/raid1/www/Hosts/bankrupt/TCRAP_Public/070924.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, September 24, 2007, Vol. 10, No. 189
Headlines
A U S T R A L I A
AUTO CITY: Members & Creditors Receive Wind-Up Report
COMMUNICATIONS CORPORATION: Sets Meeting for September 25
ITRON INC: Posts US$23.9-Million Net Loss in Second Quarter 2007
QUEENSLAND BUILDERS: Members' Final Meeting Set for Sept. 28
ROOFIX INDUSTRIES: Liquidator to Give Wind-Up Report on Sept. 27
SAECO AUSTRALIA: Declares Interim Dividend
SCAMPOLA PTY: Liquidator to Give Wind-Up Report on October 1
SHANE HOULAHAN: Will Declare Final Dividend on October 11
SINCLAIRS SELF: Members to Receive Wind-Up Report on Sept. 28
WAYWA PTY: Members to Receive Wind-Up Report on October 5
WESTPOINT GROUP: Neil Burnard Committed to Stand Trial
WESTPOINT: Adviser Banned from Providing Financial Services
C H I N A & H O N G K O N G
CHEUNG HING: Appoints Chiu and Wan as Liquidators
CHINA EASTERN: Air China May Block Singapore Air's Stake Buy
CHINA PROFIT: Pays First & Interim Ordinary Dividend
CHINFON BANK: TRR Cuts Long-Term Credit Rating to twBB
HDH ADVISORS: Liquidators Resign from Post
HFR ASSET: Placed Under Voluntary Liquidation
HIH MANAGEMENT: Creditors' Proofs of Debt Due on October 12
HONGKONG BDSTAR: Liquidator Quits Post
MAX DOLLAR: Court to Hear Wind-Up Petition on October 24
NICE DEVELOPMENT: Members to Receive Wind-Up Report on Oct. 15
PURELY LIMITED: Members to Hold Final Meeting on October 15
TC MANUFACTURERS: Will Pay First and Final Dividend
ZTE CORP: Pres. Arroyo Orders Suspension of US$329-Mil. NBN Deal
I N D I A
BAUSCH & LOMB: Launches Tender Offers for Debt Securities
IMAX CORP: Signs Ten-Theatre Deal with China's Wanda Cinema
KINETIC ENGINEERING: Bags Tata Motors Gearboxes Supply Contract
PANCHMAHAL STEEL: Books INR152.2-Mil. Net Profit in 1st Quarter
RPG LIFE: Schedules AGM in October; Will Pay Dividends
SPICEJET LTD: Management Clarifies Results of Limited Review
TATA MOTORS: Praveen Kadle Quits Post as Executive Director
TATA TELESERVICES: Members Okay FCCB Issue of Up to US$200 Mil.
I N D O N E S I A
ANEKA TAMBANG: To Partner with BHP Billiton for Nickel Project
BANK INTERNASIONAL: To Apply Single-Presence Policy by Year-End
EXCELCOMINDO PRATAMA: Says Users Total 11.5 Mil. by Early Sept.
FOSTER WHEELER: Global Power Unit Bags Contract from UTE CT
HILTON HOTELS: Stockholders OK Acquisition by Blackstone Group
REXAM PLC: FAS Rejects Application for Rostar Acquisition
J A P A N
NOVA CORP: Considers Closing 200 School Branches
SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$223 Mln
SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners
SOFTBANK CORP: Ties Up with eAccess for WiMAX Operations
XEROX CORP: Invests US$60 Million on Next Generation Toner Plant
K O R E A
BOWATER INC: Expects DOJ Approval on Abitibi Merger
EUGENE SCIENCE: Taps Transworld Consulting to Promote Line
HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products
M A L A Y S I A
AYER MOLEK: Faces Delisting for Failure to File 2006 Financials
MANGIUM INDUSTRIES: Unit Defaults on MYR17.17 Mil. Loan w/ Banks
M O N G O L I A
* Fitch Revises Outlook to Positive; Affirms B+ Rating
N E W Z E A L A N D
AUCKLAND MUSIC: Appoints Fisk and Sanson as Liquidators
BROOKLYN BAKERIES: Subject to Grant Plumbing's Wind-Up Petition
CHANNEL PUBLISHING: Subject to Saunders & Co's Wind-Up Petition
CHESWOOD ESTATE: Court to Hear Wind-Up Petition Today
CITYLIGHT NAPIER: Fixes Sept. 27 as Last Day to File Claims
DYNAMIC ELECTRICAL: Requires Creditors to File Claims by Oct. 15
ECUBED CONSULTING: Creditors' Proofs of Debt Due on October 8
FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market
NEW ZEALAND HOSPITALITY: Court to Hear Petition on September 25
NORTH KERREZ ENTERPRISES: Court to Hear Wind-Up Petition Today
TERRA CORPORATION: Court Sets Wind-Up Hearing for Sept. 27
P H I L I P P I N E S
BANGKO SENTRAL: Expects Outflows and Debt Payments to Lower BoP
CHIQUITA BRANDS: US Federal Court Orders US$25-Mln Fines Paid
GEOGRACE RESOURCES: Formalizes Purchase of Garnierete, Saprolite
METROPOLITAN BANK: Sees Continued Growth for Trust Banking Unit
SAN MIGUEL: SEC Approves Subsidiary's Proposed Capital Increase
WENDY'S INTERNATIONAL: More Buyers Lining Up, WSJ Says
WENDY'S INTERNATIONAL: Franchisees Want Say in Sale Proceedings
* Investments-to-GDP Ratio Seen to Rise to 2.5%, Officials Say
S I N G A P O R E
AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch
CKE RESTAURANTS: Reports September Same-Store Sales
FLEXTRONICS INT'L: Moody's Rates Proposed Bank Loan at (P)Ba1
FREESCALE SEMICONDUCTOR: S&P Puts BB- Rating Under Neg. Watch
LEVI STRAUSS: Tender Offer for Senior Notes Expires on Oct. 17
SCOTTISH RE: Declares Cash Dividend for Preferred Shares
T H A I L A N D
ARVINMERITOR INC: Amends Credit Agreement to Reduce Size
BLOCKBUSTER INC: Tom Casey Appointed as Chief Financial Officer
DATAMAT PCL: To Serve as Planner for Business Reorganization
ITV PCL: Relocates Office to 6th Floor, Shinawatra Tower III
THAI PROPERTY: To Submit 2nd Quarter Financials by Oct. 15
THAI WAH: Hearing for Bangkok Bank's Suit Moved to December 17
TMB BANK: Dutch Group Eyes Acquisition of 24.9% Shareholdings
* Fitch: AsPac Corporates Well-Placed for a Liquidity Crunch
- - - - - - - -
=================
A U S T R A L I A
=================
AUTO CITY: Members & Creditors Receive Wind-Up Report
-----------------------------------------------------
On September 3, 2007, the members and creditors of Auto City
(Mackay) Pty Ltd met and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on July 9, 2007.
About Auto City
Auto City (Mackay) Pty Ltd, which is also trading as B & C
Truckpower Centre, is a distributor of automobiles and other
motor vehicles. The company is located at Mackay, in
Queensland, Australia.
COMMUNICATIONS CORPORATION: Sets Meeting for September 25
---------------------------------------------------------
The members and creditors of Communications Corporation (A'asia)
Pty Ltd will have their meeting on September 25, 2007, at
11:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Paul Burness
c/o Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9613 5511
Facsimile:(03) 9614 3233
Web site: http://www.worrells.net.au
About Communications Corporation
Communications Corporation (A'asia) Pty Ltd provides consulting
services. The company is located at Morrabin, in Victoria,
Australia.
ITRON INC: Posts US$23.9-Million Net Loss in Second Quarter 2007
----------------------------------------------------------------
Itron Inc. reported a net loss of US$23.9 million for the second
quarter ended June 30, 2007, compared with net income of
US$10.2 million in the same period in 2006. The loss was
primarily due to acquisition-related charges for in process
research and development and inventory.
Non-GAAP net income, which excludes amortization expense related
to intangible assets, acquisition related charges for in process
research and development and inventory, and amortization of debt
fees, was US$27.7 million compared with US$15.0 million in the
2006 period. Non-GAAP net income is higher in the second
quarter of 2007 primarily due to the Actaris acquisition.
Total revenues for the second quarter of 2007 of US$401.6
million were US$237.7 million, or 145.0%, higher than 2006
second quarter revenues of US$163.8 million. Itron North
America revenues for the second quarter of US$151.9 million were
approximately US$11.9 million, or 7.3%, lower than the second
quarter of 2006. 2006 second quarter revenues included over
US$30.0 million from the company's contract with Progress
Energy. This contract also contributed to the higher number of
meters shipped during the second quarter of 2006. Actaris
revenues of US$249.6 million were comprised of shipments to
electric, gas and water utilities of approximately 40%, 31% and
29%, respectively.
"We are obviously pleased with our financial results for the
quarter," said LeRoy Nosbaum, chairman and chief executive
officer. "As expected, the acquisition of Actaris dramatically
improved the operating profile of our company and provides a
platform for future growth opportunities in the global energy
and water markets."
The company completed the acquisition of Actaris on April 18,
2007. Actaris products include electricity meters sold outside
of the U.S. and Canada and gas and water meters sold around the
world.
Net interest expense of US$20.7 million in the second quarter of
2007 was US$18.5 million higher than the comparable period in
2006. The increased net interest expense in 2007 was primarily
due to the placement of US$1.2 billion in debt for the Actaris
acquisition.
The company had a US$14.8 million GAAP income tax benefit for
the second quarter of 2007. This compares with a GAAP income
tax provision of US$5.0 million in the second quarter of 2006.
The benefit is due to the pre-tax GAAP loss.
Net cash provided by operating activities was US$62.9 million
for the first six months of 2007, compared with US$56.8 million
in the same period of 2006. Adjusted earnings before interest,
taxes, depreciation and amortization in the second quarter of
2007, was US$69.3 million compared with US$28.8 million for the
same period in 2006.
At June 30, 2007, the company's consolidated balance sheet
showed US$2.99 billion in total assets, US$2.38 billion in total
liabilities, and US$615.8 million in total stockholders' equity.
Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?238c
About Itron Inc.
Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.
Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.
* * *
Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.
QUEENSLAND BUILDERS: Members' Final Meeting Set for Sept. 28
------------------------------------------------------------
A final meeting will be held for the members of Queensland
Builders Transport Pty Ltd on September 28, 2007, at 10:00 a.m.
At the meeting, Gregory Moloney, Queensland Builders'
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
The Liquidator can be reached at:
Gregory Moloney
c/o Ferrier Hodgson (Queensland)
Level 7, 145 Eagle Street
Brisbane, Queensland 4000
Australia
About Queensland Builders
Queensland Builders Transport Pty Ltd operates offices of
holding companies. The company is located at Eagle Farm, in
Queensland, Australia.
ROOFIX INDUSTRIES: Liquidator to Give Wind-Up Report on Sept. 27
----------------------------------------------------------------
The members of Roofix Industries Pty Ltd will hold their final
meeting on September 27, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gregory Moloney
c/o Ferrier Hodgson (Queensland)
Level 7, 145 Eagle Street
Brisbane, Queensland 4000
Australia
About Roofix Industries
Roofix Industries Pty Ltd provides repair services. The company
is located at Archerfield, in Queensland, Australia.
SAECO AUSTRALIA: Declares Interim Dividend
------------------------------------------
Saeco Australia Pty Ltd declared an interim dividend on
September 18, 2007.
Creditors who were not able to file their claims by the
September 4 due date were excluded from the company's dividend
distribution.
The company's deed administrators are:
Salvatore Algeri
Simon A Wallace-Smith
c/o Deloitte Touche Tohmatsu
Chartered Accountants
180 Lonsdale Street
Melbourne, Victoria 3000
Australia
About Saeco Australia
Saeco Australia Pty Ltd is a distributor of commercial
equipments. The company is located at Reservoir, in Victoria,
Australia.
SCAMPOLA PTY: Liquidator to Give Wind-Up Report on October 1
------------------------------------------------------------
A final meeting will be held for the members and creditors of
Scampola Pty Ltd on October 1, 2007, at 9:15 a.m.
At the meeting, Peter Goodin, Scampola's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
Peter Goodin
c/o Brooke Bird & Co Insolvency Practitioners
471 Riversdale Road
East Hawthorn, Victoria 3123
Australia
Telephone:(03) 9882 6666
About Scampola Pty
Located at Burwood, in Victoria, Australia, Scampola Pty Ltd is
an investor relation company.
SHANE HOULAHAN: Will Declare Final Dividend on October 11
---------------------------------------------------------
Shane Houlahan Pty Ltd, which is in liquidation, will declare
its final dividend on October 11, 2007.
Creditors are required to file their proofs of debt by Sept. 27,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
S. J. Michell
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne, Victoria 3000
Australia
About Shane Houlahan
Shane Houlahan Pty Ltd, which is also trading as Midland
Contractors, is involved with heavy construction business. The
company is located at Bendigo, in Victoria, Australia.
SINCLAIRS SELF: Members to Receive Wind-Up Report on Sept. 28
-------------------------------------------------------------
The members of Sinclairs Self Service Stores Pty Ltd will have
their meeting on September 28, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
David H. Scott
Scott Partners Consulting Chartered Accountants
First Floor, 173 Burke Road
Glen Iris, Victoria 3146
Australia
About Sinclairs Self
Sinclairs Self Service Stores Pty Ltd operates gasoline service
stations. The company is located at Stanley, in Victoria,
Australia.
