/raid1/www/Hosts/bankrupt/TCRAP_Public/071123.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 23, 2007, Vol. 10, No. 233
Headlines
A U S T R A L I A
ADVANCED HEALTHCARE: Appoints Malcolm Cole as Board Chairman
AGENIX LTD: Ernst & Young Raises Going Concern Doubt
AGENIX LIMITED: SHRG Buy Brings New Items Into Product Line
AGENIX LIMITED: Receives US$1.4-Mil. Further Payment from IDEXX
AINSWORTH GAME: KPMG Raises Material Going Concern Doubt
ATCOR MEDICAL: FY2007 Net Loss Widens to AU$5.18 Million
ATCOR MEDICAL: Cash Position Down by AU$400,000 at Sept. 30
BRAIN RESOURCE: Incurs Fourth Annual Net Loss at AU$1.45 Million
BRAIN RESOURCE: Enters into Tie-Up Deal with OptumHealth
CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says
DAVID REDDIN: Creditors Agree to Wind Up Firm
EAGLEMONT MARKETING: Members and Creditors to Meet on Nov. 26
FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
FORTESCUE METALS: Enters Into 10-Year Agreement with Hangzhou
FUTURE ENGINEERING: Liquidator Presents Wind-Up Report
KENTON COURT: Declares Final Dividend for Creditors
ILLAG NOMINEES: Liquidator to Give Wind-Up Report on Nov. 28
MORGOLD PTY: Placed Under Voluntary Liquidation
NESTOR NOMINEES: Will Declare First Dividend on Nov. 27
NMRB PTY: Members and Creditors to Meet on November 26
REDDIN SEARCH: Creditors Decide to Liquidate Firm
SINO GOLD MINING: Half-Year Net Loss Reaches AU$3.12 Million
SINO GOLD MINING: JPMorgan Cuts Shareholdings
SINO GOLD MINING: Issues 1.3 Million Ordinary Shares
SINO GOLD MINING: Issues 1.8 Million Employee Options
SINO GOLD MINING: Gets License to Operate White Mountain Mine
SINO GOLD: Golden China Releases FY2008 First Quarter Results
SOLAR RESEARCH: Creditors Agree on Voluntary Wind-Up
SPHERE INVESTMENTS: Posts Fourth Annual Net Loss at AU$0.78 Mil.
SPHERE INVESTMENTS: Seeks Shareholders' OK in Guelb Stake Sale
SPHERE INVESTMENTS: Names Katina Gunellas as Company Secretary
STARPHARMA HOLDINGS: Chalks AU$7-Million Net Loss for FY 2007
STARPHARMA HOLDINGS: Cash Position Reaches AU$11MM at Sept. 30
STARPHARMA: Gets NHMRC Funding for Imaging Agent Joint Project
STARPHARMA: Teams Up with Durex for Vivagel-Coated Condoms
STARPHARMA HOLDINGS: Non-Executive Director Leon Gorr Steps Down
STARPHARMA HOLDINGS: VivaGel(R) Awarded Int'l Nanotech Award
SUMMIT RESOURCES: Net Loss Widens to AU$35.27 Mln. in FY 2007
SUMMIT RESOURCES: Files Quarterly Activities Report
SYMBION HEALTH: Primary Wants Shareholders Meeting Postponed
C H I N A & H O N G K O N G
ALERIS INT'L: To Sell US Zinc Business for US$295 Million
ORIENTAL SECURITIES: Fitch Lifts Low Ratings to Investment Grade
PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm
PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA
XINHUA FINANCE: Reports Steady Growth for 9-Month Period 2007
I N D I A
AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
LOK HOUSING: Board to Consider Share Issue to Lok Shelters
ORIENTAL BANK: Brings In V. Jagirdar & R.S. Maharshi to Board
QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B-
SINGER INDIA: Names K.K. Gupta as Chairman & Executive Director
TATA MOTORS: U.K. Manufacturing Union Backs Bid for Ford Brands
I N D O N E S I A
GOODYEAR TIRE: To Pay US$324MM Settlement to Entran II Class
INDOSAT: Shareholder Violates Anti-Monopoly Laws, KPPU Says
INDOSAT: Fitch Comments on KPPU's Ruling Against Parent
TELKOMSEL: To Deploy Solar-Driven GSM Base Stations w/ Ericsson
J A P A N
ALL NIPPON: Extends Code-Sharing Deal with TAP Portugal
ALL NIPPON: Maintains Int'l. Fuel Surcharge for Jan-Mar 2008
ALL NIPPON: Buys 1% Stake in StarFlyer for JPY100 Million
FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire
FORD MOTOR: Russian Plant Workers Resume Strike
FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
KOBE STEEL: To Build JPY26-Bil. Ironmaking Plant in Minnesota
MITSUBISHI MOTORS: Sees China's 2008 Auto Demand to Hit 10 Mln.
MITSUBISHI PAPER: Considers Tie-Up with Oji Paper
MITSUKOSHI LTD: Shareholders Approve Isetan Merger Plan
NOVA CORP: Language Schools Offer Special Deals to Students
SAPPORO HOLDINGS: Asks Steel Partners for More Details on Plan
SOJITZ CORP: S&P Affirms BB Long-term Corporate Credit Rating
UBE INDUSTRIES: Moody's Reviews Ba1 Rating for Likely Upgrade
* Japanese Banking Groups Report Subprime Losses
K O R E A
LG TELECOM: Gets Sued for Stealing SK Telecom's Brand
HYNIX SEMICON: Discloses 54nm 1Gb DRAM Validation
M A L A Y S I A
ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay
CHIN FOH: Bursa Securities to Delist Shares on Dec. 3
CNLT (FAR EAST): Cancels MYR60-Million BGCP Due to Default
MANGIUM: Posts MYR2.7-Mil. Net Loss in Qtr. Ended Sept. 30
SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal
TANCO HOLDINGS: Applies for Scheme of Arrangement
N E W Z E A L A N D
2 DESIGN: Wind-Up Petition Hearing Set for Nov. 26
24 HOURS PERSONNEL: Court Hears Wind-Up Petition
ARMCO MARKETING: Placed Under Voluntary Liquidation
CASH EXPRESS: Creditors' Proofs of Debt Due on Nov. 23
FINESSE HOMES: Appoints Rowan Kingstone as Liquidator
FIRST DATA: Inks Quickpay Agreement with Tim Hortons
J. N. CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 29
LEANEYS IMMIGRATION: Taps Official Assignee as Liquidator
NOT MOVING: Fixes Dec. 3 as Last Day to File Claims
WINDOW FIX: Appoints Official Assignee as Liquidator
WINNING SOLUTIONS: Subject to CIR's Wind-Up Petition
P H I L I P P I N E S
BANCO DE ORO-EPCI: Completes Issuance of PHP10-Bil. Debt Notes
JG SUMMIT: Japanese Partner Divests Stake in Petrochemical Unit
NAT'L POWER: Enters Into PHP3-Bil. Supply Agreement with Holcim
PHIL. LONG DISTANCE: Lists Additional 10,860 Common Shares
* Central Bank May Cut Interest Rates Further Next Year
* World Bank Mulls Over US$232MM Loan for Road-Making Projects
S I N G A P O R E
FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+
LEAR CORP: Makes Two Executive Position Appointments
SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit
SCOTTISH RE: N.Y. Court Partially Dismisses Securities Suit
T H A I L A N D
TMB BANK: Sells 25% Ownership in Siam Samsung for THB36.8 Mil.
WYNCOAST IND'L: Appoints Members of Board of Management
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED HEALTHCARE: Appoints Malcolm Cole as Board Chairman
------------------------------------------------------------
Advance Healthcare Group Ltd.'s board of directors has appointed
Malcolm Cole as non-executive chairman of the board, replacing
Chris Rowe.
Mr. Rowe will remain as a non-executive director.
Balcatta, Australia-based Advance Healthcare Group Ltd. --
http://www.advancehealthcare.com.au/-- together with its
subsidiaries, is involved in the wholesale distribution of
pharmaceutical, medical and surgical supplies and other related
healthcare products, and medication management and supply
operations. The pharmaceutical and surgical distribution
segment distributes pharmaceuticals and surgical supplies to the
healthcare industry. The medication management and supply
segment is developing and operating a medication management and
supply service to consumers. The medical equipment supply
segment is a wholesale supplier of medical pharmaceuticals,
consumables and equipment.
Going Concern Doubt
The Troubled Company Reporter-Asia Pacific reported that after
auditing Advance Healthcare Group Ltd's financial statements for
the six months ended June 30, 2007, Gavin A. Buckingham of Ernst
& Young raised substantial doubt on the company's and its
subsidiaries' ability to continue as a going concern.
Mr. Buckingham noted that the company and consolidated entity
incurred net losses of AU$2.74 million and AU$4.55 million,
respectively, during the six months ended June 30, 2007. And,
as of that date, the company and the consolidated entity's
current liabilities exceeded their current assets by
AU$4.736 million and AU$8.709 million, respectively.
As of end-June 2007, Advance's consolidated balance sheet showed
total current assets of AU$17.31 million available to pay total
current liabilities of AU$26.02 million.
AGENIX LTD: Ernst & Young Raises Going Concern Doubt
----------------------------------------------------
Winna Brown at Ernst & Young, Agenix Ltd.'s independent
auditors, raised material uncertainty regarding the company's
ability to continue as a going concern, citing the company's and
the group's net loss for the year ended June 30, 2007.
Agenix Ltd. reported a net loss of AU$14.34 million for the year
ended June 30, 2007, compared to a loss of AU$14.29 million a
year before. The group, on the other hand, reported a net loss
of AU$11.70 million for the year 2007, against a net loss of
AU$14.21 million for 2006.
The group's consolidated balance sheet as of June 30, 2007,
showed AU$33.80 million in total assets and AU$14.05 million in
total liabilities, resulting in a total shareholders' equity of
AU$19.75 million.
Agenix will be holding its annual general meeting on Dec. 11,
2007.
Agenix's annual report for the year ended June 30, 2007, is
available for free at the Australian Stock Exchange at:
http://www.asx.com.au/asxpdf/20071101/pdf/315kyvkm9tcnpb.pdf
Agenix Limited -- http://www.agenix.com/-- is a global health
and biotechnology company based in Brisbane, Australia. The
company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program. Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada. ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market. ThromboView is being developed with the assistance of
the Federal Government through its START scheme. Agenix employs
110 staff and sells its products to more than 50 countries.
ThromboView is a registered trademark of AGEN Biomedical.
AGENIX LIMITED: SHRG Buy Brings New Items Into Product Line
-----------------------------------------------------------
Agenix Ltd. has acquired -- as a consequence of the company's
acquisition of China's Shanghai Rui Guang Bio-Pharma Development
Co., Limited -- ownership of the following supplemental products
which have now been re-certified for sale in China by the State
Food and Drug Administration of the People's Republic of China:
* Haobai Shangshi Spray -- pain relief induced by sprain,
contusion and rheumatism;
* Compound Fluorouracil Oral Solution -- supplemental
treatment of digestive tract disease, including various
digestive cancers;
* Mannatide Oral Solution -- supplemental treatment of
hypoimmunity and side-effects induced by cancer therapy,
including radiotherapy and chemotherapy;
* Huangdan Yinchen Keli -- treatment of acute and chronic
jaundice; and
* Yimucao Keli -- pain relief.
Agenix's managing director, Neil Leggett, however, clarified
that the new products are not the company's focus. Instead, the
company will concentrate on the marketing of its patented
hepatitis B virus drug, YouHeDing. Mr. Leggett adds that the
company "will very quickly become a multi-product company" and
will have to focus on "every avenue by which we can increase our
profits at our Pudong manufacturing facility."
Agenix Limited -- http://www.agenix.com/-- is a global health
and biotechnology company based in Brisbane, Australia. The
company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program. Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada. ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market. ThromboView is being developed with the assistance of
the Federal Government through its START scheme. Agenix employs
110 staff and sells its products to more than 50 countries.
ThromboView is a registered trademark of AGEN Biomedical.
Winna Brown at Ernst & Young, Agenix Ltd.'s independent
auditors, raised material uncertainty regarding the company's
ability to continue as a going concern, citing the company's and
the group's net loss for the year ended June 30, 2007.
AGENIX LIMITED: Receives US$1.4-Mil. Further Payment from IDEXX
---------------------------------------------------------------
Agenix Ltd. has received another US$1.4 million from IDEXX
Laboratories, the company said in a corporate disclosure filed
with the Australian Stock Exchange.
On April 7, 2006, Agenix said that IDEXX would pay
US$10.0 million in cash for the assignment of Agenix patents and
other intangible assets granting IDEXX exclusive distributorship
of Agenixes' animal health products.
Agenix explains that the sum was payable in parts, with
US$6.7 million paid upfront, while the balance of US$3.3 million
will be paid progressively.
According to the disclosure, the company has received
US$0.9 million before this payment, and expects the final
US$1.0 million to be received by January 2008.
Agenix Limited -- http://www.agenix.com/-- is a global health
and biotechnology company based in Brisbane, Australia. The
company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program. Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada. ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market. ThromboView is being developed with the assistance of
the Federal Government through its START scheme. Agenix employs
110 staff and sells its products to more than 50 countries.
ThromboView is a registered trademark of AGEN Biomedical.
Winna Brown at Ernst & Young, Agenix Ltd.'s independent
auditors, raised material uncertainty regarding the company's
ability to continue as a going concern, citing the company's and
the group's net loss for the year ended June 30, 2007.
AINSWORTH GAME: KPMG Raises Material Going Concern Doubt
--------------------------------------------------------
Ainsworth Game Technology Limited incurred a net loss of
AU$49.49 million for the year ended June 30, 2007, a
disappointing turn against the AU$3.23-million net profit
reported for the year ended June 30, 2006.
The group reported gross profit of AU$1.78 million, and other
income of AU$45,000.
Operating expenses, however, totaled AU$41.37 million, giving
the group an operating loss of AU$39.54 million. The group also
reported net financing costs amounting to AU$43.45 million.
Material Uncertainty on Going Concern
Tony Nimac of KPMG raised material uncertainty on the company's
and group's ability to continue as a going concern, saying that
the company needs the continued support of its major shareholder
and its ability to achieve sustainable profitable operations and
generate positive net cash inflows in the future.
Headquartered in New South Wales, Australia, Ainsworth Game
Technology Limited designs, develops and sells gaming machines
and other related equipment and services. The company's products
are ambassador gaming machine and celebrity gaming machine. AGT
has products in casinos across Australia. AGT operates in
Russia, Austria, France and Germany. Its wholly owned
subsidiaries are AGT Pty Ltd, Ainsworth Game Technology Inc
(USA), Ainsworth Game Technology (UK) Ltd, Ainsworth
International GmbH, Ainsworth Game Technology (NZ) Limited and
AGT Service Pty Ltd.
ATCOR MEDICAL: FY2007 Net Loss Widens to AU$5.18 Million
--------------------------------------------------------
AtCor Medical Holdings Limited reported a consolidated net loss
of AU$5.18 million for the year ended June 30, 2007, a slight
increase from the AU$4.01-million net loss recorded for the year
ended June 30, 2006.
The group had AU$4.86 million in sales, contributing to a total
revenue of AU$5.53 million. Operational expenses, however,
amounted to AU$11.15 million, giving the company an operating
loss of AU$5.41 million.
Headquartered in New South Wales, Australia, AtCor Medical
Holdings Limited -- http://www.atcormedical.com/-- is engaged
in designing, manufacturing and marketing medical devices for
use in cardiovascular management. AtCor is the developer and
marketer of the SphygmoCor system, which measures central blood
pressures non-invasively at the heart. The company operates in
the United Kingdom, the United States, and the rest of Europe.
ATCOR MEDICAL: Cash Position Down by AU$400,000 at Sept. 30
-----------------------------------------------------------
AtCor Medical has filed its quarterly cash flow report for the
period ending September 30, 2007, with the Australian Stock
Exchange.
The company says that it had AU$5,610,000 in cash and
equivalents at the end of September, in line with management
expectations. Net operating cash outflows were AU$1,354,000
including collections of AU$1,675,000. Compared to the same
period in the prior year, net cash outflows were reduced by
AU$400,000.
Headquartered in New South Wales, Australia, AtCor Medical
Holdings Limited -- http://www.atcormedical.com/-- is engaged
in designing, manufacturing and marketing medical devices for
use in cardiovascular management. AtCor is the developer and
marketer of the SphygmoCor system, which measures central blood
pressures non-invasively at the heart. The company operates in
the United Kingdom, the United States, and the rest of Europe.
The Troubled Company Reporter-Asia Pacific reported that AtCor
Medical incurred a net loss of AU$5.18 million for the year
ended June 30, 2007, against a net loss of AU$4.01 million for
the year ended June 30, 2006.
BRAIN RESOURCE: Incurs Fourth Annual Net Loss at AU$1.45 Million
----------------------------------------------------------------
The Brain Resource Company Limited reported a consolidated net
loss of AU$1.45 million for the year ended June 30, 2007, a
slight rise from the AU$1.44-million net loss reported for the
year ended June 30, 2006.
The group also had AU$1.44-million and AU$1.50-million net
losses in the years ended June 30, 2005 and 2004.
The group reported revenues of AU$3.02 million, but total
expenses amounted to AU$4.83 million.
Sydney, Australia-based The Brain Resource Company Limited --
http://www.brainresource.com/-- is provides brain function
analysis services. The company has three wholly owned
subsidiaries: BRC Operations Pty Limited, BRC IP Pty Limited and
BRC Franchising Pty Limited, and operates in Australia, Germany,
South Africa, The Netherlands, and the United States, among
others.
BRAIN RESOURCE: Enters into Tie-Up Deal with OptumHealth
--------------------------------------------------------
Brain Resource Co. Ltd. has signed a non-binding agreement with
OptumHealth to explore a business relationship, according to a
corporate disclosure filed by Brain Resource with the Australian
Stock Exchange.
Pursuant to the preliminary talks, OptumHealth will incorporate
Brain Resource's behavioral management system within its
offerings in the United States managed care market, with Brain
Resource granting exclusive license and distribution for a 90-
day period, the company relates.
About OptumHealth
OptumHealth -- http://www.optumhealth.com/-- is one of the
United State's largest health and wellbeing companies.
About Brain Resource
Sydney, Australia-based The Brain Resource Company Limited --
http://www.brainresource.com/-- is provides brain function
analysis services. The company has three wholly owned
subsidiaries: BRC Operations Pty Limited, BRC IP Pty Limited and
BRC Franchising Pty Limited, and operates in Australia, Germany,
South Africa, The Netherlands, and the United States, among
others.
