/raid1/www/Hosts/bankrupt/TCRAP_Public/071018.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 18, 2007, Vol. 10, No. 207
Headlines
A U S T R A L I A
CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bil.
CHRYSLER LCC: Visteon Corp. Brings Surround Sound Technology
COMDISCO AUSTRALIA: Taps Hutchison and Gibbons as Liquidators
CYMBIS FINANCE: Fitch Assigns 'B' Foreign Currency Ratings
KENT TOWN: Members Resolve to Liquidate Business
L D NATHAN: Commences Liquidation Proceedings
NATIONAL BREWERIES: Placed Under Voluntary Liquidation
NATIONAL BREWING: Commences Liquidation Proceedings
STARTECH ENVIRONMENTAL: Reports US$25-Mln Plasma Converter Sales
TASTON PTY: Members Resolve to Liquidate Business
THE HOSPITALITY MANAGEMENT: Undergoes Voluntary Wind-Up
TOOHEYS (CIVIC): Members Resolve to Wind Up Operations
* ASIC Disqualifies Six Directors for Role in Failed Companies
C H I N A & H O N G K O N G
ALCATEL-LUCENT: To Deploy Wimax Network in Taiwan
BURALL IMAGENET: Requires Creditors to File Claims by Oct. 31
CORGI INTERNATIONAL: Eisner LLP Raises Going Concern Doubt
GOLD EXPERT: Subject to Chan Pui's Wind-Up Petition
GOLD LUCKY: Members' General Meeting Set for November 9
GRAND TOYS INTERNATIONAL: Auditor Raises Going Concern Doubt
GWA INTERNATIONAL: Placed Under Voluntary Liquidation
JIH SUN: Fitch Affirms Group Companies' Low-B Ratings
M.D. CREATION: Contributories & Creditors to Meet on Oct. 22
MAINLINE GLOBAL: Members to Hold General Meeting on Nov. 6
PALMERSTON CONFECTIONERY: Members & Creditors to Meet on Nov. 3
SHE & HE: Creditors' Meeting Set for October 12
SHUN TAI: Court to Hear Wind-Up Petition on November 7
SUZHOU BOAI MEDICAL: Schumacher Raises Going Concern Doubt
TOWN'S INDUSTRIAL: Court Enters Wind-Up Order
I N D I A
AFFILIATED COMPUTER: Earns US$37.6MM in 4th Qtr. Ended June 30
BAUSCH & LOMB: Inks Agreement Selling US$650 Million of Notes
EASTMAN KODAK: Paying 25 Cents Per Share Dividend on Dec. 14
FERTILISERS & CHEMICALS: To Consider Q2 Results on Oct. 24
GARWARE POLYESTER: Members to Consider Capital Increase
GENERAL MOTORS: S&P's Rating Outlook Remains on Watch Positive
TATA MOTORS: To Consider July-Sept. 2006 Results on Oct. 31
TATA STEEL: To Proceed with Chhattisgarh Project Despite Delays
UTSTARCOM INC: To Supply Optical Transport Solution to India
I N D O N E S I A
AVNET INC: Gets QMI's ISO 14001:2004 Certification
BERLIAN LAJU: To Buy Chembulk Tankers LLC for US$850 Million
BEARINGPOINT INC: Taps Rick Martino as Executive VP of Global HR
NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement
J A P A N
ASAHI MUTUAL: JCR Affirms BB+ Sr. Debt Rating w/ Stable Outlook
DAIEI INC: First Half Operating Profit Down 79.7% YoY
DELPHI CORP: To Sell Interiors & Closures Business for US$106MM
HITACHI ZOSEN: Spends JPY10 Billion to Double Production
KOBE STEEL: Revises Forecast for Year Ending March 2008
XEROX CORP: Bags US$82-Million Contract with EUROPART
K O R E A
CHOROKBAEM MEDIA: Ties Up With Chungang University
COREBRID INC: Enters Business Partnership With CTMC
REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20
REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement
N E W Z E A L A N D
BARCLAY DESIGNS: Names Vance and Jordan as Liquidators
CATALYTIC NETWORK: Court to Hear Wind-Up Petition on Feb. 21
CER GROUP: Reports 60% Growth in Third-Quarter Sales
FIRST DATA: Fitch Rates US$2 Bil. Senior Unsecured Notes at B-
FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
FLETCHER BUILDING: Likely to Win NZ$400-Mil. Transport Contracts
HORTSPEC WAIKATO: Creditors' Proofs of Debt Due on Oct. 26
HULA HAKA: Accepting Creditors' Proofs of Debt Until Oct. 26
J B C: Taps Parsons and Kenealy as Liquidators
MBAR AUCKLAND: Fixes October 31 as Last Day to File Claims
ROSSMAN PROPERTIES: Fixes Oct. 26 as Last Day to File Claims
SPRAGGS SUPPLY: Accepting Proofs of Debt Until Oct. 31
VINCENT PROPERTY: Accepting Proofs of Debt Until Oct. 26
WALKER SOMERVILLE: Subject to CIR's Wind-Up Petition
WOOL EQUITIES: Unit Granted First Patent in Orthopaedic Field
P H I L I P P I N E S
BANGKO SENTRAL: Governor Confident of Recapitalization Next Year
DEV'T BANK: Expects to Earn PHP4 Billion in Net Income for 2007
DEV'T BANK: Expands Hedging Facility for Exports to Include OFWs
IPVG CORP: Board OKs Additional Investment in 3 Subsidiaries
PHIL. LONG DISTANCE: Partners w/ Intel in Offering IT Service
* Peso Backs Off, Closes at PHP44.34 on Tuesday on Weak Stocks
S I N G A P O R E
K.P. CHEMICALS: Members to Hold Final Meeting on Nov. 15
REFCO INC: Trusts Seek Return of US$400 Mln from Former Insiders
REFCO INC: Trusts Seek Return of US$400 MM from Former Insiders
VEGASTAR MARINE: Court to Hear Wind-Up Petition on Oct. 19
T H A I L A N D
ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
NATURAL PARK: 2nd Quarter Net Loss Widens to THB814.272 Million
NATURAL PARK: Bankruptcy Court Dismisses Sathorn Asset's Suit
NATURAL PARK: Expects to Pay Off Siam City Bank Debt on Nov. 30
PRAKIT & FCB: THB5-Bil. Deficit Cues Unit's Liquidation
TMB BANK: ING Entry May Dilute Finance Ministry's Stake to 25%
- - - - - - - -
=================
A U S T R A L I A
=================
CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bil.
----------------------------------------------------------------
Chrysler LLC is obliged to contribute US$8.8 billion to a
voluntary employees' beneficiary association, or VEBA fund, that
the union will use to cover the costs of retiree health care
after 2010, when the fund becomes operational, under the newly
ratified contract between the carmaker and the United Auto
Workers union, Josee Valcourt and Neal E. Boudette report for
the Wall Street Journal.
Chrysler will also pay US$1.5 billion to cover the costs of
retiree health care between now and 2010, according to a
24-page summary of the contract that was distributed to union
officials on Monday, WSJ notes.
Chrysler will be allowed to hire new workers for certain
"noncore" jobs at wages well below those it pays existing union
employees, the contract states. New, noncore hires will earn
between US$14 and US$16.23 an hour, compared to US$28 to
US$32.52 an hour for current workers, WSJ says.
The contractual terms between the two parties were patterned
after General Motors Corp.'s new contract with the UAW. GM has
promised to save jobs by keeping its plants running even after
its contract with the UAW expires. Chrysler, on the other hand,
does not guarantee that most of its eight assembly U.S. plants
will remain open beyond the four years covered by its contract,
WSJ reveals.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
* * *
On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.
As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing. The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a $5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.
Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche. This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default. S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche. This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.
Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.
CHRYSLER LCC: Visteon Corp. Brings Surround Sound Technology
------------------------------------------------------------
Visteon Corporation, in collaboration with Boston Acoustics(R),
is bringing Dolby(R) Pro Logic(R) II surround sound to Chrysler
LLC.
Visteon and Boston Acoustics will deliver the popular Dolby Pro
Logic II surround sound to the 2008 models of the Chrysler 300
and Dodge Charger.
Dolby Pro Logic II creates a captivating surround sound
experience from any stereo movie, music or game audio source.
Listeners will hear all the detail and subtleties of the
original stereo content, with the added luxury of full,
compelling surround sound that makes the entertainment
experience feel as if it's happening all around the listener. A
matrix surround decoding technology, Dolby Pro Logic II detects
the directional cues that occur naturally in stereo content and
uses these elements to create a five-channel surround sound
playback experience.
"The technology is ideally suited for multichannel in-car audio
systems," explained Steve Meszaros, Visteon electronics vice
president. "Visteon integrates the Pro Logic algorithm into its
amplifier, which delivers its sound through the Boston Acoustics
speakers. The outcome is remarkable clarity and fidelity worthy
of Chrysler's premium audio systems."
Visteon's audio engineering expertise, combined with Boston
Acoustics' custom-designed, precision-crafted speakers, delivers
a smooth, octave-to-octave tonal balance known as the Boston
Sound to all points of the vehicle interior with crystalline
clarity. Audio engineers from Visteon and Boston Acoustics work
together to deliver audio systems designed to optimize each
vehicle's interior environment; accounting for such acoustic
factors as seat location, interior fabrics and materials, and
speaker placement.
"We are pleased that the Visteon-Boston Acoustics collaboration
continues to enhance Chrysler's ability to offer its customers a
premium quality audio environment," said Mark Horvath, Boston
Acoustics vice president. "The integration of this technology
into award-winning Boston Acoustics' automotive sound systems
demonstrates our dedication to providing our automotive
customers with the best audio experience available in their
vehicles."
Visteon and Boston Acoustics already provide various customized
sound systems for the Chrysler 300, Sebring, and PT Cruiser,
Jeep(R) Commander, Grand Cherokee, Compass and Patriot, as well
as the Dodge Avenger, Charger, Caliber and Magnum.
About Boston Acoustics
Founded in 1979, Boston Acoustics, Inc. --
http://www.bostonacoustics.com--designs, manufactures and
markets high performance audio systems for use in home music and
audio-video systems; after-market and OEM automotive systems;
and custom built-in audio systems. Highly regarded for creating
The Boston Sound, the company is renowned for delivering
superior, competitively priced products emphasizing performance,
consistency and value.
About Visteon
Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers. The company has more than
170 facilities in 24 countries and employs around 50,000 people.
With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
* * *
On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.
As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing. The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a $5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.
Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche. This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default. S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche. This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.
Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.
COMDISCO AUSTRALIA: Taps Hutchison and Gibbons as Liquidators
-------------------------------------------------------------
At an extraordinary general meeting held on September 12, 2007,
the members of Comdisco Australia Pty Ltd agreed to voluntarily
liquidate the company's business.
Keiran William Hutchison and John Raymond Gibbons were appointed
as liquidators.
The Liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
680 George Street
Sydney, New South Wales 2000
Australia
Telephone (02) 9248 5864
About Comdisco Australia
Comdisco Australia Pty Ltd provides business consulting
services. The company is located at North Sydney, in New South
Wales, Australia.
CYMBIS FINANCE: Fitch Assigns 'B' Foreign Currency Ratings
----------------------------------------------------------
Fitch Ratings has assigned ratings to Cymbis Finance Australia
Limited (CFAL) as follows:
-- Long-term foreign currency Issuer Default Rating (IDR)
'B',
-- Short-term foreign currency IDR 'B',
-- Individual 'D',
-- Support '5', and
-- Support Rating Floor 'No Floor'.
The Outlook on the Long-term foreign currency IDR is Stable.
CFAL's ratings reflect its small size, limited trading history
and the relatively high risk nature of its core lending
activities. CFAL lends primarily for property development
purposes, which are typically viewed as a more risky form of
lending. The use of mortgage insurance however, may provide
some protection for the company against losses in the event of
default.
Over the past three years since the company's inception, CFAL's
loan portfolio has grown to AUD121 million as at 30 June 2007
(FYE07), with most loans concentrated in the state of
Queensland. Being a relatively new company, it is no surprise
that CFAL only reported its first after tax profit of AUD1.1m in
FY07, with the business gathering momentum in the prior two
years. More importantly, CFAL has not reported any loan losses
to date, which can be attributed to a relatively benign credit
environment and favorable property market conditions,
particularly in the state of Queensland.
Unlike banks and other authorized deposit-taking institutions
(building societies and credit unions), finance companies in
Australia are not formally regulated; however they must abide by
various conditions imposed by a governing Trust Deed in order to
issue retail debentures. Failure to observe the terms of the
Trust Deed may result in a winding up. CFAL derives all of its
funding from the retail market in the form of secured first
ranking debenture stock. Under this form of debenture,
investments are secured by a charge over the present and future
assets of the company in the event of a winding up.
In terms of capitalisation, CFAL is thinly capitalised with an
equity/assets ratio of 3.45% at FYE07 (FYE06: 0.45%), which is
very low when compared with the ratios of larger and more
diversified financial institutions in Australia.
CFAL is a privately owned finance company established in August
2004 and is domiciled in Queensland, Australia. It lends
primarily for property development projects in Queensland,
although it is slowly expanding interstate.
