/raid1/www/Hosts/bankrupt/TCRAP_Public/070313.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
Tuesday, March 13, 2007, Vol. 10, No. 51
Headlines
A U S T R A L I A
ADVANCE COMMERCIAL: Members' Final Meeting Set for April 11
AUSTRALIAN PROJECT: Placed Under Members' Voluntary Liquidation
BAE SYSTEMS: Annual & Final Meeting Moved to March 28
CAPAKAI PTY: Members & Creditors Set to Meet Set on April 3
CYNROSS PTY: Supreme Court Enters Wind-Up Order
GRAND UNITED: Will Declare Dividend on April 20
GIPPSLAND CONCRETE: Creditors Must Prove Debts by April 4
SELECO PTY: To Declare Dividend on March 28
ST. GEORGE (HCAL): Members to Receive Wind-Up Report on April 11
ST. GEORGE (STAFF): Liquidator to Give Wind-Up Report on Apr. 11
TECOMA PTY: Members Agree to Shut Down Business
C H I N A & H O N G K O N G
AGRICULTURAL BANK: Finance Ministry to Bail Out Bad Loans
ALWAYS ADVANCE: Inability to Pay Debts Prompt Wind-Up
AMATERAS.NET: Members to Receive Wind-Up Report on April 12
BEIJING SHOUGANG: To Reduce Production During Olympics 2008
CHINA MINSHENG: Opens Investment Unit to Expand Operations
DONALDSON LUFKIN: Liquidator Resigns From Post
DRAGON FULL: Enters Wind-Up Proceedings
GOLD ASIAN: Names Lei Yanzhuang as Liquidator
HONGKONG BDSTAR: Creditors Must Prove Debts by March 28
FINESTYLE MARITIME: Members and Creditors to Meet on April 11
MANY (VARIETY SHOP): Liquidator Quits Post
MING SHING INDUSTRIAL: Shareholders Opt to Shut Down Operations
NICE LOOK INVESTMENT: Liquidator Quits Post
PANVA GAS: S&P Upgrades Ratings to BB+ with Positive Outlook
SHANGHAI XUJIAHUI: Members' Final Meeting Slated for April 10
VBA LIMITED: Placed Under Voluntary Liquidation
WESTON PHARMACEUTICAL: Creditors' Proofs of Debt Due on April 9
XINING SPECIAL: Posts CNY211 Mil. Net Profit in 2006; Up 45% YOY
I N D I A
GENERAL MOTORS: Directors Approved Bylaws Amendments
ICICI BANK: S&P Assigns 'BB' Rating to Hybrid Tier I Notes
PUNJAB NATIONAL BANK: CRISIL Rates Bank's Bond Issuances
ROYAL & SUN: A.M. Best Says Financial Strength is Marginal
TATA MOTORS: Signs Small-Car Project Pact with West Bengal
UCO BANK: To Consider Declaring Interim Dividend
UNION BANK OF INDIA: Gov't. Names K. Sivaraman as New Director
VISTEON CORP: Posts US$163 Million Net Loss in Full-Year 2006
I N D O N E S I A
ALCATEL-LUCENT: CEO Predicts Revenue Growth During Restructuring
ALCATEL-LUCENT: To Deploy Submarine Network in East Africa
BANK NEGARA: Partners with Bank Rakyat for IDR1.38-Tril. Loan
NORTEL: Unit Gets Default Waiver from Export Development Canada
PERUSAHAAN GAS: Signs Agreement with Muara Enim Local Government
PERUSAHAAN LISTRIK: OKs Chinese Firms' Signing of Power Contract
TELKOM INDONESIA: Repurchases 163,665,500 Shares
TELKOM INDONESIA: Plans to Merge Wireless Units
J A P A N
BANCO BRADESCO: Board Approves Complimentary Dividends Payment
DAIEI INC: Aeon to Buy 15% Stake For JPY46.2 Billion
DELPHI CORPORATION: Files Registration Statement With SEC
DELPHI CORP: Posts US$186 Million Net Loss in January 2007
EDDIE BAUER: Selects Spencer Stuart to Lead CEO Search
FORD MOTOR: Mich. Court Orders Repayment of US$80MM to Navistar
GAP INC: Reports US$910 Mil Net Sales for Period Ended March 3
JAPAN AIRLINES: To Share Osaka-Beijing Route with Hainan Air
NANTO BANK: JCR Affirms Ratings on Senior Debts and Bonds
NIKKO CORDIAL: Other Shareholders Criticize Citigroup Offer
SOJITZ CORP: Partners with Northern Energy for Coal Project
SOLO CUP: Moody's Assigns B1 Ratings on US$788-Million Debts
SUMITOMO MITSUI: To Tie-Up With Kookmin To Improve Loan Business
USINAS SIDERURGICAS: Net Profits Decline to BRL2.52B in 2006
M A L A Y S I A
METROPLEX BERHAD: Appeals Bursa's Securities Delisting Decision
PROTON HOLDINGS: Gov't to Stick to Deadline for Naming Partner
TALAM CORP: Makes Clarifications on Unit's Wind-Up Proceeding
TALAM CORP: Units Join Cekap on Property Development Deal
TANCO HOLDINGS: Petitioner Drops Wind-Up Petition Against Unit
TAP RESOURCES: Units Placed Under Creditors' Voluntary Wind-Up
TECHVENTURE BERHAD: Inks Two Agreements with Master Resources
N E W Z E A L A N D
ADVANCED BUILDING: Creditors Must Prove Debts by April 5
BEULAH LAND: Creditors Must Prove Debts by April 22
C.D.M. CONSULTANT: Appoints Fatupaito & Agnew as Liquidators
KEARNEYS SERVICES: Taps Shephard and Dunphy as Liquidators
LOVELL MEWS: Enters Liquidation Proceedings
ROSS MONTGOMERY: Creditors' Proofs of Debt Due on March 21
SPORTFISHERS LTD: Enters Wind-Up Proceedings
TEKNOW (NZ): Shareholders Appoint Liquidators
TROI AND ASSOCIATES: Creditors' Proofs of Debt Due on March 21
WAINUIOTOTO BAY: Liquidators to Receive Claims Until April 22
P H I L I P P I N E S
CHIQUITA BRANDS: Amends Credit Pact with Operating Unit
CHIQUITA BRANDS: Lets Retailers Sell Single Banana for 75 Cents
MANILA ELECTRIC: Discloses Agenda of May 29 Stockholders Meeting
PHILODRILL CORP: Signs Farm-In Agreement with Vitol GPC
VICTORIAS MILLING: Posts PHP441.33MM Profit in Nov. 2006 Qtr.
WARNER MUSIC: Board Declares US$0.13 Per Share Dividend
S I N G A P O R E
INTERIOR ALLIANCE: Requires Creditors to Prove Debts by March 23
GLOBAL OMARUS: Expects Creditors to Prove Debts by March 23
PETROLEO BRASILEIRO: Reduc Plant's Workers Demand 20% Pay Hike
PETROLEO BRASILEIRO: To Ink US$470MM Deal with National Iranian
SIM HOE CONSTRUCTION: Creditors Must Prove Debts by March 23
T H A I L A N D
ADVANCED AGRO: Moody's Changes B3 Rating Outlook To Positive
DAIMLERCHRYSLER: Sells EUR2 Billion 4.375% Bonds Due March 2010
DAIMLERCHRYSLER: Chrysler Group to Recall Over 489,000 Vehicles
DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9%
DAIMLERCHRYSLER AG: Shareholders Want Chrysler Deal Investigated
* BOND PRICING: For the Week 5 March to 9 March 2007
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCE COMMERCIAL: Members' Final Meeting Set for April 11
-----------------------------------------------------------
The members of Advance Commercial Finance Ltd will have a final
meeting on April 11, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
As reported by the Troubled Company Reporter - Asia Pacific,
Advance Commercial Finance went into liquidation on Sept. 8,
2006.
The company's liquidator is:
Murray Smith
McGrathNicol
Level 9, 10 Shelley Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9338 2666
Web site: http://www.mcgrathnicol.com/
About Advance Commercial
Headquartered in New South Wales, Australia, Advance Commercial
Finance Ltd provides business services.
AUSTRALIAN PROJECT: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------------
On Feb. 20, 2007, the members of Australian Project Security Pty
Limited held a general meeting and resolved to wind up the
company's operations.
Accordingly, P. Ngan was appointed as liquidator.
The company's Liquidator can be reached at:
P. Ngan
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street
Sydney, New South Wales 2000
Australia
About Australian Project
Located in New South Wales, Australia, Australian Project
Security Pty Limited provides detective and armored car
services.
BAE SYSTEMS: Annual & Final Meeting Moved to March 28
-----------------------------------------------------
BAE Systems Australia Properties Pty Limited, which is in
liquidation, has moved its annual and final meeting from Jan. 16
to March 28, 2007.
During the meeting, the company's liquidator will present a
report on the company's wind-up proceedings and property
disposal.
The TCR-AP reported that the company entered wind-up proceedings
on Jan. 19, 2006.
The company's liquidator is:
Anthony Stevens Smith
Ernst & Young
Level 21, 91 King William Street
Adelaide, South Australia 5000
Australia
Telephone:(08) 8233 7111
About BAE Systems
BAE Systems Australia Properties Pty Limited is involved in real
estate investment trusts. The company is located in New South
Wales, Australia.
CAPAKAI PTY: Members & Creditors Set to Meet Set on April 3
-----------------------------------------------------------
The members and creditors of Capakai Pty Ltd will hold a final
meeting on April 3, 2007, at 9:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Robert William Cowling
5 Edmunds Street
Darwin NT 0800
Australia
About Capakai Pty
Capakai Pty Ltd operates hotels and motels. The company is
located in Katherine in NT, Australia.
CYNROSS PTY: Supreme Court Enters Wind-Up Order
-----------------------------------------------
The Supreme Court of New South Wales issued an order on Feb. 23,
2007, to wind up the operations of Cynross Pty Ltd.
Accordingly, Steven Nicols was appointed as liquidator.
The company's Liquidator can be reached at:
Steven Nicols
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
About Cynross Pty
Cynross Pty Ltd -- also trading as Terry Hunt Textiles; Terry
Hunt Textile Broker -- is a distributor of piece goods, notions,
and other dry goods. The company is located in New South Wales,
Australia.
GRAND UNITED: Will Declare Dividend on April 20
-----------------------------------------------
Grand United Order of Free Gardeners Friendly Society Ltd will
declare a first and final dividend on April 20, 2007.
Creditors who cannot prove their debts by April 10, will be
excluded from the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 13, 2007.
The company's liquidator is:
Peter Goodin
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road
Hawthorn East, Victoria 3123
Australia
Telephone: 9882 6666
About Grand United
Located in Victoria, Australia, Grand United Order of Free
Gardeners Friendly Society Ltd -- also trading as Free
Gardeners -- has a series of business associations.
GIPPSLAND CONCRETE: Creditors Must Prove Debts by April 4
---------------------------------------------------------
Gippsland Concrete Testing Pty Ltd, which is subject to a deed
of company arrangement, will declare a dividend on April 18,
2007.
Accordingly, creditors are required to prove their debts by
April 4, 2007, to be included in the company's dividend
distribution.
The deed administrator is:
Bruce N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road
Surrey Hills, Victoria 3127
Australia
About Gippsland Concrete
Located in Victoria, Australia, Gippsland Concrete Testing Pty
Ltd operates testing laboratories.
SELECO PTY: To Declare Dividend on March 28
-------------------------------------------
Seleco Pty Ltd, which is subject to a deed of company
arrangement, will declare a first and final dividend on
March 28, 2007.
Creditors are required to prove their debts by March 14, 2007,
to be included in the company's dividend distribution.
The deed administrator is:
D. P. Juratowitch
Cor Cordis
Chartered Accountants
406 Collins Street
Melbourne, Victoria 3000
Australia
About Seleco Pty
Located in Victoria, Australia, Seleco Pty Ltd is engaged with
electrical work.
ST. GEORGE (HCAL): Members to Receive Wind-Up Report on April 11
----------------------------------------------------------------
A final meeting will be held for the members of St. George HCAL
Limited on April 11, 2007, at 10:00 a.m.
At the meeting, the members will hear the liquidator's report on
the company's wind-up proceedings and property disposal.
According to the Troubled Company Reporter - Asia Pacific, the
company started winding up its operations on Sept. 8, 2006.
The company's liquidator is:
Murray Smith
McGrathNicol
Level 9, 10 Shelley Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9338 2666
Web site: http://www.mcgrathnicol.com/
About St. George
St. George HCAL Limited is a distributor of prepackaged
software. The company is located in Western Australia,
Australia.
ST. GEORGE (STAFF): Liquidator to Give Wind-Up Report on Apr. 11
----------------------------------------------------------------
St. George Staff Retirement Fund Pty Limited, which is under
voluntary liquidation, will hold a final meeting for its members
on April 11, 2007, at 10:00 a.m.
Murray Smith, the appointed liquidator, will present his report
on the company's wind-up and property disposal during the
meeting.
The company commenced liquidation on Sept. 8, 2006, as reported
by the Troubled Company Reporter - Asia Pacific.
Mr. Smith can be reached at:
Murray Smith
McGrathNicol
Level 9, 10 Shelley Street
Sydney, New South Wales 2000
Australia
Telephone:(02) 9338 2666
Web site: http://www.mcgrathnicol.com/
About St. George Staff
Headquartered in New South Wales, Australia, St. George Staff
Retirement Fund Pty Limited is an investor relations company.
TECOMA PTY: Members Agree to Shut Down Business
-----------------------------------------------
At a general meeting held on Feb. 16, 2007, the members of
Tecoma Pty Ltd -- also trading as Stockdale & Leggo Pty Ltd --
resolved to shut down the company's business.
The company's chairperson is:
Norma Winifred Treloar
c/o Forsyths
127 Marius Street
Tamworth, New South Wales 2340
Australia
About Tecoma
Located in Victoria, Australia, Tecoma Pty Ltd -- also trading
as Stockdale & Leggo Pty Ltd -- is a distributor of durable
goods.
================================
C H I N A & H O N G K O N G
================================
AGRICULTURAL BANK: Finance Ministry to Bail Out Bad Loans
---------------------------------------------------------
China's Ministry of Finance will fund a cleanup of Agricultural
Bank of China's bad loans and will take an equity stake in the
bank in return, China View reports, citing the bank's president,
Yang Mingsheng.
According to press reports, the amount needed for the bank's
bailout will be determined after the completion of the financial
audit by the end of this year.
The finance ministry will inject the fund and become a
shareholder, Shanghai Daily relates.
Shanghai Daily relates that a bailout of Agricultural Bank,
which is burdened with US$95 billion of bad loans, may cost the
government up to US$140 billion, including the cost of meeting
the 8% minimum capital adequacy requirement set by the Chinese
central bank.
The Chinese Government wants to keep Agricultural Bank running
in order to maintain its services to the country's 800 million
farmers this year, The International Herald Tribune notes.
The bank operates 24,000 branches nationwide, with 60% of them
in rural areas, CCTV relates.
* * *
The Agricultural Bank of China -- http://www.abocn.com/-- is
the mainland's fourth largest bank. It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.
Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.
The Troubled Company Reporter - Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion -- CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.
Fitch Ratings gave the Bank an Individual rating of 'E'.
ALWAYS ADVANCE: Inability to Pay Debts Prompt Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 27, 2007, the
shareholders of Always Advance International Trading Limited
passed a resolution to wind up the company's operations due to
its inability to pay its debts.
In this regard, Wu Shek Chun, Wilfred was appointed as
liquidator.
