/raid1/www/Hosts/bankrupt/TCRAP_Public/080409.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 9, 2008, Vol. 11, No. 70
Headlines
A U S T R A L I A
AUTOMATION SUPPLIES: Members' Final Meeting Set for April 18
COTTEE DAIRY: Members & Creditors to Meet on April 18
COWRA ABATTOIR: To Declare First Dividend on April 30
COWRA RENDERING: To Declare Dividend on April 30
GARTLEY MOTORS: Placed Under Voluntary Liquidation
JOHN REYNOLDS: Placed Under Voluntary Liquidation
KEOGHS DOOR: Members to Receive Wind-Up Report on April 18
OPES PRIME: ANZ Bank Sees No Material Losses Over Opes' Fallout
OPES PRIME: Receivers Eye Six Clients to Recoup AU$300MM Debt
REVLON INC: Net Loss Slides to US$16MM in 2007
STORAGE TECHNOLOGY: Members' Final Meeting Set for April 18
SUN MICROSYSTEMS: Liquidator to Give Wind-Up Report on April 18
WISE DISTRIBUTORS: Commences Liquidation Proceedings
* Moody's Says Australian Banks Weathering Sub-Prime Crisis Well
C H I N A & H O N G K O N G & T A I W A N
CHINA EASTERN: Says Flights Intentionally Aborted by Pilots
DRAGON UNION: Creditors' Proofs of Debt Due April 28
HERCULES INC: Debt Reduction Cues Moody's to Up Rating to 'Ba1'
HUNTER PENCIL: Members & Creditors to Meet on May 2
LINDLEY INVESTMENT: Commences Liquidation Proceedings
NORMAN (HONG KONG): Liquidators Quit Post
POLIMIDE PLASTIC: Liquidators Quit Post
MEGA SUCCESS: Commences Liquidation Proceedings
REVIVAL HANDBAG: Creditors' Proofs of Debt Due April 29
SHINY PACIFIC: Creditors' Proofs of Debt Due May 8
TCL CORP: Says First Quarter Operating Profit More Than Doubled
TONG REN TANG: Liquidators Quit Post
TYSON FOODS: Moody's Confirms 'Ba1' Ratings; Keeps Neg. Outlook
WELLSTECH INTERNATIONAL: Members & Creditors to Meet on April 29
ZTE CORP: Strikes Network Deal With Kenya Government
I N D I A
GMAC LLC: Moody's Comments on $1.2BB Capital Injection to ResCap
STATE BANK OF INDIA: To Post Audited FY2008 Results by June 30
TATA MOTORS: Hikes Commercial Vehicle Prices by 3.5%
TATA POWER: Synchronizes Unit 1 of Haldia Project
I N D O N E S I A
ALCATEL-LUCENT SA: Wins US$367.4 Bln Patent Case vs. Microsoft
EXCELCOMINDO PRATAMA: Aims to Improve Subscriber Base to 20 Mil.
PERUSAHAAN GAS: Completes Construction of Pagardewa Station
PERUSAHAAN LISTRIK: To Speed Up Construction of Power Plants
TELKOM INDONESIA: Moody's Upgrades Rating to Baa3 From Ba1
TELKOM INDONESIA: Lowers Long-Distance Call Tariffs by 46%
J A P A N
ALITALIA SPA: May Lose License if Cash Hike Remains Unclear
ALITALIA SPA: Board Names Aristide Police as Chairman
NIPPON PAPER: To Increase Prices by 15 Percent in June
K O R E A
HYNIX SEMICONDUCTOR: Raises Computer Memory Chip Contract Price
HYNIX SEMICONDUCTOR: EU Commission Lifts Duties on DRAM Imports
M A L A Y S I A
LITYAN HOLDINGS: Finalizes Proposed Restructuring Scheme
N E W Z E A L A N D
AHU DEVELOPMENTS: Court to Hear Wind-Up Petition on May 30
ALWYN INVESTMENTS: Wind-Up Petition Hearing Set for June 6
CENTRAL BUILDERS: Commences Liquidation Proceedings
CONCRETE BUILDING: Placed Under Voluntary Liquidation
COURTHOUSE LTD.: Fixes April 11 as Last Day to File Claims
G & H BUILDING: Requires Creditors to File Claims by June 13
HOGANS RD: Creditors' Proofs of Debt Due April 16
KALTAK HOLDINGS: Creditors' Proofs of Debt Due June 13
PHOENIX LINNINGS: Taps Fatupaito & McCloy as Liquidators
TIALE INVESTMENTS: Fixes June 13 as Last Day to File Claims
* Moody's Says NZ Banks Weathering Sub-prime Crisis Well
S I N G A P O R E
BARTLEY CONSORTIUM: Members' Final Meeting Set for May 5
GENESIS ORIGINS: Court Enters Wind-Up Order
PALM STAR: Creditors' Proofs of Debt Due May 4
SMSHUB PTE: Court to Hear Wind-Up Petition on April 18
TIMES PRESS: Requires Creditors to File Claims by May 5
T H A I L A N D
BLOCKBUSTER INC: Earns US$38MM in 4th Quarter Ended January 6
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
AUTOMATION SUPPLIES: Members' Final Meeting Set for April 18
------------------------------------------------------------
H. J. Kazar, Automation Supplies International Pty. Limited's
estate liquidator, will meet with the company's members on
April 18, 2008, at 11:00 a.m. to provide them with property
disposal and winding-up reports.
The company's liquidator can be reached at:
H. J. Kazar
c/o Sims Partners
GPO Box 138
Canberra City ACT 2601
Australia
About Automation Supplies
Automation Supplies International Pty. Limited operates
investment offices. The company is located at Maddington, in
Western Australia, Australia.
COTTEE DAIRY: Members & Creditors to Meet on April 18
-----------------------------------------------------
Cottee Dairy Products Pty. Limited will hold a general meeting
for its members and creditors at 10:30 a.m. on April 18, 2008.
At the meeting, the company's liquidator, G. W. Hall at
PricewaterhouseCoopers, will provide the attendees with property
disposal and winding-up reports.
The liquidator can be reached at:
G. W. Hall
PricewaterhouseCoopers
201 Sussex Street, Level 10
Sydney, New South Wales 2000
Australia
About Cottee Dairy
Cottee Dairy Products Pty. Limited is a distributor of dairy
products, except dried or canned. The company is located at
Gordon, in New South Wales, Australia.
COWRA ABATTOIR: To Declare First Dividend on April 30
-----------------------------------------------------
Cowra Abattoir Pty. Limited, which is in liquidation, will
declare first and interim dividend on April 30, 2008.
Creditors are required to file their proofs of debt by April 16,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
M. F. Cooper
Frasers Insolvency Advisory
99 Elizabeth Street, Level 5
Sydney, New South Wales 2000
Australia
Telephone:(02) 9223 2300
Facsimile:(02) 9223 3855
About Cowra Abattoir
Cowra Abattoir Pty. Limited operates meat packing plants. The
company is located at Cowra, in New South Wales, Australia.
COWRA RENDERING: To Declare Dividend on April 30
------------------------------------------------
Cowra Rendering Pty. Limited, which is in liquidation, will
declare first and final dividend on April 30, 2008.
Creditors are required to file their proofs of debt by April 16,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
M. F. Cooper
Frasers Insolvency Advisory
99 Elizabeth Street, Level 5
Sydney, New South Wales 2000
Australia
Telephone:(02) 9223 2300
Facsimile:(02) 9223 3855
About Cowra Rendering
Cowra Rendering Pty. Limited operates meat packing plants. The
company is located at Homebush, in New South Wales, Australia.
GARTLEY MOTORS: Placed Under Voluntary Liquidation
--------------------------------------------------
Gartley Motors Pty. Limited's members agreed on Feb. 22, 2008,
to voluntarily liquidate the company's business. The
company has appointed Colin R. McDonald to facilitate the sale
of its assets.
The liquidator can be reached at:
Colin R. McDonald
Chartered Accountant
PO Box 4371
Forster Shopping Village
New South Wales 2428
Australia
Telephone:(02) 6555 9119
Facsimile:(02) 6555 9190
About Gartley Motors
Gartley Motors Pty. Limited operates general automotive repair
shops. The company is located at Lakes Entrance, in Victoria,
Australia.
JOHN REYNOLDS: Placed Under Voluntary Liquidation
-------------------------------------------------
John Reynolds Music City Pty. Ltd.'s members agreed on Feb. 29,
2008, to voluntarily liquidate the company's business. The
company has appointed Ralph Dunstan Pomery to facilitate the
sale of its assets.
The liquidator can be reached at:
Ralph Dunstan Pomery
23 Victoria Street
Victor Harbor, South Australia 5211
Australia
About John Reynolds
John Reynolds Music City Pty. Ltd. operates musical instrument
stores. The company is located at Adelaide, in South Australia,
Australia.
KEOGHS DOOR: Members to Receive Wind-Up Report on April 18
----------------------------------------------------------
H. J. Kazar, Keoghs Door Controls Pty. Limited's appointed
estate liquidator, will meet with the company's members on
April 18, 2008, at 10:45 a.m. to provide them with property
disposal and winding-up reports.
The company's liquidator is:
H. J. Kazar
c/o Sims Partners
GPO Box 138
Canberra City ACT 2601
Australia
About Keoghs Door
Keoghs Door Controls Pty. Limited is a distributor of electronic
parts and equipment. The company is located at Maddington, in
Western Australia, Australia.
OPES PRIME: ANZ Bank Sees No Material Losses Over Opes' Fallout
---------------------------------------------------------------
Australia and New Zealand Banking Group Ltd. released a list of
the companies in which it holds a stake of more than 5% of
issued capital as a result of lending arrangements between the
bank, and Opes Prime Stockbroking and Leveraged Capital a
company in the Opes Prime Group Ltd., the Australian Associated
Press reports.
