/raid1/www/Hosts/bankrupt/TCRAP_Public/080314.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, March 14, 2008, Vol. 9, Issue 53
Headlines
A U S T R A L I A
AUSTRALIAN SEAFOOD: Final Meeting Slated for March 27
BOZ FORMWORK: Final Meeting Slated for March 18
CHRYSLER: Increases Purchases from Minority Suppliers in 2007
CHRYSLER: Increases Purchases from Minority Suppliers in 2007
DIRECTION BY DESIGN: Joint Meeting Set for March 28
DSB INDUSTRIES: Final Meeting Set for March 25
INTOLOGY SOFTWARE: Members & Creditors Meeting Set for March 25
IPF AUSTRALIA: Declares First and Final Dividend
KYTHERA PTY: Liquidator to Present Wind-Up Report on March 25
OOMS MICROGRAPHICS: Members Opt to Liquidate Business
P BENNETT CARTAGE: Members & Creditors Meeting Set for March 26
ROCKTOWN CONSTRUCTION: Placed Under Voluntary Liquidation
C H I N A & H O N G K O N G & T A I W A N
ALL VICTORY: Appoints New Liquidators
ASIA SECURITY: Commences Liquidation Proceedings
ASIA SUN: Creditors' Proofs of Debt Due on April 10
BANK OF CHINA: Opens CNY55 Billion Credit to MCC Group
BANK OF CHINA: Selected Among PT Bank Bidders
BANK OF CHINA: To Install 5,000 ATMs for Olympics
EVER FIELD: Appoints New Liquidators
E2E SUPPLY: Members Meeting Fixed for April 7
HUNG WAI: Commences Liquidation Proceedings
INTELSAT LTD: To Hold Financials Conference Call on March 20
KUI YIP: Commences Liquidation Proceedings
OVERSEAS CHINESE: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: Will Discuss Asset Swap with Exxon Mobil
RING STAR: Commences Liquidation Proceedings
TING CHEONG: Creditors Meeting Fixed for March 19
I N D I A
EMCO LTD: Bags INR92-Crore Contract from Corporate Power Ltd.
NICCO UCO: Halves Net Loss to INR45.4 Mil. in Oct.-Dec. 2007
NICCO UCO: Books INR12.6.1 Mil. Loss in Six Mos. Ended Sept. 30
NICCO UCO: Shareholders, Fixed-Deposit Holders Approve Scheme
QUEBECOR WORLD: Lindenmeyr Objects to Reclamation Procedures
QUEBECOR WORLD: Catalyst Pulp Replaces IPC as Committee Member
QUEBECOR WORLD: Suspends Payment of Preferred Dividends
RPG CABLES: Grabs US$25 Million Kabul Cables Supply Contract
TATA STEEL: Shares Slip After Reporting Consolidated Results
I N D O N E S I A
ALCATEL-LUCENT SA: Acquiring ReachView Technologies
ALCATEL-LUCENT SA: SanDisk Pursues Declaratory Suit vs. Firm
ANEKA TAMBANG: To Finalize Herald Resources Bid
BANK CENTRAL: Fourth Quarter Net Profit Up 0.7% to IDR1.13 Tril.
BANK MANDIRI: 2007 Net Profit Up 80% to IDR4.35 Trillion
BANK MANDIRI: Meeting of Shareholders Set for March 17
BANK MANDIRI: Sticking to 22% Loan Growth Target This Year
KRONOS WORLDWIDE: Parent Posts Net Loss of US$66.7MM for FY2007
SUMBER SEGARA: S&P Places Corporate Credit Rating at 'B-'
TELKOMSEL: To Deploy Location Based Services Across Indonesia
J A P A N
DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
GAP INC: Tom Wyatt Sits as Acting President of Old Navy Brand
SOLO CUP: Reports US$68 Million Net Income in Fiscal Year 2007
K O R E A
DURA AUTO: Tax Advisor Seeks US$962,541 in Fees for January
* Lone Star Verdict Bad for Investment, Foreign CEOs Say
M A L A Y S I A
UBG BERHAD: Due Diligence Period Extended to March 24 for SSSB
* MALAYSIA: Moody's Says Elections Won't Impact Sovereign Rating
N E W Z E A L A N D
AYS PROPERTY: Wind-Up Petition Hearing Set for March 27
BIG SAVE: Court to Hear Wind-Up Petition on April 9
CHESNEY ESTATE: Creditors' Proofs of Debt Due on March 27
CHURCH STREET: Shareholders Opt to Liquidate Business
L S R LTD: Commences Liquidation Proceedings
SEAN EDMONDS: Creditors' Proofs of Debt Due on March 19
TACTICAL MANAGEMENT: Taps Vance and Jordan as Liquidators
VISUAL MEDIA: Placed Under Voluntary Liquidation
WIN-DEY CONSTRUCTION: Fixes March 19 as Last Day to File Claims
WOODPECKER PROPERTIES: Undergoes Liquidation Proceedings
P H I L I P P I N E S
ATLAS CONSOLIDATED: Signs Omnibus Loan Pact With TVI Resource
SAN MIGUEL: Trims Units' April IPO Amid Weak Markets
S I N G A P O R E
AVAGO: Pintail to Use Avago Program for Semiconductor Software
BRANDZ GROUP: Court Enters Wind-Up Order
SCOTTISH: Shift in Strategic Focus Prompts Moody's Rating Cuts
TAN HOLDINGS: Creditors' Proofs of Debt Due on March 24
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN SEAFOOD: Final Meeting Slated for March 27
-----------------------------------------------------
Australian Seafood Industry Council Limited will hold a final
meeting for its members and creditors at 11:00 a.m. on
March 27, 2008. During the meeting, the company's liquidator,
H. J. Kazar at Sims Partners, will provide the attendees with
property disposal and winding-up reports.
The liquidator can be reached at:
H. J. Kazar
Sims Partners
6 Lonsdale Street
Braddon ACT 2612
Australia
About Australian Seafood
Australian Seafood Industry Council Limited is involved with
business associations. The company is located at Deakin, in
ACT, Australia.
BOZ FORMWORK: Final Meeting Slated for March 18
-----------------------------------------------
Boz Formwork Pty. Limited will hold a final meeting for its
members and creditors at 11:00 a.m. on March 18, 2008. During
the meeting, the company's liquidator, Michael G. Jones at Jones
Partners Insolvency & Business Recovery, will provide the
attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Michael G. Jones
Jones Partners Insolvency & Business Recovery
189 Kent Street, Level 13
Sydney, New South Wales
Australia
Telephone:(02) 9251 5222
About Boz Formwork
Boz Formwork Pty Limited is involved with concrete work. The
company is located at Merrylands, in New South Wales, Australia.
CHRYSLER: Increases Purchases from Minority Suppliers in 2007
-------------------------------------------------------------
Chrysler LLC spentUS$4.8 billion with minority suppliers in
2007, representing 15.5% of its total purchasing and an increase
of US$900 million from the previous year. In the last nine
years, the company has increased the amount spent with minority
suppliers by 182%, from US$1.7 billion in 1998 to US$4.8 billion
in 2007. This significant increase reinforces Chrysler's long-
term commitment to the economic development and growth of its
minority suppliers.
"Given the tremendous cost pressures facing the industry as a
whole, it is heartening to see minority suppliers continue to
increase their share of Chrysler business year-over-year," John
Campi, Executive Vice President - Global Sourcing, Chrysler LLC,
said. "Moving forward, it is imperative that Chrysler and all
of its suppliers work together to collaborate on innovations and
wring cost out of the supply chain. Our ability to reach these
goals together and weather the economic challenges will, in some
large measure, determine our future success."
The company's diversity supplier development initiatives extend
to its Tier 1 and Tier 2 supplier base. Tier 1 suppliers are
expected to source at least nine percent of their procurement
through qualified minority suppliers during the 2008 calendar
year.
"With the entire automotive industry facing tough economic
challenges, Chrysler has never wavered in its commitment to
diversity" Jethro Joseph, Senior Manager - Diversity Supplier
Development, Chrysler LLC, said. "Success takes a team effort
and our employees and supply base continue to hold themselves
accountable to achieve diversity."
Since 1983, Chrysler has purchased more thanUS$38 billion from
minority-owned companies and has developed a number of programs
to build its minority supplier base. Chrysler continues to
support several organizations geared to assisting Tier 1
suppliers achieve their minority sourcing goals, including the
National Minority Supplier Development Council and the Canadian
Aboriginal Minority Supplier Council.
In 2007, Chrysler launched its Diverse Employee Initiative that
aims to recognize and reward suppliers who demonstrate a
commitment to diversity in their hiring processes.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. S&P
said the outlook is negative.
CHRYSLER: Increases Purchases from Minority Suppliers in 2007
--------------------------------------------------------------
Chrysler LLC spent US$4.8 billion with minority suppliers in
2007, representing 15.5% of its total purchasing and an increase
of US$900 million from the previous year. In the last nine
years, the company has increased the amount spent with minority
suppliers by 182%, from US$1.7 billion in 1998 to US$4.8 billion
in 2007. This significant increase reinforces Chrysler's long-
term commitment to the economic development and growth of its
minority suppliers.
"Given the tremendous cost pressures facing the industry as a
whole, it is heartening to see minority suppliers continue to
increase their share of Chrysler business year-over-year," John
Campi, Executive Vice President - Global Sourcing, Chrysler LLC,
said. "Moving forward, it is imperative that Chrysler and all
of its suppliers work together to collaborate on innovations and
wring cost out of the supply chain. Our ability to reach these
goals together and weather the economic challenges will, in some
large measure, determine our future success."
The company's diversity supplier development initiatives extend
to its Tier 1 and Tier 2 supplier base. Tier 1 suppliers are
expected to source at least nine percent of their procurement
through qualified minority suppliers during the 2008 calendar
year.
"With the entire automotive industry facing tough economic
challenges, Chrysler has never wavered in its commitment to
diversity" Jethro Joseph, Senior Manager - Diversity Supplier
Development, Chrysler LLC, said. "Success takes a team effort
and our employees and supply base continue to hold themselves
accountable to achieve diversity."
Since 1983, Chrysler has purchased more than US$38 billion from
minority-owned companies and has developed a number of programs
to build its minority supplier base. Chrysler continues to
support several organizations geared to assisting Tier 1
suppliers achieve their minority sourcing goals, including the
National Minority Supplier Development Council and the Canadian
Aboriginal Minority Supplier Council.
In 2007, Chrysler launched its Diverse Employee Initiative that
aims to recognize and reward suppliers who demonstrate a
commitment to diversity in their hiring processes.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007. S&P
said the outlook is negative.
DIRECTION BY DESIGN: Joint Meeting Set for March 28
---------------------------------------------------
Direction By Design Pty. Ltd. will hold a joint meeting for its
members and creditors at 10:30 a.m. on March 28, 2008. During
the meeting, the company's liquidator, Terry O'Connor at Paul
Cook & Associates, will provide the attendees with property
disposal and winding-up reports.
In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on March 5, 2007.
The liquidator can be reached at:
Terry O'Connor
Paul Cook & Associates
105 Macquarie Street
Hobart, Tasmania 7000
Australia
Telephone:(03) 6223 2555
Facsimile:(03) 6223 2556
e-mail: info@pjc.com.au
About Direction by Design
Direction by Design Pty. Ltd. is involved with commercial art
and graphic design. The company is located at Hobart, in
Tasmania, Australia.
DSB INDUSTRIES: Final Meeting Set for March 25
----------------------------------------------
DSB Industries Pty. Limited will hold a final meeting for its
members and creditors at 2:00 p.m. on March 25, 2008. During
the meeting, the company's liquidator, Frank Lo Pilato at RSM
Bird Cameron Partners, will provide the attendees with property
disposal and winding-up reports.
According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Sept. 21, 2007.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue, Level 1
Turner ACT 2612
Australia
About DSB Industries
Located at Deakin, in ACT, Australia, DSB Industries Pty.
Limited is an investor relation company.
INTOLOGY SOFTWARE: Members & Creditors Meeting Set for March 25
---------------------------------------------------------------
Intology Software Suppliers Pty. Ltd. will hold a final meeting
for its members and creditors at 10:30 a.m. on March 25, 2008.