The Liquidator can be reached at:
Wu Shek Chun, Wilfred
Libra CPA Limited
Hong Kong Trade Centre, 10th Floor
161 Des Voeux Road, Central
Hong Kong
AMATERAS.NET: Members to Receive Wind-Up Report on April 12
-----------------------------------------------------------
The members of Amateras.Net Limited will hold a final general
meeting on April 12, 2007, at 10:00 a.m., to receive the
liquidators' report regarding the company's wind-up proceedings
and property disposal.
The meeting will be held at 905 Silvercord, Tower 2, 30 Canton
Road, Tsimshatsui in Kowloon, Hong Kong.
The company's joint and several liquidators are:
James T. Fulton
Cordelia Tang
905 Silvercord, Tower 2
30 Canton Road
Tsimshatsui, Kowloon
Hong Kong
BEIJING SHOUGANG: To Reduce Production During Olympics 2008
-----------------------------------------------------------
Beijing Shougang Group, the parent of Beijing Shougang Steel Co.
Ltd., will reduce, not halt, its steel production during the
2008 Beijing Olympic Games, various reports say, citing the
group's chairman, Zhu Jimin.
According to earlier reports, executives at Shougang had
previously indicated that the company might suspend production
during the Olympics.
In a statement, Mr. Zhu said during the 10th National People's
Congress that Shougang would reduce production from eight
million to four million tons this year and maintain minimum
operations during the Games. The company had already started to
reduce production with the closure of a two-million-ton
production facility and a furnace with a capacity of 700,000
tons, Mr. Zhu said.
"A company should consider not only its profits but also its
social impacts," Mr. Zhu was quoted by China Daily as saying.
Meanwhile, China Daily relates that by the end of 2010,
Shougang's entire operation will be relocated to Caofeidian, a
tiny island 80 kilometers south of Tangshan. Shougang and
Tangshan Iron and Steel Corp, China's sixth-largest steelmaker
by output, set up a joint venture in Caofeidian in October of
2005.
* * *
Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in
the iron and steel industry. The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag. The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries. As of December 31,
2005, the Company had three major subsidiaries and three major
associates.
The company has been widely accused being as one of Beijing's
major polluter.
Xinhua Far East China Ratings gave Beijing Shougang a BB+ issuer
credit rating.
CHINA MINSHENG: Opens Investment Unit to Expand Operations
----------------------------------------------------------
China Minsheng Bank Chairman Dong Wenbiao said in an interview
with Bloomberg News that the bank has begun investment banking
as it seeks to broaden its operations, International Herald
Tribune relates.
The investment-banking unit was formed within the main company
and will underwrite short-term corporate bonds and consult on
mergers and acquisitions, Mr. Dong said. In addition, Minsheng
Bank will offer a separate investment-banking unit to provide
brokerage services once the regulator allows, according to Mr.
Dong.
"Over the next five years, we are going to become a diversified
financial institution," Mr. Dong said.
Bloomberg recounts that in August, Minsheng Bank also said that
it was setting up a CNY200 million fund management joint venture
with Royal Bank of Canada.
Bloomberg notes that China is letting its banks enter new
businesses including brokering, fund management and insurance to
add revenue sources.
Meanwhile, Mr. Dong related that as the bank enters new kinds of
business, Minsheng has been shoring up its capital. "The bank's
board will meet on March 16 to decide on selling shares overseas
where Temasek Holding, the Singapore government fund that owns
less than 4% of Minsheng, may increase its stake through the new
share sale," he said.
* * *
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 China Minsheng
Banking Corp.'s Individual D/E and Support 4 ratings.
DONALDSON LUFKIN: Liquidator Resigns From Post
----------------------------------------------
On Feb. 28, 2007, Mark John Bradley ceased to act as liquidator
of Donaldson, Lufkin & Jenrette Asia Limited.
Mr. Bradley can be reached at:
Mark John Bradley
Alexandra House, 5th Floor
16 Chater Road, Central
Hong Kong
DRAGON FULL: Enters Wind-Up Proceedings
---------------------------------------
The shareholders of Dragon Full International Limited held an
extraordinary general meeting on Feb. 27, 2007, and decided to
wind up the company's operations due to its inability to pay its
debts.
Wu Shek Chun, Wilfred was appointed as liquidator.
The Liquidator can be reached at:
Wu Shek Chun, Wilfred
Libra CPA Limited
Hong Kong Trade Centre, 10th Floor
161 Des Voeux Road, Central
Hong Kong
GOLD ASIAN: Names Lei Yanzhuang as Liquidator
---------------------------------------------
The members of Gold Asian Limited appointed Lei Yanzhuang as the
company's liquidator through a special resolution passed on
March 5, 2007.
The company's Liquidator can be reached at:
Lei Yanzhuang
Flat H, 3rd Floor
Banyan Mansion, Harbour View Gardens
No. 24 Taikoo Wan Road
Taikoo Shing
Hong Kong
HONGKONG BDSTAR: Creditors Must Prove Debts by March 28
-------------------------------------------------------
On Feb. 28, 2007, Hongkong Bdstar Limited appointed Zhou Ruxin
as its liquidator.
Mr. Zhou requires the company's creditors to file their proofs
of debt by March 28, 2007.
Failure to prove debts by the due date will exclude a creditor
from sharing in the company's dividend distribution.
The company's Liquidator can be reached at:
Zhou Ruxin
Unit 2-1 Building 8
No.9 Huangsi Street
Chaoyang District, Beijing
China
FINESTYLE MARITIME: Members and Creditors to Meet on April 11
-------------------------------------------------------------
The members and creditors of Finestyle Maritime Services Limited
will meet on April 11, 2007, at 11:00 a.m., to hear a report
about the company's wind-up proceedings and property disposal.
The meeting will be held on 18th Floor of Two International
Finance Centre at 8 Finance Street in Central, Hong Kong.
Stephen Liu Yiu Keung and Robert Armor Morris are the company's
liquidators.
MANY (VARIETY SHOP): Liquidator Quits Post
------------------------------------------
Leung Chui Mei ceased to act as liquidator of Many (Variety
Shop) Company Limited on March 2, 2007.
The company's former Liquidator can be reached at:
Leung Chui Mei
Room 502, 5th Floor
Prosperous Building
Des Voeux Road Central
Central
Hong Kong
MING SHING INDUSTRIAL: Shareholders Opt to Shut Down Operations
---------------------------------------------------------------
On Feb. 27, 2007, the shareholders of Ming Shing Industrial
Company Limited held an extraordinary general meeting and agreed
to wind up the company's operations due to its inability to pay
its debts.
Accordingly, Wu Shek Chun, Wilfred was appointed as liquidator
for the company.
The Liquidator can be reached at:
Wu Shek Chun, Wilfred
Libra CPA Limited
Hong Kong Trade Centre, 10th Floor
161 Des Voeux Road, Central
Hong Kong
NICE LOOK INVESTMENT: Liquidator Quits Post
-------------------------------------------
Cheuk Yee Man ceased to act as liquidator of Nice Look
Investment Limited on Feb. 27, 2007.
In a report by the Troubled Company Reporter - Asia Pacific, Mr.
Cheuk presented the company's wind-up report and property
disposal on Feb. 26, 2006.
The company's former Liquidator can be reached at:
Cheuk Yee Man
Room 2810, 28th Floor
113 Argyle Street, Kowloon
Hong Kong
PANVA GAS: S&P Upgrades Ratings to BB+ with Positive Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services on March 9, 2007, said that
it had raised its foreign currency long-term corporate credit
rating on Panva Gas Holdings Ltd to BB+ from BB.
The outlook is positive.
At the same time, Standard & Poor's also raised the foreign
currency issue ratings on Panva's US$50 million convertible
bonds due 2008 and US$200 million senior unsecured notes due
2011 to BB+ from BB. All the ratings were removed from
CreditWatch, where they had been placed with positive
implications on Dec. 5, 2006.
"We expect Towngas to provide increasing managerial assistance
for Panva at the corporate and regional level, including support
for Panva's efforts to improve its internal controls and risk
management systems," said Standard & Poor's credit analyst
Lawrence Lu.
Standard & Poor's believes Towngas will help Panva to acquire
piped-gas projects in China, either through sole or joint bids.
The rating actions follow a detailed evaluation of Panva's
acquisition of 10 piped gas projects from Hong Kong & China Gas
Ltd. (Towngas). Our review focused on the quality of the
projects, their financial contribution, and the managerial
support Panva will get from Towngas.
The Panva deal is the first of its kind that Towngas has made in
its 140-year history. Following the transaction, which was
completed on March 1, 2007, Towngas became Panva's largest
shareholder, with a 44% stake. The managing director of
Towngas, Alfred Chan, was appointed Panva's chairman, while
Towngas' CFO, chief operating officer, and the head of its China
business became executive directors of Panva.
Negatively, the projects acquired from Towngas will make a
minimal contribution to Panva's profit and cash flow. In
addition, uncertainties surround its new focus on gas sales,
particularly to industrial and commercial users, rather than on
one-off connection fees.
Standard & Poor's expects this strategy shift to put the
company's profitability under pressure in the next two years.
However, the impact on cash flow is unlikely to be significant.
SHANGHAI XUJIAHUI: Members' Final Meeting Slated for April 10
-------------------------------------------------------------
Shanghai Xujiahui Holdings (H.K.) Limited's members will have a
final meeting on April 10, 2007, at 10:00 a.m.
The meeting will be held at Room 3203, 32nd Floor, COSCO Tower,
183 Queen's Road, in Central, Hong Kong.
During the meeting, the members will receive the liquidator's
report regarding the company's wind-up proceedings and property
disposal.
According to the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Oct. 25, 2006.
Subsequently, Cheng Shui Tai was appointed as liquidator.
The Liquidator can be reached at:
Cheng Shui Tai
S. T. Cheng & Co.
Room 3203, 32/F, COSCO Tower
183 Queen's Road, Central
Hong Kong
VBA LIMITED: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting on March 1, 2007, the
shareholders of VBA Limited resolved to voluntarily wind up the
company's operations.
In this regard, Chiu Soo Ching, Katherine, and Cho Che Kwong,
Alex, were appointed as liquidators.
The Liquidators can be reached at:
Chiu Soo Ching, Katherine
Cho Che Kwong, Alex
c/o 2001 Central Plaza
18 Harbour Road, Wanchai
Hong Kong
WESTON PHARMACEUTICAL: Creditors' Proofs of Debt Due on April 9
---------------------------------------------------------------
Weston Pharmaceutical Limited, which was placed under members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by April 9, 2007.
The company's liquidator is:
Chan Wing Kit
Units 2009-18
Shui On Centre, 20th Floor
Nos. 6-8 Harbour Road, Wanchai
Hong Kong
XINING SPECIAL: Posts CNY211 Mil. Net Profit in 2006; Up 45% YOY
----------------------------------------------------------------
Xining Special Steel Co Ltd recorded a net profit of
CNY211 million in financial year 2006, up by 45.16% from a year
ago, TMC Net says, citing a report from the China Securities
Journal.
Earnings per share of the company were CNY0.3051 and return on
net assets was 10.46%, the company's annual report stated.
The company also recorded operating revenue from main business
of CNY3.179 billion in 2006, with a year-on-year increase of
24.88%.
In 2006, Xining produced 796,000 tons of steel, 711,200 tons of
high-quality steel, increasing 57.53% and 61.2% year on year
respectively; 460,000 tons of coal; 344,000 tons of tar; 231,000
tons of fine iron dust, its report reflected.
Moreover, the company plans to achieve operating revenue from
main business of CNY4.1 billion in 2007, and produce 800,000
tons of iron, 942,500 tons of steel and one million tons of
coal.
* * *
Based in Xining, Qinghai Province, Xining Special Steel Co.,
Ltd. is principally engaged in the smelting and processing of
special steel products and offers alloy structural steel, alloy
tool steel, carbon structural steel, bearing steel, spring
steel, carbon tool steel, stainless steel, high-temperature
steel and other steel products.
Xinhua Far East China Ratings gave the company a BB issuer
credit rating on August 25, 2006.
=========
I N D I A
=========
GENERAL MOTORS: Directors Approved Bylaws Amendments
----------------------------------------------------
General Motors Corp.'s Board of Directors, on March 5, 2007,
approved amendments to the Corporation's Bylaws effective
immediately.
Section 2.1, which establishes the number of directors as 12
unless changed from time to time by resolution of the Board of
Directors, was amended to add that the Board will not change the
number of directors to less than 3 nor more than 17 without the
consent of GM's stockholders. The current number of directors,
established by resolution of the Board, is 11.
The amendment also added a provision stating that there is no
vacancy on the Board as long as the number of directors in
office is equal to the number of directors established in
Section 2.1 or by a resolution of the directors pursuant to
Section 2.1.
In addition, Section 3.1 was amended to provide that the
standing committees of the Board include, rather than comprise,
the committees listed in that section, and to authorize the
Board to establish an administrative committee to deal with
matters that are not expressly reserved to the jurisdiction of
the Board or one of its committees according to its delegation
of authority and are not otherwise significant.
Section 3.2 has been amended to identify the specific committees
of the Board for which the members and chairmen shall be elected
annually and that are subject to the requirements that only
Independent Directors shall be members, rather than refer to the
standing committees of the Board.
About General Motors Corp.
General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931. Founded in 1908, GM employs about 284,000
people around the world. It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries. GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.
* * *
Standard & Poor's Ratings Services, on Dec. 13, 2006, affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed on March 29, 2006.
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, S&P said that the company's announcement that it
is restating financial results from 2002 through the third
quarter of 2006 raises new concerns about the integrity of the
company's financial reporting and internal controls, but has no
immediate effect on the ratings on GM, GMAC LLC
(BB+/Developing/B-1), or GMAC unit Residential Capital LLC
(ResCap; BBB/Negative/A-3).
As reported in TCR-AP on Nov. 16, 2006, Moody's Investors
Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5
Billion secured term loan. The term loan is expected to be
secured by a first priority perfected security interest in all
of the US machinery and equipment, and special tools of GM and
Saturn Corporation.
ICICI BANK: S&P Assigns 'BB' Rating to Hybrid Tier I Notes
----------------------------------------------------------
Standard & Poor's Ratings Services, on March 12, 2007, assigned
its ratings to ICICI Bank's proposed debt issues under its
US$5 billion MTN program. Standard & Poor's rated ICICI Bank's
proposed senior unsecured notes 'BBB-', its lower Tier II
subordinated notes 'BB+', and its upper Tier II subordinated
notes and hybrid Tier I notes 'BB'.
The lower Tier II subordinated notes will have a minimum
maturity of five years, or 63 months (if issued between Jan. 1
and March 31 of any year), and the upper Tier II subordinated
notes will have a minimum maturity of 15 years. The hybrid Tier
I notes are perpetual.
The proposed MTN program is an expansion of ICICI Bank's earlier
US$1 billion program, which was rated by Standard & Poor's on
July 23, 2004. The proceeds of these issues will be used to
meet funding requirements of international operations and for
general corporate purposes, subject to regulatory approvals.
The proposed senior notes will constitute direct, unconditional,
unsecured and unsubordinated obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations. The subordinated notes (lower Tier
II and upper Tier II) will constitute the unsecured and
subordinated obligations of the bank (subordinate to the claims
of the senior debt holders and the upper Tier II notes will be
further subordinated to lower Tier II notes) and rank pari passu
with all subordinated debt in their respective class. The
payment obligation on the hybrid Tier I notes shall rank junior
to the claims of holders of senior and subordinated debts, but
senior to the claims of holders of preference and equity shares.
The rating differential between the senior unsecured notes and
the lower Tier II subordinated notes reflects the latter's
subordinated nature. The 'BB' rating on the upper Tier II
subordinated notes and hybrid Tier I notes reflects an interest
deferral option on these notes. This interest deferral feature
is linked to compliance with the regulatory capital adequacy
ratio and an earnings test. Should ICICI Bank's RCAR be lower
then the minimum regulatory requirement stipulated by the
Reserve Bank of India, it would be mandatory to skip interest
payments. As of Dec. 31, 2006, ICICI Bank's RCAR stood at 13.4%
compared with the minimum regulatory requirement of 9%.