KENT TOWN: Members Resolve to Liquidate Business
------------------------------------------------
On September 4, 2007, the members of Kent Town Maltings Pty Ltd
had a meeting and resolved to liquidate the company's business.
David Clement Pratt and Timothy James Cuming were appointed as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About Kent Town
Kent Town Maltings Pty Ltd is in the involved in the malt
business. The company is located at Thebarton, in South
Australia, Australia.
L D NATHAN: Commences Liquidation Proceedings
---------------------------------------------
L D Nathan & Co Investments Pty Ltd commenced liquidation
proceedings on September 4, 2007.
David Clement Pratt and Timothy James Cuming were named as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About L D Nathan
L D Nathan & Co Investments Pty Ltd operates offices of holding
companies. The company is located at Sydney, in New South
Wales, Australia.
NATIONAL BREWERIES: Placed Under Voluntary Liquidation
------------------------------------------------------
During a general meeting held on September 4, 2007, the members
of National Breweries Pty Limited agreed to voluntarily
liquidate the company's business.
David Clement Pratt and Timothy James Cuming were tapped as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About National Breweries
Located at Sydney, in New South Wales, Australia, National
Breweries Pty Limited is an investor relation company.
NATIONAL BREWING: Commences Liquidation Proceedings
---------------------------------------------------
National Brewing New South Wales Pty Limited went into
liquidation on September 4, 2007, through a special resolution
passed on that day.
David Clement Pratt and Timothy James Cuming were appointed as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About National Brewing
National Brewing New South Wales Pty Limited is a distributor of
malt beverages. The company is located at Sydney, in New South
Wales, Australia.
STARTECH ENVIRONMENTAL: Reports US$25-Mln Plasma Converter Sales
----------------------------------------------------------------
Startech Environmental Corp. has announced its Quarterly Report,
filed with the Securities and Exchange Commission on Sept. 14,
shows Shareholders' Equity in excess of US$5 million with
approximately US$10 million in Cash on Hand, along with Plasma
Converter Systems Sales of approximately US$25 million.
The company has also received additional cash partial-payments
of approximately US$3.5 million for the systems sold and in
production.
Startech Vice President and Chief Financial Officer, Peter
Scanlon, said, "With production for the systems sold well
underway, the fact is that the Company has never before been as
strong as it is today, and getting stronger."
Headquartered in Wilton, Connecticut, StarTech Environmental
Corporation (OTC BB: STHK.OB) -- http://startech.net/ --is an
environment and energy industry company engaged in the
production and sale of proprietary plasma processing equipment
known as the Plasma Converter System(TM). The Plasma Converter
System safely and economically destroys wastes, no matter how
hazardous or lethal, and turns most into useful and valuable
products. The company operates in Australia, and Panama.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Startech Environmental Corp. reported a net loss
of US$1,026,985 on revenue of US$191,976 for the second quarter
ended April 30, 2007, compared with a net loss of US$4,620,815
on revenue of US$111,464 for the same period ended April 30,
2006.
TASTON PTY: Members Resolve to Liquidate Business
-------------------------------------------------
On September 4, 2007, the members of Taston Pty Limited had a
meeting and agreed to voluntarily liquidate the company's
business.
David Clement Pratt and Timothy James Cuming were named as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About Taston Pty
Located at Sydney, in New South Wales, Australia, Taston Pty
Limited is an investor relation company.
THE HOSPITALITY MANAGEMENT: Undergoes Voluntary Wind-Up
-------------------------------------------------------
During a general meeting held on September 4, 2007, the members
of The Hospitality Management Company Pty Limited decided to
voluntarily liquidate the company's business.
David Clement Pratt and Timothy James Cuming were appointed as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About The Hospitality Management
The Hospitality Management Company Pty Limited provides
management services. The company is located at Malvern, in
Victoria, Australia.
TOOHEYS (CIVIC): Members Resolve to Wind Up Operations
------------------------------------------------------
On September 4, 2007, the members of Tooheys (Civic) Pty Limited
had a meeting and decided to voluntarily wind up the company's
operations.
David Clement Pratt and Timothy James Cuming were tapped as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex St
Sydney, New South Wales 1171
Australia
About Tooheys (Civic)
Located at Sydney, in New South Wales, Australia, Tooheys
(Civic) Pty Limited is an investor relation company.
* ASIC Disqualifies Six Directors for Role in Failed Companies
--------------------------------------------------------------
The Australian Securities & Investments Commission has
disqualified another six directors from managing corporations,
bringing the total to 19 for the first three months of the
2007/2008 financial year.
These most recent disqualifications, which took effect in
September 2007, reflect the agency's commitment to addressing
phoenix activity and removing directors who fail to fulfill
their responsibilities to creditors.
Phoenix activity is typically associated with directors who
transfer the assets of an indebted company into a new company of
which they are also directors. The director then places the
initial company into administration or liquidation with no
assets to pay creditors, meanwhile continuing the business using
the new company structure.
"Sixteen of the disqualifications to date have followed reports
from liquidators who have received funding under the Assetless
Administration Fund scheme", said ASIC's Executive Director of
Consumer Protection, Greg Tanzer.
"This scheme provides liquidators of assetless companies with
funds to conduct rigorous investigations and, in turn, more
detailed reports to ASIC which help reduce the scope for phoenix
activity and improve corporate conduct generally."
Director disqualifications - September 2007
* Drew Adrian Kellahan
ASIC has disqualified fitness center operator, Drew Adrian
Kellahan, of Cairns, Queensland, from managing corporations for
four years.
Mr. Kellahan's disqualification follows an ASIC investigation
into his role in regards to four failed companies; Central
Fitness Pty. Ltd., Rapside Pty. Ltd., BOC Holdings Pty. Ltd. and
IH Management Pty. Ltd.
ASIC's investigation found that all four companies failed, owing
substantial debts to the Australian Taxation Office (ATO) and
that Mr. Kellahan entered into a phoenix arrangement whereby he
transferred the assets of Central Fitness Pty. Ltd. to another
entity he controlled with the intention of avoiding creditors,
in particular the ATO. Further, Mr. Kellahan entered into
uncommercial transactions that were not in the best interests of
Central Fitness Pty. Ltd .and that served to advantage some
creditors while disadvantaging the balance of creditors.
Mr. Kellahan also failed to maintain proper books and records
and assist the liquidators of Rapside Pty. Ltd. and BOC Holdings
Pty. Ltd.
* Alex Stefopoulos
ASIC has disqualified cleaning contractor, Alex Stefopoulos of
Chapman, ACT, from managing corporations for four years.
The disqualification of Mr. Stefopoulos follows an investigation
into his role in three failed companies; Karli Investments Pty.
Ltd., Cummire Pty. Ltd. and Jaazcorp Pty. Ltd.
ASIC's investigation found that Mr. Stefopoulos had breached his
obligations as a director by failing to pay taxation and
employee superannuation entitlements.
Mr. Stefopoulos also arranged for the business and assets of his
cleaning operation to be transferred to a new corporate entity
once the financial position of the old entity became untenable.
The old entity was then wound up with unpayable liabilities.
* Tanvanth Singh Sandhu
ASIC has disqualified Mr Tanvanth Singh Sandhu, of Wembley
Downs, Western Australia, from managing corporations for three
years.
The disqualification of Mr. Sandhu follows an ASIC investigation
into his role with respect to the failed companies, Ergotel
Corporation Ltd. and Swepdri Ltd.
ASIC's investigation found that Mr. Sandhu breached his duties
as a director of Ergotel Corporation Ltd. by allowing the
company to loan money to another director at a time when it was
known that the company could not pay its own debts. ASIC also
found, in relation to Swepdri Ltd., that Mr Sandhu failed to
provide the liquidator with a report regarding the financial
affairs of the company and that he breached his duties as a
director by allowing the company to enter into an uncommercial
loan agreement.
Mr. Sandhu was also the director of a number of companies
deregistered by ASIC for failing to lodge financial returns.
* Adrian Frederick Hodson and Jason Scott Hodson
ASIC has disqualified father and son retailers, Adrian Frederick
Hodson of Benowa, Queensland and Jason Scott Hodson formerly of
Bundall, Queensland, from managing corporations for four years
and three years respectively.
The disqualifications of Adrian Hodson and Jason Hodson follow
an ASIC investigation into their roles in regard to the failed
companies, The Heritage Group Pty. Ltd and Qld Country
Properties Pty. Ltd. Adrian Hodson's role in Ajay Holdings Pty.
Ltd. and Lakebrock Pty. Ltd. was also investigated.
ASIC's investigation found the companies failed owing
significant amounts to creditors and statutory debts to the ATO
and in the case of The Heritage Group Pty. Ltd., a statutory
debt to the Australian Customs Service.
ASIC also found that Adrian Hodson and Jason Hodson breached
their duties as directors of The Heritage Group Pty. Ltd. by not
preparing financial statements and making payments to themselves
at a time when the company could not pay its outstanding debts.
* David Renton Whittle
ASIC has disqualified pharmacist, David Renton Whittle, of West
Wodonga, Victoria, from managing corporations for 18 months.
Mr. Whittle's disqualification follows an ASIC investigation
into his role in two failed companies, Whittle Investments (WA)
Pty. Ltd. and MPS Security Consultants Pty. Ltd.
ASIC's investigation found that Mr. Whittle failed to provide
all of the books and records of Whittle Investments (WA) Pty.
Ltd. to the company's liquidator and that certain creditors of
MPS Security Consultants Pty. Ltd. were paid, to the detriment
of other creditors, including the ATO.
The above disqualified individuals have the right to appeal to
the Administrative Appeals Tribunal for a review of ASIC's
decision.
================================
C H I N A & H O N G K O N G
================================
ALCATEL-LUCENT: To Deploy Wimax Network in Taiwan
-------------------------------------------------
Alcatel-Lucent partners with Taiwan's Far EasTone to deploy a
Universal WiMAX network -- based on the IEEE 802.16e-2005
standard -- along a major freeway linking Taipai city with
Taoyuan International Airport. The new network will enable
users in vehicles to access the Internet and take advantage of
multimedia applications such as video streaming and voice over
IP. This contract follows a successful field trial conducted
in July 2007 and represents a major step toward the introduction
of mobile WiMAX services in Taiwan.
Under the terms of the contracts, Alcatel-Lucent will provide
Far EasTone with its end-to-end WiMAX Rev-e solution
includingbase stations, access controllers, core network and
operation and maintenance center. Alcatel-Lucent also will
provide network design, installation, commissioning and
optimization services for the project. The network is expected
to be in operation in early 2008.
WiMAX is a flexible wireless technology that enables people to
access high-speed, high-quality broadband wireless services
wherever they go, providing truly "universal" wireless broadband
access in fixed, nomadic and mobile environments.
"The Mobile-Freeway project is a critical part of the larger
Mobile Taiwan program and the ability of Alcatel-Lucent's WiMAX
solution to support high-speed transmission in a mobile
environment will enhance the value of this important initiative
to the people of Taiwan," said Jeffey Gee, executive vice
president of Far EasTone Telecom. "We selected Alcatel-Lucent
because of the company's track record as the industry leader in
providing mobile WiMAX solutions to service providers around the
world, as well as the excellent performance of their mobile
WiMAX system during our trial during the summer. This gave us
the confidence that the solution would meet our customers'
expectations."
The Mobile Freeway project is the world's first WiMAX deployment
with support for high-speed mobility. This achievement builds
on Alcatel-Lucent's leading role in the introduction of Mobile
WiMAX; Alcatel-Lucent was first to release a WiMAX product
providing full mobility.
"Our selection for this important project - following a
successful field trial in the summer of 2007, highlights the
maturity of our WiMAX Rev-e solution, the strength of our Open
CPE Program and our compelling end-to-end offer," said Frederic
Rose, head of Alcatel-Lucent's activities in the Asia-Pacific
region. "This contract also expands our No. 1 position in the
market for commercial mobile WiMAX solutions and solidifies our
position as a leading wireless network supplier in Taiwan."
Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming" and MIMO.
Beam forming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage - in some
instances by as much as 40 percent - while reducing
interferences and ensuring better indoor penetration of the
radio signal. MIMO helps make radio links more robust, nearly
doubling the capacity delivered in dense urban environments.
For this project Alcatel-Lucent will work closely with local
manufacturers to introduce requisite customer premise equipment,
and will establish a WiMAX Application R&D Centre to support
end-to-end interoperability testing with local suppliers,
helping enhance Taiwan's WiMAX ecosystem and increasing the
competitiveness of Taiwan's CPE industry.
About Far EasTone
Far EasTone is dedicated to the convergence of mobile
communications and the Internet. Our aim is to provide our
customers easy access to a wealth of public and personalized
information, while striving to fulfill our vision in the 21st
century- "Anywhere, anytime, communications to enrich the lives
of people" . Holding onto the beliefs of "innovative,
trustworthy and responsive", we bring customers' needs to a new
level with our mobile and data transmission services. With Far
EasTone, you will stay in touch and enjoy a quality life through
cutting edge technology. For more details, please visit external
linkhttp://www.fareastone.com.tw/
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users. Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.
* * *
The Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed. The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.
As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.
As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating. Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.