The Brain Resource Company Limited reported a consolidated net
loss of AU$1.45 million for the year ended June 30, 2007, a
slight rise from the AU$1.44-million net loss reported for the
year ended June 30, 2006. The group also had AU$1.44-million
and AU$1.50-million net losses in the years ended June 30, 2005
and 2004.
CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says
----------------------------------------------------------------
The sale of Chrysler LLC's US$4 billion loans has been postponed
indefinitely, a source familiar with the matter told The Wall
Street Journal, without specifying any timetable for a possible
resale.
According to Reuters, citing an unidentified source, the latest
postponement was prompted by weak credit markets and worsening
news from the U.S. automotive sector.
JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group
Inc., Morgan Stanley and Bear Stearns & Co. had planned to sell
the loans at about 97.5 cents on the dollar this week, in an aim
to lessen US$171 billion in leveraged loan backlog, the TCR-
Europe reported on Nov. 9, 2007.
The banks, sources said, were eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.
As reported in the TCR-Europe on July 4, 2007, Fitch Ratings has
initiated rating coverage on Chrysler LLC by assigning these
ratings:
-- Long-term Issuer Default Rating 'B+';
-- US$10 billion first-lien loan 'BB+/RR1';
-- US$2 billion second-lien loan 'BB+/RR1'.
The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P. The 'RR1' Recovery Rating is based on Fitch's
expectation of full recovery in the event of bankruptcy. The
Rating Outlook is Stable.
The sale, which was previously postponed once, will push through
depending on market conditions, a source told WSJ.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
Chrysler is a unit of Cerberus Capital Management.
* * *
As reported in the Troubled Company Reporter on Oct. 31, 2007,
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract. The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.
As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche. This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default. S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche. This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.
Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.
DAVID REDDIN: Creditors Agree to Wind Up Firm
---------------------------------------------
On October 26, 2007, the creditors of David Reddin Management
Consultants Pty. Ltd. had a meeting and passed a resolution to
voluntarily liquidate the company's business.
S. L. Horne was named as liquidator.
The Liquidator can be reached at:
S. L. Horne
Draper Dillon
499 St Kilda Road
Melbourne, Victoria 3004
Australia
About David Reddin
David Reddin Management Consultants Pty Ltd provides management
consulting services. The company is located at Melbourne, in
Victoria, Australia.
EAGLEMONT MARKETING: Members and Creditors to Meet on Nov. 26
-------------------------------------------------------------
Eaglemont Marketing Pty Ltd., which is in liquidation, will hold
a meeting for its members and creditors on November 26, 2007, at
11:30 a.m.
At the meeting, J. P. Downey, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
J. P. Downey
J P Downey & Co
Level 1, 22 William Street
Melbourne, Victoria 3000
Australia
About Eaglemont Marketing
Eaglemont Marketing Pty Ltd is a distributor of durable goods.
The company is located at Narre Warren, in Victoria, Australia.
FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
--------------------------------------------------------------
Foot Locker, Inc. has reported financial results for its third
quarter ended Nov. 3, 2007.
Third Quarter Results
The company reported a net loss of US$33 million, or US$0.22 per
share, for the third quarter this year compared with net income
of US$65 million, or US$0.42 per share, last year. This year's
results included a non-cash impairment charge to write down
long-lived assets for the company's United States store
operations pursuant to SFAS No. 144 and expenses associated with
closing unproductive stores, totaling US$66 million, after tax,
or US$0.43 per share. Third quarter net income, before the non-
cash impairment charge and the incremental expenses of closing
stores, was US$33 million, or US$0.21 per share.
Third quarter sales decreased 5.2 percent, to US$1,356 million
this year compared with sales of US$1,430 million for the
corresponding prior year period. Third quarter comparable-store
sales decreased 5.0 percent.
"Our third quarter sales were disappointing, reflecting a
challenging external environment and the lack of exciting
fashion trends in athletic footwear and apparel," stated Foot
Locker's Chairperson and Chief Executive Officer, Matthew D.
Serra. "While our sales results fell short of our expectations,
third quarter markdowns were approximately 12 percent lower than
last year. Additionally, we continued to focus diligently on
expense management."
Year-to-Date Results
For the first nine months of the year, the company reported a
net loss of US$34 million, or US$0.22 per share, compared with
net income of US$138 million, or US$0.88 per share, last year.
This year's results included a non-cash impairment charge
pursuant to SFAS No. 144 and expenses associated with closing
unproductive stores, totaling US$66 million, after tax, or
US$0.43 per share. Last year's results included an impairment
charge pursuant to SFAS No. 144 of US$12 million, after tax, or
US$0.08 per share. Year-to-date net income, before the non-cash
impairment charges in 2006 and 2007, and the expenses of closing
unproductive stores in 2007, was US$32 million, or US$0.21 per
share this year, versus US$150 million, or US$0.96 per share,
last year.
Year-to-date sales decreased 3.5 percent to US$3,955 million
compared with sales of US$4,098 million last year. Comparable-
store sales decreased 5.8 percent.
Financial Position
At the end of the third quarter, the company's cash and short-
term investments totaled US$332 million. The company's total
cash position, net of debt, at the end of the third quarter
increased by US$70 million versus last year. Merchandise
inventory was slightly higher at the end of the third quarter
versus the comparable period of last year. Stated in constant
currency dollars, the company's merchandise inventory decreased
by approximately three percent versus last year.
Store Base Update
Year-to-date, the company has opened 112 new stores, and
remodeled or relocated 179 stores. During the month of
September, the company opened its first store in Istanbul,
Turkey. The company also closed 158 stores during the first
nine months of this year, including 13 unproductive stores
during the third quarter prior to normal lease expiration. At
Nov. 3, 2007, the company operated 3,896 stores in 21 countries
in North America, Europe and Australia. In addition, 10
franchised stores are currently operating in the Middle East and
South Korea.
During the fourth quarter of 2007, the company currently expects
to open eight new stores and close up to 142 unproductive
stores. Approximately 53 of the stores are expected to close
prior to normal lease expiration, depending on the company's
success in negotiating agreements with its landlords. The cash
impact of the 2007 store closings is expected to be minimal, as
the related cash costs are expected to be offset by associated
inventory reductions.
About Foot Locker
Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit and senior unsecured ratings on Foot Locker
Inc. to 'BB' from 'BB+'. S&P has removed the ratings from
CreditWatch, where they were placed with negative implications
on Aug. 18, 2006. S&P said the outlook is negative.
FORTESCUE METALS: Enters Into 10-Year Agreement with Hangzhou
-------------------------------------------------------------
Fortescue Metals Group Ltd. has signed an agreement with Chinese
steel mill Hangzhou Iron and Steel Group for the supply of iron
ore from its emerging project in Western Australia, reports the
Australian Associated Press.
Hangzhou, in a statement posted on its Web site, said it has
signed the 10-year supply agreement with Fortescue on Nov. 16
but did not disclose figures, relates AAP.
The report recounts that Fortescue, which has made similar
agreements with China's largest and third largest steel mills --
Baosteel and Tangshan Iron and Steel Group -- is developing its
project in the Pilbara region, 260 kilometers southeast of Port
Hedland, and expects to ship first ore by mid-May 2008.
Fortescue executive director Graeme Rowley was unavailable for
comment, AAP says.
About Fortescue Metals
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
* * *
Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.
FUTURE ENGINEERING: Liquidator Presents Wind-Up Report
------------------------------------------------------
The members and creditors of Future Engineering (Victoria) Pty
Ltd., which is in liquidation, met on November 21, 2007, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
R. G. Mansell
R.G. Mansell & Associates
Level 3, 118 Queen Street
Melbourne
Australia
Telephone:(03) 9603 0090
Facsimile:(03) 9603 0099
About Future Engineering
Future Engineering (Victoria) Pty Ltd provides engineering
services. The company is located at Mornington, in Victoria,
Australia.
KENTON COURT: Declares Final Dividend for Creditors
---------------------------------------------------
Kenton Court Pty Ltd declared final dividend for its creditors
on November 8, 2007.
Creditors who were not able to file their proofs of debt by the
November 7 due date were excluded from the company's dividend
distribution.
The company's deed administrator is:
Kenneth J. Stout
Boutique Corporate Advisory
Grosvenor Chambers
Level 3, 1 Collins Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9665 0455
Facsimile:(03) 9665 0427
e-mail: ken@boutiqueca.com.au
About Kenton Court
Kenton Court Pty Ltd is a distributor of miscellaneous
metalwork. The company is located at North Fitzroy, in
Victoria, Australia.
ILLAG NOMINEES: Liquidator to Give Wind-Up Report on Nov. 28
------------------------------------------------------------
A final meeting will be held for the members of Illag Nominees
Pty Ltd on November 28, 2007, at 10:00 a.m.
At the meeting, the members will hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on December 29,
2006.
The company's liquidator is:
John Georgakis
Ernst & Young
8 Exhibition Street
Melbourne, Victoria 3000
Australia
Telephone:(03) 9288 8000
About Illag Nominees
Located at Brighton North, in Victoria, Australia, Illag
Nominees Pty Ltd is an investor relation company.
MORGOLD PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on October 15, 2007,
the members of Morgold Pty Ltd resolved to voluntarily liquidate
the company's business.
David James Lofthouse and Peter Gountzos were named as
liquidators.
The Liquidators can be reached at:
David James Lofthouse
Peter Gountzos
CJL Partners
Level 3, 180 Flinders Lane
Melbourne, Victoria 3000
Australia
Telephone:(03) 9639 4779
Facsimile:(03) 9639 4773
About Morgold Pty
Morgold Pty Ltd is a distributor of durable goods. The company
is located at Fulham Gardens, in South Australia, Australia.
NESTOR NOMINEES: Will Declare First Dividend on Nov. 27
-------------------------------------------------------
Nestor Nominees Pty Ltd will declare its first dividend on
Nov. 27, 2007.
Creditors who were not able to file their proofs of debt by the
November 13, 2007 due date will be excluded from the company's
dividend distribution.
The company's deed administrator is:
David J. Lofthouse
CJL Partners
Level 3, 180 Flinders Lane
Melbourne, Victoria 3000
Australia
Telephone:(03) 9639 4779
Facsimile:(03) 9639 4773
About Nestor Nominees
Nestor Nominees Pty Ltd operates department stores. The company
is located at Highett, in Victoria, Australia.
NMRB PTY: Members and Creditors to Meet on November 26
------------------------------------------------------
The members and creditors of NMRB Pty Ltd will meet on Nov. 26,
2007, at 9:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on June 19, 2007.
The company's liquidator is:
J. P. Downey
J P Downey & Co
Level 1, 22 William Street
Melbourne, Victoria 3000
Australia
About NMRB Pty
NMRB Pty Ltd operates offices of holding companies. The company
is located at Melbourne, in Victoria, Australia.
REDDIN SEARCH: Creditors Decide to Liquidate Firm
-------------------------------------------------
The creditors of Reddin Search Pty. Ltd. met on October 26,
2007, and passed a resolution providing for the liquidation of
the company's business.
S. L. Horne was appointed as liquidator.
The Liquidator can be reached at:
S. L. Horne
Draper Dillon
499 St Kilda Road
Melbourne, Victoria 3004
Australia
About Reddin Search
Reddin Search Pty Ltd provides business services. The company
is located at North Sydney, in New South Wales, Australia.
SINO GOLD MINING: Half-Year Net Loss Reaches AU$3.12 Million
------------------------------------------------------------
Sino Gold Mining Limited reported a net loss of AU$3.12 million
for the half-year period ended June 30, 2007, a decrease from
the AU$4.99-million net loss recorded in the half-year ended
June 30, 2006.
The company reported no revenues for the period in review, but
incurred operating expenses amounting to AU$3.57 million. The
company reported a AU$5.12-million interest expense, and a forex
loss of AU$1.39 million, which was offset by a net non-operating
gain of AU$6.96 million.
Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.
Sino Gold has incurred net losses of AU$21.14 million,
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004 through 2006.
SINO GOLD MINING: JPMorgan Cuts Shareholdings
---------------------------------------------
Sino Gold Mining Limited announced in a corporate disclosure
that JPMorgan Chase & Co. and its affiliates decreased their
stake in the company on Nov. 12, 2007.
JPMOrgan reduced its shareholding from 12,324,958 ordinary
shares, which corresponded to a 6.80% voting power, to
10,819,861 shares.
In another filing, Sino Gold disclosed that on Nov. 13, the
Commonwealth Bank of Australia and its subsidiaries increased
their stakeholding in the company to 11,293,766 ordinary shares
from 10,122,582 shares.
Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.
Sino Gold has incurred net losses of AU$21.14 million,
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004 through 2006.
SINO GOLD MINING: Issues 1.3 Million Ordinary Shares
----------------------------------------------------
Sino Gold Mining Ltd. issued 1,318,546 ordinary shares on
Nov. 20, 2007, the company said in a regulatory filing.
The shares were issued in consideration for conversion of the
balance of outstanding convertible notes with a face value of
US$3,000,000.
The company now has 217,640,582 ordinary shares quoted on the
Australian Stock Exchange.
Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.
Sino Gold has incurred net losses of AU$21.14 million,
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004 through 2006.
SINO GOLD MINING: Issues 1.8 Million Employee Options
-----------------------------------------------------
Sino Gold Limited, on Nov. 12, 2007, issued 1,795,000 employee
options exercisable at AU$7.65 each until Nov. 9, 2012.
The issued options are subject to the terms of the company's
executive and employee option plan.
The company's board of directors has also agreed to issue a
further 970,000 options to directors, subject to the approval of
its shareholders.
Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.
Sino Gold has incurred net losses of AU$21.14 million,
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004 through 2006.
SINO GOLD MINING: Gets License to Operate White Mountain Mine
-------------------------------------------------------------
Sino Gold Mining Limited plans to start production at a second
mine in China in late 2008, Bloomberg News reports.
The move came after Jilin Development and Reform Commission
issued the permit for the company's White Mountain gold mine,
the company said in a disclosure to the Australian Stock
Exchange.
Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.
Sino Gold has incurred net losses of AU$21.14 million,
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004 through 2006.
SINO GOLD: Golden China Releases FY2008 First Quarter Results
-------------------------------------------------------------
Golden China Resources Corporation (GCX: TSX; ASX) released its
unaudited financial results for the three months ended
September 30, 2007.
The Corporation reported US$10.35 million of revenue for Q1
Fiscal 2008, which contrasts with nil for the comparable period
of its 2007 financial year. All revenue was recognized by
Golden China's BioGold gold processing facility in Shandong
Province, acquired by the Corporation in December 2006 as part
of its business combination with Michelago Limited of Australia.
For the quarter ended September 30, 2007, the Corporation
incurred a net loss of US$6.39 million, or US$0.12 per share,
comparing with a net loss of US$1.12 million (US$0.06 per share)
for the same period in Fiscal 2007. The increased year-over-year
net loss was mainly due to a US$3.19 million one-time consulting
fee charged in relation to the acquisition of Golden China
Management Inc. as well as higher general, administrative, and
office expenses incurred as a result of amplified business
activities following Golden China's business combination with
Michelago.
On September 7, 2007, Sino Gold agreed, subject to certain terms
and conditions, to make a take-over offer for all of the shares
of Golden China. Under the terms of the Offer, Golden China
shareholders and CDI holders will receive 0.2222 of a Sino Gold
share for every Golden China common share they hold. Details
are available in Sino Gold's Offering Circular and Golden
China's Directors' Circular, which were mailed to Golden China
shareholders on October 24, 2007. The documents are also
available on SEDAR at http://www.SEDAR.com/and the ASX at
http://www.asx.com.au/
For a detailed analysis of Golden China's operational and
financial results for the quarter ended September 30, 2007,
please refer to the company's Management's Discussion and
Analysis, and financial statements and notes, available on
Golden China's Web site (http://www.goldenchina.ca/),SEDAR
(http://www.SEDAR.com/),and the Australian Stock Exchange
(http://www.ASX.com/).
About Golden China Resources Corporation:
Golden China Resources Corporation is a significant participant
and consolidator in the Chinese precious metal industry and one
of the largest producers of gold in China. The company is using
its extensive knowledge of the Chinese marketplace and best
practices based on established international standards in
building a diversified gold business focused on exploration and
development, operations, and corporate development in the
Chinese precious metal industry. Golden China's shares are
listed on the main boards of both the Toronto Stock Exchange and
the Australian Securities Exchange under the symbol GCX.
On August 13, 2007, Golden China announced an Agreement to be
acquired by Sino Gold Mining Ltd. whereby Golden China
shareholders would receive one Sino Gold share for every 4.5
Golden China common shares they hold. A definitive support
agreement was signed on September 7, 2007 and on September 18,
2007, Sino Gold purchased from treasury 5,882,352 million shares
of Golden China representing 9.5% of the issued and outstanding
shares of the Corporation.
SOLAR RESEARCH: Creditors Agree on Voluntary Wind-Up
----------------------------------------------------
During a meeting held on October 5, 2007, the creditors of Solar
Research Corporation Pty Ltd agreed to voluntarily wind up the
company's operations.
Simon A Wallace-Smith was appointed as liquidator.
The Liquidator can be reached at:
Simon A. Wallace-Smith
Deloitte Touche Tohmatsu
Chartered Accountants
Level 14, 180 Lonsdale Street
Melbourne, Victoria 3000
Australia
About Solar Research
Solar Research Corporation Pty Ltd operates investment offices.
The company is located at Hawthorn, in Victoria, Australia.
SPHERE INVESTMENTS: Posts Fourth Annual Net Loss at AU$0.78 Mil.
----------------------------------------------------------------
Sphere Investments Ltd. reported a net loss of AU$0.78 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$1.91-million, AU$2.54-million, and
AU$0.76-million net losses for the years ended June 30, 2006,
2005 and 2004.
For the year ended June 30, 2007, the company did not record any
revenues but had net operating expenses of AU$28.23 million and
forex losses of AU$3.28 million, which was partially offset by
an AU$30.73 million net non-operating gain.
Headquartered in West Perth, Australia, Sphere Investments Ltd.
-- http://www.sphereinvestments.com.au/-- is an iron-ore
exploration and development company. The company's principal
project is the Guelb el Aouj Iron Ore (magnetite) Project in
Mauritania, West Africa.
SPHERE INVESTMENTS: Seeks Shareholders' OK in Guelb Stake Sale
--------------------------------------------------------------
Sphere Investments Ltd. will seek shareholders' approval on the
company's plan to divest a 24.95% stake in Guelb El Aouj iron
ore project, the company said in a corporate disclosure filed
with the Australian Stock Exchange.
The shareholders are to meet on Dec. 17, 2007.
The company explains that Qatar Steel is moving to acquire a
49.9% stake in the project from both Sphere and its partner,
Societe Nationale Industrielle et Miniere, for US$375 million.
The move will result in a Mauritanian registered company that
will own and operate the project. Sphere and SNIM will
contribute their existing 100% interest in the project for a
50.1% stake in the new company, while Qatar Steel will hold the
remaining 49.9%.
