/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/071130.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, November 30, 2007, Vol. 10, No. 238 Headlines A U S T R A L I A ABSOLUTE CAPITAL: Names McGrathNicol as Voluntary Administrator ALMAR ENGINEERING: Liquidator to Give Wind-Up Report on Dec. 4 B&B ENVIRONMENTAL: Incurs AU$20-Million Net Loss for FY2007 B&B ENVIRONMENTAL: BBL Offers Alternative to Takeover Offer BABCOCK & BROWN POWER: Incurs AU$70.67MM Net Loss for FY2007 COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals COLES GROUP: Wesfarmers Admits Overhauling Could Take Five Years COLONIAL GOURMET: To Declare First Dividend on December 12 COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree CROWN CASTLE: Fitch Holds 'BB' Rating on US$83MM Class G Notes FORRESTER RIDGE: Liquidator to Give Wind-up Report on Dec. 4 I. & J. CLEANING: Creditors Receive Wind-Up Report IMAGE FABRICS: Members and Creditors Set to Meet on December 4 INTERACTIVE TECHNOLOGIES: Sets Final Members' Meeting for Dec. 3 JELIMAR PTY: Liquidator to Present Wind-Up Report on Dec. 4 KENETA KITCHENS: Final Meeting Slated for December 4 KIMBERLEY DIAMOND: KPMG Raises Substantial Going Concern Doubt KIMBERLEY DIAMOND: Gem Diamond's Buy Offer Now Unconditional LIFESTYLE CLASSICS: Members and Creditors to Meet on Dec. 4 LOOKSUN PTY: Members and Creditors Hear Wind-Up Report MCLAREN INVESTMENTS: Members and Creditors to Meet on Dec. 4 PAN AUSTRALIAN: Incurs AU$281,000 Net Loss for 2007 Half-Year THE EVOLUTION DESIGN: Appoints Anthony Warner as Liquidator TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil. C H I N A & H O N G K O N G CHINA EVERBRIGHT: Shareholders OK Capital Injection from Gov't EMI GROUP: Moody's Withdraws B1 Corporate Family Rating HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating PARKSON RETAIL: Posts CNY151-Mil. Net Profit for Third Quarter I N D I A CABLE & WIRELESS: Loses J$506.8 Million in First Six Months CABLE & WIRELESS: Former Chair Criticizes Executive Payoff QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC- I N D O N E S I A ADARO INDONESIA: To Refinance US$400M Bonds Before Going Public AVNET INC: Operating Unit Inks Franchise Deal with Tyco MEDIA NUSANTRA: Plans to Buy Majority Stake in Linktone Ltd. PERUSAHAAN GAS: To Deliver Gas Using Grissik–Pagardewa Pipeline PERUSAHAAN: Hires Banks as Arrangers for Power Project Loans TELKOMSEL: Invests IDR50 Bil. in Establishing T-Cash Facility J A P A N ALL NIPPON: Inks Five-Year Deal with IBS Software Services AMR CORP: Plans to Divest American Eagle Division EMAGIN CORP: Sept. 30 Balance Sheet Upside-Down by US$3.6 Mil. GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President L&G K.K.: To Start Court-Led Bankruptcy Procedures METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend ORIENT CORP: Determined to Return to TSE's First Section * Fitch Affirms Japanese Major Banks After Posting H1 Results K O R E A BHK INC: Decides to Get KRW3 Billion Bank Loan E-NET: Sets Price of 14-Million Common Shares at KRW825 Each E-NET: Signs KRW4-Billion Contract with Korean Meat Wholesaler EG SEMICON: Board of Directors Decides Issuance of Bonus Shares EG SEMICON: Changes Shareholding Structure EG SEMICON: Plans to Sell Land & Plant for KRW1.1 Billion HANAROTELECOM: Corporate Watchdog Studies Deal With SK Telecom KOREA EXPRESS: NACF Considers Bidding RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million RHODIA SA: Implements Global Price Increases for All Products SEJI CO: IC Corporation & Two Persons Acquire 18.91% Stake SEJI CO: Made Changes to Private Placement of Common Shares M A L A Y S I A FOREMOST HOLDINGS: Shareholders Approve Resolutions at EGM MBF HOLDINGS: Subsidiary Placed Under Voluntary Wind-Up MBF HOLDINGS: Unveils Changes to Audit Committee MBF HOLDINGS: Earns MYR25.7 Mil. in 3rd Qtr. Ended Sept. 30 MYCOM BERHAD: Ministry of International Trade OKs Share Issue SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps N E W Z E A L A N D BARROSSA LTD: Fixes Dec. 5 as Last Day to File Proofs of Debt EXOTIC GROUP: Shareholders Resolve to Liquidate Business GOODFOUR LIMITED: Commences Liquidation Proceedings GOODTHREE LIMITED: Commences Wind-Up Proceedings GOODTWO LTD: Commences Liquidation Proceedings KA PAI CONSTRUCTION: Names Parsons and Kenealy as Liquidators MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due Today NZ GARDEN: Court Hears Wind-Up Petition ROYALE PASSENGER: Creditors' Proofs of Debt Due Today SHANE ENGLISH: Wind-Up Petition to be Heard on Jan. 24 THE LOADED HOG: Court to Hear Wind-Up Petition on December 3 P H I L I P P I N E S BANCO DE ORO-EPCI: IFC Injects PHP4 Bil. Into Lower Tier 2 Notes CHINA BANKING: No Plan to Integrate Manila Bank, Vice Chair Says IPVG CORP: PSE Approves Change in Stock Symbol to "IP" JG SUMMIT: Joins With Units to Offer New House Financing Scheme LIBERTY TELECOM: Replaces RCBC with ERT as Stock Transfer Agent LODESTAR INVESTMENT: Five More Board Members Resign LODESTAR INVESTMENT: PSE Bars Stocks from Trading Until Dec. 3 SAN MIGUEL: Chairman Keeps 20% Ownership, Sandiganbayan Says TYCO INTERNATIONAL: Receives Notice of Default from Bank of NY ZEUS HOLDINGS: Elects Directors, Auditor and Committees for 2008 * Price Hike May Have Cued 3.1% Inflation Rate in November S I N G A P O R E ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow ALLIANCE SERTECH: Court to Hear Wind-Up Petition on Jan. 18 CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet KEN AGENCIES: Pays First and Final Dividend LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit SEMBCORP MARINE: Asks Court to Protect Unit from BNP Liquidation SP KATONG: Requires Creditors to File Proofs of Debt by Dec. 26 T H A I L A N D BANK OF AYUDHYA: Offers New Service for High Net Worth Customers DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative TMB BANK: Over-all Losses May Reach THB100 Bil. by Year's End TOTAL ACCESS: Plans New Services for High-End Customers in 2008 * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ABSOLUTE CAPITAL: Names McGrathNicol as Voluntary Administrator --------------------------------------------------------------- The board of Absolute Capital Group Limited has appointed a voluntary administrator, the company said in a press release. The appointment of administrators Tony McGrath and Joseph Hayes of McGrathNicol relates only to the Absolute Capital Group corporate entities and not to its core products such as the Yield Strategies Fund. The company says that following a period of prolonged illiquidity in global and local credit markets, the reduction in fees paid to the corporate entity from a number of its investment products impacted the long-term viability of the business. As a result, the company's board took the decision to enter voluntary administration and appointed Mr. McGrath and Mr. Hayes at McGrathNicol as joint and several administrators. McGrathNicol said it intends to move swiftly to review options and focus on securing the stability of the group, the company adds. “Our first priority is to review the options available for the Absolute Capital Group and the implications for the underlying products and determine the best possible outcome for investors and creditors,” the release relates, quoting Mr. McGrath. A meeting of creditors is slated on Dec. 3, 2007 where creditors will be provided with an update as to the financial position of the group. McGrathNicol May Sell Absolute Capital Stuart Washington, writing for the Sydney Morning Herald, reports that Absolute Capital has been affected by the deterioration of the U.S. sub-prime mortgages market and the resulting global credit crisis, and had to temporarily freeze redemptions in mid-2007 on its yield strategies fund product. The company used collateralised debt obligations for about half of its investments, Mr. Washington writes. Mr. Washington continues that McGrath Nicol may attempt to divest the fund products to a new owner. ABN Amro has a 50% stake in the troubled entity, which also received allocations from major institutional investors such as BT and Macquarie Bank in the past. About Absolute Capital Absolute Capital Group Limited -- http://www.absolutecapital.com/Home.htm-- is an Australian investment manager and holds an Australian Financial Services Licence (No. 245504). Absolute Capital Limited is a wholly- owned subsidiary of Absolute Capital Group Limited. The Absolute Capital Group is 50% owned by ABN AMRO Australia Limited, and 50 per cent owned by Absolute Capital Management Holdings Limited. ALMAR ENGINEERING: Liquidator to Give Wind-Up Report on Dec. 4 -------------------------------------------------------------- A final meeting will be held for the members and creditors of Almar Engineering Pty Ltd on December 4, 2007, at 9:30 a.m. At the meeting, the members and creditors will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 6, 2006. The company's liquidator is: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Almar Engineering Almar Engineering Pty Ltd provides engineering services. The company is located at Altona, in Victoria, Australia. B&B ENVIRONMENTAL: Incurs AU$20-Million Net Loss for FY2007 ----------------------------------------------------------- Babcock & Brown Environmental Investments Ltd. reported a net loss of AU$19.98 million for the year ended June 30, 2007, a decrease from the AU$28.83-million net loss recorded for the year ended June 30, 2006. The company reported sales revenue of AU$87.37 million for fiscal 2007, while cost of sales amounted to AU$65.33 million, giving the company a gross profit of AU$22.05 million. The company also earned other revenues totaling AU$8.45 million. The company recorded a loss from discontinued operations of AU$26.84 million, which includes an impairment loss from the write down of EarthPower. As of June 30, 2007, the company had total assets of AU$210.24 million, total liabilities of AU$128.45 million and accumulated losses of AU$79.51 million. Sydney, Australia-based Babcock & Brown Environmental Investments Ltd. -- http://www.bbeil.com.au/-- is engaged in investment and management of businesses in the renewables sector. The company has operations in the United States. B&B ENVIRONMENTAL: BBL Offers Alternative to Takeover Offer ----------------------------------------------------------- Babcock & Brown Limited announced that it would be offering a cash alternative of AU$0.50 for each share in Babcock & Brown Environmental Investments Ltd., Reuters Key Developments reports. According to Reuters, the cash consideration will be an alternative to the previously announced consideration of one BBL subordinated note for every 200 B&B Environmental shares held. The cash price of AU$0.50 carries a premium of approximately 31% above AU$0.38, the closing price of BEI on Nov. 9, 2007, the last day of trading prior to the trading halt requested by B&B Environmental, and approximately 6% higher than the AU$0.47 closing price of B&B Environmental on Nov. 22, 2007. B&B Environmental had previously announced that BBL wanted to acquire the company. B&B Environmental explained that BBL subordinated notes are listed on the Australian Securities Exchange and currently pays an interest rate (on their AU$100 face value) equal to the six month bank bill swap rate plus a margin of 2.20% per annum. B&B Environmental also related that based on the closing price of BBL subordinated notes on Nov. 13, 2007 at AU$101.55, the proposal is vlaued at AU$0.508 per B&B Environmental share. Sydney, Australia-based Babcock & Brown Environmental Investments Ltd. -- http://www.bbeil.com.au/-- is engaged in investment and management of businesses in the renewables sector. The company has operations in the United States. The company reported net losses of AU$19.98 million, AU$28.83 million, and AU$3.83 million for the years ended June 30, 2007, 2006 and 2005. BABCOCK & BROWN POWER: Incurs AU$70.67MM Net Loss for FY2007 ------------------------------------------------------------ Babcock & Brown Power Fund reported a net loss of AU$70.67 million for the year ended June 30, 2007, a little less than a ten-fold increase against the AU$7.45-million net loss reported for the year ended June 30, 2006. The group had revenues of AU$532.80 million, financing income of AU$12.69 million and a gain on interest rate derivative of AU$4.80 million. The company, however, spent AU$413.62 million on operating expenses, AU$32.97 million on management charges, AU$55.59 million on depreciation and AU$80.24 million on finance costs. The company also posted an AU$69.45-million fair value loss on electricity derivative. As of June 30, 2007, the company had total assets of AU$2.73 billion, total liabilities of AU$1.82 billion, and accumulated losses of AU$78.22 million. Based in Sydney, Australia, Babcock & Brown Power Fund -- http://www.bbpower.com -- is engaged in the power generation business. The company has interests in 13 operating power stations representing over 3,300 megawatt of installed generation capacity and five power stations under construction. The company owns a number of other associated power assets the largest being a 67% stake in the WA retail assets of AlintaAGL. The company has been has been developing, operating and acquiring the generation portfolio over a period of 10 years. The Company's assets are diversified by geographic location, fuel source, customers, contract types and operating mode. The Troubled Company Reporter-Asia Pacific reported on Oct. 10, 2007, that Fitch Ratings affirmed the company's BB+ long-term issuer default rating. The outlook is stable. COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals --------------------------------------------------------------- Coeur d'Alene Mines Corporation announced that PROXY Governance Inc., a leading independent proxy advisory firm, has recommended that Coeur shareholders vote "FOR" the proposals related to the acquisition of Bolnisi Gold NL and Palmarejo Silver and Gold Corporation at the company's Special Meeting of shareholders scheduled for Dec. 3, 2007. PROXY Governance joins Institutional Shareholder Services and Glass Lewis & Co. as the third independent proxy advisory firm recommending that Coeur shareholders vote "FOR" the proposed acquisitions. In its report, PROXY Governance opined, "PROXY Governance supports this merger because we believe that it will enhance the company's long-term financial performance. In arriving at this decision, we are influenced by the board's reasoning for the acquisition and the favorable opinions of equity analysts." The company urges all shareholders to vote FOR the proposals to ensure their votes are counted at the Special Meeting. The vote of Coeur shareholders is very important regardless of the number of shares of common stock they own. Coeur shareholders can vote FOR the proposals through the Internet, by telephone as described on the proxy card or by completing and returning the proxy card. Shareholders who have questions or need assistance in voting should call D.F. King & Co., Inc. at 1-800-901-0068 (toll-free) or 212-269-5550. The Special Meeting of Coeur shareholders is scheduled for Dec. 3, 2007 at 9:30 a.m. local time at The Coeur d'Alene Resort and Conference Center, Second Street and Front Avenue, Coeur d'Alene. Coeur shareholders of record as of the close of business on Oct. 19, 2007, are entitled to vote at the Special Meeting. Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. The company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia and Australia. * * * Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15, 2024, carry Standard & Poor's B- rating. COLES GROUP: Wesfarmers Admits Overhauling Could Take Five Years ---------------------------------------------------------------- Wesfarmers Ltd., after taking over Coles Group Ltd., contends that it will take five years to overhaul the retail firm, Vanda Carson of the Sydney Morning Herald reports. Wesfarmers Chief Executive Officer Richard Goyder and appointed "adviser and deputy chairman of the Coles board," Archie Norman clarifies that while work on redeveloping Coles had started this week, it would be some time before shoppers notice any changes in the company's more than 700 supermarkets nationwide, relates SMH. Mr. Goyder is quoted by SMH as saying, "I am not pleading for time -- I am saying it is going to take time." Mr. Goyder, according to SMH, reveals that management would be juggling with "a multitude of issues" in the first year, but top priorities were cutting costs, improving efficiency and reshaping the new divisions. For the supermarket division, the focus, states SMH, will be on the supply chain systems, information technology, fresh produce and the look and feel of stores aimed at increasing sales and making sure products are on shelves. Consumers would see gradual changes in stores, starting with "better presentation" and "more energy" focused on the vegetables, bakery, meat and delicatessen sections. "This is the year of basics," says Mr. Goyder, asking investors to judge the turnaround of Coles not by its initial financial performance but by the speed of change to the company. In addition, there would be an aggressive push into private labels that will inevitably result in fewer overall items on the supermarket shelves, conveys SMH. Some improvements, explains Mr. Goyder, would be visible in the first year, but most would take longer, but there would be several write-downs in the first fiscal year of the takeover, says SMH. Meanwhile, Mr. Norman, who made his first public appearance since the appointment, would not say how much Wesfarmers would spend on the restoration of Coles only that the "amount of investment will be substantial." Mr. Norman, according to SMH, was coy about the terms of his consultancy and declined to reveal how long he would consult to the company, his salary or if he would be paid a share of the profit. The appointment of a new boss was likely to be made before Christmas, adds SMH. Bruce Hextal of AFX News Limited reported that Wesfarmers, in an investor briefing, plans to strengthen the retailer's management by appointing specialist local and international retailers while senior Wesfarmers commercial executives will join the leadership teams of all divisions. Wesfarmers, writes AFX News, that Wesfarmers also plan to integrate Coles into its business model to ensure that full value for the transaction is captured. Coles' food, liquor and convenience stores will be run as one division, the Target discount chain as another, the Kmart store chain as a third division while Coles' Officeworks office supplies and Wesfarmers' Bunnings home improvement chain will be placed under a combined management team, notes Mr. Hextal. AFX cites Macquarie Equities who said that though the deal will be earnings per share dilutive for Wesfarmers in the near term, the company is well placed to capture full value from the acquisition. About Coles Group Coles Group Limited, formerly known as Coles Myer Ltd. -- http://www.colesgroup.com.au/Home/-- operates predominantly in the retail industry and is comprised of five business segments: Food, Liquor and Fuel, which includes retail of grocery, liquor and fuel products; Kmart, which is engaged in the retail of apparel and general merchandise; Officeworks, which retails office supplies; Target, which retails apparel and general merchandise, and Property and Unallocated, which is engaged in the management of the Company's property portfolio and unallocated or corporate functions. During the fiscal year ended July 30, 2006, Coles Group Limited opened seven new Kmart stores. In June 2006, Coles Group Limited completed the acquisition of the Hedley Hotel Group. In December 2006, the Company acquired Queensland-based Talbot Hotel Group. The Company operates in Australia, New Zealand and Asia. Moody's Investor Service gave a 'Ba1' rating on the company's preference stock. COLONIAL GOURMET: To Declare First Dividend on December 12 ---------------------------------------------------------- Colonial Gourmet Meats Pty Ltd will declare its first dividend on December 12, 2007. Creditors who were not able to file their proofs of debt by November 21, 2007, will be excluded from the company's dividend distribution. The company's deed administrator is: S. L. Horne Draper Dillon 499 St. Kilda Road Melbourne, Victoria 3004 Australia About Colonial Gourmet Colonial Gourmet Meats Pty Ltd operates meat packing plants. The company is located at Toukley, in New South Wales, Australia. COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree ----------------------------------------------------------- CommScope Enterprise Solutions, a division of CommScope, Inc., has partnered with iconnect Technologies, a connected real estate structured cabling solutions, to help make 'Langtree at the Lake' in Mooresville, North Carolina, one of the first truly connected communities of its kind. iconnect partnered with CommScope to create a common network infrastructure that will handle virtually every aspect of the community's technical operations, both commercially and residentially. Nestled on the shores of Lake Norman, the 125- acre mixed-use development will boast luxury condominiums, health clubs and a restaurant; while the communications network will enable residents to shop for groceries online, rent boats via the Internet, listen to satellite music and access IP telephones and television. "Langtree at the Lake will be a premier rural community with enhanced technology features that most development residents can only dream about," said The Langtree Group. chief operating officer, Brad Howard. "We brought in CommScope and iconnect to help make those dreams become reality. "Our main goal when planning the development was to help create a live-work-play experience for the residents that allowed them to broaden their idea of what a community should be. The joint contribution from iconnect and CommScope will create a single network infrastructure