/raid1/www/Hosts/bankrupt/TCRAP_Public/071212.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, December 12, 2007, Vol. 10, No. 246
Headlines
A U S T R A L I A
ACCESS STRAPPING: Declares First Dividend
ADVANCE AIR: Creditors & Members Receive Wind-Up Report
CAMPBELLFIELD AUTO: Members & Creditors Receiver Wind-Up Report
CATERLEC PTY: Members & Creditors Receive Wind-Up Report
CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says
CHRYSLER LLC: Expected Losses Spurs January Production Cuts
CHRYSLER LLC: S&P Retains 'B' Rating and Revises RR to 3
CONSORTIUM MANAGEMENT: Creditors' Proofs of Debt Due on Dec. 18
CONSTELLATION BRANDS: Starts Exchange Offer for US$700MM Notes
DENLIN CONSTRUCTIONS: Declares Dividend for Priority Creditors
HASBRO INC: Names Lisa Licht as General Manager for Licensing
HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008
MICKLETON GROVE: Liquidator Presents Wind-Up Report
MOBIUS ELR-01: Fitch Lowers Three Classes of Notes & Affirms 1
NMS MANAGEMENT: Liquidator Presents Wind-Up Report
PONTIFF LIMITED: Members Receive Wind-Up Report
PREFECT & DUX: Members & Creditors Hear Wind-Up Report
REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan
SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant
SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO
SYMBION HEALTH: Healthscope May Attempt Takeover for Third Time
ZINIFEX: Xstrata and Oxiana May Launch Takeover Bid, Sources Say
C H I N A , H O N G K O N G & T A I W A N
AGRICULTURAL BANK: Finance Ministry Sells CNY750BB of Bonds
BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2
DANA CORP: Announces Selection List for Board of Directors
DANA CORP: Personal Injury Committee Objects to Plan
FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks
SEA WAVE: Appoints New Liquidators
SYSTEM-PRO: Liquidators Quit Post
TIBET SUMMIT: Nine-Month Loss Hits CNY57MM; Sees Loss for FY2007
TOP SPEED HOLDINGS: Commences Liquidation Proceedings
YAN WING: Members Final Meeting Slated for January 18
I N D I A
AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures
AXIS BANK: S.B. Mathur Quits Director Post Effective Dec. 6
DECCAN AVIATION: To Operate Separately After Kingfisher Merger
ESSAR OIL: Plans to Acquire 50% Stake in Kenyan Refinery
ICICI BANK: Offers Tax Concessions to NRO Deposits
IFCI LTD: Fixes Dec. 17 as Date to Determine Conversion Price
IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems
I N D O N E S I A
ALCATEL-LUCENT: Signs EUR90-Mil. Turnkey Deal w/ Tele Greenland
BAKRIE SUMATERA: To Buy Two Plantation Firms for IDR1.05 Tril.
BAKRIE SUMATERA: Sets FY2007 Net Profit and 2008 Revenue Targets
BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating
EXCELCOMINDO: To Sell 7,000 units of Base Transceiver Stations
EXCELCOMINDO PRATAMA: S&P Affirms 'BB-' Corporate Credit Ratings
GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes
GOODYEAR TIRE: Forms New Strategic Business Unit
SEMEN: To Issue US1BB Bond for Factory Construction Financing
J A P A N
ALITALIA SPA: Three Groups Submit Non-Binding Offers
ALITALIA SPA: Won't Cancel Flights on Dec. 14 Strike
CBO ALL JAPAN: S&P Puts Class B, C and D Notes on CreditWatch
DELPHI CORP: Gets Committees' Support on Plan Amendments
FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP
FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
FORD MOTOR: Mulls Production Cuts Due to Low November Sales
GAP INC.: November 2007 Net Sales Up 11 Percent at US$1.54 Bil.
ICONIX BRAND: Brings In Four New Executives to Management Team
ICONIX BRAND: Planned Loan Increase Cues Moody's to Hold B1 PDR
IHI CORP: To Book JPY30 Bil. in Operating Losses for FY06-07
KAJIMA CORP: Conceals JPY600 Million in Income for Two Years
KOBE STEEL: To Boost Aluminum Parts by 30% Through U.S. Unit
KOBE STEEL: To Build JPY3.5-Bil. Titanium Melt Shop in January
MITSUBISHI MOTORS: N. America Unit November Sales Down by 13.8%
XEROX CORP: Appoints Three Corporate Officers to Executive Roles
K O R E A
HYNIX SEMICONDUCTOR: Issues US$583.4-Million convertible Notes
HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices
KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28
MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
M A L A Y S I A
TAP RESOURCES: Unit Inks Concession Agreement with Penang Port
WONDERFUL WIRE: Incurs MYR7.9MM Net Loss in Qtr. Ended Sept. 30
N E W Z E A L A N D
AMS HAULAGE: Taps Official Assignee as Liquidator
BOTRY-ZEN: Books NZ$544,045 Deficit in Half-Year Ended Sept. 30
BRUCE HAYWARD: Official Assignee Appointed as Liquidator
CENTRAL STEELIEZ: Appoints Official Assignee as Liquidator
CLAYBROOK ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 17
JOLLY FARMER: Appoints Official Assignee as Liquidator
PAN AUSTRAL: Court Appoints Shephard & Dunphy as Liquidators
PLASTERBOARD SOLUTIONS: Taps Brown and Neilson as Liquidators
POWER PLATE: Taps Parsons and Kenealy as Liquidators
RUATAHI HOLDINGS: Appoints Official Assignee as Liquidator
SCRUBBERS ENTERPRISES: Commences Liquidation Proceedings
ZELOPHEDAD INVESTMENTS: Fixes Dec. 14 as Last Day to File Claims
S I N G A P O R E
CKE RESTAURANTS: Refranchising Continues; Sells 30 Restaurants
FREESCALE SEMI: High Leverage Cues Moody's to Cut Rating to B1
REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
SEE HUP SENG: Appoints Fong Wei Seong as Financial Controller
THOR HANNE: Creditors' Proofs of Debt Due on January 7
V I E T N A M
TECHCOMBANK: Assets as of November 30 Triple to US$2 Billion
* Upcoming Meetings, Conferences and Seminars
- - - - - - - -
=================
A U S T R A L I A
=================
ACCESS STRAPPING: Declares First Dividend
-----------------------------------------
Access Strapping Pty. Ltd., which is in liquidation, declared
its first and final dividend on December 5, 2007.
Creditors who were not able to timely file their proofs of debt
were excluded from the company's dividend distribution.
The company's members will also have their final meeting on
December 13, 2007, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Judson
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192
Australia
About Access Strapping
Access Strapping Pty Ltd, which is also trading as Access
Strapping Pty Ltd, is a distributor of industrial and personal
service paper. The company is located at Bayswater North, in
Victoria, Australia.
ADVANCE AIR: Creditors & Members Receive Wind-Up Report
-------------------------------------------------------
A final meeting was held for the members and creditors of
Advance Air Systems Pty Ltd on December 10, 2007, at 10:00 a.m.
At the meeting, Loke Ching Wong, the company's liquidator, gave
a report on the company's wind-up proceedings and property
disposal.
The Liquidator can be reached at:
Loke Ching Wong
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne, Victoria 3205
Australia
Telephone:(03) 9696 2885
About Advanced Air
Advanced Air Systems Pty Ltd is a distributor of warm air
heating and air-conditioning equipments and supplies. The
company is located at Osborne Park, in Western Australia,
Australia.
CAMPBELLFIELD AUTO: Members & Creditors Receiver Wind-Up Report
---------------------------------------------------------------
On December 7, 2007, the members and creditors of Campbellfield
Auto Electrics Pty. Ltd. met and received the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Barry Keith Taylor
B. K. Taylor & Co
8/608 St Kilda Road
Melbourne, Victoria 3004
Australia
About Campbellfield Auto
Campbellfield Auto Electrics Pty Ltd, which is also trading as
Campbellfield Truck Electrics, operates automotive repair shops.
The company is located at Campbellfield, in Victoria, Australia.
CATERLEC PTY: Members & Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Caterlec Pty Ltd met on Dec. 10,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Stephen R. Dixon
BDO Kendalls
Chartered Accountants
Level 30, 525 Collins Street
Melbourne, Victoria 3000
Australia
About Caterlec Pty
Caterlec Pty Ltd is involved with electrical work. The company
is located at Melton, in Victoria, Australia.
CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says
--------------------------------------------------------------
Chrysler LLC Chief Executive Officer Robert Nardelli disclosed
to company employees that Chrysler is in for a wider financial
loss of US$1.6 billion than what Steve Landry, executive vice
president of North American sales, revealed to marketing and
business students in Halifax, Nova Scotia last week, various
papers report.
It would be Chrysler's second consecutive year of losses if
Mr. Nardelli's forecast is right, according to the Associated
Press citing an unnamed source. The company reported a loss of
US$618 million in 2006 but disclosed earnings of US$1.8 billion
in 2005.
As reported in the Troubled Company Reporter on Dec. 3, 2007,
Mr. Landry declared that Chrysler anticipates a loss of
US$1 billion this year in costs. He told Saint Mary's
University students in Halifax, Nova Scotia, that Chrysler's
2007 revenue is expected at US$64 billion and costs at about
US$65 billion. Mr. Landry recounted Chrysler's business aim to
recover costs next year and to yield a huge profit in 2009 and
2010, slashing about 8 models from its lineup.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. The
outlook is negative.
CHRYSLER LLC: Expected Losses Spurs January Production Cuts
-----------------------------------------------------------
Chrysler LLC plans to temporarily cease car production in its
plants in Warren, Michigan and Fenton, Missouri, before
Christmas, postponing its opening until the whole month of
January 2008, according to various sources. The move is due to
due to the company's expected US$1 billion loss, slow pickup
sales and prevention of an oversupply.
Sources say that the company will also shutter a truck plant in
Mexico for two weeks in January.
As reported in the Troubled Company Reporter on Dec. 4, 2007,
Chrysler dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. The
outlook is negative.
CHRYSLER LLC: S&P Retains 'B' Rating and Revises RR to 3
--------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Chrysler's $2 billion senior secured second-lien term loan
due 2014. The issue-level rating on this debt remains unchanged
at 'B', and the recovery rating was revised to '3', indicating
an expectation for meaningful (50% to 70%) recovery in the event
of a payment default, from '4'.
Both the issue-level and recovery ratings on Chrysler's $7
billion first-lien term loan due 2013 remain unchanged. The
issue-level rating on this debt is 'BB-' with a recovery rating
of '1', indicating an expectation for very high (90% to 100%)
recovery in the event of a payment default.
"The revised recovery rating on the second-lien debt reflects
Chrysler's reduction of outstanding borrowings under the first-
lien term loan to $7.0 billion from $7.5 billion, using $500
million of cash that was previously restricted at
DaimlerChrysler Financial Services Americas LLC," said Standard
& Poor's recovery analyst Olen Honeyman.
The 'B' corporate credit rating on Chrysler reflects the wide-
ranging challenges the company faces in North America, where the
vast majority of its automotive operations are located.
Ratings List
Ratings Affirmed
Chrysler LLC
Corporate Credit Rating B/Negative/--
First-Lien Loan BB-
Recovery Rating 1
Recovery Rating Revised
To From
-- ----
Second-Lien Loan B B
Recovery Rating 3 4
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
CONSORTIUM MANAGEMENT: Creditors' Proofs of Debt Due on Dec. 18
---------------------------------------------------------------
Consortium Management Planning Pty Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by Dec. 18,
2007, to be included in the company's dividend distribution.
The company will declare its dividend on December 19, 2007.
The company's liquidator is:
Ian Carson
c/- PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
About Consortium Management
Consortium Management Planning Pty Ltd operates employment
agencies. The company is located at Albert Park, in Victoria,
Australia.
CONSTELLATION BRANDS: Starts Exchange Offer for US$700MM Notes
--------------------------------------------------------------
Constellation Brands Inc. has commenced an offer to exchange
US$700 million principal amount of its 7.25% Senior Notes due
2017, which are registered under the Securities Act of 1933 for
all US$700 million of its currently outstanding 7.25% Senior
Notes due 2017, which have not been registered under the
Securities Act of 1933.
The company said it will not receive any proceeds from the
exchange offer, nor will its debt level change as a result of
the exchange offer.
The terms of the Exchange Notes and the Original Notes are
substantially identical in all material respects.
The exchange offer will be open for acceptance until 5:00 p.m.,
New York City time, on Jan. 7, 2008, unless extended. Persons
with questions regarding the exchange offer should contact the
exchange agent, The Bank of New York Trust Company, N.A., at
212-815-2742.
A copy of the prospectus for the exchange offer and related
letter of transmittal, included in the registration statement,
may be obtained by writing to investor relations, at:
Constellation Brands Inc.
Suite 300, 370 Woodcliff Drive
Fairport, NY 14450
About Constellation Brands
Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada, U.K.,
Australia and New Zealand. The company has more than 250 brands
in its portfolio, sales in 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.
* * *
As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: $500
million 8.375% senior unsecured note due Dec. 15, 2014. The
rating outlook is Negative.
DENLIN CONSTRUCTIONS: Declares Dividend for Priority Creditors
--------------------------------------------------------------
Denlin Constructions Group Pty Ltd, which is in liquidation,
declared first dividend for its priority creditors on Dec. 3,
2007.
Creditors who were not able to timely file their proofs of debt
were excluded from the company's dividend distribution.
The company's liquidator is:
Stephen R. Dixon
BDO Kendalls
Chartered Accountants
Level 30, 525 Collins Street
Melbourne, Victoria 3000
Australia
About Denlin Constructions
Denlin Constructions Group Pty Ltd is a general contractor of
single-family houses. The company is located at Canterbury, in
Victoria, Australia.
HASBRO INC: Names Lisa Licht as General Manager for Licensing
-------------------------------------------------------------
Hasbro Inc. has hired Lisa Licht, most recently the Executive
Vice President, Global Marketing Partnerships for Twentieth
Century Fox, as its newly created position of General Manager,
Entertainment & Licensing. Ms. Licht will be based in Los
Angeles.
In this new role, Ms. Licht will look to further strengthen and
deepen Hasbro's already successful track record with the
entertainment industry, while building upon the company's strong
and growing licensing programs around the world, leveraging
Hasbro's brands in a wide variety of consumer-focused
categories.
"Hasbro owns what we believe to be the best portfolio of brands
in the children's and family entertainment business," said Brian
Goldner, Hasbro's Chief Operating Officer. "We are thrilled to
bring Lisa on board - she is a highly-respected entertainment
executive and the right person to lead our accelerated efforts
as we look to create additional immersive brand experiences
beyond traditional toys and games."
"The opportunity to join Hasbro during what I see as a very
dynamic time for the Company is incredibly exciting," said Ms.
Licht. "The success of Transformers -- as an intellectual
property that translated so powerfully into a movie and a highly
successful licensing program -- is just the tip of the iceberg
from my perspective. Hasbro's iconic and unmatched brand
portfolio is truly a 'who's who" when it comes to family
entertainment, and I am eager to help the company leverage these
brands to their fullest potential."
Ms. Licht held several key senior-level posts at Twentieth
Century Fox prior to her appointment as EVP, including Senior
Vice President, Feature Film Promotions and Field Operations;
and Senior Vice President, Marketing, Licensing and
Merchandising.
Prior to joining Twentieth Century Fox, Ms. Licht was Vice
President of Marketing at Mattel, where she managed the
worldwide Barbie doll line.
Ms. Licht is married to producer Andy Licht. They have three
children.
Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech. The company has operations in
Australia, France, Hong Kong, and Mexico, among others.
* * *
Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term. Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.
HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008
--------------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.16 per common share. The dividend will be
payable on Feb. 15, 2008 to shareholders of record at the close
of business on Feb. 1, 2008.
Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech. The company has operations in
Australia, France, Hong Kong, and Mexico, among others.
* * *
Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term. Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.
MICKLETON GROVE: Liquidator Presents Wind-Up Report
---------------------------------------------------
The members and creditors of Mickleton Grove Building Pty Ltd
met on December 10, 2007, and heard the liquidator's report on
the company's wind-up proceeding and property disposal.
The company's liquidator is:
Stephen R. Dixon
BDO Kendalls
Chartered Accountants
Level 30, 525 Collins Street
Melbourne, Victoria 3000
Australia
About Mickleton Grove
Mickleton Grove Building Pty Ltd is involved with residential
construction. The company is located at Melbourne, in Victoria,
Australia.
MOBIUS ELR-01: Fitch Lowers Three Classes of Notes & Affirms 1
--------------------------------------------------------------
Fitch Ratings has downgraded three classes of notes and affirmed
Class A notes for the Mobius Financial Services Pty. Limited
lease receivable asset-backed securities transaction known as
"Mobius ELR-01 Trust".
