/raid1/www/Hosts/bankrupt/TCRAP_Public/080414.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
Monday, April 14, 2008, Vol. 11, No. 73
Headlines
A U S T R A L I A
ALLCO FINANCE: Bankers Extend Debt Review Period to May 2
AUST WIDE: Members Resolve to Liquidate Business
AUSTRALIAN CAPITAL: PwC Grills Phippen on Backdated Valuations
CARGOMASTER PTY: Commences Liquidation Proceedings
GEE & CEE: Liquidator to Present Wind-Up Report on April 21
HOTEL LOVE: Supreme Court Enters Wind-Up Order
HOTEL OUTLAW: Court Releases Wind-Up Order
LIFT CAPITAL: Placed Under Administration
OPES PRIME: Mick Gatto Finds No Hidden Assets in Singapore
OPES PRIME: Court Sets April 21 Hearing on Beconwood Claim
PSIVIDA LIMITED: Files Quarterly Cash Flow Statement
ROSS SMITH: Placed Under Voluntary Liquidation
VERONA ENTERPRISES: Placed Under Voluntary Liquidation
VICALU PTY: Members' Final Meeting Set for April 18
C H I N A & H O N G K O N G & T A I W A N
BANK OF COMMUNICATION: Inks Partnership Deal With Geo Genesis
CHINA EASTERN: Chongqing Consultancy Predicts 2007 Profit
CHINA EASTERN: Operations at Yunnan Unit Back to Normal
CHINA MERCHANTS: Estimates Net Profit Up 140%
CHINA VOIP: Kabani & Company Expresses Going Concern Doubt
GOLDMEN ELECTRON: Court to Hear Wind-Up Proceedings on April 30
GRAND TOYS INT'L: Plans to Downsize Unit's China Operations
HIGHFIT DEV'T: Court to Hear Wind-Up Proceedings on April 16
INTELSAT: Affiliate Launches Change of Control Offer for Notes
KUEN SHING: Court to Hear Wind-Up Proceedings on April 23
MAXFORD GARMENTS: Appoints New Liquidators
MENTEX FASHION: Court to Hear Wind-Up Proceedings on May 14
OASIS AIRLINES: Cheung Kong May Acquire Liquidating Airline
PETROLEOS DE VENEZUELA: Signs JV Pact With China Nat'l Petroleum
PETROLEOS DE VENEZUELA: Seeks New Partner for Chalmette Plant
PIGEON INDUSTRIAL: Court to Hear Wind-Up Proceedings on April 16
ROAD KING: Moody's Affirms Ba2 Corporate Family and Bond Ratings
SAROL BEAUTY: Court to Hear Wind-Up Proceedings on April 30
TAKARAUMA (H.K.): Court to Hear Wind-Up Proceedings on April 23
WING MING: Court to Hear Wind-Up Proceedings on April 23
I N D I A
BHARTI AIRTEL: Board to Consider 4Q & Annual Results on April 25
ICICI BANK: Further Repurchases US$50MM of US$2BB 6.625% Bonds
HDFC BANK: Fixes April 30 Record Date for Proposed Dividend
TATA MOTORS: Moody's Reviewing Ba1 Corporate Family Rating
TATA POWER: IFC Extends US$450MM Loan for 4,000MW Mundra Project
TATA TELESERVICES: To Sell Passive Tower to New Unit
I N D O N E S I A
ADARO INDONESIA: Hires Danatama Makmur to Handle IPO in Sept.
MEDCO ENERGI: Inks USS$55MM Investment With Singapore Firms
PERUSAHAAN LISTRIK: Signs Coal Purchase Deal for Power Plant
PERUSAHAAN LISTRIK: Shell Inks IDR18.4 Trillion Fuel Supply Pact
J A P A N
ALITALIA SPA: Sets April 15 Meeting With Unions
DELPHI CORP: Moody's Withdraws Low-B Prospective Debt Ratings
FUJI HEAVY: To Transfer 61 Million Shares to Toyota Motor
MIZUHO FINANCIAL: Revises Earnings Estimates for FY2008
K O R E A
KOREA HINET: Acquires 6.32% Stake in CTL Inc.