that I believe will complement the fine- living experience -- exceeding all of our expectations." added Mr. Howard. CommScope was selected for its familiarity with the area, knowledge of the industry and available resources. Although the companies are early in the project's design phase, CommScope intends to utilize its Uniprise(R) mixed-use offerings to best address the unique and diverse objectives of each business, neighborhood residence or leisure club. In addition, the company's integrated copper and fiber solutions will be employed in order to meet all network requirements, while balancing cost and performance. "If you look at the entire CommScope portfolio, you'll see that the services and products we provide create a reliable network infrastructure for a mixed-use community," said CommScope Enterprise senior vice president for global marketing, Mark Peterson. "The major benefit that CommScope brings to the table with Uniprise is a wide range of physical layer solutions with a single point of contact. From cabling conduit to any one of our cabling solutions to connectors, we provide a complete solution so that the developers won't need multiple vendors to create a successful network." With the completion of Langtree at the Lake set for 2014, developers are accounting for the reliable network to pave the way for lavish amenities not considered in the typical rural community. "We are excited to be involved in the revolution of connected real estate technology with Langtree at the Lake," said iconnect President Shohn Petty. "By using our vast experience to implement common physical layer infrastructure solutions, we are helping the developer save money through elimination of disparate physical layer network infrastructures," Mr. Petty added. "At Langtree at the Lake, residents and commercial tenants will experience the power of integrated technologies as well as the efficiencies and economies of scale that result from an engineered Integrated Business Infrastructure Solution master technology plan." About iconnect Technologies, LLC iconnect is a leader in the design and implementation of Intelligent Building Infrastructure Solutions. Through its diligent pursuit to forge integrated technology partnerships within a growing technology eco-system, iconnect has positioned itself as a leading physical layer design-build firm for connected real estate projects in the southeastern United States. iconnect is poised to take that professional design experience to a national, and even global, customer base of real estate development firms. About CommScope Enterprise Solutions CommScope Enterprise Solutions, a division of CommScope, Inc., offers a complete portfolio of network infrastructure solutions that help customers, regardless of size, industry or IT budget to make the most of their installed technology. Both SYSTIMAX(R) and Uniprise(R) product lines offer voice, data, video and converged solutions ranging from mission- critical, high-bandwidth and emerging applications to applications that demand unrelenting reliability and quality for everyday needs. Backed by CommScope Labs and a 20-year extended warranty, the Enterprise solutions are delivered through CommScope's global network of industry-leading BusinessPartners and distributors that ensure consistent, high-level service and support worldwide. About CommScope Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) -- http://www.commscope.com/-- designs and manufactures "last mile" cable and connectivity solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2007, Standard & Poor's Ratings Services has affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn following its acquisition and debt refinancing. S&P said outlook is stable. CROWN CASTLE: Fitch Holds 'BB' Rating on US$83MM Class G Notes -------------------------------------------------------------- Fitch Ratings has affirmed these classes of Crown Castle, senior secured tower revenue notes, series 2005-1: -- US$948,460,000 class A-FX at 'AAA'; -- US$250,000,000 class A-FL at 'AAA'; -- US$233,845,000 class B at 'AA'; -- US$233,845,000 class C at 'A'; -- US$233,850,000 class D at 'BBB'. Fitch Ratings has also affirmed these classes of Crown Castle, senior secured tower revenue notes, series 2006-1: -- US$453,540,000 class A-FX at 'AAA'; -- US$170,000,000 class A-FL at 'AAA'; -- US$150,155,000 class B at 'AA'; -- US$150,155,000 class C at 'A'; -- US$150,150,000 class D at 'BBB'; -- US$144,000,000 class E at 'BBB-'; -- US$240,000,000 class F at 'BB+'; -- US$83,000,000 class G at 'BB'. The affirmations are due to the stable performance of the collateral. The Crown Castle, series 2005-1 closed on June 8, 2005 and was secured by 10,578 wireless communication sites. The Crown Castle, series 2006-1 represents an additional issuance with the contribution of 949 additional sites. As of September 2007, the collateral pool included 11,554 wireless communication sites owned, leased, or managed by the borrower. The notes issued by both transactions, which are secured by the same pool, are pari passu among like rated classes. As of the October 2007 distribution date, the aggregate principal balance of the notes remained unchanged at US$3.45 billion since issuance. Notes from both issuances are interest only for the entire five-year period. As part of the review, Fitch analyzed the management report dated Sept. 30, 2007 that was provided by the servicer, Midland Loan Services. As of Sept. 30, 2007, aggregate annualized run rate revenue increased 4.2% to US$686.9 million from US$644.5 million at issuance. Over the same time period, the Fitch adjusted net cash flow increased 3% since issuance. The tenant type concentration is stable. As of Sept. 30, 2007, total revenue contributed by telephony tenants was 94.7% compared to 95.9% at issuance. About Crown Castle Based in Houston, Crown Castle International Corp. (NYSE: CCI) -- http://www.crowncastle.com/-- engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers. Crown Castle offers significant wireless communications coverage to 91 of the top 100 US markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 22,000 and over 1,400 wireless communication sites in the US and Australia, respectively. FORRESTER RIDGE: Liquidator to Give Wind-up Report on Dec. 4 ------------------------------------------------------------ The members and creditors of Forrester Ridge Pty Ltd will meet on December 4, 2007, at 10:45 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on June 27, 2007. The company's liquidator is: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Forrester Ridge Forrester Ridge Pty Ltd, which is also trading as Euro Style Cleaning Management, provides building cleaning and maintenance services. The company is located at Bentleigh East, in Victoria, Australia. I. & J. CLEANING: Creditors Receive Wind-Up Report -------------------------------------------------- The creditors of I. & J. Cleaning Services Pty Ltd met on November 23, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: S. L. Horne Draper Dillon 499 St Kilda Road Melbourne, Victoria 3004 Australia About I. & J. Cleaning Services I. & J. Cleaning Services Pty Ltd is a distributor of durable goods. The company is located at Carnegie, in Victoria, Australia. IMAGE FABRICS: Members and Creditors Set to Meet on December 4 -------------------------------------------------------------- A final meeting will be held for the members and creditors of Image Fabrics Pty Ltd on December 4, 2007, at 11:30 a.m. At the meeting, O'Keeffe Walton Richwol, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on June 7, 2007. The Liquidator can be reached at: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Image Fabrics Image Fabrics Pty Ltd operates drapery, curtain and upholstery stores. The company is located at South Melbourne, in Victoria, Australia. INTERACTIVE TECHNOLOGIES: Sets Final Members' Meeting for Dec. 3 ---------------------------------------------------------------- Interactive Technologies International Pty Ltd, which is in liquidation, will hold a final meeting for its members and creditors on December 3, 2007, at 10:00 a.m. At the meeting, Richard Albarran, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Richard Albarran Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia About Interactive Technologies Interactive Technologies International Pty Ltd operates travel agencies. The company is located at Surry Hills, in New South Wales, Australia. JELIMAR PTY: Liquidator to Present Wind-Up Report on Dec. 4 ----------------------------------------------------------- Jelimar Pty Ltd, which is in liquidation, will hold a meeting for its members and creditors on December 4, 2007, at 12:30 p.m. At the meeting, O'Keeffe Walton Richwol, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Jelimar Pty Jelimar Pty Ltd, which is also trading as Olive Tree Hotel, operates drinking places. The company is located at Sunbury, in Victoria, Australia. KENETA KITCHENS: Final Meeting Slated for December 4 ---------------------------------------------------- Keneta Kitchens Pty Ltd will hold a final meeting for its members on December 4, 2007, at 12:45 p.m. At the meeting, the members and creditors will hear a report by O'Keeffe Walton Richwol, Keneta Kitchen's liquidator, on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on June 14, 2007. The Liquidator can be reached at: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Keneta Kitchens Keneta Kitchens Pty Ltd is a distributor of wood kitchen cabinets. The company is located at Seaford, in Victoria, Australia. KIMBERLEY DIAMOND: KPMG Raises Substantial Going Concern Doubt -------------------------------------------------------------- Kimberley Diamond Company NL reported a net loss of AU$31.87 million for the year ended June 30, 2007, more than doubling a net loss of AU$13.13 million for the year ended June 30, 2006. Revenue for fiscal 2007 totaled AU$63.47 million, while costs of product sold amounted to AU$78.14 million, giving the company a gross loss of AU$14.67 million. As of June 30, 2007, the company had total assets of AU$238.18 million, total liabilities of AU$55.02 million, and accumulated losses of AU$104.36 million. The company also reported strained liquidity as of June 30, 2007, with total current assets of AU$19.76 million and total current liabilities of AU$43.89 million. Going Concern Doubt After reviewing the company's financial statements for FY2007, DP McComish at KPMG raised significant uncertainty about the company's ability to continue as a going concern, citing uncertainty in the outcomes of the company's funding sourcing activities. The directors explained in the annual report that additional funds are needed to enable the company and the group to meet its obligations as they fall due. The directors set forth the sources of funding as one or more of the following: * issue of new equity in the company (possibly subject to restrictions on the company's ability to issue new shares should this be required during the Gem Diamonds bid period); * increase to the limit of the Gem Diamonds facility (subject to the approval of Gem and the existing project financiers); or * Sale of shares in Blina Diamonds NL (subject to the approval of the existing project financiers). West Perth, Australia-based Kimberley Diamond Company NL -- http://www.kimberleydiamondco.com.au/-- is engaged in diamond mining, processing, marketing and exploration. The company is listed at both Australian Securities Echange Ltd. and London Stock Exchange. KIMBERLEY DIAMOND: Gem Diamond's Buy Offer Now Unconditional ------------------------------------------------------------ Gem Diamonds Australia Pty. Limited had served notice on Kimberley Diamond Company declaring its takeover offer free of all outstanding conditions, the company said in a corporate disclosure filed with the Australian Securities Exchange Ltd. In the company's annual meeting, Stephen Lee Wetherall, Neil Richard Kaner and Constantino Paoiliello were appointed to the board of directors of Kimberley Diamond while Miles Kennedy, Karl Simich, Kevin Somes, Peter Danchin and Robert Still resigned, the disclosure said. Forbes.Com relates that Gem Diamonds Australia now has an interest of 81.51% in Kimberley Diamond. The Forbes report says that Gem Diamonds Australia agreed to a AU$0.70 per share cash offer on July 19, 2007, which values the company at AU$300 million. The report adds that once Gem Diamonds Australia acquires 90% of the issued shares in Kimberley, it intends to compulsorily acquire the remaining 10% of the shares and de-list Kimberley from the Australian Stock Exchange, and also withdraw its admission to trade on London Stock Exchange's AIM Market. Kimberley Diamond former chair Miles Kennedy writes in the company's annual report that on July 19, 2007, Gem Diamonds Limited announced a takeover bid for the entire issued share capital of Kimberley Diamond at AU$0.70 a share together with the provision of a secured working capital loan of AU$10 million. The offer was made by Gem Diamonds Australia Pty Limited, a wholly owned subsidiary of Gem Diamonds Limited. Mr. Kennedy notes that the offer has been unanimously recommended for acceptance by the company's directors. The offer was set to close on November 2, 2007, but has been extended to Dec. 1, 2007. West Perth, Australia-based Kimberley Diamond Company NL -- http://www.kimberleydiamondco.com.au/-- is engaged in diamond mining, processing, marketing and exploration. The company is listed at both Australian Securities Echange Ltd. and London Stock Exchange. The company has incurred net losses of AU$31.87 million, AU$13.13 million, and AU$3.5 million for the years ended June 30, 2007, 2006, and 2005. Going Concern Doubt After reviewing the company's financial statements for FY2007, DP McComish at KPMG raised significant uncertainty about the company's ability to continue as a going concern, citing uncertainty in the outcomes of the company's funding sourcing activities. LIFESTYLE CLASSICS: Members and Creditors to Meet on Dec. 4 ----------------------------------------------------------- A final meeting will be held for the members and creditors of Lifestyle Classics Pty Ltd on December 4, 2007, at 1:00 p.m. At the meeting, the members and creditors will hear the report by O'Keeffe Waltom Richwol, the company's liquidator, on the company's wind-up proceedings and property disposal. The company commenced liquidatio proceedings on May 21, 2007. The company's liquidator can be reached at: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Lifestyle Classics Lifestyle Classics Pty Ltd is a distributor of furnitures. The company is located at Moorabbin, in Victoria, Australia. LOOKSUN PTY: Members and Creditors Hear Wind-Up Report ------------------------------------------------------ The members and creditors of Looksun Pty Limited, which is in liquidation, met on Nov. 22, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Schon G. Condon RFD c/o Condon Associates Level 1, 34 Charles Street Parramatta, New South Wales Australia Telephone:(02) 9893 9499 About Looksun Pty Looksun Pty Limited is involved with nonresidential construction. The company is located at Bringelly, in New South Wales, Australia. MCLAREN INVESTMENTS: Members and Creditors to Meet on Dec. 4 ------------------------------------------------------------ Mclaren Investments Pty Ltd will hold a final meeting for its members and creditors on December 4, 2007, at 1:15 p.m. At the meeting, O'Keeffe Walton Richwol, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The company has been undergoing liquidation since June 29, 2007. The Liquidator can be reached at: O'Keeffe Walton Richwol Suite 3, 431 Burke Road Glen Iris, Victoria 3146 Australia About Mclaren Investments Mclaren Investments Pty Ltd operates hardware stores. The company is located at Elsternwick, in Victoria, Australia. PAN AUSTRALIAN: Incurs AU$281,000 Net Loss for 2007 Half-Year ------------------------------------------------------------- Pan Australian Resources Limited reported a AU$281,000 net loss for the half-year period ended June 30, 2007, an increase from the AU$84,000 net loss recorded for the half-year ended June 30, 2006. The company reported revenues of AU$13.47 million and other income of AU$934,000 for the six months to June 30, 2007. As of June 30, 2007, the company had total assets of AU$242.45 million, total liabilities of AU$60.92 million and accumulated losses of AU$28.61 million. The company's balance sheet also showed strained liquidity with total current liabilities of AU$44.78 million exceeding total current assets of AU$31.69 million. Headquartered in Brisbane, Australia, Pan Australian Resources Limited --http://www.panaustralian.com.au/-- is a mineral exploration company. The company is engaged in gold mining operations, mine development, precious and base metal project evaluation and mineral exploration. The company owns and operates mineral resource and exploration bases in Laos and Thailand. The company recorded consecutive net losses of AU$4.52 million, AU$4.99 million, AU$1.21 million, and AU$0.84 million for the years ended Dec. 31, 2006 through 2003. THE EVOLUTION DESIGN: Appoints Anthony Warner as Liquidator ----------------------------------------------------------- During a general meeting held on October 15, 2007, the members of The Evolution Design Group Pty Limited appointed Anthony Warner as the company's liquidator. The Liquidator can be reached at: Anthony Warner CRS Warner Kugel Level 5, 30 Clarence Street Sydney, New South Wales 2000 Australia Web site: http://www.crspartners.com.au About The Evolution Design The Evolution Design Group Pty Ltd is involved with commercial art and graphic design. The company is located at Darlinghurst, in New South Wales, Australia. TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil. ---------------------------------------------------------------- Transax International Limited's consolidated balance sheet at Sept. 30, 2007, showed US$2,112,254 in total assets and US$5,481,383 in total liabilities, resulting in a US$3,369,129 total stockholders' deficit. At Sept. 30, 2007, the company's consolidated balance sheet also showed strained liquidity with US$904,785 in total current assets available to pay US$5,021,264 in total current liabilities. The company reported a net loss of US$59,460 on revenues of US$1,328,636 for the third quarter ended Sept. 30, 2007, compared with a net loss of US$623,578 on revenues of US$1,115,930 in the same period last year. The increase in revenues is due to an increase in installations of the company's software or hardware devices at healthcare providers' locations in Brazil. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?25d0 Going Concern Doubt Moore Stephens P.C., in New York, expressed substantial doubt about Transax International Limited's ability to continue as a going concern after auditing the company's consolidated financial statements as of the year ended Dec. 31, 2006. The auditing firm pointed to the company's accumulated losses from operations, working capital deficiency and net capital deficiency at Dec. 31, 2006. In addition, since fiscal 2000, the company has been deficient in the payment of Brazilian payroll taxes and Social Security taxes. At Sept. 30, 2007, these deficiencies, including interest and fines, amounted to approximately US$1,013,000. About Transax International Based in Miami, Florida, Transax International Limited (OTC BB: TNSX.OB) -- http://www.transax.com/-- primarily through its wholly-owned subsidiary, Medlink Conectividade em Saude Ltda. is an international provider of information network solutions specifically designed for healthcare providers and health insurance companies. The company has offices located in Miami, Florida and Rio de Janeiro, Brazil. The company's subsidiaries, TDS Telecommunication Data Systems LTDA provides services in Brazil; Transax Australia Pty. Ltd. operates in Australia; and Medlink Technologies Inc. initiates research and development. ================================ C H I N A & H O N G K O N G ================================ CHINA EVERBRIGHT: Shareholders OK Capital Injection from Gov't -------------------------------------------------------------- Shareholders of China Everbright Bank have approved a capital injection from the government, paving the way for the bank to sell equity stakes to strategic foreign investors, Reuters reports, citing China Everbright's statement on Wednesday. According to Reuters, the bank's statement did not specify the size of the cash infusion. However, the report recounts, China Everbright Chairman Tang Shuangning said earlier this month that the bank hopes to get CNY200 billion (US$2.7 billion) from Central Huijin, part of China's newly established sovereign wealth fund. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 8, 2007, China Everbright intends to invite foreign strategic investors and sell shares to the public after the capital infusion to its long-awaited restructuring plan from the government. The bank said it would speed up the search for strategic investors and aimed to float shares as early as the first half of 2008, Reuters relates. Reuters points out that despite China Everbright being saddled with debts, overseas lenders, keen to get into China, have been interested in the Everbright because of its size and geographical reach in a nation where many high-profile domestic banks have already partnered with foreign financial institutions. Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. Everbright Bank is 21%-owned by Hong Kong-listed China Everbright Ltd, an Everbright Group unit. The Asian Development Bank is the only foreign stakeholder, with 2%. The Troubled Company Reporter-Asia Pacific stated on Aug. 9, 2007, that China has approved mid-sized lender China Everbright Bank's plan for financial restructuring, paving the way for a capital injection and eventual listing. China Everbright Bank is saddled with debts partly because of its takeover of the troubled China Investment Bank in the late 1990s. EMI GROUP: Moody's Withdraws B1 Corporate Family Rating ------------------------------------------------------- Moody's Investors Service has withdrawn EMI Group Ltd.'s (fka EMI Group Plc) B1 Corporate Family Rating (under review for possible downgrade) for business reasons. The withdrawal follows the redemption of substantially all of EMI Group's existing public debt instruments. Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At Mar. 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. The company issued two profit warnings since January 2007. HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating ------------------------------------------------------- Standard & Poor's Ratings Services has revised its ratings outlook for intimate apparel and activewear maker Hanesbrands Inc. to positive from stable. At the same time, existing ratings on the company, including the 'B+' corporate credit rating, were affirmed. "The outlook revision reflects the company's positive operating momentum as a standalone entity since its spin-off from Sara Lee Corp. in September 2006, and its modestly improving credit protection measures," said S&P's credit analyst Susan Ding. "Management is on track in executing the company's strategies, is focusing on investing in key brands, and has benefited from its cost saving initiatives. Credit protection measures and operating results are in line with our expectations." The ratings on Hanesbrands reflect the company's leveraged financial profile, resulting from its debt-financed US$2.4 billion special dividend to Sara Lee Corp. following its spin- off; the commodity-like nature of some of Hanesbrands' products; the highly competitive and promotional retail environment; and the company's relatively narrow business focus. These risks are somewhat mitigated by Hanesbrands' strong and widely recognized brand names (including Hanes, Champion, Playtex, and Bali), its core replenishment business (which is less susceptible to fashion risk), and its relatively stable cash flows. Winston-Salem, North Carolina-based Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets innerwear, outerwear and hosiery apparel under consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. The company designs, manufactures, sources and sells T-shirts, bras, panties, men's underwear, children's underwear, socks, hosiery, casual wear and active wear. Hanesbrands has approximately 50,000 employees in 24 countries, including Dominican Republic, El Salvador, Mexico, Puerto Rico, India and China. PARKSON RETAIL: Posts CNY151-Mil. Net Profit for Third Quarter -------------------------------------------------------------- For the quarter ended September 30, 2007, Parkson Retail Group booked a net profit of CNY151 million, a slight increase from the CNY104-million net profit recorded for the same quarter in 2006, according to a Xinhua News Feed. Parkson Retail's sales for the 2007 third quarter totaled CNY695 million, versus sales of CNY526 million for the same period a year ago. For nine months ended Sept. 30, 2007, the group posted a net profit of CNY455 million, an increase from the CNY300-million net profit recorded for the nine months ended Sept. 30, 2006. Sales for the first nine months of 2007 totaled CNY2.18 billion, compared with the CNY1.47 billion figure recorded for the same period in 2006. Headquartered in Hong Kong, Parkson Retail Group Limited is engaged in the ownership and operation of a national network of department stores and supercenters in the People's Republic of China under the brand of Parkson and Xtra. The company owns and manages 37 parkson branded department stores and two xtra branded supercenters located in 26 cities in the China, including Beijing, Shanghai, Chongging and Xi'an. Parkson Retail Group Limited offers a range of merchandise under four categories, fashion and apparel, cosmetics and accessories, household, electrical goods and others, and groceries and perishables. It focuses on fashion lifestyle products, in particular the ladies fashion and cosmetic. The Troubled Company Reporter-Asia Pacific reported that, on December 4, 2006, Moody's Investors Service affirmed Parkson Retail Group Ltd's Ba1 senior secured bond rating following the successful closing of its US$200 million bond issuance. The rating has had its provisional status removed. The rating outlook is stable. On November 8, 2006, Standard & Poor's assigned its BB long-term corporate credit rating to Parkson Retail Group Ltd. The outlook is stable. ========= I N D I A ========= CABLE & WIRELESS: Loses J$506.8 Million in First Six Months ----------------------------------------------------------- Cable & Wireless' Jamaican unit lost some J$506.8 million in the first six months of 2007, The Jamaica Gleaner reports. The Gleaner relates that Cable & Wireless Jamaica has given up on collecting over half a billion dollars in debts and has written off the receivables in its second quarter 2007. It incurred J$478.7 million losses for the period. According to The Gleaner, Cable & Wireless Jamaica's half-year loss worsened "the depressed earnings legacy left by past president Rodney Davis, whose overnight departure came two months into the September quarter after two years with the telecoms." The Gleaner notes that Cable & Wireless Jamaica's over US$4 billion of receivables in June 2007 include: -- US$609 million connected to what the firm labeled "unbilled amounts", and -- recoverable out-payments from local and international carriers on whose networks the company calls terminated. Cable & Wireless Jamaica said in its quarterly earnings report for the second quarter ended September 2007, "We reviewed the recoverability of these amounts at Sept. 30 and as a result this amount was reduced by J$542 million." "Unbilled amounts and outpayments are done on a monthly basis," The Gleaner says, citing Cable & Wireless Jamaica president and chief executive officer Phil Green. Mr. Green commented to The Gleaner, "The majority of the reduction in accounts receivable relates to a reduction in our estimate of unbilled amounts. The reduction relates predominately to the second half of last year." Mr. Green assured The Gleaner that the adjustment was done in line with accounting standards and were fully audited. Meanwhile, Cable & Wireless Jamaica disclosed "depressed income" on its fixed line business, The Gleaner says. Mr. Green told The Gleaner that growth strategies for Cable & Wireless Jamaica's fixed line would be concentrated on "major improvements in service, specifically in relation to provisioning and repair times." "We anticipate that this in turn will drive a turnaround in demand for the fixed line service. In addition, we are also looking to re-position our fixed line product family, both prepaid and postpaid," Mr. Green commented to The Gleaner. According to the report, Cable & Wireless Jamaica's overall revenues were off by over J$1 billion to J$11.1 billion. Costs associated with making those sales increased by J$490 million to J$4.8 billion, indicating a worsening gross profit margin on the six-month results of 56%, compared to 64% in the same period last year. The Gleaner notes that bigger selling, administrative and marketing or SAD costs plus other operating expenses resulted to a J$98-million loss on operations. Finance costs and foreign exchange conversion losses led to a J$807-million pretax loss. Meanwhile, a J$300-million tax credit helped contain net losses to J$507 million. Some of the expenses were from "poor execution of a number of outsource contracts," damage from Hurricane Dean, and ongoing theft of cable, The Gleaner says, citing Cable & Wireless Jamaica . 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% CABLE & WIRELESS: Former Chair Criticizes Executive Payoff ---------------------------------------------------------- Lord Young of Graffham, former chairman of Cable & Wireless plc, has criticized the board of the telecoms group after hearing that ousted international head Harris Jones was getting more than GBP5 million in compensation, the Daily Telegraph reports. As disclosed by C&W, Mr. Jones is to step down as chief executive of International and as a director, and leave the business towards the end of 2007 once handover is complete. Mr. Jones will receive his contractual entitlement on leaving, including GBP4.3 million for his pro-rated share in the Long Term Incentive Plan having delivered value creation on behalf of shareholders from International of over GBP1 billion since he joined in November 2004, of which three quarters of a billion has been created since the commencement of the LTIP on April 1, 2006. John Pluthero is to become executive chairman of International with immediate effect, while continuing his similar role for Europe, Asia & US. Mr. Pluthero will receive 50% of Mr. Jones' LTIP units for the remaining life of the LTIP after deduction of the LTIP payment above to Mr. Jones. "I just can't understand that incredible amount of remuneration," Lord Young was quoted by the Daily Telegraph as saying. "What is bizarre to me is those in the scheme itself, and the chairman Richard Lapthorne, are somehow saying they have to be remunerated as if they are running a private equity operation, but they are not risking a penny. It's 'head we win, tails we don't lose'." Lord Young, who left the company in 1995 after a boardroom bust- up, told the Daily Telegraph he took issue with the entire C&W pay scheme, not just Mr. Jones's entitlement. As previously reported in the TCR-Europe on Nov. 23, 2007, C&W is facing yet another dispute with shareholders and unions over excessive executive rewards after a management shake-up. Peter Montagnon, the Association of British Insurers' director of investment affairs, said it would go over the latest revisions of the C&W's remuneration scheme, which he describes as "quite unusual". At its Annual General Meeting on July 20, 2007, C&W recommended the removal of the GBP20 million cap on the amount that can be received by an individual within the LTIP, which angered investors. The telecoms group, however, maintained that its long term incentive plan was "working very well," the Press Association relates. 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% QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC- -------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its preferred stock rating on Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long- term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. "The downgrade follows Quebecor World's announcement that it will be suspending dividend payments on its series 3 and series 5 preferred shares," said S&P's credit analyst Lori Harris. The company may be prevented from making the dividend payments because it might not satisfy the capital adequacy test within the Canada Business Corporations Act. Quebecor World will request shareholder approval at its next shareholder meeting in May 2008 to reduce the stated capital as permitted under the Canadian Act, which would involve reclassifying equity to allow dividend payments to resume, including accrued unpaid dividends. The next dividend payment is due Dec. 1, 2007. Should the company not make the declared dividend payment on that date as Quebecor World has stated, S&P will lower the preferred stock rating to 'D'. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. ================= I N D O N E S I A ================= ADARO INDONESIA: To Refinance US$400M Bonds Before Going Public --------------------------------------------------------------- PT Adaro Indonesia plans to hold an initial public hearing as soon as it has refinanced its US$400-million bond issue, Reuters reports, citing Indonesian investor Edwin Soeryadjay. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 19, 2007, Adaro Indonesia plans to borrow US$750 million from banks to repay bonds in December. Bankers said, Reuters recounts, that the company is seeking a US$600-million initial public offering on the Jakarta Stock Exchange early next year. TCR-AP said the company will sell between 20% and 30% of existing and new shares. Adaro's bonds, which mature in 2010, must be sold because they carry terms hindering plans to sell shares to the public and to invest in increasing production, the TCR-AP noted. According to Reuters, UBS and Goldman Sachs have been shortlisted to handle the issue. 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. AVNET INC: Operating Unit Inks Franchise Deal with Tyco ------------------------------------------------------- Avnet Electronics Marketing, an operating group of Avnet Inc., has disclosed that Tyco Electronics has extended its franchise agreement with Avnet to include all of Europe, Asia Pacific, Japan and India. The extension of the global franchise agreement is focused on Tyco Electronics' electronic components segment, which includes connectors and interconnect systems, relays, switches, circuit protection devices, sensors, wires and cable. These products are used primarily in the automotive, computer, consumer electronics, communication equipment, appliance, aerospace and defense, industrial machinery and instrumentation markets. "For 60 years, Tyco Electronics has a held a leadership position in the electronics industry. Through our newly expanded agreement with them, we are able to offer many advantages for our mutual customers across the globe - including shorter lead times, reduced time to market, and a broad product line," said Tom McCartney, senior vice president of IP&E business development worldwide for Avnet Electronics Marketing. "We look forward to working with Tyco Electronics to offer market-leading products and Avnet's support and supply chain capabilities locally on a global basis." "Avnet has a long-standing track record of providing exceptional service to our customers in the Americas," said Jack Voelmle, vice president for Tyco Electronics' global industrial and commercial business. "We are very pleased to offer our customers around the world the same opportunity to benefit from Avnet's superior logistical capabilities and innovative services." About Avnet Electronics Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a Fortune 500 company. Avnet Electronics Marketing serves electronic original equipment manufacturers and electronic manufacturing services providers in more than 70 countries, distributing electronic components from leading manufacturers and providing associated design-chain and supply-chain services. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. MEDIA NUSANTRA: Plans to Buy Majority Stake in Linktone Ltd. ------------------------------------------------------------ PT Media Nusantara Citra (MNC) has agreed to acquire a minimum of 51% in China-based Linktone Ltd's outstanding shares through a combination of a tender offer for existing shares and subscription for newly issued shares, various reports say. The company has offered US$0.38 per ordinary share (US$3.80 per ADS) representing a 53.8% premium over Linktone's closing price of US$2.47 per ADS on November 27, 2007, the report recounts. The tender offer, the report says, will be for 6.1 million ADS, or nearly 25% of total shares outstanding. RTT News notes that MNC will subscribe a minimum of 18.0 million ADS up to 25.2 million ADS, which is representing up to 57% and no less than 51% of total shares outstanding at the close of the subscription and tender. According to the report, the transaction is still subject to Linktone shareholders' approval, government's approval, and regulatory authorities and other customary closing conditions. The deal is expected to close in the first quarter of 2008, the report adds. Linktone CEO Michael Li told Digital Media Wire that the increases to their cash balances will enable aggressive execution and implementation of their cross media strategy. Linktone's advanced capabilities provide a strong platform for the Media Nusantara to establish a dominant position in the WVAS sector in Indonesia and the ability to expand into 'new media' market opportunities throughout Asia, the report adds. Joint Conference Call Held on Nov. 29 Management Teams from both Media Nusantara and Linktone hosted a joint conference call discussing the former company's recent public disclosure, Xinhua News reports. According to the report, the conference call was held yesterday, November 29, 2007 at 9:00 p.m. Eastern Time, and 10:00 a.m. Beijing/Hong Kong Time on November 30, 2007. Chief Financial Officer Colin Sung and MNC Group Chief Executive Officer Hary Tanoesoedibjo were on the call to discuss the transaction in detail and answer questions from participants. To access the replay: -- U.S. callers should dial 800- 379-7444 and enter passcode 11103879#; -- international callers should dial 303- 590-3000 and enter the same passcode. Headquartered in Jakarta, PT Media Nusantara Citra -- http://www.mnc.co.id/-- is an integrated media company with operations in television broadcasting network, radio and print media. It is the leader in Indonesia's FTA TV broadcasting market, owning 3 FTA TV networks out of a total of 11, and captured the largest audience and ADEX shares in 2005. MNC is 100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta Stock Exchange. The Troubled Company Reporter - Asia Pacific reported on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B+' long-term local and foreign currency corporate credit rating on Indonesia's integrated media company, PT Media Nusantara Citra. The outlook has been revised to positive from stable. On Sept. 19, 2006, that Moody's Investors Service has affirmed its B1 rating for the senior unsecured bonds issued by PT Media Nusantara Citra following the issuance's completion. At the same time, Moody's has affirmed its B1 corporate family rating for MNC. Both ratings have been removed from their provisional status. The ratings outlook is stable. PERUSAHAAN GAS: To Deliver Gas Using Grissik–Pagardewa Pipeline --------------------------------------------------------------- PT Perusahaan Gas Negara (Persero)'s Grissik – Pagardewa section of the company's South Sumatera–West Java transmission pipeline is ready to have initial gas flow, Reuters Key Developments reports. According to the report, the gas that passes through this pipelines flows in in stages starting at 20 to 50 million standard cubic feet per day. Subsequently, the report notes, the gas will be delivered together with the gas from Pertamina Pagardewa to the company's distribution pipeline at Cilegon, Bekasi, Jakarta, Karawang and Bogor area within a few days. Reuters relates that the company expects that the SSWJ transmission pipeline will transport 480 mmscfd to western part of Java in 2008 following the completion of Pagardewa – Labuhan Maringgai parallel line. Most parts of the pipeline grid which are connected to Bekasi, Karawang, Bogor, Tangerang and Jakarta have been completed while the connection from Bojonegara to Cilegon (Merak and Anyer) is underway, the report adds. Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk-- http://www.pgn.co.id/-- is a gas and energy company that is comprised of two core businesses: distribution and transmission. For distribution, PGN signs long-term supply agreements with upstream operators, which give the company scheduled and reliable gas volumes and fixed gas prices. These volumes are subsequently sold to commercial and industrial customers under gas sales agreements. Under these agreements, sales volumes are take-or-pay and the gas pricing is fixed and in US dollar. On the transmission business, PGN ships gas on behalf of the upstream suppliers under a fixed US dollar tariff with ship-or- pay volumes agreements. The company is 59.4% owned by the Government of Indonesia. The Troubled Company Reporter-Asia Pacific reported on Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2 corporate family rating of PT Perusahaan Gas Negara (Persero) Tbk. At the same time, Moody's affirmed the Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed by PGN. The ratings outlook is stable. This affirmation followed the recent announcement of a delay in the South Sumatera West Java gas commercialization. The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's Ratings Services revised the outlook on Perusahaan Gas to positive from stable. The ratings on the company are affirmed at 'B+'. On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency assigned these ratings to PT Perusahaan Gas Negara Tbk: -- Long-term foreign currency Issuer Default Rating 'BB-'; -- Long-term local currency IDR 'BB-'; and -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN and its subsidiaries 'BB-'. PERUSAHAAN: Hires Banks as Arrangers for Power Project Loans ------------------------------------------------------------ PT Perusahaan Listrik Negara has appointed three local and two international banks as lead arrangers for financing of three coal-fired power plants, Reuters News reports. According to the report, the three projects -- the Labuan, Indramayu and Rembang power plants on Java island -- will generate 2,250 megawatts of electricity, which will improve power supplies for Java-Bali islands as well as reduce dependence on oil-fueled power plants. Parno Isworo, PLN's finance director, told the news agency that the company has appointed Bank Centra Asia, Bank Negara Indonesia, and Bank Mandiri to lead arrange financing for the rupiah content for each of the three projects. Furthermore, Bank of China and Barclays have been appointed to lead arrange the financing for the U.S. dollar component of the Indramayu and Rembang projects, the report notes. Fitri Wulandari of Reuters writes that the three projects will need IDR4.4 trillion and US$1.1 billion. Mr. Isworo said Perusahaan Listrik will be the direct borrower under the loan agreements with the ministry of finance providing a full government guarantee to support PLN's obligation, the report adds. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. TELKOMSEL: Invests IDR50 Bil. in Establishing T-Cash Facility ------------------------------------------------------------- PT Telekomunikasi Selular Indonesia invested IDR50 billion in the establishment of the T-Cash facility, The Jakarta Post reports. T-Cash is is the first mobile wallet facility in Indonesia, the report explains. President Director Kiskenda Suriahardja told the news agency that T-Cash is the extension of Telkomsel's mobile banking program. This new program, the report adds, offers banking services like money transfers, deposit checks, bill payments and changes to personal identity numbers via a banking menu on a cellular phone. About Telkomsel PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/ -- is the leading operator of cellular telecommunications services in Indonesia by market share. By the end of June 2006, Telkomsel had close to 29.3 million customers, which, based on industry statistics, represented a market share of more than 50%. Telkomsel provides GSM cellular services in Indonesia, through its own nationwide Dual band 900/1800 MHz GSM network, an internationally, through 259 international roaming partner in 53 countries as of June 2006. The company provides its subscribers with the choice between two prepaid cards-simPATI and kartuAs of a pre-paid simPATI service, or the post-paid kartuHALO service, as well as a variety of value-added services and programs. Fitch Ratings, in August 2006, upgraded PT Telekomunikasi Selular's long-term foreign currency issuer default rating to 'BB' from 'BB-'. ========= J A P A N ========= ALL NIPPON: Inks Five-Year Deal with IBS Software Services ---------------------------------------------------------- All Nippon Airways Co. Limited has inked a multi-million five- year deal with IBS Software Services to provide integrated supply chain management solution for their cargo business, Monster and Critics reports. IBS, in a press release, stated that its new-generation cargo management system, iCargo, will address current and future business requirements of ANA's entire airfreight operation, which has grown in revenue and load by over 20% in the last fiscal year, notes the report. ANA's senior vice-president on information technology services, Toru Sato, explained to Monster and Critics that the airline's decision to choose iCargo was prompted by the need for a system that would help them address the rapidly growing air cargo business around the world. Mr. Sato added that the deal with iCargo will help improve ANA's service quality, enhance profitability by optimizing capacity utilization, and conform to future requirements of the industry, notes Monster and Critics. IBS, conveys the report, is headquartered at the Technopark IT campus in India and is a leading global provider of new generation IT solutions to the travel, transportation and logistics industries. iCargo, adds Monster and Critics, is an integrated system which comprehensively addresses cargo reservations, capacity control, rating, load planning, cargo terminal operations, ground handling, revenue accounting and yield management requirements of cargo carrying airlines. About All Nippon Headquartered in Tokyo, All Nippon Airways Co., Limited -- http://www.ana.co.jp/eng/-- is Japan's second-largest airline company in terms of revenue. The company, which was founded in 1952, provides these services: 1. Scheduled air transportation business; 2. Nonscheduled air transportation business and business utilizing aircraft; 3. Business of buying, selling, leasing and maintenance of aircraft and aircraft parts; and 4. Aircraft transportation ground support business, including passenger boarding procedures and loading of hand baggage. The Troubled Company Reporter-Asia Pacific reported on April 20, 2007, that Moody's Investors Service placed the Ba1 senior unsecured debt ratings of All Nippon Airways Co., Ltd. under review for possible upgrade. The rating action reflects ANA's high and stable profitability despite the ongoing price hikes of aircraft fuel, as well as Moody's view that the company's financial flexibility is likely to be further improved by its recently announced asset disposition related to its hotel business. AMR CORP: Plans to Divest American Eagle Division ------------------------------------------------- AMR Corporation, the parent company of American Airlines Inc., plans to divest American Eagle, its regional carrier. AMR, which has been engaged in an ongoing strategic value review process, relates that a divestiture of American Eagle is in the best interests of AMR and its shareholders and will be beneficial to American, American Eagle, their employees, and other stakeholders. The divestiture of American Eagle is intended to provide it with the structure, incentives and opportunities to win new business and provide new opportunities for American Eagle's employees. AMR also stated that the divestiture will enable American to focus on its mainline business, while ensuring American's continued access to cost-competitive regional feed. Once the two airlines are separated, it is expected that they will operate pursuant to a mutually beneficial air services agreement under which American Eagle will continue to provide American with regional flying of a scope and quality comparable to that provided prior to the separation and on terms that reflect today's market for those services. AMR evaluates the form of the divestiture, which may include a spin-off to AMR shareholders, a sale to a third party, or some other form of separation from AMR. The company expects to complete the divestiture in 2008; however, the completion of any transaction and its timing will depend on a number of factors, including general economic, industry and financial market conditions, well as the ultimate form of the divestiture. "The decision comes after a careful and deliberate evaluation of the strategy that will best enable us to continue to create value for our shareholders," Gerard Arpey, AMR Chairman and CEO, said. "We have worked hard over the years to build a regional airline that is fully capable of standing on its own and is well positioned to pursue growth opportunities outside of the AMR corporate structure." Mr. Arpey noted that, in addition to AMR having put in place an independent American Eagle management structure, with a chief executive officer and chief financial officer, American Eagle also has a well-formed operational structure and organization and has produced independently audited financial results for the past several years. Earlier this year, American and American Eagle entered into a new regional flying agreement between the airlines that reflects market-based rates, which ensures that American continues to have access to quality feed on competitive terms. Mr. Arpey added that AMR's divestiture of American Eagle and the regional airline's ability to provide quality feed at competitive rates to other carriers, well as American, will better position American Eagle to compete for new customers and growth opportunities in the future. American Eagle is a fully developed operating unit providing a full range of regional airline services with excellent employees and a modern fleet. It operates approximately 300 aircraft, with approximately 1,700 daily flights to more than 150 cities throughout the United States, Canada, the Bahamas, the Caribbean and Mexico. In 2007, American Eagle expects to generate annual revenues of approximately US$2.3 billion. The planned divestiture would include both American Eagle Airlines Inc., which feeds American Airlines hubs throughout North America, and its affiliate, Executive Airlines Inc., which carries the American Eagle name throughout the Bahamas and the Caribbean from bases in Miami and San Juan, Puerto Rico. About AMR Corporation Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. At the end of 2006, American provided scheduled jet service to about 150 destinations throughout North America, the Caribbean, Latin America, Europe and Asia. AMR also flies to Japan American is also a scheduled airfreight carrier, providing freight and mail services to shippers throughout its system. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. * * * As reported in the Troubled Company Reporter on Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR Corp. and its principal operating subsidiary American Airlines Inc., as: (i)AMR: issuer default rating at 'B-'; and senior unsecured debt at 'CCC'/RR6'; (ii)American Airlines: issuer default rating at 'B-'; secured bank credit facility at 'BB-/RR1'. The Rating Outlook for both AMR and American has been revised to positive from stable. EMAGIN CORP: Sept. 30 Balance Sheet Upside-Down by US$3.6 Mil. --------------------------------------------------------------- eMagin Corp.'s consolidated balance sheet at Sept. 30, 2007, showed US$7,068,000 in total assets and US$10,724,000 in total liabilities, resulting in a US$3,656,000 total shareholders' deficit. The company reported a net loss of US$12,651,000 on total revenue of US$5,071,000 for the third quarter ended Sept. 30, 2007, compared with a net loss of US$3,769,000 on total revenue of US$2,292,000 in the same period a year ago. Higher revenue was primarily due to increased microdisplay demand and increased availability of finished displays due to manufacturing improvements. For the three months ended Sept. 30, 2007, the change in the derivative liability was a loss of approximately US$1.5 million, as compared to US$177,000 for the three months ended Sept. 30, 2006. On July 23, 2007, the company recorded a loss on extinguishment of debt of approximately US$10.7 million. This loss was in relation to amended agreements the company entered into with the note holders of the original notes issued July 21, 2006, and March 28, 2007. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?25d2 Going Concern Doubt As reported in the Troubled Company Reporter on April 19, 2007, Eisner LLP expressed substantial doubt on eMagin Corp.'s ability to continue as a going concern after auditing the company's annual report for the year ended Dec. 31, 2006. Eisner reported that the company has had recurring losses from operations which is likely to continue, and has working capital and capital deficits at Dec. 31, 2006. About eMagin Corp. Headquartered in Bellevue, Washington, eMagin Corporation (AMEX: EMA) -- http://www.emagin.com/-- designs, develops, manufactures, and markets virtual imaging products which utilize OLEDs, or organic light emitting diodes, OLED-on-silicon microdisplays and related information technology solutions. The company offers its products to OEMs in the military, industrial, medical, and consumer market sectors through direct technical sales in North America, Japan, and Europe. GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend ------------------------------------------------------------ The board of directors of Gap Inc. voted a quarterly dividend of US$0.08 per share payable on Jan. 30, 2008, to shareholders of record at the close of business on Jan. 9, 2008. Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * The company continues to carry Fitch's BB+ Issuer Default Rating. The company also carries Standard & Poor's Ratings Services' BB+ corporate credit rating. HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President ---------------------------------------------------------------- Herbalife Ltd. has appointed Shankar Suryanarayanan as senior vice president of global operations to lead the strategic development of the company's manufacturing, strategic sourcing, supply chain, and process improvement efforts on a global basis. Having worked in India, Europe, Asia, and the U.S., Mr. Suryanarayanan's experience well suits Herbalife's global business model. He joins the company from Sandoz, a division of Novartis, where he was head of global sourcing and purchasing, based in Germany, responsible for an annual spend of over US$1 billion on direct materials, licensed products and manufacturing services from over 1,000 suppliers. Previously, Mr. Suryanarayanan served as head of global technical operations and leadership team member for Roche Consumer Health out of Switzerland. With responsibility for leading a team of 1,200 associates in engineering, quality, procurement, manufacturing and logistics, he is credited with streamlining processes to reduce time to market, fully integrating technical operations into the consumer health business, and establishing systems to obtain licenses from multiple regulatory agencies. Before moving to Europe, Suryanarayanan was a senior consultant in the operations management practice of Monitor Group, where he led teams that used economic modeling to determine competitive positions of clients' businesses. Earlier in his career, he spent over a decade at Fisher Controls International, a division of Emerson Electric, in positions of progressive responsibility, first in the company's Asia Pacific headquarters, and later in the global headquarters in the U.S. Mr. Suryanarayanan also gained experience as a manufacturing engineer at General Motors. He holds a master of science in management from MIT Sloan School of Management, a master of science in mechanical and aerospace engineering from University of Missouri, and a bachelor of technology in mechanical engineering from Indian Institute of Technology in Kharagpur, India. About Herbalife Ltd. Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- Herbalife, now in its 26th year, conducts business in 62 countries. The company does business with several manufacturers worldwide and has its own manufacturing facility in Suzhou, China as well as major distribution centers in Venray, Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., Guadalajara, Mexico, and El Salvador. The company also has operations in Venezuela. * * * As reported in the Troubled Company Reporter on April 5, 2007, Standard & Poor's Ratings Services said that its 'BB+' corporate credit rating on Los Angeles-based Herbalife Ltd. remains on CreditWatch with negative implications following the company's announcement that the company's board of directors has rejected a bid to be acquired by Whitney V L.P. The board indicated that although it views Whitney's bid as too low, it would consider an improved offer. L&G K.K.: To Start Court-Led Bankruptcy Procedures -------------------------------------------------- The Tokyo District Court has decided to commence bankruptcy procedures against L&G K.K., which allegedly run a fraudulent investment scheme using its own "Enten" currency, Kyodo News reports. The report states that the Court's decision was in line with a request filed on October 31 by a group of lawyers on behalf of individuals who suffered losses under the company's scheme. According to the report, the defendants' lawyers claim that L&G has a bank account savings in excess of JPY100 million. The first creditors' meeting is scheduled for July 2008, conveys Kyodo News. According to a separate Kyodo News report, the bedding supplier was suspected by the police of falsely promising its investigators that it will pay high dividends, which is in violation of the investment law. The investment law, explains Kyodo News, bans entities other than banks or other authorized financial institutions from obtaining money from the public and guaranteeing the principal. L&G, according to Kyodo News, collected more than JPY100 billion from about 50,000 individual investors nationwide, but the firm was believed to be effectively bankrupt. Police believed the firm reached the point of paralysis after using most of the investment money to pay dividends, relates Kyodo News. The Shinjuku Ward firm also collected funds by issuing its own currency, known as Enten, and pledging to pay at least JPY100,000 worth of Enten every year for deposits of at least JPY100,000 in cash, explains the report. The company organized bazaars at hotels in which food items and clothes could be bought with Enten and boasted that it had 1,000 member stores nationwide in which goods could be purchased using the currency, notes the report. The company, adds Kyodo News, would later reimburse the stores at a rate of JPY1 for every four Enten. In January, the firm told its members it would switch to paying dividends in Enten and stopped member stores from redeeming the currency. It eventually stopped making dividend payments, states the report. METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend ------------------------------------------------------------ Methanex Corp.'s Board of Directors has declared a quarterly dividend of US$0.14 per share that will be payable on Dec. 31, 2007 to holders of common shares of record on Dec. 17, 2007. Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) -- http://www.methanex.com/-- is a publicly-traded company engaged in the production, distribution, and marketing of methanol. The company's stock also trate on foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol "Methanex". The company has locations in Belgium, Chile, China, Japan, Trinidad and the United Kingdom, among others. * * * Moody's Investor Services' credit ratings for the company's unsecured notes at Sept. 30, 2007, is Ba1. Moody's said the outlook is stable. ORIENT CORP: Determined to Return to TSE's First Section -------------------------------------------------------- Orient Corporation President Yoshimasa Nishida said that the company aims to resume its stock listing on the first section of the Tokyo Stock Exchange in mid-2008, Jiji Press relates. Mr. Nishida, in a press conference, revealed that he hopes to return to the TSE first section after the company's earnings report for fiscal year ending March 31, 2008, states Jiji Press. According to the report, Orient's shares were demoted to the second section of the TSE in August after the company fell into excess debt as of the end of March 2007. The Tokyo-based consumer finance firm, notes Jiji Press, eliminated its negative net worth at the end of September by replenishing its depleted capital through share issuance. Mr. Nishida plans to work hard to boost Orient's stock market capitalization to JPY100 billion or more, a condition required for the return to the TSE's first section, reports Jiji Press. Jiji Press notes that for the six-month period ended Sept. 30, 2007, Orient recorded an operating revenue of JPY144.50 billion, down 6.1% from a year earlier; an operating profit of JPY5.56 billion, down 62.7% year-on-year; and a net profit of JPY4.62 billion, down 49.4% year-on-year. About Orient Corp. Headquartered in Tokyo, Japan, -- http://www.orico.co.jp -- Orient Corporation's principal activity is the provision of consumer financing services including consumer credits, credit cards, guarantee and loan agent services, commercial financing and direct cash loans. The Group's other activities include real estate management, help supply, economy trend research/analysis, sale of goods, textiles manufacturing and golf courses. The operations are carried out through the following divisions: Financial services, Non-Financial Services, Financial Income (interests and dividends) and Other. The Troubled Company Reporter-Asia Pacific's "Large Companies With Insolvent Balance Sheets" on November 23, 2007, listed Orient Corp., with US$1,109.02 million in stockholders' equity deficit on total assets of US$37,956.19. * Fitch Affirms Japanese Major Banks After Posting H1 Results ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Bank of Tokyo- Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation, Mizuho Financial Group, and subsidiary banks Mizuho Bank (MHBK), Mizuho Corporate Bank and Mizuho Trust and Banking, Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, Sumitomo Trust and Banking and Chuo Mitsui Trust & Banking Company, as follows: BTMU, MUTB, MHFG, MHBK, MHCB, MHTB, SMFG, SMBC: Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'A+'; Short-term foreign and local currency IDRs affirmed at 'F1'; Individual rating 'B'; Support Rating and Support Rating Floor affirmed at '1' and 'A-' (A-minus), respectively. The Outlook is Stable. Sumitomo Trust: Long-term foreign and local currency IDRs at 'A'; Short-term foreign and local currency IDRs affirmed at 'F1'; Individual rating 'B/C'; Support Rating and Support Rating Floor affirmed at '2' and 'BBB+', respectively. The Outlook remains Positive. Chuo Mitsui Trust: Long-term foreign and local currency IDRs at 'BBB+'; Short-term foreign and local currency IDRs affirmed at 'F2'; Individual rating 'C/D'; Support Rating and Support Rating Floor affirmed at '2' and 'BBB+', respectively. The Outlook remains Positive. Major Japanese banks have posted results for their fiscal year first half, covering the six months to September 30th 2007, and these banks have seen a decline in bottom-line profitability from the previous year when the banks reported record net income. Aggregate net income for the banks mentioned above declined by 35% y/o/y owing to losses on specific areas of lending and investment, namely sub-prime investments and CDOs, ongoing problems in the consumer finance sector in Japan, as well as declines in reversals of loan loss reserves from which the banks benefited the previous year. Bankruptcy rates in Japan have shown a slight uptick but outside these specific areas, asset quality remains good. While their bottom line has been adversely impacted, their underlying profitability has remained stable due to higher net interest revenue, that has been in most cases, helped by better loan to deposit margins in addition to mostly flat fees and commissions. Fitch views the banks' overall risk profile and performance as being commensurate with their ratings which are in the range of 'A+' to 'BBB+'. We are therefore affirming our ratings. We will be publishing a longer report on banks' results and problem exposures in the coming weeks. ========= K O R E A ========= BHK INC: Decides to Get KRW3 Billion Bank Loan ---------------------------------------------- BHK Inc. has decided to get KRW3-billion bank loan, Reuters Key Developments reports. According to the report, the company will use the amount to secure its operational funds. Seoul, Korea-based BHK Inc. is engaged in international trading. The company's products consist of liquid crystal display televisions (LCD-TV's), electronic products, bed sheets, pillows, pillowcases, curtains and clothing. The company sells its bedding products in the department stores under the brand name Pierre Cardin. Currently, the company is also in the development stage for launching of a new business segment, which specializes in biomedical products, namely MyoCell, for heart muscle regeneration. The Troubled Company Reporter-Asia Pacific reported on Sept. 14, 2007, that the company has a shareholders' equity deficit of US$17.38 million on total assets of US$24.36 million. E-NET: Sets Price of 14-Million Common Shares at KRW825 Each ------------------------------------------------------------ E-Net Corporation has decided the final offering price for the rights issue of its 14 million common shares is at KRW 825 each, Reuters Investing Keys Developments reports. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 8, 2007, E-Net Corporation initially decided to offer its 14,000,000 common shares at KRW955 each. According to Reuters, the initial announcement regarding the rights issue was made on October 12, 2007. Headquartered in Seoul, Korea, E-Net Corporation -- http://www.e-net.co.kr/-- specializes in the provision of software and system integration solutions. The company provides two main products: e-business solutions, which provides under the brand names Commerce 21, customer relationship management (CRM) WORKS and BizwareFrame to manage e-commerce and customers, and online games such as TRAVIA and Dragon Gem. The Troubled Company Reporter-Asia Pacific reported on March 16, 2007, that Korea Ratings gave E-Net Corporation's fifth unregistered/unsecured overseas convertible bonds issuance of US$10 million with warrants a 'B-' rating with a stable outlook on March 6, 2007. E-NET: Signs KRW4-Billion Contract with Korean Meat Wholesaler -------------------------------------------------------------- E-Net Corporation has signed a contract with a Korea-based meat wholesaler to supply imported meat products, Reuters Investing Keys Developments reports. According to the report, the contract between the two companies is worth KRW4 billion. Headquartered in Seoul, Korea, E-Net Corporation -- http://www.e-net.co.kr/-- specializes in the provision of software and system integration solutions. The company provides two main products: e-business solutions, which provides under the brand names Commerce 21, customer relationship management (CRM) WORKS and BizwareFrame to manage e-commerce and customers, and online games such as TRAVIA and Dragon Gem. The Troubled Company Reporter-Asia Pacific reported on March 16, 2007, that Korea Ratings gave E-Net Corporation's fifth unregistered/unsecured overseas convertible bonds issuance of US$10 million with warrants a 'B-' rating with a stable outlook on March 6, 2007. EG SEMICON: Board of Directors Decides Issuance of Bonus Shares --------------------------------------------------------------- EG Semicon Co. Ltd.'s Board of Directors has decided the issuance of bonus shares to all shareholders in the ratio of 0.5:1 (0.5 bonus shares for each share held), Reuters Investing Keys Developments reports. According to the report, the company will issue 22,810,632 new common shares of par value KRW500 each, as bonus shares to the shareholders of record on December 13, 2007. The listing date of the new shares is January 9, 2008, the report adds. EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures liquid crystal displays. The company is headquartered in Gyeongsangbuk Province, Korea. It operates two factories in Korea and one in China. On October 23, 2007, the Troubled Company Reporter-Asia Pacific reported that EG Semicon Co. has a shareholders' equity deficit of US$12.34 million on total assets of US$166.70 million. EG SEMICON: Changes Shareholding Structure ------------------------------------------ EG Semicon Co. Ltd. disclosed that Jung Ha Soo and an individual have acquired a combined total of 3,450,589 shares of the company, Reuters Investing Keys Developments reports. According to the report, Mr. Soo and the individual now represents a 7.54% stake in EG Semicon. EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures liquid crystal displays. The company is headquartered in Gyeongsangbuk Province, Korea. It operates two factories in Korea and one in China. On October 23, 2007, the Troubled Company Reporter-Asia Pacific reported that EG Semicon Co. has a shareholders' equity deficit of US$12.34 million on total assets of US$166.70 million. EG SEMICON: Plans to Sell Land & Plant for KRW1.1 Billion --------------------------------------------------------- EG Semicon Co. Ltd. will sell its land and a plant to KMC LTD for KRW1.1 billion, Reuters Investing Keys Developments reports. According to the report, this company move aimed to improve the company's financial structure. The report notes that the transaction was expected to settle on November 20, 2007. EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures liquid crystal displays. The company is headquartered in Gyeongsangbuk Province, Korea. It operates two factories in Korea and one in China. On October 23, 2007, the Troubled Company Reporter-Asia Pacific reported that EG Semicon Co. has a shareholders' equity deficit of US$12.34 million on total assets of US$166.70 million. HANAROTELECOM: Corporate Watchdog Studies Deal With SK Telecom -------------------------------------------------------------- South Korea's corporate regulator is studying the possible effects of SK Telecom Co.'s plan to purchase hanarotelecom Inc., various reports say, citing Vice Chairman of the Fair Trade Commission Kim Byung-bae. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 16, 2007, hanarotelecom named SK Telecom as the preferred bidder for a controlling stake in the company. TCR-AP related that American International Group and Newbridge Capital, a consortium that bought hanaracom shares for US$500 million in 2003, is looking to sell its 40% stake. SK Telecom, Antara News relates, holds more than half of South Korea's 41 million mobile phone subscribers. Mr. Byung-bae told Antara that they are currently collecting data and studying how a possible deal (between the two companies) could affect the telecommunications market and monopolization. The possible deal, if signed, must be reviewed and approved by the commission in order to go into effect, The Korean Times points out. Analysts say the acquisition would pave the way for SK Telecom to expand its leading position beyond the mobile communications market, and help it prepare for the future convergence between fixed-line and mobile communications sectors, The Times adds. About hanarotelecom hanarotelecom Inc. -- http://www.hanaro.com/-- is the second largest player in the Korean local telephone market. It provides high-speed Internet services in Korea. It provides high-speed Internet services in Korea. In June 2001, the company integrated broadband Internet access services which included ADSL, Hybrid Fiber Coaxial cables and Broadband Wireless Local Loop into a single brand called HanaFOS. hanarotelecom offers VoIP services to its broadband business customers as a bundled service and also as a stand alone service. * * * As reported by the Troubled Company Reporter-Asia Pacific on Nov. 22, 2007, Fitch Ratings has placed the 'BB' Long-term foreign currency IDR of Hanaro Telecom on Rating Watch Positive. The rating action follows the announcement that SK Telecom has been selected as the preferred bidder to purchase a controlling stake in Hanaro Telecom, currently held by a consortium of American International Group Inc. and Newbridge Capital LLC. On Nov. 22, 2007, Standard & Poor's placed on CreditWatch with positive implications its 'BB' long-term corporate credit and senior unsecured debt ratings on Hanarotelecom Inc. These rating actions followed the recent announcement that SKT has been selected as the preferred bidder to take over a 38.9% stake in Hanaro from AIG-Newbridge-TVG consortium. Moody's Investor Service has given hanarotelecom's long-term corporate family and its senior unsecured debt 'Ba2' ratings. KOREA EXPRESS: NACF Considers Bidding ------------------------------------- The National Agricultural Cooperative Federation is considering to bid for Korea Express Co. Ltd, in a deal which analysts have said could fetch US$2.2 billion, Reuters reports. As reported by the Troubled Company Reporter-Asia Pacific on November 28, 2007, Korea Express Co invited potential buyers to submit preliminary bids for the company. According to TCR-AP, the bidders will have until Dec. 11 to submit their bids. The TCR-AP reported that 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. "We are mulling buying the company," the official of Nonghyup, National Agricultural Cooperative Federation In Korean, told Reuters. TCR-AP noted that potential buyers 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 added. About National Agricultural Cooperative Federation The National Agricultural Cooperative Federation -- http://www.nonghyup.com/-- and its member cooperatives were established in 1961 to enhance the social and economic status of member farmers and balance the development of the national economy. It operates under the directive of the Ministry of Agriculture & Forestry but its banking business operates under the Banking Act of Korea. The Cooperatives main business activity is the provision of specializes agricultural and commercial credit and banking services. 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. RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million --------------------------------------------------------------- Rhodia S.A. released financial results for the third quarter ended Sept. 30, 2007. Third Quarter 2007 Results Confirm Solid Free Cash Flow Generation Another quarter of profitable growth drives solid EBITDA and Free Cash Flow generation * Net Sales up 7% to EUR1.3 billion * recurring EBITDA* up 20% to EUR192 million versus EUR160 million in the third quarter 2006, despite the EUR(22) million negative impact of foreign exchange. * recurring EBITDA margin up to 15.2% versus 13.6 % in the third quarter 2006 * a positive Free Cash Flow of EUR53 million versus EUR(10) million in the third quarter 2006 * free Cash Flow for the first 9 months of 2007 of EUR41 million, compared to a cash outflow of EUR(124) million for the same period in 2006 Key highlights * 9% volume growth with strong demand levels * solid pricing +3% * unfavorable foreign exchange, raw material and energy cost environment * organics' restructuring continues Accelerated delivery on financial commitments * Free Cash Flow generation of more than EUR100 million expected in 2007 * financial leverage of Net Debt on Recurring EBITDA ratio below 2 times expected at the end of 2007 "Our strong leadership positions in growing markets give us full confidence that we will continue to generate sustainable and profitable growth," Jean-Pierre Clamadieu, chief executive officer of Rhodia, said. "We expect to generate more than EUR100 million of Free Cash Flow in 2007 and to be one year ahead in the delivery of our financial leverage commitment." * Before restructuring and other operating income and expenses Net Sales rose by 7% to EUR1.3 billion in the third quarter of 2007, from EUR1.2 billion a year earlier. This increase was driven by a significant 9% volume growth (4.4% excluding CERs) and a 3% positive impact from price increases. Foreign exchange had a 4.4% negative impact, due to the continued weakness of the US dollar. Recurring EBITDA grew by 20% to EUR192 million, benefiting from the good volume trends, in spite of the negative impact of foreign exchange (EUR22 million). Solid pricing in local currency continued to offset the impact of increases in raw material and energy costs. CER sales generated EUR39 million of recurring EBITDA in the third quarter of 2007. The recurring EBITDA margin rose to 15.2% in the third quarter 2007 from 13.6% in the third quarter 2006. Operating Profit rose by 2.7% to EUR115 million, versus EUR112 million for the third quarter 2006 which was favorably impacted by a EUR27million exceptional gain. The Financial Result improved to EUR(43) million compared to EUR(62) million in the third quarter 2006, as the Group now fully benefits from the lower interest costs resulting from the refinancing initiatives realized over the past year. The Net Profit Group Share for the third quarter 2007 totaled EUR45 million, compared to a profit of EUR70 million in the third quarter 2006, which was favorably impacted by a EUR34 million recognition of US deferred tax assets. At Sept. 30, 2007, the Group's consolidated balance sheets showed EUR4.5 billion in total assets, EUR4.7 billion in total liabilities and EUR226 in stockholders' deficit. Operating Cash Flow totaled EUR115 million in the third quarter 2007. The ratio of Working Capital Requirements on total sales stood at 12.9%. Capital Expenditure totaled EUR83 million. Free Cash Flow* was EUR53 million, versus EUR(10) million in the third quarter 2006 and now stands at EUR41 million for the first nine months compared to a negative of EUR(124) million for the same period in 2006. Consolidated Net Debt totaled EUR1.6 billion on Sept. 30, 2007, a EUR25 million decrease from June 30, 2007. Thanks to the strength of Rhodia's business portfolio, Net Sales grew 7%, with 9% volume growth and a 3% positive impact from price increases. Polyamide, Silcea and Novecare are high margin leadership businesses well positioned in growing markets. Investments are under way to support the growth of these businesses. Acetow is finalizing its action plan to improve margins to compensate for the unfavorable foreign exchange environment. Organics focuses on the development of its leadership position in Diphenols and continues its restructuring in fine organics. Recently it announced plans to end Paracetamol manufacturing at its Roussillon site in France and to end all operations at its Avonmouth site in the U.K. Eco Services continues to generate very high margins and Energy Services benefits from the ongoing sales of CERs. * Defined as "net cash provided by operating activities" plus "non recurring refinancing cash costs" minus Capital Expenditure" Outlook The level of demand is expected to remain favorable in most regions, with strong volumes and a solid pricing power, in an environment still influenced by high raw material and energy costs. The foreign exchange environment should remain unfavorable. Rhodia confirms its 2007 outlook of a strong growth in recurring EBITDA and expects to generate more than EUR100 million positive Free Cash Flow for the full year 2007. One year ahead of its commitment, Rhodia expects to achieve a Net Debt on Recurring EBITDA ratio below 2 at the end of 2007. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil and Korea. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. RHODIA SA: Implements Global Price Increases for All Products ------------------------------------------------------------- Rhodia S.A. has disclosed worldwide price increases in the range of 7% to 15% depending on product line on Nov. 22, 2007. Although Rhodia has put into place a number of action plans over the past few years to improve productivity and reduce costs, the price increases are required to help respond to the dramatic and simultaneous rising costs of energy, raw materials and transport, and to defend Rhodia's margins at a time when the demand for specialty chemicals is strengthening worldwide. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil and Korea. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. SEJI CO: IC Corporation & Two Persons Acquire 18.91% Stake ---------------------------------------------------------- Seji Co Ltd. disclosed that IC Corporation and two other persons have acquired 14,446,342 shares of common stock of the company, Reuters Investing Keys reports. According to the report, IC Corporation and the two other persons now hold 18.91% of the Seji Co replacing Digital Inside Co. Ltd as the largest shareholder of the company. Headquartered in Korea, Seji Company Limited specializes in the field of environmental engineering. The Company develops and manufactures sludge collectors, screens and filters, dehydrators and other related equipment. It also carries out work from design to manufacturing, installation, testing of water, air and waste treatment facilities and their automatic control devices. Seji Co' balance sheet as of November 23, 2007, showed total assets of US$37.25 million and total liabilities of US$37.56 million, resulting to a shareholder's deficit of US$0.31 billion. The company had been suffering net losses of KRW3.25 trillion, KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from 2003 through 2006. SEJI CO: Made Changes to Private Placement of Common Shares ----------------------------------------------------------- Seji Co Ltd. has made amendments to its private placement of common shares, Reuters Investing Keys reports. According to the report, the placement of shares was initially announced on October 18, 2008. The amended details are as follows: -- issuance of 14,515,058 common shares -- raising KRW3,557,529,000 in proceeds. Headquartered in Korea, Seji Company Limited specializes in the field of environmental engineering. The Company develops and manufactures sludge collectors, screens and filters, dehydrators and other related equipment. It also carries out work from design to manufacturing, installation, testing of water, air and waste treatment facilities and their automatic control devices. Seji Co' balance sheet as of November 23, 2007, showed total assets of US$37.25 million and total liabilities of US$37.56 million, resulting to a shareholder's deficit of US$0.31 billion. The company had been suffering net losses of KRW3.25 trillion, KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from 2003 through 2006. =============== M A L A Y S I A =============== FOREMOST HOLDINGS: Shareholders Approve Resolutions at EGM ---------------------------------------------------------- At an extraordinary general meeting held on November 26, 2007, the shareholders of Foremost Holdings Berhad approved all these proposals: * Par Value Reduction and Proposed Share Premium Reduction; * Proposed Amendments; * Proposed Exemption; * Proposed Rights Issue of Shares with Warrants; and * Proposed Debt Settlement. Foremost Holdings Berhad manufactures and sells automobile speakers, home audio speakers, general-purpose speakers and speaker wooden cabinets. The Company is also engaged in the trading of auto accessories, investment holdings and the provision of management services. Products are distributed in Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United States, other Asian countries, other European countries and other countries. Foremost was classified as an affected listed issuer under Bursa Malaysia Securities Berhad's Practice Note 17 because it has "insufficient financial position to warrant continued listing". As an affected issuer, the Company is required to draft a plan to regularize its finances to avoid being delisted from the Official List. MBF HOLDINGS: Subsidiary Placed Under Voluntary Wind-Up ------------------------------------------------------- Permodalan MBf Sdn Bhd, a wholly owned subsidiary of MBf Holdings Berhad, was placed under members' voluntary wind-up on Nov. 15, 2007. Tam Kok Meng of Messrs Advent Management Services Sdn Bhd, which is formerly known as Tam & Associates Corporate Services Sdn Bhd, was appointed as Permodalan's liquidator. The wind up of Permodalan's operations followed after its disposal of an entire 100% equity interest comprising 8,319,502 ordinary shares of SGD1 in MBf Investments Pte Ltd for a consideration price of SGD10,000 or equivalent to MYR23,350. The consideration was arrived at on a willing buyer and willing seller basis. The transaction was part of Mbf Holdings' rationalization and streamlining exercise. About Permodalan Permodalan is incorporated in Malaysia and its principal activities are that of investment holding. The authorized share capital of Permodalan is MYR26,000,000 divided into 26,000,000 shares of MYR1.00 each of which 25,500,000 shares have been issued and fully paid-up. Permodalan had ceased its operations and been dormant for more than 5 years. As at June 30, 2007, Permodalan had a shareholder's deficit of MYR42,673,511. About MBf Corporation Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products; and property development. Other activity include investment holding. The Group operates in three main areas, namely: Malaysia, Indonesia, and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to raise its shareholders' equity to avoid getting delisted. MBF HOLDINGS: Unveils Changes to Audit Committee ------------------------------------------------ Martin Richard Haeger quit as member of MBF Holdings Berhad's audit committee. Mr. Haeger is a registered UK architect and has been a resident in Asia since 1990. He was appointed as the company's Executive Director on October 18, 2002. He has established a professional Design Consultancy firm in Malaysia, which has an associated office in Australia. His company has been responsible for numerous successful retail, commercial and residential projects throughout South East Asia. His key role in the firm is in project development strategy and business development. Meanwhile, Datuk Azizan Bin Abd Rahman was appointed to replace Mr. Haeger in the Audit Committee. Mr. Rahman holds a degree of Bachelor of Arts from the University of Malaya in 1973. He started his career as a Shipping Executive in Harper Gilfillan (M) Sdn Bhd. He joined MISC in 1975 and served as Branch Manager in Johor and Penang before becoming the Marketing Manager in Kuala Lumpur. In 1981, he was attached to Panocean Tankers Limited in London as their Chartering Manager. He joined JF Apex Securities Berhad in 1982 as an Executive Director and launched his career in stockbroking and finance. Mr. Rahman left Apex in 1995 to pursue his private business. He was an active member of the stockbrokers fraternity and had held the post of Chairman of the Association of Stockbroking Companies of Malaysia from 1994 to 1995. Since then, he has held directorships in Apex Equity Holdings Berhad and TH Plantations Berhad. He is also currently the Chairman of Eastern and Oriental Berhad, Gefung Holdings Berhad, Investment Panel of Lembaga Tabung Haji and Isyoda Corporation Berhad. The company's Audit Committee now composes of: * Tunku Dato Seri Iskandar Bin Tunku Abdullah – Chairman; * Abdul Rahman Bin Achmed – Member; and * Datuk Azizan Bin Abd Rahman – Member Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products; and property development. Other activity include investment holding. The Group operates in three main areas, namely: Malaysia, Indonesia, and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to raise its shareholders' equity to avoid getting delisted. MBF HOLDINGS: Earns MYR25.7 Mil. in 3rd Qtr. Ended Sept. 30 ----------------------------------------------------------- MBF Holdings Berhad posted profit after tax of MYR25.7 million in the third quarter ended September 30, 2007, lower by MYR52 million compared with the recorded profit after tax of MYR78 million in the second quarter of 2006. The company's revenue increased by MYR78 million from the MYR379.68 recorded in the third quarter of 2006 to MYR458.45 million in the third quarter of the current year. As of September 30, 2007, the company's balance sheet showed MYR1.84 billion in total assets and MYR1.45 billion in total liabilities, resulting in a shareholders' equity of MYR392 thousand. Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products; and property development. Other activity include investment holding. The Group operates in three main areas, namely: Malaysia, Indonesia, and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to raise its shareholders' equity to avoid getting delisted. MYCOM BERHAD: Ministry of International Trade OKs Share Issue ------------------------------------------------------------- Mycom Berhad, on November 15, 2007, received an approval from the Ministry of International Trade & Industry to issue and allot the second tranche of the special issue shares comprising of 54,268,208 new ordinary shares of MYR1.00 each in the company's capital to approve Bumiputras under the Scheme to be completed and implemented by April 26, 2008. The Securities Commission has given the company approval to implement the issuance of the balance of special issue shares within 12 months from the completion of the Scheme. Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad -- http://www.mycom.com.my/-- is engaged in the provisions of granite quarry services, manufactures and sells latex rubber thread, tape, plywood, laminated board and sawn timber, cultivates oil palm fruits, and develops property. The company is also involved in hotel operation, provision of management and financial services and investment holding. Operations of the Group are carried out in Malaysia and South Africa. Mycom is in the advanced stage of negotiations to settle its foreign debts. The proposed capital reduction and consolidation by Mycom, as well as the proposed share premium account reduction, will reduce the company's accumulated losses. SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps ------------------------------------------------------------- The Shaw Group Inc.'s Shaw Environmental & Infrastructure Group has been awarded a task order contract by the United States Army Corps of Engineers under its USACE Sacramento Environmental Remediation Services contract. The value of Shaw's task order contract, already included in the company's previously announced backlog, was not disclosed. Shaw will provide environmental remediation services at the 14 Comprehensive Environmental Response, Compensation and Liability Act sites at Vandenberg Air Force Base, located in California. In the fulfillment of its contract, Shaw will be responsible for implementing its proprietary SDC-9(TM) microbial culture for in situ bioremediation of trichloroethylene and perchlorate in groundwater, as well as soil excavation. "Our presence for the last 10 years at Vandenberg Air Force Base has proven Shaw's expertise and leadership on large-scale projects requiring a broad base of diverse skills," said J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer. "We are pleased to continue our work with the Army Corps of Engineers and to apply Shaw's proprietary technology on challenging projects of this type." About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. ==================== N E W Z E A L A N D ==================== BARROSSA LTD: Fixes Dec. 5 as Last Day to File Proofs of Debt ------------------------------------------------------------- The shareholders of Barrossa Ltd., on November 2, 2007, appointed Laurence George Chilcott and Peter Charles Chatfield as the company's liquidators. Messrs. Chilcott and Chatfield are accepting creditors' proofs of debt until December 5, 2007. The Liquidators can be reached at: Laurence George Chilcott Peter Charles Chatfield Smith Chilcott Bertelsen Harry Chartered Accountants Shortland Tower One, Level 11 51-53 Shortland Street PO Box 5545, Auckland New Zealand Telephone:(09) 379 8035 Facsimile:(09) 307 8892 EXOTIC GROUP: Shareholders Resolve to Liquidate Business -------------------------------------------------------- On October 31, 2007, the shareholders of Exotic Group Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 30, 2007, to be included in the company's dividend distribution. The company's liquidators are: John Albert Price Christopher Robert Ross Horton c/o Horton Price Limited PO Box 9125, Newmarket Auckland New Zealand Telephone:(09) 366 3700 Facsimile:(09) 366 7276 e-mail: jprice@hortonprice.co.nz GOODFOUR LIMITED: Commences Liquidation Proceedings --------------------------------------------------- John Michael Gilbert was named liquidator of Goodfour Limited on October 31, 2007. Creditors who were not able to file their proofs of debt by October 31, 2007, will be excluded from the company's dividend distribution. The Liquidator can be reached at: John Michael Gilbert c/o C & C Strategic Limited Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 6441 GOODTHREE LIMITED: Commences Wind-Up Proceedings ------------------------------------------------ Goodthree Limited went into liquidation on Oct. 31, 2007. Only creditors who were able to file their proofs of debt by the October 31 due date will be included in the company's dividend distribution. The company's liquidator is: John Michael Gilbert c/o C & C Strategic Limited Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 GOODTWO LTD: Commences Liquidation Proceedings ---------------------------------------------- On October 31, 2007, John Michael Gilbert was named liquidator of Goodtwo Ltd. Creditors who were not able to file their proofs of debt by October 31, 2007, will be excluded from the company's dividend distribution. The Liquidator can be reached at: John Michael Gilbert c/o C & C Strategic Limited Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 6441 KA PAI CONSTRUCTION: Names Parsons and Kenealy as Liquidators ------------------------------------------------------------- Dennis Clifford Parsons and Katherine Louise Kenealy were named liquidators of Ka Pai Construction Ltd. on November 5, 2007. 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 MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due Today ----------------------------------------------------------- The High Court at Auckland, on November 1, 2007, appointed Henry David Levin and David Stuart Vance as liquidators for Millennium Residential Properties Ltd. Messrs. Levin and Vance set November 29, 2007, as deadline for creditors' proofs of debt. The Liquidators can be reached at: Henry David Levin David Stuart Vance PPB McCallum Petterson Forsyth Barr Tower, Level 11 55-65 Shortland Street Auckland New Zealand Telephone:(09) 336 0000 Facsimile:(09) 336 0010 NZ GARDEN: Court Hears Wind-Up Petition --------------------------------------- A petition to have NZ Garden Supermarkets Ltd.'s operations wound up was heard before the High Court of Auckland yesterday, November 29, 2007, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition on August 6, 2007. The CIR's solicitor is: Adam R. A. Pell Inland Revenue Department Legal and Technical Services 17 Putney Way PO Box 76198, Manukau Auckland New Zealand Telephone:(09) 985 7214 Facsimile:(09) 985 9473 ROYALE PASSENGER: Creditors' Proofs of Debt Due Today ----------------------------------------------------- Malcolm Grant Hollis and John Howard Ross Fisk were named liquidators of Royale Passenger Transport Ltd. on Oct. 29, 2007. Messrs. Hollis and Fisk accepting creditors' proofs of debt until today, November 30, 2007. The Liquidators can be reached at: Malcolm Grant Hollis John Howard Ross Fisk c/o PricewaterhouseCoopers 119 Armagh Street PO Box 13244, Christchurch New Zealand Telephone:(03) 374 3000 Facsimile:(03) 374 3001 SHANE ENGLISH: Wind-Up Petition to be Heard on Jan. 24 ------------------------------------------------------ The High Court Auckland will hear on January 24, 2007, at 10:00 a.m., a petition to have Shane English School (New Zealand) Ltd.'s operations wound up. Apex Properties Limited filed the petition on October 3, 2007. The Petitioner's solicitor is: C. C. H. Allan Grove Darlow & Partners Tower One, Level 10, The Gosling Chapman Tower 51-53 Shortland Street Auckland New Zealand THE LOADED HOG: Court to Hear Wind-Up Petition on December 3 ------------------------------------------------------------ On October 25, 2007, Waiviata Pty Limited filed a petition to have The Loaded Hog Franchise Company Ltd.'s operations wound up. The petition will be heard before the High Court of Wellington on December 3, 2007, at 10:00 a.m. Waiviata's solicitor is: P. M. Smith Fortune Manning Gen-I Tower, Level 12 66 Wyndham Street PO Box 4139, Auckland New Zealand ===================== P H I L I P P I N E S ===================== BANCO DE ORO-EPCI: IFC Injects PHP4 Bil. Into Lower Tier 2 Notes ---------------------------------------------------------------- The World Bank's private sector arm -- the International Finance Corp. -- has infused PHP4 billion into the lower tier 2 capital issuance of Banco de Oro-EPCI Inc., the BusinessWorld reports. According to IFC's associate investment officer for global financial markets, Aileen Ruiz-Zarate, the IFC's participation in the issuance is in line with the aim of boosting development of local capital markets. BDO had issued PHP10-billion worth of lower Tier 2 capital earlier this month to raise capital for the financing of its integration with Equitable PCI Bank, the report recounts. About Banco de Oro-EPCI Banco de Oro-Equitable PCI Inc. is the result of a merger between Banco de Oro Universal Bank and Equitable PCI, with BDO as the surviving entity. The Troubled Company Reporter-Asia Pacific reported on June 11, 2007, that Standard & Poor's Ratings Services withdrew its 'BB-' counterparty credit ratings on Equitable PCI Bank Inc., as its merger with Banco De Oro Universal Bank became effective on May 31. S&P retained its 'BB-' counterparty credit rating and the issue ratings on both Equitable and Banco de Oro's rated debts. Equitable's rated debts will be transferred to the Banco de Oro- EPCI. CHINA BANKING: No Plan to Integrate Manila Bank, Vice Chair Says ---------------------------------------------------------------- The management of China Banking Corp. has no plans to consolidate the bank with Manila Banking Corp., which it acquired recently, Chinabank's Vice Chairman Hans Sy told the Manila Bulletin. "They have two different cultures," Mr. Sy said, adding that they have yet to complete the plans for the two banks' merger. The Bangko Sentral ng Pilipinas has already approved the merger last week, the article adds. "Chinabank will be able to use some of the Manila Bank branches to increase their network. On the other hand they will also increase Manila Bank's consumer banking (operations) as a subsidiary and use its (branches) for distributing retail products," BSP Deputy Governor Nestor A. Espenilla Jr. said. China Banking Corporation -- http://www.chinabank.com.ph/--is the first privately-owned local commercial bank in the Philippines, with products and services including deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, insurance products, and other services such as acceptance of various bill payments and donations to charitable institutions. China Bank has 140 branches and 166 Automated Teller Machines nationwide. The bank's long-term issuer default carries Fitch's BB rating. IPVG CORP: PSE Approves Change in Stock Symbol to "IP" ------------------------------------------------------ The Philippine Stock Exchange has approved IPVG Corp.'s request to change its stock trading symbol from "IPVG" to "IP" effective tomorrow, December 7. The company submitted its request on Tuesday, November 28. IPVG Corporation -- http://www.ipvg.com/-- is engaged in the information technology and communications business with interests in Information Technology and Telecommunications; On- line Gaming; and Business Process Outsourcing. IPVG reaches its customers through collaboration with international corporations that have proven to be market leaders in their respective geographic markets and industries. Its current partners include Fortune 1000 companies listed on the New York Stock Exchange, such as Pacific Century Cyberworks Inc. and IDT. The company can offer established product and proprietary business knowledge to the Philippine market by pairing each of its business subsidiaries with strategic partners. The TCR-AP reported on May 15, 2007, that the corporation posted a net loss of PHP102.1 million for the year ended Dec. 31, 2006, the company's third consecutive annual net loss after PHP43.0 million in 2005 and PHP6.2 million in 2004. JG SUMMIT: Joins With Units to Offer New House Financing Scheme --------------------------------------------------------------- JG Summit Holdings Inc. has teamed up with subsidiaries Robinsons Land Corp. and Robinsons Savings Bank to offer a financing scheme exclusive to buyers of its Amisa mixed-use residential and hotel resort in Mactan, Cebu, ABS-CBN News reports. The scheme, dubbed "Super Easy Home Straight Payment," offers a single monthly installment amount from downpayment period with Robinson Land until the end of the loan term with Robinsons Savings Bank, with no interest, the report reveals. ABS-CBN then notes that it means a buyer will be paying the same amount straight up to a 15-year maximum loan term. JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is engaged in manufacturing and distributing food and agro- industrial products and commodities; development, leasing and management of real estate and hotels; manufacturing and exporting textiles; provision of voice and data telecommunication services; manufacturing of polypropylene, polyethylene and other industrial chemicals; operation of thrift bank and foreign exchange and securities dealing; provision of air transport services both domestic and international and other supplementary businesses like manufacturing of printed circuit boards; air charter services, power generation, printing services, Internet-related services, packaging materials, insurance brokering and securities investment. * * * As reported by the Troubled Company Reporter-Asia Pacific on April 12, 2006, Standard & Poor's Ratings Services assigned its B+ corporate credit rating to JG Summit, with a stable outlook. At the same time, Standard & Poor's assigned its B+ rating to the US$300 million 8% unsecured notes due 2013 issued in January 2006 by JGSH Philippines Limited, a special purpose vehicle wholly owned by JG Summit. The notes are irrevocably and unconditionally guaranteed by JG Summit. LIBERTY TELECOM: Replaces RCBC with ERT as Stock Transfer Agent --------------------------------------------------------------- Liberty Telecom Holdings Inc. has terminated the services of Rizal Commercial Banking Corp. as its Stock Transfer Agent effective December 31, 2007, a disclosure with the Philippine Stock Exchange says. Instead, the company opted to tap the services of Emerald Registry & Transfers Corp. as its new stock transfer agent effective January 1, 2008. Headquartered in Makati City, Liberty Telecoms Holdings Incorporated was incorporated in January 1994 primarily to engage in real and personal property businesses; to deal in stocks, bonds and other securities or evidence of indebtedness of any entity; and to acquire all or any part of the business of any entity. LIB's business strategy is to offer products and services to meet the telecommunication needs of its various customers. The company, in its effort to stop continuing losses, decided to temporarily close down the nationwide telecommunications business operations of subsidiaries Liberty Broadcasting Network Inc and Skyphone Logistics Inc sometime in April 2005. The decision became inevitable due to the inability of the company to meet interest payments and principal repayments on the financial obligations to creditor banks and private creditors. As early as December 2004, LBNI has been receiving default and acceleration notices and demand for payments from creditors. On August 16, 2005, Liberty Telecoms Holdings together with its subsidiaries, Liberty Broadcasting Network and Skyphone Logistics filed a Petition for Rehabilitation and Suspension of Payments with the Regional Trial Court of Makati City in Metro Manila. Corporate Rehabilitation On August 11, 2005, as part of the company's plan to resolve and to continue normal operations, the Board of Directors of the company and its subsidiaries namely, Liberty Broadcasting Network, Inc. and Skyphone Logistics, Inc., approved to file a petition for the corporate rehabilitation and a petition for suspension of payments. The Group filed on August 15, 2005, with the Regional Trial Court in Makati City the petition to seek rehabilitation with the objectives of: (a) maintaining its business as healthy on-going concerns, thereby securing the jobs of its employees and of its business partners and allowing the resumption of public service through the telecommunications services that it offers to the entire nation; (b) settling its obligations to its secured and unsecured creditors; (c) giving its stockholders a chance to realize a fair return on their investments. The petition is still pending before the Regional Trial Court. Liberty Telecoms Holdings Inc. posted a consolidated net loss of PHP482.81 million for the year ended December 31, 2006, its third annual consecutive loss since 2004. Its capital deficit also increased from PHP351.59 million in 2005 to PHP834.40 million as of December 31, 2006. LODESTAR INVESTMENT: Five More Board Members Resign --------------------------------------------------- Five more members of Lodestar Investment Holdings Corp.'s Board of Directors have resigned their appointments effective Wednesday, November 28. According to a disclosure with the Philippine Stock Exchange, these directors have quit their posts in the company: * Ignatius F. Yenko - Director, Corporate Information Officer * Michael B. Tantoco - Director * Noel T. de Leon - Independent director * Arturo M. Hilado - Treasurer * Ma. Amaya MYB Soriano - Corporate Secretary During the special meeting held Wednesday, the remaining members of the Board appointed these individuals to serve the remaining terms of office of the directors who have resigned: * Geraldine U. Gaisano - Director * Johnny S. Anggala - Director * Tan Tian Siong - Independent Director Headquartered in Quezon City, Philippines, Lodestar Investment Holdings Corporation (LIHC) was originally incorporated as a mining and natural resources exploration company. Due to the unsuccessful ventures in this field, the company decided to discontinue operations in October 1991. On 03 October 2003, the Securities and Exchange Commission approved the amendment of the LIHC's Articles of Incorporation and By-laws, changing the company's corporate name from Lodestar Mining Corporation to what is known today as well as its primary purpose to that of an investment holding company. As of Dec. 31, 2006, Lodestar had a capital deficiency of PHP598,853. With virtually no operations, the company didn't report any profit and loss statements for the year. LODESTAR INVESTMENT: PSE Bars Stocks from Trading Until Dec. 3 -------------------------------------------------------------- Lodestar Investment Holdings Corp.'s shares are currently suspended from trading, and will resume trading on Monday, December 3. In a letter addressed to the PSE dated November 28, the company requested the PSE to enforce a voluntary suspension on its shares from November 29 until December 3 pending relevant disclosures that it will submit to the PSE. Headquartered in Quezon City, Philippines, Lodestar Investment Holdings Corporation (LIHC) was originally incorporated as a mining and natural resources exploration company. Due to the unsuccessful ventures in this field, the company decided to discontinue operations in October 1991. On 03 October 2003, the Securities and Exchange Commission approved the amendment of the LIHC's Articles of Incorporation and By-laws, changing the company's corporate name from Lodestar Mining