/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/070223.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 Friday, February 23, 2007, Vol. 10, No. 39 Headlines A U S T R A L I A ADVANCED MARKETING: Hires Focus Management as Financial Advisor ADVANCED MARKETING: Court Augments Prepetition Shipping Duty Cap BHB PLUMBING: Placed Under Creditors' Voluntary Wind-Up CHAMPION FORCE: Members and Creditors to Meet on March 22 CO-BUILD: Final Meeting Set for April 3 EXPORATE PTY: Members and Creditors to Receive Wind-Up Report GEOFF LOWRY: Members and Creditors Meeting Set for March 20 GLADSTONE & DISTRICT: Receivers and Managers Resign from Posts JELIMAR PTY: Liquidator to Present Wind-Up Report on March 22 JUST MANOLIOS: Members Final General Meeting Set for March 28 KIRARA PTY: Members to Receive Wind-Up Report on March 6 MULTIPLEX GROUP: Posts AU$295.6 Mln. NPAT for HY-Ended Dec. 2006 ROLBERG PTY: Members and Creditors to Meet on March 13 SCANTECH AUSTRALIA: Members and Creditors to Meet on March 22 STAAB NOMINEES: Creditors and Members to Meet on March 22 SYMBION HEALTH: Moody's Confirms Ba1 Rating and Stable Outlook ZINIFEX LTD: Zinifex Seeks to Acquire Canada's Wolfden Resources ZINIFEX LTD: Posts AU$751MM Net Profit for 6-Months to Dec. 2006 C H I N A & H O N G K O N G CHAMPION BILLION: Members Final Meeting Slated for March 23 CHINA EVERBRIGHT: Sources Say That Politics Marred Injection CHINA MINSHENG: To Set Up Financial Leasing Unit CHINA MINSHENG: Gets Regulator's OK for Royal Bank Joint Venture CHINA MINSHENG: Expects 40% Improvement in 2006 Net Profit HANLY LIMITED: Final General Meeting Slated for March 20 HUDA TECHNOLOGY: Majority Shareholder Freezes Shares ROAD KING: Seeks to Raise US$70 Million Via Shares Sale SICHUAN CHANGJIANG: Acquires Undergarments Company For CNY69MM SONGLIAO AUTOMOBILE: Changes Auditors for Fiscal Year 2006 TONG REN: Creditors Must Prove Debts by March 9 WINOWNER GROUP: Revamps Top Management I N D I A AMERICAN AXLE: Weak Performance Prompts DBRS' Ratings Downgrade BRITISH AIRWAYS: Lowers London-Bermuda Roundtrip Fares by 30% IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs STATE BANK OF INDIA: Orders 3,000 ATMs from NCR Corp. TATA MOTORS: Signs MOU with Iveco for Possible Strategic Tie-Up TATA MOTORS: Inks Argentine Pick-up Production Pact with Fiat UCO BANK: CRISIL Rates Enhanced Amount of CD Programme UNION BANK OF INDIA: Hikes Benchmark Prime Lending Rate to 12.5% UTI BANK: Board Okays Borrowing Up to INR970 Crore UTI BANK: Board Reappoints CMD P.J. Nayak for Two More Years UTI BANK: Allots 1,68,844 Equity Shares Under ESOP VISTEON CORP: Appoints William Quigley as Chief Fin'l Officer I N D O N E S I A ADARO INDONESIA: To Cut Costs with New US$200-Million Loan ALCATEL-LUCENT: Invests in WiMAX Semiconductor Supplier Sequans ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006 ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile BANK BUANA: 2006 Nine-Month Earnings Up 19% to IDR326 Billion BANK TABUNGAN: Revives Plan to Sell Rupiah Bonds GOODYEAR TIRE: To Expand High-Value Tire Production in Poland HILTON HOTELS: To Construct Five-Star Hotel in Tbilisi TELKOM INDONESIA: Invites Shareholders to Extraordinary Meeting J A P A N JAPAN AIRLINES: Reaches Codeshare Deal with Ausralia's Jetstar JAPAN AIRLINES: To Use Embraer Planes for Domestic Routes ELAN CORP: Posts US$267.3-Million Net Losses in 2006 XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15 XM SATELLITE: Sirius Merger Cues Moody's Developing Outlook XM SATELLITE: Sirius Merger Prompts S&P's Positive CreditWatch K O R E A DAEWOO ELECTRONICS: Creditors to Scrap Sale Plan, Reuters Says KOREA EXCHANGE BANK: S&P Affirms C+ Fundamental Strength Rating SAMSUNG CARD: Starts IPO in Seoul, Due Diligence Begins M A L A Y S I A COMSA FARMS: Fails to Make Requisite Announcement on Feb. 16 MP TECH: Shareholders' Deficit Prompts Amended PN17 Listing MP TECHNOLOGY: Posts MYR133.25MM Net Loss in Qtr Ended Nov. '06 MP TECHNOLOGY: Sets Special Restructuring Committee NORTH BORNEO: Bursa Hands Public Reprimand; Sets MYR14,000 Fine PROTON HOLDINGS: Evaluating Possible Tie-Up with Mitsubishi PSC INDUSTRIES: Inks Shipbuilding Deal with Gagasan for US$42M N E W Z E A L A N D ARE YOU: Creditors Must File Claims by March 12 C.ROCK PROPERTIES: CIR Seeks to Liquidate Firm CUSTOM CONVEYORS: Shareholders Appoint Joint Liquidators D.M.T. LTD: Faces Liquidation Proceedings KATHIE IRWIN: Vance and Jordan to Act as Liquidators MAN JOINERY: Creditors Must File Proofs of Debt by March 12 NUPLEX INDUSTRIES: 6-Months Ended Dec. 2006 Net Profit Down 78% NUPLEX INDUSTRIES: To Pay Interim Dividend on April 5 NZ MANUFACTURE: Appoints Official Assignee as Liquidator PACIFIC SERVICES: Court to Hear Liquidation Petition on March 12 REACH INVESTMENTS: Court Sets Liquidation Hearing for Feb. 26 SPINAL ALIGNMENT: Faces CIR's Liquidation Petition THOMSON TIMBER: Liquidation Hearing Set on March 1 TIME VISION: Court Appoints Interim Liquidators P H I L I P P I N E S PHIL. NAT'L. BANK: Sets Annual Stockholders' Meeting on May 29 SAN MIGUEL: TCCP Buys Coca-Cola Bottlers Phils. for US$590 Mil. UNIVERSAL ROBINA: To Elect Board at April 19 Annual Meeting VITARICH CORP: RTC Okays Due Course to Rehab; Names New Receiver WARNER MUSIC: Shareholders Not Required to Notify Interests S I N G A P O R E EXPRESS FOOD: Court Orders Wind Up of Operations HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on March 5 PETROLEO BRASILEIRO: Earns BRL25.9 Million in 2006 Fiscal Year PETROLEO BRASILEIRO: Sees No Impact on NatGas Deal, Analyst Says PETROLEO BRASILEIRO: Will Launch Four Oil Rigs This Year REFCO INC: Judge Drain Approves AIDMA Settlement Agreement REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol SEA CONTAINERS: GNER Signs GBP20-Mil. Lease for Train Fleet WSID PTE: Wind-Up Petition Hearing Slated for March 2 T H A I L A N D BANK OF AYUDHYA: Reveals Resolutions at Board Meeting CIRCUIT ELECTRONIC: Updates on Rehab Progress as of Q4 2006 FEDERAL-MOGUL: Supplemental Disclosure Statement Approved FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8 FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln HANTEX PCL: Announces Delay of Financial Statement for FY2006 * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ADVANCED MARKETING: Hires Focus Management as Financial Advisor --------------------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Focus Management Group U.S.A. Inc. to provide them with financial reporting, consulting and advisory services in their Chapter 11 cases. As reported in the Troubled Company Reporter on Feb. 8, 2007, Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at Wilmington, Delaware, told the Court that Focus has substantial experience in both the financial analysis area and certain insolvency services, having served in Chapter 11 cases on behalf of debtors and creditors. Specifically, Focus is expected to: (a) prepare and, from time to time, update cash flow forecasts, other projections and other financial data for the Debtors; (b) assemble and prepare information for the Debtors' DIP lenders; (c) assist the Debtors in monitoring compliance with operating cash flow requirements as per the loan agreement with the Debtors' DIP lenders; (d) assist the Debtors in the preparation of reports to the United States Trustee; (e) assist the Debtors in complying with guidelines established by the U.S. Trustee; (f) assist the Debtors in connection with other financial operations and related tasks; (g) periodically communicate with and participate in meetings with the Debtors' management and other parties-in- interest regarding the Debtors' financial condition; and (h) perform other functions as requested by the Debtors, their legal counsel, and their financial advisors. Mr. Collins added that Focus' retention centers around its familiarity from prepetition work with certain aspects of the Debtors' books, records and financial reporting needs. Focus will be working on a number of projects either in conjunction with the Capstone Advisory Group, LLC, or under the supervision of Capstone. Firm's Compensation Prior to the Dec. 29, 2006, the Debtors paid Focus $1,044,850 for fees and expenses for prepetition services rendered by Focus to the Debtors, as well as to serve as retainer, of which US$775,452 was received during the 90 days prior to the Petition Date. After deducting fees and expenses previously billed -- and paid -- and estimated unbilled prepetition amounts for prepetition services rendered, US$346,626 remains as a retainer. The balance will be available to be applied to postpetition services and any prepetition fees and expenses incurred but unprocessed, prior to the Petition Date. The Debtors will pay Focus its hourly fees and reasonable expenses. Focus' discounted hourly rate schedule for the Debtors is: Designation Hourly Rate ----------- ----------- Managing Directors US$375 Senior Consultants US$350 The Debtors and Focus also agreed to certain indemnification provisions. Robert O. Riiska, a managing director at Focus, assured the Court that Focus' partners and associates do not have any connection with or any interest adverse to the Debtors, their creditors, or any other party-in-interest, or their attorneys. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia, and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 Plan will expire on Apr. 28, 2007. ADVANCED MARKETING: Court Augments Prepetition Shipping Duty Cap ---------------------------------------------------------------- The Hon. Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware authorized Advanced Marketing Services Inc. and its debtor-affiliates to pay the valid prepetition claims of domestic and international common carriers, shippers, freight forwarders, and truckers, and increased the cap set forth in the Court order to US$2,225,000. Before any payment of prepetition claims of the Common Carriers is made, the Debtors will provide notice of the proposed Payment to the financial advisors for the Official Committee of Unsecured Creditors, Traxi LLC, Judge Sontchi says. The Committee will have two business days to provide written notice of objection to a proposed Payment. If no objection is timely received, the Debtors will be authorized to make the Payment. Judge Sontchi notes that if the Creditors Committee timely objects to a Payment, the Debtors will not make the Payment without further agreement of the Committee of further Court ruling. To the extent the Committee timely objects to a proposed Payment and the Debtors and the Committee are unable to resolve the objection consensually, an emergency hearing in no less than three business days' notice to all parties-in-interest will be held to consider immediate approval of any proposed Payment. Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia, and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 Plan will expire on Apr. 28, 2007. BHB PLUMBING: Placed Under Creditors' Voluntary Wind-Up ------------------------------------------------------- BHB Plumbing Pty Ltd was placed under creditors' voluntary wind-up, through a special resolution passed on Feb. 6, 2007. Accordingly, H. A. MacKinnon and K. L. Sutherland, of Bent & Cougle Pty Ltd, were appointed as joint and several liquidators. The Joint and Several Liquidators can be reached at: H. A. MacKinnon K. L. Sutherland Bent & Cougle Pty Ltd Chartered Accountants 332 St Kilda Road Melbourne, Victoria 3004 Australia About BHB Plumbing Headquartered in Victoria, Australia, BHB Plumbing Pty Ltd is a distributor of hardware machineries and gasfitters. CHAMPION FORCE: Members and Creditors to Meet on March 22 --------------------------------------------------------- The members and creditors of Champion Force Pty Ltd will meet for their final meeting on March 22, 2007, at 2:45 p.m., to receive the liquidator's accounts of the company's wind-up proceedings and property disposal exercises. In a report by the Troubled Company Reporter - Asia Pacific, the company went into liquidation on Feb. 15, 2006. The company's liquidator is: Samuel Richwol O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris 3146 Australia About Champion Force Champion Force Pty Ltd is an investor relation company. The company is located in Victoria, Australia. CO-BUILD: Final Meeting Set for April 3 --------------------------------------- Co-Build Aust Pty Ltd and its creditors will hold a final meeting on April 3, 2007, at 10:30 a.m. During the meeting, Joseph Loebenstein, as Co-Build's liquidator, will present the final accounts of the company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: Joseph Loebenstein Loebenstein Insolvency Services Pty Ltd 1/191 Balaclava Road North Caulfield Victoria 3161 Australia About Co-Build Co-Build Aust Pty Ltd is a special trade contractor. The company is located in Victoria, Australia. EXPORATE PTY: Members and Creditors to Receive Wind-Up Report ------------------------------------------------------------- Exporate Pty Ltd will hold a final meeting for its members and creditors on March 22, 2007, at 3:00 p.m. At the meeting, the members and creditors will receive the liquidator's accounts of the company's wind-up proceedings and property disposal. The Troubled Company Reporter - Asia Pacific reported on March 24, 2006, that Exporate was placed under liquidation because of its inability to pay its debts. The company's liquidator is: Samuel Richwol O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris 3146 Australia About Exporate Pty Exporate Pty Ltd is an investor relations company. GEOFF LOWRY: Members and Creditors Meeting Set for March 20 ----------------------------------------------------------- The members and creditors of Geoff Lowry Design Pty Ltd will hold a final meeting on March 20, 2007, at 10:00 a.m. During the meeting, Geoff Lowry's liquidator will present a report regarding the company's wind-up proceedings and property disposal. The company went into liquidation on Dec. 22, 2005, as previously reported by the Troubled Company Reporter - Asia Pacific. The liquidator can be reached at: P. Newman HLB Mann Judd Chartered Accountants Level 1, 160 Queen Street Melbourne, Victoria 3000 Australia About Geoff Lowry Geoff Lowry Design Pty Ltd provides business services. The company is located in Victoria, Australia. GLADSTONE & DISTRICT: Receivers and Managers Resign from Posts -------------------------------------------------------------- Robert Hutson and John Park ceased to act as receivers and managers of Gladstone & District Leagues Club Ltd on Feb. 2, 2007. According to the Troubled Company Reporter - Asia Pacific, Messrs. Hutson and Park were appointed as the company's receivers and managers on Jan. 5, 2007. Messrs. Hutson and Park can be reached at: Robert Hutson John Park KordaMentha (Queensland) 22 Market Street Brisbane Queensland 4000 Australia Telephone:(07) 3225 4900 Facsimile:(07) 3225 4999 About Gladstone & District Gladstone & District Leagues Club Ltd operates membership sports and recreation clubs. The company is located in Queensland, Australia. JELIMAR PTY: Liquidator to Present Wind-Up Report on March 22 ------------------------------------------------------------- A final meeting will be held for the members and creditors of Jelimar Pty Ltd on March 22, 2007, at 1:00 p.m. During the meeting, Samuel Richwol, Jelimar's liquidator, will present a report pertaining to the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Samuel Richwol O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris 3146 Australia About Jelimar Pty Jelimar Pty Ltd operates accommodation hotels, restaurant with function rooms for poker machines. The company is located in Victoria, Australia. JUST MANOLIOS: Members Final General Meeting Set for March 28 ------------------------------------------------------------- The members of Just Manolios Pty Ltd will hold a final general meeting on March 28, 2007, at 2:00 p.m., to receive the liquidators' report in connection with the company's wind-up proceedings and property disposal. According to the Troubled Company Reporter - Asia Pacific, the company entered into wind-up proceedings on Aug. 14, 2006. The liquidators can be reached at: Timothy B. Norman Salvatore Algeri 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone:(03) 9208 7000 About Just Manolios Just Manolios Pty Ltd is a distributor of durable goods. The company is located in Queensland, Australia. KIRARA PTY: Members to Receive Wind-Up Report on March 6 -------------------------------------------------------- The members of Kirara Pty Ltd will hold a meeting on March 26, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal exercises. As reported in the Troubled Company Reporter - Asia Pacific, Kirara went into liquidation on July 6, 2006. The liquidator can be reached at: David H. Scott Jones Condon Chartered Accountants 1st Floor, 173 Burke Road Glen Iris Victoria 3146 Australia About Kirara Pty Kirara Pty Ltd provides business services. The company is located in Victoria, Australia. MULTIPLEX GROUP: Posts AU$295.6 Mln. NPAT for HY-Ended Dec. 2006 ---------------------------------------------------------------- Multiplex Group recorded a net profit after tax attributable to stapled security holders of AU$295.6 million for the six months to Dec. 31, 2006. The results reflect a solid overall performance with positive contributions from all divisions. As at Dec. 31, 2006, Multiplex Group's net assets were AU$3.52 billion (June 2006: AU$3.16 billion). As advised in December 2006, a half-year distribution of 8.5 cents per stapled security (December 2005: 8.0 cents) will be paid by Feb. 28, 2007, compromising an interim distribution from Multiplex Property Trust and no dividend from Multiplex Limited. Group earnings were favorably impacted by significant fair value adjustments to investment properties totaling AU$245.0 million, offset by one-off corporate costs of AU$36.6 million (after tax) which included the settlement with the Australian Securities and Investments Commission. As reported in the Troubled Company Reporter - Asia Pacific on Dec. 21, 2006, the ASIC has accepted an Enforceable Undertaking from Multiplex Group relating to the company's failure to disclose a material change in profit on the Wembley National Stadium project in London. The Board continues to remain confident in the Group's prospects for FY2007 with the outlook for the second half consistent with expectations outlined at June 2006. About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, Multiplex Limited listed on the Australian Stock Exchange as a part of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust. Early in 2005, Multiplex began facing cost pressures on its reconstruction project for the Wembley Stadium in London, prompting it to conduct its own internal investigation into the Wembley difficulties. Its auditor, KPMG, later conducted its own thorough review of the problems, leading to an unpredicted write-down. In February 2005, stunned investors sold down Multiplex shares after the Company reversed its stance on two United Kingdom projects, writing off AU$68.3 million from its profits. This started a series of profit downgrades throughout 2005. In May 2005, Multiplex admitted that its troubled Wembley Stadium construction project may end up with a multimillion loss. As of February 2006, the Company is faced with liquidity crisis after posting a massive AU$474 million loss on Wembley. The Troubled Company Reporter - Asia Pacific reported on Aug. 18, 2006, that Multiplex Group's financial results for the year ended June 30, 2006, noted that the Wembley project in the United Kingdom incurred a pretax loss of AU$364.3 million or AU$255 million after tax loss. The project loss position has remained unchanged since December 31, 2005. ROLBERG PTY: Members and Creditors to Meet on March 13 ------------------------------------------------------ The members and creditors of Rolberg Pty Ltd will meet on March 13, 2007, at 9:00 a.m. At the meeting, the members and creditors will be asked to: -- receive the final receipts and payments from the company's liquidator; -- receive formal notice of the end of the administration; and -- discuss other business. The liquidator can be reached at: Michael Peldan Worrells Solvency & Forensic Accountants 8th Floor 102 Adelaide Street, Brisbane Queensland 4000 Australia Telephone:(07) 3225 4300 Facsimile:(07) 3225 4311 Web site: http://www.worrells.net.au About Rolberg Pty Rolberg Pty Ltd is involved with local trucking without storage. The company is located in Queensland, Australia. SCANTECH AUSTRALIA: Members and Creditors to Meet on March 22 ------------------------------------------------------------- The members and creditors of Scantech Australia Pty Ltd will have their final meeting on March 22, 2007, at 10:30 a.m., to hear the liquidator's report regarding the company's wind-up proceedings and property disposal. According to the TCR-AP, the company was placed under voluntary wind-up on July 31, 2006. The company's liquidator can be reached at: Samuel Richwol O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris 3146 Australia About Scantech Australia Scantech Australia Pty Ltd is a distributor of computers and computer peripheral equipment and softwares. The company is located in Victoria, Australia. STAAB NOMINEES: Creditors and Members to Meet on March 22 --------------------------------------------------------- The members and creditors of Staab Nominees Pty Ltd will meet on March 22, 2007, at 11:30 a.m., to hear the liquidator's report about the company's wind-up proceedings and property disposal exercises. The liquidator can be reached at: Samuel Richwol O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris 3146 Australia About Staab Nominees Staab Nominees Pty Ltd (Staab Decor) is a distributor of paintings and paper hangings. The company is located in Victoria, Australia. SYMBION HEALTH: Moody's Confirms Ba1 Rating and Stable Outlook -------------------------------------------------------------- On Feb. 22, 2007, Moody's Investors Service confirmed the Ba1 issuer rating of Symbion Health Limited and stable outlook. This rating action concludes the review for possible downgrade begun on Jan. 30, 2007. "The confirmation follows indications that Primary Health Care Limited (unrated) is no longer pursing a merger/acquisition with Symbion," says Peter Fullerton, a Moody's AVP/Analyst. This incorporates the fact that Primary Health no longer holds an equity interest in Symbion. "These developments remove the immediate event risk which had surrounded Symbion's credit profile, which had in turn, prompted Moody's to place its ratings on review for possible downgrade," Mr. Fullerton adds. "At the same time, a reasonable level of uncertainty over Primary's future intentions persists along with the potential for further industry consolidation within Symbion's key areas of operation," Mr. Fullerton says. "Moreover, should merger or acquisition offers re-emerge in regard to Symbion -- either from Primary or other market participants -- then the rating may come under renewed negative pressure," Mr. Fullerton says. Potential upward rating pressure could occur if Symbion delivers on its objective of transforming and reinvigorating operations, such that sustained growth occurs in EBITDA earnings relative to adjusted debt levels. Such an outcome would be evidenced by debt to EBITDA falling below 4.0x on a sustained basis. In addition, the development of a stable track record of operations with its current asset base would also be required for upward rating pressure to emerge. Negative rating pressure may emerge if the company made a material change in strategy, including an increase in shareholder returns, to protect the company from future acquisition interest. In addition, negative rating pressure may emerge if operations suffer a decline in revenues or margins, leading to negative free cash flow generation, or to an increase in adjusted debt to EBITDA beyond 5.0x on a sustained basis. The disposal of a major asset - without an appropriate reduction in debt would also negatively impact the rating. Symbion is a diversified domestic health care business. Most of its earnings derive from the provision of pathology and diagnostic imaging services. It also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the supply