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, March 12, 2008, Vol. 9, Issue 51 Headlines A U S T R A L I A AUSTRALIAN MONTESSORI: Placed Under Voluntary Liquidation C.H. HOLM: Members to Hear Wind-Up Report on March 19 CHRYSLER LLC: Closes Belvidere Plant; Lays Off 1,000+ Workers CHRYSLER LLC: Closes Pacifica Design Center in California CONSORTIUM MANAGEMENT: To Declare First Dividend on April 12 FORTESCUE METALS: Andrew Forrest Faces Legal Action from ASIC G.C. HOLM: Members to Receive Wind-Up Report on March 19 GREENOCK NOMINEES: Members' Meeting Set for March 18 HOLM VALLEY: Members to Hear Wind-Up Report on March 19 KINGSHOLM PTY: Members' Meeting Slated for March 19 LAW MORTGAGES: Liquidator to Present Wind-Up Report on March 19 M.P. HOLM: Liquidator to Present Wind-Up Report on March 19 SPOILS MANAGEMENT: Final Meeting Set for March 19 C H I N A & H O N G K O N G & T A I W A N BUILDING ACOUSTIC: Court to Hear Wind-Up Proceedings on March 26 CHINA EASTERN: Ranked First In On-time Performance CHINA EASTERN: Shares Fall Below Singapore Air's Offer CHINA SOUTHERN: Prioritizes International Expansion CHINA SOUTHERN: Reports 4.65-Million Passengers in February HONGKAI INTERNATIONAL: Appoints New Liquidators INLAND REALTY: Liquidators Quit Post KINGYING COMPUTER: Court to Hear Wind-Up Proceedings on April 16 LYDENY DEV'T: Court to Hear Wind-Up Proceedings on April 9 MAK SHING YUE: Creditors' Proofs of Debt Due on March 17 OCEAN MARK: Court to Hear Wind-Up Proceedings on April 16 REMBO TOWING: Court to Hear Wind-Up Proceedings on March 19 WAH HIP: Liquidators Quit Post TEAMS PRINTING: Appoints New Liquidators I N D I A GENERAL MOTORS: Delphi Reports Re-Launch of Exit Facility JCT ELECTRONICS: Books INR86.3-Mil. Loss in Qtr. Ended Dec. 31 JENSON & NICHOLSON: Incurs INR25.68-Mil. Loss in Oct.-Dec. 2007 QUEBECOR WORLD: Court Gives 30 Days to Negotiate DIP Fund Terms QUEBECOR WORLD: NYSE to Delist Subordinate Voting Shares QUEBECOR WORLD: Abandons US$341 Mil. Sale of European Assets QUEBECOR WORLD: Wants Until June 4 to File Financial Schedules SOUTHERN IRON: JSW Steel Fixes March 25 as Scheme's Record Date TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA I N D O N E S I A ADARO INDONESIA: To Raise Up to US$500 Million Through IPO BANK DANAMON: Hires Citigroup Economist to Aid Expansion Plan CA INC: Appoints Michael Christenson as President CILIANDRA: S&P Puts B LT Corporate Credit Rating on CreditWatch GOLDEN AGRI-RESOURCES: Clarify Cash Receipts for FY2007 PERUSAHAAN LISTRIK: Hires Fahmi Mochtar as President Director PERUSAHAAN LISTRIK: New Company Director Aims for Subsidy Cuts J A P A N DELPHI: Realigns Stake in Japanese & Hungarian Joint Ventures DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate DELPHI CORP: Inks US$10-Mil. Purchase Agreement with Tenneco FORD MOTOR: Awards Stock of More Than US$15MM to Top Executives GOODWILL GROUP: In Talks with Mizuho Financial to Sell Debt NISSIN SERVICER: JCR Affirms BB Rating with Stable Outlook NIS GROUP: JCR Affirms BB Rating with Stable Outlook TOKUSHINKAI GROUP: JCR Affirms BB Rating on Senior Debts K O R E A ARAMARK CORPORATION: Fitch Holds IDR at 'B' with Stable Outlook DM TECHNOLOGY: Adjusts Exercise Price of 2nd Bonds with Warrants GENEXEL-SEIN: To Acquire Stake in Korea Schnell for KRW9.99 Bil. HANSUNG ENTERPRISES: Resumes Operations in Kimhae Factory M A L A Y S I A KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program MANGIUM INDUSTRIES: Receives Writ of Summons from Alliance Bank PANGLOBAL BERHAD: Appoints Affin Investment as Principal Adviser PECD BERHAD: Posts MYR1.11 Bil. Net Loss in Qtr. Ended Dec. 31 SOLUTIA INC: Signs Three Credit Deals with Syndicate of Banks UBG BERHAD: Earns MYR7.08 Mil. in Quarter Ended Dec. 31, 2007 N E W Z E A L A N D AB FAB: Commences Liquidation Proceedings ASSET MANAGEMENT: Taps Fisk & Sanson as Liquidators DENNY'S CORP: Dec. 26 Balance Sheet Upside-Down by US$178.9 MM GOLF WINE: Appoints Grant Bruce Reynolds as Liquidator GRAVEL ROAD: Appoints Levin & Vance as Liquidators HARPER BUILDERS: Fixes May 18 as Last Day to File Claims IMPACT PLASTERING: Creditors' Proofs of Debt Due on April 18 MITEX HYGIENICS: Subject to CIR's Wind-Up Petition PROGRESSIVE HOUSING: Creditors' Proofs of Debt Due on April 18 SEAVIEW ENGINEERING: Fixes March 15 as Last day to File Claims UPG LTD: Court to Hear Wind-Up Petition on April 18 P H I L I P P I N E S INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO S I N G A P O R E KELLWOOD GLOBAL: Requires Creditors to File Claims by April 7 NATIONAL CHEMICALS: Creditors' Proofs of Debt Due on April 7 VISION MARINE: Fixes April 7 as Last Day to File Claims * SINGAPORE: Fitch Says Banks Well Poised To Meet Challenges T H A I L A N D FEDERAL: Johns-Manville Case Forms Plan A Disapproval Basis * BOND PRICING: For the Week March 10 to March 14, 2008 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN MONTESSORI: Placed Under Voluntary Liquidation --------------------------------------------------------- Australian Montessori Education Pty. Ltd.'s members agreed on February 6, 2008, to voluntarily liquidate the company's business. In line with this goal, the company has appointed Eugene Murphy and David James Hambleton to facilitate the sale of its assets. The liquidators can be reached at: Eugene Murphy David James Hambleton Chartered Accountants R.E. Murphy & Co. 46 Edward Street, Level 9 Brisbane, Queensland 4000 Australia About Australian Montessori Australian Montessori Education Pty. Ltd. provides schools and educational services. The company is located at Surfers Paradise, in Queensland, Australia. C.H. HOLM: Members to Hear Wind-Up Report on March 19 ----------------------------------------------------- Ian Gregory Holm, C.H. Holm Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 19, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Ian Gregory Holm 292 Water Street Spring Hill, Queensland 4000 Australia About C.H. Holm C.H. Holm Pty. Ltd. operates non-classifiable establishments. The company is located at Ormeau, in Queensland, Australia. CHRYSLER LLC: Closes Belvidere Plant; Lays Off 1,000+ Workers ------------------------------------------------------------- Around 1,100 workers were laid-off as Chrysler LLC formally shuts down its plant in Belvidere, Illinois, various reports say. The closure of the plant, which produces the company's line of Dodge Caliber, Jeep Patriot, and Jeep Compass brands, is part of the automaker's move to consolidate operations, streamline production, and generally reduce costs, The Detroit News reports. Chrysler already took measures such as tossing away duplicative car models, moving far-flung operations to its headquarters, and made deals with Daimler AG to access new technology. The company's moves came after it lost its tooling battle with Plastech Engineered Products Inc. As reported in the Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy Court for the Eastern District of Michigan denied the company's request to pull out tooling equipment from Plastech's plants. However, the parties have agreed to subsequent supply deals. The Belvidere plant's third shift workers began work in July 2006 when Chrysler decided to turn off its robotic body shop, BusinessRockford.com relates. As their employment drew to a close, the company stationed extra security at their plant to prevent rumored violence when the workers went out. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CHRYSLER LLC: Closes Pacifica Design Center in California --------------------------------------------------------- Chrysler LLC disclosed in a media blog that it is closing its Pacifica Advance Product Design Center outside Diego, and consolidate the advanced design studio to its home base in Auburn Hills, Michigan. Increasingly, the company is leveraging resources worldwide, forming new joint ventures and alliances and consolidating operations in order to better achieve global balance and manage fixed costs. These moves, Chrysler says, are designed to help it become a more globally focused manufacturer, with design, engineering, and sourcing, as well as a local presence to serve local customers. Chrysler adds that the Advance Design remains an integral part of its future design efforts. These changes set the stage for Chrysler's future global growth efforts, which also include its intent to establish global expertise in design, engineering and sourcing through centers of excellence. These actions will help the company meet its long-term globalization goals, Chrysler explains. The company's move came after it agreed with supplier Plastech Engineered Products Inc. to extend their supply agreement to March 17, 2008. As reported in the Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy Court for the Eastern District of Michigan denied Chrysler's request to pull out tooling equipment from Plastech's plants. David Barnas, a Chrysler representative, told Reuters that the changes come as part of Chrysler's intent to cut costs and streamline production. As reported in the Troubled Company Reporter on Feb. 27, 2008, Chrysler LLC also tossed away the "car cloning" concept in its production lines and concentrated on selling its remaining unique models. "These changes set the stage for Chrysler's future global growth efforts," Reuters quotes Mr. Barnas as saying. About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CONSORTIUM MANAGEMENT: To Declare First Dividend on April 12 ------------------------------------------------------------ Consortium Management Planning Pty. Ltd., which is in liquidation, will declare the first dividend for its priority creditors on April 12, 2008. The company's liquidator is: Ian Carson c/o PPB Chartered Accountants 90 Collins Street, Level 10 Melbourne, Victoria 3000 Australia About Consortium Management Consortium Management Planning Pty. Ltd. Operates employment agencies. The company is located at Albert Park, in Victoria, Australia. FORTESCUE METALS: Andrew Forrest Faces Legal Action from ASIC ------------------------------------------------------------- Australian Securities and Investments Commission will produce three witnesses in its Federal Court case against Australia's richest man, Andrew Forrest, and his company Fortescue Metals Group Ltd, ABC News reports. ASIC alleges that Fortescue Metals and Mr. Forrest failed to comply with continuous disclosure obligations when announcing contracts with two Chinese companies in 2004, ABC News relates. At the time the company was trying to secure funding for its multi billion-dollar iron ore project in the Pilbara. A source familiar with the situation told ABC News that ASIC has evidence from three expert witnesses, one of whose statements is 90 pages long. ASIC is pursuing Fortescue Metals for civil damages of AU$3 million and Mr. Forrest for AU$600,000. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past three fiscal years. Net loss for the year ended June 30, 2007, was AU$68.43 million, while net losses for FY2006 was AU$2.15 million and for FY2005 was AU$4.52 million. G.C. HOLM: Members to Receive Wind-Up Report on March 19 -------------------------------------------------------- Ian Gregory Holm, G.C. Holm Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 19, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Ian Gregory Holm 292 Water Street Spring Hill, Queensland 4000 Australia About G.C. Holm G.C. Holm Pty. Ltd. operates non-classifiable establishments. The company is located at Kingsholme, in Queensland, Australia. GREENOCK NOMINEES: Members' Meeting Set for March 18 ---------------------------------------------------- David James Hambleton, Greenock Nominees Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 18, 2008, at 11:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: David James Hambleton R.E. Murphy, Chartered Accountant 46 Edward Street, Level 9 Brisbane, Queensland 4000 Australia About Greenock Nominees Greenock Nominees Pty. Ltd. is a distributor of wood office furnitures. The company is located at Brisbane, in Queensland, Australia. HOLM VALLEY: Members to Hear Wind-Up Report on March 19 ------------------------------------------------------- Ian Gregory Holm, Holm Valley Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 19, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Ian Gregory Holm 292 Water Street Spring Hill, Queensland 4000 Australia About Holm Valley Holm Valley Pty. Ltd. operates non-classifiable establishments. The company is located at Kingsholme, in Queensland, Australia. KINGSHOLM PTY: Members' Meeting Slated for March 19 --------------------------------------------------- Ian Gregory Holm, Kingsholm Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 19, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Ian Gregory Holm 292 Water Street Spring Hill, Queensland 4000 Australia About Kingsholm Kingsholm Pty. Ltd. operates non-classifiable establishments. The company is located at Kingsholme, in Queensland, Australia. LAW MORTGAGES: Liquidator to Present Wind-Up Report on March 19 --------------------------------------------------------------- Law Mortgages Queensland Pty. Ltd. will hold a joint meeting for its members and creditors at 2:30 p.m. on March 19, 2008. During the meeting, the company's liquidator, Jason Bettles at Worrells Solvency & Forensic Accountants, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Jason Bettles Worrells Solvency & Forensic Accountants Australia Web site: http://www.worrells.net.au About Law Mortgages Located at Surfers Paradise, in Queensland, Australia, Law Mortgages Queensland Pty. Ltd. is an investor relation company. M.P. HOLM: Liquidator to Present Wind-Up Report on March 19 ----------------------------------------------------------- Ian Gregory Holm, M.P. Holm Pty. Ltd.'s appointed estate liquidator, will meet with the company's members on March 19, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Ian Gregory Holm 292 Water Street Spring Hill, Queensland 4000 Australia About M.P. Holm M.P. Holm Pty. Ltd. operates non-classifiable establishments. The company is located at Kingsholme, in Queensland, Australia. SPOILS MANAGEMENT: Final Meeting Set for March 19 ------------------------------------------------- Spoils Management Pty. Ltd. will hold a final meeting for its members and creditors at 2:30 p.m. and 3:00 p.m., respectively on March 19, 2008. During the meeting, the company's liquidator, Peter Gountzos at CJL Partners, will provide the attendees with property disposal and winding-up reports. The liquidator can be reached at: Peter Gountzos CJL Partners 180 Flinders Lane, Level 3 Melbourne, Victoria 3000 Australia Telephone:(03) 9639 4779 Facsimile:(03) 9639 4773 About Spoils Management Spoils Management Pty Ltd provides business services. The company is located at Tottenham, in Victoria, Australia. ================================================== C H I N A & H O N G K O N G & T A I W A N ================================================== BUILDING ACOUSTIC: Court to Hear Wind-Up Proceedings on March 26 ---------------------------------------------------------------- On January 18, 2008, Director of Legal Aid of the Government of Hong Kong Special Administrative Region, filed a petition to have Building Acoustic Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 26, 2008, to hear the petition. The petitioners' solicitor can be reached at: Steve Y. F. Wong 27th Floor, Queensway Government Offices 66 Queensway, Hong Kong CHINA EASTERN: Ranked First In On-time Performance -------------------------------------------------- China Eastern Airlines Corporation Limited ranked first last year in on-time performance among the three domestic airline giants, China's General Administration of Civil Aviation told Xinhua News Agency. In 2007, 84.32% of the flights of China Eastern arrived and left as scheduled. "The staff members of our company have made great efforts to provide a punctual, safe flight experience for our customers," Cao Jianxiong, general manager of China Eastern, told Xinhua. Mr. Cao added that the company had set up emergency handling centers at Shanghai's Hongqiao and Pudong airports to ease the pressure of flight delays caused by bad weather and other emergencies. The other top two domestic carriers are Air China and China Southern Airlines, Xinhua says. According to the report, the CAAC conducted an informal passenger-feedback meeting about the 16 largest domestic carriers and China Eastern received the highest rating for last year. The issues that passengers were most concerned about were being kept informed about flight delays and insufficient space between rows of seats on aircraft. As living standards in China rise, people are paying more attention to having a comfortable flight experience, the CAAC told Xinhua. Official figures showed that the annual flights in China rose from 896,000 in 2003 to 1.62 million in 2007, up more than 15% year on year, Xinhua relates. However, flight delays have long troubled passengers in China. The new measuring method of on-time flights will come into effect on March 30, 2008, to replace the old one, in a bid to improve the accuracy and authenticity of the statistics, the CAAC further told Xinhua. The new method was designed in light of a research since the end of 2006 and in accordance with suggestions and opinions given by major domestic airlines and air traffic management bureaus nationwide, Xinhua reports. According to Xinhua, the CAAC also announced at a national civil aviation conference in January that it would take various measures to reduce flight delays and improve the airline services this year, including: -- A two-year block on the expansion or establishment of branches of airlines reported for poor services after delays or overbooking, or luggage losses; and -- The cancellation of services that rank among the bottom 20 on the punctuality lists at Beijing, Shanghai, Guangzhou or other Olympic-related city airports, and those that have a punctuality rate below 50%. 