During the meeting, the company's liquidator, Frank Lo Pilato at
RSM Bird Cameron Partners, will provide the attendees with
property disposal and winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue, Level 1
Turner ACT 2612
Australia
About Intology Software
Intology Software Suppliers Pty. Ltd. provides computer related
services. The company is located at Lyneham, in ACT, Australia.
IPF AUSTRALIA: Declares First and Final Dividend
------------------------------------------------
IPF Australia Pty. Ltd. declared its first and final dividend on
March 12, 2008.
Only creditors who were able to file their proofs of debt by
March 11, 2008, were included in the company's dividend
distribution.
As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on May 10, 2006.
The company's liquidator is:
Anthony Stevens Smith
Ernst & Young Chartered Accountants
121 King William Street, Level 12
Adelaide, South Australia 5000
Australia
Telephone:(08) 8417 1600
About IPF Australia
IPF Australia Pty. Ltd. provides management consulting services.
The company is located at Adelaide, in South Australia,
Australia.
KYTHERA PTY: Liquidator to Present Wind-Up Report on March 25
-------------------------------------------------------------
Kythera Pty. Limited will hold a final meeting for its members
and creditors at 2:00 p.m. on March 25, 2008. During the
meeting, the company's liquidator, Frank Lo Pilato at RSM Bird
Cameron Partners, will provide the attendees with property
disposal and winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue, Level 1
Turner ACT 2612
Australia
About Kythera Pty.
Kythera Pty. Limited in involved in the hotel and motel
business. The company is located at Canberra, in ACT,
Australia.
OOMS MICROGRAPHICS: Members Opt to Liquidate Business
-----------------------------------------------------
Ooms Micrographics Pty. Ltd.'s members agreed on Feb. 11, 2008,
to voluntarily liquidate the company's business. In line with
this goal, the company has appointed David Charles Williamson
and William Keith Chaseling to facilitate the sale of its
assets.
The liquidators can be reached at:
David Charles Williamson
William Keith Chaseling
1st Floor, Unit 4
47 Bolton Street
Newcastle, New South Wales
Australia
About Ooms Micrographics
Ooms Micrographics Pty. Ltd. is a distributor of photographic
equipments and supplies. The company is located at Rutherford,
in New South Wales, Australia.
P BENNETT CARTAGE: Members & Creditors Meeting Set for March 26
---------------------------------------------------------------
P Bennett Cartage Pty. Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on March 26, 2008. During
the meeting, the company's liquidator, G. G. Woodgate at
Woodgate & Co., will provide the attendees with property
disposal and winding-up reports.
The liquidator can be reached at:
G. G. Woodgate
Woodgate & Co.
25 Bligh Street, Level 14
Sydney, New South Wales
Australia
Telephone:(02) 9233 6088
Facsimile:(02) 9233 1616
About P Bennett
P Bennett Cartage Pty. Limited is a dealer of lumber and other
building materials. The company is located at Wentworthville,
in New South Wales, Australia.
ROCKTOWN CONSTRUCTION: Placed Under Voluntary Liquidation
---------------------------------------------------------
Rocktown Construction Pty. Limited's members agreed on
Jan. 31, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Bruce Gleeson
to facilitate the sale of its assets.
The liquidator can be reached at:
Bruce Gleeson
Jones Partners
Insolvency & Business Recovery
Australia
About Rocktown Construction
Rocktown Construction Pty. Limited is involved with excavation
work. The company is located at Ashbury, in New South Wales,
Australia.
==================================================
C H I N A & H O N G K O N G & T A I W A N
==================================================
ALL VICTORY: Appoints New Liquidators
--------------------------------------
The members of All Victory Development Limited appointed Lam
Kwong Chak, Zaloit as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
ASIA SECURITY: Commences Liquidation Proceedings
------------------------------------------------
Asia Security Reinsurance Limited's members agreed
Feb. 29, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Rainer Hok
Chung Lam and John James Toohey to facilitate the sale of its
assets.
The liquidator can be reached at:
Rainer Hok Chung Lam
John James Toohey
22nd Floor, Prince's Bldg.
Central, Hong Kong
ASIA SUN: Creditors' Proofs of Debt Due on April 10
---------------------------------------------------
The creditors of Asia Sun Enterprises Limited are required to
file their proofs of debt by April 10, 2008, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 22, 2008.
The company's liquidators are:
Ng Tze Kin
Yuen Shu Tong
3rd Floor, Malaysia Bldg.
50 Gloucester Road
Wanchai, Hong Kong
BANK OF CHINA: Opens CNY55 Billion Credit to MCC Group
------------------------------------------------------
Bank of China Limited has agreed to open a line of credit fir
CNY55 billion to MCC Group, a state-backed firm that specializes
in developing mines and metals smelters, Reuters reports, citing
the bank's statement.
MCC Group, formally known as China Metallurgical Construction
Group, operates mines in Papua New Guinea, Pakistan and
Argentina, among others, Reuters says. MCC aims to list its
full operation in 2008.
According to Reuters, quoting MCC offcials, MCC has previously
denied specific plans to list, although that was the intention
in principle. Its net profit reached CNY2.68 billion in 2007,
from revenue of CNY131.5 billion. MCC told Reuters that the
bank has an order book worth CNY192.4 billion.
Bank of China has a loan quota this year of CNY260 billion, a
banking source told Reuters late last year.
Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents. The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions. In Hong Kong and Macao, Bank of
China is one of the local note issuing banks. Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions. The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.
Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.
The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on
Dec. 14, 2006.
BANK OF CHINA: Selected Among PT Bank Bidders
---------------------------------------------
Bank of China Limited and Malayan Banking Bhd. are among
companies selected by Temasek Holdings Pte to bid for its
controlling stake in PT Bank Internasional Indonesia, two people
familiar with the matter told Bloomberg News.
According to Bloomberg, the bidder made a full takeover offer
for Indonesia's sixth-biggest bank. PT Bank has a market value
of US$2 billion. The Wall Street Journal earlier reported that
Bank of China is a bidder.
Industrial & Commercial Bank of China Ltd. and State Bank of
India have made acquisitions in Indonesia in the past two years,
gaining a foothold in an economy that grew 6.3% in 2007,
Bloomberg notes. Bank lending surged 26% in January from a year
earlier as the central bank reduced borrowing costs and incomes
rose.
"The momentum is great in terms of the economy, which filters
into the banking sector as well," Lawrence Chen, an analyst with
Fox-Pitt Kelton Ltd. in Hong Kong, told Bloomberg. Buying Bank
Internasional "can really give the international guys a quick
increment to their footprint in Indonesia."
Temasek owns 75% of a joint venture that holds about 56% of Bank
Internasional, Bloomberg says. Kookmin Bank, South Korea's
largest, owns the remaining 25%. The Singapore sovereign wealth
fund is selling its stake to meet central bank rules that limit
investors to ownership of one bank. Temasek also owns part of
PT Bank Danamon Indonesia.
Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents. The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions. In Hong Kong and Macao, Bank of
China is one of the local note issuing banks. Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions. The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.
Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.
The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on
Dec. 14, 2006.
BANK OF CHINA: To Install 5,000 ATMs for Olympics
-------------------------------------------------
Bank of China Limited, the country's second largest lender, will
install more than 5,000 automated teller machines around Olympic
venue areas and other parts of Beijing to provide better
financial services.
Yue Yi, Bank of China personal banking department general
manager, said the company would also add 2,500 new point of
sales terminals to make visitors' shopping and payment
experience easier.
"As a partner of the Beijing Olympic Games, the bank will also
set up 773 foreign exchange operation branches in Beijing and
other Olympic co-host cities," Mr. Yue said. "We will have more
than 1,000 staff members proficient in English and other foreign
languages."
Beijing has six Olympic co-host cities -- Qingdao (sailing),
Hong Kong (equestrian), Tianjin, Shanghai, Qinhuangdao and
Shenyang (all football).
The capital is expected to have 800,000 foreign visitors and
900, 000 domestic tourists during the Olympics. Total overseas
visits this year to the city are estimated at 4.6 million.
The city government also announced plans to install POS
terminals at 90% of the retail outlets at or near the Olympic
venues by the end of June.
Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents. The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions. In Hong Kong and Macao, Bank of
China is one of the local note issuing banks. Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions. The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.
Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.
The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on
Dec. 14, 2006.
EVER FIELD: Appoints New Liquidators
--------------------------------------
The members of Ever Field Enterprise Limited appointed Lam Kwong
Chak, Zaloit as the company's liquidators.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
E2E SUPPLY: Members Meeting Fixed for April 7
---------------------------------------------
The members of E2E Supply (Hong Kong) Limited will have their
final meeting on April 7, 2008, at 78th Floor, The Center, 99
Queen's Road Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.
The liquidator can be reached at:
Men Yihu
78th Floor
The Center
99 Queen's Road Central
Hong Kong
HUNG WAI: Commences Liquidation Proceedings
-------------------------------------------
Hung Wai Printing Factory Limited's members agreed
Feb. 29, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Mo Pui Lam to
facilitate the sale of its assets.
The liquidator can be reached at:
Mo Pui Lam
Flat E, 15th Floor
Champion Building
287-291 Des Vouex Road Central
Central, Hong Kong
INTELSAT LTD: To Hold Financials Conference Call on March 20
------------------------------------------------------------
Intelsat Ltd. will hold a conference call to discuss its fourth
quarter and full year 2007 financial results on March 20, 2008,
at 11:00 a.m. EDT.
The live audio webcast and earnings press release will be
accessible through the Intelsat Investor Relations Web site:
http://www.intelsat.com/investors
To participate on the live call, United States-based
participants should call (866) 800-8652. Non-U.S. participants
should call +1 (617) 614-2705. The participant pass code is
84341724. Participants will have access to a replay of the
conference call through Thursday, March 27, 2008. The replay
number for U.S.-based participants is (888) 286-8010 and for
non-U.S. participants is +1 (617) 801-6888. The participant
pass code is 33580063.
Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira. The company has a
sales office in Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch. S&P said
the outlook is stable.
KUI YIP: Commences Liquidation Proceedings
------------------------------------------
Kui Yip Company Limited's members agreed February 22, 2008, to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Lam Kwong Chak, Zaloit to
facilitate the sale of its assets.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
OVERSEAS CHINESE: Commences Liquidation Proceedings
---------------------------------------------------
Overseas Chinese Liason Limited's members agreed Feb. 23, 2008,
to voluntarily liquidate the company's business. In line with
this goal, the company has appointed Chui Kit Koi to facilitate
the sale of its assets.
The liquidator can be reached at:
Chui Kit Koi
22 Mott Street
New York
N.Y. U.S.A.
PETROLEOS DE VENEZUELA: Will Discuss Asset Swap with Exxon Mobil
----------------------------------------------------------------
Petroleos de Venezuela S.A. will discuss an asset swap with
Exxon Mobil Cop. for the Chalmette plant in Louisiana, after a
London court rules on the US$12 billion asset freeze case,
Reuters reports, citing Venezuelan Oil and Energy Minister
Rafael Ramirez.
As reported in the Troubled Company Reporter-Latin America on
March 11, 2008, the Venezuelan government asked the Organization
of Petroleum Exporting Countries to discuss during a March 5
meeting Exxon Mobil's seeking of asset freeze court order
against Petroleos de Venezuela. Exxon Mobil asked the London
High Court to uphold the order freezing US$12 billion in
Petroleos de Venezuela's assets to support the arbitration
process between both parties. The asset-freeze order against
Petroleos de Venezuela was made so that Exxon Mobil Corp. would
be able to extract compensation should it win a pending
arbitration. Petroleos de Venezuela has appealed the asset-
freeze order. Petroleos de Venezuela contends that the U.K.
court doesn't have the authority to award the injunction because
the case involved U.S. and Venezuelan firms. Exxon Mobil didn't
explain why it is seeking to freeze Petroleos de Venezuela's
assets when the U.S. giant is demanding compensation of no more
than US$5 billion. OPEC said it will support Venezuela in the
legal dispute between Petroleos de Venezuela and Exxon Mobil.