Corporation to what is known today as well as its primary purpose to that of an investment holding company. As of Dec. 31, 2006, Lodestar had a capital deficiency of PHP598,853. With virtually no operations, the company didn't report any profit and loss statements for the year. SAN MIGUEL: Chairman Keeps 20% Ownership, Sandiganbayan Says ------------------------------------------------------------ The Sandiganbayan has ruled in favor of Eduardo Cojuangco Jr. in a case involving Mr. Cojuangco's 20%-ownership in San Miguel Corp. which the Presidential Commission on Good Government alleged were ill-gotten wealth, the Philippine Daily Inquirer reports. According to the Sandiganbayan's Associate Justice Diosdado Peralta, the PCGG failed to present evidence that Mr. Cojuangco used coconut levy funds to purchase 16,276,879 shares in SMC. The funds were imposed by the late President Ferdinand Marcos in the 1970s and 1980s on coconut farmers and assigned under Cojuangco as administrator, the Inquirer recounts. In the course of the case, the Inquirer says, the PCGG cited three Marcos decrees to show that Mr. Cojuangco's shares belonged to the public and should be returned to the government like they did in order to recover San Miguel shares held by six member companies of the Coconut Industry Investment Fund. However, the Sandiganbayan rejected this argument, saying that the decrees referred only to the CIIF block of shares. They will appeal the ruling to the Supreme Court, the PCGG told the Inquirer. Headquartered in Manila, Philippines, San Miguel Corporation -- http://www.sanmiguel.com.ph/-- through its subsidiaries, operates food, beverage and packaging businesses. The company's products include beer, wine and spirits, soft drinks, mineral water, chicken and pork products. San Miguel markets its products both in the domestic and overseas markets. The company also manufactures glass, metal, plastic, paper and composites packaging products. The TCR-AP reported on November 12, 2007, that Moody's affirmed the Ba2 local currency corporate family rating of San Miguel Corporation. This follows the company's announcement that it is to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for AU$325 million and the Australia-based dairy and beverage producer, National Foods Ltd, for AU$2.8 billion. The rating outlook remains stable. The TCR-AP reported on November 14, 2007, that Standard & Poor's Ratings Services affirmed its 'BB' long-term foreign currency corporate credit rating on San Miguel Corp. The outlook remains negative. The affirmation comes after San Miguel announced the sale of its Australian dairy and juice subsidiary National Foods Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch Neg/--), for AU$2.8 billion. TYCO INTERNATIONAL: Receives Notice of Default from Bank of NY -------------------------------------------------------------- In its annual report filed Tuesday with the Securities and Exchange Commission, Tyco International Ltd. said that on Nov. 8, 2007, The Bank of New York, bond holder, delivered to the company a notice of events of default. The notice claims that the actions taken by the company in connection with its separation into three public entities constitute events of default under the indentures. The claims made in the notice of events of default are the same as those alleged by BONY in a litigation filed in the United States District Court for the Southern District of New York in June 2007. The company continues to believe that no default or event of default has occurred. The indentures provide for a 90-day cure period following delivery of the notice of default, after which BONY could declare any outstanding amounts under the indentures immediately due and payable. The company said it would contest the acceleration. Tyco International Group SA, Tyco International Finance SA and Tyco continue to believe that the separation and the proposed supplemental indentures are permitted under the indentures and that no "make-whole" amount is payable. The company intends to vigorously defend the claims of default and believes it will prevail in legal proceedings. The companies said that if it did not have liquidity available to repay the outstanding debt under the 1998 and 2003 indentures under our 364-day bridge facility, an acceleration of the outstanding notes would have permitted a majority of the lenders under each of their bank and letter of credit facilities to demand repayment of amounts outstanding under those facilities, and to terminate their commitments to extend additional credit thereunder. Additional $4 Billion Bridge Loan As a result, on Nov. 27, 2007, the company secured additional firm commitments from certain of its lenders under the bridge facility, providing the company with additional borrowings of up to $4.0 billion to repay such notes. The additional commitments expire on, and any borrowings under the facility would mature on, Nov. 25, 2008. The facility may only be used to repay, settle or otherwise extinguish the amounts required to be paid in connection with the litigation with BONY. As reported in the Troubled Company Reporter on May 18, 2007, on Jan. 13, 2006, Tyco's Board of Directors approved a plan to separate the company into three separate, publicly traded companies -- Tyco Healthcare, Tyco Electronics and a combination of Tyco Fire and Security and Engineered Products and Services. The company intended to accomplish the proposed separation through tax-free stock dividends to Tyco shareholders. Following the proposed separation, Tyco's shareholders will own 100% of the equity in all three companies. On June 4, 2007, The Bank of New York, as indenture trustee under the indentures dated as of June 9, 1998 and Nov. 12, 2003, of TIGSA, a wholly-owned subsidiary of Tyco, commenced an action against TIGSA and Tyco in the U.S. District Court for the Southern District of New York. BONY served an amended complaint on Oct. 18, 2007, which added TIFSA as an additional defendant. As amended, the complaint alleges that the deparation breached the indentures and seeks damages on behalf of noteholders in excess of $4.1 billion. About Tyco Based in Pembroke, Bermuda, Tyco International Ltd. (NYSE: TYC) (BSX: TYC) -- http://www.tyco.com/-- provides vital products and services to customers in four business segments: Electronics, Fire & Security, Healthcare, and Engineered Products & Services. With 2006 revenue of $41 billion, Tyco employs approximately 240,000 people worldwide. ZEUS HOLDINGS: Elects Directors, Auditor and Committees for 2008 ---------------------------------------------------------------- Zeus Holdings Inc.'s stockholders have elected the members of its Board of Directors and appointed its external auditor for calendar year 2008 during the annual meeting held on Wednesday, November 28. The stockholders elected these individuals as directors for calendar year 2008: * Felipe U. Yap * Yuen Po Seng * Jose G. Cervantes * Augusto C. Villaluna * Stephen Y. Yap * Daisy L. Parker * Ronald P. Sugapong * Jesus Clint O. Aranas - Independent director * Rhea A. Jaro - Independent director The stockholders also re-appointed Punongbayan & Araullo as external auditor for calendar year 2008. The Board of Directors then elected these as officers during the organizational meeting held after the stockholders' meeting: * Felipe U. Yap - Board Chairman * Yuen Po Seng - President * Augusto C. Villaluna - Vice-President * Ronald P. Sugapong - Treasurer, Compliance Officer * Daisy L. Parker - Corporate Secretary, Compliance Officer * Alvin T. Pagayatan - Asst. Corporate Secretary Mr. Sugapong is the compliance officer under the company's anti- money laundering manual while Ms. Parker is the compliance officer under the company's manual on corporate governance. These Board committees were also set up during the meeting: NOMINATION COMMITTEE * Felipe U. Yap * Yuen Po Seng * Jesus Clint O. Aranas COMPENSATION AND REMUNERATION COMMITTEE * Felipe U. Yap * Yuen Po Seng * Jesus Clint O. Aranas AUDIT COMMITTEE * Stephen Y. Yap * Ronald P. Sugapong * Jesus Clint O. Aranas About Zeus Holdings Zeus Holdings, Inc., was incorporated on December 17, 1981, as JR Garments Corporation, to engage in the garment manufacturing, distribution and export business. After 15 years, the company diversified into other businesses and closed its garment operations. It increased its capitalization from PHP100 million to PHP3 billion and changed its primary purpose to that of a holding company. Consequently, it changed its name from JR Garments Corporation to Zeus Holdings, Inc. The company has not declared any cash dividend for the last two fiscal years. * * * After reviewing Zeus Holdings Inc.'s 2006 annual financials, Mailene Sigue-Bisnar at Punongbayan & Araullo, the company's independent auditors, raised a significant doubt on the company's ability to continue as a going concern, citing that: * the company incurred net losses of PHP498,490; PHP554,657; and PHP421,293 for the years 2006, 2005 and 2004, respectively; * the company has a capital deficiency of PHP1.28 million, PHP0.78 million and PHP1.75 million as of Dec. 31, 2006, 2005 and 2004 respectively. * Price Hike May Have Cued 3.1% Inflation Rate in November ---------------------------------------------------------- The Bangko Sentral ng Pilipinas is expecting a 3.1%-inflation rate for November due to price increases in petroleum and food items following wage adjustments, the Philippine Star reports. According to BSP's governor Amando M. Tetangco Jr., the actual inflation rate could be "somewhat higher" than the October rate of 2.7%. The BSP is forecasting inflation to be somewhere between 2.4% to 3.1% for November, the Star notes. However, Mr. Tetangco said that the BSP expects the inflation environment to continue to be "favorable," citing the continued appreciation of the peso's mitigating effect on prices, as well as the reduction of food prices as the agriculture sector enters the main harvest season. But, Mr. Tetangco warned, the BSP would have to watch out for potential inflationary factors such as PHP2-increase in fares that is being sought by jeepney operators as it will eventually affect wages and other economic prices that determine inflation. * * * 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 ================= ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow -------------------------------------------------------- Advanced Micro Devices Inc. has appointed Phil Rogers to AMD Corporate Fellow. In this role, Mr. Rogers will continue developing advanced architectures and extend AMD's software capabilities. Mr. Rogers' emphasis on enhancing graphics processing unit and central processing unit interoperability through software and hardware innovations plays a central role in delivering performance optimization and power reduction advances for graphics and computing. Corporate Fellow is the highest level of technical recognition at AMD, and is reserved for those who impact AMD's business opportunities and technical breadth by providing a high degree of expertise, knowledge, creativity, and tactical and strategic direction. Mr. Rogers will play a key role in software development for AMD's "Fusion" technology initiative, where CPUs and GPUs are combined and integrated to improve energy efficiency and performance capability. Rogers will focus on the software requirements necessary to bring together the GPU and CPU in a way that optimizes system power and performance, while maintaining software and application flexibility. "Software development is a critical tool that AMD uses to create platform-level solutions to enhance our end-user experience," said Ben Bar-Haim, corporate vice president, Software, Graphics Products Group at AMD. "Phil's unique talents are instrumental in accelerating application performance by optimizing the interaction of hardware and software." Worldwide, AMD employs more than 1,200 software professionals who focus on improving the end-user experience and better enabling customers' platform and application innovations. Software teams focus on delivering hardware extensions, new instructions, device drivers, development tools and more. As the most senior graphics software architect at AMD, Rogers previously oversaw hardware and software interaction activities, ensuring that GPU products excel in performance and stability at launch and beyond, with continuous software updates via AMD's unified-driver design. This promotion recognizes the importance AMD puts on overall platform-level functionality, performance and stability. "It's a pleasure to be part of an AMD software team where revolutionary contributions from engineers are encouraged and expected," said Mr. Rogers. "This environment inspires me, and others, to build platforms that are more visually rich, increasingly energy efficient and more accessible to the global community." Mr. Rogers was instrumental in the development of all of ATI Radeon GPUs since the introduction of the Radeon series in 2000. Recently, Rogers contributed to the development, qualification and delivery of the ATI Radeon HD(TM) 2000 family of advanced GPUs. Mr. Rogers joined AMD with the ATI acquisition in 2006, and became an AMD Senior Fellow shortly thereafter. Since joining ATI Technologies in 1994, he served in increasingly senior architecture positions in the development of DirectX(R) and OpenGL(R) driver software. Rogers began his career at Marconi Radar Systems, where he designed digital signal processors for advanced radar systems. Mr. Rogers earned his Bachelor's of Science degree in electronic and electrical engineering from the University of Birmingham. About Advanced Micro Devices Inc. Headquartered in Sunnyvale, California, Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 14, 2007, Standard & Poor's Ratings Services affirmed its B/Negative/-- corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, S&P assigned its 'B' rating to the company's US$1.5 billion 5.75% senior convertible notes due 2012, and raised the rating on the company's existing senior unsecured debt to 'B' from 'B-', because the company no longer has secured debt in its capital structure. As reported in the Troubled Company Reporter on Aug. 13, 2007, Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro Devices Inc.'s private placement of US$1.5 billion 5.75% convertible senior notes due 2012. Fitch also affirmed the company's Issuer Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'. As reported in the Troubled Company Reporter on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, Standard & Poor's lowered the rating on the company's 7.75% senior notes due 2012 to 'B-' from 'BB-', which is now rated the same as the company's other senior unsecured notes, reflecting release of the collateral securing the issue. ALLIANCE SERTECH: Court to Hear Wind-Up Petition on Jan. 18 ----------------------------------------------------------- A petition to have Alliance Sertech Pte. Ltd.'s operations wound up will be heard before the High Court of Singapore on Jan. 18, 2007, at 10:00 a.m. Hong Leong Finance Limited filed the petition on Nov. 15, 2007. Hong Leong's solicitor is: Michael BB Ong & Co No. 10 Anson Road #19-08A International Plaza Singapore 079903 CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas ---------------------------------------------------------------- Crown Holdings Inc. has completed its accelerated share repurchase agreement with BNP Paribas. Pursuant to the agreement, the company purchased 4,234,077 shares of its common stock for US$100 million. On Aug. 27, 2007, Crown Holdings has entered into a definitive agreement with BNP Paribas to purchase shares of its common stock for approximately US$100 million under an accelerated share repurchase program. Pursuant to the agreement, the company has purchased 4,088,068 shares immediately from BNP Paribas and may potentially receive additional shares upon completion of the transaction. The final number of shares to be repurchased will be based on the company's volume-weighted average stock price during the term of the transaction. To date in 2007, the company has purchased 4,974,892 shares for US$118 million. About Crown Holdings Inc. Based in Philadelphia, Pennsylvania, Crown Holdings Inc. (NYSE: CCK) -- http://www.crowncork.com/-- through its affiliated companies, supplies packaging products to consumer marketing companies around the world. In Latin America, the company has operations in Mexico, and in South and Central America. The company also maintains operations in Europe, particularly in the United Kingdom and France. In the Asia-Pacific region, the company has an office in Singapore. Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. The company's consolidated balance sheet at Sept. 30, 2007, showed US$6.949 billion in total assets, US$7.335 billion in total liabilities, resulting in a US$386 million total shareholders' deficit. HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet ---------------------------------------------------------------- Hercules Offshore Inc. has entered into agreements with Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. for the sale of its nine land rigs and related assets. The Land Assets include six land rigs in Venezuela, one in Trinidad and two in the United States. The purchase price is approximately US$107 million and the transaction is expected to close late in the fourth quarter of 2007. Randy Stilley, Chief Executive Officer and President of Hercules Offshore, commented, "In fitting with our long-stated strategy of focus on shallow water oilfield services, I am pleased we reached this agreement to sell the land rig fleet, that was formerly part of TODCO, such a short time after closing on the acquisition of TODCO. In the coming months, we expect to identify attractive opportunities to reinvest the proceeds from the sale into assets in our core business." Headquartered in Houston, Texas, USA, Hercules Offshore, Inc. provides shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry in the United States Gulf of Mexico and internationally. It operates a fleet of nine jack-up rigs that are capable of drilling in maximum water depths ranging from 85 to 250 feet and a fleet of 64 lift boats with leg lengths ranging from 105 to 260 feet. Its services are organized in four segments, Domestic Contract Drilling Services, International Contract Drilling Services, Domestic Marine Services and International Marine Services. The Company's Domestic Contract Drilling Services and Domestic Marine Services are conducted in the United States Gulf of Mexico, its International Contract Drilling Services are conducted offshore Qatar and India, and its International Marine Services are conducted in West Africa. The company also has operations in Venezuela, Trinidad and Mexico. * * * On June 2007, Standard and Poor's Ratings Services raised the corporate credit rating on Hercules Offshore Inc. to 'BB-' from 'B'. The outlook on the long-term issuer credit rating was stable. At the same time, the ratings on Hercules Offshore were removed from CreditWatch with positive implications, where they were placed on March 19, 2007. Standard & Poor's also assigned its 'BB' rating and '2' recovery rating to Hercules Offshore's proposed US$1.05 billion bank facilities. KEN AGENCIES: Pays First and Final Dividend ------------------------------------------- Ken Agencies Pte Ltd, which is in liquidation, paid its first and final dividend on November 29, 2007. The company paid 9.% of dividend. The company's liquidator is: Don Ho & Associates Certified Public Accountants Corporate Advisory & Recoveries Equity Plaza 20 Cecil Street #12-02 & 03 Singapore 049705 Telephone: 6532 0320 (8 lines) Facsimile: 6532 0331 LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit ------------------------------------------------------------ Levi & Strauss Co. and Jordan Brand, a division of Nike, Inc., has announced a collaborative partnership that will create a limited number of toe-to-head fashion packages for collectors and fans of both brands. The resulting, jointly developed Jordan Levi's(R) Collection will unite classic style with urban design flair, delivering freshly-interpreted takes on iconic flagship product from both leaders. The men's only, specially designed, co-branded product will be appropriately named the 23/501(R) collection and will arrive in stores starting in March 2008. As part of the project, the two global icons created an exclusive collection pairing the Air Jordan Retro 1 style sneakers with a pair of exclusive, co-branded Levi's(R) Original 501(R) jeans and a signature tee shirt featuring graphic artwork taken from both brands. All three pieces will be sold together as a set and will come enclosed in an innovative, co-branded package, specially designed for this occasion. The premium, selvage denim will be lined with the signature Jordan Brand elephant print and include a sneaker protector at the cuff, reducing the transfer of indigo dye to the shoe. The 501(R) Jean will feature a gold metallic zipper fly and the Jordan Brand signature Jumpman logo embroidered on the pockets along with the Jordan Brand name on the rear leather-measurement waistband patch. The Air Jordan Retro 1's will be one-of-a-kind and will be made from Levi's(R) Original 501(R) denim, printed with the traditional Jordan Brand elephant graphic design. "Jordan Brand has always prided itself on being the innovator of urban, sport fashion and we are proud to partner with a true fashion icon -- the original inventor of the blue jean-Levi Strauss & Co.," said Jordan Brand Business Director of Apparel, Fran Boller. "We believe that this collaboration with Levi's(R) is the perfect opportunity to offer this exclusive package to consumers looking for something truly original and authentic." Similarly, Levi's(R) Jeanswear Director of Brand Marketing, Doug Sweeny added: "Both brands share a kinship given the role each play within their respective categories. That is what brought these brands together. Like the Air Jordan 1, the Original 501(R) jean is really where it all began. It has become one of the most enduring and malleable pieces of apparel ever created." The collaboration between Levi's(R) Jeanswear and Jordan Brand represents an opportunity for both brands to further define the sport-fashion market. The limited-edition packages will be available Mar. 1, 2008, at select specialty retailers, Levi(R) Stores and Niketown locations. About Jordan Brand A division of Nike, Inc., Jordan Brand -- http://www.Jumpman23.com-- is a premium brand of footwear, apparel and accessories inspired by the dynamic legacy, vision and direct involvement of Michael Jordan. The Jordan Brand made its debut in 1997 and has grown into a complete collection of performance and lifestyle products for both men and women. The Jordan Brand remains active in the community by donating a portion of its proceeds to Jordan Fundamentals, an education grants program for teachers. About Levi Strauss & Co. Headquartered in San Francisco, California, Levi Strauss & Co. - - http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. distributes its Levi's and Dockers products primarily through chain retailers and department stores in the United States, and through department stores, specialty retailers and franchised stores abroad. The company distributes its Levi Strauss Signature products through mass channel retailers in the United States and abroad. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter on Oct. 16, 2007 Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s second amended and restated US$750 million 5-year Asset-Based Revolving Credit Facility. The rating outlook is stable. Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank Credit Facility rating; and BB- Senior Unsecured Notes rating. SEMBCORP MARINE: Asks Court to Protect Unit from BNP Liquidation ---------------------------------------------------------------- SembCorp Marine Ltd. asked a Singapore court to protect its unit from liquidation by France's BNP Paribas SA, the Wall Street Journal reports. According to Reuters, the Singapore-based rig-builder is seeking court injunction to stop BNP Paribas from demanding millions of dollars in payment from its subsidiary -- Jurong Shipyard -- for currency trades. SembCorp, Reuters recalls, has said it lost US$303 million due to alleged unauthorized currency trades by former finance chief Wee Sing Guan, who was terminated in October. The loss, the report notes, is the biggest trading loss in Singapore since 2004 when China Aviation Oil lost US$550 million in botched bets on oil prices. WSJ says that SembCorp has pledged a US$115.45-million payment to Societe Generale SA of France, but it remains unclear when it will settle debts with 10 other banks involved in the illegal trades. According to Reuters, SembCorp agreed to pay Societe Generale after the French lender assured it would refund the amount if it was proven that the SembCorp subsidiary is not liable for the losses. The report recounts that BNP asked SembCorp last week to pay US$50.7 million to settle BNP's share of the debt. However, SembCorp claims that it is not liable for the trades, which were placed through Jurong Shipyard. "BNP Paribas's statutory demand is baseless and an abuse of the winding-up process," WSJ quotes SembCorp as stating. BNP had previously said that if Jurong Shipyard does not pay the amount immediately, it would file a case in the court seeking to have the subsidiary wound up. Reuters, however, notes that BNP said it would not file the wind-up application against Jurong Shipyard until the court has heard the case from SembCorp. Sembcorp therefore asked Singapore's High Court for protection from BNP on Nov. 23, and the request will be heard on or after Jan. 14, WSJ says. WSJ cites analysts as explaining that it is natural for creditors to ask for payment on the outstanding debt, which exceeded the company's entire 2006 net profit of SGD238.4 million (US$165.1 million). "BNP should be asking for the money at this point," said an analyst. "If SembCorp wants to hold an investigation, it should pay all of the banks first -- not just Societe Generale." SembCorp Marine -- http://www.sembcorp.com.sg/-- is a leading global marine engineering group specializing in a full spectrum of integrated solutions, ranging from ship repair, ship building, ship conversion, rig building to offshore production and engineering. As one of the largest marine engineering leaders in Asia, SembMarine's global network spans 14 yards in the four strategic hubs of Singapore, China, Brazil and U.S.A. Singapore-listed SembCorp Industries has a 61% stake in SembCorp Marine. SembCorp Industries is in turn 49% owned by Singapore's state investment firm Temasek Holdings. SP KATONG: Requires Creditors to File Proofs of Debt by Dec. 26 --------------------------------------------------------------- SP Katong Development Pte Ltd, which is in voluntary liquidation, requires its creditors to file their proofs of debt by December 26, 2007, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO Raffles 5 Shenton Way #07-01 UIC Building Singapore 068808 =============== T H A I L A N D =============== BANK OF AYUDHYA: Offers New Service for High Net Worth Customers ---------------------------------------------------------------- Bank of Ayudhya PCL has launched a new wealth management service targeting specifically its 10,000-plus high-net worth customers, the Bangkok Post reports. The bank launched its new Exclusive Banking Centre at All Seasons Place on Wireless Road as a luxury service center for clients, the report says. According to the bank's president and chief executive officer, Tan Kong Khoon, the new service is vital in its mission to expand its consumer banking business. Mr. Tan then explained that the service would offer customers a wide range of products including bancassurance, local and foreign currency deposits, as well as alternative investments n bonds, mutual funds and bills of exchange. The bank's head of consumer banking, Roy Gunara, added that the service is aimed at customers investing THB5 million or more. "As the group is our cream customers, all 10,000 privilege customers nationwide will be welcome to become members by invitation from our branch manager or relationship manager. Invitations won't be made by mail, but in person, to emphasize the bank's personal touch," Mr. Gunara said. According to Mr. Gunara, exclusive banking centres and zones will be expanded nationwide to key branches, and will include facilities for Internet access, meeting rooms and seminar rooms. Customers will then be able to process transactions privately at the centre without walking walking to branches, and Clients will receive special fee waivers for bank services, including preferential rates for foreign exchange services, discounts on travellers' cheque conversions and benefits from selected business partners of the bank, he added. Mr Gunara then said all 10,000 target customers would be given invitations to the new service by the end of the year, the report relates. About Bank of Ayudhya Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. Bank of Ayudhya's subordinated debts carry Fitch Ratings Services' BB+ rating. Fitch Ratings (Thailand) Limited also assigned a National Long- term rating of 'A+(tha)' to the debentures of Bank of Ayudhya Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2 due 2011 of up to THB15 billion each. DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services has placed its corporate credit and other ratings on Dole Food Co. Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of S&P's review. Total debt outstanding at the company was about US$2.4 billion as of Oct. 6, 2007. As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2006, Standard & Poor's lowered its ratings on Dole Food and Dole Holding Co. LLC, including its corporate credit rating, to 'B' from 'B+'. "The CreditWatch placement follows third-quarter operating results and resulting credit measures that did not meet our prior expectations," said S&P's credit analyst Alison Sullivan. These expectations included reducing leverage to closer to 8.0 by the end of the third quarter in order to reach 7.0-7.5 by the end of fiscal 2007. For the 12 months ended Oct. 6, 2007, leverage was 8.8. "While there are no near-term liquidity concerns and performance has improved modestly over a difficult 2006, credit measures have not been restored to levels previously expected," said Ms. Sullivan. Year-to-date sales grew 12.6% from higher banana sales, an acquisition, and foreign currency; and adjusted EBITDA grew close to 6% from lower shipping costs for bananas in North America and Europe, and lower purchased fruit costs in Europe. S&P will review Dole's operating and financial plans with management before resolving the CreditWatch listing. TMB BANK: Over-all Losses May Reach THB100 Bil. by Year's End ------------------------------------------------------------- TMB Bank PCL may possibly post an accumulated loss of more than THB100 billion by year-end from the current THB80 billion, president Subhak Siwaraksa told the Bangkok Post. The losses would stem from TMB's decision to set aside THB25 billion in new provisions against loan losses in the fourth quarter, Mr. Subhak said. However, he told the Post that the bank's overall position would be significantly improved after it concludes capital increase procedures. Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd -- http://www.tmbbank.com/-- is a commercial bank that renders financial services to all groups of customers. TMB Bank had total assets of about THB717 billion as at December 31, 2005. On July 6, 2007, Standard & Poor's Ratings Services gave TMB Bank's US$200-million hybrid Tier 1 securities a 'BB' rating. On October 11, 2007, the Troubled Company Reporter-Asia Pacific said that Standard & Poor's Ratings Service lowered its long- term counterparty credit rating on Thailand's TMB Bank Public Co. Ltd. to 'BB+' from 'BBB-' and the short-term rating to 'B' from 'A-3'. The rating has been removed from CreditWatch, where it was placed with negative implications on July 6, 2007. The outlook is negative. On October 30, 2007, Fitch Ratings placed TMB Bank Public Company Limited's Long-term foreign currency Issuer Default Rating of 'BB+', Short-term foreign currency IDR of 'B', foreign currency subordinated debt rating of 'BB', foreign currency hybrid Tier 1 rating of 'B', Individual 'D', Support '3', Support Rating Floor of 'BB', national Long-term 'A(tha)', national Short-term 'F1(tha)', national subordinated debt 'A- (tha)' (A minus (tha)) rating on Rating Watch Evolving. TOTAL ACCESS: Plans New Services for High-End Customers in 2008 --------------------------------------------------------------- Total Access Communications PCL plans to launches services focusing on high-end customers in 2008 as it aims to increase its market share to 25%, writes Darana Chudasri for the Bangkok Post. The new services will offer luxury services such as international roaming, the Post adds. The Post also reports that DTAC brushed off a perceived threat from a sudden rise in True Move PCL's net subscriber base in the third quarter of the year, saying that it would result in a higher financial burden and cash-flow constraints. True Move had reported a sharp rise of 2.1 million subscribers in the third quarter, the Post recounts, while DTAC had only 400,000 new users and AIS only 800,000 users in the period. The article notes that this translates into a 35% market share and a total of 12 million subscribers for True Move. According to Mr. Thana, the increase was merely due to a new calculation method and acconting changes. He said that while it indeed posted a high number of new users, True Move otherwise posted a decline in revenue while DTAC's revenues grew 3% in the third quarter. Mr. True Move also accounts for only 15% in terms of revenue in the mobile market with its 22% share in terms of customers, while DTAC accounts for 32% of revenues with its 31% market share in terms of subscribers. DTAC's goal was clear, Mr. Thana said, and it is to improve its bottom line for sustainable growth instead of looking to expand its subscriber base only. 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 Apr. 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. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker ($MM) ($MM) ------- ------ ------ ------------ AUSTRALIA Advance Healthcare Group Ltd AHG 15.65 -6.78 Austar United Communications Limited AUN 411.16 -43.72 Emperor Mines Limited EMP 138.99 -50.63 Hutchison Telecommunications (Aust) Ltd. HTA 1637.04 -1443.69 Intellect Holdings Limited IHG 15.25 -10.88 KH Foods Ltd KHF 38.40 -6.79 Lafayette Mining Limited LAF 105.24 -190.86 Renison Consolidated Mines NL RSN 38.83 -3.94 RMG Ltd. RMG 22.33 -2.16 Tooth & Co. Ltd. TTH 99.25 -74.39 UnderCoverWear Limited UCW 28.92 -16.07 ViaGOLD Capital Limited VIA 15.49 -3.11 CHINA AND HONG KONG Asia Telemedia Limited 376 16.97 -7.53 Baiyin Copper Commercial Bldg (Group) Co 672 24.47 -2.40 Beiya Industrial (Group) Co., Ltd 600705 462.13 -20.57 Brilliant Arts Multi-Media Holding Ltd 8130 11.62 -2.32 Cangzhou Chemical Industrial Co.Ltd 600722 496.98 -91.41 Chang Ling Group 561 85.06 -80.88 Chia Tai Enterprises International Ltd. 121 316.12 -8.92 China Force Oil & Grains Industrial Co 1194 92.02 -7.43 China HealthCare Holdings Ltd 673 25.44 -3.37 China Liaoning International Cooperation (Group) Ltd 638 20.46 -41.24 Chongqing Int'l Enterprise Investment Co 000736 19.88 -15.67 Compass Pacific Holdings Ltd 1188 46.98 -14.92 Datasys Technology Holdings Ltd 8057 14.10 -2.07 Dongxin Electrical Carbon Co., Ltd 600691 34.19 -2.90 Dynamic Global Holdings Ltd. 231 44.64 -9.70 Everpride Biopharmaceutical Company Limited 8019 14.19 -0.02 Ever Fortune Intl. Hldgs. Limited 875 14.41 -4.03 Fujian Changyuan Investment Holdings Limited 592 34.52 -66.85 Fujian Sannong Group Co. Ltd 732 42.50 -100.37 Fujian Start Computer Group Co.Ltd 600734 114.76 -16.98 Guangdong Hualong Groups Co., Ltd 600242 15.23 -46.94 Guangdong Kel-A 921 596.71 -94.69 Guangdong Meiya Group Co., Ltd. 529 70.62 -59.86 Guangxia (Yinchuan) Industry Co. Ltd. 557 48.71 -59.63 Hainan Dadonghai Tourism Centre Co., Ltd 613 18.34 -8.39 Hainan Overseas Chinese Investment Co., Ltd 600759 28.97 -9.90 Hans Energy Company Limited 554 85.00 -0.49 Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47 Heilongjiang Black Dragon Co., Ltd 600187 113.45 -74.67 Hisense Kelon Electrical Hldngs. Co., Ltd 921 596.71 -94.69 Hualing Holdings Limited 382 262.90 -32.17 HuaTongTianXiang Group Co., Ltd. 600225 52.77 -42.02 Huda Technology & Education Development Co. Ltd. 600892 17.12 -0.39 Hunan Anplas Co. 156 77.57 -77.92 Innovo Leisure Recreation Holdings Ltd. 703 13.40 -4.50 Jiaozuo Xin'an-a 719 56.77 -6.52 Junefield Department Store Group Limited 758 12.93 -5.39 Lan Bao Technology Information Co.,Ltd 631 110.09 -78.89 Loulan Holdings Limited 8039 11.14 -2.21 Mianyang Gao Xin Industrial Dev (Group) 600139 23.90 -15.65 Orient Power Holdings Ltd. 615 176.86 -64.20 Paladin Ltd. 495 167.43 -6.23 Plus Holdings Ltd. 1013 18.52 -3.34 Qinghai Xiancheng Industry Stock Co.,Ltd 600381 55.58 -55.04 Regal Real Estate Investment Trust 1881 945.38 -234.68 Sanjiu Yigong Biopharmaceutical & Chem 000403 218.51 -3.48 Shanghai Worldbest Pharmaceutical Co.Ltd 600656 66.75 -13.42 Shenyang Hejin Holding Company Ltd. 633 103.86 -3.16 Shenzhen China Bicycle Co., Hlds. Ltd. 17 34.21 -238.76 Shenzhen Dawncom Business Tech. and Service Co., Ltd. 863 32.57 -137.55 Shenzhen Shenxin Taifeng Group Co., Ltd. 34 69.92 -53.39 Shijiazhuang Refining-Chemical Co., Ltd 783 357.75 -84.57 Sichuan Langsha Holding Ltd. 600137 13.82 -62.11 Stellar Megaunion Corporation 000892 54.33 -152.43 Success Information Industry Group Co. 517 77.23 -17.78 Suncorp Tech Ltd. 1063 75.28 -5.03 Suntek Technology Co., Ltd 600728 49.03 -14.65 Suntime International Economic Trading 600084 359.49 -47.93 Swank International Manufacturing Co Ltd 663 29.31 -1.13 Taiyuan Tianlong Group Co. Ltd 600234 19.47 -89.51 The First Investment & Merchant Co, Ltd 600515 90.66 5.98 Tianjin Marine Shipping Co. Ltd 600751 111.03 -3.59 Tianyi Science & Technology Co., Ltd 600703 45.82 -41.20 Tibet Summit Industry Co., Ltd 600338 90.92 -4.05 Winowner Group Co. Ltd. 600681 23.34 -72.39 Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74 Yueyang Hengli Air-Cooling Equipment Inc. 622 40.61 -17.21 Zarva Technology Co. Ltd. 688 25.83 -175.37 Zhejiang Haina Science & Tech Co., Ltd. 925 28.53 -36.27 INDIA Andrew Yule & Co. Ltd ANY 81.41 -30.90 Ashima Ltd. NASHM 96.57 -42.59 ATV Projects India Ltd. ATV 68.25 -30.17 B S Refrigerator NBPLE 75.91 -10.23 Balaji Distiller BLD 45.66 -74.20 Baroda Rayon Corp. Ltd. BR 41.16 -26.62 Birla VXL Ltd NVXL 98.77 -14.62 CFL Capital Financial Services Ltd CEATF 25.42 -47.32 Core Healthcare Ltd. CPAR 214.36 -150.72 Dunlop India Ltd DNLP 52.75 -65.30 GKW Ltd. GKW 35.75 -13.52 Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66 Himachal Futuris HMFC 574.62 -38.68 HMT Limited HMT 316.41 -175.33 JCT Electronics Ltd. JCTE 117.60 -50.17 Jenson & Nic Ltd JN 14.81 -81.79 JK Synthetics Ltd JKS 17.99 -2.61 Kothari Sugars and Chemicals Ltd. NKTSG 43.24 -29.24 JOG Engineering VMJ 50.08 -10.08 Lloyds Metals LYDM 70.72 -10.25 Lloyds Steel Ind LYDS 404.38 -86.45 LML Ltd. LML 81.21 -11.89 Mafatlal Ind. MFI 95.67 -85.81 Malanpur Steel Ltd. HDC 82.08 -52.01 Modern Threads MRT 78.18 -20.71 Modi Rubber Ltd NMDR 62.67 -9.22 Mysore Cements MYC 82.02 -14.57 Mysore Kirloskar Ltd. MK 23.71 -3.04 Panchmahal Steel Ltd. PMS 51.02 -0.33 Panyam Cements PYC 17.18 -18.32 Parekh Platinum PKPL 59.20 -75.23 Rollataners Ltd RLT 20.68 -3.88 RPG Cables Ltdd NRPG 51.43 -20.19 Saurashtra Cemen SRC 112.31 -4.57 Shree Rama Multi Tech Ltd. NSRMT 79.66 -7.83 Shyam Telecom NSHY 147.34 -22.80 SIV Ind. Ltd. NSIV 101.16 -66.27 Steel Tubes Ltd NSTU 30.47 -26.45 Synthetics & Che SYNC 54.94 -6.90 Tata Teleservices (Maharashtra) Limited NTTLS 657.28 -73.89 UB Engineeering UBE 47.78 -2.77 INDONESIA Ades Waters Indonesia Tbk ADES 21.35 -8.93 Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21 Hotel Sahid Jaya SHID 71.05 -4.26 Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57 Panca Wiratama Sakti Tbk PWSI 39.72 -18.82 Sekar Bumi Tbk SKBM 23.07 -41.95 Steady Safe Tbk SAFE 19.65 -2.43 Suba Indah Tbk SUBA 85.17 -9.18 Surya Dumai Industri Tbk SUDI 105.06 -30.49 Toba Pulp Lestrari Tbk INRU 403.58 -198.86 Unitex Tbk UNTX 29.08 -5.87 Wicaksana Overseas International Tbk WICO 43.09 -46.36 JAPAN Banners Co., Ltd 3011 46.33 -14.11 C4 Technology, Inc 2355 33.71 -1.24 NIWS Co., HQ Ltd. 2731 541.08 -33.01 Orient Corporation 8585 37956.19 -1109.02 Tasco System Co., Ltd 2709 48.80 -13.52 Trustex Holdings, Inc. 9374 102.84 -7.81 KOREA Cosmos PLC Co., Ltd 053170 19.31 -4.95 DaiShin Information & Communication Co. 20180 740.50 -158.45 Dong Yang Gang 1780 108.79 -9.80 E-Rae Electronics Industry Co., Ltd 45310 45.47 -10.37 E Star B Co., Ltd. 55250 186.00 -1.50 EG Semicon Co. Ltd. 38720 166.70 -12.34 Everex Inc 47600 35.66 -0.66 Hyundai IT Corp. 48410 137.08 -48.10 Inno Metal Izirobot Inc. 70080 28.56 -0.33 Oricom Inc. 10470 82.65 -40.04 Rocket Electric Co., Ltd. 420 77.37 -4.76 Seji Co., Ltd 53330 37.25 -0.31 Starmax Co., Ltd 17050 76.61 -1.50 Tong Yang Magic Co., Ltd. 23020 355.15 -25.77 Unick Corporation 11320 36.54 -4.45 MALAYSIA Boustead Heavy Industries Corp. Bhd BHIC 57.34 -152.51 Chin Foh Berhad CFOH 53.19 -13.88 FED Furniture FFHB 38.27 -5.11 Lityan Holdings Berhad LIT 18.84 -23.22 Mangium Industries Bhd MANG 14.24 -12.15 Megan Media Holdings Berhad MMHB 47.76 -232.89 MP Technology Resources Berhad MPT 16.89 -16.29 Pan Malay Industries PMRI 185.98 -6.91 PanGlobal Berhad PGL 181.15 -125.36 Paxelent Corp PAXE 13.16 -4.51 Putera Capital Berhad PCAP 10.56 -4.70 Sino Hua-An International Bhd HUAAN 184.60 -98.30 Sycal Ventures Berhad SYC 58.76 -85.36 TAP Resources Bhd TAP 13.05 -1.33 Techventure Bhd TECH 36.31 -6.21 Tenggara Oil Bhd TENG 12.87 -0.34 Wembley Industries Holdings Bhd WMY 111.72 -204.61 PHILIPPINES APC Group Inc. APC 71.75 -218.13 Atlas Consolidated Mining and Development Corp. AT 61.14 -16.74 Benguet Corp. BC 55.45 -44.94 Central Azucarera de Tarlac CAT 35.74 -1.80 Cyber Bay Corporation CYBR 12.49 -64.98 East Asia Power Resources Corp. PWR 92.55 -64.61 Fil Estate Corp. FC 36.10 -7.75 Filsyn Corporation FYN 20.88 -9.68 Gotesco Land, Inc. GO 18.68 -10.86 Mariwasa Manufacturing, Inc. MMI 71.98 -0.78 Prime Orion Philippines Inc. POPI 99.69 -82.12 Unioil Resources & Holdings Company Inc. UNI 14.96 -11.44 United Paragon UPM 22.80 -29.23 Universal Rightfield Property UP 45.12 -13.48 Uniwide Holdings Inc. UW 62.99 -38.58 Victorias Milling Company Inc. VMC 151.59 -37.48 SINGAPORE ADV Systems Auto ASA 14.32 -8.54 Compact Metal Industries Ltd. CMI 47.42 -36.47 Falmac Limited FAL 10.51 -2.30 Gul Technologies GUL 155.76 -15.21 HLG Enterprise HLGE 116.77 -8.71 Informatics Holdings Ltd INFO 20.42 -11.65 Lindeteves-Jacoberg Limited LJ 185.49 -46.43 Pacific Century Regional PAC 1569.35 -88.20 Semitech Electronics Ltd. SEMI 11.01 -0.23 TAIWAN CIS Technology Inc. 2326 33.74 -18.91 Chung Shing Textile 1408 433.43 -100.26 Pacco Tech Co Ltd 5510 16.01 -7.00 Protop Technology Co., Ltd. 2410 55.69 -13.46 THAILAND Bangkok Rubber PCL BRC 70.19 -56.98 Central Paper Industry PCL CPICO 40.41 -37.02 Circuit Electronic Industries PCL CIRKIT 20.37 -64.80 Daidomon Group PLC DAIDO 12.92 -8.51 Datamat Public Co., Ltd DTM 17.55 -1.72 Kuang Pei San Food Products Public Co. POMPUI 12.51 -9.87 Sahamitr Pressure Container Public Co. Ltd. SMPC 20.77 -28.13 Sri Thai Food & Beverage Public Company Ltd SRI 18.29 -43.37 Tanayong PCL TYONG 178.27 -734.30 Thai-Denmark PCL DMARK 21.37 -18.88 Universal Starch PCL USC 91.56 -41.24 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman, Editors. Copyright 2007. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***