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-. Fitch said the outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA EASTERN: Shares Fall Below Singapore Air's Offer ------------------------------------------------------ Irene Shen at Bloomberg News reported Tuesday that China Eastern Airlines Corp.'s shares fall below HK$3.80 a piece, which is the amount that Singapore Airlines Ltd. has offered for a stake in the company. Bloomberg relates that since January, the airline's shares have lost about 40% of their value as management tried to repeal a bid from Air China Ltd., and at the same time, asking shareholders to accept Singapore Air's bid. The carrier wants a partnership with the Singaporean company after it posted losses in 2005 and 2006. It prefers Singapore Airlines as a bidder due to its profitability, customer service reputation, and cost synergies. China Eastern has declined a HK$5 a share offer from Air China on grounds that the takeover proposal did not show "sincere intention" and thorough planning. 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-. Fitch said the outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. CHINA SOUTHERN: Prioritizes International Expansion --------------------------------------------------- China Southern Airlines will shift its priorities from its traditional focus on domestic routes to a more ambitious commitment to international expansion, Liu Shaoyong, company's chairman, told Katie Cantle of ATW Daily News. Last year China Southern opened 10 new international routes from Guangzhou, China, ATW News reports. "We plan to open more international routes starting from Beijing to New York, London and Detroit, [plus] Guangzhou-Moscow by 2012," Mr. Liu revealed to ATW News. "I expect our cargo transport volume will increase threefold in the next few years." Mr. Liu claimed that China Southern's cargo business also will grow significantly, ATW News reports. China Southern will have exclusive use of the new domestic cargo station at Guangzhou Baiyun once it is complete, ATW News says. In addition, the carrier plans to reconfigure its first A300-600 into a freighter set to go into operation this year. It continues to negotiate a cargo JV with Air France. A source familiar with the discussions told ATW News that "it is possible it will be launched in May." The JV may lead to a deeper cooperation between the carriers down the road, ATW News says. CZ signed a January memorandum to sell a 20% stake in its Nanlian Air Catering Co. to Air Frnace subsidiary Servair, ATW News notes. Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- engages in the operation of airlines, as well as in aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. * * * As reported on March 3, 2008, Fitch Ratings affirmed China Southern Airlines Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer Default Ratings at 'B+'. Fitch said the outlook on the ratings remains stable. CHINA SOUTHERN: Reports 4.65-Million Passengers in February ----------------------------------------------------------- China Southern Airlines Co., the country's largest airline, carried 4.65 million passengers in February, up 9.9% year-on- year, Trading Markets reports. In a statement on its website, the airline said it carried 53,620 tons of cargo last month, up 1.5% year-on-year. The passenger load factor in February was 73.9%, up 0.8 percentage point from a year earlier, while the overall load factor was up 0.5 percentage point at 61.8%, the airline said. In the first two months of the year, the airline carried 9.12 million passengers, up 14.2% year-on-year, and 138,950 tons of cargo, up 18.9%, Trading Markets says. Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- engages in the operation of airlines, as well as in aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. * * * As reported on March 3, 2008, Fitch Ratings affirmed China Southern Airlines Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer Default Ratings at 'B+'. Fitch said the outlook on the ratings remains stable. HONGKAI INTERNATIONAL: Appoints New Liquidators ----------------------------------------------- The members of Hongkai International Limited appointed Jacky Chung Wing Muk and Edward Simon as the company's liquidators. The Liquidators can be reached at: Jacky Chung Wing Muk Edward Simon Simon Blade 8th Floor, Prince's Building 10 Charter Road, Central Hong Kong INLAND REALTY: Liquidators Quit Post ------------------------------------ On January 16, 2008, Jan Gerard Willemszoon Blaauw and Lam Hok Chung Rasiner, stepped down as liquidator for Inland Realty Limited, which is undergoing liquidation. KINGYING COMPUTER: Court to Hear Wind-Up Proceedings on April 16 ---------------------------------------------------------------- On February 18, 2008, Yeung Lain Kuen, filed a petition to have Kingying Computer Label Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on April 16, 2008, to hear the petition. The petitioners' solicitor can be reached at: Steve Y. F. Wong 27th Floor, Queensway Government Offices 66 Queensway, Hong Kong LYDENY DEV'T: Court to Hear Wind-Up Proceedings on April 9 ----------------------------------------------------------- On January 31, 2008, Iu Tat, filed a petition to have Lydeny Development Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on April 9, 2008, to hear the petition. The petitioners' solicitor can be reached at: Messers. Tai, Mak & Partners Rooms 1004-5, Nan Fung Tower 173 Des Voeux Road Central Hong Kong MAK SHING YUE: Creditors' Proofs of Debt Due on March 17 -------------------------------------------------------- The creditors of Mak Shing Yue Tong Commemorative Association Limited are required to file their proofs of debt by March 17, 2008, to be included in the company's dividend distribution. The company's liquidator is: John Robert Lees 1904 Hong Kong Club Building 3A Charter Road Central Hong Kong OCEAN MARK: Court to Hear Wind-Up Proceedings on April 16 --------------------------------------------------------- On February 18, 2008, Wong Man Yee, filed a petition to have Ocean Mark Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on April 16, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong REMBO TOWING: Court to Hear Wind-Up Proceedings on March 19 ----------------------------------------------------------- On November 30, 2007, Mak Lok Wing, filed a petition to have Rembo Towing Supplies Services Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 19, 2008, to hear the petition. The petitioners' solicitor can be reached at: Messers. Huen & Partners 8th Floor, Li po Chun Chambers 189 Des Voeux Road Central Hong Kong WAH HIP: Liquidators Quit Post ------------------------------ On February 29, 2008, Messrs. Bruno Arboit and Simon Blade stepped down as liquidator for Wah Hip (E&M) Engineering Co. Limited, which is undergoing liquidation. TEAMS PRINTING: Appoints New Liquidators ---------------------------------------- The members of Teams Printing Group Limited appointed Bruno Arboit and Simon Blade as the company's liquidators. The liquidators can be reached at: Bruno Arboit Simon Blade 1203-1213, China Merchants Tower Shun Tak Centre 168-200 Connaught Road Central, Hong Kong ========= I N D I A ========= GENERAL MOTORS: Delphi Reports Re-Launch of Exit Facility --------------------------------------------------------- Delphi Corp. will be relaunching its exit financing structure, which will include participation from General Motors Corp., as well as a new commitment from an affiliate of GM, to also support the company's planned emergence from Chapter 11 reorganization. The company will host a conference call for potential lenders today, March 11, 2008, to discuss the company's exit financing and related timetable. The proposed exit facilities are being arranged on a best efforts basis by J.P. Morgan Securities, Inc., and Citigroup Global Markets, Inc., in accordance with prior orders entered by the