Petroleos de Venezuela could offer its stake in Chalmette
refinery, a 50/50 joint venture between Exxon and Petroleos de
Venezuela, as compensation for the company's stake in the Cerro
Negro heavy oil project, Reuters relates, citing Exxon Mobil's
Chief Executive Rex Tillerson.
Mr. Tillerson commented to Reuters, "We will discuss (Chalmette)
once this issue of the London court is resolved. (But) we are
not going to have conversations until we resolve the London
issue." Venezuela wouldn't negotiate any accord to resolve the
conflict until the court asset freeze order is lifted, Reuters
relates, citing Mr. Tillerson.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China. The
company also has offices in London and Holland.
RUHR OEL GMBH, a German refinery in 50% run by PDVSA. The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation. The
company also provides the German market with 20% of its by-
products and petrochemicals needs.
PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation. Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.
PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.
* * *
To date, Petroleos de Venezuela SA carries Fitch Ratings' BB-
long term issuer default rating and local currency long term
issuer default rating. Fitch said the ratings outlook is
negative.
RING STAR: Commences Liquidation Proceedings
--------------------------------------------
Ring Star Limited's members agreed February 22, 2008 to
voluntarily liquidate the company's business. In line with this
goal, the company has appointed Lam Kwong Chak, Zaloit to
facilitate the sale of its assets.
The liquidator can be reached at:
Lam Kwong Chak, Zaloit
29th Floor
K. Wah Centre
191 Java Road
North Point
Hong Kong
TING CHEONG: Creditors Meeting Fixed for March 19
-------------------------------------------------
The creditors of Ting Cheong Metal Ware Factory Limited will
have their final meeting on March 19, 2008, at Room 202, Duke of
Windsor Social Service Building, 15 Hennessy Road, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The liquidator can be reached at:
Liu Chi Tat Stephen
Room 202
Duke of Windsor Social Service Bldg.
15 Hennessy Road, Hong Kong
=========
I N D I A
=========
EMCO LTD: Bags INR92-Crore Contract from Corporate Power Ltd.
-------------------------------------------------------------
Emco Ltd. has informed the Bombay Stock Exchange that the
company has bagged an order from M/s. Corporate Power Ltd,
Ranchi, Jharkhand, for supply, erection, testing and
commissioning of 400 kV Double Circuit/Double Strung
Transmission Line on turnkey basis.
The transmission line will run from Hempur to PGCIL Grid
Substation at Namkum (near Ranchi), at a route length of 108 km.
The value of the project is INR92 crore.
Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.
Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.
NICCO UCO: Halves Net Loss to INR45.4 Mil. in Oct.-Dec. 2007
------------------------------------------------------------
Nicco Uco Alliance Credit Ltd.'s net loss was cut by more than
half to INR45.4 million in the three months ended Dec. 31, 2007,
from the INR96.2 million loss incurred in the corresponding
period in 2006.
With operating expenditures aggregating INR3.9 million, Nicco
Uco earned an operating profit of INR18.3 million in the latest
quarter under review. The company also booked interest of
INR62.9 million and depreciation of INR800,000.
The company noted that the Reserve Bank of India has canceled
the its Certificate of Registration to carry out Non-Banking
Financial pursuant to an order dated March 31, 2005. The
company has appealed the order, which appeal is still pending.
Accordingly, the company prepared its accounts on going concern
concept based on the legal opinion obtained.
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?2917
Nicco Uco Alliance Credit Ltd. is a small non-bank finance
company operating primarily in Eastern India.
Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.
The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of NUACL. Since then, the company
has stopped accepting deposits and has discontinued its fund
based activities.
In a note to its financial results for the quarter ended
Dec. 31, 2007, the company stated that its networth has eroded
due to large provisioning and huge loss suffered. Fixed Deposit
of the company has exceeded the prescribed ceiling duo to
erosion of networth.
NICCO UCO: Books INR12.6.1 Mil. Loss in Six Mos. Ended Sept. 30
---------------------------------------------------------------
Nicco Uco Alliance Credit Ltd. reported a net loss of
INR126.1 million in the six months ended Sept. 30, 2007, down
32% from the INR185.1 million loss incurred in the same period
in 2006.
Nicco Uco's net loss narrowed even with decreased revenues
because of the absent of interest expended in the latest six-
month period under review.
Total revenues slid by more than half from INR51.9 million in
the six months ended Sept. 30, 2006, to INR20.1 million in
April-Sept. 2007. With expenditures aggregating
INR10.8 million and zero for interest expended, the company
booked an operating profit of INR9.3 million (operating loss of
INR120.8 million after interest of INR148.9 million in 2006).
A copy of the company's financial results for the six months
ended Sept. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?2914
In the quarter ended Sept. 30, 2007, Nicco Uco posted a net loss
of INR63.6 million on total revenues of INR5.8 million. In
that three month period, the company incurred operating expenses
of INR4.4 million, leaving the company with an operating profit
of INR1.4 million.
A copy of the company's financial results for the three months
ended Sept. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?2916
Nicco Uco Alliance Credit Ltd. is a small non-bank finance
company operating primarily in Eastern India.
Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.
The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of NUACL. Since then, the company
has stopped accepting deposits and has discontinued its fund
based activities.
In a note to its financial results for the quarter ended
Dec. 31, 2007, the company stated that its networth has eroded
due to large provisioning and huge loss suffered. Fixed Deposit
of the company has exceeded the prescribed ceiling duo to
erosion of networth.
NICCO UCO: Shareholders, Fixed-Deposit Holders Approve Scheme
-------------------------------------------------------------
The shareholders and fixed-deposit holders of Nicco Uco Alliance
Credit Ltd. have approved the company's proposed scheme of
arrangement at separate meetings on Feb. 29, 2008.
The scheme provides for the reorganization of the company's
share capital and compromise with fixed-deposit holders. The
scheme, as approved, has this modification:
"8.1 As part of the Compromise Scheme, the Depositors of the
Company, in lieu of their claims, be issued Equity Shares, at
a price in conformity with the SEBI (Disclosure & Investors
Protection) Guidelines, 2000 in the Company, only to the
extent of their total outstanding principal amount, as on the
Appointed Date, and shall forego their entire claim for
interest.
Clause 9 of the Scheme shall stand deleted".
Nicco Uco Alliance Credit Ltd. is a small non-bank finance
company operating primarily in Eastern India.
Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.
The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of NUACL. Since then, the company
has stopped accepting deposits and has discontinued its fund
based activities.
QUEBECOR WORLD: Lindenmeyr Objects to Reclamation Procedures
------------------------------------------------------------
Lindenmeyr Central and Lindenmeyr Book Publishing, divisions of
Central National-Gottesman Inc., ask the U.S. Bankruptcy Court
for the Southern District of New York to deny the proposed
claims treatment procedure of Quebcor World Inc. and its debtor-
affiliates.
Pursuant to Section 546(c) of the Bankruptcy Code, Lindenmeyr
submitted a reclamation demand to the Debtors demanding
reclamation of all goods received within 45 days prior to the
Petition Date. Lindenmeyr's reclamation of demands is at an
aggregate price of US$1,245,653.
Lindenmeyr echoes the contentions raised by other objecting
reclamation vendors. Lindenmeyr asserts the proposed procedures
(i) deny a reclamation creditor's right to reclaim goods under
Section 546(c) of the Bankruptcy Code; (ii) prejudice a creditor
by precluding it from filing any motion until 120 days after the
Petition Date; and (iii) do not require that the Debtors comply
with Section 546(c) for reclamation demands that are
subsequently determined to be valid.
Suppliers Balk at Proposed Reclamation Procedures
As reported in the Troubled Company Reporter on Feb. 25, 2008,
Abitibi Consolidated Sales Corp., Abitibi-Consolidated US
Funding Corp., Bowater America Inc. and Bowater Inc.; Packaging
Corporation of America; Catalyst Pulp and Paper Sales Inc., and
Catalyst Paper (USA) Inc.; Rock-Tenn Company; Midland Paper
Company; and Day International Inc., in separate filings object
to the Debtors' proposed claims treatment procedures.
These Suppliers sold goods, specifically paper products and
printing chemicals, to the Debtors before and within the
Petition Date. They sent the Debtors written demands for the
return of goods received by the Debtors within 45 days of their
Reclamation Demands.
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: Catalyst Pulp Replaces IPC as Committee Member
--------------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2,
appointed Catalyst Pulp & Paper Sales, Inc., as member of the
Official Committee of Unsecured Creditors. Catalyst replaced
International Paper Company.
The Committee is now composed of:
(1) Wilmington Trust Company
Attn: Suzanne Macdonald
520 Madison Avenue, 33d floor
New York, NY 10022
Tel: (212) 415-0500
(2) Pension Benefit Guaranty Corp.
Attn: Suzanne Kelly
1200 K Street, NW
Washington, DC 20005
Tel: (212) 326-4070 x6367
(3) The Bank of New York Mellon
Attn: David M. Kerr
101 Barclay Street - 8 West
New York, NY 10286
Tel: (212) 815-5650
(4) MEGTEC Systems Inc.
Attn: Gregory R. Linn
830 Prosper Rd.
De Pere, WI 54115
Tel: (920) 337-1568
(5) Abitibi Consolidated Sales Corp.
Attn: Madeleine Fequiere
1155 Metcalfe Street, Suite 800
Montreal, Quebec
H3B 5H2 CANADA
Tel: (514) 394-3638
(6) Cellmark Paper, Inc.
Attn: Dominick J. Merole
300 Atlantic Street
Stamford, CT 06901
Tel: (203) 251-9026
(7) Catalyst Pulp & Paper Sales, Inc.
Attn: Stacey Pickett
2nd Floor, 3600 Lysander Lane
Richmond, British Columbia
V7B 1C3 CANADA
Tel: (604) 247-4730
Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense. They may investigate the Debtors' business
and financial affairs. Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.
Those committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest. If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management
with an independent trustee. If the Committee concludes
reorganization of the Debtor is impossible, the Committee will
urge the Bankruptcy Court to convert the Chapter 11 cases to a
liquidation proceeding.
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: Suspends Payment of Preferred Dividends
-------------------------------------------------------
Quebecor World Inc. suspended dividend payments on its Series 3
and Series 5 preferred shares, according to The Canadian Press.
The Canadian Press reports that with the payments put on hold,
Quebecor World will ask shareholders to approve a reduction of
stated capital at its annual meeting in May 2008, which would
allow it to resume paying dividends.
In a release, The Canadian Press quoted Quebecor World saying,
"While the company has the funds available to pay [the]
dividends, it has been advised by counsel that as a result of
recent developments, the company may be prevented from paying
dividends to holders of its preferred shares because it may not
satisfy the applicable capital adequacy test contained in the
Canada Business Corporations Act."
* * *
Quebecor World said that Robert Coallier has resigned from the
company's board of directors due to personal reasons, according
to The Canadian Press.
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.
RPG CABLES: Grabs US$25 Million Kabul Cables Supply Contract
------------------------------------------------------------
RPG Cables Ltd. has secured an order for supply of Medium
Voltage and Low Voltage Cables of various sizes to Kabul
Distribution Enhancement Project, Afghanistan. This contract
will contribute to the company revenue of approximately
US$25 million.
Headquartered in Mysore, India, RPG Cables Ltd. operates in two
segments: Power cables and Telecommunication cables. The
company manufactures power and control cables, jelly filled
telephone cables, optical cables and housewiring cables.
The company's net worth has been eroded as at March 31, 2004.
In accordance with the provisions of Sick Industrial Companies
(Special Provision) Act, 1985, the company was referred to the
Board for Industrial & Financial Reconstruction on July 5, 2004.
The State Bank of India, the BIFR-appointed operating agency for
the RPG Cables, has prepared a modified rehabilitation scheme
for the revival the company and has submitted the same to the
BIFR.
TATA STEEL: Shares Slip After Reporting Consolidated Results
------------------------------------------------------------
Tata Steel Ltd.'s shares slid after the company disclosed
consolidated results for the quarter ended Dec. 31, 2007,
Reuters reports.