WAYWA PTY: Members to Receive Wind-Up Report on October 5
---------------------------------------------------------
Waywa Pty Ltd will hold a meeting for its members on October 5,
2007, at 9:30 a.m.
At the meeting, M. G. McCann, Waywa's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
M. G. McCann
c/o Grant Thornton Chartered Accountants
Ground Floor, 102 Adelaide Street
Brisbane, Queensland 4000
Australia
About Waywa Pty
Located at Spring Hill, in Queensland, Australia, Waywa Pty Ltd
is a lessor of real property.
WESTPOINT GROUP: Neil Burnard Committed to Stand Trial
------------------------------------------------------
Neil Austin Burnard was committed to stand trial in the NSW
District Court on eleven charges brought by the Australian
Securities and Investments Commission.
The charges relate to Mr. Burnard making and publishing
statements in relation to Kebbel Investment Bank, knowing the
statements to be false in a material particular, namely that
Kebbel Investment Bank did not exist.
ASIC alleges that Mr. Burnard made the statements in order to
obtain a financial advantage for various Westpoint mezzanine
finance companies, specifically a monetary investment in the
companies.
Mr. Burnard has reserved his plea to the charges.
The matter has been set down for arraignment in the NSW District
Court on 12 October 2007.
The Commonwealth Director of Public Prosecutions is prosecuting
the matter.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings. The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years. These wind-up actions are
still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
WESTPOINT: Adviser Banned from Providing Financial Services
-----------------------------------------------------------
Australian Securities and Investments Commission has banned
Glenn Davis, of Point Cook in Victoria, from providing financial
services for five years.
Mr. Davis was the director and secretary of Glenn Davis &
Associates Pty Ltd. He and his company were authorized
representatives of Bongiorno Financial Advisers (Aust) Limited
and Bongiorno Financial Advisers Pty. Ltd. (the Licensees).
Both of the Licensees held Australian financial services
licenses.
An ASIC investigation found that Mr. Davis:
* provided inappropriate advice to clients to invest in
Westpoint products;
* advised a client to invest in a Westpoint product which was
not on the Approved Product List of the relevant Licensee;
* facilitated a client's investment into a Westpoint product
which had been removed from the Approved Product List of
the relevant Licensee;
* failed to accurately disclose to clients commissions and
payments received; and
* was an undischarged bankrupt.
People involved in the financial services industry must, at all
times, have a reasonable basis for the advice they give and act
in the best interests of their clients.
Mr. Davis has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC's decision.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings. The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years. These wind-up actions are
still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
================================
C H I N A & H O N G K O N G
================================
CHEUNG HING: Appoints Chiu and Wan as Liquidators
-------------------------------------------------
Victor Chiu and Tsang Fan Wan were appointed as liquidators of
Cheung Hing Electrical Machine Company Limited on July 11, 2007.
The Liquidators can be reached at:
Victor Chiu
Tsang Fan Wan
Club Lusitano Building, 8th Floor
16 Ice House Street, Central
Hong Kong
CHINA EASTERN: Air China May Block Singapore Air's Stake Buy
------------------------------------------------------------
China Eastern Airline's rival, Air China, could block Singapore
Air's planned acquisition of a stake in China Southern Airlines,
Infocast News reports.
Citing Citigroup analyst Ally Ma, the report says that Air
China's unit, China National Aviation Corp., has accumulated 11%
of China Eastern's Hong Kong listed shares, and the carrier
could try to unite other minority interests in China Eastern to
block the Singapore Airlines deal.
Ms. Ma explained that China Eastern's plan to sell a 15.7% stake
to Singapore Airlines and 8.3% to Temasek needs two-thirds
approval from minority shareholders, with a quorum requirement
of 51%.
"Air China may take aggressive actions to derail China Eastern's
stake sale to Singapore Airlines before the deal obtains general
meeting approval in November," Ma told the news agency. "With
nearly 50 pct market share in Shanghai, China Eastern is the
best target for Air China to build a high-value hub in Shanghai.
The first refusal right from Singapore Airlines and Temasek, if
they become 24 pct shareholder of China Eastern, drives Air
China for a final fight," she added.
China Eastern and Air China's shares rallied strongly Friday on
speculation of restructuring in the country's aviation sector.
China Eastern's shares were up 23% and Air China's rose 13%.
Citigroup has "buy" ratings on both companies. Chinese airlines
saw record high passenger load factors of 79% and 81% in July
and August, while domestic fuel prices have leveled off since
April, Citigroup said.
The brokerage said it expects China Eastern to post a net profit
of CNY1 billion in the third quarter. It added that China
Eastern still needs major restructuring, which Singapore
Airlines may not be able to influence because of its small
stake.
"Given Singapore Airlines' small equity stake, it may not be
able to do much to improve China Eastern's operating margin and
cashflow," Ms. Ma said.
"A major revamp is needed at China Eastern, if not it could
again face equity depletion considering its huge CNY50-60
billion aircraft capital commitment through 2010," she added.
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.
Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.
CHINA PROFIT: Pays First & Interim Ordinary Dividend
----------------------------------------------------
China Profit Development Limited, which is in liquidation, paid
its first and interim ordinary dividend on September 14, 2007.
The company paid 100% for all received claims.
The company's liquidator is:
Jacky CW Muk
Alexandra House, 27th Floor
18 Chater Road, Central
Hong Kong
CHINFON BANK: TRR Cuts Long-Term Credit Rating to twBB
------------------------------------------------------
Taiwan Ratings Corp. lowered its long-term counter-party credit
rating on Chinfon Commercial Bank to 'twBB' from 'twBB+'. At
the same time it affirmed its short-term rating of 'twB'. The
outlook on the long-term rating is negative.
The rating action on Chinfon reflects Taiwan Ratings' heightened
concerns about the bank's weakening ability to effectively
restore its capitalization over the short term, and the
accelerating deterioration of its franchise, and core earning
ability. The ratings continue to reflect Chinfon's small market
position, as well as its weak asset quality and capitalization.
Counterbalancing factors include the bank's acceptable
liquidity. Chinfon's reported capital base declined
significantly in the first half of 2007, which will result in
rising difficulties to meet the regulatory capital adequacy
ratio requirement if there is no effective new capital injection
over the next six-to-twelve months. The bank's capital base has
been continuously depleted by consecutive operating losses, due
to large credit costs and shrinking net interest income. Chinfon
reported a capital base of NT$2.768 billion (representing 2.3%
of reported total assets) at the end of June 2007, significantly
down from NT$5.878 billion (4.0% of reported total assets) at
the end of 2006. In addition, the bank's regulatory capital
adequacy ratio fell from 7.48% to 3.93% during the same period.
The situation would be far worse if unamortized losses on
impaired assets sales and potential credit costs were also taken
into consideration.
Chinfon also faces rising challenges to stabilize its core
earning ability along with a diminishing franchise. The bank's
loan and deposit balances (excluding inter-bank deposit) shrunk
significantly by an annualized 8.8% and 21.9% respectively in
the first half of 2007. Together with rising funding costs and
reduced high-margin loans, the bank's core earnings deteriorated
recently, with net operating income before loan loss provision
falling to 0.9% (annualized) in the first half of 2007, compared
with 1.4% in full-year 2006.
Furthermore, Chinfon's ROA deteriorated to negative 5.1%
(annualized) in the first half of 2007, compared with negative
2.8% in full-year 2006.
Chinfon maintains an acceptable liquidity. Although the bank
experienced pressure from a large deposit outflow in the first
half of 2007, along with the market's recent growing concern
over financially weak banks, the bank managed its liquidity
profile during this period by adjusting its asset-liability
structure and system support. Chinfon maintained its official
liquidity reserve ratio at over 10% up to June 2007, based on
data from Taiwan's central bank, which is above the regulatory
requirement of 7%.
The negative outlook reflects Taiwan Ratings Corp.'s view that
Chinfon's credit profile is vulnerable to external changes in
economic conditions and market confidence. In addition, Chinfon
is unlikely to be able to restore its weak capitalization to an
adequate level without effective capital injection. The bank
plans to bolster its capitalization through new capital
injection in 2007-2008, but the details and timing remain
unclear. The ratings could be lowered if Chinfon fails to
effectively restore its capitalization, and/or its liquidity
profile comes under pressure, and/or the bank's core earnings
deteriorate further. The ratings could see a positive change if
Chinfon completes the effective cash injection, accordingly
increasing the buffer against any unexpectedly adverse event.
HDH ADVISORS: Liquidators Resign from Post
------------------------------------------
On September 14, 2007, Huy Dho Hoang and Charle Ong Peza ceased
to act as liquidators for HDH Advisors (HK) Limited.
The former Liquidators can be reached at:
Huy Dho Hoang
Charle Ong Peza
Three Pacific Place, c/o Level 28
1 Queen's Road East
Hong Kong
HFR ASSET: Placed Under Voluntary Liquidation
---------------------------------------------
On August 31, 2007, the sole shareholder of HFR Asset Management
(Hong Kong) Limited passed a resolution to have the company's
operations wound up.
Paul David Stuart Moyes and Betty Yuen Yeung were appointed as
liquidators.
The Liquidators can be reached at:
Paul David Stuart Moyes
Betty Yuen Yeung
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
HIH MANAGEMENT: Creditors' Proofs of Debt Due on October 12
-----------------------------------------------------------
The creditors of HIH Management (Asia) Limited are required to
file their proofs of debt by October 12, 2007, to be included in
the company's dividend distribution.
The company's liquidator is:
Jan GW Blaauw
c/o PricewaterhouseCoopers
Prince's Building, 22nd Floor
Central, Hong Kong
HONGKONG BDSTAR: Liquidator Quits Post
--------------------------------------
Zhou Ruxin ceased to act as liquidator of HongKong BDstar
Limited on September 6, 2007.
The former Liquidator can be reached at:
Zhou Ruxin
Building 8, Unit 2-1
No.9 Huangsi Street, Chaoyang District
Beijing, P.R. China 100011
MAX DOLLAR: Court to Hear Wind-Up Petition on October 24
--------------------------------------------------------
The High Court of Hong Kong will hear on October 24, 2007, at
9:30 a.m., a petition to have the operations of Max Dollar
Limited wound up.
The petition was filed by Sin Shuk Fan on August 13, 2007.
NICE DEVELOPMENT: Members to Receive Wind-Up Report on Oct. 15
--------------------------------------------------------------
A final meeting will be held for the members of Nice Development
Limited on October 15, 2007, at 11:00 a.m., at Unit 2908, Tower
One Lippo Centre, in No. 89 Queensway, Hong Kong.
At the meeting, the members will hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidators are:
Wong Hing Sun
Mpk Wai Kwong
Times Media Centre, 26th Floor
133 Wanchai Road
Hong Kong
PURELY LIMITED: Members to Hold Final Meeting on October 15
-----------------------------------------------------------
The members of Purely Limited will hold their final meeting on,
October 15, 2007, at 10:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.
The meeting will be held at Unit 2908, Tower One Lippo Centre,
in No. 89 Queensway, Hong Kong.
The company's liquidators are:
Wong Hing Sun
Mpk Wai Kwong
Times Media Centre, 26th Floor
133 Wanchai Road
Hong Kong
TC MANUFACTURERS: Will Pay First and Final Dividend
---------------------------------------------------
TC Manufacturers Limited, which is in compulsory liquidation,
will pay its first and final dividend on September 28, 2007.
The company's liquidators are:
Lai Tin Yin Fio
Lyn Yee Chen Jean
Unit F, 23rd Floor
ZTE CORP: Pres. Arroyo Orders Suspension of US$329-Mil. NBN Deal
----------------------------------------------------------------
ZTE Corp. may have to wait a while longer to commence the
building of its national broadband network deal with the
Philippine Government after Philippine President Gloria
Macapagal-Arroyo ordered the suspension of the deal, various
reports say.
In addition, GMA News relates, Pres. Arroyo ordered the
suspension of the US$460-million Cyber Education Project, which
along with the NBN deal, would both be funded by loans from the
Chinese Government.
The announcement was made by Trade and Industry Secretary Peter
Favila at a press conference in Mandaluyong City. According to
him, the President instructed him to suspend the deal with ZTE
amid talk that the contract was riddled with anomalies.
Mrs. Arroyo made the order days after her husband, First
Gentleman Jose Miguel "Mike" Arroyo, was accused of telling
Speaker Jose De Venecia Jr.'s son to back off from the NBN
project, GMA News relates.
Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.
The group operates both in the domestic and international
market.
The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.
=========
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=========
BAUSCH & LOMB: Launches Tender Offers for Debt Securities
---------------------------------------------------------
Bausch & Lomb Inc. has commenced cash tender offers and consent
solicitations for four series of outstanding debt securities and
two series of outstanding convertible debt securities. These
tender offers and consent solicitations are being conducted as
part of the financing described in the previously filed proxy
materials associated with the proposed merger between the
Company and an affiliate of Warburg Pincus LLC. Completion of
the tender offers and consent solicitations is not a condition
to completion of the Merger. However, each tender offer and
consent solicitation is itself subject to the satisfaction of
certain conditions, including:
(1) closing of the Merger;
(2) receipt of consents sufficient to approve the proposed
amendments; and
(3) certain other customary conditions.
