/raid1/www/Hosts/bankrupt/TCRAP_Public/071030.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, October 30, 2007, Vol. 10, No. 215
Headlines
A U S T R A L I A
CALSONIC AUSTRALIA: Declares Final Dividend
CITY VIEW: To Declare Dividend for Priority Creditors on Nov. 2
DIRECT SECURITY: Members Agree on Voluntary Liquidation
FORBES GEAR: Members to Hold Final Meeting on November 5
GOWRA CONSOLIDATED: Creditors Agree on Voluntary Liquidation
INDEPENDENT FAN: Members and Creditors to Meet on November 13
K.G.J. PTY: Members to Receive Wind-Up Report on November 2
MTS STORAGE: Members and Creditors to Meet on November 5
NORRIS & SYMONS: Placed Under Voluntary Liquidation
SILK FILMS: Members' Final Meeting Set for November 2
WESTERN RETIREMENT: FDA Judge Appoints 2 Liquidators
ZINIFEX LTD: Raises EUR1.74 Billion in Nyrstar IPO
C H I N A & H O N G K O N G
BALL CORP: Reports US$60.9 Million Third Quarter Earnings
COASTAL PRINTING: Court to Hear Wind-Up Petition on November 21
CYPRESS SHIPPING: Lau Wing Pan Quits as Liquidator
FIELDMAX DEVICE: Proofs of Debt Due on Nov. 19
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
HONFORD TRADING: Inability to Pay Debts Prompts Wind-Up
HONG KONG WEB: Members Agree on Voluntary Liquidation
INTERMOST CORP: Wong & Co. Raises Going Concern Doubt
N.T. HONG KONG: Members to Hold General Meeting on November 23
OEM MARKETING: Wind-Up Petition Hearing Set for December 12
PERFORMANCE INIVESTMENT: Taps Sutton and Chiong as Liquidators
SAMSUNG ASSET: Lam and Toohey Quit from Liquidator Posts
SANTEI INTERNATIONAL: Chiu and Yin Quit as Liquidators
I N D I A
AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion
DECCAN AVIATION: Vijay Mallya's UB Group Ups Stake to 45.97%
RYERSON INC: Platinum Equity Appoints Team of New Sr. Leaders
TATA STEEL: Books INR11.9-Bil. Net Profit in Qtr. Ended Sept. 30
I N D O N E S I A
BANK CENTRAL: Int'l Finance & Japan Bank Offer US700MM Loan
BEARINGPOINT: Bags US$50-MM Deal for Motor Vehicle Tech Project
FREEPORT-MCMORAN: Earns US$763MM in Third Quarter Ended Sept. 30
DIGRANTA INDONESIA: To Begin Operations Next Week
HILTON HOTELS: Prices Cash Tender Offers for Five Notes
HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes
PT INTERNATION NICKEL: Posts Third-Quarter Earnings
PERUSAHAAN LISTRIK: Seeks IDR5.7 Tril. Funding for Plant Project
PERUSAHAAN LISTRIK: Annual Income Up an Average of 16.25%
J A P A N
FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off
FIDELITY NATIONAL: Moody's Reviews Ratings for Likely Downgrade
FIDELITY INT'L: S&P Puts BB Corp. Credit Rating on Watch Neg.
METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30
MITSUBISHI MOTORS: To Increase Sales in Russia by 40%
SAMSONITE CORP: Closes US$1.7 Billion CVC Capital Merger Deal
SOLO CUP: Fitch Upgrades Senior Sub. Notes Rating to CCC+
TIMKEN CO: Reports US$41.2-Million Net Income in 2007 Third Qtr.
TREND MICRO: To Acquire Provilla for Global Data Leak Prevention
XEROX CORP: Moody's Puts Ratings on Review for Possible Upgrade
* Japan Exports Grow at Slowest Pace in Two Years on U.S. Slump
K O R E A
COREBRID INC: Signs KRW15-Billion Contract with CMTC
DAEWOO ELECTRONIC: To Sell 998,842 Shares of M K Electron
EUGENE SCIENCE: Auditors Raise Going Concern Doubt
LYONDELL CHEMICAL: Earns US$206 Million for Third Quarter 2007
M A C A U
GALAXY CASINO: S&P Affirms B+ Ratings; Changes Outlook to Pos.
M A L A Y S I A
CELESTICA INC: Reports US$51.5 Mil. Third Quarter Net Earnings
N E W Z E A L A N D
ANYTIME AUTO: Fixes November 5 as Last Day to File Claims
CALIBRATION NZ: Creditors' Proofs of Debt Due on December 3
CONCEPTIONS LTD: Court to Hear Wind-Up Petition on December 13
GENEVA FINANCE: Shuts Down Branches and Cuts Jobs
HAMILTON LANDSCAPE: Subject to CIR's Wind-Up Petition
HIGHFIELD FBG: Taps Brown and Rodewald as Liquidators
MAGIC CAT: Accepting Creditors' Proofs of Debt Until November 30
TEAM KIWI: Subject to Apparel's Wind-Up Petition
WIRIHANA VITICULTURE: Appoints Brown and Rodewald as Liquidators
YENOHAM HOLDINGS: Fixes November 9 as Last Day to File Claims
S I N G A P O R E
AAF ASIA: Requires Creditors to File Claims by Nov. 26
AC-CHEM INVESMENTS: Accepting Proofs of Debt Until November 12
ACOT INNOVATIONS: Creditors' Proofs of Debt Due on November 12
EXCELLENT HOLDINGS: Pays Dividend to Creditors
OPTIMUM-3 INTERNATIONAL: Court Enters Wind-Up Order
UNITED TEST: S&P Lowers Corporate Credit Rating to B+
T H A I L A N D
TMB BANK: Fitch Places Bank on Rating Watch Evolving
* BOND PRICING: For the Week 29 October to 02 November 2007
- - - - - - - -
=================
A U S T R A L I A
=================
CALSONIC AUSTRALIA: Declares Final Dividend
-------------------------------------------
Calsonic Australia Pty Ltd, which is in liquidation, declared
its final dividend on October 30, 2007.
Creditors who were not able to file their proofs of debt by the
October 24 due date, were excluded from the company's dividend
distribution.
The company's liquidators are:
Salvatore Algeri
Timothy B. Norman
Deloitte Touche Tohmatsu
180 Lonsdale Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9208 7000
About Calsonic Australia
Calsonic Australia Pty Ltd is a distributor of industrial
machineries. The company is located at Port Melbourne, in
Victoria, Australia.
CITY VIEW: To Declare Dividend for Priority Creditors on Nov. 2
---------------------------------------------------------------
City View Landscape Constructions Pty Ltd, which is in
liquidation, will declare dividend for its priority creditors on
November 2, 2007.
Creditors who were not able to file their proofs of debt by the
October 12 due date will be excluded from the company's dividend
distribution.
The company's liquidators are:
Anthony R. Cant
Romanis Cant
2nd Floor, 106 Hardware Street
Melbourne, Victoria 3000
Australia
About City View
City View Landscape Constructions Pty Ltd is in the business of
landscape counseling and planning. The company is located at
Docklands, in Victoria, Australia.
DIRECT SECURITY: Members Agree on Voluntary Liquidation
-------------------------------------------------------
During a general meeting held on September 14, 2007, the members
of Direct Security Services Pty Ltd agreed to voluntarily
liquidate the company's business.
Robyn Erskine and Peter Goodin were appointed as liquidators.
The Liquidators can be reached at:
Robyn Erskine
Peter Goodin
Brooke Bird
Insolvency Practitioners
471 Riversdale Road
Hawthorn East, Victoria 3123
Australia
Telephone:(03) 9882 6666
About Direct Security
Direct Security Services Pty Ltd is a distributor of electronic
parts and equipments. The company is located at South Yarra,
in Victoria, Australia.
FORBES GEAR: Members to Hold Final Meeting on November 5
--------------------------------------------------------
Forbes Gear Pty Ltd will hold a final meeting for its members on
November 5, 2007.
At the meeting, the members will hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Dennis M. Foley
Dennis M. Foley & Associates
Certified Practicing Accountants
Lydiard House, 3rd Floor
17 Lydiard Street North
Ballarat, Victoria 3350
Australia
Telephone:(03) 5331 2600
Facsimile:(03) 5333 2713
About Forbes Gear
Forbes Gear Pty Ltd provides services to insurance agents and
brokers. The company is located at Ballarat, in Victoria,
Australia.
GOWRA CONSOLIDATED: Creditors Agree on Voluntary Liquidation
------------------------------------------------------------
The creditors of Gowra Consolidated Pty Ltd met on September 17,
2007, and agreed to voluntarily liquidate the company's
business.
Stephen Robert Dixon and Laurence Andrew Fitzgerald were named
as liquidators.
The Liquidators can be reached at:
Stephen Robert Dixon
Laurence Andrew Fitzgerald
BDO Kendalls Business Recovery & Insolvency
(Victoria) Pty Ltd
Chartered Accountants
Level 30, 525 Collins Street
Melbourne, Victoria 3000
Australia
About Gowra Consolidated
Gowra Consolidated Pty Ltd is involved with trusts. The company
is located at Greensborough, in Victoria, Australia.
INDEPENDENT FAN: Members and Creditors to Meet on November 13
-------------------------------------------------------------
The members and creditors of Independent Fan Supplies Pty Ltd
will have their final general meeting on November 13, 2007, at
9:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Warren White
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne 3000
Australia
About Independent Fan
Independent Fan Supplies Pty Ltd is a distributor of blowers and
fans. The company is located at Springvale, in Victoria,
Australia.
K.G.J. PTY: Members to Receive Wind-Up Report on November 2
-----------------------------------------------------------
K.G.J. Pty Ltd will hold a final meeting for its members on
November 2, 2007, at 10:00 a.m.
At the meeting, Nick Combis, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
Nick Combis
Vincents Chartered Accountants
Level 27, 239 George Street
Brisbane, Queensland 4000
Australia
About K.G.J. Pty
Located at Mitchelton, in Queensland, Australia, K.G.J. Pty Ltd
is an investor relation company. The company is located at
Mitchelton, in Queensland, Australia.
MTS STORAGE: Members and Creditors to Meet on November 5
--------------------------------------------------------
The members and creditors of MTS Storage Pty Ltd will hold a
final meeting on November 5, 2007, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Robyn Erskine
Peter Goodin
Brooke Bird Insolvency Practitioners
471 Riversdale Road
Hawthorn East, Victoria 3123
Australia
Telephone:(03) 9882 6666
About MTS Storage
MTS Storage Pty Ltd operates nonclassifiable establishments.
The company is located at Port Melbourne, in Victoria,
Australia.
NORRIS & SYMONS: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on September 17, 2007,
the members of Norris & Symons Pty Ltd agreed to voluntarily
liquidate the company's business.
Andrew McLellan was appointed as liquidator.
The Liquidator can be reached at:
Andrew Mclellan
PPB
10/90 Collins Street
Melbourne, Victoria 3000
Australia
About Norris & Symons
Norris & Symons Pty Ltd is a distributor of refrigeration and
heating equipments. The company is located at Hallam, in
Victoria, Australia.
SILK FILMS: Members' Final Meeting Set for November 2
-----------------------------------------------------
A final meeting will be held for the members of Silk Films Pty
Ltd on November 2, 2007, at 11:00 a.m.
At the meeting, Bruce N. Mulvaney, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
The Liquidator can be reached at:
Bruce N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road
Surrey Hills, Victoria 3127
Australia
About Silk Films
Silk Films Pty Ltd operates nonclassifiable establishments. The
company is located at Balnarring, in Victoria, Australia.
WESTERN RETIREMENT: FDA Judge Appoints 2 Liquidators
----------------------------------------------------
Following an application by the Australian Securities &
Investments Commission, Justice Finkelstein of the Federal Court
of Australia appointed Brian McMaster and Mark Mentha of
KordaMentha, as liquidators for Western Retirement Village
Management Pty. Ltd.
The ASIC alleged that Western Retirement was involved in the
promotion and operation of an unregistered managed investment
scheme, known as the Mews Scheme, which was established by
Western Retirement and others for the purpose of constructing
and operating a retirement village facility in Upper Swan,
Western Australia.
Orders winding up the Mews Scheme and appointing receivers to
the assets of the Mews Scheme had previously been made.
The ASIC sought to wind up Western Retirement because it was
concerned that the company:
* had been involved in the operation and promotion of an
illegal unregistered managed investment scheme and there
was no evidence that it had ever or would ever conduct any
other legitimate business;
* had entered into transactions that ‘encumbered’ the land
(being the only asset of the Mews Scheme) but the land
remained undeveloped;
* failed to provide books and records that sufficiently
explained what had happened to investors’ contributions to
the Mews Scheme and money borrowed by it; and
* was in possession of documents that would assist the
receivers in the task of identifying assets and liabilities
of the Mews Scheme and assessing the validity of claims
made on the Mews Scheme’s assets.
Justice Finkelstein found, among other things, that Western
Retirement paid the purchase price for, and became the
registered proprietor of the land on which the village was to be
built and was involved in marketing the scheme to investors,
which raised approximately AU$6 million.
In appointing Messrs McMaster and Mentha, Justice Finkelstein
concluded that an investigation by a liquidator into the affairs
of Western was necessary to complete the winding up of the Mews
Scheme.
Background
On May 30, 2006, the ASIC filed an application with the Federal
Court seeking orders winding up the alleged unregistered managed
investment schemes, known as the Mews and Rosedale Schemes (the
Schemes), and/or the winding up of the companies the ASIC
alleged were involved in the promotion and operation of the
Schemes.
The ASIC’s application alleged that the Schemes were promoted in
early 2000 by GDK Financial Solutions Pty. Ltd. and associated
companies, Western, Windsor Village Management Pty. Ltd., The
Mews Village Nominees Pty. Ltd. , Peridon Management Pty. Ltd.
and Rosedale Village Nominees Pty. Ltd.
GDK went into liquidation on 25 May 2006. Peridon Management
went into liquidation in January 2006, after being put into
voluntary administration in December 2005.
On November 28, 2006, Justice Finkelstein made orders winding up
the Schemes and appointing receivers to the assets of each of
the Schemes. He also appointed liquidators to The Mews Village
Nominees and Rosedale Village Nominees. The winding up of the
Schemes is still proceeding with various investigations being
undertaken by the receivers.
ZINIFEX LTD: Raises EUR1.74 Billion in Nyrstar IPO
--------------------------------------------------
Zinifex Limited confirmed that the public offer of shares in
Nyrstar NV, the world’s largest zinc metal producer, was
successfully completed and announces the final offer price and
details:
* The Offer was priced at EUR20 per ordinary share;
* The total number of shares allocated amounts to
100,000,000. The Offer size was increased to 86,956,522
shares, an increase of 17,391,304 shares from the initial
Offer size. The remaining 13,043,478 shares are subject to
the over-allotment option outlined below;
* The gross proceeds for the Selling Shareholders resulting
from the sale of 86,956,522 shares amount to
EUR1,739,130,440, before any proceeds which may result from
the exercise of the option to cover over-allotments;
* Zinifex will receive approximately 60% of the gross
proceeds of the Offer less Offer costs and any tax payable;
* Zinifex Limited and Umicore SA/NV (the "Selling
Shareholders") have granted the underwriters an option to
purchase at the Offer price up to 13,043,478 additional
existing ordinary shares of Nyrstar, solely to cover over-
allotments. The option is exercisable for a period of 30
calendar days from the commencement of conditional trading.
Any exercise, in whole or in part, of the option will be
announced no later than 5 December 2007;
* If the over-allotment option is exercised in full, the
Offer will result in a full exit by the Selling
Shareholders;
* To the extent the over-allotment option is not exercised in
full and the Selling Shareholders retain residual shares in
Nyrstar, Zinifex and Umicore have agreed (subject to
customary exceptions) to a 360 day lock-up period
from the commencement of conditional trading of the
ordinary shares of Nyrstar.
