/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080417.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, April 17, 2008, Vol. 11, No. 76 Headlines A U S T R A L I A BESMAC PTY: Liquidator to Present Wind-Up Report on April 21 CHRYSLER LLC: Confirms New OEM Product Pacts With Nissan Motor CONNECT BROKERAGE: Placed Under Voluntary Liquidation EMPIRE OFFICE: Final Meeting Slated for April 21 GLEN KINROSS: Creditors Receive Wind-Up Report KANBAY AUSTRALIA: Final Meeting Set for April 18 LIFT CAPITAL: Financial Experts Fall Victims to Fallout NEXUS PRINT: Placed in Receivership Due to Mounting Debts OPES PRIME: Melewar Wins Second Injunction Against ANZ Bank PACIFIC LINER: Liquidator to Give Wind-Up Report Tomorrow PACIFIC PAPER: Final Meeting Slated for April 21 PINETHORPE PTY: Members Receive Wind-Up Report PP ED PTY: Liquidator to Give Wind-Up Report on April 21 REVLON INC: Posts Preliminary Results for 2008 First Quarter REVLON INC: Receives Requisite Approvals for Reverse Stock Split ST. GEORGE BANK: Kicks Off Samurai Bond Presentation in Japan THREE SPRINGS: Final Meeting Set for April 18 VAMTEL PTY: Placed Under Voluntary Liquidation C H I N A & H O N G K O N G & T A I W A N BALLY TOTAL: Discloses Plan Distribution for Former Stockholders BANK OF CHINA: Members' Final Meeting Set for May 5 BII FINANCE: Members' Final Meeting Set for May 5 BOMBARDIER INC: S&P Lifts Ratings to BB+ from BB; Removes Watch CHINA CONSTRUCTION: Discloses Interest in Foreign Acquisition CHINA EASTERN: Posts CNY586 Million Profit for 2007 CITIC GROUP: More Cautious in Acquisitions Despite High Yuan COASTAL SHIPPING: Members' Final Meeting Set for May 5 EFFECO LIMITED: Members' Final Meeting Set for May 5 EXCELLENCE FOOD: Court to Hear Wind-Up Proceedings on April 23 FOREVER WIN: Court to Hear Wind-Up Proceedings on May 21 HAINAN AIRLINES: Applies to Open Two Routes to Africa HK LINK TOURS: Court to Hear Wind-Up Proceedings on April 30 INFORMATION SECURITY: Appoints New Liquidators JOYFUL PLACE: Liquidator Quits Post LI BAO: Members' Final Meeting Set for May 3 SHENZHEN BANK: 1st Quarter Net Income Up 80-90% to CNY535 Mil. SUN SWIMS: Members' Final Meeting Set for May 16 YUEN WUI: Court to Hear Wind-Up Proceedings on April 23 * Moody's Puts Neg. Outlook on China Property Development Sector I N D I A DCM SHRIRAM: IFCI Brings In Lokanath Mishra to Board ICICI BANK: Board to Consider Audited Annual Results on April 26 TATA MOTORS: Court Permits Tata to File Reply to Singur Petition TATA POWER: Gov't Asks Firm to Join Hands With Reliance Energy TATA POWER: To Publish Audited Annual Results by June 30 I N D O N E S I A ADARO INDONESIA: Sees 2008 Coal Output to Increase 5% DIRGANTARA INDONESIA: Wins European Award for Best Supplier DIRGANTARA INDONESIA: To Deliver 1 Chopper to AirForce This Year MEDCO ENERGI: Signs 3 Gas Sales Purchase Deals Worth US$900MM J A P A N IHI CORP: R&I Says Change in March Estimate Has Minimal Impact JAPAN AIRLINES: Fitch Holds 'BB-' IDR; Revises Outlook to Stable MAZDA MOTOR: Recalling 170,300 Cars Due to Program Defects K O R E A REMY WORLDWIDE: Court Sets April 23 Hearing on Case Closure M A L A Y S I A ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30 ASPEN TECH: Posts US$9MM Net Loss in Quarter Ended Sept. 30 LITYAN HOLDINGS: Court Extends Restraining Order to August 6 MANGIUM INDUSTRIES: Enters Addendum With Global Emerging MERGE ENERGY: To Hold Extraordinary General Meeting on April 29 N E W Z E A L A N D ALPHA EMPLOYMENT: Placed Under Voluntary Liquidation EXPOS NEW ZEALAND: Placed Under Voluntarily Liquidation FIRST CHOICE: Court to Hear Wind-Up Petition on April 18 LLOYD & STEVENSON: Appoints Parsons and Kenealy as Liquidators NIKKI CARLEY: Fixes April 25 as Last Day to File Claims PLANET HEALTH: Appoints Fatupaito and McCloy as Liquidators SUNCERN PROPERTIES: Shareholders Opt to Liquidate Business TOP DRAWER: Undergoes Liquidation Proceedings TRAINING CONTRACT: Creditors' Proofs of Debt Due Today UNITED DIESEL: Fixes June 12 as Last Day to File Claims S I N G A P O R E BUKOM OILFIELD EQUIPMENT: Proofs of Debt Due May 12 BUKOM OILFIELD (SINGAPORE): Proofs of Debt Due May 12 BULL INFORMATION: Requires Creditors to File Claims by May 11 ISO-BUILD CORPORATION: Court Enters Wind-Up Order SEA CONTAINERS: Court OKs Navigant Consulting as Pension Advisor SEA CONTAINERS: Panel Obtains International Judicial Assistance SPECTRUM BRANDS: S&P Holds CCC+ Rating & Revises Outlook to Dev. T H A I L A N D BLOCKBUSTER INC: Circuit City Bid Won't Affect S&P's Ratings Now - - - - - ================= A U S T R A L I A ================= BESMAC PTY: Liquidator to Present Wind-Up Report on April 21 ------------------------------------------------------------ Besmac Pty. Ltd. will hold a final meeting for its members and creditors at 9:00 a.m. on April 21, 2008. During the meeting, the company's liquidator, John Georgakis at Ernst & Young, will provide the attendees with property disposal and winding-up reports. The company declared its first and final dividend on April 9, 2008. Only creditors who were able to file their proofs of debt by April 8, 2008, were included in the company's dividend distribution. The liquidator can be reached at: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Besmac Pty. Besmac Pty. Ltd. is a distributor of paper; coated and laminated packaging. The company is located at Mount Waverley, in Victoria, Australia. CHRYSLER LLC: Confirms New OEM Product Pacts With Nissan Motor -------------------------------------------------------------- Chrysler LLC and Nissan Motor Co., Ltd., disclosed two new agreements for the supply of products between both companies. As reported in the Troubled Company Reporter on Jan. 24, 2008, Nissan agreed to supply Chrysler with a new car based on the Nissan Versa sedan for limited distribution in South America on an Original Equipment Manufacture basis in 2009. This new OEM exchange benefits both companies through range extension and the utilization of global manufacturing capacity. Highlights of the new agreement: * Nissan will manufacture an all-new, fuel-efficient small car based on a unique Chrysler concept and design. This new segment entry for Chrysler will be sold in North America, Europe and other global markets in 2010, and manufactured at Nissan's Oppama Plant in Japan. * Chrysler will manufacture a full-size pickup for Nissan. Based on a Nissan unique design, this truck will be manufactured at Chrysler's Saltillo (Mexico) Assembly Plant. In order to accommodate this product, Chrysler will shift volume from Mexico to its U.S.-based assembly plants that produce pickup trucks. Sales of the pickup in North America will start in 2011. This latest OEM supply agreement extends a long standing product exchange relationship between the two corporations, with Nissan affiliate JATCO already supplying Chrysler with transmissions since 2004. "Forging the right tactical partnerships is critical to the long-term success of Chrysler," Tom LaSorda, Chrysler LLC President and Vice Chairman, said. "It also builds on the Company's inherent strengths, including the ability to respond rapidly and creatively to emerging opportunities." "In January, we said we would continue to look for additional OEM opportunities with Chrysler," Carlos Tavares, Executive Vice President, Nissan Motor Company, said." This latest agreement builds on Nissan's proven track record to deliver win-win product exchanges with multiple manufacturers around the world." Since the signing of the first OEM agreement in January, the two companies have also agreed to maintain an open dialogue to explore further product-sharing opportunities. About Nissan Motor Headquartered in Tokyo, Japan, Nissan Motor Co., Ltd. -- http://www.nissan-global.com/-- provides automotive products and services that deliver superior measurable values to all stakeholders in alliance with Renault. Nissan is present in all major global auto markets selling a comprehensive range of cars, pickup trucks, SUVs and light commercial vehicles under the Nissan and Infiniti brands. Nissan employs 224,000 people worldwide. About Chrysler Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for 50% to 70% recovery in the event of a payment default, from '4'. Both the issue-level and recovery ratings on Chrysler's $7 billion first-lien term loan due 2013 remain unchanged. The issue-level rating on this debt is 'BB-' with a recovery rating of '1', indicating an expectation for 90% to 100% recovery in the event of a payment default. CONNECT BROKERAGE: Placed Under Voluntary Liquidation ----------------------------------------------------- Connect Brokerage Pty. Ltd.'s members agreed on March 7, 2008, to voluntarily liquidate the company's business. The company has appointed Anthony Robert Cant and Simon Patrick Nelson to facilitate the sale of its assets. The liquidators can be reached at: Anthony Robert Cant Simon Patrick Nelson Romanis Cant, Chartered Accountants 106 Hardware Street Melbourne Australia About Connect Brokerage Connect Brokerage Pty. Ltd. is a distributor of fabricated metal products. The company is located at Heathmont, in Victoria, Australia. EMPIRE OFFICE: Final Meeting Slated for April 21 ------------------------------------------------ Empire Office Supplies Pty. Ltd. will hold a final meeting for its members and creditors at 10:00 a.m. on April 21, 2008. During the meeting, the company's liquidator, John Georgakis at Ernst & Young, will provide the attendees with property disposal and winding-up reports. The company declared its first and final dividend on April 9, 2008. Only creditors who were able to file their proofs of debt by April 8, 2008, were included in the company's dividend distribution. The liquidator can be reached at: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Empire Office Empire Office Supplies Pty. Ltd. is a distributor of stationeries and office supplies. The company is located at Mount Waverley, in Victoria, Australia. GLEN KINROSS: Creditors Receive Wind-Up Report ---------------------------------------------- Terrence James Smith, Glen Kinross Investments Pty. Ltd.'s appointed estate liquidator, met with the company's members on April 10, 2008, and provided them with property disposal and winding-up reports. In a report by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Dec. 20, 2007. About Glen Kinross Located at Wavell Heights, in Queensland, Australia, Glen Kinross Investments Pty. Ltd. is an investor relation company. KANBAY AUSTRALIA: Final Meeting Set for April 18 ------------------------------------------------ Kanbay Australia Pty. Ltd. will hold a final meeting for its members and creditors at 4:00 p.m. on April 18, 2008. During 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 Kanbay Australia Kanbay Australia Pty. Ltd. provides computer related services. The company is located at Melbourne, in Victoria, Australia. LIFT CAPITAL: Financial Experts Fall Victims to Fallout ------------------------------------------------------- The collapse of Lift Capital has affected business experts and as many as 80 financial planning firms, Katherine Jimenez and Lisa Macnamara write for The Australian. Among those affected is high-profile business commentator Max Walsh, a director in Dixon Advisory -- a financial planning firm, Ms. Jimenez and Ms. Macnamara relate. Dixon Advisory Managing Director Alan Dixon confirmed to The Australian that "some directors and staff have an exposure to Lift Capital." "For privacy reasons, we don't want to disclose exactly which ones," Mr. Dixon told The Australian. According to report, Mr. Dixon said that the total exposure of directors and staff was "less than 1% of funds under administration" -- which stands at AU$2.5 billion. Ms. Jimenez and Ms. Macnamara relate that Dixon Advisory is seeking a standstill agreement with administrators McGrathNicol and backers Merrill Lynch over shares the firm believes belongs to its clients. Another victim is a 32-year-old Sydney financial planner who estimates that he could lose AU$270,000 in the Lift fallout and has registered to be part of any class action that law firm Slater & Gordon is considering, relates The Australian. The adviser, who did not want to be identified, told The Australian he felt totally deceived about the lack of information about the title of ownership of shares. The Australian quotes the financial planner as saying, "I know as a financial planner if we don't disclose something that materially could affect our clients, we'd get struck off, so the onus should have been on these guys to disclose the possibility that title might have been transferred to a third party. They wouldn't have got any business if all of their 1600 clients knew that because no one in their right mind would give up beneficial ownership when you could walk into a CBA or ANZ and just open an account there." Financial services software provider Bravura Solutions advised the Australian Securities Exchange that its CEO and managing director, Iaian Dunstan, and the group's chief executive director, Simon Woodfull, had margin-lending accounts with Lift, Ms. Jimenez and Ms. Macnamara report. The Australian quotes the company as saying, "Mr. Dunstan and Mr. Woodfull advise that there has never been a default by them in relation to either of their margin loans and that they believe they retain beneficial title to their shares." About Lift Capital Lift Capital -- http://www.liftcapital.com.au/-- is an Australian owned, independent (non-bank owned) financial services provider, specialising in lending against structured equity products principally against listed shares and interests in managed funds. The company's products enable its clients to borrow money to invest in a wide range of assets. Lift Capital may take a mortgage over these assets to secure the loan. The Troubled Company Reporter-Asia Pacific reported on April 14, 2008 that Lift Capital was placed under voluntary administration. The administrators will focus on gathering information to convey to creditors and investors. A meeting of creditos will be convened for April 22, 2008. NEXUS PRINT: Placed in Receivership Due to Mounting Debts --------------------------------------------------------- Receivers have been appointed to Nexus Print Solutions as it failed to meet debt payments, Meredith Booth writes for The Advertiser. PPB director Peter Mack, appointed as receiver by major creditor BankWest, said the the hope was to sell the $10 million turnover, 60-employee business as a going concern, relates The Advertiser. The Advertiser reports that according to Nexus-appointed administrator Meertens, Nexus owes BankWest about AU$5 million and unsecured creditors about AU$1.2 million as well as taxes of about AU$800,000. Nexus, writes Ms. Booth, was formerly called Gillingham Printers. Ms. Booth notes that Gillingham bought rival printer Van Gastel in October 2006 for an estimated AU$3.5 million. Nexus, a 97-year-old printing company, provides books, packaging and catalogue printing and binding services. OPES PRIME: Melewar Wins Second Injunction Against ANZ Bank ----------------------------------------------------------- The Australian Associated Press reports that mining group Melewar Steel Ventures and the head of Conquest Mining have won a second injunction to prevent ANZ Banking Group from selling shares it seized from stockbroker Opes Prime Group Ltd. According to the report, early Wednesday, New South Wales Supreme Court Justice William Windeyer refused to continue the injunction over the sale of shares held by ANZ. But Justice Keith Mason granted the second injunction after plaintiffs appealed against Justice Windeyer's decision, the AAP relates. The injunction will expire tomorrow at 4:15 p.m. The AAP relates that Melewar holds 32 million shares in Gindalbie, an iron ore producer, and shares in Conquest Mining. According to the AAP, Melewar's parcel of shares were held across Opes Prime's financiers -- ANZ, Merrill Lynch and Dresdner -- with ANZ holding 8.5 million of the shares. ANZ has been selling shares held in Opes Prime to recoup loans it made to Opes Prime. About Opes Prime Opes Prime Group Ltd is an Australian unlisted public company providing a range of financial services and products for high net worth individuals, stockbrokers and financial advisors, asset managers, banks and other firms, both for themselves and their clients. The Group conducts business via a number of operating subsidiaries based in Melbourne, Sydney and Singapore: 1) Opes Prime Stockbroking Limited is a full Market Participant of the Australian Stock Exchange Ltd, and holds an Australian Financial Services Licence (#247408) which enables it to deal and advise in financial services and products to retail and wholesale clients. The company was first registered on 10 March 1999, and started business with its current shareholders in 2005. Opes Prime Stockbroking is a specialist provider of securities lending and equity financing services. In Singapore, the firm operates through Opes Prime Group's wholly owned subsidiary, Opes Prime International Pte Ltd. In Australia, Opes Prime Stockbroking has granted Authorized Representative status to Trader Dealer Pty Ltd, an on- line non-advisory trading execution service for the semi- professional and professional trader. 