The consent solicitation with respect to each series of
securities is not conditioned upon receipt by the Company of the
requisite consent for any other series of securities.
Debt Securities
The tender offers and consent solicitations with respect to each
series of outstanding debt securities will expire at 8:00 a.m.,
New York City time, on Oct. 19 2007, unless extended or earlier
terminated by the company. In order to be eligible to receive
the purchase price, which includes the consent payment, holders
must validly tender, and not validly withdraw, their Debt
Securities prior to 5:00 p.m., New York City time on Oct. 3,
2007, unless extended or earlier terminated by the company.
Holders tendering their Debt Securities after the applicable
Consent Payment Deadline but prior to the applicable Expiration
Date will be eligible to receive an amount equal to the purchase
price less the consent payment. Debt Securities purchased in
the tender offers will be paid for on the applicable settlement
date for each tender offer, which, assuming the tender offers
are not extended, is expected to be as soon as practicable after
the applicable expiration date.
Holders tendering their Debt Securities will be required to
consent to the proposed amendments to the indentures governing
the Debt Securities, which would eliminate or make less
restrictive substantially all of the restrictive covenants, as
well as certain events of default and related provisions in the
indentures. The tender offers and consent solicitations are
being made pursuant to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated
Sept. 19, 2007 for the Debt Securities and the related Letter of
Transmittal and Consent.
Convertible Debt Securities
Concurrent with the tender offers and consent solicitations for
the Debt Securities, the company is separately commencing cash
tender offers and consent solicitations with respect to its 2004
Senior Convertible Securities due 2023 and its Floating Rate
Convertible Senior Notes due 2023.
The tender offer and consent solicitation with respect to each
series of Convertible Securities will expire at 8:00 a.m., New
York City time, on Oct. 19, 2007, unless extended or earlier
terminated by the company.
The purchase price for each US$1,000 principal amount of
Convertible Securities validly tendered and not validly
withdrawn pursuant to the tender offers and consent
solicitations is US$1,216.14 for the 2004 Senior Convertible
Securities due 2023 and $1,216.14 for the Floating Rate
Convertible Senior Notes due 2023, plus, in each case, accrued
and unpaid interest to, but not including, the settlement date
with respect to each series, which is expected to be as soon as
practicable after the applicable expiration date. Holders
tendering their Convertible Securities will be required to
consent to the proposed amendments to the indentures governing
the Convertible Securities, which would eliminate or make less
restrictive substantially all of the restrictive covenants, as
well as certain events of default and related provisions, in the
indentures. The tender offers and consent solicitations are
being made pursuant to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated
Sept. 19, 2007 for the Convertible Securities and the related
Letter of Transmittal and Consent.
Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations. Questions regarding the transaction and
the procedures for consenting may be directed to Citigroup
Global Markets Inc. by telephone at (800) 558-3745 (toll-free),
Banc of America Securities LLC by telephone at (888) 292-0070
(toll-free) for the Debt Securities and (888) 583-8900 x2200
(toll-free) for the Convertible Securities, Credit Suisse
Securities (USA) LLC by telephone at (212) 325-7596 (collect) or
J.P. Morgan Securities Inc. by telephone at (212) 270-1477
(collect).
Global Bondholder Services is the information agent for the
tender offers and consent solicitations. Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).
Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products. The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand). In Latin America, the company has operations in
Brazil and Mexico. "In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.
* * *
As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.
As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.
Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.
In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company. Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.
IMAX CORP: Signs Ten-Theatre Deal with China's Wanda Cinema
-----------------------------------------------------------
IMAX Corporation and Wanda Cinema Line Corporation has signed an
agreement to install ten IMAX(R) theatres in The People's
Republic of China, with the first two installations scheduled
for December of this year. The agreement marks IMAX's largest
ever multiple-theatre deal in Asia. Under the terms of the sales
agreement, all of the theatres are to be installed either with
IMAX's MPX(R) theatre system or the company's new digital
projection technology, which is currently in the advanced stages
of development. Wanda Cinema Line Corporation is the top
performing and fastest growing exhibitor in The People's
Republic of China with 121 screens in 15 locations. All ten
IMAX theatres are expected to be installed by the end of 2010
and bring the total number of IMAX theatres scheduled to be open
in The People's Republic of China to 39.
"IMAX is a world-class brand that has been received
exceptionally well across Asia, and we are very excited to
include the IMAX theatre business as an integral part of our
present and future growth," said Mr. Bao Jiazhong, General
Manager of Wanda Cinema Line Corporation. "Moviegoers in
China expect a premium experience when they visit a modern
multiplex and our IMAX theatres will be able to deliver on that
expectation and beyond, with the biggest Hollywood movies
presented in the most engaging and immersive way. IMAX puts you
IN the movie, and no other cinema technology can do that."
"China continues to be a key strategic growth market for IMAX,
and our partnership with Wanda Cinema Line -- an exhibitor AND
property developer -- gives us the opportunity to significantly
expand our audience-base and ultimately drive greater interest
in the region," said IMAX Co-CEO's and Co-Chairmen Richard L.
Gelfond and Bradley J. Wechsler. "This single deal is expected
to increase our presence in China by more than 30 percent. We
are encouraged by the enthusiasm of our new partners and we look
forward to working with them to bring The IMAX Experience(R) to
more people in China."
The first three locations will utilize the IMAX(R) MPX(R)
theatre system, IMAX's latest film projection technology
specifically designed to enable multiplex operators to enter
into the IMAX theatre business. The remaining seven locations
are scheduled to utilize IMAX's digital projection system. The
exhibitor has options to upgrade the three MPX theatre systems
to IMAX digital on pre-negotiated terms, and to opt out of the
final five installations subject to a material penalty.
All ten IMAX theatres are scheduled to be installed as part of
new multiplex constructions. The first two installations are
scheduled to take place in December 2007, in the cities of
Changsha and Changchun. Other identified cities include
Beijing, Chongqing and Wuxi. Each theatre will be capable of
playing digitally re-mastered Hollywood event films, as well as
original IMAX productions, in both 2D and IMAX(R) 3D.
About Wanda Cinema Line Corporation
Wanda Cinema Line Corporation is the fastest growing and most
competive cinema chain in China. Incorporated in 2005, the
company is a full subsidary of Dalian-based Wanda Group. As of
today, Wanda Cinema Line owns and operates 121 screens in 15
multiplexes with an average annual box office at over 100
million RMB. In 2007 alone, the company has scheduled to
construct 10 new multiplexes with 80 screens, bringing its total
number of screens by the end of this year to 200. The company
has plans to add 100 to 150 screens each year between 2008 to
2010. By 2010, the company would expect to own and operate a
total of 600 screens in 70 multiplexes with annual box office to
reach 1.5 billion RMB, taking 30% market share of the entire
country. Wanda Cinema Line will ultilize IMAX theatre systems
as an important means to enter the international high-end cinema
market with plans to build five IMAX theatres each year from
2008 to 2010, and by 2010 the company expects to have 15 to 20
IMAX screens, becoming the biggest IMAX exhibitor outside North
America.
About IMAX Corporation
Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection. IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films. IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development. IMAX has locations in
Guatemala, India, Italy, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 27, 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'CCC+' corporate credit rating, on IMAX
Corp. and removed them from CreditWatch.
The ratings were originally placed on CreditWatch with negative
implications on Apr. 2, 2007, with a revision to developing
implications occurring on July 5, 2007. The rating action
follows the company's filing of its SEC Form 10-Q for the first
quarter of 2007 and its 2006 Form 10-K, which should put the
company in compliance with its filing requirement under its bond
indenture and alleviate the risk of a near-term acceleration.
KINETIC ENGINEERING: Bags Tata Motors Gearboxes Supply Contract
---------------------------------------------------------------
Kinetic Engineering Ltd. won a contract to supply Tata Motors
Ltd with complete gearbox and gears for the automobile company's
INR1-lakh small car, media reports say.
According to machinist.in, an online publication for machinists,
Kinetic Engineering will invest up to INR50 crore to set up the
manufacturing facility for gears and gearboxes in Tata Motors'
vendor park at Singur in West Bengal.
The company has already invested in land in the Singur facility,
which plant is expected to get operational in about six to eight
months, machinist says.
Tata Motor's initial order is valued at around INR70 crore,
machinist adds.
"[T]he small car industry holds big potential as it can bring
safe and affordable mobility to many families," newKerala.com
quotes Kinetic Group Chairman Arun Firodia as saying.
India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers. The company has sold over 6
million vehicles in India. Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks. The company offers top-end bikes, such as Comet and
Aquila. It has a nationwide network of nearly 450 dealers and
over 1,000 service centers. Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.
For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million. For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of INR549.6
million.
PANCHMAHAL STEEL: Books INR152.2-Mil. Net Profit in 1st Quarter
---------------------------------------------------------------
Panchmahal Steel Limited reported a net profit of
INR152.22 million on the first quarter ended June 30, 2007,
almost twice that reported in the same quarter in 2006.
The company's first revenues soared 64% to INR1.48 billion from
the INR900.24 million last year.
With operating expenditures aggregating INR1.32 billion, the
company booked an operating profit of INR162.8 million. The
company incurred interest charges totaling INR6.71 million,
depreciation of INR9.59 million and taxes of INR7.65 million.
A copy of the company's unaudited financial results for the
quarter ended June 30, 2007, is available for free at the Bombay
Stock Exchange at http://ResearchArchives.com/t/s?23a5
Based in Vadodara, India, Panchmahal Steel Limited --
http://www.panchmahalsteel.co.in/ -- stainless steel focused
long product manufacturer. The Company's product range includes
austenitic, martensitic, ferritic and precipitation hardening
grades in various sizes and finishes in the form of billets,
wire rod, hot-rolled bars, cold finished bars (bright bars), and
wires and forgings. Its wire rod, bars and wires are suitable
for a range of applications, including free machining, cold
heading and fasteners, ball manufacturing, welding, springs,
shafts, heat resisting applications, re-drawing, architectural,
building and construction, and various industrial and
engineering applications.
The Troubled Company Reporter-Asia Pacific reported on Sept. 21,
2007, that Panchmahal Steel has a stockholder's equity deficit
of US$330,000.
RPG LIFE: Schedules AGM in October; Will Pay Dividends
------------------------------------------------------
RPG Life Sciences Ltd will close its Register of Members & Share
Transfer Books from Oct. 15, 2007, to Oct. 23, 2007, for the
purpose of payment of dividend and annual general meeting.
As previously reported by Troubled Company Reporter-Asia
Pacific, RPG Life reported a net profit of INR25.6 million on
total income of INR314. million in the first quarter ended
June 30, 2007. For the year ended March 31, 2007, the company
booked earned net profit of INR82.4 million on revenues totaling
INR1.2 billion.
Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.
On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D. The downgrade is on account of a default in debt
servicing obligations towards institutional investors.
SPICEJET LTD: Management Clarifies Results of Limited Review
-------------------------------------------------------------
Spicejet Ltd's management clarifies the auditors' limited review
report of the company's unaudited financial results for the
quarter ended June 30, 2007.
As reported by the Troubled Company Reporter-Asia Pacific on
Thursday, SpiceJet's auditors on its limited review report said
that the carrier should report a net loss of INR442.29 million
instead of a net profit of INR185.35 million because of
deviations of around INR627 million.
In a filing with the Bombay Stock Exchange, the management
points out that:
1. Deviations reported are matters on which auditors' have
qualified their auditor report in respect of financial
statements for the period ended March 31, 2007;
2. None of the reported items pertain to any transaction
occurring within the reported quarter. As a matter of
fact, the original transactions took place during 1995-96.
Hence, this does not have any effect on operation for the
reported quarter.
3. These deviations are results of matters under litigations
wherein orders of honorable High Court of Delhi are still
awaited.
Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier. In fiscal
2006, SpiceJet carried over 1.6 million passengers. As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip. The company has launched a co-branded credit card
with State Bank of India in association with MasterCard. In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.
Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005. For the ten
months ended March 31, 2007, the airline carrier booked a net
loss of INR707.43 million.
TATA MOTORS: Praveen Kadle Quits Post as Executive Director
-----------------------------------------------------------
Tata Motors Ltd has informed the Bombay Stock Exchange in a
regulatory filing that Praveen P Kadle, Executive Director
(Finance & Corporate Affairs), would relinquished his office
effective Sept. 18, 2007, in view of his appointment as the
managing director of Tata Capital Ltd.
Tata Capital is a new company promoted by Tata Sons, which will
be the main Tata Group vehicle in the financial services space,
the company said in a press release.
The BSE filing also disclosed of the appointment of C.
Ramakrishnan as Tata Motor's Chief Financial Officer with
immediate effect.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia, and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed USUS$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
TATA TELESERVICES: Members Okay FCCB Issue of Up to US$200 Mil.
---------------------------------------------------------------
Tata Teleservices Limited's members, at its 12th annual general
meeting last month, authorized the company's board of directors
to offer, issue and allot, by way of international offering,
foreign currency convertible bonds up to the aggregate principal
amount equivalent to US$200 million, a regulatory filing with
the Bombay Stock Exchange reveals.
The FCCB issue will be by way of circulation of an offering
circular or prospectus or by way of private placement, to be
subscribed in one or more foreign currencies, which may be
converted into equity shares of the company. The offer will be
made in one or more tranches, on terms and conditions as may be
decided and deemed appropriate by the board at the time of
offer, issue or allotment, subject to necessary provisions and
approvals.