The AAP relates that according to the list, the biggest stakes
held by ANZ at the end of trading on April 4, include:
* 22.6% of Admiralty Resources;
* 45.3% of Austin Group;
* nearly 26% of Boss Energy;
* 25.6% of Bioprospect;
* 25.8% of eBet;
* 22.2% of Newera Uranium;
* 21.2% of Powerlan;
* 42.6% of Solagran; and
* 43.3% of Water Wheel Holdings.
According to the AAP, ANZ said the shareholdings listed did not
include any other interest the bank may have in the companies as
a result of acquisitions under securities lending arrangements
between ANZ Group and other market participants.
ANZ, notes the AAP, is a secured creditor to Opes Prime and is
owed AU$650 million. The bank took control of the shares when
receivers and administrators were appointed to Opes Prime on
March 27, after cash and stock irregularities were uncovered in
some Opes Prime clients.
The AAP states that ANZ has been selling the shares from Opes to
recoup some of the money owed to it by Opes.
The AAP quotes ANZ as saying, "ANZ is currently in the process
of ascertaining the extent of any such interest. Any such
interest would not be subject to the disposal program. The
substantial holding notices will also include details of shares
in which the ANZ Group has a relevant interest and of any shares
which it holds as a result of securities lending arrangements
entered into with other market participants."
In a separate report, the AAP cites ANZ Chief Executive Mike
Smith as saying that it does not expect any material losses from
its exposure to the Opes Prime collapse. Mr. Smith said ANZ was
now undertaking a full review of the risks involved in its
securities lending business, which should be ready soon, the
report adds.
"Although we don't expect any material losses from this, or
other broker exposures, I am mindful of the effect on our
reputation and on the many Opes clients who are being impacted
by the fallout from the actions of Opes Prime," Mr. Smith told
the AAP.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of securities
lending and equity financing services. In Singapore, the
firm operates through Opes Prime Group's wholly owned
subsidiary, Opes Prime International Pte Ltd. In
Australia, Opes Prime Stockbroking has granted Authorized
Representative status to Trader Dealer Pty Ltd, an on-line
non-advisory trading execution service for the semi-
professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth , providing outstanding risk protection and
return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.
OPES PRIME: Receivers Eye Six Clients to Recoup AU$300MM Debt
-------------------------------------------------------------
Receivers of Opes Prime Group Ltd. are targeting six clients to
recover up to AU$300 million owed on trading losses that
triggered the company's collapse, Colin Kruger of The Sydney
Morning Herald writes.
Among the six clients, reports SMH, is Sydney lawyer Chris
Murphy. It has been revealed that Mr. Murphy alone owed Opes
AU$146 million when the company collapsed. This figure, notes
SMH, relates to the shortfall between the value of his share
portfolio and the loans taken out with Opes Prime.
SMH states that the identity of the other five account holders
is unknown, although they are allegedly understood to be
associated with one of Opes' founder, Laurie Emini.
In an affidavit lodged with the Federal Court by the Australian
Securities & Investments Commission, it was revealed that
Leveraged Capital, a company associated with Opes, lent Mr.
Emini AU$3.3 million, relates SMH.
The ASIC affidavit, according to SMH, says, "Emini may have
funds available to him in an overseas jurisdiction."
The affidavit, according to the report, alleges that starting in
December 2007, Mr. Emini engaged in "systematic manipulation" of
share-trading accounts at Opes to protect Mr. Murphy from margin
calls as losses on his trades mounted. There is no suggestion
in the affidavit that Mr. Murphy was aware of the account
manipulation, says SMH.
Deloitte receivers, relates SMH, are looking at all avenues,
including legal action, to recoup the shortfall. Receiver Sal
Algeri to SMH these client debts were "subject to further
investigation" but confirmed that legal action is one of
the avenues being considered. Mr. Algeri added, "It is the
receivers' responsibility to look at all the assets of the
company and recover what is rightfully the company's," reports
SMH. Mr. Algeri said that Opes' assets are potentially
recoverable, adds SMH.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of securities
lending and equity financing services. In Singapore, the
firm operates through Opes Prime Group's wholly owned
subsidiary, Opes Prime International Pte Ltd. In
Australia, Opes Prime Stockbroking has granted Authorized
Representative status to Trader Dealer Pty Ltd, an on-line
non-advisory trading execution service for the semi-
professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth , providing outstanding risk protection and
return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.
REVLON INC: Net Loss Slides to US$16MM in 2007
----------------------------------------------
Revlon Inc. released financial results for the full year and
fourth quarter ended Dec. 31, 2007.
Net loss in the full year 2007 was US$16.1 million compared to a
net loss of US$251.3 million in the full year 2006. Adjusted
EBITDA in the full year 2007 was US$224.5 million, compared to
an Adjusted EBITDA of US$78.2 million last year.
Operating income was US$121.0 million in the full year 2007,
versus an operating loss of US$50.2 million in the full year
2006.
In the full year 2006, Vital Radiance, executive severance and
restructuring expenses unfavorably affected the company's
operating income and net loss by US$145.1 million and Adjusted
EBITDA by US$122.9 million. Results for the full year 2007
included restructuring expenses of US$7.3 million.
Excluding the impact of these items, the improvements in
operating income, net loss and Adjusted EBITDA were driven by
net sales increases, continued benefits from restructuring
actions and ongoing cost controls.
"We are executing our strategy and our financial results in 2007
were our best in many years, David Kennedy, Revlon president and
chief executive officer, said. "We generated $224.5 million in
Adjusted EBITDA and our negative free cash flow was $13.8
million.
Our improved financial performance was driven by increased net
sales, continued benefits from our restructuring actions and
ongoing control of our costs."
"We fully recognize the need to further improve our performance,
and enter 2008 with a continued focus on increasing the value of
our company by building the Revlon brand and driving towards
both profitable sales growth and positive free cash flow," Mr.
Kennedy added.
Fourth Quarter Results
Net income in the fourth quarter of 2007 was US$40.8 million
compared with a net loss of US$5.5 million in the fourth quarter
of 2006. Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization or EBITDA in the fourth quarter of 2007 was
US$106.3 million, compared to an Adjusted EBITDA of US$108.2
million in the same period last year.
Operating income was US$80.4 million in the fourth quarter of
2007, versus operating income of US$70.1 million in the fourth
quarter of 2006.
In the fourth quarter 2006, Vital Radiance and restructuring
expenses unfavorably affected the company's operating income and
net loss by US$20.8 million and Adjusted EBITDA by US$9.7
million. The fourth quarter of 2007 included restructuring
expenses of US$0.4 million.
Excluding the impact of these items, the decreases in operating
income and Adjusted EBITDA were largely attributable to
increased brand support and higher performance-based incentive
compensation. Net income was reduced by the same factors that
affected Operating Income and Adjusted EBITDA. Net income in
the fourth quarter of 2006 included a charge of US$23.1 million
related to the early extinguishment of debt.
Cash Flow and Balance Sheet
Cash flow provided by operating activities in the full year 2007
was US$3.8 million, compared to cash flow used in operating
activities of US$138.7 million in the full year 2006. This
improvement was due to a lower net loss and decreased permanent
display spending, partially offset by changes in net working
capital.
At Dec. 31, 2007, the company's balance sheet showed total
assets of US$889.3 million, total liabilities of $1,971.3
million and total stockholders' deficiency of US$1,082 million.
About Revlon Inc.
Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- Revlon
is a worldwide cosmetics, skin care, fragrance, and personal
care products company. The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands. The company's brands, which are sold
worldwide, include Revlon(R), Almay(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R). The company has operations in
Argentina, Australia, Brazil, Chile, Mexico and Venezuela.
* * *
As reported in the Troubled Company Reporter on Nov. 8, 2007,
The company's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit. Net loss in the third quarter of 2007
was US$10.4 million, compared with a net loss of US$100.5
million in the third quarter of 2006.
STORAGE TECHNOLOGY: Members' Final Meeting Set for April 18
-----------------------------------------------------------
Murray Smith, Storage Technology of Australia Pty. Ltd.'s estate
liquidator, will meet with the company's members on April 18,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.
The liquidator can be reached at:
Murray Smith
McGrathNicol
10 Shelley Street, Level 9
Sydney, New South Wales 2000
Australia
Telephone: +61 2 9338 2600
Web site: http://www.mcgrathnicol.com
Storage Technology of Australia Pty. Ltd. provides management
consulting services. The company is located at St. Leonards, in
New South Wales, Australia.
SUN MICROSYSTEMS: Liquidator to Give Wind-Up Report on April 18
---------------------------------------------------------------
Murray Smith, Sun Microsystems Superannuation Nominees Pty.
Ltd.'s appointed estate liquidator, will meet with the company's
members on April 18, 2008, at 10:00 a.m. to provide them with
property disposal and winding-up reports.
The liquidator can be reached at:
Murray Smith
McGrathNicol
10 Shelley Street, Level 9
Sydney, New South Wales 2000
Australia
Telephone: +61 2 9338 2600
Web site: http://www.mcgrathnicol.com
About Sun Microsystems
Located at Gordon, in New South Wales, Australia, Sun
Microsystems Superannuation Nominees Pty. Ltd. is an investor
relation company.
WISE DISTRIBUTORS: Commences Liquidation Proceedings
----------------------------------------------------
Wise Distributors Pty. Ltd.'s members agreed on Feb. 29, 2008,
to voluntarily liquidate the company's business. The company
has appointed Paul Cook to facilitate the sale of its assets.