The complete rating actions are:
-- AU$119.7 million Class A affirmed at 'AAA';
-- AU$30.3 million Class B downgraded to 'BB+' from 'BBB';
-- AU$3.5 million Class C downgraded to 'B/DR1' from 'BB';
and
-- AU$3.7 million Class D downgraded to 'CCC/DR4' from 'B'.
The transaction is collateralized by a pool of lease receivables
that, at the end of October 2007, comprised 13,108 individual
lease receivables with Mobius acting as Master Servicer and
trust manager. The transaction has paid down from initial
outstanding notes of AUD163.3m to a current stated amount of
AU$100.1 million. To date all principal receipts have reduced
the Class A notes to approximately 51% of their initial amount.
Fitch has reviewed the transaction's performance and modeled
forward the prospective outlook for the transaction taking into
account the higher than expected arrears and losses within the
transaction that have negatively impacted the level of excess
spread available to reimburse charge-offs. This reduced level
of excess spread has resulted in the unrated Class E notes being
charged-off significantly, eroding the overall level of credit
support to the rated notes. Additional losses have been
anticipated by Fitch in its analysis, and this will continue to
erode credit support provided by the Class E and Class D notes.
The transaction has suffered from a significant level of
ineligible receivables amounting to AU$3.67 million, that have
to-date, been repurchased by the seller warehouses. Fitch
anticipates further ineligibles will emerge within the remaining
pool. In its analysis Fitch has not provided for the ongoing
support of the seller warehouses to repurchase ineligible
receivables. If additional repurchases were to occur this may
positively impact the ongoing performance of the transaction.
The transaction to-date has suffered gross charge-offs of
approximately 5.5% with excess spread reimbursing approximately
38% of gross charge-offs and ineligible repurchases reimbursing
41% with the remaining net losses being charged-off to the Class
E notes. Gross charge-offs have principally arisen within the
consumer receivables sub-pool originated by Tech Leasing -
approximately 41% of losses, Tech Leasing's commercial equipment
pool - 18% and the commercial equipment lease sub-pool
originated by Enterprise Finance Solutions Pty. Ltd. (EFS) -
31%. These two originators have also seen the highest level of
ineligibles within their pools. Looking forward, additional and
rising losses are also anticipated to be incurred by EFS and
Iden Leasing Pty. Ltd. Receivables from Technology Business
International Pty. Ltd. have performed considerably better than
originally anticipated with no losses incurred to-date.
Fitch will continue to closely monitor the performance of the
transaction.
Fitch's Distressed Recovery (DR) ratings, introduced in April
2006 across all sectors of structured finance, are designed to
estimate recoveries on a forward-looking basis while taking into
account the time value of money. For more information on
Distressed Recovery ratings, see the full report titled
"Structured Finance Distressed Recovery Ratings", which is
available on the Fitch Ratings Web site at
http://www.fitchratings.com/
NMS MANAGEMENT: Liquidator Presents Wind-Up Report
--------------------------------------------------
The members and creditors of NMS Management Services Pty. Ltd
met on December 7, 2007, and heard the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Barry Keith Taylor
B. K. Taylor & Co
8/608 St Kilda Road
Melbourne, Victoria 3004
Australia
About NMS Management
NMS Management Services Pty Ltd provides services allied to
motion picture production. The company is located at Richmond,
in Victoria, Australia.
PONTIFF LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Pontiff Limited met on December 6, 2007, and
heard the liquidator's report on the company's wind-up
proceedings and property disposal.
About Pontiff Limited
Pontiff Limited is a distributor of durable goods. The company
is located at Mount Waverley, in Victoria, Australia.
PREFECT & DUX: Members & Creditors Hear Wind-Up Report
------------------------------------------------------
On December 10, 2007, the members and creditors of Prefect & Dux
Pty Ltd met and heard the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Stephen R. Dixon
BDO Kendalls
Chartered Accountants
Level 30, 525 Collins Street
Melbourne, Victoria 3000
Australia
About Prefect & Dux
Prefect & Dux Pty Ltd is a distributor of durable goods. The
company is located at Melbourne, in Victoria, Australia.
REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan
----------------------------------------------------------------
MacAndrews & Forbes Holdings Inc., Revlon Inc.'s stockholder,
which is owned by Ronald O. Perelman, has agreed to provide
Revlon Inc.'s operating subsidiary, Revlon Consumer Products
Corporation, with a US$170 million Senior Subordinated Term
Loan.
RCPC will use the proceeds of such term loan to repay in full
the US$167.4 million remaining aggregate principal amount of its
8-5/8% Senior Subordinated Notes, which matures on Feb. 1, 2008,
and to pay fees and expenses incurred in connection with such
transaction. RCPC expects to close and fund the US$170 million
Senior Subordinated Term Loan on Feb. 1, 2008.
The US$170 million Senior Subordinated Term Loan from MacAndrews
& Forbes will bear interest at the rate of 11% per annum, which
will be payable quarterly in cash, and will be unsecured and
subordinated to RCPC's senior debt, with a final maturity of
Aug. 1, 2009.
MacAndrews & Forbes beneficially owns approximately 57% of the
company's outstanding Class A common stock, 100% of the
company's Class B common stock and 60% of the company's combined
outstanding shares of Class A and Class B common stock, which
together represent approximately 74% of the combined voting
power of such shares.
About Revlon Inc.
Headquartered in New York City, Revlon Inc. (NYSE:REV) --
http://www.revlon.com/-- conducts its business through its
direct wholly owned operating subsidiary, Revlon Consumer
Products Corporation and its subsidiaries, which manufactures,
markets and sells an array of cosmetics, skincare, fragrances,
beauty tools, hair color and personal care products. The
company is a mass-market cosmetics brand. The company has
international operations in Argentina, Australia, Bermuda,
Brazil, Germany, Spain, the Netherlands and the United Kingdom.
* * *
As reported in the Troubled Company Reporter on Nov. 8, 2007,
Revlon's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.
Net loss in the third quarter of 2007 was US$10.4 million,
compared with a net loss of US$100.5 million in the third
quarter of 2006.
SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant
--------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Tanner LC as their accountants.
As reported in the Troubled Company Reporter on Nov. 8, 2007,
Tanner LC is expected to perform an audit of the Debtors'
consolidated financial statements for the year ending
Oct. 31, 2007, and to assist the Debtors in reviewing their
financial statements and other documents necessary for the
Securities and Exchange Commission submissions.
Kent M. Bowman, an auditor at Tanner LC, told the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000. The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report. For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.
To the best of the Debtors' knowledge, the firm is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services. The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent. The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors. The Debtors'
exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO
----------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware, to employ CFO Solutions LC to provide
their company with a chief financial officer.
As reported in the Troubled Company Reporter on Nov 8, 2007,
CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.
CFO Solutions proposed the appointment of Ken Nielsen as the
Debtors' chief financial officer.
Mr. Nielsen is expected to assist the Debtors in financial and
general management matters, including, evaluating and
implementing strategic and tactical options through the
restructuring process.
Specifically, Mr. Nielsen will:
a) develop and implement cash management strategies
and reporting protocols;
b) develop and evaluate various restructuring
alternatives and negotiate with key creditors and
other stakeholders;
c) assist in day-to-day oversight and management of
the Debtors' operations; and
d) counsel and assist the Debtors through the marketing
and sale process, or other reorganization strategies,
including the identification of the highest and best
transaction, and to assist with such other matters as
may be requested that fall within the firm's expertise
and mutually agreeable.
The Debtors told the Court that the firm will charge US$150 per
hour. Of the total amount, Mr. Nielsen will receive US$105
through the Debtors' payroll and US$45 will be paid to the firm.
The Debtors also related that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.
Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.
If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.
To the best of the Debtors' knowledge, the Mr. Nielsen holds no
interest adverse to the Debtors' and their estates and is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services. The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent. The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors. The Debtors'
exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
SYMBION HEALTH: Healthscope May Attempt Takeover for Third Time
---------------------------------------------------------------
Healthscope Ltd. could make another takeover bid for Symbion
Health Ltd. after its two previous attempts to secure Symbion's
diagnostic assets failed, the Australian Associated Press
reports.
AAP states that Healthscope is considering a number of options
and has "continued to increase its economic exposure to
Symbion.”
The report quotes Healthscope as saying that it is ". . .also
open to discussing with Symbion and Primary Health Care Ltd any
proposal that maximises value for all parties."
Healthscope, which was subject to a temporary contractual
restriction stopping it from talking to Primary without
Symbion's consent until January 26, 2008, had asked to be
released immediately from this obligation, relates AAP.
Healthscope added that Primary's bid must remain open until
January 7, 2008, unless extended, adds AAP.
About Symbion Health
Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business. Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services. The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals). In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.
* * *
On Jan. 30, 2007, Moody's Investors Service placed the Ba1issuer
rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).
ZINIFEX: Xstrata and Oxiana May Launch Takeover Bid, Sources Say
----------------------------------------------------------------
Xstrata Plc might launch a bid for zinc and lead producer
Zinifex Ltd. for AU$9.7 billion, sources revealed to RTT News.
Switzerland-based Xstrata, according to the report, is expected
to make an offer of AU$20.00 per share for Zinifex.
Aside from Xstrata, there were market speculations that rival
Oxiana Resources Ltd. might also launch a bid for Zinifex with 4
Oxiana shares for every 1 Zinifex share, relates RTT.
Zinifex Limited, one of the world's largest integrated zinc
andlead companies -- http://www.zinifex.com/-- is headquartered
in Melbourne, Australia. The company owns and operates two
mines and four smelters. The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China. The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries. More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production. Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.
* * *
On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's'
BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360million (approximately AU$385m). Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.
================================================
C H I N A , H O N G K O N G & T A I W A N
================================================
AGRICULTURAL BANK: Finance Ministry Sells CNY750BB of Bonds
-----------------------------------------------------------
China's finance ministry sold on Dec. 11, 2007, CNY750 billion
(US$101 billion) of 15-year special treasury bonds to
Agricultural Bank of China to raise capital for its sovereign
wealth fund, Li Yanping writes for Bloomberg News, citing a
ministry statement.
According to Trading Markets, the bonds carry an interest rate
of 4.45%. The bonds can be traded in the inter-bank bond market
from December 11, and interest will be paid on June 11 and
December 11 every year. The finance ministry will repay the
principal and pay the last interest on December 11, 2022.
Bloomberg relates that the finance ministry's announcement is
similar to its special bond sales in August, wherein it sold
CNY600 billion of 10-year bonds to Agricultural Bank. The
report recounts that these bonds were later sold to the central
bank to fund the establishment of China Investment Corp., which
is buying US$200 billion of currency reserves.
Bloomberg recalls that China's lawmakers earlier approved a plan
to sell the so-called special government bonds to finance CIC,
which was officially set up in September to help manage and
boost returns on the country's US$1.43 trillion of reserves.
The Chinabond Web site indicated that the government has now
sold about CNY174 billion of the agency's debt to the interbank
market and CNY600 billion to the central bank as part of the
CNY1.55 trillion in scheduled sales by the end of 2007.
Trading Markets notes that after the coming issue, only a
CNY26.09 billion quota will be available out of the 2007
CNY1.55 trillion quota.
The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank. It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.
Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.
According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.
The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.
Fitch Ratings gave the Bank an Individual rating 'E'.
BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2
---------------------------------------------------------------
The Board of Directors of Brown Shoe Company, Inc. has declared
a quarterly dividend of US$0.07 per share, payable Jan. 2, 2008,
to shareholders of record on Dec. 20, 2007.
This dividend will be the 340th consecutive quarterly dividend
paid by the company.
Headquartered in St. Louis, Missouri, Brown Shoe Company Inc.
(NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion
footwear company with global operations including Brazil, Italy,
China, Hong Kong, and Taiwan. Brown Shoe's Retail division
operates Famous Footwear, the 1,000-store chain that sells brand
name shoes for the family, approximately 300 specialty retail
stores in the U.S. and Canada under the Naturalizer, FX LaSalle,
and Franco Sarto names, and Shoes.com, the company's e-commerce
subsidiary. Brown Shoe, through its wholesale divisions, owns
and markets footwear brands including Naturalizer, LifeStride,
Via Spiga, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney
and Nickelodeon character footwear for children.
* * *
On April 2007, Moody's Investors Service changed the outlook of
Brown Shoe Company, Inc., to positive from stable and affirmed
its Ba3 corporate family rating on the company.
Moody's Investor Services placed Brown Shoe Company Inc.'s
probability of default rating at 'Ba3' in September 2006.
Moody's said the rating still hold to date with a positive
outlook.
DANA CORP: Announces Selection List for Board of Directors
----------------------------------------------------------
Dana Corporation has announced the selection of nine individuals
who are expected to serve as members of the board of directors
of the company upon emergence from Chapter 11 reorganization.
The board will include Dana Chairperson and Chief Executive
Officer Mike Burns. At emergence, it is expected that the
offices of Chairperson and CEO will be separate.
"We are pleased to welcome this group of highly respected
individuals to the Dana team and look forward to benefiting from
their perspective and guidance as we embark on our new
beginning," Mr. Burns said. "The combined experience, business
acumen, and high ethical standards represented by this board
will provide a sound foundation for our future success."
The board, which has been selected by creditors and new
investors, assembles distinguished leaders from government,
finance, and automotive backgrounds. Collectively, the board
represents more than 170 years of automotive industry
experience.
Proposed New Board of Directors
Upon confirmation of the company's Plan of Reorganization by the
Court, the board of directors will take office on the effective
date of the plan. Joining Mr. Burns on the board will be:
Gary L. Convis has retired in 2007 as the Chairperson of Toyota
Manufacturing, Kentucky and Executive Vice President of Toyota
Motor Engineering & Manufacturing North America, Inc., where he
had served since 2002. Prior to serving in these roles, Mr.
Convis spent 16 years at New United Motor Manufacturing, Inc.
Mr. Convis also spent more than 20 years in various roles with
General Motors Corporation and Ford Motor Company. Mr. Convis
is also a board member of Cooper-Standard Automotive Inc. and
Compass Automotive Group, Inc.
John M. Devine is the former Vice Chairperson and Chief
Financial Officer of General Motors Corporation, where he served
from 2001 to 2005. Prior to joining GM, Mr. Devine served as
Chairperson and CEO of Fluid Ventures, LLC. Previously, he
spent 32 years at Ford Motor Company, where he last served as
Executive Vice President and CFO. Mr. Devine is also currently
a board member of Amerigon Incorporated.
Mark T. Gallogly is Managing Partner of Centerbridge Partners,
L.P., a multi-strategy private investment firm. Prior to co-
founding Centerbridge, Mr. Gallogly served as a Senior Managing
Director of The Blackstone Group from 1994 to 2005, heading the
firm's Private Equity Group from 2003 to 2005.
Richard A. Gephardt is a senior counsel in the Government
Affairs practice group at DLA Piper, one of the world's largest
law firms. Previously, Mr. Gephardt served as a Congressman for
Missouri's Third Congressional District for 28 years. He was
the leader of the House Democrats for more than a decade,
serving as House majority leader from 1989 to 1994 and minority
leader from 1995 to 2003.
Stephen J. Girsky is President of Centerbridge Industrial
Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was
the Special Adviser to the CEO and CFO of General Motors
Corporation from 2005 to 2006. Prior to joining GM, Mr. Girsky
was managing director at Morgan Stanley and the senior analyst
of the Morgan Stanley Global Automotive and Auto Parts Research
Team.
Terrence J. Keating is Chairperson of Accuride Corporation, one
the largest and most diversified manufacturers and suppliers of
commercial vehicle components in North America. He has served
as CEO and a director of Accuride Corporation since 2002, and
was named Chairperson of the company earlier this year. He
recently announced plans to retire from active employment as an
officer of the company at the end of 2008. Mr. Keating also
serves as Vice Chairperson and a director of the Heavy Duty
Manufacturers Association.
Mark A. Schulz is the former President of International
Operations of the Ford Motor Company, where he spent 32 years in
a variety of global roles. Mr. Schulz serves as a member of
several boards, including the National Committee of United
States-China Relations, the United States-China Business
Council, and the National Bureau of Asian Research. He is also
a member of the International Advisory Board for the President
of the Republic of the Philippines. Mr. Schulz is also
currently a board member of YRC Worldwide Inc.
Jerome B. York has served as Chief Executive Officer of
Harwinton Capital LLC, a private investment company that he
controls, since 2000. From 2000 to 2003, Mr. York was
Chairperson and CEO of MicroWarehouse, Inc. From 1995 to 1999,
he served as Vice Chairperson of Tracinda Corporation. He
served as Senior Vice President and Chief Financial Officer of
IBM Corporation from 1993 to 1995. Prior to that, Mr. York
spent 14 years at Chrysler Corporation serving as its CFO from
1990 to 1993. Mr. York is also currently a director of Apple
Inc. and Tyco International Ltd.
About Dana
Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies. Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan. The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.