Also during the AGM, the members, approved, among others the:
1. re-appointment of Charles Antony as managing director for
a period of three years with effect from Oct. 1, 2007;
2. re-appointment of. Deloitte Haskins & Sells, Chartered
Accountants, as the auditors to hold office from the
conclusion of the meeting until the conclusion of the next
AGM;
3. re-election of N. S. Ramachandran, as director; and
4. appointment of Prof. Ashok Jhunjhunwala, as director.
A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services. The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.
The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.
=================
I N D O N E S I A
=================
ANEKA TAMBANG: To Partner with BHP Billiton for Nickel Project
--------------------------------------------------------------
PT Aneka Tambang Tbk (Antam) expects to sign a joint venture
agreement with BHP Billiton Ltd/Plc to develop a nickel project
in Maluku Island, Reuters reports.
According to the report, the company move is Antam's strategy of
moving into downstream nickel processing. Cameron Tough,
Antam's investor relations advisor, told the news agency that
they expect the agreement will be finished by the end of this
year.
The two companies had agreed in February to jointly study
development of nickel deposits in the areas around Buli in North
Maluku, the report recounts.
Reuters notes that these areas have an estimated 57 million wet
metric tonnes of high-grade nickel ore reserves and 79 million
wet metric tonnes of high-grade nickel ore resources.
About Aneka Tambang
PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits. The company
operates six mines. They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold). The company also operates a precious metal
refinery and a geology unit in Jakarta.
* * *
The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'. The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.
Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.
BANK INTERNASIONAL: To Apply Single-Presence Policy by Year-End
---------------------------------------------------------------
PT Bank Internasional Indonesia Tbk will decide on single-
presence policy application by the end of the year, Tempo
Interactive reports.
Sanjay Kapoor, Bank Internasional Senior Executive Vice
President for Consumer Banking, told the news agency that the
shareholders have three alternatives regarding the policy
implementation. Mr. Kapoor said that Bank Internasional can
merge with Bank Danamon to sell the share ownership; or set up a
holding company, the report relates.
The report notes that Bank Internasional's majority shareholder,
Temasek Holdings, is planning to release its share ownership in
the bank, which plan relates to Bank Indonesia's single-presence
policy on Indonesian banks.
Mr. Kapoor conveyed that any decision regarding the single
presence policy was fully in the hands of shareholders, Tempo
adds.
PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--
engages in general banking services and in other banking
activities based on Syariah principles. The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard. The bank is headquartered in Jakarta,
Indonesia.
With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Fitch Ratings affirmed all the ratings of PT Bank
Internasional Indonesia Tbk as follows:
* Long term foreign currency IDR at 'BB-' with a Positive
Outlook,
* Short term foreign currency IDR at 'B',
* Individual Rating 'C/D',
* Support Rating '4', Support Rating Floor 'B' and
* National Rating 'AA-(idn)' (AA minus (idn)).
On Aug. 2, 2007, that Moody's Investors Service placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk on review
for possible upgrade.
The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected. "This action follows a
similar action taken on Indonesia's sovereign ratings on August
1, 2007," says Beatrice Woo, a Moody's VP/Senior Credit Officer.
The detailed ratings are:
* Ba3/Ba3 issuer/foreign currency subordinated debt and B2
foreign currency long-term deposit ratings were placed on
review for possible upgrade; and
* Not Prime foreign currency short-term deposit rating, Baa3
global local currency deposit rating and D BFSR were
unaffected -- these ratings carry a stable outlook
EXCELCOMINDO PRATAMA: Says Users Total 11.5 Mil. by Early Sept.
---------------------------------------------------------------
PT Excelcomindo Pratama Tbk signed up a million new users in
just over two months, bringing their total number to
11.5 million by early September, Reuters reports, citing
Excelcom Chief Hasnul Suhaimi.
Mr. Suhaimi told the news agency that the increase was due to
the company's tariff cut to IDR1 per second, and other
promotions in pre-paid services, and improving macroeconomic
conditions and consumer spending had also helped growth in the
firm. Mr. Suhaimi is optimistic that they can achieve their
full-year target, the report adds.
The Troubled Company Reporter-Asia Pacific reported on Sep. 5,
2007, that Excelcomindo Pratama is aiming for 13-14 million
users by the end of this year.
About Excelcomindo Pratama
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'. The Outlook remains Stable. At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.
A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating. The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama. This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive. At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama. The
outlook for the rating remains stable.
FOSTER WHEELER: Global Power Unit Bags Contract from UTE CT
-----------------------------------------------------------
Foster Wheeler Ltd. disclosed that a subsidiary of its Global
Power Group has been awarded a contract by the Spanish company
UTE CT Mejillones, which is owned by Cobra Instalaciones y
Servicios S.A., part of the ACS group, for a 165 MWe (gross
megawatt electric) circulating fluidized-bed boiler island to be
located at the Andino power plant in Mejillones, in the north of
Chile. The Andino power plant belongs to the Central
Termoelectrica Andino S.A. utility company, a subsidiary of the
Suez Energy International group; Cobra is Suez's contractor.
Foster Wheeler has received a full notice to proceed on this
contract, which was included in the company's second-quarter
2007 bookings. The terms of the contract were not disclosed.
Foster Wheeler will supply the 165 MWe CFB steam generator,
auxiliary equipment and erection and commissioning technical
advisory services of the boiler island. The boiler will be
designed to burn imported bituminous coal and/or petroleum coke,
as well as providing the option to burn small amounts of
biomass-type fuels. Commercial operation of the new boiler is
scheduled for the first half of 2010.
"This award demonstrates yet again that CFBs offer innovative
solutions for customers who desire fuel flexibility,
reliability, and environmentally responsible performance," said
James E. Stone, president and chief executive officer of Foster
Wheeler Power Group Europe.
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'. The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006. The outlook is stable.
Asbestos Management Program
The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.
HILTON HOTELS: Stockholders OK Acquisition by Blackstone Group
--------------------------------------------------------------
Hilton Hotels Corporation disclosed that at a special meeting,
stockholders approved the merger agreement with investment funds
affiliated with The Blackstone Group L.P. Over 98% of the
shares that voted were cast in favor of the merger.
Subject to the satisfaction or waiver of all required regulatory
approvals and other closing conditions, Hilton expects the
transaction to be completed by the end of October 2007. All
required regulatory approvals have been obtained other than the
receipt of clearance from the European Commission under the EC
Merger Regulation. A notification was filed with the European
Commission under the EC Merger Regulation on Sept. 14, 2007.
Following the closing of the merger, Hilton's stockholders will
receive $47.50 in cash, without interest, for each share of
Hilton common stock held.
About Hilton Hotels
Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.
* * *
As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs). Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.
In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006. Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.
REXAM PLC: FAS Rejects Application for Rostar Acquisition
---------------------------------------------------------
Rexam plc confirmed that it had been informed that its
application for clearance of the proposed acquisition of Russian
beverage can maker Rostar has been rejected by the Russian
Federal Antimonopoly Service.
Rexam is currently reviewing the consequences of this decision
with its advisors and plans to explore opportunities for further
dialogue with the FAS about this matter, including re-filing of
the application. Rexam believes the acquisition would give the
Company less than 15% of the Russian beverage container market.
A further announcement will be made in due course.
On July 4, 2007, Rexam agreed to acquire Rostar from En+ Group
Limited, the parent of Rusal, the Russian aluminium group, for a
total cash consideration of US$297 million (GBP149 million),
including borrowings assumed.
Rostar has two manufacturing facilities: one near Moscow and one
near St. Petersburg. The Moscow plant, which includes an end
making facility, has an annual capacity of some 1.3 billion
beverage cans, while the St. Petersburg plant has a capacity of
1.7 billion beverage cans.
In 2006, Rostar had sales of US$214 million. As Rostar was
part of Rusal, it did not hedge its aluminium exposure and,
in common with the rest of the European beverage can industry,
2006 profits were adversely impacted by aluminium price
volatility. Profits, however, are expected to improve in 2007.
As of Dec. 31, 2006, Rostar had net operating assets of
US$181 million.
Rexam Plc is a leading consumer packaging company and is the
world's largest aluminium beverage can producer. Headquartered
in the U.K., the company had 24,200 employees as of fiscal year
2006, 100 plants in 20 countries, including Brazil and Indonesia
and generated revenues of GBP3.7 billion.
Troubled Company Reporter-Asia Pacific reported on June 15,
2007, that Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.
The assigned rating and the basket designation will be subject
to satisfactory final documentation. The outlook for the
ratings is stable.
=========
J A P A N
=========
NOVA CORP: Considers Closing 200 School Branches
------------------------------------------------
Nova Corp. is considering shutting down at least 200 of its 900
school branches around late September to turn around its
operations, sources familiar with the matter disclose to Kyodo
News.
The sources, according to Kyodo, revealed that the Osaka-based
language school operator plans to close mainly money-losing
branches, but is compelled to close the 200 outlets because it
failed to pay their rents.
Branches located mainly in Tokyo and major cities in Osaka,
Aichi and Hyogo prefectures, about 50 school branches including
Nova Kids schools are among the branches to be shut down, notes
Kyodo. The 200 schools include those that were shut down in
late August, and so far this month, as well as those slated for
shutdown by the end of next month.
According to the article, landlords are threatening evictions
due to defaults on rent payments and Nova itself is offering to
vacate some of the properties it has been using.
However, Nova, through a statement, clarifies that the company
has not officially made any decision on the closures and will
disclose information when necessary, Kyodo says.
Reportedly, following the scandal, Nova has been facing a
business slump amid decreases in the number of enrolled students
and contract cancellation will likely increase further, Kyodo
cites its sources. In line with this, the language school
operator admits that the number of its students will likely
plunge 19.2% year-on-year by September.
About Nova Corp.
Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.
The Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally. The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.
Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.
On June 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.
SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$223 Mln
---------------------------------------------------------------
Samsonite Corporation reported total assets of US$759.7 million
and total liabilities of US$35.6 million, resulting in US$223.6
million stockholders' deficit as of July 31, 2007.
The company disclosed revenue of US$292.9 million, operating
income of US$16.8 million and net loss to common stockholders of
US$7.0 million for the quarter ended July 31, 2007. These
results compare to revenue of US$257.5 million, operating income
of US$13.9 million and net loss to common stockholders of US$6.0
million for the second quarter of the prior year.
Operating income was reduced by charges of US$3.9 million in
fiscal 2008 and US$4.9 million in fiscal 2007 for the write-off
of deferred offering costs related to terminated secondary stock
offerings which were commenced but not completed in both years,
as well as restructuring charges of US$0.3 million in fiscal
2008 and US$1.8 million in fiscal 2007.
The restructuring charges relate to the closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office and
the planned relocation of its distribution function from the
company's Denver, Colorado facilities to Jacksonville, Florida.
Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization, as adjusted to exclude certain items of other
income and expense, minority interests, write-off of deferred
stock offering costs, restructuring charges, asset impairment
charges, stock-based compensation expense, ERP system
implementation expenses, preferred stock dividends, and to
include realized currency hedge gains and losses), a measure of
core business cash flow, was US$32.4 million for the second
quarter of the current year compared to US$30.7 million for the
second quarter of the prior year.
"The company posted a robust second quarter performance,
underscoring the continuing success of our strategy to transform
Samsonite into the world's leading travel lifestyle brand,"
Chief Executive Officer, Marcello Bottoli, stated. "Sales
during the quarter increased 13.7% (10.8% on a constant currency
basis), with solid progress in each major region. Importantly,
subsequent to the slowdown in shipments experienced in our North
American operations in the first quarter, due to the
implementation of our new ERP system in February 2007, we saw a
return to near normal shipments and store in-stock percentages
in the second quarter. Sales in North America grew 5.6% in the
period, following an 11.0% decline in the first quarter.
Overall, I am very pleased with the Company's performance. We
continue to strengthen our position in every market segment and
have built a solid platform for future growth. Looking ahead,
we look forward to continuing our successful journey together
with CVC Capital Partners".
Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--
manufactures, markets and distributes luggage and travel-related
products. The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores. Executive offices are
located in London, England.
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.
SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners
--------------------------------------------------------------
Sanyo Electric Co. Ltd. has decided to sell all shares of its
solely owned subsidiary Sanyo Semiconductor Co. to Advantage
Partners, fully withdrawing from the semiconductor business, The
Yomiuri Shimbun reports.
According to Yomiuri, Sanyo gave Advantage the preferential
rights regarding the sale of its semiconductor business, in
which both parties are expected to reach a basic agreement in
early October. The sale is likely to be valued at more than
JPY100 billion, sources revealed to Yomiuri.
Sanyo, notes Yomiuri, first considered keeping part of its
shares in the subsidiary, but opted to sell all of them as the
business is easily influenced by market conditions and requires
large-scale capital investment.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
SOFTBANK CORP: Ties Up with eAccess for WiMAX Operations
--------------------------------------------------------
Softbank Corporation and eAccess Ltd. entered into a basic
agreement to establish a strategic alliance in their mobile
WiMAX business operations. This agreement aims to allow them to
obtain a business license for a 2.5 GHz broadband mobile
wireless access system through mobile WiMAX. eAccess and
SoftBank decided to jointly invest in a previously established
company, Open Wireless Network. The company will also include
several financial and strategic partners. Both companies will
continue to work closely together on the WiMAX business strategy
and the WiMAX license application to the Ministry.