2) Opes Prime Structured Products Pty Ltd develops, manages and markets specialized leveraged products for the high net worth market, providing outstanding risk protection and return potential. 3) Opes Prime Paradigm Pty Ltd, is a corporate finance and advisory firm specializing in small and mid cap stocks. 4) In Singapore, Opes Prime Asset Management Pte Ltd provides specialist hedge fund incubation, advisory and trade management services, and Five Pillars Associates Pte Ltd provides Islamic finance consultancy. * * * The Troubled Company Reporter Asia-Pacific reported on April 1, 2008 that Opes Prime was placed under receivership after directors became aware of a number of cash and stock movement irregularities in relation to a small number of accounts. Ferrier Hodgson Partners John Lindholm, Peter McCluskey and Adrian Brown have been appointed Administrators by the directors of Opes Prime Group Limited and a number of its subsidiaries and related entities including, Opes Prime Stockbroking Limited. Initial investigations indicate that the solvency of the business was under pressure due to a number of major clients not meeting significant margin calls. The Administrators are currently examining the Group's affairs to quantify the likely liability to OPSL's clients. At the same time, Sal Algeri and Chris Campbell from the Deloitte Corporate Reorganisation Group were appointed by a secured creditor, ANZ Banking Group Ltd., as Receivers and Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd. PACIFIC LINER: Liquidator to Give Wind-Up Report Tomorrow --------------------------------------------------------- Pacific Liner Services Pty. Ltd. will hold a final meeting for its members and creditors at 12:00 noon on April 18, 2008. During the meeting, the company's liquidator, John Georgakis at Ernst & Young, will provide the attendees with property disposal and winding-up reports. As reported by the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on May 4, 2007. The liquidator can be reached at: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Pacific Liner Pacific Liner Services Pty. Ltd. provides business services. The company is located at Perth, in Western Australia, Australia. PACIFIC PAPER: Final Meeting Slated for April 21 ------------------------------------------------ Pacific Paper Marketing Australia Pty. Ltd. will hold a final meeting for its members and creditors at 11:00 a.m. on April 21, 2008. During the meeting, the company's liquidator, John Georgakis at Ernst & Young, will provide the attendees with property disposal and winding-up reports. The company declared its first and final dividend on April 9, 2008. Only creditors who were able to file their proofs of debt by April 8, 2008, were included in the company's dividend distribution. The liquidator can be reached at: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Pacific Paper Pacific Paper Marketing Australia Pty. Ltd. is a distributor of paper, coated and laminated packaging. The company is located at Mount Waverley, in Victoria, Australia. PINETHORPE PTY: Members Receive Wind-Up Report ---------------------------------------------- Ivor Worrell, Pinethorpe Pty. Ltd.'s appointed estate liquidator, met with the company's members on April 7, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Ivor Worrell Worrells Solvency & Forensic Accountants 102 Adelaide Street, 8th Floor Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4334 Facsimile:(07) 3225 4311 Website: http://www.worrells.net.au About Pinethorpe Pty. Located at Runaway Bay, in Queensland, Australia, Pinethorpe Pty. Ltd. is an investor relation company. PP ED PTY: Liquidator to Give Wind-Up Report on April 21 -------------------------------------------------------- PP Ed Pty. Ltd. will hold a final meeting for its members and creditors at 2:00 p.m. on April 21, 2008. During the meeting, the company's liquidator, John Georgakis at Ernst & Young, will provide the attendees with property disposal and winding-up reports. The company declared its first and final dividend on April 9, 2008. Only creditors who were able to file their proofs of debt by April 8, 2008, were included in the company's dividend distribution. The liquidator can be reached at: John Georgakis Ernst & Young 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About PP Ed PP Ed Pty. Ltd. is a distributor of paper; coated and laminated packaging. The company is located at Mount Waverley, in Victoria, Australia. REVLON INC: Posts Preliminary Results for 2008 First Quarter ------------------------------------------------------------ Revlon Inc. reported preliminary results for the first quarter of ended March 2008. For the three months ended March 31, 2008 the preliminary results reflected a net loss of US$5 million compared to the final results for the three months ended March 31, 2007. Net sales in the first quarter of 2007 benefited from the initial shipments related to the launch of Revlon Colorist haircolor, which was the primary driver of the change in net sales year-over- year. The significant improvement in preliminary operating income, net loss and adjusted EBITDA in the first quarter of 2008 compared to the same period last year was primarily driven by continuing cost improvements, and the non-recurrence of brand support related to the launch of Revlon Colorist haircolor in the first quarter of last year. The company continued to support brands worldwide with comparable levels of dollar spending compared to the first quarter of last year, excluding the brand support on Revlon Colorist. Operating income, net loss and Adjusted EBITDA in the first quarter of 2008 include approximately US$6 million of proceeds related to the sale of a non-core trademark. Operating income, net loss and Adjusted EBITDA in the first quarter of 2007 include US$4.3 million of restructuring charges and a US$4.4 million benefit from the reduction of lease liability related to the consolidation of office space in New York. "We believe that a reverse stock split is in the best interest of our stockholders because we expect it will allow our stock to be more attractive to a broader range of institutional and other investors, would reduce certain of our costs, such as listing fees, and would be intended to satisfy our compliance with the NYSE's price criteria for continued listing," David Kennedy, Revlon president and chief executive officer said. "Our strong preliminary financial results for the first quarter of 2008 continue to build upon our performance in 2007, which was our best year in many years." "These results continue to validate our strategy, and we remain committed to our focus on increasing the value of our Company by building the Revlon brand and generating profitable sales growth and positive free cash flow," Mr. Kennedy said. The Troubled Company Reporter reported on April 8, 2008 that Revlon Inc.'s Dec. 31, 2007 balance sheet showed total assets of US$889.3 million, total liabilities of US$1,971.3 million and total stockholders' deficiency of US$1,082 million. The report also cited a net loss in the full year 2007 was US$16.1 million compared to a net loss of US$251.3 million in the full year 2006. Adjusted EBITDA in the full year 2007 was US$224.5 million, compared to an Adjusted EBITDA of US$78.2 million last year. About Revlon Inc. Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a worldwide cosmetics, skin care, fragrance, and personal care products company. The company's vision is to deliver the promise of beauty through creating and developing the most consumer preferred brands. The company's brands include Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and Mitchum(R). The company has operations in Asia- Pacific, including Australia, China, Hong Kong, Singapore, and Taiwan. * * * As reported by the Troubled company Reporter on Apr. 8, 2008, Revlon Inc. released financial results for the full year and fourth quarter ended Dec. 31, 2007. At Dec. 31, 2007, the company's balance sheet showed total assets of US$889.3 million, total liabilities of US$1,971.3 million and total stockholders' deficiency of US$1,082 million. Net loss in the full year 2007 was US$16.1 million compared to a net loss of US$251.3 million in the full year 2006. As reported in the Troubled Company Reporter on Nov. 8, 2007, The company's Sept. 30, 2007, consolidated balance sheet showed US$882.4 million in total assets and US$2.03 billion in total liabilities, resulting in a US$1.15 billion in total shareholders' deficit. REVLON INC: Receives Requisite Approvals for Reverse Stock Split ---------------------------------------------------------------- Revlon Inc.'s board of directors approved the reverse stock split. MacAndrews & Forbes Holdings Inc. and certain of such entity's affiliates and related parties also delivered to the company an executed written consent of stockholders approving the reverse stock split. MacAndrews & Forbes, which is wholly owned by Ronald O. Perelman, chairman of Revlon's board of directors, beneficially owns approximately 58% of Revlon's class A common stock and approximately 60% of Revlon's combined shares of class A and class B common stock, which together represent approximately 74% of the combined voting power of Revlon's class A and class B common stock. As a result of MacAndrews & Forbes' approval, no further stockholder approval or action is necessary. The same 1-for-10 reverse stock split ratio will be used to effect the reverse stock split of both Revlon class A and class B common stock; accordingly all stockholders will be affected proportionately. No fractional shares will be issued in connection with the reverse stock split. Shares that would otherwise have resulted in fractional shares from the reverse stock split will be collected and pooled by Revlon's transfer agent and sold in the open market. The proceeds will be allocated to the stockholders' respective accounts who are entitled to receive cash in lieu of fractional shares. The number of common shares subject to Revlon's outstanding employee and director stock options and unvested employee and director restricted stock, as well as the relevant exercise price per share, will be proportionately adjusted to reflect the reverse split. The number of shares authorized for issuance under Revlon's stock plan will also be reduced by the same 1- for-10 split ratio. Revlon Inc. plans to file shortly with the SEC an information statement on schedule 14C which will include additional information about the reverse stock split. The company's board of directors set April 21, 2008 as the record date for stockholders of record entitled to receive the information statement on Schedule 14C. It is expected that the reverse stock split will be consummated in May or June of 2008. While the company intends to effect the reverse stock split as soon as practicable, subject to market and other customary conditions, there can be no assurances that the reverse stock split will be consummated or that it will achieve its intended effect of resulting in an increased per share price of Revlon class A common stock or its other intended effects. The company reserves the right, in its discretion, to abandon the reverse stock split at any time prior to filing the applicable charter amendment with the Delaware Secretary of State. Investors may obtain a copy of the information statement on Schedule 14C when and if it is made available, at the SEC's Web site at http://www.sec.govor by contacting: Abbe F. Goldstein, senior vice president, investor relations and corporate communications, at (212) 527-4000. About Revlon Inc. Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a worldwide cosmetics, skin care, fragrance, and personal care products company. The company's vision is to deliver the promise of beauty through creating and developing the most consumer preferred brands. The company's brands include Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and Mitchum(R). The company has operations in Asia- Pacific, including Australia, China, Hong Kong, Singapore, and Taiwan. * * * As reported by the Troubled company Reporter on Apr. 8, 2008, Revlon Inc. released financial results for the full year and fourth quarter ended Dec. 31, 2007. At Dec. 31, 2007, the company's balance sheet showed total assets of US$889.3 million, total liabilities of US$1,971.3 million and total stockholders' deficiency of US$1,082 million. Net loss in the full year 2007 was US$16.1 million compared to a net loss of US$251.3 million in the full year 2006. As reported in the Troubled Company Reporter on Nov. 8, 2007, The company's Sept. 30, 2007, consolidated balance sheet showed US$882.4 million in total assets and US$2.03 billion in total liabilities, resulting in a US$1.15 billion in total shareholders' deficit. ST. GEORGE BANK: Kicks Off Samurai Bond Presentation in Japan ------------------------------------------------------------- Cecile Lefort of Reuters writes that St. George Bank launched a three-day non-deal Samurai bond roadshow on April 16. According to the report, Samurai bonds are yen-dominated bonds issued by foreign borrowers in Japan. Reuters reports that St. George has started the lengthy Samurai issue documentation process in Japan. Daiwa, Nikko Citigroup and UBS are hosting the presentations to potential Samurai bond investors, relates Reuters. Bankers interviewed by Ms. Lefort say that St. George could be in the position to sell an inaugural Samurai bond later this year. The bankers added that St. George is one of several likely candidates to enter the Japanese bond market, conveys Ms. Lefort. 