/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080213.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, February 13, 2008, Vol. 9, Issue 31 Headlines A U S T R A L I A AGRI-HORT IRRIGATION: Joint Meeting Slated for February 25 ARPINGE PTY: Members to Receive Wind-Up Report on February 22 BEECROFTS SELF: Commences Liquidation Proceedings CARLYLE FINE: Liquidators to Give Wind-Up Report on February 22 CARRINGTON FINE: Members to Hear Wind-Up Report on Feb. 22 D & L RETAIL: Liquidator to Give Wind-Up Report on Feb. 22 FINA GROUP: Members and Creditors to Meet on February 25 H.P. LAUNDER: Members to Hear Wind-Up Report on Feb. 22 MAY DAY: Members & Creditors to Meet on February 22 REWARD SHARE: Undergoes Liquidation Proceedings SATALITE SALES: Placed Under Voluntary Liquidation SHOALHAVEN FRAMES: Creditors' Proofs of Debt Due on February 14 SYMBION HEALTH: Primary Health Gets 52.3% Percent Acceptances SYMBION HEALTH: Moody's Continues Ba1 Review Over Primary Bid TAIALA PTY: Members' Meeting Slated for February 20 VIEW RESOURCES: Appoints Administrators; Suspends Shares ZINIFEX: Allegiance Mining Loses Third Party Bidder * AUSTRALIA: Moody's Comments on Asset-Backed Commercial Paper C H I N A , H O N G K O N G & T A I W A N CHINA EASTERN: Temasek & SAL to Press Bid for 24% Stake CHINA EASTERN: To Set Up Regional Airline JV with China Aviation CHINA EASTERN: To Order 30 Boeing 737 for CNY13.98 Billion COUNTRY FINE: Creditors' Meeting Fixed for February 21 FORTUNE HONEST: Creditors to Receive Wind-Up Report GALAXY BEST: Creditor's Meeting Fixed for February 21 GLORY HIGH: Creditors to Receive Wind-Up Report GLORY MILE: Creditor's Meeting Fixed for February 21 GLORYSON LIMITED: Creditors to Receive Wind-Up Report GOLD RAW: Creditors to Receive Wind-Up Report GREAT PEACE: Creditors' Meeting Fixed for February 21 HASBRO INC: Verrechia to Become Chairman; Names Goldner New CEO HASBRO: China Suppliers May Up Prices Due to Higher Labor Costs HINFAITH INDUSTRIAL: Creditors to Receive Wind-Up Report HOWELL INDUSTRIAL: Creditor's Meeting Fixed for February 21 * CHINA: Passes Special Ordinance on Bankruptcy of Banking Firms * HONG KONG: Fitch Holds Outlook Telecon for Structured Finance I N D I A IFCI LTD: Plans to Cut Workforce by 68% to Minimize Costs ITI LTD: Incurs INR1.18-Billion Net Loss in Oct-Dec 2007 RPG LIFE: Discloses Consideration of Transferee Under Scheme TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years I N D O N E S I A ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007 BANK PAN: To Sell IDR600 Billion Subordinated Bonds in March PT INCO: Cancels Plan to Build New Processing Facility HUNTSMAN: Board Paying US$0.10 Per Share Dividend on March 31 SEMEN KUPANG: Government to Privatize Company This Year K O R E A NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31 M A L A Y S I A MANGIUM INDUSTRIES: To Hold General Meeting on February 27 PAXELENT: Malayan Banking Extends Settlement Shares Issuance PROTON HOLDINGS: Taps Zalekha Hassan as Non-Executive Director N E W Z E A L A N D BANKS PENINSULA: Court to Hear Wind-Up Petition on February 18 DARGAVILLE PRINT: Commences Liquidation Proceedings ETS INSTRUMENTS: Fixes Feb. 25 as Last Day to File Claims K & J CONSULTANTS: Commences Liquidation Proceedings MACQUARIE FORTRESS: Suspends Interest Payments MFS PACIFIC: Defaults on Interest Payments MHS NEW ZEALAND: Court to Hear Wind-Up Petition on Feb. 14 PACIFIC PAINTING: Appoints Vance & Jordan as Liquidators PAREMATA SEASCAPE: Creditors' Proofs of Debt Due on Feb. 26 PLUMB IT RITE: Names Brown & Rodewald as Liquidators QUEST WELLINGTON: Names Vance & Jordan as Liquidators REMINGTON PROPERTIES: Wind-Up Petition Hearing Set for April 1 TMP QUALITY: Subject to CIR's Wind-Up Petition WHITE ISLE: Court to Hear Wind-Up Petition on April 24 WINGSFIELD LTD: Subject to CIR's Wind-Up Petition P H I L I P P I N E S BANCO DE ORO-EPCI: SEC Approves Corporate Name Change MAYNILAD WATER: Pays US$2 Mil. in Loans; Exits Rehabilitation METROPOLITAN BANK: Top Trust Fund Manager, Says Watson Wyatt S I N G A P O R E AAR CORP: Completes US$225 Mil. Placement of Convertible Notes STATS CHIPPAC: Repurchases US$2.5MM Principal Convertible Notes WHISTLEJACKET CAPITAL: Net Asset Value Loss Prompts Receivership WHITESTONE TECHNOLOGY: Creditors' Meeting Set for Feb. 19 T H A I L A N D TMB BANK: Gov't Savings Bank to Buy Company Stake in MFC Asset * Fitch Publishes Ratings Methodology for Insurance-Linked Debts * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= AGRI-HORT IRRIGATION: Joint Meeting Slated for February 25 ---------------------------------------------------------- Agri-Hort Irrigation Solutions Pty Ltd will hold a joint meeting for its members and creditors at 11:00 a.m. on Feb. 25, 2008. During the meeting, the company's liquidator, Bruce Gleeson at Jones Partners, will provide the attendees with property disposal and winding-up reports. As reported in the Troubled Company Reporter-Asia Pacific, the company commenced liquidation proceedings on Nov. 29, 2006. The liquidator can be reached at: Bruce Gleeson c/o Jones Partners Insolvency & Business Recovery Australia Telephone:(02) 9251 5222 About Agri-Hort Irrigation Agri-Hort Irrigation Solutions Pty Ltd provides plumbing, heating, and air-conditioning services. The company is located at Kings Park, in New South Wales, Australia. ARPINGE PTY: Members to Receive Wind-Up Report on February 22 ------------------------------------------------------------- David Clement Pratt and Timothy James Cuming, Arpinge Pty Ltd.'s appointed estate liquidators, will meet with the company's members on February 22, 2008, to provide them with property disposal and winding-up reports. The company commenced liquidation proceedings on June 1, 2006. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Arpinge Pty Arpinge Pty Ltd. is a distributor of durable goods. The company is located at North Melbourne, in Victoria, Australia. BEECROFTS SELF: Commences Liquidation Proceedings ------------------------------------------------- Beecroft's Self Service Pty Ltd's members agreed on Dec. 20, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Colin R. McDonald to facilitate the sale of its assets. The liquidator can be reached at: Colin R. McDonald Chartered Accountant PO Box 4371, Forster Shopping Village New South Wales 2428 Australia Telephone:(02) 6555 9119 Facsimile:(02) 6555 9190 About Beecroft's Self Located at Melbourne, Australia, Beecroft's Self Service Pty Ltd. is an investor relation company. CARLYLE FINE: Liquidators to Give Wind-Up Report on February 22 --------------------------------------------------------------- David Clement Pratt and Timothy James Cuming, Carlyle Fine Arts Pty Ltd's appointed estate liquidators, will meet with the company's members on February 22, 2008, to provide them with property disposal and winding-up reports. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Carlyle Fine Located at North Melbourne, in Victoria, Australia, Carlyle Fine Arts Pty Ltd is an investor relation company. CARRINGTON FINE: Members to Hear Wind-Up Report on Feb. 22 ---------------------------------------------------------- David Clement Pratt and Timothy James Cuming, Carrington Fine Arts (Aust.) Pty Ltd's appointed estate liquidators, will meet with the company's members on February 22, 2008, to provide them with property disposal and winding-up reports. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Carrington Fine Carrington Fine Arts (Aust.) Pty Ltd, which is also trading as Ooh La La Direct, is involved in the catalog and mail-order houses business. D & L RETAIL: Liquidator to Give Wind-Up Report on Feb. 22 ---------------------------------------------------------- David Clement Pratt and Timothy James Cuming, D & L Retail Pty Ltd's appointed estate liquidators, will meet with the company's members on February 22, 2008, to provide them with property disposal and winding-up reports. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About D & L Retail D & L Retail Pty Ltd., which is also trading as Ooh La La Fashion Accessories, operates women's accessory and specialty stores. The company is located at North Melbourne, in Victoria, Australia. FINA GROUP: Members and Creditors to Meet on February 25 -------------------------------------------------------- Fina Group Pty Limited will hold a joint meeting for its members and creditors at 11:00 a.m. on February 25, 2008. During the meeting, the company's liquidator, Keiran W. Hutchison at Ernst & Young, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Keiran W. Hutchison Ernst & Young Level 37, 680 George Street Sydney, New South Wales 2000 Australia Telephone:(02) 9248 4057 About Fina Group Fina Group Pty Limited is a general contractor of single-family houses. The company is located at Ryde, in New South Wales, Australia. H.P. LAUNDER: Members to Hear Wind-Up Report on Feb. 22 ------------------------------------------------------- David Clement Pratt and Timothy James Cuming, H.P. Launder Holdings (Aust.) Pty Ltd's appointed estate liquidators, will meet with the company's members on February 22, 2008, to provide them with property disposal and winding-up reports. The company commenced liquidation proceedings on June 1, 2006. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About H.P. Launder H.P. Launder Holdings (Aust.) Pty Ltd, which is also trading as Launder Jewellery, is a distributor of jewelries and precious stones. The company is located at Melbourne North, in Victoria, Australia. MAY DAY: Members & Creditors to Meet on February 22 --------------------------------------------------- May Day Mines Pty Ltd will hold a joint meeting for its members and creditors at 10:00 a.m. on February 22, 2008. During the meeting, the company's liquidator, J. Vouris at Lawler Partners, will provide the attendees with property disposal and winding-up reports. The Troubled Company Reporter-Asia Pacific reported that the company commenced liquidation proceedings on August 14, 2007. The liquidator can be reached at: J. Vouris Lawler Partners Chartered Accountants Level 9, 1 O'Connell Street Sydney, New South Wales 2000 Australia About May Day May Day Mines Pty Ltd provides engineering services. The company is located at Royal Exchange, in New South Wales, Australia. REWARD SHARE: Undergoes Liquidation Proceedings ------------------------------------------------ Reward Share Limited's members agreed on January 9, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed David Clement Pratt and Timothy James Cuming at PricewaterhouseCoopers to facilitate the sale of its assets. The liquidators can be reached at: David Clement Pratt Timothy James Cuming PricewaterhouseCoopers Level 15, 201 Sussex St Sydney, New South Wales 1171 Australia About Reward Share Reward Share Limited is involved in the hardware business. The company is located at Sydney, in New South Wales, Australia. SATALITE SALES: Placed Under Voluntary Liquidation -------------------------------------------------- Satalite Sales Pty Ltd's members agreed on December 24, 2007, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Lachlan John Rendall to facilitate the sale of its assets. The liquidator can be reached at: Lachlan John Rendall c/o Lachlan Rendall & Associates 163 Russell Street, Bathurst New South Wales Australia About Satalite Sales Satalite Sales Pty Ltd, which is also trading as Ryans Buses, operates school buses. The company is located at Bathurst, in New South Wales, Australia. SHOALHAVEN FRAMES: Creditors' Proofs of Debt Due on February 14 --------------------------------------------------------------- Shoalhaven Frames & Trusses Pty Limited, which is in liquidation, requires its creditors to file their proofs of debt by February 14, 2008. The company will declare dividend on February 29, 2008. The company's liquidator is: Gavin Thomas Level 9, 31 Market Street Sydney, New South Wales 2000 Australia About Shoalhaven Frames Shoalhaven Frames & Trusses Pty Limited is a distributor of structural wood members. The company is located at Nowra South, in New South Wales, Australia. SYMBION HEALTH: Primary Health Gets 52.3% Percent Acceptances ------------------------------------------------------------- As widely reported, Primary Health Care Ltd. has secured 52.3% of shareholder acceptances at Symbion Health Ltd. As a result, Primary has declared its AU$2.7-billion (US$2.4 billion) acquisition offer unconditional, meeting the two conditions set by Symbion's board for it to endorse the deal. The Sydney Morning Herald confirms in a report that Symbion's board has indeed endorsed to the rest of its shareholders Primary's offer. The board had previously rejected the offer but later changed its decision and told Primary that it will get the board's support if it obtains at least 50.1% acceptances, and it will declare the offer unconditional. According to Bloomberg News, Primary Health's taking control of Symbion ends a yearlong battle with Healthscope Ltd. The acquisitions would also give its Managing Director Edmund Bateman 36% of Australia's AU$2.1 billion pathology market. To fund the acquisition, Fairfaxdigital says Primary Health launched an eight-for-five accelerated renounceable pro-rata entitlement offer at AU$5.40 per share to raise the money. Bloomberg adds that Primary has borrowed AU$534.3 million to fund its bid for Symbion. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). SYMBION HEALTH: Moody's Continues Ba1 Review Over Primary Bid ------------------------------------------------------------- Moody's Investors Service says that its Ba1 issuer rating for Symbion Health Ltd. remains on review for possible downgrade following Primary Healthcare Ltd.'s (unrated) announcement that it had built up an interest of more than 50.1% in Symbion. The rating was initially placed on review for downgrade on May 1, 2007 when another company, Healthscope Ltd (unrated), made an ownership proposal for Symbion. The review was continued after Healthscope dropped its proposal in November 2007, and Primary Healthcare progressively accumulated a meaningful stake in Symbion. "The rating review continues in light of the uncertainty surrounding Symbion's future business risk profile, integration issues, capital structure and financial policies -- under the ownership of Primary Healthcare," says Clement Chong, a Moody's VP/Senior Analyst. The transaction is dependent on Primary Healthcare declaring the offer unconditional. This, in turn, is subject to the satisfaction of debt and equity financing conditions in respect of Primary Healthcare's acquisition funding. The review is subject to the resolution of the above factors. Moody's notes the presence of change-of-control provisions in Symbion's bank facility agreement, as well as financial covenants. Primary Healthcare Ltd. is a listed healthcare company, which operates medical centres, pathology centres and provides health technology. 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. It 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. TAIALA PTY: Members' Meeting Slated for February 20 --------------------------------------------------- C. D. Darin, Taiala Pty Limited's appointed estate liquidator, will meet with the company's members on February 20, 2008, at 10:10 a.m., to provide them with property disposal and winding- up reports. The liquidator can be reached at: C. D. Darin C D Darin & Co, Chartered Accountant Suite 3, Level 4 12-14 Mount Street North Sydney, New South Wales 2060 Australia About Taiala Pty Taiala Pty Limited is a distributor of durable goods. The company is located at Tahmoor, in New South Wales, Australia. VIEW RESOURCES: Appoints Administrators; Suspends Shares -------------------------------------------------------- John Winters at Egoli reports that View Resources Limited has voluntarily suspended its shares while it's restructuring the group. The company's gold production at its Bronzewing mine was down to 6,500 ounces in January, a much lower figure compared to its 10,000 production projection for the month, the same report says. Egoli says the company has named Darren Weaver and Andrew Saker at Ferrier Hodgson as joint several voluntary administrators. "The administrators are working with the board and management to look at options for the restructure of the group and its financial position," the company said in a statement. The administrators can be reached at: Darren Weaver Andrew Saker Ferrier Hodgson Level 26, BankWest Tower 108 St George's Terrace Perth WA 6000 Email: fhperthperth.fh.com.au View Resources Limited -- http://www.viewresources.com.au/#-- is an ASX listed Company aiming to quickly transform mineral resource projects into cash producing operations. ZINIFEX: Allegiance Mining Loses Third Party Bidder --------------------------------------------------- Egoli reports that Allegiance Mining Limited's hope of fielding the hostile bid from Zinifex was dashed after a third party withdraw its due diligence on the company. Zinifex has offered to acquire Allegiance's shares for AU$1 per piece in an all-cash transaction. "The relevant third party had ceased its due diligence and would not be submitting a proposal as it was unable to comply with the timetable and deadline that Allegiance had required," Allegiance said according to Egoli. Bloomberg suggested that Zinifex's hostile offer stems from its plan to take control of Allegiance's Avebury nickel project in Tasmania, which has a US$3-billion supply agreement with Jinchuan, Asia's largest producer of the metal used in stainless steel. The offer stands until February 22. Zinifex has secured last week over 5% of shares in Allegiance as a result of Lion Selection's acceptance of its purchase offer. But it has yet to convince the company's major shareholder, Jinchuan Group Limited, to accept its offer. According to Comtex, Jinchuan, which holds a 10.4% stake in Allegiance, is opposed to the proposal. The major shareholder had written to other holders stating its opposition against the deal. About Allegiance Mining Allegiance Mining is an Australian nickel mining company that is about to commission its first nickel project located in Tasmania. Its Avebury nickel project is due to start production in 1Q-08 and the company has an on-going exploration effort targeting nickel sulphide deposits. About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * The Troubled Company Reporter-Asia Pacific reported on Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's 'BB+' Long - term foreign currency Issuer Default Rating (IDR), following the announcement of an all cash offer for Allegiance Mining NL (Allegiance). Fitch said the outlook is stable. * AUSTRALIA: Moody's Comments on Asset-Backed Commercial Paper -------------------------------------------------------------- Moody's on Feb. 11 commented on the ratings assigned to Australian and New Zealand asset-backed commercial paper conduits. This follows the placement on review for possible downgrade of PMI Mortgage Insurance Ltd (IFSR Aa2), a major provider of credit enhancement to the Australian residential mortgage market, including a large number of warehousing facilities funded through ABCP. No immediate rating action has been taken. In Moody's opinion a moderate downgrade of PMI will not, in and of itself, affect the ratings assigned to Australian ABCP conduits, subject to the provisos set out below. Moody's considers the exact impact of any PMI downgrade, should it occur, would vary on a conduit-by-conduit basis, depending on a number of factors, including the proportion of PMI-insured mortgage loans funded through the conduit, its exact structural features, presence of program-wide credit enhancement and, in some cases, the sponsor's willingness to address any residual risks. Based on these factors, Moody's has identified three groups of Australian and NZ ABCP conduits: (1) those whose ratings are essentially de-linked from any rating actions taken with regard to PMI; (2) those whose ratings can be expected to withstand at least a four-to-five notch downgrade of PMI but may be negatively affected in the event of a more severe rating action; and (3) those whose ratings will come under some pressure in the event of a downgrade, including a minor downgrade. In this latter case Moody's has given some benefit to the willingness of the applicable sponsors to restructure or otherwise enhance the conduit so as to retain its current rating. Specifically, the three groups are as follows: -- ABCP conduits de-linked from PMI. In the majority of cases, these are conduits that either do not fund mortgage-insured residential loans, fund a de minimus proportion of such, or rely on significant program-wide credit enhancement, sufficient to protect the conduit from any mortgage insurer downgrade in full. -- Liberty CP Trust 2002-1, rated P-1; -- Liberty CP Trust 2007-1, rated P-1; -- Liberty Sirius Trust, rated (P)P-1; -- MTF Securities Ltd, rated P-1; -- Mustang No.1 Trust, rated P-1; -- Sydney Capital Corporation Inc , rated P-1; -- Waratah Securities Australia Ltd, rated P-1; -- Waratah Securities Australia Ltd (NZ Series), rated P-1; -- Colonial First State Wholesale Geared Share Fund, rated P-1; -- ABCP conduits whose ratings are likely to withstand at least a four-to-five notch downgrade of PMI. These are multi-seller conduits funding a moderate proportion of PMI-insured loans. -- George Street Finance Pty Limited/George Street Finance LLC, rated P-1; -- Tasman Funding Inc & Abel Funding Pty Ltd, rated P-1; -- Titan Securitisation Ltd &TSL (USA) Inc, rated P-1; -- Coast Asset Corporation, rated P-1; -- Asset Collateralized Entity Ltd (Series 2), rated P-1; -- Home Owner Mortgage Enhanced Securities Ltd, Series I, rated P-1; -- Austra Corporation, rated P-1. -- ABCP conduits whose ratings may exhibit some downward pressure following a downgrade of PMI. These are conduits retaining significant exposure to PMI and characterised by insufficient or a lack of program-wide credit enhancement. We note that in choosing not to immediately place these ABCP conduits on review, Moody's has relied on the willingness indicated by the applicable sponsor banks to restructure the conduits or to provide additional credit enhancement in the event of a PMI downgrade. Moody's continues to discuss the likely impact of any such downgrade and the available avenues of redress with the sponsors and is closely monitoring any developments in this regard. -- CUTLASS Securitisation Ltd, rated P-1; -- SCIMITAR Securitisation Limited, rated P-1; -- SPEAR Securitisation Limited, rated P-1; -- Spinnaker Capital Pty Limited/Keel Capital Inc, rated P-1. Moody's continues to monitor the situation surrounding the ratings review of mortgage insurance companies, including PMI. We expect to provide a further update of the impact any related ratings action may have on the Australian and New Zealand ABCP markets upon any further developments. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ CHINA EASTERN: Temasek & SAL to Press Bid for 24% Stake ------------------------------------------------------- Temasek Holdings and Singapore Airlines plan to work with China Eastern Airlines Corporation Limited to win over the China-based carrier's stockholders, Thomson Financial reports, citing the South China Morning Post. Temasek Managing Director of Investment Ong Beng Teck said the group is firmly committed to the agreement but did not give a timetable on when it plans to seal the deal, Thomson Financial relates. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 10, 2008, nearly 78% of China Eastern shareholders rejected a bid by the partnership to buy a minority stake in China Eastern after rival Air China and its parent, China National Aviation Corp., pledged a higher offer. CNAHC had pledged to pay at least HK$5.00 a share if stockholders were to reject the partnership's proposal to buy a 24% stake in China Eastern for HK$3.80 per share, or HK$7.2 billion (US$923 million) in aggregate. Cathay Pacific Ltd. may play a role in case China Eastern shareholders reject the proposed partnership with the Singapore- based investors. The report noted that although CNAHC didn't mention Cathay Pacific directly, it said that Air China "and its business partners" would cooperate in any strategic partnership with China Eastern. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA EASTERN: To Set Up Regional Airline JV with China Aviation ---------------------------------------------------------------- China Eastern Airlines Corporation Limited has agreed to set up a regional airline joint venture with state-run aircraft maker China Aviation Industry Corp. I, CargoNews Asia reports. According to the report, China Eastern plans to take a 40% stake in the joint venture, which will have a registered capital of US$139 million. The deal is subject to approval from China's aviation regulator, the report notes. China Eastern's move, the report notes, comes just days after it signed a cooperation agreement with China Southern Airlines, a step that may complicate a bid by China National Aviation Holding to take a stake in China Eastern. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA EASTERN: To Order 30 Boeing 737 for CNY13.98 Billion ---------------------------------------------------------- China Eastern Airlines Corporation Limited plans to buy 30 Boeing 737-series planes for CNY13.98 billion or US$1.94 billion, various reports say. According to the Etraveblackboard News, this company move is aimed to expand China Eastern's fleet. The company said that though the order would increase its 94.3% debt ratio, it would not affect daily cash flow or profitability, Domain-B news notes. The purchase will cash in on China's booming business and leisure travel sector, the Etravel relates. Boeing, Domain-B News says, has not revealed the specifics of the order, saying only that CEA "announced the selection of additional" aircraft and that it will issue a statement "when the order process is completed." Deliveries of the aircraft would be made from July 2011 to November 2015, the reports add. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. COUNTRY FINE: Creditors' Meeting Fixed for February 21 ------------------------------------------------------ The creditors of Country Fine Investment Limited will have their final general meeting at 10:30 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. FORTUNE HONEST: Creditors to Receive Wind-Up Report --------------------------------------------------- The creditors of Fortune Honest Limited will have their final general meeting at 1:30 p.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GALAXY BEST: Creditor's Meeting Fixed for February 21 ----------------------------------------------------- The creditors of Galaxy Best Enterprises Limited will have their final general meeting at 2:00 p.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GLORY HIGH: Creditors to Receive Wind-Up Report ------------------------------------------------ The creditors of Glory High Development Limited will have their final general meeting at 11:00 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GLORY MILE: Creditor's Meeting Fixed for February 21 ------------------------------------------------- The creditors of Glory Mile Development Limited will have their final general meeting at 11:30 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GLORYSON LIMITED: Creditors to Receive Wind-Up Report ----------------------------------------------------- The creditors of Gloryson Limited will have their final general meeting at 8:30 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GOLD RAW: Creditors to Receive Wind-Up Report --------------------------------------------- Gold Raw Investment Limited's creditors will have their final general meeting at 9:00 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. GREAT PEACE: Creditors' Meeting Fixed for February 21 ----------------------------------------------------- The creditors of Great Peace Development Limited will have their final general meeting at 9:30 a.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. HASBRO INC: Verrechia to Become Chairman; Names Goldner New CEO --------------------------------------------------------------- Hasbro, Inc. (NYSE:HAS) announced that after 43 years with the Company, Al Verrecchia, has decided to step down as chief executive officer and will become the chairman of the Board. Brian Goldner, currently Hasbro's Chief Operating Officer, will succeed Mr. Verrecchia as Chief Executive Officer. These changes will be effective on May 22, the date of company's annual meeting of shareholders. Mr. Goldner was also named to the company's board of directors. Alan Hassenfeld, currently the non-executive chairman of the board will step down from that role in May, but remain a board member and continue to chair the board's executive committee. Mr. Verrecchia will remain Chairman through the end of 2008, at which time he will transition to be the non-executive chairman of the board. "During Al's long and dedicated career at Hasbro, he has been one of the key architects -- especially during his 5 years as CEO -- of making Hasbro the successful global company it is today," said Mr. Hassenfeld. "Al's loyalty, integrity and work ethic, embody all that is great about our company." "I have achieved all of the goals I set when I became CEO and I thought now was a great time to step aside," said Mr. Verrecchia. "Hasbro is a company on the rise. We're financially strong, with great momentum and I am really excited to turn the leadership of this company over to Brian. I have worked closely with him during the last 7 years and I know his entrepreneurial spirit, creative stewardship and strong leadership, will serve Brian well as he takes Hasbro to the next level." "I am honored to succeed Al as CEO," said Mr. Goldner. "This is a very exciting time for the Company; we have a tremendous team at Hasbro who all share a common goal of continuing to grow our world class portfolio of brands through creativity and innovation." Brian Goldner joined Hasbro in 2000 and was named the Company's Chief Operating Officer in 2006. Prior to that, Mr. Goldner was President of the U.S. Toy Segment. He came to Hasbro from Bandai America Inc. where he was Chief Operating Officer. He is a graduate of Dartmouth College. Mr. Verrecchia joined Hasbro in 1965 as a staff accountant. He has served in a variety of key senior executive positions, including Chief Executive Officer and President and Chief Operating Officer. Over the years, Mr. Verrecchia has also served as Hasbro's Executive Vice President, Global Operations; Chief Financial Officer; and President, Hasbro Manufacturing Services. Alan Hassenfeld joined Hasbro in 1970 as a special assistant to the President following his graduation from the University of Pennsylvania. He worked his way up the ranks of the business that his grandfather started in 1923, including stints in marketing and sales. He was one of the key architects of Hasbro's international operations and spent extensive time traveling overseas. He was named President of the Company in 1984 and became Chairman and Chief Executive Officer in 1989. He stepped down as CEO in 2003, giving the day-to-day responsibilities of running the Company to Al Verrecchia and retired to become Non- Executive Chairman of the Board at the end of 2005. About Hasbro 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 China, 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: China Suppliers May Up Prices Due to Higher Labor Costs --------------------------------------------------------------- Jonathan Birchall at the Financial Times relates that toymaker Hasbro Inc. expects up to 15% hike in the costs of products it imports from China as local suppliers face higher labor and quality testing costs. Hasbro buys most of its toys from China. "Some of our vendors are moving further into China in order to obviate the higher labour costs," Chief Financial Officer David Hargreaves told the FT. As labor in coastal industrial regions become higher, Hasbro's Chief Executive Officer Al Verrecchia thinks that Chinese suppliers could move inland to cities away from coasts, the FT says. He added that suppliers have two choices: to move inland where modern infrastructure is deficient, or move operations to Vietnam where language could become a problem. About Hasbro 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 China, 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. HINFAITH INDUSTRIAL: Creditors to Receive Wind-Up Report -------------------------------------------------------- The creditors of Hinfaith Industrial Limited will have their final general meeting at 3:00 p.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. HOWELL INDUSTRIAL: Creditor's Meeting Fixed for February 21 -------------------------------------------------------- The creditors of Howell Industrial Limited will have their final general meeting at 3:30 p.m. on February 21, 2008, at 27th Floor, Alexander House, 18 Charter Road, Central, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The Hong Kong Gazette did not disclose the liquidator's name. * CHINA: Passes Special Ordinance on Bankruptcy of Banking Firms ---------------------------------------------------------------- A special ordinance on the bankruptcy of banking and financial institutions is being devised by the Chinese government as to establish a market-oriented bail-out mechanism, Xinhua News reports, citing the China Banking Regulatory Commission. According to the report, sources said the legal instrument would provide a supplement to the revised corporate bankruptcy law that came into effect last June and target the specialties of financial areas. No time frame for the legislative process of the ordinance is available yet, the report notes. Analysts told the news agency that since banks serves as the stablizer of the economy, the ordinance must be able to minimize the aftermath of bankruptcy of financial institutions and also provide the maximum protection to the interests of depositors, creditors and taxpayers. The Analysts, the report relates, said only by allowing incompetent and highly risky players to withdraw from the market can a country defuse any financial crisis and safeguard domestic financial system. The process of bankruptcy for Chinese banks is referred to as "administrative closure" because most banks are state-owned and virtually became an arm of governmental departments, Xinhua News explains. With the central bank serving as their last creditor and rescuer, the report says, banks and financial institutions prosper on government credits but also tend to be less sensitive to risks compared to foreign financial firms. * HONG KONG: Fitch Holds Outlook Telecon for Structured Finance --------------------------------------------------------------- Fitch Ratings will host a teleconference on February 14, 2008, at 3 p.m. HK/SG to discuss its outlook for the non-Japan Asian Structured Finance market in 2008. The teleconference will be hosted by Stan Ho, Head of non-Japan Asia Sructured Finance, Helen Wong, Associate Director and Albert Hofman, Managing Director Business Development, Structured