The liquidator can be reached at:
Paul Cook
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 Wise Distributors
Wise Distributors Pty. Ltd. operates automotive repair shops.
The company is located at South Launceston, in Tasmania,
Australia.
* Moody's Says Australian Banks Weathering Sub-Prime Crisis Well
----------------------------------------------------------------
Moody's Investors Service says that Australian banks and their
New Zealand subsidiaries are weathering well the stresses in
financial markets following the sub-prime crisis and despite
significant structural reliance on wholesale funding.
"At the same time, the extended global liquidity crisis is
creating longer-term credit negatives which, at the margin, have
the potential to impact some ratings of Australian and New
Zealand banks," says Patrick Winsbury, a Moody's Senior Vice
President.
Winsbury was speaking in conjunction with the release of his new
report, entitled, "Impact of Global Liquidity Crisis on
Australian Bank Ratings: An Update."
In explaining the ability of the banks to fund well -- if at
higher cost -- at home and abroad, Winsbury identified various
key factors.
"The strong asset quality of Australian banks and their New
Zealand subsidiaries, including minimal exposure to sub-prime-
related asset classes, has continued to underpin global investor
confidence in them," says Winsbury.
In fact, Australian banks significantly raised their liquid
assets early in the crisis, a move which supported rating
stability through Q3 and Q4 2007.
In addition, the broadening of repo-eligibility criteria by the
Reserve Bank of Australia to include RMBS, has preserved some of
the alternate liquidity potential of the large mortgage books of
the banks.
"Other supportive factors include sound risk-adjusted
profitability and capital coverage, growing domestic investor
appetite as bank debt yields have risen, and strong deposit
growth as equity markets contract," says Winsbury.
"Furthermore, there is the presence of a supportive regulatory
environment and smoothly functioning central bank liquidity
provision mechanisms, although emergency funding has not been
required," adds Winsbury.
On the longer-lasting credit negatives, Winsbury lists the
shortening of new issue tenors, which is increasing the volume
of funding to be rolled-over in 2009, and global deleveraging
that may decrease investor appetite for and/or increase the cost
of securitisation for a prolonged period.
In this context, business models predicated on the availability
of plentiful and cheap securitisation funding are requiring
extensive adjustment. To date, rated lenders that fall into
this category have had their credit profiles supported by good
access to alternate funding -- be it through merger, as in the
example of Adelaide Bank, or renewed depositor and debt investor
interest as rates have risen and equity markets cooled.
"And any indications that institutions may be favouring (i)
lower-cost/shorter-tenor funding over higher-cost/longer-tenor
funding, or (ii) asset growth over capital building are likely
to be viewed as rating negative," says Winsbury.
"On the more positive front, we should note that there are also
other frequently-discussed pressures that we do not anticipate
to be sufficiently severe enough to negatively impact Australian
and New Zealand bank ratings," says Winsbury.
"Such factors are downward rating pressure on the financial
guarantors, downward rating pressure on the mortgage insurers,
asset quality deterioration and capital constraints," says
Winsbury.
"In actual fact, Australian bank exposures to the financial
guarantors, such as MBIA, FGIC and AMBAC, are low, and relate
principally to Australian infrastructure debt (project finance
and utilities) that has been credit-wrapped," says Winsbury.
Winsbury's report -- which is based on prepared remarks
presented at Moody's Investor Briefings in Sydney and Melbourne
on March 27 and 28 -- can be found at http://www.moodys.com/
==================================================
C H I N A & H O N G K O N G & T A I W A N
==================================================
CHINA EASTERN: Says Flights Intentionally Aborted by Pilots
-----------------------------------------------------------
China Eastern Airlines Corp. told Bloomberg News that some
flights last week were intentionally aborted by pilots and were
not canceled because of weather conditions as the airline had
originally said.
On its Web site, China Eastern said a total of 21 flights from
southeastern Yunnan province returned to their departing
airports on March 31 and April 1 because of "human factors,"
Irene Shen of Bloomberg reports.
Ms. Shen notes, citing the carrier's online statement, that some
pilots and the general manager of China Eastern's Yunnan unit
have already been suspended. According to Bloomberg, the pilots
are seeking higher wages and freedom to work for another
airline.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. Fitch said the outlook on the IDRs is stable.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
DRAGON UNION: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
Creditors of Dragon Union Limited are required to file their
proofs of debt by April 28, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 17, 2008.
The company's liquidators are:
Young Chun Man Kenneth
Chan Yuen Bik Jane
Gloucester Tower, 31st Floor
The Landmark, 11 Pedder Street
Central, Hong Kong
HERCULES INC: Debt Reduction Cues Moody's to Up Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service raised the corporate family rating of
Hercules Incorporated to Ba1 from Ba2, adjusted other debt
ratings upward, and moved the outlook on the rating to positive.
This concludes the review for possible upgrade that was
initiated on Jan. 30, 2008.
The Ba1 CFR (and positive outlook) reflect Hercules' successful
efforts at debt reduction in past years and most recently in
2007. Hercules reduced balance sheet debt by roughly
US$200 million in 2007 (to about US$795 million) and this
reduction, along with strong cash flows, has caused credit
metrics to improve to levels that support the Ba1 CFR.
Moody's assigned a positive outlook to Hercules ratings in June
of 2007 in anticipation of Hercules' ongoing positive credit
metric performance. At that time, Moody's stated that provided
that capital expenditures remain moderate, there are no large
acquisitions and prospective dividend actions or share
repurchases are prudently sized, the company should be able to
generate retained cash flow to adjusted total debt above 20%,
free cash flow to adjusted total debt of over 10%, and a fixed
charge coverage ratio (EBITDA to interest) of over 4.5 times.
At the end of 2007 these metrics were 33%, 23%, and 5.0 times
respectively.
The positive outlook reflects Moody's expectation of further
modest debt reduction in 2008 and 2009 (after which Moody's
expects absolute debt levels to stabilize), that Hercules'
asbestos settlements and expenses will not exceed US$35 million
in any twelve month period and that the number of asbestos case
levels will continue to decline.
Provided capital expenditures remain moderate, there are no
large acquisitions and prospective dividend actions or share
repurchases remain at prudent levels the company should be able
to generate retained cash flow to adjusted total debt above 20%,
free cash flow to adjusted total debt of over 10%, and a fixed
charge coverage ratio (EBITDA to interest) of over 4.5 times.
If these metrics are realized on a sustainable basis Moody's
could reassess the appropriateness of the Ba1 ratings by year
end 2009. Conversely, an unexpectedly large increase in legacy
liabilities, debt financed share repurchases or bolt on
acquisitions that would cause debt to remain at or above US$800
million could cause Moody's outlook to return to stable.
Upgrades:
Issuer: Hercules Incorporated
-- Corporate Family Rating, Upgraded to Ba1 from Ba2
-- Probability of Default Rating, Upgraded to Ba1 from Ba2
-- Senior Secured Bank Credit Facility, to Baa2 from to Baa3,
15% - LGD2
-- Senior Secured Regular Bond orDebenture, to Baa2 from to
Baa3, 15% - LGD2
-- Senior Unsecured Regular Bond or Debenture, Upgraded to
Ba1 from Ba3, 62% LGD4
-- Junior Subord. Regular Bond or Debenture, Upgraded to Ba2
from B1, to 92% - LGD6
-- Subord. Conv./Exch. Bond or Debenture, Upgraded to Ba2
from B1, to 92% - LGD6
Outlook Actions:
-- Outlook, Changed To Positive From Rating Under Review
Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets. The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.
HUNTER PENCIL: Members & Creditors to Meet on May 2
---------------------------------------------------
Hunter Pencil Case Manufactory Limited will hold a joint
meeting for its members and creditors at 10:30 a.m. and 11:00
a.m. respectively, on May 2, 2008. At the meeting, the
company's liquidator, Cheng Faat Ting Gary will provide the
attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Cheng Faat Ting Gary
Richmond Commercial Building, 8th Floor
109 Argyle Street
Mongkok, Kowloon
Hong Kong
LINDLEY INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
Lindley Investment Limited's members agreed on March 20, 2008,
to voluntarily liquidate the company's business. The company
has appointed Yan Tat Wah to facilitate the sale of its assets.
The liquidator can be reached at:
Yan Tat Wah
Dah Sing Life Building, 5th Floor
Des Voeux Road, 99-05
Central, Hong Kong
NORMAN (HONG KONG): Liquidators Quit Post
-----------------------------------------
On March 28, 2008, Ying Hing Chui and Chung Miu Yin stepped down
as liquidators for Norman (Hong Kong) Insurance Company Limited,
which is undergoing liquidation.
POLIMIDE PLASTIC: Liquidators Quit Post
---------------------------------------
On March 28, 2008, Lui Wan Ho and To Chi Man stepped down as
liquidators for Polimide Plastic Manufactory Limited, which is
undergoing liquidation.
MEGA SUCCESS: Commences Liquidation Proceedings
-----------------------------------------------
Mega Success Investment Limited's members agreed on March 19,
2008, to voluntarily liquidate the company's business. The
company has appointed Yuen Ying Sun, Kenneth to facilitate the
sale of its assets.
The liquidator can be reached at:
Yuen Ying Sun, Kenneth
Unit 81, Finance Building, 8th Floor
254 Des Vouex Road Central
Hong Kong
REVIVAL HANDBAG: Creditors' Proofs of Debt Due April 29
-------------------------------------------------------
Creditors of Revival Handbag and Clothing Company Limited are
required to file their proofs of debt by April 29, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 28, 2008.