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'. THREE SPRINGS: Final Meeting Set for April 18 --------------------------------------------- Three Springs Talc Pty. Ltd. will hold a final meeting for its members and creditors at 1:00 p.m. on April 18, 2008. During 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 Three Springs Three Springs Talc Pty. Ltd. is a distributor of miscellaneous non-metallic minerals. The company is located at Belmont, in Western Australia, Australia. VAMTEL PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Vamtel Pty. Ltd.'s members agreed on March 4, 2008, to voluntarily liquidate the company's business. The company has appointed Nick Combis and Peter Dinoris to facilitate the sale of its assets. The liquidators can be reached at: Nick Combis Peter Dinoris Vincents Chartered Accountants 239 George Street, Level 27 Brisbane, Queensland 4000 Australia Telephone:(07) 3854 4555 Facsimile:(07) 3236 2452 About Vamtel Pty. Located at Nimbin, in New South Wales, Australia, Vamtel Pty. Ltd. is an investor relation company. ================================================== C H I N A & H O N G K O N G & T A I W A N ================================================== BALLY TOTAL: Discloses Plan Distribution for Former Stockholders ---------------------------------------------------------------- Bally Total Fitness Holding Corp. and its debtor-affiliates notified the U.S. Bankruptcy Court for the Southern District of New York that, pursuant to their First Amended Joint Prepackaged Chapter 11 Plan of Reorganization, they were set to make an initial distribution to holders of Class 7 Old Common Stock. Under the interim distribution, the Debtors were to distribute US$12,778,669 to the holders of Old Common Stock, which corresponds to US$0.31 per share. The Debtors may make further distributions to the Holders of Old Common Stock upon the resolution of remaining Claims under Section 510(b) of the Bankruptcy Code filed against their bankruptcy estates, Andrew K. Glenn, Esq., at Kasowitz, Benson, Torres & Freidman LLP, in New York, informed Judge Lifland. Approximately US$3.5 million has been reserved by Bally's disbursing agent, pending disallowance of certain outstanding claims that were filed in Bally's chapter 11 case. These reserved funds may fund a second distribution to holders of Old Common Stock, but such a distribution is subject to satisfactory resolution of the outstanding claims. About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for Chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. On Aug. 13, 2007, they filed an Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified Amended Prepackaged Plan. (Bally Total Fitness Bankruptcy News Issue No. 14; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) BANK OF CHINA: Members' Final Meeting Set for May 5 --------------------------------------------------- Members of Bank of China Group Investment (Beijing) Limited will have their final general meeting on May 5, 2008, at Jardine House, 5th Floor, 1 Connaught Place, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Lee Yat Wah Walter Leung Fung Yee Alice Jardine House, 5th Floor 1 Connaught Place, Hong Kong BII FINANCE: Members' Final Meeting Set for May 5 ------------------------------------------------- Members of BII Finance Company Limited will have their final general meeting on May 5, 2008, in Room 1520 on the 15th Floor of Leighton Centre at 77 Leighton Road, Causeway Bay, in Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chung, Yau Yan Sammy Leighton Centre, 15th Floor 77 Leighton Road, Causeway Bay Hong Kong BOMBARDIER INC: S&P Lifts Ratings to BB+ from BB; Removes Watch --------------------------------------------------------------- Standard & Poor's Ratings Services raised the long-term corporate credit and senior unsecured debt ratings on Montreal- based Bombardier Inc. to 'BB+' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where they were placed Dec. 3, 2007. S&P also assigned a '4' recovery rating to the senior unsecured notes, indicating the expectation for average (30%-50%) recovery in the event of a payment default. The outlook is stable. "Our rating action on Bombardier reflects the material improvement in its financial measures and liquidity, and management's focus on financial health and cost efficiency," said Standard & Poor's credit analyst Greg Pau. It also reflects the company's leading market positions in the business aircraft and transportation business, its increasing geographic diversity, and recent demand recovery, particularly in the commercial aircraft business. These positive factors are partially offset by the cyclicality of each individual business segment, substantial execution risk in new aircraft programs, and thin operating margins in the transportation business. The US$1 billion debt reduction and US$826 million contribution to pension plan assets, together with improved operating cash flow in fiscal 2008, resulted in a material improvement in cash flow and leverage measures. Bombardier's financial measures, supported by strong liquidity, are now more appropriate for the rating level. Bombardier's wide product range of business aircraft and established transportation track record and expertise in Europe support its strong market positions in aerospace and transportation. The increasing geographic and customer diversity, with only 35% of its revenue generated in North America, should reduce the exposure to the financially weak U.S. airline industry and to the slowing U.S. economy. This, together with its improved financial flexibility, should place Bombardier in a better position to weather the next downturn in the cyclical aerospace and transportation industries and to support the capital spending required for its businesses. In fiscal 2008, continued firm demand and favorable business conditions in both its aerospace and transportation divisions led to strong order acquisition and a significant increase in total backlog. While current business conditions are benign, Bombardier's aerospace business remains exposed to significan t cyclicality and event risks. Although demand in transportation is more stable, project implementation issues or credit risk could erode traditionally thin operating margins. The likelihood that Bombardier will proceed with the planned 110- to 130-seat C-Series aircraft program is now higher, given the commitment of a prominent engine supplier and expressed interest by some potential buyers. Market demand should be supported by the C-Series' projected fuel efficiency and replacement need of aged aircraft in operation. Standard & Poor's has considered the potential financial impact of the C- series program and expects the company to be able to support the program with a moderate degree of cost escalation or delays. The stable outlook reflects that Bombardier's improved financial flexibility and geographic diversification should place the company in a better position to weather a cyclical downturn. S&P could raise the ratings or revise the outlook to positive if the company improves its financial measures by further reducing debt and maintaining strong cash flow. Conversely, the ratings could be lowered or the outlook revised downward if management adopts a more aggressive set of financial targets, or if Bombardier's liquidity position and free cash flow substantially weaken due to market disruption or aggressive capital expenditure. Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) -- http://www.bombardier.com/-- manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment. The company has operations in North America, Europe and China. CHINA CONSTRUCTION: Discloses Interest in Foreign Acquisition ------------------------------------------------------------- China Construction Bank is interested in foreign acquisitions, although it is not pursuing talks with any possible targets, Chairman Guo Shuqing said at a regional meeting of the World Economic Forum in the Mexican resort of Cancun, Reuters reports. According to Noel Randewich of Reuters, Mr. Guo said that the bank had eyed several U.S. banks for possible tie-ups and is also interested in Latin American banks. China Construction, which is 8.5% owned by Bank of America Corp., has also disclosed it would set up a committee including its chairman, president and several board members to make decisions on overseas acquisition investments, Reuters says. About China Construction The China Construction Bank -- http://www.ccb.cn/-- is one of the "big four" banks in the People's Republic of China. It was founded on October 1, 1954, under the name of "People's Construction Bank of China" and later changed to "China Construction Bank" on March 26, 1996. The Troubled Company Reporter-Asia Pacific reported on Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D' individual rating. On May 4, 2007, Moody's Rating Agencies rates Construction Bank Corporation's Bank Financial Strength Rating at D-. Moody's said the BFSR outlook is stable. CHINA EASTERN: Posts CNY586 Million Profit for 2007 --------------------------------------------------- China Eastern Airlines Corporation Limited has turned a profit of CNY586 million in 2007, reversing the previous year's CNY3 billion loss, Xinhua News reports. As reported by the Troubled Company Reporter-Asia Pacific on April 14, 2008, Chongqing Dongjin Management Consultancy Co., Ltd. had predicted that China Eastern Airlines will report profits in 2007 due to substantial RMB appreciation. According to Xinhua News, China Eastern's 2007 revenue rose 14% year-on-year to CNY43.53 billion, in which 96% or CNY41.77 billion was earned from air transport business. Revenue from domestic passenger services increased 19% to CNY23.91 billion, while international passenger revenue increased 20% to CNY12.31 billion, and the rest of the revenue came from cargo services, Xinhua relates. In 2007, Xinhua notes, China Eastern achieved CNY155 million in returns on investment, up from CNY67.91 million in 2006. The company's operating costs, Xinhua relates, rose 7% to CNY37.65 billion, which fuel costs accounted for CNY15.12 billion or 40.9%, up 11.69 percentage points from 2006. The company forecasts that in 2008, it will carry 42.95 million passengers and 1.07 million tons of cargo, Xinhua adds. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CITIC GROUP: More Cautious in Acquisitions Despite High Yuan ------------------------------------------------------------ CITIC Group, parent company of China's largest brokerage, said that the yuan's rise and domestic economic strength will make it more cautious and selective in targeting overseas acquisitions, Reuters reports. CITIC Securities, CITIC Group's brokerage arm, narrowly wriggled free from a proposed investment in Bear Stearns, which is being sold on the cheap to JPMorgan, because Chinese regulators did not approve the deal in time, Reuters says. "Now we will only offer to buy overseas if the target is extremely attractive," Chang Zhenming, CITIC's president, told Reuters in an interview at the Boao Forum in southern China. "As you know, the yuan will keep rising and by holding yuan assets we can enjoy easy gains from the appreciation," he added. But the group, which also encompasses China's seventh-largest bank, far from ruled out venturing overseas, Reuters notes. Mr. Chang disclosed to Reuters that CITIC Securities was in talks with many financial institutions and focused mainly on opportunities in Asia, especially tie-ups with well-known investment banks in the region. CITIC Securities has said before that, despite the Bear Stearns collapse, it still intended to expand abroad, potentially by teaming up with foreign investment banks, the report adds. State-owned conglomerate CITIC Group -- http://www.citic.com/wps/portal/-- oversees the government's international investments, as well as some domestic ones. Its approximately 45 subsidiaries on four different continents include financial institutions -- more than 80% of its assets -- industrial concerns (satellite telecommunications, energy, manufacturing), and service companies (construction, advertising). Holdings include stakes in CITIC Securities and CITIC International Financial Holdings. The Troubled Company Reporter-Asia Pacific reported that on Feb. 13, 2007, Standard & Poor's Ratings Services said that it had removed the BB+ long-term and B short-term foreign currency counterparty credit rating on CITIC Group from CreditWatch. The outlook on the ratings is developing. At the same time, Standard & Poor's also removed the BB+ foreign currency issue rating on the group's senior unsecured debt from CreditWatch. COASTAL SHIPPING: Members' Final Meeting Set for May 5 ------------------------------------------------------ Members of Coastal Shipping Limited will have their final general meeting on May 5, 2008, in Rooms 903-908 of Kai Tak Commercial Building at 317-319 Des Voeux Road, Cantral, in Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Leung Shu Yin, William Kai Tak Commercial Building, Room 903-908 317-319 Des Voeux Road Cantral, Hong Kong EFFECO LIMITED: Members' Final Meeting Set for May 5 ---------------------------------------------------- Members of Effeco Limited will have their final general meeting on May 5, 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 liquidator is: Ying Hing Chui Three Pacific Place, Level 28 1 Queen's Road East, Hong Kong EXCELLENCE FOOD: Court to Hear Wind-Up Proceedings on April 23 -------------------------------------------------------------- On March 3, 2008, Kuok Long Kan filed a petition to have Excellence Food Supply 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 FOREVER WIN: Court to Hear Wind-Up Proceedings on May 21 -------------------------------------------------------- On March 18, 2008, Bank of China (Hong Kong) Limited filed a petition to have Forever Win Building Material Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on May 21, 2008, to hear the petition. The petitioners' solicitor can be reached at: Gallant Y. T. Ho & Co. Jardine House, 5th Floor No. 1 Connaught Place Central, Hong Kong GREAT CHINA: Hires CCG Elite for Investor Relations Program ----------------------------------------------------------- Great China International Holdings, Inc., has retained CCG Elite to conduct its investor relations program. Great China was founded in 1989. The company engages in the development and commercialization of premium private residential and commercial properties and the management of commercial buildings in the City of Shenyang, China. The company, through its indirect wholly owned subsidiary, Shenyang Maryland International Industry Co., Ltd., was one of the first private property developers in China. The company currently owns and manages the President Building, which has 20 tenants comprised of Fortune 500 multinational corporations. For the year ended Dec. 31, 2007, rental income and property management fees accounted for 55% of revenue, while proceeds from the sale of properties constituted the remaining revenue. "As one of the largest non-state-owned real estate developers in the northeastern China, we believe Great China International is well positioned to take advantage of the strong demand for property development in the region," commented Frank Jiang, Chief Executive Officer and Chairman of Great China International. "We intend to capitalize on these growth opportunities and continue to maintain our core competencies in premium real estate development and commercial property management. We look forward to working with CCG Elite to increase our visibility within the investment community." "Demand for both residential and commercial properties in Shenyang should continue to grow very quickly," commented Crocker Coulson, president of CCG Elite. "We believe Great China International offers an attractive opportunity for investors seeking an established leader with strong prospects for growth." About CCG Elite CCG Elite is a global, full-service investor relations firm, headquartered in Los Angeles, Calif., with offices in New York City, Newport Beach, Calif., Dallas, Texas, Hong Kong, Beijing, Shanghai and Tel Aviv. CCG Elite is uniquely positioned to provide outsourced, high-level investor relations solutions to its clients, combined with an in-depth understanding of Asia's corporate culture and economic environment, to convey their story to funds and broker-dealers located in the U.S. For further information, contact CCG Elite directly, or visit the company's Web site