DANA CORP: Personal Injury Committee Objects to Plan
----------------------------------------------------
The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp.'s contention that the asbestos personal
injury claimants are not impaired by the Third Amended Joint
Plan of Reorganization.
According to Douglas T. Tabachnik, at Law Offices of Douglas T.
Tabachnik, in Freehold, N.J., the Debtors have failed to
demonstrate that the asbestos personal injury claimants are not
impaired. He elaborates that under the Plan, the Debtors can
engage in Court-sanctioned Restructuring Transactions that could
readily leave holders of asbestos personal injury claims with
little or no meaningful remedy for injuries.
A Restructuring Transaction can extinguish a Reorganized
Debtor's obligation to pay asbestos injury claims and the
successor Acquiring Entity would have no obligation to assume
those liabilities, Mr. Tabachnik points out. Accordingly, the Ah
Hoc Committee of Asbestos Personal Injury Claimants asserts that
the Plan should not be confirmed.
Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies. Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007. On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan. The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.
FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
------------------------------------------------------------
Fiat S.p.A. decided to commit itself to complete the integration
of the Pomigliano plant into the Fiat Group Automobiles
manufacturing system.
According to the company, the commitment will be realized
through a plan of technological investments worth a total of
EUR70 million.
The investments will be flanked by intensive training programs
for employees and they are in addition to the other EUR40
million in extra costs stemming from the suspension of
production necessary to realize the plan.
Fiat's objective is to bring this plant to best-in-class
performance levels and ensure that it will be able to meet the
conditions necessary for the allocation of production of new
future models.
Normal working activities at the plant will be suspended for
around two months, from Jan. 7 to March 2, 2008, in order to
process in accordance with the world class manufacturing
principles currently applied at all the group's facilities.
In the same period, employees will receive training.
Fiat group will bear all costs of the temporary shutdown,
including wages and associated social security contributions.
As regards the manufacturing process, the plant organization
will be thoroughly rationalized, eliminating the trim shop and
incorporating all vehicle prep areas in the final assembly line.
Closure panel hemming, Alfa 159 body framing and all quality
activities will be housed in a single building.
In the next twelve to fifteen months, the company will make
investments aimed at boosting efficiency at the plant and
improving workers' safety and the facilities provided to them.
The work called for by the plan will be carried out by outside
contractors, and is expected to involve over 900 contractor
employees.
With this initiative, the Fiat underscores its strong
determination to do everything possible, in organizational and
financial terms, to guarantee that the plant can continue to
exist, and continue to grow.
At the same time, the contribution of all employees is
absolutely essential to achieve our development objectives.
Fiat expects that in 2008, once the operation is completed,
Pomigliano to have turned into a manufacturing plant which can
go head to head with its best competitors.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.
The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.
PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks
-------------------------------------------------------------
The Venezuelan government has given Belarus' state-oil company
approval to operate three more oil blocks in order to produce
50,000 barrels of oil per day, Matthew Walter at Bloomberg News
reports. Petroleos de Venezuela and Belarus Neft are already in
partnership in Junin I block, which requires a US$120-million
investment to drill nine wells.
The bilateral oil pact was inked Thursday by Presidents Hugo
Chavez and Alexander Lukashenko. Other agreements that the two
leaders agreed on involved deepening military and trade ties,
the same report adds.
"The international media dictatorship... calls him 'Europe's
last dictator,' and me the last dictator of Latin America. Here
we are, the last dictators," President Chavez said, laughing,
according to the Associated Press. "They demonize us ...
(because) we're leading a process of liberating our nations,
uniting our nations."
Both leaders are opponents of the U.S. government, which calls
them tyrants and destabilizing factors.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
SEA WAVE: Appoints New Liquidators
-----------------------------------
The members of Sea Wave International Limited appointed Chan Chi
Ho and Lau Wai Fung as the company's liquidator.
The Liquidators can be reached at:
Chan Chi Ho
Lau Wai Fung
Room 1501, Eastern Com Building
397 Hennessy Road, Hong Kong
SYSTEM-PRO: Liquidators Quit Post
---------------------------------
On October 30, 2007, Ying Hing Chui and Chung Mui Yin, Diana,
stepped down as liquidators for Systems-Pro Computers Limited,
which is undergoing liquidation.
TIBET SUMMIT: Nine-Month Loss Hits CNY57MM; Sees Loss for FY2007
----------------------------------------------------------------
Tibet Summit Industry Co., Ltd., incurred a net loss of
CNY57 million for the nine-month period ended September 30,
2007, up from the CNY26.3-million net loss it recorded for the
same period in 2006, Reuters Key Developments reports.
The report notes that Tibet Summit's revenues for the nine-month
period totaled CNY546.1 million, up from the CNY5.1 million
recorded for the nine-month period the previous year.
Revenues reflect increased steady growth of the new business in
metal mining, while the net loss was offset by much higher
selling, general and administrative expenses, increased
investment loss, and increased non-operating expense, Reuters
relates.
Tibet Summit disclosed that it expects to report a loss for
fiscal 2007 guidance, despite the company having experienced a
net profit of CNY1,076,064.26 for FY2006.
About Tibet Industry
Tibet Summit Industry Co., Ltd. is principally engaged in the
smelting, production and sale of non-ferrous metal such as zinc
and indium, as well as related products. The Company produces
zinc sulphate, indium, zinc ignot, zinc oxide, sulphuric acid
and others. The Company operates its businesses mainly in
northwestern China. As of December 31, 2006, the Company had one
major subsidiary, engaged in the production and sale of indium
and related products, and two associates, of which one was
engaged in the sale of tax-exempt imported and domestic
commodities. The Company is headquartered in Lhasa, Tibet
Autonomous Region, China.
The Troubled Company Reporter-Asia Pacific “Large Companies
with Insolvent Balance Sheets” column on Dec. 7, 2007, listed
Tibet Summit Industry (600338) as having total assets of
US$90.92 million and total shareholders' equity deficit of
US$4.05 million.
TOP SPEED HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
Top Speed Holdings Limited commenced liquidation proceedings on
November 27, 2007.
The company's liquidator is:
Yuen Sik Ming, Patrick
805 Capitol Centre
5-19 Jardine's Bazaar
Causeway Bay, Hong Kong
YAN WING: Members Final Meeting Slated for January 18
-----------------------------------------------------
The members of Yan Wing Fibre & Accesory Company Limited will
have their final general meeting on January 18, 2008, at
10:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.
The meeting will be held at 21st Floor, Fee Tat Commercial
Centre No. 613, Nathan Road, in Kowloon, Hong Kong.
=========
I N D I A
=========
AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures
----------------------------------------------------------------
AES Corp.'s Brazilian power distributor AES Eletropaulo said in
a filing with securities regulator Comissao de Valores
Mobiliarios that it has began selling non-convertible debentures
of up to BRL200 million.
According to AES Eletropaulo's filing, the firm will use the
proceeds from the sale in distribution operations.
AES Eletropaulo told Business News Americas that "the 11-year
notes will yield Brazil's interbank lending rate, plus 1.75% a
year."
Investors will get the proceeds every six months beginning May
next year, BNamericas states.
About AES Eletropaulo
AES Eletropaulo is a distributor serving in Sao Paulo, Brazil.
It has 4.6 million clients and serves an estimated 14 million
people in its 4,526sq km concession area. In terms of revenues,
it is the largest electricity distributor in Latin America.
About AES Corp.
AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries. Specifically, it also has operations
in India. Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.
As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million. LGD assessments are subject to change pending
the final capital structure.
As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017. AES' long-term Issuer Default Rating
is rated 'B+' by Fitch. Fitch said the rating outlook is
stable.
AXIS BANK: S.B. Mathur Quits Director Post Effective Dec. 6
-----------------------------------------------------------
S. B. Mathur, the nominee director of Specified Undertaking of
the Unit Trust of India, has resigned as director of Axis Bank
Ltd, a regulatory filing with the Bombay Stock Exchange says.
The move is consequent on his handing over charge as
administrator of SUUTI.
According to the BSE filing, the resignation took effect on
Dec. 6, 2007.
Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank. The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers. The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.
* * *
The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on July 1,
2005.
DECCAN AVIATION: To Operate Separately After Kingfisher Merger
--------------------------------------------------------------
Deccan Aviation Ltd will operate separately from UB Group's
Kingfisher Airlines even after the two carriers are merged,
various reports say, citing Deccan Executive Chairmn Captain
Gopinath. UB Group owns nearly 46% stake in Deccan.
According to Captain Gopinath, they will only focus on
rebranding the airlines. Post merger, UB Group will run as full
service airline while Deccan will operate as low cost carrier,
the Press Trust of India relates.
As previously reported by the Troubled Company Reporter-Asia
Pacific, management consultancy firm Accenture was tapped to
find operational synergies between the two airlines. The firm
is expected to spell out in January the road map that the two
airlines have to undertake to turn themselves into profitable
entities.
Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector. Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.
In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.
ESSAR OIL: Plans to Acquire 50% Stake in Kenyan Refinery
--------------------------------------------------------
Essar Oil Ltd is eying a 50% stake in Kenya Petroleum Refinery
as part of its move to go global and diversify its market,
various reports say.
According to The Financial Express, the Essar Group has
initiated talks for the refinery in which the government of
Kenya owns a 50% interest. The other 50%, which Essar is
eyeing, is held by Chevron, Royal Dutch/Shell and British
Petroleum. The Kenyan refinery, located in Mombassa, has an
annual capacity of four million tonnes.
Reliance Industries and Bharat Petroleum Corporation are also
reportedly in the race for the 50% stake.
The Economic Times, however, said Essar Oil is very close to
sealing the deal. Citing a source close to developments, the
Times said the deal will probably be announced within the week.
Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas. The company's
principal activities are to develop, explore, produce, and
refine oil and gas. Vadinar Power Company Limited is a wholly
owned subsidiary of the company.
On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited. The
rating indicates that the instruments are in default.
ICICI BANK: Offers Tax Concessions to NRO Deposits
--------------------------------------------------
ICICI Bank has launched a new Non-Resident Ordinary deposit
feature, NRO Fixed Deposit Plus. This new feature introduced by
the Bank's NRI Services division will enable NRI's to maximize
their post tax yield on NRO FDs.
With this, ICICI Bank has made available the benefit of
concessional rate of Tax Deducted at Source under the Double
Taxation Avoidance Agreement as a standard product feature to
its NRI customers. ICICI Bank will offer this feature initially
to NRI's from countries including the U.S., U.K., Canada and
Singapore.
Manish Misra, Head-NRI services and Remittances, ICICI Bank,
said “Fixed Deposits have a steady place in any asset allocation
mix. In a well-balanced asset allocation strategy, the share of
such investments will be in double digits. And, depending on
the risk profile of the investor, this may vary from 5%- 50% of
the portfolio. In the current scenario, bank deposits offer one
of the safest, convenient and yet an attractive investment
option for all. For NRIs, Non Resident (Ordinary) bank deposits
generate the best guaranteed rupee returns”.
However, the plain vanilla NRO deposits, which earn interest
equal to the high yield resident deposits, unfortunately are not
eligible for the statutory tax benefits enjoyed by NRE /FCNR
deposits. Currently, interest on NRO FD is subject to a tax of
30.9 to 33.9% if DTAA benefit is not allowed. Also, such a tax
is deducted at source on plain NRO FDs. This makes the post tax
yield on plain NRO deposits relatively unattractive for a savvy
investor.
For example, a plain NRO FD giving an 8.5% interest rate p.a.,
gives a post tax yield of 6% (TDS being deducted @ 30.9%).
However, with the DTAA provisions applied to a similar NRO FD,
ICICI Bank's NRI customers will be entitled to a lower TDS of
15% subject to fulfillment of prescribed conditions resulting in
an effective post tax return of approx. 7.4%. A post-tax return
of 7.4% on a safe and secure NRO FD plus will be a boon to
investment-savvy NRIs.
Customers can visit the nearest ICICI Bank branch for investing
in these high yield deposits.
Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance. It also has
interests in the software development, software services and
business process outsourcing businesses. The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others. It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.
* * *
Fitch Ratings gave ICICI a 'C' Individual Rating.
On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.
IFCI LTD: Fixes Dec. 17 as Date to Determine Conversion Price
-------------------------------------------------------------
IFCI Ltd has set Dec. 17, 2007, as the date for determining the
price of shares to be issued on conversion into equities of zero
coupon bonds, the Indian Express reports.
Coupon bonds aggregating around INR1,300 held by public sector
banks and financial institutions will be converted into the
company's shares at a price that will be determined on Monday as
per SEBI guidelines. The exact number of shares to be issued on
conversion is yet to be determined after the relevant date.
IFCI's board of directors has recently gave its nod on the
proposed conversion of all optionally convertible bonds given to
the public sector banks into equity and maintain the hold of
state-run insurance firms at the present level of over 13%, The
Financial Express relates.
The board has also fixed Dec. 14 as the last date of receiving
financial bids for the 26% stake in the company, the Indian
Express says. The board is expected to induct the strategic
investor by Dec. 20.
IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector. The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services. Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project. Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore. The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.
Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'. The outlook on the rating is stable.
IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems
------------------------------------------------------------
IMAX Corporation and AMC Entertainment Inc. enter a joint-
venture agreement to install 100 IMAX(R) digital projection
systems at AMC locations in 33 major U.S. markets. The theatres
will feature IMAX's digital projection system which is being
developed for the IMAX MPX(R) theatre design. The agreement is
projected to double IMAX's current commercial theatre footprint
in North America and accelerates the momentum behind IMAX and
AMC's transition to digital projection technology.
"We are committed to delivering a premium entertainment
experience by offering a menu of entertainment alternatives
inside our facilities," Peter C. Brown, chairman and chief
executive officer, AMC Entertainment Inc., said. "Our expanded
relationship with IMAX and the deployment of its state-of-the-
art, next-generation digital projection systems is a key part of
our strategy of continuing to broaden and enhance the AMC
experience. It also builds on the successful partnership we
have had with IMAX since June of 2005 and complements our
overall digital plan."
The rollout of the first 50 IMAX digital projection systems will
begin in July 2008 at premier AMC theatre locations in 24 of the
33 selected markets, with an additional 25 scheduled for rollout
in 2009 and 25 more in 2010.
The IMAX theatres are slated to be installed in many of AMC's
top-performing locations in the United States, including: AMC
South Barrington 30, Chicago; AMC Mesquite 30, Dallas; AMC Gulf
Pointe 30, Houston; AMC Century City 15, Los Angeles; AMC Empire
25, New York; AMC Neshaminy 24, Philadelphia; AMC Eastridge 15,
San Francisco; AMC Hoffman Center 22, Washington D.C.
"The agreement cements a partnership between two great brands,”
IMAX co-chairmen and co-CEOs Richard L. Gelfond and Bradley J.
Wechsler, said. “Partnering with AMC in a theatre deal of this
size and scope is a transformational moment for our company from
both a financial and strategic perspective. We couldn't be more
pleased that The IMAX Experience(R) will be more accessible to
consumers in nearly every major market in the United States.
“AMC is unique in the number of successful, stadium-seat
megaplexes in locations that could accommodate this large number
of new IMAX(R) theatres,” they continued. “Further, AMC's
confidence in our digital projection system is a terrific
endorsement. We look forward to rolling out our ground-breaking
new technology and delivering the premium experience that
moviegoers have come to expect from the IMAX(R) brand."
In October of this year, IMAX disclosed that it had moved up the
launch date of its digital projection system to mid-2008 from
its anticipated timeframe of the end of 2008 to mid-2009. The
anticipated IMAX digital projection system will further enhance
The IMAX Experience and help to drive profitability for studios,
exhibitors and IMAX theatres by virtually eliminating the need
for film prints, increasing program flexibility and ultimately
increasing the number of movies shown on IMAX screens.
IMAX has already secured important parts of its film slate for
2008, 2009 and 2010 through agreements with major Hollywood
studios including: The Spiderwick Chronicles (February 2008),
Shine A Light (April 2008), Kung Fu Panda (June 2008), The Dark
Knight (July 2008), Deep Sea-quel 3D (working title, February
2009), Monsters vs. Aliens 3D (March 2009), How to Train Your
Dragon 3D (November 2009), Hubble 3D (working title, February
2010) and Shrek Goes Forth 3D (May 2010).
"An agreement of this magnitude significantly jumpstarts our
joint venture initiative, which we expect will generate
increased recurring revenues for IMAX going forward,” added
Messrs. Gelfond and Wechsler. “AMC's decision to enter into
this agreement will accelerate the growth of our theatre network
in North America and should help power the digital transition
underway at our company, which we believe will help drive our
operating and financial performance for years to come."