Commenting on the offer, Tony Barnes, Zinifex’s Chief Executive
Officer said, "We are delighted with the strong interest shown
in Nyrstar shares that enabled us to increase the Offer size to
the maximum limit and will potentially result in a full exit
by Zinifex if the over-allotment option is exercised in full."
"Zinifex will now focus on growing our mining business to
complement the already strong performance from our two mines -
Century and Rosebery. In addition to our portfolio of
exploration and development projects, we believe that attractive
opportunities exist to add to both Zinifex’s near term
production and to extend total mine life through mergers or
acquisitions. The proceeds raised from the sale of Nyrstar will
enhance the range of acquisition opportunities that we might
consider," Mr. Barnes added.
"Our practice of returning funds that are surplus to business
requirements to shareholders will continue," Mr. Barnes
concluded.
About Zinifex
ZINIFEX: Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is
headquartered in Melbourne, Australia. The company owns and
operates two mines and four smelters. The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.
The company also has a zinc smelter in the Netherlands and the
United States. The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries. More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.
Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.
On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m). Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.
================================
C H I N A & H O N G K O N G
================================
BALL CORP: Reports US$60.9 Million Third Quarter Earnings
---------------------------------------------------------
Ball Corporation has reported third quarter earnings of US$60.9
million, or 59 cents per diluted share, on sales of US$1.91
billion, compared to US$107.1 million, or US$1.02 per diluted
share, on sales of US$1.82 billion in the third quarter of 2006.
For the first nine months of 2007, Ball Corp.'s results were
earnings of US$248 million, or US$2.40 per diluted share, on
sales of US$5.63 billion, compared to US$281.3 million, or
US$2.68 per diluted share, on sales of US$5.03 billion in the
same period in 2006.
Both the third quarter and the nine-month results in 2007
include an after-tax charge of US$51.8 million, or 50 cents per
diluted share, related to the settlement of a dispute with a
beverage can customer in the metal beverage packaging, Americas,
segment. The 2006 results include a gain of US$2.8 million
(US$1.7 million after tax, or two cents per diluted share) in
the third quarter and US$76.9 million (US$46.9 million after
tax, or 45 cents per diluted share) in the first nine months for
insurance recovery from a fire at a plant in Germany.
The 2007 results through three quarters do not include an after-
tax charge of approximately US$26 million that will result from
facility closures and related equipment relocation activities
associated with plans the company announced as part of the
continuing consolidation of its food and household products
packaging, Americas, segment. That charge will occur in the
fourth quarter of 2007.
"We had a solid quarter, led by outstanding results in our metal
beverage packaging, Europe/Asia, and our aerospace and
technologies segments," said R. David Hoover, chairman,
president and chief executive officer. "Operating results in
our metal beverage packaging, Americas, segment were slightly
lower than a year ago in the quarter, but for the full year they
remain well above 2006. We announced this week a restructuring
plan to improve results in our metal food and household products
packaging, Americas, segment. We continue to have discussions
with our customer base about the need to improve results there
and in our underperforming plastic packaging, Americas,
segment."
Metal Beverage Packaging, Americas
The 2007 sales and operating earnings for both the quarter and
the first nine months were reduced by the US$85.6 million pre-
tax charge related to the customer settlement. Operating
earnings in the quarter before the customer settlement for the
metal beverage packaging, Americas, segment were US$65 million
on sales of US$728.8 million, compared to US$73 million on sales
of US$659.6 million in the third quarter of 2006. For the first
nine months segment results before the customer settlement were
earnings of US$241.4 million on sales of US$2.2 billion,
compared to US$193.5 million on sales of US$1.99 billion in the
first three quarters of 2006.
"Demand continued to be strong, particularly for specialty size
beverage cans, during the third quarter in the metal beverage
packaging, Americas, segment," Mr. Hoover said. "To help meet
that demand, we plan to install a new 24-ounce can production
line in our Monticello, Ind., facility in time for the 2008
summer sales period."
Metal Beverage Packaging, Europe/Asia
Third quarter earnings in the metal beverage packaging,
Europe/Asia, segment were US$81 million on sales of US$522.4
million, compared to US$66 million, including US$2.8 million in
property insurance gains, on sales of US$425.1 million in the
third quarter of 2006. For the first nine months segment
earnings were US$218.5 million on sales of US$1.45 billion,
compared to US$235.7 million, including US$76.9 million in
property insurance gains, on sales of US$1.16 billion in the
same period in 2006.
"Results in Europe were helped by higher selling prices,
continued cost optimization efforts, and by a full quarter's
contribution from the new lines added in Hassloch and Hermsdorf,
Germany, to replace the capacity lost in the fire last year,"
Mr. Hoover said. "We have announced plans for line speedups and
are looking at possible additional can and end manufacturing
capacity in Europe to meet the continued demand growth there."
Metal Food & Household Products Packaging, Americas
Earnings for the third quarter in the metal food and household
products packaging, Americas, segment were US$14.5 million on
sales of US$349.5 million, compared to US$19.7 million on sales
of US$366 million in the third quarter of 2006. For the first
nine months of 2007, earnings were US$25.4 million on sales of
US$912.3 million, compared to US$25.5 million, including a
US$1.7 million charge for costs to shut down a food can
manufacturing line in Canada, on sales of US$850.5 million.
"Results in our metal food and household products packaging,
Americas, segment remain below acceptable levels," Mr. Hoover
said. "As part of the ongoing process of integrating the assets
we acquired in March 2006 and improving overall performance, we
have announced plans to close two manufacturing plants and exit
the custom and decorative tinplate can business. Although some
manufacturing equipment from the facilities being closed will be
relocated to other Ball facilities, we expect an overall
reduction in manufacturing capacity of approximately 10
production lines. When completed, this restructuring is
expected to yield annualized cost savings in excess of US$15
million."
Plastic Packaging, Americas
Third quarter results in the plastic packaging, Americas,
segment were earnings of US$7.7 million on sales of US$195
million, compared to US$7.9 million on sales of US$201.2 million
in the third quarter of 2006. For the first three quarters of
2007, results were earnings of US$17.1 million on sales of
US$580.3 million, compared to US$18.3 million on sales of
US$521.1 million in the same period in 2006.
"Sales volumes were up slightly from the third quarter of 2006,
due in part to the inclusion of our plastic pail business, which
was transferred to this segment at the beginning of 2007," Mr.
Hoover said. "However, we remain disappointed with the sales of
commodity PET bottles."
Aerospace and Technologies
Earnings in the third quarter for the aerospace and technologies
segment were US$18.3 million on sales of US$196.4 million,
compared to US$15.6 million on sales of US$170.4 million in the
third quarter of 2006. For the first nine months of 2007,
earnings were US$53.5 million on sales of US$596.9 million,
compared to US$33.4 million on sales of US$505.7 million in the
first three quarters of 2006.
"Our aerospace and technologies segment had an excellent quarter
and earnings through three quarters exceed all of 2006 for the
segment," Mr. Hoover said. "The successful launch on Sept. 18
of the WorldView-1 satellite we built for DigitalGlobe marked
another important achievement for Ball Aerospace. This next-
generation imaging satellite and the WorldView-2 spacecraft we
currently have in development will be the most agile commercial
imaging spacecraft ever flown."
Outlook
Raymond J. Seabrook, executive vice president and chief
financial officer, said a lower effective tax rate helped third
quarter results.
"We concluded our negotiations with the Internal Revenue Service
regarding interest expenses incurred on loans under a company-
owned life insurance plan, with the majority of the interest
deductions being upheld," Mr. Seabrook said. "Legislated
reductions in European corporate tax rates and other favorable
tax issues resulted in an overall lower tax rate in the quarter.
"Our adjusted full-year free cash flow is still on track to
exceed US$400 million and our stock buyback is projected at
US$200 million," Mr. Seabrook said.
"We are taking aggressive steps to better position Ball
Corporation for the future," Mr. Hoover said. "We are
determined to make our best businesses even better and to bring
our underperforming businesses to more acceptable levels.
"We have announced plans for expansion in some of the world's
strongest growth markets and are examining other similar
opportunities. We are continuing the process of integrating and
rationalizing assets in the mature metal food and household
products packaging market," Mr. Hoover said.
About Ball Corp.
Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and
plastic packaging products. It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Hong Kong and China.
* * *
As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating. Moody's said the outlook is
stable.
Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.
Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.
Fitch said the outlook is stable.
COASTAL PRINTING: Court to Hear Wind-Up Petition on November 21
---------------------------------------------------------------
A petition to have Coastal Printing HK Limited's operations
wound up will be heard before the High Court of Hong Kong on
November 21, 2007, at 9:30 a.m.
The petition was filed by Wong Wing Sze Joyce on September 12,
2007.
CYPRESS SHIPPING: Lau Wing Pan Quits as Liquidator
--------------------------------------------------
On October 6, 2007, Lau Wing Pan quit as liquidator of Cypress
Shipping Company Limited.
The former Liquidator can be reached at:
Lau Wing Pan
Golden Gate Commercial Building
Room 303, 3rd Floor
136-138 Austin Road, Tsim Sha Tsui
Kowloon, Hong Kong
FIELDMAX DEVICE: Proofs of Debt Due on Nov. 19
----------------------------------------------
The creditors of Fieldmax Device Limited are required to file
their proofs of debt by November 19, 2007, to be included in the
company's dividend distribution.
The company's liquidator is:
Poon Ka Lee, Barry
1607, ING Tower
308 Des Voeux Rd C
Hong Kong
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
Sept. 30, 2007 of US$42.4 million as compared to net income of
US$34.2 million for the third quarter of 2006.
Net income from ongoing operations for the third quarter of 2007
was US$53.4 million, an increase of 28% per diluted share as
compared to net income from ongoing operations of US$40.9
million in the third quarter of 2006.
During the quarter, the company purchased about 1.15 million
shares of common stock for a cost of about US$22.8 million
pursuant to its previously announced US$200 million share
repurchase authorization.
Net sales in the third quarter of 2007 were US$544.2 million, an
increase of 6% from the same period last year.
Reported profit from operations in the third quarter of 2007 was
US$72.9 million, an increase of 1% compared with the same period
in 2006. Profit from ongoing operations in the third quarter of
2007 was US$84.2 million, an increase of 10% compared with
US$76.4 million in the third quarter of 2006.
Interest and debt expense was US$17 million in the third quarter
of 2007, up US$0.3 million compared with the third quarter of
2006.
Net debt, total debt less cash and cash equivalents, was
US$669 million at Sept. 30, 2007, a decrease of US$154.7 million
from year-end 2006.
Capital spending was US$24 million in the third quarter and
US$77.8 million year to date. This compares to US$26.3 million
and US$49.2 million in the third quarter and year to date
periods last year, respectively.
Nine Month-Result Highlights
Net income for the nine months ended Sept. 30, 2007 was
US$150.4 million as compared to a net loss of US$3.4 million for
the same period in 2006.
Net income from ongoing operations for the nine months ended
Sept. 30, 2007 was US$134.9 million, an increase of 27% per
diluted share versus the same period in 2006.
Cash flow from operations for the nine months ended Sept. 30,
2007 was US$247.5 million, an increase of US$140.5 million as
compared to the same period last year.
The company has now received US$223.2 million of tax refunds
during the year and expects to receive an additional
US$21.2 million in the first half of 2008.
Net sales for the nine months ended Sept. 30, 2007 were
US$1.596 billion, an increase of 8% as compared to the same
period in 2006, excluding the impact of the FiberVisions
transaction.
Interest expense for the nine months ended Sept. 30, 2007 was
US$52 million, a decrease of US$2.1 million from the same period
of last year.
As of Sept. 30, 2007, the company reported total assets of
US$2.7 billion, total liabilities of US$2.3 billion, and total
stockholders' equity of US$458.4 billion.
Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2485
Outlook
"We continue to demonstrate solid growth in revenues, earnings
per share and cash flow," commented Craig A. Rogerson, president
and chief executive officer. "Our priority is to continue to
invest in high return opportunities supporting our two global
franchises. We also began returning excess cash flow to our
shareholders by reinstituting a common stock dividend and
through share repurchases."
About Hercules Inc
Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets. The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.
* * *
In September 2006, Moody's placed the company's long-term
corporate family rating, senior unsecured debt rating and
probability of default rating at Ba2, senior subordinate rating
at Ba3, and junior subordinate debt rating at B1. These ratings
still hold to date. The outlook is positive.
Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB which still hold to date. The
outlook is positive.
HONFORD TRADING: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on October 11, 2007,
the members of Honford Trading Limited resolved to voluntarily
liquidate the company's business, due to its inability to pay
its debts.
The company's liquidators are:
Cosimo Borrelli
G Jacqueline Fangonil Walsh
Borrelli Walsh Limited
Admiralty Centre
1401, Level 14, Tower 1
18 Harcourt Road
Hong Kong
HONG KONG WEB: Members Agree on Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on October 10, 2007,
the members of Hong Kong Web Hosting Association Limited agreed
to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt by Nov. 19,
2007, to be included in the company's dividend distribution.
The company's liquidators are:
Li Fat Chung
Chan Chi Bor
Malaysia Building
Unit 1202, 12th Floor
No. 50 Gloucester Road, Wanchai
Hong Kong
INTERMOST CORP: Wong & Co. Raises Going Concern Doubt
-----------------------------------------------------
After auditing Intermost Corporation's financial statements for
the year ended June 30, 2007, Samuel H. Wong & Co., LLP, raised
substantial doubt on the company's ability to continue as a
going concern, pointing to the fact that company has suffered
recurring losses from operations and has a significant
accumulated deficit. In addition, Wong & Co. notes that the
company continues to experience negative cash flows from
operations.
For the year ended June 30, 2007, the company incurred a net
loss of US$3,090,547, compared with the US$2,117,200 net loss it
incurred in the year ended June 30, 2006.
As of June 30, 2007, the company's consolidated balance sheets
showed total current assets of US$8,422,991 and total current
liabilities of US$4,986,232.
As of end-June 2007, Intermost recorded total assets of
US$15,885,552 and total stockholders' equity of US$10,166,558.
About Intermost Corporation
Headquartered in Shenzhen, China, Intermost Corporation --
http://www.intermost.com/-- is a service provider of electronic
exchange platforms for equity exchanges and financial products
in China. It also provides value-added service to overseas
financing and listing for medium and small sized companies. The
company was established in USA in September 1998. It was quoted
on US OTC Bulletin Board (stock symbol: IMOT) in December 1998.
As a financial service provider, Intermost Corporation is the
first Chinese Internet Company quoted on the US OTC BB.
N.T. HONG KONG: Members to Hold General Meeting on November 23
--------------------------------------------------------------
The members of N.T. Hong Kong Company Limited will hold their
final general meeting on November 23, 2007, at 5:45 p.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 27
1 Queen's Road East
Hong Kong
OEM MARKETING: Wind-Up Petition Hearing Set for December 12
-----------------------------------------------------------
On October 2, 2007, Specialised Sales and Marketing Limited
filed a petition to have OEM Marketing Services Limited's
operations wound up.
The petition will be heard before the High Court of Hong Kong on
December 12, 2007.
Specialised Sales' solicitors are:
Boase Cohen & Collins
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
PERFORMANCE INIVESTMENT: Taps Sutton and Chiong as Liquidators
--------------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong were named
liquidators of Performance Investment Products Corporation
Limited on August 6, 2007.
The Liquidators can be reached at:
Roderick John Sutton
Desmond Chung Seng Chiong
Hong Kong Club Building, 14th Floor
3A Chater Road Central
Hong Kong
SAMSUNG ASSET: Lam and Toohey Quit from Liquidator Posts
--------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey quit as liquidators
of Samsung Asset Management (Asia) Limited on October 11, 2007.
The former Liquidators can be reached at:
Rainier Hok Chung Lam
John James Toohey
Prince's Building, 22nd Floor
Central, Hong Kong
SANTEI INTERNATIONAL: Chiu and Yin Quit as Liquidators
------------------------------------------------------
On October 15, 2007, Ying Hing Chiu and Chung Miu, Diana quit as
liquidators of Santei International (H.K.) Limited.