BURALL IMAGENET: Requires Creditors to File Claims by Oct. 31
-------------------------------------------------------------
The creditors of Burall Imagenet (Hong Kong) Limited are
required to file their proofs of debt by October 31, 2007, to be
included in the company's dividend distribution.
The company's liquidators are:
Alan C W Tang
Wong Kwok Man
Gloucester Tower, 13th Floor
The Landmark
15 Queen's Road Central
Hong Kong
CORGI INTERNATIONAL: Eisner LLP Raises Going Concern Doubt
----------------------------------------------------------
Corgi International Limited -- formerly Master Replicas, Inc. --
submitted its financial report for the year ended March 31,
2007, to the United States Securities and Exchange Commission.
After auditing Corgi International's annual report, Eisner LLP
raised substantial doubt on the company's ability to continue as
a going concern, saying that the company has suffered recurring
losses from operations, has a working capital deficiency, an
accumulated deficit and limited financing sources.
For the year ended March 31, 2007, Corgi International incurred
a net loss of US$13,262,844, on net sales of US$35,497,317. For
the year ended December 31, 2005, the company booked a net
income of US$4,326,853.
Corgi International's balance sheet as of March 31, 2007, showed
total current assets of US$34,787,052 and total current
liabilities of US$37,281,742. The figures are higher compared
to the total current assets of US$11,300,871 and total current
liabilities of US$4,528,036, recorded as of March 31, 2006.
As of end-March 2007, the company had total assets of
US$67,830,158 and total stockholders' equity of US$29,888,432.
As a result of the merger of historical Corgi International with
Master Replicas and the acquisition of Cards Inc. Limited, for
accounting purposes, Master Replicas was deemed to be the
accounting acquirer and, accordingly, Master Replicas' financial
statements are presented as the historical financial statements
of Corgi subsequent to the acquisition. The historical fiscal
year ends of the pre-merger Corgi International, Cards and
Master Replicas were March 31, July 31 and December 31,
respectively. Following the merger and the acquisition, Master
Replicas and Cards Inc. changed their respective fiscal year
ends to March 31.
Headquartered in Hong Kong, Corgi International Limited (Nasdaq:
CRGI) -- http://www.corgi-international.com/-- is one of the
oldest and most renowned global brands in the collectibles
market. The company releases a variety of products under three
brands: Master Replicas produces movie prop replicas and high
end collectibles, Corgi Classics manufactures die cast vehicles
and figurines, and a third brand, called Pop Co., will develop
licensed products for the gift and toy channels.
Corgi International's goal is to be the leading supplier of
collectible die-cast models, licensed collectible limited
edition products and entertainment based toys and gifts.
Corgi International has offices in Walnut Creek, CA, Chicago,
IL, and the United Kingdom.
GOLD EXPERT: Subject to Chan Pui's Wind-Up Petition
---------------------------------------------------
On September 5, 2007, Chan Pui Chun filed a petition to have
Gold Expert Limited's operations wound up.
The High Court of Hong Kong will hear the petition on Nov. 14,
2007, at 9:30 a.m.
GOLD LUCKY: Members' General Meeting Set for November 9
-------------------------------------------------------
A final general meeting will be held for the members of Gold
Lucky Limited on November 9, 2007, at 10:30 a.m., at the 3rd
Floor, 130-132 Des Voeux Road, in Central, Hong Kong.
At the meeting, Ng Kin Yung Tony, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
GRAND TOYS INTERNATIONAL: Auditor Raises Going Concern Doubt
------------------------------------------------------------
After auditing Grand Toys International Limited' annual report
for the period ended Dec. 31, 2006, its independent auditor, BDO
McCabe Lo Limited, raised substantial doubt on the company's
ability to continue as a going concern, citing its loss from
operations for the year and substantial cumulative losses and
working capital deficiency.
In its report, the company noted that it has incurred recurring
losses since 2004. Grand Toys' net loss from continuing
operations (as restated) for the years ended December 31, 2006
and 2005 amounted to US$11.3 million and US$0.9 million,
respectively. The company's cumulative losses as of Dec. 31,
2006 and 2005 were US$48.0 million and US$25.5 million,
respectively. Net loss available to ADS shareholders for the
years ended Dec. 31, 2006 and 2005 were US$22.50 million and
US$31.33 million, respectively.
Furthermore, the company booked a working capital deficiency
amounted to US$9.3 million as of December 31, 2006. This from
total current assets of US$55.95 million and total current
liabilities of US$65.21 million.
Grand Toys' balance sheet as of end-December 2006 showed total
assets of US$102.68 million and total shareholders' equity
of US$29.11 million.
Grand Toys admitted that its ability to raise adequate financing
to fund future capital requirements on acceptable terms, on time
or at all is not assured. Furthermore, the company's ability to
raise additional financing may be materially and adversely
affected by its continuing losses from operations since 2004,
and the receipt of an audit opinion from the company's
independent auditors. According to Grand Toys, any failure to
obtain sufficient financing could result in the delay or
abandonment of its development and expansion plans and have a
material adverse effect on its business and financial results.
The company explained that the principal reasons for the delay
in completing its audit of the 2006 Financial Statements are its
change of auditors from Deloitte Touche Tohmatsu to BDO McCabe
Lo Limited and the transition of its accounting and financial
duties and responsibilities from its former Montreal office,
which has since been closed, to its Hong Kong office.
Grand Toys International licenses and distributes toys for
various toy makers through a number of subsidiaries. In
addition, the company's Hua Yang subsidiary manufactures pop-up,
novelty, and board books. Through its Kord brand, the company
makes party and paper products such as party hats, banners,
paper plates, and costumes. The company is undergoing a
restructuring to focus on its most profitable units.
GWA INTERNATIONAL: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on September 24, 2007,
a special resolution was passed by members providing for the
liquidation of the company's business.
Creditors must file their proofs of debt by November 5, 2007, to
be included in the company's dividend distribution.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Three Pacific Place, Level 28
1 Queen's Road East, Hong Kong
JIH SUN: Fitch Affirms Group Companies' Low-B Ratings
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of Jih Sun Group, namely
Jih Sun Financial Holding Co., Ltd (JSH) and its subsidiaries,
Jih Sun International Bank (JSIB) and Jih Sun Securities Corp.,
Ltd (JSS), as follows:
JSH
-- Long-term foreign currency Issuer Default Rating (IDR) at
'BB+',
-- Short-term foreign currency IDR at 'B',
-- National Long-term rating at 'A- (twn)' (A minus(twn)),
-- National Short-term rating at 'F2 (twn)',
-- Individual at 'D',
-- Support at '5', and
-- Support Rating Floor at 'NF'.
The Outlook remains Stable.
JSIB
-- Long-term foreign currency IDR at 'BB+',
-- Short-term foreign currency IDR at 'B',
-- National Long-term rating at 'A- (twn)' (A minus(twn)),
-- National Short-term rating at 'F2 (twn)',
-- Individual at 'D',
-- Support at '3'.
The Outlook remains Stable.
JSS
-- Long-term foreign currency IDR at 'BBB-' (BBB minus),
-- Short-term foreign currency IDR at 'F3',
-- National Long-term rating at 'A (twn)',
-- National Short-term rating at 'F1 (twn)',
-- Individual at 'C/D',
-- Support at '5', and
-- Support Rating Floor at 'NF'.
The Outlook remains Stable.
JSH's ratings reflect its adequate capitalisation and liquidity,
as well as its improved credit culture. An alliance with
Shinsei Bank, Ltd ('BBB+'/Stable) in July 2006 brought JSH much-
needed capital, as well as commercial banking expertise,
particularly in credit risk management. JSH aims to improve its
financial profile by lowering its credit risk exposure while
increasing its fee revenues by expanding its wealth management
business. In Fitch's view, the latter could prove rather
challenging, as several players have already taken the lead in
this highly competitive market. The group's capitalisation is
adequate; nevertheless, JSIB's weak profitability and asset
quality is putting pressure on the group's capital strength.
JSH's board has approved the issue of up to 400 million shares
(TWD4 billion if issuing at par) in Q407 to strengthen JSIB's
capital position. Besides this, JSIB could expect TWD2bn-
TWD2.5bn of capital injection in Q108, supported by JSS's up-
streamed dividends.
JSIB's IDRs are based on group support, while its Individual
rating primarily reflects its weak asset quality and
profitability. Net losses at JSIB narrowed significantly in
H107, primarily due to a sizeable decline in bad loan losses.
Nevertheless, the bank's underlying profitability has slowed
down -- the rapid growth in net fee income and the notable
decrease in personnel expenses were not sufficient to offset a
decline in spread income. JSIB's new NPL formation rate in H107
remained high, but did improve notably. In Fitch's view, JSIB's
new NPLs could continue to fall, with the introduction of better
credit risk management standards by the new chief credit officer
appointed by Shinsei. Nevertheless, JSIB's loan loss
reserves/NPLs ratio remains insufficient. Fitch views that the
realisation of a 400 million-share rights issue is crucial for
JSIB to sustain a sound capitalisation, given the bank's weak
asset quality.
JSS' IDRs primarily reflect its consistently good profitability,
liquidity and capitalisation. JSS's capital position should
remain adequate after upstreaming TWD2bn-TWD2.5bn of retained
earnings to JSH in Q108. JSS has been JSH's major earnings
contributor since 2005, as the group's banking subsidiary
suffered sizeable bad loan losses. Major businesses lines --
benefiting from buoyant market turnover and strong performance
of the Taiwan market index (TAIEX) -- reported good earnings
performance in H107. JSS's VaR (one day holding period and 99%
confidence level) has increased notably over the 12 months
ending 30 June 2007, mainly due to increased risk exposure in
equity trading positions. Nevertheless, the exposure is rather
limited, at 0.1% of equity at end-June 2007.
JSH was established in February 2002 through the merger of JSS
and JSIB. JSH is the second-smallest of 14 financial holding
companies in Taiwan in terms of consolidated assets. Major
shareholders include the Chen Family and Shinsei, which hold
shares of around 40% and 32%, respectively. JSIB had a 0.92%
market share in deposits and 37 branches (out of 46 available
branch licences) in Taiwan. JSS had a 4.4% market share of
equity brokerage at end-June 2007, and runs 48 branches in
Taiwan.
M.D. CREATION: Contributories & Creditors to Meet on Oct. 22
------------------------------------------------------------
The contributories and creditors of M.D. Creation Limited will
hold their annual meeting on October 22, 2007, at 10:30 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at the office of Ferrier Hodgson
Limited, 14th Floor of Hong Kong Club Building, in 3A Chater
Road, Hong Kong.
MAINLINE GLOBAL: Members to Hold General Meeting on Nov. 6
----------------------------------------------------------
The members of Mainline Global Hong Kong Limited will hold their
final general meeting on November 6, 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 Level 28 of Three Pacific Place, 1
Queen's Road East, in Hong Kong.
PALMERSTON CONFECTIONERY: Members & Creditors to Meet on Nov. 3
---------------------------------------------------------------
The members and creditors of Palmerston Confectionery Company
Limited will meet on November 7, 2007, at 3:00 p.m. and
3:30 p.m., respectively, to hear the liquidators' report on the
company's wind-up proceedings and property disposal.
The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.
SHE & HE: Creditors' Meeting Set for October 12
-----------------------------------------------
She & He will hold a meeting for its creditors on October 12,
2007, at 3:30 p.m., at Room 1802, 18th Floor of World-wide
House, No. 19 Des Voeux Road Central, in Central, Hong Kong.
At the meeting, the creditors will be asked to:
-- consider and receive the directors' statement of company's
affairs;
-- appoint liquidators;
-- appoint a committee of inspection consisting of not more 5
persons, if deemed fit; and
-- determine whether the liquidators' accounts should be
audited or not.
SHUN TAI: Court to Hear Wind-Up Petition on November 7
------------------------------------------------------
A petition to have Shun Tai International Travel Company
Limited's operations wound up will be heard before the High
Court of Hong Kong on November 7, 2007, at 9:30 a.m.
Yan Dongyun filed the petition against Shun Tai on August 27,
2007.
SUZHOU BOAI MEDICAL: Schumacher Raises Going Concern Doubt
----------------------------------------------------------
After auditing Suzhou Boai Medical Development Co. Ltd.'s
financial statements for the year ended Dec. 31, 2006,
Schumacher & Associates, Inc., raised substantial doubt on the
company's ability to continue as a going concern, citing the
company's working capital and accumulated deficits.
For the year 2006, Suzhou Boai incurred a net loss of
US$128,842, which is an increase from the US$72,610 net loss
recorded for the year ended Dec. 31, 2005.
As of Dec. 31 2006, Suzhou Boai's consolidated balance sheet
showed strained liquidity with total current assets of
US$6,003,781 available to pay total current liabilities of
US$6,256,744.
The consolidated entity's balance sheet as of end-December 2006
also reflected total assets of US$6,480,427 and total
stockholders' equity of US$223,683.
Headquartered in Suzhou, China, Suzhou Boai Medical Development
Co. Ltd.'s principal business is wholesale purchase and sale of
pharmaceutical products, vaccines and medical instruments. The
company purchases from manufacturers, importers and first-level
wholesalers, and sells primarily to hospitals, pharmacies and
clinics.
TOWN'S INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
On September 24, 2007, the High Court of Hong Kong entered an
order directing the wind up of Town's Industrial Limited's
operations.