Finance Asia Pacific. The team says to expect a stable outlook for 2008 for the regional securitization market, which is currently recovering from the ripples caused by the US subprime fallout. The call coincides with the release of "Non Japan Asia Structured Finance -- 2007 Review and 2008 Outlook," which was published earlier this month and is available on http://www.fitchratings.com/ Opening remarks will last approximately 20 minutes, after which there will be an opportunity for Q&A from interested participants. To register for this event, please contact Zuraidah Ramli at +65 6796 7229/ zuraidah.ramli@fitchratings.com Instructions: Participants should dial the listed toll free telephone access number at least 5 minutes before start time. When prompted by the Operator, the pass code is 'Fitch Ratings'. Participants will be placed in listen-only mode with music until the moderator or speaker starts the conference. Participants are advised to dial the toll free lines from an IDD-enabled fixed landline. These are the details of the teleconference: -- Date: Thursday, February 14, 2008 -- Time: 3 p.m. HK/SG -- Call Leader: Albert Hofman -- Australian Toll Free: 1800 097 137 -- New Zealand Toll Free: 0800 603 458 -- Japan Toll Free: 0044 2206 2130 -- Korea Toll Free: 00798 612 1030 -- China Toll Free: 10800 6110 114 (CNC)/ 10800 3610 134 (CT) -- Taiwan Toll Free: 00801 232 383 -- Hong Kong Toll Free: 800 962 681 -- Singapore Toll Free: 800 6162 212 -- Malaysia Toll Free: 1800 181 225 -- Indonesia Toll Free: 00180 3061 2084 -- Thailand Toll Free: 001800 612 1073 -- Philippines Toll Free: 1800 1612 0024 -- India Toll Free: 000 800 100 6486 Replay: An archived replay of the teleconference will be available from the 'Events Calendar' on the Fitch Ratings Asia website, http://www.fitchratingsasia.com/ ========= I N D I A ========= IFCI LTD: Plans to Cut Workforce by 68% to Minimize Costs --------------------------------------------------------- IFCI Ltd. has offered a voluntary retirement scheme to its employees to cut costs and sustain business in the medium term, the Business Standard reports. "There are about 470 people in IFCI and our current business size requires not more than 150 people," the report quoted IFCI Chief Executive Officer Atul Kumar Rai as saying. The CEO asserted that the VRS would give space to the company to redesign the business model. According to the same report, the VRS offers staff relief of up to INR15 lakh. Employees have until Feb. 29 to avail of the scheme. As previously reported in the Troubled Company Reporter-Asia Pacific, IFCI called off plans to induct a strategic investor after its board of directors rejected the 26%-stake-sale proposal submitted by the consortium of Sterlite Industries and Morgan Stanley Co, saying that the conditional offer is unacceptable. IFCI's net profit soared in the three months ended Dec. 31, 2007 -- more than doubled to INR3.19 billion from the INR1.29-billion profit booked in the corresponding quarter in 2006. The CEO believes the company will go back into losses unless they reduce wage costs. We will be better off if we have right kind of people," Mr. Rai told Business Standard. 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'. Fitch said the outlook on the rating is stable. ITI LTD: Incurs INR1.18-Billion Net Loss in Oct-Dec 2007 -------------------------------------------------------- ITI Ltd. reported a net loss of INR1.18 billion in the three months ended Dec. 31, 2007, just a slight move from the INR1.20-billion loss incurred in the same quarter in 2006. Total income was just about the same at INR2.75 billion; the company earned INR2.80 billion in the same quarter in 2006. With operating expenditures aggregating INR3.21 billion, the company posted an operating loss of INR467 million in Oct.-Dec. 2007. The company also booked interest charges of INR626.6 million, depreciation of INR82.9 million, and INR2.6 million in taxes. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27f7 ITI Limited -- http://www.itiltd-india.com/-- is a telecom company, which manufactures a range of telecom equipment, including switching products; transmission systems, such as satellite communication systems, optical line terminating equipments and digital microwave systems; access products, such as fixed wireless local loop systems and digital local loop carriers; terminal equipment, such as telephones, integrated services digital network products and video conferencing systems; microelectronic products and software; information technology products and telecom products for the defense sector, and other products, including solar power systems and bank mechanizing products. It also provides value- added services, such as shared hub very-small aperture terminal services, and public mobile radio trunked services and turnkey solutions. Its customers include The Department of Telecommunications, defense, railways, oil sector and corporates in India, and certain African and South Asian nations. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 23, 2007, Credit Analysis & Research Ltd. revised the rating assigned to the 'L' series long term bond issue of ITI Limited to CARE D (SO) [Single D (Structured Obligation)] from CARE AAA (SO) [Triple A (Structured Obligation))] with Credit Watch. The rating revision took into account the delay in the interest payment of the above said bond issue. The TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned final National ratings of 'D(ind)(SO)' to ITI's INR550 million 'J-1' Series long-term bonds. ITI has incurred losses for at least two consecutive years -- INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06. The company is a sick company as per provisions of India's Sick Industrial Companies Act 1985. RPG LIFE: Discloses Consideration of Transferee Under Scheme ------------------------------------------------------------ As previously reported by the Troubled Company Reporter-Asia Pacific, the Scheme of Arrangement that RPG Life Sciences Ltd. entered into with RPG Pharmaceuticals Ltd., Instant Holdings Ltd. and Instant Trading and Investment Company Ltd. took effect on Feb. 5, 2008. RPG Life has fixed Feb. 22 as the Record Date for the purpose of the Scheme. According to the TCR-AP report, the Scheme provided that: a) The entire pharmaceutical business of the company stands sold to RPG Pharmaceuticals on a going concern basis effective from April 2, 2007, at a consideration of INR46 crore. Thus, the results and revenue of the pharmaceutical business from April 2 has become revenue and results of RPG Pharmaceuticals. b) The entire investments held by the company (excluding US$64 bonds) is sold to Instant Holdings effective from April 1, 2007, at a consideration of INR53 crore. In a filing with the Bombay Stock Exchange on Monday, RPG Life provided additional details of the Scheme, including the consideration that the transferee companies would discharge. The company said that under the Scheme, RPG Pharmaceuticals would issue equity shares of face value of INR8 to the company's shareholders in the ratio of 1:1 at aggregate of INR34,50,49,200. RPG Pharmaceuticals would list these equity shares at three stock exchanges: -- Bombay Stock Exchange -- Calcutta Stock Exchange -- National Stock Exchange of India Instant Holdings' consideration would be 99,50,000 equity shares (face value of INR10 each), which it will issue to the company at aggregate premium of INR43.05 crore. Instant Holdings would thus become subsidiary of the company. Instant Holdings is and would remain an unlisted company. Also pursuant to the Scheme, the assets and liabilities of Instant Trading is transferred to Instant Holdings; the former stands dissolved without winding up. RPG Life would change its name to "Brabourne Enterprises Ltd" and RPG Pharmaceuticals would change its name to "RPG Life Sciences Ltd." Instant Trading is a wholly owned subsidiary of the company. RPG Pharmaceuticals and Instant Holdings were incorporated on March 29, 2007, to participate in the Scheme. Headquartered in Mumbai, India, RPG Life Sciences Ltd -- http://www.rpglifesciences.com/-- is a full spectrum, world class, customer focused, innovative pharmaceutical organization. Formerly known as Searle (India) Ltd., the company develops, manufactures and markets, for national and international markets, a broad range of branded formulations, generics and bulk drugs developed through fermentation and chemical synthesis routes. On April 17, 2003, Credit Analysis and Research Limited downgraded the rating of the outstanding NCD program of INR145.5 million of RPG Life Sciences rating from CARE BBB to CARE D. The downgrade is on account of a default in debt servicing obligations towards institutional investors. TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years --------------------------------------------------------------- Tata Motors Ltd plans to bring to Europe, in four years, a new version of its INR1-lakh car Tata Nano, currently the world's cheapest car. Girish Wagh, head of Tata Motors' compact car projects, reportedly told the Focus magazine that the company will develop a successor model in four years time, which will meet the Euro 5 emission regulations and the crash standards in Europe. Reports did not say how much the European version will cost. On Jan. 10, Tata Group Chairman Ratan N. Tata unveiled in New Delhi the four-door Tata Nano, which seats four persons and measures 3.1 meters in length, 1.5 meters in width and stands 1.6 meters. The standard version, however, has no radio, no passenger-side mirror, no air conditioning and only one windshield wiper. Tata NANO will be sold in India later this year and will be available in standard and deluxe versions. Tata previously said that it will focus on India for two to three years before considering exports of the Nano. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd. on review for possible downgrade. ================= I N D O N E S I A ================= ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007 ---------------------------------------------------------- Alcatel-Lucent S.A. released its financial results for full year and fourth quarter ended Dec. 31, 2007. Alcatel-Lucent posted EUR3.52 billion in net losses on EUR17.79 billion in net revenues for full year 2007, compared with EUR522 million in net profit on EUR18.25 billion in net revenues for 2006. The company registered EUR2.58 billion in net losses on EUR5.23 billion in net revenues for the fourth quarter 2007, compared with EUR618 million in net losses on EUR4.42 billion in net revenues for the same period in 2006. As of Dec. 31, 2007, Alcatel-Lucent had EUR271 million in net cash, compared with EUR24 million in net debt as of Sept. 30, 2007. The funded status of pensions and other post retirement benefits (OPEB) amounted to EUR2.81 billion at year-end 2007, compared with EUR2.44 million as of Sept. 30, 2007. The group reduced its exposure to equity markets in November 2007. As of Dec. 31, 2007, the global asset allocation of the group's funds was: * 20% in equity securities, * 60% in bonds, and * 20% in alternatives. Alcatel-Lucent's board of directors, after considering the results and more uncertain market outlook, has decided to suspend dividend payment for 2007. "This quarter, we delivered solid year-over-year revenue growth of 18.4% with the strongest performance in the carrier and services businesses," Patricia Russo, Alcatel-Lucent CEO, said. "These results reflect the strengthening of our position in IP and optics, a recovery of our GSM business and the ramp up of WCDMA. "Our adjusted gross margin -- excluding the one-time impact of the charge in the cost recognition methodology for this large wireless construction