Tata Steel reported net consolidated profit of around
INR14 billion, an improvement compared to the INR10.5 billion in
the same period a year ago. The increase, however, is not much
because the results in Oct.-Dec. 2006 did not include those of
Tata Steel UK.
According to Reuters, the latest quarter's bottom line lagged
behind analysts' forecasts.
The news agency noted that shares in Tata Steel slipped 3.8% at
INR788 in a firm Mumbai market at 0913 GMT, having traded as low
as INR784.
Tata Steel reportedly attributed the unimpressive results to
higher interest expenses incurred in funding its acquisition of
Corus Group PLC.
About Tata Steel
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals. Tata Steel's products are targeted at the
auto sector and construction industry. With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.
As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive. The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).
Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT SA: Acquiring ReachView Technologies
---------------------------------------------------
Alcatel-Lucent SA has signed an agreement to acquire ReachView
Technologies.
Upon completion, this acquisition will enhance Alcatel-Lucent's
current professional services consulting practice, specifically,
OSS/BSS and software integration, enabling the company to
deliver advanced service assurance solutions to carriers and
industry and public sector customers.
"Communications service providers are looking for advanced
services assurance solutions, and by acquiring ReachView,
Alcatel-Lucent will be able to more quickly meet that need,"
said Andy Williams, President of Alcatel-Lucent's Services
business. "The skills of ReachView complement our own service
assurance competence centers. Together we will be able to offer
carriers the premier consulting and integration expertise they
are looking for, no matter where they are located."
"Carriers and large enterprises have complex networking,
services and business challenges, and they are looking for a
partner that can help them with their operations requirements
ReachView is excited to be joining Alcatel-Lucent to offer
customers our expertise in delivering quality of service and
service assurance solutions," said Ian Bresnahan, ReachView's
Chief Executive Officer. "Our combined skills, knowledge,
network expertise and access to multi-vendor labs, will give us
a competitive advantage in taking on very large and complex
transformation projects."
With approximately 85 employees, ReachView Technologies has
offices in Atlanta and Dallas. Bresnahan and the two other
principle partners, Todd Cochran and Josh Shipman, of ReachView
will continue with Alcatel-Lucent after the acquisition.
Alcatel-Lucent's service assurance solution provides tools to
ensure that end-user services provided by a carrier or
enterprise are continuously available and performing to service
level agreements and quality of service performance levels. The
tools monitor performance, availability and quality of
experience, detect possible failures while at the same time
assess services and impact on the user experience.
Alcatel-Lucent with ReachView will be able to provide a total
consulting practice that will help operators isolate, prioritize
and resolve network & server issues faster, through root cause
isolation and resolution management. These solutions are
tailored to match each operator's operational and business
process environment. Integrating a solution into an operator's
network, taking into consideration existing systems, service
definitions and adapting to the carrier's processes is a unique
competency of the combined companies.
The closing, which is subject to the satisfaction of certain
conditions, is expected to be April 1, 2008. The financial
terms of the agreement are not being disclosed.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent. The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1. At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
ALCATEL-LUCENT SA: SanDisk Pursues Declaratory Suit vs. Firm
------------------------------------------------------------
SanDisk Corp. is pursuing an action seeking a declaratory
judgment of non-infringement and the invalidity of
Alcatel-Lucent SA's U.S. Patent Nos. 5,341,457 and RE39,080 in
the U.S. District Court for the Northern District of California.
Both patents relate to a technique for perceptual coding of
audio signals.
According to SanDisk, on May 11, 2007, it received notice from
Alcatel-Lucent alleging that its digital music players require a
license to the '457 and '080 patents.
SanDisk sued Lucent Technologies Inc. and Alcatel-Lucent on
July 13, 2007, seeking declaratory judgment that it did not
infringe the two patents and that these patents are invalid.
Lucent and Alcatel-Lucent answered the SanDisk suit and
counterclaimed for infringement of the '080 patent. The two
companies also moved to dismiss the case without prejudice or
stay the case pending an appeal of a judgment involving the same
patent in the U.S. District Court for the Southern District of
California.
SanDisk has moved for summary judgment on its claims for
declaratory relief and for the dismissal of Lucent's patent
infringement counterclaim.
About Sandisk Corp.
Based in Milpitas, Calif., SanDisk Corp. designs, develops,
markets and manufactures products and solutions in a variety of
form factors using its flash memory, controller and firmware
technologies.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent. The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1. At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
ANEKA TAMBANG: To Finalize Herald Resources Bid
------------------------------------------------
PT Aneka Tambang Tbk (Antam) said it will finalize its plan to
bid for Australian miner Herald Resources Ltd. and acquire other
gold assets this year, Reuters reports.
According to the report, Company President Director Dedi Aditya
Sumanegara said that the company would likely have sufficient
funds to complete the acquisition, as it expects firm nickel
price this year.
As reported in the Troubled Company Reporter - Asia pacific on
Feb. 1, 2008, Antam and Chinese zinc producer Shenzhen Zhongjin
Lingnan Nonfemet Co. joined together to submit an offer to
acquire Herald Resources for US$448-US$449 million. The joint
venture offered AU$2.50 a share, topping Calipso InvestmentPte's
bid of AU$2.25.
Mr. Sumanegara, the report notes, said the company's strategy is
to complete its M&A program.
Fitri Wulandari of Reuters writes that Mr. Sumanagara said
nickel prices may remain firm this year at around US$14 per
pound, although it would be lower than US$16.2 per pound in
2007, on concern that global economic worries may dent demand
from stainless steel makers.
About Aneka Tambang
PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits. The company
operates six mines. They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold). The company also operates a precious metal
refinery and a geology unit in Jakarta.
* * *
The Troubled Company Reporter-Asia Pacific reported on
Jan. 17, 2008, Moody's Investors Service has upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
This concludes the review for possible upgrade, which commenced
on October 22, 2007.
On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'. The outlook is
stable. At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.
BANK CENTRAL: Fourth Quarter Net Profit Up 0.7% to IDR1.13 Tril.
----------------------------------------------------------------
Based on Reuters' calculation, PT Bank Central Asia Tbk's fourth
quarter net profit increased 0.7% to IDR1.13 trillion from
IDR1.12 trillion a year ago.
According to Reuters, the bank, which has total assets of IDR218
trillion, reported full-year net profit of IDR4.5 trillion from
IDR4.24 trillion in 2006.
Net interest income at the bank, which has a market
capitalization of around US$9 billion, inched up 0.13% to
IDR2.44 trillion in the fourth quarter, the same report relates.
The bank's net interest margin fell to 6.1%, from 7.2% a year
earlier, while net non-performing loans decreased to 0.2% from
0.3%, Reuters says.
Moreover, Bank VP Jahja Setiaatmadja said they don't see high
credit growth this year due to global economic volatility,
Reuters reports.
The bank said lending rose 34.1% in 2007 -- beating loan growth
of 25.5% for the entire Indonesian banking sector, the report
adds.
Harry Suhartono and Andreas Ismar of Reuters write that the bank
aims to extend new loans of between IDR14-16 trillion this year,
implying loan growth of 17-19%.
About Bank Central
Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services. The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities. The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises. In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting. The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited. It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs. The bank serves
6.6 million accounts throughout Indonesia.
* * *
The Troubled Company Reporter-Asia Pacific reported on
March 5, 2008, that Fitch Ratings has upgraded PT Bank Central
Asia Tbk's long-term issuer default rating to BB with a stable
outlook. At the same time, Fitch affirmed the company's B
short-term issuer default rating, and AA+(IDN) national long
term rating with stable outlook.
BANK MANDIRI: 2007 Net Profit Up 80% to IDR4.35 Trillion
--------------------------------------------------------
PT Bank Mandiri Tbk's full-year 2007 net profit increased 80% to
IDR4.35 trillion from IDR2.42 trillion a year earlier, Reuters
reports.
According to the report, analysts had forecast a net profit of
IDR4.44 trillion.
Indonesia's banks loan growth to businesses and consumers
increased 25% from 14% in 2006, the same report notes. Demand
for loans has picked up as the central bank steadily cut its
benchmark interest rate in response to lower inflation, Reuters
adds.
About Bank Mandiri
PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.
The Troubled Company Reporter- Asia Pacific reported on
March 5, 2008, that Fitch Ratings has upgraded the local
currency and long-term issuer default ratings of PT Bank Mandiri
(Persero) Tbk to BB, with a stable outlook. At the same time,
Fitch affirmed the B short-term issuer default rating and
AA+(IDN) national long term rating. Also, Fitch raised the
support rating floor to BB-.
On Aug. 2, 2007, Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Mandiri on review for possible
upgrade.
The detailed ratings are:
* Ba3/Ba3 foreign currency senior/subordinated debt and B2
foreign currency long-term deposit ratings were placed on
review for possible upgrade; and
* Not Prime foreign currency short-term deposit rating, Baa2
global local currency deposit rating and D- BFSR were
unaffected -- these ratings carry a stable outlook.
The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'. Fitch said the Outlook for the
ratings was revised to positive from stable.
BANK MANDIRI: Meeting of Shareholders Set for March 17
-----------------------------------------------------
PT Bank Mandiri's Board of Directors set the extraordinary
general meeting of shareholders on March 17, 2008, at the
Auditorium, 3rd Floor Plaza Mandiri Jl. Jend. Gatot Subroto Kav.
36-38, in Jakarta.
The following agenda will be discussed:
-- Approval of the Acquisition Plan, concept of Deed of
Acquisition and the acquisition of PT Bank Sinar Harapan
Bali.
-- Progress report on liquidation process of PT Bank
Merincorp (Dalam Likuidasi/DL), PT Bank Paribas BBD
Indonesia (DL) and PT Bank Indovest Tbk. (DL).
PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.
The Troubled Company Reporter- Asia Pacific reported on
March 5, 2008, that Fitch Ratings has upgraded the local
currency and long-term issuer default ratings of PT Bank Mandiri
(Persero) Tbk to BB, with a stable outlook. At the same time,
Fitch affirmed the B short-term issuer default rating and
AA+(IDN) national long-term rating. Also, Fitch raised the
support rating floor to BB-.
On Aug. 2, 2007, Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Mandiri on review for possible
upgrade.
The detailed ratings are:
* Ba3/Ba3 foreign currency senior/subordinated debt and B2
foreign currency long-term deposit ratings were placed on
review for possible upgrade; and
* Not Prime foreign currency short-term deposit rating, Baa2
global local currency deposit rating and D- BFSR were
unaffected -- these ratings carry a stable outlook.
The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'. Fitch said the Outlook for the
ratings was revised to positive from stable.
BANK MANDIRI: Sticking to 22% Loan Growth Target This Year
----------------------------------------------------------
PT Bank Mandiri Tbk will stick to its loan growth target of 22%
for this year, even though the government has lowered its
economic growth forecast for 2008, Reuters reports.
According to the report, Agus Martowardojo, Mandiri's president
director, said the bank aims to keep its net interest margin
above 5% this year.
PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.
The Troubled Company Reporter- Asia Pacific reported on
March 5, 2008, that Fitch Ratings has upgraded the local
currency and long-term issuer default ratings of PT Bank Mandiri
(Persero) Tbk to BB, with a stable outlook. At the same time,
Fitch affirmed the B short-term issuer default rating and
AA+(IDN) national long term rating. Also, Fitch raised the
support rating floor to BB-.
On Aug. 2, 2007, Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Mandiri on review for possible
upgrade.
The detailed ratings are:
* Ba3/Ba3 foreign currency senior/subordinated debt and B2
foreign currency long-term deposit ratings were placed on
review for possible upgrade; and
* Not Prime foreign currency short-term deposit rating, Baa2
global local currency deposit rating and D- BFSR were
unaffected -- these ratings carry a stable outlook.
The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'. Fitch said the Outlook for the
ratings was revised to positive from stable.