=========
I N D I A
=========
AFFILIATED COMPUTER: Earns US$37.6MM in 4th Qtr. Ended June 30
--------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$37.6 million for the fourth quarter ended June 30, 2007,
compared with net income of US$86.1 million for the same period
last year. Fourth quarter fiscal year 2007 revenues were
US$1.52 billion, a 10% increase compared to fourth quarter
fiscal year 2006 revenues of US$1.38 billion.
Fiscal year 2007 revenues were US$5.77 billion, compared with
revenues of US$5.35 billion for fiscal year 2006. Excluding the
divestiture of the Welfare to Workforce Services business, total
revenue growth was 10% compared to the prior fiscal year. Net
income for fiscal year 2007 was US$253.1 million, compared with
net income of US$358.8 million for fiscal year 2006.
Lynn Blodgett, ACS' president and chief executive officer, said,
"I am proud of our dedicated employees and their efforts that
drove our strong finish to the year. Despite non-operational
distractions, we generated record company revenues for the year,
significantly improved our client renewal rates, and enjoyed
outstanding cash flow results. We are focused on running our
business, growing revenues and profit, and emphasizing
innovation in our offerings."
During the fourth quarter of fiscal 2007, the company completed
the following acquisitions:
-- CDR Associates LLC for a purchase price of approximately
US$27.0 million and a potential earnout of up to US$15
million, based on future results. CDR, with trailing
twelve month revenues of approximately US$17.0 million,
expands ACS' existing services to the healthcare payor
market by adding credit balance audit services and a web-
based credit balance system.
-- certain assets of Albion Inc. for a purchase price of
approximately US$31.0 million. Albion, with trailing
twelve month revenues of approximately US$25 million,
specializes in integrated eligibility software solutions
for the health and human services market and will enable
ACS to offer an end-to-end integrated eligibility offering
across multiple HHS programs.
Cash flow from operations for fiscal year 2007 was US$738
million, or 13% of revenue, and free cash flow was US$378
million, or 7% of revenue. Capital expenditures and additions
to intangibles were US$360 million, or 6% of revenues.
Fiscal year 2007 new business signings were US$607.0 million of
annual recurring revenue with an estimated total contract value
of US$2.8 billion. In terms of annual recurring revenue,
approximately 79% of new business signings were business process
outsourcing deals and approximately 21% were information
technology solutions signings. Additionally, the company
renewed US$869.0 million of annual recurring revenue with an
estimated total contract value of US$2.4 billion during fiscal
year 2007.
At June 30, 2007, the company's consolidated balance sheet
showed US$5.98 billion in total assets, US$3.92 billion in
total liabilities, and US$2.06 billion in total shareholders'
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?2448
About Affiliated Computer
Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients. The
company has more than 58,000 employees supporting client
operations in nearly 100 countries. The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.
* * *
Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.
BAUSCH & LOMB: Inks Agreement Selling US$650 Million of Notes
-------------------------------------------------------------
In connection with the merger agreement between WP Prism Inc.,
Bausch & Lomb Incorporated and WP Prism Merger Sub Inc.
regarding the acquisition of Bausch & Lomb, Merger Sub entered
into an agreement to sell US$650 million principal amount of
9.875% Notes due 2015.
Merger Sub was formed by investment funds associated with
Warburg Pincus LLC, for the purpose of merging with and into
Bausch & Lomb, with Bausch & Lomb continuing as the surviving
corporation. As a result of the Merger, investment funds
associated with or designated by the Sponsor and certain co-
investors will own Bausch & Lomb.
Merger Sub will use the net proceeds from the offering of
the Notes, together with the expected proceeds from a new
US$1.2 billion senior secured U.S. term loan facility and a new
euro-denominated term loan facility in an amount equivalent to
approximately US$575 million, equity financing and cash on hand
of Bausch & Lomb to consummate the Merger. The offering of the
Notes and the Merger are expected to close on or about Oct. 26,
2007, subject to the satisfaction or waiver of closing
conditions.
About Bausch & Lomb
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).
* * *
As reported in the Troubled Company Reporter on Oct. 9, 2007,
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC. It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.
As reported in the Troubled Company Reporter on Oct. 8, 2007,
Standard & Poor's Ratings Services lowered it corporate credit
rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and removed all
the ratings from CreditWatch where they were placed on May 17,
2007, with negative implications. The outlook is stable.
EASTMAN KODAK: Paying 25 Cents Per Share Dividend on Dec. 14
------------------------------------------------------------
Eastman Kodak Company's board of directors has declared a
semi-annual cash dividend of 25 cents per share on the
outstanding common stock of the company, payable Dec. 14, 2007,
to shareholders of record at the close of business on
Nov. 1, 2007.
Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.
The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China, India, among others.
As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006. The outlook is
negative.
FERTILISERS & CHEMICALS: To Consider Q2 Results on Oct. 24
----------------------------------------------------------
Fertilizers & Chemicals Travancore Ltd's board of directors will
hold a meeting on Oct. 24, 2007, to consider and take on record
the company's unaudited financial results for the quarter ended
Sept. 30.
In the July-Sept. quarter last year, FACT incurred a net loss of
INR307.5 million on revenues of INR4.15 billion.
Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals. Its products
include ammonium sulphate, factomfos, urea and caprolactam. The
company operates solely in the domestic market.
The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate. There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch. In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick unit. The company is currently undergoing a
revamp program to turn its business around.
GARWARE POLYESTER: Members to Consider Capital Increase
-------------------------------------------------------
Garware Polyester Ltd's shareholders will consider increasing in
the company's authorized share capital at an extraordinary
general meeting on Nov. 7, 2007.
The company proposes to increase its capital from
INR25,00,00,000 (divided into 2,50,00,000 equity shares of INR10
each) to INR75,00,00,000 (divided into 2,50,00,000 equity shares
of INR10 each and 50,00,000 preference shares of INR100 each.
The shareholders will also consider approving the proposed
allotment in one or more tranches, by way of preferential issue:
-- up to 10,19,022 equity shares of INR10 each of the company
for cash, to Industrial Development Bank of India Ltd at a
price of INR58.88 per share (i.e. at a premium of INR48.88
per share), aggregating up to INR6 crore, which is not
less than the higher of the following, subject to
necessary approval & provisions.
-- up to 49,54,000 0.01% cumulative redeemable preference
shares of INR100 each for cash, to IDBI aggregating up to
INR49.54 crore arising put of the conversion of deferred
interest into 0.01% cumulative redeemable preference
shares as per the one time settlement of dues with IDBI.
Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film. Its
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry. In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.
The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Credit Rating Information Services of India Limited
has reaffirmed its 'D' rating on Garware's non-convertible
debenture programme. The rating continues to indicate that the
instrument is in default. The arrears on interest and principal
repayments have not been entirely cleared.
GENERAL MOTORS: S&P's Rating Outlook Remains on Watch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services' long-term ratings on General
Motors Corp. has remained on CreditWatch with positive
implications, where they were placed Sept. 26, 2007. S&P placed
the ratings on CreditWatch when GM and its main union, the
United Auto Workers (UAW), reached a tentative new labor
contract. The UAW has since approved that contract, and today
GM discussed the contract's economics. S&P expects to resolve
the CreditWatch listing by Oct. 31, 2007.
"We view the new contract as favorable to GM compared with past
agreements and believe the contract will support GM's turnaround
plan in North America," said S&P's credit analyst Robert Schulz.
S&P will resolve the GM CreditWatch listing first, but S&P will
subsequently conduct similar reviews of Ford Motor Co. (B/Watch
Pos/B-3) and Chrysler LLC (B/Watch Pos/--). Chrysler has
reached an agreement with the UAW, and S&P expects Ford to reach
one soon.
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
TATA MOTORS: To Consider July-Sept. 2006 Results on Oct. 31
-----------------------------------------------------------
Tata Motors Limited's board of directors will hold a meeting on
Oct. 31, 2007, to consider, inter alia, the company's audited
results for the half year and second quarter ended Sept. 30,
2007, a company release disclosed.
In the quarter ended June 30, 2007, Tata Motors reported a net
profit of INR466.76 crore, a 22% increase compared to the same
quarter in 2006.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia, and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
TATA STEEL: To Proceed with Chhattisgarh Project Despite Delays
---------------------------------------------------------------
Tata Steel Limited is determined to proceed with its project in
Chhattisgarh notwithstanding the delays in acquiring land for
the plant.
Tata Steel signed a memorandum of understanding with the
Chhattisgarh government in June 2005 to build a five-million-
tonne-per-year steel plant in the state, Indo-Asian News Service
relates.
According to IANS, the state government failed to complete the
land takeover process for over 2,000 hectares required project.
The plan to build the US$2.5-billion plant met local protests
with more than 1,700 landowners refusing to give up. Some media
reports even suggested that the company may back out of the
planned investment, Reuters says.
"Despite delays in land acquisition, there is no question of
going back. Tata Steel remains committed to set up the plant in
Chhattisgarh," IANS quotes Varun Jha, Tata Steel vice-president
for the Chhattisgarh project, as saying.
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals. Tata Steel's products are targeted at the
auto sector and construction industry. With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.
In April 2007, the company completed the acquisition of Corus
Group plc. Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium. Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.
As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive. The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).
Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.
UTSTARCOM INC: To Supply Optical Transport Solution to India
------------------------------------------------------------
UTStarcom Inc. has entered into a contract to supply its Metro
Ethernet Forum-certified NetRing(TM) 10000i STM-64 optical
transport solution to Bharat Sanchar Nigam Ltd., the incumbent
and largest telecommunications operator in India with services
in the fixed-line, cellular mobile, long-distance and data
markets.
"BSNL plans to rollout more than six million DSL lines over the
next several years while increasing their wireless subscriber
base by approximately 25 million people," said Vijay Yadav,
managing director of South Asia operations at UTStarcom. "This
staggering growth is indicative of the rapidly expanding India
market, one of the fastest-growing telecommunications markets
globally and a key market for UTStarcom. Our high-capacity,
versatile NetRing solution will enable BSNL to cost effectively
augment their nationwide backbone to efficiently support the
significant growth of the broadband and wireless subscriber base
in India."
This contract represents the third deployment of UTStarcom
solutions in BSNL's nationwide ADSL 2+ network as the operator
has already deployed UTStarcom's iAN-8000 and Total Control 1000
multiservice access solutions.
About Bharat Sanchar Nigam
Bharat Sanchar Nigam Ltd. -- http://www.bsnl.co.in-- a
Government of India owned corporation, is the incumbent and
largest telecommunications services provider in India with a
pan-India footprint but for Delhi and Mumbai. It has a network
of over 60 million subscribers covering 5000 towns with over 35
million telephone connections. The corporation is an integrated
telecommunications service provider with presence in the fixed
line, cellular mobile, long distance and data segments with over
35 million fixed line, 24 million cellular mobile and 3.9
million internet subscribers including 0.9 million broadband
customers.
About UTStarcom, Inc.
Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support. The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world. The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.
* * *
As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.
Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.
=================
I N D O N E S I A
=================
AVNET INC: Gets QMI's ISO 14001:2004 Certification
--------------------------------------------------
Avnet, Inc's environmental management system has been certified
to ISO 14001:2004 by QMI, an accredited quality systems
registrar for the International Organization for
Standardization. The formal certification reflects Avnet's
commitment to implement, maintain and improve its environmental
management system, which includes processes such as recycling,
reduction of energy consumption, and the proper handling and
disposal of hazardous chemicals.
Created by the ISO, 14001:2004 is a globally recognized
environmental management system standard that specifies a
process for controlling and improving a company's environmental
performance. An internationally recognized standard, ISO
14001:2004 assesses organizations for quality procedures in
their regulation of environmental management systems, including
environmental impacts, regulatory and legal compliance, and
continued environmental improvement.
"Government and industry regulations have increased the
awareness of green issues, especially in the technology
industry," said Jim Smith, president of Avnet Logistics. "Many
of our customers are requiring proof that Avnet's processes meet
their international green procurement requirements. With ISO
14001:2004 registration, Avnet further demonstrates its ongoing
dedication to environmental compliance and continuous pursuit of
operational excellence."
Valid for three years, certification applies to Avnet's
operations in the Americas, including its Chandler, Ariz.,
Phoenix, Ariz., and Grapevine, Tex. logistics facilities.
Avnet's global logistics requirements are supported by Avnet
Logistics, which provides its customers with supply chain
consulting services and integrated solutions, including
planning, warehousing, electronic product modification services
and transportation management.
About Avnet Inc
Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers. It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.
* * *
The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.
BERLIAN LAJU: To Buy Chembulk Tankers LLC for US$850 Million
------------------------------------------------------------
PT Berlian Laju Tanker Tbk has agreed to buy Chembulk Tankers
LLC for US$850 million, Dow Jones reports.
According to the report, with the additional 16 tankers from
Chembulk, Berlian Laju will raise its capacity to 820,600 dead
weight tons and the size of its fleet to 54 ships.
The purchase of Chembulk will be funded by cash and loans from
several banks, and will be immediately accretive to the
company's earnings, the report relates.
Dow Jones notes that the purchase will still need the approval
of shareholders at an extraordinary meeting to be set by the
company.
PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe. In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million. The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.
The Troubled Company Reporter-Asia Pacific reported on Oct 17,
2007, that Standard & Poor's Ratings Services lowered its
ratings on PT Berlian Laju Tanker Tbk to 'B+' from 'BB-' and
placed them on CreditWatch with negative implications. At the
same time, Standard & Poor's lowered the issue ratings on US$400
million senior unsecured notes due 2014 and on a US$125 million
five-year convertible bond due 2012, issued earlier this year by
BL TFinance B.V., a wholly owned subsidiary of BLT, were also
lowered to 'B+' from 'BB-' and placed on CreditWatch with
negative implications. BLT guarantees both issues; BLT's covered
subsidiaries also guarantee the senior notes.
On Oct 16, 2007, Fitch Ratings has placed PT Berlian Laju Tanker
Tbk's Long-term foreign and local currency Issuer Default
Ratings of 'BB-' on Rating Watch Negative, following the
company's disclosure on October 14, 2007, that it plans to
acquire Chembulk LLC, a Marshall Islands-registered chemical
tanker company, for US$850 million. Fitch has also placed the
'BB-' rating of the US$400m senior unsecured notes due 2014
issued by BLT Finance B.V. and guaranteed by BLT on RWN.
BEARINGPOINT INC: Taps Rick Martino as Executive VP of Global HR
----------------------------------------------------------------
BearingPoint Inc. has appointed Rick Martino as executive vice
president of Global Human Resources.
Mr. Martino has more than 25 years of experience leading and
transforming Human Resources programs. Mr. Martino joins
BearingPoint from the March of Dimes Foundation, a not-for-
profit organization dedicated to improving maternal health and
preventing birth defects, where for the past seven years, he led
all aspects of human resources, payroll and purchasing. He
managed the successful redesign of the organization's
compensation plan, performance management system, benefits,
employee orientation and human resources operations, as well as
reduced overall employee attrition and significantly enhanced
the organization's training and development programs.
Prior to the March of Dimes, Mr. Martino spent 18 years in a
variety of human resources positions at IBM. Most recently, as
vice president of Global Talent, he was responsible for IBM's
global staffing, learning and development, diversity, human
resources information technology, global mobility and knowledge
management strategy.
"Rick brings extensive global experience and perspective in
human resources to BearingPoint," said Ed Harbach,
BearingPoint's president and chief operating officer. "We are
committed to being a world-class employer and Rick will help us
not only maintain that status, but continue our path toward
excellence in every aspect of human resources."
Mr. Martino graduated from American University with a Bachelor
of Science degree in Economics and Political Science, and later
earned a Master's in Business Administration from Cornell
University's Johnson Graduate School of Management.
About BearingPoint
Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide. The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.
BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.
The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.
NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement
----------------------------------------------------------------
Nortel Networks Corp. disclosed Monday that it and its principal
operating subsidiary, Nortel Networks Limited, reached a
settlement on all issues with the United States Securities and
Exchange Commission in connection with the SEC's investigation
of certain prior accounting practices at Nortel.
To bring closure to the matter, Nortel agreed to pay a civil
penalty ofUS$35 million and consented to injunctions against it
from violations of certain provisions of federal securities
laws. Further, Nortel will provide to the SEC quarterly written
reports detailing its progress in implementing its remediation
plan and actions to address its outstanding material weakness in
internal controls.
This is the latest in a series of check points in Nortel's turn
around, including settlement with the Ontario Securities
Commission, the resolution of the shareholder class actions and
remediation of four of the previous five material weaknesses,
that enable the company to focus on the future.
"We are pleased that we have reached final resolution in this
matter. The settlement recognizes the extensive and proactive
efforts made by Nortel's Board and senior management to identify
and address the accounting and internal control issues and
conduct that led to the investigation," said Nortel president
and chief executive officer Mike Zafirovski. "Through hard
work, a dedication to excellence and an unwavering commitment to
serving our customers, Nortel is recreating a great technology
company which upholds the highest ethical standards and sound
business practices. This is a new Nortel."
The SEC recognized that Nortel's Audit Committee, on its own
initiative, conducted extensive internal independent
investigations and self-reported to the SEC and other
regulators, and that the Audit Committee and senior management
fully cooperated during the investigation and took prompt and
meaningful action to correct the issues and restore the company
to sound governance and financial practices. Some of the
actions undertaken by Nortel include: the appointment of a new
team of senior leaders with a proven track record of integrity
and business leadership; extensive efforts to significantly
improve financial processes and controls; a restructured ethics
policy; and the establishment of a new code of conduct.
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information
they need, when they need it. Nortel does business in more than
150 countries around the world including Indonesia, the United
Kingdom, Denmark, Russia, Norway, Australia, Brazil, China,
Singapore, among others. Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.
* * *
Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.
=========
J A P A N
=========
ASAHI MUTUAL: JCR Affirms BB+ Sr. Debt Rating w/ Stable Outlook
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has affirmed its BB+/Stable
ratings on both senior debts and ability to pay insurance claims
of Asahi Mutual Life Insurance Company.
Asahi Mutual Life retains top-class attach rate for the products
and ratio of surrender and lapse to policies in force. These
ratios have been improving. Retention rate of sales persons has
been increasing. As indicated by these improving figures, its
efforts have paid off steadily. Although Asahi Mutual Life's
profitability remains poor relative to peers due to the heavy
burden of negative spread, the Company will be able to record a
good enough earnings level in the future, supported by expansion
in earnings from the so-called 3rd sector insurance such as
healthcare and nursing care insurance, which is expected to
cover drop in insurance with death benefit, and the improved
negative spread as well. Its retained earnings have been
accumulating steadily. However, there is room for improvement
in both quality and quantity of capital. Asahi Mutual Life owes
its increase in capital much to the unrealized gains on
investment equity securities. With the current level of
earnings power, it will take time for the Company to increase
capital adequacy significantly.
Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems. The company has five
business segments. The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others. The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures. The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others. The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines. The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.
DAIEI INC: First Half Operating Profit Down 79.7% YoY
-----------------------------------------------------
Daiei Inc. said that its consolidated operating profit in the
March-August fiscal first half fell 79.7% from the previous
year's JPY5.2 million, reports Jiji Press.
According to Jiji Press, operating revenue dropped 10.7% to
JPY600.4 million, while recurring profit was down 92.9% to
JPY1.4 million.
Consolidated profit, conveys Jiji Press, shot up 3.4-fold to
JPY46.0 million, thanks to special profits from the sale of part
of its equity stakes in OMC Card and supermarket affiliate
Maruetsu Inc.
On a parent-only basis, Kobe-based Daiei posted a dwindling 5.9%
operating revenue of JPY417.3 million for the first half year-
on-year. Operating profit rose JPY1.0 million, or 18.5%, due to
cuts in sales administration costs, notes Jiji Press. Parent-
only sales went down 4% on a same-store basis. Sales for foods
dropped 4.2%, 16.1% for clothing and other personal items, and
11.0% for household products.
The report says that the poor result came as sales at existing
outlets fell because of a series of store closures, fierce
competition, and the sluggish performance of some group
companies, such as OMC Card Inc.
About Daiei Inc.
Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees. Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops. Other businesses include restaurants, hotels, and real
estate services. Domestic sales make up more than 90% of its
revenues. Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors. Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.
Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s. With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei. Marubeni now holds a 44.6% stake in
the company.
A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level. Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.
According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.
DELPHI CORP: To Sell Interiors & Closures Business for US$106MM
---------------------------------------------------------------
Delphi Corporation has entered into a master sale and purchase
agreement with a wholly owned subsidiary of The Renco Group,
Inc. for the sale of its global Interiors and Closures business.
The agreement has been approved by Delphi's Board of Directors.
The agreement contemplates a global divestiture of Delphi's
Interiors and Closures Businesses for a purchase price of
US$106,000,000, which is comprised of the preliminary purchase
price of approximately US$80,000,000, subject to certain
adjustments, and the Post-Closing Payments of approximately
US$26,000,000.
Pursuant to the procedures outlined in the Bankruptcy Code,
Delphi filed a motion with the U.S. Bankruptcy Court for the
Southern District of New York to request a bidding procedures
hearing on October 25, 2007.
Following the completion of the bidding procedure process, a
final sale hearing is anticipated to be set for January 8, 2008.
The final sale of Delphi's Interiors and Closures business is
subject to the approval of the U.S. Bankruptcy Court and other
constituencies in the U.S. and abroad.
As outlined in the court filing, the master sale and purchase
agreement involves the entire global Interiors and Closures
business line, including: book of business, manufacturing
operations, intellectual property, personnel, supplier contracts
and share of joint ventures. Delphi's Interiors and Closures
business operates manufacturing facilities in:
-- Gadsden, Alabama
-- Cottondale, Alabama
-- North Kansas City, Missouri
-- Orion, Michigan
-- Adrian, Michigan
-- Woerth, Germany
-- Matamoros, Mexico
-- SDADS Joint Venture (Shanghai, China)
-- KDS Joint Venture (Daegu, Korea)
-- Other contracted manufacturing locations
About Delphi
Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period expires on Dec. 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan. (Delphi Bankruptcy News, Issue No. 88 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
HITACHI ZOSEN: Spends JPY10 Billion to Double Production
--------------------------------------------------------
Hitachi Zosen Corporation said it will invest JPY10 billion to
double its production of diesel engines for ships in the midst
of booming demand for maritime transportation, Jiji Press
reports.
The report states that the Osaka-based heavy machinery maker
plans to lift its annual output of diesel engines for ships to
120-130 units by fiscal 2012. The company, according to the
article, aims to boost engine sales to JPY70 billion from
JPY30 billion.
According to Jiji Presss, this move comes as global volume in
shipbuilding has been growing to record levels in recent years.
Meanwhile, Hitachi Zosen's subsidiaries, Hitachi Zosen Diesel &
Engineering Co., and IMEX Co., will spend JPY9 billion to build
a new assembly plant and beef up its existing plant and JPY1
billion to reinforce its engine test-run facility respectively,
Jiji Press relates.
About Hitachi Zosen
Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems. The company has five
business segments. The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others. The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures. The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others. The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines. The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2007, Rating and Investment Inc. has upgraded the BB-
issuer rating of Hitachi Zosen Corporation from negative to a
stable outlook.
KOBE STEEL: Revises Forecast for Year Ending March 2008
-------------------------------------------------------
Kobe Steel, Ltd., announces that it has revised its forecast for
fiscal 2007, ending March 2008, from the previous forecast made
on July 31, 2007, when it announced its first-quarter financial
results.
Net sales, is now estimated to be at JPY2.2 billion, or a 3.4%
increase from JPY2.1 billion. Operating income is forecasted to
reach JPY195 billion, a 6.6% increase from what was primarily
estimated. Net income, is projected to reach JPY90 billion, up
5.9% or JPY5 billion from JPY85 billion.
Forecast for fiscal 2007
The new forecast announced for the half year ended September 30,
2007 anticipates consolidated net sales of JPY1.0 billion, an
increase from the previous forecast. In the Iron and Steel
segment, steel prices rose on the back of firm demand, and in
the Construction Machinery segment sales volume of construction
equipment went up owing to the continued strong market.
Operating income for the first half of fiscal 2007 is forecast
to rise to JPY95 billion, with ordinary income of JPY75 billion
and net income of JPY44 billion. Profits are expected to
increase due to improved steel prices and higher sales volume of
construction machinery. In addition, the Machinery segment
benefited from cost reductions mainly in the engineering field.
In the second half of the fiscal year, the slowdown in the U.S.
economy; the higher supply capacity of Chinese manufacturers,
which affects the market; and other trends are factors of
concern. However, the demand environment covering Kobe Steel's
businesses is anticipated to continue being firm both in Japan
and overseas. As a result, consolidated net sales for fiscal
2007 are forecast to be JPY2.2 billion, an increase from the
previous forecast. Operating income is anticipated to increase
to JPY195 billion and ordinary income is to increase to JPY150
billion, with net income to rise to JPY90 billion.
Nonconsolidated net sales for the first half of fiscal 2007 are
forecast to reach JPY626 billion, in comparison to the previous
forecast. Operating income is forecast to increase to JPY52
billion and ordinary income is to rise to JPY49 billion. Net
income is anticipated to be JPY25 billion. For the full fiscal
year, nonconsolidated sales are anticipated to rise to JPY1.3
billion with operating income increasing to JPY105 billion.
Ordinary income is to go up to JPY85 billion and net income is
forecast to grow to JPY47 billion.
About Kobe Steel
Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products. Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.
Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.
As the Troubled Company Reporter-Asia Pacific reported on
May 31, 2006, Fitch Ratings has upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB. At the same time, the agency
affirmed Kobelco's short-term IDR at B. The outlook on the
ratings is positive.
XEROX CORP: Bags US$82-Million Contract with EUROPART
-----------------------------------------------------
Xerox Corporation won a seven-year, US$82 million document
management contract with EUROPART, Europe's leading commercial
vehicle parts distributor. Xerox Global Services will manage
the German company's office and production print services,
invoice processing and customer service centers.