The former Liquidators can be reached at:
Ying Hing Chiu
Chung Miu, Diana
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
=========
I N D I A
=========
AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies, Inc.'s proposed offering of US$500 million senior
notes due 2017 and affirmed its existing ratings and stable
outlook. The new issue proceeds will be used to fund the
remaining purchases under Agilent's accelerated stock buyback
program and replenish cash balances. For the nine months ended
July 31, 2007, Agilent purchased US$1.3 billion worth of common
shares, made cash acquisitions totaling US$311 million and
maintained roughly US$1.49 billion of unrestricted cash, down
from US$2.05 billion at April 30, 2007.
Moody's noted that at the current rating category, Agilent has
capacity to incur additional debt supported by higher EBITDA
levels. Pro forma for this transaction, debt/LTM EBITDA is 1.1x
(Moody's adjusted) excluding the US$1.5 billion enhanced note
obligation or 2.5x (Moody's adjusted) including the enhanced
note obligation.
The rating for the senior notes is the same as the Ba1 corporate
family rating, which reflects the company's repositioning and
transition to a business model that has the propensity to
deliver enhanced operating margins and consistently higher
levels of positive free cash flow compared to prior periods and
its peers. Agilent has adopted an outsourced manufacturing
model and reduced infrastructure costs by 35% to better align
its workforce and operating facilities with a smaller revenue
base after the disposition of its Semiconductor Products Group
in 2005 and Semiconductor Test assets in early 2006.
The rating also considers the company's more focused business
strategy in less volatile business segments affording increased
growth opportunities in Agilent's core electronic and bio-
analytical test and measurement businesses. Additionally, the
rating takes into account recent R&D and investment efforts that
were refocused to align Agilent's business with new market
opportunities to capture market share and deliver above-average
revenue growth.
The Ba1 rating is constrained by the: (i) smaller revenue base
and historic growth rates at or below the industry average; (ii)
historic single-digit operating margins (albeit improved to
10.5% as of the recent twelve month period), with limited
opportunities for further cost savings (iii) brief track record
demonstrating sustained above-average revenue growth and
consistent operating performance relative to peers following the
repositioning; (iv) potential for a sizeable acquisition or
other leveraging event that could increase debt levels and/or
reduce liquidity; and (v) financial policies that are viewed to
be more shareholder friendly.
Moody's cited the rating also captures recent competitor actions
that include Danaher's US$2.8 billion acquisition of Tektronix,
a supplier of electronic test and measurement equipment and
chief rival of Agilent. Potential risks to Agilent include
Danaher's increased scale in its Electronic Test division,
Tektronix's access to greater R&D resources, Danaher's expected
implementation of cost and manufacturing improvements at
Tektronix and Danaher's likely strategy to leverage Tektronix's
Asian presence as a platform for growing its instrumentation
business which could lead to heightened competition in Asia
(Asia accounts for 40% of Agilent's sales). Moody's will
monitor these developments closely.
The stable outlook reflects Agilent's positive operating trends
tempered by the implementation of its US$2 billion share
repurchase program over a twelve-month period instead of the
previously expected 24-month timeframe. The accelerated stock
repurchase will significantly exceed the level of free cash flow
(after acquisitions) that Moody's expects the company to
generate in fiscal 2007. Moody's views this as a return to a
more aggressive use of Agilent's considerable balance sheet
liquidity, requiring the need for higher debt levels in the
permanent capital structure, which somewhat limits financial
flexibility at the Ba1 level.
The stable outlook also recognizes Agilent's more stable
operating profile, refocused business strategy in less volatile
business segments, diversification across its core test and
measurement markets (which experienced improved revenue growth
of 7% in the recent quarter) and propensity for predictable free
cash flow compared to prior years.
Upward ratings pressure could occur if Agilent continues to
demonstrate solid organic revenue growth and operating margin
improvement over the next several quarters driven by sustainable
above-average growth in the electronic measurement segment as
well as evidence of financial policies that better align
shareholder and creditor interests.
The company's SGL-1 rating reflects very good liquidity and
financial flexibility. This is driven by Agilent's
US$1.49 billion of unrestricted cash, Moody's expectations for
free cash flow generation (after acquisitions) of at least
US$300 million in fiscal 2007 and US$320 million in fiscal 2008,
plus full access to a US$300 million revolver. Agilent remains
in compliance with its new unrated 5-year senior unsecured
credit facility with substantial cushion under both the interest
coverage and financial leverage maintenance covenants.
The rating for the senior notes reflect both the overall
probability of default of the company, to which Moody's
previously assigned a PDR of Ba1 and a loss given default of
LGD-4 for the senior notes. The Ba1 rating of the senior notes
reflects their senior position in Agilent's capital structure.
Agilent Technologies Inc., the issuer of the notes, is not a
parent holding company, but rather an operating entity with hard
assets, inventory and payables. As per the note offering
prospectus, the notes are structurally subordinated to the
liabilities and payables at Agilent's operating subsidiaries,
and are ranked as such in Moody's LGD waterfall. Although the
notes do not benefit from upstream guarantees, because they are
located at a first-tier operating entity, in a bankruptcy
scenario they would share the same collateral pool (on a junior
basis) as the trade creditors and lenders residing at the
operating subsidiaries.
In accordance with guidance for Moody's LGD framework, Agilent's
subsidiary's US$1.5 billion floating rate enhanced note
obligation residing in the bankruptcy remote vehicle was
excluded from the LGD waterfall. However, Moody's notes that
senior noteholders are structurally subordinated to the
bankruptcy remote entity's noteholders given that trust
creditors have a first priority claim on assets and cash flows
of certain foreign operating subsidiaries that represent a
substantial portion of Agilent's cash flows.
This new rating/assessment was assigned:
-- US$500 million Senior Unsecured Notes due 2017 – Ba1
(LGD-4, 52%)
These ratings were affirmed:
-- Corporate Family Rating -- Ba1
-- Probability of Default Rating -- Ba1
-- Speculative Grade Liquidity -- SGL-1
Headquartered in Santa Clara, California, Agilent Technologies,
Inc. is a leading measurement technology company serving the
communications, electronics, life sciences and chemical analysis
industries. Net revenues for the twelve months ended July 31,
2007 were US$4.7 billion.
The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.
BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion
-------------------------------------------------------------
Bank of India's net profit more than doubled to INR4.25 billion
in the three months ended Sept. 30, 2007, compared to that
earned in the same quarter last year.
The bank's total income jumped 34.17% to INR35.04 billion, most
of which comes from interest earned or operating income
(INR29.75 billion). Expenditures for the July-Sept. 2007 period
aggregated INR26.64 billion, up 25% fro the INR21.32 billion
incurred in the corresponding quarter in 2006.
A copy of the bank's financial results for the second quarter
ended Sept. 30, 2007, is available for free at :
http://ResearchArchives.com/t/s?249f
Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches. The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds. It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans. The bank
offers Internet banking services for both the retail and
corporate clients.
The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.
* * *
Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch. These notes are being issued under
the bank's US$1 billion medium-term notes program.
DECCAN AVIATION: Vijay Mallya's UB Group Ups Stake to 45.97%
------------------------------------------------------------
UB Group company Kingfisher Radio Ltd now has 45.97% in Deccan
Aviation Ltd after the open offer, a filing with the Bombay
Stock Exchange on Friday disclosed.
As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation sold 26% of the company to UB Group for
around INR5.5 billion. Pursuant to Indian takeover rules, UB
Group made an open offer for 20% more in the charter aviation
company through Kingfisher along UB Overseas Ltd.
According to the BSE filing, during the open offer, Vijay
Mallya's UB Group acquired a total of 27,126,360 shares with
face value of INR10 each of the outstanding shares of the
carrier at a price of INR155 each:
Shares
Acquired %
---------- ------
Kingfisher Radio Ltd 17,364,323 12.80%
UB Overseas Ltd 9,762,037 7.20%
---------- ------
Total 27,126,360 20.00%
========== ======
Control of Deccan Aviation will help Mr. Mallya's Kingfisher
Airline Ltd reduce operational and maintenance costs, Bloomberg
News says.
Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services. The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India. The B&TS business unit provides broadband and
telephone services in 90 cities across India. The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates. Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services. The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.
* * *
The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+. The outlook on the rating remains stable.
Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.
RYERSON INC: Platinum Equity Appoints Team of New Sr. Leaders
-------------------------------------------------------------
Ryerson Inc. has taken the initial steps in a comprehensive
reorganization. On Oct.19, 2007, Platinum Equity LLC made
several key appointments to the company's senior leadership
team:
* Robert Archambault was named interim CEO. Mr. Archambault
is a partner at Platinum Equity overseeing the Ryerson
investment.
* Stephen Makarewicz was been appointed as president and
COO. Mr. Makarewicz was president of Ryerson South.
* Terence Rogers was appointed as executive vice president
and chief financial officer. Mr. Rogers was vice
president of finance for Ryerson.
As part of the reorganization, Neil Novich, former chairman and
CEO, Jay Gratz, former CFO, and Gary Niederpruem, former EVP,
have left the company.
"We appreciate their longstanding commitment to Ryerson, their
professionalism and leadership, and we wish them great success
in the future," Mr. Archambault said. "Further details of the
reorganization will be disclosed in the weeks ahead. In the
meantime, our highest priority is to minimize any disruption
to our customers, suppliers and business partners." said
Mr. Archambault.
"The change in ownership and reorganization gives us an
opportunity to build even stronger working relationships with
all of our business partners," he said. "I have encouraged
every Ryerson employee to focus on improving service as our
highest priority."
Mr. Makarewicz said the change in ownership and reorganization
marked an important turning point for the company.
"This is an exciting new era for Ryerson, and a unique
opportunity for all of us to chart a course for the future," Mr.
Makarewicz said. "We will be reorganizing the company to improve
customer service, profitability and achieve operational
excellence."
About Ryerson Inc.
Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) --
http://www.ryerson.com/-- is a distributor and processor of
metals in North America. The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.
As reported in the Troubled Company Reporter on Oct. 23, 2007,
The affiliates of Platinum Equity LLC completed their
acquisition of Ryerson Inc. in a transaction valued at
approximately
US$2 billion.
* * *
As reported in the Troubled Company Reporter on Sept. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Ryerson Inc., including its 'B+' corporate credit rating. S&P
removed all ratings from CreditWatch, where they had been placed
with negative implications on July 24, 2007, after the company
after it has agreed to be acquired by Platinum Equity for around
US$2 billion.
TATA STEEL: Books INR11.9-Bil. Net Profit in Qtr. Ended Sept. 30
----------------------------------------------------------------
Tata Steel Ltd disclosed on Friday its financial results for the
three-month and six-month periods ended Sept. 30, 2007.
For the quarter ended Sept. 30, 2007, Tata Steel reported a net
profit of INR11.91 billion, which according to media reports,
beat estimates. The bottom line is an 8.3% improvement compared
to the INR11.01-billion profit booked in the same quarter in
2006.
The reports attribute the increased profit to strong sales to
auto manufacturers and construction firms. Reuters says foreign
exchange gains also contributed to the improved bottom line.
The company's total revenues rose 11.84% to INR48.79 billion in
the July-Sept. 2007 quarter. The steelmaker also booked, as
part of exceptional item, a INR903-million exchange gain on
account of unrealized exchange differences on foreign currency
borrowings.
Expenditures totaled INR27.26 billion, bringing the company's
operating profit to INR21.54 billion, which is a jump by 14.44%
compared to the margin booked in the corresponding quarter last
year.
A copy of the company's financial results for the second quarter
ended Sept. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?249d
In the six months ended Sept. 30, 2007, Tata Steel's net profit
soared 17.42% to INR24.13 billion on total income of
INR92.23 billion. Operating profit for the half-year period is
at INR43.48 billion, a 22.77% jump from the INR35.41-billion
earned in the same period last year.
The company posted exceptional items in the April-Sept. 2007
period netting INR3.82 billion, which is comprised of:
Contribution for Sports Infrastructure (INR1.50 billion)
Employee Separation Compensation (INR1.11 billion)
Exchange Gain INR6.43 billion
A copy of the company's financial results for the six months
ended Sept. 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?249e
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.
=================
I N D O N E S I A
=================
BANK CENTRAL: Int'l Finance & Japan Bank Offer US700MM Loan
-----------------------------------------------------------
PT Bank Central Asia Tbk has been offered a US$700-million loan
by International Finance Corp. and Japan Bank for International
Cooperation, Asia Pulse reports.
According to the report, Bank Central Vice President Jahja
Setiatmadja said International Finance pledged up to
US$400 million, while JBIC pledged US$300 million, to to be
disbursed over a period of four years.
The exact amounts, however, have yet to be decided as there are
still many legal matters to be studied, Mr. Setiatmadja
clarified.
Asia Pulse points out that the U.S. dollar loans will be used by
Bank Central to finance foreign exchange credits, which are
growing in demand.
Bank Central previously said it secured a loan pledge of
US$280 million from Citibank, Standard Chartered Bank and
Wachovia Bank, but canceled an earlier plan to issue bonds in
foreign exchange denomination after securing the loan pledge,
Asia Pulse relates.
Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services. The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities. The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises. In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting. The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited. It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs. The bank serves
6.6 million accounts throughout Indonesia.
* * *
The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised the foreign currency
long-term debt and foreign currency long-term deposit ratings of
PT Bank Central Asia Tbk.
The detailed ratings are:
-- The issuer rating was raised to Ba2 from Ba3
-- Foreign currency long-term deposit rating to B1 from B2
-- Not Prime foreign currency short-term deposit rating, Baa3
global local currency deposit rating and D+ BFSR were
unaffected.
On Aug. 15, 2007, that Fitch Ratings affirmed Bank Central's:
* Long-term Foreign Currency Issuer Default Rating at 'BB-'
with a Positive Outlook; and
* Short-term Foreign Currency IDR at 'B'.
BEARINGPOINT: Bags US$50-MM Deal for Motor Vehicle Tech Project
---------------------------------------------------------------
BearingPoint Inc. has been awarded a contract up to US$50
million (including a five-year base contract valued at US$36.8
million, plus five option years) from the Missouri Department of
Revenue (DOR) to design, implement and maintain a new motor
vehicle technology solution for the State. The DOR administers
the titling and registering of all vehicles and administration
of the driver's license program in the State of Missouri.
Under the new contract, BearingPoint will design and implement a
complete motor vehicle technology solution that will automate
and increase the efficiency of managing all motor vehicle
related services provided to Missouri residents, including
automobile registration and titling, dealer licensing and driver
credentialing.
DOR currently uses more than 20 software systems to support a
wide array of motor vehicle services. Like in many other
states, these disparate systems rely on older technologies that
can be very inefficient compared to more modern information
technology systems. These older systems can lead to manual and
redundant processes, customer service delays, increased staffing
requirements, greater vulnerability to fraud and theft, and a
general lack of ability to produce timely and complete data for
the department.
BearingPoint will work with DOR to put in place a fully
integrated customer-centric system that will replace the
multiple outdated systems with one integrated solution to
increase data security and reduce repetitive tasks. This
legacy-system replacement project will incorporate service
enhancements including customer management, cash and finance
management, vehicle titling/registration/inventory, dealer
management, driver services and work management. The upgrade is
anticipated to decrease customer wait times and allow staff to
better serve Missouri residents.
"Departments of Motor Vehicles are some of the most complex and
highly visible agencies in state government, and they interact
with a large number of residents on a regular basis," said Gary
Miglicco, vice president of BearingPoint's National Motor
Vehicle practice. "BearingPoint is pleased to work with the
State of Missouri on this project. We have an excellent team of
professionals with DMV experience that will work closely with
the State to help ensure this new system meets all of its
current requirements, and is robust enough to meet future needs
as well."
BearingPoint's National DMV Practice is one of the leaders in
providing management and technology consulting services to motor
vehicle regulators, and has significant experience in the
development and operation of DMV systems. The firm has worked
on projects with Departments of Motor Vehicles in California,
New Hampshire, Montana and Texas.