AMC's initial 50 IMAX digital locations will include:
MARKET AMC THEATRE
------ -----------
Atlanta AMC Barrett Commons 24
AMC Southlake Pavilion 24
Baltimore AMC Columbia Mall 14
AMC Loews White Marsh 16
Boston AMC Loews Boston Common 19
Charlotte AMC Concord Mills 24
Chicago AMC South Barrington 30
AMC Loews Crestwood 18
Cincinnati AMC Newport on the Levee 20
Dallas AMC Mesquite 30
Denver AMC Highlands Ranch 24
AMC Orchards 12
AMC Westminister Promenade 24
Houston AMC First Colony 24
AMC Gulf Pointe 30
Jacksonville AMC Orange Park 24
AMC Regency Square 24
Kansas City AMC BarryWoods 24
AMC Independence Commons 20
Los Angeles AMC Burbank 16
AMC Century City 15
AMC Del Amo 18
AMC Promenade 16
AMC Puente Hills 20
AMC Santa Anita 16
Miami AMC Aventura 24
AMC Sunset Place 24
New Orleans AMC Elmwood Place 20
New York AMC Loews 34Th Street 14
AMC Empire 25
AMC Loews Kips Bay 15
AMC Rockaway 16
AMC Loews Stony Brook 17
AMC Loews Monmouth Mall 15
Norfolk AMC Lynnhaven 18
Orlando AMC Altamonte Mall 18
Philadelphia AMC Loews Cherry Hill 24
AMC Hamilton 24
AMC Neshaminy 24
Pittsburg AMC Loews Waterfront 22
San Diego AMC Palm Promenade 24
San Francisco AMC Bay Street 16
AMC Eastridge 15
AMC Mercado 20
Seattle AMC Loews Alderwood 16
AMC Southcenter 16
Tampa AMC Veterans Expressway 24
Washington D.C. AMC Hoffman Center 22
AMC Potomac Mills 18
AMC Tysons Corner 16
About AMC Entertainment Inc.
Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is an innovative theatrical
exhibition company. Established in 1920, the company serves
more than 230 million guests annually through interests in 358
theatres with 5,128 screens in six countries.
About IMAX Corporation
Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection. IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films. IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.
* * *
Moody's Investor Services placed IMAX Corporation's long term
corporate family and probability of default ratings at 'Caa1' in
July 2007. The ratings still hold to date with a positive
outlook.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: Signs EUR90-Mil. Turnkey Deal w/ Tele Greenland
---------------------------------------------------------------
Alcatel-Lucent has signed a EUR90 million turnkey contract with
Tele Greenland to deploy a 4,600-kilometer submarine cable
network linking Greenland to Iceland and Canada. The new cable
network, called Greenland Connect, is expected to provide
international and domestic connectivity to meet the growing
bandwidth requirements for new applications -- including video,
data, and other multimedia services -- to serve Tele Greenland's
users. The project should be completed before the winter season
of 2008.
The Greenland Connect network will consist of two main sections
or trunk cables: the first one will span 2,500 kilometers from
Nuuk in Greenland to Milton in Newfoundland and the second will
link Nuuk and Qaqortoq to Landeyarsandur in Iceland over 2,100
kilometers. Each of the trunk cables will be equipped with
branching units allowing for future connections north of Nuuk
and also for a direct connection from Newfoundland to Iceland.
Greenland Connect will offer an ultimate capacity of up to 96 by
10Gbit/s.
The network will enable businesses and consumers to benefit from
services such as broadband Internet and video conferencing.
Tele Greenland will also be able to further enhance its end-to-
end offering for voice and data network hubs, call centers and
advanced multimedia applications for maritime safety and
emergency communications.
"According to our vision, 'Greenland in the Centre of the
World', we have to address increased connectivity requirements,
while minimizing our operational costs and guaranteeing
performance continuity at the highest level possible. The
Greenland Connect cable will provide Greenland with a place on
the worldwide Internet network, and direct access to American
and European markets" said Tele Greenland Chief Executive
Officer, Brian Buus Pedersen. "Alcatel-Lucent's submarine
solutions offer the flexibly and reliability our customers
require to support the cost-effective delivery of innovative
services."
"The severe weather conditions of Greenland and the North
Atlantic Ocean make this project very challenging," stated
President of Alcatel-Lucent's submarine network activity, Jean
Godeluck. "Our selection for this project is based on our
ability to manage from the most simple to the most
complex turnkey projects and deliver it on time."
About Tele Greenland
For more than 75 years, TELE Greenland Inc. has provided
telecommunications and marketed telecom and IT-solutions in
Greenland. The telecom division operates telecommunications
activities in Greenland according to a concession granted by the
Greenland Home Rule Government. With a total area of 2,2
million Sq. km, Greenland is the largest island in the world, 10
times the size of The United Kingdom and part of the North
American continent. Greenland has a population of 57,000 people
located along the west and east coast of the island in 17 towns
and 55 settlements.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides
solutions that enable service providers, enterprises and
governments worldwide to deliver voice, data and video
communication services to end users. Alcatel-Lucent maintains
operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru,
Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On
Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent. The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1. At the same
time, Moody's affirmed its Not-Prime rating for short term debt
of Alcatel-Lucent. Moody's outlook for the ratings is stable.
BAKRIE SUMATERA: To Buy Two Plantation Firms for IDR1.05 Tril.
--------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has decided to acquire two
plantation companies, which has a total area of 20,000 hectares,
Reuters Investing Keys reports citing Bisnis Indonesia.
According to the report, the company will buy the plantations at
the price of IDR1.05 trillion.
Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera
Plantations Tbk is Indonesia's third largest largest publicly
traded plantation company. It is 54% owned by PT Bakrie &
Brothers Tbk, and its products include crude palm oil, palm
kernel oil and latex. It was listed in 1990 on the Jakarta
Stock Exchange.
BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating. The outlook is stable.
The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Standard & Poor's Ratings Services affirmed its 'B'
corporate credit ratings on Indonesia's PT Bakrie Sumatera
Plantations Tbk. The outlook is stable.
On Sep 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.
BAKRIE SUMATERA: Sets FY2007 Net Profit and 2008 Revenue Targets
----------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk expect its fiscal-year 2007
net profit to be between IDR210 billion to IDR220 billion,
Reuters Investing Keys reports citing Bisnis Indonesia.
The company also sees its fiscal year 2008 revenue to be IDR1.7
trillion, the report adds.
According to Reuters Estimates, analysts on average expect the
company's fiscal year 2007 net profit to be IDR228,886,700
million and fiscal year 2008 revenue to be IDR2,030,640 million.
Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company. It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex. It was listed in 1990 on the Jakarta Stock Exchange.
BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating. The outlook is stable.
The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Standard & Poor's Ratings Services affirmed its 'B'
corporate credit ratings on Indonesia's PT Bakrie Sumatera
Plantations Tbk. The outlook is stable.
On Sep 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.
BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating
-------------------------------------------------------------
Moody's has confirmed BearingPoint Inc.'s B2 corporate family
rating and assigned a negative rating outlook. In doing so,
Moody's has concluded its review for possible downgrade of the
company's ratings. The B2 rating confirmation is supported by
the likelihood that, irrespective of a potential further
slowdown in the United States economy, the company's Public
Services, EMEA, and Asia Pacific divisions will continue to
provide support for the company's overall revenue growth and
achievement of operating profitability. The confirmation also
reflects the likelihood that the company will continue reduce
its high finance, accounting, and infrastructure costs, raise
staff utilization levels, and lower capital expenditures,
thereby improving its overall financial operating performance.
On Dec. 3, 2007, the company reestablished and expects to
maintain current financial reporting status.
The corporate family rating is constrained by the company's
large operating losses and negative free cash flow, the project
consulting industry's exposure to economic cyclicality,
including the current downturn in the U.S. financial services
sector, the company's high, but declining, finance and
accounting costs, and its near-term potential debt refinancing
needs related to an April 2009 investor put option on US$200
million convertible bonds.
The negative rating outlook reflects the company's exposure to
economic cyclicality and the potential that a more severe U.S.
economic downturn could offset substantial near-term improvement
to its financial performance.
In addition to the rating confirmation, Moody's assigned a
short-term SGL-3 liquidity rating to the company that reflects
substantial negative free cash flow in the trailing twelve
months ended Sept. 30, 2007, prospects for achieving positive
free cash flow over the next twelve months, and a heavy reliance
on cash balances and on previously obtained external sources of
financing. The company has a US$500 million credit facility
(US$300 million drawn term loan and US$200 LOC facility) and is
in compliance with the covenants of this facility. The
covenants require the company to file its financial statements
with the SEC on a timely basis subsequent to Oct. 31, 2008. As
of Sept. 25, 2007, cash balances were US$431 million.
BearingPoint fortified its cash balances in May 2007 with US$300
million proceeds from its term loan offering. Potential near-
term liquidity needs include potential debt refinancing needs
related to an April 15, 2009, investor put option date on its 5%
US$200 million senior subordinated convertible notes.
The Caa1 rating for the Series A and B Unsecured Subordinated
Convertible Notes reflects their un-guaranteed and junior
position as holding company instruments within the company's
capital structure. These notes are subordinate to the US$300
million secured term loan, issued May 2007, the US$200 million
5.0% senior subordinated convertible notes, as well as to other
operating liabilities considered to be senior in priority of
claims, including its trade payables, operating leases, and
under-funded German pension program. The ratings for these A
and B Notes has been downgraded to Caa1 from B3, reflecting the
addition of the senior secured term loan into the company's
capital structure since the initiation of the review for
possible downgrade.
Rating Confirmed:
-- Corporate Family Rating B2
Ratings Assigned:
-- Short-Term Liquidity Rating SGL-3
Ratings Downgraded:
-- US$250 million Series A Subordinated Convertible Notes to
Caa1 from B3 (LGD5, 86%)
-- US$200 million Series B Subordinated Convertible Notes to
Caa1 from B3 (LGD5, 86%)
Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide. The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.
BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.
The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.
EXCELCOMINDO: To Sell 7,000 units of Base Transceiver Stations
--------------------------------------------------------------
PT Excelcomindo Pratama plans to sell 7,000 units of its base
transceiver stations, which are estimated to be worth
IDR7 trillion, various reports say.
President Hasnul Suhaimi told Antara News that the company
has hired Goldman Sachs as the sales arranger.
According to Teleography News, the transaction is expected to be
completed in April 2008.
Last month, Teleography recounts, Excelcom said it was seeking
to raise US$950 million through bonds and borrowing to repay
existing debt and fund the continuing expansion of its wireless
networks and services.
As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 29, 2007, Excelcomindo Pratama's shareholders convened a
extraordinary general meeting on Nov. 23, 2007, and resolved
to approve the company's plan to obtain new borrowings in the
aggregate amount not exceeding US$950,000,000 through one or a
number of transactions in the form of bilateral credit facility,
syndicated credit facility, and/or through issuances of bonds
and/or other debts instruments, denominated in foreign
currencies and/or Rupiah. According to Teleography, the
company believes the move, which was approved by shareholders on
Nov. 25, is vital in an intensely competitive mobile market.
Around US$350 million will be set aside for network expansion
and the remainder will be used to reduce debt, Teleography
adds.
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service has upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3. The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.
At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.
On Oct. 03, 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating on Indonesia's cellular
operator, Excelcomindo Pratama, on CreditWatch with negative
implications following the disclosure that its parent, Telekom
Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency
A/Watch Neg/--), intends to separate its cellular and
international operations from its fixed-line business. At the
same time, Standard & Poor's 'BB-' rating on Excelcomindo's
outstanding senior unsecured notes has been placed on
CreditWatch with negative implications.
On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long- term Foreign Currency and Local Currency
Issuer Default Ratings at 'BB-'. The Outlook remains Stable.
At the same time, Fitch has affirmed the 'BB-' rating on its
senior unsecured notes programme.
EXCELCOMINDO PRATAMA: S&P Affirms 'BB-' Corporate Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said today it affirmed its
'BB-' corporate credit ratings on Indonesian cellular operator,
PT Excelcomindo Pratama Tbk, and removed them from CreditWatch
with negative implications. The outlook is stable. The 'BB-'
ratings on all foreign currency senior unsecured debt were also
affirmed.
The ratings were placed on CreditWatch with negative
implications on Oct. 1, 2007, following XL's parent company
announcement that it planned to spin off its cellular and
international operations. The ratings on Excelcomindo no longer
factor in the potential financial support from the
parent company, Telekom Malaysia Bhd. (foreign currency A-
/Positive/--; local currency A/Stable/--). Telekom Malaysia's
outstanding debt securities, which have a cross default clause
to its subsidiaries, will not be applicable to XL post–demerger,
as the latter will be transferred to the new cellular entity.
The rating on XL reflects the company's aggressive capital
expenditure program, increasing competition in the wireless
market, and significant foreign currency exposure. These
factors are partially offset by XL's established costumer base
and improved network coverage, and by its strong domestic
wireless growth prospects. "The ratings actions are based on
XL's improvement in business risk profile following the
company's expanded network coverage and greater economies of
scale," said Standard & Poor's credit analyst Yasmin Wirjawan.
"This action also reflects expectations that XL's credit metrics
will remain within the current rating category, despite high
capital spending in the near term."
XL's liquidity is adequate. The company had cash and cash
equivalent of IDR0.6 trillion at Sept. 30, 2007, with no debt
due in one year. As of Sept. 30, 2007, it had unused committed
facilities equivalent to approximately US$150 million, which
will be used largely to finance its capital expenditures.
"The outlook or rating will be negatively pressured if there is
a material deterioration in the company's operating performance
and higher-than-anticipated debt for capital spending that
results in material deterioration of its financial metrics,
including debt to EBITDA of 3.5x or above on a sustainable
basis. On the other hand, an upgrade will be considered
if the company is able to improve its financial metrics,
including debt to EBITDA at about 2x," Ms. Wirjawan noted.
About Excelcomidndo
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes
-------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed the results of a
previously announced offer to exchange its outstanding 4.00%
Convertible Senior Notes due June 15, 2034, for a cash payment
and shares of its common stock.
Note holders tendered approximately US$346 million aggregate
principal amount of convertible notes in exchange for
approximately 28.7 million shares of common stock plus a total
cash payment of approximately US$23 million. Approximately 99
percent of the principal amount of the outstanding convertible
notes was tendered in the exchange offer. A total of
approximately US$4 million principal amount of convertible notes
remains outstanding.
"This successful exchange offer eliminates approximately $346
million in debt from our balance sheet and reduces our annual
interest expense by approximately US$14 million," said
W. Mark Schmitz, executive vice president and chief financial
officer. "This exchange is another step in our debt reduction
process and helps us move closer to our next stage metrics."
The exchange offer, which expired at 5 p.m. New York City time
on Dec. 5, 2007, allowed note holders to receive the same number
of shares of Goodyear's common stock as they would have received
upon conversion of the convertible notes in accordance with
their current terms, plus a cash payment, including accrued and
unpaid interest.
The exchange offer was made pursuant to a prospectus, dated
Nov. 30, 2007, contained in a registration statement filed by
Goodyear with the Securities and Exchange Commission, which was
declared effective on Nov. 20, 2007. Copies of the prospectus
contained in the registration statement may be obtained from the
exchange agent, Wells Fargo Bank, N.A., Corporate Trust
Operations, Sixth and Marquette, MAC N0303-121, Minneapolis,
Minn. 55479, telephone (800) 344-5128.
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand. Goodyear employs more than 80,000 people
worldwide.
* * *
In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'. These ratings still apply as
of Dec. 4, 2007.
GOODYEAR TIRE: Forms New Strategic Business Unit
------------------------------------------------
The Goodyear Tire & Rubber Company has disclosed the formation
of a new strategic business unit, combining the former regions
of European Union and Eastern Europe, Middle East and Africa.
The new region of Europe, Middle East and Africa will be
Goodyear's largest in terms of geography and second largest,
after North America, in terms of annual sales revenue. Annual
combined sales revenue for the two regions in 2006 was $6.5
billion. The change becomes effective Feb. 1, 2008.
"While the two former regions are different in terms of approach
to the market there are also many similarities which are
increasing, especially with the introduction of the new EU
member states," Goodyear Chairman and Chief Executive Officer
Robert J. Keegan, said. "This new organization is structured to
accelerate growth and maximize earnings through simplicity,
speed and an intense focus on our customers and markets."
Mr. Keegan disclosed the appointment of Arthur de Bok, formerly
president, EU, as the president of the new SBU. Mr. De Bok will
report to Mr. Keegan. In addition he reported the appointment
of Michel Rzonzef, formerly vice president sales and marketing,
EEMEA, as president of the EEMEA countries. Mr. Rzonzef will
report to Mr. de Bok.
Mr. Keegan also announced the retirement, for family reasons, of
Jarro Kaplan, president, EEMEA, after a career spanning more
than 38 years. He praised the contribution of Mr. Kaplan who
had joined the region in 2001 and had steered the business unit
to outstanding increases in turnover and profit. "Jarro has
been one of the most successful business leaders in our
company's history," Mr. Keegan said. "We will miss his
contributions and wish him all the best in the next era of his
life."