Xerox began the relationship by conducting a thorough assessment
of the company's document-intensive work processes. The study
found that, in Germany alone, EUROPART employees print and
process more than 8 million pages a year from more than 600
printers, scanners and fax machines made and serviced by several
manufacturers. Xerox will reduce the total number of devices by
nearly two-thirds to 232 networked multifunction systems,
boosting productivity and efficiency. Ongoing service and
maintenance contracts will be consolidated to reduce costs.
In addition, Xerox Global Services will manage EUROPART's
customer service center, which receives more than 72,000
incoming calls from 20 different countries each year. By
outsourcing this service, previously managed entirely at its
German location, EUROPART will offer more personalized and
regionalized customer communication in 17 languages.
"Our work with EUROPART is a sterling example of how Xerox can
tackle enterprise-wide challenges and transform business
processes," said Stephen Cronin, president, Xerox Global
Services. "We look at how our customers do business, and then
find ways to help them work smarter, not harder. Our work with
EUROPART supports this strategy."
About EUROPART
EUROPART is Europe's leading commercial vehicle parts
distributor with sales of EUR281 million. The company employs
more than 1,300 at its headquarters in Hagen, Germany, and
further locations in Germany and abroad. With nearly 90 sales
outlets in more than 20 countries, EUROPART customers consist of
more than 80,000 workshops, haulage contractors, and local
authorities.
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
=========
CHOROKBAEM MEDIA: Ties Up With Chungang University
--------------------------------------------------
Chorokbaem Media Co., Ltd. has signed a memorandum of
understanding with Performing Arts & Film. Video of Chungang
University, Reuters reports.
According to the report, this company move is for Chorokbaem and
the University, to have industry-academic cooperation.
Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics. The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages. In
addition, the company operates family restaurants.
Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.
COREBRID INC: Enters Business Partnership With CTMC
---------------------------------------------------
CoreBrid Inc. has signed a letter with CTMC to form a business
partnership, Reuters reports.
According to the report, CoreBrid and CTMC will cooperate with
each other to carry out generator and electric motor related
manufacturing business.
Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of
diaphragms, vaporizers and Video On Demand servers. The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.
Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.
REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20
----------------------------------------------------------------
The Honorable Kevin J. Carey will hold a hearing on Nov. 20,
2007, at 3:30 p.m. to consider the adequacy of the Debtors'
Solicitation and Disclosure Statement and the Prepetition
Solicitation Procedures, and to confirm the Prepackaged Plan of
Reorganization.
Objections, if any, must be filed by Nov. 9, 2007.
Judge Carey directed the United States Trustee not to convene
Section 341 meeting prior to Nov. 7, 2007. The Court will
consider on that day the Debtors' request for the U.S. Trustee
not to convene a 341 meeting if the Plan is confirmed within 90
days from the Petition Date.
Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc. Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology. The company
also provides a worldwide components core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications. Remy
has operations in the United Kingdom, Mexico and Korea, among
others.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts. Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors. The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.
At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000. (Remy Bankruptcy News; Issue No. 2,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement
---------------------------------------------------------------
Remy Worldwide Holdings, Inc., and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to assume a Settlement, Support, Forbearance and
Release Agreement, dated as of June 15, 2007, with Court Square
Capital Limited, a subsidiary of Citigroup Inc., and certain
holders of Remy securities to protect against the possible loss
of tax benefits related to the Debtors' net operating loss
carryovers.
Court Square agreed, among others, to:
1. certain limitations on its ability to effectuate stock
transfers and take a worthless stock deduction with
respect to the shares of RWHI's equity interests it
holds; and
2. compromise amounts owed to it under a December 2002
Advisory Agreement with the Debtors.
The parties exchanged mutual releases under the CVC Settlement
Agreement. Remy also agreed to pay Court SquareUS$4,000,000 in
cash on the effective date of Remy's prepackaged plan of
reorganization and to assume the CVC Settlement Agreement
promptly upon filing for bankruptcy.
AboutUS$1,750,000 of the Settlement Payment will be paid to
Court Square Advisor, LLC, andUS$2,250,000 will go to Citicorp
Venture Capital Equity Partners L.P. If Court Square does not
receive the payment by June 15, 2008, the payment will begin to
accrue interest at 20% per annum as of that date, until paid in
full.
Court Square and the Noteholders also agreed to support the
Debtors' Plan.
Court Square acquired Delco Remy International, Inc., in March
2001 pursuant to a merger transaction. Court Square, through
its affiliates, currently holds roughly 70% of RWHI Equity
Interests.
Court Square may terminate the CVC Settlement Agreement if,
among other things, (i) the Plan is inconsistent with the terms
of the Settlement Agreement, (ii) the Bankruptcy Court does not
approve the assumption of the Agreement or (iii) if certain
provisions of the deal are severed, disallowed, modified,
amended, withdrawn, or deemed invalid or unenforceable. In the
event of termination, Court Square could sell its RWHI equity
securities or, if the Debtors not emerge from bankruptcy during
the 2007 calendar year, claim a worthless stock deduction and
cause an ownership change with respect to the company under
Section 382 of the Tax Code prior to the Effective Date. An
ownership change effectively would eliminate the Debtors'
ability to use their existing NOLs to offset future income of
Reorganized Remy.
Reasonable Business Judgment
Section 365 of the Bankruptcy Code provides that the trustee,
"may assume or reject any executory contract or unexpired lease
of the Debtor." The standard for a bankruptcy court's approval
of a motion to assume under Section 365 is whether the debtor's
reasonable business judgment supports assumption, Douglas P.
Bartner, Esq., at Shearman & Sterling LLP, in New York, the
Debtors' proposed counsel, reminds Judge Carey, citing NLRB v.
Bildisco & Bildisco, 465 U.S. 513,523 (1984); Group of Inst.
Investors v. Chicago, Milw., St. Paul & Pac. R.R. Co., 318 U.S.
523, 550 (1943); Meyers v. Martin (In re Martin), 91 F.3d 389,
395 (3d Cir. 1996); In re Market Square Inn, Inc., 978 F.2d 116,
121 (3d Cir. 1992); In re Taylor, 913 F.2d 102 (3d Cir. 1990);
and Sharon Steel Corp. v. Nat'l Fuel Gas Distrib. Corp. (In re
Sharon Steel Corp.), 872 F.2d 36, 40 (3d Cir. 1989).
Preserving the NOLs could provide significant tax savings to the
Debtors following their emergence from Chapter 11 because it
will reduce, and potentially completely offset, the potential
effects of "cancellation of debt" income to be incurred by the
Debtors as a result of the debt restructuring contemplated by
the Plan, Mr. Bartner explained.
The Settlement also lets the Debtors' estate avoid claims by
Court Square as a result of the rejection of the Advisory
Agreement.
"The benefit derived from assumption [of the Settlement] could
last for years to the extent that the Reorganized Debtors are
able to utilize the NOLs," Mr. Bartner said.
The CVC Settlement Agreement was negotiated in good faith and at
arm's-length, Mr. Bartner assured the Court.
Court Square's affiliates holding Remy Equity Interests are:
a) Court Square Advisor, LLC
b) Court Square Capital Limited
* 1,000 Shares Class A Common Stock
c) Citicorp Venture Capital Equity Partners, L.P.
* 1,735,711.17 Shares Class B Common Stock
* 16,378.57 Shares Class C Common Stock
* 1,620,406.51 Shares Series A Preferred Stock
d) CVC Management LLC
e) CVC/SSB Employee Fund, L.P.
* 17,278.89 Shares Class B Common Stock
* 163.15 Shares Class C Common Stock
* 16,131.04 Shares Series A Preferred Stock
f) CVC Executive Fund LLC
* 15,395.57 Shares Class B Common Stock
* 145.28 Shares Class C Common Stock
* 14,372.83 Shares Series A Preferred Stock
g) CVC Partners, LLC -
Court Square is represented in the Debtors' cases by H. Jeffrey
Schwartz, Esq., at Dechert LLP, in New York.
The Noteholders that signed the CVC Settlement Agreement are:
1. Fidelity National Special Opportunity Inc.;
2. Hoak & Co.;
3. Third Point LLC;
4. H Partners LP;
5. Joshua Tree Capital Partners, LP;
6. Corriente Master Fund, L.P.; and
7. Group G Capital Partners LLC
8. Ore Hill Hub Fund Ltd., Geer Mountain Financing, Ltd.,
Kinney Hill Credit Opportunities Fund, Ltd.;
The Noteholders are represented by Fred S. Hodara, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York.
About Remy Worldwide
Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc. Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology. The company
also provides a worldwide components core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications. Remy
has operations in the United Kingdom, Mexico and Korea, among
others.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts. Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors. The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.
At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets ofUS$919,736,000 and total liabilities
ofUS$1,265,648,000. (Remy Bankruptcy News; Issue No. 3,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
====================
N E W Z E A L A N D
====================
BARCLAY DESIGNS: Names Vance and Jordan as Liquidators
------------------------------------------------------
On September 17, 2007, David Stuart Vance and Barry Phillip
Jordan were appointed liquidators of Barclay Designs Ltd.
Creditors who were not able to file their proofs of debt by the
October 15 due date will be excluded from sharing the company's
dividend distribution.
The Liquidators can be reached at:
David Stuart Vance
Barry Phillip
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
CATALYTIC NETWORK: Court to Hear Wind-Up Petition on Feb. 21
------------------------------------------------------------
The High Court of Auckland will hear on February 21, 2007, at
10:00 a.m., a petition to have Catalytic Network Ltd.'s
operations wound up.
The petition was filed by City Construction Limited on
August 31, 2007.
City Construction's solicitor is:
D. J. G. Cox
Rennie Cox
Level 15, 126 Vincent Street
Auckland
New Zealand
CER GROUP: Reports 60% Growth in Third-Quarter Sales
----------------------------------------------------
CER Group Ltd said in a release that it has undergone another
significant uplift in growth, with sales for the quarter ended
September 30 moving it ahead by 60% on the same period last
year.
Third quarter sales topped NZ$1.44 million, compared with
NZ$894,000 during the third quarter of 2006.
CER's Certified Organics business continued to grow in Australia
in the third quarter after receiving initial commercial
agricultural registration in July. This enabled Certified
Organics to drive its first sales of its unique pine extract-
based BioWeed Control herbicide to the Australian viticultural
industry, and in doing so, lifted sales by 25% to NZ$796,000.
Investment in sales and marketing is paying off for NZ Nature
which achieved strong domestic sales growth of 24% on the
equivalent period in 2006, reaching NZ$320,000. Despite the
adverse currency impact of the high New Zealand Dollar, domestic
growth was supported by the continued upswing internationally
for this business.
CER believes that the latest quarter was particularly
significant as it delivered on its aggressive growth and
acquisition strategy with the purchase of the unique Australian
sustainable environmental management company, Vital Resource
Management. VRM specialises in microbial products which treat
soil and water. It has significant contracts with Queensland
sugar cane growers and has excellent growth potential in
Australia, New Zealand and internationally. In September, VRM
made its first sales contribution of over NZ$300,000 to the
Group, meeting expectations.
Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export. The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export. The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.
The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.
FIRST DATA: Fitch Rates US$2 Bil. Senior Unsecured Notes at B-
--------------------------------------------------------------
Fitch Ratings has assigned a 'B-' rating to First Data Corp.'s
proposed senior unsecured notes offering as:
-- Up to US$2 billion senior unsecured notes due 2015 rated
'B-/RR6'.
Fitch previously assigned these ratings to FDC on Sept. 17,
2007, following its leveraged buyout by Kohlberg Kravis Roberts
& Co.:
-- Long-term Issuer Default Rating 'B+';
-- US$2 billion senior secured revolving credit facility due
2013 'BB/RR2';
-- US$13 billion senior secured term loan B due 2014 rated
'BB/RR2'.
The Rating Outlook is Stable.
Liquidity is adequate with approximately US$500 million in cash
and US$1.8 billion available under a US$2 billion senior secured
credit facility maturing in 2013. Fitch expects FDC to generate
minimal free cash flow in the first year following the close of
its acquisition by KKR.
FDC's debt pro forma is approximately US$23 billion, consisting
of a US$13 billion senior unsecured term loan B due 2014;
US$2 billion in senior unsecured notes expiring 2015;
US$4.5 billion remaining on a senior unsecured 12-month bridge
facility expiring September 2008; US$2.5 billion drawn on a
senior subordinated 12-month bridge facility expiring
September 2008; and US$1 billion of senior unsecured PIK notes
due 2016 issued at a holding company and structurally
subordinated to all other existing debt.
FDC has bank commitments in place that require the remaining
bridge facilities to either be replaced or converted into
equivalent eight-year senior unsecured notes and nine-year
senior subordinated notes. Of the US$4.5 billion remaining
under the senior unsecured bridge facility, US$2.75 billion is
in the form of senior unsecured PIK notes for the first four
years, converting to cash pay notes in 2011.
About First Data
First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico. The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions. The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.
FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
------------------------------------------------------------
First Data Corp. has acquired Deecal International, a specialist
software solutions provider for commercial payments.
The acquisition positions First Data strongly in the expanding
commercial payments market. It enhances the company's global
commercial payments offering, providing a state-of-the-art
management information capability that First Data will make
available to banking, corporate and public sector clients around
the world.