KRONOS WORLDWIDE: Parent Posts Net Loss of US$66.7MM for FY2007
---------------------------------------------------------------
Kronos Worldwide, Inc., reported net income of US$1.6 million,
or US$.03 per diluted share, for the fourth quarter of 2007
compared with net income of US$41.3 million, or US$.84 per
diluted share, in the fourth quarter of 2006. For the full year
of 2007, Kronos reported a net loss of US$66.7 million, or
US$1.36 per diluted share, compared with net income of US$82.0
million, or US$1.67 per diluted share, for the full year of
2006. The company's annual results include a net non-cash
provision for income taxes of US$97.5 million, or US$1.99 per
diluted share, in 2007 and a net non-cash income tax benefit of
US$34.9 million, or US$.71 per diluted share, in 2006, as
discussed below.
Net sales of US$310.4 million in the fourth quarter of 2007 were
US$12.0 million, or 4%, higher than the fourth quarter of 2006.
Net sales of US$1,310.3 million for the full year of 2007 were
US$30.9 million, or 2%, higher than the full year of 2006. Net
sales increased in the fourth quarter of 2007 primarily due to
higher sales volumes and the favorable effect of fluctuations in
foreign currency exchange rates, which increased sales by
approximately US$21 million, partially offset by lower average
TiO2 selling prices. For the full year period, net sales
increased due to the favorable effect of fluctuations in foreign
currency exchange rates, increasing sales by approximately US$65
million, and higher sales volumes. This increase was partially
offset by lower average TiO2 selling prices. The table at the
end of this release shows the impact of each of these items on
sales.
The company's TiO2 segment profit (see description of non-GAAP
information below) for the fourth quarter of 2007 was US$11.3
million compared with US$39.6 million in the fourth quarter of
2006, and was US$92.2 million for the full year of 2007 compared
with US$151.3 million for full year of 2006. Segment profit
decreased in the fourth quarter of 2007 compared to the fourth
quarter 2006 due primarily to lower average TiO2 selling prices,
higher manufacturing costs (primarily maintenance), and the
negative effect of fluctuations in foreign currency exchange
rates, which decreased segment profit by approximately US$7
million. This decrease was partially offset by higher sales
volumes and lower utilities costs. Full year segment profit
decreased due to lower average TiO2 selling prices, higher
manufacturing costs and the negative effect of fluctuations in
foreign currency exchange rates which decreased full year
segment profit by approximately US$4 million, partially offset
by higher sales volumes and lower utilities costs.
The company's fourth quarter 2007 TiO2 sales volumes increased
2% from the fourth quarter of 2006, with higher volumes in the
United States and export markets. For the full year of 2007,
sales volumes increased 1% as compared to 2006, as higher
volumes in European and export markets offset the effects of
lower volumes in North America. The company's TiO2 sales volume
for 2007 was a record for Kronos. The company's TiO2 production
volumes were 6% lower in the fourth quarter of 2007 and were 1%
lower for the full year of 2007, as compared to the same periods
in 2006. The company's finished goods inventories at
Dec. 31, 2007, which represented less than 2 months of average
sales, were lower compared to December 31, 2006.
The US$22.3 million loss on prepayment of debt for the full year
of 2006 ($14.8 million, or US$.30 per diluted share, net of
income tax benefit) relates to the company's May 2006 redemption
of its 8.875% Senior Secured Notes, using the proceeds from its
April 2006 issuance of 6.5% Senior Secured Notes. Interest
expense was lower for 2007 due primarily to the replacement of
the 8.875% Notes with the 6.5% Notes.
The company's income tax expense in 2007 includes a non-cash
charge o fUS$90.8 million (US$1.85 per diluted share) primarily
related to the reduction in the Company's net deferred income
tax asset in Germany resulting from the enactment of legislation
reducing the income tax rates, a non-cash charge of US$8.7
million (US$.18 per diluted share) related to the adjustment of
certain German income tax attributes and a non-cash income tax
benefit of US$2.0 million (US$.04 per diluted share) related to
a net reduction in the company's reserve for uncertain income
tax positions.
The company's income tax benefit for 2006 includes an aggregate
tax benefit of US$34.9 million, or US$.71 per diluted share
(US$25.7 million, or US$.52 per diluted share, in the fourth
quarter), related to the net effect of the withdrawal of certain
income tax assessments previously made by the Belgian and
Norwegian tax authorities, the favorable resolution of certain
income tax audit issues related to the company's German and
Belgian operations, the unfavorable resolution of certain other
income tax issues related to the German operations, an increase
in the Company's income tax contingency reserve principally
related to ongoing income tax audits in Germany and the
enactment of a reduction in the Canadian federal income tax
rate.
About Kronos International
Kronos International Inc. -- http://www.kronostio2.com/-- is a
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas and produces titanium dioxide (TiO2) pigments
in Europe. It has sales offices in the Asia Pacific, including:
Australia, Indonesia, Japan, Korea and the Philippines.
Kronos Inc. continues to carry Moody's Investors Service B2
corporate family rating and a stable rating outlook.
SUMBER SEGARA: S&P Places Corporate Credit Rating at 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said placed its 'B-'
corporate credit rating on Indonesian power generating entity PT
Sumber Segara Primadaya (S2P) on CreditWatch with negative
implications.
This comes after S2P's sustained delay in attaining anticipated
operational standards, resulting in cash flows below the levels
required under the debt-repayment arrangements of the company.
This gap currently has been met by ad-hoc equity infusions--a
total of up to US$10 million in December 2007 and January 2008
by company shareholders.
S2P is 49% owned by PT Pembangkitan Jawa-Bali (PJB) and 51%
owned by PT Sumberenergi Sakti Prima (SSP). PJB is in turn
99.9% owned by PT Perusahaan Listrik Negara (Persero) (PLN;
foreign currency BB-/Stable/--; local currency BB/Stable/--),
Indonesia's state-owned integrated electricity utility. While
this reflects an element of shareholder support, the arrangement
is fraught with uncertainty on its timeliness and
predictability, especially given S2P may continue to face near-
term operational challenges.
"We believe that, over the next two to three months, operating
cash flow may fall short of the levels required to service the
maturing US$50 million debt in July 2008 under a stand-by letter
of credit facility," said Standard & Poor's credit analyst Joey
Chew. "That is a likely scenario as half of the company's 600
MW generating capacity would be shut for major maintenance."
"This will not result in a financial default or delay, as the
company said that the maturing debt is simultaneously covered by
a US$50 million cash collateral held by the letter of credit
issuing bank," Ms. Chew said.
Nonetheless, the deviations from expected operating performance
are significant and may continue to constrain the overall credit
profile of the company. While these are partially attributable
to adverse weather conditions in the past few months and S2P's
inability to raise funds due to difficult credit market
conditions, the current rating may not adequately reflect
concerns on the company's operating and liquidity conditions.
In resolving the CreditWatch, Standard & Poor's would focus on
the measures taken to improve liquidity and restore operational
stability, thereby enhancing the predictability of operating
cash flows. Such steps are more relevant for ensuring timely
debt servicing compared with backstop liquidity measures. Given
the level of divergence from the anticipated operating
performance in a relatively short period and persisting
liquidity concerns, future rating actions may place greater
emphasis on the track record established by the company. The
immediate pressure on the ratings is also partially mitigated by
our expectation of some level of support, based on the
affirmations made by the respective shareholders of the company.
About Sumber Segara
PT Sumber Segara Primadaya --
http://www.sumbersegaraprimadaya.com-- based in jakarta
indonesia is independent power producer.
TELKOMSEL: To Deploy Location Based Services Across Indonesia
-------------------------------------------------------------
Nokia Siemens Networks will enable PT Telekomunikasi Selular Tbk
(Telkomsel), to provide innovative value added services for its
50 million active subscribers and thus enhance users' mobile
experience.
Telkomsel will use Nokia Siemens's market-leading location based
services (LBS) solution in its mobile network, which enables
Telkomsel to extend its value added services through
applications such as Advertising, Information Finder and Friend
Finder for subscribers throughout Indonesia.
Nokia Siemens Networks will integrate its future-proof and cost-
effective intelligent Gateway Mobile Location Centre (iGMLC)
platform into Telkomsel's mobile network.
"Telkomsel's commitment is not only delivering the largest
coverage of cellular network, but also enhancing its users'
mobile experience through value added services. This
partnership marks our entry into the location based services
market, which will benefit the users extensively and improve
their dynamic lifestyle," said Andreuw Th. A.F., Vice President
Network Operation, Telkomsel.
"With hundreds of cities scattered in the vast regions of
Indonesia, we believe that Location Based Services will not only
be a luxury application, but also a necessity."
The Location Based Services solution is highly flexible and
supports both GSM and WCDMA/3G location based services
simultaneously, giving Telkomsel the opportunity to provide
attractive new services, which are based on the locations of its
users. Applications such as Information Finder will benefit
users when visiting cities they are unfamiliar with.
"The new solution offers Telkomsel a cost-efficient means of
deploying location based services as well as excellent
scalability and flexibility in terms of capacity and choice of
positioning technologies," said Arjun Trivedi, Head of Nokia
Siemens Networks Indonesia.
"Nokia Siemens Networks is further strengthening its leadership
in real business solutions by providing operators with a
location based services solution, which uses the entire range of
complementing positioning methods, from low accuracy to high
accuracy technologies."
About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of
communication services. The company provides a complete, well-
balanced product portfolio of mobile and fixed network
infrastructure solutions and addresses the growing demand for
services with 20,000 service professionals worldwide. Nokia
Siemens Networks is one of the largest telecommunications
infrastructure companies with operations in 150 countries. The
company is headquartered in Espoo, Finland.
About Telkomsel
PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share. By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.
Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006. The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.
As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 18, 2008, Fitch Ratings has upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB+' from 'BB'. The outlook is stable. At the same time,
Fitch has affirmed Telkomsel's Long-term local currency IDR at
'BBB-' with a stable outlook.
=========
J A P A N
=========
DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
----------------------------------------------------------------
The Renco Group, Inc. disclosed that its wholly owned
subsidiary, Inteva Products, LLC, has completed the acquisition
of Delphi's Global Interiors and Closures businesses from Delphi
Corp. The transaction includes the entire book of business,
manufacturing operations, intellectual property, supplier
contracts and joint venture interests.
Under the terms of the transaction, Delphi's Global Interiors
and Closures businesses and talented workforce will now become
part of Inteva. Inteva is an engineering, manufacturing
powerhouse serving customers around the world with innovative
interior and closure solutions for vehicles ranging from entry
level compacts and luxury sedans to pick-ups and massive
commercial vehicles. With 17 facilities on three continents,
Inteva brings more than 90 years of product experience and
expertise to customers while delivering flawless execution and
superior engineering.
"Under the strong leadership team led by Inteva CEO Lon
Offenbacher, we are excited by the opportunity this acquisition
has presented to invest in a low cost automotive supplier with
global growth opportunities," Ira Rennert, founder and chief
executive officer of Renco, commented. "Inteva's engineering,
design and manufacturing capabilities and global footprint
position the company well for long term profitable growth."
Concurrent with the acquisition, Inteva had obtained a new
senior credit facility arranged by Wachovia Capital Markets,
LLC, and Bank of America Securities, LLC, with Wachovia Bank,
National Association, as Administrative Agent.
About The Renco Group
The Renco Group, Inc., is a private diversified investment
holding company with a broad portfolio of operating companies
and financial investments. Renco holds interests in a number of
companies in the mining, automotive, magnesium, steel, metals
fabrication and material handling industries. Operating
companies in which Renco holds an interest include AM General,
Doe Run Resources, US Magnesium, Inteva Products LLC, Unarco
Material Handling and Baron Drawn Steel. Renco generates in
excess of $5,500,000,000 in revenue while employing over 12,000
people worldwide.
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, Issue No. 117; 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 as: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; and US$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. 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.
GAP INC: Tom Wyatt Sits as Acting President of Old Navy Brand
-------------------------------------------------------------
Tom Wyatt, president of Gap Inc.'s Outlet division, assumed the
role of acting president of its Old Navy brand while a search is
conducted for a permanent replacement for Dawn Robertson who
resigned.
"I appreciate Dawn's hard work over the past 16 months and wish
her all the best," Glenn Murphy, chairman and chief executive
officer of Gap Inc., said. "We're fortunate to have someone of
Tom Wyatt's caliber and experience, as both a president of our
Outlet division and a former retail CEO, to guide Old Navy
during this transition."