United States Bankruptcy Court for the Southern District of New York. As reported in the Troubled Company Reporter on March 6, 2008, the company's US$6.1 billion exit financing package includes a US$1.6 billion asset-backed revolving credit facility, at least US$1.7 billion of first-lien term loan, an up to US$2.0 billion first-lien term note to be issued to an affiliate of GM (junior to the US$1.7 billion first-lien term loan), and an US$825 million second-lien term loan, of which any unsold portion would be issued to GM and its affiliates consistent with the terms of the company's Investment Agreement with its plan investors. On Mar. 7, 2008, because certain of Delphi's plan investors had advised the company that they believed the proposed exit financing, including GM's increased participation, would not comply with the Investment Agreement, Delphi presented a motion in the Bankruptcy Court under section 1142 of the Bankruptcy Code which permits the Court to consider matters and issue orders in furtherance of a confirmed plan of reorganization. At the hearing, during which the Court did not grant the specific relief sought by the company, the Court said that while GM could not directly provide incremental exit financing to Delphi without the consent of the plan investors, the prohibition against additional agreements with GM did not extend to incremental financing provided through GM subsidiaries or pursuant to certain other structures. In its ruling, the Bankruptcy Court also observed that the company had been given sufficient guidance by the Court to proceed to seek exit financing on terms that are potentially achievable. Although certain of the Investors continue to object to the proposed exit financing, Delphi believes its proposed exit financing is consistent with the Court's guidance and previously issued confirmation order and will be moving forward with the syndication efforts to raiseUS$6.1 billion in financing. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets andUS$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Feb. 28, 2008, Fitch Ratings affirmed the Issuer Default Rating of General Motors at 'B' with a Rating Outlook Negative. As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales, GM announced that it will take a non-cash charge ofUS$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on a new labor contract. S&P said the outlook is stable. JCT ELECTRONICS: Books INR86.3-Mil. Loss in Qtr. Ended Dec. 31 -------------------------------------------------------------- JCT Electronics Ltd.'s net loss for the three months ended Dec. 31, 2007, narrowed to INR86.3 million, from the INR565.4- million loss booked in the same three-month period in 2006. The improved bottom line is brought about by increased revenues and a sudden slide in interest charges. Total income grew to INR778.4 million in Oct.-Dec. 2007, from the INR596.2 million in the same period in 2006. With operating expenditures aggregating INR817.2 million, JCT Electronics booked an operating loss of INR38.8 million in the latest quarter under review. Interest charges went down to INR6.8 million from the INR361.6 million in Oct.-Dec. 2006. Interest during the current financial year is being provided as per the company's rehabilitation scheme, the company explained. The scheme, which the Bureau of Industrial and Financial Reconstruction approved on March 12, 2007, is presently under implementation. 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?28f3 JCT Electronics Ltd. manufactures color picture and black & white tubes for television sets. The company also manufactures cathode ray tubes and gas discharge tubes. JCT Electronics incurred net losses for at least two consecutive years -- INR1.83 billion in FY2005-06 and INR1.73 billion in FY2006-07. JENSON & NICHOLSON: Incurs INR25.68-Mil. Loss in Oct.-Dec. 2007 --------------------------------------------------------------- Jenson & Nicholson India Ltd. reported a net loss of INR25.68 million in the quarter ended Dec. 31, 2007, a very little improvement compared to the INR27.01-million loss incurred in the corresponding quarter in 2006. Revenues increased to INR85.24 million in the latest quarter under review, from the INR68.23 million booked in Oct.-Dec. 2006. Operating expenses of INR15.28 million left the company with an operating loss of INR15.28 million. In Oct.-Dec. 2007 period, the company also posted interest charges of INR2.74 million, depreciation expenses of INR10.24 million and INR180,000 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?28f4 Jenson & Nicholson India Ltd. -- http://www.jensonnicholson.com/ -- is a paint manufacturer catering to domestic and industrial customers. It has 33 branches and stock points across India and manufacturing plants at Naihati (near Calcutta), Sikandrabad (near Delhi) and Panvel (near Mumbai). The company reinvented itself as a completely Indian company in 1973 when the foreign holding was bought over by S. P. Sinha, an industrialist with interest in cement and hotels. The Board for Industrial and Financial Reconstruction has declared the company as sick company with in the purview of SICA, Act. IDBI was appointed as operating agency to work out a package for its revival. Its proposal for financial restructuring is pending with banks and financial institutions. The company said it continues to suffer due to shortages of working capital. QUEBECOR WORLD: Court Gives 30 Days to Negotiate DIP Fund Terms --------------------------------------------------------------- The Hon. James Peck of the U.S. Bankruptcy Court for the Southern District of New York adjourned the hearing on Quebecor World (USA) Inc. and its debtor-affiliates' request for final approval of a US$1,000,000,000 loan package from a syndicate of lenders led by Credit Suisse Securities (USA), LLC, and Morgan Stanley Senior Funding, Inc. According to Bloomberg News, Judge Peck gave Quebecor World 30 days to negotiate the final terms of the loan. "Parties will need some additional time to conclude what appear to be constructive although at this point inconclusive negotiations," Judge Peck said at the March 6 final DIP hearing. Quebecor World obtained interim approval from the Bankruptcy Court on Jan. 23, 2008, to borrow US$750,000,000 under the Loan, but various parties, including noteholders and unsecured creditors, sought revisions to the terms of the loan. The Honorable Justice Robert Mongeon at the Superior Court of Justice (Commercial Division), for the Province of Quebec, according a March 3, 2008 report by The Canadian Press, has already given approval to Quebecor World, Inc., and the U.S. Debtors to enter into the US$1,000,000,000 loan. More Objections The Official Committee of Unsecured Creditors, an ad hoc group of holders of more than US$1,000,000,000 of the unsecured notes issued by the Debtors, and the Royal Bank of Canada, as administrative agent for certain Prepetition RBC Secured Lenders, object to the DIP Financing Motion. (1) Creditors Committee The Creditors Committee says the Debtors seek to provide the DIP Lenders with more protection than they are entitled to, to the detriment of the Debtors' estates and their unsecured creditors, and in contravention of provisions of the Bankruptcy Code and principles of equity. The Creditors Committee acknowledges the Debtors' need for postpetition financing and supports approval of the loan provided that the proposed Final DIP Order or DIP Credit Agreement, as applicable, contain these modifications: (a) The Final DIP Order should make clear that neither the DIP Lenders' liens and claims nor the adequate protection liens or superpriority claims can be satisfied from Avoidance Actions or their proceeds. (b) The requirement for the Debtors to waive their right to seek to surcharge, pursuant to Section 506 of the Bankruptcy Code, must be stricken or altered to confer the authority on the Creditors Committee. (c) The Creditors Committee should be allowed to investigate and, if necessary, pursue causes of action utilizing proceeds of the DIP Facilities, including the Carve-Out, for bad acts like fraud, willful misconduct or gross negligence by the Secured DIP Creditors and the Agents, with respect to the Debtors. (d) Parties-in-interest, including, but not limited to, the Creditors Committee, should be permitted to raise any issues, which may serve to maximize estate assets, and the Court should be the arbiter of all facts relevant to the circumstances giving rise to a hearing. (e) To the extent the Debtors seek to make any "material" amendments to the DIP Credit Agreement or the DIP Loan Documents, the Debtors should be required to