Mr. De Bok was appointed to his position in September 2005,
having joined the company after a 13 year career with Procter &
Gamble. Mr. De Bok has Bachelor's and Master's degrees in law
from Erasmus University in the Netherlands. "Since becoming
president of the EU organization, Arthur has led a successful
market driven approach to our businesses and has simplified the
organization," Mr. Keegan said. "His proven leadership
capabilities will be invaluable as he leads this newly
integrated business into the future."
Mr. Rzonzef was appointed to his current position in December
2002. He received a degree in electro-mechanical engineering
from Liege University in Belgium in 1987 and joined Goodyear
Luxembourg shortly afterwards. After positions in the Goodyear
Technical Center he held various roles in sales and marketing
before becoming general manager in central Europe in 2001.
"Michel has been one of the driving forces behind the success of
the EEMEA region and has been responsible for the tremendous
growth of the business," Mr. De Bok said. "His knowledge, people
skills and experience will be invaluable as we integrate our
businesses focusing intensely on our customers and our markets."
"I have seen both Arthur and Michel develop rapidly over these
past few years into outstanding businessmen and leaders," Mr.
Keegan said. "I am confident the new opportunities for both will
continue their personal and professional development ."
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand. Goodyear employs more than 80,000 people
worldwide.
* * *
In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'. These ratings still apply as
of Dec. 4, 2007.
SEMEN: To Issue US1BB Bond for Factory Construction Financing
-------------------------------------------------------------
PT Semen Gresik Tbk may issue US$1 billion of bonds in January
to finance the construction of new factories and supporting
power plants, Reuters reports.
According to the report, the company has received shareholder
approval to spend up to US$1.5 billion, with 30% of coming from
internal cash, on two cement plants with an annual capacity of
2.5 million tonnes each, as well as two power plants with a
total capacity of 410 megawatts to support the operation.
Rizal Ramli, the chairman of Semen Gresik, told the news agency
that that one of the new plants would be located in Java and
require a total investment of US$355 million. The other factory
would be in Sulawesi and cost US$315 million, he added.
Harry Suhartono of Reuters writes that Gresik aims to incease
capacity by about 40% by 2013 to 22.9 million tonnes from
around 16 million tonnes last year. The construction of the new
plant is due to commence in 2008 and operations to start by
2011, the report relates.
Darjoto Setyawan, the deputy chairman of the firm, told Reuters,
"We are currently reviewing our financing options. It is likely
that we will issue US$1 billion bonds. We are hoping for it to
happen as soon as possible, maybe in January."
The company has hired JPMorgan as their financial adviser and
maybe ask to handle the bond issue as well, the report adds.
About Semen Gresik
SGG is the largest cement player in Indonesia with a 46% market
share. It has a total production capacity of 16.9 mtpa with
facilities located in Tuban, Padang and Tonasa. As of June
2007, SGG was 51% owned by the government and 24.9% by the
Rajawali Group, with the remaining shares publicly held.
The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk. At the same time, Moody's has assigned the company a
national scale rating of Aa2.id. The outlook for both ratings
is stable. This is the first time that Moody's has assigned
ratings to SGG.
=========
J A P A N
=========
ALITALIA SPA: Three Groups Submit Non-Binding Offers
----------------------------------------------------
The Board of Directors of Alitalia S.p.A. took note -- referring
to the Company's project aimed at rapidly identifying industrial
and financial subjects committed to carry forward Alitalia's
restructuring, development and re-launching and, in such
context, willing to acquire a majority shareholding in the
Company -- of the communication from the advisor Citi regarding
the receipt of non-binding Proposals from:
-- Air France-KLM,
-- AP Holding S.p.A., and
-- Cordata Baldassarre.
As regards to Cordata Baldassarre, represented by Prof. Antonio
Cordata Baldassarre, the Board, even after having taken note
that it hasn't been provided to the advisor Citi the basic
information elements to participate in the project, making it
impossible to proceed to the necessary further analysis,
assigned to the advisor of Alitalia the task to proceed with the
evaluation of the Proposal and to report his findings to the
Board of Directors.
Upon completion of the examination by the advisor of the
Proposals presented, the Board of Directors will meet,
presumably during next week, to select the subject with which to
begin exclusive negotiations.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina, China and
Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and EUR625.6
million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
ALITALIA SPA: Won't Cancel Flights on Dec. 14 Strike
----------------------------------------------------
Alitalia S.p.A. says the Fta Cisal Assovolo union organization,
which called for the flight attendants' strike for Dec. 14, does
not have the requisites for official recognition by the Company,
and has never taken part in any negotiations.
It should also be pointed out that only a small number of
Alitalia flight attendants are Fta Cisal members.
For this reason, Alitalia is not planning to cancel any flights
on Dec. 14 due to the strike called by the Fta Cisal Assovolo
union.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina, China and
Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and EUR625.6
million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
CBO ALL JAPAN: S&P Puts Class B, C and D Notes on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on the
class B, C, and D series one notes issued under the CBO All
Japan Tokutei Mokuteki Kaisha transaction will remain on
CreditWatch, where they were placed with negative implications
on Aug. 28, 2007. At the same time, Standard & Poor's affirmed
its 'AAA' rating on the class A notes.
After the ratings on the class B, C, and D notes were lowered
and kept on CreditWatch with negative implications on Sept. 11,
2007, the default rates for the underlying asset pool,
comprising bonds issued by Japanese small and midsize
enterprises, remained at high levels while administrative agent
Mizuho Bank implemented measures for stricter management of the
SME bonds. The ratings remain on CreditWatch in light of
Standard & Poor's view that it will take a few more months to
judge the degree of positive impact that Mizuho's tightened
administration measures may have on the transaction.
The accumulated default amount of the underlying assets over the
20 months between closing and the end of November 2007 was
JPY3.9 billion (4.27% of the initial balance). The monthly
default amount of the underlying asset pool remained high after
March 2007 but has trended downward in November to around
JPY200 million, after peaking at JPY600 million in September.
However, the distribution of the estimated annual default
probability derived using the Chusho Kigyo (SME) Credit Model is
migrating negatively, and the weighted average default
probability has increased to about 0.9% (having stood at about
0.5% as of the launch of the transaction).
Mizuho Bank has also formulated a program to reinforce its bond
administration system, initiating efforts to bolster its debt
protection and collection policies. Mizuho is pursuing thorough
oversight of each obligor's cash management to cope with risks
associated with bullet repayment of the bonds. Standard &
Poor's believes risk factors related to this transaction will
likely be mitigated to a certain extent by these measures
enforced by Mizuho Bank.
Standard & Poor's plans to resolve the CreditWatch listings or
revise the ratings upon reviewing the default amount of the
underlying asset pool, as well as the overall performance of the
transaction including collection amounts from the defaulted
bonds, over the next few months.
Ratings Still on CreditWatch
JPY88.1 billion fixed-rate series one notes
Class Rating Issue amount Final maturity date
Class B BB+/Watch Neg JPY83.1 bil. July 2009
Class C B+/Watch Neg JPY0.7 bil. July 2009
Class D B/Watch Neg JPY0.3 bil. July 2009
Rating Affirmed
Class Rating Issue amount Final maturity date
Class A AAA JPY4.0 bil. April 2009
DELPHI CORP: Gets Committees' Support on Plan Amendments
--------------------------------------------------------
Delphi Corp. said it has reached agreements in principle with
its Official Committee of Unsecured Creditors, its Official
Committee of Equity Security Holders, General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement and Master
Restructuring Agreement between Delphi and GM, and the
Investment Agreement with Delphi's Plan Investors led by an
affiliate of Appaloosa Management L.P. Delphi filed potential
amendments to all four documents on Monday evening in the United
States Bankruptcy Court for the Southern District of New York as
revisions to the company's Disclosure Statement and appendices
to the company's Disclosure Statement.
Delphi expects to make further amended filings prior to the
resumption on Dec. 6, 2007 of the Disclosure Statement hearing
commenced in Oct. 2007. These filings will include further
changes required to reflect the agreements in principle with
Delphi's key stakeholders and executed signature pages with
respect to the Company's agreements with GM and the Plan
Investors. These agreements currently remain subject to
proposed amendments announced on Nov. 14, which are also subject
to Bankruptcy Court approval.
The potential amendments primarily reflect changes required by
Delphi's Statutory Committees to obtain their support of
Delphi's Plan and related Disclosure Statement. In the event
these amendments do not become effective, the original
underlying agreements as approved by the Bankruptcy Court on
Aug. 2 remain in effect. The company continues to pursue
emergence from Chapter 11 during the first quarter of 2008.
The potential amendments to the Disclosure Statement and certain
Appendices (which include amendments to the POR, the GM Global
Settlement Agreement, the GM Master Restructuring Agreement and
the Investment Agreement) will be available on
http://www.delphidocket.com/
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period expires on Dec. 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan. (Delphi Bankruptcy News, Issue No. 100; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra Ltd. and One Equity
Partners LLC have submitted their final bids for Ford's Motor
Company's British Marques brands, according to various reports.
Sources say that there are speculations that the sale is likely
to range from US$1.5 billion to US$2 billion.
As reported in the Troubled Company Reporter on Oct. 1, 2007,
Terra Firma Capital Partners Limited joined the bid for Ford's
Jaguar and Land Rover brands.
Previously reported on Sept. 27, 2007, Ford's British Marques
still has four potential buyers left after two Indian firms,
Mahindra & Mahindra and Cerberus Capital Management LP, quit the
buying race. Citing Reuters, the TCR further names the four
remaining suitors as Ripplewood Holdings LLC, Tata Motors
Limited, TPG Capital L.P. also known as Texas Pacific Group, and
One Equity Partners LLC, but these firms are yet to complete the
due diligence.
In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of the
details of the newly ratified four-year labor agreement with the
UAW.
FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
--------------------------------------------------------------
American dealers of Ford Motor Company's Premier Automotive
Brand, Jaguar, have expressed preference over U.S. group, J.P.
Morgan Chase & Co.'s One Equity Partners LLC, bidding over the
luxury car unit, Stephen Power in Frankfurt and Eric Bellman in
Mumbai of the Wall Street Journal report.
Ken Gorin, chairman of the Jaguar Business Operations Council,
says he is wary over the perception on Jaguar if owned by
companies out of India, such as final bidders Tata Motors Ltd.
and Mahindra & Mahindra Ltd., WSJ relates. Although, he insists
that the particularity is on the unique image projection of
Jaguar as a luxury brand, and not on the management capabilities
of the Indian bidders.
The choice of U.S. dealers, WSJ relates, may have something to
do with Jacques Nasser, managing director of One Equity
Partners. Mr. Nasser was Ford's CEO from 1999 to 2001, who
advocated the investment on Ford's European luxury brands.
As reported in the Troubled Company Reporter on Nov. 13, 2007,
Ford continues to explore in greater detail the potential sale
of its Premier Automotive Group brands, Jaguar and Land Rover,
with interested parties and anticipates these discussions will
culminate in an agreement no later than early next year.
In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of the
details of the newly ratified four-year labor agreement with the
UAW.
FORD MOTOR: Mulls Production Cuts Due to Low November Sales
-----------------------------------------------------------
Ford Motor Company and General Motors Corp. disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.
Ford plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, while GM anticipates
a production of 950,000 vehicles from January through March,
down 11% from the same period in 2007, Nick Bunkley of The New
York Times relates.
As reported in the Troubled Company Reporter on Dec. 4, 2007,
due to continued growth in crossover sales and increased demand
for hybrids, fuel-efficient cars and Ford's industry-exclusive
SYNC in-car connectivity technology, Ford sales in November
totaled 182,951, up 0.4% versus a year ago. November marked the
first sales increase following 12 months of declines.
According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.
GAP INC.: November 2007 Net Sales Up 11 Percent at US$1.54 Bil.
---------------------------------------------------------------
Gap Inc. reported net sales of US$1.54 billion for the four-week
period ended Dec. 1, 2007, which represents an 11% increase
compared with net sales of US$1.39 billion for the four-week
period ended Nov. 25, 2006. Due to the 53rd week in fiscal year
2006, November 2007 comparable store sales are compared with the
four-week period ended Dec. 2, 2006. On this basis, the
company’s comparable store sales for November 2007 were flat
compared with an 8% decrease in November 2006.
Comparable store sales by division for November 2007 were:
* Gap North America: positive 1% versus negative 7% last
year;
* Banana Republic North America: positive 4% versus negative
1% last year;
* Old Navy North America: negative 3% versus negative 10%
last year; and
* International: positive 1% versus negative 8% last year.
"While we were pleased with our sales performance in November,
the most important month of the quarter, December, remains ahead
of us," Sabrina Simmons, executive vice president, finance and
acting chief financial officer, Gap Inc. said. "As a result, we
are maintaining our earnings outlook for the full year."
Year-to-date net sales of US$12.63 billion for the 43 weeks
ended Dec. 1, 2007, increased 2% compared with net sales of
US$12.40 billion for the 43 weeks ended Nov. 25, 2006. Due to
the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared with the 43 week period
ended Dec. 2, 2006. On this basis, the company’s year-to-date
comparable store sales decreased 4%, compared with a 7% decrease
in the prior year.
The company will report December sales on Jan. 10, 2008.
Headquartered in San Francisco, California, 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.
ICONIX BRAND: Brings In Four New Executives to Management Team
--------------------------------------------------------------
Iconix Brand Group Inc. has added four new executives to its
senior management team.
Kimberly Lee Minor has joined Iconix as Vice President Brand
Management overseeing the Company's London Fog, Joe Boxer and
Rampage brands. Ms. Minor was previously Vice President
Merchandising for Ann Taylor Loft and has over 20 years of
leadership experience in merchandising, product development and
sourcing at companies including Macy's and Foot Locker Global.
Carolyn D'Angelo joins Iconix as Vice President Brand Management
for the Company's Home Division overseeing the Fieldcrest,
Cannon, Royal Velvet and Charisma brands. Ms. D'Angelo was
previously a Senior Vice President at Westpoint Home overseeing
that company's Ralph Lauren home business and has over 20 years
of experience in the home industry including senior positions at
Waverly Lifestyle Group and Springs Industries.
Neal Seideman joins Iconix as Vice President Business
Development. Mr. Seideman spent the last 8 years at
International Management Group running its North American
licensing division and has over 15 years of experience in a
broad variety of licensing roles.
Kenneth Richard has joined Iconix as Vice President Marketing.
Mr. Richard has 22 years of diverse marketing experience and has
worked in roles including EVP Global Marketing and
Communications for BCBG Max Azria.
"I am very excited about these new additions to our senior
management team. I am pleased that we continue to attract such
a talented and diverse set of leaders and confident that we have
the depth and diversity in our management team to drive our
ambitious growth plan," Neil Cole, chairman and CEO of Iconix
Brand Group, said.
Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market. The company licenses its
brands to retailers and manufacturers worldwide. The group has
international licensees in Mexico, Japan and the United Kingdom.
* * *
As reported in the Troubled Company Reporter of Dec. 7, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
Corporate Family and Probability of Default Ratings at B1 and
the company's secured term loan financing at Ba2 following the
company's announcement it is intending to increase the existing
term loan to approximately US$270 million from US$210 million
utilizing the term loan facility's 'accordion' option. The
proceeds from the incremental term loan facility will be
primarily used to fund the purchase of the Starter brand from
Nike, Inc. Moody's also affirmed the B3 rating of the company's
US$287.5 million senior subordinated notes. The rating outlook
remains stable.
ICONIX BRAND: Planned Loan Increase Cues Moody's to Hold B1 PDR
---------------------------------------------------------------
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
Corporate Family and Probability of Default Ratings at B1 and
the company's secured term loan financing at Ba2 following the
company's announcement it is intending to increase the existing
term loan to approximately US$270 million from US$210 million
utilizing the term loan facility's 'accordion' option. The
proceeds from the incremental term loan facility will be
primarily used to fund the purchase of the Starter brand from
Nike, Inc. Moody's also affirmed the B3 rating of the company's
US$287.5 million senior subordinated notes. The rating outlook
remains stable.
Iconix's B1 corporate family rating reflects its relatively
stable and predictable revenue streams from royalty payments
received by the company which include significant guaranteed
minimum amounts, diversification of the company's product and
brand portfolio, and financial metrics which remain higher than
for similarly rated peers. These factors are offset by its
narrow business focus solely as a licensor of brands, its
acquisitive growth strategy, with the majority of current
revenues derived from brands acquired since the beginning of
2006. The stable outlook reflects Moody's expectations the
company will continue to maintain financial metrics at levels
appropriate for the rating category and to maintain stable
licensing revenues for the company as a whole.
The secured term loan rating reflects its probability of default
rating of B1 and its loss given default assessment of LGD 2 --
21% and the B3 rating for the convertible senior subordinated
notes reflects the probability of default rating of B1 and the
loss given default assessment of LGD 5 -- 78%.