contract -- was roughly flat quarter-over- quarter, despite a challenging pricing environment and an unfavorable shift in our geographic and product mix. Our adjusted operating margin has significantly improved sequentially, reflecting higher volumes and, to a lesser extent, a reduction in our operating expenses. "As we have said, 2007 was a transition year for the company as we executed our integration plans in a difficult market environment. Notwithstanding these challenges, the performance of our wireline, enterprise and services business has been solid. On the other hand, the slower-than-expected ramp up of revenues in WCDMA and NGN/IMS, two areas in which we have been investing, has severely impacted profitability." Outlook Alcatel-Lucent expects a sequential drop in revenues of 20% to 25% in the first quarter of 2008. The company expects to incur a loss at the adjusted2 operating income1 level in the first quarter of 2008 as a result of this seasonality. Given the expected improvement in the gross margin as well as a reduction in adjusted operating expenses, Alcatel-Lucent expects an adjusted operating margin in the low to mid single digit range in percentage of revenues in full year 2008. "While the long term prospects of our industry remain good, the macroeconomic environment has created uncertainty in our markets in the last few months," Ms. Russo said. "Our initial projections for 2008 indicate that the global Telecommunications equipment and related services market should be flat to slightly up at constant EUR/US$ rate and slightly down at current rate. "With this in mind, we will continue to execute against our three-year plan. The ongoing implementation of a more selective pricing approach as well as product cost reduction program should enable us to improve our gross margin. We also intend to make continued good progress in our fixed costs reduction plan." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- 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, Australia, Brunei and Cambodia. * * * As reported on Nov. 9, 2007, Moody's Investors Service 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 said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. BANK PAN: To Sell IDR600 Billion Subordinated Bonds in March ------------------------------------------------------------ PT Bank Pan Indonesia plans to sell 10-year subordinated bonds worth IDR600 billion in late March, Thomson Financial reports. According to the report, while the coupon rate has yet to be fixed, the coupon for the sixth to tenth years will be higher than it will be for the first five years. The bonds will be sold on March 26-28 and will be listed on the Indonesian Stock Exchange on April 3, the report notes. The proceeds, the report relates, will be used to strengthen capital and expand its loan activities. The bank has appointed PT Indo Premier Securities, PT Evergreen Capital and PT Bahana Securities to underwrite the bond sale, the report adds. Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's -- http://www.panin.co.id-- products and services include individual, which comprises saving products, consumer credit products, electronic products and service products corporate, and corporate, which consist of saving products, financial service products, loan credit, export and import products, electronic products and service products. The bank has investment in several public listed companies, including PT Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk and PT Panin Sekuritas Tbk. * * * The Troubled Company Reporter-Asia Pacific reported on Aug. 2, 2007, that Moody's Investors Service placed the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Pan Indonesia Tbk on review for possible upgrade. The detailed ratings are: * B2 foreign currency long-term deposit rating was placed on review for possible upgrade; and * Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D BFSR were unaffected -- the former two ratings carry a stable outlook, while the BFSR has a positive outlook PT INCO: Cancels Plan to Build New Processing Facility ------------------------------------------------------ PT International Nickel Indonesia Tbk (PT Inco) has cancelled a plan to build a new nickel processing facility in Bahodopi, Central Sulawesi, but it proposed to build the facility at its mining site in Sorowako, south Sulawesi, Reuters News reports. Indra Ginting, Inco investor relations officer, told the news agency that based on their review, it's not economical to set up the facility in Bahodopi. "We plan to take nickel ore from Bahodopi to be processed in Sorowako with existing technology. We have proposed to the government to build a new facility in Sorowako," he was quoted as saying. The report points out that Mr. Ginting did not say when the project will start. If the plan was approved by the government, the new nickel processing facility is expected to produce about 22,000 tonnes of nickel, or 48.5 million pounds of nickel in matte, the report adds. About PT Inco Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company carried Standard and Poor's "BB-" long-term foreign and local issuer credit ratings; and Fitch Rating's "BB" LT Issuer Default rating. HUNTSMAN: Board Paying US$0.10 Per Share Dividend on March 31 ------------------------------------------------------------- Huntsman Corporation's board of directors has declared a US$0.10 per share cash dividend on its common stock. The dividend is payable on March 31, 2008, to stockholders of record as of March 14, 2008. Huntsman Corp. -- http://www.huntsman.com/-- is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, the company has 13,000 employees and operates from multiple locations worldwide, including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among others. The company had 2006 revenues from all operations of over US$13 billion. * * * As reported in the Troubled Company Reporter on June 28, 2007, Moody's Investors Service placed the debt ratings and the corporate family ratings (CFR -- Ba3) for Huntsman Corporation and Huntsman International LLC, a subsidiary of Huntsman under review for possible downgrade. SEMEN KUPANG: Government to Privatize Company This Year ------------------------------------------------------- PT Semen Kupang will be privatized by the Indonesian government this year, Antara News reports. President director of PT Semen Kupang Abdul Madjid Nampira was quoted by the news agency as saying, "I have not received a clear picture about the privatization from the state enterprise ministry," he said. PT Semen Kupang, the report notes, recently asked for a state budget allocation of IDR50 billion to restructure its management and replace old machineries. The company almost went bankrupt last year as it was heavily indebted to Bank Mandiri with debts reaching more than IDR159 billion, the report recounts. A committee led by the economic affairs coordinating minister last January 31, 2008, Antara recounts, announced the plan to privatize PT Semen Kupang and 43 other state companies. The privatization was necessary to raise money to cover the state budget deficit, the report adds. About Semen Kupang Headquartered in ast Nusa Tenggara (NTT) Province, Indonesia, PT Semen Kupang is a state-owned cement company. According to a Feb. 12, 2008, report by Antara News, the company recently asked for a state budget allocation of IDR50 billion to restructure its management and replace old machineries. It almost went bankrupt in 2007, as it was heavily indebted to Bank Mandiri with debts reaching more than IDR159 billion. As reported by the Troubled Company Reporter-Asia Pacific on June 16, 2006, Semen Kupang was among the corporate borrowers asked by Bank Mandiri to settle their non-performing loans otherwise a legal action will be filed against them. ========= K O R E A ========= NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31 ---------------------------------------------------------------- Novelis Inc., a subsidiary of Hindalco Industries Limited, reported a net loss of US$49 million for the third quarter of fiscal year 2008, which ended on Dec. 31, 2007. This compares with a net loss of US$105 million for the corresponding period of 2006. Novelis incurred a pre-tax loss of US$45 million on sales of US$2,735 million, compared with the prior-year period when it incurred a pre-tax loss of US$140 million on sales of US$2,472 million. The US$95 million increase in pre-tax earnings reflects significant underlying operational improvement. This increase is due to a number of positive business factors, including the following: -- Product mix improvements and price increases added approximately US$45 million of pre-tax earnings compared with the prior-year period. -- The company's exposure to customer contracts with metal price ceilings was reduced by US$42 million, net of hedges, compared with the prior-year period. -- Corporate selling, general and administrative expenses were reduced by US$22 million driven by streamlining of corporate staff and costs related to financial reporting requirements in the prior year. -- Interest expense was US$10 million lower primarily due to penalty interest and the write-off of backstop commitment fees incurred during the prior year as a result of the company's delayed filings and lower interest rates in the current year. The prior year's quarter included the benefit of a US$26 million gain from the sale of an equity interest in a non-consolidated affiliate and certain rights to develop hydroelectric power plants in South America. In addition to these items, pre-tax earnings during the quarter ended Dec. 31, 2007, were impacted by certain income and expense items associated with fair value adjustments recorded at the date of acquisition. The net pre-tax impact of these items was a benefit of US$8 million primarily driven by the amortization of accruals related to unfavorable contracts (recorded at fair value at the date of acquisition) partially offset by higher depreciation and amortization. "While the bottom line is still not satisfactory, these results reflect continued progress towards improving our performance in an environment of high energy costs and volatile metal price and currencies," said Martha Brooks, President and Chief Operating Officer. "Product mix improvements, price increases and reduced exposure to contracts with metal price ceilings are examples of the steps we have taken to improve our business fundamentals." Included in the net loss of US$49 million for the third quarter of fiscal year 2008 is US$4 million of income tax expense. Significant tax items in the quarter included: -- US$32 million of tax expense related to exchange translation and re-measurement items; -- US$14 million of tax expense on valuation allowance increases primarily related to tax losses in certain jurisdictions where the company believes, based on current facts and circumstances, it will not be able to utilize those losses; and -- US$32 million of tax benefit associated with enacted tax rate changes. Cash taxes paid during the third quarter of fiscal year 2008 were US$19 million. About Novelis Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL) -- http://www.novelis.com/-- is the global provider of aluminum rolled products and aluminum can recycling. The company operates in 11 countries and has approximately 12,900 employees. Novelis has the capability to provide its customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America and South America. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets. Novelis South America operates two rolling plants and primary production facilities in Brazil in the Latin American region. Novelis also has operations in Germany, Switzerland and Korea. * * * In July 2007, Fitch Ratings affirmed the Issuer Default Rating forNovelis Inc. and Novelis Corp. at 'B' and assigned a negative rating outlook. Fitch said the rating outlook is negative. About US$2.4 billion of debt is affected by the ratings. =============== M A L A Y S I A =============== MANGIUM INDUSTRIES: To Hold General Meeting on February 27 ---------------------------------------------------------- Mangium Industries BHD will hold ts Extraordinary General Meeting at 3:00 p.m. on February 27, 2008, at The Auditorium, Podium 1, Menara MAA, No. 12, Jalan Dewan Bahasa, in 50460 Kuala Lumpur, Malaysia. At the meeting, the company will ask its shareholders' approval for the proposed disposal by the company of the entire issued and paid-up share capital of Mangium Plantations SDN BHD to Global Emerging Markets Forestry Investors LLC, for a total cash consideration of US$6.05 million. About Mangium Industries Mangium Industries Berhad's principal activities are the manufacture and trade of timber and timber related products. Other activities include provision of printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture, operation and development of the plantation and investment holding. Operations of the Group are carried out in Malaysia. The TCR-AP reported on May 25, 2007, that Mangium Industries, on May 22, became an affected listed issuer pursuant to the provisions of Amended Practice Note 17/2005, as its shareholders' equity on consolidated basis is less than 25% of its issued and paid-up capital. As an affected listed issuer, Mangium is required to formulate and implement a plan to regularize its financial condition within a timeframe stipulated by relevant authorities. PAXELENT: Malayan Banking Extends Settlement Shares Issuance ------------------------------------------------------------ In relation to Paxelent Corporation Berhad's proposed Revised Corporate Restructuring Exercise, the company unveiled that one of its FI Creditors, Malayan Banking Berhad, intends to extend until April 7, 2008, for the company to issue the settlement shares, given these conditions: a) Malayan Banking to proceed with the forfeiture of the 10% and the sum of SGD150,000.00 to compensate Malayan Banking for the legal fees incurred; b) Paxelent to pay the sum of MYR25,000.00 to Malayan Banking as an extension of time fee; and c) Paxelent to reimburse the subsequent legal costs incurred and to be incurred by MBB in relation to all matters related to the extension of the Conditional Period. The company will deliberate on the conditions as imposed by MBB and will make an immediate announcement as soon as the Board has decided on the same. Headquartered in Kuala Lumpur, Malaysia, Paxelent Corporation Berhad is engaged in investment holding. The principal activities of the subsidiaries are property investment, provision of information technology solutions, investment holding, marketing and sale of hard disk drive components. The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Second Board of Bursa Malaysia Securities Berhad. Paxelent Corporation is engaged in investment holding. The principal activities of the subsidiaries are property investment, provision of information technology solutions, investment holding, and marketing and sale of hard disk drive components. The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Second Board of Bursa Malaysia Securities Berhad. The Company is actively pursuing various restructuring schemes to address its default issues. These schemes would involve raising funds through partial disposal of assets, potential debts waivers and rescheduling of the debts. Russell Bedford LC & Company raised substantial doubt on Paxelent's ability to continue as a going concern after auditing The company's consolidated financial statements for the year ended Dec. 31, 2006. The auditing firm pointed to the group and company's net current liabilities of MYR39,226,000 and MYR82,894,000 respectively. In addition, both the group and the company have capital deficiencies of MYR18,259,000 and MYR29,142,000 respectively. Russell Bedford LC notes that the company has not met the scheduled repayment obligations of the settlement agreements with several financial institutions arising from the crystallization of corporate guarantees in respect of the wind- up of its former subsidiaries. Paxelent's balance sheet as of Dec. 31, 2006, showed a shareholders' deficit of MYR15,913,000 arising from total liabilities of MYR46,423,000 and total assets of MYR30,510,000. PROTON HOLDINGS: Taps Zalekha Hassan as Non-Executive Director -------------------------------------------------------------- Datuk Zalekha Hassan was appointed as Proton Holdings Berhad's Non-Executive Director. He was previously the Deputy Secretary General (Operations) of the Ministry of Finance. On the other hand, Dato' Haji Ahmad Bin Haji Hashim stepped down as the director and member of Proton and its subsidiaries' Board of Committee. About Proton Holdings Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.protonedar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton was reported as among Malaysia's worst performing companies in 2005, after competition from foreign carmakers and a lack of new models lost the firm local market share and subsequently led it into a loss. It has since brought in a new chief, sold its loss-making MV Agusta motorbike firm and pledged to find a new technology partner. The Company has been under increasing pressure, with its share of domestic sales falling to 44% from 75% over the past decade. The Troubled Company Reporter-Asia Pacific reported on May 4, 2006, that Proton was expected to finalize a recovery plan and seal an alliance with a strategic partner, in order to boost sales and become more competitive. ==================== N E W Z E A L A N D ==================== BANKS PENINSULA: Court to Hear Wind-Up Petition on February 18 -------------------------------------------------------------- A petition to have Banks Peninsula Transport Ltd.'s operations wound up will be heard before the High Court of Christchurch on February 18, 2008, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition on December 13, 2007. The CIR's solicitor is: Julie Newton c/o Inland Revenue Department Legal and Technical Services First Floor Reception 224 Cashel Street PO Box 1782, Christchurch 8140 New Zealand Telephone:(03) 968 0807 Facsimile:(03) 977 9853 DARGAVILLE PRINT: Commences Liquidation Proceedings --------------------------------------------------- Dargaville Print, Copy & Graphics Centre Ltd.'s shareholders agreed on January 21, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Stephen Kim Bennett and Timothy John Hoyle to facilitate the sale of its assets. Creditors are required to file their proofs of debt by Feb. 25, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: Stephen Kim Bennett Timothy John Hoyle c/o Steve Bennett Associates PO Box 627, Whangarei New Zealand Telephone:(09) 438 2312 Facsimile:(09) 438 2912 e-mail: info@sba.net.nz ETS INSTRUMENTS: Fixes Feb. 25 as Last Day to File Claims --------------------------------------------------------- The creditors of ETS Instruments Ltd. are required to file their proofs of debt by February 25, 2008, to be included in the company's dividend distribution. The company's liquidator is: Paul Graham Sargison c/o Gerry Rea Partners PO Box 3015, Auckland New Zealand Telephone:(09) 377 3099 Facsimile:(09) 377 3098 K & J CONSULTANTS: Commences Liquidation Proceedings ---------------------------------------------------- K & J Consultants Ltd.'s shareholders agreed on Jan. 10, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Iain Andrew Nellies and Wayne John Deuchrass to facilitate the sale of its assets. The liquidators can be reached at: Iain Andrew Nellies Wayne John Deuchrass c/o Insolvency Management Limited 148 Victoria Street, Level 1 PO Box 13401, Christchurch New Zealand MACQUARIE FORTRESS: Suspends Interest Payments ---------------------------------------------- Macquarie Fortress Investments Ltd., the investment vehicle of Macquarie Bank, said in reports that it won't be able to make interest payments and doubts that it would be able to refinance debts, which will expire in April. The bank, according to the Australian, is on the verge of winding up the fund after its net value experienced a 27% cut in just three days, mainly from its investment losses in the U.S. According to Bloomberg News, Macquarie's U.S. senior secured loans' price decline has resulted to US$8 million in losses to its Fortress Australia Notes. The same report added that because of the liquidity problems in the credit markets, the funds' investors could lose up to 25% of their investments. The Financial Times says that the fund's shares dropped 56% on Monday as a result of selling debt investments at a discount because of some breaches in bank covenants. Macquarie Fortress Investments Limited is a wholly owned subsidiary of Macquarie Bank Limited. Macquarie Fortress Investments Limited is the Trustee of the Macquarie New Zealand Fortress Notes Trust. The Trust is engaged in making investments in unlisted notes issued by a Cayman Island entity, the return on which is linked to a leveraged portfolio of the United States dollar denominated senior secured loans. MFS PACIFIC: Defaults on Interest Payments ------------------------------------------ MFS Pacific Finance, the financing arm and major operating company of MFS New Zealand, has defaulted on interest payments to its 12,000 New Zealand investors after its Queensland-based parent company halted support, the Sydney Morning Herald reports. Investors have put about AU$286.52 million in the fund. "The moratorium will allow MFS Pacific to conduct an orderly realization of its loans and investments but will be subject to approval by investors and to obtaining any other regulatory approvals," The Australian says, citing the fund's filing with the New Zealand stock exchange. According to the Herald, MFS Pacific is the 14th finance company that has defaulted on interest payments within two years. The company's parent, MFS Ltd., holds a 38.5% stake in the fund through MFS New Zealand. MFS Ltd. has to pay AU$220 million in debts within the next three months, while total debts reach AU$1.69 billion. MFS New Zealand's balance sheet at September 2007 showed US$562 million in assets and US$555.8 million in liabilities, resulting to a mere US$6.2 million shareholders' equity. Meanwhile, MFS Pacific has about US$80 million of debts due within the next three months. Perpetual Trust chief executive Louise Edwards told The Australian that MFS Pacific faces no other option but that of winding up. MHS NEW ZEALAND: Court to Hear Wind-Up Petition on Feb. 14 ---------------------------------------------------------- A petition to have MHS New Zealand Ltd.'s operations wound up will be heard before the High Court of Auckland on Feb. 14, 2008, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition on October 29, 2007. The CIR's solicitor is: Simon John Eisdell Moore Meredith Connell Forsyth Barr Tower, Level 17 55-65 Shortland Street PO Box 2213, Auckland New Zealand Telephone:(09) 336 7556 PACIFIC PAINTING: Appoints Vance & Jordan as Liquidators -------------------------------------------------------- David Stuart Vance and Barry Phillip Jordan were appointed liquidators of Pacific Painting Co. Ltd. on January 22, 2008. Messrs. Vance and Jordan are accepting creditors' proofs of debt until February 26, 2008. The liquidators can be reached at: David Stuart Vance Barry Phillip Jordan PPB McCallum Petterson The Todd Building, Level 8 95 Customhouse Quay PO Box 3156, Wellington New Zealand Telephone:(04) 499 7796 Facsimile:(04) 499 7784 PAREMATA SEASCAPE: Creditors' Proofs