component of the figure is the sale of wind turbines to
NZ Windfarms. There was additional income of NZ$489,724 but
expenses after deducting the overhead expenses (including
depreciation and amortization) has brought this down to an
interim loss of NZ$2,248,155.
The company expects that for the next year or two it will incur
total overheads (including production staff) of about
NZ$5.5 million annually, and earn revenue of about NZ$40
million.
Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development. As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited. The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited. The principal activity of NZ Windfarms
Limited is the development of wind farms. Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.
Windflow Technology incurred a net loss of NZ$3.28 million in
the financial year ended June 30, 2007, compared with the
INR2.22-million loss booked in the prior financial year.
*********
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, Frauline
Abangan, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***