SoftBank and eAccess have started the joint feasibility study
project on WiMAX since June 2007. Both companies have completed
their trials in 5 locations in Tokyo. Both teams have worked
closely on exchanging their opinions on WiMAX field test results
and have jointly promoted the analysis of WiMAX marketability.
Both companies have also worked closely on the WiMAX business
model over the last few months and both companies agreed the
WiMAX business model may share great synergies with the existing
3G and fixed broadband businesses.
The total investment to OpenWin will be JPY20.05 billion, and
the payment is planned to be completed on September 28, 2007.
SoftBank and eAccess will make a formal announcement about the
business contents and schedules after the acquisition of BWA
business license.
Strengths of eAccess and SoftBank
Summary of the strengths of OpenWin's business model:
* Strong experience in and synergies with ADSL business
operations;
* Strong experience in and synergies with mobile business
operations;
* Solid track record of business funding; and
* Field trial experience in WiMAX technology.
Through OpenWin, eAccess and SoftBank will carry out an
application for their BWA business license and will develop
their WiMAX network business while still using OpenWin as an
operating body, even after the license is granted. The two
companies plan to retail their services to consumers by
utilizing their standing and advantage as the distributors of
OpenWin's utilities.
About Softbank
Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation. SoftBank was
established on September 3, 1981. The company operates in eight
business segments:
* Broadband Infrastructure Segment
* Fixed-line Telecommunications Segment
* e-Commerce Segment
* Internet Culture Segment
* Broadmedia Segment
* Technology Services Segment
* Media & Marketing Segment
* Overseas Funds Segment
Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan. SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment. In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.
As of March 31, 2007, the company's paid-in capital was
JPY163.3 billion.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable.
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone K.
K.
XEROX CORP: Invests US$60 Million on Next Generation Toner Plant
----------------------------------------------------------------
Xerox Corporation began filling more than 20 miles of pipe and
stainless steel tanks with billions of micron-sized toner
particles with the opening of its first U.S.-based emulsion
aggregation Toner plant. The new US$60 million facility is the
latest move by Xerox to support the growth of color pages in the
digital printing market while being environmentally responsible.
Last year alone more than 30 billion color pages were printed on
Xerox devices.
Developed by Xerox and protected by more than 300 patents, EA
toner produces sharper images using less toner per page, and is
already used in more than a dozen Xerox products like the
company's WorkCentre(TM) multifunction devices that print, copy,
scan and fax, and the Xerox DocuColor(TM) series of color
printers.
The five-story 100,000 square-foot plant located near Rochester,
New York, will be staffed by more than 40 chemical engineers and
increases Xerox's capacity for toner made by the EA process by
175%.
In addition to producing better quality prints, EA Toner is
significantly more environmentally friendly. Unlike traditional
toner, which is created by physically grinding composite
polymeric materials to micron-sized particles, EA toner is
chemically grown enabling the size, shape and structure of the
particles to be precisely controlled. This Xerox-developed
technology leads to improved print quality, less toner usage,
less toner waste and less energy required for manufacturing and
for printing.
EA Toner was developed exclusively at the company's start up
production facility in Mississauga, Ontario, attached to the
Xerox Research Centre Canada, where the toner was first
developed. The new EA Toner plant, opened on Sept. 17, 2007, in
Webster, is one of the company's "smartest" manufacturing
facilities and is part of Xerox's commitment to reduce its
overall greenhouse gas emissions 10% by 2012.
"Xerox is the world's largest manufacturer of toner, so we need
to do it efficiently," Richard Schmachtenberg, vice president of
Consumables Development & Manufacturing Group, said. "The plant
is designed for energy efficiency, and is packed with more than
4,000 sensors that track information about temperature,
humidity, air flow and other variables." The plant is also
organized into zones that can be separately controlled for the
most efficient operation. Depending upon the process being run,
whole zones can be shut off when not needed, saving energy
costs.
The decision to open this state-of-the-art EA Toner plant is
part of the company's overall commitment to continue to invest
in the manufacturing of technologies that give the company a
competitive edge. More than 6,000 employees currently work at
the company's 1,100 acre campus, known as the Joseph C. Wilson
Technology Center. In addition to manufacturing its high-end
production level printers, the center is a key research and
development location.
"We could have chosen to build this new plant anywhere in the
world but we're taking advantage of the strong manufacturing and
engineering competencies that exist in Monroe County," Wim
Appelo, vice president of Xerox Strategic Services, said. "It's
an investment in the community and in our people and symbolic of
our on-going initiative to make our Webster facility a model
showcase."
About Xerox Corp.
Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services. Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors. The company maintains operations in France,
Japan, Italy, Nicaragua, among others.
* * *
As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.
=========
K O R E A
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BOWATER INC: Expects DOJ Approval on Abitibi Merger
---------------------------------------------------
Abitibi-Consolidated Inc. and Bowater Incorporated disclosed
continued progress with the U.S. Department of Justice
pertaining to their proposed combination. The companies
reaffirmed their expectation that DOJ approval will be obtained
within the next few weeks. As a result of this timeline, the
closing is now anticipated for early in the fourth quarter.
The combined company, AbitibiBowater, will produce a range of
newsprint and commercial printing papers, market pulp and lumber
products. AbitibiBowater will own or operate 32 pulp and paper
facilities and 35 wood product facilities located in the United
States, Canada, the United Kingdom and South Korea.
About Abitibi-Consolidated Inc.
Headquartered in Montreal, Quebec, Abitibi-Consolidated Inc.
(NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/--
supplies newsprint and commercial printing papers and produces
wood products, serving clients in some 70 countries from its 45
operating facilities. Abitibi-Consolidated is one of the
recyclers of newspapers and magazines in North America.
About Bowater Incorporated
Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint
and coated mechanical papers. In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products. The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber. Bowater also operates two facilities that convert a
mechanical base sheet to coated products. Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada. Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange. A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.
* * *
As reported in the Troubled Company Reporter on Jun 21, 2007,
that Standard & Poor's Ratings Services lowered its ratings on
Greenville, South Carolina-based Bowater Inc., including its
corporate credit rating, to 'B' from 'B+'. The outlook is
negative.
On March 29, 2007, Moody's Investors Service downgraded Bowater
Incorporated's long-term debt ratings by one notch and
downgraded the company's corporate family rating to B2 from B1,
and its senior unsecured notes to B3 from B2. At the same time,
Moody's affirmed Bowater's SGL-2 speculative grade liquidity
rating. Bowater has announced a plan to merge with Abitibi-
Consolidated Inc. that is expected to close in third quarter of
this year. In light of continued uncertainty, primarily with
respect to the structural status of individual bond issues at
each company vis-a-vis the other and a yet-to-be arranged
operating credit facility, and the associated potential that
ratings for unsecured instruments may need to be revised as a
consequence of the pending merger, the ratings outlook remains
unchanged as developing. Moody's does not expect the merger to
cause a revision to the B2 CFR.
On June 27, 2006, Fitch Ratings assigned a 'BB' rating to
Bowater, Inc.'s senior secured bank debt. The company's issuer
default ratings, 'BB-' and senior unsecured bond ratings, 'BB-',
remain unchanged. The Rating Outlook remains Stable.
Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB. The trend
remains Negative.
EUGENE SCIENCE: Taps Transworld Consulting to Promote Line
----------------------------------------------------------
Eugene Science has retained Transworld Consulting Group, Inc.
for promotion of the company's cholesterol reducing plant
sterols and CholZero(TM) product line throughout China.
With offices in Los Angeles, Shanghai and Beijing, TCG is a
highly regarded consulting firm focused on U.S. - China
transnational marketing, finance and M&A. TCG founder and CEO
Jack Chen has 14 years experience assisting U.S. and Chinese
companies and government ministries to successfully enter and
gain share in both markets. TCG has assisted companies
including Ford Motor Company, Aegon, Best Western Hotels, Panda
Restaurant Group and Composite Technologies and others with
their China marketing strategy.
For Eugene Science, TCG has developed and is implementing a
business to business marketing campaign to promote the Company's
cholesterol reducing plant sterols and CholZero(TM) product line
to food manufacturing and distribution companies throughout
China, Hong Kong and Taiwan.
China offers a huge potential market of 1.32 billion consumers;
72% of the Chinese population is between 15 and 64 years of age.
Jack Chen, TCG president, said, "The health benefits of plant
sterols have long been recognized in China. Plant sterols are
derived from soy beans, an integral part of the Asian diet.
Incorporating Eugene Science's CholZero(TM) nano-technology
enhanced functional food additive into the Chinese food and
beverage market is a logical and timely opportunity for which we
have already identified strong interest."
The Eugene Science CholZero(TM) product line is currently being
sold throughout Japan, Korea, Malaysia and elsewhere and
includes pre-cooked rice, cooking oil, beverages, capsules,
tablets, seaweed and ice cream. The CholZero(TM) ingredient is
produced with a proprietary, patented nano-technology process to
render it water soluble with bio-absorbency and efficacy
properties far superior to other products in the market.
"Global economists agree China is to become the world's largest,
fast growing consumption marketplace," said Seung Kwon Noh,
Chief Executive Officer, Eugene Science. "Following on the
strong initial reception of CholZero in other parts of Asia,
China is the right market at the right time. We are delighted
to have TCG aggressively representing our interests in the
region."
About Eugene Science
Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition. Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZero(TM) branded beverages and capsules.
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.
Going Concern Doubt
As reported in the Troubled Company Reporter on May 18, 2006,
SF Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2005. The auditor pointed to the company's recurring losses,
negative working capital, and operation in a country whose
economy is currently unstable -- South Korea.
The TCR-AP reported that the company's Sept. 30, 2006 balance
sheet also showed US$6,076,682 in total assets, US$16,750,391 in
total liabilities, resulting in a US$10,673,709 total
stockholders' deficit. The company also reported strained
liquidity with US$2,556,354 in total current assets available to
pay US$16,003,573 in total current liabilities.
HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products
---------------------------------------------------------------
Air Products' Korea subsidiary has signed a long-term contract
to supply nitrogen to Hynix Semiconductor Inc. The nitrogen
will be supplied to a new back-end test and packaging fab which
Hynix is building in the Cheongju Industrial Complex, North
Chungcheong Province, Korea.
Air Products will build, own and operate the nitrogen air
separation plant which is scheduled to come on-stream in mid-
2008.
"This contract underscores our commitment to expanding
infrastructure locally to complement the business plans of our
customers so as to provide a more cost-effective and reliable
supply to the Asia region, which is the largest and fastest
growing market for electronics," said David Price, regional vice
president and general manager of Asia Electronics, Air Products.
"This project will further enhance Air Products' position in the
memory segment of the semiconductor industry, which is forecast
to grow by up to 20 percent annually over the next five years."
Hynix has two wafer fabrication plants producing flash memory
chips, and one back-end test and packaging fab in Cheongju. It
is now adding a second back-end unit to support the current
production lines in the complex.
"This contract reaffirms our partnership with Hynix, whom we
have been supplying with electronics specialty gases and
chemicals, and liquid bulk gases in Korea," said Soo Yon Lee,
president of Air Products Korea. "The electronics industry is a
high growth platform for Air Products, and Korea is one of the
largest such markets. The new investment further reinforces our
commitment and leading position in the Korean electronics
market."
The strong growth in demand of memory chips is being driven by
new applications in mobile communications, automobiles, game
systems, portable multimedia players and personal computer
operating systems.
About Hynix Semiconductor
Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
===============
M A L A Y S I A
===============
AYER MOLEK: Faces Delisting for Failure to File 2006 Financials
---------------------------------------------------------------
The Ayer Molek Rubber Company Bhd is facing delisting by the
Bursa Malaysia Securities Bhd after it failed to timely submit
its 2006 financial report to the bourse.
In a disclosure with the bourse, the company admitted that it
failed to submit its financial report for the year ended
December 31, 2006, on the June 30, 2007 due date
With this failure, the bourse will also be forced to suspend the
trading of the company's securities.
Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market.
Ayer Molek has suffered recurring losses since the early 90s
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts. The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.
MANGIUM INDUSTRIES: Unit Defaults on MYR17.17 Mil. Loan w/ Banks
----------------------------------------------------------------
Mangium Industries Bhd's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has not paid, and has defaulted in its
repayments on facilities granted by Standard Chartered Bank
Malaysia Berhad and CIMB Bank Berhad, which are unsecured.
In a disclosure with the Bursa Malaysia Securities bhd, Mangium
Industries said that the estimated total outstanding payable as
at August 31, 2007, amounts to MYR17,166,313.12.
The company added that since it acted as a guarantor to its
unit, Mangium Industries is liable for the full amount and any
further interest and financial cost levied there or until the
settlement of these debts.
About Mangium Industries
Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding. Operations of the Group are carried out in Malaysia.
The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital. As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.
Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million. Shareholders' deficit in the company totaled
MYR46.11 million.