David Yates, president, First Data International, said:
"Commercial cards are an increasingly important component of
card portfolios for financial and corporate organisations. This
acquisition positions First Data strongly to support our banking
clients in Europe, the United States and other major markets,
providing high-quality online management information in support
of their national and multinational corporate customers.
Through the acquisition, we welcome 32 new employees with highly
valued skills and expertise into First Data."
Des Cahill, managing director of Deecal International added: "As
part of First Data, we now have access to a global market and
the backing of an established and highly successful global
electronic payments company. O ur clients, whether domestic or
multinational, will benefit from First Data's support for the
Deecal platform, and our employees will enjoy the expanded
career development opportunities that this acquisition
represents."
Founded in 1991, Deecal International is a privately owned
company headquartered in Dublin, Ireland. The company offers a
complete commercial card e-payment solution that can be fully
integrated into existing procurement, payment and accounting
infrastructure and workflows. The solution supports the full
range of commercial cards, business, purchasing and corporate
travel and entertainment cards and meets the needs of both
domestic and multinational organisations. It is offered using a
hosted ASP service model that ensures rapid implementation and
minimises start-up costs.
Deecal has a client base of more than 200 banks, corporations
and government agencies across Europe and in the United States.
The company maintains direct connections with banks, payment
card associations and travel agents to provide daily reporting.
About First Data
First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico. The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions. The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.
FLETCHER BUILDING: Likely to Win NZ$400-Mil. Transport Contracts
----------------------------------------------------------------
Fletcher Building is set to score two of the biggest civil works
contracts worth as much as NZ$400 million:
1. The NZ$265-million Manukau harbor second crossing project;
and
2. New Lynn Rail Trench project estimated to be worth around
NZ$140 million.
According to Anne Gibson of The New Zealand Herald, Fletcher is
now in final negotiations with Transit New Zealand for the
Manukau Harbor motorway and is the front-runner for the rail
trench project.
The Herald believes that Fletcher have won the Manukau job in a
consortium with Beca and Higgins. Fletcher is also in a
consortium with Beca for the New Lynn work.
No other financial figures were revealed but Fletcher Chief
Executive Jonathan Ling assured The Herald that he would soon
disclose financial details of the total value of work the
company had in hand.
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 Oct. 16, 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$10.00
7.800% 03/15/09 9.15
7.550% 03/15/11 8.20
HORTSPEC WAIKATO: Creditors' Proofs of Debt Due on Oct. 26
----------------------------------------------------------
The creditors of Hortspec Waikato Ltd. are required to file
their proofs of debt by October 26, 2007, to be included in the
company's dividend distribution.
The company's liquidator is:
D. C. Parsons
c/o Indepth Forensic Limited
Insolvency Practitioners
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Facsimile:(07) 957 8677
HULA HAKA: Accepting Creditors' Proofs of Debt Until Oct. 26
------------------------------------------------------------
Hula Haka Productions Limited requires its creditors to file
their proofs of debt against the company by October 26, 2007.
Creditors who cannot file their claims by the due date will be
excluded from sharing the company's dividend distribution.
The company's liquidator is:
D. C. Parsons
Indepth Forensic Limited
Insolvency Practitioners
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Facsimile:(07) 957 8677
J B C: Taps Parsons and Kenealy as Liquidators
----------------------------------------------
On September 26, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of J B C Limited, J B
C Homes Limited and J B C Timber Sales Limited.
The Liquidators can be reached at:
Dennis Clifford Parsons
Katherine Louise Kenealy
c/o Indepth Forensic Limited
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Web site: http://www.indepth.co.nz
MBAR AUCKLAND: Fixes October 31 as Last Day to File Claims
----------------------------------------------------------
Karen Betty Mason and Michael Lamacraft were appointed
liquidators of Mbar Auckland Ltd. on September 24, 2007.
The Liquidators are accepting creditors' proofs of debt until
October 31, 2007.
The Liquidators can be reached at:
Karen Betty Mason
Michael Lamacraft
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
ROSSMAN PROPERTIES: Fixes Oct. 26 as Last Day to File Claims
------------------------------------------------------------
Rossman Properties Limited requires its creditors to file their
proofs of debt by October 26, 2007.
Failure to file proofs of debt by the due date will exclude a
creditor from the company's dividend distribution.
The company's liquidator is:
D. C. Parsons
Indepth Forensic Limited
Insolvency Practitioners
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Facsimile:(07) 957 8677
SPRAGGS SUPPLY: Accepting Proofs of Debt Until Oct. 31
------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft were named
liquidators of Spraggs Supply, Fix and Stop Ltd. on Sept. 24,
2007.
Messrs. Meltzer and Lamacraft require the company's creditors to
file their proofs of debt by October 31, 2007.
The Liquidators can be reached at:
Jeffrey Philip Meltzer
Michael Lamacraft
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
VINCENT PROPERTY: Accepting Proofs of Debt Until Oct. 26
--------------------------------------------------------
The creditors of Vincent Property Trust Limited are required to
file their proofs of debt by October 26, 2007, to be included in
the company's dividend distribution.
The company's liquidator is:
D. C. Parsons
Indepth Forensic Limited
Insolvency Practitioners
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Facsimile:(07) 957 8677
WALKER SOMERVILLE: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On July 17, 2007, the Commissioner of Inland Revenue filed a
petition to have Walker Somerville Ltd.'s operations wound up.
The petition will be heard before the High Court of Auckland
today, October 18, 2007, at 10:45 a.m.
The CIR's solicitor is:
Adam R. A. Pell
c/o Legal and Technical Services
17 Putney Way
PO Box 76198, Manukau, Auckland
New Zealand
Telephone:(09) 985 7214
Facsimile:(09) 985 9473
WOOL EQUITIES: Unit Granted First Patent in Orthopaedic Field
-------------------------------------------------------------
Wool Equities Limited subsidiary, Keratec Limited, has been
granted its first patent in the field of orthopaedic
applications.
The patent, which was granted in South Africa and is under
examination in several other jurisdictions, protects the use of
Functional Keratin(TM) in medical materials to be used in
orthopaedic surgery, enabling Keratec and its partners to
develop proprietary positions in this valuable segment of the
medical device market.
Keratec's first orthopaedic products are keratin-based materials
that are targeted for use in bone graft surgery, such as spinal
fusions and repair of fractures. The advantage of the keratin
material is that it promotes healing of the bone graft. The U.S.
market for materials used in bone grafts is about US$650 million
per year, and growing at about 20 percent annually. The
European market is a similar size. The materials markets are
highly competitive, with a range of materials products competing
for market share.
This new patent adds to the growing number of patents recently
issued to Keratec for the processing of keratin proteins, and
their subsequent application to both a range of medical
applications, including wound care, and products for skin care
and hair care.
"This is another important milestone for Keratec" said Chief
Executive Officer, Elizabeth Hopkins. "Our business partners
and customers look at the use of Functional Keratin(TM) in high
value applications, such as orthopaedics, and ask the questions,
is it safe, is it novel, does it work? When combined with our
recent regulatory approvals in medical devices, this patent
allows us to answer emphatically yes to all three of these
questions, and places Keratec a step closer to being able to
market Functional Keratin(TM) into the orthopaedics market. The
grant of this patent acknowledges the novelty of our invention
and also removes another area of potential risk that investors
traditionally see in technology-based businesses such as ours,"
she said.
Keratec and its US based partner, Keraplast Technologies,
collectively hold the dominant global position in Functional
Keratin(TM) processing and applications.
Keratec is the major investment of Wool Equities, which owns
94.5% of the shares.
Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector. The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.
The group suffered net losses of NZ$1.91 million and
NZ$3.57 million for the years ended June 30, 2007, and 2006
respectively.
=====================
P H I L I P P I N E S
=====================
BANGKO SENTRAL: Governor Confident of Recapitalization Next Year
----------------------------------------------------------------
The recapitalization will be completed by 2008, Bangko Sentral
ng Pilipinas Governor Amando M. Tetangco told the Philippine
Star despite earlier statements by budget officials that the
recapitalization plan can be set up and included in the 2009
budget.
Mr. Tetangco said it is possible to complete it as early as 2008
and that they "will continue talking with budget officials [to]
iron out the details."
The BSP had earlier said that it needs the recapitalization if
it could no longer afford its foreign exchange operations.
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.
DEV'T BANK: Expects to Earn PHP4 Billion in Net Income for 2007
---------------------------------------------------------------
The Development Bank of the Philippines is forecasting a net
income of more than PHP4 billion this year after hitting the
PHP3-billion mark in October, the Philippine Star reports.
The higher net income this year means that PHP2 billion will go
to the national treasury as government financial institutions
are required to declare dividends equal to half of the net
income, the article relates.
The Star recounts that in 2006 the DBP reported a net income of
PHP3.73 billion following a PHP3.21-billion net income in 2005.
DBP's total provisions for loans reached PHP4 billion or over
110.66% while its loan portfolio totaled PHP119.23 billion, the
Star reports. According to president and CEO Reynaldo G. David,
borrowers have prepaid some of their debts to capitalize on low
interest rates, resulting in a non-performing loan ratio of 2.3%
as compared to 2006's 5.14%. Total assets stood at PHP244
billion as investments grew to PHP76.98 billion. Capital
adequacy ratio (CAR) stood at a strong 24%, the report adds.
Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.
DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006,
and affirmed on September 3, 2007.
Standard & Poor's Ratings Services also assigned on December 5,
2006, its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016. The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.
The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.
DEV'T BANK: Expands Hedging Facility for Exports to Include OFWs
----------------------------------------------------------------
The Development Bank of the Philippines has opened a hedging
facility -- which was previously open to exporters -- that will
now include overseas Filipino workers, the Daily Tribune
reports.
DBP President Rey David urged agencies and organizations dealing
with OFWs and their families to avail of the service on their
clients' behalf, as the DBP will not deal individually with OFWs
due to administrative costs. The facility was expanded upon
request by Finance Secretary Margarito Teves, Mr. David said.
The facility is called a non-deliverable forward that sets a
fixed exchange level, the Tribune explains. Those who avail of
the facility, however, lose if the peso value suddenly falls.
OFW families have complained earlier of losses incurred from the
peso's appreciation from the PHP55 per dollar level to the
current PHP44.34 per dollar, the Tribune recounts.
Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.
DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006,
and affirmed on September 3, 2007.
Standard & Poor's Ratings Services also assigned on December 5,
2006, its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016. The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.
The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.
IPVG CORP: Board OKs Additional Investment in 3 Subsidiaries
------------------------------------------------------------
IPVG Corp.'s Board of Directors has approved the additional
subscription of shares in its subsidiaries.
According to a disclosure with the Philippine Stock Exchange,
the board approved the company's subscription of 100 million
shares in IP Contact Center Outsourcing Inc. at PHP1 per share.
Payment will be made partly in cash and partly through
conversion of advances into equity.
The Board also approved the additional subscription to 90
million shares out of the proposed 360 million shares in
authorized capital stock of IP Converge Data Center Inc. The
subscription was priced at PHP1 per share, and will be paid in
cash.
The company will also invest in up to US$2 million in its
subsidiary IP E-Game Ventures Inc.
IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.
IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries. Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT. The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.
The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.
PHIL. LONG DISTANCE: Partners w/ Intel in Offering IT Service
-------------------------------------------------------------
The Philippine Long Distance Telephone Co. has teamed up with
Intel to offer businesses with a hassle-free, turn-key and cost-
effective IT networking solution that can help increase
profitability and competitiveness.
Called SNAP, or Simplified Networks on Auto Pilot, PLDT's newest
offering allows clients to have the latest PCs with helpdesk
support, LAN and server solutions and broadband connectivity all
for a fixed monthly fee. It is ideal for companies in need of
either a whole new IT network infrastructure or wishing to
augment their current set-up.
Under the arrangement, Intel will power SNAP's managed PCs and
servers using the latest Intel processors and hardware
components, thus ensuring best-of-breed IT solutions.
PLDT Corporate Business Group Head Eric R. Alberto said PLDT is
honored to partner with Intel to help make SNAP a more
formidable IT networking solution. "SNAP helps local companies
embrace IT in their respective businesses by addressing
the common barriers to entry-financial, technical and human
resource constraints. With SNAP they get the latest IT tools,
technical support and broadband connectivity on a flat monthly
fee arrangement. Now all forward-looking businesses can have
the IT they need to be truly competitive."
PLDT Corporate Business Solutions Head Nerissa S. Ramos added
that SNAP effectively cuts through the complexity of setting up
an IT network. "We bring SNAP to our valued customers so that
they can delegate all their IT worries to us, and allow
themselves to focus more on what they do best.managing their
core business," said Ramos.
With PLDT's robust and reliable nationwide telecommunications
network and Intel's cutting edge hardware and microprocessors,
the two companies hope to help more businesses achieve
efficiency and profitability.
About PLDT
Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.
* * *
The Troubled Company Reporter-Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating. The outlook for this rating remains
positive.
Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+. Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.
On August 21, 2007, the TCR-AP reported that Fitch Ratings
upgraded Philippine Long Distance Telephone Company's Long-term
local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB
minus). The Outlook is Stable. At the same time, Fitch has
affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its
National Long-term rating at 'AAA(phl)'. The Outlook is Stable.