at http://www.ccgelite.com/ About Great China Founded in 1989, Great China International Holdings' (OTCBB:GCIH) wholly owned subsidiary, Shenyang Maryland International Industry Co., Ltd., is one of the largest non- state-owned real estate developers in Northeast China. The company's core business is premium residential and commercial development and management. It currently owns and manages the President Building, which was completed in April 2002, with 25 tenants comprised of Fortune 500 companies, including General Electric (China) Co., Ltd., Johnson & Johnson, Kodak and Philip Morris. The company's prior developments included the Maryland Building, Roma Resort Garden, Qiyun New Village, Peacock Garden, University Campus of Shenyang Teacher's University, and Chenglong Garden, mostly located in Shenyang. Going Concern Doubt The Company was in default on US$35,642,750 of bank loans and US$20,000,000 of additional current bank loans as of June 30, 2006. Moreover, the Company also had a working capital deficit of US$114,827,084 as of June 30, 2006. Murrell, Hall, McIntosh & Co., PLLP expressed a substantial doubt on the Company's ability to continue as a going concern after it audited the company's second quarter and first half report for the period ended June 30, 2006. HAINAN AIRLINES: Applies to Open Two Routes to Africa ----------------------------------------------------- According to the Civil Aviation Administration of China, Hainan Airlines has applied to open two routes to Africa starting August, China Hospitality News reports. If it gets approval, Hainan Airlines will be the third air company in China that has opened routes to Africa, following China Southern Airlines and China Eastern Airlines, China Hospitality News says. The two routes Hainan Airlines plans to open are: a nonstop route from Beijing to Egypt's capital Cairo with three flights per week, operated using Airbus A340 aircraft; and a route from Beijing to Johannesburg via Guangzhou with two flights per week also using A340 aircraft, China Hospitality News relates. About Hainan Airlines Based in Haikou, Hainan Province, the People's Republic of China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is an airline company that operates nearly 500 domestic routes in more than 80 major cities. It also provides scheduled and non- scheduled international flights from Hainan Province to Southeast Asia and other Asian countries. The airline currently holds Xinhua Far East China Rating's CC issuer credit rating that was placed on October 31, 2005. HK LINK TOURS: Court to Hear Wind-Up Proceedings on April 30 ------------------------------------------------------------ On March 5, 2008, Li Wai Sze Gloria filed a petition to have Hong Kong Link Tours Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on April 30, 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 INFORMATION SECURITY: Appoints New Liquidators ---------------------------------------------- Members of Information Security Limited appointed Paul Jeremy Brough and Edward Simon Middleton as the company's liquidators. The liquidators can be reached at: Paul Jeremy Brough Edward Simon Middleton Alexandra House, 27th Floor 16-20 Charter Road Central, Hong Kong JOYFUL PLACE: Liquidator Quits Post ----------------------------------- On April 3, 2008, Suen Man Fai stepped down as liquidator for Joyful Peace Limited, which is undergoing liquidation. As reported in the Troubled Company Reporter-Asia Pacific, the company started to liquidate its business on September 11, 2007. LI BAO: Members' Final Meeting Set for May 3 -------------------------------------------- Members of Li Bao Chang Company Limited will have their final general meeting on May 3, 2008, at Lippo Leighton Tower, 14th Floor, 103 Leighton Road, Causeway Bay, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Dong Jian-hua Lippo Leighton Tower, 14th Floor 103 Leighton Road, Causeway Bay, Hong Kong SHENZHEN BANK: 1st Quarter Net Income Up 80-90% to CNY535 Mil. -------------------------------------------------------------- China's Shenzhen Development Bank's first quarter net profit rose 80-90% to CNY535 million from a year earlier, due to growth in loans and deposits, higher interest margins, a rise in income from intermediary business and a lower effective corporate tax rate, Reuters reports. According to the report, the company estimated its earnings per share would rise 56 to 63% from the year-ago result of CNY0.27. The company's shares on issue had risen following a bonus issue in June 2007 related to a share reform, the report relates. Edmund Klamann of Reuters writes that the bank also estimated that its capital adequacy ratio for the first quarter would exceed 8%, the minimum regulatory requirement. The ratio stood at 5.77% at the end of 2007, the same report notes. About Shenzhen Development Bank Based in Shenzhen, Guangdong, People's Republic of China, Shenzhen Development Bank Company Ltd.'s -- http://www.sdb.com.cn/-- provides local and foreign currency deposits and loan services. Other activities include foreign currencies exchanging, foreign currency deposit and remittances, acts as an agent for issuing foreign currency value-bearing securities, management of letters of credit and operation of both an international and a domestic discounting service. The Troubled Company Reporter-Asia Pacific reported that Moody's Investors Service, on May 4, 2007, assigned E+ for the bank's Financial Strength Rating. The long-term Foreign Currency Deposit Rating is Ba3. The short-term Foreign Currency Deposit Rating is NP. Moody's said the outlook for all ratings is positive. SUN SWIMS: Members' Final Meeting Set for May 16 ------------------------------------------------ Members of Sun Swims Limited will have their final general meeting on May 16, 2008, in Room 1001-3 of Manulife Provident Funds Place, 10th Floor at 345 Nathan Road, Kowloon, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Henry Fung Manulife Provident Funds Place, Room 1001-3, 10th Floor 345 Nathan Road Kowloon, Hong Kong YUEN WUI: Court to Hear Wind-Up Proceedings on April 23 ------------------------------------------------------- On March 3, 2008, Lam Kin Man filed a petition to have Yuen Wui Engineering 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 * Moody's Puts Neg. Outlook on China Property Development Sector ---------------------------------------------------------------- Moody's Investors Service has a negative outlook for China's property development sector as tighter credit conditions are likely to prevail over the next 12-18 months and, at the same time, business prospects have become much more challenging. "The overall sector has negative prospects in the near and medium term because developers face challenges in funding their capital expenditure with domestic and overseas funds, while also facing a more problematic sales environment," Moody's says in a new report. The report -- entitled Chinese Property Developers: Greater Risk from Tighter Liquidity and a More Volatile Market -- is authored by Peter Choy, a VP/Senior Credit Officer, and Kaven Tsang, an Assistant Vice President/Analyst. Moody's rates a total of 13 Chinese developers, of which 8 have stable outlooks, 2 negative and 3 are on review for possible downgrade. "Despite the risks, Moody's maintains a stable rating outlook for many individual rated developers," says Choy, adding, "Some still have cash available from bond and equity issuances in 2007, and Moody's has positioned ratings to withstand some underperformance against expectations. " "In addition, according to our scenario analysis, most rated developers can withstand tightened bank lending and a 25% fall in their projected sales for 2008," says Choy. "This situation, however, assumes they make no further acquisitions which eat into their existing balance-sheet liquidity." The wide-ranging report looks in detail at the sector's key rating issues -- tighter funding, regulatory intervention, increased supply, and rising interest rates -- but says that liquidity is currently its main focus. "In particular, our report has focused on issuers' liquidity and accordingly has implemented some stress tests on this issue," says Tsang, adding, "The results show, as indicated above, that many show some resilience to disappointing sales outcomes." Another threat to credit profiles comes from the possibility that larger developers may take advantage of a softening market to acquire weaker smaller entities, the report says. Such deals or expansions of land banks could place the liquidity and financial or asset profiles of acquirers at risk. At the same time, the report says prudent financial policies are necessary if ratings are to be maintained. "The current demanding business environment is testing the developers' ability to manage their rapid growth plans, and those that fail to maintain strict financial discipline and, in particular, disciplined liquidity profiles, risk downward pressure on their ratings," says Choy. Longer term, the opportunities in China's property sector remain favorable, the report says. The secular trends of a relatively low level of urbanization, high income growth, a high savings rate, and increasing demand for better living standards all provide support. ========= I N D I A ========= DCM SHRIRAM: IFCI Brings In Lokanath Mishra to Board ---------------------------------------------------- DCM Shriram Industries Ltd has informed the Bombay Stock Exchange that IFCI Ltd has nominated Lokanath Mishra as director on the company's board effective April 14, 2008. The new director replaces S. P. Arora. DCM Shriram Industries Ltd is the flagship company of the DCM Shriram Industrial Group based predominantly in Northern India, and was established in 1990, following the restructuring of the former DCM group. The group's product portfolio includes sugar, alcohol, industrial fibres, and organic chemicals. DCM Shriram has sugar and chemical plants at Daurala in Meerut district in Uttar Pradesh, and an industrial fibre unit at Kota in Rajasthan. Other DSIG companies are Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance Ltd. In November 2007, CRISIL revised its ratings on DCM Shriram's debenture programmes to 'BB+/Negative' from 'BBB-/Negative'. The rating revision reflects CRISIL's expectation that the weak scenario prevailing in the sugar industry will adversely affect the company's financial risk profile over the next 12 months. Moreover, the stress on cash flows, coupled with high loan repayment obligations of about INR300 million per annum over the medium term, is likely to affect the company's liquidity. ICICI BANK: Board to Consider Audited Annual Results on April 26 ---------------------------------------------------------------- ICICI Bank Ltd's board of directors will hold a meeting on April 26, 2008, inter alia, to consider the audited annual accounts for the year ended ended March 31, 2008, a filing with the Bombay Stock Exchange says. The board will also consider at the meeting the recommendation of dividend on preference and equity shares for the financial year. The bank's audited financial results for the year ended March 31, 2007, shows growth in net profit of 22% to INR31.10 billion from the INR25.40 billion booked in 2006. The bank's total income increased from INR184.87 billion for the year ended March 31, 2006, to INR289.23 billion in 2007. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings on Feb. 5, 2007, gave ICICI Bank's Subordinated Debt a BB rating. The bank currently carries Moody's Investors Service's Ba2 Foreign Long Term Bank Deposits rating, which was places on Feb. 5, 2003. TATA MOTORS: Court Permits Tata to File Reply to Singur Petition ---------------------------------------------------------------- The Supreme Court has granted Tata Motors Ltd permission to file a reply on a petition seeking to close down the Singur project. Tata Motors wants to present its views about a dispute relating to the facility where it plans to roll out Tata Nano. As reported by the Troubled Company Reporter-Asia Pacific on March 13, 2007, the Government of West Bengal signed an agreement with West Bengal Industrial Development Corporation for Tata Motors to build a plant for its INR1-lakh Nano at Singur. The plans raised protests from the locals because of the transfer of agricultural land required for the factory. Kedar Nath Yadav, a practising lawyer, filed the petition to halt the Singur project questioning the Calcutta High Court's decision that held as legal the acquisition of land by the West Bengal government for the project, the Press Trust of India relates. On Tuesday, the Supreme Court allowed Tata Motors to become a party to the dispute and asked the company to file its reply within to weeks. Chief Justice K.G. Balakrishnan has scheduled the next hearing for May 13. Tata Motors asserted that it had already started work on the project and doled out around INR7 billion, the Indo-Asian News Service states. Tata expects to roll out the Nano from the Singur Plant late this year. As previously reported in the TCR-AP on Feb. 22, Tata Motors Managing Director Ravi Kant was cited as saying that the company will roll out in October this year the ultra-cheap car that was unveiled on Jan. 10. Tata Motors further claimed that WBIDC had already compensated land owners affected by the project with as much as INR900 million. As part of the small-car project, Tata Motors has also initiated community development programs in Singur including training youths from families that have lost their lands. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero-coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA POWER: Gov't Asks Firm to Join Hands With Reliance Energy -------------------------------------------------------------- According to a report at livemint.com, India's Ministry of Environment and Forests has asked Tata Power Company Ltd to submit an integrated proposal with competitor Reliance Energy Ltd for a coal-handling jetty, conveyor system, green belt, mangrove afforestation and utilization of wastewater at the Maharashtra coast where the two companies are building power plants. The government has asked the two companies to share some infrastructure for their Maharashtra power plants, which have a combined capacity of 4,400MW, to lessen the impact on the environment, the report explains. The combined proposal, livemint says, will be submitted to a committee which studies environmental impact assessments. The report relates that Tata Power and Reliance Energy were previously engaged in a lengthy dispute over a plot of land allotted for a project at Shahpur in Raigad district, Maharashtra. Both claimed a lien on the land but the state government later prevailed on Reliance to scale down its initial project plan so that both companies could set up power projects there, livemint adds. Pursuant to a compromise, Reliance reportedly relocated its 1,600MW gas power project elsewhere. Livemint quoted an unnamed power sector analyst as saying, "Joining hands will save on duplicate infrastructure development, and it will be helpful for both companies." Tata Power Company Ltd -- http://www.tatapower.com/-- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. S&P said the outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds has been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's downgraded its senior unsecured bond rating to B1 from Ba2. Moody's said the ratings outlook is negative. TATA POWER: To Publish Audited Annual Results by June 30 -------------------------------------------------------- Tata Power Company Ltd has informed the Bombay Stock Exchange that it will publish its audited results for the year ended March 31, 2008, by June 30, 2008. Tata Power's audited financial results for the quarter ended March 31, 2007, showed net profit of INR7.59 billion on revenues of INR67.44 billion. Tata Power Company Ltd -- http://www.tatapower.com/-- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. S&P said the outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds has been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's downgraded its senior unsecured bond rating to B1 from Ba2. Moody's said the ratings outlook is negative. ================= I N D O N E S I A ================= ADARO INDONESIA: Sees 2008 Coal Output to Increase 5% ----------------------------------------------------- PT Adaro Indonesia expects its coal production to increase by about 5% to 40 million tonnes this year, Reuters reports citing Sandiaga Uno, an Adaro shareholder. Mr. Uno told the news agency that Adaro is "still on track" to raise between US$400-500 million in its initial public offering, probably around September. "We are concerned about the markets, but we will keep monitoring them. The preparation is still going on and hopefully we can finalise it soon," Mr. Uno was quoted by Reuters as saying. About Adaro Indonesia Headquartered in Indonesia, PT Adaro Indonesia -- http://www.adaro-envirocoal.com-- operates one of the world's largest sub-bituminous coalmines in Kalimantan, Indonesia. The company operates under a Coal Cooperation Agreement with the Government of Indonesia, which gives it the right to mine coal within its agreement area in the Tanjung district of South Kalimantan Province until the year 2022 with rights to extend by mutual agreement. There are four deposits within the Agreement Area, which contain total coal resources of approximately 3.0 billion tones of open cut coal characterized by extremely thick seams of up to 50 meters with relatively low overburden. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 31, 2008, that Moody's Investors Service upgraded PT Adaro Indonesia's corporate family rating to Ba2 from Ba3. This action concludes the review for possible upgrade, which commenced on November 6, 2007. Moody's said the outlook on the rating is stable. DIRGANTARA INDONESIA: Wins European Award for Best Supplier ----------------------------------------------------------- PT Dirgantara Indonesia received the Best Performance Supplier 2007 award from Spirit AeroSystems Europe Limited, The Jakarta Post reports. According to the report, Simon J. Collins, Spirit AeroSystems spokesman, said the award was intended to show appreciation for DI's leading-edge manufacturing ability and delivery system. DI President Director Budi Santoso said the award is a token of trust that helps boost their confidence in competing in the global market, The Jakarta Post relates. Citing Mr. Budi, the report says, the company would finish 15 sets of Airbus A380 wing components and parts this year and 25 more sets over the next three years. The company was also producing 30 sets of Airbus A320 wing components and parts each month, the report relates. Mr. Budi told the news agency that within two years the airline hopes to double its 1% share in the global airplane components assembly market, an industry whose size could reach US$5 billion this year. Yuli Tri Suwarni of The Post writes that in line with growing global demand for airplanes and the company's improving performance, orders for components come from foreign manufacturers including Airbus, Boeing, Bombardier, EADS, CASA and Eurocopter are expected to grow significantly. The airline is also receiving local orders, including from the Indonesian government for three Superpuma air fighters, the report adds. About Dirgantara Indonesia Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/-- is one of the indigenous aerospace companies in Asia with core competence in aircraft design, development and manufacture of civilian and military regional commuter aircraft. In its production line, Dirgantara Indonesia has delivered more than 300 units of aircraft and helicopters, defense system, aircraft components and other services. According to press reports, the company was not able to fully recover from the 1998 Asian financial crisis, and has sought government help to turn its business around. It has urged the government to support the industry by purchasing aircraft from PT DI, and is currently marketing its products to neighboring countries in the region. As reported by the Troubled Company Reporter-Asia Pacific on Sept. 7, 2007, the commercial court declared Dirgantara Indonesia bankrupt at the request of some of the aircraft maker's dismissed workers, in a bid to extract retirement funds. The court declared victory of the claim of Dirgantara Indonesia Employees' Communication Forum Trade Union by affirming bankruptcy of the company, the TCR-AP reported, citing Arif Minardi, general chairman of the trade union as saying. On Oct. 29, 2007, the TCR-AP reported that the Indonesian Supreme Court accepted an appeal filed by PT Dirgantara Indonesia over the Commercial Court's bankruptcy ruling. Supreme Court Judge Mariana Sutadi Mariana said the appeal was accepted because the former employees had no legal right to file an insolvency petition against a public company wholly owned by the government, The Jakarta Post related. Under the existing bankruptcy law, the finance minister is the only party that is allowed to take a state-owned company to the bankruptcy court, the report explains. DIRGANTARA INDONESIA: To Deliver 1 Chopper to AirForce This Year ---------------------------------------------------------------- PT Dirgantara Indonesia will finish one of the three Super Puma helicopters based on Indonesian Airforce's order by the end of 2008, while the rest will be finished the next year. Dirgantara President Budi Santoso said that the first Super Puma has been through 90% of its completion. Vice Chairman of Indonesian Airforce I Gusti Made Oka said that the Army has budgeted US$25 million to buy the Dirgantara products, and would like to have 18 more units of Super Puma. Besides helicopters, Dirgantara has two units of Eurocopter-725 on Airforce's order. Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/-- is one of the indigenous aerospace companies in Asia with core competence in aircraft design, development and manufacture of civilian and military regional commuter aircraft. In its production line, Dirgantara Indonesia has delivered more than 300 units of aircraft and helicopters, defense system, aircraft components and other services. According to press reports, the company was not able to fully recover from the 1998 Asian financial crisis, and has sought government help to turn its business around. It has urged the government to support the industry by purchasing aircraft from PT DI, and is currently marketing its products to neighboring countries in the region. As reported by the Troubled Company Reporter-Asia Pacific on Sept. 7, 2007, the commercial court declared Dirgantara Indonesia bankrupt at the request of some of the aircraft maker's dismissed workers, in a bid to extract retirement funds. The court declared victory of the claim of Dirgantara Indonesia Employees' Communication Forum Trade Union by affirming bankruptcy of the company, the TCR-AP reported, citing Arif Minardi, general chairman of the trade union as saying. On Oct. 29, 2007, the TCR-AP reported that the Indonesian Supreme Court accepted an appeal filed by PT Dirgantara Indonesia over the Commercial Court's bankruptcy ruling. Supreme Court Judge Mariana Sutadi Mariana said the appeal was accepted because the former employees had no legal right to file an insolvency petition against a public company wholly owned by the government, The Jakarta Post related. Under the existing bankruptcy law, the finance minister is the only party that is allowed to take a state-owned company to the bankruptcy court, the report explains. MEDCO ENERGI: Signs 3 Gas Sales Purchase Deals Worth US$900MM ------------------------------------------------------------- Medco Energi Internasional Tbk, through its unit, PT Medco E&P Indonesia, as the operators of Block-A in Nangroe Aceh Darussalam and South Sumatara Extension block, has signed a Gas Sales Purchase Agreement with PT Perusahaan Listrik Negara. In addition, Medco Energi through JOB Pertamina-PetroChina, as the operator of the Turban block, where the company owns 25% stake, also signed a GSPA with PT Petro Kimia Gresik in East Java. The company will supply gas from Block A in Nanggroe Aceh Darussalam a total of 85 TBTU to PLN (east Aceh) for a period of 17 years commencing in 2010. The total gas sales originating from Alur Ramong, Alur Siwah and Julu Rayeu fields is estimated to be US$565.99 million. In addition, from its SSE block, the company will supply a total of 71.61 TBTU of gas for six years to PLN's Pusat Listrik Keramasan, South Sumatera starting in 2008, and to the delivery point of PGN's Pagardewa, South Sumatera. With the signing of the amendment of the agreement, the total value has increased by US$103.83 million from the previous GSPA, which now becomes US$320.93 million. From the Tuban Block's Lengowangi field, JOB will be supplying a total of 6.0 TBTU of gas to PKG in East Java from 2009 until 2011 with estimated total gas sales value of US$30.25 million. Lukman Mahfoedz, president director of Medco E&P, says "The total contract value of one contract amendment and two new gas sales agreement is US$917.17 million." "This signing further marks Medco E&P's continued commitment for the national energy policy in supporting the domestic industry," adds Mr. Lukman. Rashid I. Mangunkusumo, MedcoEnergi's director of corporate growth, further says "The company has been assisting in ensuring the availability of gas supply for various industries in Indonesia such as fertilizers, chemicals, and electricity." About Medco Energi Headquartered in Jakarta, Indonesia, PT Medco Energi Internasional Tbk -- http://www.medcoenergi.com/-- is engaged in the exploration, production of, and support services for oil and natural gas and other energy industries, including onshore and offshore drilling. Other activities include production of methanol and its derivatives and raising funds by issuing debt securities and marketable securities. Medco Energy also has operations in the United States and in Libya. The Troubled Company Reporter-Asia Pacific reported on Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Medco Energi. The outlook remains negative. According to S&P, the negative outlook on Medco reflects the company's weak financial profile due to its increased debt burden to fund its aggressive capital expenditure. A TCR-AP report on Aug. 16, 2006, said that Moody's Investors Service changed the outlook on Medco Energi's ratings to negative from stable. The ratings affected by the outlook change are: * B1 local currency corporate family rating -- Medco * B2 foreign currency long-term rating -- MEI Euro Finance Ltd (guaranteed by Medco). ========= J A P A N ========= IHI CORP: R&I Says Change in March Estimate Has Minimal Impact -------------------------------------------------------------- IHI Corp. has revised downward its projections for March 2008 on April 10. Consolidated operating loss has widened to JPY18 billion from the previous estimate of JPY15 billion, and the current net profit projected at JPY26 billion will decline to around JPY20 billion. This is the third downward revision following last September and December and mainly due to the increasing operating loss in the Energy and Plant Operation which is derived from the delay in negotiating project cost increase, hike in steel and components costs and subcontractor fees, and appreciation of yen. Furthermore, IHI has posted as extraordinary loss the writedowns on the assets related with space development business which pressed down the current net profit. When IHI largely amended its estimate in the end of September 2007, R&I changed the Rating Outlook to Negative because the risk management framework at the Energy and Plant Operation was insufficient. Profit of the relevant operation was amended again and it seems the inherent risk is still significant because its profit estimate is not fully managed. On the other hand, the Aeroengine and Space Operation and Industrial Machinery Operation including automotive turbo chargers are performing well and posting profit. R&I maintains its view that IHI's fundamental profit and financial base remain intact given the abundant latent profit from properties held mainly in Tokyo's Toyosu district and that IHI has certain financial cushion. R&I considers the current revision will have limited impact on the rating given the minor adjustments. R&I will continue to observe how IHI develops its risk management framework at the Energy and Plant Operation and the overall profit outlook. About IHI Corp. Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp -- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a Japan-based company engaged in six business segments. The Logistics and Steel segment offers concrete products, automated storages, loaders and others. The Machinery segment offers plastic processing machines, industrial boilers, pumps and others. The Energy Plant segment develops waste incineration facilities, nuclear power plants, thermal power plants and process plants, water treatment plants, renewable power plants and other facilities. The Aerospace segment produces aircraft engine parts and provides aircraft maintenance services. The Ship and Offshore segment builds container ships, bulk carriers, tankers and other ships, as well as develops marine equipment and machinery and provides design and engineering services. The Others segment provides real estate, financial and insurance services. The Troubled Company Reporter-Asia Pacific reported on Feb. 14, 2008, that Standard & Poor's Ratings Services revised its outlook on the long-term corporate credit rating on IHI Corp. to negative from stable, reflecting growing expectations that the company's steady earnings recovery would be delayed, following the Tokyo Stock Exchange's announcement that it will place the company's stock on "alert status." The outlook change also reflects concerns that the company's financial flexibility will be constrained to some extent by this action. At the same time, Standard & Poor's affirmed its 'BB+' long-term corporate credit and 'BBB-' long-term senior unsecured issue ratings on the company. JAPAN AIRLINES: Fitch Holds 'BB-' IDR; Revises Outlook to Stable ---------------------------------------------------------------- Fitch Ratings revised the Outlook on Japan Airlines Corporation and its wholly-owned operating subsidiary, JAL International Co., Ltd.'s Long-term Issuer Default ratings to Stable from Negative. At the same time, Fitch has affirmed both companies' Long-term IDRs and ratings of outstanding bonds at 'BB-'. The Outlook revision follows JAL's operational turnaround and better liquidity. "JAL's accelerated restructuring efforts since FYE06, including an overhaul of flight networks, reduction of capacity, and cutting of personnel expenses - as well as a favourable domestic supply/demand balance and robust international demand - have supported a steady improvement in yield and unit revenue," says Satoru Aoyama, Director in Fitch's Asia-Pacific Corporate team. These improvements have enabled JAL to absorb high fuel costs while boosting earnings and operating cash flow. Moreover, the impact of a series of safety errors in the second half of FYE05 to FYE06 has subsided. These errors had caused a shift in passengers away from JAL, which prompted JAL to expand discount programs to gain passengers back, which resulted in a slow turnaround in operating results. The Outlook revision also reflects JAL's improved leverage and better liquidity. Disposals of non-core assets and a series