If ICICI Bank is in compliance with the RCAR but reports a "net
loss," it will need to seek RBI's permission to make interest
payment. ICICI Bank defines "net loss" as a negative balance in
the "balance in profit and loss account" on the bank's balance
sheet, or as a net loss in the profit and loss account, where:
(a) for interest payment in October, a net loss will refer to
its profit and loss account for the six month period
ended on the preceding Sept. 30; or
(b) for interest payment in April, a net loss will refer to
its profit and loss account for the 12-month period ended
on the preceding March 31.
In the event of any conflict, RBI's rules will prevail.
The upper Tier II subordinated notes and hybrid Tier I notes are
not included in Standard & Poor's measure of core capital, which
is adjusted common equity. This is in line with Standard &
Poor's treatment of other forms of hybrid capital, including
preference shares, in its analysis of capital.
Standard & Poor's will, however, recognize equity capital credit
in the bank's adjusted total equity for hybrid capital with
maturity of at least 20 years. Hence, Standard & Poor's will
recognize equity capital credit of up to 25% of the bank's
quantum of adjusted total equity for the proposed hybrid Tier I
notes.
PUNJAB NATIONAL BANK: CRISIL Rates Bank's Bond Issuances
--------------------------------------------------------
Credit Rating Information Services of India Ltd gave these
ratings to Punjab National Bank's bond issuances of:
* INR10 Billion Upper Tier II Bonds Issue: AAA/Stable
(Assigned)
* INR5 Billion Tier I Perpetual Bonds Issue: AAA/Stable
(Reaffirmed)
* INR5 Billion Upper Tier II Bonds Issue: AAA/Stable
(Reaffirmed)
* INR5 Billion Lower Tier II Bonds Issue: AAA/Stable
(Reaffirmed)
* INR600 Million Lower Tier II Bonds Issue: AAA/Stable
(Reaffirmed)
The ratings on the bonds issuances reflect the bank's high
capitalisation levels and its flexibility to raise more capital
through a follow-on public issue. The bank's overall capital
adequacy ratio was at 12.9% as on December 31, 2006.
PNB's Tier I capital adequacy ratio stood at 9.6% as on Sept.
30, 2006; this provides adequate flexibility to the bank to meet
additional capital requirements to support expected credit
growth by issuing Upper and Lower Tier II bonds and Tier I
perpetual bonds. The capitalisation levels are further
supported by healthy accretions to net worth.
The ratings also reflect the bank's strong market position,
healthy resource profile and majority ownership by the
Government of India. PNB is the second largest public sector
bank in India in terms of total business (deposits plus
advances) and third largest among all scheduled commercial banks
in terms of asset size. PNB has a relatively high proportion of
low-cost deposits (47% as on Dec. 31, 2006) and relatively low
deposit costs of 4.14% for 2005-06 (refers to financial year,
April 1 to March 31) among Indian PSBs.
PNB's credit profile also benefits from its large Tier I capital
base of INR89.24 billion, and high proportion of Tier I capital
(of 10.06%) in its risk-weighted assets, as on March 31, 2006.
The core profitability of PNB is strong, marked by a comfortable
net profitability margin of 2.05% (based on average balances).
These strengths are tempered to some extent by the bank's
average but improving asset quality.
PNB's asset quality, though average, continues to improve. The
bank's gross non performing assets at 3.7% as on Dec. 31, 2006,
are higher than the banking system average; however, its NPAs
have improved significantly from 6.0% as on March 31, 2005.
The high likelihood of systemic support in the event of stress
is a key factor that drives the ratings of several Indian public
sector banks, including PNB. CRISIL believes that the
probability of support is underpinned by the policy role that
the banking system plays, and the serious implications of
default by PSBs on the Indian economy and political system.
GoI's majority ownership of PSBs (the current GoI shareholding
in PNB is 57.8%) creates a moral obligation to support the banks
if the need arises.
Outlook
CRISIL believes that GoI's support, coupled with PNB's strong
market position and comfortable resource profile, will
significantly offset the challenges that the bank faces in
improving its asset quality. CRISIL also believes that PNB will
remain comfortably capitalised over the medium term.
About the Bank
PNB, the second largest PSB in India, has a share in excess of 5
per cent of the deposits, advances, and assets of all scheduled
commercial banks. The bank had global deposits of INR1,302
billion and a global advances portfolio of INR876 billion as on
Dec. 31, 2006. PNB had an asset base of INR1,554 billion as on
Dec. 31, 2006. It reported gross and net NPAs of 3.7% and 0.4%,
respectively, as on Dec. 31, 2006. For the nine months ended
Dec. 31, 2006, the bank reported a profit after tax of INR13.0
billion on a total income (net of interest expense) of INR50.0
billion as against PAT and total income of INR14.4 and INR59.3
billion respectively for financial year 2005-06.
* * *
Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers. The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches. Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities. It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries. Its retail credit
products include home loans, personal loans and automobile
loans. Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.
Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.
ROYAL & SUN: A.M. Best Says Financial Strength is Marginal
----------------------------------------------------------
A.M. Best Co. has downgraded the financial strength ratings to
C+ (Marginal) from C++ (Marginal) and the issuer credit ratings
to "b-" from "b" for the Royal & SunAlliance USA Insurance Pool
(Wilmington, DE) and its members, as well as its separately
rated affiliate, Royal Surplus Lines Insurance Company
(Wilmington, DE).
On March 3, 2007, R&SA USA Pool's name was changed to Arrowpoint
Capital Pool (Wilmington, DE). The ratings have been removed
from under review with developing implications and assigned a
negative outlook.
Subsequently, A.M. Best has withdrawn the FSRs and ICRs and
assigned a category NR-4 (Company Request) to RSLIC and the
members of the Arrowpoint Pool. Concurrently, A.M. Best has
withdrawn the FSR and ICR and assigned a category NR-5 (Not
Formerly Followed) to Arrowpoint Pool. These rating actions
reflect management's decision to withdraw from A.M. Best's
interactive rating process.
The Arrowpoint Pool includes Royal Indemnity Company and
Security Insurance Company of Hartford. These two companies,
along with RSLIC, have been in run-off since 2003. On March 3,
2007, Royal & Sun Alliance Insurance Group plc (United Kingdom)
[LSE: RSA] completed the sale of its U.S. operations to
Arrowpoint Capital Corporation, a registered Delaware
corporation founded by Royal & Sun U.S. senior managers and
outside directors.
As part of the transaction, the former U.K. parent contributed
US$287.5 million in additional capital to the group. Arrowpoint
Capital acquired the U.S. operations for $300 million in
deferred consideration, payment of which will be based on the
future performance of the run-off.
Founded in 1899, A.M. Best Company is a full-service credit
rating organization dedicated to serving the financial services
industries, including the banking and insurance sectors.
* * *
Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100
company, listed on the London Stock Exchange and in New York.
The group consists of three regions -- U.K., Scandinavia and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide. The group has operations in Asia, including China,
Hong Kong and India, among others.
* * *
As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.
TATA MOTORS: Signs Small-Car Project Pact with West Bengal
----------------------------------------------------------
The Government of West Bengal and West Bengal Industrial
Development Corp. has signed an agreement for a small-car
project, Tata Motors Ltd says in its Web site.
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 25, Tata Motors initiated preliminary steps to build a
small-car plant at Singur in West Bengal. TCR-AP related that
locals have protested against the transfer of agricultural land
required for the factory.
The pact, according to Tata Motors, was signed on March 9.
The small car is reportedly scheduled to roll out of the plant
by 2008.
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: To Consider Declaring Interim Dividend
------------------------------------------------
UCO Bank plans to declare interim dividend to its equity
shareholders, a filing with the Bombay Stock Exchange reveals.
To consider the declaration of dividend, among others, the
bank's board of directors will hold a meeting on March 16, 2007.
The bank sets March 23, 2007, as the record date for the purpose
of payment of interim dividend.
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: Gov't. Names K. Sivaraman as New Director
--------------------------------------------------------------
The central government has nominated K. Sivaraman as director of
the Union Bank of India pursuant to a notification dated
Feb. 27, a filing with the Bombay Stock Exchange states.
Mr. Sivaraman will replace A. N. Rao effective from the date of
the notice.
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.
VISTEON CORP: Posts US$163 Million Net Loss in Full-Year 2006
-------------------------------------------------------------
Visteon Corp. has filed its 2006 annual financial statements on
Form 10-K with the U.S. Securities and Exchange Commission.
The company reported total net sales of US$11.41 billion for
full-year 2006, including product sales of US$10.87 billion and
services sales of US$547 million. It reported total net sales
of US$16.97 billion for full year 2005.
Visteon's net loss of US$163 million for full year 2006
represents an improvement of US$107 million over 2005's net loss
of US$270 million despite lower sales levels.
Contractual obligations as of Dec. 31, 2006 were US$4.87
billion. The Company has guaranteed approximately US$77 million
of debt capacity held by subsidiaries, and US$97 million for
lifetime lease payments held by consolidated subsidiaries.
In addition, the Company has guaranteed Tier 2 suppliers' debt
and lease obligations and other third-party service providers'
obligations of up to US$17 million at Dec. 31, 2006, to ensure
the continued supply of essential parts.
Visteon's balance sheet at Dec. 31, 2006, reflects total assets
of US$6.93 billion and total liabilities of US$7.12 billion,
resulting in a total shareholders' deficit of US$188 million.
The company's total shareholders' deficit as of Dec. 31, 2005,
stood at US$48 million.
As of Dec. 31, 2006, the company's cash and cash equivalents
were US$1.05 billion, as compared with US$865 million a year
earlier.
A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1af1
About Visteon Corp.
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
=================
ALCATEL-LUCENT: CEO Predicts Revenue Growth During Restructuring
----------------------------------------------------------------
Alcatel-Lucent CEO Patricia Russo is positive that the newly
merged company can achieve revenue growth in 2007 even while
implementing post-merger restructuring that includes shedding
12,500 jobs, the Financial Times reports.
Ms. Russo told FT that some employees felt uncertain and anxious
because their future in the group remains unpredictable. She
said that the group plans to address that problem by immediately
disclosing the exact number of lost jobs for every country
involved.
Alcatel-Lucent got off to a poor start, a mere seven weeks after
the French and U.S. company's merger, when it issued a profit
warning in January ahead of its 2006 financial report, FT
states.
But Ms. Russo was optimistic, saying: "We believe we can resume
growth as we move through the year." She believes the group
could use a "stronger second half."
"I have every expectation the folks focused on winning contracts
and closing orders and driving the business forward are going to
do that, and that we are in fact going to execute the
integration plans," Ms. Russo added.
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 13, Alcatel-Lucent registered EUR522 million in net profit
on EUR18.25 billion in net revenues for the full year 2006,
compared with EUR1.67 billion in net profit on EUR18.57 billion
in net revenues for the full year 2005.
The company reported EUR618 million in net losses against
EUR4.42 billion in net revenues for the fourth quarter 2006,
compared with EUR381 million in net profit on EUR5.25 billion in
net revenues for the same period in 2005.
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: To Deploy Submarine Network in East Africa
----------------------------------------------------------
Alcatel-Lucent signed a turnkey contract with the East Africa
Submarine Cable System consortium to lay the first ever optical
submarine cable network landing in East Africa. Based on
Alcatel-Lucent's submarine and terrestrial optical solutions,
EASSy will provide connectivity across the continent to support
the increase in local traffic from both traditional and new
broadband services. Additionally, with interconnection to other
submarine cable systems to the North and South, this project
will provide an international gateway, crucial for the economic
development of the region.
With completion scheduled by the end of 2008, the EASSy
submarine network will deliver a regional capacity of 320
Gbit/s. Governments, public administrations and businesses will
leverage advanced technology to support new applications such as
remote medical diagnosis and international call centers.
Consumers will benefit from accessible and affordable broadband
Internet.
The EASSy submarine network will span nearly 10,000 km linking
eight countries from Sudan to South Africa, via Djibouti,
Somalia, Kenya, Tanzania, Madagascar and Mozambique. Landings
will be located in Port Sudan, Djibouti, Mogadishu Mombasa, Dar
Es Salaam, Toliary, Maputo and Mtunzini. By interconnecting
with Sea-Me-We 3, Sea-Me-We 4, SAS1, Falcon and SAT3/ WASC
/SAFE, the EASSy submarine cable system will also serve as a
supporting infrastructure for these networks.
"This project represents a milestone in the development of the
African communication infrastructure, where there is a strong
need for optical connectivity" Sammy Kirui, Chairman of the
EASSy Project Management Committee and Managing Director of
Telkom Kenya "Alcatel-Lucent is recognized as one of the key
turnkey suppliers in the submarine cable market and was selected
through a competitive tendering process"
"Globalization of the economy and the Internet have enhanced
communications, and submarine networks contribute greatly by
connecting almost every corner in the world," said Jean
Godeluck, President of Alcatel-Lucent's submarine network
activity. "Our turnkey approach to projects allows consortia
like EASSy to continue breaking barriers and extending
communications capabilities to those areas which are not
adequately served."
The Alcatel-Lucent submarine solution will be based on its 1620
Light Manager next-generation DWDM submarine platform, and will
also include cables and submarine repeaters. Branching units
will ensure direct connectivity to landing stations where
Alcatel-Lucent will deploy its 1678 Metro Core Connect for
terrestrial interconnection. The Alcatel-Lucent 1350 management
system will supervise all the equipment supplied. A
comprehensive suite of professional services, including project
management, engineering, marine operation, and installation
testing and commissioning, is part of this turnkey project.
About the EASSy Consortium
EASSy is a project set up by 22 licensed telecommunications
operators in the Eastern and Southern African region and a few
international carriers.
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 NEGARA: Partners with Bank Rakyat for IDR1.38-Tril. Loan
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk and PT Bank Rakyat
Indonesia (Persero) Tbk signed a loan syndication agreement to
provide a 10-year maturity loan of IDR1.38 trillion to PT
Semesta Marga Raya, The Jakarta Post reports.
Accordign to The Post, the loan will be used for the
construction of a 35-kilometer tollway between Kanci in Cirebon,
West Java, and Penjagan in Brebes, Central Java, as part of the
government's program to accelerate infrastructure development.
Bank Negara would provide 65% of the total loan amounting to
IDR897.6 billion while bank Rakyat will provide the remaining
35% amounting to IDR483.3 billion, the report says, citing BNI
President Director Sigit Pramono.
The report notes that the Public Works Ministry and local
administrations have already procured the land for the
construction of the Kanci-Penjagan tollway.
About Bank Rakyat
Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services
comprise Savings, Credits and Syariah. In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions. During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively.
* * *
A Troubled Company Reporter - Asia Pacific report on Feb. 6,
2007, said that Moody's Investors Service revised the outlook
for the long-term credit rating of PT Bank Rakyat Indonesia to
positive from stable. The short-term deposit rating and long-
term subordinated debt rating continue to carry a stable outlook
while the BFSR remains on review for possible upgrade.
Bank Rakyat's detailed ratings are:
-- subordinated debt of Ba3;
-- foreign currency long-term/short-term deposit of B2/Not
Prime; and
-- bank financial strength of D-.
Fitch Ratings has affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's as follows:
* Long-term foreign Issuer Default rating 'BB-',
* Short-term rating 'B',
* National Long-term rating 'AA+(idn)',
* Individual 'C/D', and
* Support '4'.
The Outlook for the ratings was revised to positive from stable.
About Bank Negara
Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature. The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore. The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.
As reported in the TCR-AP on Feb. 6, 2007, Moody's Investors
Service revised the outlook from positive to stable the ratings
of PT Bank Negara Indonesia's senior debt and foreign currency
long-term deposit ratings to positive from stable.
