/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/071128.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 Wednesday, November 28, 2007, Vol. 10, No. 236 Headlines A U S T R A L I A AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30 AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets AUSTRALIAN NATURAL: Declares First Dividend CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007 CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million ERG LTD: Clarifies Public Transport Contract's Termination Date GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30 JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6 KEL LEWIS: Members Receive Wind-Up Report MOBILESOFT LIMITED: To Declare Dividend on December 6 MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation NRG ENERGY: Discloses New Consent Alternative Solicitations PLANTATION EQUITY: Declares Dividend for Creditors ROUSSEL UCLAF: Members to Hold Meeting on November 28 SAN MICHELE: Creditors Resolve to Close Business SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 SYMBION HEALTH: ATO Rules Out Healthscope-Led CGT Arrangement SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid THE BANALASTA OIL: Declares First Dividend for Creditors * Fitch Says Australian RMBS Delinquencies Fall in Q307 C H I N A & H O N G K O N G ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19 ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24 BEST GEAR: Commences Liquidation Proceedings BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17 CARKEY LIMITED: Commences Liquidation Proceedings CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14 CENTRAL FORUM: Commences Liquidation Proceedings CHARGEUSRS: Commences Liquidation Proceedings CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project DIGITAL CREATION: Liquidators Quit Post E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24 GOLD-M: Commences Liquidation Proceedings HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24 IANCASTLE LIMITED: Members to Hold Final Meeting on December 28 JOI MAXIE: Members Will Hold Final Meeting on December 28 LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM LEE GARDENS: Creditors' Proofs of Debt Due on December 14 LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14 LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14 L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11 MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24 MOUNT CITY: Liquidator Quits Post NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5 PARLEX ASIA: Members to Hold Meeting on December 27 RANNIS COMPANY: Commences Liquidation Proceedings RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28 SIBER HEGNER: Liquidator Quits Post I N D I A AES CORP: Restarts Alamitos Power Station Unit CABLE & WIRELESS: Launching Disabling Service for Stolen Phones EXIDE TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers' GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating QUEBECOR WORLD: To Suspend Dividends on Preferred Shares TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility TATA STEEL: Names Two New Directors to Board I N D O N E S I A ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts INDOSAT: Expects Slower Revenue Growth Next Year INDOSAT: Nine Month Net Profit Ups 56% to IDR1.4 Trillion INDOSAT: Expects 2008 Capex to Remain at US$1.2 Billion PT INCO: Production Resumes After Strike Ends J A P A N FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers' FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival GMAC COMMERCIAL: Ba2 Rating for Possible Downgrade, Moodys Says IHI CORP: Shares Rise Due to JPY77-Bil. Property Sale Report JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation NOVA CORP: Fifty-five Schools to Help Nova Students, Survey Says NOVA CORP: Osaka Court Approves Bankruptcy Proceedings SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001 TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components K O R E A ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs BOE HYDIS: Prime View to Buy 95% Stake for KRW260 Billion DAEWOO ELECTRONICS: Back for Sale on Failed Bid EUGENE SCIENCE: Hires Andrew Altman as Vice President KOREAN EXPRESS: Invites Potential Buyers to Bid Until Dec. 11 M A L A Y S I A APL INDUSTRIES: Will Hold General Meeting on December 14 PAN MALAYSIAN: Posts MYR19.7MM Net Loss in Qtr. Ended Sept. 30 SYARIKAT KAYU: Government Grants MYR4 Million for TechnoFund TALAM CORPORATION: Submits Regularization Plan Proposals to SC TALAM CORP: To Pay Dividend to 5-Yr. ICPS Holders on Jan. 1 N E W Z E A L A N D AIR NEW ZEALAND: Lock Out Suspended Pending Union Talks BLIS TECHNOLOGIES: Reports Results for Half-Year Ended Sept. 30 BRIDGECORP: Creditors of Australian Arm Opt for Liquidation LANDGROUP PROPERTIES: Taps Heath and Lamacraft as Liquidators LIVING DESIGN: Court to Hear Wind-Up Petition on Dec. 10 M.A.I. DESIGN: Creditors' Proofs of Debt Due on December 7 MAIA TRAVEL: Appoints Parsons and Kenealy as Liquidators MALMAISON DEVELOPMENT: Fixes Nov. 30 as Last Day to File Claims ONSITE TILT: Creditors' Proofs of Debt Due on Dec. 2 ROBERTSON CORPORATION: Fixes Nov. 30 as Last Day to File Claims XTRA VISION: Commences Liquidation Proceedings P H I L I P P I N E S FEDDERS CORP: Wants Until February 19 to Remove Civil Actions NAT'L POWER: Independent Producers Seek to Acquire Own Fuel NAT'L POWER: Discloses Plans to Import Coal for Plants in 2008 PHIL NAT'L CONSTRUCTION: Elberto Emphasis Joins Directors' Board RIZAL COMMERCIAL: Board Approves Creation of IT Services Group STENIEL MFG: Files Petition to Commence Business Rehabilitation * Peso May Rise Up to PHP38/US$1 in 2008 on Weakening US Dollar * Economy May Have Grown 7.1% in Third Quarter of 2007 S I N G A P O R E A-P ENGINEERING: Court Enters Wind-Up Order HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 7 PYRAMID REALTY: Court Enters Wind-Up Order SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. ZHEJIANG HOLDING(S): Commences Liquidation Proceedings T H A I L A N D DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case PICNIC CORP: SET Temporarily Halts Trading of Securities TOTAL ACCESS: Confident of Outcome of TOT's Access Charges Suit TRUE MOVE: AIS Opts to Delay Collecting Interconnection Charges TUNTEX PCL: Seeks to Extend Deadline for Payment of Group 1 Loan - - - - - - - - ================= A U S T R A L I A ================= AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30 ---------------------------------------------------------------- AED Oil Limited reported a net loss of AU$20.56 million for the year ended June 30, 2007, almost a five-fold increase from the AU$4.53-million net loss reported for the year ended June 30, 2006. As of June 30, 2007, the company had total assets of AU$335.13 million and total liabilities of AU$292.58 million. Accumulated losses for the period totaled AU$25.99 million. AED Oil Limited -- http://www.aedoil.com/-- operates solely in the oil production, and oil and gas exploration industry in Australia. The company is engaged in the planning and development of the Puffin Field. AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets --------------------------------------------------------------- Australasian Resources Ltd. will spin off its nickel business and other assets into a separate listed entity, The Age reports. The Age relates that the company will also acquire additional assets next door for its flagship Balmoral South iron ore project in Western Australia's Pilbara region. Australasian has commenced negotiations with entrepreneur Clive Palmer, who owns the broader Balmoral deposit through his private company Mineralogy Pty Ltd, to acquire the additional iron ore assets. The structure and timing of the spin-off is yet to be determined, The Ages says, but it is expected that shareholders will have an opportunity to become investors in the new entity either on an entitlements or priority allocation basis. Perth, Australia-based Australasian Resources Ltd. -- http://www.austresources.com.au/-- is engaged in mineral exploration. During the fiscal year ended June 30, 2007 (fiscal 2007), the Company's main focus was the finalization of the acquisition of International Minerals Pty Ltd (International Minerals), which holds the right to mine one billion tons of magnetite iron ore from part of the Southern block of the Balmoral project on lease held by Mineralogy. During fiscal 2007, the Company also acquired Sherlock Bay Extended, which is an exploration area that surrounds the main Sherlock Bay Nickel Project area. This is a joint venture between the Company (70% interest) and Metals Australia Ltd (30% interest). The Company wholly owns investments in companies, including Lefroy Gold Mines Limited, Bushjet Pty Ltd and Leteni Pty Ltd. The company incurred net losses of AU$8.50 million, AUS$11.60 million and AUS$4.43 million for the years ended June 30, 2007, 2006 and 2005. AUSTRALIAN NATURAL: Declares First Dividend ------------------------------------------- Australian Natural Oil Research Institute Pty Ltd, which is in liquidation, declared its first dividend on November 26, 2007. Creditors who were not able to file their proofs of debt by Nov. 12, 2007, were excluded from the company's dividend distribution. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About Australian Natural Australian Natural Oil Research Institute Pty Ltd is a distributor of durable goods. The company is located at Armidale, in New South Wales, Australia. CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007 ------------------------------------------------------------- Customers Ltd. reported a net loss of AU$6.16 million for the year ended June 30, 2007, more than a six-fold increase from the AU$0.91-million net loss reported for the year ended June 30, 2006. As of June 30, 2007, the company had total assets of AU$256.00 million, total liabilities of AU$74.84 million, and accumulated losses of AU$18.50 million. Highlights: * 48% increase in full-year revenue to AU$42.3 million; * Business triples in size and scale; * Operational integration of ATM Solutions, acquired in April 2007, successfully completed, one-off costs fully absorbed in 2006/07; * EBITDA of AU$4.6 million impacted by one-off costs associated with acquisition of ATM Solutions, ATM upgrade and fleet renewal and expansion in Asia; * Assumed 100% control of Customers Asia Ltd (previously jointly owned); * Major stake in Fintronics Holdings (Hong Kong) delivers key platform for expanding ATM business into China; * Revenues increased to AU$42.3 million up 48%; * Total assets increased by 262% to AU$256 million, largely as a result of the acquisition of ATM Solutions and the related capital raising; * Lower EBITDA of AU$4.6 million reflected the ATM fleet upgrade and renewal linked to the mandated Triple DES project. Customers also fully absorbed one-off costs related to the ATM Solutions acquisition including restructuring costs, redundancies and transaction costs. Significant start-up costs were also incurred in the SPS processing joint venture and by Customers Asia in making investments in Asia. Both of these enterprises are at an early stage of their development cycles; * Customers invested a total of AU$29.5 million in Customers Asia Limited through a number of equityfunded transactions. By financial year end Customers Asia was a wholly owned subsidiary of Customers Limited, and effectively the largest shareholder in Fintronics Holdings. Fintronics has since been restructured to become a pure ATM business, with operations and the sales force re-oriented along these lines over the past six months. Fintronics' success in attracting new contracts for the deployment of ATMs in China after these moves has been particularly pleasing. Fintronics' focus is now to accelerate ATM deployment which has been slower than expected. Fintronics' management team is making good progress to this end, and the Board is confident that the ATM deployment strategy is gaining traction. Customers remains very confident in the tremendous potential to create a large ATM infrastructure throughout Asia; and * 2006/07 financial results were also impacted by capital expenditure and the write-down in the carrying value of a number of ATMs as a result of the fleet upgrade/replacement program. Importantly, the fleet has now been upgraded or replaced. This positions the business well for the future. Headquartered in Sydney, Australia, Customers Limited -- http://www.customers.com.au/-- provides automated teller machine and payment system services. CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy -------------------------------------------------------------- Customers Limited has established a strategic foothold in the New Zealand market after completing an agreement to acquire a 25% stake in NZ ATM Services Limited for NZ$1 million, Customers Ltd. said in a corporate disclosure filed with the Australian Stock Exchange. The company related that the investment will occur in stages subject to certain milestones being achieved. The company added that the tie-up with NZ ATM is an important step toward Customers' aim of becoming the largest independent owner of ATMs in the Australasian region. Customers already owns and operates one of the largest ATM networks in Australia, and is strategically positioned in the rapidly growing Chinese ATM market. The disclosure stated that NZ ATM is an emerging provider of merchant ATMs and related services in New Zealand. The company has been working with Electronic Transaction Services Ltd., the transaction processing business of New Zealand's leading banks, to be part of the pilot roll-out of the country's first convenience ATMs, expected to commence in early 2008. Headquartered in Sydney, Australia, Customers Limited -- http://www.customers.com.au/-- provides automated teller machine and payment system services. The company has incurred net losses of AU$6.16 million, AU$0.91 million, and AU$4.19 million for the years ended June 30, 2007, 2006, 2005. ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million ------------------------------------------------------------ ERG Limited reported a net loss of AU$14.84 million for the year ended June 30, 2007, a decrease from the AU$74.77-million net loss recorded for the year ended June 30, 2006. The company also reported a net loss of AU$7.36 million for fiscal 2005. The company posted total revenues of AU$224.21 million for fiscal 2007, while other income and non-operating income added another AU$6.34 million and AU$0.16 million to give the company an earnings before interest tax depreciation and amortization of AU$5.59 million, reversing a loss position of AU$18.74 million from a year before. Operating company divisional revenue for the year was in line with the prior year at AU$100.5 million with EBITDA increasing 21.5% to AU$28.5 million reflecting excellent results from its operating contracts in Melbourne, in the US including San Francisco and Washington, and maintenance operations in Sydney, Brisbane, Hong Kong, and Rome. Small Project divisional revenue increased 8.5% year-on-year to AU$48.0 million while EBITDA grew 29.4% to AU$9.2 million. Strong results were recorded both in France and Belgium, especially from the Toulon, Le Mans and Clermont Ferrand projects together with continuing growth in the product sales and equipment maintenance areas. Large Project divisional revenue increased 79% year-on-year to AU$75.2 million for the year. However as a result of some delay in achieving project milestones, increasing labour costs and higher general project costs, the estimated costs to complete the Sydney and San Francisco projects were revised upwards during the year by approximately AU$14.5 million. Margin improvements in a number of other projects could not fully offset these increased costs resulting in the Large Projects Division posting a loss at the EBITDA level of approximately AU$11.5 million. As of June 30, 2007, the company had total assets of AU$273.77 million, total liabilities of AU$175.93 million, and accumulated losses of AU$597.32 million. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. ERG LTD: Clarifies Public Transport Contract's Termination Date --------------------------------------------------------------- ERG Limited has corrected media reports by confirming that its contract with the Public Transport Ticketing Corporation would not necessarily terminate on Dec. 3, 2007, Egoli News relates. Although the company had received notices from the PTTC of its intention to terminate their agreement, ERG said that it was preparing a program to demonstrate its capability to complete the project, Egoli states. Egoli explains that since February 2003, ERG has been building and installing the Sydney Integrated Ticketing System under an agreement with the PTTC. On Nov. 9, 2007, ERG released a statement explaining that delays in the technical development of the system and certain customer actions had resulted in the company's failure to achieve particular milestones in the project schedule, and has received notices from the PTTC of its intention to terminate the agreement on Dec. 3. Contrary to some media reports, ERG advised that the notice received from the PTTC did not necessarily indicate that their contract would terminate, and clarifies that ERG has 20 business days to pursue a remedy and submit a satisfactory remedial program, Egoli writes. Accordingly, ERG said it is preparing a program to demonstrate its capability to complete the project in a reliable and predictable manner, Egoli continues. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. The company has incurred net losses of AU$14.84 million, AU$74.77 million, and AU$7.36 million for the years ended June 30, 2007, 2006, and 2005. GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade ---------------------------------------------------------------- Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC (ResCap), as disclosed in ResCap's November 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. Moody's said that GMAC's most recent expressions of support for ResCap have raised additional concerns as to the extent to which the firm might entertain a leveraging of its credit profile to support ResCap through its operating difficulties. Moody's position is that any capital support GMAC extends to ResCap, other than that for which GMAC serves only as a conduit for GMAC's owners, would result in an equalization of GMAC's ratings with ResCap's. In Moody's view, GMAC's high stand-alone leverage position has no capacity to provide un-backed support at the current credit grade. In Moody's last rating action on GMAC and ResCap, GMAC's ratings were downgraded one notch to Ba2 while ResCap's ratings were downgraded two notches to Ba3. GMAC's ratings were kept in proximity to ResCap's, reflecting Moody's view that GMAC could be required to provide support to ResCap that weakens GMAC's stand-alone credit profile. Moody's believes that the probability of such support may have shifted higher, in light of the explicit indications of support recently provided by management. During its review of GMAC's ratings, Moody's will seek greater definition regarding the tolerances GMAC's owners exhibit regarding the uses of GMAC's capital and credit worth to support ResCap in ways that could heighten risks to GMAC's creditors. Moody's will also explore the owners' ability and willingness to take actions that neutralize the impact of GMAC's extensions of support to ResCap that would otherwise diminish GMAC's stand- alone credit profile. Moody's anticipates concluding its review by the end of December 2007. According to Moody's, investments or pursuit of endeavors that primarily benefit ResCap could evidence a use of GMAC capital that constitutes ResCap support, if not backed by injections or other explicit support from GMAC's owners. Moody's is also concerned that current market conditions have delayed GMAC's pursuit of other intended capital management initiatives designed to strengthen its capital position. Moody's view is that GMAC's auto finance and insurance businesses have continuing and important strategic value to GM. GM's consent is required on many significant matters relating to GMAC's strategic direction, investment, and capitalization. GM's interest could act as a countervailing influence on investor pressures to further involve GMAC in supporting ResCap through its difficulties. ResCap's ratings (senior unsecured at Ba3) and negative outlook are not affected by Moody's review of GMAC's ratings or the announced US$750 million tender offer. ResCap's current rating assumes its parent is willing and able to provide capital support if needed. Moody's added that it believes that the maturities selected for tender and overall size of the program are appropriate considering ResCap's current liquidity position. Detroit-based GMAC LLC provides retail and wholesale auto financing, auto extended warranty and insurance products, and residential mortgage finance through wholly-owned subsidiary Residential Capital, LLC. GMAC reported a consolidated nine- month net loss of US$1.6 billion. H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30 -------------------------------------------------------------- H.R. Glossop Pty Ltd will hold a final meeting for its members and creditors on November 30, 2007. At the meeting, Steven Nicols, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Steven Nicols Nicols + Brien Level 5, 221-229 Crown Street Wollongong, New South Wales Australia Telephone:(02) 9299 2289 Web site: http://www.bankrupt.com.au Australia About H.R. Glossop H.R. Glossop Pty Ltd provides electrical work. The company is located at Wollongong, in New South Wales, Australia. JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6 ---------------------------------------------------------- A meeting will be held for the members of Jay Gardening Pty Ltd on December 6, 2007, at 10:30 a.m. At the meeting, the members will receive the liquidator's report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: David Levi PKF Chartered Accountants & Business Advisers Level 10, 1 Margaret Street Sydney, New South Wales 2000 Australia About Jay Gardening Jay Gardening Pty Ltd provides electrical equipments and supplies. The company is located at Villawood, in New South Wales, Australia. KEL LEWIS: Members Receive Wind-Up Report ----------------------------------------- The members of Kel Lewis Real Estate