of common share and preferred share issues (July-August 2006 and March 2008: JPY148 billion and JPY151.5 billion), combined with an improved cash flow generation, led to a constant reduction in debt and leverage. Total adjusted debt declined to JPY1,627.1 billion at end-H108 (including Fitch Ratings' estimate of off- balance sheet lease liabilities of JPY653 billion), from JPY1,876.2 billion at FYE06. Leverage also improved, to 5.8x in the last 12 months to end-H108, from 7.8x in FYE07 and 9.2x in FYE06. Much-needed capital - to support significant capex requirements - has also been provided by these new equity issues, combined with state-owned Japan Bank for International Cooperation's import programme which guarantees payments of an airline's borrowing for up to 80% of the purchase prices of aircraft and engines. Moreover, the most recent capital raising indicates better liquidity and solid relationships with its financiers, having been subscribed by its key relationship banks and various business counterparts. This point is particularly important since the previous rating action (Outlook revision to Negative in December 2006) was prompted partly by Fitch's concerns over JAL's ability to refinance maturing debt and fund its capex requirements amidst reports of the safety errors and weak earnings. As JAL plans for another year of very high jet fuel prices, a further increase in air fares is critically important to achieving its earnings targets. However, as concerns mount over the resilience of the Japanese consumer in the face of rising prices and stagnant wage trends, additional fare increases may threaten positive demand trends. Fitch is also concerned with the increasing competition in the domestic air passenger market, which has already weakened profitability of the domestic passenger business. Therefore, positive-rating trends depend largely on the resilience of travel demand, a further increase in yields and unit revenues, and reduction of non-fuel costs. "As the Japanese airline sector faces a possible cyclical downturn in the near future, it will become increasingly more difficult to rely on air fare increases and fuel surcharges to offset the impact of high jet fuel prices. JAL would probably need additional restructuring and efficiency improvement efforts in order to maintain the current momentum in its earnings and credit quality improvements," adds Mr. Aoyama. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. S&P said the outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. MAZDA MOTOR: Recalling 170,300 Cars Due to Program Defects ---------------------------------------------------------- Mazda Motor Corp. began recalling the Demio and two other passenger cars on April 10 due to computer program defects in their engine control systems, reports The Auto Channel. According to the report, a total of 170,300 units made between March 2005 and October 2007 are being recalled. Due to the defects, braking distances may be longer than normal, notes the report. 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+. ========= K O R E A ========= REMY WORLDWIDE: Court Sets April 23 Hearing on Case Closure ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will convene a hearing, on April 23, 2008, to consider the request of Remy Worldwide Holdings Inc. for a final decree closing its Chapter 11 case. Douglas P. Bartner, Esq., at Shearman & Sterling LLP, in New York, relates that as contemplated and required by the Plan and the Confirmation Order, all documents and agreements necessary to implement and complete the Plan have been executed. "After the Effective Date, the Reorganized Debtors substantially consummated the Plan, and substantial distributions thereunder have been made," he says. On Dec. 20, 2007, all of the Chapter 11 case of each Debtor other than Remy Worldwide Holdings Inc. were closed. Mr. Bartner relates that Remy International's estate has been "fully administered" and the Plan has been substantially consummated. He notes: -- the Confirmation Order has become final and the Effective Date of the Plan has occurred; -- there are no deposit requirements in the Plan; -- the property required to be transferred under the Plan has been substantially transferred in that all anticipated distributions have been made; -- to the extent required, Remy International has assumed the management of the property dealt with by the Plan; and -- Remy International has no remaining motions, contested matters, or pending adversary proceedings by or against them before the Court. Remy Worldwide filed a final report for its case pursuant to Local Rule 5009-1(c). On or before April 30, Remy Worldwide will: (i) complete all remaining quarterly reports, and (ii) pay all quarterly fees due and owing to the U.S. Trustee. Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as a holding company of all the outstanding capital stock of Remy International Inc. Remy International -- http://www.remyinc.com/-- manufactures, remanufactures and distributes Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The company also provides a worldwide component core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications. Remy has operations in the United Kingdom, Mexico and Korea, among others. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to 07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent the Debtors in their restructuring efforts. Pauline K. Morgan, Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as co-counsels to the Debtors. The Debtors' claims agent is Kurtzman Carson Consultants LLC and their restructuring advisor is AlixPartners, LLC. Greenberg Traurig, LLP is the Debtors' special corporate advisory and litigation counsel, and Ernst & Young LLP their accountant, auditor and tax services provider. The Debtors obtained confirmation from the Court of a Joint Prepackaged Plan of Reorganization on Nov. 20, and the Plan became effective December 5, 2007. (Remy Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). =============== M A L A Y S I A =============== ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30 -------------------------------------------------------------- Aspen Technology Inc. filed on Friday its Annual Report on Form 10-K for the fiscal year ending June 30, 2007, including the restatement of prior period results. Net income was US$17.9 million in the fourth quarter of fiscal 2007. This represented a significant increase compared to net income of US$3.9 million in the same period of fiscal 2006. Preferred stock discounts and dividends totaled US$3.9 million in the fourth quarter of fiscal 2006 and zero in the fourth quarter of fiscal 2007, resulting in net income applicable to common shareholders of US$17.9 million and US$52,000 in the fourth quarter of fiscal 2007 and 2006, respectively. For the fourth quarter ended June 30, 2007, AspenTech reported total revenue of US$101.4 million, an increase of 27% from the fourth quarter of the prior fiscal year, and above the company's original guidance of US$85 million to US$89 million. Within total revenue, license revenue wa sUS$68.0 million, an increase of 52%, and services revenue wasUS$33.4 million, a decrease of 4%, compared to the fourth quarter of fiscal 2006, respectively. Brad Miller, chief financial officer of AspenTech, said "We are pleased to bring approximately nine months of comprehensive review of our financial accounts to a close with the filing of our fiscal 2007 10-K and first quarter fiscal 2008 10-Q financial statements. Our work included a detailed examination and restatement of prior financial statements, as well as a review of all significant accounting policies and processes. "Although it took longer than expected, we believe it was in the long-term interest of our shareholders and will benefit the company as we look to scale the business in the years ahead. With this significant body of work now behind us, we are highly focused on completing our overall goal of bringing our financial statements current and becoming relisted on a national securities exchange." Mark Fusco, chief executive officer of AspenTech, said "While the finance department has been focused on completing our financial statement filings, the company's customer facing operations have continued to execute at a high level. Following a record fiscal 2007 performance, the company has generated year-over-year license bookings growth of 25% during the first nine months of fiscal 2008, including 31% year-over-year growth during the third quarter." Fusco added, "The company ended the third fiscal quarter with a strong financial position highlighted by US$137 million in cash, an increase fromUS$132 million at Dec. 31, 2007, and net of US$12 million used during the third quarter to retire our previously existing Key Bank secured borrowing facility. We continue to be optimistic about the company's long-term fundamental outlook based on our industry leading domain expertise, unique suite of aspen ONE solutions and solid demand in our core markets." AspenTech's income from operations, determined in accordance with generally accepted accounting principles, was US$24.0 million in the fourth quarter of fiscal 2007, exceeding the mid- point of the company's original guidance of approximately US$16 million and representing an operating margin of 23.7%. This compares to operating income of US$7.7 million in the fourth quarter of fiscal 2006, which represented an operating margin of 9.7%. GAAP operating expenses in the fourth quarter of fiscal 2007 included US$3.1 million of non-cash stock-based compensation, US$1.3 million of non-cash amortization of intangibles associated with previous acquisitions,US$1.0 million in restructuring charges due to the company's continued office consolidations, and US$800,000 in incremental auditing and professional fees associated with bringing the company's financial statements current - the combination of which reduced the company's operating margin by approximately 6 percentage points. These items reduced the prior year's operating margin by approximately 8 percentage points. Fiscal Year 2007 Financial Results For the fiscal year ended June 30, 2007, AspenTech reported total revenue of US$341.0 million, an increase of 16% from fiscal 2006. Within total revenue, license revenue was US$199.8 million, an increase of 30%, and services revenue was US$141.3 million, an increase compared to US$140.7 million, in fiscal 2006, respectively. AspenTech's income from operations, determined in accordance with GAAP, was US$55.4 million in fiscal 2007, representing an operating margin of 16.2%. This compares to operating income of US$18.8 million in fiscal 2006, which represented an operating margin of 6.4%. GAAP operating expenses in fiscal 2007 included US$11.1 million of non-cash stock-based compensation,US$6.5 million of non-cash amortization of intangibles associated with previous acquisitions, US$4.6 million in restructuring charges due to the company's continued office consolidations, andUS$800,000 in incremental auditing and professional fees associated with bringing the company's financial statements current - the combination of which reduced the company's operating margin by approximately 7 percentage points. These items reduced the prior fiscal year's operating margin by approximately 7 percentage points. Net income was US$45.5 million in fiscal 2007, compared with net income of US$6.5 million in fiscal 2006. Net income applicable to common shareholders was US$38.2 million in fiscal 2007, which was net of US$7.3 million in preferred stock discounts and dividends. This represented a significant increase compared to a loss attributable to common shareholders of US$8.9 million in fiscal 2006, which was net of US$15.4 million in preferred stock discounts and dividends. AspenTech had cash and cash equivalents of US$132.3 million at June 30, 2007, an increase of approximately US$31.5 million from $100.8 million at the end of March 31, 2007. Summary of Restatement Effects of Prior Period Financial Results The company's Annual Report on Form 10-K for fiscal 2007 included the restatement of its financial statements for fiscal years ended June 30, 2006, and 2005, in addition to the first three quarters of the year ended June 30, 2007. On June 11, 2007, the company announced that it had identified errors related to the accounting for sales of installment receivables. In particular, the company determined that certain sales of installments receivable did not meet criteria for true sale accounting on an ongoing basis. As a result, two new balance sheet accounts were created - Collateralized Receivables and the related Secured Borrowing liability. The restated consolidated balance sheet as of June 30, 2006, includes the recording ofUS$211.3 million in collateralized receivables, the related recording ofUS$182.4 million in secured borrowings, and the elimination ofUS$19.0 million in retained interest in sold receivables. As previously stated, the company views this newly reported liability as self funding, with collections of collateralized receivables servicing the liability. The company does not believe that this accounting conclusion alters its arrangements with its customers, and it has not changed its economic relationship with the financial institutions. The summary impact to income/loss from operations related to the restatement of installments receivable, in addition to correcting other errors in the company's previously reported financial statements, was: -- Income from operations improved from US$28.1 million as previously reported to US$31.4 million as restated for the nine months ended March 31, 2007; -- Income from operations in fiscal 2006 was US$18.8 million both as previously reported and as restated; -- Loss from operations in fiscal 2005 improved from a previously reported operating loss of US$70.0 million to a restated operating loss of US$59.0 million. On Feb. 11, 2008, the company announced it had identified errors relating to its historical accounting for income taxes for certain international tax obligations, primarily arising from transactions among consolidated subsidiaries or from revaluation of foreign currencies. As a result, the company increased tax provisions for these potential obligations in the applicable period in the amounts of US$4.1 million for the nine months ended March 31, 2007, US$3.2 million for the year ended June 30, 2006, US$6.8 million for the year ended June 30, 2005, and US$4.6 million as of June 30, 2004. The summary impact on net income or loss as a result of the restatement was: -- Net income for the nine months ended March 31, 2007 as restated was US$27.6 million, a decrease from US$31.9 million as previously reported; -- Net income for fiscal 2006 as restated wasUS$6.5 million, a decrease fromUS$12.8 million as previously reported; -- Net loss for fiscal 2005 as restated was US$69.1 million, an improvement from US$73.6 million as previously reported. In addition, in the calculation and disclosure of deferred tax balances, errors were identified for the book or tax accounting treatment for certain items. These errors resulted in the incorrect disclosure of components of the company's deferred taxes and the related offsetting valuation allowance within the income tax footnote. Accordingly, the deferred tax balances included in the income tax footnote and the offsetting valuation allowance has been restated as of June 30, 2006. As these net deferred tax assets had a full valuation allowance, the adjustments to deferred tax assets had no net impact on the company's consolidated balance sheet or statements of operations. Ending cash balances were not affected as a result of the restatement; however, the presentation of the cash flow statement was restated. The net proceeds from the sale of installments