The bank's short-term deposit rating and long-term subordinated
debt rating continue to carry the rating agency's stable outlook
and the bank financial strength rating a positive outlook.
The bank's detailed ratings are:
-- senior/subordinated debt of Ba3/Ba3;
-- foreign currency long-term/short-term deposit of B2/Not
Prime; and
-- bank financial strength of E.
TCR-AP reported on Feb. 1, 2007, Fitch Ratings has affirmed all
the ratings of PT Bank Negara Indonesia (Persero) Tbk as
follows:
* Long-term foreign and local currency Issuer Default ratings
'BB-'
* Short-term rating 'B',
* National Long-term rating 'A+(idn)',
* Individual 'D', and
* Support '4'.
The Outlook for the ratings was revised to Positive from Stable.
Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive. At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).
NORTEL: Unit Gets Default Waiver from Export Development Canada
---------------------------------------------------------------
Nortel Networks Corp. revealed that its principal operating
subsidiary, Nortel Networks Limited has obtained a waiver from
Export Development Canada.
The waiver relates to the defaults and events of default under
its US$750 million support facility with EDC in connection with
NNL's previously announced need to restate and make adjustments
to its financial results for prior periods, as described in the
Company's press release dated March 1, 2007.
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges. Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.
* * *
As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low). DBRS says all trends are stable.
DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.
PERUSAHAAN GAS: Signs Agreement with Muara Enim Local Government
---------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk has signed a memorandum
of understanding with Muara Enim regency to develop and utilize
coal bed methane in the area, Reuters Key Development reports.
Muara Enim is located in South Sumatera province.
About Perusahaan Gas
Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy
company that is comprised of two core businesses: distribution
and transmission. For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices. These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements. Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar. On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements. The company is 59.4%
owned by the Government of Indonesia.
The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service has affirmed the
Ba2 corporate family rating of PT Perusahaan Gas Negara
(Persero) Tbk. At the same time, Moody's has affirmed the Ba3
debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN. The ratings outlook is stable. This affirmation
followed the recent announcement of a delay in the South
Sumatera West Java gas commercialization.
The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable. The ratings on the company are affirmed
at 'B+'.
On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:
-- Long-term foreign currency Issuer Default Rating 'BB-';
-- Long-term local currency IDR 'BB-'; and
-- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
and its subsidiaries 'BB-'.
PERUSAHAAN LISTRIK: OKs Chinese Firms' Signing of Power Contract
----------------------------------------------------------------
PT Perusahaan Listrik Negara, after a delay of almost two
months, finally gave consent to four Chinese companies to go
ahead with the signing of contract for coal-fired power plant
projects, The Jakarta Post reports.
According to the report, PLN Director of Power Plants and
Primary Energy Ali Herman said that the delay was due to the
failure of the developers to submit guarantees that the
financing of the projects would be secured on schedule.
The contracts could be signed after the companies met all the
requirements set by PLN's bidding committee, the report quotes
Mr. Herman as saying.
The four projects are:
-- the new 600-megawatt Paiton power plant in East Java;
-- the new 600-MW Suralaya plant in Banten;
-- the 300-MW Labuan plant in Banten; and
-- the 300-MW Indramayu plant in West Java.
The winners of the new tender for these projects are Harbin
Power, China National Technical Import & Export Corporation,
Chenda Engineering Corporation and its partner PT Truba Jurong
Engineering and a consortium of China National Machinery
Industry Corporation, China National Electronics Equipment
Company and PT Penta Adi Samudera respectively, the report
notes.
The power plants are reportedly built as part of the
government's fast-track program to provide additional power
supply of about 10,000 MW by 2009.
Mr. Herman said that as part of the government's program, PLN
would also open the tenders for the construction of 30 power
plants that will provide additional power supply of 6,900 MW for
Java and Bali and 3,100 MW for the outside areas, The Post adds.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes
electricity to around 30 million customers, roughly 60% of
Indonesia's population. The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.
PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.
The Troubled Company Reporter - Asia Pacific reported on Feb.
06, 2007, that Moody's Investors Service has changed the outlook
to positive from stable for the B1 corporate family rating and
senior unsecured bond rating of PT Perusahaan Listrik Negara.
The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.
Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable. At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.
TELKOM INDONESIA: Repurchases 163,665,500 Shares
------------------------------------------------
PT Telekomunikasi Indonesia Tbk has repurchased 163,665,500 of
the company's shares as of February 28, 2007, Reuters Key
Development says.
Reuters adds that the total number of shares the company plans
to repurchase is 1,007,999,964.
About Telkom Indonesia
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 and
local currency corporate credit ratings of BB+.
TELKOM INDONESIA: Plans to Merge Wireless Units
-----------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to consolidate its
wireless cellular business by merging Flexi, a fixed wireless
provider, into Telkomsel, a global system for mobile
communication cellular provider, according to Reuters Key
Development, citing Bisnis Indonesia.
About Telkom Indonesia
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 and
local currency corporate credit ratings of BB+.
=========
J A P A N
=========
BANCO BRADESCO: Board Approves Complimentary Dividends Payment
--------------------------------------------------------------
Banco Bradesco S.A.'s board of directors approved [Thurs]day the
board of executive officer's proposal for the payment to the
company's stockholders of Complementary Dividends, to the
Interest on Own Capital and Dividends related to the fiscal year
2006, in the amount of BRL0.038062452 per common stock and
BRL0.041868697 per preferred stock, benefiting the stockholders
registered in the Bank's books.
The referred Dividends will be paid on Mar. 15, 2007, according
to the declared amount, with no Withholding Income Tax.
The Dividends related to the stocks under custody at CBLC -
Brazilian Company and Depository Corporation will be paid to
CBLC which will transfer them to the stockholders through its
Custody Agents.
Including the declared Dividends, BRL2.160 billion was
distributed as remuneration to the stockholders, referring to
the fiscal year 2006, accounting for 44.98% (net of Withholding
Income Tax 40.19%) of net income.
About Banco Bradesco
Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
(NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on
serving low-and medium-income individuals in Brazil since the
1960s. Bradesco is Brazil's largest private bank, with more
than 3,000 banking branches, and also a leader in insurance and
private pension management. Bradesco has branches throughout
Brazil as well as one in New York, and Japan. Bradesco offers
Internet banking, insurance, pension plans, annuities, credit
card services (including football-club affinity cards for the
soccer-mad population), and Internet access for customers. The
bank also provides personal and commercial loans, along with
leasing services.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Fitch Ratings affirmed these issuer default
ratings on Bradesco, with a Stable Outlook:
-- Long-term foreign currency at 'BB+';
-- Long-term local currency at 'BBB-';
-- Individual rating at 'B/C';
-- Local currency short-term at 'F3';
-- Short-term at 'B';
-- Support rating of '4';
-- National short-term rating 'F1+(bra)'; and
-- National long-term rating 'AA+(bra)'.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:
-- Foreign currency counterparty credit rating
* to BB+/Positive/B from BB+/Stable/B
-- Local currency counterparty credit rating
* to BB+/Positive/B from BB+/Stable/B
-- Brazil national scale rating
* to brAA+/Positive/brA-1 from brAA+/Stable/brA-1
DAIEI INC: Aeon to Buy 15% Stake For JPY46.2 Billion
----------------------------------------------------
Aeon Corp. said that it will acquire a 15% stake in Daiei Inc.
for JPY46.2 billion in an alliance that would create Japan's
biggest retail group, The Japan Times reports.
Pursuant to the deal, Aeon is buying the shares from Daiei's
primary shareholder, Marubeni Corp., which owns 44.6% of the
supermarket chain.
Bloomberg News relates that the investment will spawn an
alliance with more than US$50 billion of sales, making it easier
for the companies to negotiate lower prices for food, clothing,
and other goods. Daiei shares have risen in the past two days
on expectations that the transaction may lead to a full
takeover.
Bloomberg adds that Aeon will also send two directors and one
auditor to help manage Daiei.
The Times states that Aeon will also acquire a 20% stake in
group supermarket chain Maruetsu Inc. from Daiei for
JPY16.5 billion, and both purchases will be completed by the end
of March. Stakes in both companies are worth JPY62.7 billion
(US$534 million).
The Troubled Company Reporter - Asia Pacific reported on
Oct. 17, 2006, that Marubeni and Aeon have begun negotiations on
how to rehabilitate Daiei. The TCR-AP report said that Aeon may
invest in Daiei to increase its share of the nation's
US$1.1-trillion retail market.
Bloomberg News says that Daiei wants to improve its supermarket
business by leasing more space to tenants at its general
merchandizing stores, improve shop operations, strengthen its
supermarket business and restructure product distribution.
Bloomberg News recounts that excluding card unit OMC Card, Daiei
-- whose debt peaked at JPY2.5 trillion in the year ended
February 2002 -- reported debts amounting to JPY351.9 billion,
excluding as of Aug. 31 2006. Daiei aims to cut JPY150 billion
in the year ending Feb. 28, excluding debts for OMC Card.
The report, citing a statement to the Tokyo Stock Exchange, says
that Daiei sold 31 parcels of land and buildings to Tokyo
Tatemono Co. -- a developer in Tokyo - for JPY87.5 billion.
About Aeon
Headquartered in Chiba, Japan, Aeon Company Ltd. --
http://www.aeon.info/-- is a retailing group of over a hundred
member companies in Japan and overseas whose business model is
based on shopping center operation. Aeon had 1,159 stores and
about 150 discounters nationwide as of Aug. 20, 2006.
Sales at Aeon accounted for about 3.4% of the Japanese retail
market, or JPY4.43 trillion, in the year ended Feb. 20, 2006.
About Daiei
Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees. Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops. Other businesses include restaurants, hotels, and real
estate services. Domestic sales make up more than 90% of its
revenues. Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors. Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.
Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s. With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.
As reported in the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei. Marubeni now holds a 44.6%
stake in the company.
A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level. Although Daiei cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier, Marubeni views
the debt level as still being too high.
DELPHI CORPORATION: Files Registration Statement With SEC
---------------------------------------------------------
Delphi Corporation on filed a registration statement on Form S-1
with the United States Securities and Exchange Commission
relating to a proposed offering of rights to purchase shares of
common stock of Delphi.
The registration statement was filed in connection with the
previously disclosed Equity Purchase & Commitment Agreement
dated Jan. 18 that Delphi entered into with its Plan Investors.
The Plan investors are affiliates of Cerberus Capital Management
L.P., Appaloosa Management L.P., and Harbinger Capital Partners
Master Fund I Ltd., as well as with Merrill Lynch & Co. and UBS
Securities LLC.
The registration statement relates to the rights and shares of
common stock for which the rights may be exercised. Although it
has been filed with the SEC, it has not yet become effective.
These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes
effective.
The registration statement may be view for free at:
http://ResearchArchives.com/t/s?1aed
About Delphi Corporation
Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology. The company's technology and
products are present in more than 75 million vehicles on the
road worldwide. Delphi has regional headquarters in Japan,
Brazil and France.
The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.
DELPHI CORP: Posts US$186 Million Net Loss in January 2007
----------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of January 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents US$193
Restricted cash 107
Accounts receivable, net
General Motors and affiliates 1,296
Other third parties 1,210
Non-Debtor subsidiaries 333
Notes receivable from non-Debtor subsidiaries 345
Inventories, net
Productive material, work-in-process and supplies 922
Finished goods 287
Prepaid expenses and other 237
--------
TOTAL CURRENT ASSETS 4,930
Long-term assets:
Property, net 2,204
Investment in affiliates 366
Investments in non-Debtor subsidiaries 3,303
Goodwill 152
Other intangible assets 35
Other 346
--------
TOTAL ASSETS US$11,336
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing US$2,742
Accounts payable 1,212
Accounts payable to non-Debtor subsidiaries 486
Accrued liabilities 972
--------
TOTAL CURRENT LIABILITIES 5,412
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 733
--------
TOTAL LONG-TERM LIABILITIES 733
Liabilities subject to compromise 17,519
--------
TOTAL LIABILITIES 23,664
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,771
Accumulated deficit (12,079)
Accumulated other comprehensive loss (2,974)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (12,328)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT US$11,336
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended January 31, 2007
(In Millions)
Net sales:
General Motors and affiliates US$707
Other customers 491
Intercompany non-Debtor subsidiaries 77
--------
Total net sales 1,275
--------
Operating expenses:
Cost of sales 1,355
Selling, general and administrative 82
Depreciation and amortization 51
--------
Total operating expenses 1,488
--------
Operating loss (213)
Interest expense (29)
Other expense, net (1)
Reorganization items (9)
Income tax benefit (expense) -
Equity income from non-consolidated subsidiaries 5
Equity income from non-Debtor subsidiaries, net of tax 61
--------
NET LOSS (US$186)
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended January 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss (US$186)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 51
Pension and other postretirement benefit expenses 97
Equity loss from unconsolidated subsidiaries, net (5)
Equity loss from non-Debtor subsidiaries, net of tax (61)
Reorganization items 9
Changes in operating assets and liabilities:
Accounts receivable, net 12
Inventories, net (8)
Prepaid expenses and other (4)
Accounts payable, accrued and other long-term debts 135
U.S. employee special attrition program (114)
Pension contributions (50)
Other postretirement benefit payments (26)
Receipts (payments) for reorganization items, net 1
Other (18)
--------
Net cash used in operating activities (167)
Cash flows from investing activities:
Capital expenditures (12)
Proceeds from sale of property 1
Other 4
--------
Net cash used in investing activities (7)
Cash flows from financing activities:
Proceeds from DIP facility, net 2,739
Repayments of debt securities (2,746)
Repayments of borrowings under other debt (2)
--------
Net cash used in financing activities (9)
--------
Decrease in cash and cash equivalents (183)
Cash and cash equivalents at beginning of period 376
--------
Cash and cash equivalents at end of period US$193
Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology. The
Company's technology and products are present in more than 75
million vehicles on the road worldwide. The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors. As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts. (Delphi Corporation
Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
EDDIE BAUER: Selects Spencer Stuart to Lead CEO Search
------------------------------------------------------
Eddie Bauer Holdings, Inc., has retained Spencer Stuart, an
executive search firms, to lead the search for the company's new
Chief Executive Officer.
Spencer Stuart will work with a Special Recruitment Committee
comprised of Board members and established after the company's
former President and CEO Fabian Mansson resigned on Feb. 9,
2007. Howard Gross, a member of the Board, is serving as
interim CEO.
About Eddie Bauer Holdings, Inc.
Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- http://www.eddiebauer.com/-- is a specialty retailer that
sells casual sportswear and accessories for the "modern outdoor
lifestyle." Established in 1920 in Seattle, Eddie Bauer
believes the Eddie Bauer brand is a nationally recognized brand
that stands for high quality, innovation, style, and customer
service. Eddie Bauer products are available at approximately
375 stores throughout the United States and Canada, through
catalog sales and online at http://www.eddiebaueroutlet.com/
The company also participates in joint venture partnerships in
Japan and Germany and has licensing agreements across a variety
of product categories. Eddie Bauer employs approximately 10,000
part-time and full-time associates in the United States and
Canada.
As reported in the Troubled Company Reporter on Oct. 13, 2006,
Moody's Investors Service confirmed Eddie Bauer Inc.'s B2
Corporate Family Rating. Moody's also confirmed its B2 rating
onthe company's 300 million term loan.
On Nov. 13, 2006, Standard & Poor's assigned the company's long-
term foreign and local issuer credit rating at B.
FORD MOTOR: Mich. Court Orders Repayment of US$80MM to Navistar
---------------------------------------------------------------
Ford Motor Co. will repay Navistar International Inc.