Australia Pty Ltd met on November 19, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Hicks Forsythes Level 5, 175 Scott Street Newcastle, New South Wales 2300 Australia About Kel Lewis Kel Lewis Real Estate Australia Pty Limited operates non- classifiable establishments. The company is located at Cardiff, in New South Wales, Australia. MOBILESOFT LIMITED: To Declare Dividend on December 6 ----------------------------------------------------- Mobilesoft Limited, which is in liquidation, will declare dividend on December 6, 2007. Creditors who were not able to file their proofs of debt by the November 20, 2007 deadline will be excluded from the company's dividend distribution. The company's deed administrators are: Sule Arnautovic Roderick Mackay Sutherland Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About Mobilesoft Limited Mobilesoft Limited provides communications services. The company is located at Neutral Bay, in New South Wales, Australia. MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation --------------------------------------------------------- At an extraordinary general meeting held on October 19, 2007, the members of Mullins Constructions Pty Ltd agreed to voluntarily liquidate the company's business. Arthur Eady was appointed as liquidator. The Liquidator can be reached at: Arthur Eady Chartered Accountant Level 6, 131 Clarence Street Sydney Australia About Mullins Constructions Mullins Constructions Pty Ltd provides coating, engraving, and allied services. The company is located at Belfield, in New South Wales, Australia. NRG ENERGY: Discloses New Consent Alternative Solicitations ----------------------------------------------------------- NRG Energy Inc. is providing each investor with a new consent alternative with respect to its Notes in addition to the previously announced tender offers and consent solicitations, which remain in effect, in connection with its pending conditional tender offers and concurrent consent solicitations relating to its US$4.7 billion of outstanding 7.25% senior notes due 2014, 7.375% senior notes due 2016 and 7.375% senior notes due 2017. As previously announced, each investor may elect to tender its Notes in the conditional, contractually required offers at 101% of the principal amount, plus accrued interest, or may elect to receive a consent payment of US$1.25 to US$2.50 in cash per US$1,000 principal amount of Notes. For the Original Consent Payment, consents are limited to an agreement (the Original Amendment) not to require the change of control offers in connection with NRG's formation of a holding company structure via the contemplated intercompany merger transaction. The Original Consent Payment will be a minimum of US$1.25 per US$1,000 principal amount of Notes, or, in the event that such consents are received from a majority in principal amount of a series of Notes, will be US$1.25 divided by the percentage of that series which consented. As supplemented, each investor will have the same two alternatives as before as well as a new consent alternative. Under the new alternative, each investor may elect to receive a consent payment of US$7.50 to US$15.00 in cash per US$1,000 principal amount of Notes. For the Alternative Consent Payment, consents will provide a new exception to the limitation on restricted payments in the indentures for the Notes which will permit restricted payments, including dividends and/or stock repurchases, of up to US$300 million per year, with any of this additional restricted payment capacity not used during a year being carried over to the next year on a cumulative basis and without reducing the amounts otherwise available to make restricted payments. In the event that consents to the new consent alternative are received from a majority in principal amount of each of the three series of Notes, the Alternative Consent Payment will be US$7.50, divided by the overall percentage of the aggregate principal amount of the Notes that delivered consents under the new alternative and, in that event, NRG will not consummate the Holdco Merger and NRG will not be obligated (but reserves the right) to consummate the tender offers. In all other events, Holders of Notes who deliver consents under the new consent alternative will also be consenting to the Original Amendment and will receive US$7.50 per US$1,000 principal amount of such Notes subject to and promptly upon consummation of the Holdco Merger. NRG's obligation to make the minimum consent payments of US$1.25 per US$1,000 principal amount of Notes or US$7.50 per US$1,000 principal amount of Notes, as applicable, is not conditioned on the receipt of consents from holders of Notes representing a majority in principal amount of any one or more series. The only condition to NRG's obligation to make these minimum consent payments is the consummation of the Holdco Merger, and NRG will make these consent payments promptly thereafter. The only condition to NRG's obligation to make the Maximum Alternative Consent Payment is the receipt and effectiveness of consents to the new consent alternative from holders of a majority in principal amount of each of the three series of Notes, and NRG will make such payments promptly thereafter. If that consents are received with respect to Notes representing a majority in principal amount of a particular series of Notes (whether under the original consent alternative, the new consent alternative or both on a combined basis), NRG will have the option to terminate the tender offer for that series of Notes in its discretion without purchasing any tendered Notes of such series. Tendered Notes will not be eligible to receive any consent payment even if NRG exercises its option to terminate the tender offer for a series after receiving majority consents from that series. The tender offers are not being modified and will continue in effect on the same terms and conditions as previously announced. The tender offers are expressly conditioned on the consummation of the Holdco Merger (although NRG reserves the right to accept tenders and purchase tendered Notes even if the Holdco Merger is not consummated). Only one election (tender, original consent or alternative consent) may be made with respect to a specific principal amount of Notes. However, one election may be made for a portion of such Notes and another election or elections may be made for the remainder of such Notes (in each case in a minimum principal amount of US$1,000). Holders who deliver consents with respect to any Notes will be eligible to receive either the Original Consent Payment or the Alternative Consent Payment for such Notes, as appropriate according to their election for such Notes, but not both consent payments. Notes that are neither tendered nor consented will not be eligible to receive a consent payment under any circumstances. The tender offers and the consent solicitations will expire at 9:00 a.m., New York City time, on Dec. 4, 2007, unless extended. NRG reserves the right, but is not obligated, to extend the tender offers and the consent solicitations. Tenders may be withdrawn and consents may be revoked at any time prior to 9:00 a.m., New York City time, on Dec. 4, 2007. The complete terms of the tender offers and consent solicitations are contained in the Notice of Conditional Offers to Purchase and Concurrent Alternative Consent Solicitations Statement dated Nov. 2, 2007, as supplemented by the Supplement dated Nov. 26, 2007. Copies of the Supplement are being sent to holders of Notes. Each tender offer or consent solicitation with respect to a series of Notes is independent of the others. Banc of America Securities LLC is the exclusive dealer manager for the tender offers and solicitation agent for the consent solicitations. Questions regarding the tender offers and the consent solicitations can be addressed to Banc of America Securities LLC at (888) 292-0070 or (212) 847-5188. Requests for documents may be directed to MacKenzie Partners, Inc., the information agent, at (800) 322-2885 or (212) 929-5500. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s USUS$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. PLANTATION EQUITY: Declares Dividend for Creditors -------------------------------------------------- Plantation Equity Pty Ltd declared its first dividend on Nov. 26, 2007. Creditors who were not able to file their proofs of debt by Nov. 12, 2007, will be excluded from the company's dividend distribution. The company commenced liquidation proceedings on Oct. 4, 2005. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About Plantation Equity Plantation Equity Pty Ltd is involved with chemical preparations. The company is located at Bendemeer, in New South Wales, Australia. ROUSSEL UCLAF: Members to Hold Meeting on November 28 ----------------------------------------------------- The members of Roussel Uclaf Australia Pty Limited will hold a meeting on November 28, 2007, at 10:15 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 1, 2006. The company's liquidator is: Geoffrey Reidy Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia About Roussel Uclaf Roussel Uclaf Australia Pty Limited operates offices of holding companies. The company is located at Lane Cove, in New South Wales, Australia. SAN MICHELE: Creditors Resolve to Close Business ------------------------------------------------ On October 17, 2007, the creditors of San Michele Travel Pty Ltd had a meeting and resolved to voluntarily liquidate the company's business. Bradd Morelli and Sule Arnautovic were appointed as liquidators. The Liquidators can be reached at: Bradd Morelli Sule Arnautovic Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About San Michele San Michele Travel Pty Ltd, which is also trading as Singapore Travel, operates travel agencies. The company is located at Sydney, in New South Wales, Australia. SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 ----------------------------------------------------------- The SCO Group Inc. reported zero revenues and zero expenses for the period beginning Sept. 15 through 30, 2007. However, the company generated other income from China Investment of US$1,608 for the period ending Sept. 30, 2007. The company's net profit for the month of September 2007 was US$1,608. As of Sept. 30, 2007, the company's balance sheet showed total US$1,327,901, total liabilities of US$1,745,258, and total stockholders' deficit of US$417,357. A full-text copy of the company's Sept. 15-30, 2007, report: http://ResearchArchives.com/t/s?256e Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. At Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SYMBION HEALTH: ATO Rules Out Healthscope-Led CGT Arrangement ------------------------------------------------------------- Symbion Health Limited said that the Australian Tax Office has ruled that Symbion cannot benefit from scrip for scrip CGT roll- over relief in relation to the proposed diagnostics transaction with Healthscope Limited. As a result, neither the proposed diagnostics transaction with Healthscope nor the proposed C&P scheme with the consortium comprising Ironbridge Capital and Archer Capital will proceed. Symbion Health's Chairman, Paul McClintock said: "We are very disappointed that the ATO has formed the view that Symbion Health cannot benefit from scrip for scrip roll-over relief in relation to the proposed diagnostics transaction. Symbion Health had expected to receive all the regulatory approvals required to implement the proposed diagnostics transaction and the proposed C&P scheme and had received strong tax advice supporting the applications for the ATO rulings. Given the ATO's decision, Symbion Health shareholders will miss out on the opportunity to participate in the very substantial benefits which were expected from the diagnostics transaction." "Symbion Health has attractive businesses which are performing well. They have a strong track record and have further opportunities for growth. The Board has full confidence in the management team's ability to continue to deliver strong results from the Symbion Health's businesses." "The Symbion Health Board is unanimous and resolute in continuing to reject Primary's inadequate and highly conditional offer for Symbion Health. The Board continues to believe that Primary's AU$4.10 offer does not reflect the high quality of the company's businesses or provide our shareholders with an adequate share of the very significant synergy benefits which are expected to arise from a combination of the company's businesses with Primary's businesses." "Based on our analysis and the synergies that Primary has said it expects to achieve, an acquisition of Symbion Health by Primary is likely to be significantly earnings per share accretive for Primary at a price well above AU$4.50 per Symbion share." "If shareholders accept Primary's offer, they will no longer benefit from exposure to Symbion Health's businesses." "The Symbion Health Board continues to unanimously recommend that shareholders reject the inadequate and highly conditional takeover offer by Primary." "Symbion Health continues to be concerned at Primary's misleading presentation of its offer to Symbion Health shareholders and Symbion Health intends to take action to ensure that its shareholders are fully and fairly informed." Symbion Health, Healthscope and the IAC Consortium have agreed to terminate the Transaction Implementation Deed between Symbion Health and Healthscope and the Scheme Implementation Deed between Symbion Health and the IAC Consortium in accordance with the terms of those documents, other than in relation to the timing of the termination, which has immediate effect. As a result, the Symbion Health Board has resolved to cancel the transaction meetings scheduled for this Friday, November 30, 2007, commencing at 10.30 a.m. Accordingly, the Symbion Health Diagnostics General Meeting, the C&P General Meeting and, subject to the approval of the Victorian Supreme Court, the C&P Scheme Meeting will not take place. The Company's Annual General Meeting will however still be held as scheduled this Friday November 30, 2007. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * 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). SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating --------------------------------------------------------------- Moody's Investors Service said that its Ba1 issuer rating for Symbion Health Limited remains on review for possible downgrade. This follows Symbion's announcement that the proposed schemes of arrangement involving Healthscope Limited and a private equity consortium will not progress. "Although the proposed schemes of arrangement will no longer proceed to a shareholder vote, the rating remains under review for possible downgrade reflecting the uncertainties surrounding Primary Healthcare Limited offer to acquire the remaining shares in Symbion," says Peter Fullerton, a Moody's AVP/Analyst. Primary announced their intention to make a formal acquisition offer to Symbion's shareholders on November 8, 2007, and that the offer is expected to be formalized on December 4, 2007. Moody's notes that Primary continues to hold a 20% interest in Symbion. The review reflects the uncertainties surrounding Symbion's financial and operational profile as a result of the acquisition offer currently put forward by Primary. Moody's also notes the presence of change-of-control provisions in Symbion's bank facility agreement as well as financial covenants, which could restrict further indebtedness at the company. Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid --------------------------------------------------------------- Standard & Poor's Ratings Services said that it had affirmed its 'BBB-' ratings on Symbion Health Ltd. and Symbion's associated bank loans and removed the ratings from CreditWatch with negative implications, where they were first placed on May 1, 2007. The outlook is negative. This rating action follows Symbion's announcement that the Australian Tax Office had ruled that Symbion could not benefit from capital-gains-tax rollover relief in relation to the proposed diagnostics transaction with Healthscope Ltd. (Healthscope; not rated). The ruling was a key condition for the proposed bid to go ahead. As a result, neither the proposed diagnostics transaction with Healthscope nor the proposed consumer and pharmacy services businesses scheme arrangement with the consortium comprising Ironbridge Capital and Archer Capital will proceed. While the Symbion board continues to reject a separate takeover offer from Primary Health Care Ltd. (not rated), the potential for further ownership-related alternatives cannot be ruled out. The negative outlook on the Symbion credit rating relates to the challenge for management to improve profitability from its four business platforms and reduce the company's debt burden. The key credit-protection measures expected to remain appropriate for the rating category are sustained funds from operations to debt greater than 20%, and net debt to net capital below 50%. THE BANALASTA OIL: Declares First Dividend for Creditors -------------------------------------------------------- The Banalasta Oil Plantation Limited, which is in liquidation, declared its first dividend on November 26, 2007. Creditors who were not able to file their proofs of debt by November 12, 2007, were excluded from the company's dividend distribution. The company's liquidator is: Stephen Neville Hall Forsyths Chartered Accountants 127 Marius Street Tamworth, New South Wales 2340 Australia About The Banalasta Oil The Banalasta Oil Plantation Limited operates vegetable oil mills. The company is located at Bendemeer, in New South Wales, Australia. * Fitch Says Australian RMBS Delinquencies Fall in Q307 ------------------------------------------------------- Fitch Ratings has said that the Australian prime mortgage market has shown a decline in delinquencies in the third quarter of 2007. The 30+ day delinquencies for the market decreased to 1.15% from 1.48%, the index's lowest level since December 2005. The improvement in the index supports the agency's continued positive outlook for Australian prime residential mortgage backed securities (RMBS), which is underpinned by strong fundamentals of record low unemployment and historically low, albeit increasing, interest rates. Fitch notes that part of the reduction in delinquencies was due to index constituent methodology; however, taking the methodology out of the equation, delinquency did improve in Q307, which continues the downward trend for third quarter delinquency. The breakdown net of the methodology can be viewed in the full report. "There are seasonal aspects at play in the most recent data on missed mortgage payments. Typically, missed mortgage payments are at their lowest between May and October and rise in the Christmas and post-Christmas periods of November through to April. We expect the upcoming Christmas period, coupled with recent interest rate rises to result in an increase in arrears levels in Q407 and Q108, although the low base from which these increases will start keeps Australian residential mortgage performance well within Fitch's expectations," noted Ben McCarthy, Managing Director and Head of Fitch's Australian Structured Finance team. The agency notes that 30+ day delinquencies for low-doc loans have also decreased in Q307 to 4.05% from 4.54% in Q207. Fitch, in its Dinkum Index, states low-doc borrowers, being primarily self-employed, are more affected by shifts in the economy such as interest rate movements, thus, Fitch expects low-doc arrears to rise in the next six months as the latest interest rate rises and Christmas credit purchases are expected to put pressure on this sector of the market. Covering four categories of delinquencies (30 to 59 days, 60 to 89 days, 90+ days and 30+ days) as well as claims against lenders' mortgage insurance (LMI), the Dinkum report enables market participants to compare the performance of Australian RMBS deals and monitor trends in the Australian RMBS market. ================================ C H I N A & H O N G K O N G ================================ ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19 ---------------------------------------------------------- The creditors of Alpha Profit Company Limited, which is in liquidation, are required to file their proofs of debt by December 19, 2007, to be included in the company's dividend distribution. The company's liquidator is: Mark Ching Hang 1st Floor, 46 Johnston Road Wanchai, Hong Kong ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24 ---------------------------------------------------------------- The members of the Association for a Better Hong Kong Limited will hold their final general meeting on December 24, 2007, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 2302, CRE Building, 303 Hennessy Road, in Wanchai, Hong Kong. BEST GEAR: Commences Liquidation Proceedings -------------------------------------------- Best Gear International Company Limited commenced liquidation proceedings on November 23, 2007. The company's liquidator is: Yeung Ping Hung Room 1801-05, Hua Qin International Building 340 Queen's Road, Hong Kong BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17 ------------------------------------------------------------ The creditors of Brean Distributors Limited, which is in liquidation, are required to file their proofs of debt by December 17, 2007, to be included in the company's dividend distribution. The company's liquidator is: Stephen Briscoe 7th Floor Allied Kajima Building 138 Gloucester Road, Hong Kong CARKEY LIMITED: Commences Liquidation Proceedings ------------------------------------------------- Carkey Limited commenced liquidation proceedings on November 10, 2007. The company's liquidators are: Chou Sin Mui Wong Hon Sing Room 603-4,6th Floor, Hang Seng Wanchai Building 200 Hennessy Road Wanchai, Hong Kong CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14 ------------------------------------------------------------ The creditors of Carlzen Investment & Development Company Limited, which is in liquidation, are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company's liquidator is: Lin Lai Har Wendy 1301 Eton Tower, 8 Hysan Avenue Causeway Bay, Hong Kong CENTRAL FORUM: Commences Liquidation Proceedings ------------------------------------------------ Central Forum Investment Limited commenced liquidation proceedings on November 17, 2007. The company's liquidator is: Ho Te Hwai Cecil Unit 3091, 39th Floor Far East Finance Centre 16 Harcourt Road, Hong Kong CHARGEUSRS: Commences Liquidation Proceedings --------------------------------------------- Chargeurs Wool Sales (Hong Kong) Limited commenced liquidation proceedings on November 14, 2007. The company's liquidators are: Chung Miu Yin Diana Yeung Betty Yuen Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China -------------------------------------------------------------- CITIC Pacific Ltd's unit, Ipson Investments Ltd, has entered into an agreement with Perfect Future International Ltd to form two joint venture companies in the eastern Jiangsu province of China, Trading Markets reports. The joint ventures, according to the report, will process and recycle metal slag and resell these recycled products. Trading Markets relates that the joint ventures, which will each be owned 80% by Ipson and 20% by Perfect Future, will require a total investment of US$99.6 million. Thus, each company will require a total investment of US$49.8 million, the report says. CITIC Pacific, the report notes, said that steel manufacturing is one of the group's core businesses and the establishment of the joint ventures provides an opportunity for it to invest in and further expand its steel manufacturing business in mainland China. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. In addition, the TCR-AP reported that Moody's Investors Service on June 16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating. The senior unsecured rating for CITIC Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3. The rating outlook is stable. This concludes the review initiated by the rating agency in April 2006. CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project -------------------------------------------------------------- Citic Pacific Ltd., a listed unit of China's Citic Group, said that it plans to spend US$4.6 billion on its proposed Sino Iron Project in Australia. the Associated Press reports. Citic Pacific, in an e-mail message to Dow Jones Newswires, said that construction in Western Australia's Pilbara region is due to start in 2008, while production of 27.6 million metric tons may start in 2009, with iron pellets and concentrates exported to Chinese steel mills. AP cites Larry Yung, Citic Pacific's chairman, as saying that the project includes options for expansion that could increase production to over 70 million tons annually. Citic Pacific said that it is working with the Western Australian government to secure approval for the project, the report says. The project, the report explains, involves construction of a concentrator, pellet plant, slurry pipeline, port facilities, power station and desalination plant. Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. On June 28, 2006, The Troubled Company Reporter-Asia Pacific reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CITIC Pacific Ltd to BB+ from BBB-. At the same time, it removed the rating from CreditWatch, where it had been placed with negative implications on April 7, 2006. The outlook is stable. In addition, the TCR-AP reported that Moody's Investors Service on June 16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating. The senior unsecured rating for CITIC Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3. The rating outlook is stable. This concludes the review initiated by the rating agency in April 2006. DIGITAL CREATION: Liquidators Quit Post --------------------------------------- On November 15, 2007, Hau Wun Fai and Li Siu Fung stepped down as liquidators for Digital Creation Company Limited, which is currently undergoing liquidation. E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24 ---------------------------------------------------- The creditors of E2E Supply (Hong Kong) Limited, which is in liquidation, are required to file their proofs of debt by December 24, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 15, 2007. The company's liquidator is: Men Yihu c/o Century Business Consultant Limited 23 Floor, Asia Orient Tower Town Place 33 Lockhart Road Wanchai, Hong Kong GOLD-M: Commences Liquidation Proceedings ----------------------------------------- Gold-M Investment Limited commenced liquidation proceedings on November 17, 2007. The company's liquidator is: Ho Te Hwai Cecil Unit 3091, 39th Floor Far East Finance Centre 16 Harcourt Road, Hong Kong HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24 ------------------------------------------------------------- The creditors of Hong Kong & Kowloon Sun Hing Clansmen General United Association Limited, which is in liquidation, are required to file their proofs of debt by December 24, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 15, 2007. The company's liquidator is: Leung Kai Ming Flat 2601, 26th Floor, Block 7 On Pak House, Cheung On Estate 1 Tam Kon Shan Road Tsing Yi, N.T. IANCASTLE LIMITED: Members to Hold Final Meeting on December 28 --------------------------------------------------------------- The members of Iancastle Limited will have their final general meeting on December 28 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Unit 2605, Island Place Tower, 510 King's Road, in North Point, Hong Kong. The company commenced liquidation proceedings on July 26, 2007. JOI MAXIE: Members Will Hold Final Meeting on December 28 -------------------------------------------------------- The members of Joi Maxie Limited will have their final general meeting on December 28, 2007, at 10:35 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Level 28, Three Pacific Palce, in 1 Queen's Road East, Hong Kong. The company commenced liquidation proceedings on June 22, 2007. The Liquidator can be reached at: Huang Qimin No. 99, Lane 4028 Long Dong Avenue Shanghai, Postcode 201201 China LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM ---------------------------------------------------------------- Lai Fung Holdings Ltd said that its subsidiary, Lai Fung Co Ltd, has agreed to sell its wholly owned Perfect Mark Worldwide Ltd to Right Rich Investments Ltd for HKD422 million, Trading Markets relates. According to the report, Lai Fung Holdings said that the aggregate sale price includes a shareholder loan. The company, however, did not specify the loan amount, the report notes. Trading Markets says that Lai Fung Holdings will use the net proceeds of the sale as working capital. Lai Fung Holdings Ltd is the China property arm of Lai Sun Group and focuses on mid-market property development and investment in Guangzhou and Shanghai. The company currently has a development land bank of around 1 million sqm. It also has two investment properties with attributable gross floor area of 162,000 sqm. Moody's Investors Service, on April 17, 2007, affirmed Lai Fung Holdings Ltd's B1 corporate family rating and senior bond rating in view of the successful closing of its US$200 million bond issuance. LEE GARDENS: Creditors' Proofs of Debt Due on December 14 --------------------------------------------------------- The creditors of Lee Gardens Company Limited, which is in liquidation, are required to file proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14 ------------------------------------------------------------- The creditors of Lee Gardens Hotel Management (China) Company Limited, which is in liquidation, are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14 --------------------------------------------------------------- The creditors of Lee Gardens Hotel Management (Hong Kong) Company Limited are required to file their proofs of debt by December 14, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Ying Hing Chui Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11 --------------------------------------------------------------- The members of L.P. Contractors & Construction Co. (Hong Kong) Limited will hold their general meeting on December 11, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 103, Duke of Windsor Social Service Building, 15 Hennessy Road, in Wanchai, Hong Kong. The liquidator can be reached at: Mr. Lo Wing Hung Room 401, 4th Floor China Insurance Building 141 Des Voeux Road Central, Hong Kong MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24 ------------------------------------------------------------ The members of Mosside Enterprises Limited will have their general meeting on December 24, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Level 28, Three Pacific Place, 1 Queen's Road, in East, Hong Kong. The company commenced liquidation proceedings on on Feb. 26, 2007. The company's Liquidators are: Ying Hing Chiu Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong MOUNT CITY: Liquidator Quits Post --------------------------------- On November 15, 2007, Ng Hon Wai Derek stepped down as liquidator for Mount City Property Limited. The company is currently undergoing liquidation. NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5 -------------------------------------------------------------- The members of Nuclear Construction and Engineering Company Limited will have their general meeting on December 5, 2007, at 10:00 a.m., while the company's creditors will meet at 10:30 a.m. on the same date. During the meeting, Stephen Briscoe and Cosimo Borrelli, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. The meeting will be held at the 9th Floor of Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong. The Joint and Several Liquidators can be reached at: Stephen Briscoe Cosimo Borrelli 5/F Allied Kajima Building 138 Gloucester Road Wanchai, Hong Kong PARLEX ASIA: Members to Hold Meeting on December 27 --------------------------------------------------- The members of Parlex Asia Pacific Limited will hold their general meeting on December 27, 2007, at 9:00 a.m., to hear the liquidators' report on the company's wind-up proceedings and property disposal. The meeting will be held at 6-22 Dai Shun Street, Tai Po Industrial Estate, N.T., Hong Kong. The company's liquidators are: Yip Chee Lan Chan Kwok Hung Johnson Building 6-22 Dai Shun Street, Tai Po Industrial Estate Tai Po, N.T. Hong Kong RANNIS COMPANY: Commences Liquidation Proceedings ------------------------------------------------- Rannis Company Limited commenced liquidation proceedings on November 9, 2007. The company's liquidators are: Nathalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28 ------------------------------------------------------------- The creditors of Rashti & Rashti (Hong Kong) Limited, which is in liquidation, are required to file their proofs of debt by December 28, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 13, 2007. The company's liquidators are: Robin Harris Fok Pui Ling Linda 31st Floor, The Center 99 Queen's Road Central, Hong Kong SIBER HEGNER: Liquidator Quits Post ----------------------------------- On November 22, 2007, Tsang Man Hing, stepped down as liquidator for Siber Hegner Luxury Limited, which is undergoing liquidation. The former liquidator can be reached at: Tsang Man Hing 12/F, Grand Building Nos. 15-18 Connaught Road Central, Hong Kong ========= I N D I A ========= AES CORP: Restarts Alamitos Power Station Unit ---------------------------------------------- The AES Corp. has restarted the 495-megawatt Unit 6 at its Alamitos natural gas-fired power station in California, according to a report by the California Independent System Operator. As reported in the Troubled Company Reporter-Latin America on Oct. 25, 2007, AES shut down Unit 6 for unplanned work. Reuters reports that AES closed down the unit on Nov. 1, 2007. The other units were available for service, Reuters notes. According to Reuters, the 1,997-megawatt Alamitos plant is in Long Beach in Los Angeles County. The plant has six units: -- two 175-megawatt Units 1 and 2, -- the 332-megawatt Unit 3, -- the 335-megawatt Unit 4, -- the 485-megawatt Unit 5, and -- the 495-megawatt Unit 6. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. CABLE & WIRELESS: Launching Disabling Service for Stolen Phones --------------------------------------------------------------- Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a new service that will blacklist and shut down stolen cellular phones, The Jamaica Observer reports. The Jamaica Information Service relates that the Jamaican government had asked Cable & Wireless, Digicel, and Miphone to make efforts to protect subscribers. Jamaican energy, mining and telecommunications minister Clive Mullings told The Observer that due to concerns raised about the "alarming rate of cellular phones being stolen and the threat of violence to the owners," he launched discussions with mobile companies Cable & Wireless, Digicel, and Miphone about launching a system of closing down and blacklisting stolen phones to make those phones useless in the hands of thieves or their beneficiaries. According to The Observer, Jamaican education minister Andrew Holness suggested the service two years ago. Minister Mullings told The Observer that Cable & Wireless, Digicel, and Miphone responded positively to proposals. Cable & Wireless sent a letter to him on Nov. 9, advising him that the firm would be ready to implement blacklisting and shutting down of their stolen mobile phones by Dec. 1. Digicel and MiPhone also expressed their willingness to launch the same service but they hadn't given a start-up date, The Jamaica Gleaner notes, citing Minister Mullings. Minister Mullings commented to The Observer, "We are a people who like to be 'on top of things', and we will continue to acquire the latest in phone and telecommunication technology to keep us in touch. The government, therefore, had to find a way to allow individuals to continue to avail themselves of the use of mobile phones, while reducing the danger posed by dishonest and anti-social persons." Minister Mullings told the Jamaica Information Service, "If the government did not move quickly to address the problem, we would continue to see an increase in the number of incidents in which our citizens, including school children, are attacked for their phones." Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% EXIDE TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter -------------------------------------------------------------- Exide Technologies reported its financial results for its fiscal 2008 second quarter, which ended Sept. 30, 2007. The company reported a net loss of US$14.8 million for the second quarter of fiscal 2008 as compared with a net loss of US$35.1 million in the second quarter of fiscal 2007. Included in the current period's net loss was a non-cash tax charge of US$16.7 million resulting from an adjustment to the company's net deferred tax asset in Germany to recognize the impact of a lower corporate tax rate. Foreign currency remeasurement gains in the current quarter aggregated US$9.6 million compared with a US$1.3 million remeasurement loss in the prior year period favorably impacting year-over-year pre-tax results by US$10.9 million. Operationally, gross profit aggregated US$130.3 million in the second quarter of fiscal 2008, an increase of US$24.9 million over the prior year comparable period. Increased gross profit resulted principally from higher pricing and continued improved manufacturing performance, partially offset by the rapid escalation of lead costs and recognition of an incremental US$4.5 million environmental remediation provision. Total selling, general, and administrative expenses for the second quarter of fiscal 2008 amounted to US$107.9 million compared with US$102.3 million in the fiscal 2007 second quarter. The fiscal 2008 second quarter costs were unfavorably impacted by the weaker U.S. dollar, but were also impacted by targeted incremental marketing spending. The net loss for the first half of fiscal 2008 was US$50.5 million and compared with a net loss of US$73.0 million in the comparable prior year period. In addition to the aforementioned tax charge in the second quarter of fiscal 2008, current year six month results were unfavorably impacted by the US$21.3 million loss on early debt extinguishment disclosed in the company's 10-Q for the first quarter of this fiscal year, associated with the company's lower cost refinancing effort. Liquidity and Capital Resources As of Sept. 30, 2007, the company had total liquidity of US$167.7 million consisting of cash and cash equivalents of US$91.6 million and availability under the company's revolving loan facility and other loan facilities of US$40.1 million and US$36.0 million. This compared to a total liquidity position of US$145.9 million at March 31, 2007, consisting of cash and cash equivalents of US$76.2 million and availability under the revolving loan facility and other credit facilities of US$59.3 million and US$10.4 million. At Sept. 30, 2007, the company's balance sheet showed total assets of US$2.39 billion, total liabilities of US$2.0 billion and total sheholders' equity of US$394.7 million. About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The company has operations in Norway, India and Italy. The company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the Debtors in their successful restructuring. The Court confirmed Exide's Amended Joint Chapter 11 Plan on April 20, 2004. The plan took effect on May 5, 2004. * * * Moody's Investor Service placed Exide Technologies' senior secured debt and probability of default ratings at 'Caa1' in September 2006. The ratings still hold to date with a stable outlook. GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers' ------------------------------------------------------------- Ford Motor Company retirees face a higher risk of paying their own medical expenses compared to their General Motors Corp. counterparts under a newly ratified union provision, which analysts claim works better for Ford than for its workers, Jeff Green and Bill Koenig write for Bloomberg News. The Troubled Company Reporter disclosed on Nov. 16, 2007, that the United Auto Workers union membership employed at Ford Motor had ratified a memorandum of understanding that covers post- retirement medical care and a new national collective bargaining agreement governing the wages, hours and terms and conditions of employment for UAW-represented employees. A new retiree health care plan will be established and maintained by either an independent committee or a joint labor- management committee and will be funded by a newly established Voluntary Employee Beneficiary Association trust, which will be responsible for payment of all the Retiree Medical Benefits. Almost half of the US$13.6 billion that Ford Motor had agreed to contribute into the VEBA trust, is pledged against either Ford shares or assets, compared with about 14% of GM's US$32 billion, Bloomberg states. Ford will use a US$3.3 billion bond convertible to Ford shares that matures in 2013 and a US$3 billion, 10-year, second lien against the company's assets to pay part of the US$13.6 billion, Bloomberg reveals. "Ford's health care scheme fails to achieve one of the primary goals of the UAW -- a separation between the financing for retiree health care and the fate of Ford," Fitch Ratings credit analyst Mark Oline said in an interview, Bloomberg notes. When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end their obligation to pay an estimated US$70.7 billion in retiree health care costs, Bloomberg relates. To sweeten the deal, Ford agreed to keep open until 2011 five plants that it had intended to close. The carmaker also committed to manufacture new models in many factories. "The GM structure is better for the workers," Pete Hastings, an analyst at Morgan Keegan & Co. in Memphis, Tennessee, said. "Ford's structure is better for Ford, the way it's structured, than for the workers." 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. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating ---------------------------------------------------------- Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. Moody's said that GMAC's most recent expressions of support for ResCap have raised additional concerns as to the extent to which the firm might entertain a leveraging of its credit profile to support ResCap through its operating difficulties. Moody's position is that any capital support GMAC extends to ResCap, other than that for which GMAC serves only as a conduit for GMAC's owners, would result in an equalization of GMAC's ratings with ResCap's. In Moody's view, GMAC's high stand-alone leverage position has no capacity to provide un-backed support at the current credit grade. In Moody's last rating action on GMAC and ResCap, GMAC's ratings were downgraded one notch to Ba2 while ResCap's ratings were downgraded two notches to Ba3. GMAC's ratings were kept in proximity to ResCap's, reflecting Moody's view that GMAC could be required to provide support to ResCap that weakens GMAC's stand-alone credit profile. Moody's believes that the probability of such support may have shifted higher, in light of the explicit indications of support recently provided by management. During its review of GMAC's ratings, Moody's will seek greater definition regarding the tolerances GMAC's owners exhibit regarding the uses of GMAC's capital and credit worth to support ResCap in ways that could heighten risks to GMAC's creditors. Moody's will also explore the owners' ability and willingness to take actions that neutralize the impact of GMAC's extensions of support to ResCap that would otherwise diminish GMAC's stand- alone credit profile. Moody's anticipates concluding its review by the end of December 2007. According to Moody's, investments or pursuit of endeavors that primarily benefit ResCap could evidence a use of GMAC capital that constitutes ResCap support, if not backed by injections or other explicit support from GMAC's owners. Moody's is also concerned that current market conditions have delayed GMAC's pursuit of other intended capital management initiatives designed to strengthen its capital position. Moody's view is that GMAC's auto finance and insurance businesses have continuing and important strategic value to GM. GM's consent is required on many significant matters relating to GMAC's strategic direction, investment, and capitalization. GM's interest could act as a countervailing influence on investor pressures to further involve GMAC in supporting ResCap through its difficulties. ResCap's ratings (senior unsecured at Ba3) and negative outlook are not affected by Moody's review of GMAC's ratings or the announced US$750 million tender offer. ResCap's current rating assumes its parent is willing and able to provide capital support if needed. Moody's added that it believes that the maturities selected for tender and overall size of the program are appropriate considering ResCap's current liquidity position. Detroit-based GMAC LLC provides retail and wholesale auto financing, auto extended warranty and insurance products, and residential mortgage finance through wholly-owned subsidiary Residential Capital, LLC. GMAC reported a consolidated nine- month net loss of US$1.6 billion. GMAC LLC has a subsidiary in India called GMAC Financial Services India Limited. QUEBECOR WORLD: To Suspend Dividends on Preferred Shares -------------------------------------------------------- Quebecor World Inc. is suspending dividend payments on its Series 3 and Series 5 Preferred Shares. While the company has the funds available to pay such dividends, it has been advised by counsel that as a result of recent developments, the company may be prevented from paying dividends to holders of its preferred shares because it may not satisfy the applicable capital adequacy test contained in the Canada Business Corporations Act. In order to rectify this situation, the company intends to propose to its shareholders at its next annual shareholders meeting scheduled for May 2008 a reduction of stated capital as permitted under the CBCA to allow the company to resume paying dividends, including accrued, unpaid dividends. The company notes that the dividends on the Series 3 and Series 5 preferred shares (including dividends that were to be paid on Dec. 1, 2007) are cumulative and holders will be entitled to receive unpaid dividends, when declared by the Board of Directors, at such time as the company is permitted to resume the payment of dividends. The company also disclosed that one of its directors, Robert Coallier has resigned from the Board of Directors for personal reasons which are unrelated to the announcement. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. 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. * * * As reported in Troubled Company Reporter-Asia Pacific on Nov. 27, Moody's Investors Service placed Quebecor World Inc.'s long term debt ratings on review for possible downgrade and downgraded the company's speculative grade liquidity rating to SGL-4 (indicating poor liquidity). The rating action responds to the company's Nov. 20 announcement that "adverse current financial market conditions" had caused it to withdraw "its refinancing plan involving an offer of approximately CDN$250 million of its equity shares, an offer on a private placement basis of an aggregate of US$500 million of new debt securities and amendments to the Company's secured credit facilities". Moody's also placed these ratings on review for possible downgrade: B3 Corporate Family Rating; Caa1 Senior Unsecured Regular Bond/Debenture; and B3 Probability of Default Rating, Placed. As reported in the Troubled Company Reporter on Nov. 22, 2007 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'. TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform ------------------------------------------------------------ Tata Motors Ltd has rolled out the one millionth passenger car off the Indica platform at its Car Plant in Pune, in its ninth year since the commencement of production in January 1999, the company said in a press release. While it achieved the 100,000th car in March 2001, and the 500,000th car in February, 2005, the progression from the 900,000th car to the millionth car was achieved in just seven months. Starting with the Indica, the company launched the Indigo in 2002, the Indigo Marina in 2004, and the Indigo XL in 2007. The plant started with a capacity of 150,000 p.a., which was subsequently expanded to 225,000 p.a. in 2006. Speaking at the ceremony, Mr. Tata said, "I am very pleased that the company has rolled out the one millionth car off the Indica platform -- something that was considered inconceivable by the project's critics during the investment and the initial gestation period. The team of people involved with the journey to this milestone should feel satisfied today of having created a robust car business for the company." The Indica, the Indigo and the Indigo Marina, apart from being successful brands in the domestic market, have made a mark in several overseas markets in Asia, Europe, Africa, Middle East and South America. As part of the celebration of the one-millionth milestone, Tata Motors has planned several activities involving key stakeholders in recognition of their contribution towards the achievement of the milestone. Free service check-ups, free service camps, discounts on accessories and value added services for existing customers and a contest for free upgrades for lucky customers are coupled with special retail offers for new customers. In addition, special retail offers and finance schemes for employees of vendors, financiers, dealerships and Tata Motors are also planned. 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. TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility ---------------------------------------------------------- Tata Steel Ltd plans to put up an eight-million-tonne pellet facility at Jharkhand or Orissa at an investment of more than INR1,000 crore, The Telegraph reports. The company's location choice for the plant is largely due to the presence of iron mines in the areas. The company will make use of the fines produced during the extraction or ore lumps for the mine, The Telegraph cites Tata Steel Adviser Amit Chatterjee as saying. After washing out impurities, iron ore fines are glued with additives like limestone and coal to form pellets that can be directly fed into furnaces to make steel, the news agency explains. Mr. Chatterjee sees India's steel production in 2020 to expand around four times to around 170mt. With that production increase, Tata Steels expects a shortage of skilled workers. In that regard, the company is allying with engineering colleges and universities as preemptive measure, tge news agency cites Mr. Chatterjee as saying. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. TATA STEEL: Names Two New Directors to Board -------------------------------------------- Tata Steel Ltd brings in two directors to its board: 1. Andrew Robb as a Non Executive Independent Director; and 2. T. Mukherjee as a Non Executive Director. According to a filing with the Bombay Stock Exchange, the company's board made the appointments at the meeting on Nov. 22, 2007. Mr. Robb is a Non Executive Director of Corus Group Ltd since August 2003. Dr. Mukherjee was previously the company's Managing Director (Steel) who retired from the post on Oct. 31, 2007. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. ================= I N D O N E S I A ================= ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid ------------------------------------------------------------ PT Adaro Indonesia said it is unaware of China Shenhua Energy Co.'s plan to bid US$4 billion for a stake in the company, various reports say. Adaro's Chairman Edwin Soeryadjaya said the rumors are not true, and until now he does not know of such a plan, Chron.com relates. Shenhua Energy is thinking of buying a controlling stake in unlisted PT Adaro Indonesia, Reuters reprots citing the South China Post. Reuters says Shenhua had not been content with merely buying a small slice of the firm via Adaro's US$750- million initial public offering, to be launched in Jakarta in 2008. Instead it could either take a controlling stake and scrap the stock sale, or buy out existing shareholders at the time of the IPO, the report notes. However, Chron News relates, China Shenhua has made no announcements to the Hong Kong or Shanghai stock exchanges where its shares are traded. About PT Adaro Indonesia Headquartered in Indonesia, PT Adaro Indonesia -- http://www.adaro-envirocoal.com-- operates one of the world's largest sub-bituminous coalmines in Kalimantan, Indonesia. The company operates under a Coal Cooperation Agreement with the Government of Indonesia, which gives it the right to mine coal within its agreement area in the Tanjung district of South Kalimantan Province until the year 2022 with rights to extend by mutual agreement. There are four deposits within the Agreement Area, which contain total coal resources of approximately 3.0 billion tones of open cut coal characterized by extremely thick seams of up to 50 meters with relatively low overburden. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 9, 2007, that Moody's Investors Service placed PT Adaro Indonesia's Ba3 local currency corporate family and foreign currency bond ratings under review for possible upgrade. On Sept. 11, 2006, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Adaro Indonesia. The outlook is stable. At the same time, Standard & Poor's affirmed its 'B+' rating on the senior secured notes issued by Adaro's wholly owned subsidiary, Adaro Finance B.V. The issue is unconditionally and irrevocably guaranteed by Adaro, and its related company, PT Indonesia Bulk Terminal. Adaro had total assets or US$1.4 billion at March 31, 2006. It is the largest single-mine coal producer in Indonesia, with capacity of 38 million tons per year in 2006 and reserves of at least 14 years. EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts ---------------------------------------------------------- PT Excelcomindo Pratama Tbk plans to raise US$950 million by selling bonds or borrowing to repay existing debt and expand its wireless services as competition for customers intensifies, Bloomberg News reports. Arijit Ghosh of Bloomberg writes that the company has already obtained the approval of its shareholders about the plan. The company said in a press release that its shareholders convened a meeting on November 23, 2007, and resolved to, among others, obtain new borrowings of as much as US$950,000,000 in the form of bilateral credit facility, syndicated credit facility through issuances of bonds and other debts instruments. The company, Bloomberg notes, will use US$350 million of the amount for expansion and the balance to reduce debt. The process will start by the end of the year, the report adds. Excelcomindo is expanding outside the main island of Java to win more customers that may help it counter a decline in prices as competition increases, Bloomberg says. Excelcom President Director Hasnul Suhaimi said "To execute future plans there are a lot of things that need to be done", the report notes. The company also needs to restructure their organization in order for the company to be slimmer and more assertive, he added. About Excelcomidndo Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk -- http://www.xl.co.id/ -- provides wireless telecommunications services, leased lines and corporate services, which include Internet Service Provider (ISP) and Voice over Internet Protocol services. In addition, Excelcomindo provides voice, data and other value-added cellular telecommunications services. Its product lines include jempol, bebas and xplor. The company also provides services that allow its customers to purchase electronic voucher reloads at all of its centers and outlets, automated teller machines of various major banks and through its all centers. Excelcomindo starter packs and voucher reloads are also sold by independent retailers. Excelcomindo is Indonesia's third-largest cellular operator; as at the first quarter of 2006 the company had 8.2 million subscribers representing total market share of around 15% but with cellular revenue market share of approximately 10%. TM and its parent Khazanah together hold 73.7% in XL. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service has upgraded Excelcomindo Finance Company B.V.'s foreign currency senior unsecured bond rating to Ba2 from Ba3. The bond is irrevocably and unconditionally guaranteed by PT Excelcomindo Pratama. At the same time, Moody's has affirmed the Ba2 local currency corporate family rating of XL with a positive outlook. On Oct. 03, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Indonesia's cellular operator, Excelcomindo Pratama, on CreditWatch with negative implications following the disclosure that its parent, Telekom Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency A/Watch Neg/--), intends to separate its cellular and international operations from its fixed-line business. At the same time, Standard & Poor's 'BB-' rating on Excelcomindo's outstanding senior unsecured notes has been placed on CreditWatch with negative implications. On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo Pratama Tbk's Long- term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'. The Outlook remains Stable. At the same time, Fitch has affirmed the 'BB-' rating on its senior unsecured notes programme. INDOSAT: Expects Slower Revenue Growth Next Year ------------------------------------------------ PT Indosat Tbk expects slow growth in revenue even with increased third-quarter revenues, due to tougher competition, Reuters reports. The report relates that the company's third quarter revenue increased 35% to IDR4.19 trillion, while its cellular operations revenue increased 38.2% to IDR3.25 trillion. According to the report, President Director Johnny Swandi Sjam said, "Next year, competition will be tougher and we have to penetrate further to the lower income group, which will push our average revenue per user (ARPU) further down." Mr. Sjam told the news agency that Indosat, which was the subject of a controversial ruling by Indonesia's anti-monopoly agency earlier this week, was targeting revenue growth of 18% in 2008, against 34% in the first nine months of this year. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 23, 2007, Indosat's largest shareholder Temasek Holdings, was found guilty by the Business Competition Monitoring Commission (KPPU) of violating Indonesia's anti monopoly laws. Temasek Holdings, TCR-AP noted, 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 said. The TCR-AP related that Indosat and Telkomsel dominate 80% of the GSM cellular phone market in Indonesia. Mr. Sjam said the company's 18% revenue growth target is basically a conservative one, Reuters relates. Hopefully we can beat that, he added. 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 June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive which is in line with the outlook on Indonesia's foreign currency country ceiling. 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: Nine Month Net Profit Ups 56% to IDR1.4 Trillion --------------------------------------------------------- PT Indosat Tbk's nine-month net profit increased 56% to IDR 1.45 trillion, various reports say. According to Thomson Financial, the increase in the company's net profit was helped by stronger revenue. Reportedly, the group's revenues increased to IDR11.88 trillion. Indosat's mobile arm Satelindo is responsible for a 38% y-o-y rise in nine-month revenue to IDR9.15 trillion, Teleography says. Indosat Finance Director Wong Heang Tuck told Thomson Financial that the revenue growth was mainly attributable to a higher subscriber base, given that the average revenue per user (ARPU) was smaller during the same period last year. "The ARPU fell 10.6% year-on-year to IDR53,400 rupiah in first nine months while our customer base grew 55%", Mr. Tuck added. President Director Johnny Swandi Sjam told Antara News that cellular services, fixed data services and fixed telephone services contributed 77%, 13% and 10% respectively to the company's sales. Revenues from cellular services, Antara notes, increased 38% compared to the same period last year with the number of cellular subscribers rising 54.8% to 22 million. Indosat said its operating profit for the first nine months increased 31% to IDR3.20 trillion from 31% on the same period in the previous year, Thomson Financial relates. 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 June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive which is in line with the outlook on Indonesia's foreign currency country ceiling. 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: Expects 2008 Capex to Remain at US$1.2 Billion ------------------------------------------------------- PT Indosat Tbk's 2008 capital expenditure may remain at the 2007 level of US$1.2 billion, the bulk of which will be spent on the expansion of its cellular service, Antara News reports. Indosat, the report relates, is planning to spend 80-85% of the amount on the expansion, which will involve building about 3,000 new base transceiver stations next year in order to expand its service coverage outside Java as well as increase its local capacity. Wong Heang Tuck, Indosat finance director, told the news agency that to partly finance the planned capex, Indosat may raise about IDR3-4 trillion rupiah from the market. 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 June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive which is in line with the outlook on Indonesia's foreign currency country ceiling. 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. PT INCO: Production Resumes After Strike Ends --------------------------------------------- PT International Nickel Indonesia Tbk's 11-day strike ended on November 26, 2007, hence the operations at the site resumed back to normal, a company press release says. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 20, 2007, around 100 of Indosat's employees remained on strike at its Sorowako mine, a fifth of the number that walked out on November 15 seeking higher bonuses. According to the TCR-AP, a number of PT INCO's workers walked off the job in an effort to persuade the company to accept union demands for additional compensation. The TCR-AP said the strike action is being undertaken by Labor Union FSP-KEP UK PT Inco. PT Inco, the press release notes, estimates a production loss of approximately five million pounds nickel in matte during the strike period. Jannus Siahaan, the spokesman of PT International Nickel Indonesia told Reuters that they signed an agreement on Nov. 25, and mining operations are running normally again. "We are optimistic that we can meet this year's target of 165 million pounds," said Mr. Siahaan. Antara notes that Inco will pay a special bonus in the fourth quarter this year to all workers under the deal with the union. In 2008, Inco will pay a "production bonus" in each quarter if the nickel price on the London Metal Exchange averages US$13 per pound or higher during the quarter, the report adds. Prior to the agreement, Antara says, Inco paid quarterly bonuses to its 3,500 permanent workers. The maximum bonus was paid if the production target for the quarter was achieved, the report adds. About PT Inco Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company holds Standard and Poor's long-term foreign and local issuer credit ratings both at BB- rating. As of October 29, 2007, the company holds Fitch Rating's BB LT Issuer Default rating and Foreign Currency LT Derb Rating at BB. ========= J A P A N ========= FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers' -------------------------------------------------------------- Ford Motor Company retirees face a higher risk of paying their own medical expenses compared to their General Motors Corp. counterparts under a newly ratified union provision, which analysts claim works better for Ford than for its workers, Jeff Green and Bill Koenig write for Bloomberg News. The Troubled Company Reporter disclosed on Nov. 16, 2007, that the United Auto Workers union membership employed at Ford Motor had ratified a memorandum of understanding that covers post- retirement medical care and a new national collective bargaining agreement governing the wages, hours and terms and conditions of employment for UAW-represented employees. A new retiree health care plan will be established and maintained by either an independent committee or a joint labor- management committee and will be funded by a newly established Voluntary Employee Beneficiary Association trust, which will be responsible for payment of all the Retiree Medical Benefits. Almost half of the US$13.6 billion that Ford Motor had agreed to contribute into the VEBA trust, is pledged against either Ford shares or assets, compared with about 14% of GM's US$32 billion, Bloomberg states. Ford will use a US$3.3 billion bond convertible to Ford shares that matures in 2013 and a US$3 billion, 10-year, second lien against the company's assets to pay part of the US$13.6 billion, Bloomberg reveals. "Ford's health care scheme fails to achieve one of the primary goals of the UAW -- a separation between the financing for retiree health care and the fate of Ford," Fitch Ratings credit analyst Mark Oline said in an interview, Bloomberg notes. When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end their obligation to pay an estimated US$70.7 billion in retiree health care costs, Bloomberg relates. To sweeten the deal, Ford agreed to keep open until 2011 five plants that it had intended to close. The carmaker also committed to manufacture new models in many factories. "The GM structure is better for the workers," Pete Hastings, an analyst at Morgan Keegan & Co. in Memphis, Tennessee, said. "Ford's structure is better for Ford, the way it's structured, than for the workers." About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. 