The company's liquidator is:
Fok Hei Yuen, Paul
Tung Ning Building, Rooms 1801-3
Des Voeux Road, 249-253
Central, Hong Kong
SHINY PACIFIC: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
Creditors of Shiny Pacific Investment Limited are required to
file their proofs of debt by May 8, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 20, 2008.
The company's liquidator is:
Ying Tze Yeuk
502, Hang Bong Commercial Centre
28 Shangahi Street, Kowloon
TCL CORP: Says First Quarter Operating Profit More Than Doubled
---------------------------------------------------------------
Sophie Taylor of Reuters reports that TCL Corporation estimated
its first-quarter operating profit for 2008 more than doubled
from a year earlier, helped by a one-off gain from a stake
disposal.
First-quarter net profit, including the proceeds of a stake
sale, also rose over 26 times from a year earlier, Ms. Taylor
relates, citing a statement published by TCL in the Shanghai
Securities News.
TCL, which has sold assets as part of a restructuring effort,
said in December it would sell control of a subsidiary making
low-voltage electrical products to France's Legrand SA for about
US$50 million, Reuters notes. Ms. Taylor relates that TCL's net
profit in the first quarter of 2007 was CNY13.87 million
(US$1.98 million).
According to Ms. Taylor, listed Chinese companies are required
to issue preliminary estimates if they expect to report earnings
swings of at least 50%.
About TCL Corp
Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products. TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication .
Xinhua Far East China Ratings downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB". The ratings outlook remains negative.
TONG REN TANG: Liquidators Quit Post
------------------------------------
On March 28, 2008, Ying Hing Chui and Chung Mui Yin, Diana
stepped down as liquidators for Tong Ren Tang Hitchison (H.K.)
Pharmaceutical Development Company Limited, which is undergoing
liquidation.
TYSON FOODS: Moody's Confirms 'Ba1' Ratings; Keeps Neg. Outlook
---------------------------------------------------------------
Moody's Investors Service lowered the speculative grade
liquidity rating of Tyson Foods, Inc. to SGL-3 from SGL-2 based
on the expectation that higher commodity costs will pressure
profitability and free cash flow over the next 12 months.
Tyson's other ratings, including its Ba1 corporate family rating
and Ba1 probability of default rating, were affirmed. The
rating outlook remains negative.
Rating lowered:
Tyson Foods, Inc.
-- Speculative grade liquidity rating to SGL-3 from SGL-2
Ratings affirmed
Tyson Foods, Inc.
-- Corporate family rating at Ba1
-- Probability of default rating at Ba1
Ratings affirmed, and LGD percentage revised:
Tyson Foods, Inc.
-- US$1 billion senior unsecured bank credit agreement,
guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3), LGD %
to 45% from 44%
-- US$1 billion 6.06% senior unsecured notes due 2016,
guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3), LGD %
to 45% from 44%
-- Senior unsecured unguaranteed debt at Ba2 (LGD5), LGD % to
87% from 88%
-- Senior unsecured unguaranteed shelf at (P)Ba2 (LGD5), LGD %
to 87% from 88%
-- Senior secured industrial revenue bonds, guaranteed by
Tyson Foods, Inc., at Baa2 (LGD2); LGD % to 18% from 15%
Tyson Fresh Meats, Inc.
-- Senior unsecured debt, guaranteed by Tyson Foods, Inc., at
Ba1 (LGD3), LGD % to 45% from 44%
-- Senior secured industrial revenue bonds, guaranteed by
Tyson Fresh Meats, Inc. at Baa2 (LGD2); LGD % to 18% from
15%
Lakeside Farms Industries Ltd.
-- US$195 million (originally US$353 million) senior unsecured
term loan, guaranteed by Tyson Foods, Inc. and Tyson Fresh
Meats, Inc., at Ba1 (LGD3), LGD % to 45% from 44%
"The speculate grade liquidity rating of SGL-3 anticipates a
likely heavier reliance on borrowings under committed credit
facilities to fund at least a portion of working capital needs
and/or capital expenditures over the next 12 months," noted
Elaine Francolino, Vice President -- Senior Credit Officer.
Current portion of long term debt at Dec. 29, 2007 is a
manageable US$132 million, given that more than half is maturing
debt under the company's 364 day accounts receivable
securitization. Tyson maintains a US$1 billion five year
revolving credit facility expiring in September 2010 and two
US$375 million accounts receivable securitization facilities
expiring in August 2008 and August 2010 respectively. The
company should be able to comply with covenants with cushion,
although cushion could be limited at seasonal low points. Since
Tyson's assets are generally unsecured, it could sell a number
of operations and facilities to raise cash and improve liquidity
if necessary.
The affirmation of Tyson's long term ratings reflects Moody's
expectation that credit metrics will remain appropriate for the
company's rating level, as Tyson's diversification among all
three proteins and its leading market shares somewhat soften
what is still severe earnings volatility.
Tyson's rating outlook remains negative. The high cost of corn
and other inputs will continue to pressure margins in beef and
chicken, and credit metrics in fiscal 2008 are likely to trail
those of fiscal 2007, in Moody's view.
Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork. The company makes a wide variety of
protein-based and prepared food products at its 123 processing
plants. Tyson has approximately 114,000 Team Members employed
at more than 300 facilities and offices in 26 states and 80
countries. Tyson's U.S. beef plants are located in Amarillo,
Texas; Dakota City, Nebraska; Denison, Iowa; Finney County,
Kansas; Joslin, Illinois, Lexington, Nebraska and Pasco,
Washington. The company also has a beef complex in Canada, and
is involved in a vertically integrated beef operation in
Argentina and China.
WELLSTECH INTERNATIONAL: Members & Creditors to Meet on April 29
----------------------------------------------------------------
Wellstech International Limited will hold a joint meeting for
its members and creditors at 2:30 p.m. And 3:00 p.m.
respectively, on April 29, 2008. At the meeting, the
company's liquidator, Wong Man Chung, Francis, will provide the
attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Wong Man Chung, Francis
No.3 Lockhard Road
Wanchai, Hong Kong
ZTE CORP: Strikes Network Deal With Kenya Government
----------------------------------------------------
ZTE Corporation struck a deal with the government of Kenya to
help construct a network covering the western part of the
African country, Reuters reports.
According to Reuters, citing the Chinese company's statement,
ZTE is helping to construct a large-scale optical network, which
is expected to bolster Kenya's business communication
infrastructure. No financial terms were disclosed in the
statement, the report notes.
About ZTE Corp
Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments. The group operates both in
the domestic and international market.
The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.
=========
I N D I A
=========
GMAC LLC: Moody's Comments on $1.2BB Capital Injection to ResCap
----------------------------------------------------------------
Residential Capital LLC's announcement that it has received a
US$1.2 billion capital injection from its parent GMAC LLC does
not impact the ratings of either entity. The US$1.2 billion
capital injection is equal to the face amount of ResCap debt
purchased in the open market by GMAC with an estimated current
market value of US$607 million and exchanged for US$607 million
newly created ResCap preferred units. GMAC also disclosed that
it has purchased an additional US$340 million face value of
ResCap debt currently valued at US$266 million that they may
contribute to ResCap.
The senior unsecured rating of GMAC LLC is B1 and ResCap B2.
The rating outook for both firms is negative. The downgrade of
GMAC's rating on Feb. 5, 2008 to B1 with a negative outlook
contemplated that the company would likely continue to provide
capital to support ResCap in the near term. The cash and
capital cost to GMAC of providing the US$1.2 billion capital
injection to ResCap, and the US$340 million of additional debt
purchased but not contributed to ResCap, is within Moody's
expectation of the amount of support GMAC would provide to
ResCap.
In regards to ResCap, the downgrade to B2 on Feb. 5, 2008
incorporated the possibility that the company would receive
sizable support from its parent. Moody's still believes that
ResCap's parents may have a limited tolerance for supporting
ResCap if ResCap's performance and condition fail to meet
management's expectations for improvement during the first half
of 2008. Additionally, Moody's notes that the form of the
capital injection does not improve ResCap's short term liquidity
profile. As stated above, the ResCap rating outlook remains
negative.
About GMAC LLC
GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses. GMAC was established in 1919 and
currently employs about 31,000 people worldwide. At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion. GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.
STATE BANK OF INDIA: To Post Audited FY2008 Results by June 30
--------------------------------------------------------------
State Bank of India has informed the Bombay Stock Exchange that
the audited working results of the bank for the year ended
March 31, 2008, will be published within a period of three
months of the close of the accounting year.
Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.
* * *
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program. The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.
Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.
TATA MOTORS: Hikes Commercial Vehicle Prices by 3.5%
----------------------------------------------------
Tata Motors Limited has hiked prices of its commercial vehicles
by 3.5% with the surging cost of raw materials including steel,
various reports say.
According to Reuters, the 3.5% price increase in Tata Motors'
trucks and buses took effect on April 1.
"Prices of raw material such as steel have shot up and we had to
pass some of that to customers," Reuters quoted Tata Motor
spokesperson Debasis Ray as saying.
The Economic Times notes that auto-grade steel prices rose by
30-40%, threatening the price tag of Tata Motors' INR1-lakh car,
Nano. Tata Motors, however, maintains that the Tata Nano's
standard version would cost INR1 lakh, ET relates.
Tata Motors recently announced achieving record vehicle sales.
As reported by the Troubled Company Reporter-Asia Pacific on
Apr. 3, 2008, the company reported sales of 582,401 vehicles
(including exports) for the fiscal year 2007-08, its highest
ever, and a growth of 1% over 578,862 vehicles sold in 2006-07.
Total sales (including exports) for the month of March 2008 were
66,495 units, the company's highest ever monthly sales and an
increase of 6% over 62,779 units sold in March 2007.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.
Tata Motors has operations in Russia and the United Kingdom.