US$80 million as part of a consent order that will ensure
continued supply of diesel engines for its Super Duty pickup
trucks in the immediate future, Terry Kosdrosky of the Wall
Street Journal reports.
Ford, the report said, had debited about US$160 million from
Navistar invoices as part of the dispute over warranty and
pricing issues.
The order, released Friday by a Michigan circuit court judge,
directed Ford to transfer US$80 million to Navistar by March 13
and required both companies to engage in "high-level meetings"
and try to reach a final resolution to the dispute, WSJ relates.
In a previous WSJ report, published in the Troubled Company
Reporter on Mar. 8, 2007, WSJ said that Ford and Navistar
commenced a negotiation to temporarily settle a long-running
pricing dispute over diesel engines Navistar supplies for Ford's
heavy-duty F-Series pickups.
The negotiation followed the automaker and the engine supplier's
motion asking Oakland County Circuit Court Judge John McDonald
to delay ruling on the companies' pricing dispute.
The dispute, the Journal said, goes back over a year, involving
a previous diesel truck engine Navistar built for Ford from 2002
through the end of 2006. It also involves a new engine Navistar
began shipping last month with the launch of the redesigned Ford
F-Series Super Duty pick-up truck.
The F-series pick-up truck is Ford's best-selling and most
profitable line of vehicles, the report relates.
Navistar, the Journal said, is the sole supplier of diesel
engines to Ford, producing 225,000 to 300,000 of them a year.
Two weeks ago, Ford estimated US$11,182 million in total
lifetime costs for restructuring actions.
Of the total $11,182 million of estimated costs, Ford said that
US$9,982 million has been accrued in 2006 and the balance, which
is primarily related to salaried personnel-reduction programs,
is expected to be accrued in the first quarter of 2007.
The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007. Of the estimated costs, those relating to
job bank benefits and personnel-reduction programs also
constitute cash expenditure estimates.
The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.
The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.
Ford, which incurred a US$12,613 million net loss on
US$160,123 million of total sales and revenues for the year
ended Dec. 31, 2006, said in a regulatory filing with the
Securities and Exchange Commission that its overall market share
in the United States has declined in each of the past five
years, from 21.1% in 2002 to 17.1% in 2006. The decline in
overall market share primarily reflects a decline in the
company's retail market share, which excludes fleet sales,
during the past five years from 16.3% in 2002 to 11.8% in 2006,
the automaker said.
Ford also reported a US$16.9 billion decrease in its
stockholders' equity at Dec. 31, 2006, which, according to the
company, primarily reflected 2006 net losses and recognition of
previously unamortized changes in the funded status of the
company's defined benefit postretirement plans as required by
the implementation of Statement of Financial Accounting
Standards No. 158, offset partially by foreign currency
translation adjustments.
About Navistar International Corp.
Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp. The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market. The company
also provides truck and diesel engine parts and service sold
under the International brand. A wholly owned subsidiary offers
financing services.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents. With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.
The company also has operations in Japan.
* * *
As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.
The TCR reported on Dec. 7, 2006, Fitch Ratings downgraded Ford
Motor Company's senior unsecured ratings to 'B-/RR5' from
'B/RR4' due to the increase in size of both the secured
facilities and the senior unsecured convertible notes being
offered.
On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.
GAP INC: Reports US$910 Mil Net Sales for Period Ended March 3
--------------------------------------------------------------
Gap Inc. reported net sales of US$910 million for the four-week
period ended Mar. 3, 2007, which represents a 5% increase
compared with net sales of US$865 million for the four-week
period ended Feb. 25, 2006.
Due to the 53rd week in fiscal year 2006, February 2007
comparable store sales are compared to the four-week period
ended Mar. 4, 2006. On this basis, the company's comparable
store sales decreased 4%, compared to a decrease of 11% as
reported for February 2006.
Comparable store sales by division for February 2007 were:
* Gap North America: negative 5% versus negative 7% last
year
* Banana Republic North America: flat versus negative 11%
last year
* Old Navy North America: negative 6% versus negative 14%
last year
* International: positive 2% versus negative 14% last year.
"During February, Banana Republic customers continued to respond
to the brand's product assortments and accessories, and in
particular the men's collection performed well," said Sabrina
Simmons, senior vice president of corporate finance at Gap Inc.
"As expected, results at Gap and Old Navy continued to be
challenging, though the kids business performed stronger than
the adult business at both brands."
As of Mar. 3, 2007, Gap Inc. operated 3,135 store locations
compared with 3,053 store locations on Feb. 25, 2006
About Gap Inc.
Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names. Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan. In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.
* * *
The Troubled Company Reporter - Asia Pacific reported on Feb. 7,
2007, that Moody's Investors Service downgraded Gap Inc. senior
unsecured notes to Ba1 and assigned a corporate family rating of
Ba1 and speculative grade liquidity rating of SGL-1. The rating
outlook is stable.
JAPAN AIRLINES: To Share Osaka-Beijing Route with Hainan Air
------------------------------------------------------------
Japan Airlines and Hainan Airlines will expand their code share
agreement to include flights the Chinese carrier starts
operating on the Osaka-Beijing route on March 25, 2007.
At the end of this month, JAL will be able to place its 'JL'
flight code on Hainan Airlines' new five-times-a-week Osaka
(Kansai)-Beijing service. As a result, JAL will be able to
offer passengers a total of 12 flights per week on this route,
as JAL already operates its own daily service between the two
cities.
The new code share flights further strengthen JAL's network
between Japan and China: the largest network linking the two
countries. JAL's Japan-China network serves 12 cities in China
on 29 routes. The new code share will increase flight frequency
between the two countries from 271 to 276 flights per week.
The two airlines initiated a bilateral passenger code share
agreement in October 2004, when JAL started code sharing on
Hainan Airlines' Osaka (Kansai)-Haikou route.
From May 2005, the code share agreement was extended to cover
Hainan Airlines' operated Beijing-Chengdu route, and Japan
Airlines' Osaka Kansai-Tokyo Haneda route.
JAL also started code sharing on daily flights operated by
Hainan Airlines between Beijing and Chengdu from Jun. 1 2005,
and from Apr. 10, 2006 was allowed to place its flight number on
Hainan Airlines' flights serving between Beijing and the cities
of Kunming and Xian.
About Hainan Airlines
Headquartered in Haikou, Hainan Airlines Co., Ltd. --
http://www.hnair.com/-- is a Chinese airline that operates
nearly 500 domestic routes in more than 80 major cities. The
company also provides scheduled and non-scheduled international
flights from Hainan Province to Southeast Asia and other Asian
countries. Major international flights include flights from
Sanya to Seoul and from Haikou to Bangkok, as well as charter
flights from Haikou to Osaka, from Haikou to Singapore and from
Haikou to Kuala Lumpur. As of Dec. 31, 2005, the airline's
fleet was comprised of 95 aircraft, including 53
Boeing 737 jets, five Boeing 767 jets, 29 Donier 328 jets and
others. During the year ended Dec. 31, 2005, the Company served
approximately 12.8 million person times of passengers and
handled approximately 162,200 metric tons of cargo and mails.
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.
NANTO BANK: JCR Affirms Ratings on Senior Debts and Bonds
---------------------------------------------------------
Japan Credit Rating Agency Ltd. has affirmed the A/Stable and
the A- rating on senior debts and subordinated bonds of Nanto
Bank, respectively.
Issue Amount : Subordinated Callable bonds no. 1
JPY20 billion
Issue Date : Jul. 29, 2005
Due Date : Jul. 29, 2015
Coupon : 1.01% per annum until Jul. 29 2010
Rating : A-
It will switch to Euroyen 6M LIBOR +1.93% after July 29, 2010.
About Nanto Bank Ltd.
Headquartered in Nara Prefecture, The Nanto Bank, Ltd. --
http://www.nantobank.co.jp/-- is a regional bank principally
engaged in the provision of a range of banking and financial
products and services. The bank operates in six main business
segments. The Banking segment provides banking, loan, stock
investment and currency exchange services through a network of
112 branches. The Securities segment is engaged in the stock
investment business. The Credit Guarantee segment provides
credit guarantee services for various loans, including housing
loan. The Leasing segment leases a range of products including
office automation equipments, industrial machinery and
automobiles. The Software Development segment develops and
sells computer systems for office automation backup and business
streamlining. The Credit Card segment provides various credit
card services. Other businesses include building management and
real estate-related services. Nanto Bank has 10 subsidiaries.
The Troubled Company Reporter - Asia Pacific reported on Mar. 9,
2007, that Fitch Ratings has affirmed Nanto Bank's 'C'
Individual rating.
NIKKO CORDIAL: Other Shareholders Criticize Citigroup Offer
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 9, 2007, that Harris Associates LP, Nikko Cordial Corp.'s
biggest shareholder -- with a 7.5% stake -- said that Citigroup
Inc.'s US$10.8-billion takeover offer is too low.
In an update, Bloomberg News relates that Nikko Cordial's other
three largest shareholders -- Orbis Investment Management Ltd.,
with a 6.9% stake; Southeastern Asset Management Inc., with
6.6%; and Mackenzie Financial Corp., with 5.7% -- have also
publicly said that Citigroup's US$11.42-per-share (JPY1,350 a
share) takeover bid is too low.
Like Harris Associates, Southeastern Asset believes that
Citigroup's tender offer is not sufficient, stressing that Nikko
Cordial is worth at least JPY2,000 a share.
According to AFX News Limited, Citigroup will likely argue that
Nikko Cordial does not deserve to be priced at JPY2,000 a share
because of its tainted reputation and the possibility that the
company will be delisted by the Tokyo Stock Exchange.
Citigroup, Bloomberg says, is counting on the stock market
delisting of Nikko Cordial to make investors accept a lower
offer, but overseas funds may change the outcome of the deal
should they continue to raise their stakes since Citigroup's bid
depends on getting a majority of Nikko Cordial's stock.
Harris Associates and Mackenzie have boosted their Nikko
holdings in the past months, Bloomberg notes.
The report, citing Komatsu Portfolio Advisor Co. Chief Executive
Officer Toru Komatsu, says that a Citigroup takeover is likely
since institutional and individual investors will want to sell
if the TSE removes the Nikko Cordial's stock.
The Financial Times says that Citigroup would still have control
over Nikko Cordial amidst strong shareholder opposition.
Bloomberg states that because of the mounting opposition,
winning the support of Mizuho Financial Group Inc., which owns a
4.8% stake, may be the most important thing for Citigroup.
The TCR-AP reported on Mar. 12, 2007, that Mizuho Financial and
Citigroup have decided to look at the possibility of a three-way
alliance with Nikko Cordial, after Nikko becomes a Citigroup
subsidiary. The TCR-AP said that through the alliance, Mizuho
looks to expand its brokerage services to corporate customers
operating in North America.
Bloomberg adds that Nikko Cordial has asked Mizuho to sell its
stake to Citigroup to make sure that the deal pushes through,
but Mizuho spokeswoman Masako Shiono said no decision has been
made regarding the sale of their stake.
Citigroup will release a formal document regarding its tender
offer this week, with details of agreements made to protect
Citigroup's interest in the companies' investment banking joint
venture, the report says, citing sources close to both Nikko
Cordial and Citigroup.
About Nikko Cordial
Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field. The Company
operates in four business segments. The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors. The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products. Nikko Cordial has 62
consolidated subsidiaries. It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.
* * *
The Troubled Company Reporter - Asia Pacific reported on
Feb. 13, 2007, that Fitch Ratings has downgraded Nikko Cordial
Corporation's Long- term foreign and local currency Issuer
Default ratings to 'BBB-' from 'BBB', the Short-term foreign and
local currency IDRs to 'F3' from 'F2', and the Individual rating
to 'C/D' from 'C'.
The TCR-AP reported on Dec. 22, 2006, that Fitch placed its
ratings on Nikko Cordial Corp. and Nikko Cordial Securities Inc.
on Rating Watch Negative following the decision announced on
Dec. 18 by the Tokyo Stock Exchange to place the shares of NCC
on its official watchlist pending the full investigation into
reported accounting breaches by the company.
The TCR-AP also reported on Dec. 22, 2006, that Japan's
Securities and Exchange Surveillance Commission began
investigating Nikko Cordial for falsifying its annual financial
statements for the business year ended March 30, 2005, declaring
JPY14 billion in false profits, and using them to procure money
from the market.
SOJITZ CORP: Partners with Northern Energy for Coal Project
-----------------------------------------------------------
Sojitz Corporation has agreed to a partnership in Northern
Energy Corp Ltd's Yamala Coal Project in the Bowen Basin in the
northeast of Queensland, Australia's leading coal region,
XFN Asia reports.
The report states that Sojitz will acquire a 30% stake in the
project by funding a AU$5.8-million exploration and evaluation
program, with options for another 30% by paying AU$6.65 million
once the program is completed.
According to the report, NEC Chief Executive Officer Keith
Barker sees the deal as a hallmark for the development of the
project.
"We now intend to ramp-up activity on the project which is
supported by some solid historical data," XFN Asia quotes
Mr. Barker.
XFN states that Sojitz will also hold marketing rights for coal
produced by the project, which aims to assess the potential of
open cut coal mining sites prior to an underground operation.
About Northern Energy Corp. Ltd.
Headquartered in Brisbane, Northern Energy Corporation Limited
-- http://www.northernenergy.com.au/-- operates in the coal
mining and exploration. The mining segment has exploration
activities in Queensland and New South Wales. The Company's
projects portfolio include Ashford coal project, Maryborough EPC
923, Elimatta EPC 650, EPC 927 Emerald and Beaudesert EPC 922.
Its subsidiary includes Taroom Coal Pty Ltd.
About Sojitz Corp.
The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company. As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004. On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation.
* * *
The Troubled Company Reporter - Asia Pacific reported on
Feb. 28, 2007, that Standard & Poor's Ratings Services raised
its long-term issuer credit rating on Sojitz Corp. to 'BB+' from
'BB' and removed the rating from CreditWatch where it was placed
on Apr. 28, 2006, with positive implications. The upgrade
follows Sojitz's conversion of a total JPY205 billion of its
JPY300 billion in outstanding convertible bonds into common
shares by Feb. 26, 2007.
SOLO CUP: Moody's Assigns B1 Ratings on US$788-Million Debts
------------------------------------------------------------
Moody's Investors Service confirmed the B3 Corporate Family
Rating of Solo Cup Co. and revised the rating outlook to
negative. Moody's assigned a B1 rating to both the
US$638 million senior secured term loan B and US$150 million
revolver and confirmed all other instrument ratings.
This confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.
The revision of the ratings outlook to negative reflects the
company's dependency on asset sales to ease liquidity
constraints as well as the positive change in corporate
governance at Solo Cup. The company's substantial working
capital needs cannot be managed without significant utilization
of the revolver because of the current and projected lack of
free cash flow. Moreover, Solo Cup is dependent upon asset
sales to provide adequate headroom under its covenants for
working capital needs. Credit metrics are weak for the rating
category and the company's viability and the ratings are
dependent upon improvements in free cash flow and liquidity and
reductions in debt and interest expense.
Solo Cup has been plagued by poor corporate governance, an
inability to execute on previous performance improvement plans,
inadequate financial controls, increased competition, rising raw
material prices, weak information systems, and high financial
leverage.
Moody's acknowledges that the new leadership structure is
expected to have a greater focus on performance and
accountability and has the potential to drive improved results.
Solo Cup's strong brand name, broad product portfolio, scale and
long standing customer relationships are also contemplated in
the ratings and outlook.
Moody's took these rating actions:
-- Confirmed Corporate Family Rating, B3
-- Confirmed US$130 million senior secured second lien
term loan due March 31, 2012, Caa1 (LGD 4, 69%)
-- Confirmed US$325 million 8.5% subordinated notes
due February 15, 2014, Caa2 (LGD 5, 87 %)
-- Assigned US$150 million senior secured revolving credit
facility maturing Feb. 27, 2010, B1 (LGD 3, 32%)
-- Assigned US$638 million senior secured term loan B
due Feb. 27, 2011, B1 (LGD 3, 32 %)
-- Confirmed Probability of Default Rating, B3
The rating outlook is revised to negative.