===============
M O N G O L I A
===============
* Fitch Revises Outlook to Positive; Affirms B+ Rating
------------------------------------------------------
Fitch Ratings, on Sept. 21, 2007, revised the Outlook on the
Long-term foreign and local currency Issuer Default Rating of
Mongolia to Positive from Stable, while affirming both ratings
at 'B+'. At the same time, the agency affirmed the country's
Short-term IDR of 'B' and the Country Ceiling at 'B+'. Fitch's
rating action balances Mongolia's robust external finances,
strong macroeconomic performance and recent impressive fiscal
out-turns against possible downward pressures on public finances
and broader institutional weaknesses.
Mongolia's external finances are a fundamental rating strength.
The current account position is likely to clock 7% of GDP this
year, thanks mainly to a favorable trade surplus and current
transfers from overseas workers' remittances. Fitch notes that
foreign exchange reserves have more than doubled to a record
high of over US$900 million at end-2006 and are forecast to
reach US$1.4 billion by end-2007. Mongolia's liquidity ratio is
forecast to register 960% in 2007, due to rising official
reserves and commercial bank foreign assets. This compares well
with the 280% median for the 'B' rating category. Moreover,
Fitch estimates that Mongolia will become a net external
creditor for the first time in its history this year. Mongolia
has ceased to have a gross external financing requirement since
2005, in sharp contrast to the unsustainable position that
existed as recently as 2003, before the Russian debt resolution.
On the back of these external strengths, its gross external debt
to current external receipts (CXR) is expected to fall to 65% in
2007, compared with the 'B' median of 73%. Thanks to the
concessionary and medium to long-term nature of Mongolia's debt,
the country's debt service is forecast to stay manageable at
less than 6% of CXR.
Mongolia's economy continues to power ahead, with GDP growth
expanding 8.6% yoy in 2006, higher than the 'B' median of 5.8%.
The Mongolian economy has expanded by 7.6% on a five-year
average, higher than the 'B' median of 5.4%. Substantive
mineral resource endowment and its prime location between two
large, accelerating economies -- China and Russia -- also
provide a good basis for tradable activities. Indeed, there
have been major upward revisions across-the-board to Mongolia's
GDP series, following the use of 2005 base prices and expanded
coverage of various sectors.
Following the May 2006 imposition of the windfall profits tax
(WPT) and enterprise income taxes, Mongolia recorded a bumper
year in revenue coffers. Adjusting back revenues that were
expensed to the Development Fund, the general government
recorded a larger-than-expected surplus of 8.1% in 2006, better
than the 'B' median deficit of 1.3%. Domestic debt repayment,
strong nominal GDP growth and a robust primary surplus have
provided scope for the public debt burden to moderate down to
only 42% of GDP in 2006 from 62% in 2005, although this is still
higher than the 'B' median of 31%. Despite these positive
developments, Fitch views that the fiscal position remains
vulnerable to shocks.
The government's revenue base remains heavily exposed to the
commodity price cycle, particularly copper prices and to a
lesser extent, gold prices. On the expenditure front, the hike
in civil service wages, elimination of means testing for child
allowances and introduction of new universal allowances worsens
the rigidity of the government's current spending program, and
exposes the government to a continuing call on fiscal reserves
in the event of a possible terms-of-trade shock. Finally,
relatively little of the WPT is earmarked for the development
fund's stabilization function. A shallow domestic government
bond market leaves the government reliant on external creditors.
In Fitch's opinion, the fluid political environment and likely
rise in political campaigning in the run-up to the national
elections slated for mid-2008 also pose a major risk to public
finances. The state's equity participation in commercial mining
ventures via possible debt-raising or the forgoing of
substantial fiscal receipts to meet capital calls for mine
development also raises the Treasury's exposure to risk and
volatility.
The agency views that factors which could improve Mongolia's
creditworthiness include a stronger monetary and fiscal policy
framework, coupled with measures to reduce the country's fiscal
vulnerability to fluctuations in commodity prices. Conversely,
a poor policy response to an eventual decline in commodity
prices could be negative, as could unsustainable populist
spending ahead of elections in 2008.
====================
N E W Z E A L A N D
====================
AUCKLAND MUSIC: Appoints Fisk and Sanson as Liquidators
-------------------------------------------------------
On September 3, 2007, John Howard Ross Fisk and Craig Alexander
Sanson were named as liquidators for Auckland Music Company Ltd.
Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until November 2, 2007.
The Liquidators can be reached at:
John Howard Ross Fisk
Craig Alexander Sanson
c/o PricewaterhouseCoopers
113-119 The Terrace
PO Box 243, Wellington
New Zealand
Telephone:(04) 462 7044
Facsimile:(04) 462 7492
BROOKLYN BAKERIES: Subject to Grant Plumbing's Wind-Up Petition
---------------------------------------------------------------
On August 15, 2007, Grant Plumbing Limited filed a petition to
have the operations of Brooklyn Bakeries Ltd. wound up.
The petition will be heard before the High Court of Wellington
on October 1, 2007, at 10:00 a.m.
Grant Plumbing's solicitor is:
Dianne S. Lester
Credit Consultants Debt Services NZ Limited
Level 3, 3-9 Church Street
PO Box 213, Wellington
New Zealand
Telephone:(04) 470 5972
CHANNEL PUBLISHING: Subject to Saunders & Co's Wind-Up Petition
---------------------------------------------------------------
On August 14, 2007, Saunders & Co filed a petition to have the
operations of Channel Publishing Group Ltd. wound up.
The petition will be heard today, September 24, 2007, at
10:00 a.m., before the High Court of Christchurch.
Saunders & Co's solicitor is:
G. P. Tyrrell
c/o Saunders & Co
227 Cambridge Terrace
PO Box 18, Christchurch
New Zealand
Telephone:(03) 379 7690
Facsimile:(03) 353 0469
CHESWOOD ESTATE: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
The High Court of New Plymouth will hear today, September 24,
2007, at 10:00 a.m., a petition to have the operations of
Cheswood Estate New Zealand Ltd. wound up.
The petition was filed by Dairy Technology Services Limited on
July 26, 2007.
Dairy Technology's solicitor is:
Lachlan Francis Muldowney
Tompkins Wake
c/o Level 8, Westpac Trust House
430 Victoria Street
Hamilton
New Zealand
CITYLIGHT NAPIER: Fixes Sept. 27 as Last Day to File Claims
-----------------------------------------------------------
On August 30, 2007, Barry Phillip Jordan and David Stuart Vance
were appointed as liquidators of Citylight Napier Ltd.
Messrs. Jordan and Vance require creditors to file their proofs
of debt against the company by September 27, 2007.
The Liquidators can be reached at:
Barry Phillip Jordan
David Stuart Vance
PPB McCallum Petterson
The Todd Building, Level 8
95 Customhouse Quay
PO Box 3156, Wellington
New Zealand
Telephone:(04) 499 7796
Facsimile:(04) 499 7784
DYNAMIC ELECTRICAL: Requires Creditors to File Claims by Oct. 15
----------------------------------------------------------------
The creditors of Dynamic Electrical Ltd. are required to file
their proofs of debt by October 15, 2007, to be included in the
company's dividend distribution.
The company went into liquidation on September 6, 2007.
The company's liquidator is:
P. R. Jollands
C/o Jollands Callander
Accountants and Insolvency Practitioners
Administrator House, Level 8
44 Anzac Avenue
Auckland
PO Box 106141
New Zealand
Web site: http://www.jollandscallander.co.nz/
ECUBED CONSULTING: Creditors' Proofs of Debt Due on October 8
-------------------------------------------------------------
The shareholders of Ecubed Consulting Ltd., on September 7,
2007, appointed Robert Laurie Merlo as the company's liquidator.
Mr. Merlo fixes October 8, 2007, as the last day for creditors
to file their proofs of debt.
The Liquidator can be reached at:
Robert Laurie Merlo
c/o Merlo Burgess & Co. Limited
PO Box 51486, Pakuranga
Manukau 2140
New Zealand
Telephone:(09) 520 7101
Facsimile:(09) 529 1360
e-mail: merloburgess&co@xtra.co.nz
FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market
------------------------------------------------------------
Fletcher Building Ltd has completed an issue of guaranteed
senior fixed rate notes in the U.S. Private Placement debt
market. The total issue of notes amounted to US$325 million with
maturities in 2016 and 2019, and will be completed in two
drawings, the first closing which occurred today and the second
closing is to occur on Oct. 1, 2007. Ten U.S. institutional
investors participated in the note offer.
Bill Roest, Chief Financial Officer of Fletcher Building, stated
that the note issue has been undertaken to replace the bridge
finance facilities utilized to fund the acquisition of Formica
Corporation. The new United States debt issue provides extended
terms to further improve the Company's debt maturity profile and
diversify its sources of funding.
The company has also refinanced its senior bank facility as part
of the finalization of the acquisition of Formica Corporation.
About Fletcher Building
Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group. The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units. The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components. It distributes other products, such as
hardware and timber in some regions. The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.
Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.
* * *
The Troubled Company Reporter-Asia Pacific, on Aug. 21, 2007,
listed Fletcher Building's bonds as distressed. The bonds have
the following coupon, maturity date, and trading price:
Coupon Maturity Price
------ -------- -----
8.600% 03/15/08 NZ$9.45
7.800% 03/15/09 9.25
7.550% 03/15/11 8.70
NEW ZEALAND HOSPITALITY: Court to Hear Petition on September 25
---------------------------------------------------------------
A petition to have the operations of New Zealand Hospitality
Ltd. wound up will be heard before the High Court of Dunedin on
September 25, 2007, at 10:00 a.m.
Ignite Architects Limited filed the petition on August 27, 2007.
Ignite Architects' solicitor is:
B. D. Gustafson
c/o offices of Kensington Swan
18 Viaduct Harbour Avenue
Auckland
New Zealand
NORTH KERREZ ENTERPRISES: Court to Hear Wind-Up Petition Today
--------------------------------------------------------------
The High Court of Palmerston will hear today, September 24,
2007, at 10:00 a.m., a petition to have the operations of North
Kerrez Enterprises Ltd. wound up.
The petition was filed by the Commissioner of Inland Revenue on
August 7, 2007.
The CIR's solicitor is:
Julia Marie Snelson
c/o Inland Revenue Department
Legal and Technical Services
7-27 Waterloo Quay
PO Box 1462, Wellington
New Zealand
Telephone:(04) 890 1127
Facsimile:(04) 890 0009
TERRA CORPORATION: Court Sets Wind-Up Hearing for Sept. 27
----------------------------------------------------------
A petition to have the operations of Terra Corporation Ltd.
wound up will be heard before the High Court of Napier on
September 27, 2007, at 10:00 a.m.
The petition was filed by the Commissioner of Inland Revenue on
August 20, 2007.
The CIR's solicitor is:
R. J. Collins
Elvidge & Partners
corner of Raffles and Bower Streets
Napier
New Zealand
=====================
P H I L I P P I N E S
=====================
BANGKO SENTRAL: Expects Outflows and Debt Payments to Lower BoP
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas expects the current balance of
payments and foreign reserves level to lower in light of a
possible US$300 million-US$400 million outflows from state and
private debt payments, the BusinessWorld reports.
The country's BOP surplus had already exceeded the BSP's full-
year forecast of US$6.3 billion, reaching US$6.75 billion for
the January-August period because of strong remittances, net
investments and trade inflows, the report relates. The
country's gross international reserves also exceeded the BSP's
revised year-end estimate of US$30 billion by US$300,000.
However, the BSP does not see the need to revise targets to make
them higher, BSP Deputy Governor Diwa C. Guinigundo told
reporters. The bank is expecting maturities that will lower the
BOP surplus close to US$6.3 billion, he explained.
The country has recorded a US$246-million net fall in foreign
portfolio investments in August due to a US$1.6-billion sale by
foreign investors of equity and fixed-income investments, the
BSP said. Mr. Guinigundo also said that the oil exporters
decision as well as the local refineries' move to increase
production should keep the price of the benchmark Dubai crude
oil within the government's target.
The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines. It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993. BSP took over from the Central Bank of Philippines as the
country's central monetary authority. Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.
The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.
Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.
Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.
CHIQUITA BRANDS: US Federal Court Orders US$25-Mln Fines Paid
-------------------------------------------------------------
The U.S. Federal Court has ordered Chiquita Brands International
to pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004, Agence France-
Presse reports.
Agence France notes that Chiquita Brands pleaded guilty to
paying some US$1.7 million to Colombian paramilitary group
United Self-Defense Committees of Colombia.
Chiquita Brands explained to the Business Courier of Cincinnati
that the payments were made by a former unit due to threats to
the safety of workers.
According to Agence France, the Honorable Royce Lamberth has
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.
Agence France relates that the prosecution has agreed not to
name or prosecute Chiquita Brands executives who were involved
in paying the terrorist groups.
The Business Courier notes that the U.S. Department of Justice
decided not to file charges against 10 Chiquita Brands
executives for allegedly facilitating the bribes.
Meanwhile, Chiquita Brands still faces a civil lawsuit filed in
the district court of New Jersey in July 2007 by families of the
terrorists' victims, Agence France says. The complainants are
seeking for unspecified damages. They claimed that Chiquita
Brands funded and armed terrorist organizations to maintain
control of Colombian banana growing regions.
Agence France notes that a class action lawsuit could result in
damages being awarded to each victim of any terrorist group paid
by Chiquita Brands. The firm could pay as much as tens of
millions of dollars.
The Associated Press relates that Chiquita Brands was placed on
probation for five years.
Chiquita Brands told the Business Courier that it cooperated
with the federal probe.
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
Panama and the Philippines.