receivable were previously classified in cash flows from operations and have been restated as cash flows from financing activities. Payments made on secured borrowings are now similarly classified as cash flows from financing activities. Annual collections relating to installments receivable that were previously transferred to a financing institution are recognized as cash flows from operations. The company did not previously recognize these collections within its cash flow statement following the transfer of the installments receivable to the financing institution. Liquidity and Capital Resources a) Operating Cash Flow In fiscal 2007, operating activities provided US$55.7 million of cash as net income, plus non-cash expenses for stock-based compensation and depreciation and amortization totaling US$30.5 million, was partially offset by a US$30.9 million increase in installments receivables, primarily related to the sale of receivables to Key Bank, the proceeds from which are presented as a component of cash from financing activities. Accrued expenses increased by US$1.8 million due to increases in accruals for income taxes and professional fees associated with the restatement of the company's financial statements. b) Borrowings Collateralized by Receivable Contracts (i) Traditional Programs The company historically has maintained arrangements with financial institutions providing for borrowings that are secured by the company's installment and other receivable contracts, and for which limited recourse exists against the company. As of June 30, 2007, the company had outstanding secured borrowings of US$180.3 million that were secured by collateralized receivables totaling US$183.2 million. Availability under these arrangements is dependent upon the company's generation of additional customer receivables and the financial institutions' willingness to continue to enter into these transactions. The company estimates that there was in excess of US$64.0 million available under the Traditional Programs at June 30, 2007. (ii) Securitization of Accounts Receivable The securitization transactions in fiscal 2005 and 2007 include collateralized receivables whose value exceeds the related borrowings from the financial institutions. The company receives and retains collections on these securitized receivables after all borrowing and related costs are paid to the financial institution. The financial institutions' rights to repayment are limited to the payments received from the collateralized receivables. The carrying value of the collateralized receivables at June 30, 2007, under these arrangements was US$61.9 million and the secured borrowings totaled US$25.8 million. (iii) Fiscal 2005 Securitization On June 15, 2005, the company securitized and transferred installments receivable with a net carrying value of 71.9 million and received cash proceeds of US$43.8 million. The transfers of installments receivable to the securitization facility did not qualify as a sale for accounting purposes and has been accounted for as a secured borrowing. These borrowings are secured by collateralized receivables and the debt and borrowing costs are repaid as the receivables are collected. (iv) Fiscal 2007 Securitization On Sept. 29, 2006, the company entered into a three-year revolving securitization facility and securitized and transferred installments receivable with a net carrying value of US$32.1 million and received cash proceeds of US$20.0 million. The transfers of installments receivable to the securitization facility did not qualify as a sale for accounting purposes and have been accounted for as a secured borrowing. These borrowings are secured by collateralized receivables and the debt and borrowing costs are repaid as the receivables are collected. In December 2007, the company paid the outstanding amount of the Fiscal 2005 securitization at its carrying value. The company had been in violation of certain covenants related to the Fiscal 2007 Securitization due to the delay in filing its financial statements and other violations. In March 2008, the company paid the outstanding amount of the Fiscal 2007 Securitization at its carrying value plus a termination fee of US$800,000, and this securitization is no longer available. c) Credit Facility In January 2003 and through subsequent amendments, the company executed a loan arrangement with Silicon Valley Bank. This arrangement provides a line of credit of up to the lesser of (1)US$15.0 million or (2) 70% of eligible domestic receivables, and a line of credit of up to the lesser of (1)US$10.0 million or (2) 80% of eligible foreign receivables. As of June 30, 2007, there were US$7.4 million in letters of credit outstanding under the line of credit, and there wasUS$13.1 million available for future borrowing. On Oct. 16, 2007, the company executed an amendment to the Loan Arrangement that adjusted the terms of certain financial covenants, including modifying the date the company must provide monthly unaudited and annual audited financial statements to the bank. The loan arrangement expires in May 2008. The company is currently in negotiations to either: (i) extend this line of credit with the company's current lender and amend the terms of the facility; or (ii) obtain a facility from another lender. Contractual Obligations The company's total contractual obligations, which primarily consisted of operating leases for the company's headquarters and other facilities, sub-contractor purchase commitments, and other debt obligations, totaled US$62.9 million at June 30, 2007. Other than these, there were no other commitments for capital or other expenditures. Total contractual future sublease rental income as of June 30, 2007, was US$7.2 million, which is not included. On Sept. 5, 2007, the company entered into an additional sublease agreement related to its former office space in Cambridge, Massachusetts, effective Oct. 1, 2007, for approximately 50,000 square feet that expires on Sept. 30, 2012. This new sublease agreement represents US$5.5 million of scheduled sublease payments not included in the total. Effective Sept. 1, 2007, the landlord terminated a portion of the company's lease in Houston, Texas with respect to approximately 14,000 square feet of the original leased space. This termination agreement has not been included in the total and represents future reductions of US$2.6 million in lease payments. Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$528.9 million in total assets, US$391.7 million in total liabilities, and US$137.2 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the year ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2a82 About AspenTech 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. * * * Moody's Investors 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. ASPEN TECH: Posts US$9MM Net Loss in Quarter Ended Sept. 30 ----------------------------------------------------------- Aspen Technology Inc. reported a net loss of US$9.0 million in the first fiscal quarter ended Sept. 30, 2007, compared with a net loss of US$1.6 million in the same period ended Sept. 30, 2006. Net loss applicable to common shareholders was US$9.0 million in the first quarter of fiscal 2008 compared to net loss applicable to common shareholders of US$5.3 million in the same period in fiscal 2007. For the quarter ended Sept. 30, 2007, AspenTech reported total revenue of US$64.8 million, compared to US$64.2 million in the first quarter of fiscal 2007. License revenue was US$31.1 million, an increase of 11%, and services revenue was US$33.7 million, a decrease of 6%, compared to the first quarter of fiscal 2007. AspenTech's loss from operations, determined in accordance with GAAP, was US$8.4 million in the first quarter of fiscal 2008. This compares to an operating loss of US$17,000 in the first quarter of fiscal 2007. GAAP operating expenses in the first quarter of fiscal 2008 included US$2.5 million of non-cash stock-based compensation, US$7.2 million in restructuring charges due to the previously announced move of the company's headquarters, and US$1.5 million in incremental professional services fees associated with completing the financial restatement. In the first quarter of fiscal 2007, the company's GAAP operating expenses included US$1.7 million in non-cash stock-based compensation, US$1.9 million in amortization in intangibles andUS$1.4 million in restructuring charges. AspenTech had cash and cash equivalents of US$129.5 million at Sept. 30, 2007, a decrease of approximately US$2.8 million from US$132.3 million at the end of June 30, 2007. Operating Cash Flow For the three months ended Sept. 30, 2007, operating activities provided US$22.3 million of cash. A net loss of US$9.0 million was offset by non-cash expenses for stock-based compensation and depreciation and amortization totaling US$5.3 million, a US$14.5 million decrease in installments and accounts receivable, a US$3.0 million decrease in unbilled services, a US$1.2 million decrease in prepaid expenses and other current assets, and a$4.8 million increase in accounts payable and accrued expenses. Balance Sheet At Sept. 30, 2007, the company's consolidated balance sheet showed US$507.9 million in total assets,US$378.0 million in total liabilities, and US$129.9 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?2a83 About AspenTech 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. * * * Moody's Investors 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. LITYAN HOLDINGS: Court Extends Restraining Order to August 6 ------------------------------------------------------------ Lityan Holdings Berhad has been informed by its solicitors that the High Court of Malaya has granted an extension of Restraining Order for a period of 120 days effective from April 9, to August 6, 2008, pursuant to Section 176(10) of the Companies Act, 1965 covering Lityan and its subsidiaries, namely: a) Lityan Systems Sdn. Bhd.; b) Imageword (M) Sdn. Bhd.; c) Integrated Telecommunication Technology Sdn. Bhd.; d) Konsortium Jaya Sdn. Bhd; e) Impianas Sdn. Bhd.; f) Sistem Komunikasi Gelombang Sdn. Bhd.; g) Lityan Marketing Sdn. Bhd.; h) Lityan Management Sdn. Bhd.; i) Digital Transmission Systems Sdn. Bhd.; j) Imagebase Sdn. Bhd.; k) Slam Atomised Metal Sdn. Bhd.; l) Hi Pro Edar (M) Sdn. Bhd.; m) Lityan Foreign Equities Sdn. Bhd.; n) Advanced Business Solutions (M) Sdn. Bhd.; o) Teem Business Solutions Sdn. Bhd.; p) Lityan Applications Sdn. Bhd.; q) Kirium Solutions Sdn. Bhd.; r) KJ Telecommunications Sdn. Bhd.; and s) KJ Mobidata Sdn. Bhd. The Restraining Order was applied in order to facilitate the Proposed Restructuring Scheme. The company does not expect the Restraining Order to have a material effect on the financial and operational matters of Lityan and its subsidiaries. In addition, Lityan also obtained an order from the High Court to convene meetings with its creditors and members in relation to the Proposed Restructuring Scheme pursuant to Section 176(1) of the Act with a period of 120 days from April 9 to August 6, 2008. Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings Berhad -- http://www.lityan.com.my/-- sells and provides maintenance services and rental of computer equipment, peripherals, telecommunication equipment and related services. The Company's other activities include provision of building maintenance and management services, developing and marketing of new client-server programming tools and application software, operation of public mobile data network, property investment and investment holding. The Group carries out its operations in Malaysia and the Philippines. On May 10, 2005, the company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category. On January 16, 2006, the Company entered into a conditional Restructuring Agreement to undertake the Proposed Restructuring Scheme with the intention of restoring itself onto stronger financial footing via an injection of new viable businesses. MANGIUM INDUSTRIES: Enters Addendum With Global Emerging -------------------------------------------------------- In relation to Mangium Industries Bhd.'s proposed disposal of its subsidiary, Mangium Plantations Sdn Bhd's entire issued and paid-up share capital to Global Emerging Markets Forestry Investors LLC for a total cash consideration of US$6.025 million, the company has entered into an addendum with Global Emerging. The details of addendum include: (a) the balance consideration of US$4,475,000 will be reduced to US$4,162,500 -- which is net of retention sum of US$1,000,000 and the disputed sum of MYR1,000,000 -- to be paid to the company on the completion date; (b) in respect of the retention sum of US$1,000,000, it will now be released by Global Emerging's solicitors (acting as stakeholder) upon receipt of a written confirmation from SAFODA that the outstanding 11,000 hectares of the Forest Plantation have been identified and allocated specially to Mangium Plantations for the purposes set out in the Timber Agreements and the same has been verified in writing by Global Emerging to its absolute satisfaction by December 31, 2012; and (c) the disputed sum of MYR1,000,000 will be retained in an escrow account maintained by Global Emerging's solicitors to hold as stakeholder until and unless there is a decision of one arbitrator in respect of the amount paid by Mangium Plantations to a creditor. In the event that the decision of the arbitrator is made in favor of Mangium, the disputed sum will be released to Mangium and vice versa. In addition, the Proposed Disposal had been duly completed on April 15, 2008. Consequently, Mangium Plantations has ceased to be a subsidiary of the company. Mangium Industries Berhad's principal activities are the manufacture and trade of timber and timber related products. Other activities include provision of printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture, operation and development of the plantation and investment holding. Operations of the Group are carried out in Malaysia. The TCR-AP reported that Mangium Industries, on May 22, 2007, became an affected listed issuer pursuant to the provisions of Amended Practice Note 17/2005, as its shareholders' equity on consolidated basis is less than 25% of its issued and paid-up capital. As an affected listed issuer, Mangium is required to formulate and implement a plan to regularize its financial condition within a timeframe stipulated by relevant authorities. MERGE ENERGY: To Hold Extraordinary General Meeting on April 29 --------------------------------------------------------------- Merge Energy Bhd. will hold an Extraordinary General Meeting at 10:00 a.m. on April 29, 2008, at Gallery 6, Level 3, Concorde Hotel, 3 Jalan Tengku Ampuan Zabedah C9/C, in 40100 Shah Alam, Selangor Darul Ehsan, for the purpose of considering and if thought fit, passing these resolutions, with or without any modifications: (1) Ordinary Resolution * related party transaction to be entered into between Mewah Kota Sdn Bhd, a wholly owned subsidiary company of Merge Energy and Jalur Cahaya Sdn Bhd in relation to the Letter of award to Mewah Kota from Jalur Cahaya for a total contract value of MYR90 million; * that subject to all other relevant approvals (if required) being obtained, approval will be given to Merge Energy, to accept and undertake the Proposed Project by Mewah Kota in accordance with and upon the terms and conditions of the letter of award in respect of the Proposed Project dated March 7, 2008; and * that the the company's directors are empowered and authorized to do all acts, deeds and things and to execute, sign, deliver and cause to be delivered on behalf of the Company all the documents and agreements as may be necessary or expedient to give effect to and complete the Proposed Project, and to assent to any