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. FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival ------------------------------------------------------------ Ford Motor Company retirees face a higher risk of paying their own medical expenses compared to their General Motors Corp. counterparts under a newly ratified union provision, which analysts claim works better for Ford than for its workers, Jeff Green and Bill Koenig write for Bloomberg News. The TCR-Europe reported on Nov. 19, 2007, that the UAW membership employed at Ford Motor had ratified a memorandum of understanding that covers post-retirement medical care and a new national collective bargaining agreement governing the wages, hours and terms and conditions of employment for UAW-represented employees. A new retiree health care plan will be established and maintained by either an independent committee or a joint labor- management committee and will be funded by a newly established Voluntary Employee Beneficiary Association trust, which will be responsible for payment of all the Retiree Medical Benefits. Almost half of the US$13.6 billion that Ford Motor had agreed to contribute into the VEBA trust, is pledged against either Ford shares or assets, compared with about 14 percent of GM's US$32 billion, Bloomberg states. Ford will use a US$3.3 billion bond convertible to Ford shares that matures in 2013 and a US$3 billion, 10-year, second lien against the company's assets to pay part of the US$13.6 billion, Bloomberg reveals. "Ford's health care scheme fails to achieve one of the primary goals of the UAW -- a separation between the financing for retiree health care and the fate of Ford," Fitch Ratings credit analyst Mark Oline said in an interview, Bloomberg notes. When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end their obligation to pay an estimated US$70.7 billion in retiree health care costs, Bloomberg relates. To sweeten the deal, Ford agreed to keep open until 2011 five plants that it had intended to close. The carmaker also committed to manufacture new models in many factories. "The GM structure is better for the workers," said Pete Hastings, an analyst at Morgan Keegan & Co. in Memphis, Tennessee. "Ford's structure is better for Ford, the way it's structured, than for the workers." About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. 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. GMAC COMMERCIAL: Ba2 Rating for Possible Downgrade, Moodys Says --------------------------------------------------------------- Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC (ResCap), as disclosed in ResCap's November 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. Moody's said that GMAC's most recent expressions of support for ResCap have raised additional concerns as to the extent to which the firm might entertain a leveraging of its credit profile to support ResCap through its operating difficulties. Moody's position is that any capital support GMAC extends to ResCap, other than that for which GMAC serves only as a conduit for GMAC's owners, would result in an equalization of GMAC's ratings with ResCap's. In Moody's view, GMAC's high stand-alone leverage position has no capacity to provide un-backed support at the current credit grade. In Moody's last rating action on GMAC and ResCap, GMAC's ratings were downgraded one notch to Ba2 while ResCap's ratings were downgraded two notches to Ba3. GMAC's ratings were kept in proximity to ResCap's, reflecting Moody's view that GMAC could be required to provide support to ResCap that weakens GMAC's stand-alone credit profile. Moody's believes that the probability of such support may have shifted higher, in light of the explicit indications of support recently provided by management. During its review of GMAC's ratings, Moody's will seek greater definition regarding the tolerances GMAC's owners exhibit regarding the uses of GMAC's capital and credit worth to support ResCap in ways that could heighten risks to GMAC's creditors. Moody's will also explore the owners' ability and willingness to take actions that neutralize the impact of GMAC's extensions of support to ResCap that would otherwise diminish GMAC's stand- alone credit profile. Moody's anticipates concluding its review by the end of December 2007. According to Moody's, investments or pursuit of endeavors that primarily benefit ResCap could evidence a use of GMAC capital that constitutes ResCap support, if not backed by injections or other explicit support from GMAC's owners. Moody's is also concerned that current market conditions have delayed GMAC's pursuit of other intended capital management initiatives designed to strengthen its capital position. Moody's view is that GMAC's auto finance and insurance businesses have continuing and important strategic value to GM. GM's consent is required on many significant matters relating to GMAC's strategic direction, investment, and capitalization. GM's interest could act as a countervailing influence on investor pressures to further involve GMAC in supporting ResCap through its difficulties. ResCap's ratings (senior unsecured at Ba3) and negative outlook are not affected by Moody's review of GMAC's ratings or the announced US$750 million tender offer. ResCap's current rating assumes its parent is willing and able to provide capital support if needed. Moody's added that it believes that the maturities selected for tender and overall size of the program are appropriate considering ResCap's current liquidity position. Detroit-based GMAC LLC provides retail and wholesale auto financing, auto extended warranty and insurance products, and residential mortgage finance through wholly-owned subsidiary Residential Capital, LLC. GMAC reported a consolidated nine- month net loss of US$1.6 billion. IHI CORP: Shares Rise Due to JPY77-Bil. Property Sale Report ------------------------------------------------------------ IHI Corp. shares rose in Tokyo after it disclosed that it will book a JPY77.2-billion gain from the sale of land near its Tokyo headquarters, Masumi Suga writes for Bloomberg News. Stocks, according to Bloomberg, rose 3.2% to JPY229 as of 9:42 a.m. The Troubled Company Reporter-Asia Pacific reported on Nov. 27, 2007, that IHI would sell a property in Tokyo to Dai-ichi Mutual Life Insurance Co. Yuichi Ishida, an analyst at Mizuho Investors Securities Co., shares with Bloomberg by telephone that, "the land sale illustrates the company's determination to secure net income, as its business is hurt." In addition, Mr. Ishida rates IHI's stock as "neutral," Bloomberg relates. About IHI Corp. Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp -- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a Japan-based company engaged in six business segments. The Logistics and Steel segment offers concrete products, automated storages, loaders and others. The Machinery segment offers plastic processing machines, industrial boilers, pumps and others. The Energy Plant segment develops waste incineration facilities, nuclear power plants, thermal power plants and process plants, water treatment plants, renewable power plants and other facilities. The Aerospace segment produces aircraft engine parts and provides aircraft maintenance services. The Ship and Offshore segment builds container ships, bulk carriers, tankers and other ships, as well as develops marine equipment and machinery and provides design and engineering services. The Others segment provides real estate, financial and insurance services. The Troubled Company Reporter-Asia Pacific reported on July 13, 2007, that Standard & Poors Rating Agency affirmed its BB+ long- term corporate credit rating with a positive outlook. JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation ---------------------------------------------------------------- Japan Airlines International Co., Ltd.'s 190 current and former cabin attendants and their unions sued the airline and its largest labor union, alleging that their personal information was collected without their consent, Kyodo News reports. Kyodo states that the union of cabinet attendants, Japan Airlines Cabin Crew Union, is seeking some JPY48 million in compensation for violating their human rights by collecting information on some 9,800 employees, including their political beliefs, medical records, family status and physical descriptions. The personal information, according to the attendants, includes some 150 items, including address, date of birth and character traits, relates Kyodo News. According to the plaintiffs, some of the data, including the company's assessment of job performance, are "information to which only company management can have access, says Kyodo. The report says that the data collection came to light in February, prompting JAL management in May to issue punishments to its current and former employees involved, ranging from work suspensions to reprimands. JAL's largest labor union admits it had kept personal information on at least 7,000 flight attendants in a way that may have violated the personal information protection law, the report notes. Meanwhile, JAL claims it had provided names and other information on employees to two labor unions, including the largest one, until March 2006 but has since discontinued the practice, notes Kyodo. Kyodo adds that JACCU is also seeking JPY5.5 million for what it claims to be an unfair labor practice "in which the company was systemically involved." In line with this, 20 of the plaintiffs, who are former JAL employees, are demanding JPY220,000 each in damages. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit ratings on Japan Airlines Corp. and the company's 100% subsidiary, Japan Airlines International Co. Ltd., and removed them from CreditWatch, where they were placed with negative implications on May 25, 2007. The 'B+' senior unsecured debt ratings on both companies were also affirmed. The rating actions reflect the diminished likelihood of a material change in financial institutions' credit stance toward JAL, at least over the short term, given JAL's steady business performance since the beginning of the current fiscal year, and a smaller concern about the short-term liquidity. The outlook is negative. The TCR-AP reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. NOVA CORP: Fifty-five Schools to Help Nova Students, Survey Says ---------------------------------------------------------------- A survey conducted by Japan's government regulator showed that 55 language school operators are prepared to provide lessons to some 18,800 students of failed conversation school Nova Corp. on a temporary basis, Mainich Daily News reports. According to MDN, 30 members of the 66-member Japan Association for the Promotion of Foreign Language Education will temporarily take on about 10,000 students, while 13 schools belonging to the 21-member All Japan Linguistics Association will provide lessons for another 5,500 students and 12 schools that belong to neither of the industry associations will accept 3,300 others. G.communication, which has taken over Nova, has already been notified by The Economy, Trade and Industry Ministry of the survey results, MDN relates. G.communication Takeover In a Kyodo News report, G.communication disclosed that it will increase the number of schools it will take over from Nova to 126 by the end of this year. G.communication, which will eventually take over up to 200 schools, said that the average number of students at each school is expected to be only around 300. The additional 126 schools can accept up to 35,000 students. According to The Yomiuri Shimbun, G.communication, taking over Nova operations, have resumed offering lessons at 25 branches since its first school reopened its Kurokawa branch in Nagoya. The Hyogo-Koshien branch in Nishinomiya, Hyogo Prefecture, on Sunday became the first to resume operations in the Kansai region, where the company was headquartered. Seven students attended lessons on the day, adds the report. The Yomiuri article said it is unclear whether G.communication has the resources to manage branches across the nation. Rehiring Nova Employees Of the 4,900 Nova employees, more than half are likely to be rehired by G.communication, states The Yomiuri Shimbun. About 70% of foreign teachers are likely to accept the job offers from G.communication. However, about half of Japanese employees, as reported by The Yomiuri Shimbun, including executives of key departments, are expected to refuse G.communication's offer and quit Nova. According to one former Nova executive who has refused to take the job offer from G.communication claims that the sponsor's business style reminds him of Sahashi, affirming rumors that G.communication is said to have used aggressive merger and acquisition techniques to expand its business. 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. NOVA CORP: Osaka Court Approves Bankruptcy Proceedings ------------------------------------------------------ Failed language-school Nova Corp. has received the Osaka District Court's approval of its request to start court- supervised bankruptcy proceedings, Kyodo News reports. According to the report, the court-appointed lawyers, said that the court had endorsed Nova's request to start liquidation proceedings following their failure to find a procurer to take over its operations fully. G.communication, a Nagoya-based operator of cram schools, language schools and restaurants, had taken over only part of Nova's operations. The Osaka District Court, according to Kyodo News, started Nova's legal liquidation process on Monday. The court has turned down Nova's application for legal rehabilitation. 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. SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger ----------------------------------------------------- Sanyo Electric Co., in its company Web site, clarifies that it did not make any announcement regarding establishing a new company for fuel cell systems with Nippon Oil Corporation. On November 19, 2007, the Troubled Company Reporter-Asia Pacific reported that Sanyo is in talks with Nippon Oil about merging their fuel-cell businesses to cut development costs. Sanyo and Nippon Oil, according to the company-issued statement, have collaborated for several years on liquefied petroleum gas fuel cell system development. The consumer electronics maker said that it is in discussions regarding its fuel cell business with Nippon Oil, but nothing official has been decided yet. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001 --------------------------------------------------------------- Sanyo Electric Co., Ltd., will book a much higher loss of more than JPY100 billion for the year ended March 31, 2001, after reviewing its past results, Kiyoshi Takenaka of Reuters reports, citing the Nikkei business daily. The consumer electronics maker, relates Reuters, originally booked a JPY6-billion loss in its struggling microchip and liquid crystal display operations businesses for fiscal year 2001 on the grounds that those businesses were expected to recover eventually. However, after reassessing its past earnings with more rigorous accounting standards, Sanyo realized that it needs to book an additional loss in excess of JPY100 billion for the year, states Mr. Takenaka. The Nikkei daily, conveys Reuters, explained that the additional losses mean Sanyo's annual dividend of JPY6 per share in year ended March 2003 was underfunded by JPY10 billion, infringing on accounting rules that dividends are paid out within funds available for such purposes, including retained earnings. Sanyo, as stated by the Nikkei report, is expected to submit the revised earnings next month to Japan's Securities and Exchange Surveillance Commission and may face fine penalties. Meanwhile, in a company-issued statement, Sanyo claims that the Nikkei report was based on speculation and expresses that it is still in the process of reviewing its past earnings, Reuters notes. Sanyo, Reuters relates, said in February that it was considering restating its past unconsolidated earnings, following a report by the Asahi newspaper that it may have failed to account for more than US$1 billion in losses. Reuters adds that Sanyo also plans to report revised financial statements by the end of the year, and any revision would have no impact on its consolidated earnings. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components --------------------------------------------------------------- The Timken Company reported that its bearing assemblies were used as components in the major production systems supplied by SMS Demag AG for the new SeverCorr steel plant near Columbus, Miss. SeverCorr, a joint venture between Russian and U.S. steelmakers, ranks among the world's most modern producers. Initially, SeverCorr will produce 1.5 million tons annually of high-quality flat-rolled steel for use in the automotive, construction, agricultural and appliance industries. In April, the company announced plans for a second production line to more than double the mill's capacity. SMS Demag provided melt equipment, hot and cold rolling mills, galvanizing and pickle lines and a temper mill for the new plant. The Timken(R) bearing assemblies are installed in gear units, roller tables and continuous casting equipment, as well as in the roll necks of the hot and cold rolling mills. "Timken experts customized the bearing assemblies to maximize mill performance and product quality," said Michael J. Connors, Timken president for process industries. "It's the combination of global product technology with local service that makes the difference to customers like SMS Demag." About SMS Demag SMS Demag AG belongs to the group of companies headed by SMS GmbH, headquartered in Dusseldorf, Germany. This holding company brings together a group of international plant construction and mechanical engineering companies specializing in processing steel, non-ferrous metals and plastics. In 2006, some 9,000 employees worldwide generated sales of approximately 2.83 billion euros. About SeverCorr SeverCorr is a joint venture of SteelCorr, a group of steel industry veterans, and Severstal, the international steel firm with substantial assets in metallurgy, mining, automobile manufacture, machinery, transportation and other businesses. SeverCorr was organized to build a new state-of-the-art steel mill in the southern United States where demand for high-quality steels has grown rapidly in recent years. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. ========= K O R E A ========= ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs --------------------------------------------------------- Aramark Corporation has entered into a national partnership with Amerex Energy Services to provide clients with an array of energy services, including the purchase of renewable energy credits. "Businesses and institutions nationwide are aggressively working to improve their environmental footprint - for themselves, for their customers, and for their communities," said Ron Mesaros, associate vice president of technical services for ARAMARK. "Together, Aramark and Amerex can offer these institutions more innovative ways to reduce their energy costs and complement their strategies for sustainability." Aramark's energy management programs are a vital component of an institution's overall strategy toward environmental stewardship. Through its services, Aramark helps institutions calculate their carbon footprint, reduce reliance on fossil fuels, procure alternative energy, achieve LEED certification, and reduce greenhouse gas emissions. Amerex Energy Services, a division of Amerex Brokers LLC, a wholly owned subsidiary of GFI Group Inc. is a national energy consultant that works with retail electric providers and wholesale power suppliers to procure energy for its clients. The company provides a wide array of energy and energy-related financial tools to help its clients lower their energy costs. The company serves a global client network of more than 1,000 firms, including thousands of traders and risk management professionals. Together, ARAMARK and Amerex will offer a broad portfolio of options to help businesses reduce energy use and cost- effectively procure energy resources. Services offered include conducting energy audits, developing energy reduction strategies, negotiating contracts with electricity and natural gas providers, training facility staff on energy efficiency, and providing ongoing insight into the energy market. The companies will also assist institutions with the purchase of RECs. RECs represent units of energy expended by a business which, when purchased, are invested into renewable energy solutions such as wind power, water power and solar energy. A growing number of institutions are purchasing RECs as a way to minimize their impact on the environment and affect climate change. Aramark and Amerex recently partnered with Integrys Energy Services Inc. and Credit Suisse Group to help Baylor University negotiate a ground breaking 10-year power deal that will save more than US$2 million of the US$13.5 million the university spends annually on electricity for the 735-acre campus. The agreement includes the finance and support of wind-generated electricity, support for the development of wind farms in Texas, and the development of alternative energy sources in higher education. For its efforts, Baylor received a "2007 Award for Innovation" for the National Association of College and University Business Officers. "The new energy contract at Baylor is a breakthrough agreement for universities looking for creative ways to remain good stewards to their communities," added Mr. Mesaros. "This national partnership will allow Aramark and Amerex to bring critical energy management knowledge and insights to other institutions throughout the United States." About Aramark Headquartered in Philadelphia, Pennsylvania, Aramark Corp. (NYSE: RMK) -- http://www.aramark.com/-- is a professional services organization, providing food services, facilities management, hospitality services, and uniforms and career apparel to health care institutions, universities and school districts, stadiums and arenas, businesses, prisons, senior living facilities, parks and resorts, correctional institutions, conference centers, convention centers, and public safety professionals around the world. AARAMARK has approximately 240,000 employees serving clients in 20 countries, including Japan and Korea. * * * As reported in the Troubled Company Reporter on Aug. 16, 2007, Standard & Poor's Ratings Services revised its outlook on Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from negative. At the same time, Standard & Poor's affirmed its ratings on ARAMARK, including the 'B+' corporate credit rating. BOE HYDIS: Prime View to Buy 95% Stake for KRW260 Billion --------------------------------------------------------- Prime View International Company will buy BOE Hydis Technology Company Limited's 95% stake for KRW260 billion, various reports say. As reported by the Troubled Company Reporter-Asia Pacific on Sep. 7, 2007, BOE Hydis is looking for a potential buyer to take up to 100% of the company, with expectations that the sale contract will be complete in the first quarter next year. According to Dow Jones Newswire, a consortium consisting of Prime View, Alco Holdings Ltd. and Varitronix International Ltd., will pay KRW15.6 billion for new shares of BOE Hydis and KRW104 billion for 5-year corporate bonds, with an annual interest of 4%. In terms of investment proportion, Digitimes says, Prime view will take a 78% share while Alco and Varitronix each will account for 11%. After the official buyout, PVI will take official control over Hydis, the repot says. Digitimes pointed out that after the investment from Primeview, Boe Hydis will become a completely debt-free company (not including debts generated after the company's rehabilitation). BOE Hydis applied for corporate rehabilitation on September 8, 2006, with the Seoul Central District Court, the TCR-AP noted. Digitmes recounts that on September 29, the company commenced its restructuring process. In late May this year, Digitimes relates, the company announced that its corporate rehabilitation plan was approved by a review panel of the Seoul Central District third Bankruptcy Court. The deal will increase the Prime View's economies of scale in purchasing components, cutting its operating cost, Prime View Chairman Scott Liu told Dow Jones. Credit Suisse Group is Prime View's financial consultant for the deal, Dow Jones adds. About BOE Hydis Technology Headquartered in Seoul, South Korea, BOE Hydis Technology Company, Limited -- http://www.boehydis.com/-- develops, manufactures and distributes flat panel display products for a wide range of applications, including laptop computers, Tablet PC's, monitors, medical, avionic and car navigation systems. China's BOE Technology Group Co. acquired the Company from Korea's Hynix Semiconductor Inc. in 2003. BOE Hydis is one of the 10 LCD manufacturers in the world and has over 1,000 employees in China, Germany, Japan, Korea, Singapore, Taiwan, and the United States. As reported by the Troubled Company Reporter-Asia Pacific, BOE Hydis applied for corporate rehabilitation on September 8, 2006, with the Seoul Central District Court. DAEWOO ELECTRONICS: Back for Sale on Failed Bid ----------------------------------------------- Daewoo Electronics Corporation is put up for sale a second time as the US$746-million Videocon-Ripplewood bid fails, various reports says. As reported by the Troubled Company Reporter-Asia Pacific on Jan. 2, 2007, Videocon and bid partner Ripplewood Holdings LLC submitted the winning bid for a controlling stake in Daewoo. Financeasia relates that the deal started to hit obstacles after the buyers completed due diligence. Expectations were out of line with what the asset was worth and creditors were not prepared to make the significant concessions necessary to progress discussions, the report points out. The quality of unsold inventory, Fianceasia notes, and some receivables from affiliated companies are said to have adversely affected working capital assumptions. Furthermore, the existing lenders did not want to continue to extend credit on terms attractive to the buying consortium, Finaceasia adds. The creditors, Reuters points out, had scrapped a plan to sell the company again after failing to close the deal. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 14, 2007, Daewoo Electronics laid off approximately 1,500 of its 4,000 workers, after a quiet restructuring in October. The company move, Reuters says, will help creditors recoup funds used to bail out the company. "The value of the company has gone up since then, thanks to restructuring and workforce reductions," a Woori source told Reuters. Creditors to Disclose Preferred Bidder in January Daewoo Electronics's creditors' will be accepting bids from November 26 to December 17 and would pick up preferred bidders in January, Reuters reports citing a Daewoo spokesman. According to Financeasia, Woori Investment & Securities and Samil PricewaterhouseCoopers will continue to be the advisers to the sale. It is not clear whether ABN AMRO, who was a joint adviser with Woori and PwC in the original deal, will have a role this time round, the report adds. "There are five or six overseas electronics companies and a Russian bank-led consortium that have shown interest in the deal," one of the managers to the sale told Reuters. Failed Deal Shouldn't Deter Indian Firms from Investing Videocon's failure to acquire Daewoo Electronics should not deter Indian firms from investing in in Korea, Sify Business reports citing Gwangju City Mayor Park Kwang-Tae. "This failed deal is an issue between the two companies and nothing to do with the economic relations of the two countries, and should not deter Indian companies from investing in future in Korea," Mr. Kwang-Tae told reporters. On the contrary, he said, it could be taken at least as a positive sign that an attempt has been made for bigger business relationship, the report adds. About Daewoo Electronics Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. EUGENE SCIENCE: Hires Andrew Altman as Vice President ---------------------------------------------------- Eugene Science Inc. has appointed Andrew Altman to the newly created position of Vice President-Business Development. Mr. Altman brings a 20-year successful track record as a senior sales and sales management executive in the life sciences industry including positions at Varian, Fisions Instruments and Beckman Instruments. Most recently, he served as principal and senior business consultant at Single Track Investments, where he specialized in strategic business development for emerging- growth stage life sciences and pharmaceutical companies seeking to identify and open new markets and establish marketing alliances. At Eugene Science, Mr. Altman will be responsible for establishing strategic alliances and opening national sales accounts for the Company's patented cholesterol lowering CholZero (CZ(TM)) plant sterol product. He will be targeting companies in the food, supplement and nutraceutical industries. Mr. Altman will also develop existing strategic relationships such as Archer Daniels Midland. Additionally, he will direct the global sales, licensing or partnership strategy for the Company's emerging technologies, including its patented AD/ADD biotechnology process presently being readied for development toward commercialization in 2008. Commenting on his appointment, Mr. Altman said, "This is an exciting and pivotal time at Eugene Science as the plant sterol marketplace is beginning to reach a critical mass of consumer awareness and demand. Sterols are promoted for their cholesterol lowering benefit, helped indirectly by the multi- billion dollar success of the cholesterol lowering class of pharmaceutical drugs. With the industry's premier, nano-sized water-dispersible sterol product, I believe Eugene Science is ideally positioned to leverage its product advantage in the large and growing global sterol marketplace." "Andy is the ideal sales professional and strategic level dealmaker, having built and led a number of emergent medical technologies from early stage to market leadership," said Seung Kwon Noh, Eugene Science Chairman and Chief Executive Officer. "We are delighted to have him on board and expect he will advance U.S. sales substantially." Prior to Single Track Investments in 2005, Mr. Altman worked for Palo Alto-based Varian for ten years where he served as North American Sales Manager and Global Market Manager for that firm's imaging equipment. Previously, he was with Fisions Instruments (formerly VG Instruments) for eight years where he served as Western U.S. Sales and Service Manager. He began his life sciences career with Beckman Instruments, and earned his B.S. in chemistry at U.C. San Diego. About Eugene Science, Inc. Based in Kyonggi Do, South Korea, Eugene Science Inc. is a global biotechnology company that develops, manufactures and markets nutraceuticals, or functional foods that offer health- promoting advantages beyond that of nutrition. Plant sterols are the company's primary products, which include CZTM Series of food additives and CholZero(TM) branded beverages and capsules. In June 2005, the company received regulatory approval for certain health claims associated with the company's products from government agencies in the Republic of Korea. As reported by the Troubled Company Reporter-Asia Pacific on Oct. 30, 2007, the independent auditors for Eugene Science, Inc., after auditing the company's financial statements for the year ended Dec. 31, 2006, raised substantial doubt on the company's ability to continue as a going concern, citing its recurring losses from operations and working capital deficiencies. In a regulatory filing with the United States Securities and Exchange Commission, the company stated that it has experienced recurring losses since 2000 and has negative cash flows from operations. Eugene Science's net losses were US$2,007,212 and US$6,343,733 for the years ended December 31, 2006 and 2005, respectively. The Company admits that its ability to continue as a going concern is contingent upon its ability to secure additional financing, initiating sale of its product and attaining profitable operations. KOREAN EXPRESS: Invites Potential Buyers to Bid Until Dec. 11 ------------------------------------------------------------- Korea Express Co., Ltd., with a market value of around KRW2.4 trillion, invite potential buyers to submit preliminary bids for the company, Yonhap News reports. According to the report, the bidders will have until Dec. 11 to submit their bids. As reported by the Troubled Company Reporter-Asia Pacific on September 11, 2007, Korea Express, which has been under court receivership since November 2000, plans to find a new owner by selling new shares equal to 50% of enlarged capital plus one share. Potential buyers, Yonhap relates, will have a chance to carry out preliminary due diligence by Jan. 4. The buyer will be selected in late February after a preferred bidder is picked in the middle of January, the report notes. Yonhap says that for the sale, Korea Express will sell 24 million new shares, equivalent to 60% of its expanded outstanding shares, instead of its original plan to sell 50% plus one share. The TCR-AP recounted that Korea Express went into court receivership after it failed to pay debt inherited from its former parent, Dongah Construction Industrial Co. The sale has been delayed for years because of worries over possible contingent liabilities stemming from a continuing Libyan waterway project, TCR-AP noted. Last month, Korea Express named a consortium led by Merrill Lynch & Co. to manage the stake sale, Yonhap adds. About Korea Express Co. Headquartered in Seoul, Korea Express Co., Ltd. -- http://www.korex.co.kr/-- provides land and marine transportation, and logistics services. The company also operates stevedoring, distribution, and warehousing businesses that serve domestic and international customer needs. Korea Express transports a variety of products, ranging from consumer goods to machinery and turbines. Korea Express also operates Internet home shopping business. Korea Express Bank has been under court receivership since June 2001 after it could not service a KRW1.5-trillion debt, including KRW919 billion owed by then-parent Dong-Ah Construction Industrial Co. Korea Express President Lee Kook- Dong will decide with a Seoul court about when to sell the company, which has a market value of US$601 million. In the company's Web site, Mr. Lee said that Korea Express will strive to end court receivership and improve its liquidity, maximize sales profit through strengthening of cooperation between management and labor, and seek continuous development. Korea Investors Service gave the company a BB rating. =============== M A L A Y S I A =============== APL INDUSTRIES: Will Hold General Meeting on December 14 -------------------------------------------------------- APL Industries Berhad will hold its eighth annual general meeting on December 14, 2007, at 10:00 a.m., at the Selangor Ballroom 1, Sheraton Subang Hotel, in Jalan SS12/1, 47500 Subang Jaya, Selangor Darul Ehsan. At the meeting, the members will be asked to: -- receive the audited financial statements for the financial year ended June 30, 2007, and the reports of directors and auditors; -- approve payment of the directors' fees for the financial year ended June 30, 2007; -- re-elect Tan Sri Dato' Dr. Abdullah bin Mohd Tahir who retires as the company's director pursuant to Article 80 of the Company's Articles of Association; -- re-elect Dato' Ting Heng Peng who retires as the company's director pursuant to Article 80 of the Company's Articles of Association; -- re-appoint KPMG as the company's Auditors and to authorize the directors to fix their remuneration; and -- transact any other business of which due notice will have been given in accordance with the Companies Act, 1965. APL Industries Berhad is a Malaysia-based investment holding company. Through its subsidiaries, the Company operates in two business segments: Gloves, which is engaged in the manufacture and sale of gloves and other healthcare products, and Investments, which is engaged in investment holding. The gloves segment is operated in three other principal geographical areas apart from Malaysia, which include North America, Asia (other than Malaysia) and Europe. Its direct wholly owned subsidiaries include Asia Pacific Latex Sdn Bhd, which is engaged in manufacturing and sales of latex examination gloves, Medipure Corporation (M) Sdn Bhd, which is engaged in provision of chlorination services and trading of powder free latex gloves, and Norwell International Inc, which is engaged in marketing and distribution of healthcare products. The company is currently listed as an affected issuer under the Amended PN17 category of the Bursa Malaysia Securities Bhd. PAN MALAYSIAN: Posts MYR19.7MM Net Loss in Qtr. Ended Sept. 30 --------------------------------------------------------------- Pan Malaysian Industries Berhad filed with the Bursa Malaysia Securities Berhad its unaudited financial results for the quarter ended September 30, 2007. For the quarter under review, the company incurred a MYR19.37-million net loss, as compared with the MYR10.95-million net loss in the same quarter last year. Loss before taxation for the 2007 second quarter was MYR148.85 million, compared with the MYR9.94-million loss before taxation in the second quarter of 2006. In the second quarter of 2007, the company's revenues totaled MYR28.14 million, a decrease of MYR63 million from the MYR91.52-million revenue reported in the second quarter of 2006. As of September 30, 2007, the company's consolidated balance sheet showed MYR317.6 million in total assets and MYR231.7 million in total liabilities, resulting in a total shareholders' equity of MYR85.9 million. Pan Malaysian Industries Berhad is an investment holding company. The Company operates through two business segments: Retailing and Property and investment holding. The company is an Affected Listed Issuer pursuant to PN17 of the Boursa Malaysia as it has a deficit in its unaudited adjusted shareholders' equity on a consolidated basis of MYR17.55 million as of December 31, 2005, computed on the basis stated in PN17. The said deficit in the company's unaudited shareholders' equity on a consolidated basis was mainly due to the net loss of the PMI Group of MYR163.13 million for the unaudited nine month financial period ended December 31, 2005 due mainly to the sharing of losses of associated companies which comprised substantially of impairment losses. Pan Malaysian Industries Bhd's balance sheet as of June 30, 2007, went upside down by MYR29.1 million on total assets of MYR643.76 million and total liabilities of MYR672.85 million. SYARIKAT KAYU: Government Grants MYR4 Million for TechnoFund ------------------------------------------------------------ The Government of Malaysia, represented by the Ministry of Science, Technology and Innovations, has agreed to grant Syarikat Kayu Wangi Berhad MYR4 million for the TechnoFund financial assistance. The amount will be utilized by the company for research on the �Indoor, Environmentally Controlled Marine Aquaculture Systems to Rear Disease Free, Export Quality Prawns without the Use of Antibiotics and Harmful Chemicals.� Teras Dinamik Sdn. Bhd. was appointed as project manager which will carry out and undertake the research. Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is principally involved in the development of residential and commercial projects. Its other activities include housing construction, production of sawn timber, manufacture of prefabricated timber rooftrusses and timber trading. The Company first made a loss in 1999 when it defaulted on its first bond payment. The Company has failed to turn its finances around and has been suffering continuous losses since then. The company was classified as an affected listed issuer of the Amended PN17/2005 on May 8, 2006, since its latest audited financial statements for the year ended Nov. 30, 2005, showed that the company's shareholders' equity is MYR7,189,000, which is less than 25% of the company's issued and paid up capital. Syarikat Kayu is currently in the process of preparing the Regularization Plan. Once completed, the Requisite Announcement outlining the Regularization Plan will be made to Bursa Securities. TALAM CORPORATION: Submits Regularization Plan Proposals to SC -------------------------------------------------------------- In relation to the Securities Commission's rejection of Talam Corporation Berhad's Proposed Revised Regularization Plan, the company had submitted these proposals: -- revision to Talam's financial forecast and projections to include certain events that occurred subsequent to the application made to the Securities Commission in April 2007, like the additional commercial, office cum residential development project in China to be jointly developed with IJM Properties Sdn Bhd and project management fees in respect of the Canal City Project as well as the lower interest expense to be charged pursuant to Financial Reporting Standard 132 as a result of the lower number of debt securities to be issued pursuant to the Proposed Revised Regularization Plan. All these are expected to contribute positively to the future financial position of Talam and will enable the company to immediately turnaround post restructuring; -- an additional 10% capital reduction resulting in a total capital reduction of 40% and a 10% debt waiver on the amount owed to the creditors who will be receiving debt securities pursuant to the Proposed Regularization Plan, which will substantially reduce the Talam Group's accumulated losses; -- Kumpulan Europlus Berhad has undertaken to retain its controlling interest in Talam; and -- IJM Construction Sdn Bhd has in principle agreed to be appointed as the principal contractor for the remaining stalled projects of the Talam group of companies. Talam is presently finalizing the terms and conditions of the Letter of Award to IJMC in relation to the remaining stalled projects. Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad -- http://www.talam.com.my/-- is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the group are carried out in Malaysia and China. The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2006, that based on the Audited Financial Statements of Talam Corporation for the financial year ended January 31, 2006, the Auditors Ernst & Young were unable to express their opinion on the Company's Audited Accounts. As such, the Company is an affected listed issuer of the Amended Practice Note 17 category. In accordance with PN 17, the company is required to submit and implement a plan to regularize its financial condition within eight months from Sept. 1, 2006. TALAM CORP: To Pay Dividend to 5-Yr. ICPS Holders on Jan. 1 ----------------------------------------------------------- Talam Corporation Berhad disclosed that it will pay dividend to its 5-year, 5% Irredeemable Convertible Preference Shareholders on Jan. 1, 2008, whose names appear in the Record of Depositors on Dec. 14, 2007. The company's Transfer Books and the Register of its ICPS holders will be closed on Dec. 14, 2007, for the determination of the dividend entitlement of 5% per annum for the Jan. 2, 2007 to Jan. 1, 2008, period. A depositor will qualify for entitlement only in respect of: * ICPS transferred into depositors' securities account before 4:00 p.m. on Dec. 14, 2007, in respect of ordinary transfer; and * ICPS bought on the Bursa Malaysia Securities Berhad on a cum entitlement basis according to the rules of the Bursa Securities. Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad -- http://www.talam.com.my/-- is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the group are carried out in Malaysia and China. The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2006, that based on the Audited Financial Statements of Talam Corporation for the financial year ended January 31, 2006, the Auditors Ernst & Young were unable to express their opinion on the Company's Audited Accounts. As such, the Company is an affected listed issuer of the Amended Practice Note 17 category. In accordance with PN 17, the company is required to submit and implement a plan to regularize its financial condition within eight months from Sept. 1, 2006. ==================== N E W Z E A L A N D ==================== AIR NEW ZEALAND: Lock Out Suspended Pending Union Talks ------------------------------------------------------- Air New Zealand Ltd has withdrawn the lock-out notice it issued to 120 check-in employees while negotiations are in progress, the Service and Food Workers' Union said in a media statement. The workers are among 340 members of the Service and Food Workers Union involved in negotiations with the airline for a new collective employment agreement. The Troubled Company Reporter-Asia Pacific reported on Nov. 12, 2007, that ANZ planned to lock out some of its check-in staff and baggage handlers for at most five days after they refused the airline's new labor terms and conditions. The implementation of the lockout will resume on Friday if no settlement is reached, RTT News says. Based in Auckland, New Zealand, Air New Zealand Ltd is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. Moody's Investors Service, on Sept. 4, 2007, affirmed Air New Zealand Limited's Ba1 senior unsecured issuer rating. At the same time, it has changed the outlook on the rating to positive from stable. ANZ carries Standard & Poor's Ratings Services' 'BB' corporate credit rating, with stable outlook. BLIS TECHNOLOGIES: Reports Results for Half-Year Ended Sept. 30 --------------------------------------------------------------- BLIS Technologies Ltd's operating deficit widened to NZ$550,000 in the six months ended Sept. 30, 2007, from NZ$391,000 incurred the corresponding period last year, Peter Fennessy, company chairman disclosed in an interim report filed with the New Zealand Stock Exchange. Shareholder funds currently stand at NZ$586,000 (last year NZ$536,000), no tax is payable and no dividend anticipated. Sales increased by 25% and total revenue increased by 18% compared to the corresponding period last year. The increased loss is due to increased operating costs associated mainly with additional international marketing and legal costs and a significant increase in patent costs. Although it is a difficult challenge, because of the early stage of its international business development, Mr. Fennessy admits that it is a difficult challenge but he believes the company is still on track to achieve a breakeven position at year-end despite some slippage at this stage in R&D and licensing revenues. Capital Raising Following the end of the reporting period, shareholders resolved to support two resolutions: 1) a proposal to conduct a renounceable rights issue for up to 44,801,079 new ordinary shares on a pro-rata basis at a rate of two additional shares for every five existing shares at an issue price of 7.5 cents; and 2) to provide authorisation to the Board to allocate up to 19.99% of the ordinary shares to one or more strategic cornerstone shareholders subject to the provisions of the Listing Rules. The Rights Issue opened on Nov. 12 and will close on Dec. 7, 2007. Strategic Developments The company is pleased with the progress being made with the commercial developments announced at its Annual General Meeting on Aug. 1, 2007. It is a lengthy process to evaluate potential multi-national companies that can assist BLIS Technologies to achieve its strategic objectives. There are two main objectives: first, to identify a cornerstone shareholder preferably involved in the probiotics business and with capabilities in terms of production, distribution and product development and having a global customer base; and second, to develop commercial relationships with companies that have global brands in the areas of oral care and particularly food and nutritional applications. With international growth, the chairman said the company will need to provide logistical support and in-market technical assistance to key multinational customers. �This is a major component of our potential relationship with the Dutch ingredient supply company, DSM Nutritionals,� Mr. Fennessy stated. �DSM is one of several prospects in this segment.� DSM Nutritionals and BLIS signed a Letter of Intent in August to enter into a Research and Development agreement prior to considering a marketing agreement. DSM Nutritionals and BLIS are now negotiating a Marketing agreement, instead of the R&D contract proposed earlier, targeting sales in 2008. Once completed, DSM is expected to initially focus on nutrition and food-based opportunities. The company also sees itself undertake a research contract with DSM to expand into other product applications. Sales and Marketing The company has further developed its prospective relationship with Nestle Nutrition, announced in March of this year and now has two licensing and R&D agreements that are set to earn the company about NZ$1 million over the next three years. Given the time required for clinical trials, it will be at least three years before this relationship generates revenue from sales. BLIS Technologies has made good progress in the period in implementing its strategy to develop international sales. This is a slow process but the company has two projects with well recognized global companies. While one is still in the early phases, we anticipate establishing a licensing and marketing agreement with the other company in the near future. The negotiations are covered by confidentiality provisions so that the company cannot release further details at this stage. As these and other prospective relationships develop, the company promises to disclose further details. The company also remains firmly committed to its retail brand strategy in New Zealand through Pharmabroker and is in the planning stage of introducing new product concepts to the NZ market. Sales in Australia to Breezecare are also on track. There is growing international interest in probiotics and especially in niche application areas such as oral health care. In addition, there is an increasing recognition of the benefits of probiotics in infant health together with a growing body of international evidence suggesting a link between poor oral health and an increased risk of other diseases such as cardiovascular disease. Given these developments, the strength of the BLIS technology platform with its focus on the maintenance of oral, throat and upper respiratory tract health, and a strong business to business marketing effort, it sees a reasonable proportion of revenue from future research contracts. Good progress is being made in Europe with the company expecting to distribute its existing retail products into Ireland and later, other European countries. Having approval for these products in Ireland and also for some BLIS products in Germany and Spain is expected to make it easier to export these products into other European countries. In the reporting period, the company initiated projects in China and plan to test market BLIS K12 lozenges while seeking regulatory approval for BLIS K12 lozenges. In Korea, it is in the initial phases of discussion with a successful pharmaceutical company seeking to market oral health products. It is essential in this market to firstly gain regulatory approval. The development of an oral care product in Japan is continuing and BLIS anticipates sales in this sector later in 2008. Operations The company is revising its operations to improve cost effectiveness and so as to be able to manage the anticipated increase in production. As part of this process, it is anticipated that the company will relocate to another facility, where it is able to maintain its current linkage with the University of Otago and enhance its commercial focus. Patents & Legal Protection of the company's Intellectual Property is an essential component of the BLIS Technologies strategy. The Company has a strong intellectual property portfolio which has been further enhanced with the granting of the dental caries patent in the United States. An EU patent has been granted for S. salivarius K12 and salivaricin B, and a patent application has been filed for the use of S. salivarius K12 in conjunction with other components for the treatment of occasional or mild bad breath without the requirement of an extensive oral hygiene protocol. In the period, patent costs have risen significantly and this trend is expected to continue for the remainder of this financial year. Regulatory Approval has been granted for the sale of BLIS K12 products in Ireland. Product Development Good progress has been made in product development and this will result in the release of new product formats in a new packaging as well as the release of products which dispense with the requirement for an extensive oral hygiene pre-treatment. About BLIS Technologies BLIS Technologies Limited (NZX: BLT) became listed on the New Zealand Stock Exchange in July 2001 and was formed to commercialise BLIS (bacteriocin-like inhibitory substances), hence the company's name, BLIS Technologies Ltd. The company has acquired the rights to the collection of an extensive range of BLIS producing organisms and is developing new products for use in the control of undesirable bacterial infections, which includes dental caries control, the prevention and treatment of ear and throat infections, and skin infections. BLIS recorded a net loss of NZ$1,107,851 for the year ended March 31, 2006, and NZ$1,336,319 for 2005. For the full year to March 31, 2007, the company reported a NZ$964,000 loss. BRIDGECORP: Creditors of Australian Arm Opt for Liquidation ----------------------------------------------------------- Creditors of Bridgecorp's Australian companies want the units placed in liquidation, media reports say. Creditors of Bridgecorp's Australian group yesterday rejected a proposal that would save the companies by relying on a cash injection from a failed New Zealand arm of the business, The New Zealand Herald relates. Instead, the creditors opted to put into liquidation, joining the NZ operations, Bridgecorp's nine Australian companies: * Bridgecorp Holdings Limited * Bridgecorp Holdings (Australia) Pty Limited * Bridgecorp Finance Limited * Bridgecorp Finance (Australia) Pty Ltd * Bridgecorp Australia Pty Ltd * Bridgecorp Properties Pty Limited * Bridgefirst Finance Limited * Bramac Investments Pty Limited * Bridgefirst Pty Limited One of the Bridgecorp group's Australian administrators, Phil Carter, told The Herald that creditors had voted in accordance with the administrators' advice. The nine firms were previously placed into voluntary administration, owing about 100 investors an estimated aggregate of AU$24 million (NZ$27 million). New Zealand-based Bridgecorp was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. The company owes around 1,800 debenture holders, which liquidators estimate to approximate NZ$500 million. LANDGROUP PROPERTIES: Taps Heath and Lamacraft as Liquidators ------------------------------------------------------------- Arron Leslie Heath and Michael Lamacraft were named liquidators of Landgroup Properties Ltd. on October 31, 2007. Creditors are required to file their proofs of debt by Nov. 30, 2007, to be included in the company's dividend distribution. The Liquidators can be reached at: Arron Leslie Heath Michael Lamacraft Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 LIVING DESIGN: Court to Hear Wind-Up Petition on Dec. 10 -------------------------------------------------------- The High Court of Tauranga will hear on December 10, 2007, at 10:45 a.m., a petition to have Living Design Homes NZ Ltd.'s operations wound up. The petition was filed by Banker Tiles Limited on Sept. 13, 2007. Banker Tiles' solicitor is: Mark Brandon Beech Sharp Tudhope 35 Grey Street, Tauranga New Zealand M.A.I. DESIGN: Creditors' Proofs of Debt Due on December 7 ---------------------------------------------------------- The shareholders of M.A.I. Design Ltd., on October 31, 2007, appointed Peri Micaela Finnigan and Victoria Toon as the company's liquidators. Creditors are required to file their proofs of debt by Dec. 7, 2007, to be included in the company's dividend distribution. The company's liquidator is: Peri Finnigan McDonald Vague, PO Box 6092 Wellesley Street Post Office Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz MAIA TRAVEL: Appoints Parsons and Kenealy as Liquidators -------------------------------------------------------- On October 31, 2007, Dennis Clifford Parsons and Katherine Louise Kenealy were named liquidators of Maia Travel Ltd. The Liquidators can be reached at: Dennis Clifford Parsons Katherine Louise Kenealy Indepth Forensic Limited PO Box 278, Hamilton New Zealand Telephone:(07) 957 8674 Web site: http://www.indepth.co.nz MALMAISON DEVELOPMENT: Fixes Nov. 30 as Last Day to File Claims --------------------------------------------------------------- The creditors of Malmaison Development Ltd. are required to file their proofs of debt by November 30, 2007, to be included in the company's dividend distribution. The company's liquidator is: Clive Ashley Johnson PO Box 33171, Auckland New Zealand Telephone:(09) 377 5536 Facsimile:(09) 377 5537 ONSITE TILT: Creditors' Proofs of Debt Due on Dec. 2 ---------------------------------------------------- On October 31, 2007, the shareholders of Onsite Tilt Panel Ltd. appointed Robert Laurie Merlo as the company's liquidator. Mr. Merlo fixed December 2, 2007, as the last day for creditors to file their proofs of debt. The Liquidator can be reached at: Robert Laurie Merlo Merlo Burgess & Co. Limited PO Box 51486, Pakuranga Manukau 2140 New Zealand Telephone:(09) 520 7101 Facsimile:(09) 529 1360 e-mail: merloburgess@xtra.co.nz ROBERTSON CORPORATION: Fixes Nov. 30 as Last Day to File Claims --------------------------------------------------------------- On October 30, 2007, the shareholders of Robertson Corporation Ltd. appointed Peri Micaela Finnigan and Boris van Delden as the company's liquidators. Messrs. Finnigan and van Delden are accepting creditors' proofs of debt until November 30, 2007. The Liquidators can be reached at: Peri Micaela Finnigan Boris van Delden McDonald Vague PO Box 6092, Wellesley Street Post Office Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz XTRA VISION: Commences Liquidation Proceedings ---------------------------------------------- Xtra Vision Ltd. commenced wind-up proceedings on October 31, 2007. Creditors who were not able to file their proofs of debt by Nov. 16, 2007, will be excluded from the company's dividend distribution. The company's liquidator is: Clyde Steven Young O�Halloran HMT Limited New Zealand Telephone:(09) 366 5050 Facsimile:(09) 366 5001 ===================== P H I L I P P I N E S ===================== FEDDERS CORP: Wants Until February 19 to Remove Civil Actions ------------------------------------------------------------- Fedders Corp. and its debtor-affiliates seek authority from the United States Bankruptcy Court for the District of Delaware to extend the period within which they can remove civil actions until Feb. 19, 2008. The Debtors tell the Court that they are parties to numerous judicial proceedings in various claims in multiple forums throughout the United States as of the Aug. 22, 2007. The Debtors say that they need sufficient time to evaluate, analyze and determine each actions and which action, if any, to remove. The Debtors together with their counsel devoted substantial time to administer their Chapter 11 cases, including, among others, preparing monthly operating reports, statements of assets and liabilities and statement of financial affairs, as well as obtaining Court approval of their postpetition financing agreement. The Debtors assure the Court that the extension request will not prejudice any of their adversaries because each of the action is stayed as set forth in Section 362(a) of the Bankruptcy Court. A hearing to consider the Debtor's request has been scheduled at 10:00 a.m., on Dec. 20, 2007. Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/-- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq. of Saul, Ewing, Remick & Saul LLP represents the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The U.S. Trustee for region 3 has appointed an Official Committee of Unsecured Creditors on this case. When the Debtors filed for protection from its creditors, it listed total assets of US$186,300,000 and total debts of US$322,000,000. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. NAT'L POWER: Independent Producers Seek to Acquire Own Fuel ----------------------------------------------------------- The Philippine Independent Power Producers Association is seeking free reign to acquire the fuel needed for their generation facilities as it gives them a better handle on their risks. PIPPA President Ernesto Pantangco said that the situation is not advisable, the Philippine Star relates, because privatization proceeds would go down if the National Power Corp. continues to shoulder the responsibility of acquiring the fuel for plants controlled by IPPs. The Electric Power Industry Reform Act of 2001 was created to fully privatize NAPOCOR, not to have it serve as a fuel procurement company, he added. The IPP also claims that that allowing NAPOCOR to continue acquiring fuel for the IPP-controlled plants would undermine the values of the contracts entered into by the yet-to-be-assigned IPP adminstrators and NAPOCOR, the Philippine Daily Inquirer reports. "The winning bidder would assume a significantly higher risk in selling the energy output when it has no control over the fuel used for such output as compared to when all aspects of the Napocor contract is assumed by it. Higher risk translates to lower privatization value," the group said in a position paper submitted to the House Committee on Energy, the Inquirer adds. 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 affirmed 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. NAT'L POWER: Discloses Plans to Import Coal for Plants in 2008 -------------------------------------------------------------- The National Power Corp. announced on Monday that it plans to import PHP16.68-billion worth of coal for next year to power four of its thermal power plants, the Daily Tribune reports. NAPOCOR claimed that the government already approved the budget for the importations, which have been questioned earlier by the Senate, the Tribune adds. The imported coal will go to NAPOCOR's plants in Naga (Cebu), Sual, Pagbilao and Masinloc. The Tribune reveals that NAPOCOR has set yesterday as the deadline for final bidding for Batch 1 with an approved budget of PHP3.854 billion for 10 lots of 65,000 metric tons for the Sual plant in Pangasinan, as well as for the Pagbilao plant in Quezon province for 6 lots of 65,000 MT each of performance/spot coal with a total budget of PHP1.976 billion. NAPOCOR will bid out supply contracts as well for the Naga (Cebu) plant for 150,000 MT with an approved budget of PHP711.48 million. Today, Tribune says, NAPOCOR will open bidding for the Batch 2 supply contracts for the Sual plant with requirements of 8 lots of 65,000 MT. The second batch will have a total approved budget of PHP336.336 million per lot for a total of PHP636.636 million, which will include the Pagbilao plant as well for two lots of 65,000 MT of high-performance and high gross calorific value coal with a budget of HP336.336 million per lot or a total of PHP672.672 million. On Thursday, the report adds, NAPOCOR will open the bid for batch 3 for the Sual plant for two more lots of 65,000 MT of trial shipment coal worth PHP318.318 million per lot for a total of PHP636.636 million, as well as for the Pagbilao requirement of 6 lots of 65,000 MT of blending or spot coal with a budget of PHP315.315 million per lot or a total of PHP1.892 billion. NAPOCOR will also open bid offers for the coal supplies to Masinloc in Zambales on December 3, for 10 lots of 65,000 MT per lot of regular and spot coal with budget of PHP385.385 million per lot for a total of PHP3.854 billion. 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 affirmed 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 NAT'L CONSTRUCTION: Elberto Emphasis Joins Directors' Board ---------------------------------------------------------------- The Philippine National Construction Corp.'s Board of Directors has elected Elberte E. Emphasis as a new member. According to a disclosure with the Philippine Stock Exchange, Mr. Elberto has been allocated with 50 shares. Headquartered in Mandaluyong City, Philippine National Construction Corporation -- http://www.pnccweb.net/-- is a government-owned and controlled corporation whose principal business activities include construction, real estate development, and operation and maintenance of the North and South Luzon Tollways. It is the government's main partner in infrastructure development and construction projects. Also, it is the sole operator and franchise-holder of the North and South Luzon Tollways and has entered into several joint venture agreements to upgrade and expand said expressways. Among the construction projects that are in its pipeline are the Rizal Avenue Bridge, the DENR Environment Center, the Central Business Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang). The company's revenues are derived mostly from construction projects and the collection of tollway fees. The TCR-AP also noted that the company is involved in continuing litigations relating to labor and civil cases. Both the management and its legal counsels believe that the final resolutions of these claims will have a material effect on the company's financial position, the TCR-AP said. The Troubled Company Reporter - Asia Pacific reported on Aug. 30, 2006, that Philippine National Construction Corporation has submitted a Joint Motion for Judgment Based On Compromise to the Supreme Court as part of the company's total restructuring plan where it projects a net income of about PHP200 million in 2007 after suffering income losses for the past 30 years of its franchise period. RIZAL COMMERCIAL: Board Approves Creation of IT Services Group -------------------------------------------------------------- The Board of Directors of the Rizal Commercial Banking Corp. have approved the establishment of an IT Shares Services Group with Redentor C. Bancod as head and executive vice president. The Board also reconstituted the members of the Board Technology Committee to include: * Helen Y. Dee * Rizalino S. Navarro * Cesar E.A. Virata * Armando M. Medina * RCBC's Chief Executive Officer Rizal Commercial Banking Corporation -- http://www.rcbc.com/ is a universal bank principally engaged in all aspects of banking. It provides services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange and trust services. In addition, the bank is licensed to enter into forward currency contracts to service its customers and as a means of reducing and managing the bank's foreign exchange exposure. On November 2, 2006, the Troubled Company Reporter-Asia Pacific reported that Fitch Ratings assigned a final rating of 'B-' to Rizal Commercial Banking Corporation's hybrid issue of up to US$100 million. The rating action follows the receipt of final documents conforming to information previously received. On November 6, 2006, the TCR-AP also reported that Moody's Investors Service revised the outlook for RCBC's foreign currency senior debt rating of Ba3, foreign currency Hybrid Tier 1 of B3, and foreign currency long-term deposit rating of B1 to stable from negative. The outlook for RCBC's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of E+ remains stable, the TCR-AP said. The TCR-AP also reported on October 24, 2006, that Standard & Poor's Ratings Services assigned its 'CCC' rating to Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-cumulative step-up callable perpetual capital securities. STENIEL MFG: Files Petition to Commence Business Rehabilitation --------------------------------------------------------------- Steniel Manufacturing Corp. has filed a petition for rehabilitation on