* * *
As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv) US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%). Moody's changed the rating outlook for
Chiquita Brands to negative from stable.
Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review. Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.
GEOGRACE RESOURCES: Formalizes Purchase of Garnierete, Saprolite
----------------------------------------------------------------
Geograce Resources Philippines Inc. has formalized this week its
acquisition of 100% of both Garnierete Mining Inc. and Saprolite
Mining Inc. by signing share swap agreements with these two
firms, the Philippine Daily Inquirer reports.
Under the agreements, Geograce will issue 173,736,363 common
shares at a par value of PHP1 per share to the stockholders of
these two companies, the Troubled Company Reporter-Asia Pacific
reported on August 22.
According to the Inquirer, the three mining areas owned by the
two companies in Zambales, Palawan and Bukidnon are worth
PHP33.8 million as assessed by the mine valuation report of
Minercon International Inc.
Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.
As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.
METROPOLITAN BANK: Sees Continued Growth for Trust Banking Unit
---------------------------------------------------------------
The Metropolitan Bank & Trust Co. expects continued growth for
its unit investment trust funds for the rest of the year, seeing
6%-9% if the Philippine Stock Exchange reach 3,500-3,600 points
by December 31, the BusinessWorld reports.
"There's still a lot of room for growth in terms of returns
particularly in equity funds. A lot of foreign funds are
actively looking at the Philippines, which will result in more
participation in the equity market," Rafael G. Ayuste Jr.,
Metrobank's senior vice-president and deputy head of the bank's
trust banking group, said in an interview.
Mr. Ayuste also said they remain optimistic on the fixed income
funds despite an expected drop in interest rates.
Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group. Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network. Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.
The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.
* * *
As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.
The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.
On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'. All the bank's other ratings were
affirmed:
* Long-term Issuer Default rating 'BB-' -- with a stable
Outlook,
* Short-term rating 'B,'
* Support rating '3.
On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.
SAN MIGUEL: SEC Approves Subsidiary's Proposed Capital Increase
---------------------------------------------------------------
The Securities and Exchange Commission has approved the proposed
capital increase of San Miguel Purefoods Co. Inc. from
PHP840 million to PHP1.46 billion to partially cover its share
swap agreement with parent firm San Miguel Corp., the Manila
Bulletin reports.
SMPFC said that the capital increase, which comprises of
44.42 million class A shares and 17.02 million class B shares
with par value of PHP10 each, will be issued to SMC in exchange
for the shareholdings in San Miguel Foods Inc., Magnolia Inc.
and Monterey Foods Corp.
SMPFC will also issue another 3.05 million class A shares and
6.35 million class B shares out of its unissued capital stock in
order to consummate the swap agreement, the article reveals.
Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1. The rating outlook is stable.
Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007. The outlook
is negative.
WENDY'S INTERNATIONAL: More Buyers Lining Up, WSJ Says
------------------------------------------------------
The sale of Wendy's International Inc. has drawn interests from
more than a dozen parties, including some private-equity firms,
who recently signed confidentiality agreements with regards to
the sale, The Wall Street Journal reports, citing a person
familiar with the situation.
To date however, only Triarc Companies Inc. has publicly stated
its interest to purchase the company.
As reported in the Troubled Company Reporter on Aug. 1, 2007,
Triarc chairman Nelson Peltz sent a letter asking the Wendy's
International's special committee working on the sale to
consider his company's purchase offer. In his letter, Mr. Peltz
dislosed that Triarc's offer could range from $37.00 to $41.00
per share, which could increase further depending on due
diligence results.
Mr. Peltz also noted that Triarc, as a natural, strategic buyer
for Wendy's, should be encouraged to participate in the sale
process.
Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.
* * *
As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade. Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.
Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'. All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.
WENDY'S INTERNATIONAL: Franchisees Want Say in Sale Proceedings
---------------------------------------------------------------
Wendy's International Inc.'s franchisees have asked that they be
included in talks regarding the sale of the company, Bloomberg
reports.
Bloomberg relates that in a letter to the company signed by
representatives of more than 1,100 restaurants, the franchisees
asked to be included in discussions and said that ignoring them
could result in "a very public renunciation."
In response, Bloomberg adds, Chairman James Pickett said that
although the franchisees are entitled to their opinions, the
idea that the company is not concerned with them is
"disappointing."
As of July 1, Wendy's had 4,661 franchisee-owned restaurants and
1,297 company-owned locations, Bloomberg says.
Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.
* * *
As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade. Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.
Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'. All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.
* Investments-to-GDP Ratio Seen to Rise to 2.5%, Officials Say
--------------------------------------------------------------
Economic officials are expecting the ratio government
investments to the gross domestic products to rise from 2.3% in
2006 to 2.5% this year, the Philippine Daily Inquirer reports.
However, Finance Undersecretary Gil Beltran said the Philippines
has "a lot to do to reach the [ASEAN] region's average ratio,"
since the country's neighboring countries in the region have a
ratio of 4%-5%. "But at least we are showing signs of
improvement," he added.
The government aims to raise the investments-to-GDP ratio to
2.9% for 2008, the article relates. Based on macroeconomic
targets, Mr. Beltran said the ratio could reach 4.5-5% in 2010.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
=================
S I N G A P O R E
=================
AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on San Jose, California- and Singapore-
based Avago Technologies Holdings Pte. Ltd. on CreditWatch with
positive implications reflecting the company's operational
stability, despite challenging market conditions, and leverage
measures that are strong for the rating.
"Revenues have been flat for the past three quarters as gains in
cell phone and automotive products have offset some weakness in
wired infrastructure and computer peripherals," said Standard &
Poor's credit analyst Lucy Patricola. Margins have improved
following restructuring actions and additional outsourcing.
Over the past year, debt was modestly reduced through surplus
cash flow, leaving cash balances intact at about $200 million.
Debt to EBITDA is about 3x.
S&P will meet with management to review the company's
expectations for operational trends in the near to intermediate
term and financial policies with respect to acquisitions in
order to determine the final impact on the credit rating.
About Avago Tech
Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide. Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers. The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.
Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.
Avago Technologies is the successor to the Semiconductor
Products Group of Agilent. Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.
CKE RESTAURANTS: Reports September Same-Store Sales
---------------------------------------------------
CKE Restaurants, Inc. has announced period eight same-store
sales for the four weeks ended Sept. 10, 2007, for Carl's Jr.(R)
and Hardee's(R).
Commenting on the company's performance, Andrew F. Puzder,
president and chief executive officer, said, "We are pleased to
report positive blended same-store sales of 2.3 percent for
period eight. In particular, we are very pleased to report the
23rd consecutive period of positive same-store sales for
Hardee's, despite a difficult prior-year comparison and the lack
of a new lunch/dinner product during the period. On a two-year
cumulative basis, both brands have recorded same-store sales
increases in excess of nine percent."
"We believe this positive performance is the result of our
constant focus on innovative premium products, cutting-edge
advertising and superior customer service. We will continue to
focus on these initiatives over the coming periods, as well as
remodel and dual-branding programs."
"Carl's Jr. introduced the Patty Melt Burger on Aug. 22, and
media support for the product was in place for the final two
weeks of the period. Featuring a charbroiled beef patty topped
with grilled onions and melted American cheese between two
slices of grilled rye bread, the Patty Melt offers guests an
authentic version of a classic American burger. Carl's Jr. also
promoted the latest flavor of its Hand-Scooped Ice Cream Shakes
& Malts(TM) lineup -- Orangesicle(TM)," said Mr. Puzder. "In
addition, Carl's Jr. featured the Breakfast Club Sandwich(TM)
during the breakfast daypart. Average unit volume for period
eight was higher than any comparable period eight ever."
Revenue for period eight from company-operated Carl's Jr.
restaurants (exclusive of franchise-related revenue and
royalties) was approximately US$45.9 million.
"Hardee's continued to promote the Patty Melt Thickburger(TM)
and the Orange Cream Hand-Scooped Ice Cream Shakes and Malts
during period eight. The chain also promoted a Blueberry
Biscuit during the breakfast daypart," Mr. Puzder continued.
"Hardee's period eight average unit volume was higher than any
comparable period eight since 1994, which is as far back as we
can check." Revenue for period eight from company-operated
Hardee's restaurants (exclusive of franchise-related revenue and
royalties) was approximately US$46.2 million.
For period eight, consolidated revenue from company-operated
restaurants (exclusive of all franchise-related revenue and
royalties) was approximately as:
Carl's Jr. US$ 45.9 million
Hardee's US$ 46.2 million
Total US$ 92.1 million
Same-store sales results for period nine of fiscal year 2008,
ending Oct. 8, 2007, will be reported on or about Oct. 17, 2007.
As of the end of its fiscal 2008 second quarter, CKE
Restaurants, Inc., through its subsidiaries, had a total of
3,036 franchised, licensed or company-operated restaurants in 42
states and in 13 countries, including 1,111 Carl's Jr.
restaurants and 1,909 Hardee's restaurants.
About CKE Restaurants
Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands. The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.
* * *
As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services has revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable. At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.
FLEXTRONICS INT'L: Moody's Rates Proposed Bank Loan at (P)Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating
to Flextronics International Ltd.'s proposed US$2.5 billion
unsecured term loan that will be used to finance the cash
consideration portion of the pending acquisition of Solectron
Corporation. This provisional rating assumes a corporate family
rating of Ba1.
In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron. The transaction is expected to close in October
2007. It is likely that if the transaction closes as
contemplated, the CFR will be affirmed at Ba1. The prospective
term loan rating is subject to closing of the transaction,
review of final documentation and no material change in the
terms and conditions of the transaction as advised to Moody's.
Headquartered in Singapore, Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering complete design, engineering and manufacturing
services to automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs. Upon the merger with
Solectron, its focus will be primarily with networking and
communications equipment, enterprise and personal computing, and
mobile and consumer digital markets. Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.
FREESCALE SEMICONDUCTOR: S&P Puts BB- Rating Under Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating and other ratings on Freescale Semiconductor Inc.
on CreditWatch with negative implications.
"The action reflects the company's depressed profitability and
cash flows, resulting in debt leverage well above earlier
expectations," said Standard & Poor's credit analyst Bruce
Hyman. Freescale's business has been affected by weakness in
Motorola's cell phone business and the North American automotive
market, some softness in the communications infrastructure line,
and weakening conditions in the broad-based semiconductor
industry.
While Freescale seeks to broaden its customer base and has
announced several cost reduction initiatives, operational
improvements are unlikely to become immediately effective. Debt
to EBITDA was 7.5x for the June quarter annualized, and was 6.7x
for the four quarters ended June 30, 2007, well above earlier
expectations, while the business has generated negative free
cash flows for the first half of 2007. S&P will meet with
management to assess likely business conditions, cost reduction
initiatives and their effect on profitability, cash flows, and
leverage.
About Freescale Semiconductor
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.
LEVI STRAUSS: Tender Offer for Senior Notes Expires on Oct. 17
--------------------------------------------------------------
Levi Strauss & Co. has commenced a cash tender offer for any and
all of its outstanding US$525.0 million aggregate principal
amount of 12.25% Senior Notes due 2012 on the terms and subject
to the conditions set forth in the company's Offer to Purchase
and Consent Solicitation Statement dated Sept. 19, 2007. The
tender offer will expire at 12:00 midnight, New York City time,
on Oct. 17, 2007, unless extended or earlier terminated by the
company. In connection with the cash tender offer, the company
is also soliciting consents to amend the indenture under which
the Notes were issued to eliminate or make less restrictive most
of the restrictive covenants, and certain related events of
default, contained in the indenture. The tender offer documents
more fully set forth the terms of the tender offer and consent
solicitation.
The total consideration for each US$1,000 principal amount of
Notes validly tendered and not withdrawn prior to the Consent
Payment Deadline, and accepted for purchase pursuant to the
tender offer, will be determined as specified in the tender
offer documents and will be equal to the present value, minus
accrued interest, on the applicable payment date for the tender
of Notes of (i) US$1,061.25 and (ii) the remaining scheduled
interest payments on such Notes after the payment date for the
tender of Notes to Dec. 15, 2007, in each case determined on the
basis of a yield to the Redemption Date equal to the sum of (A)
the yield on the 4.375% U.S. Treasury note due Dec. 31, 2007, as
calculated by Credit Suisse Securities (USA) LLC, acting as
dealer manager, in accordance with standard market practice,
based on the bid side price for the Reference Treasury Security
on the price determination date, plus (B) a fixed spread of 50
basis points.
Each holder who validly tenders its Notes and delivers consents
on or prior to 5:00 p.m., New York City time, on Oct. 3, 2007
will be entitled to a consent payment, which is included in the
total consideration above, of US$30.00 for each US$1,000
principal amount of Notes tendered by such holder if such Notes
are accepted for purchase pursuant to the tender offer. Holders
who tender Notes after the Consent Payment Deadline, but prior
to the expiration of the tender offer, will not be entitled to
receive the consent payment.
Prior to the expiration of the tender offer, upon satisfaction
or waiver of the conditions to the tender offer, the company
may, at its option, accept and pay for Notes tendered. Subject
to limited conditions, all Notes tendered after the Consent
Payment Deadline for purchase will be accepted and paid for
promptly following the expiration date of the tender offer.
Holders will be paid accrued and unpaid interest up to but not
including the applicable date of payment.