of Debt Due on Feb. 26 ----------------------------------------------------------- The creditors of Paremata Seascape Limited are required to file their proofs of debt by February 26, 2008, to be included in the company's dividend distribution. The company's liquidators are: David Stuart Vance Barry Phillip Jordan PPB McCallum Petterson The Todd Building, Level 8 95 Customhouse Quay PO Box 3156, Wellington New Zealand Telephone:(04) 499 7796 Facsimile:(04) 499 7784 PLUMB IT RITE: Names Brown & Rodewald as Liquidators ---------------------------------------------------- Kenneth Peter Brown and Thomas Lee Rodewald were named liquidators of Plumb It Rite Ltd. on January 18, 2007. The liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street PO Box 13380, Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz QUEST WELLINGTON: Names Vance & Jordan as Liquidators ----------------------------------------------------- On January 22, 2008, David Stuart Vance and Barry Phillip Jordan were appointed liquidators of Quest Wellington Limited. Messrs. Vance and Jordan require the company's creditors to file their proofs of debt by February 26, 2008. The liquidators can be reached at: David Stuart Vance Barry Phillip Jordan PPB McCallum Petterson The Todd Building, Level 8 95 Customhouse Quay PO Box 3156, Wellington New Zealand Telephone:(04) 499 7796 Facsimile:(04) 499 7784 REMINGTON PROPERTIES: Wind-Up Petition Hearing Set for April 1 -------------------------------------------------------------- A petition to have Remington Properties Ltd.'s operations wound up will be heard before the High Court of Auckland on April 11, 2008, at 10:00 a.m. Metro City Limited filed the petition on November 7, 2007. Metro City's solicitor is: D. M. Hughes Kensington Swan 18 Viaduct Harbour Avenue Auckland New Zealand TMP QUALITY: Subject to CIR's Wind-Up Petition ---------------------------------------------- On October 23, 2007, the Commissioner of Inland Revenue filed a petition to have TMP Quality Fixing Ltd.'s operations wound up. The petition will be heard before the High Court of Auckland on February 14, 2008, at 10:00 a.m. The CIR's solicitor is: Kay S. Morgan c/o Inland Revenue Department Legal and Technical Services 1 Bryce Street PO Box 432, Hamilton New Zealand Telephone:(07) 959 0373 Facsimile:(07) 959 7614 WHITE ISLE: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------ A petition to have White Isle Development Ltd.'s operations wound up will be heard before the High Court of Auckland on April 24, 2008, at 10:00 a.m. Christopher Robert Ross Horton and John Albert Price filed the petition on November 22, 2007. The Petitioners' solicitor is: Christopher Robert Ross Horton John Albert Price Kensington Swan 18 Viaduct Harbour Avenue, Auckland New Zealand WINGSFIELD LTD: Subject to CIR's Wind-Up Petition ------------------------------------------------- On January 7, 2007, the Commissioner of Inland Revenue filed a petition to have Wingsfield Ltd.'s operations wound up. The petition will be heard before the High Court of Auckland on February 14, 2008, at 10:45 a.m. The CIR's solicitor is: Kathleena Hemotitaha Smith Inland Revenue Department Legal and Technical Services 5-7 Byron Avenue PO Box 33150, Takapuna Auckland New Zealand Telephone:(09) 984 1309 Facsimile:(09) 984 3116 ===================== P H I L I P P I N E S ===================== BANCO DE ORO-EPCI: SEC Approves Corporate Name Change ----------------------------------------------------- The Philippines' Security and Exchange Commission has approved Banco de Oro-Equitable PCI Inc.'s name change to "Banco de Oro Unibank, Inc." The bank's board and stockholders gave their nods on the proposed corporate name change in July last year. The name change will not yet be reflected on the Exhange's computer system (electronic board and ticker) pending disclosure on the procedures for updating the bank's stock certificates. Banco de Oro-Equitable PCI Inc. is the result of a merger between Banco de Oro Universal Bank and Equitable PCI, with BDO as the surviving entity. The Troubled Company Reporter-Asia Pacific reported on June 11, 2007, that Standard & Poor's Ratings Services withdrew its 'BB-' counterparty credit ratings on Equitable PCI Bank Inc., as its merger with Banco De Oro Universal Bank became effective on May 31. S&P retained its 'BB-' counterparty credit rating and the issue ratings on both Equitable and Banco de Oro's rated debts. Equitable's rated debts will be transferred to the Banco de Oro- EPCI. On January 28, 2008, Moody's Investors Service has revised the outlook of the foreign currency debt and deposit ratings to positive from stable for ratings of Banco de Oro-EPCI Inc., which include: * Foreign currency long-term deposit rating of B1 and foreign currency senior unsecured debt rating of Ba2 (including the senior unsecured debt issued by the former Equitable PCI) * Foreign currency Not-Prime short-term deposit rating, Equitable PCI's foreign currency subordinated debt rating of Ba2 MAYNILAD WATER: Pays US$2 Mil. in Loans; Exits Rehabilitation ------------------------------------------------------------- The Rehabilitation Court has approved Maynilad Water Services Inc.'s petition to exit rehabilitation with the company's settlement of all its loans, Reinir Padua of the Philippine Star reports. Maynilad Water prepaid approximately US$232 million of the loans it got from banks and from the Metropolitan Waterworks and Sewerage System, the report quoted Maynilad CFO Randolph Estrellado as saying. Pursuant to the debt and capital restructuring agreement, the loans were originally scheduled to be fully paid by 2013. The Court's order, which the Maynilad Water received on Feb. 6, 2008, terminated the company's rehabilitation proceedings and declared that it has successfully implemented the 2005 Rehabilitation Plan. Maynilad Water filed for corporate rehabilitation on Nov. 13, 2003, saying it could not pay its debts following an international arbitration panel's decision regarding the early termination of Maynilad's water concession agreement with MWSS. In August 2004, the Rehabilitation Court directed Maynilad to submit a revised rehabilitation plan. On April 29, 2005, Maynilad, its shareholders, bank creditors, and MWSS executed a debt capital and restructuring agreement setting out the terms and conditions governing their respective rights and obligations in connection with the restructuring of the debt and capital of the company. The DCRA provided, among others, the capital restructuring and restructuring of debt and concession fees of the company, and will take effect upon the satisfaction of precedent conditions set forth in the DCRA, including court approval. The Rehabilitation Court approved the DCRA on June 1, 2005, and the DCRA was effected on July 20, 2005. With the company's exit from rehabilitation, it can now focus on the implementation of its capital expenditure program that aims to reach 24-hour supply and 100% coverage of the west concession by 2012, Mr. Padua writes, citing a company statement. Maynilad Water Services Inc. -- http://www.mayniladwater.com.ph/ -- was incorporated on January 22, 1997 as a joint venture between the Parent Company and Suez-Lyonnaise Des Eaux, now known as Suez Environnement, primarily to bid for the operation of the privatized system of waterworks and sewerage services of the Metropolitan Waterworks and Sewerage System for Metropolitan Manila. METROPOLITAN BANK: Top Trust Fund Manager, Says Watson Wyatt ------------------------------------------------------------ Metropolitan Bank & Trust Company emerged as the country's top Trust Fund Manager in the latest survey conducted by independent consulting firm Watson Wyatt Worldwide. Results of the 88th Survey on Investment Performance of Retirement Funds in the Philippines show that Metrobank bested eight other banks in the All Trusteed Funds category with the highest performance of 23.90% p.a. for the year ended Dec. 31, 2006. The bank's fourth quarter performance was even higher at 39.80% p.a. The survey, which was released in January 2008, is the latest conducted by Watson Wyatt to date. It covered the performance of retirement funds handled by 11 banks and one investment house. The results of the survey were based on financial reports that adopted Philippine Accounting Standards. According to the Watson Wyatt report, this allowed for a consistent comparison of the returns of the funds. The PAS was adopted by most Philippine corporations beginning 2005 in compliance with the new International Accounting Standards. "The survey validates one of the key strengths of our Trust Banking business, which is our expertise in fund management," said Metrobank executive vice president and Trust Banking Group head Josefina E. Sulit. This is the fourth time in five years that the bank has figured in the top three spot. At least five funds are handled by investment managers in this category. The combined plan assets of all 160 funds from 122 companies surveyed amounted PHP39.34 billion for an average fund size of P245.90 million. In the same survey, Metrobank recorded an 18.86% p.a. return in the Trusteed Funds with Full Discretion category. In this class, Metrobank turned in a 32.04% p.a. performance in the fourth quarter, maintaining its consistent top three ranking for the period studied. "These results highlight our consistency in providing superior returns for our clients," Sulit added. Metrobank's Investment Funds also came out as top performers in 2007 as reflected in the December 28, 2007 industry-wide historical performance of investment funds tracked in the UITF website http://www.uitf.com.ph This is a UITF Resource Center sponsored by the members of the Trust Officers Association of the Philippines. Metrobank's MetroFund Starter and MetroDollar Philippine Liquid Fund bested other funds in their respective classes with year-on-year performances of 4.475% and 5.718%, respectively. Its balanced fund, MetroCapital Growth Fund placed second at 15.109%. As of December 31, 2007, Metrobank's total Assets Under Management stood at PHP141.82 billion. Metropolitan Bank and Trust Company -- http://www.metrobank.com.ph/-- is the flagship company of the Metrobank Group. Metrobank provides a host of deposit, savings, and loan products as well as electronic banking services like Internet banking, mobile banking, and phone banking, as well as its huge ATM network. Metrobank is also the leading provider of trade finance in the Philippines, and its overseas branch network has enabled it to service the fund remittances of Filipino overseas contract workers. The bank has 583 local branches and 35 international branches and offices located in Taiwan, China, Japan, Korea, Guam, United States, Hong Kong, Singapore, Bahamas, and in Europe. * * * The bank carries Moody's Investors Service's B1 foreign currency long-term deposit rating, Ba3 foreign currency hybrid tier-1 rating and a foreign currency subordinated debt rating of Ba2. On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual rating to 'D' from 'D/E'. All the bank's other ratings were affirmed: Long-term Issuer Default rating 'BB-' with a stable Outlook; Short-term rating 'B'; and Support rating '3. On March 3, 2006, Standard and Poor's Rating Service assigned a CCC+ rating on Metrobank's US$125-million non-cumulative capital securities. ================= S I N G A P O R E ================= AAR CORP: Completes US$225 Mil. Placement of Convertible Notes -------------------------------------------------------------- AAR Corp. completed the private placement of US$125 million aggregate principal amount of 1.625% convertible senior notes due 2014 and US$100 million aggregate principal amount of 2.25% convertible senior