of prescription drugs to pharmacies and hospitals. ZINIFEX LTD: Zinifex Seeks to Acquire Canada's Wolfden Resources ---------------------------------------------------------------- Zinifex Limited has made a non-binding proposal to acquire all the outstanding common shares of Wolfden Resources for CDN$3.90 per share. This proposal, which is subject to confirmatory due diligence and the satisfaction of certain other pre-conditions, values Wolfden at approximately CDN$358 million. Zinifex has provided Wolfden with a Letter of Interest, which outlines the terms that would be included in a formal offer. Wolfden has, in return, granted Zinifex a period of exclusivity until March 7, 2007, in which to complete due diligence and has agreed not to solicit other proposals. Wolfden is a Canadian-based mineral exploration and development company with a diversified portfolio of advanced stage resource projects in the Nunavut Territory of Canada. In particular, it holds 100% of the Izok and High Lake deposits which are high grade undeveloped poly-metallic deposits, including copper, zinc, gold, and silver. "We believe Wolfden's advanced projects would represent an excellent fit with Zinifex's strategy to grow its mining business," Zinifex Chief Executive Officer Greig Gailey said. "The Izok and High Lake projects would meaningfully add to Zinifex's resource base and have the potential, if developed, to significantly extend Zinifex's mining profile." "These are high value polymetallic projects at an advanced stage together with significant potential for upside from further exploration." "Importantly for both Zinifex and Wolfden, a successful acquisition would bring together these significant opportunities and the experience of Wolfden's management team with the financial capability of Zinifex to advance Wolfden's projects to production," Mr. Gailey concluded. The Letter of Interest contemplates a potential transaction along these lines: (a) Subject to the satisfactory outcome of final due diligence, the negotiation of transaction documentation and approval of Zinifex's board of directors a Zinifex offer of CDN$3.90 per share (including shares issued or issuable upon exercise of Wolfden warrants and share options) conditional on the parties entering into a support agreement, to include among others, these terms and conditions: * unanimous favorable recommendation by Wolfden's directors; * a break fee of 3% of the transaction value; * lock-up acceptance agreements from certain major shareholders, directors, and senior officers; * a right to see and match any unsolicited third party proposal; * certain key officers of Wolfden to enter into mutually acceptable employment contracts with Zinifex; * no material adverse change. (b) The proposal contemplates acquisition by way of a takeover bid with a minimum sixty-six and two thirds percent acceptance. To advance the proposal Zinifex and Wolfden have also agreed that: 1) Zinifex's March 7 exclusive period to complete due diligence may be extended until March 16, to complete transaction documentation; 2) During the exclusivity period, Wolfden may respond to an unsolicited proposal from another party where it has a fiduciary duty to do so. Wolfden will provide Zinifex with the particulars of any such proposal; and 3) Wolfden will reimburse Zinifex's expenses up to CDN$1 million in certain circumstances should it enter into an alternative transaction with a third party. No definitive agreements have been reached at this time, other than the exclusivity letter. There can therefore be no assurance that any transaction will result to any final terms. About Zinifex Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * The Troubled Company Reporter - Asia Pacific reported on Aug. 9, 2006, that Fitch Ratings assigned Zinifex a Long-term foreign currency Issuer Default Rating of 'BB+' with a Stable Outlook. According to Fitch, the rating is unaffected by Zinifex's announcement of a proposed transaction with Belgium-based specialty metals group Umicore to merge their respective zinc smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report noted. ZINIFEX LTD: Posts AU$751MM Net Profit for 6-Months to Dec. 2006 ---------------------------------------------------------------- Zinifex Limited posted a record profit before tax of AU$967 million for the six months to December 31, 2006. According to Zinifex Chief Executive Officer Greig Gailey, "this is an outstanding effort and is more than four times the profit before tax for corresponding period last year." Having now recognized substantially all of its available tax losses, Zinifex incurred a tax expense during the period. Thus, the company's net profit of AU$751 million was close to the 2006 second half-year record and more than three times than the figure declared for the same period in 2005. In accordance with stated policy of returning surplus cash to shareholders, the Board agreed to make a half-year dividend payment of 70 cents per share, fully franked. Mr. Gailey noted that metal prices were exceptional over the period and made a major contribution to Zinifex's performance for the half. "Both zinc and lead prices rose strongly over this period on the back of rapidly depleting London Metal Exchange stocks. However, this was offset somewhat by a 10% reduction in production due primarily to planned maintenance shutdowns at Century, Port Pirie and Clarksville and lower lead concentrate production at Century due to lower lead grades," Mr. Gailey said. Mr. Gailey further noted that in line with what is being experienced right across the sector, the ongoing resources boom continued to place pressure on costs. "Our underlying operating costs were up some 10% this half, however, expenditures specific to this period, such as the accelerated Century pre-strip and the extended Century and Port Pirie shutdowns, together with project expenditures related to the proposed joint venture with Umicore, increased the headline rate to 16%," Mr. Gailey added. Mr. Gailey said that, importantly, the company continued to deliver on its safety and environmental goals. "Medical Referral Injury Frequency Rate fell by 19% over the corresponding period and we also witnessed an appreciable 16% reduction in the number of minor reportable environmental incidents and non-compliances," Mr. Gailey said. Mr. Gailey said significant progress has also been made over the period on the company's growth strategy. Commenting on the prospects for zinc and lead, Mr. Gailey said there is little doubt that zinc prices and the AU$/US$ exchange rate have the greatest impact on Zinifex's profitability. About Zinifex Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * The Troubled Company Reporter - Asia Pacific reported on Aug. 9, 2006, that Fitch Ratings assigned Zinifex a Long-term foreign currency Issuer Default Rating of 'BB+' with a Stable Outlook. According to Fitch, the rating is unaffected by Zinifex's announcement of a proposed transaction with Belgium-based specialty metals group Umicore to merge their respective zinc smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report noted. ================================ C H I N A & H O N G K O N G ================================ CHAMPION BILLION: Members Final Meeting Slated for March 23 ----------------------------------------------------------- Champion Billion Trading Limited, which is under a members voluntary wind-up, will hold a final meeting on March 23, 2007, at 9:00 a.m. At the meeting, the members will receive the liquidator's report regarding the company's wind-up proceedings and property disposal exercises. The company's liquidator can be reached at: Lung Chun Tak Units A & B, 21/F World Trust Tower 50 Stanley Street Central, Hong Kong CHINA EVERBRIGHT: Sources Say That Politics Marred Injection ------------------------------------------------------------ A planned US$2.6-billion government bail-out of China Everbright Bank Co. is being complicated by its state parent's reluctance to give up direct control, three sources close to the situation told Reuters, The Standard relates. As reported by the Troubled Company Reporter - Asia Pacific on Oct. 20, 2006, China's State Administration of Foreign Exchange said that it would inject CNY20 billion into China Everbright to pave the way for the bank's H-share debut. The Standard relates that authorities tapped a government financial arm, Central Huijin Investment, to inject CNY20 billion into the lender. Premier Wen Jiabao signed off on the plan and asked Huijin to finalize details with the bank and its parent, China Everbright Group, the report cites sources, who had expected the injection to happen at the beginning of 2007. However, The Standard point out, Everbright Group Chairman Wang Mingquan was recently lobbying Beijing to let Huijin inject the money into the parent company instead of directly into the bank. Mr. Wang is also chairman of Everbright Bank. The sources said that if Huijin pumped in the capital through Everbright Group, a major reshuffle of top management at Everbright Bank would be less likely, the report notes. The sources added that if Huijin made a direct injection into Everbright Bank, Mr. Wang would likely lose his top position at the bank because the injection would make Huijin the largest shareholder. Huijin, on the other hand, stands to gain significantly once the bank lists in Hong Kong, The Standard further relates. "Central Huijin definitely wants a direct stake in the bank as the banking assets will appreciate after the bank goes to list in Hong Kong," a Beijing-based banking source told Reuters. * * * Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings affirmed on August 14, 2006, China Everbright Bank's 'E' individual rating '3' support rating. CHINA MINSHENG: To Set Up Financial Leasing Unit ------------------------------------------------ China Minsheng Banking Corp. Ltd. is teaming up with State Grid Corp. of China and a Tianjin-based company that assembles Airbus A320s to set up a financial leasing company, Forbes.Com reports, citing the China Business News. According to the report, Minsheng plans to take up 60% of the new company, with SGCC and the Airbus assembly firm holding 20% each. Minsheng is likely to become the first commercial bank allowed to set up a financial leasing company, the report says. Beijing-based China Minsheng Banking Corporation Ltd's -- http://www.cmbc.com.cn/-- principal activity is the provision of commercial banking services that include absorbing public deposits, providing short term, medium term and long term loans, making domestic and international settlement, discounting bills and issuing financial bonds. On September 4, 2006, the Troubled Company Reporter - Asia Pacific reported that Fitch Ratings affirmed on September 5, 2006, China Minsheng Banking Corp.'s Individual D/E and Support 4 ratings. CHINA MINSHENG: Gets Regulator's OK for Royal Bank Joint Venture ---------------------------------------------------------------- China Minsheng Banking Corp. has received approval from the China Banking Regulatory Commission to set up a fund management joint venture with Royal Bank of Canada and a China Three Gorges-controlled finance firm, Forbes.Com reports, citing the China Business News. The report says that China Minsheng will hold 60% of the CNY200- million joint venture, Royal Bank of Canada will hold 30%, and the remaining 10% will be held by the Three Gorges unit. China Minsheng shareholders had earlier approved the joint venture proposal, Forbes relates. Forbes quotes China Business News as saying that China Minsheng had chosen the companies to which it will issue new shares via private placement, but foreign institutional investors are not on the list. China Minsheng had earlier signified that it will issue an additional 2 billion A-shares to up to 10 institutional investors via private placement. Beijing-based China Minsheng Banking Corporation Ltd's -- http://www.cmbc.com.cn/-- principal activity is the provision of commercial banking services that include absorbing public deposits, providing short term, medium term and long term loans, making domestic and international settlement, discounting bills and issuing financial bonds. On September 4, 2006, the Troubled Company Reporter - Asia Pacific reported that Fitch Ratings affirmed on September 5, 2006, China Minsheng Banking Corp.'s Individual D/E and Support 4 ratings. CHINA MINSHENG: Expects 40% Improvement in 2006 Net Profit ---------------------------------------------------------- China Minsheng Banking Corp. Ltd expects that "total net profit in 2006 will increase some 40% from the same period in 2005" the bank said in its 2006 Performance Projection. The bank said that the increase was due to the fact that "all business lines are well developed in 2006." On its Web site, the bank indicated a "sharp upward" projection in its 2006 profits. The company recorded a net profit of CNY2,702,519,000 for the full-year of 2005, and earnings per share of CNY0.37. The figures are unaudited. Beijing-based China Minsheng Banking Corporation Ltd's -- http://www.cmbc.com.cn/-- principal activity is the provision of commercial banking services that include absorbing public deposits, providing short term, medium term and long term loans, making domestic and international settlement, discounting bills and issuing financial bonds. On September 4, 2006, the Troubled Company Reporter - Asia Pacific reported that Fitch Ratings affirmed on September 5, 2006, China Minsheng Banking Corp.'s Individual D/E and Support 4 ratings. HANLY LIMITED: Final General Meeting Slated for March 20 -------------------------------------------------------- Hanly Limited, which is in members' voluntary liquidation, will hold a final general meeting on March 20, 2007, at 3:00 p.m. At the meeting, the liquidator will present the final accounts of the company's wind-up proceedings and property disposal exercises. HUDA TECHNOLOGY: Majority Shareholder Freezes Shares ---------------------------------------------------- Huda Technology & Education Development announced that its 14,927,000 shares owned by its largest shareholder have been frozen from Feb. 7, 2007, to Feb. 6, 2008, according to Reuters Key Developments. No other details were provided. Headquartered in Shijiazhuang, Hebei Province, Huda Technology & Education Development Co., Ltd.is principally engaged in the manufacture and distribution of electrical wires and cables. During the year ended December 31, 2005, the company established a subsidiary in Hengyang with an 80% stake, which specializes in the production and sale of special cables. The Troubled Company Reporter - Asia Pacific reported on February 16, 2007 that the company has a capital deficiency of US$0.19 million, on total assets of US$17.29 million. ROAD KING: Seeks to Raise US$70 Million Via Shares Sale ------------------------------------------------------- Road King Infrastructure Ltd aims to raise US$70 million to US$74 million by selling new shares, Reuters reports. Based on a term sheet obtained by Reuters, Road King is issuing up to 45 million shares at a price of HK$12.05 to HK$12.30 apiece, representing a discount of 3.45% to 5.42% on the stock's last traded price. Road King's shares were suspended from the Hong Kong Stock Exchange pending the company's disclosure on the share sale. * * * Road King Infrastructure Limited -- http://www.roadking.com.hk/ -- is a publicly listed company in Hong Kong with its core business in the investment, development, operation and management of toll roads and bridges in China. Road King has a toll road investment portfolio comprising over 20 toll roads and bridges spanning approximately 1,100 kilometers in 8 provinces of China. In 2004, Road King entered the property development business in China and the developing property projects have reached total gross floor area of 1.6 million square meters. On Jan. 26, 2007, Standard & Poor's Ratings Services placed the BB+ long-term corporate credit rating on Road King Infrastructure Ltd on CreditWatch with negative implications. At the same time, the BB+ issue rating on the company's senior unsecured notes was also put on Credit Watch with negative implications. Fitch Ratings on Jan. 30, 2007, put Road King's 'BB+' Long-term Issuer Default rating on Rating Watch Negative. The rating action follows the announcement by Road King that it has signed a new acquisition agreement with China's Sunco Group. In addition, on Jan. 26, 2007, Moody's Investor Service put on review for possible downgrade the Ba1 corporate family rating of Road King and the Ba1 senior unsecured rating of the bond issued by Road King Infrastructure Finance Ltd. SICHUAN CHANGJIANG: Acquires Undergarments Company For CNY69MM -------------------------------------------------------------- The board of directors of Sichuan Changjiang Packaging Holding Co has approved a proposal to issue 10,106,300 shares to the company's underlying controlling shareholder at CNY6.79 per share, Reuters Key Development reports. The company will acquire a 100% stake in a Zhejiang-based undergarments company from the company's underlying controlling shareholder with CNY68,621,773.62 as the basis price. Headquartered in Yuban, Sichuan Province, China, Sichuan Changjiang Packaging Holding Co.Ltd is primarily engaged in the repair and installation of paper-manufacturing machinery, as well as the manufacture of paper testing instruments. During the year ended December 31, 2005, the company discontinued its paper-manufacturing business and leased paper-manufacturing machinery of its subsidiary to another company. The Troubled Company Reporter - Asia Pacific reported on Feb. 16, 2007, that the company has a capital deficiency of US$72.76 million, on total assets of US$13.11 million. SONGLIAO AUTOMOBILE: Changes Auditors for Fiscal Year 2006 ---------------------------------------------------------- SongLiao Automobile Co., Ltd. has announced in a disclosure that its board of directors has appointed Dalian Hualian Certified Public Accountants as its auditor for fiscal 2006. * * * Based in Shenyang, Liaoning Province, China, SongLiao Automobile Co., Ltd. is a manufacturer of automobile components. The Troubled Company Reporter - Asia Pacific reported on Feb. 16, 2007 that the company has a capital deficiency of US$3.76 million, on total assets of US$49.56 million. TONG REN: Creditors Must Prove Debts by March 9 ----------------------------------------------- Tong Ren Tang Hutchison (H.K.) Pharmaceutical Development Company Limited will be receiving proofs of debt from its creditors until March 9, 2007. Creditors must prove debts before the due date to be included in the company's distribution of dividend. As reported in the Troubled Company Reporter - Asia Pacific, the company entered liquidation proceedings on Feb. 6, 2007. The joint liquidators can be reached at: Ying Hing Chiu Chung Miu Yin, Diana Level 28 Three Pacific Place 1 Queen's Road East Hong Kong WINOWNER GROUP: Revamps Top Management -------------------------------------- Winowner Group Co., Ltd., announced that Zhang Haisheng has resigned from his post as the company's chairman of the board cum president, Reuters Key Development reports. The company's board of directors subsequently appointed Xu Weiwen as chairman, Chen Shanqing as president, and Zhan Shijie as chief financial officer. Formerly known as Wuhan Cheng Cheng Investment In Culture Group Co., Ltd, Winowner Group Co., Ltd. -- http://www.winowner.com/ -- is principally engaged in the printing business, the distribution of paper products, as well as the leasing and renting of properties. The company primarily provides package printing services for beer and cigarette manufacturers. The Troubled Company Reporter - Asia Pacific reported on Feb. 16, 2007, that the company has a capital deficiency of US$62.88 million, on total assets of US$38.03 million. ========= I N D I A ========= AMERICAN AXLE: Weak Performance Prompts DBRS' Ratings Downgrade --------------------------------------------------------------- Dominion Bond Rating Service downgraded the ratings for American Axle & Manufacturing Holdings Inc.'s Senior Notes and Senior Convertible Notes to BB (high) from BBB (low), and the trends remain Negative. The rating action is based primarily on the increased business risk facing American Axle mainly related to the issues facing General Motors Corporation, and weaker-than-expected financial performance. The Negative trend reflects the risk of intensifying industry challenges, notably lower-than-expected light truck demand at GM and the Chrysler Group, which could weaken the company's credit profile. American Axle's customer and product mix is highly focussed on GM and its light truck operations. AAM supplies the bulk of the axles for GM's light-truck and SUVs manufactured in the United States, where demand has been negatively impacted mainly by intense competition and shifting consumer preference towards smaller, more fuel-efficient vehicles. The steady decline in GM's market share and production has led to a corresponding increase in American Axle business risk profile. DBRS expects the declining production trend to continue over the near term, and mitigate the benefits of an expected content per vehicle increase related to the full launch of products under the GMT-900 platform. Lower production volumes, combined with continuing OEM pricing pressure, high input costs, and limited customer/product diversification are likely to limit a material improvement in American Axle's profitability over the medium term. In addition, the company also faces the risk of labour disruptions at the North American Big Three. Sharply lower earnings and free cash flow in the event of intensifying industry challenges would further pressure American Axle's balance sheet, and have negative implications for the rating. Despite the various challenges facing AAM, the company is expected to remain profitable. American Axle remains an efficient auto parts producer, and has implemented restructuring initiatives to improve its cost base. The company's recent special attrition program, along with other restructuring plans, is expected to reduce structural costs going forward and improve its competitiveness. In addition, American Axle is focused on expanding its production capacity in low-cost regions and diversifying its product/customer mix, which should improve earnings stability over the medium term. Furthermore, the lack of large debt maturities before 2010 provides flexibility. * * * American Axle & Manufacturing -- http://www.aam.com/-- manufactures, engineers, designs and validates driveline and drive train systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States, AAM also has offices or facilities in India, Brazil, China, England, Germany, Japan, Mexico, Poland, Scotland and South Korea. BRITISH AIRWAYS: Lowers London-Bermuda Roundtrip Fares by 30% ------------------------------------------------------------- British Airways has decreased Roundtrip World Traveller fares to London from Bermuda by 30% to US$352, Royal Gazette reports. British Airways told Royal Gazette that fares have been reduced during a special sale period. Tickets must be purchased by Feb. 23. According to Royal Gazette, prices start at US$352 and are valid until March 25. Tickets for roundtrip fares, which are available in Bermuda and US Dollars, must be bought three days in advance. They are non-refundable. Royal Gazette underscores that fares may be higher for other travel dates and beyond London destinations. Weekend -- Thursday to Sunday -- surcharge is at US$30 each way. Fares are yet to be approved. They do not include: -- insurance, -- security, -- fuel surcharges, -- airport fees, and -- taxes ranging from US$235. "The timing of this offer makes London a perfect opportunity for a quick getaway as restaurants, museums, theater and some of the best shops in the world are all in full swing," Marianne Wilcox, British Airways' customer service manager in Bermuda, told Royal Gazette. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As reported in the Troubled Company Reporter - Asia Pacific on Feb. 8, 2007, Moody's Investors Service changed the outlook on the Ba1 corporate family and Ba2 senior unsecured debt ratings of British Airways Plc and its guaranteed subsidiaries to positive from negative. IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs ------------------------------------------------------------ IMAX Corp. entered into separate amended employment agreements with Richard L. Gelfond and Bradley J. Wechsler, the company's Co-Chief Executive Officers. Under the Agreements, the company said that the executives will be entitled to be paid base salary at the rate of US$500,000 per year, plus a bonus of up to two times salary. However, bonuses will be at the discretion of the Board of Directors and will be based upon the success of the company in achieving the goals and objectives set by the Board after consultation with the executives. The Executives will be considered for a bonus based upon performance during the year ending Dec. 31, 2007. If the executives' employment is terminated without cause prior to the end of the term, the executive shall be entitled to no less than a pro-rata portion of their median bonus target. Additionally, the term of the agreement is extended until Dec. 31, 2007. Full-text copies of the Amended Employment Agreements are available at no charge at http://ResearchArchives.com/t/s?1a07 IMAX Corporation - http://www.imax.com-- is an entertainment technology company specializing in large-format and three- dimensional (3D) film presentations. The company's principal business is the design, manufacture, sale and lease of projection systems based on technology for large-format, 15- perforation film frame, 70-mm format (15/70-format) theaters, including commercial theaters, museums and science centers, and destination entertainment sites. IMAX has locations in India and Italy, among others. * * * As reported in the Troubled Company Reporter - Asia Pacific on December 21, 2006, Moody's Investors Service affirmed the B3 corporate family rating for IMAX Corp., as well as the Caa1 rating on its senior notes. Moody's said the outlook remains stable. STATE BANK OF INDIA: Orders 3,000 ATMs from NCR Corp. ----------------------------------------------------- The State Bank of India has selected NCR Corporation to provide and manage the single largest order of automated teller machines by a bank in India. The order includes 3,000 NCR Personas ATMs and APTRA(TM) software, installation and deployment services including construction and maintenance of ATM sites, and comprehensive management of SBI's ATM channel, including 24x7 monitoring to ensure highest ATM availability. The 3,000 units include a mix of full-function ATMs that can address routine transactions including cash withdrawal, as well as advanced functions such as airline and railway ticketing, deposits and customer relationship management-driven services. The installation is in line with SBI's expansion plans and fulfillment of its recent project to deploy ATMs across key railway stations in India. Bob Tramontano, vice president of self-service for NCR's Financial Solutions Division, said, "We are extremely pleased to partner with SBI to assist the bank in maximizing its reach, while enhancing customer satisfaction. The SBI order is the largest project of its kind in India and we are happy that the country's largest commercial bank has chosen NCR yet again as its preferred partner." About NCR Corporation NCR Corporation is a leading global technology company helping businesses build stronger relationships with their customers. NCR's Teradata(R) data warehouses, ATMs, retail systems, self- service solutions and IT services provide Relationship Technology(TM) that maximizes the value of customer interactions and helps organizations create a stronger competitive position. Based in Dayton, Ohio, NCR (http://www.ncr.com)employs approximately 28,900 people worldwide. NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries. About State Bank of India Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services on Feb. 8, 2007, assigned its 'BB' rating to the proposed Hybrid Tier I perpetual notes to be issued by the State Bank of India. S&P's Bank Fundamental Strength Rating for SBI remains at 'C'. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Prime rating on State Bank of India's foreign currency bank deposits, a Ba2/Not Prime rating on its domestic currency bank deposits, and a D Bank Financial Strength Rating in June 2006. TATA MOTORS: Signs MOU with Iveco for Possible Strategic Tie-Up --------------------------------------------------------------- Iveco, a company of Fiat Group, and Tata Motors signed a Memorandum of Understanding to analyze the feasibility of cooperation, across markets, in the area of Commercial Vehicles. The MoU would encompass a number of potential developments in engineering, manufacturing, sourcing and distribution of products, aggregates and components. Shortly after the MoU signature, Iveco and Tata Motors will set up a joint Steering Committee to determine the feasibility of cooperation, both in the short and over the long term. When found feasible, the two companies will enter into definitive agreements in the course of the coming months. In a statement Mr. Paolo Monferino, CEO of Iveco, said "The possible strategic cooperative agreement with Tata Motors represents a new step in our strategy leveraging on excellent partnerships of Fiat Group across the automotive value chain. We are devoting great efforts and resources to explore this cooperation opportunity, on our way to change and expand Iveco in the next years." The Managing Director of Tata Motors, Mr. Ravi Kant, said, "We are truly excited about the potential of the opportunities this cooperation offers, complementing each other's strengths in products and across markets." About Iveco Iveco designs, manufactures, and markets a broad range of light, medium and heavy commercial vehicles, off-road trucks, city and intercity buses and coaches as well as special vehicles for applications such as fire fighting, off-road missions, defence and civil protection. Iveco employs 24,500 people and runs 27 production units in 16 countries in the world using excellent technologies developed in 5 research centres. Besides Europe, the company operates in China, Russia, Turkey, Australia, Argentina, Brazil, and South Africa. More than 4,600 service outlets in over 100 countries guarantee technical support wherever in the world an Iveco vehicle is at work. About Tata Motors 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. * * * As reported in the Troubled Company Reporter - Asia Pacific on Dec. 13, 2006, Standard & Poor's Ratings Services raised its corporate credit ratings for Tata Motors to 'BB+' from 'BB'. The outlook is stable. At the same time, Standard & Poor's has raised its rating on Tata Motors' senior unsecured notes to 'BB+' from 'BB'. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA MOTORS: Inks Argentine Pick-up Production Pact with Fiat ------------------------------------------------------------- Fiat and Tata Motors are expanding their strategic co-operation with the start of an industrial project outside India. This is a further significant step towards an integrated strategy of targeting specific markets and segments. The agreement, which calls for a Tata license to build a pick-up vehicle bearing the Fiat nameplate at Fiat Group Automobiles' plant in Cordoba, Argentina, follows a feasibility study started in July 2006. The first vehicles will roll off the C�rdoba assembly lines during 2008. Annual production is slated at around 20,000 units. Total planned investment in the project is around US$80million. With the production of the pick-up model, the Fiat complex in Cordoba will retake the integral activity of all its productive units, to a great extent reinitiated with the manufacture of Fiat engines and gearboxes and the recent agreement to produce gearboxes for PSA Peugeot-Citr"en. The pick-up, based on the new generation Tata pick-up truck, will be sold in South and Central America and select European markets through Fiat Automobiles' distribution and importer network. This will permit the Fiat brand to aggressively enter the medium pick-up sector, thanks to Tata Motors' specific know- how. The Fiat pick-up, powered by an FPT engine, will be styled and positioned differently from the Tata pick-up. It will be available in the following versions: 4x4, 4x2, double and single cab and powered by a JTD diesel 2.3 litres, 134 PS Euro IV engine, manufactured in Fiat Powertrain Technology's facility in Sete Lagoas, Brazil. Tata Motors considers Latin America as an important market and is examining options for offering its products in this region, including through cooperation with Fiat and Iveco for manufacturing and distribution. "This agreement is a further step in the building of a large, focalised partnership with Tata" Mr. Sergio Marchionne, CEO of Fiat Group and of Fiat Group Automobiles said, "and will allow Fiat to enter a specific car segment with a very competitive product. We believe in a win-win know-how exchange with our Indian partner." Mr. Ratan N. Tata, Chairman of the Tata Group and Tata Motors said, "I am very pleased at this first step in expanding the Fiat Group and Tata relationship beyond the shores of India, and would hope this would augur well for a truly global partnership across markets and business segments." About Fiat One of the pioneer companies in the automobile industry, Fiat has produced approximately 90 million passenger cars and light commercial vehicles, including no less than 400 models, since 1899, when the company was founded in Turin, Italy. Some of them have represented milestones in the automotive industry. The Automobiles business area of Fiat Group encompasses Fiat Group Automobiles (Fiat Automobiles SpA, Alfa Romeo Automobiles SpA, Lancia Automobiles SpA, and Fiat Light Commercial Vehicles SpA), Ferrari SpA and Maserati SpA. The Group operates world-wide with the following brands: Fiat, celebrated for value, economy, and innovation and whose mass produced cars are distributed over almost the entire price class spectrum; Lancia means prestige cars noted for their elegant styling and comfort; Alfa Romeo is famous as a maker of sport and luxury vehicles of style and distinction; Fiat Light Commercial Vehicles provides for all customer needs from small car-based van to the new Ducato at two tons payload. Ferrari, well renowned for unsurpassed design, performance, and luxury, is a legendary automobile that imparts special cachet to its owner. Maserati represents a landmark in the history of the automobile. About Tata Motors 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. * * * As reported in the Troubled Company Reporter - Asia Pacific on Dec. 13, 2006, Standard & Poor's Ratings Services raised its corporate credit ratings for Tata Motors to 'BB+' from 'BB'. The outlook is stable. At the same time, Standard & Poor's has raised its rating on Tata Motors' senior unsecured notes to 'BB+' from 'BB'. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. UCO BANK: CRISIL Rates Enhanced Amount of CD Programme ------------------------------------------------------ Credit Rating Information Services of India Ltd assigned a 'P1+' rating to UCO Bank Ltd's certificate of deposit programme at the enhanced amount of INR70 billion (from INR60 Billion). CRISIL also reaffirmed these UCO Bank ratings: * INR2.5 billion Tier I Perpetual Debt Issue: AA/Stable; * INR2.0 billion Tier I Perpetual Debt Issue: AA/Stable; * Rs.5.0 billion Upper Tier II Bond Issue: AA/Stable; * INR3.0 billion Upper Tier II Bond Issue: AA/Stable; * INR3.0 billion Lower Tier II Bond Issue: AA/Stable; * INR2.5 billion Lower Tier II Bond Issue: AA/Stable; * INR1.5 billion Lower Tier II Bond Issue: AA/Stable; CRISIL has enhanced the rated amount of UCO Bank's certificate of deposit programme. The ratings on UCO Bank's debt instruments continue to reflect the benefits of majority ownership by the Government of India. The ratings also reflect the bank's average but improving asset quality. These rating strengths are, however, partly offset by the bank's modest Tier I capital adequacy ratio and weakening resource profile. The likelihood of systemic support in the event of distress is a key factor that drives the ratings of several Indian public sector banks. PSBs such as UCO Bank also receive additional support from GoI owing to its moral obligation as their owner to provide such support; GoI currently holds 74.98 per cent of UCO Bank's equity. UCO Bank's asset quality is on an improving trend. Its gross non-performing assets declined to 3.23 per cent as on December 31, 2006 from 3.27 per cent as on March 31, 2006, and 4.96 per cent as on March 31, 2005. This is in line with the declining trend of NPAs in the banking system. However, in the nine months ended December 31, 2006, UCO Bank's resource profile has weakened due to below average growth in deposits and larger than expected reliance on shorter-term sources of borrowing for funding credit growth. The Tier I capital adequacy of the bank was low at 6.09 per cent after the issuance of perpetual Tier I capital of INR1.50 billion in March 2006. CRISIL believes that the currently high level of GoI holding in UCO Bank at 74.98 per cent provides the bank substantial headroom for raising fresh capital from the market, without compromising GoI's majority ownership. The ratings on Tier I perpetual debt and upper Tier II bonds centrally factor in UCO Bank's policy of maintaining its overall capital adequacy ratio above 11 per cent, and its plans to raise additional capital through a follow-on public issue. Outlook The outlook on all the above ratings is stable. CRISIL expects continuing support from GoI to offset the bank's modest capitalisation level and weakening resource profile. CRISIL further believes that UCO Bank's operations will continue to remain profitable in the near to medium term. About the Bank UCO Bank Limited -- http://www.ucobank.in/-- is a commercial bank that also operates two international financial centers, in Hong Kong and Singapore. It has approximately 2000 service units spread all over India. It undertakes foreign exchange business in more than 50 centers in India. The company also has foreign exchange dealing operations at four centers. It caters to the segments of economy, such as agriculture, industry, trade & commerce, service sector and infrastructure sector. * * * The Troubled Company Reporter - Asia Pacific reported on June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual rating to 'D' from 'D/E'. At the same time, Fitch affirms the bank's support ratings at 4. All ratings are with a stable outlook. UNION BANK OF INDIA: Hikes Benchmark Prime Lending Rate to 12.5% ---------------------------------------------------------------- Union Bank of India hikes its Benchmark Prime Lending Rate from 12.00% p.a. to 12.50% p.a. with effect from Feb. 19, 2007. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 15, 2007, the bank just recently raised the BPLR to 12%. With the latest increase, all loans linked to BPLR would undergo an upward revision in interest rates. BPLR, however, will not apply to existing Home Loans on Floating Rate Basis, the bank says. Union Bank of India -- http://www.unionbankofindia.com/-- is one of the 10 largest Indian banks with total assets of over INR800 billion as on March 31, 2006. Union Bank was incorporated in 1919 at Mumbai and was nationalized during the first round of bank nationalization in 1969. Until August 2002, GoI fully owned the bank; currently, GoI has a 55% stake. The bank has a nationwide presence with a geographically diversified branch network. As of March 31, 2006, it had 2,082 branches and 145 extension counters. * * * The Troubled Company Reporter - Asia Pacific reported on Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual rating to 'C/D' from 'D.' Moody's Investors Service gave the bank's foreign long-term bank deposits a Ba2 rating. UTI BANK: Board Okays Borrowing Up to INR970 Crore -------------------------------------------------- UTI Bank Ltd's board of directors, at its meeting on Feb. 20, approved the bank's plan to borrow up to INR970 crore in one or more tranches, by issuance of Upper Tier II Debentures or Subordinated Tier II Debentures, subject to the proviso that the latter would not exceed INR303 crores. The debentures will be issued on terms and conditions to be approved by the bank's chairman and managing director and subject to guidelines issued by Securities and Exchange Board of India, the Reserve Bank of India and any other regulatory authority. The instruments will be listed at National Stock Exchange and the Bombay Stock Exchange. Headquartered in Ahmedabad, India, UTI Bank Limited -- http://www.utibank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. Total deposits were INR31,712 crore at March 31, 2006. * * * On November 6, 2006, Moody's Investors Service assigned a Ba1 rating to the foreign currency perpetual non-cumulative subordinated debt to be issued by UTI Bank's Singapore branch under its USUS$1 billion Medium Term Note program. The Troubled Company Reporter - Asia Pacific reported on Feb. 1, 2006, that Standard & Poor's Ratings Services maintained its 'C' bank fundamental strength rating to the bank. Another TCR-AP report on July 26, 2006, related that Fitch Ratings assigned an individual rating of C/D to UTI Bank. The outlook on the rating is stable. UTI BANK: Board Reappoints CMD P.J. Nayak for Two More Years ------------------------------------------------------------ UTI Bank Ltd's board of directors reappointed P. J. Nayak as the bank's chairman and managing director for a further period of two years with effect from Aug. 1, 2007. The board made the decision at its meeting held on Feb. 20, 2007. The appointment is still subject to the approval of the administrator of the Specified Undertaking of Unit Trust of India, and Reserve Bank of India and subject to confirmation of the bank's shareholders at the next general meeting. Headquartered in Ahmedabad, India, UTI Bank Limited -- http://www.utibank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. Total deposits were INR31,712 crore at March 31, 2006. * * * On November 6, 2006, Moody's Investors Service assigned a Ba1 rating to the foreign currency perpetual non-cumulative subordinated debt to be issued by UTI Bank's Singapore branch under its USUS$1 billion Medium Term Note program. The Troubled Company Reporter - Asia Pacific reported on Feb. 1, 2006, that Standard & Poor's Ratings Services maintained its 'C' bank fundamental strength rating to the bank. Another TCR-AP report on July 26, 2006, related that Fitch Ratings assigned an individual rating of C/D to UTI Bank. The outlook on the rating is stable. UTI BANK: Allots 1,68,844 Equity Shares Under ESOP -------------------------------------------------- UTI Bank Ltd's committee of directors allotted 1,68,844 equity shares of INR10 each to the bank's employees under its Employees Stock Option Plan. The committee made the allotment on Feb. 20. The paid up share capital of the bank will accordingly has increased to 28,14,61,614 from 28,12,92,770 equity shares. Headquartered in Ahmedabad, India, UTI Bank Limited -- http://www.utibank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. Total deposits were INR31,712 crore at March 31, 2006. * * * On November 6, 2006, Moody's Investors Service assigned a Ba1 rating to the foreign currency perpetual non-cumulative subordinated debt to be issued by UTI Bank's Singapore branch under its USUS$1 billion Medium Term Note program. The Troubled Company Reporter - Asia Pacific reported on Feb. 1, 2006, that Standard & Poor's Ratings Services maintained its 'C' bank fundamental strength rating to the bank. Another TCR-AP report on July 26, 2006, related that Fitch Ratings assigned an individual rating of C/D to UTI Bank. The outlook on the rating is stable. VISTEON CORP: Appoints William Quigley as Chief Fin'l Officer ------------------------------------------------------------- Visteon Corporation has named William G. Quigley III as chief financial officer effective March 9, 2007. He will assume this role and continue as the company's chief accounting officer. "Bill Quigley brings strong financial acumen and industry knowledge that positions him to take on this key role to help Visteon continue driving its three-year improvement plan," Michael F. Johnston, Visteon Chairman and Chief Executive Officer, said. "Being able to draw on talent from within our organization enables us to ensure a seamless transition and continued momentum in executing our plan." Mr. Quigley, who currently serves as vice president, corporate controller and chief accounting officer for Visteon, has been responsible for leading the company's financial planning, analysis and reporting. He joined Visteon in 2005 and is an elected corporate officer. Prior to joining Visteon, Mr. Quigley was vice president and corporate controller for Federal-Mogul Corp., where he held several management positions during his 10-year tenure. Before that, Mr. Quigley was an assistant corporate controller at Nissan Research and Development and an audit manager at Deloitte & Touche. Mr. Quigley earned a bachelor's degree in accounting from Michigan State University and is a certified public accountant in the state of Michigan. He is a member of the American Institute of Certified Public Accountants and the Michigan Association of CPAs. Mr. Quigley will replace James F. Palmer who was named CFO for Northrop Grumman, a US$30 billion global defense and technology company headquartered in Los Angeles. Mr. Palmer served as Visteon's executive vice president and CFO since 2004. "We appreciate Jim Palmer's significant contribution to Visteon," Mr. Johnston added. He played an important role in bringing together the Ford agreement that set Visteon on a path to improve its cost structure and competitiveness. We wish him the best in his new assignment." Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the company has more than 170 facilities in 24 countries and employs approximately 50,000 people. With approximately 2,200 employees, Visteon has a significant presence in India in electronics, climate (car air conditioning and engine cooling systems), interior (instrument panel and door trims), rotating electronics and lighting systems. Visteon facilities in India include: * Climate Systems India Limited, * Visteon Automotive Systems India Private Ltd. * Visteon Automotive Systems India Private Ltd. * Visteon Powertrain Control Systems India Private Ltd. * TATA Visteon Automotive Private Ltd. * TACO Visteon Engineering Private Ltd. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 4, 2006, that Fitch Ratings rates the amended senior secured bank debt announced by Visteon Corp. B/RR1. The Issuer Default Rating remains at CCC, and the senior unsecured rating remains at CCC-/RR5. The Rating Outlook is Negative. Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Visteon to 'B' from 'B+' and its short-term rating to 'B-3' from 'B-2'. These actions stem from the company's weaker-than-expected earnings and cash flow generation, caused by vehicle production cuts, inefficiencies at several plant locations, sharply lower aftermarket product sales, continued pressure from high raw material costs, and several unusual items that will impact 2006 results. ================= I N D O N E S I A ================= ADARO INDONESIA: To Cut Costs with New US$200-Million Loan ---------------------------------------------------------- PT Adaro Indonesia will cut borrowing costs with a new US$200 million loan, Bloomberg News reports citing unnamed bankers with direct knowledge of the deal. According to the report, the bankers said that Adaro hired Goldman Sachs Group Inc., DBS Group Holdings Ltd. and Sumitomo Mitsui Banking Corp. to arrange the four-year loan. Bloomberg expects Adaro to get a better rate on the new financing since rising coal demand has boosted its earnings, making it less likely to default on debt. Earnings before interest, taxes, depreciation and amortization, increased to US$200 million in 2006 from US$155 million in 2005, the bankers told the news agency. According to Bloomberg's sources, Adaro will pay interest of 2 percentage points more than the six-month London interbank offered rate. According to data compiled by Bloomberg, the rates are 38% cheaper than what Adaro paid to borrow US$250 million last year. The company is paying 3.25 percentage points more than Libor for a loan arranged by DBS Group Holdings Ltd., JPMorgan Chase & Co. and Sumitomo Mitsui Banking Corp., which matures in November 2009, Bloomberg says. The new loan reportedly will repay US$150 million outstanding from Adaro's previous loan, and partly refinance some of its mezzanine debt. Mezzanine loans rank lower than traditional bank loans for recovery in the event of a default, Bloomberg notes. About PT 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 coal is exceptionally clean with 0.1% sulphur, 1.2% ash and low nitrogen and has been trademarked internationally as Envirocool. Production commenced in 1991 and has increased steadily since that time with sales to both export and domestic markets reaching 25 million tonnes in 2004 making Indonesia's largest coal producer. * * * The Troubled Company Reporter - Asia Pacific reported on Sep. 11, 2006, that Standard & Poor's Ratings Services today affirmed its 'B+' corporate credit rating on PT Adaro Indonesia. The outlook is stable. At the same time, Standard & Poor's affirmed its 'B+' rating on the senior secured notes issued by Adaro's wholly owned subsidiary, Adaro Finance B.V. The issue is unconditionally and irrevocably guaranteed by Adaro, and its related company, PT Indonesia Bulk Terminal. Adaro had total assets or US$1.4 billion at March 31, 2006. It is the largest single-mine coal producer in Indonesia, with capacity of 38 million tons per year in 2006 and reserves of at least 14 years. Moody's Investors Service, on May 19, 2006, affirmed the Ba3 local currency corporate family rating for PT Adaro Indonesia and the Ba3 foreign currency rating for Adaro Finance B.V. The outlook for the ratings remains stable. Moody's says that the upgrade of Indonesia's foreign currency sovereign rating to B1 from B2 does not have any impact on Adaro's ratings. ALCATEL-LUCENT: Invests in WiMAX Semiconductor Supplier Sequans --------------------------------------------------------------- Alcatel-Lucent has invested in SEQUANS Communications, a supplier and developer of fixed and mobile WiMAX semiconductor solutions. The investment is an extension of Sequans' recent round of funding announced in July 2006. Terms of the investment agreement were not disclosed. "Our investment in Sequans shows our commitment to WiMAX and our interest in supporting the development of the leading WiMAX technologies," said Karim El Naggar, vice president of Alcatel- Lucent WiMAX Business Unit. "Sequans' high-performance chips are an important element helping to ensure Alcatel-Lucent's leading position in this industry." "Alcatel-Lucent is a key WiMAX player and the worldwide leader in broadband deployment," said Georges Karam, Sequans CEO. "By strengthening our cooperation, we will be able to better benefit from Alcatel-Lucent's vast experience in addressing the needs of broadband fixed and mobile markets." Sequans has been heavily involved with the development of IEEE 802.16 d/e standards and WiMAX Forum activities, including all PlugFests, where interoperability is tested, and certification procedures. Sequans will soon be releasing a mobile WiMAX chip for client devices designed to exceed WiMAX Forum Wave 2 certification requirements. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel' s Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006 ------------------------------------------------------- According to Infonetics Research's new "Broadband Aggregation Hardware and Subscribers" report, the broadband boom continues unabated, as evidenced by two significant milestones in 2006: Worldwide DSL port shipments neared the 100 million mark and market leader Alcatel-Lucent shipped over 30 million DSL ports. Meanwhile, manufacturer revenue for broadband aggregation hardware continues to battle against the downward pricing pressure of competition, suffering from a 16% drop in third quarter 2006 but bouncing back in fourth quarter 2006 with a 7% gain. The market ended on a high note, with a 4% gain between 2005 and 2006. "Major service providers around the world are committed to DSL being their baseline broadband access technology, and are aggressively deploying it to meet the demands of the rapidly increasing numbers of DSL subscribers worldwide," said Infonetics Research analyst Jeff Heynen. "The flip side is the intense competition among vendors to win large long-term service provider contracts, which is putting substantial pressure on pricing, reflected in the disconnect between strong port growth and weak revenue growth in the broadband aggregation hardware market." CY06 Broadband Aggregation Hardware Market Highlights -- Worldwide DSL port shipments increased 22% between 2005 and 2006 -- IP DSLAM revenue is up 41% in 2006, while ATM DSLAM revenue is down 18%, as networks around the world prepare to deliver new IP services such as VPNs, VoIP, and IPTV -- Market leader Alcatel-Lucent maintains its strong #1 position, with about 1/3 of worldwide broadband aggregation hardware port and revenue market share -- Huawei is #2 in both revenue and port market share, followed by Ericsson for revenue share and port share -- The number of worldwide DSL subscribers will reach 274 million in 2009 -- After a significant downturn in 3Q06, DSL shipments were back up to normal levels in fourth quarter 2006 in North America now that major mergers have been completed or Approved. Infonetics' "Broadband Aggregation Hardware and Subscribers" report provides worldwide and regional forecasts, market size, and market share for DSLAMs split by ATM vs. IP, next gen DLCs, and multiservice access platforms, and includes port detail (ADSL, G.SHDSL, VDSL, PON OLT, Ethernet OLT, and DS0s). Companies tracked include ADTRAN, Alcatel-Lucent, Calix, Ciena, ECI, Ericsson, Fujitsu, Huawei, NEC, Nokia, Occam Networks, Samsung, Siemens, Sumitomo, Tellabs, UTStarcom, Zhone, ZyXEL, ZTE, and others. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB- rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile --------------------------------------------------------------- Alcatel-Lucent received a contract from T-Mobile, the wireless business unit of Deutsche Telekom, one of the world's largest service providers, to enhance its GSM network with the latest generation of GSM/EDGE technology, dramatically increasing its speed. EDGE technology enables data rates of up to 220 kbit/s, and this upgrade will significantly increase today's GPRS data rates and offers data transmission rates of nearly four times that offered by ISDN. This deployment will enable T-Mobile to provide its German mobile subscribers with advanced multimedia services in all areas including expanding the availability of its "Web'n'Walk" mobile Internet service. The latest generation of base stations being deployed also will help T-Mobile reduce its operating costs. The GSM/EDGE network to be upgraded by Alcatel-Lucent will be operational by the end of 2007. This contract acknowledges Alcatel-Lucent's commitment to effectively meet customers' requirements and will further contribute to expanding its footprint in the German market. "Our aim is to continue to offer the best quality of any available network, by additionally growing its performance and reliability," Joachim Horn, CTO at T-Mobile International said. "Thanks to the high speed of EDGE technology, T-Mobile will be the only operator in Germany to offer broadband mobile Internet access outside densely populated regions." Under the agreement, Alcatel-Lucent will replace several thousand existing GSM base stations in T-Mobile's network with its latest 9100 Multi-standard Base Station product line. It will upgrade the existing base stations with EDGE capability and replace several hundred base station controllers with Alcatel- Lucent's latest Advanced-TCA based BSC. Alcatel-Lucent will be responsible for overall project management, including network integration, removing old equipment and installing the new equipment, and subcontractor management. "This contract is the result of many years of faithful cooperation with T-Mobile, and we are proud to have been selected as the supplier," Philippe Keryer, President of Alcatel-Lucent's GSM/W-CDMA/WiMAX activities, said. "We will devote all our efforts to delivering the best-in-class turnkey solution to T-Mobile to help it enhance the high quality of service it insists on providing its subscribers. This new contract shows that the flexibility and scalability of our latest line of GSM/EDGE equipment is a key asset for optimizing large network deployments while enabling operators to minimize capital expenditures and reduce operating expenses." Alcatel-Lucent has more than 170 GSM/EDGE customers in over 90 countries, making it a leading provider of mobile communications solutions. Alcatel-Lucent is boosting its GSM/EDGE portfolio by introducing the field-proven ATCA-based BSC Evolution associated with the powerful TWIN Transceiver module. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB- rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. BANK BUANA: 2006 Nine-Month Earnings Up 19% to IDR326 Billion ------------------------------------------------------------- PT Bank Buana Tbk disclosed financial results for the nine months ended September 30, 2006. The company recorded a net income of IDR326 billion for nine- month ended Sept. 30, 2006, 18.77% higher compared to the net income of IDR274 billion for the same period in 2005. Headquartered in Jakarta, PT Bank Buana Indonesia Terbuka -- http://www.bankbuana.com/-- provides public deposits, investment portfolio, and other financial services, including: demand, savings and time deposits, Bank Indonesia promissory notes, bonds, consumer loans, retail commercial loans, and corporate loans. Other financial services include exports, imports, transfers, collection, issuing of bank guarantees and foreign currency transactions. * * * As reported by the Troubled Company Reporter - Asia Pacific on Feb. 01, 2007,Fitch Ratings has affirmed all the ratings of PT Bank Buana Indonesia Terbuka as follows: * Long-term foreign and local currency Issuer Default ratings 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '3'. The Outlook for the ratings was revised to Positive from Stable. BANK TABUNGAN: Revives Plan to Sell Rupiah Bonds ------------------------------------------------ PT Bank Tabungan Negara (Persero) has revived its plan to sell IDR1.5 trillion (US$165 million) in bonds this year, Bloomberg News reports citing a company statement. According to the report, the bank made the move because it expects the Indonesian government to delay the sale of its shares. The bank expects to sell the bonds in May or June, Bloomberg cites Bank Tabungan President Director Kodradi as saying. Headquartered in Jakarta, Indonesia, Bank Tabungan Negara (Persero) -- http://www.btn.co.id/-- is a state-owned bank involved in commercial banking. In 1974, Bank Tabungan was appointed as the financing institution for low- to medium-income housing in an effort to support the Government's housing development program. Nonetheless, BTN suffered huge losses from large corporate lending during the 1997 economic crisis. The Government then recapitalized the Bank, and still wholly owns it. BTN is now the smallest state bank, but retains a dominating 31% share in housing loans as of end-2004. In 2002, the Government directed it to focus on commercial housing loans. Hence, its subsidized housing loans dropped to 44% of its portfolio at July 2005 from 75% at end-2002. * * * The Troubled Company Reporter - Asia Pacific reported on Feb 06, 2007, that Moody's Investors Service revised the outlook to positive from stable Bank Tabungan Negara (Persero)'s long- term deposit rating while maintaining the stable outlook of the bank's short-term deposit rating and the positive outlook of its bank financial strength rating: -- foreign currency long-term/short-term deposit of B2/Not Prime; and -- bank financial strength of E-. GOODYEAR TIRE: To Expand High-Value Tire Production in Poland ------------------------------------------------------------- The Goodyear Tire & Rubber Company's Poland affiliate plans to invest more than US$100 million to expand production of high- value tires. The investment, which will take place over the next four years, will be made at the company's TC Debica operation, one of Goodyear's lowest cost facilities. The investment is consistent with Goodyear's strategy to upgrade and expand existing capacity to produce high performance and ultra-high performance tires. "This investment demonstrates our commitment to drive our growth by aligning low-cost manufacturing with high-value-added tires," said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. "A continued stream of innovative new products backed by great marketing, and a lower global cost structure create tremendous opportunities for our future." "This major investment is another clear indication of Goodyear's confidence in Debica's ability to deliver the highest quality products at a competitive cost," said Jarro F. Kaplan, president of Goodyear's Eastern Europe, Africa and Middle East tire business. "This investment will put us in an excellent position to capitalize on the growing market for high performance tires throughout Eastern and Western Europe." Goodyear holds a 60% ownership interest in TC Debica, Poland's largest tiremaker. The company has invested almost US$200 million to enhance Debica's operations since acquiring an interest in 1995. Goodyear is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world, including Indonesia, Australia, China, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and Thailand. Goodyear employs more than 80,000 people worldwide. * * * The Troubled Company Reporter - Asia Pacific reported on Jan. 18, 2007, that Moody's Investors Service affirmed Goodyear Tire & Rubber Company's Corporate Family Rating of B1. Ratings on Goodyear's existing secured and unsecured obligations were also affirmed as was the company's Speculative Grade Liquidity rating of SGL-2. The outlook has reverted to stable from negative. Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company and removed the ratings from Rating Watch Negative. The ratings were placed on Rating Watch Negative on Oct. 18, 2006, when the company announced a US$975 million draw down of its bank revolver. Goodyear's debt and recovery ratings are as follows: -- Issuer Default Rating (IDR) 'B'; -- US$1.5 billion first lien credit facility 'BB/RR1'; -- US$1.2 billion second lien term loan 'BB/RR1'; -- US$300 million third lien term loan 'B/RR4'; -- US$650 million third lien senior secured notes 'B/RR4';and -- Senior unsecured debt 'CCC+/RR6'. The TCR-AP also reported on Jan. 5, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' corporate credit and other ratings on Goodyear Tire & Rubber Co. and removed them from CreditWatch where they were placed with negative implications on Oct. 16, 2006, as a result of the labor dispute at several of the company's North American plants. HILTON HOTELS: To Construct Five-Star Hotel in Tbilisi ------------------------------------------------------ United States-based flagship brand of Hilton Hotels Corporation is in consultations with Georgian Government to mull over construction of a five-star hotel in Tbilisi, Geo Times reports. According to the report, Hilton Vice President is presently visiting Georgian capital to hold negotiations over the issue. Hilton's chief advisor reportedly said that his company has already taken decision to construct a hotel in Georgia. Hilton representatives will select the hotel location during their stay in Tbilisi and expect the new hotel to be constructed within two years, the report points out. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Indonesia, Australia, Austria, India, Philippines and Vietnam. * * * The Troubled Company Reporter reported on Feb. 6, 2007, that Standard & Poor's Ratings Services placed its ratings on Hilton Hotels Corp., including the 'BB' corporate credit rating, on CreditWatch with positive implications. TCR-AP reported on Feb. 2, 2007, that Fitch Ratings has upgraded the debt ratings for Hilton Hotels as follows: --Issuer Default Rating to 'BB+' from 'BB'; --Senior credit facility to 'BB+' from 'BB'; and --Senior notes to 'BB+' from 'BB'. The ratings apply to its US$5.75 billion credit facility and roughly US$2.6 billion of its senior notes. Fitch has also revised Hilton's Rating Outlook to Positive from Stable. Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Hilton Hotels Corporation in connection with its implementation of its new Probability-of-Default and Loss-Given- Default rating methodology for the gaming, lodging and leisure sectors. Additionally, Moody's revised and held its probability-of default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Notes with an average rate of 8.1% due 2007 - 2031 Ba2 Ba2 LGD4 53% Chilean inflation indexed note effective rate 7.65% due 2009 Ba2 Ba2 LGD4 53% 3.375% Contingently convertible senior notes due 2023 Ba2 Ba2 LGD4 53% Minimum Leases Commitments Ba2 Ba2 LGD4 53% Term Loan A at adjustable rates due 2011 Ba2 Ba2 LGD4 53% Term Loan B at adjustable rates due 2013 Ba2 Ba2 LGD4 53% Revolving loans at adjustable rates, due 2011 Ba2 Ba2 LGD4 53% Senior unsecured debt shelf Ba2 Ba2 LGD4 53% Subordinate debt Shelf Ba3 B1 LGD6 97% Preferred B1 B1 LGD6 97% TELKOM INDONESIA: Invites Shareholders to Extraordinary Meeting --------------------------------------------------------------- The board of directors of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, domiciled in Bandung, invites the company's shareholders to attend the Extraordinary General Meeting of Shareholders 2007, to be held on: * Day/Date : Wednesday, February 28th, 2007 * Time : 14:00 Western Indonesian Time * Venue : Aula Pangeran Kuningan Gedung Grha Citra Caraka, 1st Floor, Jl. Gatot Subroto No.52 Jakarta 12710 - Indonesia The Meeting will discuss and decide the following agenda: 1. Restructurizaton of TELKOM's Pension Fund. 2. The amendment of the company's plan to the shares it bought back. 3. Approval of the implementation of Employee and Management Stock Option Plan. 4. Adjustment of the company's board of commissioners terms of office, which members were elected in Extraordinary General Meeting of Shareholders dated March 10, 2004, in accordance with the company's Article of Association and Law No.19/2003 regarding State-Owned Enterprise. 5. Approval of the changes of the member of the company's board of directors. Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com -- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 31, 2007, Fitch Ratings has revised the outlook on Telekomunikasi Indonesia Long-term foreign and local currency Issuer Default ratings to Positive from Stable and affirmed the ratings at 'BB-'. Moody's Investors Service gave Telekomunikasi Indonesia a Ba1 local currency corporate family rating. Standard & Poor's Ratings Services gave the company foreign andlocal currency corporate credit ratings of BB+. ========= J A P A N ========= JAPAN AIRLINES: Reaches Codeshare Deal with Ausralia's Jetstar -------------------------------------------------------------- A codeshare agreement has been reached between Australian airline Jetstar and Japanese national carrier Japan Airlines. This will allow for both airlines to extend their reach in their operations and support the symbiotic tourism market that both countries rely heavily on. "Jetstar's future success with its long haul international operations in Japan, Australia's third largest inbound visitor market, will be strongly supported by the proposed code share arrangement with Japan Airlines," said Jetstar CEO Alan Joyce. "The Japanese tourism export market to Australia remains heavily dependent on Japanese origin traffic and we believe our commercial relationship with Japan Airlines to market these Jetstar services in Japan will make a critical contribution to both our operations and future visitor arrivals to Australia from Japan." "The commencement of a daily direct two class Jetstar service between Sydney - Osaka and a return daily flight direct from Osaka to Brisbane and onto Sydney is a major proactive step by the Qantas Group in working to restore growth in inbound Japanese visitation to Australia." The agreement will see a service that will operate daily from Sydney - Osaka - Brisbane and will begin operation on March 25. The flights will be operated daily by Jetstar flown with a fleet of Airbus A330-200 with an offering of two classes of service. This agreement is a first for Jetstar with this codeshare being the only agreement outside the existing parameters of its parent company Qantas. It is expected that Jetstar will continue its growth into Japan with flights from Cairns to Nagoya and Osaka planned for 2007. 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. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007, that 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. The outlook on the long- term corporate credit rating is negative. The TCR-AP reported on October 10, 2006, that 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. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the Company, which is three notches lower than investment grade. JAPAN AIRLINES: To Use Embraer Planes for Domestic Routes --------------------------------------------------------- The Japan Airlines Group has decided to introduce the Embraer 170 as the company's new small aircraft. The Group will conclude a purchase agreement for 10 confirmed aircraft and five optional aircraft this spring. JAL plans to introduce the new small aircraft on domestic routes in FY2008, operated by J-AIR, the group's 100% owned regional airline subsidiary. Introduction of the Embraer 170 will enable the JAL Group to promote optimal aircraft size depending on the scale of demand on each domestic route, and develop business operations more efficiently. At the same time, the new small aircraft will help JAL meet the business chances in and after FY2009 resulting from increased slots due to the expansion of Tokyo's Haneda airport, and increase convenience to customers. The Embraer 170 features outstanding interior comfort and state of the art equipment, and will provide a comfortable experience for passengers. EMBRAER 170 Outline Full length : 29.9 m Full width : 26.0 m Full height : 9.9 m Engines : 2 x GE CF34-8 Cruising speed : 890 km per hour (mach 0.82) Seat capacity : About 78 seats Flight range (reference) : About 3,100 km 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. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007, that 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. The outlook on the long- term corporate credit rating is negative. The TCR-AP reported on October 10, 2006, that 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. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the Company, which is three notches lower than investment grade. ELAN CORP: Posts US$267.3-Million Net Losses in 2006 ---------------------------------------------------- Elan Corp. plc released its unaudited financial results for the 12 months ended Dec. 31, 2006. Elan posted US$267.3 million in net losses against US$560.4 million net revenues for the 12 months ended Dec. 31, 2006, compared with US$383.6 million in net losses against US$490.3 million in net revenues for the same period in 2005. At Dec. 31, 2006, the Company's balance sheet showed US$2.74 billion in total assets and US$2.66 billion in total liabilities, resulting in US$85.1 million in stockholders' equity. "Elan's 2006 performance further demonstrates our focus on execution and the delivery of results," Kelly Martin, Elan's President and Chief Executive Officer, said. "Our financial performance improved and our pipeline portfolio continued to progress. In that regard, I want to acknowledge the efforts of all of Elan's employees, who worked tirelessly in 2006 to move all parts of our business forward." "Our activity and concentration for 2007 will revolve around three primary goals and objectives. First and foremost, by remaining disciplined and operationally focused, we will aim to accelerate the move to profitability. Second, our commitment to the scientific and clinical pipeline, particularly Alzheimer's disease, has never been greater. We expect to make tangible progress in all areas of our portfolio over the course of the year. Lastly, Elan remains firmly focused on bringing therapeutic options to those who need them the most - the patients. As we have demonstrated with Tysabri, we will continue to work closely with the patients and their physicians to seek solutions that will meaningfully address disease pathology in the areas of our expertise," Mr. Martin added. "2006 was a critical year in our drive towards profitability and was marked by significant progress in a number of areas: our operating margins improved with a 30% decrease in net loss and a 58% decrease in Adjusted EBITDA losses due to a 14% increase in revenues and reduced operating expenses; Tysabri, which we are confident will be a blockbuster drug in MS, was reintroduced in the U.S. and launched in the EU; and our financial flexibility increased due to reduced debt with no scheduled repayments for almost five years," Shane Cooke, Elan's Executive Vice President and Chief Financial Officer, said. "The outlook for the business is strong and we are confident that we will advance to profitability in the foreseeable future. We expect to make further significant progress in 2007 with Tysabri, our Alzheimer's programs and a number of initiatives in the drug technology business, and we are optimistic that Elan will achieve break-even, on an Adjusted EBITDA basis, by the end of the year," Mr. Cooke added. 