Monday, November 26, according to a disclosure with the Philippine Stock Exchange. Steniel's subsidiaries, Steniel Land Corp. and Treasure Packaging Corp., have likewise filed separate petitions with the appropriate courts. Cavite, Philippines-based Steniel Manufacturing Corporation -- http://www.steniel.com/-- was incorporated in 1963 primarily to engage in manufacturing, processing, and selling all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes. The company and its subsidiaries have established a strong foothold in the packaging industry by offering a broad line of packaging products from corrugated carton boxes to paper, plastic containers, and flexible packaging. STN stands as the single largest independent manufacturer of corrugated fibreboard containers in the Philippines. About 99% of its revenues come from the corrugated packaging business while the remaining 1% is from rigid plastics. * * * Steniel Manufacturing did not meet its maturing obligations due as of December 31, 2005, to certain lender banks. The company failed to meet its quarterly principal amortizations and interest payments since March 2004. The creditor banks declared the company in default on May 24, 2006. The company is currently negotiating with the lender banks for the rescheduling of its long-term debts. The company has incurred net losses of PHP178.23 million, PHP185.15 million and PHP138.82 million for the years ending Dec. 31, 2006, 2005 and 2004, respectively. * Peso May Rise Up to PHP38/US$1 in 2008 on Weakening US Dollar --------------------------------------------------------------- The peso may reach as high as PHP38 against the dollar next year due to strong overseas remittances, weaker US dollar and improved Philippine macroeconomic fundamentals, the Philippine Daily Inquirer reports. According to Banco de Oro-EPCI Inc.'s chief strategist, Jonathan Ravelas, the foreign exchange will likely remain volatile. Mr. Ravelas said that given the peso's strong performance, there may be a correction in the exchange rate. Any pullback in 2008 would be limited to PHP46 per dollar, Mr. Ravelas added. The government's healthier financial condition and the sustained growth in the Philippine economy will provide support for the peso, the BDO strategist explained. For next year, the report says, Mr. Ravelas expects the growth is gross domestic product to slow down to 6%-6.5% with an anticipated slowdown in the global economy. * * * 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. * Economy May Have Grown 7.1% in Third Quarter of 2007 ------------------------------------------------------ The sustained growth in the agricultural and telecommunications sector may have resulted to a growth of somewhere between 6.1 to 7.1% in the economy in the third quarter, the Manila Bulletin reports. According to Economic Planning Secretary Augusto Santos, the Philippine may record a 7% growth for the full year as consumer spending is expected to increase in the current quarter. The growth was consistent in the rise of key indicators as reported by the National Statistical Coordination Board, Mr. Santos said. The Board will release third-quarter national income accounts on Thursday, the report reveals. * * * 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 ================= A-P ENGINEERING: Court Enters Wind-Up Order ------------------------------------------- On September 7, 2007, the High Court of Singapore entered an order directing the wind-up of A-P Engineering Pte Ltd's operations. Asian Micro Holdings Limited filed the petition against the company. A-P Engineering's liquidator is: The Official Receiver 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices ------------------------------------------------------------- Hexion Specialty Chemicals, Inc. is increasing the prices of its CARDURA(TM) glycidyl ester, ACE(TM) hydroxyl acrylate monomer, VEOVA(TM) monomers and VERSATIC(TM) acids globally effective Jan. 1, 2008, or as contract terms allow. Prices of all VeoVa, Cardura, Versatic Acid and ACE grades will increase by 150 Euro/mt or 200 USD/mt (equaling 9 cents per pound). About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in Singapore, China, Australia, Netherlands, and Brazil. It is an Apollo Management L.P. portfolio company. Hexion had 2006 sales of US$5.2 billion and employs more than 7,000 associates. * * * As reported in the Troubled Company Reporter on July 9, 2007, Standard & Poor's Ratings Services placed its 'B' corporate credit rating and other ratings on Columbus, Ohio-based Hexion Specialty Chemicals Inc. on CreditWatch with negative implications. The ratings on related entities were also placed on CreditWatch. MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 7 ----------------------------------------------------------- Megavisa Solutions (Singapore)Pte Ltd, which is in liquidation, requires its creditors to file their proofs of debt by Dec. 7, 2007, to be included in the company's dividend distribution. The company's liquidators are: Peter Chay Fook Yuen Bob Yap Cheng Ghee Yeap Lam Kheng c/o KPMG 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 PYRAMID REALTY: Court Enters Wind-Up Order ------------------------------------------ On November 9, 2007, the High Court of Singapore entered an order directing the wind up of Pyramid Realty Pte Ltd's operations. IFS Capital Limited filed the wind-up petition against the company. Pyramid Realty's liquidator is: Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report ------------------------------------------------------------- Sea Containers, Ltd. Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents US$42,482,514 Trade receivables, less allowances for doubtful accounts 394,923 Due from related parties 711,255 Prepaid expenses and other current as 540,013 ------------ Total current assets 44,128,705 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 143,546,856 Intercompany receivables - Investment in equity ownership interests 220,170,010 Other assets 3,941,292 ------------ Total assets US$411,786,863 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable 5,424,386 Accrued expenses 55,840,265 Current portion of long-term debt 172,107,141 Current portion of senior notes 385,351,436 ------------ Total current liabilities 618,723,228 Total shareholders' equity (206,936,365) ------------ Total liabilities and shareholders' equity US$411,786,863 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue (947,966) Costs and expenses: Operating income 167,601 Selling, general and administrative expenses (3,488,212) Professional fees (3,752,843) Charges to provide against intercompany accounts (1,233,807) Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (8,307,261) ------------ Gain or (Loss) on sale of assets (127,181) ------------ Operating income (loss) (9,382,408) Other income (expense) Interest income 171,764 Foreign exchange gains or (losses) 5,810 Interest expense, net (4,696,684) ------------ Income (Loss) before taxes (13,901,518) Income tax expense (6,014,000) ------------ Net (Loss) (US$19,915,518) ============ Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report ------------------------------------------------------- Sea Containers Services Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents US$649 Trade receivables 2,403 Due from related parties 2,103,050 Prepaid expenses and other current assets 3,667,318 ------------ Total current assets 5,773,420 Fixed assets, net 2,251,364 Investments 2,744,640 Intercompany receivables 51,630,282 Other assets 0 ------------ Total assets US$62,399,708 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable US$2,853,709 Accrued expenses 2,506,022 Current portion of long-term debt 1,681,656 ------------ Total current liabilities 7,041,386 Total shareholders' equity 55,358,321 ------------ Total liabilities and shareholders' equity US$62,399,708 ============ Sea Containers Services Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue US$796,787 Costs and expenses: Operating costs - Selling, general and administrative expenses (457,217) Professional Fees (191,833) Other charges 0 Depreciation and amortization (97,186) ------------ Total costs and expenses (746,236) ------------ Gains on sale of assets 0 ------------ Operating income (loss) 50,551 Other income (expense) Interest income 92 Foreign exchange gains (losses) (745) Interest expense, net (12,040) ------------ Income (Loss) before taxes 37,858 Income tax credit 0 ------------ Net Income US$37,858 ============ Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report -------------------------------------------------------- Sea Containers Carribean Inc. reported zero assets and accounts payable of US$3,530,094, as its sole liabilities in its September 2007 balance sheet. Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21,2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. ---------------------------------------------------------------- Great North Eastern Railway Ltd. was effectively nationalized on Nov. 20, 2007, and will operate as a state corporation until National Express takes over as the new east coast line franchise holder on Dec. 9, 2007, Scotsman says. GNER will subsequently be reclassified to the public sector, Scotsman relates citing the Office of National Statistics. As reported in the TCR-Europe on Aug. 16, 2007, the Department of Transport awarded the contract to operate the services on the InterCity East Coast rail franchise to NXEC Trains Ltd, a subsidiary of National Express Group, on Aug. 14, 2007. The franchise will start on Dec. 9, 2007, and will run through March 31, 2015, with the last 17 months conditional on set performance levels being reached. NXEC Trains will be paid GBP1.4 billion over the life of the franchise in premium as a contribution to DfT's rail budget. In December 2006, GNER voluntarily entered into a Management Agreement with the Government to continue delivering train services after the early ending of the ten year franchise which had begun in May 2005. This was the result of a number of unexpected external events, beyond GNER's direct control, which undermined the sustainability of the InterCity East Coast franchise over its 10-year lifetime. These events included the loss of revenue due to the London bombings in July 2005, higher energy and fuel costs, and regulatory permission being granted for a new open access entrant on the route. While GNER was never in breach of the franchise agreement, it was apparent that the company was not going to be able to meet the significant increase in franchise premium obligations due from May 2007. As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. ZHEJIANG HOLDING(S): Commences Liquidation Proceedings ------------------------------------------------------ Zhejiang Holding(S) Pte Ltd entered liquidation proceedings on November 9, 2007. Lai Yew Seng Pte Ltd filed the wind-up petition against the company. Zhejiang Holding's liquidator is: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 =============== T H A I L A N D =============== DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case --------------------------------------------------------------- Although the Dole Food Company, Inc., said it is pleased that the punitive damages phase has concluded in the Tellez case in Los Angeles Superior Court, it will still file an appeal on legal and constitutional issues pertaining to the verdict. As reported in the Troubled Company Reporter-Latin America on Nov. 21, 2007, at a jury hearing held Nov. 14 in Los Angeles Superior Court Judge Victoria G. Chaney's chamber, Dole Food was asked to pay five former Nicaraguan employees US$2.5 million for punitive damages. These workers also got a US$3.2 million compensatory damages for suffering sterility due to exposure to the pesticide DBCP on Dole's banana plantations in Nicaragua. Most of the compensatory award will be paid by Dole, while the rest will come from Dow Chemical Co., which manufactured the pesticide. Dole Food's executive vice president, general counsel and corporate secretary C. Michael Carter commented to Fresh Plaza, "Dole appreciates the dedication, commitment and professionalism of the jury and the court in what was a long and complex trial. Headquartered in Westlake Village, California, Dole Food Company, Inc. -- http://www.dole.com/-- is a producer and marketer of fresh fruit, fresh vegetables and fresh-cut flowers, and markets a line of packaged foods. The company has four primary operating segments. The fresh fruit segment produces and markets fresh fruit to wholesale, retail and institutional customers worldwide. The fresh vegetables segment contains operating segments that produce and market commodity vegetables and ready-to-eat packaged vegetables to wholesale, retail and institutional customers primarily in North America, Europe and Asia. The packaged foods segment contains several operating segments that produce and market packaged foods, including fruit, juices and snack foods. Dole's fresh-cut flowers segment sources, imports and markets fresh-cut flowers, grown mainly in the Philippines, Thailand, Colombia and Ecuador, primarily to wholesale florists and supermarkets in the U.S. * * * As reported in the Troubled Company Reporter on Jan. 31, 2007, Moody's Investors Service downgraded Dole Food Company Inc.'s corporate family rating to B2 from B1; probability of default rating to B2 from B1; senior secured bank credit facilities to Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and various shelf registrations to (P)Caa1 from (P)B3. Moody's said the outlook was stable. On Dec. 11, Standard & Poor's Ratings Services lowered its ratings on Dole Food Co. Inc. and Dole Holding Co. LLC, including its corporate credit rating, to 'B' from 'B+'. PICNIC CORP: SET Temporarily Halts Trading of Securities -------------------------------------------------------- Trading for Picnic Corp. PCL's securities has been temporarily halted pending a disclosure by the company on the effects of a recent dismissal of a lawsuit involving defaulted promissory notes valuing THB140 million. According to a disclosure with the Stock Exchange of Thailand, the company informed the SET on Monday that the court dismissed the case because PICNIC was unable to provide the collaterals as ordered. Because of this, the counterparty will proceed to seize the company's assets for debt settlement. The company's third quarter financial status show that cash valuing PHP98 million may be affected by the execution, which in turn may affect the company's ability to continue operating. About Picnic Corp. Headquartered in Bangkok, Thailand, Picnic Corporation Public Company Limited -- http://www.picniccorp.com/-- is engaged in liquefied petroleum gas trading business under "Picnic Gas" trademark transferred from Union Gas and Chemicals Company Ltd. Going Concern Doubt After reviewing the company's 2007 third quarter financial statements, Somchai Kurujitkosol at S.K. Accountant Services Co. Ltd. raised significant doubt on the company's ability to continue as a going concern. Mr. Somchai said that the group had working capital deficits of THB4.16 billion at September 30, 2007 and THB2.191 billion at December 31, 2006. Mr. Somchai also said that the group has various loans, some of which are already in default. The company's management is now negotiating with various financial institutions to jointly invest in the company to solve the problem. Mr. Somchai concluded that the company's ability to continue as a going concern is dependent on its ability to negotiate debt restructuring of the Company and share capital increment, as well as on its ability to follow-up of debt collection from trading account receivables and loans due from associated companies. TOTAL ACCESS: Confident of Outcome of TOT's Access Charges Suit --------------------------------------------------------------- Total Access Communications PCL admitted that they have no funds reserved for access charges if it loses the case filed by TOT PCL, but said it was strong enough to afford the expenses, DTAC's president, Sigve Brekke, told the Bangkok Post. Mr. Brekke also expressed confidence of winning the case. DTAC, along with True Move PCL, stopped paying access charges in November 2006 to TOT to adopt the National Telecommunications Commission's interconnection scheme, the Post recounts. Because of this, TOT sued DTAC, True Move and CAT Telecom, of which DTAC and True are concessionaires, for payment of the access charges plus THB15 billion in interest. Meanwhile, Advanced Info Services delayed a decision seeking to collect interconnection charges from True Move and DTAC in light of TOT PCL's case against the two firms over unpaid access charges, the report says. AIS' president, Wichian Mektrakarn, told the Post that they require an immediate resolution of the case before they start collection the two firms debt, which total THB2.5 billion. THB2 billion will come from DTAC, Mr. Wichian said, while THB500 million from True during the February 1-October 17 period. "If the court rules in favour of private operators, AIS will immediately accept IC payments," Mr Wichian told the Post. Total Access Communications, DTAC -- http://www.dtac.co.th/-- is the second-largest cellular operator in Thailand with an approximately 30% market share and strong brand recognition. With Telenor's recent purchase of a 39.9% interest in United Communication Industry Plc and its subsequent tender offers for UCOM and DTAC shares, Telenor lifted its aggregate economic interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest acquisition in Asia and it ranks second in terms of EBITDA contribution outside Norway. * * * The Troubled Company Reporter-Asia Pacific reported on April 3, 2006, that Moody's Investors Service has upgraded its corporate family and senior unsecured rating for Total Access Communications Public Co Ltd to Ba1 from Ba2 with a positive outlook. This concluded the review for possible upgrade commenced on October 21, 2005. Standard and Poor's gave the company a BB+ Long-term local and foreign issuer credit ratings. Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term foreign currency Issuer Default Rating at BB+ and National Long- term rating at A(tha). The company's National Short-term rating was also affirmed at F1(tha). The Outlook on the ratings is Stable. TRUE MOVE: AIS Opts to Delay Collecting Interconnection Charges --------------------------------------------------------------- Advanced Info Services has delayed a decision seeking to collect interconnection charges from True Move PCL and Total Access Communications PCL in light of TOT PCL's case against the two firms over unpaid access charges, the Bangkok Post reports. AIS' president Wichian Mektrakarn told the Post that they require an immediate resolution of the case before they start collection the two firms debt, which total THB2.5 billion. THB2 billion will come from DTAC, Mr. Wichian said, while THB500 million from True during the February 1-October 17 period. DTAC and True Move stopped paying access charges in November 2006 to TOT to adopt the National Telecommunications Commission's interconnection scheme, the Post recounts. Because of this, TOT sued DTAC, True Move and CAT Telecom, of which DTAC and True are concessionaires, for payment of the access charges plus THB15 billion in interest. "If the court rules in favour of private operators, AIS will immediately accept IC payments," Mr Wichian told the Post. About True Move True Move, a subsidiary of True Corporation Plc, Thailand's only fully integrated communications solutions provider, convergence solutions leader, and premier lifestyle enabler, offers innovative and high quality wireless communications services on its nationwide 1800MHz network to 8.1 million subscribers (March, 2007) throughout Thailand. TrueMove's vision is to create a pioneering wireless hi-speed lifestyle where people can communicate as well as access knowledge, information, and entertainment whenever, wherever, and however they wish. The company delivers superior coverage, quality, and best value services, leveraging its relationshps with True Corporation and the CP Group. TrueMove offers unique integrated products and services to the Thai market. For more information please visit http://www.truemove.com/or http://www.truecorp.co.th/ The Troubled Company Reporter-Asia Pacific reported on Aug. 15, 2007, that Moody's Investors Service affirmed its B1 bond rating for True Move Company Limited with a stable outlook. The issue of the US$225 million, seven-year senior, unsecured bond has been completed and the rating is removed from provisional status. The TCR-AP reported on July 26, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on True Move. The outlook is negative. TUNTEX PCL: Seeks to Extend Deadline for Payment of Group 1 Loan ---------------------------------------------------------------- Tuntex PCL is requesting group 1 of its creditors to extend to December 31, 2007 the deadline for payment of overdue interest of a long term loan at a rate of 15%, a disclosure with the Stock Exchange of Thailand says. According to the disclosure outlining the progress of the company's rehabilitation plan for the period from June 30 to September 28, 2007, the company said they were unable to pay monthly interest payments to the group 1 creditors for the last working days of July, August and September 2007. Because of this, the company has to pay the group 1 creditors a default interest rate of 15%. Total accrued interest for the period from March 31 to September 28, 2007 is now at THB244.072 million and the total principal due on June 29 is at THB214.021 million. Tuntex Public Company Limited -- http://www.tuntexthailand.com/ -- was incorporated as a public company limited under the Thai laws. The company operates in Thailand and its principal activity is the manufacture of polyester yarn. The company is currently classified under the Non-Performing Group of the Stock Exchange of Thailand, and is currently implementing a rehabilitation plan. Tuntex's balance sheets as of June 30, 2007, showed illiquidity with total current assets of THB417.00 million and total current liabilities of THB6.58 billion. As of end-June 2007, Tuntex also recorded total assets of THB7.91 billion and total liabilities of THB8.40 billion, resulting in a capital deficit of THB481.35 million. ********* 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. 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 ***