These ratings were affirmed, and LGD assessments amended:
-- Corporate Family Rating and Probability of Default Rating
at B1
-- US$270 million senior secured term loan at Ba2 (LGD amended
to LGD 2 -- 21% from LGD 2 -- 20%)
-- US$287.5 million senior subordinated notes due 2012 at B3
(LGD amended to LGD 5 -- 78% from LGD 5 -- 77%)
-- Speculative Liquidity Rating at SGL-2
Based in New York, NY, Iconix Brand Group, Inc. owns, licenses
and markets a portfolio of consumer brands including Candies,
Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog,
Mossimo, Ocean Pacific, Danskin, Rocawear, Fieldcrest, Cannon,
Royal Velvet, Charisma and Starter (pending). The company
reported revenues of US$139 million for the 12 month period
ending Sept. 30, 2007.
IHI CORP: To Book JPY30 Bil. in Operating Losses for FY06-07
------------------------------------------------------------
IHI Corp. said it would book JPY30 billion in operating losses
for the business year ended in March 31, 2007, after reassessing
the profitability of its plant and engineering projects, Nathan
Layne writes for Reuters.
Reuters recalls that in late September, IHI shocked investors by
slashing its outlook to an operating loss of JPY17 billion for
the current fiscal year compared with an earlier forecast of
JPY40 billion profit, because of delays and bigger-than-expected
costs for energy and plant projects.
The Tokyo Stock Exchange, according to Reuters, said it has
placed IHI's stock on its supervisory post. The company's
shares, according to a spokesman for the bourse, could be
delisted if it is found to have made false securities statements
and the impact of those actions is deemed serious.
IHI, at that time when it announced its outlook adjustment in
September, also warned that it could incur an additional
JPY28 billion in operating losses after reassessing planned cost
cuts relating to long-term plant projects, some of which could
be booked in the year to March 2007, recounts Reuters.
The report adds that of the JPY28 billion in additional losses,
IHI said JPY18 billion would be booked in 2006-2007. It also
plans to book JPY12 billion of the JPY57 billion originally
planned for this year in 2006-2007.
Reuters says that IHI would book an additional JPY10 billion in
operating losses for the current year and because it will
transfer, JPY12 billion in losses to FY2006-2007, its loss
outlook for this fiscal year will improve by JPY2 billion, as
compared to a loss of JPY15 billion from the previous estimate
for a loss of JPY17 billion.
About IHI Corp.
Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments. The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others. The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others. The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities. The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services. The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services. The
Others segment provides real estate, financial and insurance
services.
The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Standard & Poors Rating Agency affirmed its BB+ long-
term corporate credit rating with a positive outlook.
KAJIMA CORP: Conceals JPY600 Million in Income for Two Years
------------------------------------------------------------
Kajima Corp. concealed JPY600 million in income for the two
years through March 31, 2006, earned from the construction of
two plants for Canon Inc., various reports say.
Akiko Ikeda and Katsuyo Kuwako of Bloomberg News writes that the
Tokyo-based contractor claimed that it made payments to
subcontractors for work on Canon digital camera and printer
cartridge plants in Oita prefecture.
Kyodo News, citing its sources, reports that the Tokyo Regional
Taxation Bureau determined that the JPY600 million in excessive
subcontract costs were taxable "social expenses."
The report adds that while Kajima did not disclose how it used
the money, Kyodo News' sources said it may have been used to
successfully win the contracts.
Kajima, according to Kyodo News' sources, gave the appearance of
having paid dozens of local subcontractors, but some of them
were not involved in the project. The JPY27-billion project
included land reclamation and construction of the digital camera
factory, relates Kyodo News.
Bloomberg, in its report, said that Canon released a statement
in response to similar reports from the Mainichi Daily newspaper
and public broadcaster NHK, saying it was not involved in the
selection of subcontractors and that it selected Kajima for the
projects through a competitive process.
A Kajima spokesperson declined to comment on the "particular
cases" but is quoted by Kyodo News as saying, "We have
cooperated in the investigation by the Tokyo Regional Taxation
Bureau and have completed our tax payments."
Kajima Corporation -- http://www.kajima.co.jp/-- is a Japan-
based construction company. The Company operates in three
business segments. The Construction segment is engaged in civil
engineering and architectural construction works including dams,
bridges, tunnels, skyscrapers and resorts, among others. The
Development segment is engaged in the provision of development
and consulting services of its construction business, as well as
the development and operation of golf courses. The Others
segment is involved in a variety of construction-related and
peripheral businesses, such as architecture, engineering,
financing, real estate, service and other related businesses.
Headquartered in Tokyo, the Company has 131 subsidiaries and 66
associated companies.
1-2-7, Motoakasaka
Minato-ku, TKY 107-8388
JPN +81-3-34043311 (Phone)
KOBE STEEL: To Boost Aluminum Parts by 30% Through U.S. Unit
------------------------------------------------------------
Kobe Steel Ltd. plans to increase production of forged aluminum
auto chassis parts by 30% from 6.1 million to 6.3 million units
in fiscal 2008, reports AsiaPulse.
According to the report, the steelmaker's U.S. subsidiary, Kobe
Aluminum Automotive Products LLC, makes parts for five different
models of cars, including the Nissan Altima and the Honda MDX,
and in fiscal 2008 it will also make parts for a luxury Nissan
car and a Honda sport utility vehicle. In addition, KAAP is in
talks with Daimler AG and BMW AG.
AsiaPulse states that KAAP also plans to install a fourth large
press next spring and will also add another heat-treating
furnace, which in FY2008, will have a capacity for 3.6 million
forges aluminum parts a year and expects to make 3.1 million
units.
Aluminum parts, explains the report, are around 30% more
expensive than steel part, but are also more than 30% lighter,
thus automakers are making greater use of them for suspension
systems.
Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products. Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery. Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.
As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign and
local currency Issuer Default Ratings of Japanese steel-maker
Kobe Steel to BB+ from BB. At the same time, the agency
affirmed Kobelco's short-term IDR at B. The outlook on the
ratings is positive.
KOBE STEEL: To Build JPY3.5-Bil. Titanium Melt Shop in January
--------------------------------------------------------------
Kobe Steel, Ltd. inaugurated a new JPY3.5-billion titanium melt
shop at its Takasago Works in Hyogo Prefecture in western Japan.
After undergoing trial operation, the melt shop will go into
full production in January 2008.
The melt shop uses the company's proprietary Kobe Method (a
vacuum arc remelting method), which makes possible the use of
titanium scrap. Kobe Steel aims to make the new facility the
most cost competitive melt shop in Japan. The new melt shop is
located adjacent to the current melt shop to stabilize
production and improve the operational efficiency of both shops.
Kobe Steel aims to steadily grow its business to effectively
respond to the expanding demand for titanium mill products.
Since 2006, Kobe Steel has been increasing its overall
integrated production capacity of titanium mill products. The
inauguration of the new melt shop completes a series of capital
investments that covers all of Kobe Steel's locations involved
in titanium production: Takasago Works, Kakogawa Works and Kobe
Special Tube Co., Ltd.
The other projects consisted of upgrading the counterblow hammer
for closed die forging at Takasago and constructing a new welded
tube line at group company Kobe Special Tube Co., Ltd. in
Shimonoseki, Yamaguchi Prefecture. Both projects were completed
in May 2007. Completed in 2006 was the expansion of the
continuous annealing-pickling line for titanium sheet at
Kakogawa Works in Hyogo Prefecture.
The higher capacity enables Kobe Steel to manufacture more
titanium alloy forgings for next-generation aircraft engines and
meet the growing demand in China and the Middle East for
commercially pure titanium products used in infrastructure
projects. Japan's titanium industry has been undergoing strong
growth in recent years, and in the current fiscal 2007 (ending
March 2008), production and shipments of titanium mill products
are anticipated to be robust. Not only for Japanese
manufacturers, this trend is similar worldwide. Bolstered by
rising aircraft orders and growing demand from the energy
industries, demand for titanium products is brisk.
Kobe Steel pioneered Japan's titanium industry when in 1949 it
became the first company to begin research and development of
this material. With over a half century of experience, Kobe
Steel is Japan's only integrated producer of titanium mill
products with operations ranging from melting to mill product
manufacturing. The company contributes to the development of
industry by supplying a wide variety of titanium mill products.
Information on Kobe Steel is available at: www.kobelco.co.jp
About Kobe Steel
Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products. Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery. Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.
As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign and
local currency Issuer Default Ratings of Japanese steel-maker
Kobe Steel to BB+ from BB. At the same time, the agency
affirmed Kobelco's short-term IDR at B. The outlook on the
ratings is positive.
MITSUBISHI MOTORS: N. America Unit November Sales Down by 13.8%
---------------------------------------------------------------
Mitsubishi Motors North America has reported net sales of 7,983
units in November, a decrease of 13.8% from 9,256 units sold in
the same period last year, reports Automotive Business Review.
Among the models, the new Outlander crossover utility continued
to show the largest year-on-year revenue increase at 136%,
Lancer sedan at 61%, Eclipse Spyder convertible at 15.4%, Raider
truck at 10% and Galant sedan at 1%, relates the report.
Sales of the all-new fuel-efficient Lancer were 1,708 in
November, a 54% increase over November 2006. Eclipse Spyder
convertible sales were up 5.9% in November. Raider sales were
up 35.1% and Endeavor sales were up 8.9%, notes Automotive
Business.
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base. MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization." The company has operations worldwide, covering
the United States, Germany, the United Kingdom, Italy, the
Netherlands, the Philippines, Indonesia, Malaysia, China and
Australia. Its products are sold in over 170 countries.
* * *
The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lift
edits issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program. The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.
XEROX CORP: Appoints Three Corporate Officers to Executive Roles
----------------------------------------------------------------
Xerox Corporation's board of directors has elected Doug Lord and
Shaun Pantling as vice presidents of the corporation, and Willem
Appelo as a senior vice president.
Mr. Lord was recently named president of Xerox's U.S. Solutions
Group, responsible for the direct sales of Xerox's technology
and services across the country. A 31-year Xerox veteran, he
was most recently president, chairman and Chief Executive
Officer of Xerox Canada, Ltd.
Mr. Pantling leads Xerox Global Services in Europe. During his
33 years with Xerox, he has led sales operations and customer
service units across Europe.
Mr. Appelo is president, Xerox Strategic Services Group,
responsible for the company's worldwide supplies business as
well as global manufacturing, supply chain, procurement,
facilities management, Xerox's environmental sustainability
initiatives and other core corporate functions. He joined Xerox
in 1991 and has held leadership positions of increasing
responsibility in manufacturing and supply chain operations.
These corporate officer appointments are effective immediately.
Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services. Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors. The company maintains operations in France,
Japan, Italy, Nicaragua, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service raised the ratings of
Xerox Corporation and supported subsidiaries, upgrading Xerox's
senior unsecured rating to Baa2 from Baa3.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Issues US$583.4-Million convertible Notes
--------------------------------------------------------------
Hynix Semiconductor Inc successfully offered US$583.4 million in
unsecured fixed-rate convertible notes due in 2012, various
reports say.
According to Reuters, the notes were priced at a yield-to-
maturity of 4.5% with a conversion premium of 42%. This
structure, FinanceAsia relates, was chosen in order for Hynix to
achieve its double objective of a high initial conversion
premium and a low yield, while at the same time increasing the
likelihood of conversion.
Sources told FinaceAsia that the par in/par out structure of the
notes also makes sense in light of the current volatile credit
markets and the fact that the deal is coming at a time of year
when investors aren't that keen to take on new exposure. On top
of that, the company warned potential investors in the CB term
sheet that it was likely to post a loss both at the operating
and net levels in the fourth quarter due to falling selling
prices for memory chips, the report adds.
However, observers still argued that the high cash payments made
the bond look cheap and noted that this structure could have
been applied to the same effect with a lower coupon, FinanceAsia
points out.
Reuters says that the notes are expected to be listed on the
Singapore stock exchange on Dec. 17.
Marie-France Han and Kim Yeon-hee of Reuters writes that Hynix
will use the net proceeds from the offering for general
corporate purposes, including next year's capital expenditure
for capacity expansion.
Credit Suisse, Goldman Sachs, Korea Development Bank, Macquarie
Securities, Woori Investment and Securities and Morgan Stanley
reportedly led the issuance.
About Hynix Semiconductor Inc.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices
--------------------------------------------------------------
Hynix Semiconductor Inc. may post a fourth-quarter loss because
of lower prices, Bloomberg News reports.
According to the report, the company said that "In the absence
of a market turnaround in semiconductor prices, we will likely
record operating and net losses for the fourth quarter."
Kevin Cho of Bloomberg writes that according to Dramexchange
Technology Inc., Asia's biggest spot market for semiconductors,
prices of the benchmark computer memory chip have plunged 84%
this year amid a glut.
James Kim, head of investor relations at Hynix, told Bloomberg
that the company can only confirm whether they had a profit or a
loss once the quarter ends.
About Hynix Semiconductor Inc.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc. has reported financial results for
the third fiscal quarter ended Oct. 28, 2007.
During the third quarter of fiscal 2008, 29 new Krispy Kreme
stores, comprised of 8 factory stores and 21 satellites, were
opened systemwide, and 17 Krispy Kreme factory stores were
closed systemwide. This brings the total number of stores
systemwide at the end of the third quarter of fiscal 2008 to
423, consisting of 290 factory stores and 133 satellites. The
net increase of 12 stores in the quarter reflects a net increase
of 24 international stores and a net decrease of 12 domestic
stores.
Third quarter systemwide sales decreased approximately 2.6% from
the third quarter of last year. Satellite stores made up 31% of
the total systemwide store count as of Oct. 28, 2007 compared to
23% at Oct. 29, 2006. Systemwide average weekly sales per store
are lower than company average weekly sales per store
principally because satellite stores, which have lower average
weekly sales than factory stores, are operated almost
exclusively by franchisees. Systemwide average weekly sales per
store decreased approximately 9.2% to approximately US$36,400.
The company stores average weekly sales per store decreased 0.4%
to approximately US$52,900.
The company revenues for the third quarter of fiscal 2008
decreased 11.7% to US$103.4 million compared to US$117.1 million
in the third quarter of last year. The company Stores revenues
decreased 11.3% to US$72.8 million, Franchise revenues were flat
at US$5.7 million and Krispy Kreme Supply Chain revenues
decreased 15.1% to US$24.9 million.
The net loss for the third quarter of fiscal 2008 was
US$798,000, or US$0.01 per diluted share, compared to a net loss
of US$7.2 million, or US$0.12 per diluted share, in the
comparable period last year.
The company recorded a net credit to impairment charges and
lease termination costs of US$268,000 in the third quarter this
year, compared to a charge of US$5.4 million in the third
quarter of fiscal 2007. Most of the prior year charge relates
to underperforming stores, including stores closed and likely to
be closed.
As of Oct. 28, 2007, the Krispy Kreme's consolidated balance
sheet reflects cash and indebtedness of approximately US$23
million and US$88 million, respectively. The maximum additional
indebtedness permitted under the company's credit facilities was
approximately US$11 million at that date. During the first nine
months of fiscal 2008, the company prepaid approximately US$21.9
million under the company's US$110 million term loan entered
into in February 2007. A substantial portion of these
prepayments was made in order to reduce the likelihood of
violation of the financial covenants contained in the company's
credit facilities.
Several franchisees have been experiencing financial pressures
which, in certain instances, appear to have become more
exacerbated during fiscal 2008. Franchisees closed 25 stores in
the first nine months of fiscal 2008. The company believes
franchisees will close additional stores in the foreseeable
future, and the number of such closures is likely to be
significant. Royalty revenues and most of Krispy Kreme Supply
Chain revenues are directly correlated to sales by franchise
stores and, accordingly, store closures have an adverse effect
on the company's revenues and results of operations.
"Although we still have much to do, performance improved in the
third quarter compared to the second quarter, and the
organization made progress on the transformation steps
previously announced," said Krispy Kreme's President and Chief
Executive Officer, Daryl Brewster. Since the end of the second
quarter, the compamy has:
-- Closed an additional five underperforming company stores;
-- Opened over 20 new satellites systemwide as part of its
hub and spoke strategy, including converting an
additional company-owned factory store to a non-producing
hot shop;
-- Reduced Supply Chain costs by outsourcing its coffee
supply and announcing the planned closure of a
manufacturing and distribution facility;
-- Increased international franchisee sales 48% year-over-
year;
-- Realigned Company Stores and Franchise management with
experienced leadership;
-- Continued to reduce G&A costs; and
-- Completed an amended Franchise Disclosure Document
(formerly called a Uniform Franchise Offering Circular).
"As we look past the third quarter, we continue to focus on
improving company shop performance, driving the hub and spoke
model, growing our international franchise business,
refranchising certain domestic markets and reducing costs to
help offset rising commodity prices," Mr. Brewster added.