The mutual decision was made by the company and Ms. Robertson.
Mr. Wyatt joined the company in 2006 as a senior executive of
Gap brand and took on responsibility for the company's
successful Outlet division more than a year ago. Mr. Wyatt has
more than 30 years of experience in the retail business,
including leading a chain of department stores in the Saks
family of companies and serving as president and CEO of the
Cutter & Buck clothing company.
"Old Navy has a team of talented and creative leaders who will
work closely with Tom to ensure that the brand continues to
execute on its strategic priorities," Mr. Murphy added.
"Working together, I'm confident we can successfully move
forward to evolve the brand and improve our results."
About Gap Inc.
Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names. Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.
* * *
Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007. The ratings still hold to date with a
stable outlook.
SOLO CUP: Reports US$68 Million Net Income in Fiscal Year 2007
--------------------------------------------------------------
Solo Cup Company reported its fiscal year 2007 financial
results. The results of the company's Hoffmaster(R) and
Japanese businesses have been classified as discontinued
operations for all periods presented in its consolidated
financial statements. As previously disclosed, these businesses
were fully divested in the fourth quarter of 2007.
* Fourth Quarter 2007 Results
For the thirteen weeks ended Dec. 30, 2007, the company reported
net sales from continuing operations of US$522 million, versus
US$534 million for the thirteen weeks ended Dec. 31, 2006.
Gross profit from continuing operations for the quarter
increased from the year ago period by US$40 million to US$74
million, reflecting a gross margin of 14.3% for the current
quarter versus 6.4% for the comparable period in 2006.
Operating income from continuing operations for the fourth
quarter 2007 was US$23 million, which represents a US$40 million
improvement over the prior year. The company reported net
income of US$99 million for the quarter, which included a gain
on the sale of discontinued operations of US$77 million,
compared to a net loss of US$34 million in the comparable period
in 2006.
"Our solid results in the fourth quarter reflect the significant
progress made throughout 2007 in focusing the company on its
core business and improving profitability," said Solo Cup
president and chief executive officer, Robert M. Korzenski. "We
have integrated the Performance Improvement Program into our
company culture, successfully transitioning it from a formal,
stand-alone project into an ongoing and sustainable process."
* Fiscal Year 2007 Results
For the fiscal year ended Dec. 30, 2007, the company reported
net sales from continuing operations of US$2,106 million, versus
US$2,123 million for the fiscal year ended Dec. 31, 2006. The
decrease in net sales reflects a decrease in sales volume
partially offset by higher sales prices. The volume decrease
reflects general industry trends as well as shifts in the
company's product mix, including a de-emphasis of certain
higher-volume commodity products such as straws and stirrers.
The increase in sales prices reflects price increases
implemented over the past year in response to higher costs for
resin, paper and energy, as well as more disciplined selling
practices.
Gross margin from continuing operations in fiscal year 2007 was
11.7% compared to 9.5% in the prior year period, primarily
driven by improved product mix and greater efficiencies
resulting from implementation of the company's performance
improvement initiatives. Selling, general and administrative
expenses from continuing operations decreased 6% this year to
US$204 million. The company reported net income in fiscal year
2007 of US$68 million, compared to a net loss of US$375 million
in fiscal year 2006.
As of Dec. 30, 2007, the company had in excess of US$136 million
of liquidity under its revolving credit facilities and cash on
hand. Net cash provided by operating activities during the
fiscal year 2007 was US$96 million compared to net cash used in
operating activities of US$52 million during 2006, a US$148
million improvement. During 2007, the company reduced its net
debt by approximately US$400 million. Capital expenditures for
2007 totaled US$49 million versus US$61 million during 2006.
The company's Performance Improvement Program, announced in
December 2006, was designed to reduce costs and build
profitability. Initiatives in Supply Chain and Operations, SG&A
and Commercial Optimization focused on maximizing cash flow,
reducing costs, improving margin, increasing value and building
a performance culture. As of its formal conclusion in December
2007, the program generated approximately US$75 million in
annualized run-rate EBITDA improvements, exceeding its original
targets.
"With cash flow from operations now helping to fund the business
and gross margins trending in the right direction, the company
is back on track," said Mr. Korzenski. "However, there is still
more work to be done to bring our performance to industry
levels. As our full-year results show, we have the right
leadership team in place to manage and now grow our business."
Mr. Korzenski continued, "Solo Cup Company is in a far better
position than it was one year ago. The company has regained the
financial flexibility necessary for focused investments in the
business. We are now better equipped to service and grow with
our customers, and to compete in an increasingly competitive
marketplace."
Company Divests Dairy Packaging Assets
On March 7, 2008, the company completed the sale of its dairy
packaging assets. Terms of the transaction were not disclosed.
A portion of the proceeds will be reinvested in the company's
core business with the remainder to be applied to the Company's
term loan.
"Dairy packaging requires a different business model and a
significant investment to remain competitive," said Mr.
Korzenski. "This transaction is part of Solo's larger effort to
improve performance by divesting non-core, non-strategic assets
in order to focus resources on more strategic growth
opportunities."
About Solo Cup Company
Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets. Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names. The company was established in 1936 and has a global
presence with facilities in Asia, Canada, Europe, Mexico, Panama
and the United States.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Fitch Ratings upgraded Solo Cup Company's senior
secured first lien term loan rating to 'BB-/RR1' from 'B+/RR2',
senior secured revolving credit facility rating to 'BB-/RR1'
from 'B+/RR2' and senior subordinated notes rating to 'CCC+/RR5'
from 'CCC/RR6'. Fitch also affirmed Solo Cup's Issuer default
rating at 'B-'.
=========
K O R E A
=========
DURA AUTO: Tax Advisor Seeks US$962,541 in Fees for January
-----------------------------------------------------------
Ernst & Young LLP seeks allowance and payment of US$941,946 for
fees and reimbursement of US$20,595 for expenses it incurred in
providing tax advisory and risk advisory services to the Chapter
11 estate of DURA Automotive Systems, Inc., for January 2008.
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates to employ Ernst & Young as tax
advisory and risk advisory services providers, nunc pro tunc to
Oct. 30, 2006.
From October 2006 through December 2007, Ernst & Young has
billed US$6,122,905 in fees and US$437,219 in expenses.
Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.
As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities. The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.
(Dura Automotive Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
* Lone Star Verdict Bad for Investment, Foreign CEOs Say
--------------------------------------------------------
More than six out of every 10 CEOs of foreign-invested firms
said last month's court ruling against the U.S. private equity
fund Lone Star would cast a dark cloud over foreign investment
in South Korea, English.Chosun News reports.
The report relates that this is based on survey result
conducted by the Institute of Global Management among 37 CEOs of
member companies of the American Chamber of Commerce in Korea
and the European Union Chamber of Commerce in Korea.
According to the survey results, 62% of the polled executives
said they feel the verdict will make it difficult for them to
recommend Seoul as an ideal investment destination, the report
notes. English.Chosun News relates that only 3% said the
verdict will have a lasting positive effect and 35% said it will
have no particular effect at all.
On Feb. 1, the report recounts, a Seoul district court found
Lone Star guilty of stock manipulation in its controversial
takeover of the credit card unit of the Korea Exchange Bank.
According to the report, 68% of respondents said the guilty
verdict against Lone Star was "affected by external factors
rather than by the case itself."
The same report says, as for those external factors, 49% cited
the "anti-foreign sentiment prevalent in South Korea." 27%
cited the "image of Lone Star created by some media outlets as
an eat-and-run vulture investor," English.Chosun News posts.
Most of the foreign executives expressed high levels of distrust
in the South Korean court system, saying Korean courts did not
compare favorably to those of advanced nations in their handling
of foreign-invested firms, the report adds.
===============
M A L A Y S I A
===============
UBG BERHAD: Due Diligence Period Extended to March 24 for SSSB
--------------------------------------------------------------
In relation to UBG Berhad's Proposed Regularization Scheme
wherein the company entered into conditional share sale
agreements with Swan Symphony Sdn Bhd. and Binary Bestari Sdn
Bhd. for the Proposed Acquisition of Putrajaya Perdana Berhad
and Loh & Loh Corporation Berhad, UBG Berhad has extended the
Due Diligence Period to March 24, 2008, for Swan Symphony and
Binary Bestari.
The share sale agreement entails:
* Proposed acquisition of 100% equity interest in CMS Roads
Sdn. Bhd. from PPES Works (Sarawak) Sdn Bhd. and Sarawak
Economic Development Corporation;
* Proposed acquisition of 100% equity interest in CMS
Pavement Tech Sdn Bhd from PPES Works;
* Proposed acquisition of 49.21% equity interest in Putrajaya
Perdana from Swan Symphony;
* Proposed acquisition of 37.56% equity interest in Loh & Loh
Corporation from Binary Bestari;
* Proposed issuance of 182,640,800 new ordinary shares of
MYR0.25 each in UBG to Majestic Masterpiece Sdn Bhd at an
issue price of MYR2.50 per new UBG Share; and
* Mandatory offer by UBG for the remaining shares in
Putrajaya Perdana and Loh & Loh Corporation not held by UBG
upon completion of the Proposed Putrajaya Perdana
Acquisition and Proposed Loh & Loh Corporation Acquisition
at the offer price of MYR4.85 per Putrajaya Perdana share
and Loh & Loh Corporation share.
About UBG Berhad
Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services. Operations of the Group are carried out in
Malaysia.
The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.
* MALAYSIA: Moody's Says Elections Won't Impact Sovereign Rating
----------------------------------------------------------------
Moody's Investors Service says that its A3 sovereign bond rating
for Malaysia and its stable outlook remain unaffected by the
outcome of the country's March 8 elections, which resulted in a
sharper-than-expected drop in support for the ruling Barisan
Nasional coalition.
"The financial market turbulence that followed the election
outcome should not affect Malaysia's credit fundamentals," says
Aninda Mitra, a Vice President/Senior Analyst with Moody's
Sovereign Risk Unit.
"The government's ratings reflect the country's relatively
strong growth and external payments position as well as its high
savings rate and relatively well-developed regulatory and
financial institutions," says Mitra, who is based in Singapore.
"Some of these strengths have, however, been supported by a
sustained, pro-cyclical fiscal policy that has kept key
government debt ratios above those of Malaysia's peers," adds
Mitra.
"Malaysia's new emergent political dynamic, wherein the position
of Barisan Nasional has experienced an erosion, may lead to a
policy shift, but it is too early to get a reading on the post-
election policy framework, including how it applies to planned
regional infrastructure projects and development zones, or
whether the economy will be affected," says Mitra.
Nonetheless, Moody's says that over the medium-term the election
results could result in a much more competitive political
environment and a further maturation of the political system
away from the country's post-Independence ethnic-based system.
In this new competitive era of Malaysian politics, heightened
recourse to market mechanisms for the allocation of resources
and public goods may prompt more private sector dynamism that,
in turn, could support a scaling back of the government's role
in the economy, Mitra says.
====================
N E W Z E A L A N D
====================
AYS PROPERTY: Wind-Up Petition Hearing Set for March 27
-------------------------------------------------------
The High Court of Dunedin will hear on March 27, 2008, at
10:00 a.m. a petition to have AYS Property Services Ltd.'s
operations wound up.
Officemax New Zealand Limited filed the petition on
Jan. 16, 2008.
Officemax New Zealand's solicitor is:
Kevin Patrick McDonald
c/o Kevin McDonald & Associates
Takapuna Towers, Level 11
19-21 Como Street
PO Box 331065, Takapuna
Auckland
New Zealand
Telephone:(09) 486 6827
Facsimile:(09) 486 5082
BIG SAVE: Court to Hear Wind-Up Petition on April 9
---------------------------------------------------
The High Court of Auckland will hear on April 9, 2008, at
10:45 a.m. a petition to have Big Save Cars Ltd.'s operations
wound up.
The Commissioner of Inland Revenue filed the petition on
August 27, 2007.