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.
FREEPORT-MCMORAN: Earns US$763MM in Third Quarter Ended Sept. 30
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. reported third quarter 2007
income from continuing operations applicable to common stock of
US$763 million compared with US$351 million for the third
quarter of 2006.
For the nine months ended Sept. 30, 2007, FCX reported income
from continuing operations applicable to common stock of
US$2.3 billion compared with US$970 million in the 2006 period
FCX's nine-month 2007 financial and operating results include
its wholly owned subsidiary Phelps Dodge's results following its
acquisition by FCX on March 19, 2007.
Third Quarter Highlights
FCX's consolidated sales from its mines totaled 949 million
pounds of copper, 269 thousand ounces of gold and 16 million
pounds of molybdenum for third-quarter 2007, and 2.5 billion
pounds of copper, 2.1 million ounces of gold and 33 million
pounds of molybdenum for the first nine months of 2007.
Full-year 2007 pro forma projected consolidated sales from FCX's
mines, including pre-acquisition Phelps Dodge sales, about 3.9
billion pounds of copper, 2.3 million ounces of gold and 68
million pounds of molybdenum, including 875 million pounds of
copper, 100 thousand ounces of gold and 18 million pounds of
molybdenum for fourth-quarter 2007.
FCX's operating cash flows totaled US$2.2 billion for third
quarter 2007 andUS$4.9 billion for the first nine months of
2007, including Phelps Dodge's amounts beginning March 20, 2007.
FCX capital expenditures approximated US$466 million for third-
quarter 2007 and US$1.1 billion for the first nine months of
2007. Capital expenditures are expected to approximate
US$1.9 billion for 2007.
Total debt approximated US$8.7 billion and consolidated cash was
US$2.4 billion at Sept. 30, 2007, compared with total debt of
US$9.8 billion and consolidated cash of US$2.1 billion at June
30, 2007.
In September 2007, FCX entered into an agreement to sell its
international wire and cable business, Phelps Dodge
International Corporation, for US$735 million. FCX expects to
use the estimated net proceeds approximating US$620 million to
repay debt.
As of Sept. 30, 2007, the company reported total assets of
$41.4 billion, total liabilities of US$23.4 billion, and total
stockholders' equity of US$18 billion.
Full-text copies of the company's financial results are
available for free at http://ResearchArchives.com/t/s?2483
Outlook
FCX expects to generate cash flows during 2007 significantly
greater than its capital expenditures, minority interests
distributions, dividends and other cash requirements. Assuming
average prices of US$3.50 per pound of copper,US$750 per ounce
of gold and US$30 per pound of molybdenum in the balance of the
year, and assuming excess cash is applied to reduce debt, total
debt at year-end 2007 would approximate US$7.3 billion and
consolidated cash would approximate US$1.5 billion. Based on
these assumptions, FCX's term debt (which had a US$1.55 billion
balance at September 30, 2007) would be substantially repaid by
year-end 2007.
About Freeport-McMoran
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum. Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.
The completion of Freeport-McMoran's acquisition further expands
the company's global operations. The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.
* * *
As reported in the Troubled Company Reporter-Asia Pacific
reported on October 22, 2007, that Moody's Investors Service
revised Freeport-McMoRan Copper & Gold Inc.'s and Phelps Dodge's
outlooks to positive and affirmed all of Freeport's and Phelps
Dodge's other ratings
Outlook Actions:
Issuer: Freeport-McMoRan Copper & Gold Inc.
-- Outlook: Changed To positive from stable
Issuer: Phelps Dodge Corporation
-- Outlook: changed to positive from stable
Ratings affirmed:
Issuer: Freeport-McMoRan Copper & Gold Inc.
-- Corporate Family Rating: Ba2
-- Probability of Default Rating: Ba2
-- US$0.5 billion Senior Secured Revolving Credit facility,
Baa2, LGD1, 2%
-- US$1 billion Senior Secured Revolving Credit Facility,
Baa3, LGD2, 17%
-- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
17%
-- US$339.7 million 6.875% Senior Secured Notes due 2014,
Baa3, LGD2, 17%
-- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%
Issuer: Phelps Dodge Corporation
-- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
36%
-- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
36%
-- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
36%
-- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
36%
Fitch also assigns a rating of 'BB+' to FCX's new
US$2.45 billion five-year term loan A. Proceeds of the loan
were used to repay the US$2.45 billion remaining under the term
loan due March 2014. The term loan amortizes at 10% per annum
with the remainder due at maturity.
As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.
DIGRANTA INDONESIA: To Begin Operations Next Week
-------------------------------------------------
PT Dirgantara Indonesia will begin operations next week after
obtaining a copy of the Supreme Court verdict throwing out a
bankruptcy ruling against the company, The Jakarta Post reports.
As reported by the Troubled Company Reporter-Asia Pacific on
October 29, 2007, the Indonesian Supreme Court has accepted the
appeal filed by Dirgantara Indonesia over the Commercial Court's
recent bankruptcy ruling against the aircraft manufacturer. The
commercial court declared Dirgantara Indonesia bankrupt at the
request of some of the aircraft maker's dismissed workers, in a
bid to extract retirement funds, the TCR-AP stated.
The commercial court declared victory of the claim of Dirgantara
Indonesia Employees' Communication Forum Trade Union by
affirmingbankruptcy of the company, the TCR-AP reported.
Dirgantara subsequently filed an appeal for the Commercial
Court's decision to be reversed, and on October 22, a panel of
Supreme Court judges came out with the appeal ruling in favor of
the aircraft manufacturer.
B.J. Habibie, Dirgantara Indonesia pioneer, welcomed the ruling
of the Supreme Court that annulled company's bankruptcy status,
Tempo Interactive reports. Mr. Habibie told Tempo that he is
optimistic that the company can be revived again, saying that if
they would hand the company to the government, all problems will
be solved.
Tempo says that Mr. Habibie confirmed that he will not lead
Dirgantara Indonesia.
Company Resumes Halted Negotiation
The Post relates that Dirgantara Managing Director Budi Santoso
said the company will resume its renegotiation of a canceled
purchase order for six CN-235 planes placed by a Middle Eastern
country. The company failed to strike a deal that will
determine the price and the dates of delivery, with their guest
from Middle East due to the verdict, the report adds.
In addition to seeking new purchase orders and aircraft
component production deals from overseas, Mr. Santoso told the
news agency that the management would also rearrange long-term
business and debt rescheduling plans drawn up by the curator.
The Post relates that a curator was appointed to manage the
company's assets after the bankruptcy ruling by the Central
Jakarta Commercial Court. The air manufacturer's biggest debts
were to PT Perusahaan Pengelola Aset, amounting to
US$56 million, the report notes.
Bank Mandiri to Provide Fresh Funds
Meanwhile, director for corporate banking at Bank Mandiri, Abdul
Rachman, said the bank was ready to help Dirgantara Indonesia
cope with its financial problems, by providing around
IDR500 billion to IDR1 trillion in fresh loans, Mr. Rachman
said.
The report notes that Mr. Rachman said Dirgantara Indonesia had
been a Bank Mandiri customer for a long time, with the bank
providing more than IDR3 trillion in credit facilities to the
company.
Mr. Rachman said Bank Mandiri will continue to be the company's
bank after the monetary crisis, The Post says. The company
guarantees 100% in cash all the credits that we give, including
bank guarantees and letters of credits, he added.
About Dirgantara Indonesia
Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft. In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.
According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around. It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.
The Troubled Company Reporter-Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.
HILTON HOTELS: Prices Cash Tender Offers for Five Notes
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Hilton Hotels Corporation has determined the total consideration
and tender offer consideration to be paid pursuant to its cash
tender offers and related consent solicitations for its:
-- 7.625% Notes due 2008,
-- 7.200% Notes due 2009,
-- 8.250% Notes due 2011,
-- 7.625% Notes due 2012, and
-- 7.500% Notes due 2017.
The total consideration payable for Notes accepted for payment
that were validly tendered with consents and not validly
withdrawn at or prior to 5:00 p.m., New York City time, on
Sept. 25, 2007, will be an amount equal to the total
consideration per US$1,000 principal amount of Notes. The
tender offer consideration payable per US$1,000 principal amount
of Notes accepted for payment that are validly tendered after
the Note Consent Payment Deadline but at or prior to 8:00 a.m.,
New York City time, on Oct. 24, 2007, will be an amount equal to
the total consideration minus the consent payment of US$30.00
per US$1,000 principal amount of Notes. In each case, holders
whose Notes are accepted for payment in the tender offers will
receive accrued and unpaid interest for such Notes from the last
interest payment date to, but not including, the payment date
for Notes purchased in the tender offers.
The company disclosed information relating to the determination
of the applicable total consideration and tender offer
consideration per US$1,000 principal amount of Notes.
Pricing Information for Tender Offers for the Notes:
a) CUSIP No.: 432848AU3
Security: 7.625% Notes due 2008
Applicable Spread: 50 bps
Tender Offer Yield: 4.599%
Total Consideration: US$1,016.45
Consent Payment: US$30
Tender Offer Consideration: US$986.45
b) CUSIP No.: 432848AR0
Security: 7.200% Notes due 2009
Applicable Spread: 50 bps
Tender Offer Yield: 4.306%
Total Consideration: US$1,058.53
Consent Payment: US$30
Tender Offer Consideration: US$1,028.53
c) CUSIP No.: 432848AT6
Security: 8.250% Notes due 2011
Applicable Spread: 50 bps
Tender Offer Yield: 4.342%
Total Consideration: US$1,119.13
Consent Payment: US$30
Tender Offer Consideration: US$1,089.13
d) CUSIP No.: 432848AX7
Security: 7.625% Notes due 2012
Applicable Spread: 50 bps
Tender Offer Yield: 4.489%
Total Consideration: US$1,141.54
Consent Payment: US$30
Tender Offer Consideration: US$1,111.54
e) CUSIP No.: 432848AS8
Security: 7.500% Notes due 2017
Applicable Spread: 50 bps
Tender Offer Yield: 4.948%
Total Consideration: US$1,201.50
Consent Payment: US$30
Tender Offer Consideration: US$1,171.50
As previously announced, the total consideration per US$25.00
principal amount of Hilton's 8.000% Quarterly Interest Bonds due
2031 validly tendered and not validly withdrawn pursuant to
Hilton's tender offer and consent solicitation for the Bonds at
or prior to the 5:00 p.m., New York City time, on Oct. 16, 2007
is US$25.25. The tender offer consideration payable for Bonds
accepted for payment that are validly tendered after the Bond
Consent Payment Deadline but at or prior to the Offer Expiration
Date, will be an amount equal to the Bonds Total Consideration
minus the consent payment of US$1.00 per US$25.00 principal
amount of Bonds.
Also as previously announced, the total consideration for
Hilton's 7.430% Chilean Inflation-Indexed (UF) Notes due 2009
(the CLP Notes and, together with the Notes and the Bonds, the
Securities) in Chilean pesos has been set at CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes. All of the
CLP Notes were validly tendered and not validly withdrawn prior
to 5:00 p.m., New York City time, on Oct. 1, 2007, and,
accordingly, all CLP Notes are eligible to receive the total
consideration. Hilton expects to determine the total
consideration in U.S. dollars payable in respect of its CLP
Notes tendered pursuant to Hilton's tender offer and consent
solicitation for the CLP Notes on Oct. 22, 2007, unless such
determination date is extended by Hilton.
The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on the Offer Expiration Date. As
indicated in the Offer to Purchase, it is expected that the
Offer Expiration Date will be extended to coincide with the date
that the Merger becomes effective.
Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.
The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
Hilton's Offer to Purchase and Consent Solicitation Statement
dated Sept. 12, 2007 and the related Consent and Letter of
Transmittal, as amended. The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P. The
tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date. However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger. Further details about the terms and
conditions of the tender offers and the consent solicitations
are set forth in the Offer to Purchase.
Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively. Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations. Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774 (for banks and brokers only) or (866) 924-2200
(for all others toll-free).
About Hilton Hotels Corporation
Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.
* * *
As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
disclosure that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs). Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.
In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006. Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.
HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes
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Standard & Poor's Ratings Services raised its ratings on eight
classes of commercial mortgage pass-through certificates from
Hilton Hotels Pool Trust?s series 2000-HLT to 'AAA' due to the
full defeasance of a single fixed-rate whole loan.
The fixed-rate whole loan, which serves as trust collateral, was
fully defeased on Oct. 23, 2007. Before the defeasance, the
loan was secured by five cross-collateralized and cross-
defaulted Hilton hotels in San Francisco, California, Chicago,
Illinois, McLean, Virginia, Short Hills, New Jersey, and
Phoenix, Arizona. As part of the defeasance, the real estate
collateral securing the loan was released and replaced with
defeasance collateral. The defeasance collateral will provide a
revenue stream sufficient to pay each scheduled principal and
interest payment when due through Oct. 1, 2010, the maturity
date of the loan.
Ratings Raised
Hilton Hotels Pool Trust Commercial mortgage
pass-through certificates series 2000-HLT
Rating
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Classes To From
------- -- ----
A-1 AAA AA
A-2 AAA AA
B AAA A
C AAA BBB-
D AAA BB+
E AAA BB
F AAA BB-
X AAA AA
About Hilton Hotels Corporation
Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.
PT INTERNATION NICKEL: Posts Third-Quarter Earnings
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PT International Nickel Indonesia Tbk reported third quarter
2007 unaudited sales of US$561.6 million, an 82.6% increase from
US$307.6 million in the same quarter last year.
Net earnings in the quarter ended September 30, 2007, were
US$265.5 million, or US$0.27 per share, more than double the net
earnings of US$124.6 million, or US$0.13 per share, in the same
quarter of 2006.
Sales rose 149.6% to US$1,867.4 million in the first nine months
of 2007 from $748.1 million in the corresponding 2006 period.
Net earnings for the first nine months ended September 30, 2007
rose 292.3% to $972.6 million, or US$0.98 per share, from
US$247.9 million, or US$0.25 per share, in the same period of
2006.
"Third quarter 2007 production was 42.0 million pounds of
nickel-in-matte, compared to production of 37.8 million pounds
in the same period last year. Production during the third
quarter was excellent, taking into consideration that we shut
down furnace no.1 and furnace no.2 to connect the dust control
equipment. Once commissioning of this dust control equipment is
completed in the fourth quarter of 2007, all four furnace stacks
will have dust emission equipment fitted, bringing dust control
to international standards. Dust releases to the atmosphere
from the four furnaces will be reduced by 98% as a result of
this US$62 million investment. Last year's third quarter
production numbers were negatively impacted by the transformer
fire which shut down furnace no.2, for seven weeks," said Arif
Siregar, President Director and Chief Executive Officer.
During the third quarter of 2007, the water levels in the
Sorowako lake area improved to near normal, due in part to good
precipitation and lower energy consumption due to installation
of the dust control equipment.
"PT Inco's third quarter results continued to improve the
strength of our balance sheet and resulted in a strong cash
flow," Mr. Siregar commented.
"In late August, 2007 the Company obatained a permit from the
Ministry of Forestry which provided the Company with the right
to use a forest area adjacent to the Contract of Work concession
area. On September 28, 2007, the Board of Commissioners of PT
Inco approved the restart of the construction activities. A new
capital cost estimate will be completed soon, now that the terms
of the permit have been finalized. Given the delays in
obtaining the forestry permit, we are pushing back the
completion date to the first half of 2011. Building a new dam
and generating facility at Karebbe on the Larone River will have
tremendous benefits for PT Inco and will allow the Company to
raise its annual production capacity to 200 million pounds of
nickel in matte - 20% above 2005 production levels in a cost
efficient manner. Boosting our low-cost hydroelectric power is
the key to enhancing ourput and we expect the long-term
advantages for our Company to be substantial," added Mr.Siregar.