Systemwide sales, a non-GAAP financial measure, include sales by
both the company and franchise stores. The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company. Krispy Kreme's consolidated
financial statements include sales by company stores, sales to
franchisees by the the company Supply Chain business segment,
and royalties and fees received from franchisees, but exclude
sales by franchise stores to their customers.
About Krispy Kreme
Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts. There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme
Doughnut Corporation's Speculative Grade Liquidity rating to
SGL-4 from SGL-3, indicating weak liquidity. Concurrently
Moody's revised the rating outlook to negative while affirming
Krispy Kreme's Caa1 corporate family rating and B3 rating of its
US$160 million senior secured credit facilities.
MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
------------------------------------------------------------
Magna International Inc.'s Magna Steyr unit will be responsible
for serial development and production of the Mini Sports
Activity Vehicle. At current exchange rates, Magna expects its
annualized sales associated with the program to be in excess of
US$1 billion, once the program reaches full production. The
Mini Sports Activity Vehicle will be the second new vehicle
program produced by Magna Steyr for BMW Group. Magna Steyr has
been the sole production source of the BMW X3 since the launch
of the vehicle in 2003, and expects to continue to produce the
X3 until the end of the current vehicle program.
Magna's co-Chief Executive Officer, Siegfried Wolf, stated:
"This is a huge recognition of the work that Magna Steyr has
achieved so far through its partnership with BMW Group. Above
all, I'm delighted for our employees, as this will allow us to
set another milestone in our long-running and successful
cooperation with BMW Group. As we have done before, we will
work on this vehicle program with our fullest commitment to
ensure that we meet BMW Group's high expectations."
About Magna International
Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly. The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.
* * *
As reported in the Troubled Company Reporter on Sept. 24, 2007,
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on
Sept. 20, 2007.
===============
M A L A Y S I A
===============
TAP RESOURCES: Unit Inks Concession Agreement with Penang Port
--------------------------------------------------------------
Rantau-Biru Development Sdn Bhd, a wholly-owned subsidiary of
TAP Resources Berhad, on Dec. 5, 2007, entered into a concession
agreement with Penang Port Sdn Bhd. Penang Port has agreed to
grant Rantau-Biru the concession to undertake the development
and completion of the Tankage Facilities.
The Concession Agreement entails these:
(i) carry out and complete the reclamation works in respect
of a sea area of approximately 100 acres off the nearby
coast located approximately 2 km. northward from the
existing North Butterworth Container Terminal;
(ii) design, construct, finance, complete, commissioning,
operate and maintain the centralized tankage
facilities, oils & gas marine terminal and bunkering
harbour, which will provide a complete range of
services and facilities including bunkering facility,
range of storage tank facility, blending and processing
facility and warehousing to end-users particularly
those in the import-export, cargo transit, reselling or
re-export businesses on the Reclaimed Land;
(iii) levy, collect and retain for Rantau-Biru’s benefit any
income derived from the operation of the Tankage
Facilities except for Penang Port’s entitlements as
provided in the Concession Agreement. Penang Port’s
entitlement will be equivalent to 6.5% of all revenue
earned by Rantau-Biru derived from the operation of the
Tankage Facilities upon its commencement of operations,
subject to the minimum of MYR450,000 per month or the
amount of capitalized and amortized land premium at 10%
per annum and/or annual lease rental for the Reclaimed
Land to be paid by Penang Port to the State Government
and/or Penang Port Commission, whichever is higher, net
of any taxes or relevant deductions. Further, Penang
Port will be entitled to all the port charges at the
Tankage Facilities;
(iv) register Sub-Lease of the Reclaimed Land for the
periods as provided under this Agreement; and
(v) do all the other lawful things necessary with regard to
the transaction.
The Concession Agreement is conditional upon these being done,
completed or obtained within one year from the date of the
Concession Agreement, with an extension of a further one year
from the expiry thereof:
(i) Penang Port will apply to Penang Port Commission (PPC)
and it will then apply to obtain the State Government
for their written sanction respectively to the
reclamation of the Reclaimed Land and it alienation to
PPC;
(ii) Penang port will apply to PPC and it will then apply to
obtain Ministry of Transport’s and the Federal
Government’s letter of comfort respectively that
Rantau-Biru will have the right to the Concession for a
term of 16 years commencing from the Commencement Date
or the remaining term of the lease granted by PPC to
Penang Port, which will expire on Dec. 31, 2023, which
ever is the longer with an option to renew it for a
further 30 years;
(iii) Penang Port will apply to PPC and it will then apply to
obtain Ministry of Transport’s, the State Government
and the Federal Government’s approval respectively for
the creation of the sub-lease over the Reclaimed Land
in favor of Rantau-Biru for the duration of the
Concession Period Provided that Rantau-Biru be at
liberty to apply to the Ministry of Transport’s, the
State Government and the Federal Government for the
creation of the sub-lease over the Reclaimed Land in
favour of Rantau-Biru for the duration of the
Concession Period;
(iv) Rantau-Biru will apply and obtain the approval of the
relevant concessionaires and/or competent authority to
undertake the reclamation works and the construction
works; and
(v) Rantau-Biru will provide to Penang Port, certified true
copies of the necessary documents in respect of its
funding/financial capabilities to perform its
obligations in respect of the Tankage Facilities, prior
to the commencement of the works.
The Concession Agreement represents an opportunity for the TAP
group to undertake a project in line with its ordinary course of
business. Further, the operation of the Tankage Facilities will
also enable the TAP group to earn a recurring income over the
concession period. The successful completion of the
construction works for the Tankage Facilities and the successful
operation of the Concession is expected to contribute positively
towards the financial results of the TAP group, in line with its
corporate and debt restructuring scheme as announced earlier.
TAP Resources Berhad is principally engaged in property
development. Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding. The Group operates wholly in Malaysia.
TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration. Both of these qualify TAP Resources to be
classified as a PN17 company.
WONDERFUL WIRE: Incurs MYR7.9MM Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Wonderful Wire & Cable Berhad has incurred a net loss of
MYR7.89 million for the quarter ended September 30, 2007,
compared with the MYR5.99-million net loss recorded for the same
period in 2006.
Revenues for the third quarter totaled MYR7.7 million, less than
half the MYR14.97-million revenue recorded in the third quarter
of 2006.
As of September 30, 2007, the company's balance sheet showed
strained liquidity with MYR36.81 million of current assets
available to pay MYR76.46 million of current liabilities coming
due within the next twelve months.
The company's balance sheet as of end-September also showed
MYR87.92 million in total assets and MYR84.14 million in total
liabilities, resulting in a shareholders' equity of
MYR3.78 million.
Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables. The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors. Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd. The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.
On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.
====================
N E W Z E A L A N D
====================
AMS HAULAGE: Taps Official Assignee as Liquidator
-------------------------------------------------
On November 12, 2007, the official assignee was tapped as
liquidator of AMS Haulage Limited.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
BOTRY-ZEN: Books NZ$544,045 Deficit in Half-Year Ended Sept. 30
---------------------------------------------------------------
Botry-Zen Ltd has reported an operating deficit for the six
months ended Sept. 30, 2007, of NZ$544,045, Chairman Max
Shepherd said in an interim report filed with the New Zealand
Stock Exchange. The figure compares favorably with both the
forecast deficit for the period, NZ$714,872, and the deficit for
the corresponding six months last year, NZ$700,176. The
chairman believes the company's historically strong focus on
managing operating expenditure was maintained throughout the
period.
“Through our own focused marketing efforts, and with the NZ Wine
industry continuing to further embrace the benefits of their
'sustainability programme', the country's grape growers have
moved in recent months to place firm BOTRY-Zen orders for the
approaching local season,” Dr. Shepherd stated. “It is likely
that with the level of orders in hand we will successfully see
the sell-through of all product manufactured.”
The report pointed out that the company also made good progress
on the product development of its second product, the late-
season botryticide, ARMOUR-Zen. The benefits of presenting
ARMOUR-Zen to grape growers, Dr. Shepherd said, is that they
now have a natural product option for protecting the crop at the
closing season full-berry stage. ARMOUR-Zen can be sprayed
right up to harvest and this places it in a 'stand-alone niche'
within the existing market. Also, having ARMOUR-Zen as an end-
of-season product compliments BOTRY-Zen which essentially
delivers proven material benefit through the early to mid-season
growing periods.
Pre-season ordering for BOTRY-Zen is, as mentioned, at record
levels (the uptake in Marlborough has been particularly strong),
and indicative demand for ARMOUR-Zen is robust across all
regions.
In addition to the grape-land opportunities, both products are
being made available, where applicable, to kiwifruit, berryfruit
and ornamental flower growers.
The chairman further disclosed that the company has successfully
secured formal registration for both BOTRY-Zen and ARMOUR-Zen in
Germany and Austria and that it is now in the closing stages of
concluding a marketing contract with a Rhineland-based
distributor.
Given the robust shelf-life benefits that we have been able to
add to both key products, the significance of a northern
hemisphere market entry represents an exciting new step for
Botry-Zen Limited, the Chairman said. The Dunedin plant can now
be operated on a full year-round production basis without the
previously forced down-time in local off-season periods.
German market demand for proven biological alternatives to
chemical solutions is evident from the company's in-market
evaluation work and it is our intention, through the coming
months, to carefully prepare for a professional and timely
launch of both products into Germany from May 2008.
The chairman also said that, “Ideally we would like to have an
expanded manufacturing platform available to us in order to
present more product volume into the markets for which we now
hold registration. However, for the time being, we will be
paying close attention towards ensuring that we can maximize
production levels from existing plant and equipment.”
About Botry-Zen
Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry. The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.
The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Botry-Zen incurred a net loss of NZ$1.67 million for
the year ended March 31, 2007, up 6% from the NZ$1.58-million
loss booked in the previous fiscal year. In FY2005, the company
also reported a loss of NZ$757,746.
BRUCE HAYWARD: Official Assignee Appointed as Liquidator
--------------------------------------------------------
The official assignee was appointed liquidator of Bruce Hayward
Builders Limited on November 8, 2007.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
CENTRAL STEELIEZ: Appoints Official Assignee as Liquidator
----------------------------------------------------------
On November 8, 2007, the official assignee was named liquidator
of Central Steeliez Limited.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
CLAYBROOK ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 17
---------------------------------------------------------------
On November 15, 2007, the shareholders of Claybrook Enterprises
Ltd. appointed Paul Graham Sargison and Gerald Stanley Rea as
the company's liquidators.
Creditors are required to file their proofs of debt by Dec. 17,
2007, to be included in the company's dividend distribution.
The Liquidators can be reached at:
Paul Graham Sargison
Gerald Stanley Rea
Gerry Rea Partners
PO Box 3015, Auckland
New Zealand
Telephone:(09) 377 3099
Facsimile:(09) 377 3098
JOLLY FARMER: Appoints Official Assignee as Liquidator
------------------------------------------------------
The official assignee was named liquidator of Jolly Farmer
(2006) Ltd. on November 12, 2007.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
PAN AUSTRAL: Court Appoints Shephard & Dunphy as Liquidators
------------------------------------------------------------
The High Court of Napier, on November 15, 2007, appointed Iain
Bruce Shephard and Christine Margaret Dunphy as liquidators of
Pan Austral Ltd.
The Liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street
Wellington
New Zealand
Telephone:(04) 473 6747
Facsimile:(04) 473 6748
PLASTERBOARD SOLUTIONS: Taps Brown and Neilson as Liquidators
-------------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were named
liquidators of Plasterboard Solutions Ltd. on November 15, 2007.
The Liquidators can be reached at:
Kenneth Peter Brown
Robert James Neilson
c/o Rodewald Hart Brown Limited
127 Durham Street
PO Box 13380, Tauranga
New Zealand
Telephone:(07) 571 6280
Web site: http://www.rhb.co.nz
POWER PLATE: Taps Parsons and Kenealy as Liquidators
----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Power Plate New Zealand Ltd. on November 12,
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
RUATAHI HOLDINGS: Appoints Official Assignee as Liquidator
----------------------------------------------------------
Ruatahi Holdings Limited, on November 8, 2007, appointed the
official assignee as the company's liquidator.
The Liquidator can be reached at:
Official Assignee
Insolvency and Trustee Service
Private Bag 4714, Christchurch
New Zealand
Telephone:0508 467 658
Web site: http://www.insolvency.govt.nz
SCRUBBERS ENTERPRISES: Commences Liquidation Proceedings
--------------------------------------------------------
Scrubbers Enterprises Ltd. commenced liquidation proceedings on
November 13, 2007.
Creditors are required to file their proofs of debt by Dec. 12,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
James Victor Kean
Prince & Partners
PO Box 3685, Auckland 1001
New Zealand
Telephone:(09) 379 5324
Facsimile:(09) 307 0778
e-mail: office@prince.co.nz
ZELOPHEDAD INVESTMENTS: Fixes Dec. 14 as Last Day to File Claims
----------------------------------------------------------------
The creditors of Zelophedad Investments Ltd. are required to
file their proofs of debt by December 14, 2007, to be included
in the company's dividend distribution.
The company's liquidators are:
Arron Leslie Heath
Michael Lamacraft
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
=================
S I N G A P O R E
=================
CKE RESTAURANTS: Refranchising Continues; Sells 30 Restaurants
--------------------------------------------------------------
CKE Restaurants Inc. disclosed the sale of 30 restaurants as
part of its ongoing strategic refranchising program that was
originally disclosed in April 2007. The initiative is expected
to involve approximately 200 Hardee's restaurant locations in a
number of markets across the Midwest and Southeast.
To date, the company has sold 136 restaurants to franchisees and
secured commitments for 59 new franchise restaurants under
development agreements for those markets.
The company completed the sale of 30 restaurants in the
Kansas City market, including Topeka, Kansas and St. Joseph,
Missouri, to Rising Stars LLC. The franchisees purchasing the
restaurants, Steve Rosenfield and Buddy Brown, operate Hardee's
restaurants in Georgia, Montana and Wyoming, well as Carl's Jr.
restaurant locations in Colorado.
With the purchase of these additional restaurants, Rosenfield
and Brown now own more than 100 restaurants under the Hardee's
and Carl's Jr. flag. Rising Stars has also committed to build
15 new Hardee's restaurant locations in the Kansas City market.
"Buddy and I are excited to increase our ownership in Hardee's
with the purchase of 30 units in the Kansas City market," said
franchisee Steve Rosenfield. "We believe the brand is well-
positioned for future success and look forward to developing
additional units over the coming years."
"We are very pleased to continue our strategic refranchising
program with the sale of 30 restaurants in Kansas City to Rising
Stars LLC,” Andrew F. Puzder, the company's president and chief
executive officer, commented. “Steve and Buddy were the first
franchisees to acquire Hardee's restaurants under the
refranchising program we started in April, and the purchase of
these additional units reaffirms their commitment to the brand.”
“This transaction allows us to further concentrate our focus on
growing our core markets, while at the same time accelerating
unit development in our franchise markets,“ Mr. Puzder added.
“In addition, our refranchising efforts lower our capital
requirements and increase our free cash flow. We look forward
to continuing to secure additional refranchising and development
commitments in our Hardee's footprint, and to the brand's
continued growth."
As of the end of its fiscal 2008 second quarter, CKE Restaurants
Inc., through its subsidiaries, had a total of 3,036 franchised,
licensed or company-operated restaurants in 42 states and in 13
countries, including 1,111 Carl's Jr. restaurants and 1,909
Hardee's restaurants.
About CKE Restaurants
Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands. The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.
As of the end of its fiscal 2008 second quarter, CKE Restaurants
Inc., through its subsidiaries, had a total of 3,036 franchised,
licensed or company-operated restaurants in 42 states and in 13
countries, including 1,111 Carl's Jr. restaurants and 1,909
Hardee's restaurants.
* * *
As reported in the Troubled Company Reporter on Troubled Company
on Sept. 10, 2007, Standard & Poor's Ratings Services revised
its outlook on CKE Restaurants Inc. to negative from stable. At
the same time, S&P affirmed all the ratings, including the 'BB-'
corporate credit rating, on the company.
FREESCALE SEMI: High Leverage Cues Moody's to Cut Rating to B1
--------------------------------------------------------------
Moody's Investors Service lowered the ratings of Freescale
Semiconductor, Inc. and maintained the negative outlook.
Moody's also affirmed the speculative grade liquidity rating at
SGL-1. This concludes the review for possible downgrade that
was initiated on Oct. 24, 2007.
The downgrade to B1 reflects Freescale's weakened credit profile
evidenced by continued high financial leverage, reduced capacity
utilization levels and lower earnings prospects over the near
term. It also incorporates Moody's expectations of:
(i) continued weakness in the company's wireless segment,
which accounts for roughly one third of Freescale's
revenues;
(ii) moderating demand in the company's networking segment
(approximately 22% of revenues) due to subdued North
American wireline and wireless infrastructure spending as
the large communications equipment providers continue to
delay purchases amid network consolidation;
(iii) lackluster revenue growth in the transportation segment;
and
(iv) long product lead times before semiconductor design win
activity transitions to the production phase and
contributes to margins and earnings.