About Solo Cup
Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets. Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names. The company was established in 1936 and has
presence in Japan, Canada, Mexico, Panama and the United States.
SUMITOMO MITSUI: To Tie-Up With Kookmin To Improve Loan Business
----------------------------------------------------------------
Sumitomo Mitsui Banking Corp. has confirmed talks with South
Korea's Kookmin Bank regarding an alliance on investment banking
and consumer support services, AFX News Limited reports, citing
a Sumitomo Mitsui Bank spokesman.
According to the report, both banks are still in the process of
reaching a final agreement.
Dow Jones relates that a Kookmin Bank spokesman said that the
team-up with Sumitomo Mitsui will involve sharing information
and joint marketing efforts, but won't include a capital tie-up.
AFX says that the tie-up is meant to boost operational synergy
via co-marketing, information sharing and mutual support in both
domestic and overseas financial markets.
The report states that Kookmin Bank is set to hold a signing
ceremony, to be attended by senior officials from both banks, on
Monday, at its Seoul headquarters.
About Kookmin Bank
Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance. The bank also offers Internet banking services.
The Troubled Company Reporter - Asia Pacific reported on
Jan. 24, 2007, that the bank carries Moody's bank financial
strength rating of D+.
About Sumitomo Mitsui Banking Corp.
Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world. The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.
The Troubled Company Reporter - Asia Pacific reported on
July 17, 2006, that Moody's Investors Service has upgraded the
bank financial strength rating of Sumitomo Mitsui Banking
Corporation to D+ from D.
A TCR-AP report on Oct. 24, 2006, stated that Fitch Ratings has
upgraded Sumitomo Mitsui's Individual Rating to 'C' from 'C/D'.
USINAS SIDERURGICAS: Net Profits Decline to BRL2.52B in 2006
------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA's profits decreased 36%
to BRL2.52 billion in 2006, compared to 2005,
Business News Americas reports.
Usinas Siderurgicas told BNamericas that its net revenues
dropped 5% to BRL12.4 billion in 2006, from BRL13.0 billion in
2005. Its Ebitda decreased 21% to BRL4.37 billion.
Sales volumes increased 8% to 7.95 million tons, while crude
steel output grew 1% to 8.77 million tons.
Usinas Siderurgicas said in a statement that the decline in 2006
earnings showed lower average steel prices as well as the
negative impact on exports of the appreciation of the real
against the US dollar, among other factors. Investments in 2006
totaled BRL544 million and were focused on technology upgrades
and the environment.
BNamericas underscores that in the fourth quarter of 2006,
Usinas Siderurgicas' net profits decreased 43% to BRL752
million, compared to the same period in 2005. Net revenues,
however, increased 10% to BRL3.28 billion. Sales volume in the
quarter rose 1% to 2.0 million tons, as crude steel production
increased 3% to 2.2 million tons.
Based on estimates from Brazilian steel association IBS,
domestic demand will increase over 8% in 2007. The firm is
upbeat on heavy plate sales, Usinas Siderurgicas said in a
report.
About Usinas Siderurgicas
Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel. Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries. Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America. The company also sells in China and Japan.
The Troubled Company Reporter - Asia Pacific reported on Jan. 3,
2007, that Standard & Poor's Ratings Services revised its
outlook on Brazil-based steelmaker Usinas Siderurgicas de Minas
Gerais S.A., aka Usiminas, to positive from stable. Standard &
Poor's also said that it affirmed its 'BB+' local and foreign
currency corporate credit ratings on Usiminas.
===============
M A L A Y S I A
===============
METROPLEX BERHAD: Appeals Bursa's Securities Delisting Decision
---------------------------------------------------------------
Metroplex Bhd has filed an appeal against the Bursa Malaysia
Securities Bhd's decision to delist its securities from the
bourse's official list on March 14, 2007.
Accordingly, the bourse will defer the delisting of the
company's securities pending decision on the appeal.
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2007, Bursa Malaysia's decision to delist Metroplex's
securities came after the company failed to submit a
regularization plan to the Securities Commission and other
relevant authorities on its Feb. 28 deadline.
* * *
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong, and the Philippines.
Metroplex is classified under Bursa Malaysia Securities Berhad's
PN 17 Category and is therefore required to submit and implement
a plan to regularize its business condition.
As of October 31, 2006, the company reported MYR1.22 billion in
total assets and MYR1.46 billion in total liabilities, resulting
in a shareholders' deficit of MYR241.23 million.
PROTON HOLDINGS: Gov't to Stick to Deadline for Naming Partner
--------------------------------------------------------------
The Malaysian Government is sticking to its March deadline to
name Proton Holdings Bhd's strategic partner, various reports
say, citing Second Finance Minister Tan Sri Nor Mohamed Yakcop.
"We are still in discussions and we will come up with a
resolution soon," Minister Mohamed Yakcop said after launching
the Treasury's 55th anniversary celebration in Putrajaya on
March 12, reports say.
Asked when would the decision be made, Minister Mohamed Yakcop
said that the government is still working to meet the end-March
deadline that it had set earlier, Bernama relates.
"We gave the time at the end of March. We try to stick to that
time frame."
The Malaysian Government owns 59%, including a 43% stake
held by its investment arm Khazanah Nasional, in the car-maker.
Proton had been in talks with US auto giant General Motors,
Peugeot and Volkswagen. Yet, on March 7, 2007, the Troubled
Company Reporter - Asia Pacific reported that Peugeot-Citroen
has dropped its talks with the Malaysian carmaker. The TCR-AP
also said that talks with Volkswagen have been shaky.
Minister Mohamed Yakcop said that apart from the foreign
carmakers, local auto players DRB-Hicom Bhd and Naza Group have
submitted proposals to the government to take over Proton.
* * *
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.
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, in order to boost
sales and become more competitive.
TALAM CORP: Makes Clarifications on Unit's Wind-Up Proceeding
-------------------------------------------------------------
Talam Corp Bhd made a clarification on Noble Rights Sendirian
Bhd's wind-up proceeding after the Bursa Malaysia Securities Bhd
requested for further information on the matter.
In a disclosure with the bourse, Talam apologized for the errors
appearing in its March 1, 2007 announcement. Accordingly, the
company made these corrections:
a. In its previous announcement, the company stated that
Noble Rights is its wholly owned subsidiary. Talam
clarifies that Noble Rights is 60% owned by Maxisegar Sdn
Bhd, which in turn is a wholly owned unit of Talam.
b. in addition, Talam previously stated that the judgment
sum against Noble Rights amounted to MYR233,598.18
including interest and cost where it should be
MYR655,398.08 upon correction.
Meanwhile, the Kuala Lumpur High Court has ordered on Feb. 28,
2007, to wind-up the operations of Noble Rights. As to date,
Tan Hooi Leong, the petitioner, has not yet served the sealed
copy of the court's order, Talam said in its statement.
* * *
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development. Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding. Operations of
the group are carried out in Malaysia and China.
The Troubled Company Reporter - Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended January 31,
2006, the Auditors Ernst & Young were unable to express their
opinion on the Company's Audited Accounts. As such, the Company
is an affected listed issuer of the Amended Practice Note 17
category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.
TALAM CORP: Units Join Cekap on Property Development Deal
---------------------------------------------------------
IJM Properties Sdn Bhd and Mutual Prosperous Sdn Bhd, both
subsidiaries of Talam Corp Bhd, have teamed up with Cekap
Tropikal Sdn Bhd to develop a real property in the Selangor
state, Asia in Focus reports.
The land, according to the report, is a 204-acre property
located in the Mukim of Batu, Gombak district.
Under the agreement, IJM Properties and Mutual Prosperous will
engage Cekap Tropikal as a 50:50 joint partner for the project,
the paper relates.
Cekap Tropikal's proposed share capital in the project will be
MYR520,000 comprising 500,000 ordinary share of MYR1 each,
10,000 Class A redeemable preference shares of MYR1 each and
10,000 Class B RPS of MYR1 each.
IJM Properties will then subscribe for 50% of the ordinary
shares of MYR1 each at par, and 100% of Class A RPS at a premium
of MYR999 per RPS, the report says. The subscription will
entitle IJM Properties to have priority in the distribution of
dividend by Cekap Tropikal at an agreed formula.
* * *
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development. Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding. Operations of
the group are carried out in Malaysia and China.
The Troubled Company Reporter - Asia Pacific reported on Sept.
11, 2006, that based on the Audited Financial Statements of
Talam Corporation for the financial year ended January 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts. As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.
TANCO HOLDINGS: Petitioner Drops Wind-Up Petition Against Unit
--------------------------------------------------------------
Tanco Holdings Bhd said in a disclosure statement with the Bursa
Malaysia Securities Bhd that Loh Hong Sai & Low Biew Fong has
withdrawn its wind-up petition against Palm Springs Development
Sdn Bhd, a wholly owned subsidiary of the company, with no order
to cost.
As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 18, 2007, the petitioner filed a wind-up petition against
Palm Springs after a demand on a judgment dated August 11, 2004,
for the sum of MYR180,016.67 as of August 16, 2006, including
interest and judgment costs.
* * *
Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services. Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding. The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.
The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004. As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.
TAP RESOURCES: Units Placed Under Creditors' Voluntary Wind-Up
--------------------------------------------------------------
On Feb. 28, 2007, the Troubled Company Reporter - Asia Pacific
reported that two of Tap Resources Bhd's subsidiary companies,
Tap Builders Sdn Bhd and Mech-E Engineering & Trading Sdn Bhd,
called for a creditors' meeting on March 5, 2007.
According to the report, the meeting was called to discuss the
operational and financial impact of the two subsidiaries to the
group, as both units are facing voluntary wind-up under the
company's regularization plan.
In an update, the respective members of Tap Builders and Mech-E
passed a Special Resolution placing the two units under
creditors' voluntary wind-up at the Extraordinary General
Meeting held on March 5.
According to the TCR-AP, part of Tap Resources' regularization
plan was to liquidate the operations of Tap Builders and Mech-E
Engineering along with other subsidiaries.
* * *
TAP Resources Berhad is principally engaged in property
development. Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding. The Group operates wholly in Malaysia.
The company is classified under the PN17 category because, for
the nine months ended January 31, 2006, its shareholders' equity
on a consolidated basis is equal to or less than 25% of the
issued and paid up capital of the Company and such shareholders
equity is less than the minimum issued and paid up capital as
required under paragraph 8.16A (1) of the Listing Requirements
of Bursa Malaysia Securities Berhad, plus it has a default in
payments and is unable to provide a solvency declaration.
With Tap's failure to comply with the requirements, Bursa
Securities will commence a suspension and delisting procedure on
the company's securities.
TECHVENTURE BERHAD: Inks Two Agreements with Master Resources
-------------------------------------------------------------
Techventure Bhd, along with its wholly owned subsidiaries, Raya
Ehsan Sdn Bhd and Teratai Perdana Sdn Bhd, entered into
subscription and development agreements with Master Resources
Development Sdn Bhd.
Subscription Agreement
According to the company's disclosure with the Bursa Malaysia
Securities Bhd, Master Resources will subscribe for 150 million
of Techven's shares at MYR0.20 per share.
Based on the salient terms of the agreement, the subscription
will be executed simultaneously with the execution of the
Development Agreements and is conditional upon the Proposed
Restructuring Scheme being approved by the following
authorities.
(a) the Securities Commission;
(b) Bursa Malaysia Securities Berhad;
(c) Foreign Investment Committee;
(d) Ministry of International Trade and Industry;
(e) Bank Negara Malaysia;
(f) Scheme Creditors of the Techven Group;
(g) High Court of Malaysia; and
(h) the Shareholders of the Company;
Techven must obtain the written approvals from the authorities
within one year from the date the agreement was inked, however,
it can be extended for six months when the approvals are not
obtained within the period.
Further, the agreement also states that if the approvals are not
obtained within the extended period, Master Resources is
empowered to extend the approval period or terminate the
agreement with no legal effect.
After the completion of the Special Issue Shares under the
subscription agreement, Techventure expects that its issued and
paid up capital will increase by MYR30 million.
Development Agreement
The development agreement is for the development of the Sepang
Land on a joint venture basis. The salient terms of the
Development Agreement states:
* whereas the SA is subject to the approvals of the relevant
authorities and the approval of the shareholders of the
company, in the event that the said approvals are not
granted, the Development Agreements will continue to be
valid and subsisting.
* Techventure and the landowners, Raya Ehsan and Teratai
Perdana, agree to grant exclusive development rights to
Master Resources to develop Lot 336 and Lot 337 in phases
into Sepang International Business City.
The Development Agreement, however will be subject and
conditional on:
(a) The approval of the Securities Commission of the
company's Proposed Restructuring Scheme.
(b) Master Resources obtaining the approvals from the
relevant authorities and the payment of the conversion
premium for the Sepang Land and all other fees imposed
by the relevant uthorities.
Techven told the bourse that the signing of the development
agreement will not have any material effect on the earnings and
the NTA of the Group immediately, but is expected to contribute
to the earnings and profitability in the future.
* * *
Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.
The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure as an affected listed issuer having triggered two of
the criteria of the Amended Practice Note 17 category when:
-- the company's auditors have expressed a modified opinion
with emphasis on Techven's going concern status in its
audited accounts for the financial year ended December 31,
2005; and
-- there were defaults in payment by Techven and its major
subsidiaries as announced pursuant to Practice Note
No. 1 and Techven is unable to provide a solvency
declaration to Bursa Malaysia Securities Berhad.
As an affected listed issuer, the company is required to
regularize its financial condition or risk being delisted from
the Official List of Companies.
Techventure's total assets as of Dec. 31, 2006, reached
MYR133.67 million and total liabilities aggregated to
MYR151.86 million, resulting to a shareholders' deficit of
MYR18.22 million.
=====================
N E W Z E A L A N D
=====================
ADVANCED BUILDING: Creditors Must Prove Debts by April 5
--------------------------------------------------------
The shareholders of Advanced Building Technologies Group (New
Zealand) Ltd. appointed John Trevor Whittfield and Boris van
Delden as the company's liquidators on Feb. 21, 2007.
Accordingly, the Liquidators require the creditors to prove
their debts by April 5, 2007.
The Liquidators can be reached at:
John Trevor Whittfield
Boris van Delden
McDonald Vague, PO Box 6092
Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz
BEULAH LAND: Creditors Must Prove Debts by April 22
---------------------------------------------------
On Feb. 22, 2007, Vivian Judith Fatupaito and Richard Dale Agnew
were appointed as liquidators of Beulah Land Investments
Limited.
Accordingly, the Liquidators fixed April 22, 2007, as the
deadline for the creditors to submit their proofs of claim.
The company's liquidators are:
Vivian Judith Fatupaito
Richard Dale Agnew
PricewaterhouseCoopers
Level 8, PricewaterhouseCoopers Tower
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
C.D.M. CONSULTANT: Appoints Fatupaito & Agnew as Liquidators
------------------------------------------------------------
C.D.M. Consultant Ltd. commenced liquidation of its business on
Feb. 22, 2007.
In this regard, creditors are asked to prove their debts by
April 22, 2007, to be included in the company's dividend
distribution.
As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Aukland heard the petition against the company on
Feb. 22, 2007. The Commissioner of Inland Revenue filed the
petition
The company's liquidators are:
Vivian Judith Fatupaito
Richard Dale Agnew
PricewaterhouseCoopers
Level 8, PricewaterhouseCoopers Tower
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
KEARNEYS SERVICES: Taps Shephard and Dunphy as Liquidators
----------------------------------------------------------
On Feb. 23, 2007, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as joint and several liquidators of
Kearneys Services Ltd.