Sphere's shareholding in the new company would be reduced to
25.05%, with the 24.95% remaining being taken up by Qatar Steel.
Headquartered in West Perth, Australia, Sphere Investments Ltd.
-- http://www.sphereinvestments.com.au/-- is an iron-ore
exploration and development company. The company\u2019s
principal project is the Guelb el Aouj Iron Ore (magnetite)
Project in Mauritania, West Africa.
Sphere Investments Ltd. reported a net loss of AU$0.78 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$1.91-million, AU$2.54-million, and
AU$0.76-million net losses for the years ended June 30, 2006,
2005 and 2004.
SPHERE INVESTMENTS: Names Katina Gunellas as Company Secretary
--------------------------------------------------------------
Sphere Investments Ltd. has appointed Katina Gunellas as company
secretary, the company said in a corporate disclosure.
Ms. Gunellas will be replacing Lexton Graefe who resigned to
focus on his role as the company's chief financial officer.
Headquartered in West Perth, Australia, Sphere Investments Ltd.
-- http://www.sphereinvestments.com.au/-- is an iron-ore
exploration and development company. The company's principal
project is the Guelb el Aouj Iron Ore (magnetite) Project in
Mauritania, West Africa.
Sphere Investments Ltd. reported a net loss of AU$0.78 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$1.91-million, AU$2.54-million, and
AU$0.76-million net losses for the years ended June 30, 2006,
2005 and 2004.
STARPHARMA HOLDINGS: Chalks AU$7-Million Net Loss for FY 2007
-------------------------------------------------------------
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
Net sales for the period in review amounted to AU$0.86 million,
while net operating expenses amounted to AU$17.31 million,
giving the company an operating loss of AU$16.45 million.
The company reported a net non-operating gain of AU$8.51 million
for the year ended June 30, 2007.
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
STARPHARMA HOLDINGS: Cash Position Reaches AU$11MM at Sept. 30
--------------------------------------------------------------
Starpharma Holdings Limited has lodged its quarterly cash flow
report for the quarter ended September 30, 2007, with the
Australian Stock Exchange.
Operating outflows during the quarter were AU$2.5 million, which
is comparable with the previous quarter and in line with
expectations. There were significant outflows during the
quarter for VivaGel(R) development costs including ongoing long-
term toxicology studies, and scale up and manufacturing of
product for further clinical trials.
During the quarter, the company undertook a private placement
with net proceeds of AU$3.5 million. Cash at the end of the
quarter was AU$11.3 million. Since the end of the quarter an
additional AU$1.5 million has been received from the U.S.
National Institutes of Health for VivaGel development costs.
The company's report may be downloaded for free at:
http://bankrupt.com/misc/StarPharmaQtrlyCF.pdf
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
STARPHARMA: Gets NHMRC Funding for Imaging Agent Joint Project
--------------------------------------------------------------
Starpharma Holdings Limited has said that the National Health
and Medical Research Council has agreed to provide US$327,000 to
fund a joint project with the Baker Heart Research Institute to
develop a novel imaging agent for vascular disease, the company
said in a corporate disclosure lodged with the Australian Stock
Exchange.
The company relates that the new collaborative project in
cardiovascular disease is a second application of dendrimers for
imaging agents undertaken by Starpharma. Starpharma's wholly
owned subsidiary in the US, DNT, has a contract valued at
US$850,000 with the US National Cancer Institute. That contract
aims to develop a different dendrimer product for the early
diagnosis of certain cancers.
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
STARPHARMA: Teams Up with Durex for Vivagel-Coated Condoms
----------------------------------------------------------
Starpharma Holdings Ltd. has signed an an agreement with SSL
International plc to develop condoms with Vivagel coating, Asia
Pulse reports, citing a company press release.
SSL is the owner of Durex, the worlds leading condom brand, Asia
Pulse writes.
Undisclosed fees are payable to Starpharma under the co-
development agreement, which also provides for the commencement
of regulatory and market development activities by the two
parties, the release said.
The release explains that VivaGel has been shown to have potent
contraceptive and microbicidal properties in animal studies, and
is also under development as a stand-alone gel to prevent the
transmission of STIs, including HIV and genital herpes.
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
STARPHARMA HOLDINGS: Non-Executive Director Leon Gorr Steps Down
----------------------------------------------------------------
Starpharma Holdings Limited's non-executive director Leon Gorr
had resigned, the company said in a regulatory filing with the
Australian Stock Exchange.
Mr. Gorr, who had been due to retire by rotation at the annual
general meeting on Nov. 14, 2007, decided not to stand for re-
election, the company relates.
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
STARPHARMA HOLDINGS: VivaGel(R) Awarded Int'l Nanotech Award
------------------------------------------------------------
Starpharma Holdings Ltd (ASX:SPL,OTCQX:SPHRY) has been presented
with an international award for nanotechnology excellence for
VivaGel(R), its lead product under development for the
prevention of sexually transmitted infections.
The winners of the third annual Nano 50 Awards were presented
with their awards at the National Nano Engineering Conference in
Boston, USA. The awards recognize the top 50 international
technologies, products, and innovators that have significantly
impacted or are expected to impact the state of the art in
nanotechnology.
Nano 50 nominations were judged by a panel of nanotechnology
experts. The technologies, products, and innovators receiving
the 50 highest scores were named Nano 50 award winners.
VivaGel(R) was awarded under the Product Category successfully
demonstrating a significant current or near-term commercial
application. VivaGel(R) uses Starpharma's proprietary dendrimer
technology. Dendrimers are man-made chemical particles of a
size measured in nanometres. One nanometre equals one billionth
of a metre.
VivaGel(R) is the most advanced product in Starpharma's
pharmaceutical pipeline. It is a vaginal microbicide under
development for prevention of the spread of genital herpes and
HIV, both of which are sexually transmitted infections. It is
intended that VivaGel(R) will be marketed widely in both
developed and developing countries. Starpharma's dendrimer
technology also forms part of products marketed by partners
including Sigma-Aldrich, Dade Behring and Qiagen and the company
recently signed new deals with EMD Biosciences and SSL plc for
further commercial applications of its patented technology.
Melbourne, Australia-based Starpharma Holdings Limited --
http://www.starpharma.com/-- is a nanotechnology company, which
develops and markets dendrimer products for pharmaceutical,
life-science and other applications.
Starpharma Holding Ltd. reported a net loss of AU$7.24 million
for the year ended June 30, 2007, its fourth consecutive annual
net loss following the AU$7.52-million, AU$7.75-million and
AU$5.50-million net losses for the years ended June 30, 2006,
2005, and 2004, respectively.
SUMMIT RESOURCES: Net Loss Widens to AU$35.27 Mln. in FY 2007
-------------------------------------------------------------
Summit Resources Limited reported a net loss of AU$35.27 million
for the year ended June 30, 2007, its fourth annual consecutive
net loss following losses of AU$0.56 million, AU$0.64 million,
and AU$0.37 million for the years 2006, 2005, and 2004,
respectively.
The company did not report any revenues for the year in review,
but recorded operating expenses of AU$36.78 million. The
company also posted net non-operating gains of AU$1.50 million.
Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.
SUMMIT RESOURCES: Files Quarterly Activities Report
---------------------------------------------------
Summit Resources Limited has lodged its quarterly report for the
period ending Sept. 30, 2007.
Highlights
* Uranium resource drilling continued with 7,836.7 metres in
40 holes completed in the September Quarter;
* Resource drilling and evaluation re-commenced on Skal
uranium deposit at Mount Isa;
* Extensions to know mineralisation identified;
* Further assay results have been received from the Bikini
Project;
* Encouraging assay results have been received from surface
sampling of a number of previously untested prospects in
the Mt Isa district. Further work will be completed in the
December Quarter; and
* Work commences on environmental baseline studies and
preliminary metallurgical testing in accordance with the FY
07/08 budget approved by the Operating committee of the Isa
Uranium Joint Venture.
The company's full report may be downloaded at no charge at:
http://bankrupt.com/misc/summitQTR.pdf
Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.
Summit Resources Limited reported a net loss of AU$35.27 million
for the year ended June 30, 2007, its fourth annual consecutive
net loss following losses of AU$0.56 million, AU$0.64 million,
and AU$0.37 million for the years 2006, 2005, and 2004,
respectively.
SYMBION HEALTH: Primary Wants Shareholders Meeting Postponed
------------------------------------------------------------
Primary Health Care claims that Symbion Health Ltd. had
failed to address a number of its concerns, despite
Symbion's release of both a Supplementary Explanatory
Memorandum and a correction to its notice of meeting
last week, reports RWE Aust Business News.
According to the report, Primary, in connection with its
proposed AU$4.10-per share cash takeover offer for Symbion,
believes that the Symbion board of directors has no alternative
but to postpone the proposed shareholder meetings scheduled for
November 30, 2007, until the Australian Taxation Office rulings
have been obtained.
RWEABN quotes Primary as saying that the "confusing and
befuddling nature of the Healthscope-led revised proposal is
highlighted by the fact that, together with Symbion's correction
to its notice of meeting on 15th November 2007, which corrected
an error in the original Explanatory Memorandum, Symbion has now
released over 430 pages of disclosure materials to its
shareholders in the past month."
Primary believes that if the meetings are held without the ATO
rulings, its offer has the potential to lapse. The Healthscope
offer, adds Primary, is not in the best interests of any Symbion
shareholders to be voting for it without knowledge of whether it
is capable of being implemented, relates RWEABN.
Primary is Symbion's largest shareholder, with a 20% stake.
About Symbion Health
Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/--formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions. Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine. Imaging provides imaging services to
patients on the eastern seaboard of Australia. Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies. Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).
On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).
================================
C H I N A & H O N G K O N G
================================
ALERIS INT'L: To Sell US Zinc Business for US$295 Million
---------------------------------------------------------
Aleris International, Inc., has entered into a definitive
agreement to sell its Zinc business, which operates under the
name US Zinc, to affiliates of Votorantim Metais Ltda. for
US$295 million with certain adjustments for working capital and
other items. Closing is subject to regulatory approvals and
customary closing conditions.
Aleris's Chairperson and Chief Executive Officer, Steven J.
Demetriou said, "The sale of US Zinc will allow Aleris to focus
on our core Aluminum business. We plan to use the net sale
proceeds to reduce leverage. I would like to thank the US Zinc
team for their significant contributions to Aleris."
US Zinc recycles zinc metal for use in the manufacture of
galvanized steel and produces value-added zinc products,
primarily zinc oxide and zinc dust, which are used in the
vulcanization of rubber products, the production of corrosion-
resistant paint and in other specialty chemical applications. US
Zinc operates six zinc facilities in the United States and a
newly built zinc oxide facility located outside of Shanghai,
China.
About Aleris
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys. The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal. The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, Wales
and
China, and employs approximately 4,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company. Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing US$600
million 9% senior notes due 2014.
ORIENTAL SECURITIES: Fitch Lifts Low Ratings to Investment Grade
----------------------------------------------------------------
Fitch Ratings has upgraded Oriental Securities Corporation's
ratings as follows:
* Long-term foreign currency Issuer Default Rating to 'BBB-'
from 'BB+',
* Short-term foreign currency IDR to 'F3' from 'B',
* National Long-term Rating to 'A(twn)' from 'A-(twn)',
* National Short-term Rating to 'F1(twn)' from 'F2(twn)'.
Meanwhile, OSC's Individual rating is affirmed at 'C/D' and
Support Rating at '5'. The Outlook remains Stable.
OSC's ratings reflect the company's strong financial profile,
particularly its good profitability, solid capitalisation, and
ample liquidity. The ratings also take into account its
weaknesses, mainly its small franchise and still limited
diversity of its revenue. Fitch views that OSC's exceptionally
strong capitalisation and liquidity as well as its track records
of good proprietary trading performance provide comforting
support to its financial credibility. OSC's regulatory capital-
to-risk weighted assets ratio of 785% at end-H107 is one of
highest among its peers and is well above regulatory minimum
requirement of 150%; OSC management intends to maintain
regulatory capital ratios at above 500%.
OSC has strong internal capital generation as evidenced by 11%
compound annual growth rate of the company's net worth net of
dividend payouts since inception 28 years ago. OSC has
consistently maintained sound liquidity. Its long term funding
(solely from equity) was kept at more than 5x less liquid assets
from 2005-H107.
OSC's ratings are not based on expected support in extremis from
either the state or shareholders. However, the Far Eastern
Group is likely to provide support on a going concern basis and
the company's membership of a large and diversified group helps
ensure investor confidence, as well as its prudent approach to
risk.
Established in 1979, OSC had a small 0.35% brokerage market
share in Taiwan at end-H107, but ranked 13th by equity. OSC is
wholly-owned by FEG, one of Taiwan's biggest conglomerates.
PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm
---------------------------------------------------------------
Portugal's state-run oil firm Galp Energia said in a statement
that it wants to enter into an agreement with Venezuelan
counterpart Petroleos de Venezuela SA to analyze participation
in the Gran Mariscal de Ayacucho liquefaction project.
Business News Americas relates that under the accord, Galp
Energia could have as much as two billion cubic meters per year
of liquefied natural gas from Venezuela.
According to BNamericas, the agreement is subject to the results
of an economic study that the Petroleos de Venezuela and Galp
Energia would conduct to consider a competitive price for the
European market and terms and conditions that maximize value for
both firms.
BNamericas notes that Petroleos de Venezuela will analyze with
Galp Energia the creation of a joint venture company that would
construct and run Mariscal de Ayacucho's first train.
Petroleos de Venezuela and Galp Energia "could use Portugal as
an entry to Europe for future Venezuelan liquefied natural gas
exports," BNamericas says.
BNamericas states that "industry insiders" doubted Venezuela's
potential to become a natural gas exporter in the short term.
The nation has a large natural gas deficit and is buying the gas
from Colombia.
Liquefied natural gas infrastructure would take years to build
even if "sizeable reserves of non-associated gas are found,"
BNamericas reports, citing industry experts.
About Galp Energia
Galp Energia, SGPS, SA is the holding company for the Galp
Energia Group, a Portugal-based oil and gas group. The Group
has six principal business segments: Exploration and Production;
Refining and Marketing; Natural Gas Supply and Transport;
Natural Gas Distribution; Power, including Galp Energia's
interests in the production and sale of electrical and thermal
energy, and International, which includes the Group's interests
in Brazil and Africa. Galp Energia consists of more than 100
companies, engaged in a wide range of activities related to
natural gas supply and oil and gas exploration, production and
refining. The Group is headquartered in Lisbon, Portugal.
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA
--------------------------------------------------------------
The Venezuelan government, through state-run oil firm Petroleos
de Venezuela SA, will enter into new agreements with Frech oil
company Total SA for joint projects in the Orinoco River basin,
the Associated Press reports, citing Venezuelan President Hugo
Chavez.
The AP relates that the Venezuelan government took majority
control of private oil projects earlier this year. The
government offered the companies new terms as junior partners.
Total, US firm Chevron Corp., Britain's BP PLC, and Norway's
Statoil ASA accepted the new terms, while ConocoPhillips and
Exxon Mobil Corp. declined them.
President Chavez commented to the AP, "Venezuela wants to become
a safe, trustworthy provider of petroleum and energy to France.
France has great technological advancement. That's the idea --
get our technology together... to be able to raise the level of
recovery [of heavy crude in the eastern Orinoco region.]"
Petroleos de Venezuela and Total are preparing to boost joint
production in Orinoco by 400,000 barrels a day to 600,000
barrels per day, Venezuelan state news agency Agencia
Bolivariana de Noticias notes.
Petroleos de Venezuela head and Venezuelan oil and energy
minister Rafael Ramirez commented to Business News Americas, "We
have advanced a lot with Total. Now the nationalization process
has concluded, we can triple our joint production."
Petroleos de Venezuela and Total will first spend a year
conducting engineering studies needed for output increase. The
firms will also continue work on reserve certification on
Orinoco, BNamericas states, citing Minister Ramirez.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
XINHUA FINANCE: Reports Steady Growth for 9-Month Period 2007
-------------------------------------------------------------
Xinhua Finance Limited (XFL; TSE Mothers: 9399; OTC: XHFNY),
China's premier financial information and media service
provider, announced the consolidated business results for the
nine months ended September 30, 2007. Under International
Financial Reporting Standards, total revenue grew 44% to
US$180.7 million from US$125.1 million in the same period of
2006. EBITDA was US$26.1 million, representing a year-on-year
growth of 32% from US$19.7 million. Net income rose to
US$85.9 million from US$15.8 million. Fully diluted earnings
per share was US$84.97 compared to US$18.11 in 2006.
Under IFRS, proforma EBITDA, adjusted to exclude non-cash ESOP
expenses and one-time items, was US$38.3 million, representing
an increase of 57% over US$24.3 million for the same period last
year. XFL provides proforma results to help investors better
understand the Company's underlying operating and financial
trends.
"We continue to see rising demand for China-focused financial
information as the Chinese financial markets mature and become
more sophisticated. Moreover, our expanded distribution platform
enables us to capture the strong growth in China's advertising
market," said XFL CEO Fredy Bush. "We will continue to focus
our efforts and resources in China's markets and on building our
market-driven information services to leverage the opportunities
ahead," added Ms. Bush.
Due to the global attention on China, XFL's China indices are
being followed by more funds worldwide, with total assets under
management benchmarking or tracking our China indices rising to
US$108 billion at the end of September from approximately
US$27 billion a year ago. In the last quarter, the Company has
taken a number of initiatives in response to the rising market
demand and China's dynamic development. The financial news
service increased coverage on fixed income and foreign exchange
markets related to China and other emerging countries, while our
corporate announcement distribution services, Xinhua PR
Newswire, extended its services in China to 24 hours a day to
better serve clients in multiple time zones. Furthermore, a new
magazine focused on China's insurance market was launched,
creating a new channel for relevant financial content and
generating additional advertising revenue.
The Company recently appointed Dr. Chen Chung Hsing as head of
China Ratings to lead the business's next phase of development
as the bond market undergoes regulatory changes in preparation
for the expansion of the China bond market. Dr. Chen is a
veteran of the credit ratings industry and successfully founded
Taiwan's first rating agency Taiwan Ratings Corporation in 1997,
now 51% controlled by Standard and Poor's. He has more than 18
years of experience in financial services, including as a
regulator at Taiwan's Securities and Exchange Commission. With
respect to our Solution's business, XFL has partnered with
Fermat to deliver software solutions to help Chinese banks on
Basel II compliance efforts before the 2010 implementation
deadline.
CFO David Wang said, "We continue to reap benefits from our
integration efforts as our business increases in scale. The
synergies generated through effective integration between
various business units have presented more cross-selling and
business opportunities for the group. At the same time, we
intend to further invest in our business in China in order to
leverage and maintain our market leading position. "
Xinhua Finance Limited is China's premier financial information
and media service provider and is listed on the Mothers Board of
the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY).