* * *
Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million
zero-coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--). The bonds represent a direct, unsecured and
unsubordinated obligation of the company. Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.
Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.
TATA POWER: Synchronizes Unit 1 of Haldia Project
-------------------------------------------------
Tata Power Company Ltd disclosed that its Unit 1 of 2 x 45 MW
Phase of Haldia Project was synchronized with the grid on
April 2, 2008. The second unit is scheduled for commissioning
later this year.
Tata Power had acquired the 2 X 45 MW IPP power plant from
Hooghly Met Coke & Power Company Ltd, a 98% subsidiary of Tata
Steel Ltd. The plant will utilize coke oven gases to generate
power, a part of which will be sold under a Power Purchase
Agreement to the West Bengal State Electricity Distribution
Company Ltd and the remaining traded through Tata Power Trading
Company Ltd.
The company will also set up an additional 30 MW plant to meet
the power requirements of Hooghly Met Coke's operating plants
moving forward.
Tata Power Company Ltd -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area. The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area. The company also has a
plant that supplies power to Tata Steel. In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.
* * *
Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'. S&P said the outlook is stable. At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.
Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2. Moody's said the ratings outlook is
negative.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT SA: Wins US$367.4 Bln Patent Case vs. Microsoft
--------------------------------------------------------------
A U.S. federal jury has ordered Microsoft Corp. to pay around
US$367.4 million in infringement damages to Alcatel-Lucent SA,
Reuters reports.
The jury ruled that Microsoft infringed two technology patents:
one which allows users to enter dates into calendars, and
another one that allows tablet computers to recognize
handwriting patterns, Reuters relates.
"We will move immediately to have the two verdicts against
Microsoft overturned," said Tom Burt, Microsoft corporate vice
president and deputy general counsel, told Reuters. "We feel
confident the verdicts will be overturned, just as the court
overturned a verdict last year by a San Diego jury."
Judge Rudi Brewster of the U.S. District Court for the District
of California reversed in August 2007 a jury's decision ordering
Microsoft to pay around US$1.52 billion in patent infringement
damages to Alcatel-Lucent. The company has appealed the
decision.
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 on April 4, 2008, Moody's
Investors Service affirmed the ratings for Alcatel-Lucent, which
include a Ba3 corporate family rating for Alcatel-Lucent and a
Not-Prime for its short term debt, as well as Ba3 ratings for
senior and B2 ratings for subordinated debt that was issued
originally by the predecessor companies Alcatel S.A. and Lucent
Technologies, Inc. Moody's said the outlook for the ratings is
Negative.
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.
EXCELCOMINDO PRATAMA: Aims to Improve Subscriber Base to 20 Mil.
----------------------------------------------------------------
PT Excelcomindo Pratama Tbk has reduced its rates to increase
subscriptions and improve its market share, Excelcomindo
President and Director Hasnul Suhaimi told The Jakarta Post in
an interview.
According to Mr. Suhaimi, the Post says, due to cut in tariffs
since May 2007, the company's subscriptions at the end of 2007
increased 16% to 15.5 million of the domestic market.
"We have a target of 3 million to 4 million new subscriptions
this year, so we can reach up to 20 million," Mr. Suhaimi told
the Post.
Mr. Suhaimi added, the Post relates, that the company has
devised these "strategies" in order to increase subscriptions:
-- continue pricing strategy to provide a more competitive
rate for customers;
-- work on building better networks of a comparable quality
because better service is also important for customers;
-- support network construction by increasing marketing
budget, through advertising; and
-- allocate US$650 million for capital expenditure this
year from internal cash reserves and bank loans.
About Excelcomindo Pratama
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services. In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers. Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2008, that Moody's Investors Service affirmed PT Excelcomindo
Pratama Tbk's Ba2 local currency issuer rating and changed the
outlook to stable from positive. At the same time, Moody's
affirmed XL's Ba2 senior unsecured foreign currency rating.
Concurrently, PT Moody's Indonesia affirmed the company's
national scale rating of Aa1.id. Moody's said the outlook for
all ratings is stable.
On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable. The 'BB-' ratings on all foreign currency
senior unsecured debt were also affirmed.
In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'. The Outlook remains Stable. At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.
PERUSAHAAN GAS: Completes Construction of Pagardewa Station
-----------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk has completed the
performance verification test on the gas turbine compressor of
the Pagardewa Compressor Station, Reuters reports.
According to the report, the station is currently ready for
channeling gas through Pagardewa-Labuhan Maringgai pipeline.
Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices. These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements. Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar. On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements. The company is 59.4% owned by the
Government of Indonesia.
The Troubled Company Reporter-Asia Pacific reported on Dec. 26,
2007, that Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'. The outlook on the rating is stable.
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.
On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk. At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN. The
ratings outlook is stable. This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.
On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:
-- Long-term foreign currency Issuer Default Rating 'BB-';
-- Long-term local currency IDR 'BB-'; and
-- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
and its subsidiaries 'BB-'.
PERUSAHAAN LISTRIK: To Speed Up Construction of Power Plants
------------------------------------------------------------
Indonesian Vice President Jusuf Kalla ordered PT Perusahaan
Listrik Negara to speed up the construction of coal-fired power
plants to swiftly resolve a power crisis in Java, The Jakarta
Post reports.
Java has been experiencing power blackouts. According to the
Post, the government asked the company to wrap up several key
power projects on the island before next year's general
election.
Adianto P. Simamora of The Post writes that President Susilo
Bambang Yudhoyono recently issued a government regulation
ordering PLN to complete the construction of 35 planned 10,000
MW plants by 2010 at the latest.
According to the Post, the projects in the company's pipeline
include:
-- 652 MW Suralaya project (The US$334-million Suralaya plant
is being built under a cooperation with China Technical
Import & Export Corporation, China National Machinery
Import and Export Corporation, Zhejiang Electric Power
Design Institute, and local firm PT Rekayasa Industri),
-- 600 MW Pacitan plant in East Java,
-- 900 MW Naga plant in Banten,
-- 900 MW Pelabuhan Ratu plant in West Java, and
-- 200 MW Lampung plant in Lampung.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
TELKOM INDONESIA: Moody's Upgrades Rating to Baa3 From Ba1
----------------------------------------------------------
Moody's Investors Service has upgraded PT Telekomunikasi
Indonesia's local currency corporate family rating to Baa3. This
action concludes the review for possible upgrade which commenced
on 24th January 2008. The outlook on the rating is stable.
"The upgrade reflects Telkom's continued improvement in
perceived efforts to improve standards of corporate governance,
financial reporting and overall transparency, as well as its
fundamentally strong operating and financial profile," says
Laura Acres, a Moody's Vice President.
"Telkom is the largest telecommunications operator in Indonesia;
it dominates the fixed line market and through Telkomsel has a
56% share of cellular subscribers; the company also enjoys
strong cash flow generation supported by relatively low leverage
which support an investment grade rating profile," adds Acres,
also Moody's lead analyst for the company.
Furthermore, Telkom is coming to peak of its capex cycle which
should allow it to benefit fully from continued growth in the
sector.
The outlook for the rating is stable reflecting Moody's
expectation that Telkom will continue to maintain its strong
operating and financial profile.
Telkom's financial metrics exhibit strong investment grade
characteristics; as such upward pressure on the local currency
rating will largely be a function of continued stability in the
economic, political and social environment that will reduce
uncertainties in the operating environment. Specifically,
Moody's would look for Telkom to maintain its existing solid
financial profile and its continued efforts to improve standards
of corporate governance, financial reporting and overall
transparency.
Downward pressure on the rating could emerge as a function of
the parlous state of the socio-economic and political
environment. Such risk would have to manifest itself in a
significant change in either Telkom's financial or operating
profile, which is unlikely in the near to medium term.
Telkom is the largest telecommunications company in Indonesia.
Telkom and its affiliates provide fixed-wire line, fixed-
wireless, mobile, pay-TV, data & internet, and network &
interconnection services. Telkom holds a 65% stake in
Telekomunikasi Selular -- itself rated Baa2/stable -- the
largest cellular provider in Indonesia.
Listed on the Jakarta Stock Exchange, Telkom is 51.19% owned by
the Government of Indonesia -- the remaining shares are publicly
held.
TELKOM INDONESIA: Lowers Long-Distance Call Tariffs by 46%
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk lowered its tariff for long-
distance calls by up to 46% starting April 8, Thomson Financial
reports citing Eddy Kurnia, vice president for public and
marketing communication.
According to the report, the tariff reduction followed the
government's move to cut most of the cost-based interconnection
fees that telephone operators are allowed to charge one another
by up to 55% from April 1, given the declining amount of
investment required by the sector.
Mr. Kurnia told the news agency that the cut applies to long-
distance calls from fixed-line telephones to both fixed-line and
cellular phones. The tariffs for local calls were unchanged, he
added, the report notes.
About PT Telkom Indonesia
Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia. Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.
The Troubled Company Reporter-Asia Pacific reported on Feb. 18,
2008, that Fitch Ratings upgraded P.T. Telekomunikasi Indonesia
Tbk's long-term foreign and local currency issuer default
ratings to 'BB' from 'BB-'. The outlook is stable. The
upgrades follow a similar rating action made by Fitch to the
Indonesian sovereign's long-term foreign and local currency
IDRs, both rated 'BB' with a stable outlook. As the Indonesian
government holds a 51.19% majority stake in the company, and
also exerts significant influence on Telkom's major business and
financial decisions, the company's ratings remain closely
correlated with those of the sovereign.