obtain the prior written consent of the Creditors Committee or, in the absence of a consent, approval by the Court. For any other "immaterial" amendments, the Debtors and the DIP Lenders should be required to provide counsel to the Creditors Committee with two business days' advance written notice of the modifications or amendments. (f) The DIP Agents and the Arrangers should be required to submit monthly invoices for all fees and expenses of their professionals and that the Final DIP Order provide a mechanism for appropriate review of those fees and expenses by the Debtors and the Creditors Committee and, following an attempt by the parties to resolve any disagreements regarding the reasonableness of those fees, the Court. The Creditors Committee also wants additional modifications, including: * modification of the definitions of "Borrowing Base Availability" and "DIP Borrowing Base" so that certain "Reserves" are only deducted once in the calculation of the Borrowing Base Availability; * modification of provisions in the DIP Credit Agreement related to Employee Retirement Security Act Events so that those events will no longer constitute Events of Default; * elimination of the Administrative Agent's unilateral ability to determine whether an order is material for purposes of determining an Event of Default; * clarification that the filing by the Debtors of a motion or any pleadings seeking authority to pay off the DIP Financing will not be an Event of Default; and * limitation of the Debtors' ability to implement any hedging programs or enter into Hedge Agreements without advance input and approval from the Creditors Committee. (2) Royal Bank of Canada RBC, which is owed US$735,000,000 as of Jan. 11, 2008, pursuant to a prepetition revolving credit facility provided to the Debtors, relates that it has worked closely with the Debtors and the other principal constituencies to negotiate a Proposed Final Order that would be acceptable to all parties. Richard A. Levy, Esq., at Latham & Watkins LLP, in Chicago, Illinois, said that those negotiations are ongoing and will likely continue until just before the March 6 hearing. Mr. Levy explained a number of RBC's substantive issues remain unresolved, including: (a) The Debtors' rights to amend the DIP Facility Agreement without Court approval should be limited to "immaterial" amendments; (b) RBC should receive copies of all invoices of the DIP Agent's and Arranger's professionals, and have an opportunity to object to the allowance and payment of any of those fees as unreasonable; (c) The Proposed Final DIP Order should explicitly preserve RBC's rights to seek Court authority for the segregation or payment of some or all of the proceeds of the collateral to the Prepetition RBC Secured Lenders without regard to the provisions or limitations of the DIP Credit Agreement; (d) The Proposed Final Order should require the Debtors to deliver information to RBC to monitor their Prepetition Collateral and any use or their diminution; (e) The Proposed Final Order should provide protections as necessary to ensure that the Debtors honor and maintain the integrity of each Debtor's estate, including: -- requiring the tracking of and accounting for each Debtor's borrowings under the DIP Credit Facility and all postpetition intercompany transactions between and among the Debtors and between the Debtors and their non-debtor affiliates; -- providing for liens and superpriority claims for intercompany lenders, as appropriate; and -- restricting intercompany transfers from Debtors to non-debtor affiliates, as appropriate; and (f) The Creditors Committee's right to assert certain claims and objections on behalf of the Debtors should be limited to apply only to claims made on behalf of U.S. Debtors. Societe Generale (Canada), as lender under the prepetition SocGen Facility, joins in RBC's objections to the DIP Financing Motion. SocGen is owed US$155,000,000, as of the bankruptcy filing, under its equipment financing agreement with the Debtors. (3) Ad Hoc Noteholders Committee The Ad Hoc Committee -- comprising of holders of more than US$1,000,000,000 of approximately US$1,400,000,000 of unsecured notes issued by the Debtors -- tells the Court that it has not received from the Debtors information about some of the basic economic terms of the proposed DIP facility, without which the Committee cannot assess whether the proposed financing is fair or reasonable. The Ad Hoc Committee points out that the proposed DIP Credit Agreement contained "overreaching" terms that go beyond what is fair, reasonable, and appropriate under certain circumstances. It adds that many provisions constitute "extraordinary relief" for which there is no justification, including: * Section 506(c) Waiver, * DIP Lenders' liens on Avoidance Actions and their proceeds, * DIP Amendments without Court approval and limited notice, * Limitations on challenges to prepetition obligations, and * the overly broad definition of "Change of Control." DIP Lenders Respond to Committee Objection Credit Suisse, the Debtors' administrative agent to senior secured superpriority DIP credit agreement, says two provisions in the agreement -- (i) the grant of liens and superpriority claims to secured DIP creditors on the proceeds of avoidance actions and (ii) waiver by the Debtors of their rights under Section 506(c) of the Bankruptcy Code -- are supported by bankruptcy law and routinely approved in major Chapter 11 cases. Credit Suisse argues that the Committee's objection fails to properly distinguish between avoidance actions and the proceeds of avoidance actions. According to Andrew Tenzer, Esq., at Shearman & Sterling LLP, in New York, the Committee's objection rests on a mistaken premise that the proceeds of avoidance actions are exclusively for the benefit of general unsecured creditors in any circumstance rather than recovered for the whole "estate", which includes unsecured creditors with superiority claims, as set forth in Section 551 of the Bankruptcy Code. Mr. Tenzer relates that even without a lien on proceeds of avoidance actions, the DIP Lenders still have the right to be paid ahead of general unsecured creditors as a consequence of the Superpriority Claim; a provision expressly entitled under Section 364(c)(1) of the Bankruptcy Code. Mr. Tenzer also clarifies that the DIP Credit Facility is not a "rollup", since the DIP Lenders are not prepetition lenders nor the target of any potential avoidance action. He says the the DIP Lenders are new lenders who simply seek their entitlement to first priority claims against the Debtors and first priority liens on all unencumbered assets. "This is not a case where there is a risk that liens on the proceeds of avoidance actions will insulate prepetition lenders from the consequences of the avoidance of their liens and security interests," he adds. Additionally, Mr Tenzer notes it is well settled in the Southern District of New York that a DIP lender may obtain a waiver of surcharges under Section 506(c). He avers the waivers are necessary because the DIP Lenders are unwilling to lend in circumstances where they cannot know the limit to the charges that could be made against their collateral. "To rule that a DIP lender may not require a 506(c) waiver to provide financing would cause a chilling effect on DIP lending," Mr. Tenzer concludes. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: NYSE to Delist Subordinate Voting Shares -------------------------------------------------------- New York Stock Exchange LLC notified the U.S. Securities and Exchange Commission of its intention to remove the entire class of Subordinate Voting Shares of Quebecor World Inc., from listing and registration on the Exchange at the opening of business on March 13, 2008, pursuant to the provisions of Rule 12d2-2(b) of the Securities Exchange Act of 1934. NYSE LLC said, in its opinion, the Voting Shares are no longer suitable for continued listing and trading on the New York Stock Exchange. The delisting, according to the notice, is being taken in view of the company's Jan. 21, 2008 announcement that it, together with certain of its subsidiaries, voluntarily filed for creditor protection under the Companies' Creditors Arrangement Act in Canada as well as in the United States under Chapter 11 of the United States Bankruptcy Code. NYSE Regulation also considered the 'abnormally low' trading level of the subordinate voting shares, which closed in New York at US$0.32 on Jan. 18, 2008, with a resultant market capitalization of US$27,200,000. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: Abandons US$341 Mil. Sale of European Assets ------------------------------------------------------------ Quebecor World Inc., scrapped its plans to sell its European assets to RSDB NV forUS$341,000,000, The Canadian Press reports. The sale was halted following RDSB's stockholders' to decision to reject the purchase. The sale, announced in early November 2007, was endorsed by both RSDB's management and supervisory boards but was still subject to approval by the Dutch company's shareholders. "Notwithstanding the outcome of [] vote by RSDB's shareholders, Quebecor World continues to believe that the overall terms of the transaction represented fair value for all affected stakeholders," Montreal-based Quebecor World said in a release, according to Canadian Press. "The company will continue to actively explore its strategic options for its European operations, including consolidation opportunities and other initiatives to enhance value." Quebecor World is the largest independent commercial printer in Europe with 17 facilities operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. For the year ended December 31, 2006, 17% of Quebecor World's revenues ofUS$6,086,300,000 was derived from European Operations. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets ofUS$5,554,900,000, total liabilities ofUS$3,964,800,000, preferred shares ofUS$175,900,000, and total shareholders' equity ofUS$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: Wants Until June 4 to File Financial Schedules -------------------------------------------------------------- Quebecor World Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to grant them another extension of their deadline to file schedules of assets and liabilities, schedules of current income and expenditures, schedules of executory contracts and unexpired leases, and statements of financial affairs. The Debtors seek to extend their deadline to June 4, 2008. The Debtors were due to submit their schedules on March 20, 2008. Michael Canning, Esq., at Arnold & Porter LLP, in New York, believes that an extension is necessary because of the volume of material that must be compiled and reviewed by the Debtors' limited staff and the Debtors' desire to compile and file complete and accurate SAL's and SOFA's. "Given the size and complexity of their business operations, the number of creditors, and the fact that certain prepetition invoices may still be in process, the Debtors . . . have not yet finished compiling the information required to complete the SAL's and SOFA's," Mr. Canning says. The Court will convene a hearing on March 20, 2008, to consider the Debtors' request. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. SOUTHERN IRON: JSW Steel Fixes March 25 as Scheme's Record Date --------------------------------------------------------------- The record date for the scheme of amalgamation between Southern Iron & Steel Company Limited and JSW Steel Ltd. is on March 25, 2008, a filing with the Bombay Stock Exchange reveals. Hence, March 25 will be date that will determine the list of Southern Iron shareholders that will be entitled to shares in JSW Steel that will be issued and allotted pursuant to the scheme. As reported yesterday in the Troubled Company Reporter- Asia Pacific, the effective date of the scheme is on March 7. Pursuant to the scheme, the equity shareholders of Southern Iron would be issued shares of transferee company JSW Steel in the ratio of 1:22 -- one fully paid up equity share of INR10 each of JSW Steel will be issued and allotted for every 22 shares of INR10 each held in Southern Iron. The exchange ratio is based on the valuation report and the recommendations made by PriceWaterHouse Coopers, valuers tasked to value the business of the two companies. Headquartered in Salem, India, is engaged in the business of manufacturing pig iron, billets, bars and rods. The company produces these products at its integrated steel plant located in the district of Salem, Tamil Nadu. The plant has a capacity of 0.3 metric tons per annum. Southern Iron and Steel Company Ltd. also has plants for the generation of power and production of oxygen. On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D' rating on the INR280 million Non-Convertible portion of the Optionally Convertible Debenture Issue of Southern Iron & Steel indicating that the instrument continues in default. The original instrument has been restructured and is due for redemption in two installments on May 17, 2007, and May 17, 2008. TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA ----------------------------------------------------- TAL Manufacturing Solutions Ltd., a wholly owned subsidiary of TATA Motors Ltd., has tied up with Italy-based Maus S.p.A to manufacture a range of vertical turning centers for both the Indian and global markets, Himanshu Thakur of the Stockwatch Web site reports. According to the report, the Tata Motors arm struck a deal with Maus to use the designs and get the technological know-how from the Italian firm for various products. Maus is a Carraro Group Company and specializes in vertical turning centers that are widely used in the segments like automotive, aerospace, bearings and energy and offshore equipment, the Stockwatch report relates. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * 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 ================= ADARO INDONESIA: To Raise Up to US$500 Million Through IPO ---------------------------------------------------------- PT Adaro Indonesia plans to raise between US$400-500 million via an initial public offering, Reuters reports citing Investor Sandiaga Uno. According to the report, the company hopes to go public in September or during the fourth quarter of this year. The IPO targets to raise around US$500 million to help fuel the company's expansion and repay debts. Sandiaga Uno, an investor, told Antara News that Adaro would probably sell between 20 and 30% of its stake. This could value the entire company as high as US$2 billion, Reuters relates. Antara posts that Goldman Sachs, DBS Vickers and UBS AG Securities were hired as underwriters of the sale. Mr. Uno also said that around US$200 million of the IPO's proceeds would be used to refinance the company's debts, and the remaining US$300 million would be set aside to purchase four coal mines and to construct a power plant, Antara adds. Adaro, Reuters relates, is expected to produce 42 million tonnes of coal this year, up from an estimated 40 million last year, recent industry data shows. About Adaro Indonesia Headquartered in Indonesia, PT Adaro Indonesia -- http://www.adaro-envirocoal.com-- operates one of the world's largest sub-bituminous coalmines in Kalimantan, Indonesia. The company operates under a Coal Cooperation Agreement with the Government of Indonesia, which gives it the right to mine coal within its agreement area in the Tanjung district of South Kalimantan Province until the year 2022 with rights to extend by mutual agreement. There are four deposits within the Agreement Area, which contain total coal resources of approximately 3.0 billion tones of open cut coal characterized by extremely thick seams of up to 50 meters with relatively low overburden. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 31, 2008, that Moody's Investors Service has upgraded PT Adaro Indonesia's corporate family rating to Ba2 from Ba3. This action concludes the review for possible upgrade, which commenced on November 6, 2007. Moody's said the outlook on the rating is stable. On Dec. 19, 2007, that Standard & Poor's Ratings Services affirmed its 'B-' corporate credit ratings and issue ratings on Thailand's integrated pulp and paper company, Advance Agro Public Co. Ltd, and removed them from CreditWatch, where they were placed with negative implications on Nov. 9, 2007. S&P said the outlook is negative. BANK DANAMON: Hires Citigroup Economist to Aid Expansion Plan ------------------------------------------------------------- PT Bank Danamon Indonesia Tbk hired Citigroup Economist Anton Gunawan to help the bank as it expands its treasury operation, Reuters reports. According to the report, the bank has appointed Mr. Gunawan as bank's chief economist and would head the treasury team's research. "Anton (Gunawan) will bring years of experience and will be involved in the setting up of an economics and market research team to support Danamon's treasury, capital market, and financial institutions operation," the bank was quoted by Reuters as saying. Harry Suhartono of Reuters writes that Indonesia's strong economic growth and surging stock market has led to a poaching spree in the financial services sector. Moreover, Helmi Arman, economist at state-owned brokerage house Bahana Securities, would join Bank Danamon next month, the same report adds. Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia Tbk provides a range of products and services, including Consumer Banking, Small to Medium-Sized Enterprise and Commercial, Trade Finance, Treasury Product, Cash Management, Other Services, Financial Planning and e-Banking. Danamon Syariah is the Bank's business unit that provides its customers with syariah banking products and services. The bank also operates Danamon Simpan Pinjam, which caters to micro banking customers. DSP is divided into two groups: DSP to serve and help enterprises in micro and small-scale banking, and DSP for individual customers with fixed income. Bank Danamon is supported by 86 domestic branch offices, 325 domestic supporting branch offices, 25 domestic cash office, 739 supporting branches for DSP, six personal banking branch offices, 10 syariah branch offices and one overseas branch. The Troubled Company Reporter-Asia Pacific reported on Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank Danamon "Apart from the sovereign action, the upgrades in the banks' IDRs reflect their financial improvement in the past year, and our expectations that operating conditions in Indonesia should remain generally supportive of credit quality going forward," notes Tan Lai Peng, Director with Fitch's Financial Institutions group. Fitch has revised the outlook to stable from positive. The detailed ratings are: -- LTFC IDR upgraded to 'BB' from 'BB-'/Outlook revised to Stable from Positive; -- Support rating upgraded to '3' from '4'; -- Support Rating Floor upgraded to 'BB-' from 'B'; -- Individual rating affirmed at C/D; -- ST IDR affirmed at 'B'; -- National Long-term affirmed at 'AA(idn)'. On Oct. 19, 2007, Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Danamon Indonesia Tbk: -- The foreign currency subordinated debt rating was raised to Ba2 from Ba3 -- Foreign currency long-term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D BFSR were unaffected. On Aug. 15,2007, Fitch Ratings upgraded the National Long-term rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA- (idn)') while affirming all its other ratings as follows: * Long-term foreign currency Issuer Default Rating 'BB-' with a Positive Outlook, * Short-term foreign currency IDR at 'B', * Individual Rating 'C/D', * Support Rating '4' and * Support Rating Floor 'B'. CA INC: Appoints Michael Christenson as President ------------------------------------------------- CA Inc. has named Michael J. Christenson as its president. He continued as the company's chief operating officer and continues to report to CA Chief Executive Officer John Swainson. "Since being named as chief operating officer nearly two years ago, Mike has overhauled CA's sales operations and established a more dynamic and efficient organization, focusing on establishing strong partnerships with our current and new customers to drive revenue growth," said Mr. Swainson. "In addition, Mike has led CA's efforts to significantly improve its technical support, services, strategic alliances and training capabilities." As president and chief operating officer, Mr. Christenson oversees CA's direct and indirect sales, CA Services, technical support, business development and strategic alliances. Mr. Christenson joined CA in February 2005 as executive vice president for Strategy and Business Development. In that role, he led CA's acquisition program and its integration team in the successful acquisition and integration of 15 companies with a total investment of US$1.8 billion. These acquisitions, which included such companies as Concord Communications, Niku, and Wily Technology, significantly strengthened CA's solution portfolio and made CA a stronger technology partner for its customers. He was named CA's COO in April 2006. Following a 23-year career as an investment banker, Mr. Christenson retired from Citigroup Global Markets, Inc. in 2004. Mr. Christenson earned a Bachelor of Arts degree in chemistry from Rutgers University and a Master of Business Administration degree in finance from The New York University Graduate School of Business. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * In December 2007, Fitch Ratings affirmed these ratings of CA, Inc.: Issuer Default Rating at 'BB+'; Senior unsecured revolving credit facility at 'BB+'; and Senior unsecured debt at 'BB+'. Additionally, Fitch revised the Rating Outlook on CA Inc. to Stable from Negative. Fitch's actions affect approximately US$2.8 billion of total debt, including the company's US$1.0 billion revolving credit facility. CILIANDRA: S&P Puts B LT Corporate Credit Rating on CreditWatch ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on Indonesia-based palm oil producer, PT Ciliandra Perkasa, on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'B' foreign currency rating on the US$160 million senior secured notes issued by Ciliandra's wholly owned subsidiary, Ciliandra Perkasa Finance Co. Pte. Ltd., on CreditWatch with negative implications. "This action follows the recent announcement by the Corruption Eradication Commission of Indonesia [KPK] that it intends to auction several properties in relation to a court case involving Martias, one of the company's founders and former shareholder," said Standard & Poor's credit analyst Joey Chew. "The properties listed by the KPK represented approximately 22% of the company's total owned planted hectarage as of Dec. 31, 2007. If these assets are seized and auctioned by the KPK, the company's cash flow stream could be negatively affected." Ciliandra reported revenues of Indonesian rupiah IDR641 billion and EBITDA of IDR347 billion for the half-year ended June 30, 2007. The company's estimated adjusted ratio of total debt to EBITDA of about 3.0x on an annualized basis, after factoring in incremental capital expenditure, is in line with the current rating. Standard & Poor's notes that the company is in discussions with the KPK to clarify that the above listed properties are not Martias' assets; Ciliandra holds the relevant land title certificates and continues to have full operational access to the properties. "In resolving the CreditWatch placement, Standard & Poor's would assess the final outcome of the court rulings, whether the company and its subsidiaries are liable for penalties imposed on Martias, and the impact on Ciliandra's cash flows, and on the indentures and covenants of the existing US$160 million notes," Ms. Chew added. Established and incorporated in Indonesia in 1992, PT Ciliandra Perkasa is an oil palm upstream operator based in Riau, Sumatera. The company owns 13 oil palm plantations totaling over 80,000 and 100,000 of planted hectares and unplanted hectares respectively as at the end of 2007. The company also has 6 palm oil crushing mills built between 1998 and 2006 with a total annual capacity of 2.1 million tonnes of fresh fruit bunches. GOLDEN AGRI-RESOURCES: Clarify Cash Receipts for FY2007 ------------------------------------------------------- The company's net cash from financing activities for the year ended December 31, 2007, was US$360.3 million. The net cash proceeds from financing activities mainly arose from placement of new shares amounting to US$508 million, less net loan repayment of US$72.9 million, and payment of dividends amounting to US$70.9 million. The net cash of US$360.3 million from financing activities and net cash of US$167.6 million from operating activities were applied toward investing activities amounting to US$536.8 million. As reported by the Troubled Company Reporter - Asia Pacific on March 11, 2008, Golden Agri-Resources Ltd. disclosed results for the full year and fourth quarter ended December 31, 2007. According to the TCR-AP, the Group posted record revenue of US$1.9 billion for the full year, a growth of66% from a year before. EBITDA for the year improved by 149% to US$535 million. This outstanding performance in 2007 was bolstered by record production of palm related products and record CPO prices. Net profit attributable to equity holders crossed the one billion dollar mark for the first time to US$1.2 billion, representing a leap of 148% from a year ago. The Group benefited not only from higher sales, but also a US$812 million gain from changes in fair value of its biological assets (net of income tax and minority interests). The net profit excluding gain from changes in fair value of biological assets for the year has more than tripled to US$353 million, the TCR-AP noted. This was mainly applied toward capital expenditure on property, plant and equipment and biological