modifications, variations, additions or amendments to the terms of the Proposed Project in a manner as the directors may in their discretion deem fit or expedient for the benefit of the company, and to take all steps as they consider necessary or expedient in connection with the Proposed Project. About Merge Energy Merge Energy Berhad's principal activities involve building construction, structural, infrastructure and civil engineering works. Other activity includes property investment and investment holding. Operations of the company are carried out predominantly in Malaysia. On May 8, 2006, the company was classified as an affected listed issuer pursuant to the Amended Practice Note No. 17/2005 whereby the company's shareholders' equity on consolidated basis is less than 25% of its issued and paid-up share capital of MYR67.00 million. ==================== N E W Z E A L A N D ==================== ALPHA EMPLOYMENT: Placed Under Voluntary Liquidation ---------------------------------------------------- Shareholders of Alpha Employment Training Ltd. met on March 17, 2008, and resolved to voluntarily wind up the company's operations. Douglas Bruce Ellison was appointed as liquidator. The liquidator can be reached at: Douglas Bruce Ellison PO Box 8722, Symonds Street Auckland 1015 New Zealand Telephone:(09) 303 2200 Facsimile:(09) 307 2074 EXPOS NEW ZEALAND: Placed Under Voluntarily Liquidation ------------------------------------------------------- Expos New Zealand Ltd. commenced liquidation proceedings on March 10, 2008. Creditors are required to file their proofs of debt by April 18, 2008, to be included in the company's dividend distribution. The company's liquidator is: Kevin J. Gilligan PO Box 26022, Epsom Auckland 1344 New Zealand Telephone: (09) 834 4486 e-mail: kgill@ihug.co.nz FIRST CHOICE: Court to Hear Wind-Up Petition on April 18 -------------------------------------------------------- A petition to have First Choice Construction Ltd.'s operations wound up will be heard before the High Court of Auckland on April 18, 2008, at 10:45 a.m. Neville Warwick Woods filed the petition on October 3, 2007. Neville Warwick's solicitor is: N. W. Wood c/o Rice Craig, Barristers & Solicitors 8-10 Queen Street PO Box 72440, Papakura Auckland New Zealand Telephone:(09) 299 6900 Facsimile:(09) 299 6107 LLOYD & STEVENSON: Appoints Parsons and Kenealy as Liquidators -------------------------------------------------------------- Dennis Clifford Parsons and Katherine Louise Kenealy were appointed liquidators of Lloyd & Stevenson Ltd. on March 12, 2008. The liquidators can be reached at: Dennis Clifford Parsons Katherine Louise Kenealy c/o Indepth Forensic Limited Insolvency Practitioners PO Box 278, Hamilton New Zealand Telephone:(07) 957 8674 Web site: http://www.indepth.co.nz NIKKI CARLEY: Fixes April 25 as Last Day to File Claims ------------------------------------------------------- Creditors of Nikki Carley Ltd. are required to file their proofs of debt by April 25, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 17, 2008. The company's liquidator is: Kim S. Thompson PO Box 1027, Hamilton New Zealand Telephone:(07) 834 6813 Facsimile:(07) 834 6104 PLANET HEALTH: Appoints Fatupaito and McCloy as Liquidators ----------------------------------------------------------- On March 12, 2008, Vivian Judith Fatupaito and Colin Thomas McCloy were appointed liquidators of Planet Health 2003 Ltd. Creditors are required to file their proofs of debt by June 12, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 SUNCERN PROPERTIES: Shareholders Opt to Liquidate Business ---------------------------------------------------------- Shareholders of Suncern Properties (Khyber Pass) Ltd. met on March 14, 2008, and resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by April 11, 2008, will be included in the company's dividend distribution. The company's liquidator is: Douglas Kim Fisher Auckland New Zealand Telephone:(09) 630 0491 Facsimile:(09) 638 6283 TOP DRAWER: Undergoes Liquidation Proceedings --------------------------------------------- The Top Drawer Furniture Co. Ltd. commenced liquidation proceedings on March 14, 2008. Creditors are required to file their proofs of debt by April 25, 2008, to be included in the company's dividend distribution. The company's liquidators are: John Trevor Whittfield Boris van Delden McDonald Vague PO Box 6092, Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz TRAINING CONTRACT: Creditors' Proofs of Debt Due Today ------------------------------------------------------ Creditors of Training Contract 2002 Ltd. are required to file their proofs of debt today, April 17, 2008, to be included in the company's dividend distribution. The company's liquidators are: Henry David Levin Barry Phillip Jordan PPB McCallum Petterson Forsyth Barr Tower, Level 11 55-65 Shortland Street Auckland New Zealand Telephone:(09) 336 0000 Facsimile:(09) 336 0010 UNITED DIESEL: Fixes June 12 as Last Day to File Claims ------------------------------------------------------- United Diesel Limited requires its creditors to file their proofs of debt by June 12, 2008, to be included in the company's dividend distribution. The company's liquidators are: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 ================= S I N G A P O R E ================= BUKOM OILFIELD EQUIPMENT: Proofs of Debt Due May 12 --------------------------------------------------- Creditors of Bukom Oilfield Equipment Leasing Pte Ltd are required to file their proofs of debt by May 12, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 BUKOM OILFIELD (SINGAPORE): Proofs of Debt Due May 12 ----------------------------------------------------- Bukom Oilfield Services (Singapore) Pte Ltd., which is in voluntary liquidation, requires its creditors to file their proofs of debt by May 12, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 BULL INFORMATION: Requires Creditors to File Claims by May 11 ------------------------------------------------------------- Bull Information System (S) Pte Ltd. requires its creditors to file their proofs of debt by May 11, 2008, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 ISO-BUILD CORPORATION: Court Enters Wind-Up Order ------------------------------------------------- On April 4, 2008, the High Court of Singapore entered an order to have Iso-Build Corporation Pte Ltd's operations wound up. The petition against the company was filed by KCC (Singapore) Pte Ltd. Iso-Build's liquidator is: The Official Receiver c/o URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 SEA CONTAINERS: Court OKs Navigant Consulting as Pension Advisor ---------------------------------------------------------------- The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware gave authority to the Official Committee of Unsecured Creditors in Sea Containers Ltd. and its debtor-affiliates' Chapter 11 cases to employ Navigant Consulting, Inc., nunc pro tunc, to Feb. 15, 2008. The Court authorized the SCL Committee to use Navigant Consulting's services in connection with any disputes concerning the claims or rights of the various pension schemes in the bankruptcy cases, including consulting and testifying expert in adversary proceedings and contested matters. Judge Carey ruled that Navigant Consulting may testify on pending matters concerning the SCL Committee's objections to the proofs of claim filed by the trustee of the pension schemes. However, Judge Carey reminded the SCL Committee to notify the Debtors if it intends to use the firm's services for additional matters because Navigant Consulting's services will not include matters other than Pension Issues. Navigant Consulting's services should not duplicate the efforts of Houlihan, Lokey Howard & Zukin, the SCL Committee's financial advisors, Judge Carey maintained. The Debtors previously tried to block approval of the SCL Committee's application. They asserted, among other contentions, that Navigant Consulting's retention will render duplicative, overly broad services, which the firm may not be qualified to provide. "The SCL Committee seeks to use Navigant to establish the amount of the Scheme's claims under the so-called "prudent investor" rate applied in some U.S. bankruptcy cases. But the hearing on the Debtors' motion for approval of the pension settlement . . . is not a forum for the determination of the prudent investor rate on the merits," the Debtors told the Court. The Committee of Unsecured Creditors of Sea Containers Services Limited supported and joined in the Debtors' objection. The SCSL Committee argued that it was unclear from the Application whether Navigant Consulting and the firm's purported expert have the experience and expertise to perform an appropriate rate calculation on claims by the U.K. Pension Schemes, particularly in light of the unique provisions of applicable U.K. law. In response to the objections, the SCL Committee told the Court that the Proposed Settlement is a compromise between "the Debtors, the powerful Scheme's Trustee, and their surrogates on their special-purpose SCSL Committee. Only the SCL Committee is left to raise a meaningful challenge on behalf of the estates' unsecured creditors." The SCL Committee explained that the only calculations that lie behind the Settlement were performed by Mercer Human Resources Consulting Limited on behalf of the Pension Schemes. The SCL Committee further asserted that expert advice and cross-border experience are needed concerning the Mercer Human's calculations, and that will be provided by Navigant Consulting. Hence, the SCL Committee asked the Court to approve the Application. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Court gave the Debtors until April 15, 2008 to file a plan of reorganization. (Sea Containers Bankruptcy News, Issue No. 39; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Panel Obtains International Judicial Assistance --------------------------------------------------------------- The Official Committee of Unsecured Creditors in Sea Containers Ltd. and its debtor-affiliates' Chapter 11 cases obtained permission from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to issue certain letters of request for international judicial assistance pursuant to the Hague Convention of March 18, 1970, on taking of evidence in civil or commercial matters regarding Mercer Human Resources Consulting Limited and Neville Hosegood. William H. Sudell, Jr., Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware, related that the claims asserted by the Sea Containers 1983 Pension Scheme and the Sea Containers 1990 Pension Scheme are based almost exclusively on work performed by the Pension Trustees' actuary, Mercer Human. Mercer Human calculated the Scheme Claims based on the estimated cost of purchasing annuities to discharge the Pension Schemes' liabilities pursuant to Section 75 of the U.K. Pensions Act of 2004. The Debtors have produced Mercer Human's summary report for the actuarial valuations, however, none of the work papers, actuarial valuation program, methodology or other analysis supporting Mercer Human's conclusions have been furnished to the Court or the SCL Committee, Mr. Sudell told Judge Carey. Mr. Sudell also related that in the Debtors' proposed settlement of the Pension Claims, both the proposed accepted amount of the Pension Claims, and the amount reserved by the Debtors for certain equalization claims is based on work performed by Mercer Human. The Pension Trustees and the Official Committee of Unsecured Creditors of Sea Containers Services Ltd. refused to accept service of a subpoena on behalf of Mercer Human, Mr. Sudell informed the Court. Accordingly, the SCL Committee needs to proceed through the Hague Convention to obtain relevant documents from Mercer Human, and depose Mr. Hosegood. After obtaining relevant documents from Mercer Human and Mr. Hosegood, the SCL Committee intends to object to the Settlement, he added. Mr. Suddell asserted that issuance of the Letters of Request is procedurally authorized by Rule 28(b) of the Federal Rules of Civil Procedure and Article 1 of the Hague Convention. Judge Carey also rules that the attachments to each of the Letters of Request may be modified to waive any portion without further Court order upon agreement of the Debtors, the SCL Committee, SCSL Committee and the Pension Schemes. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Court gave the Debtors until April 15, 2008 to file a plan of reorganization. (Sea Containers Bankruptcy News, Issue No. 39; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SPECTRUM BRANDS: S&P Holds CCC+ Rating & Revises Outlook to Dev. ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Atlanta, Georgia-based Spectrum Brands Inc. to developing from negative. At the same time, Standard & Poor's affirmed all of its ratings on the company, including the 'CCC+' corporate credit rating. Approximately US$2.6 billion of funded debt is affected by this action. "The revised outlook reflects the company's improvement in liquidity expected over the near term as a result of more stabilized operating performance in recent quarters," said Standard & Poor's credit analyst Patrick Jeffrey. "This has contributed to enhanced cash balances and revolver availability, as well as improved cushion under its senior secured leverage covenant." Spectrum Brands remains in the process of selling assets which, if successful, could help further enhance liquidity. "However," said Mr. Jeffrey, "we remain concerned about the company's liquidity and its ability to meet its financial covenants on a longer-term basis as it remains highly levered, generates negative free cash flow, and could face further operating challenges given the weak economic environment." Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a consumer products company and a supplier of batteries and portable lighting, lawn and garden care products, specialty pet supplies, shaving and grooming and personal care products, and household insecticides. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in 120 countries around the world. The company has manufacturing and distribution facilities in China, Australia and New Zealand, and sales offices in Melbourne, Shanghai, and Singapore. The company has approximately 8,400 employees worldwide. =============== T H A I L A N D =============== BLOCKBUSTER INC: Circuit City Bid Won't Affect S&P's Ratings Now ---------------------------------------------------------------- Standard & Poor's Ratings Services said that Dallas-based Blockbuster Inc.'s (B-/Negative/--) bid for Circuit City will not have an immediate effect on the video rental company's ratings or outlook. Blockbuster has launched a bid to acquire Richmond, Virginia-based Circuit City for at least $6 per share, or approximately US1 billion. The company has stated that financing would be a combination of cash and equity. S&P remain concerned that the acquisition could significantly increase Blockbuster's leverage, and it may be difficult for the company to secure the necessary funding to consummate the transaction. Blockbuster's operations have been challenged for a number of years due to the declining video rental industry and increased competition for the home entertainment market. Circuit City has performed poorly in the consumer electronics markets, especially against its main competitor, Best Buy Co. Inc. S&P will continue to monitor the ratings as additional information about the proposed transaction becomes available. About Blockbuster Inc. Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/-- provides in-home movie and game entertainment, with more than 9,000 stores throughout the Americas, Europe, Asia and Australia. The company also operates in Taiwan, Thailand, and New Zealand. ********* 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 ***