The CIR's solicitor is:
Kay S. Morgan
c/o Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432, Hamilton
New Zealand
Telephone:(07) 959 0373
Facsimile:(07) 959 7614
CHESNEY ESTATE: Creditors' Proofs of Debt Due on March 27
---------------------------------------------------------
Chesney Estate Ltd. requires its creditors to file their proofs
of debt by March 27, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Stephen James Higgs
Stephen Alan Dunbar
Polson Higgs, PO Box 5346
Dunedin
New Zealand
CHURCH STREET: Shareholders Opt to Liquidate Business
-----------------------------------------------------
On February 21, 2008, the shareholders of Church Street
Investments Ltd. resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Rowan Kingstone
KDB Chartered Accountants Limited
Orica House, Level 2
123 Carlton Gore Road
Newmarket, Auckland
New Zealand
Telephone:(09) 524 0791
Facsimile:(09) 524 0271.
L S R LTD: Commences Liquidation Proceedings
--------------------------------------------
L S R Ltd. commenced liquidation proceedings on Feb. 21, 2008,
and Roderick Thomas McKenzie was appointed as liquidator.
Mr. McKenzie is accepting creditors' proofs of debt until
March 20, 2008.
The liquidator can be reached at:
Roderick Thomas McKenzie
McKenzie & Partners Limited
484 Main Street
PO Box 12014, Palmerston North
New Zealand
Telephone:(06) 354 9639
Facsimile:(06) 356 2028
SEAN EDMONDS: Creditors' Proofs of Debt Due on March 19
-------------------------------------------------------
Sean Edmonds Limited requires its creditors to file their proofs
of debt by March 19, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
David Stuart Vance
Barry Phillip Jordan
PPB McCallum Petterson
The Todd Building, Level 8
95 Customhouse Quay
PO Box 3156, Wellington
New Zealand
Telephone:(04) 499 7796
Facsimile:(04) 499 7784
TACTICAL MANAGEMENT: Taps Vance and Jordan as Liquidators
---------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were appointed
liquidators of Tactical Management Systems Limited on
Feb. 11, 2008.
Creditors are required to file their proofs of debt by
March 19, 2008, to be included in the company's dividend
distribution.
The company's liquidators are:
David Stuart Vance
Barry Phillip Jordan
PPB McCallum Petterson
The Todd Building, Level 8
95 Customhouse Quay
PO Box 3156, Wellington
New Zealand
Telephone:(04) 499 7796
Facsimile:(04) 499 7784
VISUAL MEDIA: Placed Under Voluntary Liquidation
------------------------------------------------
On February 22, 2008, the shareholders of Visual Media Solutions
Ltd. resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt by
March 31, 2008, to be included in the company's dividend
distribution.
The company's liquidator is:
Kevin John Gilligan
PO Box 26022, Epsom
Auckland 1344
New Zealand
Telephone:(09) 834 4486
Facsimile:(09) 834 4990
e-mail: kgill@ihug.co.nz
WIN-DEY CONSTRUCTION: Fixes March 19 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Win-Dey Construction Ltd. are required to file
their proofs of debt by March 19, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
David Stuart Vance
Barry Phillip Jordan
PPB McCallum Petterson
The Todd Building, Level 8
95 Customhouse Quay
PO Box 3156, Wellington
New Zealand
Telephone:(04) 499 7796
Facsimile:(04) 499 7784
WOODPECKER PROPERTIES: Undergoes Liquidation Proceedings
--------------------------------------------------------
On February 18, 2008, Woodpecker Properties Ltd. commenced
liquidation proceedings on February 18, 2008.
Only creditors who were able to file their proofs of debt by
March 3, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
Kevin Gordon Greer
233 Broadway Avenue
Palmerston North
New Zealand
Telephone:(06) 356 2214
Facsimile:(06) 356 6638
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Signs Omnibus Loan Pact With TVI Resource
-------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. entered into an
Omnibus Loan and Security Agreement with TVI Resource
Development Phils., Inc., a filing with the Philippine Stock
Exchange discloses.
Among others, the OLSA covers the PHP42 million loan extended by
Atlas to TVI Resources on December 26, 2007.
According to the filing the OLSA, which Atlas executed with
other lenders of TVI Resources, confirms the terms of the
December 2007 omnibus agreement with respect to the loan and
provides Atlas additional security.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2007, Atlas inked a deal for the PHP42-million advance
to be extended to TVIRD regarding the operation of the Canatuan
project. The deal also covers the pledge by TVI in favor of
Atlas of its shares in TVI as security for the advance.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million. Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.
SAN MIGUEL: Trims Units' April IPO Amid Weak Markets
----------------------------------------------------
San Miguel Corporation trimmed its domestic beer unit's planned
April IPO by around 6% to US$576 million amid weak financial
markets, Reuters reports.
As reported in the Troubled Company Reporter-Asia pacific on,
March 5, 2008, San Miguel Brewery Inc., San Miguel Corp.'s
recently spun-off subsidiary, filed its revised Offering
Circular with the Securities and Exchange Commission and the
Philippine Stock Exchange in preparation for its Initial Public
Offering.
According to Reuters, the company cuts the IPO range to between
PHP8 and PHP15.40 a share from a previously planned 9.50 to
PHP16.30 range.
Carmel Crimmins of Reuters writes that San Miguel gave no reason
for the cut, but a source told Reuters that weak equity markets
had encouraged management to temper their expectations.
The source told the news agency that with markets still
turbulent the San Miguel offer was unlikely to price at the top
of the range, and proceeds of US$400-US$450 million were more
probable. The final price will be set on April 8, with the
offer to open on April 10 and a listing to follow on April 22,
Reuters notes.
Most of the proceeds, the report relates, will go to the parent
group and help fund the company's planned move into heavy
industry.
About San Miguel
Headquartered in Manila, Philippines, San Miguel Corporation
-- http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation. This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion. The rating
outlook remains stable.
The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp. The outlook remains
negative. The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.
=================
S I N G A P O R E
=================
AVAGO: Pintail to Use Avago Program for Semiconductor Software
--------------------------------------------------------------
Pintail Technologies will incorporate advanced outlier detection
algorithms developed by Avago Technologies into their commercial
software offerings. Pintail's SwifTest (IM) is a new class of
statistical test software that can increase the quality and
reliability of tested components by performing dynamic outlier
detection and rejection during on-line production.
"Pintail wants to thank Mr. Pete O'Neill of Avago for selecting
SwifTest as the most efficient vehicle to deliver his
statistical test concepts into volume production,"stated Taylor
Scanlon, president and chief executive officer of Pintail.
"Pete is a recognized leader in this field and has been
instrumental in showing us how to expand SwifTest's capabilities
to include a whole new generation of adaptive test techniques."
Avago worked closely with Pintail over the past 12 months as
Pintail re-architected SwifTest to accommodate more
sophisticated and general purpose sets of data models and
program interfaces. Pintail plans to include Avago algorithms
in its future SwifTest product offerings. Users will also be
able to add their own proprietary algorithms to SwifTest for
performing on-line test time reduction or quality improvement.
There are over 400 copies of SwifTest in worldwide production
today running on a variety of leading testers including Verigy's
93K, Teradyne's FLEX, J750 and Image-based testers and many
other ATEs. Avago plans to use SwifTest in its production flow.
About Pintail Technologies
Pintail Technologies is a semiconductor test improvement and
yield learning company that provides breakthrough software to
reduce the cost of test and increase production output and
quality through existing test equipment and programs. Pintail
has created the first test improvement solutions to combine
real-time, on-line, adaptive test with powerful web-based
database applications. Fabless and integrated device
manufacturers (IDM) worldwide, in collaboration with leading
assembly and test suppliers use Pintail tools to increase
competitive advantage and improve responsiveness to test issues.
Pintail has sales offices in Dallas, Austin, San Jose, Seoul,
Singapore, and Taiwan. See www.pintail.com.
About Avago Tech
Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide. Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers. The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.
Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.
Avago Technologies is the successor to the Semiconductor
Products Group of Agilent. Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2008, Standard & Poor's Ratings Services removed its
ratings on San Jose, Calif.- and Singapore-based Avago
Technologies Finance Pte. Ltd. and related entities, from
CreditWatch, where they were placed on Sept. 19, 2007, with
positive implications, and raised the company's corporate credit
rating to 'BB-' from 'B'.
BRANDZ GROUP: Court Enters Wind-Up Order
----------------------------------------
On February 29, 2008, the High Court of Singapore entered an
order to have Brandz Group Ltd.'s operations wound up.
The company's liquidator is:
Don Ho Mun-Tuke
M/s Don Ho & Associates
20 Cecil Street
#12-02/03 Equity Plaza
Singapore 049705
SCOTTISH: Shift in Strategic Focus Prompts Moody's Rating Cuts
--------------------------------------------------------------
Moody's Investors Service downgraded the preferred stock debt
rating of Scottish Re Group Limited to Caa3 from B2, and the
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company Ltd. and Scottish Re, Inc., were lowered to Ba3 from
Baa3. The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on
February 15th.
Moody's noted that the rating action follows a February 22nd
announcement by the company that it would alter its strategic
focus in response to business challenges it faces in writing new
business, partly as a result of market conditions and its
substantial exposure to subprime and Alt-A investments. Going
forward, the company has indicated it will pursue dispositions
of certain non-core businesses, strategic alliances in North
America, and rationalize expenses to secure liquidity and
capital as it effectively runs off the existing business.
The rating agency commented that the company's significant
exposure to subprime and Alt-A investments could lead to
additional losses going forward. According to Scott Robinson,
Moody's Vice President & Senior Credit Officer, "The magnitude
of the company's subprime and Alt-A exposure, especially to
recent year vintages, makes them susceptible to further losses,
especially in a severe downside scenario."
As of the end of the third quarter, Scottish Re had
approximately US$3.0 billion of subprime ABS and Alt-A holdings,
which represented 27% of its total investment portfolio.
Moody's notes that although much of the subprime ABS and Alt-A
exposure (US$2.3 billion) resides in non-recourse securitization
vehicles the company has sponsored, impairments and unrecognized
losses could adversely impact the ability of the company's U.S.
operating subsidiary to receive regulatory reserve credit, hence
reducing its regulatory capital position.
According to Robinson, "Moody's review of the ratings will focus
on the company's capital and liquidity position as it adjusts to
its new strategy." While the company has access to
approximately US$275 million in a contingent capital facility,
it does face a number of significant challenges. Robinson
added," the need for capital in its regulated subsidiaries, as
well as additional impairments on its investments could all
place additional pressure on the company."
These ratings were downgraded and left on review for possible
further downgrade:
-- Scottish Re Group Limited: Senior unsecured shelf to
(P)Caa1 from (P)Ba3; subordinate shelf to (P)Caa2 from
(P)B1; junior subordinate shelf to (P)Caa2 from (P)B1;
preferred stock to Caa3 from B2; and preferred stock shelf
to (P)Caa3 from (P)B2;
-- Scottish Holdings Statutory Trust II: preferred stock shelf
to (P)Caa2 from (P)B1;
-- Scottish Holdings Statutory Trust III: preferred stock
shelf of to (P)Caa2 from (P)B1;
-- Scottish Annuity & Life Insurance Company (Cayman) Ltd.:
IFS rating to Ba3 from Baa3
-- Premium Asset Trust Series 2004-4: senior secured debt to
Ba3 from Baa3
-- Scottish Re (U.S.), Inc.: IFS rating to Ba3 from Baa3
-- Stingray Pass-Through Certificates: to Ba3 from Baa3 (based
on IFS rating of SALIC)
On Feb. 15, 2008, Moody's placed the ratings of Scottish Re
Group Limited on review for downgrade. The review was driven
primarily by adverse experience on the company's substantial
exposure to subprime and Alt-A investments.
Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda. On
Sept. 30, 2007, Scottish Re reported total assets of US$13.4
billion and shareholder's equity of US$869 million.
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.
TAN HOLDINGS: Creditors' Proofs of Debt Due on March 24
-------------------------------------------------------
Tan Holdings Pte. Ltd., which is in voluntary liquidation,
requires its creditors to file their proofs of debt by
March 24, 2008, to be included in the company's dividend
distribution.
The company's liquidators are:
Bob Yap Cheng Ghee
Yeap Lam Kheng
c/o KPMG Advisory Services Pte. Ltd.