The 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
LOVELL MEWS: Enters Liquidation Proceedings
-------------------------------------------
Lovell Mews No.1 Ltd. entered liquidation proceedings on
Feb. 22, 2007.
In this regard, creditors are required to prove their debts by
March 30, 2007, to be included in the company's dividend
distribution.
According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard the wind-up petition against the
company on Oct. 12, 2006. Framerite Installation Ltd filed the
petition.
The company's liquidator can be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
Insolvency Practitioners
PO Box 259059, Greenmount,
East Tamaki, Auckland
New Zealand
Telephone:(09) 577 0162
Facsimile:(09) 577 0243
ROSS MONTGOMERY: Creditors' Proofs of Debt Due on March 21
----------------------------------------------------------
On Feb. 20, 2007, Jeffrey Philip Meltzer and Michael Lamacraft
were appointed as liquidators of Ross Montgomery Ltd.
Messrs. Meltzer and Lamacraft will be accepting proofs of debt
from the company's creditors until March 21, 2007.
The Liquidators can be reached at:
Jeffrey Philip Meltzer
Michael Lamacraft
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
SPORTFISHERS LTD: Enters Wind-Up Proceedings
--------------------------------------------
Sportfishers Ltd. entered wind-up proceedings on Feb. 19, 2007.
In this regard, the creditors are given until March 30, 2007, to
file their proofs of debt.
Failure to prove debts by the due date will exclude a creditor
from sharing in the company's distribution of dividend.
The company's liquidator can be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
Insolvency Practitioners
PO Box 259059, Greenmount
East Tamaki, Auckland
New Zealand
Telephone:(09) 577 0162
Facsimile:(09) 577 0243
TEKNOW (NZ): Shareholders Appoint Liquidators
---------------------------------------------
The shareholders of Teknow (NZ) Ltd. appointed Boris van Delden
and Peri Micaela Finnigan as the company's liquidators on
Feb. 21, 2007.
Accordingly, the creditors of the company are required to file
their proofs of debt by April 5, 2007, so as to be included in
the company's distribution of dividend.
The Court heard the petition -- filed by the Commissioner of
Inland Revenue -- against the company on Oct. 31, 2006.
The Liquidators can be reached at:
Boris van Delden
Peri Micaela Finnigan
McDonald Vague, PO Box 6092
Wellesley Street Post Office
Auckland
New Zealand
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Web site: http://www.mvp.co.nz/
TROI AND ASSOCIATES: Creditors' Proofs of Debt Due on March 21
--------------------------------------------------------------
John Michael Gilbert was appointed as the liquidator of Troi and
Associates Ltd. on Feb. 21, 2007.
Accordingly, Mr. Gilbert requires the comnpany's creditors to
file their proofs of debt by March 21, 2007.
Mr. Gilbert can be reached at:
J. M. Gilbert
c/o C & C Strategic Limited
Ponsonby, Auckland
New Zealand
Telephone:(09) 376 7506
Facsimile:(09) 376 6441
WAINUIOTOTO BAY: Liquidators to Receive Claims Until April 22
-------------------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew, as liquidators
of Wainuiototo Bay Property Co. Limited, requires its creditors
to file their proofs of debt by April 22, 2007.
The company commenced liquidation proceedings on Feb. 22, 2007.
In a report by the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard the petition against the company on
Feb. 22, 2007. The Commissioner of Inland Revenue filed the
petition.
The company's liquidators can be reached at:
Vivian Judith Fatupaito
Richard Dale Agnew
PricewaterhouseCoopers
Level 8, PricewaterhouseCoopers Tower
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
=====================
P H I L I P P I N E S
=====================
CHIQUITA BRANDS: Amends Credit Pact with Operating Unit
-------------------------------------------------------
Chiquita Brands International Inc. and its operating subsidiary,
Chiquita Brands L.L.C., entered into an amendment effective
March 7, 2007, of their credit agreement dated as of
June 28, 2005, with a syndicate of banks, financial institutions
and other institutional lenders. This Amendment addresses the
treatment under the Credit Agreement of a US$25 million charge
for the potential settlement of a contingent liability related
to the previously announced U.S. Department of Justice
investigation of the company in connection with payments made by
its former Colombian subsidiary. Even without the Amendment,
the company was in compliance with the financial covenants under
the Credit Agreement at Dec. 31, 2006. The Amendment, which
makes certain adjustments in the calculation of financial
covenants relating to the charge and certain legal fees and
expenses, affords the Company greater flexibility to remain in
compliance with the financial covenants under the Credit
Agreement in future periods.
From time to time, some of the lenders and their affiliates have
provided, and may in the future provide, investment banking and
commercial banking services and general financing services to
the Company for which they have in the past received, and may in
the future receive, customary fees.
About Chiquita Brands
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
the Philippines.
* * *
On Nov. 6, Moody's Investors Service downgraded the ratings for
Chiquita Brands L.L.C., as well as for its parent Chiquita
Brands International, Inc. Moody's said the outlook on all
ratings is stable.
This rating action follows the company's announcement that had
incurred a USUS$96 million net loss for its 2006 third quarter.
Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.
CHIQUITA BRANDS: Lets Retailers Sell Single Banana for 75 Cents
---------------------------------------------------------------
Chiquita Brands International has allowed retailers to sell
single "Chiquita to Go" bananas for 75 cents each, Boston.com
reports.
Boston.com relates that Chiquita Brands' bananas cost 69 cents
per pound in the grocery store. There is usually about two
bananas per pound.
However, Chiquita International believes that it could increase
profits if people could buy a single banana off the shelf.
Research conducted for the firm in 2005 revealed that 42% of
people would eat more bananas if they were available in more
locations, Boston.com notes.
Chiquita Brands spokesperson Mike Mitchell commented to
Boston.com, "This allows us to meet consumer demand for eating
more bananas. And it's great for Chiquita because we can charge
a premium price."
The move is part of Chiquita Brands' plan to use convenience
stores, coffee shops, drug stores, and other outlets to boost
revenue in the North American market, where sales increased 5%
to 2.2 billion pounds of bananas since 2001, compared to the 32%
boost on international sales that resulted to 3.4 billion pounds
over the same period, Boston.com states.
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
the Philippines.
* * *
On Nov. 6, Moody's Investors Service downgraded the ratings for
Chiquita Brands L.L.C., as well as for its parent Chiquita
Brands International, Inc. Moody's said the outlook on all
ratings is stable.
This rating action follows the company's announcement that had
incurred a USUS$96 million net loss for its 2006 third quarter.
Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.
MANILA ELECTRIC: Discloses Agenda of May 29 Stockholders Meeting
----------------------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, Manila Electric Company will hold its Annual
Stockholders' Meeting on May 29, 2007, at 9:00 a.m., at the
Meralco Theater, Lopez Building, in Ortigas Avenue, Pasig City.
In an update, Manila Electric informs the Philippine Stock
Exchange of the meeting's agenda. During the meeting, the
stockholders will, among others, consider the approval of the
company's 2006 audited financial statements. The company,
however, has not filed with its 2006 financial statements with
PSE. "Figures are not yet available pending the board of
directors' approval of the AFS," the company explains.
The ASM's agenda also includes:
-- approval of amendments to the articles of incorporation:
a. declassification of Class "A" and Class "B" shares;
and
b. increase in authorized capital stock;
-- approval of stock dividend;
-- approval of allocation to Employees Stock Ownership Plan;
-- election of directors for the ensuing year; and
-- appointment of independent auditors.
About Manila Electric
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
* * *
A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.
In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around PHP4.7
billion.
PHILODRILL CORP: Signs Farm-In Agreement with Vitol GPC
-------------------------------------------------------
The Philodrill Corp., together with the other members of Service
Contract 6 Block A consortium, has entered a Farm-In Agreement
with Switzerland's Vitol GPC S.A., a filing with the Philippine
Stock Exchange reveals.
According to the filing, the Agreement has been submitted to,
and is now pending approval by, the Department of Energy.
Trans-Asia Oil and Energy, another member of the SC 6A
consortium, tells PSE that under the Farm-In deal, Vitol will
undertake, at its own cost and risk, geological, geophysical and
engineering studies in the block for one year.
According to Xinhua Financial News, Block SC 6 is in Cadlao,
offshore Palawan.
At the end of the agreed one-year period, Vitol will decide
whether it will acquire 70% participating interest in the block,
or withdraw. If the Swiss firm decides to proceed, it will
carry the original SC 6A partners in the cost of drilling one
well.
The PSE filing did not mention the other members of the SC 6A
consortium.
About Philodrill Corp.
Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com-- The Philodrill Corporation was
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company. In 1989, realizing the need to balance the
risk associated with its petroleum activities, the Company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.
The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services. The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.
* * *
After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of Dec.
31, 2005. The Company also had difficulty meeting its
obligations to creditor banks.
In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.
VICTORIAS MILLING: Posts PHP441.33MM Profit in Nov. 2006 Qtr.
-------------------------------------------------------------
Victorias Milling Company, Inc., posted a net income of
PHP441.33 million in the quarter ended Nov. 30, 2006, almost six
times the PHP73.77 million profit booked in the corresponding
quarter in 2005.
The company's revenues soared 56% from PHP724.80 million in the
quarter ended Nov. 30, 2005, to PHP1.13 billion in the November
2006 quarter. Cost of sales grew by 32% from PHP407.19 million
in the November 2005 quarter to PHP539.32 million in the latest
quarter under review, bringing the gross profit to PHP592.02
million.
For the November 2006 quarter, the company recorded other income
of PHP73.54 million, selling expenses of PHP10.12 million,
administrative expenses of PHP35.03 million and other operating
expenses of PHP25.05 million, arriving at income from operations
of PHP595.36 million.
The company incurred financing costs of PHP154.03 million in the
November 2006 quarter, 26% lesser than that booked in the
corresponding quarter in 2005.
Victorias Milling's balance sheet as of Nov. 30, 2006, showed
insolvency with assets totaling PHP8.22 billion, liabilities
aggregating PHP9.36 billion, resulting in a stockholders' equity
deficit of PHP1.14 billion. The balance sheet also showed
illiquidity with current assets totaling PHP435.30 million
available to pay current liabilities of PHP1.81 billion.
A full-text copy of the company's financial statements for the
quarter ended Nov. 30, 2006, is available for free at the
Philippine Stock Exchange at http://www.pse.com.ph/
Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities. Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.
On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors. On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the Company
or any of its subsidiaries to continue to their normal business
operations. The SEC also ordered the formation of a Management
Committee to oversee the Company's operations and
rehabilitation.
The Management Committee was tasked to submit a feasible and
viable rehabilitation plan for VMC.
The Company is currently undergoing debt restructuring.
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 12, 2007, auditing firm C.L. Manabat & Co., after auditing
VMC's financial statements for the years-ended Aug. 31, 2006,
and 2005, raised doubt in the company's ability to continue as a
going concern entity.
WARNER MUSIC: Board Declares US$0.13 Per Share Dividend
-------------------------------------------------------
Warner Music Group Corp.'s board of directors declared a regular
quarterly dividend of US$0.13 per share of common stock,
representing an aggregate quarterly dividend of approximately
US$19.4 million (based on outstanding shares of 149,389,412.787
as of Feb. 6, 2007). The dividend is payable April 27, 2007, to
stockholders of record as of the close of business March 28.
The company previously intends to pay regular quarterly
dividends on its common stock outstanding in an amount not to
exceed US$80 million per year. The board will evaluate whether
to pay a dividend on a quarterly basis and will base its
decisions on, among other things, our results of operations,
cash requirements, financial condition, contractual restrictions
and other factors the Board of Directors may deem relevant.
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. In Latin America, Warner Music has affiliates
in Argentina, Brazil, Chile, Columbia and Mexico. Warner Music
is home to a collection of record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West,
Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Rykodisc,
Sire, Warner Bros., and Word.
* * *
On Feb. 27, Standard & Poor's Ratings Services placed its
ratings on Warner Music Group Corp., including the 'BB-'
corporate credit rating, on CreditWatch with negative
implications, following the company's statement that it is
exploring a possible merger agreement with EMI Group PLC
(BB-/Watch Neg/B), which EMI management has confirmed.
Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.
=================
S I N G A P O R E
=================
INTERIOR ALLIANCE: Requires Creditors to Prove Debts by March 23
----------------------------------------------------------------
Interior Alliance Pte Ltd., which is in members' voluntary
liquidation, compels its creditors to file their proof of debts
by March 23, 2007.
Creditors who cannot prove debts by the due date will be
excluded from sharing in the company's dividend distribution.
The company's liquidator is:
Malcolm Tan
Assistant Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
GLOBAL OMARUS: Expects Creditors to Prove Debts by March 23
-----------------------------------------------------------
Global Omarus Technologies (S) Pte Ltd., which is in members'
voluntary liquidation, obliges its creditors to file their proof
of debts by March 23, 2007.
Creditors who fail to file their proofs of debt by the said
deadline will be excluded from sharing in the company's dividend
distribution.
The company's liquidator is:
Moey Weng Foo
Assistant Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
PETROLEO BRASILEIRO: Reduc Plant's Workers Demand 20% Pay Hike
--------------------------------------------------------------
About 8,000 subcontracted employees at Brazilian state-run oil
firm Petroleo Brasileiro SA's Reduc refinery held demonstrations
to pressure for a 20% salary hike and improved working
conditions, news agency Agencia Brasil reports, citing union
head Carlos Mendonca.
Reduc is Petroleo Brasileiro's fourth largest plant. It is
located in Duque de Caxias. It can process about 242,000
barrels per day of oil.
Mr. Mendonca told Agencia Brasil that the unionized protesters
didn't set a time limit for the action. However, he assured
that the strike won't affect Reduc's production.
BNamericas relates that the striking workers generally conduct
these works:
-- engineering,
-- industrial maintenance, and
-- heavy construction.
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: To Ink US$470MM Deal with National Iranian
---------------------------------------------------------------
Brazilian state-owned company Petroleo Brasileiro SA will sign a
US$470-million contract with Iranian counterpart National
Iranian Oil Co. to develop Caspian Sea oil reserves, Shana, the
Iranian Oil Ministry's information network, posted on its Web
site.
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 25, 2007, Petroleo Brasileiro was negotiating with Iran to
become a service provider in Caspian Sea deep offshore drilling.
National Iranian expressed interest in cooperating with Petroleo
Brasileiro, as the latter has better expertise in deep offshore
drilling, compared with National Iranian.
According to Shana, Seyed Mahmoud Mohades -- the National
Iranian Oil Co.'s exploration director -- said that Petroleo
Brasileiro will drill three wells in blocks 06 and 29 in the
Iranian section of the Caspian Sea.
Mr. Mohades told Dow Jones Newswires that Petroleo Brasileiro
will drill the Caspian Sea wells without having an equity stake
in the fields. However, it will have a share in the sale
proceedings in a kind of buyback contract.
Dow Jones underscores that under the Iranian law, no foreign
companies can take an equity stake in Iranian energy projects.
However, the nation lets the firms become service providers
through buyback contracts.
The report says that buybacks allow oil companies to recover
their investments through oil and gas sales over a period of
several years. Iran revised the terms of buyback contracts to
allow the firm's involvement in a given energy project for up to
20 years.
Meanwhile, Petroleo Brasileiro and Repsol-YPF won a tender to
drill four exploratory wells at the Tosan Block in the Persian
Gulf, Shana reports.
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.
SIM HOE CONSTRUCTION: Creditors Must Prove Debts by March 23
------------------------------------------------------------
Sim Hoe Construction Co Pte Ltd., which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 23, 2007.
Creditors who fail to file their proofs of debt by the said
deadline will be excluded from sharing in the company's dividend
distribution.