The company's obligation to consummate the tender offer is
conditioned upon the satisfaction of certain conditions,
including:
(i) the company having amended its senior secured revolving
credit facility to increase its line of credit thereunder
by an additional US$200 million to US$750 million, which
shall include a US$250 million tranche that is secured by
the Levi's(R) trademark in the United States, upon terms
and conditions satisfactory to it and
(ii) holders of Notes representing not less than a majority in
principal amount of the outstanding Notes having tendered
their Notes and delivered their consents.
The company has retained Credit Suisse as dealer manager and
solicitation agent in connection with the tender offer and
consent solicitation. Questions about the tender offer and
consent solicitation may be directed to Credit Suisse at 212-
325-4951 (collect). Holders can request documents from D.F.
King & Co., Inc., the information agent and tender agent, at
888-887-0082 (U.S. toll free) or 212-269-5550 (collect).
Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries. The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.
Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss. Shares of company stock are not
publicly traded. Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.
The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters. Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore. Levi's has operations in Brazil, Mexico,
Chile and Peru.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'. The outlook is stable.
SCOTTISH RE: Declares Cash Dividend for Preferred Shares
--------------------------------------------------------
Scottish Re Group Ltd.'s Board of Directors declared a cash
dividend of US$0.4531 per Perpetual Preferred Share outstanding
to be paid on Oct. 15, 2007, to Perpetual Preferred Share
shareholders of record as of Sept. 28, 2007.
Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist. Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.
On June 30, 2007, Scottish Re reported total assets of
US$13.6 billion and shareholder's equity of US$1.2 billion.
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.
===============
T H A I L A N D
===============
ARVINMERITOR INC: Amends Credit Agreement to Reduce Size
--------------------------------------------------------
ArvinMeritor Inc. entered into Amendment No. 4 to the Loan
Agreement, dated as of Sept. 19, 2005, among ArvinMeritor,
ArvinMeritor Receivables Corporation, the lenders party and
SunTrust Robinson Humphrey Inc, relating to ArvinMeritor's U.S.
accounts receivable securitization program.
The purpose of the amendment is to:
-- extend the program through Sept. 15, 2008;
-- to reduce the size of the facility to $175 million from
$250 million; and
-- to adjust the concentration limits for receivables sold
into the facility.
Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets. The company employs approximately 19,000
people in 25 countries. These countries include: China, India,
Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary,
Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom,
among others. ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.
* * *
Moody's Investor Services rated B3 ArvinMeritor Inc.'s long term
corporate family and probability of default on January 2007.
Moody's said the outlook is stable.
BLOCKBUSTER INC: Tom Casey Appointed as Chief Financial Officer
---------------------------------------------------------------
Blockbuster Inc. has appointed Thomas M. Casey as the company's
new Executive Vice President and Chief Financial Officer.
Most recently a managing director for Deutsche Bank Securities,
Inc., Mr. Casey was responsible for the bank's retail industry
relationships in North America and, in that capacity over the
course of the past nine years, served as a strategic financial
advisor to some of the world's largest companies in the retail
entertainment, food and drug, convenience store, food wholesale
and foodservice industries.
Prior to Deutsche Bank, Mr. Casey held investment banking
positions with Citigroup, Merrill Lynch, and Dillon Read & Co.
"Throughout his more than 20-year career, Tom has been
instrumental in helping some of the world's largest companies
successfully formulate their financial and strategic business
plans for the future," Jim Keyes, Blockbuster Chairman and Chief
Executive Officer, said. "We are very excited to have Tom join
our executive team and believe he will contribute significantly
to our efforts to pursue the profitable transformation of
Blockbuster from a video retailer into a completely convenient
source for media entertainment."
In his new position, Mr. Casey will have responsibility for
Blockbuster's financial, accounting and internal audit
functions.
Mr. Casey earned a Bachelor of Science degree from the U.S.
Naval Academy, served as an officer in the U.S. Navy and
received his MBA from Harvard Business School.
As of the end of September, Larry Zine, Executive Vice
President, Chief Financial Officer and Chief Administrative
Officer, who has been with the company since 1999, will be
retiring from Blockbuster.
"We appreciate Larry's leadership and his many contributions to
Blockbuster over the past eight years," said Mr. Keyes.
Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia. The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand,
Australia, among others.
The Troubled Company Reporter-Asia Pacific reported on August 9,
2007, that Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'. The
outlook is negative.
The TCR-AP also reported on August 8, 2007 that Moody's
Investors Service downgraded Blockbuster Inc.'s corporate family
rating to Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.
DATAMAT PCL: To Serve as Planner for Business Reorganization
------------------------------------------------------------
Datamat PCL will serve as the planner for its own business
reorganization as per an order by the Central Bankruptcy Court
issued on September 18.
This follows after 65.83% of the company's creditors voted in
favor of its appointment as planner, according to a Troubled
Company Reporter-Asia Pacific report on September 13.
Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides
computer technology services, and maintains computer and
software system. It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.
The company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.
Datamat was ordered by the Central Bankruptcy Court on Aug. 11,
2005, to rehabilitate its business. Advance Planner Co., Ltd,
was then appointed as Datamat's plan administrator on Oct. 12,
2005.
Datamat, in an October 18, 2006 filing with the Stock Exchange
of Thailand, disclosed that the Bankruptcy Court has ordered the
cancellation of the company's rehabilitation plan due to
disagreements among the parties involved.
On June 12, 2006, Datamat disclosed that the Court has ordered
it to undergo business rehabilitation, and that it has been
appointed as planner for its own rehabilitation.
ITV PCL: Relocates Office to 6th Floor, Shinawatra Tower III
------------------------------------------------------------
ITV PCL has relocated its office to the 6th floor of the
Shinawatra Tower III, Viphavadee Rangsit road, in Chatuchak,
Bangkok.
The company's main headquarters were formerly located at the 8th
floor of the Shinawatra Tower III.
Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system. ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.
Going Concern Doubt
After reviewing ITV PCL's financial statements for the quarter
ended March 31, 2007, Prasan Chuaphanich at
PricewaterhouseCoopers ABAS Ltd. raised significant doubt on the
company's ability to continue as a going concern.
According to Mr. Prasan, the company's concession agreement was
revoked by the Office of the Permanent Secretary of the Office
of the Prime Minister as the company did not pay the unpaid
concession fee totaling THB2.210 billion and the interest on the
total unpaid concession fee at 15% per annum including the
penalty arising from the alteration of television programming of
THB97,760 million. The company's concession agreement was
revoked on 7 March 2007 by the PMO therefore, the company ceased
its operation at that date. In addition, the PMO claimed the
undelivered value of assets under concession amounting to Baht
656 million plus interest on 30 March 2007.
On 4 January 2007 and 9 May 2007, the Company filed the
statements of claim regarding the THB2.210-billion unpaid
concession plus the THB97.760-million interest, as well as the
undelivered value of assets under concession plus interest to
the arbitration process. The company is in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the company seeks and obtains
approval from the company's shareholders.
Mr. Prasan also cited the company's equity and working capital
deficits.
THAI PROPERTY: To Submit 2nd Quarter Financials by Oct. 15
----------------------------------------------------------
Thai Property PCL has requested the Securities and Exchange
Commission to give it until October 15 at the latest to submit
its financial statements for the quarter ended June 30, 2007.
According to a report by the Troubled Company Reporter-Asia
Pacific on August 22, TPROP said its second quarter financials
have been delayed due to the need to audit its THB300-million
investment in Great China Millenium (Thailand) Co. Ltd., whose
financial statements were still being prepared. The company
requested a deadline of September 20, the TCR-AP said.
In its latest disclosure with the Stock Exchange of Thailand,
the company explained that it has received Great China's
financial statements on September 19, and that its auditor has
just begun looking into the details and information of Great
China's financial statements. Thus, the submission of its
second quarter financials would again be delayed.
Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited. The company
develops real estate for sale and rental including residential,
commercial, and office buildings.
Going Concern Doubt
After reviewing the company's financial statements for the first
quarter of 2007, Narong Puntawong at Ernst & Young Office Ltd.
raised doubt on the company's ability to continue as a going
concern. Mr. Narong pointed out the uncertainty in the ability
of the company's new investor, Great China Millennium (Thailand)
Co. Ltd., to repay to the Company the overdue remuneration of
THB291 million under the reciprocal agreement. Mr. Narong also
drew attention to the new investor's late progress with
construction, which may affect the real estate development
project for sales of the Company.
The company currently carries the Stock Exchange of Thailand's
SP sign for suspension of trading due to its inability to timely
submit its financial statements for the second quarter of 2007.
THAI WAH: Hearing for Bangkok Bank's Suit Moved to December 17
--------------------------------------------------------------
The Central Bankruptcy Court has moved to December 17 the
hearing for the suit filed by Bangkok Bank PCL against Thai Wah
PCL and 13 other defendants.
The Court had earlier set a hearing date of September 17.
According to a disclosure with the Stock Exchange of Thailand,
Bangkok Bank filed a lawsuit against the company on August 14.
In its complaint, the bank said that the company defaulted in
debt repayment and requested a court order against the company
and the defendants compelling them to pay THB195.313 million
with interest.
The bank also sought seizure of the mortgaged and pledged
property of some of the individual defendants and to auction
them as debt repayment. The bank also asked the Court to declare
that THB349.877 million from the sale of the mortgaged property
should be paid to it before the other creditors, and sought
payment of costs and attorneys' fees by the defendants.
Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans. Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch. Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours. It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.
Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.
TMB BANK: Dutch Group Eyes Acquisition of 24.9% Shareholdings
-------------------------------------------------------------
Dutch ING Groep NV has proposed to buy an initial 24.9% stake in
TMB Bank after major shareholder DBS Group Holdings refused to
raise its ownership in TMB, an unnamed official of the bank told
Reuters.
The parties have not set a price for the purchase, but the
official said the stake would be worth almost US$240 million at
current market levels.
The deal should be concluded by October, the official added.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007, that Standard &
Poor's Ratings Services has raised the outlook on TMB Bank PCL's
debt rating from negative to stable.
* Fitch: AsPac Corporates Well-Placed for a Liquidity Crunch
------------------------------------------------------------
Fitch Ratings says in a report published on Sept. 19, 2007, that
the risk of extensive corporate defaults occurring in EMEA and
Asia Pacific as a direct consequence of a liquidity crunch, were
it to eventuate in the non-financial sector over the next two
years, appears relatively low at this juncture. This is because
of the recent broad improvement in liquidity profiles and
expectations for debt maturities to recede in 2008.
Generally speaking, the prospects for free cash flow (FCF)
generation remain healthy while past cut backs in investment and
receding LBO risk owing to the recent market turmoil have left
most corporates with fairly good liquidity positions. Risks to
this, however, are posed by the prospect that investment
profiles could alter as economic growth changes and LBO risk
could once again return to challenge the resolve of both
investors and issuers.
"Whilst exposure to CP is relatively modest among the Fitch-
rated corporates in the 'BBB' category, recent market
dislocation in the CP market -- particularly for asset-backed CP
-- has forced issuers to access other liquidity sources which
has contributed to a dearth of primary leveraged loan deals,"
says Trevor Pitman, group Managing Director and Head of Fitch's
corporate ratings in EMEA and Asia-Pacific. "Despite the events
in the CP market during August, Fitch has seen few signs of non-
financial corporates failing to refinance or raise further debt
since relationship financiers appear to have a capacity and
willingness to lend to issuers who, in recent years, might have
tapped the capital markets. Now, this funding has started to
reflect a re-pricing of risk and has coincided with a tightening
of covenants."
According to Fitch's projections for liquidity over 2007-2009
the more notable funding gaps exist among constituents in the
energy & utilities sectors, in telecoms, transport and in the
property sector. "However, there can be significant mitigating
factors in most of these cases," says Jonathan Cornish, Senior
Director Corporate & Public Finance, Credit Policy Group. "For
instance, the business models and funding profiles of regulated
utilities and property companies do not fit traditional
industrial structures and therefore, on paper, may look
inadequate from time to time. Furthermore, many utilities and
energy companies have sizeable acquisition plans, which are not
necessarily funded as yet, but are discretionary in nature."
Many of those companies identified by Fitch as potentially
facing a liquidity shortfall at the beginning of the year have
now addressed this either by refinancing, securing access to
additional funding or by alternative means of capital raising,
such as through the selling of equity or asset disposals. Many
of those who have not yet completed their financing plans in
2007 are state-owned and expected, in the near-term at least, to
access funding from state-owned or government-controlled banks
(should they themselves not face liquidity constraints in doing
so) or rely on continuing financial support from domestic and/or
foreign relationship banks. This is quite common in countries
such as Japan, Turkey and China where the short-term nature of
bank lending often results in perceived funding gaps that tend
to be addressed closer to maturity. Russia is another country
that shows a higher prevalence of issuers with funding gaps, but
again for mitigating reasons noted earlier, there are few
concerns at this stage over systemic risk. Unsurprisingly,
liquidity broadly appears weakest among emerging market issuers
and among the lower-rated issuers, such as in the 'B' category.
The study considered 282 issuers rated 'BBB+' or below from 23
developed markets and 21 emerging markets. As with any previous
liquidity crisis, there tends to be a flight to quality so Fitch
focused its review on those issuers rated at the low end of
investment-grade or speculative-grade to ascertain to what
extent they had the capacity to meet their obligations from
organic sources or required support from contingent credit
providers.
*********
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. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, 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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