Bridging China's financial markets and the world, Xinhua
Finance's proprietary content platform, comprising Indices,
Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide. Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media. Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 11 countries
worldwide.
Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2. This concludes the review for possible upgrade, which
began on March 15, 2007. The outlook for both ratings is
stable.
On Sept. 14, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on Xinhua Finance Ltd to
'B' from 'B+'. The rating was removed from CreditWatch, where
it had been placed with negative implications on May 23, 2007,
following a series of senior executive departures. The outlook
is stable.
At the same time, Standard & Poor's lowered its issue rating on
Xinhua Finance's US$100 million senior unsecured notes due 2011
to 'B' from 'B+' and removed it from CreditWatch.
=========
I N D I A
=========
AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
----------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a contract with
the Idaho Department of Health and Welfare to provide pharmacy
benefits management services for its Medicaid program. The
contract has a length of up to 10 years and a total value of
US$18.5 million, if a three-year option is exercised.
This contract extends a relationship that originated in 2002,
when Affiliated Computer first implemented SmartPA(R), an
automated prior authorization solution. The company will
provide several pharmacy benefits management solutions,
including pharmacy claims processing, automated prior
authorizations using SmartPA, help desk support, Prospective
Drug Utilization Review, Retrospective Drug Utilization Review,
federal and supplemental drug rebate administration using the
company's Drug Rebate Analysis and Management System, and
reporting using CyberFormance(TM).
"We are pleased to have the opportunity to expand and continue
our successful pharmacy benefits management partnership with the
Department of Health and Welfare," said Government Healthcare
Solutions senior vice president and managing director,
Christopher T. Deelsnyder. "This partnership demonstrates that
we work closely with our clients to help ensure the success of
their vision for providing patients with the best care possible
through innovative clinical and technology solutions."
About Affiliated Computer Services
Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients. The
company has more than 58,000 employees supporting client
operations in nearly 100 countries. The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has kept its
'BB' corporate credit and senior secured ratings on Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on Mar. 20, 2007.
BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
--------------------------------------------------------------
Bausch & Lomb has named A. Robert D. Bailey as its corporate
vice president and general counsel. Mr. Bailey was most
recently vice president, assistant general counsel and assistant
secretary for the company.
Mr. Bailey re-joined Bausch & Lomb in 1997 after serving as
associate general counsel and assistant secretary at Goulds
Pumps, Inc. from 1995-1997. He first joined at Bausch & Lomb as
counsel from 1994 to 1995. He began his legal career as an
associate with what is now the Nixon Peabody law firm in
Rochester, New York.
Mr. Bailey holds a J.D., cum laude, from the University of
Minnesota and a B.A. degree from St. Olaf College in Northfield,
Minnesota. He is admitted to practice in the State of New York.
Mr. Bailey replaces Robert B. Stiles who has announced his
intention to retire from Bausch & Lomb in 2008, after a career
spanning more than 25 years with Bausch & Lomb, most recently as
senior vice president and general counsel.
About Bausch & Lomb
Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products. The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Moody's Investors Service has confirmed and will
withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family
Rating, Ba1 Probability of Default Rating and Ba1 ratings on
certain existing senior unsecured notes. The rating outlook was
revised to stable and will be withdrawn.
LOK HOUSING: Board to Consider Share Issue to Lok Shelters
----------------------------------------------------------
Lok Housing & Constructions Ltd has informed the Bombay Stock
Exchange that its board of directors will hold a meeting on
Nov. 27, 2007. During the meeting, the board will consider
approving the allotment of 1,92,27,791 fully paid-up equity
shares of the company to the shareholders of Lok Shelters Ltd.
The share allotment is pursuant to the the company's merger with
Lok Shelters Ltd. According to Lok Housing, the Scheme of
Amalgamation with Lok Shelters has been approved by the Bombay
High Court.
Headquartered in Mumbai, India, Lok Housing and Constructions
Ltd constructs residential buildings. Apart from housing
construction, the company manufactures concrete blocks catering
to in-house needs. The company is also involved in the
construction of railway quarters, railway bridges and slum
rehabilitation programs through its associate companies.
Credit Rating Information Services of India Ltd, on June 27,
2007, reaffirmed its 'D' rating on Lok Housing's INR170-million
non-convertible debentures. The rating continues to indicate
that the instrument is in default. The arrears on interest and
principal payments have not been entirely cleared.
ORIENTAL BANK: Brings In V. Jagirdar & R.S. Maharshi to Board
-------------------------------------------------------------
Oriental Bank of Commerce will have Vijay Jagirdar and Dr.
Radhey Shyam Maharshi on board as part time non-official
directors.
According to a filing with the Bombay Stock Exchange, India's
central government has has nominated Messrs. Jagirdar and
Maharshi for a period of three years.
Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank. The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds. It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts. It
also offers debit card services. The bank also provides
treasury services and merchant banking services.
* * *
The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce. The Bank's individual rating have been affirmed at
C/D. On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'.
The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.
QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Quebecor World Inc. by one notch, including the long-term
corporate credit rating to 'B-' from 'B'. At the same time, the
ratings remain on CreditWatch with negative implications, where
they were placed Aug. 9, 2007.
"The downgrade reflects Quebecor World's deteriorating liquidity
position following the withdrawal of the company's refinancing
plan to raise about CAD750 million by issuing debt and equity,"
said S&P's credit analyst Lori Harris. Proceeds from the new
issues were to be largely applied to the substantial balance
outstanding on the revolving credit facility and to redeem the
series 5 preferred shares. Quebecor World views withdrawing the
plan as necessary because of adverse financial market
conditions, which have led to the company's inability to raise
funds under the original terms and conditions. In the near
term, management will need to explore future refinancing
opportunities, as well as other methods to raise cash, including
asset sales and sale lease back transactions. "Quebecor World
has announced that it will hire independent financial advisors
to assist in evaluating these alternative actions," Ms. Harris
added.
On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB. The proposed new company, Roto Smeets Quebecor, which
will be the leading player in the European printing industry,
will be owned 70.1% by RSDB and 29.9% by Quebecor World. The
purchase price for Quebecor World's European business will be
EUR240 million (equal to about US$350 million), to be paid to
Quebecor World in cash, Roto Smeets Quebecor shares, and an
eight-year note receivable. S&P expects the transaction to
close shortly upon regulatory and RSDB shareholder approvals.
Reported revenues and adjusted EBITDA were down 7% and 19%,
respectively, for the nine months ended Sept. 30, 2007, compared
with the same period in 2006. The weak performance is due to
price pressures, volume declines, and operating inefficiencies.
The company's recent completion of a significant equipment
retooling program should positively affect profitability and
cash flow in 2008. However, S&P believes management will remain
challenged in its efforts to turn around the business because of
very difficult printing industry fundamentals, including ongoing
pricing pressures and volume declines, electronic substitution,
cyclicality, and significant competition.
The ratings will remain on CreditWatch until S&P is comfortable
that the company has addressed its near-term liquidity issues.
S&P will continue to monitor developments, including
management's future refinancing plans.
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
SINGER INDIA: Names K.K. Gupta as Chairman & Executive Director
---------------------------------------------------------------
Singer India Ltd has named K.K. Gupta as its chairman and
executive director, a regulatory filing with the Bombay Stock
Exchange states. According to the filing, the company's board
of directors approved Mr. Gupta's appointment at a meeting in
October 2007.
Singer India recently booked a negative bottom line. As
previously reported in the Troubled Company Reporter-Asia
Pacific, the company incurred a net loss of INR5.1 million on
total income of INR121.5 million in the second quarter ended
Sept. 30, 2007. The bottom line, however, is an improvement
compared to the INR8.6-million loss booked in the same period in
2006.
Singer India Limited manufactures, among others, sewing
machines. Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners. The company is a 49% subsidiary of Singer
Company N.V.
Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985. The company has filed
a restructuring plan for its revival. Its factory at Jammu
continues to be under lay off since April 6, 2005.
TATA MOTORS: U.K. Manufacturing Union Backs Bid for Ford Brands
---------------------------------------------------------------
Jaguar and Land Rover's workers unions have backed Tata Motors
Ltd's bid for the two Ford Motor Co. units, media reports say.
As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Motors is in the race to buy Ford Motor's Jaguar
and Land Rover brands. Tata Motors is now one of those who made
it to the list of final bidders. The other firms who got it to
the list are Mahindra & Mahindra in collaboration with buyout
firm Apollo, and One Equity Partners.
Among the three bidders, however, Tata Motors got the support of
Jaguar and Land Rover's union leaders. On Wednesday, about 60
senior shop stewards representing workers of the two brands
voted in favor of a resolution supporting Tata's bid, Stephen
Power writes for The Wall Street Journal. The backing is not
binding on Ford but will provide a bit of political boost to
Tata Motors, Mr. Power says.
Although workers want to remain part of Ford, they believe that
if a sale would push through Tata Motors would serve their best
interests with the auto maker's established presence and
background in manufacturing.
The unions' support came after presentations by the three
shortlisted bidders, the Financial Times relates. During the
meeting, FT says, union representatives questioned the bidders
about their plans for the two brands, including the possible
moving of jobs offshore or other functions now based in the UK.
At its presentation, Tata Motors committed to the two brands as
a long-term investment and endorsed the two brands' management,
FT states citing a person familiar with the matter.
Even without the unions' support, Gail Edmondson and David Welch
of BusinessWeek already sees Tata as the odds-on favorite.
"It's the only car company bidding, and Jaguar and Land Rover
are too small to survive on their own," BusinessWeek quotes
Garel Rhys, professor of automotive economics at the University
of Cardiff in Wales, as saying.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia, and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
=================
I N D O N E S I A
=================
GOODYEAR TIRE: To Pay US$324MM Settlement to Entran II Class
------------------------------------------------------------
On Nov. 17, 2004, New Jersey District Court Judge Stanley
Chesler granted final approval to a settlement of the Entran II
Hose Amended Class Action against The Goodyear Tire & Rubber
Company.
The case, "Galanti v. The Goodyear Tire & Rubber Company," was
filed in the United States District Court for the District of
New Jersey while the "Kelman v. The Goodyear Tire & Rubber
Company et al." was filed in the Ontario Superior Court of
Justice.
The amended settlement resolves a lawsuit over whether Goodyear
and Goodyear Canada Inc. made defective Entran II hose used in
radiant heating and snow-melting systems. The hose was sold and
distributed by Heatway Systems.
Entran II was also known as Twintran, Nytrace, Entran II Trace,
Entran II Wire, Entran 2, Entran 2 Trace, and Entran 2 Wire.
The settlement was approved in 2004. As a result, a US$324
million settlement fund was created for class members.
Pursuant to an amended settlement, cash payments will pay given
to people in the U.S. and Canada who are current or former
owners of property where the hose was, or still is, installed.
Claims filing deadline was Nov. 17, 2009.
Info for Owners of Property in the United States
Current or former owner of property in the United States
including its territories and possessions in which Entran II
hose was or is used for radiant heating or snowmelting, may
obtain complete information about their legal rights and choices
under the Amended Settlement at:
http://ResearchArchives.com/t/s?258d
Info for Owners of Property in Canada
Current or former owner of property in Canada in which Entran II
hose was or is used for radiant heating or snowmelting, may
obtain complete information about their legal rights and choices
under the Amended Settlement at:
http://ResearchArchives.com/t/s?258e
For further information on the proposed settlement, contact:
Entran II Settlement
Claims Administrator
P.O. Box 24
Minneapolis, MN 55440-0024
Tel: 1-800-254-9222
http://www.entraniisettlement.com/
About Goodyear
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand. Goodyear employs more than 80,000 people
worldwide.
* * *
As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'. In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007. Recovery ratings were not on
CreditWatch. These ratings still apply as of Nov. 8, 2007.
INDOSAT: Shareholder Violates Anti-Monopoly Laws, KPPU Says
-----------------------------------------------------------
PT Indosat Tbk's largest shareholder, Singapore state investor
Temasek Holdings, was found guilty by the Business Competition
Monitoring Commission (KPPU) of violating Indonesia's anti
monopoly laws, various reports say.
On November 19, Tempo Interactive recounts, KPPU's commission
assembly decided that the Singaporean government-owned
investment organization violated Decree No. 5/1999 on
Prohibition of Monopoly Practices and Unhealthy Business
Competition.
As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 29, 2007, KPPU said that Temasek Holdings violated the
country's anti-monopoly laws through its ownership in two large
mobile telecommunication operators. Temasek's subsidiaries own
a 42% stake in Indosat and a 35% stake in Telkomsel, the TCR-AP
noted. The TCR-AP said Indosat and Telkomsel dominate 80% of
the GSM cellular phone market in Indonesia.
Temasek Holdings had denied the charges of cross-ownership,
maintaining that its subsidiaries have their own board of
directors who make their own operational decisions.
Reuters says that as a result of KPPU's decision, Temasek must
sell its minority stake in either Telekomunikasi Selular or
Indosat.
Syamsul Maarif, KPPU commission assembly chairman, said the
shares must be sold within two years at the maximum since the
decision has legal grounds, Tempo relates.
KPPU, Reuters notes, also ruled that Temasek's units should also
pay IDR25 billion in fines.
Furthermore, Mr. Maarif told Tempo that Temasek should also let
go of the voting rights and the right to install a commissioner
director in one of the companies to be released.
Tempo points out that Mr. Maarif said that the KPPU found the
fact that Temasek's cross ownership in Indosat and Telkomsel
caused a loss for consumers in the cellular industry amounting
to IDR14.7 trillion to IDR30.8 trillion during 2003-2006. KPPU
also recorded the consumer’s loss reached IDR9.8 trillion to
IDR24 trillion per year due to the high interconnection fee, the
report adds.
Temasek to Contest KPPU Ruling
Temasek Holdings said it would challenge KPPU's ruling in an
international court if needed, Reuters reports.
Tempo also relates that Temasek's legal advisor, Todung Mulya
Lbis, questioned KPPU’s opinion that Temasek’s business in
Indonesia caused tens of millions of rupiah in losses.
According to Reuters, Temasek said its purchase of shares in
Indosat was approved by the Indonesian government in 2002 with
full knowledge that Singapore Telecommunications, then about
60% held by Temasek, had shareholdings in Telkomsel.
Davinder Singh, legal counsel for the Singapore state investment
vehicle, told Reuters that Temasek had 14 days after it receives
KPPU's written judgment to file an appeal, while the Jakarta
district court had 30. Should Temasek fail in its appeal, it
can take the case to Indonesia's Supreme Court and thereafter
seek international arbitration, Mr. Singh added.
Reuters points out that analysts said Temasek would rather sell
Indosat than get SingTel to dispose of Telkomsel. Telkomsel is
a more valuable investment, contributing about 20% of SingTel's
net profit in the last quarter, the report says.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia. The
company provides international long-distance services in
Indonesia. It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers. The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers. Airtime is sold through
postpaid and prepaid plans. It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services. MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.
* * *
The Troubled Company Reporter-Asia Pacific reported on the
Troubled Company Reporter-Asia Pacific reported on Oct 19, 2007,
that Moody's Investors Service has upgraded Indosat Finance
Company BV and Indosat International Finance Company BV senior
unsecured foreign currency ratings to Ba2 from Ba3. The bonds
are irrevocably and unconditionally guaranteed by PT Indosat.
A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'. The outlook on the ratings is
stable.
INDOSAT: Fitch Comments on KPPU's Ruling Against Parent
-------------------------------------------------------
Fitch Ratings commented on the ruling issued by Indonesia's
competition authority requiring Singapore investment company,
Temasek Holdings Pte Ltd, to sell its indirect stake in either
PT Telekomunikasi Selular, foreign currency Issuer Default
Rating 'BB'/Stable; local currency IDR 'BBB-' or PT Indosat Tbk,
foreign and local currency IDR 'BB-' within two years.
Telkomsel and Indosat are the leading and second ranking
cellular operators in Indonesia, with subscriber market shares
of 56% and 26% respectively at end-June 2007. The agency said
that the ruling was unlikely to have any near-term effect on the
credit ratings of these telecommunications companies, or on the
ratings of Singapore Telecommunications Ltd (Singtel, foreign
currency IDR 'A' /Stable), which is 56.1% owned by Temasek, and
which in turn holds a 35% stake in Telkomsel. Temasek's stake
in Indosat is held through its wholly-owned subsidiary ST
Telemedia, which holds 75% in Asia Mobile Holdings, which in
turn holds 40.8% in Indosat.
On November 20, 2007, the Komisi Pengawas Persaingan Usaha
ruled that Temasek had breached anti-trust regulations,
specifically Article 27(a) of Law No.5/1999 of Indonesia, on the
grounds of its ownership in two companies that control over 50%
of their market segment. The ruling also implied allegations of
price-fixing, stating that Telkomsel had abused its dominant
market position by charging excessively high tariffs. A fine of
IDR25 billion or around USD2.7 million each has been levied on
Temasek and Telkomsel, as well as eight Temasek affiliates named
in the case. In addition, Telkomsel has been ordered to reduce
cellular tariffs by 15%.
Fitch understands that the aforementioned ruling and associated
penalties are not legally binding until endorsed and upheld by a
superior court in Indonesia. Temasek and other named parties
will likely seek to appeal the ruling, and in this regard the
agency notes a precedent of Indonesian courts moving to
invalidate KPPU decisions.
For example, in March 2006, the KPPU charged PT Semen Gresik
(Persero) Tbk with violation under the same law, levying a fine
of IDR1.0bn. The company subsequently filed an appeal in the
Surabaya District Court, which accepted the objection and ruled
to cancel the KPPU's decision. As the matter stands, the case
is pending judgment on a counter-appeal filed by the KPPU in the
Supreme Court of Indonesia.
Moreover, and as the above example illustrates, the legal
process tends to be protracted in Indonesia, and it could take a
year or more before a final and binding decision is reached. In
the interim, Fitch believes that a negative reaction to the
KPPU's ruling by the Indonesian financial and/or political
community, reflecting concerns over the potential impairment of
foreign direct investment flows into the country, could
influence the outcome of the process in a more positive
direction for the various companies affected by the ruling.
However, should Temasek be ultimately forced to divest its stake
in one of the operators, Fitch believes that it is more likely
to sell its stake in Indosat, given its weaker market position
and lower valuation compared with Telkomsel. In this scenario,
Fitch says that Indosat's ratings and outlook would remain
unaffected. The agency's ratings on Indosat are effectively
stand-alone ratings, and do not factor in support from ST
Telemedia or Temasek.