2007 Financial Outlook Elan is providing guidance as to its potential financial outlook for 2007. Elan is not providing revenue guidance for Tysabri for 2007; however, on the basis of the initial take-up, Elan believes that growth in Tysabri revenues will drive Elan's return to profitability. In relation to the remaining business, Elan expects total revenues in 2007 to exceed US$500 million, with a gross profit, excluding revenue and related cost of sales for Tysabri, in the range of 60% to 65%. Elan's investment in R&D and SG&A expenses for 2007, including share-based compensation expense, is anticipated to be in the range of US$600 million to Us$650 million, of which around 20% is anticipated to be related to Tysabri R&D and U.S. sales and marketing costs. Adjusted EBITDA for Elan is targeted to be less than negative US$50 million for the full year 2007, and to get to break-even by the end of 2007. About Elan Corporation Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. * * * As reported in the Troubled Company Reporter - Europe on Nov. 13, 2006, Standard & Poor's Ratings Services assigned its 'B' rating to Elan Finance plc's proposed offering of US$500 million senior unsecured notes due 2013, to be issued in a combination of fixed and floating-rate notes. Elan Finance plc is a wholly owned subsidiary of Dublin, Ireland-based specialty pharmaceutical company Elan Corp. plc. The notes are guaranteed on a senior unsecured basis by Elan and all of its existing material subsidiaries. Also, Moody's Investors Service assigned a B3 rating to the proposed new senior unsecured notes of Elan Finance plc reflecting a guarantee from Elan Corporation plc and material subsidiaries. At the same time, Moody's affirmed Elan's existing ratings (B3 Corporate Family Rating) and the stable rating outlook. The rating outlook is stable. Rating assigned: Elan Finance plc * B3 fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Ratings affirmed: Elan Corporation, plc * B3 corporate family rating Elan Finance plc * B3 fixed rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC * B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) Moody's does not rate Elan's US$254 million convertible notes due 2008. XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15 --------------------------------------------------------------- Xerium Technologies Inc.'s board of directors adopted a Dividend Reinvestment Plan and declared a dividend of US$0.225 per share of common stock payable on March 15, 2007, to shareholders of record as of the close of business on March 5, 2007. Under the Dividend Reinvestment Plan, registered shareholders may elect to receive all or part of the dividends on their shares of common stock in additional shares of common stock. American Stock Transfer & Trust Company administered the Plan. More information about the Plan and enrollment forms are available by calling American Stock Transfer & Trust Company at 866-706-0512 and through American Stock Transfer & Trust Company's Web site at http://www.amstock.com/ In order for a registered shareholder to participate in the Plan with respect to the March 15, 2007 dividend payment, American Stock Transfer & Trust Company must receive the shareholder's enrollment form prior to the March 5, 2007 record date for that dividend. About Xerium Technologies Headquartered in Wesborough, Massachusetts, Xerium Technologies, Inc. -- http://xerium.com/-- manufactures and supplies two types of products used primarily in the production of paper: clothing and roll covers. The company operates under a variety of brand names and owns a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products, designed to optimize performance and reduce operational costs. With 35 manufacturing facilities in 15 countries, including Austria, Brazil and Japan, Xerium Technologies has approximately 3,900 employees. Headquartered in Westborough, Massachusetts, Stowe Woodward, a unit of Xerium Technologies, Inc., supplies roll covers, bowed rolls and manufacturing services for the pulp and paper industry. Stowe Woodward has manufacturing operations around the world. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 15, 2007, that Moody's Investors Service downgraded the long-term debt and corporate family ratings of Xerium Technologies Inc. and maintained a stable outlook. In addition, Moody's affirmed Xerium's speculative grade liquidity rating of SGL-3 due to the recent amendment of its bank credit facility. Downgrades: * Xerium Technologies, Inc. -- Corporate Family Rating, Downgraded to B2 from B1 -- Senior Secured Term Loan, Downgraded to B2 from B1 -- Senior Secured Revolving Credit Facility, Downgraded to B2 from B1 -- Probability of Default Rating, Downgraded to B2 from B1 Outlook Actions: * Xerium Technologies, Inc. -- Outlook, Changed To Stable From Negative XM SATELLITE: Sirius Merger Cues Moody's Developing Outlook ----------------------------------------------------------- Moody's Investors Service affirmed the existing debt ratings of XM Satellite Radio Holdings, Inc. and its subsidiary XM Satellite Radio, Inc. and changed the outlook to developing from stable in connection with the company's Feb. 19, 2007 report that XM and SIRIUS Satellite Radio, Inc. have entered into a definitive merger agreement. The proposed transaction will combine the two companies in a tax-free, all-stock merger of equals with a combined enterprise value of US$13 billion, including net debt of approximately $1.6 billion. Under the agreement, XM shareholders will receive a fixed exchange ratio of 4.6 shares of SIRIUS common stock for each share of XM they own. The transaction, which is subject to shareholder and regulatory approvals, is expected to close by the end of 2007, pending regulatory approval. The developing outlook reflects Moody's view that over the intermediate term, these potential revenue and cost synergies could impact the combined company's free cash flow and other credit metrics and provide upward momentum to its rating. However, the impact on the credit metrics is dependent on the size and timing of these synergies as well as costs associated with realizing these synergies including those related to making the two companies' technological architectures inter-operable. Given the uncertain nature of the impact of the cost synergies and enhanced operating leverage on the credit metrics including free cash flow, and the regulatory challenges to completing the merger, Moody's maintains XM's Caa1 corporate family rating at this time. These ratings are affected: * XM Satellite Radio Holdings, Inc. -- Corporate family rating, Caa1 -- Probability-of-default rating, Caa1 -- 1.75% convertible senior notes due 2009, Caa3, LGD5, 89% * XM Satellite Radio, Inc. -- Secured revolver, B1, LGD1, 5% -- Senior floating rate notes due 2013, Caa1, LGD3, 49% -- 9.75% senior notes due 2014, Caa1, LGD3, 49% About XM Satellite Headquartered in Washington, D.C., XM Satellite Radio Inc. (Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned subsidiary of XM Satellite Radio Holdings Inc. XM has been publicly traded on the NASDAQ exchange since Oct. 5, 1999. XM's 2006 lineup includes more than 170 digital channels of choice from coast to coast: the most commercial-free music channels, plus premier sports, talk, comedy, children's and entertainment programming; and 21 channels of the most advanced traffic and weather information. XM has broadcast facilities in New York and Nashville, and additional offices in Boca Raton, Florida; Southfield, Michigan; and Yokohama, Japan. At June 30, 2006, XM Satellite Radio Inc.'s balance sheet showed a stockholders' deficit of US$358,079,000, compared to a deficit of US$362,713,000, at Dec. 31, 2005. XM SATELLITE: Sirius Merger Prompts S&P's Positive CreditWatch -------------------------------------------------------------- Standard & Poor's Ratings Services placed all its ratings, including the 'CCC+' corporate credit rating, on Washington, D.C.-based XM Satellite Radio Holdings Inc. and XM Satellite Radio Inc., which are analyzed on a consolidated basis, on CreditWatch with positive implications, following the company's definitive agreement to an all-stock "merger of equals" with Sirius Satellite Radio Inc. Under the terms of the agreement, XM shareholders will receive 4.6 shares of Sirius common stock for each share of XM they own. As of Sept. 30, 2006, the company had approximately US$1.375 billion in outstanding debt. "Upgrade potential is expected to be limited to one notch," said Standard & Poor's credit analyst Michael Altberg, "and will depend on the timing of achieving expected cost savings and on the magnitude of capital investment needed for the integration of the two companies' technology infrastructures." If FCC approval is not forthcoming, the company will be faced with an ongoing challenge to grow its subscriber base sufficiently to reach positive cash flow on its current operating expense and capital requirements. About XM Satellite Headquartered in Washington, D.C., XM Satellite Radio Inc. (Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned subsidiary of XM Satellite Radio Holdings Inc. XM has been publicly traded on the NASDAQ exchange since Oct. 5, 1999. XM's 2006 lineup includes more than 170 digital channels of choice from coast to coast: the most commercial-free music channels, plus premier sports, talk, comedy, children's and entertainment programming; and 21 channels of the most advanced traffic and weather information. XM has broadcast facilities in New York and Nashville, and additional offices in Boca Raton, Florida; Southfield, Michigan; and Yokohama, Japan. At June 30, 2006, XM Satellite Radio Inc.'s balance sheet showed a stockholders' deficit of US$358,079,000, compared to a deficit of US$362,713,000, at Dec. 31, 2005. ========= K O R E A ========= DAEWOO ELECTRONICS: Creditors to Scrap Sale Plan, Reuters Says -------------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on Feb. 13, 2007, the consortium led by Videocon Industries Ltd. and created to buy Daewoo Electronics has revised its bid, which has been lowered by 13% from the original price offer of KRW700 billion. The consortium had asked for a 13% cut of the agreed value after conducting due diligence when it became the preferred bidder, the TCR-AP said. "We are very close to settle a deal with Daewoo Electronics," EFYtimes.com cites Videocon Group Chairman Venugopal N. Dhoot as saying. "Discussions are on with the creditors and we have almost managed to wrap up the funding and pricing issues. I cannot comment on when, but can only say that it is expected to happen very soon," Mr. Dhoot said. However, Daewoo Electronics' creditors are set to scrap the plan to sell the company after failing to close the proposed deal, Reuters says, citing an unnamed creditor source. "Selling Daewoo appears to be out of the question now," the source said, noting that "we left the door open for a new bid but it didn't include anything significant enough to reconsider." The creditors will soon outline measures to help Daewoo operate on its own and will come up with a firmer plan soon, the source said. Yet, details on the proposed restructuring plan were not disclosed. Creditors could meet in early March to discuss the measures, the source further said. The creditors had yet to notify the company of any decision on the sale plan, a spokesman for Daewoo Electronics said. Domestic creditors own 97.5% of unlisted Daewoo, which was placed under a debt-rescheduling regime after its parent group went bankrupt in 1999, Rhee So-eui writes for Reuters. Corporate restructuring led by creditors usually calls for sales of non-core businesses and assets as well as operation downsizing, Reuters explains. Daewoo has yet to report 2006 results but the company said it did not expect to post a profit for 2006, Reuters notes, adding that the strengthening won has put pressure on the company's export-led business. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the TCR-AP, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The Troubled Company Reporter - Asia Pacific reported on Nov. 14, 2005, that creditors of Daewoo Electronics have placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a winning bid for a controlling stake in Daewoo. The deal is currently threatened by disagreement between Daewoo's creditors and the bidders on the final price tag. KOREA EXCHANGE BANK: S&P Affirms C+ Fundamental Strength Rating --------------------------------------------------------------- On Feb. 22, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit ratings on Korea Exchange Bank to 'BBB+' from 'BBB' and its rating on KEB's subordinate lower tier II bonds to 'BBB' from 'BBB-'. The short-term rating on the bank was affirmed at A-2 and the outlook on the long-term rating is stable. The upgrade reflects the improvement in KEB's capitalization and asset quality. The bank's capitalization has improved significantly over the past few years, mainly driven by increased profitability. The bank's profitability has recovered to a level on par with that of its domestic peers relatively rapidly due to its stabilizing credit costs. Backed by the managerial focus on credit risk controls and a recovery in the credit quality across the industry, KEB has improved its asset quality, with the ratio of nonperforming assets (defined as precautionary and below) to total loans falling to 1.5% at the end of 2006, down from 3.6% at the end of 2004. The rating reflects KEB's competitive strengths in its international trade finance and foreign exchange operations and its focused strategy on improving efficiency and managing risk. The bank's weak overall position in the domestic market compared with its major competitors and uncertainty over its shareholding structure remain constraining factors on the rating. Concerns also remain over KEB's future dividend plan. After the bank's major shareholder, Lone Star with 64.62% ownership, cancelled plans to sell its stake to Kookmin Bank on Nov. 23, 2006, KEB's board of directors announced a cash dividend plan with a dividend payout ratio of 64.09% on Feb. 2, 2007. Although the bank's dividend policy appears aggressive, its capitalization after an estimated cash dividend for this year should be at an appropriate level for the current ratings, given that its estimated after-dividend BIS Tier I ratio will have remained at a strong 9.3% in 2006. How KEB will conduct its future dividend policy is not yet clear, as it is believed to be related to the exit strategy of the major shareholders to some degree. The stable outlook on KEB reflects our expectation that the bank will maintain its current level of capital and asset quality and will not pay excessive cash dividends. The outlook on the bank could be changed to positive if it can improve its market position and revenue diversification. However, the ratings could be negatively affected if the future dividend policy or any related measures result in excessive returns for shareholders, possibly impacting the bank's capitalization. Ratings List * Upgraded To From ---- ---- Subordinated Foreign Currency BBB BBB- Certificate Of Deposit BBB+ BBB * Upgraded; CreditWatch/Outlook Action; Ratings Affirmed To From ---- ---- Counterparty Credit Rating BBB+/Stable/A-2 BBB/Positive/A-2 * Ratings Affirmed Bank Fundamental Strength Rating C+ SAMSUNG CARD: Starts IPO in Seoul, Due Diligence Begins ------------------------------------------------------- Samsung Card has began listing its shares on the local stock market with Korea Investment & Securities Co. serving as the sole lead manager for the initial public offering, The Wall Street Journal cites a report from Dow Jones. According to a person familiar with the deal, due diligence on the company was being conducted ahead of its shareholder meeting scheduled for February 28, the report relates. A company official has confirmed the planned IPO but its size and the timing haven't been finalized, Jeongjin Lim writes for Dow Jones. According to Dow Jones, an IPO by Samsung Card would mark the first listing of a South Korea-based credit-card company since LG Card's KRW464 billion (about US$500 million) IPO in April 2002. The IPO took place before the country's credit-card bubble burst, which subsequently left companies struggling to deal with cardholders' unpaid bills, Dow Jones recounts. Samsung Card posted a net profit of KRW200.7 billion for the January-September period of 2006, Dow Jones relates, noting that this contrasts with annual net losses in excess of KRW1 trillion from 2003 to 2005. About Samsung Card Headquartered in Jongro-Gu, Seoul, Korea, Samsung Card -- http://samsungcard.co.kr/-- offers credit card services including issuing cards, one-time payments, installments and cash advance services. The Company also provides other financial services like leasing and loan services. Formerly the No.1 credit card issuer, Samsung Card fell to third place (after Kookmin Card and LG Card) following a liquidity crunch in 2003, because of a rise in overdue credit card bills. Samsung Card suffered an 18% increase in net loss for 2005 to KRW1.31 trillion. The Company recorded net losses of KRW1.299 trillion and KRW1.103 trillion in 2003 and 2004, respectively. =============== M A L A Y S I A =============== COMSA FARMS: Fails to Make Requisite Announcement on Feb. 16 ------------------------------------------------------------ Comsa Farms Bhd failed to make a requisite announcement of its regularization plan as required by the extended timeframe requirements of the Bursa Malaysia Securities Bhd. As reported by the Troubled Company Reporter - Asia Pacific on Feb. 6, 2007, the Bursa Securities extended Comsa Farms regularization plan filing deadline to March 16, 2007. Along with the extension, the bourse required the company to make a relevant announcement regarding the company's plan on Feb. 16. The company is still working towards announcing its regularization plan the soonest time possible, Comsa told the bourse. * * * Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in the wholesale and retail of fresh and frozen chicken products, meat and foodstuff. Its other activities include livestock, aqua feed milling, poultry feeding, hatchery operations, and layer farming. On April 10, 2006, the company was declared a Practice Note 17 company by Bursa Malaysia due to a stockholders' equity deficit. As an affected listed issuer, Comsa Farms is required to submit a plan to regularize its financial condition. As reported in the Troubled Company Reporter - Asia Pacific, the company registered US$63.60 million in total assets and a US$5- million shareholders' equity deficit as of Nov. 2, 2006. MP TECH: Shareholders' Deficit Prompts Amended PN17 Listing ----------------------------------------------------------- On Jan. 26, 2007, MP Technology Resources Bhd was listed as an affected issuer to the Amended PN17 category of the Bursa Malaysia Securities Bhd after posting a shareholders' deficit for the financial year ended Nov. 30, 2006. According to MP Technology, it recorded an adjusted shareholders' deficit of MYR66.7 million due to: 1. Fixed Assets Written-Off: MYR6,007,954 2. Stock Written-Off: MYR8,536,877 3. Trade & Other Receivables Written-Off: MYR10,675,8564 4. Deposits & Prepayments Written-Off: MYR4,662,511 5. Provision for Doubtful Debts: MYR70,374,934 6. Impairment Loss of Investment In Unquoted Shares: MYR12,156,480 7. Impairment Loss of Investments In Associate: MYR6,600,000 8. Provision for Diminution Of Investment In Subsidiaries: MYR3,328,112 9. Provision for Diminution Of Other Investment: MYR4,012,000 10. Forex Loss/Loss On Disposal Of Fixed Assets & Etc: MYR125,435 Accordingly, as an affected listed issuer pursuant to the Amended PN17 category of the Bursa Securities, MP Technolgy is required to submit a regularization plan to relevant authorities for approval within eight months from the date of the listing as an affected issuer. * * * MP Technology Resources Berhad's principal activities are manufacturing of plastic bags, plastic injection mouldings, other plastic products, rotogravure, manufacture and reconditioning of various plastic and related equipment. Other activities include trading in plastic resins, compounding and recycle materials, manufacturing in printing drums for plastic and packaging industries and investment holding. The Group operates in Malaysia. On Jan. 26, 2007, MP Technology Resources Bhd was listed as an affected issuer to the Amended PN17 category of the Bursa Malaysia Securities Bhd after posting a MYR66.7-million shareholders' deficit for the financial year ended Nov. 30, 2006. MP TECHNOLOGY: Posts MYR133.25MM Net Loss in Qtr Ended Nov. '06 --------------------------------------------------------------- MP Technology Resources Bhd incurred a net loss before taxation of MYR133.25 million on MYR2.06 million of revenues in the fourth quarter ended Nov. 30, 2006, as compared with the MYR38.16- million net loss on MYR23.15 million of revenues in the same quarter in 2005. As of end-November 2006, the company's balance sheet showed liquidity problem with current assets of MYR19.25 million and current liabilities MYR61.79 million. MP Technology recorded an adjusted shareholders' deficit of MYR66.7 million as of Nov. 30, 2006. A full text-copy of the company's financial statement for the fourth quarter ended Nov. 30, 2006, can be viewed for free at: http://bankrupt.com/misc/mptech-4q-report.xls * * * MP Technology Resources Berhad's principal activities are manufacturing of plastic bags, plastic injection mouldings, other plastic products, rotogravure, manufacture and reconditioning of various plastic and related equipment. Other activities include trading in plastic resins, compounding and recycle materials, manufacturing in printing drums for plastic and packaging industries and investment holding. The Group operates in Malaysia. On Jan. 26, 2007, MP Technology Resources Bhd was listed as an affected issuer to the Amended PN17 category of the Bursa Malaysia Securities Bhd after posting a MYR66.7-million shareholders' deficit for the financial year ended Nov. 30, 2006. MP TECHNOLOGY: Sets Special Restructuring Committee --------------------------------------------------- On February 6, 2007, MP Technology Resources Bhd has set up a special restructuring committee consisting of: -- Encik Mat Hassan Bin Esa -- Eng Chin Hock -- Encik Makhtar Bin Mohamed -- Donald Han Low. The committee's objectives are to rationalize the company's group restructuring plan and regularize the company's business operation. It is also tasked to follow up with the action plans in order to achieve its objective. * * * MP Technology Resources Berhad's principal activities are manufacturing of plastic bags, plastic injection mouldings, other plastic products, rotogravure, manufacture and reconditioning of various plastic and related equipment. Other activities