assets and acquisition of additional interests in a subsidiary. The board's announcement on the companies' net cash receipts was a "clarification" to the FY2007 financial results that the company released earlier. Golden Agri-Resources Ltd, headquartered in Jakarta, is the largest privately-owned oil palm plantation company in Indonesia. Listed on the Singapore Stock Exchange in 1999, it operates in Indonesia and China and is 48% owned by the Widjaja family. The Troubled Company Reporter - Asia Pacific reported on Jul. 25, 2007, that Moody's Investors Service has affirmed Golden Agri-Resources Ltd's Ba3 corporate family rating. At the same time, Moody's has assigned Aa3.id national scale corporate family rating to GAR. Moody's said the ratings outlook is stable. PERUSAHAAN LISTRIK: Hires Fahmi Mochtar as President Director ------------------------------------------------------------ State Minister for State Owned Enterprises Sofyan Djalil confirmed that Fahmi Mochtar, the current Director of Production and Primary Energy of PT Perusahaan Listrik Negara, is the company's new president director, Tempo Interactive reports. As reported by the Troubled Company Reporter - Asia Pacific on Mar 10, 2008, Mr. Djalil officially discharged Eddie Widiono and Parno Isworo as president director and finance director of Perusahaan Listrik. Under Mr. Djalil's decree dated March 5, 2008, the report recounts, the minister also extended the terms of office of four members of the company's board of directors, namely Herman Darnel Ibrahim, Sunggu Anwar Aritonang, Djuanda Nugraha Ibrahim. According to Tempo, other members of the new PLN Board of Directors include: Rusdiantara as Assistant Managing Director, Setyo Anggoro Dewo as Finance Director, Agung Nugroho as Strategic Development Director; Hariadi as Director for outside Java and Bali; Murtaqi Syamsudin as Director for Java and Bali; Bambang Praptono as Director of Planning; and Supriyadi as Director of Human Resources. Mr. Djalil said he gave the Assistant Managing Director to a non PLN personnel to bring in new dynamic changes. "So, problems can be solved differently", he added. Speaking to reporters, Mr. Djalil said he didn't have any specific directives for the new board other than faster completion of the 10,000 megawatt coal-power initiative, The Jakarta Post reports According to The Post, Mr. Djalil also appointed new directors for Java, Madura and Bali operations, as well as non-Java, Madura and Bali, since it would help the firm respond better to local problems. In the future, Mr. Djalil, the firm would likely implement a regional tariff system as each region had different power demand characteristics, The Post adds. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. PERUSAHAAN LISTRIK: New Company Director Aims for Subsidy Cuts -------------------------------------------------------------- Newly appointed PT Perusahaan Listrik Negara President Director Fahmi Mochtar said that reducing dependency on oil will be the first priority for the company, The Jakarta Post reports. According to the report, Mr. Mochtar announced an ambitious plan for shaving some IDR10 trillion from the amount the government shells out in electricity subsidies, this year IDR42.6 trillion. Mr. Mochtar told the news agency that to achieve the goal, the company would have to see through behind-schedule construction of coal-powered generators expected to bring 10,000 more megawatts to the grid. In addition, the report notes, for other generators, a push for switching from oil to gas would have to go forward. The Post relates that Mr. Mochtar said speeding up gas supply to generators could see oil consumption used in power generation drop to 9 million kiloliters from the current 10 million figure. Mr. Mochtar also said the company would continue its energy conservation education programs for the public, The Post notes. Moreover, a reshuffle within the firm, including several new deputy director posts, would be completed this month, the report adds. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. ========= J A P A N ========= DELPHI: Realigns Stake in Japanese & Hungarian Joint Ventures ------------------------------------------------------------- As part of its restructuring efforts to reduce its compressor business cost structure and strengthen its global footprint, Delphi Corp. realigned its share holdings in two compressor joint ventures with Japan-based Calsonic Kansei Corporation. Delphi purchased the remaining 10% venture shares from Calsonic Kansei Europe plc in Delphi Calsonic Hungary Ltd., and sold its remaining 49% shares in its Japan-based venture, Calsonic Harrison Co., Ltd. to Calsonic Kansei. The dissolution of the two joint ventures will help the company to become more focused and cost competitive on a global basis. "We have enjoyed a long-running relationship with Calsonic Kansei, which has allowed us to provide customers with the very best advanced solutions for their compressor needs," said Ron Pirtle, Delphi Thermal Systems President. "Delphi has recently expanded its compressor footprint in Mexico and has a planned plant opening in China this year. This expansion, coupled with the announcement of our Hungary plant, well positions Delphi to serve the needs of the local markets and meet increasing customer demand." The Hungary-based venture is located in Balassagyarmat and manufactures compact variable compressors. Customers, suppliers, employees and other parties associated with the plant will not be impacted by the share purchase. Delphi formed its first joint venture with Calsonic Kansei in Japan in 1986 and created its joint venture in Hungary in 1999. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Jan. 16, 2008, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; andUS$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. Moody's said the outlook is stable. As reported in the Troubled Company Reporter on Jan. 11, 2008, Standard & Poor's Ratings Services expects to assign its 'B' corporate credit rating to Troy, Michigan-based automotive supplier Delphi Corp. upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate ---------------------------------------------------------------- Delphi Corp. will be relaunching its exit financing structure, which will include participation from General Motors Corp., as well as a new commitment from an affiliate of GM, to also support the company's planned emergence from Chapter 11 reorganization. The proposed exit facilities are being arranged on a best efforts basis by J.P. Morgan Securities, Inc., and Citigroup Global Markets, Inc., in accordance with prior orders entered by the United States Bankruptcy Court for the Southern District of New York. As reported in the Troubled Company Reporter on March 6, 2008, the company'sUS$6.1 billion exit financing package includes a US$1.6 billion asset-backed revolving credit facility, at least US$1.7 billion of first-lien term loan, an up to US$2.0 billion first-lien term note to be issued to an affiliate of GM (junior to the US$1.7 billion first-lien term loan), and an US$825 million second-lien term loan, of which any unsold portion would be issued to GM and its affiliates consistent with the terms of the company's Investment Agreement with its plan investors. On March 7, 2008, because certain of Delphi's plan investors had advised the company that they believed the proposed exit financing, including GM's increased participation, would not comply with the Investment Agreement, Delphi presented a motion in the Bankruptcy Court under section 1142 of the Bankruptcy Code which permits the Court to consider matters and issue orders in furtherance of a confirmed plan of reorganization. At the hearing, during which the Court did not grant the specific relief sought by the company, the Court said that while GM could not directly provide incremental exit financing to Delphi without the consent of the plan investors, the prohibition against additional agreements with GM did not extend to incremental financing provided through GM subsidiaries or pursuant to certain other structures. In its ruling, the Bankruptcy Court also observed that the company had been given sufficient guidance by the Court to proceed to seek exit financing on terms that are potentially achievable. Although certain of the Investors continue to object to the proposed exit financing, Delphi believes its proposed exit financing is consistent with the Court's guidance and previously issued confirmation order and will be moving forward with the syndication efforts to raiseUS$6.1 billion in financing. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) &n