=========
J A P A N
=========
ALITALIA SPA: May Lose License if Cash Hike Remains Unclear
-----------------------------------------------------------
Ente Nazionale per l'Aviazione Civile, Italy's regulatory body
of air transport activities, may revoke Alitalia S.p.A.'s
license in the next three weeks if the national carrier cannot
come up with a recapitalization plan, Bloomberg News reports
citing ENAC chief Vito Riggio.
Mr. Viggio said ENAC will meet with officials from Alitalia and
the finance ministry to ask for guarantees that the carrier
could still meet financial obligations.
"We are very concerned now as the only chance of a capital
injection is fading away," Mr. Riggio told Bloomberg News,
adding that ENAC can revoke Alitalia's license if it is in
"permanent financial difficulty and has no clear prospects."
Mr. Viggio commented to Bloomberg News that if Alitalia is
placed into special administration, there would be repercussions
on the local market, since the carrier controls about half of
the Italian air transportation market.
Mr. Viggio, however, warned, "If they don't convince us, we'll
have to take action."
As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A.,
labor unions, professional associations, and Air France-KLM SA
stopped negotiations after failing to reach an agreement
that would accomplish the sale's effectiveness conditions,
satisfaction of which would finalize the acceptance by Alitalia
and Italy of Air France's binding offer.
Alitalia's board said it would review it financial options
before deciding today, April 8, 2008, whether to continue its
operations or to file for bankruptcy proceedings.
Italian Finance Minister Tommaso Padoa-Schioppa said that if the
sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings. The government
had pledged to grant Alitalia a EUR300 million bridging loan if
Air France's takeover pushes through. Alitalia badly need more
funds as it had less than EUR200 million in cash and credit
available at March 31, 2008.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina and Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
ALITALIA SPA: Board Names Aristide Police as Chairman
-----------------------------------------------------
Alitalia S.p.A.'s Board of Directors appointed April 3, 2008,
Aristide Police as chairman following the resignation of
Maurizio Prato, and reaffirmed its support for the binding offer
submitted by Air France-KLM SA, various reports say.
Mr. Prato resigned April 2, 2008, after efforts to sell the
Italian government's stake in Alitalia to Air France failed the
same day.
As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A.,
labor unions, professional associations, and Air France-KLM SA
have stopped negotiations after failing to reach an agreement
that would accomplish the sale's effectiveness conditions,
satisfaction of which would finalize the acceptance by Alitalia
and Italy of Air France's binding offer.
Air France had failed to get union's approval the majority of
each category of Alitalia's employees, regarding the
implementation of the carrier's Industrial Plan, rules of
employment, the plan related to the social shock absorbers and
the contemplated transaction.
Air France-KLM had reiterated its planned 2,100 job cuts --
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi --
in its revised proposal submitted to the Italian carrier's
unions.
Air France also maintained plans to:
* ground some flights;
* close Alitalia's cargo unit by 2010; and
* terminate contract out of ground handling and aircraft
maintenance.
Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti,
UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia
-- described Air France's revised proposal as "unacceptable."
Unions, following Air France's pullout, have expressed readiness
to return to the negotiation table.
Mr Spinetta was quoted as saying he was willing to restart
negotiations, but only on the basis of his revised proposal.
Lack of Funds
Alitalia's board said it would review it financial options
before deciding on April 8, 2008, whether to continue its
operations or to file for bankruptcy proceedings, The New York
Times reports.
Airline officials told the Financial Times that Alitalia will
not request for appointment of a special commissioner to begin
the liquidation process under bankruptcy protection until the
latest possible moment.
Italian Finance Minister Tommaso Padoa-Schioppa said that if the
sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.
The government had pledged to grant Alitalia a EUR300 million
bridging loan if Air France's takeover pushes through. Alitalia
badly need more funds as it had less than EUR200 million in cash
and credit available at March 31, 2008.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina and Japan.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
NIPPON PAPER: To Increase Prices by 15 Percent in June
------------------------------------------------------
Nippon Paper Industries Co. will raise prices of printing and
thermal paper as well as some other products from June by at
least 15%, Jiji Press reports.
Jiji Press relates that Nippon Paper, a unit of Nippon Paper
Group Inc., finds no way but to pass higher raw materials like
as recycled paper and woodchip, and fuel costs on to product
prices through the price hikes.
Nippon Paper Group, Inc. -- http://www.np-g.com/-- is a Japan-
based holding company mainly engaged in the paper manufacturing
business. The Company is active in four business segments. Its
Paper and Pulp segment manufactures and sells foreign paper,
paperboards and paper pulp, as well as paper for household,
newspaper and phone directory use. This segment is also
involved in the import sale and overseas sale of paper products.
The Paper-related segment offers processed paper products, such
as paper containers and adhesive-related products, in addition
to cardboards, chemical products and others. Its Wooden
Material, Construction Material and Civil Engineering-related
segment is engaged in the purchase and sale of wooden materials,
the purchase, manufacture and sale of construction materials and
the civil engineering-related business. The Others segment is
involved in the distribution business, the manufacture and sale
of soft drinks, the supply of electrical power and the leisure
business, among others.
The Troubled Company Reporter Asia-Pacific reported on March 28,
2008, that Standard & Poor's Rating Agency affirmed its BB+
long-term corporate credit rating with a positive outlook on
Nippon Paper Group Inc. and its major subsidiary, Nippon Paper
Industries Co. Ltd. At the same time, Standard & Poor's
affirmed its 'BB+' long-term corporate credit ratings on Nippon
Paper Group and Nippon Paper Industries.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Raises Computer Memory Chip Contract Price
---------------------------------------------------------------
Hynix Semiconductor Inc. has "marginally" raised its computer
memory chip contract price for the first half of April and
expects further gains, Reuters reports.
James Kim, vice president in charge of investor relation, told
the news agency that they have raised the price marginally,
although the gain was minimal. "We expect some more demand in
May," he added, Reuters notes.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating. At the same time, Moody's assigned a
Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance. Moody's said the outlook for the ratings is
stable.
HYNIX SEMICONDUCTOR: EU Commission Lifts Duties on DRAM Imports
---------------------------------------------------------------
Hynix Semiconductor Inc. said the EU Commission had decided to
lift countervailing duties on imports of dynamic random access
memory (DRAM) chips, its flagship product, Reuters reports.
According to the report, the company said that for five years,
Hynix and the Government of Korea have fought the imposition of
these duties before the European Commission and at the World
Trade Organization, and that they are happy that they have
finally secured their just termination.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating. At the same time, Moody's assigned a
Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance. Moody's said the outlook for the ratings is
stable.
===============
M A L A Y S I A
===============
LITYAN HOLDINGS: Finalizes Proposed Restructuring Scheme
--------------------------------------------------------
Lityan Holdings Berhad has finalized the terms of its Proposed
Restructuring Scheme, which involves:
(i) proposed capital reconstruction involving the proposed
cancellation of 87.50 sen of the par value of the
existing ordinary shares of MYR1.00 each in Lityan and
thereafter, the proposed consolidation of eight
ordinary shares of 12.50 sen each into one Share and
the proposed reduction of the entire share premium
account of Lityan;
(ii) proposed restructuring of debts owed to the company's
secured creditors and the unsecured creditors to be
collectively referred to as "Scheme Creditors";
(iii) proposed special issue of 31,452,265 new Shares in
Lityan to Lembaga Tabung Haji, at an issue price of
MYR1.00 per Share after the Proposed Capital
Reconstruction and the Proposed Debt Restructuring;
(iv) proposed waiver to Lembaga Tabung from having to extend
a take-over offer for all the remaining Shares not
owned by them in Lityan after the Proposed Special
Issue;
(v) proposed acquisition of the entire issued and paid-up
capital of THT Integrated Solutions Sdn Bhd comprising
500,000 Shares from TH Technologies Sdn Bhd, a wholly-
owned subsidiary of Lembaga Tabung, for a purchase
consideration of MYR1,600,000 to be satisfied via the
issuance of 1.6 million new Shares in Lityan at an
issue price of MYR1.00 per Share; and
(vi) proposed offer for sale or placement of Lityan Shares
at the option of the Scheme Creditors to the Malaysian
public, including the shareholders of Lityan on a
rights basis as well as to the senior management of
Lityan.
The Proposed Debt Restructuring will involve the participation
of Lityan's Scheme Creditors and will be implemented by way of a
scheme of arrangement pursuant to Section 176 of the Act for it
to be enforceable and binding on all the Scheme Creditors.
The Proposed Debt Restructuring excludes the:
(a) amount due from Lityan to its subsidiaries, namely
Konsortium Jaya Sdn Bhd and Lityan Systems Sdn Bhd;
(b) liabilities of Lityan's subsidiaries and associated
companies due and payable to the following creditors
whose claims are not guaranteed by Lityan:
(i) preferential creditors;
(ii) unsecured trade creditors;
(iii) unsecured other creditors; and
(c) contingent claims arising from bank guarantees
aggregating MYR4,153,259 which were extended to the trade
customers of Konsortium Jaya Sdn Bhd and Impianas Sdn
Bhd, a wholly owned subsidiary of Lityan, as well as to
certain creditors of Lityan and Lityan Management Sdn
Bhd, also a wholly owned subsidiary of Lityan, which:
(i) are fully secured against cash and/or fixed
deposits provided by the relevant subsidiaries of
Lityan or third parties; or
(ii) no longer subsist following the non-renewal of the
bank guarantees subsequent to the cut-off date of
the Proposed Debt Restructuring of September 30,
2007.
The relevant Non-Scheme Creditors will be paid in the ordinary
course of business and have legal rights of claim directly
against the subsidiaries and associated companies of Lityan
subject to the priorities accorded to the secured and partially
secured creditors of these companies. All other operating
expenses that will continue to be incurred will also be paid in
the ordinary course of business.