The Company's realized price for nickel-in-matte averaged
US$26,500 per tonne (US$12.02 per pound) in the third quarter of
2007, compared to US$21,009 per tonne (US$9.53 per pound) in the
corresponding 2006 period and US$31,874 per tonne (US$14.46 per
pound) in the first nine months of 2007. Under PT Inco's long
term, must-take U.S. dollar-denominated sales contracts, the
selling price of its nickel in matte is determined by a formula
based on the London Metal Exchange cash price for nickel, and
CVRD Inco Limited's net average realized price for nickel.
Production of nickel-in-matte in the third quarter of 2007 was
19,069 tonnes (42.0 million pounds), compared with 17,200 tonnes
(37.8 million pounds) in the corresponding 2006 period.
Production of nickel-in-matte in the first nine months of 2007
rose to 58,121 tonnes (128.1 million pounds) from 50,400 tonnes
(111.1 million pounds) in the same period of 2006.
Unit cash cost of production in the third quarter of 2007 rose
8% to US$3.63 per pound from US$3.36 per pound in the same
period last year. The principal reason for this increase are
rising high sulphur fuel oil prices, which climbed to an average
of US$59.78 per barrel in the third quarter of 2007 from
US$55.79 per barrel in the corresponding prior year period. In
addition, during the third quarter of 2007, the average price of
diesel rose to US$0.62 per liter from US$0.60 per liter for the
2006 third quarter, as a result of high international oil
prices. Further cost pressures resulted from increases in
salaries and wages, royalties and water levies, as a result of
higher LME nickel prices.
In the first nine months of 2007, cash provided by operating
activities, but before capital expenditures, increased to
US$1,221.3 million from US$168.3 million for the prior year
period, primarily due to significant increases in receipts from
customers of US$1,302.7 million resulting from strong production
at historically high nickel prices. This was partly offset by
corporate tax payments, up US$252.9 million from the same period
last year. Payments for fixed assets in the first nine months of
2007 decreased to US$73.6 million from US$85.1 million in the
corresponding 2006 period. Dividend payments in the first nine
months of 2007 increased to US$497.2 million from US$85.1
million in the comparable prior year period. As a result of
strong cash flows from operating activities and a decrease in
capital expenditures, partly offset by higher dividends, a net
cash inflow of US$640.8 million occurred in the first nine
months of 2007, versus a net outflow of US$49.9 million for the
same period of 2006.
About PT International Nickel
Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025. It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi. Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.
* * *
As of October 29, 2007, the company currently holds Standard and
Poor's long-term foreign and local issuer credit ratings both at
BB- rating.
As of As of October 29, 2007, the company currently holds Fitch
Rating's BB LT Issuer Default rating and Foreign Currency LT
Derb Rating at BB.
PERUSAHAAN LISTRIK: Seeks IDR5.7 Tril. Funding for Plant Project
----------------------------------------------------------------
PT Perusahaan Listrik Negara sent proposals to 30 banks seeking
IDR5.7 trillion to fund its power plant projects, Bloomberg News
reports.
Bloomberg, citing Listrik Negara President Commissioner Alhilal
Hamdi, relates that the funding, which may include bank loans
or bond sales, will be used for the company's project
constructions next year.
The banks contacted include Citigroup Inc., Credit Suisse Group,
BNP Paribas, HSBC Plc, China Development Industrial Bank Inc.
and Bank of China, Mr. Hamdi said.
Naila Firdausi of Bloomberg writes that Listrik Negara plans to
add 10,000 megawatts of coal-fired capacity by 2009 to cut
dependence on oil. In June the utility sold US$1 billion and
IDR3 trillion of bonds, after raising US$1 billion in October
selling bonds overseas, Bloomberg notes.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on Jun 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
The notes are irrevocably and unconditionally guaranteed by PLN,
which is fully owned by the Indonesian government. As the size
and exact terms are being finalized, this issue rating is
subject to final documentation.
"The ratings on PLN reflect its overall weak financial profile,
uncertainties related to tariff revision and timely and adequate
subsidy payments for bridging the shortfall in its operating
cash flows," said Standard & Poor's credit analyst Anshukant
Taneja.
PERUSAHAAN LISTRIK: Annual Income Up an Average of 16.25%
---------------------------------------------------------
PT Perusahaan Listrik Negara's income grew by an average of
16.25% in each of the past five years, Antara News reports.
According to the report, electrical power sales rose to
IDR70.8 trillion in 2006 from IDR39 trillion in 2002, increased
an average of 16.25 per cent per year. Compared to other groups
of subscribers, industries and households remained the key
contributors to the company's income, the report notes, citing
PLN President Director Eddie Widiono.
Mr. Widiono said the company managed to make efficient use of
its transmission and distribution networks in the past five
years, evident from the declining percentage of lost electrical
power to 11.45% in 2006 from 16.45% in 2002, Antara says.
Meanwhile, PLN was also able to keep down its coal consumption
to 0.516 kg per KWh to 0.514 per KWh in the past two years, he
added.
Antara notes that the same also happened to the company's oil
consumption which fell to 0.448 liter per KWh to 0.269 liter per
KWh. Mr. Widiono told Antara that the success had helped the
company improve its services to the public.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
=========
J A P A N
=========
FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off
---------------------------------------------------------------
Fidelity National Information Services, Inc.'s Board of
Directors has approved pursuing a plan to spin-off its Lender
Processing Services division into a separate publicly traded
company.
As currently contemplated, the company will contribute the
assets of lender division into a newly formed subsidiary (Newco)
in exchange for 100% of Newco common stock and approximately
US$1.6 billion of Newco debt securities. Following receipt of
necessary Securities and Exchange Commission approvals and a
tax-free ruling from the Internal Revenue Service, FIS will
distribute 100% of Newco common stock to FIS shareholders in a
tax-free spin off. Immediately following the spin-off, FIS will
exchange the Newco debt securities it owns for a like amount of
existing FIS debt through a debt-for-debt exchange that is tax-
free to FIS. FIS would then retire the FIS debt that is
exchanged for the Newco debt securities. Completion of the
possible spin-off is expected to occur in mid-2008. Management
and directors of FIS and Newco have not yet been determined.
FIS' Transaction Processing Services business is a leading
global provider of core processing, e-payments, item processing
and card processing solutions to financial institutions. On a
pro forma basis, including the recently acquired eFunds,
Transaction Processing Services generated revenue of
US$3.3 billion over the last 12 months. FIS' Lender Processing
Services business is the nation's leading provider of integrated
data, servicing and technology solutions to large-scale mortgage
lenders. Lender processing services' end-to-end mortgage
services include origination, automated title and settlement,
processing, default, valuation, risk management, tax, flood and
collateral protection solutions. More than 50 percent of
mortgage loans in the United States are processed using the
lender division's industry leading Mortgage Servicing Package.
Lender Processing Services generated US$1.7 billion in revenue
over the last 12 months.
"Transaction Processing Services and Lender Processing Services
each have strong competitive positions, robust organic growth
track records and excellent potential for future growth.
However, they are distinct and unique businesses that serve
different customers, operate in different markets, and attract
different investors," stated William P. Foley, II, executive
chairman of FIS. "We believe the proposed separation will
provide more company flexibility and dedicated management focus
with respect to product development, capital investment and
strategic initiatives, which should ultimately drive higher
value to our customers and shareholders."
FIS expects to file a ruling request with the IRS regarding the
tax-free nature of the lender division spin-off within
approximately 60 days and a preliminary Form 10 Registration
Statement with the SEC in the first quarter of 2008. Completion
of the spin-off is contingent upon the satisfaction or waiver of
a variety of conditions, including final FIS Board of Directors
approval.
About Fidelity National
Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals. FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten. Nearly 50% of all US residential
mortgages are processed using FIS software. FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Moody's Investors Service confirmed the Ba1
corporate family rating for Fidelity National Information
Services, concluding a review for possible downgrade initiated
in June 2007. At the same time, Moody's has assigned a Ba1
rating to the company's US$900 million first lien senior secured
revolving credit facility, US$2.1 billion first lien senior
secured term loan A, and US$1.6 billion first lien senior
secured term loan B. In addition, Moody's upgraded Fidelity's
notes rating (Certegy notes due September 2008) to Ba1 from Ba2
as the notes will become equally and ratably secured upon
issuance of the US$1.6 billion term loan. Concurrently, Moody's
downgraded the company's speculative grade liquidity rating to
SGL-2 from SGL-1, due to reduced free cash flow as a result of
the additional debt associated with the current transaction.
Nevertheless, Moody's believes FIS maintains sufficient
liquidity overall. Moody's said the rating outlook is stable.
FIDELITY NATIONAL: Moody's Reviews Ratings for Likely Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of Fidelity
National Information Services on review for possible downgrade,
following the company's announcement that its Board has approved
pursuing a plan to spin off its Lender Processing Services
division into a separate publicly traded company. Completion of
the spin-off is contingent upon certain approvals, including FIS
final Board approval and a tax-free ruling from the Internal
Revenue Service. Completion of the possible spin-off is
expected to occur in mid-2008.
The review will focus on the debt allocation between the two
companies and their availability of internal and external
liquidity sources, if the separation is approved. The review
will also focus on business growth and diversification prospects
at the two companies, including the potential for further
acquisitions. The separation, were it to occur, would result in
less business diversification for FIS. Nevertheless, in the
event the separation occurs and financial leverage, as measured
by debt to EBITDA, remains consistent with current FIS leverage
pre-spin off, the corporate family rating of FIS would likely be
confirmed. The ratings of the individual FIS securities will
depend on the ultimate capital structure of the company post
spin-off. Moody's expects to conclude its review once FIS
obtains regulatory and Board approvals and its capital structure
has been finalized.
The potential separation plan, as currently contemplated, calls
for FIS to contribute the assets of Lender Processing Services
into a newly formed subsidiary (Newco) in exchange for 100% of
Newco common stock and approximately US$1.6 billion of Newco
debt securities. Following receipt of SEC approvals and a tax-
free ruling from the Internal Revenue Service, FIS will
distribute 100% of Newco common stock to FIS shareholders in a
tax-free spin off. Immediately following the spin-off, FIS will
exchange the Newco debt securities it owns for a like amount of
existing FIS debt through a debt-for-debt exchange that is tax-
free to FIS. The executive management and board composition of
FIS and Newco have not yet been determined.
FIS ratings on review for possible downgrade:
-- US$1.6 billion First Lien Senior Secured Term Loan B Ba1
-- US$2.1 billion First Lien Senior Secured Term Loan A Ba1
-- US$900 million First Lien Senior Revolving Credit Facility
Ba1
-- US$200 million 4.75% (Certegy) notes due September 2008 Ba1
-- Corporate Family Rating Ba1
Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals. FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten. Nearly 50% of all US residential
mortgages are processed using FIS software. FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.
FIDELITY INT'L: S&P Puts BB Corp. Credit Rating on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings,
including the 'BB' corporate credit rating, on Fidelity National
Information Services Inc. on CreditWatch with negative
implications.
The CreditWatch listing follows Fidelity National's announcement
that it plans to spin-off its lender processing division into a
separate, public company. Fidelity National will contribute the
unit's assets into a new subsidiary in exchange for all of its
common stock and about US$1.6 billion of debt securities.
Following regulatory approval, Fidelity National will distribute
all of the new company's common stock to Fidelity National
shareholders in a tax-free spin-off. Completion of the possible
spin-off is expected to occur in mid-2008.
The spin-off will reduce both business diversity and cash flow,
as the mortgage processing business accounted for about 40% of
consolidated EBITDA.
"We will review the financial terms and the company's capital
structure following the proposed transaction, and will evaluate
its business strategies, the sustainability of current operating
trends, and its financial policy, prior to resolving the
CreditWatch listing," said S&P's credit analyst Phil Schrank.
Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals. FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten. Nearly 50% of all US residential
mortgages are processed using FIS software. FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.
METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30
---------------------------------------------------------------
For the third quarter of 2007, Methanex Corp. realized net
income of US$23.61 million, as compared with a net income of
US$113.23 million for the third quarter of 2006. Revenues for
the third quarter ended Sept. 30, 2007, and 2006, were
US$395.11 million and US$519.58 million, respectively. For the
third quarter of 2007, realized adjusted EBITDA of
US$68.6 million, as compared with Adjusted EBITDA of US$76.5
million for the second quarter of 2007.
As of Sept. 30, 2007, the company's balance sheet showed total
assets of US$2.46 billion total liabilities of US$1.25 billion
and total stockholders' equity of US$1.21 billion.
Bruce Aitken, president and chief executive officer of Methanex,
commented, "With lower production and a slightly lower methanol
price environment, we realized similar Adjusted EBITDA in the
third quarter compared to the second quarter. Prices have
recently increased significantly. A large number of outages in
the industry during the quarter, including our own facility in
Chile, combined with continuing strong demand, caused a severe
shortage of methanol to occur near the end of the quarter.
Contract methanol prices have risen sharply in October and our
average non-discounted prices for October are approximately
US$550/tonne."
Mr. Aitken continued, "Our biggest area of disappointment during
the quarter was the continued curtailment of Argentinean natural
gas supply to our plants in Chile. Our expectation was that
natural gas supply from Argentina would be restored during the
third quarter as cold winter conditions ended and gas demand in
Argentina was reduced; however, this has not yet occurred and we
continue to be limited to operating only one plant in Chile. We
are in continuing discussions with our Argentinean natural gas
suppliers and various governmental authorities to resolve the
situation, and continue to be optimistic that we will have some
natural gas supply restored from Argentina which will enable us
to increase production in Chile and provide much needed product
to the market."
Mr. Aitken added, "Developments regarding incremental natural
gas supply from Chile have been positive. Our natural gas
suppliers in Chile, ENAP and GeoPark, have recently increased
natural gas deliveries to our plant and both have announced
commercial discoveries of natural gas near our plants as a
result of their ongoing exploration activities. In addition,
the Chilean government just announced that it has received
fourteen bids for nine natural gas exploration blocks near our
plants and that the blocks will be awarded in mid-November."
Mr. Aitken concluded, "With US$132 million in cash flow from
operations after changes non-cash working capital generated
during the third quarter, we continue to be in a very strong
financial position to meet the financial requirements related to
our methanol project in Egypt, pursue opportunities to
accelerate natural gas development in southern Chile, pursue
other strategic growth initiatives, and continue to deliver on
our commitment to return excess cash to shareholders."
Liquidity and Capital Resources
Cash flows from operating activities before changes in non-cash
working capital in the third quarter of 2007 were US$60 million
compared with US$162 million for the same period in 2006. This
decrease was primarily due to lower earnings. During the third
quarter of 2007, our non-cash working capital decreased and this
increased its cash flow from operating activities by US$73
million. The decrease in its non-cash working capital was
primarily due to lower inventory levels and lower trade
receivables.
At Oct. 24, 2007, the company had 99,167,479 common shares
issued and outstanding and stock options exercisable for
1,057,891 additional common shares.
During the third quarter of 2007, the company repurchased for
cancellation a total of 1.7 million common shares at an average
price of US$24.02 per share, totaling US$41 million, under a
normal course issuer bid that expires May 16, 2008. At
Sept. 30, 2007, the company has repurchased a total of 2.9
million common shares of the maximum allowable under this bid of
8.7 million common shares.
During the third quarter of 2007 the company paid a quarterly
dividend of US$0.14 per share, or US$14 million.
About Methanex
Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- produces and markets methanol
worldwide. The company's stock also trate on foreign securities
market of the Santiago Stock Exchange in Chile under the trading
symbol "Methanex". The company has locations in Belgium, Chile,
China, Japan, Trinidad and the United Kingdom, among others.
* * *
Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1. Moody's said the
outlook is stable.
MITSUBISHI MOTORS: To Increase Sales in Russia by 40%
-----------------------------------------------------
Mitsubishi Motors Corporation may increase vehicle sales in
Russia by 40% next year as a ninth-straight year of economic
growth boosts demand for automobiles, Naoko Fujimara and Bernard
Lo of Bloomberg News report.