While Freescale maintains relatively high gross and operating
margins as well as very good liquidity, the negative outlook
reflects Moody's concerns regarding the difficult end market and
customer conditions, which have negatively impacted EBITDA and
free cash flow levels. This has delayed leverage reduction,
causing debt and credit protection measures to migrate to levels
more comparable to mid single-B rated peers. The negative
outlook captures Moody's view that Freescale will be challenged
to reduce leverage to under 6.0x EBITDA on a sustained basis
over the next twelve months. It also takes into consideration
the company's thin interest coverage and reduced financial
flexibility, which is magnified by diminished operating cash
flow, a limited track record as a standalone company and lack of
historical performance during a downturn.
The ratings could experience downward pressure if end market
demand weakens further or remains soft for a protracted period
resulting in lower-than-anticipated operating cash flow, weak
free cash flow generation, Moody's adjusted debt to EBITDA above
6.0x for an extended period and/or erosion of liquidity sources.
The B1 rating recognizes Moody's view that Freescale:
(i) maintains strong market leadership positions and a rich
product portfolio comprising breadth and depth of
technology;
(ii) benefits from a diversified revenue base with exposure to
the relatively stable and less volatile transportation
and networking segments which tend to exhibit slower
growth prospects but longer product life cycles than the
wireless space;
(iii) could benefit from its near-sole source provider status
for baseband and power management ICs in Motorola's
recent line-up of handsets and its status as a RF
transceiver supplier in newly-launched mobile devices
from both RIM and Motorola, to the extent consumer uptake
materializes;
(iv) is positioned to benefit longer-term from increasing
content in existing mobile OEM customer platforms as
design solicitations are won and shipments ramp;
(v) has considerably improved its operating efficiency since
the Motorola spin-off and has taken steps to reduce
operating costs in the challenging business environment;
and
(vi) has a defensive operating model that allows it to quickly
reduce expenses and capex in response to weak market
conditions.
The SGL-1 rating reflects the company's very good liquidity in
spite of diminished internal cash generation. LTM free cash
flow has declined to levels well-below Moody's expectations.
Over the next twelve months, Moody's anticipates free cash flow
to remain below 2% of total debt and EBITDA interest coverage to
remain under 2.0x. Moody's expects this to be driven by:
(i) weak operating cash generation given our expectations of
continued softness in Freescale's addressable end
markets; and
(ii) sizeable interest payments (approximately US$800 million
per year).
The company's depressed cash flow is offset by strong balance
sheet liquidity consisting of cash and short-term investments
totaling US$772 million (as of September 2007) and potential
cash proceeds of US$200 -- US$300 million from asset sales. The
SGL-1 rating also incorporates the company's ability to suspend
roughly US$137 million of cash interest payments through the use
of a PIK toggle structure on US$1.5 billion of senior notes.
However, Moody's notes that continued weakness in internal cash
generation could force the company to draw down on its cash
balance and/or credit facilities, which would place downward
pressure on the liquidity rating. Presently, external liquidity
remains solid through an undrawn US$750 million revolver that
expires in 2012. The bank credit facilities contain a financial
covenant that subjects Freescale to a first-lien secured debt
incurrence test. The company currently has sufficient headroom
under this covenant and full access to the revolver.
These ratings were downgraded:
-- Corporate Family Rating (New) to B1 from Ba3;
-- Probability of Default Rating to B1 from Ba3;
-- US$750 Million Senior Secured Revolving Credit Facility
due 2012 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%);
-- US$3.5 Billion Senior Secured Term Loan B Facility due
2013 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%);
-- US$2.35 Billion Senior Unsecured Notes due 2014 to B2
(LGD-4, 65%) from B1 (LGD-4, 63%);
-- US$500 Million Senior Unsecured Floating Rate Notes due
2014 to B2 (LGD-4, 65%) from B1 (LGD-4, 63%);
-- US$1.5 Billion Senior Unsecured Toggle Notes due 2014 to
B2 (LGD-4, 65%) from B1 (LGD-4, 63%); and
-- US$1.6 Billion Senior Subordinated Unsecured Notes due
2016 to B3 (LGD-6, 92%) from B2 (LGD-6, 91%).
This rating was affirmed:
-- Speculative Grade Liquidity Rating - SGL-1
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004. The company has design, research and development,
manufacturing or sales operations in more than 30 countries
including Singapore. Revenues for the 12 months ended March 31,
2007 were US$6.2 billion.
REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
--------------------------------------------------------------
Ingram Micro Inc. intends to defend against the suit filed by
the trustee of the Refco Litigation Trust in Illinois state
court in connection with the bankruptcy of Refco, Inc., and its
subsidiaries and affiliates.
In August 2007, the Trustee sued Grant Thornton LLP, Mayer Brown
Rowe & Maw, LLP, Phillip Bennett, and numerous other individuals
and entities, including the Company and one of its subsidiaries,
claiming damage to the bankrupt Refco entities in the amount of
US$2 billion.
Of its 44 claims for relief, the complaint contains a single
claim against the Company and one of its subsidiaries, alleging
that loan transactions between the Company's subsidiary and
Refco in early 2000 and early 2001, aided and abetted the common
law fraud of Bennett and other defendants, resulting in damage
to Refco in August 2004 when it effected a leveraged buyout in
which it incurred substantial new debt while distributing assets
to Refco insiders.
Based in Santa Ana, Calif., Ingram Micro Inc., together with its
subsidiaries, distributes information technology products and
supply chain solutions worldwide. Its IT products include
peripherals, networking, software, and systems.
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006. That Plan became effective on
Dec. 26, 2006.
Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007. (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEE HUP SENG: Appoints Fong Wei Seong as Financial Controller
-------------------------------------------------------------
Fong Wei Seong was appointed as See Hup Seng Limited's Group
Financial Controller on December 5, 2007.
See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods. Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding. The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.
Significant Doubt
As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2006, after reviewing the company's full year financial
statements for the year 2005, Moore Stephens -- See Hup Seng's
independent auditors -- expressed a significant doubt in the
company's ability to continue as going concern on April 7, 2006,
citing the company's losses and net current liabilities. Moore
Stephens adds that the ability of the group and the company to
continue as going concerns is dependent the company's debt
restructuring exercise.
THOR HANNE: Creditors' Proofs of Debt Due on January 7
------------------------------------------------------
The creditors of Thor Hanne Pte. Ltd. are required to file their
proofs of debt by January 7, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
Yeap Lam Kheng
Bob Yap Cheng Ghee
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
=============
V I E T N A M
=============
TECHCOMBANK: Assets as of November 30 Triple to US$2 Billion
------------------------------------------------------------
Vietnam's Technological and Commercial Bank reported total
assets of VND33.29 trillion (US$2 billion) as of November 30,
2007, triple the VND10.77 trillion in total assets it recorded
as of end-November 2006, Reuters reports.
Techcombank, which is 15% owned by HSBC Holdings Plc., made a
gross profit of VND638 billion in the first 11 months of 2007,
Reuters cites a company statement. Techcombank made a gross
profit of VND357 billion for the whole of 2006, 24.7% higher
than the figure for 2005.
The report notes that Techcombank's loans at the end of November
stood at VND17.12 trillion while deposits reached
VND29.74 trillion. Reuters says that the bank did not give a
net profit or a comparative figure for the same period in 2006.
Techcombank's statement indicated that it has issued
77.3 million shares to raise funds to boost its registered
capital by 48% to VND2.52 trillion.
According to Reuters, the bank is the first in Vietnam to
provide broking services for coffee exporters to trade directly
on the London robusta futures market.
* * *
Vietnam Technological and Commercial Joint Stock Bank is
headquartered in Hanoi, Vietnam. It reported assets of
VND24 trillion at the end of June 2007, up 38% from the end of
2006.
The Troubled Company Reporter-Asia Pacific reported on Aug. 17,
2006, that Moody's Investors Service has assigned ratings to
Techcombank:
* B1/Not Prime for long- and short-term foreign currency
deposits;
* Ba1/Not Prime for long- and short-term local currency
deposits;
* Ba2/Not Prime for long- and short-term foreign currency
Issuer Ratings;
* Ba1/Not Prime for long- and short-term local currency
Issuer Ratings; and
* a Bank Financial Strength Rating of D-.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 12, 2007
Turnaround Management Association
Joint Holiday Networking Event with TMA/CFA
Loews Hotel, Philadelphia, Pennsylvania
Telephone: 215-657-5551
Web site: http://www.turnaround.org/
December 13, 2007
Turnaround Management Association
Colorado Chapter Annual Brew Pub & Pool Social
Wynkoop Brewing Company, Denver, Colorado
Telephone: 303-847-5026
Web site: http://www.turnaround.org/
December 13, 2007
Turnaround Management Association
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
December 13, 2007
Turnaround Management Association
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
December 19, 2007
Lexisnexis Conferences
Mealey's Asbestos Bankruptcy Conference
Four Seasons Hotel, Miami, Florida
Web site: http://www.lexisnexis.com/
December 19, 2007
Turnaround Management Association
South Florida Dinner
TBA, South Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
January 10, 2008
Turnaround Management Association
Distressed Debt Panel
University Club, Jacksonville, Florida
January 10, 2008
Turnaround Management Association
NJTMA Holiday Party
Iberia Tavern & Restaurant, Newwark, New Jersey
Telephone: 908-575-7333
Web site: http://www.turnaround.org/
January 11, 2008
Turnaround Management Association
Annual Lenders Panel
Westin Buckhead, Atlanta, Georgia
Web site: http://www.turnaround.org/
January 16, 2008
Turnaround Management Association
Current Outlook: Workouts, Lending and Turnarounds
Marriott North, Fort Lauderdale, Florida
Web site: http://www.turnaround.org/
January 17-18, 2008
American Bankruptcy Institute
Caribbean Insolvency Symposium
Westin Diplomat, Hollywood, Florida
Web site: http://www.abiworld.org/
January 28, 2008
Turnaround Management Association
Finding Money: Int'l Asset Search and
Recovery Methods for Collecting Judgments
Centre Club, Tampa, Florida
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
Breakfast Event
Carnelian Room, San Francisco, California
Telephone: 510-346-6000 ext 226
Web site: http://www.turnaround.org/
February 7, 2008
Turnaround Management Association
PowerPlay
Philips Arena, Atlanta, Georgia
Telephone: 678-795-8103
Web site: http://www.turnaround.org/
February 14-16, 2008
American Bankruptcy Institute
13th Annual Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
February 19, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Singapore
Web site: http://www.moodys.com/trainingservices
February 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
February 22, 2008
American Bankruptcy Institute
Bankruptcy Battleground West
Fairmont Miramar, Santa Monica, California
Web site: http://www.abiworld.org/
February 23-26, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar I
Park City, Utah
Web site: http://www.nortoninstitutes.org/
February 26, 2008
Turnaround Management Association
Retail Panel
Citrus Club, Orlando, Florida
Web site: http://www.turnaround.org/
February 27-28, 2008
Euromoney Institutional Investor
6th Annual Distressed Investing Forum
Union League Club, New York, New York
Web site: http://www.euromoneyplc.com/
March 6-8, 2008
ALI-ABA
Fundamentals of Bankruptcy Law
Mandalay Bay Resort, Las Vegas, Nevada
Web site: http://www.ali-aba.org/
March 8-10, 2008
American Bankruptcy Institute
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York
Web site: http://www.abiworld.org/
March 12-14, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 17-18, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
March 19, 2008
Turnaround Management Association
South Florida Dinner
Bankers Club of Miami, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25, 2008
Turnaround Management Association
Luncheon - Maggie Good
Centre Club, Tampa, Florida
Telephone: 561-882-1331
Web site: http://www.turnaround.org/
March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
March 27-30, 2008
Norton Institutes on Bankruptcy Law
Bankruptcy Litigation Seminar II
Las Vegas, Nevada
Web site: http://www.nortoninstitutes.org/
April 2-4, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 3, 2008
International Women's Insolvency & Restructuring Confederation
Annual Spring Luncheon
Renaissance Hotel, Washington, District of Columbia
Telephone: 703-449-1316
Web site: http://www.iwirc.org
April 3, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - East
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 3-6, 2008
American Bankruptcy Institute
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Web site: http://www.abiworld.org/
April 7-8, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
April 10-11, 2008
Moody's Investors Service
Introduction to Credit Derivatives - Structures &
Applications
Singapore
Web site: http://www.moodys.com/trainingservices
April 14-15, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
April 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
April 25-27, 2008
National Association of Bankruptcy Judges
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Web site: http://www.nabt.com/
May 1-2, 2008
American Bankruptcy Institute
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 5-6, 2008
Moody's Investors Service
Islamic Bank Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 7-9, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
May 9, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12, 2008
American Bankruptcy Institute
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 12-14, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
May 13-16, 2008
American Bankruptcy Institute
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
May 18-20, 2008
International Bar Association
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
Web site: http://www.ibanet.org/
May 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
May 22, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
June 2-4, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Singapore
Web site: http://www.moodys.com/trainingservices
June 5, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Contact: http://www.moodys.com/trainingservices
June 4-7, 2008
Association of Insolvency & Restructuring Advisors
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Web site: http://www.airacira.org/
June 12-14, 2008
American Bankruptcy Institute
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Web site: http://www.abiworld.org/
June 18-20, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 19-21, 2008
ALI-ABA
Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
Drafting, Securities, and Bankruptcy
Omni Hotel, San Francisco, California
Web site: http://www.ali-aba.org/
June 23, 2008
Moody's Investors Service
Hedge Fund Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 24-25, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 26, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Singapore
Web site: http://www.moodys.com/trainingservices
June 26-29, 2008
Norton Institutes on Bankruptcy Law
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Web site: http://www.nortoninstitutes.org/
July 1-2, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 3, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 4, 2008
Moody's Investors Service
Analyzing and Rating Hybrid Securities
Sydney, Australia
Web site: http://www.moodys.com/trainingservices
July 10-13, 2008
American Bankruptcy Institute
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Web site: http://www.abiworld.org/events
July 31 - Aug. 2, 2008
American Bankruptcy Institute
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Web site: http://www.abiworld.org/
August 16-19, 2008
American Bankruptcy Institute
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Web site: http://www.abiworld.org/
August 20-24, 2008
National Association of Bankruptcy Judges
NABT Convention
Captain Cook, Anchorage, Alaska
Web site: http://www.nabt.com/
September 4-5, 2008
American Bankruptcy Institute
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 4-6, 2008
American Bankruptcy Institute
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 8, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Web site: http://www.moodys.com/trainingservices
September 22-23, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
September 24-26, 2008
International Women's Insolvency & Restructuring Confederation
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Web site: http://www.ncbj.org/
September 24-27, 2008
National Conference of Bankruptcy Judges
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Web site: http://www.iwirc.org/
October 9, 2008
Turnaround Management Association
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Web site: http://www.turnaround.org/
October 15-16, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Seoul, South Korea
Web site: http://www.moodys.com/trainingservices
October 22-23, 2008
Moody's Investors Service
Securities Firms Analysis \u2013 Including Broker-Dealers
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 24, 2008
Moody's Investors Service
Hedge Fund Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 27, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-29, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Hong Kong
Web site: http://www.moodys.com/trainingservices
October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
November 4-5, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Hong Kong, China
Web site: http://www.moodys.com/trainingservices
November 11-12, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 13-14, 2008
Moody's Investors Service
Introduction to Credit Derivatives-Structures & Applications
Hong Kong
Web site: http://www.moodys.com/trainingservices
November 17-19, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Singapore
Web site: http://www.moodys.com/trainingservices
November 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Beijing, China
Web site: http://www.moodys.com/trainingservices
November 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
Web site: http://www.moodys.com/trainingservices
December 3-5, 2008
American Bankruptcy Institute
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Web site: http://www.abiworld.org/
TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
Web site: http://www.insol.org/
May 7-10, 2009
American Bankruptcy Institute
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Web site: http://www.abiworld.org/
June 11-13, 2009
American Bankruptcy Institute
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Web site: http://www.abiworld.org/
June 21-24, 2009
International Association of Restructuring, Insolvency &
Bankruptcy Professionals
8th International World Congress
TBA
Web site: http://www.insol.org/
July 16-19, 2009
American Bankruptcy Institute
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Web site: http://www.abiworld.org/
September 10-12, 2009
American Bankruptcy Institute
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Web site: http://www.abiworld.org/
October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
December 3-5, 2009
American Bankruptcy Institute
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Reverse Mergers-the New IPO?
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Distressed Market Opportunities
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Homestead Exemptions under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
E-Discovery and Records Management for Bankruptcy
Practitioners and Litigators
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Equitable Subordination and Recharacterization
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
*********
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.
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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,
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Information contained herein is obtained from sources believed
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