The company's liquidator is:
Lim Yew Jin
Assistant Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===============
T H A I L A N D
===============
ADVANCED AGRO: Moody's Changes B3 Rating Outlook To Positive
------------------------------------------------------------
Moody's Investor Services has changed to positive from stable
the outlook for both Advance Agro Public Company Limited's
B3 corporate family rating and the senior unsecured bond ratings
on its notes due in 2007 and 2012.
"The rating action follows the company's refinancing most of its
2007 notes, which currently show an outstanding amount of around
US$10 million and still exhibit a technical breach status," says
Ken Chan, a Moody's AVP/Analyst based in Hong Kong.
"However, Moody's believes the likelihood of bondholders
requesting an acceleration in repayments is unlikely, and the
company's cash-on-hand of around US$22 million at end-2006 is
more than sufficient to meet its obligations, if needed," adds
Chan.
The positive outlook also reflects the improvement in Advance
Agro's balance sheet leverage, including adjusted Total
Debt/EBITDA of 3.5x and adjusted TD/Cap of around 49% in fiscal
year 2006, down respectively from 4.5x and over 55% a year ago.
"Furthermore, the rating is supported by the company's
competitive cost position, brand development strategy -- which
includes good quality products -- and track record for
generating positive free cash flow," says Chan.
At the same time, the rating reflects the inherently volatile
nature of pulp and paper product prices. Moody's also notes
that Advance Agro is expected to build a new paper mill in the
near-to-medium term, given its current high utilization level.
This project will likely be funded through a mix of debt and
equity.
In accordance with Moody's rating methodology for the paper &
forest products industry, the overall performance measurements
for Advance Agro's underlying fundamentals indicate a Ba rating
category.
Moody's also notes the credit metrics of Advance Agro are strong
relative to those of its regional peers, but the current rating
is constrained by:
1) the current technical breach status of the 2007 notes;
2) a track record of defaulted loan repayments; and
3) the existence of material related-party transactions and
concern on corporate governance practice.
The ratings could undergo an upgrade if the company maintains
its current financial profile, including TD/EBITDA below
4.0-4.5x on a sustainable basis, and adopts a prudent financial
policy to fund the planned expansion of its production capacity.
Improvements in its liquidity profile, including reduced
reliance on short-term funding, would also be positive for the
ratings.
On the other hand, the outlook will revert to stable if a
material downturn occurs in the paper market, or beyond Moody's
expectations, resulting in TD/EBITDA above 4.5-5.0x and
EBITDA/Int below 1.5-2.0x. Furthermore, evidence of the up-
streaming of funds to support other group companies would
pressure the ratings.
About Advance Agro PCL
Advance Agro (AA), headquartered in Bangkok, Thailand, is an
integrated producer of pulp, uncoated free sheet, and coated
paper.
DAIMLERCHRYSLER: Sells EUR2 Billion 4.375% Bonds Due March 2010
----------------------------------------------------------------
DaimlerChrysler AG sold EUR2 billion of 4.375% bonds due
March 2010 at a yield premium or a spread of 35 basis points
over the mid-swaps rate, the Budapest Business Journal reports
citing Bloomberg as its source.
Investors earlier demanded the highest risk premiums to hold the
company debt in at least a month after a rise in supreme
mortgage failures.
According to Mahmoud El-Shaer, who helps manage about
US$35 billion of fixed-income assets for State Street Investment
Management in London, the market is entering into a more normal
phase following a period of volatility, BBJ relates.
Mr. E-Shaer said speculations that DaimlerChrysler will
successfully find a buyer for its unprofitable Chrysler division
may have also helped boost demand for the bonds.
However, a company spokeswoman refused to disclose details on
how the automobile manufacturer intends to use the proceeds of
the sale.
According to data compiled by Bloomberg, DaimlerChrysler has up
to EUR8.3 billion of bonds maturing this year.
Commerzbank AG, Royal Bank of Scotland Group Plc and UniCredit
SpA is managing the sale of the debt.
The company's bonds reported a gain on Feb. 14 after
DaimlerChrysler CEO Dieter Zetsche disclosed that his company is
keeping all options open, including a sale or possible
partnerships, for its loss-making Chrysler division.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
DAIMLERCHRYSLER: Chrysler Group to Recall Over 489,000 Vehicles
----------------------------------------------------------------
Chrysler Group, DaimlerChrysler AG's U.S. arm, disclosed that it
would recall over 489,000 vehicles, Reuters reports.
Reuters relates that this is the second recall action done by
Chrysler. It had previously recalled almost 51,000 vehicles to
reprogram software for anti-lock brakes in late February.
Chrysler will recall:
* 328,424 Durango SUVs, which covers 2004 to 2006 models,
citing the risk of overheating linked to an integrated
circuit in the instrument cluster of the vehicles;
* 10,994 2008 model Dodge Avenger sedans due to problems
with the door latches; and
* 149,605 Jeep Liberty vehicles, 2006 and 2007 model-year,
because of a problem with the blower motor in the
air-conditioning system.
Reuters relates that aside from the direct expense involved in a
vehicle recall, the move could also damage the brand's longer-
term reputation for reliability.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9%
----------------------------------------------------------------
Chrysler Group celebrated 21 consecutive months of sales
increases outside North America, as February closed with
9% growth (15,194 units) over the same month in 2006.
Year-to-date, sales grew 10% over 2006, with much of the
increase coming from higher sales in Europe and Asia.
The Dodge Caliber was the top-selling Chrysler Group vehicle
outside North America year-to-date (4,834units), and continued
to be the Chrysler Group sales leader in Western Europe, the
largest-volume region. Dodge brand sales led Chrysler Group's
expansion efforts in international markets with sales up 278%.
"The global success of Dodge Caliber shows us that there is a
significant group of customers in European and international
markets who are attracted to the bold and unique characteristics
of the Dodge brand," Chrysler Group Executive Director for
International Sales and Marketing Thomas Hausch said. "And we
have more to come; later this year, the Dodge Nitro and Avenger
will be available to customers all over the world."
For the month, Chrysler 300C led the product lineup in terms of
both sales and overall growth with 2,629 units sold and a
57% increase. Local production of the Chrysler 300C began at
the end of last year in Beijing; and in February, the vehicle
outsold any other Chrysler Group vehicle in the Chinese market
by more than five times. Growth in the Asia Pacific region as a
whole was up 26% for the month.
Italy remained the company's largest volume market with sales up
2% and 3,363 units sold so far in 2007. It is followed by
Germany, which has seen double-digit growth of 13% in 2007, and
a total of 2,372 units sold.
"The positive sales trend that we're seeing in these markets is
showing that our vehicles, dealer network and marketing efforts
are appealing to new customers. A direct result is increased
profitability; 2006 was the most profitable year ever for
Chrysler Group's International operations," Mr. Hausch said.
"We have a strong dealer network in place with the right
products in the market, and more on the way, to sustain this
growth. And in the fast-growing markets, we are reaching out to
new dealers to increase our network and ensure that the customer
experience there is a positive one as well, in addition to
increasing brand awareness and loyalty."
Expansion and sales growth in international markets has been a
strategic goal for the Chrysler Group in recent years. As an
example of commitment to this effort, last month the company
announced that the Dodge brand will join Chrysler and Jeep(R)
vehicles for sale in China. Starting this year, all three
Chrysler Group brands will be sold there for the first time
ever, laying the foundation for future growth and continued
expansion outside North America.
Chrysler Group sells and services vehicles in more than
125 countries around the world, and Chrysler Group sales outside
North America currently account for approximately 8% of the
company's total global sales. Vehicles available range across
all three Chrysler Group brands, with limited availability on
some trucks and SUV models. The company's operations outside
North America have been experiencing year-over-year sales
increases since 2004, and will continue to increase the number
of product offerings, powertrain options and RHD availability
through 2007.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
DAIMLERCHRYSLER AG: Shareholders Want Chrysler Deal Investigated
----------------------------------------------------------------
DaimlerChrysler AG shareholders Ekkehard Wenger and
Leonhard Knoll are calling for special audits that could lead to
damage claims against the company's supervisory board, in a new
sign of friction between investors and management of the German-
U.S. car maker, Matthias Krust of The Wall Street Journal
reports.
The two investors, WSJ says, have succeeded in amending the
agenda of the company's April 4 annual shareholders meeting to
include a motion that, if successful, would require an audit of
the 1998 takeover of the former Chrysler Corp. by the former
Daimler-Benz AG.
According to the report, Messrs. Wenger and Knoll say company
officials did not calculate the companies' value correctly and
that DaimlerChrysler management added a 30% premium to the
market value of the Chrysler shares when determining the
exchange ratio used for the merger of both companies.
In response, DaimlerChrysler said in a statement cited by WSJ
that there is no reason for the requested investigations.
As reported in the Troubled Company Reporter on March 8, 2007,
the Journal said that DaimlerChrysler Chief Executive Officer
Dieter Zetsche confirmed his company is talking to General
Motors Corp. about sharing the costs of future sport-utility
vehicles, but he and GM's CEO stayed mum about whether GM could
try to buy its Chrysler arm outright.
According to that report, Mr. Zetsche reiterated that the auto
maker is considering "all options" for Chrysler, including a
possible sale, which move came amid rising investor frustration
over the division's losses.
Lower February Sales
As reported in the Troubled Company Reporter on Mar. 2, 2007,
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units; down 8% compared with February 2006 with
190,367 units. All sales figures are reported unadjusted.
"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.
Also, the Jeep Wrangler had its best February ever," Chrysler
Group Vice President for Sales and Field Operations Steven
Landry said.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
* BOND PRICING: For the Week 5 March to 9 March 2007
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game 8.000% 12/31/09 AUD 0.84
Alinta Networks 5.750% 09/22/10 AUD 6.62
APN News & Media Ltd 7.250% 10/31/08 AUD 5.91
A&R Whitcoulls Group 9.500% 12/15/10 NZD 9.25
Arrow Energy NL 10.000% 03/31/08 AUD 1.41
Babcock & Brown Pty Ltd 8.500% 12/31/49 NZD 7.60
Becton Property Group 9.500% 06/30/10 AUD 0.86
BIL Finance Ltd 8.000% 10/15/07 NZD 9.75
Capital Properties NZ Ltd 8.500% 04/15/07 NZD 8.55
Capital Properties NZ Ltd 8.500% 04/15/09 NZD 8.25
Cardno Limited 9.000% 06/30/08 AUD 5.60
CBH Resources 9.500% 12/16/09 AUD 0.45
Chrome Corporation Ltd 10.000% 02/28/08 AUD 0.02
Clean Seas Tuna Ltd 9.000% 09/30/08 AUD 0.84
Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.55
Evans & Tate Ltd 8.250% 10/29/07 AUD 0.44
Fletcher Building Ltd 8.600% 03/15/08 NZD 8.60
Fletcher Building Ltd 7.800% 03/15/09 NZD 8.15
Fletcher Building Ltd 8.850% 03/15/10 NZD 8.20
Fletcher Building Ltd 7.550% 03/15/11 NZD 7.90
Futuris Corporation Ltd 7.000% 12/31/07 AUD 2.44
Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 9.99
Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.99
Hutchison Telecoms Australia 5.500% 07/12/07 AUD 0.20
IMF Australia Ltd 11.500% 06/30/10 AUD 0.82
Infrastructure & Utilities
NZ Ltd 8.500% 09/15/13 NZD 8.55
Infratil Ltd 8.500% 11/15/15 NZD 8.20
Kiwi Income Properties Ltd 8.000% 06/30/10 NZD 1.24
Minerals Corporation Ltd 10.500% 09/30/07 AUD 0.89
Nuplex Industries Ltd 9.300% 09/15/07 NZD 9.40
Primelife Corporation 10.000% 01/31/08 AUD 1.02
Silver Chef Ltd 10.000% 08/31/08 AUD 1.05
Software of Excellence 7.000% 08/09/07 NZD 1.75
Speirs Group Ltd. 10.000% 06/30/49 NZD 61.00
Structural Systems 11.000% 06/30/07 AUD 1.60
TrustPower Ltd 8.300% 09/15/07 NZD 8.50
TrustPower Ltd 8.300% 12/15/08 NZD 8.00
TrustPower Ltd 8.500% 09/15/12 NZD 8.05
TrustPower Ltd 8.500% 03/15/14 NZD 8.00
JAPAN
-----
Japan Funi Muni Ent 1.700% 10/30/08 JPY 2.67
JNR Settlement 2.200% 02/15/08 JPY 2.02
Nara Prefecture 1.520% 10/31/14 JPY
10.26
KOREA
-----
Korea Development Bank 7.450% 10/31/21 KRW 49.97
Korea Development Bank 7.400% 11/02/21 KRW 49.95
Korea Development Bank 7.310% 11/08/21 KRW 49.91
Seoul Metro Rail 2.500% 01/31/14 KRW 47.47
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.92
Asian Pac Bhd 4.000% 12/21/07 MYR 0.21
Berjaya Land Bhd 5.000% 12/30/09 MYR 0.90
Bumiputra-Commerce 2.500% 07/17/08 MYR 1.03
Camerlin Group 5.500% 07/15/07 MYR 2.13
Crescendo Corporation Bhd 3.000% 08/25/07 MYR 0.97
Denko Industrial Corp. Bhd 5.000% 03/15/07 MYR 0.69
Eastern & Oriental Hotel 8.000% 07/25/11 MYR 1.85
Eden Enterprises (M) Bhd 2.500% 12/02/07 MYR 0.99
Equine Capital 3.000% 08/26/08 MYR 0.36
EG Industries Bhd 5.000% 06/16/10 MYR 0.55
Greatpac Holdings 2.000% 12/11/08 MYR 0.26
Gula Perak Bhd 6.000% 04/23/08 MYR 0.30
Hong Leong Industries Bhd 4.000% 06/28/07 MYR 0.82
Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.61
I-Berhad 5.000% 04/30/07 MYR 0.60
Insas Bhd 8.000% 04/19/09 MYR 0.71
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.36
Kosmo Technology Industrial 2.000% 06/23/08 MYR 0.53
Kretam Holdings Bhd 1.000% 08/10/10 MYR 0.57
Kumpulan Jetson 5.000% 11/27/12 MYR 0.45
LBS Bina Group Bhd 4.000% 12/31/07 MYR 0.48
LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.41
LBS Bina Group Bhd 4.000% 12/31/09 MYR 0.43
Media Prima Bhd 2.000% 07/18/08 MYR 1.48
Mithril Bhd 8.000% 04/05/09 MYR 0.39
Mithril Bhd 3.000% 04/05/12 MYR 0.62
Nam Fatt Corporation Bhd 2.000% 06/24/11 MYR 0.52
Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.17
Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.88
Ramunia Holdings 1.000% 12/20/07 MYR 0.91
Rashid Hussain Bhd 3.000% 12/23/12 MYR 1.77
Rashid Hussain Bhd 0.500% 12/24/12 MYR 1.76
Rhythm Consolidated Bhd 5.000% 12/17/08 MYR 0.33
Silver Bird Group Bhd 1.000% 02/15/09 MYR 0.32
Southern Steel 5.500% 07/31/08 MYR 1.30
Tenaga Nasional Bhd 3.050% 05/10/09 MYR 1.20
Tradewinds Corp. 2.000% 02/08/12 MYR 0.70
Tradewinds Plantations Bhd 3.000% 02/28/16 MYR 0.90
TRC Synergy Berhad 5.000% 01/20/12 MYR 1.58
WCT Land Bhd 3.000% 08/02/09 MYR 1.38
Wah Seong Corp 3.000% 05/21/12 MYR 3.00
YTL Cement Bhd 4.000% 11/10/15 MYR 1.50
SINGAPORE
---------
Sengkang Mall 8.000% 11/20/12 SGD 1.06
*********
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.
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