Lityan believes that the resolutions of these Scheme Creditors'
debts in accordance with the Proposed Debt Restructuring would
result in a satisfactory resolution of a significant proportion
of Lityan's liabilities. Accordingly, the Proposed Debt
Restructuring will involve only Lityan as a scheme company and
will be undertaken and implemented by Lityan as an essential
part of the Proposed Restructuring Scheme.
The company also provided reasonable assurances that the
liabilities due to the relevant Non-Scheme Creditors as at
September 30, 2007, which are not guaranteed by Lityan and which
have been excluded from the Proposed Debt Restructuring, will be
satisfied in the ordinary course of business given the nature
and quantum of the liabilities involved.
Lityan will implement a formal scheme of arrangement and
compromise in respect of the amounts owed to the Scheme
Creditors aggregating approximately MYR161.9 million as at
September 30, 2007, based on the principal terms set out. These
Scheme Creditors include the creditors of Lityan's subsidiaries,
namely Digital Transmission Systems Sdn Bhd, Konsortium Jaya,
Lityan Applications Sdn Bhd, Lityan (L) Incorporated and Lityan
Systems.
It is proposed that Lityan settles all the outstanding debts
(including contingent liabilities) due and owing to the Scheme
Creditors as at September 30, 2007, through the issuance of a
total of up to 21,953,223 new Shares in Lityan at an issue price
of MYR1.00 per Share, which was arrived at based on the par
value of Lityan Shares of MYR1.00 each after the Proposed
Capital Reduction and Consolidation.
As at September 30, 2007, being the cut-off date of the Proposed
Debt Restructuring, the total debt due and owing is
approximately MYR48.2 million.
Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding. The Group carries out its operations in
Malaysia and the Philippines.
On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category. On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.
====================
N E W Z E A L A N D
====================
AHU DEVELOPMENTS: Court to Hear Wind-Up Petition on May 30
----------------------------------------------------------
A petition to have Ahu Developments Ltd.'s operations wound up
will be heard before the High Court of Auckland on May 30, 2008,
at 10:45 a.m.
South Waikato Precision Engineering Limited filed the petition
on February 22, 2008.
South Waikato's solicitor is:
Malcolm Whitlock
c/o Whitlock & Co
108 Rockfield Road, Penrose
Auckland
New Zealand
ALWYN INVESTMENTS: Wind-Up Petition Hearing Set for June 6
----------------------------------------------------------
The High Court of Auckland will hear on June 6, 2008, at
10:00 a.m., a petition to have Alwyn Investments Ltd.'s
operations wound up.
Body Corporate 319327 filed the petition on January 24, 2008.
Body Corporate's solicitor is:
T. J. P. Bowler
Grove Darlow & Partners
Tower One, Level 10
The Gosling Chapman Tower
51-53 Shortland Street
Auckland
New Zealand
CENTRAL BUILDERS: Commences Liquidation Proceedings
---------------------------------------------------
Central Builders Ltd. commenced liquidation proceedings on
March 12, 2008.
Creditors are required to file their proofs of debt by April 20,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
Grant Bruce Reynolds
Grant Reynolds, Insolvency Practitioners
PO Box 259059, Greenmount
Auckland
New Zealand
Telephone:(09) 526 0743
Facsimile:(09) 526 0748
CONCRETE BUILDING: Placed Under Voluntary Liquidation
-----------------------------------------------------
Concrete Building & Earthmoving Contractors Limited commenced
liquidation proceedings on March 12, 2008.
Creditors are required to file their proofs of debt by April 20,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
Grant Bruce Reynolds
Grant Reynolds, Insolvency Practitioners
PO Box 259059, Greenmount
Auckland
New Zealand
Telephone:(09) 526 0743
Facsimile:(09) 526 0748
COURTHOUSE LTD.: Fixes April 11 as Last Day to File Claims
----------------------------------------------------------
Creditors of Courthouse Ltd. are required to file their proofs
of debt by April 11, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Paul Graham Sargison
Gerald Stanley Rea
c/o Gerry Rea Partners
PO Box 3015, Auckland
New Zealand
Telephone:(09) 377 3099
Facsimile:(09) 377 3098
G & H BUILDING: Requires Creditors to File Claims by June 13
------------------------------------------------------------
G & H Building Services Ltd. requires its creditors to file
their proofs of debt by June 13, 2008, to be included in the
company's dividend distribution.
The company's liquidator are:
Vivian Judith Fatupaito
Colin Thomas McCloy
c/o PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
HOGANS RD: Creditors' Proofs of Debt Due April 16
-------------------------------------------------
Creditors of Hogans Rd Ltd. are required to file their proofs of
debt by April 16, 2008, to be included in the company's dividend
distribution.
The company's liquidators are:
Digby John Noyce
Keith Mawdsley
c/o RES Corporate Services Limited
PO Box 302612, North Harbour
Auckland
New Zealand
Telephone:(09) 918 3690
Facsimile:(09) 918 3691
KALTAK HOLDINGS: Creditors' Proofs of Debt Due June 13
------------------------------------------------------
Creditors of Kaltak Holdings Limited are required to file their
proofs of debt by June 13, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Vivian Judith Fatupaito
Colin Thomas McCloy
c/o PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
PHOENIX LINNINGS: Taps Fatupaito & McCloy as Liquidators
--------------------------------------------------------
On March 13, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Phoenix Linnings Limited.
Creditors are required to file their proofs of debt by June 13,
2008, to be included in the company's dividend distribution.
The liquidators can be reached at:
Vivian Judith Fatupaito
Colin Thomas McCloy
c/o PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
TIALE INVESTMENTS: Fixes June 13 as Last Day to File Claims
-----------------------------------------------------------
Tiale Investments Limited requires its creditors to file their
proofs of debt by June 13, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
Vivian Judith Fatupaito
Colin Thomas McCloy
c/o PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
* Moody's Says NZ Banks Weathering Sub-prime Crisis Well
--------------------------------------------------------
Moody's Investors Service says that Australian banks and their
New Zealand subsidiaries are weathering well the stresses in
financial markets following the sub-prime crisis and despite
significant structural reliance on wholesale funding.
"At the same time, the extended global liquidity crisis is
creating longer-term credit negatives which, at the margin, have
the potential to impact some ratings of Australian and New
Zealand banks," says Patrick Winsbury, a Moody's Senior Vice
President.
Winsbury was speaking in conjunction with the release of his new
report, entitled, "Impact of Global Liquidity Crisis on
Australian Bank Ratings: An Update."
In explaining the ability of the banks to fund well -- if at
higher cost -- at home and abroad, Winsbury identified various
key factors.
"The strong asset quality of Australian banks and their New
Zealand subsidiaries, including minimal exposure to sub-prime-
related asset classes, has continued to underpin global investor
confidence in them," says Winsbury.
In fact, Australian banks significantly raised their liquid
assets early in the crisis, a move which supported rating
stability through Q3 and Q4 2007.
In addition, the broadening of repo-eligibility criteria by the
Reserve Bank of Australia to include RMBS, has preserved some of
the alternate liquidity potential of the large mortgage books of
the banks.
"Other supportive factors include sound risk-adjusted
profitability and capital coverage, growing domestic investor
appetite as bank debt yields have risen, and strong deposit
growth as equity markets contract," says Winsbury.
"Furthermore, there is the presence of a supportive regulatory
environment and smoothly functioning central bank liquidity
provision mechanisms, although emergency funding has not been
required," adds Winsbury.
On the longer-lasting credit negatives, Winsbury lists the
shortening of new issue tenors, which is increasing the volume
of funding to be rolled-over in 2009, and global deleveraging
that may decrease investor appetite for and/or increase the cost
of securitisation for a prolonged period.
In this context, business models predicated on the availability
of plentiful and cheap securitisation funding are requiring
extensive adjustment. To date, rated lenders that fall into
this category have had their credit profiles supported by good
access to alternate funding -- be it through merger, as in the
example of Adelaide Bank, or renewed depositor and debt investor
interest as rates have risen and equity markets cooled.
"And any indications that institutions may be favouring (i)
lower-cost/shorter-tenor funding over higher-cost/longer-tenor
funding, or (ii) asset growth over capital building are likely
to be viewed as rating negative," says Winsbury.
"On the more positive front, we should note that there are also
other frequently-discussed pressures that we do not anticipate
to be sufficiently severe enough to negatively impact Australian
and New Zealand bank ratings," says Winsbury.
"Such factors are downward rating pressure on the financial
guarantors, downward rating pressure on the mortgage insurers,
asset quality deterioration and capital constraints," says
Winsbury.
"In actual fact, Australian bank exposures to the financial
guarantors, such as MBIA, FGIC and AMBAC, are low, and relate
principally to Australian infrastructure debt (project finance
and utilities) that has been credit-wrapped," says Winsbury.
Winsbury's report -- which is based on prepared remarks
presented at Moody's Investor Briefings in Sydney and Melbourne
on March 27 and 28 -- can be found at http://www.moodys.com/
=================
S I N G A P O R E
=================
BARTLEY CONSORTIUM: Members' Final Meeting Set for May 5
--------------------------------------------------------
Bartley Consortium Pte. Ltd., which is in voluntary liquidation,
will hold a final meeting for its members on May 5, 2008, at
10:00 a.m., at 1 Scotts Road, in #21-07/08/09 Shaw Centre,
Singapore 228208.
Madam Chia Lay Beng is the company's liquidator.
GENESIS ORIGINS: Court Enters Wind-Up Order
-------------------------------------------
On March 28, 2008, the High Court of Singapore entered an order
to have Genesis Origins Pte. Ltd.'s operations wound up.