In an interview, Matt Donnelly, president of MMC's Russian
distributor, Rolf Group, said it aims to sell 140,000
Mitsubishi-brand vehicles in 2008, up from an expected 100,000
this year, relates Bloomberg.
Bloomberg cites Mr. Donnelly as saying, "Mitsubishi is a really
strong brand in Russia," because of its reliability.
According to the report, MMC has won Russian customers with the
Lancer sedan and other vehicles, as an oil-driven economic boom
helps raise disposable income. Bloomberg further adds, that
according to PricewaterhouseCoopers LLP, in the first half of
this year, Russians bough a record of US$16 billion of new
foreign cars.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.
The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook. Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program. The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
SAMSONITE CORP: Closes US$1.7 Billion CVC Capital Merger Deal
--------------------------------------------------------------
Samsonite Corporation has completed its merger with an affiliate
of funds managed and advised by CVC Capital Partners, a global
private equity firm.
On July 5, 2007, an affiliate of funds managed and advised by
CVC entered into a merger agreement with Samsonite to acquire
Samsonite for a transaction value of approximately
US$1.7 billion. Under the terms of the agreement, Samsonite's
stockholders are entitled to receive US$1.49 in cash,
without interest, for each share of Samsonite's common stock.
The transaction was unanimously approved by the Board of
Directors of Samsonite. Entities controlled by Ares Management
LLC, Bain Capital Partners, LLC and Teachers' Private Capital,
the private investment arm of Ontario Teachers' Pension Plan,
who collectively own approximately 85% of Samsonite's common
stock, approved the transaction pursuant to a written
consent and voting agreement with CVC.
As a result of the transaction, Samsonite's common stock will
cease to be quoted or traded on Nasdaq's Over The Counter
Bulletin Board or other over-the-counter markets.
Samsonite's stockholders who hold shares of Samsonite's common
stock through a bank or broker will not have to take any action
to have their shares converted into cash, since these
conversions will be handled by the bank or broker. As soon as
practicable, Computershare Inc., the paying agent appointed for
the transaction, will send information to all Samsonite
stockholders of record, explaining how they can surrender their
shares of Samsonite's common stock in exchange for US$1.49 per
share in cash, without interest. Stockholders of record should
wait to receive this information before surrendering their
shares.
Marcello Bottoli, Chief Executive Officer of Samsonite, said:
"I am excited to continue Samsonite's successful journey to
create the world's leading travel lifestyle brand together with
CVC Capital Partners."
Hardy McLain and Luigi Lanari of CVC stated, "CVC Capital
Partners is very pleased to have completed the acquisition of
Samsonite, the world's leading travel lifestyle brand. We look
forward to working with Marcello Bottoli and his team to realize
the full potential of the business."
About CVC Capital Partners
CVC Capital Partners is a leading global private equity and
investment advisory firm founded in 1981, with a network of 18
Offices and 175 employees throughout Europe, Asia and the United
States. CVC is currently investing from CVC Fund IV, CVC Asia
II and CVC Tandem Fund with an aggregate of US$15bn in equity
capital. The CVC team's local knowledge and extensive contacts
underpin a 26-year proven track record of investment success.
CVC has the ability to bring an enormous amount of cross-border
resource together quickly to focus on winning transactions. The
current European portfolio totals 38 investments and includes:
Formula One, the world's leading motorsport rights management
business; AA/Saga, a leading affinity brand business; Cortefiel,
one of the largest specialized clothing retailers in Spain;
Debenhams, Britain's leading department store group; and Seat
Pagine Gialle, the leading directories business in Italy. The
current Asian portfolio totals 14 investments and includes PBL
Media, Australia's largest diversified media group (including
Channel Nine and NineMSN) and DCA, Australia's leading
healthcare company.
About Samsonite
Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products. The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores. Net sales for
the 12-month period ended Apr. 30, 2007, approached USUS$1.1
billion. Executive offices are located in London, England.
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2007, Standard & Poor's Ratings Services' ratings on
luggage manufacturer Samsonite Corp., including the 'BB-'
corporate credit rating, would remain on CreditWatch with
negative implications, pending completion of the company's
acquisition by CVC Capital Partners, which is expected to close
in the fourth quarter of calendar 2007. Samsonite had reported
debt outstanding of about US$553 million at July 31, 2007.
SOLO CUP: Fitch Upgrades Senior Sub. Notes Rating to CCC+
---------------------------------------------------------
Fitch Ratings has upgraded Solo Cup Company's bank debt and
subordinated notes ratings:
-- affirmed Issuer default rating affirmed at 'B-';
-- Senior secured first lien term loan upgraded to 'BB-/RR1'
from 'B+/RR2';
-- Senior secured revolving credit facility upgraded to
'BB-/RR1' from 'B+/RR2';
-- Senior subordinated notes upgraded to 'CCC+/RR5' from
'CCC/RR6'.
The rating outlook is revised to stable from negative.
Approximately US$820 million of debt is covered by the ratings.
The company's Canadian bank debt is excluded from the ratings.
The ratings upgrades within the capital structure reflect
improved expected recoveries in a distressed scenario driven by
the company's substantial reduction in funded debt since the
beginning of the year. Including the recent sale of the paper
plate assets, the Hoffmaster business line, and pro-forma for
the Japanese subsidiaries, Solo will have paid down over US$370
million of senior secured debt so far this year. As a result,
the senior leverage ratio test contained in the bank credit
agreement has been eliminated which gives the company further
financial flexibility. The meaningful debt reduction has
improved estimated recoveries for the bank debt class (term loan
and revolver) to the 'RR1' band (91%-100%) and for the
subordinated notes to the 'RR5' band (11%-30%). As a result,
the ratings have been upgraded one notch for each obligation.
The outlook revision reflects the company's demonstrated ability
to execute asset sales to materially reduce leverage, and the
improving operating trend resulting from the ongoing performance
improvement program. The company is benefiting from a fully
staffed and seasoned management team as its turn-around
progresses.
The ratings recognize Solo's leading market share across its
product categories; strong brand recognition; diversified raw
materials mix; diverse, stable customer base; and modest near-
term debt maturities. Concerns remain about the company's weak,
although improving, cash flows; high leverage; margin pressure
due to intense competition and higher resin and energy prices;
and low unit volume growth. There are also a few outstanding
material weaknesses in accounting controls. Higher raw materials
prices are likely to be an ongoing headwind for Solo, but the
company is seeking to mitigate this risk through its resin
sourcing and product mix management, as well as continuing
efforts to improve pricing relative to costs. A few issues
pertaining to the Sweetheart acquisition remain outstanding, but
clear progress has been made. This along with the overall
operational gains should continue to have a positive impact on
financial results.
Fitch expects fewer asset sales going forward but operating and
free cash flows should continue to improve, making additional
deleveraging possible through earnings growth, if not through
large additional debt repayments over the next few quarters.
Fitch expects the company will be able to meet tightening
consolidated leverage ratio requirements over the same
timeframe. While some earnings potential will be lost due to
the asset sales, improved efficiencies and better product mix
management are likely to more than offset these losses. Certain
cash expenses will increase in the near term stemming from asset
sales, facility realignments, and management compensation.
Fitch anticipates improved profitability over the near term, and
credit metrics could show substantial improvement over the next
one to three quarters as cash flows are expected to trend
higher, LTM earnings benefit from the roll-off of an unusually
weak 1Q07, and consulting fees are reduced or eliminated.
Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets. Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names. The company was established in 1936 and has a global
presence with facilities in Asia, including Japan; Canada;
Europe; Mexico; Panama; and the United States.
TIMKEN CO: Reports US$41.2-Million Net Income in 2007 Third Qtr.
----------------------------------------------------------------
The Timken Company reported sales of US$1.26 billion in the
third quarter of 2007, an increase of 6% over the same period a
year ago. Strong sales in industrial markets were partially
offset by the strategic divestment of the company's automotive
steering and European steel tube manufacturing operations in
prior periods. The company achieved third-quarter income from
continuing operations of US$41.2 million, up from
US$38.7 million in last year's third quarter.
Excluding special items, income from continuing operations per
diluted share was US$0.51 during the third quarter of 2007,
compared to US$0.49 in the prior-year quarter. Third-quarter
special items included restructuring, rationalization and
impairment charges totaling US$17.2 million of pretax expense,
compared to US$7.1 million of similar charges in the third
quarter of 2006.
"While Timken's third-quarter performance exceeded what we
achieved last year, our results still fell short of what we had
expected to deliver," said James W. Griffith, Timken's president
and chief executive officer. "As we move forward with our
strategic initiatives, we have intensified our efforts to drive
better execution across the company during a period of strong
demand in multiple market sectors."
During the quarter, the company:
-- made progress on its restructuring initiatives and Project
O.N.E., a program designed to improve business processes
and systems;
-- realigned operations under two major business groups, the
Steel Group and the Bearings and Power Transmission Group,
taking advantage of the Project O.N.E. capabilities to
drive improvement in operational performance.
-- will report its financial results using different
segmentation beginning with the fourth quarter of 2007;
-- and announced the acquisition of the assets of The Purdy
Corp. for US$200 million, which was completed on Oct. 22,
expanding the range of power-transmission products and
capabilities Timken provides to the aerospace sector.
Total debt was US$601.4 million as of Sept. 30, 2007, or 25.5%
of capital. Net debt at Sept. 30, 2007, was US$513.6 million,
or 22.6% of capital, compared to US$496.8 million, or 25.2%, as
of Dec. 31, 2006. Year-to-date, the increase in net debt was
primarily due to higher working capital requirements, driven by
strong demand, and increased capital expenditures in support of
growth initiatives.
Industrial Group Results
The Industrial Group had third-quarter sales of
US$556.8 million, up 11 percent from US$501.8 million for the
same period last year. The increase resulted from favorable
pricing, currency and strong demand across all market sectors,
especially from heavy industry and aerospace.
The Industrial Group's earnings before interest and taxes (EBIT)
in the third quarter were US$55.4 million, compared to
US$48.2 million for the same period last year. EBIT performance
in the quarter benefited from strong volume and pricing, which
were partially offset by higher raw-material costs. The group
also experienced higher manufacturing and logistics costs
primarily associated with capacity additions and managing strong
demand through constrained facilities, compared to the year-ago
period.
Outlook
Timken anticipates strong global industrial demand, while
automotive demand is expected to remain stable. The combination
of strong industrial markets, capacity additions and operating
improvements is expected to drive stronger performance.
The company anticipates earnings per diluted share for 2007 from
continuing operations, excluding special items, to be US$2.40 to
US$2.50, compared to US$2.13 for 2006.
About Timken Co.
Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels. It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries. The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's USUS$300
million Medium Term Notes, Series A.
TREND MICRO: To Acquire Provilla for Global Data Leak Prevention
----------------------------------------------------------------
Trend Micro Incorporated, a leader in network antivirus and
Internet content security software and services, announced a
definitive agreement to acquire Provilla, Inc., a leading
provider of fingerprint-based intelligent endpoint solutions for
data leak prevention (DLP) in organizations.
Under the agreement, Provilla will operate as a subsidiary of
Trend Micro’s U.S. affiliate. Provilla’s data leak prevention
experts as well as technology and products will enhance the
Trend Micro portfolio of easily deployed and managed multi-
layered content-security solutions for business customers.
Organizations of all sizes are vulnerable to data leaks that
expose them to security, intellectual property, monetary,
privacy and compliance threats. On-the-move workers, equipped
with unsecured, unprotected mobile computers, may inadvertently
or intentionally expose confidential company information via
wireless networks. With an ever increasing array of USB-based
devices, all corporate desktops are now also at risk. An
organization's time, money, and reputation are at risk when such
a data leak occurs, with security professionals urgently
attempting to recover sensitive data and mend the leak.
Enterprise security professionals are in constant battle: Even
when old leaks are controlled, new data leaks frequently occur
through a plethora of other endpoints. Provilla technology
intelligently controls leaks at multiple endpoints. The
technology also lets organizations know the exact locations of
sensitive data for active and effective control. Provilla
products also educate and sensitize end users to corporate
policies and regulatory requirements.
"Trend Micro is focused on providing customers with the most
useful, intelligent, centrally-controlled content-security
solutions to address the latest unpredictable, malicious threats
entering or leaving organizations, and that includes intentional
or inadvertent data leaks," said Eva Chen, CEO and co-founder of
Trend Micro. "Solving this growing problem will require broader
and deeper insight into the multiple endpoint data leak
vulnerabilities and the use of intelligent solutions that can
identify sensitive data and prevent its misuse through endpoint
devices and channels. The acquisition of Provilla strengthens
our ability to execute on our content-security strategy, with
technology and products complementing our own."
"As demand for DLP solutions has ramped quickly, we have been
able to meet the need with a steady stream of innovative
products and advancements primarily because of a stellar group
of Provilla technologists," said Shu Huang, chief technical
officer, Provilla. "Our people are excited by the opportunity
to join forces with the Trend Micro team, which is known for a
commitment to technical innovation and to customers globally
that starts at the top and permeates the ranks. We see this as
an opportunity to build a complete data leak prevention product
suite that fits with Trend Micro’s philosophy of central
security management."
Trend Micro will continue to offer Provilla's stand-alone
products for the near term as well as gradually integrate
Provilla’s capabilities into its own enterprise, small and
medium business solutions. Provilla products are deployed in
North America, China, Taiwan, Europe and Japan.
About Provilla, Inc.
Provilla, Inc. is a leading provider of ultra-accurate,
intelligent endpoint solutions for enterprise data leak
prevention (DLP). Providing the broadest coverage and highest
accuracy and performance in the industry, Provilla's flagship
LeakProof product suite combines patented DataDNA fingerprinting
technology with intelligent agents to help enterprises protect
their intellectual property and confidential information and
maintain regulatory compliance. Privately owned and with
headquarters in Silicon Valley, Provilla offers the only
solution that stops leaks of any data, any time, anywhere.
DataDNA™, RapidScan™, and LeakProof™ are trademarks of Provilla,
Inc. All other products and services mentioned herein are
trademarks or registered trademarks of their respective
companies.
About Trend Micro
Headquartered in Japan, Trend Micro Incorporated –
http://www.trendmicro.com/-- is a pioneer in secure content and
threat management. Founded in 1988, Trend Micro provides
individuals and organizations of all sizes with award-winning
security software, hardware and services. With headquarters in
Tokyo and operations in more than 30 countries, Trend Micro
solutions are sold through corporate and value-added resellers
and service providers worldwide.
Standard and Poor's Ratings Service gave Trend Micro's long-term
foreign and local issuer credit a BB rating on July 13, 2005.
XEROX CORP: Moody's Puts Ratings on Review for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of Xerox
Corporation and supported subsidiaries under review for possible
upgrade. Overall, Moody's believes that the combination of
consistent business execution, secured debt reduction, and
positive operating trends warrant the consideration of a rating
upgrade.
Ratings under review for possible upgrade:
Xerox Corporation:
-- Senior unsecured at Baa3
-- Subordinated at Ba1
Xerox Credit Corporation:
-- Senior unsecured at Baa3 (support agreement from Xerox
Corp.)
The rating review will focus on the prospects for:
(1) continued steady business execution, that includes
equipment installation growth that provides the basis for
ongoing post sale revenue streams,
(2) overall modest revenue growth,
(3) consistent operating profitability in the 8-9% range,
(4) ongoing strong annual cash flow from operations (Moody's
adjusted) in excess of US$1.5 billion,
(5) the maintenance of solid liquidity and continued
discipline with respect to share repurchase activity which
should be contained within free cash flow generation.
Since Moody's changed the ratings outlook to positive in
November 2006, Xerox has continued to demonstrate good
installation growth throughout its product offering and, with a
good product lineup, Moody's believes that Xerox is well
positioned to maintain or grow its installed base over the
intermediate term. Consistent and well-managed operating
expenses have contributed to operating margins remaining in the
8% to 9% range. Importantly, the company has consistently
reduced the level of secured debt in its capital structure and
accelerated that process recently such that secured debt is less
than US$500 million, down from over US$2 billion at December
2006.