In the unlikely scenario that Temasek were to divest its stake
in Telkomsel, the agency says that there would be some potential
for negative pressure on the ratings and/or the outlook of
Telkomsel and Singtel. In Telkomsel's case, Singtel's strategic
shareholding and influence has provided comfort in rating the
company above the sovereign local currency rating. Conversely,
Telkomsel is a star performer and key growth driver in Singtel's
overseas asset portfolio, contributing around 21% of group pre-
tax profits and 51% of associate dividends in FY07.
Other conditions within the KPPU ruling appear unusually onerous
for both Temasek and Telkomsel. In Fitch's view, the
requirement that the forced divestment by Temasek would allow no
buyer of the divested business to acquire more than 5% of the
entire divested stake - effectively meaning that the shares must
be placed with at least 20 different investors - is extremely
likely to be challenged by Temasek.
With regards to the directive to Telkomsel to reduce cellular
tariffs by 15%, Fitch's ratings on the company already factor in
an expectation of ARPU reductions in the range of 10% p.a. With
average pricing currently well above the interconnection floor,
the agency had earlier noted that there was considerable scope
for tariff reductions, the same being inevitable in view of
rising competition. Consequently, Fitch believes that, even if
implemented, this directive should not have a negative impact on
the ratings or Outlook for Telkomsel, particularly in view of
its exceptionally high operating margins and strong credit
metrics.
Fitch will continue to monitor this situation closely and will
provide periodic updates to investors as the likely timing and
direction of the process becomes clearer.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia. The
company provides international long-distance services in
Indonesia. It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers. The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers. Airtime is sold through
postpaid and prepaid plans. It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services. MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.
TELKOMSEL: To Deploy Solar-Driven GSM Base Stations w/ Ericsson
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia is deploying solar-driven
GSM base stations developed by Ericsson to provide mobile
telecoms access in rural areas of Sumatra, various reports say.
According to the reports, Ericsson will supply its Main-Remote
GSM base station RBS 2111, which has a smaller environmental
footprint than a standard base station and uses up to 60% less
energy.
Nikkei Electronics Asia says that the site solution is suitable
for deployment in rural areas with limited electricity supply.
The site also does not require diesel fuel and has maintenance-
free batteries, providing wider coverage while reducing network
operating expenses and total cost of ownership, the report adds.
Jan Signell, President at Ericsson South East Asia told 3G News
that this alternative-energy site solution helps Telkomsel
address the challenge of bringing coverage to areas with limited
access to the electricity grid. It can reduce their
operational expenses and bring connectivity to untapped areas in
Sumatra, the report relates.
About Telkomsel
PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share. By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.
Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006. The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.
Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.
=========
J A P A N
=========
ALL NIPPON: Extends Code-Sharing Deal with TAP Portugal
-------------------------------------------------------
All Nippon Airways Co., Ltd, and fellow Star Alliance member
airline TAP Portugal will extend their alliance agreement to
cover code-sharing flights between Lisbon and the ANA European
gateway of Frankfurt, from December 16, 2007.
ANA will place its flight code, NH, on flights operated by TAP
Portugal, bringing the Portuguese capital effectively into its
network. ANA customers will have the convenience of booking
onward flights to Lisbon from Frankfurt online, using the ANA
SKY WEB Internet site, as well as a simplified itinerary using
just one flight code.
"We are delighted to work even more closely with TAP Portugal,
to simplify travel for our customers and make their experience
as convenient as possible," said Keisuke Okada, ANA's executive
vice president International Relations. "With this new
development, it will be even easier for customers to reap the
benefits of ANA and TAP's membership of Star Alliance when
traveling between Japan and Portugal," he continued.
"It is indeed a great step towards building closer air links
between Japan and Portugal, and TAP Portugal is extremely happy
to be able to connect its network smoothly and conveniently to
ANA's, therefore creating better and more options to travellers
between the two countries" highlighted Jose Guedes Dias, vice
president Alliances & External Relations for TAP. "Knowing the
high quality product offered by our STAR partner ANA, I have no
doubt that more and more passengers will feel attracted to use
our joint services, making this a very successful partnership."
About All Nippon Airways
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade. The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.
ALL NIPPON: Maintains Int'l. Fuel Surcharge for Jan-Mar 2008
------------------------------------------------------------
All Nippon Airways Co., Ltd., decided to maintain its fuel
surcharge for January to March 2008 at present levels, despite
the rising cost of jet fuel.
Since July this year, ANA has fixed its fuel surcharge for a
three month period, revising it on the basis of the average
market price of Singapore kerosene for the previous three
months. Although jet fuel (Singapore kerosene) rose to an
average of US$90.65 per barrel from August to October this year,
ANA has decided to maintain the present levels in light of its
continuing efforts to curb costs and increase revenues, taking
into consideration the effect that a rise would have on its
passengers and the effect of fuel costs on its performance for
the current fiscal year.
Although ANA has avoided raising the fuel surcharge, it regrets
that it must still ask its valued customers to continue to share
the increased burden through the present surcharge.
About All Nippon Airways
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade. The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.
ALL NIPPON: Buys 1% Stake in StarFlyer for JPY100 Million
---------------------------------------------------------
All Nippon Airways Co., Ltd. will take a 1% stake in its code-
share partner, Kitakyushu based StarFlyer, on December 21, 2007.
The stake, valued at approximately JPY100 million, will be
acquired by third party allocation in accordance with a request
from StarFlyer.
The investment by ANA is designed to further strengthen ties
between the two airlines, which began in August 2006 when ANA
and StarFlyer signed a co-operation agreement giving the start-
up airline access to ANA's reservation system, able, and to ANA
training facilities.
The relationship was expanded to include code-share flights
between Tokyo's Haneda airport and Kitakyushu on June 1, 2007.
About All Nippon Airways
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade. The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.
FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire
---------------------------------------------------------------
Ford Motor Company's vice president, chief executive officer and
chief operating officer for Automotive Components Holdings, Al
Ver, has elected to retire at the end of the year, after a
35-year career with the Ford Motor.
Mr. Ver joined Ford in 1972 as a manufacturing process engineer
at the Mt. Clemens (Michigan) Paint Plant. He has held a number
of engineering and manufacturing positions within Ford and its
component operations during his career. Prior to his current
assignment, Mr. Ver served as vice president for Ford's Advanced
Manufacturing Engineering organization. As the head of ACH, he
reported to The Americas executive vice president and president,
Mark Fields.
"Al has consistently contributed to Ford's engineering and
manufacturing organizations throughout his career and most
recently has done an outstanding job in leading ACH through its
transition," said Mr. Fields. "We wish Al and his family well
as they move into the next phase of their lives."
Mr. Ver will be succeeded by Bill Connelly, who has been named
chief executive officer, ACH. Mr. Connelly will retain his
Chief Financial Officer responsibilities for ACH. During the
transition, Mr. Ver will report to president and CEO, Alan
Mulally, for a special project.
Mr. Connelly will lead the Ford-managed, temporary business
entity comprised of former Visteon Corp. plants and facilities
in the United States and Mexico, as it continues preparing the
operations for sale or closure by the end of 2008. He will
report to vice president of North America Manufacturing, Joe
Hinrichs.
"Bill has been with ACH from the start and knows the component
businesses within the group, as well as the component industry,"
Mr. Fields said. "We continue to operate in a very challenging
environment, and having Bill at the helm is reassuring to me and
everyone on the team."
Mr. Connelly, a U.S. Marine Captain, joined Ford's Finance staff
in 1972. Throughout his career, he has held a variety of
positions within Finance, including controller of Ford's North
America Automotive Operations and Ford Customer Service
Division, and director of the company's Investor Relations
department. Mr. Connelly was instrumental in the negotiations
to form ACH in 2005, and as its CFO, he has significantly
reduced operating costs and helped to progress ACH's
restructuring plans.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents. With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The
company provides financial services through Ford Motor Credit
Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 13, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications following
Ford's report of a narrower third-quarter loss compared to that
of a year ago. S&P currently expect to resolve the CreditWatch
around mid-November. The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.
FORD MOTOR: Russian Plant Workers Resume Strike
-----------------------------------------------
Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok,
Russia, resumed their strike on Nov. 20, 2007, demanding higher
wages and reduction of night shifts from March 2008, published
reports say.
According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands. They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.
In a report by RIA Novosti, Yekaterina Kulinenko, a public
relations manager at Ford said that the strike could disrupt car
deliveries to Russian customers.
"The cars that were ordered earlier will be produced later and,
correspondingly, their delivery will be delayed due to the
strike," Mr. Kulinenko was quoted by RIA Novosti, adding that
the plant's daily output was 300 Ford Focus vehicles.
Mr. Kulinenko added the company's management was prepared to
hold talks with the plant's trade union only after the strike
was over.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007. S&P said
the outlook is stable.
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.
Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.
These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.
FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
--------------------------------------------------------------
Although officially protesting the sale, labor union leaders in
the United Kingdom representing workers for Ford Motor Company's
Jaguar and Land Rover units have selected bidder Tata Motors
Ltd. to acquire the carmaker's Jaguar and Land Rover brands,
various papers disclose.
Among the final bidders of two of Ford's Premier Automotive
Group brands -- Tata, J.P. Morgan Chase & Co.'s One Equity
Partners and Mahindra & Mahindra Ltd. -- Tata is seen by Unite,
U.K.'s largest union, as the one who will likely serve the best
interest of the union members, Russell Hotten of the
Telegraph.Co.UK reports citing Unite's joint general secretary,
Tony Woodley.
Unite union leaders at Jaguar and Land Rover said that if the
U.K.-based units are sold it should to be to a company ``with an
established presence and background in manufacturing,'' the
union said in a statement.
Stephen Power of the Wall Street Journal relates that union
leaders are trying to make a sale that would streamline closure
of manufacturing plants and displacement of workers at Jaguar
and Land Rover units, which employs 16,000 workers in U.K.
Sources say that the union endorsement is a political
commendation for Tata and an influence to U.K.'s governing labor
party, which is concern on the loss of investments and jobs in
the U.K.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.
KOBE STEEL: To Build JPY26-Bil. Ironmaking Plant in Minnesota
-------------------------------------------------------------
Kobe Steel, Ltd., has reached agreement with Steel Dynamics,
Inc., for Kobe Steel and SDI to construct an ironmaking plant
using Kobe Steel's ITmk3(R) Process at Hoyt Lakes, Minnesota
(USA). Total investment is projected to reach US$235 million or
about JPY26 billion. Plans call for the new facility, which
will have an annual production capacity of 500,000 metric tons
per year, to start up in mid-2009.
The ITmk3 Process is a technology that in a continuous process
rapidly produces high-grade iron nuggets for use in steelmaking.
High-purity iron is produced in the form of small, inert nuggets
that are ideal in meeting the pig iron requirements of electric-
arc-furnace mini-mills producing high-grade flat-rolled steels.
In addition, the process is environmentally friendly, generating
about 20 percent less carbon gases than in the traditional blast
furnace/BOF ironmaking process used by integrated steel mills.
Following the completion of trials demonstrating the viability
of the process in July 2004, Kobe Steel and SDI began working on
the next stage: planning the construction of the first
commercial-scale ITmk3 plant. The agreement to formally confirm
the launch of the commercial plant project was signed on
November 20, 2007, at SDI's headquarters in Fort Wayne, Indiana.
This first ITmk3 commercial plant will be constructed and
operated through a joint venture, Mesabi Nugget Delaware, LLC,
which will produce and sell the iron nuggets. SDI will invest
$85 million in the venture, holding an 81% equity share, while
Kobe Steel will invest $20 million for a 19% share. SDI will
manage the construction of the facility and operate it.
Kobe Steel will provide the ITmk3 process license, engineering
services, primary production equipment, and technical support.
Kobe Steel expects the commercial plant to provide essential
operating data on plant and process effectiveness.
SDI anticipates that all of the nuggets produced by the ITmk3
plant will be consumed in its mini-mills. In a related
initiative, SDI is acquiring an existing mine near the ITmk3
plant site on the Mesabi Iron Range and plans to construct a
facility for concentrating iron ore. The processed iron ore
will be used as a raw material feedstock for the nugget plant.
The start of the first commercial ITmk3 plant project is a
significant step forward for the next-generation ironmaking
process, which is increasingly recognized around the world, said
Kobe Steel. Kobe Steel is also working on other commercial
ITmk3 projects, including one in Michigan, which Kobe Steel is
studying with Cleveland-Cliffs Inc.
With world steel demand continuing to rise, global crude steel
production has been growing yearly by 60 million to 100 million
metric tons, reaching 1.24 billion metric tons in 2006. Over the
medium- to long-term future, steel demand is anticipated to
continue increasing, along with the corresponding need for cold
iron units, which consist of iron units other than blast-furnace
hot metal. Kobe Steel believes the ITmk3 Process is one of the
most effective ways to meet this new demand.
The ITmk3 Process, with its lower carbon-dioxide emissions and
capital investment, is highly suitable for developing countries
that are growing their steel industries. In addition, the ITmk3
Process can use relatively low-grade iron ore and coal, which
are difficult to use in blast furnace ironmaking, to keep raw
material costs down. Mining companies traditionally supply raw
materials to integrated blast-furnace steelmakers. However, the
ITmk3 Process enables mining companies to produce and sell
value-added iron nuggets to electric arc furnace steelmakers.
Along with these advantages, the real value of the ITmk3 Process
is that it produces high-grade iron nuggets comparable in
quality to blast-furnace pig iron.
In addition to grappling with environmental issues, the world
steel industry faces a tight raw material market and higher
costs due to the sharp increase in steel production. Under
these difficult conditions, the ITmk3 Process is an attractive
alternative that provides a number of solutions. Kobe Steel,
with subsidiary Midrex Technologies, Inc., is a leading company
of direct reduction processes, and its MIDREX(R) Direct
Reduction Process is used to produce 60% of the world's direct
reduced iron. As a member of the world steel industry, Kobe
Steel has launched a revolutionary ironmaking process that is in
step with the present age, increasing its corporate value as
well as contributing to society.
About Kobe Steel
Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products. Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.
Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.
As the Troubled Company Reporter-Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB. At the same time, the agency
affirmed Kobelco's short-term IDR at B. The outlook on the
ratings is positive.
MITSUBISHI MOTORS: Sees China's 2008 Auto Demand to Hit 10 Mln.
---------------------------------------------------------------
The Wall Street Journal reports that Mitsubishi Motors Corp.
expects annual demand for automobiles in China "to grow fast and
hit 10 million vehicles" in 2008 -- the year of the Beijing
Olympics.
After that, China may face a slowdown, Shinsuke Katsuragi, head
of Mitsubishi's North Asia office and chief of China operations,
told The Journal's Norihiko Shirouzu in a recent interview in
Tokyo. "It's unlikely the market is going to keep growing 20%
year-on-year every year, as it has in the recent past," Mr.
Katsuragi said.
According to the report, Mitsubishi expects automobile sales in
China to total about 8.5 million vehicles this year.
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. 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.
MITSUBISHI PAPER: Considers Tie-Up with Oji Paper
-------------------------------------------------
Mitsubishi Paper Mills Limited said that it has started to
consider a business tie-up with Oji Paper Co., focusing on a
mutual supply of certain paper products, Jiji Press reports.
According to the report, Mitsubishi Paper may supply Oji Paper
with carbonless duplicating paper for business use on an
original equipment manufacturer basis. Oji Paper, on the other
hgand, may provide Mitsubishi Paper with thermal recording paper
to be manufactured by subsidiary Oji Paper (Thailand) Ltd.
To formalize the alliance, Mitsubishi Paper will issue new
shares of about JPY1.8 billion to Oji Paper next month, making
Oji Paper the ninth largest shareholder of the Tokyo-based paper
manufaccturer with a 2.34% stake, relates Jiji Press.
The proceeds of the sale, Jiji Press says, will be used by
Mitsubishi Paper to reinforce its carbonless paper plants in
Takasago, Hyogo Prefecture, western Japan, and Hachinohe in
northern prefecture of Aomori.
In addition, Mitsubishi Paper will invest JPY1.0 billion in Oji
Paper's Thailand unit, which will start producing thermal paper
in late 2008. The company plans to sell the thermal paper
supplied by the Oji Paper unit in the Asian market, notes Jiji
Press.
Currently, Mitsubishi Paper's German unit produces thermal paper
for the Asian market, but once the alliance with Oji Paper will
be finalized, the paper manufacturer's German subsidiary will
shift its market to East Europe and Russia, Jiji Press adds.
Meanwhile, Mitsubishi Paper, during the announcement of the
outline of its new three-year business program starting in
fiscal 2008, calls for keeping its ties with Fujifilm Corp. on
resin-coated photographic paper and maintain its hookup with
Hokuetsu Paper Mills Ltd. on sales of printing paper.
About Mitsubishi Paper
Headquartered in Tokyo, Mitsubishi Paper Mills Limited --
http://web.infoweb.ne.jp/mpm/eng/index-e.html-- is a Japan-
based company involved in the pulp, paper and allied sectors.
The company carries R&I's BB+ rating for its senior debt and
issuer rating.
MITSUKOSHI LTD: Shareholders Approve Isetan Merger Plan
-------------------------------------------------------
Shareholders of Mitsukoshi Ltd. and Isetan Co. approved the
planned merger of the two department store chains, paving the
way for the creation of Japan's no. 1 department store group,
Kyodo News reports.
Both companies, which announced the integration of operations in
August, have a combined consolidated sales of JPY1.58 trillion
for the 2006 business year, notes Kyodo News.
The report states that Mitsukoshi and Isetan will merge
operations on April 1, 2008, under a holding company in hopes of
drawing on each other's strengths to prevail in the intensifying
competition in the industry by integrating information systems,
operation flows and procurements of goods under the merger.
Mitsukoshi has strength in the more upscale customer base, while
Isetan is popular with trend-conscious young consumers, the
report relates.
Should the merger push through, Mitsukoshi, Japan's 4th biggest
department store chain, and Isetan, the fifth-largest, would
overtake J.Front Retailing Co., which will be created in
September by Matsuzakaya Holdings Co. and Daimaru Inc., whose
combined sales reached JPY1.17 trillion for the latest reporting
year, Kyodo adds.
Kyodo News conveys that when they announced the merger in
August, Isetan President Nobukazu Muto said Isetan Mitsukoshi
Holdings' first goal is to achieve an operating profit margin of
5% by March 2013 and post an operating profit of JPY100 billion
by March 2018.
Mr. Muto told his company's shareholders that the merger was
decided on after taking into account whether corporate value
would be higher after 10 years than by going it alone, relates
Kyodo News.
The head office of Isetan Mitsukoshi Holdings, adds Kyodo News,
will be located in Tokyo's Ginza district and the Mitsukoshi and
Isetan stores will retain their names. Mr. Muto will assume the
chief executive officer and chairman of the holding company,
while Mitsukoshi's Ishizuka will take the president and chief
operating officer post.
About Mitsukoshi Ltd.
Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi. The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.
* * *
Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.
Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.
NOVA CORP: Language Schools Offer Special Deals to Students
-----------------------------------------------------------
Nova Corp. students receive special deals from major language
school chains, Japan Times reports.
Japan Times says that an umbrella entity for the major language
school chains -- ECC Foreign Language Institute and Aeon Corp.
-- said that it would accept a combined 10,000 students from
their failed counterpart, Nova.
According to the report, the Japan Association for the Promotion
of Foreign Language Education told the Ministry of Economy,
Trade and Industry that the students will be accepted mainly at
its five major chains:
1. ECC,
2. Aeon,
3. Berlitz Japan Inc.,
4. Shane Corp., and
5. American Language School.
Each firm, according to the report, has worked out support
options for Nova students, including admission fee exemptions
and tuition discounts.
The report notes that JAPFLE said that among its 66 members, 30
firms are set to accept the students at 900 schools nationwide,
while the 21-member All Japan Linguistics Association has also
expressed to the ministry that it will accept 5,000 students at
its 14 members, including Geos Corp.
About Nova Corp.
Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is
primarily engaged in the operation of language schools. The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally. The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.
Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.
The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.
SAPPORO HOLDINGS: Asks Steel Partners for More Details on Plan
--------------------------------------------------------------
Sapporo Holdings Limited has asked Warren Lichtenstein's Steel
Partners Japan fund to provide more information on a business
plan that the beermaker's largest shareholder submitted on
November 8, Tomoko Yamazaki writes for Bloomberg News.
Sapporo, states Bloomberg News, does not have enough information
to respond to the proposals that Steel Partners Japan Strategic
Fund (Offshore) L.P., and wants to know within 10 business days
if the plan is linked to the fund's takeover offer.
In a 170-page plan submitted by Sapporo's largest shareholder
earlier this month, it urged the brewer to boost branding of its
beers and seek strategic ties in soft drinks and food services,
notes Mr. Yamazaki.
Lichtenstein's fund, adds Bloomberg, held a 17.52% stake in
Sapporo as of Jan. 1 and has proposed taking control by raising
its holding to 66.6%.
Sapporo won stockholder approval in June to take steps designed
to repel the U.S. fund's proposal. The brewer said it will
decide on the offer by March 6, Bloomberg relates.
About Sapporo Holdings
Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants. Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu. Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.
* * *
As of May 16, 2007, the company carries Standard & Poor's
Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.
SOJITZ CORP: S&P Affirms BB Long-term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term corporate credit rating on Sojitz Corp. to positive
from stable, reflecting an improved balance between the
company's risk volume and its capital adequacy and
profitability, as well as its enhanced financial profile. At
the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit and 'BBB-' senior unsecured debt ratings
on the company.
"Sojitz has enhanced its capitalization in terms of both quality
and quantity through the conversion of convertible bonds into
common stock and preferred stock buybacks since May 2006, as
well as the accumulation of earnings due to strong performance,"
said Standard & Poor's credit analyst Yuri Yoshida. "At the
same time, progress in restructuring has helped the company
reduce its risk assets, resulting in an improved balance between
risk volume and its capital adequacy and profitability," she
added.
Although the general trader is beginning to take an aggressive
stance toward new investments, which total JPY300 billion under
its three-year management plan through March 2009, investment
risk is likely to remain manageable given the company's
capitalization and earnings. New investments under the plan
totaled JPY140 billion at Sept. 30, 2007, and the company has
managed concentration risk by keeping individual investments
relatively small, at below JPY10 billion. In addition, the
company revised its proprietary risk-return measurement, the
Sojitz Corp. Value Added, to reflect risks relating to
investments and loans. The measure is expected to strengthen
and stabilize profitability.
An upgrade would require Sojitz to further increase the
sophistication of its risk management and enhance its business
franchise. Introduced in 2004, the company's existing risk
management system covers market, credit, and other general risks
appropriately, but lags in business investment risk, which is of
great importance to general trading firms. In addition,
Sojitz's market position and revenue base are weaker than those
of its peers. Standard & Poor's will focus its analysis on
whether new investments by the company contribute to expanding
its business franchise and improving returns on risk.
UBE INDUSTRIES: Moody's Reviews Ba1 Rating for Likely Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade its Ba1 senior unsecured debt rating of Ube Industries,
Ltd.
The action reflects Moody's view that the company's overall
credit profile is likely to improve over the medium term, backed
by strengthening earnings and cash flow, supported by successful
reinforcement of its portfolio, as well as its improving balance
sheet structure, based on management's strong commitment to
further improve its financial fundamentals.
In its review, Moody's will assess the company's ability to:
(1) further strengthen the competitive positions of its core
businesses while restoring the aluminum wheel business,
and
(2) maintain profitability.
Moody's will also focus on Ube's financial strategy, including
investments for future growth under the current medium-term plan
started in April 2007.
Ube has steadily reinforced its profitability by restructuring
its diversified business portfolio, covering chemicals,
functional materials, pharmaceutical products, fine chemicals,
construction materials, machinery, and aluminum wheels. Each
business in which the company has a strong market position
globally or Asia -- caprolactam, polyimide, nylon resins,
synthetic rubber, and battery materials -- is contributing to
improved earnings. Progress of new agents in fine chemicals and
pharmaceutical division are also helping improve overall
earnings. As a result, the company expects to achieve operating
profit of JPY51 billion and an operating profit margin of 7.3%
in FYE3/2008, historically high numbers, offsetting continuous
hikes in the cost of raw materials.
At the same time, the company has been focusing on improving its
financial fundamentals, by reducing debt through managing
capital expenditures within depreciation costs, as well as
enhancing its ability to generate cash flow.
Ube Industries, Ltd., headquartered in Yamaguchi, is a leading
manufacturer of caprolactam and derivatives, including nylon
resin, with a variety of business lines: chemicals, functional
materials, pharmaceutical products, fine chemicals, construction
materials, machinery, aluminum wheels, and others. Consolidated
sales for the fiscal year to March 2007 were JPY 655.6 billion.
* Japanese Banking Groups Report Subprime Losses
------------------------------------------------
Kanako Takahara, staff writer of The Japan Times Online,
reported that profits at a handful of Japanese banks fell in the
six months to September as they suffered losses linked to U.S.
subprime mortgage loan woes.
Banking Group Subprime Loss
------------- -------------
Mizuho Financial Group JPY70.0 billion
Mitsubishi UFJ Financial Group JPY24.0 billion
Sumitomo Mitsui Financial Group JPY32.0 billion
Shinsei Bank Ltd. JPY18.9 billion
Aozora Bank Ltd. JPY5.8 billion
According to Mr. Takahara, the banks expect losses to increase
in the latter half of the year.
The report relates that banking analysts are optimistic the U.S.
the housing loan won't be that big of a problem because the
exposure of Japanese banks is manageable.
Mr. Takahara notes that U.S. Federal Reserve Chairman Ben
Bernake has estimated that the losses of Japanese banks will
come to around JPY400 billion, compared with the JPY17 trillion
exposure of U.S. financial institutions.
=========
K O R E A
=========
LG TELECOM: Gets Sued for Stealing SK Telecom's Brand
-----------------------------------------------------
SK Telecom filed a criminal suit against LG Telecom for using SK
Telecom's corporate logo and brand without permission, The
Korean Times reports.
According to the report, 12 LG Telecom branches used SKT's
company name and its orange butterfly logo on shop displays and
banners, to lure customers wanting to buy SKT services.
Cho Jung-rae, chief of SKT's public relations team, told the
news agency that, "Cases of corporate image misappropriation
have been increasing, as the telecom firms' sales network grow
both online and offline." With this legal action, SK Telecom
will be able protect their unique corporate and brand image, he
added.
LG Telecom, the report points out, admitted that some of its
shops were using SKT's brand. The company has received protests
from SK Telecom in September, and did their best to stop the
practice. The company then notified SK Telecom that they would
punish the shops that break the regulation, the report says.
An SK Telecom official said they launched a nationwide
inspection on phone shops a few months ago, and requested that
LG Telecom fix the matter. However, the situation didn't
improve, the report adds.
About LG Telecom
Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol. It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology. In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds. LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.
Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'
On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2. The outlook on the
rating is stable.
HYNIX SEMICON: Discloses 54nm 1Gb DRAM Validation
-------------------------------------------------
Hynix Semiconductor Inc. disclosed the validation per Intel
procedures and specifications of 54nm 1Gb DDR2 DRAM. Hynix is
one of the first suppliers in the industry to develop a 50nm-
class process technology.
The finer process design-rule of this 54nm product reduces die
size by approximately 40% compared to 60nm-class process
technology, significantly reducing costs and improving speed-
power characteristics. Hynix "three-dimensional transistor"
architecture and "W-DPG (Tungsten-Dual Poly Gate)" technologies
minimize current leakage to further reduce overall power
consumption.
This 54nm technology will be used to manufacture both DDR2 and
DDR3 DRAMs in 1Gb and 2Gb densities beginning in the second half
of next year.
With growing demand for high capacity memory, Hynix plans to
consistently enhance production capacity on the 54nm products to
meet customer demand. This technology will also be used to
build Graphics DRAM and Mobile DRAMs in the future.
About Hynix Semiconductor Inc.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
===============
M A L A Y S I A
===============
ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
----------------------------------------------------------------
Aspen Technology Inc. has selected preliminary financial results
for its fiscal first quarter 2008.
The company reported license bookings of approximately US$36
million during the fiscal first quarter 2008, with license
bookings defined as the total net present value of all license
contracts signed in the quarter. This represents an increase of
50% compared to license bookings of approximately US$24 million
in the first quarter of fiscal 2007.
The company ended Sept. 30, 2007, with US$128 million in cash
and cash equivalents, which is a decrease compared to US$132
million at the end of the previous quarter. The sequential
decline in cash was primarily due to cash payments related to
incentive compensation following the company's record fiscal
2007 results. On a year-over-year basis, the company's cash and
cash equivalents increased US$39 million from a balance of US$89
million at Sept. 30, 2006.
Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We are pleased with the company's operational performance in
the first quarter, with strong year-over-year growth in license
bookings highlighting what was a strong start to the fiscal
year. Our end markets are strong, the company's point solutions
and aspenONE suite remain best-in-class and our worldwide
organization is executing at a high level." Mr.Fusco added,
"With solid market demand, a differentiated value proposition
and industry leading domain expertise, we are optimistic about
the company's fundamental outlook for the remainder of fiscal
2008."
Brad Miller, Chief Financial Officer of AspenTech, said "We have
made considerable progress in becoming current with all of our
outstanding financial reporting requirements, including the
fiscal 2007 10-K and our fiscal first quarter 2008 10-Q. We are
committed to addressing these matters and intend to become
current in these filings by Jan. 18, 2008, the extension date we
requested at our recent hearing with Nasdaq."
About Aspen Technology
Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations. The company has operations in
Brazil, Malaysia and France.
* * *
Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating. Moody's said the outlook
is stable.
The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.
ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay
----------------------------------------------------------------
Aspen Technology has received, as expected, an Additional Staff
Determination Letter from the NASDAQ on Nov. 14, 2007,
indicating that the company is not in compliance with the
requirements for continued listing set forth in Marketplace Rule
4310(c)(14) as a result of the company's failure to file timely
with the U.S. the Securities and Exchange Commission the
company's Form 10-Q for the quarter ended Sept. 30, 2007.
The NASDAQ previously issued a Staff Determination regarding the
continued listing of the Company's Stock on the Nasdaq Global
Market due to the company's failure to file its Annual Report on
Form 10-K for the fiscal year ended June 30, 2007. The November
14 Staff Determination further indicates that non-compliance as
a result of the company's failure to file its Form 10-Q serves
as an additional basis for delisting the company's stock at the
company's request, a hearing on the Staff Determinations was
conducted on Nov. 15, 2007, before a Nasdaq Listing
Qualifications Panel at which time the company requested an
extension to Jan. 18, 2008, to comply with NASDAQ listing
requirements. There can be no assurance that the Panel will
grant the company's request.
AspenTech's delay in filing is attributed to the previously
announced intention to restate certain historical financial
statements. The company is working diligently to complete its
delinquent Forms 10-Q and 10-K.
About Aspen Technology
Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations. The company has operations in
Brazil, Malaysia and France.
* * *
Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating. Moody's said the outlook
is stable.
The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.
CHIN FOH: Bursa Securities to Delist Shares on Dec. 3
-----------------------------------------------------
The Bursa Malaysia Securities Berhad will delist from its
Official List the securities of Chin Foh Berhad. The delisting
will take place on December 3, 2007.
In a letter dated November 21, 2007, Bursa decided to delist the
company's shares due to an inadequate level of financial
condition to warrant its continued listing on the Bursa's.
The Securities Commission rejected Chin Foh's regularization
plan and its appeal against the rejection, through its letters
dated May 28 and October 2, 2007, respectively.
Bursa Securities disclosed that it had commenced delisting
procedures against the company.
Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products. Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments. Operations are carried out in Malaysia,
Australia, and China.
Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.
On May 31, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Securities Commission did not approve of the
company's reform plan proposals.
Chin Foh Bhd's unaudited balance sheet as of July 31, 2007, went
upside down by MYR54.19 million, on total assets of
MYR186.24 million and total liabilities of MYR240.43 million.
CNLT (FAR EAST): Cancels MYR60-Million BGCP Due to Default
----------------------------------------------------------
In an update to its status of default in payment, CNLT (Far
East) Berhad discloses that its MYR60-million Bank Guaranteed
Commercial Papers Program was canceled, due to the Trustee's
declaration of default on October 16, 2007.
Subsequently, the bondholders, on October 18, 2007, called on
the bank guarantee for the payment of the full principal amount
of MYR60 million under the BGCP by the guarantor bank creditors.
The payment for the amount was made by the guarantor bank
creditors on October 24, 2007, which has become a secured debt
owed by the company.
The company also disclosed on October 10, 2007, that it also
entered into discussions with its guarantor bank creditors to
undertake a comprehensive corporate and debt restructuring
exercise to address and resolve its debt liabilities and these
discussions are still ongoing. CNLT had also obtained a
restraining order from the Kuala Lumpur High Court pursuant to
Section 176 (10) of the Companies Act, 1965 on October 26, 2007,
which will facilitate the finalization of its proposed corporate
and debt restructuring exercise.
About CNLT
Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:
(i) Based on the unaudited quarterly results of CNLT for
the first quarter ended March 31, 2007, as announced
to Bursa Securities, the shareholders' equity on a
consolidated basis is less than 50% of the issued and
paid up capital of the company ; and
(ii) The auditors of CNLT have expressed a modified opinion
with emphasis on the Company's going concern in its
latest audited accounts for the financial year ended
December 31, 2005.
MANGIUM: Posts MYR2.7-Mil. Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------
Mangium Industries Berhad disclosed with the Bursa Malaysia
Securities Berhad its unaudited financial results for the
quarter ended September 30, 2007.
The company posted a MYR2.7-million net loss for the third
quarter, compared with the MYR1.2-million net loss recorded for
the same quarter in 2006. The loss for the third quarter of the
year was mainly due to increase in operating and interest
expense compared to the preceding quarter.
Revenue for the third quarter of 2007 is recorded at
MYR8.1 million, compared with the MYR7.8-million revenues
recorded in the third quarter of 2006.
As of September 30, 2007, the company's balance sheet showed
strained liquidity with MYR23.2 million in total current assets
available to pay MYR108.6 million in total current liabilities
coming due within the next 12 months.
About Mangium Industries
Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding. Operations of the Group are carried out in Malaysia.
The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital. As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.
Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million. Shareholders' equity deficit totaled
MYR46.11 million.
SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal
--------------------------------------------------------------
Plaintiffs in a suit filed to recover alleged losses to the
Solutia Inc. Savings and Investment Plan (SIP Plan) are
appealing the dismissal of the case.
On October 7, 2004, a purported class action, "Dickerson v.
Feldman, et al." was filed in the United States District Court
for the Southern District of New York against a number of
defendants, including former officers and employees of Solutia
and Solutia's Employee Benefits Plans Committee and Pension and
Savings Funds Committee.
Solutia was not named as a defendant. The action alleged breach
of fiduciary duty under ERISA and sought to recover alleged
losses to the SIP Plan during the period December 16, 1998 to
the date the action was filed.
The investment of SIP Plan assets in Solutia's common stock is
alleged to have been imprudent because of the risks and
liabilities related to Solutia's legacy environmental and
litigation liabilities and because of Flexsys' alleged
involvement in the matters described above under "Flexsys
Antitrust Litigation."
The action sought monetary payment to the SIP Plan to recover
the losses resulting from the alleged breach of fiduciary
duties, as well as injunctive and other appropriate equitable
relief, reasonable attorney's fees and expenses, costs and
interest. In addition, the plaintiff in this action filed a
proof of claim for $269 against Solutia in the Bankruptcy Court.
On March 30, 2006, the District Court granted the defendants'
motion to dismiss on grounds that the Dickerson plaintiffs
lacked standing to sue and that the complaint failed to state a
claim on which relief could be granted. The dismissal of
Dickerson's cause of action resulted in dismissal of the entire
purported class action, including claims asserted on behalf of
the unnamed purported class members.
On April 3, 2006, Dickerson filed an appeal of this dismissal
with the United States Court of Appeals for the Second Circuit.
The parties have fully briefed the appeal, and oral arguments
were heard on May 21, 2007.
The company reported no development in the case at its Nov. 6,
2007 form 10-Q filing with the U.S. Securities and Exchange
Commission for the quarter ended Sept. 30, 2007.
The suit is "Dickerson v. Feldman et al., Case No. 1:04-cv-
07935-LAP," on appeal from the U.S. District Court for the
Southern District of New York Under Judge Loretta A. Preska.
Representing plaintiff is:
Ronen Sarraf, Esq.
Sarraf Gentile, LLP
485 Seventh Avenue, New York, NY 10018
Phone: (212) 868-3610
Fax: (212)918-7967
e-mail: ronen@sarrafgentile.com
Representing the Employee Benefits Plan Committee is:
Robert M. Stern, Esq.
O'Melveny & Myers LLP
1625 Eye Street, NW
Washington, DC 20006
Phone: (202) 383-5328
Fax: (202) 383-5396
e-mail: rstern@omm.com
TANCO HOLDINGS: Applies for Scheme of Arrangement
-------------------------------------------------
On November 20, 2007, an application to obtain the Court
sanction for the implementation of the Proposed Composite Scheme
of Arrangement was filed with the High Court of Malaya in Kuala
Lumpur by Tanco Holdings Berhad and its affected subsidiaries:
* Palm Springs Development Sdn Bhd;
* Tanco Resorts Berhad;
* JKMB Development Sdn Bhd;
* Palm Springs Resort Management Berhad;
* Tanco Land Sdn Bhd;
* Popular Elegance (M) Sdn Bhd;
* Tanco Properties Sdn Bhd;
* Tanco Club Berhad;and
* Tanco Development Sdn Bhd.
Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services. Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding. The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.
The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004. As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.
====================
N E W Z E A L A N D
====================
2 DESIGN: Wind-Up Petition Hearing Set for Nov. 26
--------------------------------------------------
The High Court of Christchurch will hear on November 26, 2007,
at 10:00 a.m. a petition to have 2 Design Ltd.'s operations
wound up.
The petition was filed by the Commissioner of Inland Revenue on
October 2, 2007.
The CIR's solicitor is:
Julia Beech
Inland Revenue Department
Legal and Technical Services
Ground Floor Reception
518 Colombo Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile:(03) 977 9853
24 HOURS PERSONNEL: Court Hears Wind-Up Petition
------------------------------------------------
The High Court of Auckland heard on November 22, 2007, at
10:00 a.m., a petition to have 24 Hours Personnel Access
Recruitment Consultancy Services Ltd.'s operations wound up.
The Commissioner of Inland Revenue filed the petition on
July 30, 2007.
The results of the hearing are not yet available.
The CIR's solicitor is:
Justine S. T. Berryman
Inland Revenue Department
Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116
ARMCO MARKETING: Placed Under Voluntary Liquidation
---------------------------------------------------
On November 2, 2007, members resolved to voluntarily liquidate
Armco Marketing Ltd.'s operations.
Daryl Bonney was named as liquidator.
The Liquidator can be reached at:
Daryl Bonney
353 Devonport Road, Tauranga
New Zealand
Telephone:(07) 578 0489
Facsimile:(07) 578 0490
CASH EXPRESS: Creditors' Proofs of Debt Due on Nov. 23
------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were named
liquidators of Cash Express Christchurch Ltd. on November 1,
2007.
The Liquidators are accepting creditors' proofs of debt until
November 23, 2007.
The Liquidators can be reached at:
David Donald Crichton
Keiran Anne Horne
c/o Crichton Horne & Associates Limited
Old Library Chambers
109 Cambridge Terrace
PO Box 3978, Christchurch
New Zealand
Telephone:(03) 379 7929
FINESSE HOMES: Appoints Rowan Kingstone as Liquidator
-----------------------------------------------------
The shareholders of Finesse Homes Ltd., on November 2, 2007,
appointed Rowan Kingstone as the company's liquidator.
The Liquidator can be reached at:
Rowan Kingstone
KDB Chartered Accountants Limited
Chartered Accountants
PO Box 9200, Newmarket
Auckland
New Zealand
Telephone:(09) 303 3007
Facsimile:(09) 303 1600
FIRST DATA: Inks Quickpay Agreement with Tim Hortons
----------------------------------------------------
First Data Corp. has signed an agreement with Tim Hortons(R),
Canada's largest quick service restaurant chain, to provide
transaction processing for its new convenience card program
called Quickpay Tim Card(TM).
The Quickpay Tim Card is a pre-paid, re-loadable cash card that
can be used to pay for purchases both in-store and at the drive
thru at participating Tim Hortons stores. Tim Hortons recently
launched the Tim Card at participating locations throughout
Canada.
First Data will provide transaction processing and will
manufacture the cards. Tim Hortons' prepaid solution will also
feature connectivity via the Datawire transport network. The
Datawire network, owned and operated by First Data, has become
the standard in the payments industry for point-of-sale
connectivity via the Internet.
"We are pleased to partner with Tim Hortons as they launch Tim
Card," said Peter Harrington, President, Latin America and
Canada, First Data International. "We are committed to
providing our clients with tailored solutions that fit their
business. This gift card solution gives merchants of all sizes
the ability to increase sales, strengthen customer loyalty and
enhance promotional activities, while providing their customers
with a convenient method of payment."
"First Data provides a solid solution, has the market experience
and can deliver the capabilities that Tim Hortons needs," said
David Clanachan, EVP, Training, Operations Standards, R&D and
Quality Assurance, Tim Hortons. "The flexibility of First
Data's cash card solution will allow us to successfully launch
our Tim Card program."
About Datawire
The Datawire Network is a distributed transaction transport
network, which has emerged as the de facto standard for public
Internet Point-Of-Sale (POS) connectivity for merchants. First
Data acquired Datawire in February of 2007. The patented VXN
technology has been architected to provide secure, reliable,
consistent and rapid transaction transport. The Datawire network
has been in service for over 5 years and has transported
billions of transactions, servicing at present approximately
100,000 merchant locations worldwide.
About Tim Hortons Inc.
Tim Hortons -- http://www.timhortons.com/-- is the fourth
largest publicly-traded quick service restaurant chain in North
America based on market capitalization, and the largest in
Canada. Tim Hortons appeals to a broad range of consumer
tastes, with a menu that includes coffee and donuts, premium
coffees, flavored cappuccinos, specialty teas, home-style soups,
fresh sandwiches and fresh baked goods. As of Sept. 30, 2007,
Tim Hortons had 3,110 system-wide restaurants, including 2,758
in Canada and 352 in the United States.
About First Data
First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico. The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions. The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed USUS$2 billion senior unsecured notes due
2015 offering.
As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:
-- Corporate Family Rating - B2
-- USUS$2 billion senior secured revolving credit facility
(expires 2013) - Ba3, LGD2 (27%)
-- USUS$13 billion senior secured Term Loan B (due 2014) -
Ba3, LGD2 (27%).
J. N. CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 29
-------------------------------------------------------------
A petition to have J. N. Construction Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 29,
2007, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition on Oct. 4,
2007.
The CIR's solicitor is:
Justine S. T. Berryman
c/o Inland Revenue Department
Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116
LEANEYS IMMIGRATION: Taps Official Assignee as Liquidator
---------------------------------------------------------
On October 31, 2007, the official assignee was appointed
liquidator of Leaneys Immigration Services Limited.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
NOT MOVING: Fixes Dec. 3 as Last Day to File Claims
---------------------------------------------------
The creditors of Not Moving Ltd. are required to file their
proofs of debt by December 3, 2007, to be included in the
company's dividend distribution.
The company entered wind-up proceedings on October 29, 2007.
The company's liquidators are:
Colin Brian Wilson
Prince & Partners
PO Box 3685, Auckland 1001
New Zealand
Telephone:(09) 379 5324
Facsimile:(09) 307 0778
e-mail: office@prince.co.nz
WINDOW FIX: Appoints Official Assignee as Liquidator
----------------------------------------------------
The official assignee was appointed liquidator of Window Fix
(Waikato) Ltd. on October 31, 2007.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
WINNING SOLUTIONS: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On October 2, 2007, the Commissioner of Inland Revenue filed a
petition to have Winning Solutions Ltd.'s operations wound up.
The petition will be heard before the High Court of Christchurch
on November 26, 2007, at 10:00 a.m.
The CIR's solicitor is:
Julia Beech
Inland Revenue Department
Legal and Technical Services
Ground Floor Reception
518 Colombo Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0809
Facsimile:(03) 977 9853
=====================
P H I L I P P I N E S
=====================
BANCO DE ORO-EPCI: Completes Issuance of PHP10-Bil. Debt Notes
--------------------------------------------------------------
Banco De Oro-EPCI Inc. completed on Wednesday its issuance of
PHP10 billion in unsecured subordinated debt eligible as Lower
Tier 2 Capital, after successful completion of a public offer of
an announced size of PHP5 billion of Notes and domestic
roadshows in Metro Manila, Cebu and Davao.
The public offer period, which started on Nov. 8 and ended
Nov. 16, resulted in oversubscription of more than three times,
with total applications exceeding PHP15 billion. Due to the
strong demand for the issue, BDO decided to increase the issue
size from an initial offer of PHP5 billion to PHP10 billion of
Notes, the maximum issue amount approved by the Bangko Sentral
ng Pilipinas.
The Notes carry a coupon rate of 7.000% per annum and were
issued at 100.00% of face value. The Notes will be used to
further expand BDO's consumer loan portfolio and to refinance
its existing issue of Lower Tier 2 debt, which is set to come
due next year. The Notes will also increase and strengthen
BDO's capital base, ensuring that it has available capital for
its growth plans in the coming years. HSBC acted as the Lead
Arranger and Selling Agent for the offering and will also act as
the Notes' Market Maker and Public Trustee.
Institutional and retail investors took up roughly equal shares
in the allocation, indicative of the Notes' appeal to a wide
investor base. One of the major participants in the offer
among institutional investors was the International Finance
Corporation, the private sector arm of the World Bank and an
existing minority shareholder of BDO. "This reflects the IFC's
continued commitment to the Bank, as well as to supporting the
development of the Philippine capital markets," said Jesse Ang,
IFC Acting Country Manager for the Philippines and Thailand.
BDO is presently the country's second largest bank with assets
of PHP608.1 billion and capital funds of PHP58.8 billion. BDO
is among the market leaders in each of its core business lines,
and has an extensive network of 670 branches and more than 1,200
automated teller machines nationwide.
About Banco de Oro-EPCI
Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.
The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.
S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.
JG SUMMIT: Japanese Partner Divests Stake in Petrochemical Unit
---------------------------------------------------------------
The Japanese firm Marubeni Corp. has divested a 17.72% ownership
in JG Summit Petrochemical to its parent JG Summit Holdings
Inc., the Yarns and Fibers Exchange reports.
According to the report, the sale is in line with Marubeni's
select and concentrate policy for its petrochemical and chemical
operations. The Japanese trading house is also dissolving non-
core businesses, the article adds.
JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.
At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit. The notes are irrevocably and
unconditionally guaranteed by JG Summit.
NAT'L POWER: Enters Into PHP3-Bil. Supply Agreement with Holcim
---------------------------------------------------------------
The National Power Corp. has entered into a PHP3.35-billion
supply agreement to supply Holcim Philippines Inc. with 148.5
megawatt-hours per year, BusinessWorld reports.
The supply agreement is good for five years effective Nov. 26,
the articles says. The supply will be for Holcim's Misamis
Oriental plant.
BusinessWorld recounts that Holcim's contract was supposed to
expire in November next year, but the company opted to renew it
because of its "continued confidence in Napocor's ability to
provide adequate and quality electricity supply."
The move was spoken of by the Cement Manufacturers Association
of the Philippines as contradicting the current trend of power
self-generation, the report reveals. The association had
maintained that self-generating of power is one way for cement
companies to save on energy.
Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities. It works
with independent producers under a build-operate-transfer
program. With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies. To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion. It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.
* * *
The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines. This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.
The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--). The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.
On October 11, 2007, Fitch Ratings has affirmed on Thursday the
ratings of 'BB' to the US$500 million fixed-rate and
US$300 million floating-rate notes issued by National Power
Corporation in 2006 and 2005, respectively.
PHIL. LONG DISTANCE: Lists Additional 10,860 Common Shares
----------------------------------------------------------
The Philippine Long Distance Telephone Co. has listed an
additional 10,860 common shares in the Philippine Stock
Exchange, a company disclosure with the PSE says.
The new shares reflect the 10,860 Series V Cumulative
Convertible Preferred Stock that were converted into common
shares by their holders. The listing is set for Friday,
November 23. PLDT will now have 11.529 million shares listed
arising from the conversion of convertible preferred shares.
Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.
* * *
As of November 7, 2007, Philippine Long Distance Telephone
Company carries Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.
The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.
* Central Bank May Cut Interest Rates Further Next Year
-------------------------------------------------------
The Bangko Sentral ng Pilipinas may slash its interest rates
further given a benign inflation outlook, strong peso and
possible additional cuts by the US Federal Reserve Board, two
financial institutions told the Philippine Daily Inquirer on
Wednesday.
Economist Frances Cheung at Standard Chartered Bank said that
the BSP may make two more reductions of 25 basis points each in
the first two quarter next years, the article relates. This
will bring the BSP's overnight borrowing rate to 5.0% from the
current 5.5%, she added.
However, Ms. Cheung warned of inflationary risks from supply
shocks in agricultural products, given the high prices for these
products worldwide, and of the threat of rising crude oil
prices.
On the other hand, Sun Life Financial Philippines said through
its chief investment officer Michael Manuel that the BSP may cut
rates further on speculation that the US Fed is further lowering
its rates.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
* World Bank Mulls Over US$232MM Loan for Road-Making Projects
--------------------------------------------------------------
The World Bank is still undecided on the issue of a
US$232-million loan for a road construction project in the
Philippines which had been canceled due to traces of corruption,
while officials prepare alternatives in seeking financing for
the project.
ABS-CBN News reports that, according to the World Bank's Asian
regional communications director Peter Stephens, the WB still
has to care fully review the loan for the phase two of the
National Road Improvement and Management Program "for as long as
it takes" in order to ensure that the funds would be used for
their intended purpose.
The World Bank said on Monday it has canceled US$33 million in
two contracts signed between 2003 and 2005 due to signs of
collusion and overpricing, the article recounts. Because of
this, it also deferred the US$232-million loan for the second
phase of the road project.
Finance Secretary Margarito Teves expressed confidence on the
loan's eventual approval, stating that the government has
satisfied the World Bank's requirements against corruption. As
a precaution, he told Reuters, the country will seek alternative
sources if the World Bank disapproves the loans. Mr. Teves said
that the funds may come from the national government, multi-
lateral financial agencies and interest private entities.
However, he ruled out commercial borrowing as an option.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.
=================
S I N G A P O R E
=================
FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Freescale Semiconductor Inc. to 'B+' from 'BB-'
and removed the rating from CreditWatch where it was placed with
negative implications on Sept. 18, 2007. The outlook is
negative.
The action reflects the company's depressed revenues and cash
flows, resulting in debt leverage well above earlier
expectations, and limited prospects for material near-term
improvement.
"The ratings on Freescale reflect high debt leverage, about 7x
EBITDA, which is not likely to materially improve over the
intermediate term, reflecting ongoing challenging conditions in
the company's key markets, and substantial revenue dependence on
Motorola's cell phone business," said S&P's credit analyst Bruce
Hyman.
This is offset partially by the company's strong technology base
and expectations that its good business position with its key
customers will not significantly erode.
Debt leverage, 6.9 EBITDA for the four quarters ended September
2007, is expected to decline only modestly over the intermediate
term.
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004. The company has design, research and development,
manufacturing or sales operations in more than 30 countries
including Singapore. Revenues for the 12 months ended March 31,
2007 were US$6.2 billion.
LEAR CORP: Makes Two Executive Position Appointments
----------------------------------------------------
Lear Corporation has appointed Terrence B. Larkin to senior vice
president, general counsel and corporate secretary and Wendy L.
Foss to vice president, corporate controller and chief
compliance officer.
Mr. Larkin will assume responsibility for Lear Corp.'s legal and
regulatory matters globally, effective Jan. 1, 2008. He will
report to executive vice president and chief administrative
officer Daniel Ninivaggi.
Mr. Larkin joins Lear Corp. from Bodman LLP where he served as a
partner since 1986 and chairman of the firm's Business Law
Practice Group. During his tenure with Bodman, he focused on
general corporate and transactional matters, with a particular
expertise in supporting clients in the automotive industry. He
is a board member of the Detroit Regional Chamber of Commerce,
an advisory board member of the Detroit Regional Economic
Partnership, a fellow of the Michigan State Bar Association and
general counsel for the Better Business Bureau for Detroit /
Eastern Michigan region.
"We are very fortunate to have someone with Terry's deep legal
experience and sound business judgment join the Lear team," said
Mr. Ninivaggi. "He brings a wealth of legal expertise,
particularly in the areas of corporate and transactional
matters, and coupled with the solid automotive perspective he
brings to this position, will be a welcome addition to our
senior management team."
In her new role, Ms. Foss will assume the responsibilities of
the corporate controller function in addition to her existing
positions as vice president and chief compliance officer. Her
appointment as controller is effective immediately and she will
report to senior vice president and chief financial officer Matt
Simoncini for finance matters.
"Wendy has demonstrated leadership abilities in a number of key
finance positions with Lear and her appointment as controller is
well deserved," said Mr. Simoncini. "I look forward to her
future contributions toward the success of Lear in this
extremely important role."
About Lear Corp.
Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components. Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products. The company has more than 90,000 employees at 236
facilities in 33 countries.
Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela. Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey. Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook. Ratings on the company's term loan of B2 and on its
unsecured notes of B3 were similarly affirmed but with slight
revisions to their respective LGD point estimates. The
company's liquidity rating of SGL-2, designating good liquidity
was also affirmed.
Ratings affirmed with revised LGD point estimates:
-- Corporate Family Rating, B2
-- Probability of Default, B2
-- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
50%)
-- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
61%)
-- Shelf ratings for senior unsecured, subordinated and
preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
(P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
(P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%)
respectively.
-- Speculative Grade Liquidity Rating, SGL-2
SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit
-------------------------------------------------------------
Scottish Re Group Limited has appointed Samir Shah as its
Executive Vice President and Chief Risk Officer, effective
Dec. 26, 2007. Mr. Shah will be based at the company's
Hamilton, Bermuda headquarters.
Mr. Shah has over twenty years of experience in risk and capital
management and has done extensive work developing and
implementing Enterprise Risk Management concepts, methods and
tools. Most recently, Mr. Shah was a Principal with Towers
Perrin where he was a leader in the firm's global Enterprise
Risk Management practice, which helped insurance companies,
banks and non-financial institutions manage enterprise-wide
risks. Prior to his ten-year tenure at Tower Perrin, Mr. Shah
held various management-consulting roles focused in areas such
as non-traditional actuarial risk management, operational
efficiency and financial performance improvement.
Mr. Shah is a Fellow of the Society of Actuaries, a Financial
Risk Manager certified by the Global Association of Risk
Professionals and a Professional Risk Manager certified by the
Professional Risk Managers International Association. He holds
a B.S. and an M.S. in Industrial Engineering, specializing in
Operations Research and Management Science, from Northwestern
University.
In the newly created role of Chief Risk Officer, Mr. Shah is
charged with developing and implementing a risk management
strategy and operating framework designed to significantly
improve risk management disciplines across the company.
George Zippel, President and Chief Executive Officer of Scottish
Re Group Limited, commented, "Creating the Chief Risk Officer
leadership position and continuing to enhance a robust ERM
process are key elements of our plan to improve the operating
and financial performance of Scottish Re. I'm very pleased that
we were able to attract a strong and experienced risk management
professional to our company. I look forward to working closely
with Samir as he builds out his team and drives improved risk
management performance across Scottish Re."
Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist. Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service has affirmed the
ratings of Scottish Re Group Limited's senior unsecured shelf of
(P)Ba3 and changed the outlook to negative from stable.
SCOTTISH RE: N.Y. Court Partially Dismisses Securities Suit
-----------------------------------------------------------
The U.S. District Court for the Southern District of New York
partially granted and partially denied a motion to dismiss a
consolidated securities fraud class action filed against
Scottish Re Group Ltd.