Also, PLDT's global bonds and senior notes have
been affirmed at 'BB+'.
* Peso Backs Off, Closes at PHP44.34 on Tuesday on Weak Stocks
--------------------------------------------------------------
The peso has retreated against the dollar as investors go on
profit-taking in light of weaker global stocks and closed at
PHP44.34 on Tuesday, BusinessWorld reports.
The peso had closed at PHP44.05 on Monday, the article recounts.
However, analysts are expecting the peso to bounce back.
A currency trader said that risk aversion has played a part in
the peso's decline, as investors tried to get rid of Asian
currencies in light of sell-outs both in the European and New
York stock markets caused by news of resurfacing losses from the
US subprime mortgage crisis. Another trader said the dollar
remains weak despite a gain against the Japanese yen, and added
that the peso is expected to remain strong in the long-term due
to strong inflows from remittances.
* * *
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
=================
K.P. CHEMICALS: Members to Hold Final Meeting on Nov. 15
--------------------------------------------------------
The members of K.P. Chemicals Private Limited will hold their
final meeting on November 15, 2007, at 10:00 a.m., for the
purposes as stated in Section 308 of the Companies Act, Cap. 50.
The meeting will be held at 3 Jalan Samulun, in Singapore.
Chia Lay Beng is the company's liquidator.
REFCO INC: Trusts Seek Return of US$400 Mln from Former Insiders
----------------------------------------------------------------
The Refco Litigation Trusts have filed a lawsuit seeking the
return of more than US$400 million from former Refco Inc.
insiders. The lawsuit, filed in the United States Bankruptcy
Court for the Southern District of New York, seeks return of
preferential and fraudulent transfers from former owners,
officers and directors of Refco who participated in a massive
scheme to strip assets out of Refco.
The complaint alleges that the preferences and fraudulent
transfers were concealed within and behind a number of
fraudulently engineered financial transactions, including a
surreptitious profits participation agreement funneled through
Refco Group Holdings, Inc., a holding company controlled by
defendant Phillip R. Bennett. Other insiders named in the
action include Tone N. Grant, John D. Agoglia, Edwin L. Cox,
Sukhmeet "Mickey" Dhillon, Thomas H. Dittmer, Stephen Grady,
Eric Lipoff, Santo Maggio, Peter McCarthy, Joseph Murphy, Frank
Mutterer, William Sexton, and Robert Trosten. The lawsuit also
seeks to void the transfers of certain asset management
companies and other transfers to RGHI.
Another lawsuit was filed by the Trusts in the United States
District Court for the Southern District of New York against
former insider Thomas Hackl and companies controlled by Mr.
Hackl seeking the return of more than US$5 million transferred
to Mr. Hackl or companies controlled by him and for damages
resulting from Mr. Hackl's active participation in the fraud.
"The lawsuits filed today are in addition to five other lawsuits
filed by the Trusts and customers of Refco Capital Markets
seeking in the aggregate more than US$2 billion dollars of
damages to Refco and its creditors as a direct result of the
massive fraudulent scheme perpetrated for more than eight years
by Mr. Bennett, with the aid and assistance of numerous insiders
and third parties," Marc S. Kirschner, Trustee of the Refco
Trusts, said.
Over the last several days the Trusts also brought more than 180
lawsuits in the United States Bankruptcy Court for the Southern
District of New York seeking in the aggregate more than US$33
million from the return of preferential and fraudulent
transfers, collection of accounts receivables and other causes
of action against non-insiders.
About the Refco Litigation Trusts
The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on December 26,
2006. Marc S. Kirschner, the former Chapter 11 Trustee for
Refco Capital Markets LLC, serves as Trustee for the Trusts.
The primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation. The Trusts have
US$25 million of funding to support their pursuit of such
claims. In February 2007, the Trusts retained the law firms
Milbank, Tweed, Hadley, & McCloy, LLP and Quinn Emanuel Urquhart
Oliver & Hedges, LLP to assist in their work and, since then,
have been engaged in a comprehensive investigation of potential
claims against third parties. The Trusts have filed three
lawsuits against third parties involved in the Refco frauds.
About Refco Inc.
Based in New York City, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006.
Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.
REFCO INC: Trusts Seek Return of US$400 MM from Former Insiders
---------------------------------------------------------------
The Refco Litigation Trusts have filed a lawsuit seeking the
return of more than $400 million from former Refco insiders. The
lawsuit, filed in the United States Bankruptcy Court for the
Southern District of New York, seeks return of preferential and
fraudulent transfers from former owners, officers and directors
of Refco who participated in a massive scheme to strip assets
out of Refco.
The complaint alleges that the preferences and fraudulent
transfers were concealed within and behind a number of
fraudulently engineered financial transactions, including a
surreptitious profits participation agreement funneled through
Refco Group Holdings, Inc., a holding company controlled by
defendant Phillip R. Bennett. Other insiders named in the
action include Tone N. Grant, John D. Agoglia, Edwin L. Cox,
Sukhmeet "Mickey" Dhillon, Thomas H. Dittmer, Stephen Grady,
Eric Lipoff, Santo Maggio, Peter McCarthy, Joseph Murphy, Frank
Mutterer, William Sexton, and Robert Trosten. The lawsuit also
seeks to void the transfers of certain asset management
companies and other transfers to RGHI.
Another lawsuit was filed by the Trusts in the United States
District Court for the Southern District of New York against
former insider Thomas Hackl and companies controlled by Mr.
Hackl seeking the return of more than $5 million transferred to
Mr. Hackl or companies controlled by him and for damages
resulting from Mr. Hackl's active participation in the fraud.
"The lawsuits filed today are in addition to five other lawsuits
filed by the Trusts and customers of Refco Capital Markets
seeking in the aggregate more than $2 billion dollars of damages
to Refco and its creditors as a direct result of the massive
fraudulent scheme perpetrated for more than eight years by Mr.
Bennett, with the aid and assistance of numerous insiders and
third parties," Marc S. Kirschner, Trustee of the Refco Trusts,
said.
Over the last several days the Trusts also brought more than 180
lawsuits in the United States Bankruptcy Court for the Southern
District of New York seeking in the aggregate more than $33
million from the return of preferential and fraudulent
transfers, collection of accounts receivables and other causes
of action against non-insiders.
About the Refco Litigation Trusts
The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on December 26,
2006. Marc S. Kirschner, the former Chapter 11 Trustee for
Refco Capital Markets LLC, serves as Trustee for the Trusts.
The primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation. The Trusts have $25
million of funding to support their pursuit of such claims. In
February 2007, the Trusts retained the law firms Milbank, Tweed,
Hadley, & McCloy, LLP and Quinn Emanuel Urquhart Oliver &
Hedges, LLP to assist in their work and, since then, have been
engaged in a comprehensive investigation of potential claims
against third parties. The Trusts have filed three lawsuits
against third parties involved in the Refco frauds.
About Refco Inc.
Based in New York City, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006.
Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.
VEGASTAR MARINE: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------
A petition to have Vegastar Marine Pte Ltd's operations wound up
will be heard before the High Court of Singapore on October 19,
2007, at 10:00 a.m.
The petition was filed by Gems Marine Pte Ltd on September 21,
2007.
Gems Marine's solicitors are:
Leong, Chua & Wong
2 Havelock Road
#04-05, Apollo Centre
Singapore 059763
===============
T H A I L A N D
===============
ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
-------------------------------------------------------------
TRW Automotive Aftermarket, a business of TRW Automotive
Holdings Corp., entered into an agreement to create a Joint
Venture with ArvinMeritor Inc. to distribute Gabriel and TRW
branded shock absorber ranges for the European independent
aftermarket. The intention is for the Joint Venture to begin
operation and distribution in January 2008.
"Shock absorbers are an integral element of our core chassis
portfolio," Francois Augnet, vice president for TRW Automotive
Aftermarket Europe and Asia Pacific, said. "We already offer a
comprehensive TRW branded range to our European customers and
are committed to enhancing it with the Gabriel programme to
maintain and develop our leading chassis position in the
European aftermarket."
"By combining the strengths of ArvinMeritor's engineering and
manufacturing competencies and the Gabriel brand name with
TRW's extensive sales and distribution network we are confident
that we can roll out successful shock absorber programmes for
the European independent aftermarket," Mr. Augnet continued.
With the recent sale of its European exhaust aftermarket
business, ArvinMeritor has sharpened its focus on original
equipment manufacturer systems engineering. This includes a
renewed emphasis on its global ride control business.
With the Joint Venture, TRW and ArvinMeritor will jointly
control the future marketing, sales and distribution of the
Gabriel and TRW aftermarket programmes throughout Western,
Central and Eastern Europe.
"This is a great example of how both partners can share in the
investment, as well as reap the benefits," Marlen Silverii,
general manager for ArvinMeritor's global ride control
aftermarket business added. "The Gabriel aftermarket product
line is technically very strong, and when partnered with TRW's
growing aftermarket presence, it will offer our aftermarket
customers a strong chassis alternative."
About TRW Automotive
Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier. Through its subsidiaries, it employs approximately
63,800 people in 26 countries. TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services
TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.
About Arvinmeritor
Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry. The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets. ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries. These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter on Oct. 09, 2007,
Fitch Ratings has downgraded its ratings on ArvinMeritor as:
-- Issuer Default Rating to 'BB-' from 'BB';
-- Senior secured revolver to 'BB' from 'BB+'.
-- Senior unsecured notes to 'B+' from 'BB-'.
Fitch said the rating outlook is negative. Including the
undrawn portion of the secured revolver, approximately US$2.2
billion of debt is affected by these actions.
NATURAL PARK: 2nd Quarter Net Loss Widens to THB814.272 Million
---------------------------------------------------------------
Natural Park PCL's second quarter net loss has increased to
THB814.272 million for the period ended June 30, 2007, as
compared to the previous corresponding quarter's
THB210.176 million.
For the second quarter of 2007, the company earned revenues of
THB539.579 million, 71.8% higher than last year's
THB314.032 million. Expenses for the April-June 2007 period
amounted to THB1.228 billion, as compared to last year's
THB262.373 million.
As of June 30, 2007, the company had THB10.491 billion in total
assets and THB5.744 billion in total liabilities, resulting in a
THB4.746-billion shareholders' equity.
Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.
Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.
NATURAL PARK: Bankruptcy Court Dismisses Sathorn Asset's Suit
-------------------------------------------------------------
The Central Bankruptcy Court has dismissed the bankruptcy
lawsuit that was filed by Sathorn Asset Management Co. Ltd.
against Natural Park PCL in its capacity as a creditor of the
company.
On May 21, 2007, Sathorn Asset filed suit against NPARK seeking
payment of THB39.59 million in debt.
In its decision, the Court ruled that the company had went
through rehabilitation and paid all its debts to its creditors
before the Court cancelled the business rehabilitation plan.
The Court also found that the company was neither insolvent nor
bankrupt upon consideration of its financial statements.
Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.
Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.
NATURAL PARK: Expects to Pay Off Siam City Bank Debt on Nov. 30
---------------------------------------------------------------
Natural Park PCL expects to pay off its remaining THB791-million
debt to Siam City Bank PCL on November 30, 2007.
The bank intended to pay off the debt by a partial sale of
assets, however, the purchaser of these assets is still
obtaining financing and has requested the company to extend the
closing period. This has disabled the company from paying off
the debt at the original October 15 deadline. Thus, the company
has contacted Siam City Bank and requested an extension.
Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.
Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.
PRAKIT & FCB: THB5-Bil. Deficit Cues Unit's Liquidation
-------------------------------------------------------
Prakit Holdings Public Co. Ltd. has decided to liquidate
subsidiary Prakit and FCB (Myanmar) Co. Ltd.
According to a disclosure with the Stock Exchange of Thailand,
the company decided to liquidate the subsidiary because of the
uncertainty of the political situation in Myanmar and its
THB5.319 billion accumulated deficit since 1995.
The company recorded the liquidation as a loss from investment
amounting to THB563,127.
TMB BANK: ING Entry May Dilute Finance Ministry's Stake to 25%
--------------------------------------------------------------
ING Groep NV's acquiring of shares in TMB Bank PCL will result
in a reduced shareholding by the Finance Ministry of 25% from
the previous 31% after recapitalization, sources told the
Bangkok Post.
TMB's directors will meet today to finalize details of its
recapitalization, and to set up a medium-term business strategy
in order to maintain its ranking as the fifth largest bank in
Thailand in terms of assets, the Post reveals. Sources added
that the plan would also address the bank's accumulated losses
of THB67 billion as of June 30, as well as its non-performing
loans amounting to THB33.98 billion.
ING has made no comment on its plan to invest in TMB, the
article said, after its executive directors met on Tuesday to
discuss the acquisition of shares in the bank. However,
analysts told the Post that ING is unlikely to pay a significant
premium for TMB in light of its current financial troubles.
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.
On October 11, 2007, the Troubled Company Reporter-Asia Pacific
said that Standard & Poor's Ratings Service said that it has
lowered its long-term counterparty credit rating on Thailand's
TMB Bank Public Co. Ltd. to 'BB+' from 'BBB-' and the short-term
rating to 'B' from 'A-3'. The rating has been removed from
CreditWatch, where it was placed with negative implications on
July 6, 2007. The outlook is negative.
*********
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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