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
Advance Healthcare Group Ltd AHG 15.65 -6.78
Allstate Exploration NL ALX 18.20 -42.75
Austar United Communications
Limited AUN 411.16 -43.72
Biron Apparel Ltd BIC 19.71 -2.22
Emperor Mines Limited EMP 138.99 -50.63
Hutchison Telecommunications
(Aust) Ltd. HTA 1637.04 -1443.69
Intellect Holdings Limited IHG 15.25 -10.88
KH Foods Ltd KHF 38.40 -6.79
Renison Consolidated Mines NL RSN 38.83 -3.94
Tooth & Co. Ltd. TTH 120.47 -87.64
ViaGOLD Capital Limited VIA 15.49 -3.11
CHINA AND HONG KONG
Asia TeleMedia Limited 376 16.97 -7.53
Baiyin Copper Commercial Bldg.
(Group) Co. 000672 24.47 -2.40
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Brilliant Arts Multi-Media
Holding Ltd 8130 11.62 -2.32
Cangzhou Chemical Industrial
Co.Ltd 600722 379.30 -2.89
Chang Ling (Group) Co., Ltd. 000561 85.06 -80.88
Chia Tai Enterprises
International Ltd. 121 316.12 -8.92
China HealthCare Holdings Ltd 673 25.44 -3.37
China Liaoning Int. Co-op
Hldgs. Co. Ltd. 000638 15.43 -5.70
Chongqing Changjiang River
Water Transpt. 600369 98.87 -0.06
Chongqing Int'l Enterprise
Investment Co. 000736 19.88 -15.67
Datasys Technology
Holdings Ltd 8057 14.10 -2.07
Dongxin Electrical Carbon
Co., Ltd 600691 34.19 -2.90
Dynamic Global Holdings
Limited 231 44.64 -9.70
Everpride Biopharmaceutical
Company Limited 8019 14.19 -0.02
Ever Fortune Intl.
Hldgs. Limited 875 14.41 -4.03
Far East Golden Resources
Group Limited 1188 46.98 -14.92
Fujian Changyuan Investment
Co., Ltd. 000592 24.20 -19.62
Fujian Start Computer
Group Co.Ltd 600734 114.76 -16.98
Guangdong Meiya Group
Co., Ltd. 000529 70.62 -59.86
Guangxia (Yinchuan) Industry
Co., Ltd. 000557 48.71 -59.63
Guangzhou Oriental
Baolong Automotive Co 600988 15.78 -11.11
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Hainan Dadonghai Tourism
Centre Co., Ltd 000613 18.34 -8.39
Hans Energy Company Limited 554 85.00 -0.49
Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47
Heilongjiang Black Dragon
Co., Ltd 600187 113.45 -74.67
Hisense Kelon Electrical
Hldngs Co., Ltd 921 596.71 -94.69
Hualing Holdings Limited 382 262.90 -32.17
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Genuine New Material
Group Co.,Ltd 000156 77.57 -77.92
Innovo Leisure Recreation
Holdings Ltd. 703 13.40 -4.50
Jiangsu Chinese Online
Logistics Co. Ltd. 000805 13.75 -32.33
Junefield Department Store
Group Ltd. 758 12.93 -5.39
Lan Bao Technology Information
Co.,Ltd. 000631 110.90 -78.89
Loulan Holdings Limited 8039 11.14 -2.21
Mianyang Gao Xin Industrial
Dev (Group) 600139 23.90 -15.65
New City China Development Ltd 456 253.47 -25.03
Orient Power Holdings Ltd. 615 176.86 -64.20
Paladin Ltd. 495 167.43 -6.23
Plus Holdings Ltd. 1013 18.52 -3.34
Regal Real Estate
Investment Trust 1881 945.38 -234.68
Sanjiu Yigong Biopharmaceutical
& Chem 000403 218.51 -3.48
Shanghai Worldbest
Pharmaceutical Co.Ltd 600656 66.75 -13.42
Shanghai Xingye Housing
Co.,Ltd 600603 16.23 -49.40
Shenyang Hejin Holding
Co., Ltd. 000633 103.86 -3.16
Shenzhen China Bicycle
Co., (Hlds) Ltd. 000017 34.21 -238.76
Shenzhen Dawncom Business
Tech & Service 000863 32.57 -137.55
Shenzhen Kondarl (Group)
Co., Ltd. 000048 112.05 -15.98
Shenzhen Shenxin Taifeng
Group Co.,Ltd. 000034 69.92 -53.39
Si Chuan Direction
Photoelectricity Co. 000757 128.55 -102.62
Stellar Megaunion Corporation 000892 54.3 -152.43
Success Information Industry
Group Co. 000517 77.23 -17.78
SunCorp Technologies Limited 1063 75.28 -5.03
Suntek Technology Co., Ltd 600728 49.03 -14.65
Suntime International
Economic Trading 600084 372.80 -50.59
Taiyuan Tianlong Group Co.
Ltd 600234 19.47 -89.51
The First Investment &
Merchant Co, Ltd 600515 90.66 5.98
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 45.82 -41.20
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Winowner Group Co. Ltd. 600681 23.34 -72.39
Yueyang Hengli Air-Cooling
Equipment Inc. 000622 40.61 -17.21
Yun Sky Chemical (Int)
Hldg. Ltd 663 29.31 -1.13
Zarva Technology (Group)
Co., Ltd. 000688 25.83 -175.37
INDIA
Andrew Yule & Co. Ltd ANY 81.41 -30.90
Artson Engr. ART 10.31 -0.71
Ashima Ltd. ASHM 96.57 -42.59
Birla VXL Ltd NVXL 98.77 -14.62
CFL Capital Financial
Services Ltd CEATF 25.42 -47.32
Core Healthcare Ltd. CPAR 185.37 -241.91
Dish TV India Limited DITV 239.48 -12.62
Elque Polyesters ELQP 13.04 -22.66
Ganesh Benzoplst GBP 82.16 -38.25
Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66
Himachal Futuris HMFC 603.36 -13.34
IFB Inds Ltd. IFBI 40.50 -70.82
JCT Electronics Ltd. JCTE 117.60 -50.17
Jenson & Nic Ltd JN 14.81 -81.79
JK Synthetics Ltd JKS 17.99 -2.61
JOG Engineering VMJ 50.08 -10.08
Kalyanpur Cement KCEM 38.11 -48.48
Lloyds Metals LYDM 70.72 -10.25
Lloyds Steel Ind LYDS 404.38 -86.45
LML Ltd. LML 81.21 -11.89
Mafatlal Ind. MFI 96.32 -82.81
Modi Rubber Ltd MDR 39.76 -24.30
Mysore Cements MYC 82.02 -14.57
Panyam Cements PYC 17.18 -18.32
Parekh Platinum PKPL 59.66 -75.55
Remi Metals Gujarat Ltd. RMM 45.06 -51.10
Rollatainers Ltd RLT 20.68 -3.88
RPG Cables Ltdd NRPG 55.40 -3.10
Sandur Manganese & Iron
Ores Ltd. SMIO 32.57 -2.61
Shree Rama Multi Tech Ltd. NSRMT 71.22 -29.91
Sil Businesse Enterprises Ltd. SILB 12.46 -19.96
Surat Textile Mills Ltd. GCTY 15.97 -8.85
Tata Teleservices (Maharashtra)
Limited NTTLS 657.28 -73.89
TVS Electronics TVSEL 30.73 -1.57
UB Engineering UBE 31.43 -2.86
Usha (India) Ltd. USHAIN 12.06 -54.51
INDONESIA
Ades Waters Indonesia Tbk ADES 25.94 -24.09
Argo Pantes Tbk ARGO 217.96 -15.70
Eratex Djaja Ltd. Tbk ERTX 34.14 -2.09
Jakarta Kyoei Steel Works Tbk JKSW 29.30 -39.32
Primarindo Asia Infrastructure
Tbk BIMA 11.56 -22.57
Sekar Bumi Tbk SKBM 21.01 -1.76
Steady Safe Tbk SAFE 17.60 -6.99
Teijin Indonesia Fiber
Corp. Tbk TFCO 279.56 -10.58
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 17.77 -18.88
JAPAN
Banners Co., Ltd 3011 46.33 -14.11
Heiwa Okuda Co., Ltd 1790 82.68 -6.66
NIWS Co., HQ Ltd. 2731 541.08 -33.01
Orient Corporation 8585 37956.19 -1109.02
Trustex Holdings, Inc. 9374 102.84 -7.81
KOREA
Cosmos PLC Co., Ltd 053170 19.31 -4.95
DaiShin Information &
Communication Co. 20180 740.50 -158.45
E-Rae Electronics Industry
Co., Ltd 45310 45.47 -10.37
E Star B Co., Ltd. 55250 186.00 -1.50
EG Semicon Co. Ltd. 38720 166.70 -12.34
Everex Inc 47600 35.66 -0.66
Inno Metal Izirobot Inc. 70080 28.56 -0.33
Oricom Inc. 10470 82.65 -40.04
Rocket Electric Co., Ltd. 000420 77.37 -4.76
Starmax Co., Ltd 17050 76.61 -1.50
Tong Yang Magic Co., Ltd. 23020 355.15 -25.77
Unick Corporation 11320 36.54 -4.45
MALAYSIA
Harvest Court Industries Bhd HAR 10.81 -5.62
Lityan Holdings Berhad LIT 23.34 -26.55
Mangium Industries Bhd MANG 14.36 -18.73
Megan Media Holdings Berhad MMHB 40.91 -248.31
PanGlobal Berhad PGL 178.78 -171.24
Paxelent Corp PAXE 15.68 -3.47
Sunway Infrastructure Berhad SIB 399.84 -10.08
TAP Resources Bhd TAP 13.05 -1.33
Techventure Bhd TECH 37.38 -11.21
Tenggara Oil Bhd TENG 12.87 -0.34
Wembley Industries
Holdings Bhd WMY 125.80 -283.68
PHILIPPINES
APC Group Inc. APC 71.75 -218.13
Atlas Consolidated Mining and
Development Corp. AT 61.14 -16.74
Benguet Corp. BC 55.45 -44.94
Central Azucarera de Tarlac CAT 35.74 -1.80
Fil Estate Corp. FC 36.10 -7.75
Filsyn Corporation FYN 20.88 -9.68
Gotesco Land, Inc. GO 18.68 -10.86
Mariwasa Manufacturing, Inc. MMI 71.98 -0.78
Prime Orion Philippines Inc. POPI 99.69 -82.12
United Paragon UPM 22.80 -29.23
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 62.99 -38.58
Victorias Milling Company Inc. VMC 175.01 -38.64
SINGAPORE
Falmac Limited FAL 10.51 -2.30
Gul Technologies GUL 172.80 -3.04
HLG Enterprise HLGE 123.41 -7.36
Informatics Holdings Ltd INFO 20.42 -11.65
Lindeteves-Jacoberg Limited LJ 185.49 -46.43
L&M Group Inv LNM 56.91 -10.59
Pacific Century Regional PAC 56.00 -32.80
TAIWAN
CIS Technology Inc. 2326 33.74 -18.91
Pacco Tech Co Ltd 5510 16.01 -7.00
Protop Technology Co., Ltd. 2410 55.69 -13.46
Yeu Tyan Machine 8702 39.57 -271.07
THAILAND
Bangkok Rubber PCL BRC 89.62 -81.26
Bangkok Steel Industry
Public Co. Ltd BSI 378.66 -120.56
Central Paper Industry PCL CPICO 13.25 -241.78
Circuit Electronic
Industries PCL CIRKIT 21.90 -75.21
Datamat Public Co., Ltd DTM 17.55 -1.72
Kuang Pei San Food Products
Public Co. POMPUI 18.78 -14.07
Living Land Capital PCL LL 10.65 -3.16
Quality Construction
Products PCL QCON 76.13 -293.83
Safari World Public Company
Limited SAFARI 107.75 -1.98
Sahamitr Pressure Container
Public Co. Ltd. SMPC 27.26 -34.59
Siam General Factoring PCL SGF 30.84 -5.36
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Thai-Denmark PCL DMARK 19.57 -3.02
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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Christopher Beard at 240/629-3300.
*** End of Transmission ***