On Aug. 2, 2006, putative class actions were filed against:
-- the company;
-- Glenn Schafer, the chairman of its board of directors;
-- Dean E. Miller, chief financial officer;
-- Scott E. Willkomm, former chief executive officer; and
-- Seth Vance, former chief executive officer - North
America.
Between Aug. 7, 2006 and Oct. 2, 2006, seven additional related
class actions were filed against the company, certain of its
current and former officers and directors, and certain third
parties.
Each of the complaints allege that the defendants made
materially false and misleading statements and/or omissions
concerning the company's business and operations, thereby
causing investors to purchase the company's securities
at artificially inflated prices, in violation of Sections 10(b)
and 20(a) of the U.S. Securities Exchange Act of 1934, as
amended, and Rule 10b-5 promulgated under the 1934 Act.
Two of the complaints also allege violations of Sections 11 and
15 of the Securities Act of 1933, related to a 2005 preferred
stock offering. Each of the class actions filed seek an
unspecified amount of damages, as well as other forms of relief.
On Oct. 12, 2006, all of the class actions were consolidated. A
consolidated complaint was filed on December 4, 2006.
On March 7, 2007, the company filed a motion to dismiss the
putative class action.
On Nov. 2, Judge Shira A. Scheindlin of the U.S. District Court
for the Southern District of New York issued a split verdict,
agreeing to toss claims relating to Scottish Re accounting firm
Ernst & Young, but denying the defendants' bid to dismiss the
entire securities fraud suit. Judge Scheindlin dismissed two of
the claims filed against E&Y on the grounds that the plaintiffs
had not adequately established scienter.
The is suit is "Zuckerman v. Scottish Re Group Ltd. et al., Case
No. 1:06-cv-05853-SAS," filed in the U.S. District Court for the
Southern District of New York under Judge Shira A. Scheindlin.
Representing the plaintiff are:
Arthur N. Abbey, Esq.
Abbey Spanier Rodd Abrams & Paradis
LLP, 212 East 39th Street
New York, NY 10016
Phone: (212) 889-3700
Fax: (212) 684-5191
E-mail: aabbey@abbeygardy.com
- and -
Max W. Berger, Esq.
Bernstein, Litowitz, Berger & Grossmann, L.L.P.
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 554-1400
Fax: (212) 554-1444
Representing the company is:
George E. Anhang, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
1875 Connecticut Ave., N.W., Suite 1200
Washington, DC 20009
Phone: (202) 986-8052
===============
T H A I L A N D
===============
TMB BANK: Sells 25% Ownership in Siam Samsung for THB36.8 Mil.
--------------------------------------------------------------
TMB Bank PCL has sold its holdings of 12.5 million shares or 25%
of Siam Samsung Life Insurance to three companies affiliated
with the Saha Group for THB36.84 million, the Bangkok Post
reports.
The divestment is part of the bank's plan to restructure
affiliated firms and in line with the Bank of Thailand's policy
on consolidated supervision, the article explains.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
On October 11, 2007, the Troubled Company Reporter-Asia Pacific
said that Standard & Poor's Ratings Service lowered its long-
term counterparty credit rating on TMB Bank to 'BB+' from 'BBB-'
and the short-term rating to 'B' from 'A-3'. The rating has
been removed from CreditWatch, where it was placed with negative
implications on July 6, 2007. The outlook is negative.
On October 30, 2007, Fitch Ratings 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)' rating on Rating Watch Evolving.
WYNCOAST IND'L: Appoints Members of Board of Management
-------------------------------------------------------
Wyncoast Industrial Park PCL's Board of Directors has appointed
new members to its Board of Management during a meeting held on
Wednesday.
According to a disclosure with the Stock Exchange of Thailand,
these are the new members of the company's Board of Management:
* Tienchai Dawonwong -- Chief Executive Officer
* Bunyavut Rattanasan -- Chief Operation Officer,
Managing Director of Wyncoast
Service Co. Ltd.
* Pichiet Boonyapakdee -- Chief Financial Officer
* Noppong Uratjananon -- Chief Strategic Officer
* Kiettipong Santabud -- Managing Director, Wyncoast
Logistics Co. Ltd.
Wyncoast Industrial Park Public Company Limited, formerly
Capetronic International (Thailand) Public Company Limited, is a
Thailand-based company engaged in real estate development
business. The Company operates an industrial park under the name
Wyncoast Free Zone in Chachoengsao Province with the total area
of 38,566 square meters. It provides a custom free zone, which
grants certain tax and tariffs benefits, including custom
service available in the area as to reduce time and procedure
enhancing exports and imports. Its customers include investors
specializing in the combination of manufacturing, processing,
packaging - repackaging, warehousing, assembling, transshipment,
distribution centers, and exhibition centers. In addition, the
Company in also involved in the operations of railway loading
services. Wyncoast Industrial Park has three subsidiaries,
Wyncoast Service Co., Ltd., Wyncoast Logistics Co., Ltd. and
Wyncoast Transport Co., Ltd.
Going Concern Doubt
After reviewing the company's third quarter and nine-month
period financial statements, Ampol Chamnongwat at S.K.
Accountant Services Co. Ltd., raised points that question the
future operations of the company.
In his opinion, Mr. Ampol cited the group's losses for the 3rd
quarter and nine-month periods ending September 30, 2007, as
well as its working capital deficit of THB183.99 million and
equity deficit of THB127.21 million.
The group also has a loan payable to financial institutions of
THB68.75 million.
The auditor also cited the working capital deficit and equity
deficits of THB104.24 million and THB127.62 million,
respectively, in the company's separate financial statements. He
also brought attention to the third-quarter and nine-month
losses in the separate financial statements of THB89.39 million
and THB113.29 million, respectively.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------- ------------
AUSTRALIA
Advance Healthcare Group Ltd AHG 13.59 -12.43
Austar United Communications
Limited AUN 411.16 -43.72
Emperor Mines Limited EMP 138.99 -50.63
Hutchison Telecommunications
(Aust) Ltd. HTA 1637.04 -1443.69
Intellect Holdings Limited IHG 15.25 -10.88
KH Foods Ltd KHF 62.30 -1.71
Lafayette Mining Limited LAF 105.24 -190.86
RMG Ltd. RMG 22.33 -2.16
Tooth & Co. Ltd. TTH 99.25 -74.39
UnderCoverWear Limited UCW 28.92 -16.07
ViaGOLD Capital Limited VIA 15.49 -3.11
CHINA AND HONG KONG
Artel Solutions Group
Holdings Limited 931 29.19 -18.65
Asia Telemedia Limited 376 16.97 -7.53
Baiyin Copper Commercial
Bldg (Group) Co 672 24.47 -2.40
Guangzhou Oriental Baolong
Automotive Co 600988 15.78 -11.11
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Brilliant Arts Multi-Media
Holding Ltd 8130 11.62 -2.32
Chang Ling Group 561 85.06 -80.88
Chia Tai Enterprises
International Ltd. 121 316.12 -8.92
China Force Oil & Grains
Industrial Co 1194 92.02 -7.43
China HealthCare Holdings Ltd 673 25.44 -3.37
China Liaoning International
Cooperation (Group) Ltd 638 20.46 -41.24
Chongqing Int'l Enterprise
Investment Co 000736 19.88 -15.67
Compass Pacific Holdings Ltd 1188 46.98 -14.92
Datasys Technology
Holdings Ltd 8057 14.10 -2.07
Dongxin Electrical Carbon
Co., Ltd 600691 34.19 -2.90
Dynamic Global Holdings Ltd. 231 44.64 -9.70
Everpride Biopharmaceutical
Company Limited 8019 14.19 -0.02
Ever Fortune Intl.
Hldgs. Limited 875 14.41 -4.03
Fujian Changyuan Investment
Holdings Limited 592 34.52 -66.85
Fujian Sannong Group Co. Ltd 732 42.50 -100.37
Fujian Start Computer
Group Co.Ltd 600734 114.76 -16.98
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Guangdong Kel-A 921 596.71 -94.69
Guangdong Meiya Group
Co., Ltd. 529 70.62 -59.86
Guangxia (Yinchuan) Industry
Co. Ltd. 557 48.71 -59.63
Hainan Dadonghai Tourism
Centre Co., Ltd 613 18.34 -8.39
Hainan Overseas Chinese
Investment Co., Ltd 600759 28.97 -9.90
Hans Energy Company Limited 554 85.00 -0.49
Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47
Heilongjiang Black Dragon
Co., Ltd 600187 113.45 -74.67
Hisense Kelon Electrical
Hldngs. Co., Ltd 921 596.71 -94.69
Hualing Holdings Limited 382 262.90 -32.17
HuaTongTianXiang Group
Co., Ltd. 600225 52.77 -42.02
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Anplas Co. 156 77.57 -77.92
Hunan Hengyang 600762 61.08 -43.98
Innovo Leisure Recreation
Holdings Ltd. 703 13.40 -4.50
Jiaozuo Xin'an-a 719 56.77 -6.52
Junefield Department
Store Group Limited 758 12.93 -5.39
Lan Bao Technology
Information Co.,Ltd 631 110.09 -78.89
Loulan Holdings Limited 8039 11.14 -2.21
Mianyang Gao Xin Industrial
Dev (Group) 600139 23.90 -15.65
Orient Power Holdings Ltd. 615 176.86 -64.20
Paladin Ltd. 495 167.43 -6.23
Plus Holdings Ltd. 1013 18.52 -3.34
Qinghai Xiancheng Industry
Stock Co.,Ltd 600381 55.58 -55.04
Regal Real Estate
Investment Trust 1881 945.38 -234.68
Sanjiu Yigong Biopharmaceutical
& Chem 000403 218.51 -3.48
Shanghai Xingye Housing
Co.,Ltd 600603 16.23 -49.40
Shanghai Worldbest
Pharmaceutical Co.Ltd 600656 66.75 -13.42
Shenyang Hejin Holding
Company Ltd. 633 103.86 -3.16
Shenzhen China Bicycle Co.,
Hlds. Ltd. 17 34.21 -238.76
Shenzhen Dawncom Business
Tech. and Service Co., Ltd. 863 32.57 -137.55
Shenzhen Shenxin Taifeng
Group Co., Ltd. 34 69.92 -53.39
Shijiazhuang Refining-Chemical
Co., Ltd 783 357.75 -84.57
Sichuan Langsha Holding Ltd. 600137 13.82 -62.11
Stellar Megaunion Corporation 000892 54.33 -152.43
Success Information Industry
Group Co. 517 77.23 -17.78
Suncorp Tech Ltd. 1063 75.28 -5.03
Suntek Technology Co., Ltd 600728 49.03 -14.65
Suntime International
Economic Trading 600084 359.49 -47.93
Swank International
Manufacturing Co Ltd 663 29.31 -1.13
Taiyuan Tianlong Group Co.
Ltd 600234 19.47 -89.51
The First Investment &
Merchant Co, Ltd 600515 90.66 5.98
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 45.82 -41.20
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Winowner Group Co. Ltd. 600681 23.34 -72.39
Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74
Yueyang Hengli Air-Cooling
Equipment Inc. 622 40.61 -17.21
Zarva Technology Co. Ltd. 688 25.83 -175.37
Zhejiang Haina Science & Tech
Co., Ltd. 925 28.53 -36.27
INDIA
Andrew Yule & Co. Ltd ANY 81.41 -30.90
Ashima Ltd. NASHM 104.15 -35.01
ATV Projects India Ltd. ATV 68.25 -30.17
B S Refrigerator NBPLE 75.91 -10.23
Balaji Distiller BLD 45.66 -74.20
Baroda Rayon Corp. Ltd. BR 41.16 -26.62
Birla VXL Ltd NVXL 98.77 -14.62
CFL Capital Financial
Services Ltd CEATF 25.42 -47.32
Core Healthcare Ltd. CPAR 214.36 -150.72
Dunlop India Ltd DNLP 52.75 -65.30
GKW Ltd. GKW 35.75 -13.52
Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66
Himachal Futuris HMFC 574.62 -38.68
HMT Limited HMT 316.41 -175.33
JCT Electronics Ltd. JCTE 117.60 -50.17
Jenson & Nic Ltd JN 14.81 -81.79
JK Synthetics Ltd JKS 17.99 -2.61
Kothari Sugars and
Chemicals Ltd. NKTSG 43.24 -29.24
JOG Engineering VMJ 50.08 -10.08
Lloyds Metals LYDM 70.72 -10.25
Lloyds Steel Ind LYDS 404.38 -86.45
LML Ltd. LML 81.21 -11.89
Mafatlal Ind. MFI 95.67 -85.81
Malanpur Steel Ltd. HDC 82.08 -52.01
Modern Threads MRT 78.18 -20.71
Mysore Cements MYC 82.02 -14.57
Mysore Kirloskar Ltd. MK 23.71 -3.04
Panchmahal Steel Ltd. PMS 51.02 -0.33
Panyam Cements PYC 17.18 -18.32
Phil Corporation NPPII 33.35 -8.24
Rollataners Ltd RLT 20.68 -3.88
RPG Cables Ltdd NRPG 51.43 -20.19
Saurashtra Cemen SRC 112.31 -4.57
Shree Rama Multi Tech Ltd. NSRMT 79.66 -7.83
Shyam Telecom NSHY 147.34 -22.80
SIV Ind. Ltd. NSIV 101.16 -66.27
Steel Tubes Ltd NSTU 30.47 -26.45
Synthetics & Che SYNC 54.94 -6.90
Tata Teleservices (Maharashtra)
Limited NTTLS 657.28 -73.89
UB Engineeering UBE 47.78 -2.77
INDONESIA
Ades Waters Indonesia Tbk ADES 21.35 -8.93
Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21
Hotel Sahid Jaya SHID 71.05 -4.26
Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57
Panca Wiratama Sakti Tbk PWSI 39.72 -18.82
Sekar Bumi Tbk SKBM 23.07 -41.95
Steady Safe Tbk SAFE 19.65 -2.43
Suba Indah Tbk SUBA 85.17 -9.18
Surya Dumai Industri Tbk SUDI 105.06 -30.49
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 29.08 -5.87
Wicaksana Overseas
International Tbk WICO 43.09 -46.36
JAPAN
Banners Co., Ltd 3011 46.33 -14.11
C4 Technology, Inc 2355 33.71 -1.24
NIWS Co., HQ Ltd. 2731 541.08 -33.01
Orient Corporation 8585 37956.19 -1109.02
QUIN LAND Co., Ltd 2732 138.79 -23.93
Tasco System Co., Ltd 2709 48.45 -14.07
Trustex Holdings, Inc. 9374 102.84 -7.81
KOREA
Cosmos PLC Co., Ltd 053170 19.31 -4.95
DaiShin Information &
Communication Co. 20180 740.50 -158.45
Dong Yang Gang 1780 108.79 -9.80
E-Rae Electronics Industry
Co., Ltd 45310 45.47 -10.37
E Star B Co., Ltd. 55250 186.00 -1.50
EG Semicon Co. Ltd. 38720 166.70 -12.34
Everex Inc 47600 35.66 -0.66
Hyundai IT Corp. 48410 137.08 -48.10
Inno Metal Izirobot Inc. 70080 28.56 -0.33
Oricom Inc. 10470 82.65 -40.04
Rocket Electric Co., Ltd. 420 77.37 -4.76
Seji Co., Ltd 53330 37.25 -0.31
Starmax Co., Ltd 17050 76.61 -1.50
Tong Yang Magic Co., Ltd. 23020 355.15 -25.77
Unick Corporation 11320 36.54 -4.45
MALAYSIA
Boustead Heavy Industries
Corp. Bhd BHIC 57.34 -152.51
Chin Foh Berhad CFOH 53.19 -13.88
FED Furniture FFHB 38.27 -5.11
Lityan Holdings Berhad LIT 18.84 -23.22
Megan Media Holdings Berhad MMHB 47.76 -232.89
MP Technology Resources Berhad MPT 16.89 -16.29
Pan Malay Industries PMRI 185.98 -6.91
PanGlobal Berhad PGL 181.15 -125.36
Paxelent Corp PAXE 13.16 -4.51
Putera Capital Berhad PCAP 10.56 -4.70
Sino Hua-An International Bhd HUAAN 184.60 -98.30
Sycal Ventures Berhad SYC 58.76 -85.36
TAP Resources Bhd TAP 13.05 -1.33
Techventure Bhd TECH 36.31 -6.21
Tenggara Oil Bhd TENG 12.87 -0.34
Wembley Industries
Holdings Bhd WMY 111.72 -204.61
PHILIPPINES
APC Group Inc. APC 71.75 -218.13
Atlas Consolidated Mining and
Development Corp. AT 61.14 -16.74
Benguet Corp. BC 55.45 -44.94
Central Azucarera de Tarlac CAT 35.74 -1.80
Cyber Bay Corporation CYBR 12.49 -64.98
East Asia Power Resources Corp. PWR 92.55 -64.61
Fil Estate Corp. FC 36.10 -7.75
Filsyn Corporation FYN 20.88 -9.68
Gotesco Land, Inc. GO 18.68 -10.86
Mariwasa Manufacturing, Inc. MMI 71.98 -0.78
Prime Orion Philippines Inc. POPI 99.69 -82.12
Unioil Resources & Holdings
Company Inc. UNI 10.64 -9.86
United Paragon UPM 22.80 -29.23
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 62.99 -38.58
Victorias Milling Company Inc. VMC 127.83 -32.21
SINGAPORE
ADV Systems Auto ASA 14.32 -8.54
Compact Metal Industries Ltd. CMI 47.42 -36.47
Falmac Limited FAL 10.51 -2.30
Gul Technologies GUL 155.76 -15.21
HLG Enterprise HLGE 116.77 -8.71
Informatics Holdings Ltd INFO 20.42 -11.65
L & M Group Investments Ltd LNM 56.91 -10.59
Lindeteves-Jacoberg Limited LJ 185.49 -46.43
Pacific Century Regional PAC 1569.35 -88.20
Semitech Electronics Ltd. SEMI 11.01 -0.23
THAILAND
Bangkok Rubber PCL BRC 70.19 -56.98
Central Paper Industry PCL CPICO 40.41 -37.02
Circuit Electronic
Industries PCL CIRKIT 20.37 -64.80
Daidomon Group PLC DAIDO 12.92 -8.51
Datamat Public Co., Ltd DTM 17.55 -1.72
Kuang Pei San Food Products
Public Co. POMPUI 12.51 -9.87
Sahamitr Pressure Container
Public Co. Ltd. SMPC 20.77 -28.13
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Tanayong PCL TYONG 178.27 -734.30
Thai-Denmark PCL DMARK 21.37 -18.88
Universal Starch PCL USC 91.56 -41.24
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, 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 ***