Liquidity remains solid, with cash balances of US$848 million at
September 2007 plus access to a US$2.0 billion unsecured
revolving credit facility, for which covenant room is expected
to remain ample. Combined with Moody's expectations of stable
to improving annual free cash flow (US$1.7 billion for the
latest twelve months ended June 2007), Xerox is well positioned
to meet (1) aggregate public debt maturities of approximately
US$626 million through 2008, as well as (2) potential calls on
liquidity related to outstanding shareholder litigation.
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.
* Japan Exports Grow at Slowest Pace in Two Years on U.S. Slump
---------------------------------------------------------------
Japan's export industry grew at the slowest pace in two years in
September as shipments to the U.S. fell, a signal that the
nation's economic expansion may slow down because of waning
demand in its largest market, Lily Nonomiya of Bloomberg News
reports.
The Finance Ministry, writes Ms. Nonomiya, said that exports
rose 6.5% from the previous year, less than 8.1% median estimate
of 10 economists surveyed by Bloomberg and 14.5% in August.
Bloomberg states that shipments to the U.S. fell at the fastest
rate in almost four years as the worst housing retiring since
1991 led to a drop in demand for construction equipment. It
fell 9.2%, the biggest drop since November 2003.
Yoshimasa Maruyama, senior economist at BNP Paribas Securities
Japan Ltd. in Tokyo, is quoted by Bloomberg as saying, "We need
to exercise caution about Japan's exports from now on, because
the effect of the U.S. subprime crisis has yet to surface."
Further, Ms. Nonomiya notes, exports to China, Europe and Asia,
expanded at a slower pace.
Mr. Maruyama, according to Bloomberg, adds that, "The outlook
for exports to Asia warrants caution" because the U.S. slowdown
may reduce demand for Japanese goods shipped within the region
that are destined for the U.S.
=========
K O R E A
=========
COREBRID INC: Signs KRW15-Billion Contract with CMTC
----------------------------------------------------
CoreBrid Inc. has signed a contract with CTMC to supply coil
core products, Reuters Key Developments reports.
According to the report, the contract between the two companies
is worth KRW15 billion.
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.
DAEWOO ELECTRONIC: To Sell 998,842 Shares of M K Electron
---------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has decided to sell
998,842 shares of M K Electron Co Ltd, Reuters Key Developments
reports.
According to the report, Daewoo Electronic sold the latter
company's shares at the price of KRW7 billion, on October 29,
2007.
Headquartered in Gyeonggi Province, Korea, Daewoo Electronic
Components Co., Ltd. -- http://www.partsnic.com/-- is a
manufacturer specialized in the provision of electrical
components. The Company operates its business through four
divisions: media, condenser, automobile and mobile communication
divisions.
Korea Investors Service gave the company's bonds a B rating on
Feb. 7, 2007.
EUGENE SCIENCE: Auditors Raise Going Concern Doubt
--------------------------------------------------
The independent auditors for Eugene Science, Inc., after
auditing the company's financial statements for the year ended
Dec. 31, 2006, raised substantial doubt on the company's ability
to continue as a going concern, citing its recurring losses from
operations and working capital deficiencies.
In a regulatory filing with the United States Securities and
Exchange Commission, the company stated that it has experienced
recurring losses since 2000 and has negative cash flows from
operations. Eugene Science's net losses were US$2,007,212 and
US$6,343,733 for the years ended December 31, 2006 and 2005,
respectively.
The company's consolidated balance sheet as of Dec. 31, 2006,
showed total current assets of US$2,500,818 and total current
liabilities of US$16,320,436, resulting in a working capital
deficiency of US$13,898,135.
As of end-December 2006, Eugene Science recorded total assets of
US$4,274,812 and total liabilities of US$17,253,624, resulting
in a total stockholders' deficiency of US$12,978,812.
The Company admits that its ability to continue as a going
concern is contingent upon its ability to secure additional
financing, initiating sale of its product and attaining
profitable operations.
About Eugene Science
Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition. Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZero(TM) branded beverages and capsules.
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.
LYONDELL CHEMICAL: Earns US$206 Million for Third Quarter 2007
--------------------------------------------------------------
Lyondell Chemical Company has announced income for the third
quarter 2007 of US$206 million, or 78 cents per share on a fully
diluted basis. For the first nine months of 2007, income from
continuing operations was US$483 million, or US$1.83 per share
on a fully diluted basis.
Third-quarter 2007 results from continuing operations declined
versus the second quarter 2007 primarily due to lower refining
segment results. Following a record second quarter, third-
quarter refining results remained good; however, industry
margins narrowed earlier than expected, ahead of the typical
Labor Day pattern. Ethylene segment results were relatively
unchanged as significant product price increases were only
sufficient to offset raw material cost increases, which finished
the quarter at record levels. In the propylene oxide segment,
both chemical and fuel product (MTBE/ETBE) results were
relatively unchanged versus the second quarter.
"Results across our ethylene and propylene oxide segments were
unchanged versus the second quarter as raw material cost
increases offset the benefits of product price increases," said
Dan F. Smith, chairman, president and Chief Executive Officer of
Lyondell Chemical. "Entering the quarter, we and many others in
the industry expected that crude oil and ethane costs would
plateau at then- current levels; however, they continued to
escalate. As a result, significant price increases were
required just to offset the cost increases, and margins did not
expand to levels that we believe reflect the supply/demand
balance. Refining results, while solid, reflected the fact that
industry spreads declined from very strong early-summer levels
earlier than usual. This occurred despite record low gasoline
and distillate inventories as measured by days of inventory."
"Unfortunately, crude oil and ethane prices have increased
steadily throughout the year, and a certain amount of time is
needed to pass increases of this magnitude through the chemical
and polymer markets. As a consequence, year-to-date results
have not fully reflected existing industry operating rates.
Despite these industry trends, we have generated strong
results."
Thus far in the fourth quarter, both crude oil and ethane price
increases have accelerated, setting new highs. Quarter to date,
our refining spreads are slightly less than the third-quarter
average as our heavy crude advantage has partially offset
declines in base refining margins. In the ethylene, co-
products and derivatives segment, record high raw material costs
are offsetting the benefit of recent price increases,
necessitating further pricing initiatives. In our propylene
oxide and related products segment, oxygenated fuel margins have
declined following typical seasonal patterns.
Cash Distributions and Debt Reduction
Equistar Chemicals, LP to Lyondell Chemical Company and
Millennium Chemicals Inc. -- There were no distributions during
the quarter.
Millennium to Lyondell Chemical Company (LCC) -- There were no
dividends paid by Millennium to LCC during the third quarter.
Debt Reduction -- During the third quarter, debt repayment,
including scheduled amortization of term loans, totaled US$512
million, all at LCC. LCC repaid the US$500 million of debt
called in July 2007.
Receivable Facilities Utilization -- As of Sept. 30, 2007,
Lyondell's receivable facility was unutilized and Equistar's
receivable facility was utilized by US$40 million.
About Lyondell Chemical
Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls. It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components. It
operates on five continents and employs approximately 11,000
people worldwide. In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.
* * *
The Troubled Company Reporter-Asia Pacific reported on July 23,
2007, Moody's Investors Service placed the ratings of Lyondell
Chemical Company, Equistar Chemical Company LP and Millennium
Chemicals Inc. (Corporate Family Ratings of Ba3) under review
for possible downgrade following the disclosure that Lyondell
has agreed to be acquired by Basell AF SCA (Ba3 CFR under review
for possible downgrade) in a transaction worth roughly
US$19 billion including the assumption of debt.
Moody's also affirmed Lyondell's speculative grade
liquidity rating at SGL-1. However, the financing of this
potential transaction, could result in a change to the SGL
rating as well.
On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the disclosure
that Lyondell has agreed to be acquired by Basell for
US$12.66 billion, or US$48 per share. The transaction is valued
at US$19 billion including the consolidated debt outstanding at
Lyondell.
Fitch has placed these ratings on Rating Watch Negative:
Lyondell:
-- Issuer Default Rating 'BB-';
-- Senior secured credit facility and term loan 'BB+';
-- Senior secured notes 'BB+';
-- Senior unsecured notes 'BB-';
-- Debentures 'BB-'.
=========
M A C A U
=========
GALAXY CASINO: S&P Affirms B+ Ratings; Changes Outlook to Pos.
--------------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook on
Galaxy Casino S.A. to positive from stable. At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate credit
rating on Galaxy Casino and the 'B+' issue rating on the
company's senior unsecured notes.
The outlook revision reflects the positive impact on the group's
financial metrics from the announcement that Europe-based
private equity firm Permira will buy a 20% equity interest in
Galaxy Casino's parent, Galaxy Entertainment Group Ltd.,
providing a net cash injection to GEG of HK$1.4 billion. GEG's
debt will be reduced by HK$2.6 billion after the repayment and
conversion of GEG's fixed-rate notes.
Furthermore, GEG has raised HK$1.3 billion in new equity through
an institutional placement.
"While GEG's financial metrics will be strengthened by these
transactions, Galaxy Casino's key financial metrics will not
benefit directly. However, the proceeds would lower the
prospects that Galaxy Casino will need to channel funds upstream
to help GEG service its debt or fund other activities," said
Standard & Poor's credit analyst Peter Sikora.
The outlook revision and rating affirmation also reflect good
revenue growth at Galaxy Casino's operating casinos in Macau in
the first half of 2007, particularly at StarWorld, its flagship
casino on the Macau peninsula.
GEG's improved financial flexibility has positive implications
for the rating on Galaxy Casino. GEG's legacy operating
activity, a construction materials business, is profitable and
unlikely to be a financial drain on its finances. Standard &
Poor's recognizes that gaming is GEG's main and core business
focus and that the company intends to apply its significant cash
reserves and enhanced financial leverage to support Galaxy
Casino's developments in Cotai, Macau. The positive impact on
Galaxy Casino from GEG's improved financial metrics is, however,
tempered by the increased construction costs of Phase 1 of its
Cotai project, Galaxy Mega Resort, as Galaxy Casino modified its
design and theme.
Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions and sub-concessions to undertake gaming activities
in Macau. The company currently operates a number of casinos in
Macau including the Star World complex. Galaxy is constructing
a large-scale resort in Macau, phase 1 of which is expected to
open in late 2008.
===============
M A L A Y S I A
===============
CELESTICA INC: Reports US$51.5 Mil. Third Quarter Net Earnings
--------------------------------------------------------------
Celestica Inc. has announced revenue of US$2,081 million for the
third quarter ended Sept. 30, 2007, down 13% from
US$2,392 million in the third quarter of 2006.
Net earnings on a GAAP basis for the third quarter were
US$51.5 million or US$0.22 per share, compared to GAAP net loss
of (US$42.1) million or (US$0.19) per share for the same period
last year. Included in the third quarter 2007 earnings are
restructuring charges of US$2.7 million compared to
restructuring charges of US$82.4 million in the third quarter
last year.
Adjusted net earnings for the quarter were US$29.3 million or
US$0.13 per share compared to adjusted net earnings of
US$40.5 million or US$0.18 per share for the same period last
year. The term adjusted net earnings is defined as net earnings
before amortization of intangible assets, gains or losses on the
repurchase of shares and debt, integration costs related to
acquisitions, option expense, option exchange costs and other
charges, net of tax and significant deferred tax write-offs or
recovery. These results compare with the company's guidance for
the third quarter, announced on July 26, 2007, of revenue in the
range of US$2.0 billion to US$2.2 billion and adjusted net
earnings per share in the range of US$0.04 to US$0.12.
For the nine months ended Sept. 30, 2007, revenue was
US$5,860 million compared to US$6,550 million for the same
period in 2006. Net loss on a GAAP basis was (US$2.0) million
or (US$0.01) per share compared to net loss of (US$89.0 million
or (US$0.40) per share last year. Adjusted net earnings for the
first nine months of 2007 were US$25.1 million or US$0.11 per
share compared to adjusted net earnings of US$87.0 million or
US$0.38 per share for the same period in 2006.
"Our third quarter results reflect the significant progress we
are making with respect to the turnaround plans we put in place
at the beginning of this year," said Craig Muhlhauser, President
and Chief Executive Officer, Celestica.
"On a sequential basis, revenue grew 7%, operating margins
almost doubled, inventory turns improved to 8.3 and we generated
more than US$200 million in free cash flow. We are encouraged
by our progress to date and believe that significant opportunity
remains throughout the business. Although we continue to manage
through nearer-term volatility as we complete our turnaround
plans, our entire team remains confident in our ability to drive
further improvements as we strive to build a solid foundation
for Celestica's future growth and profitability."
Outlook
For the fourth quarter ending Dec. 31, 2007, the company expects
revenue to be in the range of US$2.0 billion to US$2.15 billion,
and adjusted net earnings per share to range from US$0.10 to
US$0.16.
About Celestica Inc.
Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services. Its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets. Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.
* * *
As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2. Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.
====================
N E W Z E A L A N D
====================
ANYTIME AUTO: Fixes November 5 as Last Day to File Claims
---------------------------------------------------------
On October 2, 2007, David Donald Crichton and Keiran Anne Horne
were named liquidators of Anytime Auto Electrical Ltd.
Creditors are required to file their proofs of debt by Nov. 5,
2007, to be included in the company's dividend distribution.
The company's liquidators are:
David Donald Crichton
Keiran Anne Horne
Crichton Horne & Associates Limited
Old Library Chambers
109 Cambridge Terrace
PO Box 3978, Christchurch
New Zealand
Telephone:(03) 379 7929
CALIBRATION NZ: Creditors' Proofs of Debt Due on December 3
-----------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of Calibration NZ Ltd. on October 3, 2007.
Messrs. Fisk and Sanson are accepting proofs of debt until
December 3, 2007.
The Liquidators can be reached at:
John Howard Ross Fisk
Craig Alexander Sanson
c/o PricewaterhouseCoopers
113-119 The Terrace
PO Box 243, Wellington
New Zealand
Telephone:(04) 462 7238
Facsimile:(04) 462 7492
CONCEPTIONS LTD: Court to Hear Wind-Up Petition on December 13
--------------------------------------------------------------
The High Court of Auckland will hear on December 13, 2007, at
10:45 a.m., a petition to have Conceptions Ltd.'s operations
wound up.
The petition was filed by Kusco Murphy International Products
Limited on Aug. 31, 2007.
Kusco Murphy's solicitor is:
Natalie Tabb
Barrister and Solicitor
35 Isobel Road, Greenhithe
Auckland
New Zealand
GENEVA FINANCE: Shuts Down Branches and Cuts Jobs
-------------------------------------------------
Geneva Finance is shutting down branches and laying off
employees, according to media reports.
TVNZ says 22 of Geneva's lending centers will close over the
next month and 150 jobs will be affected.
However, the finance company, however, says that it is not
collapsing and will even continue to lend through a direct
lending center and mobile managers, the New Zealand Press
Association notes.
The closing of branches and the lay off are consistent with the
moratorium proposal and the need to build up cash reserves and
cut costs, NZPA relates, citing Geneva Chief Executive Shaun
Riley.
As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 17, a Standard & Poor's rating release said that Geneva
has reached an agreement with its trustee and BOS International
to put forward a moratorium proposal to its investors. Under
the proposal, there will be nonpayment of debenture redemptions
due to investors from Oct. 15, 2007. All classes of investment
maturities are to be extended by six and a half months. To
consider the proposal, the investors will meet on Nov. 5, 2007.
According to The Dominion Post, the moratorium would give Geneva
time to negotiate a funding package that might include a new
shareholder or debt from other sources.
Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations. Geneva is
owned by Financial Investment Holdings.
Standard & Poor's Ratings on Oct. 16, 2007, lowered its long-
term counterparty credit ratings on New Zealand finance company
Geneva Finance Ltd. (Geneva) to 'D' from 'B-/Watch Dev/--'. "A
payment default has occurred with Geneva's nonpayment of
debenture redemptions upon the due date. Under these
circumstances the only available course of action to Standard &
Poor's is to lower the long-term counterparty credit rating on
Geneva to 'D'," said Standard & Poor's director Gavin Gunning.