include trading in plastic resins, compounding and recycle materials, manufacturing in printing drums for plastic and packaging industries and investment holding. The Group operates in Malaysia. On Jan. 26, 2007, MP Technology Resources Bhd was listed as an affected issuer to the Amended PN17 category of the Bursa Malaysia Securities Bhd after posting a MYR66.7-million shareholders' deficit for the financial year ended Nov. 30, 2006. NORTH BORNEO: Bursa Hands Public Reprimand; Sets MYR14,000 Fine --------------------------------------------------------------- The Bursa Malaysia Securities Bhd publicly reprimanded The North Borneo Corporation Bhd after the company failed to submit its quarterly report for the period ended September 30, 2006, by the November 30, 2006 deadline. Aside from the public reprimand, the bourse also imposed a MYR14,000 fine against the company. Bursa added that although North Borneo is no longer listed on Bursa Securities, the breach was committed when the company was still listed on the bourse's official list. The Bursa Securities delisted the securities of the company on Feb. 6, 2007. The bourse related that North Borneo does not have the adequate level of financial condition to warrant continued listing on the Bursa Securities. Based on the bourse's listing requirements, a listed issuer must give Bursa Securities for public release an interim financial report that is prepared on a quarterly basis as soon as the figures have been approved by the board of directors of the company. Bursa expects the interim report filed not later than two months after the end of each quarter of a financial year. * * * Headquartered in Sabah, Malaysia, The North Borneo Corporation Berhad engages in the management of forest management unit and investment holding. The Group operates in Malaysia and Bermuda. Due to its continuous losses, the Kuala Lumpur Stock Exchange placed the Company under the Practice Note 4/2001 category in April 2001 and was ordered to start regularizing its financial condition. On April 28, 2005, the Securities Commission has agreed to North Borneo's proposal to dispose of its business as part of the Company's efforts to regularize its finances and restructure its debts. The Plan, however, met objections from creditors. On March 6, 2006, two scheme creditors -- Sabah Development Bank and Prokhas Sdn Bhd -- withdrew their support of the Company's proposed debt restructuring, saying that they are no longer agreeable to the terms of the planned business disposal as part of the restructuring program. The company's Sept. 30, 2006 balance sheet showed a shareholders funds' deficit of MYR112.969 million. PROTON HOLDINGS: Evaluating Possible Tie-Up with Mitsubishi ----------------------------------------------------------- Proton Holdings Bhd has finished studying whether it would be feasible to work with Japan's Mitsubishi Motors Corp, the state- owned car manufacturer told the Bursa Malaysia Securities Bhd. The company is currently evaluating the findings of the study, the statement said. Business Times recounts that it has been about a year since the company signed a memorandum of agreement with Mitsubishi Motors to cooperate in product development, supply of components, technical support and the manufacture of vehicles. * * * Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.protonedar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton was reported to be among Malaysia's worst performing companies in 2005, after competition from foreign carmakers and a lack of new models lost the firm local market share and subsequently led it into a loss. It has since brought in a new chief, sold its loss-making MV Agusta motorbike firm and pledged to find a new technology partner. The Company has been under increasing pressure, with its share of domestic sales falling to 44% from 75% over the past decade. As reported by the Troubled Company Reporter - Asia Pacific on Dec. 6, 2006, Proton Holdings' fiscal second-quarter loss widened as lower revenue and higher expenses pressured Malaysia's national carmaker. Based on the company's financial report for the three months ended Sept. 30, 2006, Proton had a loss of MYR250.3 million compared with a loss of MYR154.3 million in the same quarter a year earlier. The Troubled Company Reporter - Asia Pacific reported on May 4, 2006, that Proton was expected to finalize a recovery plan and seal an alliance with a strategic partner. PSC INDUSTRIES: Inks Shipbuilding Deal with Gagasan for US$42M -------------------------------------------------------------- Penang Shipbuilding & Construction Sdn Bhd, a wholly owned subsidiary of PSC Industries Bhd, has made an agreement to build three chemical tankers for Gagasan Carriers Sdn Bhd worth US$42 million. According to PSC's disclosure with the Bursa Malaysia Securities Bhd, the three tankers to be constructed for sale to Gagasan are: 1. One unit 7000 DWT Chemical Tankers (HULL No. H120) 2. One unit 7000 DWT Chemical Tankers (HULL No. H121) 3. One unit 7000 DWT Chemical Tankers (HULL No. H122) The two-year contract will see PSC delivering the vessels to Gagasan in Oct. 2008, Jan. 2009 and March 2009, Bernama reports. At the same time, Boustead Naval Dockyard Sdn Bhd entered into a memorandum of understanding with Turkey-based Yonca-Onuk Ortakligi to build and market vessels for the Turkish entity, Bernama adds. PSC Industries is an associate company of the Boustead Group. Bernama notes that the MoU between Boustead Naval Dockyard and Yonca-Onuk signals the commitment of both parties for the transfer of technology and a synergistic partnership to build and market vessels in this region. The company was heartened with the its latest projects as it will help with its current restructuring phase, PSC's Group Managing Director Datuk Seri Ahmad Ramli was quoted by Bernama as saying. "This is what we are currently investing our time in and we hope to be able to manage the debt levels and a myriad of issues that still surround PSC and PSCI," Mr. Ramli said. Asked whether there was any target on debt reduction for this year, he said it was premature to talk about the matter as the company have not made announcement of its 2006 results yet, Bernama relates. * * * PSC Industries Berhad's principal activities are shipbuilding and ship repairing. It is also involved in heavy engineering construction, provision of shipping management services, manufacturing of aluminum fast passenger sea ferries, supplies equipment and machineries, marketing and distributing Exocet Weapon system, manufacturing of confectioneries, snack food and related products, general trading, power plant construction and its support activities, printing, property development, and property and investment holding. The PSC Group operates in Malaysia, Australia and the Republic of Ghana. The Company is currently formulating a regularization plan pursuant to Practice Note 17/2005 of the Bursa Malaysia Securities Berhad's Listing Requirements. As reported by the Troubled Company Reporter - Asia Pacific on Feb. 16, 2007, the company has a total shareholders' deficit of US$116.18 million on US$62.80 million total assets. ===================== N E W Z E A L A N D ===================== ARE YOU: Creditors Must File Claims by March 12 ----------------------------------------------- The creditors of Are You Tempted Ltd are required by David William Hercus, as the company's liquidator, to file their claims by March 12, 2007. Failure to comply with the requirement will exclude a creditor from sharing in any distribution the company will make. The Liquidator can be reached at: David William Hercus Hercus & Associates Limited 3-7 Mahora Street (PO Box 14079) Kilbirnie, Wellington New Zealand Telephone: 027 414 3870 C.ROCK PROPERTIES: CIR Seeks to Liquidate Firm ---------------------------------------------- On Nov. 9, 2006, the Commissioner of Inland Revenue filed a petition to liquidate C.Rock Properties Ltd. The petition will be heard before the High Court of Auckland on March 1, 2007, at 10:00 a.m. The CIR's solicitor can be reached at: Justine Berryman Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue (PO Box 33150) Takapuna, Auckland New Zealand Telephone:(09) 984 1538 Facsimile:(09) 984 3116 CUSTOM CONVEYORS: Shareholders Appoint Joint Liquidators -------------------------------------------------------- On Feb. 7, 2007, the shareholders of Custom Conveyors Ltd appointed Laurence George Chilcott and Peter Charles Chatfield as joint and several liquidators. Accordingly, Mr. Chilcott fixed March 19, 2007, as the deadline within which the company's creditors are to prove their debts. The Joint Liquidators can be reached at: Laurence George Chilcott Peter Charles Chatfield Smith Chilcott Bertelsen Harry Chartered Accountants Level 11, Shortland Tower One 51-53 Shortland Street, Auckland New Zealand Telephone:(09) 379 8035 Facsimile:(09) 307 8892 D.M.T. LTD: Faces Liquidation Proceedings ----------------------------------------- A petition to liquidate D.M.T. Ltd was heard before the High Court of Wellington on Feb. 19, 2007. The Commissioner of Inland Revenue filed the petition with the Court on Dec. 18, 2006. The CIR's solicitor can be reached at: Kate Elizabeth Harder Technical and Legal Support Group Wellington Service Centre 1st Floor, New Zealand Post House 7-27 Waterloo Quay, Wellington New Zealand Telephone:(04) 890 1162 Facsimile:(04) 890 0009 KATHIE IRWIN: Vance and Jordan to Act as Liquidators ---------------------------------------------------- On Feb. 5, 2007, David Stuart Vance and Barry Phillip Jordan were appointed as joint and several liquidators of Kathie Irwin Inc Ltd. In this regard, the liquidators fixed March 5, 2007, as the last day for the company's creditors to make their claims and to establish any priority claims they may have. The Joint Liquidators can be reached at: David Stuart Vance Barry Phillip Jordan Louise Craig at PPB McCallum Petterson Level 8, The Todd Building 95 Customhouse Quay, Wellington New Zealand Telephone:(04) 499 7796 Facsimile:(04) 499 7784 MAN JOINERY: Creditors Must File Proofs of Debt by March 12 ----------------------------------------------------------- The creditors of Man Joinery Ltd are invited to file their proofs of debt by March 12, 2007. Failure to file will exclude them from any distribution the company will make. As reported by the Troubled Company Reporter - Asia Pacific, the High Court of Napier heard the liquidation petition against the company on Aug. 17, 2006. TDC Ltd filed the petition. The liquidator can be reached at: John Francis Managh Gladstone Chambers 50 Tennyson Street (PO Box 1022), Napier New Zealand Telephone/Facsimile:(06) 835 6280 e-mail: jmanagh@xtra.co.nz NUPLEX INDUSTRIES: 6-Months Ended Dec. 2006 Net Profit Down 78% --------------------------------------------------------------- Nuplex Industries Limited reported a 78% decrease in net profit after tax of NZ$8.6 million for the six months ended Dec. 31, 2006, compared with NZ$40.1 million a year earlier, which included a gain of NZ$24.4 million on an asset sale, ShareChat News cites a report from the New Zealand Press Association. The company explained that Unusual Costs of NZ$6.8 million after tax arose primarily from restructuring activities in Britain and Brazil, ShareChat relates. The restructuring would contribute substantially to future profits, the paper cites Chairman Fred Holland, as saying, adding that the result was also affected by loss making operations of NZ$5.2 million EBITDA, which would be eliminated in future years. An effective tax rate of 55%, resulting from an inability to utilize losses from Brazil and British operations, also had an impact on net profit, NZPA adds. According to Mr. Holland, with turnaround plans well advanced, a tax benefit from accumulated losses of NZ$6.8 million is anticipated to be available in the future. The company expects a stronger second half results with EBITDA expectations for the full year remaining in the NZ$103 million to NZ$110 million range, NZPA notes. About Nuplex Industries Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was founded in 1956 and is incorporated in New Zealand. The company is listed on both the New Zealand (NZX) and Australian (ASX) Stock Exchange. Nuplex produces and supplies technical materials used as inputs to a broad range of manufacturing processes. It also provides specialist building products. Nuplex has operations in Australasia, Asia, Europe, and The Americas, and reports in four business segments. According to Reuters, Nuplex is New Zealand and Australia's largest maker and distributor of resins and polymers for the paint, paper, and textile industries. It also bought a coating resins business in Holland. * * * The Troubled Company Reporter - Asia Pacific reported on its February 20, 2007 Distressed Bonds Column that Nuplex Industries Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15, 2007, as trading at 8.80%. NUPLEX INDUSTRIES: To Pay Interim Dividend on April 5 ----------------------------------------------------- Nuplex Industries Limited advises the New Zealand Stock Exchange that it will pay an Interim Dividend of 15.5 cents per share (14 cps) on April 5, 2007, to shareholders on the register at the close of trading on March 23, 2007. This represents a distribution of 73% of the NZ$16.8 million operating profit for the half-year ended Dec. 31, 2006. The dividend will carry a New Zealand imputation credit of 4 cents per share and will be fully franked for Australian shareholders. Overseas resident shareholders will receive a supplementary dividend of 1.433 cents per share. Shareholders are offered the opportunity to participate in the Dividend Reinvestment Plan. The strike price will be calculated as the weighted average sale price of all shares traded on the NZX during the first five of the last eight days prior to March 23, 2007, less a discount of NZ$0.25 per share. About Nuplex Industries Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was founded in 1956 and is incorporated in New Zealand. The company is listed on both the New Zealand (NZX) and Australian (ASX) Stock Exchange. Nuplex produces and supplies technical materials used as inputs to a broad range of manufacturing processes. It also provides specialist building products. Nuplex has operations in Australasia, Asia, Europe, and The Americas, and reports in four business segments. According to Reuters, Nuplex is New Zealand and Australia's largest maker and distributor of resins and polymers for the paint, paper, and textile industries. It also bought a coating resins business in Holland. * * * The Troubled Company Reporter - Asia Pacific reported on its February 20, 2007 Distressed Bonds Column that Nuplex Industries Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15, 2007, as trading at 8.80%. NZ MANUFACTURE: Appoints Official Assignee as Liquidator -------------------------------------------------------- The official assignee of NZ Manufacture Ltd was appointed as the company's liquidator on Feb. 5, 2007. According to the Troubled Company Reporter - Asia Pacific, the High Court of Wellington heard the liquidation petition against the company on that day. Telecom New Zealand filed the petition on Oct. 26, 2006. The Liquidator can be reached at: Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: http://www.insolvency.govt.nz PACIFIC SERVICES: Court to Hear Liquidation Petition on March 12 ---------------------------------------------------------------- A liquidation petition filed against Pacific Services (New Zealand) Ltd will be heard before the High Court of Christchurch on March 12, 2007, at 10:30 a.m. CentrePort Ltd filed the petition with the Court on Jan. 31, 2007. CentrePort's solicitor can be reached at: John Burton c/o Izard Weston PO Box 5348, Wellington New Zealand REACH INVESTMENTS: Court Sets Liquidation Hearing for Feb. 26 ------------------------------------------------------------- The High Court of Christchurch will hear a liquidation petition filed against Reach Investments on Feb. 26, 2007, at 10:00 a.m. Bedrock Contracting Ltd filed the petition with the Court on Oct. 9, 2006. Bedrock Contracting's solicitor can be reached at: D. J. C. Russ Russ & Associates Level 5, 106 Gloucester Street (PO Box 2227), Christchurch New Zealand Telephone:(03) 377 8568 Facsimile:(03) 377 8569 SPINAL ALIGNMENT: Faces CIR's Liquidation Petition -------------------------------------------------- On Nov. 20, 2006, the Commissioner of Inland Revenue filed a liquidation petition before the High Court of Auckland against Spinal Alignment and Activation Ltd. The petition is scheduled for hearing on March 1, 2007, at 10:00 a.m. The CIR's solicitor can be reached at: Justine Berryman Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue (PO Box 33150) Takapuna, Auckland New Zealand Telephone:(09) 984 1538 Facsimile:(09) 984 3116 THOMSON TIMBER: Liquidation Hearing Set on March 1 -------------------------------------------------- A petition to liquidate Thomson Timber Productions Ltd will be heard before the High Court of Auckland on March 1, 2007, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition with the Court on Nov. 20, 2006. The CIR's solicitor can be reached at: Justine Berryman Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue (PO Box 33150) Takapuna, Auckland New Zealand Telephone:(09) 984 1538 Facsimile:(09) 984 3116 TIME VISION: Court Appoints Interim Liquidators ----------------------------------------------- On Feb. 2, 2007, the High Court of Wellington appointed Iain Bruce Shephard and Christine Margaret Dunphy as joint and several interim liquidators of Time Vision (NZ) Ltd -- trading as Trendez - Queensgate, Trendez - Willis Street, Time Vision Wholesale. The Joint Liquidators can be reached at: Iain Bruce Shephard Christine Margaret Dunphy Shephard Dunphy Limited Level 2, Zephyr House 82 Willis Street, Wellington New Zealand Telephone:(04) 473 6747 Facsimile:(04) 473 6748 ===================== P H I L I P P I N E S ===================== PHIL. NAT'L. BANK: Sets Annual Stockholders' Meeting on May 29 -------------------------------------------------------------- The Philippine National Bank will hold its annual stockholders' meeting on May 29, 2007, at 8:00 a.m. at the Century Park Hotel, in Malate, Manila. The agenda of the meeting include the report of the president on the bank's results of operations for 2006 and the shareholders' approval of the 2006 Annual Report. The shareholders will also be electing directors and appointing the bank's external auditor during the meeting. The bank makes it clear that only stockholders of record as of April 30, 2007, will be entitled to vote at the meeting. Philippine National Bank -- http://www.pnb.com.ph/-- is the Philippine's first universal bank established on July 22, 1916. The bank's core business consists of lending and deposit-taking activities from corporate, middle market and retail customers, as well as various government units. Its other principal activities include bill discounting, fund transfers, remittance servicing, foreign exchange dealings, retail banking, trust services, treasury operations and trade finance. Through its subsidiaries, PNB engages in a number of diversified financial and related businesses such as international merchant banking, investment banking, life/non-life insurance, leasing, financing of small-and-medium-sized industries, and financial advisory services. It introduced innovations such as the bank on wheels, computerized banking, ATM banking, mobile money changing and domestic travelers' checks. * * * The Troubled Company Reporter - Asia Pacific reported on November 6, 2006, that Moody's Investors Service has revised the outlook of Philippine National Bank's foreign currency long-term deposit rating of B1, local currency senior debt rating of Ba2, and local currency subordinated debt rating of Ba3 to stable from negative. The outlook for PNB's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of E remains stable. The TCR-AP reported on Nov. 1, 2006, that Fitch Ratings affirmed Philippine National Bank's Individual rating at 'E' and Support rating '3' after a review of the bank. Standard and Poor's Ratings Services has given PNB 'B' Short- Term Foreign Issuer Credit and Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings effective as of April 26, 2006. SAN MIGUEL: TCCP Buys Coca-Cola Bottlers Phils. for US$590 Mil. --------------------------------------------------------------- The Coca-Cola Company has acquired San Miguel Corp.'s 65% shareholding in Coca-Cola Bottlers Philippines, Inc. CCBPI also owns Cosmos Bottling Company and Philippine Beverages Partners, Inc. SMC was previously the majority shareholder of CCBPI and had management control of the bottler. With this agreement, The Coca-Cola Company now acquires full ownership of CCBPI along with all voting and economic rights. The total consideration of the transaction is US$590 million. "Our partnership with SMC over the years has been extremely important to our business in the Philippines. We are grateful to San Miguel Corporation for its continuing support of our long-term commitment to the Philippines, and we look forward to continued cooperation with San Miguel, who will remain a key supplier to our business," said Muhtar Kent, President and Chief Operating Officer of The Coca-Cola Company. "Coca-Cola has been sold in the Philippines since the beginning of the 20th century and has been locally produced since 1927. This is a very important market for us, and we believe our business here has great growth potential. Our business in the Philippines will now be fully integrated with our Company's overall objectives. It will benefit from full access to our Company's management expertise in helping to operate bottling businesses," Muhtar Kent concluded. "The sale of Coca-Cola Bottlers Philippines, Inc. supports our company's more focused business model, emphasizing fully-owned branded positions," said Eduardo Cojuangco Jr., Chairman, San Miguel Corporation. "This transaction provides San Miguel Corporation the opportunity to focus on its core business areas in the Philippines and its planned expansion throughout the region," added Cojuangco. Following the conclusion of the transaction, the Company's Bottling Investment Group, the dedicated function to manage bottling operations of The Coca-Cola Company, will lead the management of CCBPI and ensure a smooth transition of the bottling operations. For its part, San Miguel is to develop its own domestic beverage business, producing juice drink, ready-to-drink tea to complement existing operations in Thailand and Indonesia. Headquartered in Manila, Philippines, San Miguel Corporation -- http://www.sanmiguel.com.ph/-- through its subsidiaries, operates food, beverage and packaging businesses. The Company's products include beer, wine and spirits, soft drinks, mineral water, chicken and pork products. San Miguel markets its products both in the domestic and overseas markets. The Company also manufactures glass, metal, plastic, paper and composites packaging products. A Troubled Company Reporter - Asia Pacific report on Oct. 12, 2006, stated that Moody's Investors Service affirmed its Ba1 corporate family rating on San Miguel Corp. Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB' foreign currency corporate credit rating and a 'B' rating to its proposed five-year benchmark non-callable, non-cumulative, non- voting, perpetual preferred shares to be issued by San Miguel Capital Funding. UNIVERSAL ROBINA: To Elect Board at April 19 Annual Meeting ----------------------------------------------------------- Universal Robina Corp.'s shareholders will elect the company's board of directors at the annual stockholders meeting to be held on April 19, a regulatory filing with the Philippine Stock Exchange states. According to the PSE filing, only stockholders of record as of March 15, 2007, will be entitled to vote. During the Meeting, which will be held at the Crowne Plaza Galleria Manila, in Quezon City, the shareholders will also elect the company's external auditors and consider the approval of the financial statements for 2006. Headquartered in Manila, Universal Robina Corporation -- http://www.urc.com.ph/-- the Philippines and listed on the Philippines Stock Exchange, is one of the largest branded consumer food companies in the country. It also has production facilities in Thailand, Malaysia, China, Indonesia and Vietnam and sales/marketing offices in HK and Singapore. URC is also engaged in Agro-industrial products, sugar milling, flour milling and the packaging industry in the Philippines. The Troubled Company Reporter - Asia Pacific reported on November 13, 2006, that Moody's Investors Service upgraded its local currency corporate family rating for Universal Robina Corporation to Ba2 from Ba3. At the same time, Moody's affirmed the Ba3 foreign currency rating for the senior unsecured bonds issued by URC Philippines Ltd and guaranteed by URC. The Ba3 bond rating is in line with the foreign currency country ceiling for the Philippines. The ratings outlook is stable. The company's long-term issuer credit carries S&P's BB rating. VITARICH CORP: RTC Okays Due Course to Rehab; Names New Receiver ---------------------------------------------------------------- The Regional Trial Court of Bulacan, Branch 7, on Feb. 14, granted Vitarich Corp.'s petition for corporate rehabilitation due course, the company informs the Philippine Stock Exchange in a regulatory filing. On Sept. 19, 2006, the Troubled Company Reporter - Asia Pacific reported Vitarich's filing of the rehab petition. In the Feb. 14 Order, the RTC also accepted the withdrawal of Atty. Eduardo T. Rondain as the company's rehabilitation receiver. As reported in the TCR-AP on Feb. 1, Mr. Rondain voiced out his intention to withdraw as receiver because creditors have questioned his impartiality. To replace Atty. Rondain, the court appointed Mr. Melito Salazar Jr. Mr. Salazar will have until March 8 to submit his recommendation to the court with regard to the company's rehabilitation petition. Bulacan, Philippines-based Vitarich Corporation -- http://www.vitarich.com/-- is among the leading integrated producers and wholesalers of poultry and animal feed products in the Philippines. The Company also develops, produces and sells animal health products. It is dedicated to the poultry and feeds industry, committing all of its resources to the production of poultry products, including upstream production activities such as feed milling, and additional ventures where the company's knowledge of the poultry and feeds production process provides it with competitive advantage. Despite the Company's expansion into other areas, its core business remains rooted in poultry. VITA is presently engaged in the manufacture and distribution of various poultry products like chicken, animal and aqua feeds, and day-old chicks, among others. * * * The Troubled Company Reporter - Asia Pacific reported on July 10, 2006, that after auditing Vitarich's 2005 annual report, Punongbayan & Araullo raised substantial doubt on the Company's ability to continue as a going concern, due to significant losses for the past three years, including net losses worth PHP249.3 million in 2005 and PHP291.2 million in 2004, resulting in significant deficit amounting to PHP1.8 billion as of Dec. 31, 2005. WARNER MUSIC: Shareholders Not Required to Notify Interests ----------------------------------------------------------- Warner Music Group Corp. clarifies that its shareholders will not be required to notify their interests in WMG securities under Rule 8 of the U.K. Takeover Code relating to dealings by interested persons in its relevant securities. Warner Music confirms that any possible offer for EMI Group plc is likely to be solely in cash. As a further result of this clarification, WMG will not be required to disclose details under Rule 2.10 of the UK Takeover Code relating to the number of its relevant securities in issue. Warner Music also confirms that it has approached EMI Group about a possible acquisition of its entire equity on Jan. 24, 2007, after it obtained the Independent Music Publishers and Labels Association's agreement to support it before the European Commission and other relevant regulatory authorities. If Warner Music were to make an offer for EMI Group within the meaning of the U.K. Takeover Code, Warner Music has agreed with IMPALA to implement some measures, including: * providing specified funding for (but taking no equity participation in) the recently announced Merlin initiative, the new global digital rights licensing platform established by the independent music labels to represent the world's independent music sector; * ensuring the divestiture of certain recorded music assets to reinforce the market power of the independent sector; and * pursuing various other behavioral commitments, which have the aim of benefiting the recorded music market as a whole and, in particular, the independent music sector. By setting a new framework for the relationship between a combined Warner Music and EMI Group and the independent music sector, Warner Music believes that the agreement reached with IMPALA and the measures envisaged under it improves the prospects for regulatory approval of WMG and EMI's combination. The agreement between WMG and IMPALA does not require IMPALA to change its position in relation to any other pending regulatory and legal proceedings. IMPALA will maintain its position that the Sony/BMG and Universal/BMG transactions continue to raise competition issues unless suitable remedies are offered. WMG believes that there is a compelling strategic, commercial, and financial logic in a combination of the two companies and that such a combination should maximize benefits for the shareholders of both companies. WMG's approach to EMI, however, remains in the preliminary stages and there can be no certainty that the discussions will result in any specific transaction. About IMPALA The Independent Music Publishers and Labels Association was established in April 2000 as a non-profit making organization with the purpose of ensuring assistance and fair market access to independent record companies and music publishers. IMPALA has an all-independent membership, which represents the interests of the independent music sector. IMPALA members include main independent companies such as Beggars Group (UK), !K7 (Germany), Epitaph (US/NL), Naive (France), PIAS Group (Belgium), Wagram (France), as well as national trade associations from the UK (AIM), France (UPFI), Germany (VUT), Spain (UFI), Italy (PMI), Denmark (DUP), Norway (FONO), Israel (PIL), Sweden (SOM), and the Catalonian association APECAT. About EMI Group Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in China, Brazil, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near GBP2 billion and operating profit generated was over GBP225 million. EMI Music operates the world famous recording facilities Abbey Road Studios in London and Capitol Studios in Los Angeles. About Warner Music Group Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- is a music company that operates through numerous international affiliates and licensees in more than 50 countries, including the Philippines. * * * As reported in the Troubled Company Reporter - Asia Pacific on Feb. 19, 2007, Standard & Poor's Ratings Services revised its outlook on Warner Music Group Corp. to negative from stable, while affirming all ratings, including the 'BB-' corporate credit rating, on the company. ================= S I N G A P O R E ================= EXPRESS FOOD: Court Orders Wind Up of Operations ------------------------------------------------ Lim Chek Ming has filed a petition to wind up the operations of Express Food Pte Ltd. Accordingly, the High Court of Singapore entered an order on Feb. 2, 2007, to wind up the operations of Express Food. The liquidator can be reached at: The Official Receiver 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118 HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on March 5 ---------------------------------------------------------- The creditors of Hola Development Pte Ltd are required to file their proofs of debt by March 5, 2007. Failure to prove debts by the due date will exclude a creditor from sharing in the company's distribution of dividend. The liquidator can be reached at: Goh Boon Kok c/o Goh Boon Kok & Co. Certified Public Accountants 1 Claymore Drive #08-11 Orchard Towers Rear Block Singapore 229594 Telephone: 63336960 PETROLEO BRASILEIRO: Earns BRL25.9 Million in 2006 Fiscal Year -------------------------------------------------------------- Petroleo Brasileiro SA aka Petrobras announced its fourth quarter and full year 2006 financial and operational results. In 2006, Petrobras had a net profit of BRL25.9 billion, surpassing the record achieved in 2005 due, mainly, to increased oil and byproduct production and, also, because of the domestic and foreign market price levels. This result was the biggest profit growth (in dollars) among the sector' s major corporations. In this regard, the BRL5.2-billion fourth quarter net profit reflected the commodity's variations in the international market, which decreased 14%, on average, compared to the third quarter. The BRL52.1-billion EBITDA secured resources for investments, improved the financial profile, and ensured dividend payment. Thus, the Board of Directors proposed total dividends of BRL7.9 billion to the General Shareholder Assembly (scheduled to be held on April 2). This total includes BRL6.4 billion in interest on self-owned capital, of which BRL4.4 billion were made available on Jan. 15, 2007. Investments prioritize production capacity -- Of the BRL33.7 billion that were invested (31% more than in 2005), BRL15.3 billion (45% of the total) were used to boost domestic production capacity. The company's internationalization strategy led to a 127% increase in the investments made in the International area, the highlight of which was the acquisition of the Pasadena refinery, for US$370 million. Sales rise The sales volume in the domestic market was 3% above 2005's mark, particularly as a result of the larger volumes of gasoline (+7%), naphtha (+5%), and natural gas (+7%) sales. Overseas, exports grew 11%, and international sales spiked 31%, due, mainly, to the heightened offshore operations (the objective of which is to seize trade opportunities abroad) and to the inclusion of the sales made by companies that were purchased during 2006. This rise wasn't even bigger because of the reduced sales in Venezuela, due to the declining production in Angola, and because the main fields on the Gulf of Mexico were shut down after hurricanes Rita and Katrina. Lifting and Refining Costs In Brazil, the unit lifting cost, not including government participations, rose 15% in Dollars compared to 2005. This was caused by the higher drill expenses (tied to international quotes) and staff (hiring and Collective Labor Agreement), as well as by the FPSO -- Capixaba and the P-34 kicking their operations off, with higher initial unit costs that are partially offset by the higher oil & gas lifting rates. Figuring government participation in, lifting costs rose 20% since, in addition to the higher operation costs, government participations keep up with the international oil quotes. Increased productivity and a few fields going online also raised royalties and special participations. Internationally, lifting costs surged 16% in 2006 because of the cost inflation and of the higher costs in Argentina and Angola. The unit refining cost grew 21% in Brazil, in Dollars (8% in Reais) due to the greater complexity that resulted from the investments made to process heavy oil and to improve fuel quality, in addition to the higher labor costs derived from the Collective Labor Agreement. Abroad, the average international refining cost surged 33% due to the inclusion of the Pasadena Refinery. If this unit's costs were not figured, the increase would be 16% due to the operations in Argentina. Another positive year for Petrobras in the stock market was an excellent year for Petrobras' stocks. In spite of oil quote volatility, the ordinary stocks valued 32%, while the preferred ones rose 34%, in line with Ibovespa's performance (+33%). In New York, due to the influence of the exchange rate, Petrobras' ADRs performed even better, topping at 44.51% (ordinary) and 44.10% (preferred). Petrobras closed the year as the most negotiated non-American company at the New York Stock Exchange. The total financial result registered by its ADRs was the highest among foreign companies. In late 2006, Petrobras' market value topped at BRL230 billion, 33% more than last year's mark. In December, Petrobras reached a monthly average of BRL103 billion, an unprecedented achievement that ranks it among the world's most valuable corporations. New Decrease in Indebtedness In spite of its major investments, Petrobras' net indebtedness decreased to BRL18.8 billion, 24% less than in late 2005, because of the strong operational cash flow and due to the appreciation of the Real, considering that 75% of the company's long -term debt is indexed based on the Dollar. As Brazil's biggest taxpayer, Petrobras paid BRL50.9 billion in taxes, fees and social contributions, 11% more than in 2005, and BRL16.1 billion in participations and royalties, up 17% from last year and adding up to BRL67.1 billion, a 13% increase. Petrobras' contribution increased 6% abroad, to BRL3.8 billion. Government participations in Brazil grew 17%, a reflex of the higher reference price. Government participations surged 67% abroad, particularly as a result of regulation changes made in Venezuela and Bolivia. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB, from BB- on June 29, 2006. PETROLEO BRASILEIRO: Sees No Impact on NatGas Deal, Analyst Says ---------------------------------------------------------------- The price increase of Bolivian natural gas won't raise any impact on Petroleo Brasileiro SA aka Petrobras, analysts quoted by Bernd Radowitz at Dow Jones Newswire. Citing oil analyst Marc McCarthy, Dow Jones relates that Petrobras was able to keep gas prices the same. The agreement resulted to a face-saving deal for Bolivian President Evo Morales. Mr. Morales encountered various protests across Bolivia and the deal might help convince political opposition that he is able to secure better deals for Bolivian resources abroad. Mr. Morales and Brazilian President Luiz Inacio Lula da Silva reached an agreement on Feb. 14 regarding the price Petrobras will pay for Bolivia's natural gas but didn't disclose how much prices would go up. The Brazilian stated its spending could be up 3.5% to 4% from last year, while the Bolivians expected an extra US$144 million revenues this year. According to Banco Safra oil analyst Victor Martins, those amounts are insignificant for Petrobras even if Bolivians' expectations were right. Dow Jones reports that while the gas price amount is still unclear, it appears that it would fall well short of the US$5 per million British thermal units, or mBTUs, a fair price that Mr. Morales hoped for. Petrobras reportedly pays US$3.75 per mBTU in Bolivia. Georgetown University Brazilianist Bryan McCann considered the negotiation as very advantageous for Bolivia, which includes a steep hike of gas price supplied to a thermoelectric power plant in the western Brazilian city of Cuiaba, to US$4.20 per million BTU from US$1.09, Dow Jones relates. Dow Jones adds that Bolivia supplies about 1 million cubic meter of gas per day to the Cuiaba plant, compared to sales of about 24 mcm/d to Petrobras. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB, from BB- on June 29, 2006. PETROLEO BRASILEIRO: Will Launch Four Oil Rigs This Year -------------------------------------------------------- A manager of Brazil's state-owned oil firm Petroleo Brasileiro SA told Dow Jones Newswires that the firm will launch two oil rigs in May, and two other large platforms in September. According to Dow Jones, the four rigs will have a combined production capacity of 480,000 barrels of oil daily. Eduardo Molinari, Petroleo Brasileiro's coordinator for strategy and portfolio management of exploration and production, said in a Web cast that a small platform that will produce 20,000 barrels per day from the Piranema field off the coast of northeastern Sergipe will be on stream in May. Petroleo Brasileiro initially planned to launch the Piranema rig in April, the report says. Dow Jones underscores that Petroleo will begin by the end of May production at its floating production storage and offloading Cidade de Vitoria platform, which is expected to add 100,000 barrels per day to production from the Golfinho light oil field. Petroleo Brasileiro will bring the P-52 and P-54 new rigs on stream in September. The rigs will each have a capacity to pump 180,000 barrels of oil per day from the Roncador field, Mr. Molinari told Dow Jones. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB, from BB- on June 29, 2006. REFCO INC: Judge Drain Approves AIDMA Settlement Agreement ---------------------------------------------------------- The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York approved a settlement among Refco F/X Associates LLC, AIDMA Co. Ltd., and RefcoFX Japan K.K., pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy Procedure. Pursuant to the Dec. 15, 2006 order confirming Refco Inc.'s Chapter 11 Plan, RJM LLC, as Plan Administrator of the Refco Inc. and its debtor-affiliates' Chapter 11 cases, formed a non- Japan Refco F/X Associates LLC customer committee, which has consent rights with respect to any settlement regarding the litigation involving FXA's assets in Japan. FXA operated an online retail foreign exchange trading business under a Facilities Management Agreement between Refco Group Ltd. LLC and its designated subsidiaries, including FXA, and Forex Capital Markets LLC on a Web-based trading platform created and maintained by FXCM. Richard Levin, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, relates that approximately 35% of FXA's retail customer account balances are attributable to clients in Japan. To facilitate the Japan Clients' ability to make deposits and withdrawals to and from their foreign exchange trading account, FXA determined that it was desirable to open a Japanese yen denominated bank account. However, Mr. Levin notes, since FXA was not domiciled in Japan, FXCM formed a Japanese entity -- RefcoFX Japan K.K. -- to open and maintain a Japanese yen denominated account at the Hong Kong Shanghai Banking Corp. The shares in Refco Japan are presently held by FXCM. While the Japan Clients entered into client agreements with FXA rather than with Refco Japan, the Japan Clients' funds were deposited into Refco Japan's HSBC Account. Mr. Levin states that the HSBC Account currently holds Japanese yen valued at approximately US$32,000,000. The Reorganized Debtors currently estimate that claims filed by Japan Clients total approximately US$38,000,000. Japanese Civil Actions Forty-eight Japan Clients have commenced three separate civil actions in Japan against Refco Japan, asserting claims for the return of funds deposited by those clients and have obtained provisional attachment orders against the funds in the HSBC Account. The attachment orders have restricted FXA's and Refco Japan's ability to transfer the funds in the HSBC Account under Japanese law. In October 2006, FXA commenced an Adversary Proceeding in the Court against FXCM, Refco Japan, HSBC, and the FXA Japan Clients. FXA also commenced legal actions in Japan seeking declaratory judgment that the funds in the HSBC Account are property of FXA's estate and for turnover of those funds. In the alternative, the Turnover Action seeks declaratory relief that the shares in Refco Japan held by FXCM are property of the FXA estate and for turnover of the shares. Consequently, Refco Japan has sought to dismiss the Turnover Action for lack of personal jurisdiction. AIDMA Claim AIDMA Co., Ltd., is one of the largest Japanese clients of FXA. AIDMA's FXA foreign exchange account balances as of July 31, 2006, aggregate to JPY1,258,833,316, or about US$10,600,000, subject to fluctuation with the dollar-yen exchange rate. Although AIDMA is not currently a plaintiff in the Japanese Civil Actions, it has asserted that its rights in the funds held in the HSBC Account are superior to the claims of non-Japan clients. FXA Settles With AIDMA & Refco Japan The Agreement provides, among others, that: (a) AIDMA will be paid JPY723,829,157, or approximately US$6,100,000, which represents 57.5% of AIDMA's July 2006 yen-denominated FX Account balance; (b) AIDMA will be reimbursed US$100,000 to cover its attorneys' fees; and (c) AIDMA will be entitled to receive an additional payment that would provide an equivalent aggregate percentage recovery if FXA, Refco Japan, and FXCM settle with a Japan Client on or before December 31, 2007, for a higher percentage recovery than 57.5% of AIDMA's FX Account balance. The parties further agree that all payments will be made from the HSBC Account in Japanese yen, and will be in full and final settlement of any and all claims that AIDMA has against Refco Japan, FXCM, or the Debtors or their estates. Upon receipt of the settlement payment, AIDMA will withdraw any proofs of claim it has filed in the Debtors' cases. The Refco Administrator asserts that the AIDMA Settlement is reasonable considering that: (i) the trust and tort claims raised by AIDMA and the other Japan Clients raise complex factual and legal issues of both U.S. and Japanese laws, including issues of cross- border enforcement of judgments, that present substantial litigation risks to both sides; and (ii) the resolution of the Japan Clients' claims is further complicated by the fact that: * FXA does not presently control Refco Japan; * there is no stay of actions against Refco Japan or the funds held in the HSBC Account; and * Refco Japan and the HSBC Account are located outside of the U.S. and are subject to the laws of Japan. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Debtors' Amended Plan was confirmed on Dec. 15, 2006. (Refco Bankruptcy News, Issue No. 56 & 57; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved a settlement between Bancafe International Bank Ltd. and Refco Capital Markets Ltd., an affiliate of Refco Inc., through its duly appointed plan administrator PricewaterhouseCoopers and Marc S. Kirschner. The settlement (i) reflects a resolution on Bancafe's part to allow the setoff required by a guarantee agreement and (ii) avoids the need for future litigation concerning the Bancafe claims. Bancafe filed in July 2006 Claim No. 10132 for US$207,934,213 and Claim No. 10133 for US$173,559 against Refco Capital Markets. The Bancafe Claims are premised on certain securities customer account relationships that existed between RCM and Bancafe before RCM's bankruptcy filing. Pursuant to certain account relationships, Bancafe guaranteed certain obligations of an affiliated entity, Vipasa International Investments Corp., under a Guaranty and Transfer Authorization Agreement with RCM. As of RCM's bankruptcy filing, Vipasa owed RCM at least US$154,456,433 as a result of its account relationships with RCM, which amount Bancafe guaranteed. Pursuant to an order of the High Court of Barbados, PricewaterhouseCoopers EC Inc. has been appointed as custodian to wind up Bancafe's affairs. PricewaterhouseCoopers has filed a Petition for Recognition of Foreign Main Proceeding in the U.S. Bankruptcy Court for the Southern District of Florida. Following arm's-length negotiations, PricewaterhouseCoopers and Marc S. Kirschner, as duly appointed plan administrator for RCM pursuant to the Dec. 15, 2006, Plan Confirmation order, agreed that: (a) Claim No. 10132 will be allowed as an RCM Securities Customer Claim for US$51,535,144, to achieve agreements regarding properly allowable claim amounts and applicable set-offs; (b) Claim No. 10133 will be allowed as an RCM Securities Customer Claim for US$173,559; and (c) all other amounts asserted in the Bancafe Claims, whether liquidated, unliquidated, contingent or otherwise, will be disallowed. About Bancafe International Bancafe International Bank Ltd. offered financial services. PricewaterhouseCoopers EC Inc. has been appointed as custodian to wind up Bancafe's affairs, pursuant to an order of the High Court of Barbados. PwC EC, as Bancafe's administrator, filed a chapter 15 petition on Dec. 19, 2006 (Bankr. S.D. Fla. Case No. 06-16712). Gregory S. Grossman, Esq., at Astigarraga Davis Mullins & Grossman, P.A., represents the administrator. PwC estimated that Bancafe had US$1 million to US$10 million in assets and more than US$100 million in debts when it filed the chapter 15 petition. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Debtors' Amended Plan was confirmed on Dec. 15, 2006. (Refco Bankruptcy News, Issue No. 56 & 57; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Sea Containers Ltd. and the Official Committee of Unsecured Creditors of Sea Containers Services Ltd. jointly ask the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to clarify that Section 1102(b)(3)(A) of the Bankruptcy Code does not authorize or require them to provide access to the Debtors' confidential and other non-public proprietary information, or to privileged information, to the creditors they represent. The Official Committees, however, agree that they will provide access to Privileged Information to any party so long as it is not Confidential Information and the relevant privilege was held and controlled solely by an Official Committee. Pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, each of the Committees is required to provide access to information for creditors it represents. Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware, relates that the Debtors operate in a competitive industry where the dissemination of confidential information to parties who are not bound by any confidentiality agreement could be disastrous to the Debtors. Confidential Information includes business strategies and intended initiatives. If the Debtors' general creditors could require an Official Committee to give them access to Confidential Information in the Committee's possession, the information could easily become public and could be used by competitors to the detriment of the Debtors' business operations, Mr. Abbott points out. Mr. Abbott notes that other Confidential Information, including compensation levels or other employee information, is of a sensitive nature and their public disclosure would affect employee morale and similar problems for the Debtors, and violate federal and state privacy laws. According to Mr. Abbott, the request will benefit the Committees and their constituents by permitting them to receive Confidential Information from the Debtors without the fear that individual creditors could force them to breach confidentiality. "Unless it is made clear that the risk of dissemination of Privileged Information does not exist, the estate representation structure envisioned by the Bankruptcy Code would become immediately dysfunctional," he adds. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB) -- 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 October 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). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) The Debtors' exclusive period to file a plan expires on June 12, 2007. They have until Aug. 11, 2007, to solicit acceptances to that plan. SEA CONTAINERS: GNER Signs GBP20-Mil. Lease for Train Fleet ----------------------------------------------------------- Sea Containers Ltd.'s railway subsidiary, Great North Eastern Railway, has leased two diesel High Speed Trains, Transport Briefing reports. According to Transport, the High Speed Trains, which were previously used by Midland Mainline, were procured by GNER from Porterbrook Leasing Company and will be overhauled during the next two years as part of a GBP20,000,000 leasing package. The acquisition was in connection with its new 12 additional weekday services between Yorkshire, the East Midlands and London. The new run was approved by United Kingdom's Office of Rail Regulation and is set for launching on May 21, 2007. With the HSTs, GNER will be able to run a half hourly service between Leeds and London King's Cross and will provide an additional 1,600,000 seats a year. Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB) -- 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 October 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). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) The Debtors' exclusive period to file a plan expires on June 12, 2007. They have until Aug. 11, 2007, to solicit acceptances to that plan. WSID PTE: Wind-Up Petition Hearing Slated for March 2 ----------------------------------------------------- On Feb. 5, 2007, Tay Swee Sze filed a petition to wind up the operations of WSID Pte Ltd. The petition will be heard before the High Court of Singapore on March 2, 2007, at 10:00 a.m. Tay Swee's solicitor can be reached at: Acies Law Corporation 1 Raffles Place #39-01 OUB Centre Singapore 048616 =============== T H A I L A N D =============== BANK OF AYUDHYA: Reveals Resolutions at Board Meeting ----------------------------------------------------- In a regulatory filing with the Stock Exchange of Thailand on Feb. 21, 2007, the Bank of Ayudhya disclosed the resolutions arrived at during its Board of Directors meeting. The resolutions pertain to: 1. The dividend payments for operating results in fiscal year ended Dec. 31, 2006. The dividends will be paid out to shareholders whose names appear in the bank's share register book at the closing date, with total shares of 4,794,929,476 valuing at THB0.20 per share. The dividends will be paid on April 20, 2007. 2. The closing date of the bank's register book. The closing date of the Register Book, for share transfers and for the verification of the shareholders' rights to participate in Annual General Meeting of Shareholders No. 95 to receive the dividend payment for year 2006, will start on March 21, 2007, at 12:00 p.m. until the completion of the meeting. 3. The schedule of the Annual General Meeting of Shareholders No. 95 -- April 11, 2007, at 2:00 p.m. at the Multipurpose Conference Room, 9th Fl. Head Office Building, 1222 Rama III Road, Bang Phongphang, in Yan Nawa, Bangkok. The agenda of the meeting include: -- the consideration and approval of the bank's balance sheets and profit and loss statements for the fiscal year ended December 31, 2006, which has been reviewed by the Audit Committee and certified by the bank's auditor; -- the consideration and approval of the Profit Allocation from the operating results of fiscal year 2006; * legal reserve (not less than 5% of the total net profits) amounting to THB83,500,000; * dividend payments of THB958,985,895, as of December 2006, to the shareholders with total shares of 4,794,929,476 shares at THB0.20 per share; -- the appointment of Yongyuth Withyawongsaruchi and Pongpinit Tejagupta, who were retired by rotation, as new directors of the bank for another term and to also appoint Chet Raktakanishta as a new director in replacement of Ekasak Puripol, who has expressed his intention not to be appointed for another term as well as his intention to resign from the Board of Directors at the end of his existing term in April 2007; -- the approval of the directors' remuneration, including car allowances, meeting allowances and gratuities (per annum), which will be considered as part of the bank's expenses; (1) Chairman of the Board of Directors THB3,020,000 (2) Independent Director and Chairman of Audit Committee THB2,796,000 (3) Independent Director (each person) THB2,772,000 (4) Outside Director (each person) THB2,376,000 (5) Executive Director (each person) THB1,056,000 (6) Secretary to the Board of Directors THB300,000 -- the appointment of either Permsak Jerajakwattana, registration no. 3427; Niti Jungnitnirundr, registration no. 3809; and Dr. Suphamit Techamontrikul, registration no. 3356, of Deloitte Touche Tohmatsu Jaiyos Audit Co. Ltd. as the bank's auditor, and the appointment of KPMG LAO Co. Ltd. as the auditor of the bank's Vientiane Branch for the fiscal year 2007. With regards to the audit fee, the bank is in the process of negotiating with the auditors. (8) To consider other business (if any). 4. The appointment of Thipsamat Na Chiengmai as the Independent director of the Bank. 5. The appointment of the Nominating and Remuneration Committee consisting of these bank directors: (1) Thipsamat Na Chiengmai Chairman (2) Virat Phairatphiboon Member (3) Pornsanong Tuchinda Member About The Bank of Ayudhya PCL Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. The Troubled Company Reporter - Asia Pacific reported on Jan. 16, 2007, that Fitch Ratings upgraded Bank of Ayudhya's: * Long-term foreign currency Issuer Default rating to BBB- from BB+; * Short-term foreign currency to F3 from B; * Foreign currency subordinated debt rating to BB+ from BB; and * Individual rating to C/D from D. Fitch also affirmed the bank's Support ratings at 3. At the same time, the TCR-AP said that Moody's Investors Service upgraded the Bank of Ayudhya's bank financial strength rating to "D-" from "E+". CIRCUIT ELECTRONIC: Updates on Rehab Progress as of Q4 2006 ----------------------------------------------------------- Circuit Electronic Industries (Public) Co., Ltd., in a disclosure with the Stock Exchange of Thailand on Feb. 22, 2007, reported its progress in the rehabilitation plan process for the fourth quarter of 2006: -- the company has implemented "Cash Monitoring" and has just finished its auditing for the 2006 fourth quarter; and -- the company has paid interests to creditor groups 1 and 2, of 7.75% and 2.75%, respectively, which totals to THB19.32 million. Circuit Electronics says that the principal settlement is not yet due. About Circuit Electronic PCL Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit Electronics Public Co. Limited -- http://www.cei.co.th/-- manufactures and exports various integrated circuit and chip on board for many kinds of electronic equipment such as mobile phone, computer, automobile assembly, household electronic equipment and others. The Group operates in the United States of America, Europe and Asia. Circuit's consolidated balance sheet as of June 30, 2006, shows total liabilities of THB3.486 billion compared with total assets of THB821.478 million. Total shareholders' equity deficit as of June 30, 2006, is at THB2.665 billion. FEDERAL-MOGUL: Supplemental Disclosure Statement Approved --------------------------------------------------------- The Hon. Judith K. Fitzgerald of the United States Bankruptcy Court for the District of Delaware approved the Supplemental Disclosure Statement describing the Fourth Amended Joint Plan of Reorganization of Federal-Mogul Corporation and its debtor- affiliates. The Amended Plan is jointly proposed by Federal-Mogul, the Unsecured Creditors Committee, the Asbestos Claimants Committee, the Future Asbestos Claimants Representative, the Agent for the Prepetition Bank Lenders and the Equity Committee. The Plan also has the support of the Asbestos Property Damage Committee and the Ad Hoc Committee of Unsecured Creditors. The Court also approved the solicitation and voting procedures by which the votes of a limited number of classes of creditors will be solicited. The Court determined that it was not necessary to resolicit the votes of all classes of creditors and equity holders. "Federal-Mogul is pleased with the developments accomplished at this hearing which together with the resolution for emergence of the United Kingdom Administrated companies, with activities in the Americas, Europe and Asia Pacific, represent major milestones toward exit from Chapter 11," said Chairman, President and Chief Executive Officer Jose Maria Alapont. "We continue to progress successfully, both in the implementation of our global profitable growth strategy to satisfy customer, employee and stakeholder expectations and in our commitment to confirm on May 8 our restructuring plan to emerge." About Federal-Mogul Corporation Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. In the Asian Pacific region, the company has operations in Malaysia, Australia, China, India, Japan, Korea, and Thailand. The company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 128; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8 ----------------------------------------------------------- The Hon. Judith K. Fitzgerald of the United States Bankruptcy Court for the District of Delaware set a hearing on May 8, to consider confirmation of Federal-Mogul Corporation and its debtor-affiliates' Fourth Amended Joint Plan of Reorganization. About Federal-Mogul Corporation Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. In the Asian Pacific region, the company has operations in Malaysia, Australia, China, India, Japan, Korea, and Thailand. The company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 128; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln -------------------------------------------------------------- Federal-Mogul Global Inc., et al. Unaudited Balance Sheet As of December 31, 2006 (In millions) Assets Cash and equivalents US$50.8 Accounts receivable 543.3 Inventories 420.3 Deferred taxes 191.2 Prepaid expenses and other current assets 97.2 -------- Total current assets 1,302.8 Summary of Unpaid Postpetition Debits (20.1) Intercompany Loans Receivable (Payable) 1,619.0 -------- Intercompany Balances 1,598.9 Property, plant and equipment 818.0 Goodwill 966.9 Other intangible assets 345.8 Insurance recoverable 859.0 Other non-current assets 486.9 -------- Total Assets US$6,378.3 Liabilities and Shareholders' Equity Short-term debt US$373.7 Accounts payable 194.4 Accrued compensation 70.4 Restructuring and rationalization reserves 23.1 Current portion of asbestos liability - Interest payable 4.4 Other accrued liabilities 229.4 -------- Total current liabilities US$895.5 Long-term debt - Post-employment benefits 769.1 Other accrued liabilities 516.4 Liabilities subject to compromise 5,873.5 Shareholders' equity: Preferred stock 1,050.6 Common stock 658.1 Additional paid-in capital 7,986.9 Accumulated deficit (11,444.9) Accumulated other comprehensive income 73.2 Other - -------- Total Shareholders' Equity (1,676.1) -------- Total Liabilities and Shareholders' Equity US$6,378.3 Federal-Mogul Global Inc., et al. Unaudited Statement of Operations For the Month Ended December 31, 2006 (In millions) Net sales US$221.0 Cost of products sold 165.2 -------- Gross margin 55.8 Selling, general & administrative expenses (0.4) Amortization (1.2) Reorganization items 33.4 Interest expense, net (15.1) Other expense, net 18.5 -------- Earnings before Income Taxes 91.1 Income Tax (Expense) Benefit 105.0 -------- Earnings before cumulative effect of change in accounting principle 196.1 -------- Net Earnings (loss) US$196.1 Federal-Mogul Global Inc., et al. Unaudited Statement of Cash Flows For the month ended December 31, 2006 (In millions) Cash Provided From (Used By) Operating Activities: Net earning (loss) US$196.1 Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 12.4 Adjustment of assets held for sale and other long-lived assets to fair value 8.8 Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. Principle - Change in post-employment benefits 316.0 Decrease (increase) in accounts receivable 40.9 Decrease (increase) in inventories 15.1 Increase (decrease) in accounts payable (25.1) Change in other assets & other liabilities (455.1) Change in restructuring charge - Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities 109.1 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (13.6) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - -------- Net Cash Provided From (Used By) Investing Activities (13.6) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt (115.6) Sale of accounts receivable under securitization - Dividends - Other 0.1 -------- Net Cash Provided From Financing Activities (115.4) Increase (Decrease) in Cash and Equivalents (19.9) Cash and equivalents at beginning of period 70.6 -------- Cash and equivalents at end of period US$50.8 About Federal-Mogul Corporation Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. In the Asian Pacific region, the company has operations in Malaysia, Australia, China, India, Japan, Korea, and Thailand. The company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 128; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) HANTEX PCL: Announces Delay of Financial Statement for FY2006 ------------------------------------------------------------- Hantex Pcl, in a disclosure with the Stock Exchange of Thailand, said that there will be a delay in the submission of its financial report for the year ended Dec. 31, 2006, and its form 56-1. The company explained that the delay is caused by Dharmniti Auditing Co. Ltd. initially refusing to audit its financial statement for the relevant period due to a lack of coordination and its being focused on its rehabilitation plan. However, the company clarified, the problem with Dharmniti had already been settled. Moreover, the company said that it also needs to adjust several items in its financial statement according to the court-approved plan. Hantex, since it is in the rehabilitation process, is exempted in the submission of the financial quarterly statement and Form 56-2, but still needs to submit the financial statement for fiscal year 2006 and Form 56-1. Hantex said that it will submit its 2006 financial statement and Form 56-1 to the SET and to the Securities and Exchange Commission in May 2007. About Hantex PCL Headquartered in Bangkok, Thailand, Hantex Public Company Ltd, reported liabilities aggregating THB552 million in 2004, versus assets totaling THB480.64 million. The company drifted further to being insolvent in 2005, with THB608 million in liabilities -- almost double the THB319.86 million in assets reported. The Troubled Company Reporter - Asia Pacific reported on Nov. 30, 2006, that the Central Bankruptcy Court of Thailand approved Hantex's the business rehabilitation plan on Sept. 28, which would enable the company to settle its debts with its creditors and to sustain its business operation as it goes forward. The TCR-AP stated that Hantex was also appointed to act as its own rehabilitation planner. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker ($MM) ($MM) ------- ------ ------ ------------ AUSTRALIA Hutchison Telecommunications (Aust) Ltd. HTA 1696.65 -786.31 Indophil Resources NL IRN 37.79 -69.96 Intellect Holdings Limited IHG 15.01 -0.83 KH Foods Ltd KHF 62.30 -1.71 Lafayette Mining Limited LAF 78.17 -127.82 Life Therapeutics Limited LFE 59.00 -0.38 Stadium Australia Group SAX 135.23 -41.84 CHINA AND HONG KONG Artel Solutions Group Holdings Limited 931 29.19 -18.65 Asia Telemedia Limited 376 10.89 -5.50 Chang Ling Group 561 77.48 -76.83 Chengdu Book Digital Co. Ltd. 600083 21.50 -3.07 China Liaoning International Cooperation Holdings Ltd. 638 20.12 -42.96 China Kejian Co. Ltd. 35 54.71 -179.23 Datasys Technology Holdings Ltd 8057 14.1 -2.07 Dynamic Global Holdings Ltd. 231 39.43 -2.21 Everpride Biopharmaceutical Company Limited 8019 10.16 -2.16 Fujian Changyuan Investment Holdings Limited 592 31.36 -54.04 Guangdong Kelon Electrical Holdings Co Ltd 921 685.74 -96.88 Guangdong Meiya Group Company Ltd. 529 107.16 -49.54 Guangxia (Yinchuan) Industry Co. Ltd. 557 62.19 -115.50 Hans Energy Company Limited 554 94.75 -10.76 Hualing Holdings Limited 382 242.26 -28.15 Huda Technology & Education Development Co. Ltd. 600892 17.29 -0.19 Hunan Anplas Co., Ltd. 156 77.57 -77.92 Hunan GuoGuang Ceramic Co., Ltd. 600286 87.44 -68.55 Hunan Hengyang 600762 68.45 -7.20 Innovo Leisure Recreation Holdings Ltd. 703 13.37 -3.89 Jiamusi Paper Co. Ltd. 699 109.07 -86.57 Junefield Department Store Group Limited 758 16.80 -6.34 Loulan Holdings Limited 8039 13.01 -1.04 New World Mobile Holdings Ltd 862 295.66 -12.53 Orient Power Holdings Ltd. 615 176.86 -64.20 Plus Holdings Ltd. 1013 18.52 -3.34 Shenyang Hejin Holding Company Ltd. 633 83.18 -20.87 Shenzhen Dawncom Business Tech and Service Co., Ltd 863 79.84 -37.30 Shenzhen Shenxin Taifeng Group Co., Ltd. 34 95.27 -44.65 Sichuan Changjiang Packaging Holding Co. Ltd. 600137 13.11 -72.76 Sichuan Topsoft Investment Company Limited 583 113.12 -148.61 Songliao Automobile Co. Ltd. 600715 49.56 -3.76 Taiyuan Tianlong Group Co. Ltd 600234 13.47 -87.63 Winowner Group Co. Ltd. 600681 38.03 -62.88 Xinjiang Hops Co. Ltd 600090 86.63 -11.26 Yueyang Hengli Air-Cooling Equipment Inc. 622 49.89 -17.71 Zarva Technology Co. Ltd. 688 101.76 -102.01 Zhejiang Haina Science & Tech Co., Ltd. 925 21.43 -33.33 INDIA Andhra Cement Ltd. ANDC 58.94 -13.48 ATV Projects India Ltd. ATV 68.25 -30.17 Bagalkot Udyog Ltd. BUL 20.55 -0.63 Baroda Rayon Corp. Ltd. BR 41.16 -26.62 Birla VXL Ltd. NVXL 98.77 -14.62 Core Healthcare Ltd. CPAR 214.36 -199.02 Deccan Aviation Pte. Ltd. DECA 86.94 -2.83 Fairfield Atlas Ltd. ATG 20.03 -0.15 GKW Ltd. GKW 35.75 -13.52 Gujarat Sidhee Cement Ltd. GSCL 51.12 -13.01 Himachal Futuris HMFC 574.62 -38.68 HMT Ltd. HMT 238.05 -288.85 IFCI Ltd. IFCI 2566.01 -727.71 JCT Electronics Ltd. JCTE 118.28 -165.74 Jenson and Nicholson (India) Ltd. JN 15.41 -77.32 Kinetic Engineering Ltd. KNEL 72.82 -5.40 Kothari Sugars and Chemicals Ltd. NKTSG 43.24 -29.24 Lloyds Steel Industries Ltd. LYDS 380.94 -69.93 LML Ltd. LML 81.21 -11.89 Mafatlal Ind. MFI 110.62 -74.82 Malanpur Steel Ltd. HDC 82.08 -52.01 Modern Threads MRT 78.18 -20.71 Mysore Cements Ltd. MYC 82.02 -14.57 Mysore Kirloskar Ltd. MK 23.71 -3.04 Phil Corporation Ltd. NPPI 22.13 -4.96 RPG Cables Ltd. NRPG 51.43 -20.19 Saurashtra Cement Ltd. SRC 112.31 4.57 Shree Digvijay Cement Co. Ltd. DIGV 29.62 -32.38 Shyam Telecom NSHY 147.34 -22.80 Singer India Ltd. SING 12.32 -6.69 SIV Ind. Ltd. NSIV 101.16 -66.27 SpiceJet Ltd. SJET 121.34 -2.75 INDONESIA Ades Waters Indonesia Tbk ADES 21.35 -8.93 Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21 Hotel Sahid Jaya SHID 71.05 -4.26 Mulialand Tbk MLND 141.33 -45.99 Steady Safe SAFE 19.65 -2.43 Toba Pulp Lestrari Tbk INRU 403.58 -198.86 Unitex Tbk UNTX 29.08 -5.87 Wicaksana Overseas International Tbk WICO 43.09 -46.36 Sekar Bumi Tbk SKBM 23.07 -41.95 Suba Indah Tbk SUBA 85.17 -9.18 JAPAN Mamiya-OP Co., Ltd. 7991 152.37 -67.11 Montecarlo Co. Ltd. 7569 66.29 -3.05 Nihon Seimitsu Sokki Co., Ltd. 7771 23.82 -1.10 Sumiya Co., Ltd. 9939 89.32 -11.57 Yakinikuya Sakai Co., Ltd. 7622 79.34 -11.20 MALAYSIA Antah Holdings Bhd ANT 184.60 -98.30 Ark Resources ARK 25.91 -28.35 Cygal Bhd CYG 58.47 -69.79 Mentiga Corporation Berhad MENT 22.13 -18.25 Metroplex Bhd MEX 323.51 -49.28 Mycom Bhd MYC 222.58 -136.17 Olympia Industries Bhd OLYM 272.49 -281.44 Pan Malay Industries PMRI 199.08 -6.30 Park May Bhd PMY 11.04 -13.58 PSC Industries Bhd PSC 62.80 -116.18 Setegap Berhad STG 19.92 -26.88 Wembley Industries Holdings Bhd WMY 111.72 -204.61 PHILIPPINES APC Group Inc. APC 67.04 -163.14 Atlas Consolidated Mining and Development Corp. AT 33.59 -57.17 Cyber Bay Corporation CYBR 11.54 -58.06 East Asia Power Resources Corp. PWR 92.55 -64.61 Filsyn Corporation FYN 19.20 -8.83 Gotesco Land, Inc. GO 17.34 -9.59 Prime Orion Philippines Inc. POPI 98.36 -74.34 Unioil Resources & Holdings Company Inc. UNI 10.64 -9.86 United Paragon Mining Corp. UPM 21.19 -21.52 Uniwide Holdings Inc. UW 61.45 -30.31 Victorias Milling Company Inc. VMC 127.83 -32.21 SINGAPORE China Aviation Oil (Singapore) Corporation CAO 211.96 -390.07 Compact Metal Industries Ltd. CMI 54.36 -25.64 Falmac Limited FAL 10.90 -0.73 Informatics Holdings Ltd INFO 22.30 -9.14 Liang Huat Aluminium Ltd. LHA 19.30 -76.43 Lindeteves-Jacoberg Limited LJ 225.52 -53.23 Pacific Century Regional PAC 1381.26 -107.11 See Hup Seng Ltd. SHS 17.36 -0.09 SOUTH KOREA BHK Inc 3990 24.36 -17.38 C & C Enterprise Co. Ltd. 38420 28.05 -14.50 Cenicone Co. Ltd. 56060 36.82 -1.46 Cheil Entech Co. Ltd. 53330 37.25 -0.31 DaeyuVesper Co. Ltd. 41140 19.06 -1.60 Everex Inc. 47600 23.15 -5.10 EG Greentech Co. 55250 186.00 -1.50 EG Semicon Co. Ltd. 38720 166.70 -12.34 Tong Yang Major 1520 2332.81 -86.95 TriGem Computer Inc 14900 629.32 -292.96 THAILAND Bangkok Rubber PCL BRC 70.19 -56.98 Circuit Electronic Industries PCL CIRKIT 20.37 -64.80 Kuang Pei San Food Products Public Co. POMPUI 12.51 -9.87 Sahamitr Pressure Container Public Co. Ltd. SMPC 20.77 -28.13 Sri Thai Food & Beverage Public Company Ltd SRI 18.29 -43.37 Tanayong PCL TYONG 178.27 -734.30 Thai-Denmark PCL DMARK 21.37 -18.88 Thai-Wah PCL TWC 91.56 -41.24 ********* 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. Andrei Sanchez, Nolie Christy Alaba, Rousel Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman, Editors. Copyright 2007. 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 ***