NTUC Fairprice Co-operative Limited filed the petition against
the company.
NTUC Fairprice's solicitor is:
Bih Li & Lee
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118
PALM STAR: Creditors' Proofs of Debt Due May 4
----------------------------------------------
Creditors of Palm Star Lines Pte Ltd. are required to file their
proofs of debt by May 4, 2008, to be included in the company's
dividend distribution.
The company's liquidator is:
Aw Eng Hai
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of Commerce & Industry Building
Singapore 179365
SMSHUB PTE: Court to Hear Wind-Up Petition on April 18
------------------------------------------------------
A petition to have SMSHUB Pte Ltd.'s operations wound up will be
heard before the High Court of Singapore on April 18, 2008, at
10:00 a.m.
Malayan Banking Berhad filed the petition on March 20, 2008.
Malayan Banking's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
TIMES PRESS: Requires Creditors to File Claims by May 5
-------------------------------------------------------
The Times Press Foundation (Singapore) Private Limited requires
its creditors to file their proofs of debt by May 5, 2008, to be
included in the company's dividend distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808
===============
T H A I L A N D
===============
BLOCKBUSTER INC: Earns US$38MM in 4th Quarter Ended January 6
-------------------------------------------------------------
Blockbuster Inc. reported financial results for the fourth
quarter and full-year ended Jan. 6, 2008.
For the fourth quarter of 2007, net income was US$38.1 million,
an improvement of US$29.8 million as compared with net income of
US$8.3 million for the fourth quarter of 2006. Adjusted net
income for the fourth quarter of 2007, which excludes severance
costs and certain other items, totaled US$54.9 million as
compared with adjusted net income of US$21.1 million for the
fourth quarter of 2006.
"The year 2007 was one of transition for Blockbuster," Jim
Keyes, Blockbuster chairman and CEO, said. "During the last
half of the year, we established financial stability and took
decisive steps to grow our rental business, diversify revenue
streams and broaden channels of distribution."
"Most notably, through aggressive cost reductions, the
repositioning of our subscription programs, and a renewed focus
on store merchandising, we gained momentum in both sales and
earnings," Mr. Keyes added. "Building on our fourth quarter
growth in year-over-year revenues and improvement in operating
income, we are well positioned to return the company to
profitability in 2008."
Cash flow provided by operating activities decreased by
US$14.7 million from US$159.9 million for the fourth quarter of
2006 to US$145.2 million for the fourth quarter of 2007. The
decrease was driven by changes in working capital.
Free cash flow for the fourth quarter of 2007 was essentially
flat at US$122.8 million as compared to the same period last
year. During the fourth quarter of 2007, the company paid down
approximately US$79.2 million in debt, including the entire
balance outstanding under its revolving credit facility at
Sept. 30, 2007.
At Jan. 6, 2008, the company's total debt, including capital
lease obligations was US$757.8 million compared with US$984.2
million in Dec. 31, 2006.
For the full-year 2007, net loss totaled US$85.1 million as
compared with net income of US$39.2 million for 2006. Excluding
gain on the sale of GAMESTATION(R), severance and lease
termination costs and certain other items, adjusted net loss for
the full-year 2007 totaled US$135.6 million compared with
adjusted net loss of US$1.6 million in 2006.
Restatement
The company restated, in its Form 10-K for the fiscal year ended
Jan. 6, 2008, its reported consolidated financial statements for
each of the fiscal years ended Dec. 31, 2006, and 2005 and its
condensed consolidated financial information for each of the
interim periods of fiscal years 2007 and 2006 to correct
identified errors. The company is not withdrawing reliance on
its financial statements for the fiscal years ended Dec. 31,
2006, and 2005, or for any of the interim periods of fiscal
years 2007 and 2006, because the company has determined that
these financial statements can still be relied upon.
The effects of the restatement on income from continuing
operations were:
-- Thirty-nine weeks ended Sept. 30, 2007 - increase of
US$1.9 million from reported loss from continuing
operations of US$118.0 million to a restated amount of
US$116.1 million.
-- Fiscal year ended Dec. 31, 2006 - decrease of US$4.2
million from reported income from continuing operations of
US$67.9 million to a restated amount of US$63.7 million.
-- Fiscal year ended Dec. 31, 2005 - increase of US$4.2
million from reported loss from continuing operations of
US$548.3 million to a restated amount of US$544.1 million.
In consideration of the errors that led to this restatement, the
company reported in its Form 10-K for the year ended Jan. 6,
2008, two material weaknesses in its internal controls over
financial reporting. The material weaknesses were related to
accounting for general and administrative expense accruals and
accounting for foreign currency translation adjustments.
About Blockbuster Inc.
Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia. The company also
operates in Taiwan, Thailand, and New Zealand.
* * *
As reported in the Troubled company Reporter on Dec. 28, 2007,
Fitch Ratings affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'. The rating outlook is stable. The company had
approximately $991 million of debt outstanding as of
Sept. 30, 2007.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 10-11, 2008
Moody's Investors Service
Introduction to Credit Derivatives - Structures &
Applications
Singapore
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April 14-15, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
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April 17-18, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
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April 25-27, 2008
National Association of Bankruptcy Judges
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
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May 1-2, 2008
American Bankruptcy Institute
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
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May 5-6, 2008
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Islamic Bank Analysis
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May 7-9, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Hong Kong
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May 9, 2008
American Bankruptcy Institute
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
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Web site: http://www.abiworld.org/
May 12, 2008
American Bankruptcy Institute
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
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May 12-14, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Sydney, Australia
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May 13-16, 2008
American Bankruptcy Institute
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
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May 18-20, 2008
International Bar Association
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
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May 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Seoul, South Korea
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May 22, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Seoul, South Korea
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June 2-4, 2008
Moody's Investors Service
Corporate Credit Analysis Series: General Corporate Credit
Singapore
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June 5, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
Contact: http://www.moodys.com/trainingservices
June 4-7, 2008
Association of Insolvency & Restructuring Advisors
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Web site: http://www.airacira.org/
June 12-14, 2008
American Bankruptcy Institute
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
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June 18-20, 2008
Moody's Investors Service
Bank Credit Risk Analysis
Singapore
Web site: http://www.moodys.com/trainingservices
June 19-21, 2008
ALI-ABA
Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
Drafting, Securities, and Bankruptcy
Omni Hotel, San Francisco, California
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June 23, 2008
Moody's Investors Service
Hedge Fund Analysis
Singapore
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June 24-25, 2008
Moody's Investors Service
Sovereign and Sub-Sovereign Analysis
Singapore
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June 26, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Singapore
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June 26-29, 2008
Norton Institutes on Bankruptcy Law
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
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July 1-2, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Sydney, Australia
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July 3, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Sydney, Australia
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July 4, 2008
Moody's Investors Service
Analyzing and Rating Hybrid Securities
Sydney, Australia
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July 10-13, 2008
American Bankruptcy Institute
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
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July 31 - Aug. 2, 2008
American Bankruptcy Institute
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
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August 16-19, 2008
American Bankruptcy Institute
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
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August 20-24, 2008
National Association of Bankruptcy Judges
NABT Convention
Captain Cook, Anchorage, Alaska
Web site: http://www.nabt.com/
September 4-5, 2008
American Bankruptcy Institute
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Web site: http://www.abiworld.org/
September 4-6, 2008
American Bankruptcy Institute
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
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September 8, 2008
Moody's Investors Service
Financial Statement Adjustments and Ratios
Hong Kong
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September 22-23, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Singapore
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September 24-26, 2008
International Women's Insolvency & Restructuring Confederation
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Web site: http://www.ncbj.org/
September 24-27, 2008
National Conference of Bankruptcy Judges
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Web site: http://www.iwirc.org/
October 9, 2008
Turnaround Management Association
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Web site: http://www.turnaround.org/
October 15-16, 2008
Moody's Investors Service
High Yield and Leveraged Finance Credit Analysis
Seoul, South Korea
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October 22-23, 2008
Moody's Investors Service
Securities Firms Analysis \u2013 Including Broker-Dealers
Hong Kong
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October 24, 2008
Moody's Investors Service
Hedge Fund Analysis
Hong Kong
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October 27, 2008
Moody's Investors Service
Economic Capital: Pillar II and ICAAP under Basel II
Hong Kong
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October 28-29, 2008
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Sovereign and Sub-Sovereign Analysis
Hong Kong
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October 28-29, 2008
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High Yield and Leveraged Finance Credit Analysis
Hong Kong
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October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
November 4-5, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Hong Kong, China
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November 11-12, 2008
Moody's Investors Service
Introduction to Collateralised Debt Obligations (CDOs)
Hong Kong
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November 13-14, 2008
Moody's Investors Service
Introduction to Credit Derivatives-Structures & Applications
Hong Kong
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November 17-19, 2008
Moody's Investors Service
Fundamentals of Debt Capital Markets and Instruments
Singapore
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November 17-18, 2008
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Corporate Credit Rating Analysis
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November 20-21, 2008
Moody's Investors Service
Corporate Credit Rating Analysis
Shanghai, China
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December 3-5, 2008
American Bankruptcy Institute
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
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TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
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May 7-10, 2009
American Bankruptcy Institute
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
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June 11-13, 2009
American Bankruptcy Institute
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
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June 21-24, 2009
International Association of Restructuring, Insolvency &
Bankruptcy Professionals
8th International World Congress
TBA
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July 16-19, 2009
American Bankruptcy Institute
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
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September 10-12, 2009
American Bankruptcy Institute
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
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October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
December 3-5, 2009
American Bankruptcy Institute
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
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October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
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*********
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
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or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
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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
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sheet for liabilities that may never materialize. The prices at
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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, Frauline
Abangan, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***