notes due 2016 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Upon conversion, holders will receive cash up to the principal amount, and any excess conversion value will be delivered, at the election of the company, in cash, common stock or a combination of cash and common stock. The company intends to use US$125.0 million of the net proceeds of the offering to repay short-term indebtedness under its revolving credit facility, US$26.6 million of the net proceeds to pay the net cost of the convertible note hedge and warrant transactions that the company has entered into with an affiliate of one of the initial purchasers, and the remainder of the net proceeds for general corporate purposes. These convertible note hedge and warrant transactions are intended to reduce potential dilution to the Company's common stock upon potential future conversion of the Notes and generally have the effect on the company of increasing the conversion price of the Notes to approximately US$48.83 per share, representing a 75.0% premium based on the last reported sale price of US$27.90 per share on February 5, 2008. About AAR Corp. AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides products and value-added services to the worldwide aviation and aerospace industry. With facilities and sales locations around the world, AAR uses its lose-to-the-customer business model to serve airline and defense customers through Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. In Asia Pacific, the company has offices in Singapore, China, Japan and Australia. In Latin America, the company has a sales office in Rio de Janeiro, Brazil. * * * AAR Corporation continues to carry Moody's Investors Service's 'Ba3' long-term corporate family rating, which was assigned on November 2006. STATS CHIPPAC: Repurchases US$2.5MM Principal Convertible Notes --------------------------------------------------------------- STATS ChipPAC Ltd. repurchased the US$2.5 million principal amount of its outstanding US$6.2 million zero coupon convertible notes due 2008 at a consideration of US$2.9 million. The company financed the repurchase with cash on hand. STATS ChipPAC will deliver the repurchased convertible notes to the trustee under the indenture governing the convertible notes for cancellation, whereupon US$3.7 million principal amount, representing approximately 3.2% of the original US$115.0 million principal amount, of the convertible notes will remain outstanding. STATS ChipPAC Ltd is a back-end semiconductor assembly and test company. It provides full-turnkey solutions to semiconductor businesses, including foundries, integrated device manufacturers and fabless companies in the U.S., Europe and Asia. It ranked fourth in the global outsourcing semiconductor assembly and test industry as of end-2006. In fiscal year 2006, packaging revenue accounted for 74% of sales, and test and other revenues the balance. The communications segment accounted for 57% of sales. The company's offices outside the United States are located in Singapore, South Korea, China, Malaysia, Taiwan, Japan, the Netherlands, and United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 18, 2008, Moody's Investors Service has affirmed the Ba1 corporate family rating and Ba1 senior unsecured debt rating of STATS ChipPAC Limited. Moody's said the outlook for the ratings remains stable. As reported on January 16, 2007, Standard & Poor's Ratings Services placed its 'BB+' corporate credit ratings on STATS ChipPAC Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's also placed its 'BB+' rating on all STATS ChipPAC's senior unsecured rated debts on CreditWatch with negative implications. WHISTLEJACKET CAPITAL: Net Asset Value Loss Prompts Receivership ---------------------------------------------------------------- Whistlejacket Capital Ltd., Standard Chartered Plc's Asia- focused investment vehicle, will undergo receivership as a result of losing half of its asset value, various reports say. Moody's and Standard & Poor's require the fund to operate within strict pre-agreed risk concentration limits, to be market-risk neutral and to minimize liquidity risks. Earnings are derived from the net difference between the cost of its senior funding and interest income from its investment portfolio. By losing on its net asset value, Seal Farrell at the Independent says that the fund broke one of the conditions of Standard Chartered's liquidity support. "We continue to have confidence in the quality of Whistlejacket's assets. We remain willing to have discussions with the receiver, once appointed, and hope to find a viable solution to ensure flexibility for Whistlejacket," Standard Chartered's finance director, Richard Meddings, was quoted by the Independent as saying. The same paper relates that seven percent of Whistlejacket's portfolio was comprised of U.S. monoline bond insurers, which is understood to have lowered investor confidence in the investment vehicle. Structured investment vehicles like Whisteljacket sell short-term debt to buy longer-term, higher-yielding debts, the Independent says. Standard Chartered has been trying to keep the fund afloat by divesting assets and doing credit swaps. Despite the bank's efforts, Whistlejacket's net asset value fell to US$7.15 billion from US$18.2 billion. WHITESTONE TECHNOLOGY: Creditors' Meeting Set for Feb. 19 --------------------------------------------------------- The creditors of Whitestone Technology Pte Ltd will meet on February 19, 2008, to appoint a committee of inspection. The company's liquidator is: Helmi Talib c/o 20 Kramat Lane #05-05/06/07 United House Singapore 228773 =============== T H A I L A N D =============== TMB BANK: Gov't Savings Bank to Buy Company Stake in MFC Asset -------------------------------------------------------------- TMB Bank is expected to sell its 11.68% shares in MFC Asset Management to the Government Savings Bank, The Bangkok Post reports. According to the report, TMB is expected to price the deal at THB23 per share, making the transaction worth over THB322 million. GSB currently holds 24.5% of MFC, followed by the Finance Ministry at 16.67%, the report notes. The transaction, The Post says, will increase the state's shareholdings in MFC to 52.85%, effectively making the asset-management company a state enterprise. For TMB, the share sale will allow the bank to focus its operations on 56%- owned TMB Asset Management, the report points out. The recent entry of ING as a bank strategic shareholder also opens up partnership possibilities with ING Funds, The Post adds. About TMB Bank Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd -- http://www.tmbbank.com/-- is a commercial bank that renders financial services to all groups of customers. TMB Bank had total assets of about THB717 billion as at December 31, 2005. * * * On January 23, 2008, the Troubled Company Reporter - Asia Pacific reported that Standard & Poor's Ratings Services raised its issuer credit rating of TMB Bank Public Co. Ltd.'s Hybrid Tier-1 securities to 'B+' from 'D', reflecting expectations that the bank will report a profit in the first half of fiscal 2008 and will pay the coupon on its hybrid notes in accordance with the issue's terms and conditions. As reported on January 28, 2008, Fitch Ratings upgraded these ratings of TMB Bank Public Company Limited: * Long-term foreign currency Issuer Default Rating to 'BBB-' from 'BB+' * Short-term foreign currency IDR to 'F3' from 'B' * Foreign currency subordinated debt rating to 'BB+' from 'BB' * Foreign currency Hybrid Tier 1 issue rating to 'BB-' (BB minus) from 'B' * Individual rating to 'C/D' from 'D' * National Long-term rating to 'A+(tha)' from 'A(tha)' * National subordinated debt to 'A(tha)' from 'A-(tha)' (A minus (tha)) Meanwhile, TMB's Support Rating Floor has been affirmed at 'BB', the Support rating at '3' and National Short-term rating at 'F1(tha)'. At the same time, TMB is removed from Rating Watch Evolving from which it was placed on in October 2007 following the announcement of the capital raising and possible entry of ING Bank NV (ING) as a major shareholder. Fitch said the outlook on the long-term foreign currency IDR and national long- term rating is stable. * Fitch Publishes Ratings Methodology for Insurance-Linked Debts ---------------------------------------------------------------- Fitch Ratings has published its methodology for rating insurance linked securities. This methodology represents the final version of a methodology first published as an exposure draft. ILS are structured finance transactions that involve insurance risk, and include a variety of life and non-life risks, such as risk from natural catastrophes like hurricanes and earthquakes, life insurance reserve risk, long-term disability reserve risk, catastrophic mortality risk, life insurance value in force (present value of net cash flows) and reinsurance recoverable risk. This methodology presents Fitch's approach to rating ILS in broad terms. It describes the core principles Fitch applies to all ILS. On August 8, 2007, Fitch released and sought market reaction to its Exposure Draft: Insurance-Linked Securities: Ratings Criteria (Global). There were over 400 downloads of the report and Fitch has received feedback from respondents in Europe and the United States. The respondents include some of the largest investment banks and reinsurers in the world. Much of the feedback sought clarity on certain aspects of the methodology, especially on Fitch's decision to change to a probability of loss benchmark for all ratings (from a probability of loss benchmark for investment grade securities and an expected loss benchmark for non-investment grade securities). The new benchmark is probably the most significant change from Fitch's past practice and Fitch specifically sought feedback on that point. However, Fitch is not making any major changes to its methodology based on the feedback received. Several respondents commented on Fitch's use of a probability of loss benchmark in rating ILS, noting that the expected loss statistic is used by the capital market to price ILS and by reinsurers to price coverage in the traditional reinsurance market. They also pointed out that the expected loss statistic is more informational because expected loss reflects both probability and severity of loss. However, ILS are structured finance products and Fitch's structured finance ratings primarily reflect the relative probability of default of the rated liability, and not its loss severity given a default. Another difference between the final report and the exposure draft relates to the maximum rating that might be assigned to catastrophe bonds (or other ILS) that are exposed to loss from a single large event. While the exposure draft contemplated no limit to the rating that might be assigned to such tranches, provided the probability of loss was low enough, Fitch does not currently expect that tranches exposed to loss from a single event will be ratable above 'AA'. Fitch will be publishing a series of more detailed criteria pieces tailored to specific transaction categories. In the supplemental criteria, Fitch will illustrate how these broad principles are applied to those transactions and describe aspects of the rating process unique to those assets. In addition, transaction-level presale and new issue reports will describe Fitch's approach to the analysis of the risks unique to those specific transactions. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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? 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Azela Jane Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Marjorie C. Sabijon, Frauline Abangan, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***