HAMILTON LANDSCAPE: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On August 7, 2007, the Commissioner of Inland Revenue filed a
petition to have Hamilton Landscape Ltd.'s operations wound up.
The High Court Rotorua will hear the petition on November 12,
2007, at 10:45 a.m.
The CIR's solicitor is:
Kay S. Morgan
Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432, Hamilton
New Zealand
Telephone:(07) 959 0373
Facsimile:(07) 959 7614
HIGHFIELD FBG: Taps Brown and Rodewald as Liquidators
-----------------------------------------------------
On October 2, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of Highfield FBG Limited.
The Liquidators can be reached at:
Kenneth Peter Brown
Thomas Lee Rodewald
c/o Rodewald Hart Brown Limited
127 Durham Street
PO Box 13380, Tauranga
New Zealand
Telephone:(07) 571 6280
Web site: http://www.rhb.co.nz
MAGIC CAT: Accepting Creditors' Proofs of Debt Until November 30
----------------------------------------------------------------
The creditors of Magic Cat Ltd. are required to file their
proofs of debt by November 30, 2007, to be included in the
company's dividend distribution.
The company's liquidator is:
Craig Sanson
c/o PricewaterhouseCoopers
113-119 The Terrace
PO Box 243, Wellington
New Zealand
Telephone:(04) 462 7489
Facsimile:(04) 462 7492
TEAM KIWI: Subject to Apparel's Wind-Up Petition
------------------------------------------------
Apparel by Design Limited filed on September 17, 2007, a
petition to have Team Kiwi Racing Ltd.'s operations wound up.
The petition will be heard before the High Court at Auckland on
February 28, 2007, at 10:00 a.m.
Apparel by Design's solicitor is:
Natalie Tabb
Barrister and Solicitor
35 Isobel Road, Greenhithe
Auckland
New Zealand
WIRIHANA VITICULTURE: Appoints Brown and Rodewald as Liquidators
----------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were named
liquidators of Wirihana Viticulture Ltd. on October 2, 2007.
The Liquidators can be reached at:
Kenneth Peter Brown
Thomas Lee Rodewald
c/o Rodewald Hart Brown Limited
127 Durham Street
PO Box 13380, Tauranga
New Zealand
Telephone:(07) 571 6280
Web site: http://www.rhb.co.nz
YENOHAM HOLDINGS: Fixes November 9 as Last Day to File Claims
-------------------------------------------------------------
Peter Reginald Jollands and Barry White were named liquidators
of Yenoham Holdings Ltd. on October 4, 2007.
Messrs. Jollands and White are accepting creditors' proofs of
debt until Nov. 9, 2007.
The Liquidators can be reached at:
Peter Reginald Jollands
Barry White
Jollands Callander
Accountants and Insolvency Practitioners
Administrator House, Level 8
44 Anzac Avenue
Auckland
New Zealand
We bsite: http://www.jollandscallander.co.nz
=================
S I N G A P O R E
=================
AAF ASIA: Requires Creditors to File Claims by Nov. 26
------------------------------------------------------
AAF Asia Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by November 26, 2007,
to be included in the company's dividend distribution.
The company's liquidator is:
Lau Chin Huat
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
AC-CHEM INVESMENTS: Accepting Proofs of Debt Until November 12
--------------------------------------------------------------
Ac-Chem Invesments Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Nov. 12,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
Chou Kong Seng
17 Jurong Port Road
Singapore 619092
ACOT INNOVATIONS: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------------
The creditors of Acot Innovations Pte. Ltd. are required to file
their proofs of debt by November 12, 2007, to be included in the
company's dividend distribution.
The company's liquidator is:
Chou Kong Seng
17 Jurong Port Road
Singapore 619092
EXCELLENT HOLDINGS: Pays Dividend to Creditors
----------------------------------------------
Excellent Holdings Pte Ltd, which is in compulsory liquidation,
paid its first and final dividend to creditors on October 26,
2007.
The company paid 4.26454 cents to a dollar to its creditors.
OPTIMUM-3 INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
On October 7, 2007, the High Court of Singapore entered an order
directing the wind up of Optimum-3 International Pte Ltd's
operations.
The company's liquidator is:
Goh Boon Kok
Goh Boon Kok & Co
1 Claymore Drive #08-11
Orchard Tower (Rear Block)
Singapore 229594
UNITED TEST: S&P Lowers Corporate Credit Rating to B+
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Singapore-based United Test and Assembly Center Ltd.
to 'B+' from 'BB-'. The outlook is stable.
The rating is removed from CreditWatch, where it was placed on
June 29, 2007, with negative implications, after an announcement
that Global A&T Electronics Ltd., a special purpose vehicle
created by Affinity Equity Partners and TPG Capital, was
proposing to acquire the company.
At the same time, Standard & Poor's has assigned its 'BB-'
rating to a proposed US$625 million senior secured facility and
a US$150 million revolving credit facility, both to be issued by
Global A&T Electronics Ltd. We have also assigned a 'B-' rating
to the proposed US$475 million second-lien notes, which are
currently expected be tranched into a cash pay note and a
payment-in-kind floating-rate note (PIK FRN) that will have
interest payment in kind for the first three years, to be issued
by Global A&T Electronics Ltd., the company's parent entity.
"The ratings on UTAC reflect the high industry risks and the
significantly increased financial leverage of the company,
subsequent to the debt-supported acquisition by Global A&T
Electronics Ltd.," said Standard & Poor's credit analyst Wee Lee
Cheng. The company's relatively smaller assembly operations and
high product and market concentration also weigh on its current
ratings.
"Nonetheless, the robust growth in the market in the past five
years, the company's relatively good position in the
semiconductor test market and its geographically diversified
production base supports its current ratings," said Mr. Cheng.
The outlook on the ratings is stable. "Although UTAC's
financial profile is somewhat weak for its rating, this is
mitigated by the company's improved liquidity and expectations
of steady improvement in its financial profile," Mr. Cheng
noted.
About UTAC
United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits. The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.
===============
T H A I L A N D
===============
TMB BANK: Fitch Places Bank on Rating Watch Evolving
----------------------------------------------------
Fitch Ratings has placed TMB Bank Public Company Limited's Long-
term foreign currency Issuer Default Rating of 'BB+', Short-term
foreign currency IDR of 'B', foreign currency subordinated debt
rating of 'BB', foreign currency hybrid Tier 1 rating of 'B',
Individual 'D', Support '3', Support Rating Floor of 'BB',
national Long-term 'A(tha)', national Short-term 'F1(tha)',
national subordinated debt 'A-(tha)' (A minus (tha)) rating on
Rating Watch Evolving. The rating action follows TMB board's
announcement last week of its plan to raise THB35 billion of new
equity by year-end - this could see the entry of a new stretagic
shareholder, with ING Bank NV ('AA' / 'F1+') possibly being one
of the investors. Thailand's Ministry of Finance is expected to
support the capital raising.
The recapitalization should help stabilize the bank and its
hybrid rating, which was downgraded in January 2007, and could
be positive for the bank's overall ratings over the longer term.
The large capital increase and an expected return to
profitability in 2008 should permit coupon payments to be
renewed on the hybrid securities next year. Conversely, if
there is a further large loss and prolonged delay in the
recapitalization, then further downgrades of the bank's hybrid
and other ratings are likely.
The new strategic shareholder is likely to acquire an initial
30% stake in TMB. The capital raising is still subject to
shareholder and regulatory approval. DBS of Singapore is not
expected to subscribe to the new issue, which will result in its
stake being diluted to about 6%, while the MOF will hold about
26%.
The new capital of THB35bn should significantly strengthen TMB's
capital position, although this may be partially offset by
additional provisioning. Future rating actions will be subject
to further assessment of the impact on TMB's banking franchise,
earnings, overall business strategy and risk management, as well
as the extent to which this addresses Fitch's concerns on the
bank's profitability and asset quality.
TMB reported a net loss of THB20.7bn in 9M07, due to a large
loss of impairment of goodwill charge of THB12.6bn with respect
of the business being transferred from DBS Thai Danu Bank Public
Company Limited and the Industrial Finance Corporation of
Thailand, as well as loan provisions of THB13.5bn to comply with
Bank of Thailand (BOT)'s stricter guidelines in preparation for
IAS39. Asset quality remains weak with NPLs increasing to THB
64.4bn or 13% at end-September 2007 from THB 56.1bn or 10% at
end-December 2006. Loan loss reserve coverage still appears low
at about 50% of NPLs, implying a risk of further large
provisioning. Unusually, the bank's good loan book shrank by
about 13% in 9M07, although the management indicated this is due
to exiting lower yielding or higher risk segments. Accumulated
net loss at end-September 2007 rose to about THB80bn from
THB60bn at end-December 2006. Total capital ratio and Tier 1
capital ratio were 10.72% of risk-weighted assets and 6.97%,
respectively, at end-September 2007.
TMB is Thailand's sixth largest bank with assets of THB652.8bn
(about USD19bn) and 10% market share.
* BOND PRICING: For the Week 29 October to 02 November 2007
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game 8.000% 12/31/09 AUD 0.75
A&R Whitcoulls Group 9.500% 12/15/10 NZD 10.80
Antares Energy Limited 10.000% 10/31/13 AUD 1.75
Arrow Energy NL 10.000% 03/31/08 AUD 2.38
Babcock & Brown Pty Ltd 8.500% 12/31/49 NZD 9.50
Becton Property Group 9.500% 06/30/10 AUD 1.12
Bounty Industries Limited 10.000% 06/30/10 AUD 0.11
Capital Properties NZ Ltd 8.500% 04/15/07 NZD 9.65
Capital Properties NZ Ltd 8.000% 04/15/10 NZD 11.50
Cardno Ltd 9.000% 06/30/08 AUD 7.10
China Century Capital Ltd 12.000% 09/30/10 AUD 1.00
Chrome Corporation Ltd 10.000% 02/28/08 AUD 0.02
Clean Seas Tuna Ltd 9.000% 09/30/08 AUD 1.40
Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 5.01
FGL Finance 6.250% 03/17/10 AUD 7.72
First Australian 10.000% 10/31/09 AUD 0.72
Fletcher Building Ltd 8.600% 03/15/08 NZD 10.00
Fletcher Building Ltd 7.800% 03/15/09 NZD 9.00
Fletcher Building Ltd 7.550% 03/15/11 NZD 9.00
Futuris Corporation Ltd 7.000% 12/31/07 AUD 2.45
Heemskirk Consolidated
Limited 8.000% 09/30/11 AUD 3.05
Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 9.90
Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.25
IMF Australia Ltd 11.500% 06/30/10 AUD 0.80
Infrastructure & Utilities
NZ Ltd 8.500% 09/15/13 NZD 8.75
Kiwi Income Properties Ltd 8.000% 06/30/10 NZD 1.09
LongReach Group Limited 10.000% 10/31/08 AUD 0.22
Metal Storm Ltd 10.000% 09/01/09 AUD 0.13
Minerals Corp. 9.000% 03/31/08 AUD 0.90
Minerals Corp. 10.500% 09/30/08 AUD 1.00
Nylex Limited 10.000% 12/08/09 AUD 2.07
Primelife Corporation 10.000% 01/31/08 AUD 1.02
Renison Consolidated
Mines N.L 10.000% 03/31/09 AUD 0.14
Salomon SB Aust 4.250% 02/01/19 USD 8.23
Silver Chef Limited 10.000% 08/31/08 AUD 1.00
Speirs Group Ltd. 10.000% 06/30/49 NZD 60.00
TrustPower Ltd 8.300% 12/15/08 NZD 9.75
TrustPower Ltd 8.500% 09/15/12 NZD 9.00
TrustPower Ltd 8.500% 03/15/14 NZD 8.65
CHINA
-----
China Govt. Bond 4.860% 08/10/14 CNY 0.00
CITIC Guoan Information
Indust. Co., Ltd 1.200% 09/14/13 CNY 68.38
Yunan Yuntianhu 1.200% 01/29/13 CNY 74.50
JAPAN
-----
Cent Japan Rail 1.310% 03/18/33 JPY 74.57
JPN Fin Muni Ent 1.700% 10/30/08 JPY 1.68
Nara Prefecture 1.520% 10/31/14 JPY 9.61
NIS Group Co., Ltd. 2.730% 02/26/10 JPY 70.99
KOREA
-----
Korea Dev. Bank 7.350% 10/27/21 KRW 47.44
Korea Dev. Bank 7.450% 10/31/21 KRW 47.41
Korea Dev. Bank 7.400% 11/02/21 KRW 47.40
Korea Dev. Bank 7.310% 11/08/21 KRW 47.35
Korea Dev. Bank 8.450% 12/15/26 KRW 70.30
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 1.12
Asian Pac Bhd 4.000% 12/21/07 MYR 1.00
Berjaya Land Bhd 5.000% 12/30/09 MYR 4.06
Bumiputra-Commerce
Holdings Bhd 2.500% 07/17/08 MYR 1.35
Eastern & Oriental Hotel 8.000% 07/25/11 MYR 2.10
Eden Enterprises (M) Bhd 2.500% 12/02/07 MYR 0.71
EG Industries Berhad 5.000% 06/16/10 MYR 0.57
Equine Capital 3.000% 08/26/08 MYR 2.30
Greatpac Holdings 2.000% 12/11/08 MYR 0.10
Gula Perak Bhd 6.000% 04/23/08 MYR 0.50
Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.55
Insas Bhd 8.000% 04/19/09 MYR 0.68
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.43
Kosmo Technology Industrial 2.000% 06/23/08 MYR 0.61
Kretam Holdings Bhd 1.000% 08/10/10 MYR 1.31
Kumpulan Jetson 5.000% 11/27/12 MYR 0.50
LBS Bina Group Bhd 4.000% 12/31/07 MYR 0.62
LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.62
LBS Bina Group Bhd 4.000% 12/31/09 MYR 0.60
Media Prima Bhd 2.000% 07/18/08 MYR 1.68
Mithril Bhd 8.000% 04/05/09 MYR 0.25
Mithril Bhd 3.000% 04/05/12 MYR 0.60
Nam Fatt Corporation Bhd 2.000% 06/24/11 MYR 0.57
Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.24
Pelikan International 3.000% 04/08/10 MYR 1.80
Pelikan International 3.000% 04/08/10 MYR 1.97
Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.87
Ramunia Holdings 1.000% 12/20/07 MYR 0.86
Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.23
Silver Bird Group Bhd 1.000% 02/15/09 MYR 0.60
Southern Steel 5.500% 07/31/08 MYR 1.65
Tenaga Nasional Bhd 3.050% 05/10/09 MYR 1.00
Tradewinds Corp. 2.000% 02/08/12 MYR 1.02
Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 1.67
TRC Synergy Berhad 5.000% 01/20/12 MYR 1.86
Wah Seong Corp. 3.000% 05/21/12 MYR 6.20
WCT Land Bhd 3.000% 08/02/09 MYR 3.44
Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.83
YTL Cement Bhd 4.000% 11/10/15 MYR 2.02
SRI LANKA
---------
Sri Lanka Govt 7.000% 10/15/11 LKR 73.39
Sri Lanka Govt 6.850% 04/15/12 LKR 70.78
Sri Lanka Govt 8.500% 10/15/13 LKR 68.82
Sri Lanka Govt 8.500% 07/15/13 LKR 72.16
Sri Lanka Govt 7.500% 08/01/13 LKR 69.22
Sri Lanka Govt 7.500% 11/01/13 LKR 69.39
Sri Lanka Govt 8.500% 02/01/18 LKR 68.38
Sri Lanka Govt 8.500% 07/15/18 LKR 66.47
Sri Lanka Govt 7.500% 08/15/18 LKR 61.19
Sri Lanka Govt 7.000% 10/01/23 LKR 53.05
SINGAPORE
---------
Sengkang Mall 4.880% 11/20/12 SGD 0.90
*********
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.
*** End of Transmission ***