KENERTEC CO: Converts KRW2.7 Million Shares to Bonds
MAGNACHIP SEMICONDUCTOR: Expands Position in Toy Market
MAGNACHIP SEMICON: To Hold 1Q 2008 Conference Call on April 24
MIJU MATERIAL: To Repurchase 780,000 Shares Worth KRW1.3 Billion
N E W Z E A L A N D
CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
FANTASTIC HOMES: Appoints Kevin John Gilligan as Liquidator
NATIONAL MORTGAGE: Taps Heath and Lamacraft as Liquidators
NISHAK LTD: Fixes April 18 as Last Day to File Claims
OMEGA SOLUTIONS: Commences Liquidation Proceedings
PEARL WORLD: Wind-Up Petition Hearing Set for April 18
TORVERG PROPERTIES: Appoints Bastion as Liquidator
TROOP BUILDERS: Taps Parsons and Kenealy as Liquidators
P H I L I P P I N E S
SAN MIGUEL: Lowers Price Range for Domestic Beer Unit's IPO
S I N G A P O R E
LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87MM
T H A I L A N D
BANK OF AYUDHYA: Moody's Ups Bank Financial Strength Rating to D
FEDERAL-MOGUL: Committee's Special Counsel Seeks US$4.1MM Fee
SIAM COMMERCIAL: Moody's Affirms Positive Outlook on D+ BFSR
SIAM COMMERCIAL: Deutsche Securities Cuts Bank from Buy to Hold
SIAM COMMERCIAL: Sells THB8 Billion Bad Debt to Keep Target
- - - - -
=================
A U S T R A L I A
=================
ALLCO FINANCE: Bankers Extend Debt Review Period to May 2
---------------------------------------------------------
Allco Finance Group Limited's bankers extended the debt review
period to May 2, reports say.
According to AdelaideNow, the review was triggered by a so-
called "review event" earlier this year when Allco's market
capitalization fell below AU$2 billion.
The review period relates to as much as AU$1.15 billion in
loans, spokeswoman Christine Bowen told Bloomberg News in an
interview.
Bloomberg relates that Allco has AU$250 million of the debt due
on May 2 and AU$900 million due in September 2009. A further
AU$350 million in loans, which is not included in the review,
will expire in November 2012, with an option to be reset for a
further five years, Stuart Kelly at Bloomberg reports.
Bloomberg says the company's lenders include ABN Amro Holding
NV, Commonwealth Bank of Australia and Westpac Banking Corp.
According to AdelaideNow, Allco said its lenders also had the
right to extend the review period again. "Allco advises that
constructive discussions are continuing with the senior banks in
relation to a restructure of the senior debt," AdelaideNow
relates citing a company statement.
About Allco Finance
Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets. Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines. In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services. In July 2007, it acquired
Allco Equity Partners Ltd. In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.
Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:
-- Meeting a fast-approaching deadline to refinance at least
US$250 million in debt.
-- Ensuring there is enough cash to cover its continuing,
and much larger, loan commitments.
-- Renegotiating or pulling out of a recently announced
joint venture deal to buy US$1.7 billion of US power
stations, of which Allco would fund half by debt and
equity.
-- Signing the company's accounts, for which they will be
personally liable, that would allow the suspension on
Allco's beleaguered shares to be lifted.
AUST WIDE: Members Resolve to Liquidate Business
------------------------------------------------
Aust Wide Bat Company Pty. Limited's members agreed on March 4,
2008, to liquidate the company's business. The company has
appointed David Anthony Hurst and Andrew Hugh Jenner Wily to
facilitate the sale of its assets.
The liquidators can be reached at:
David Anthony Hurst
Andrew Hugh Jenner Wily
c/o Armstrong Wily Chartered Accountants
75 Castlereagh Street, Level 5
Sydney, New South Wales 2000
Australia
AUSTRALIAN CAPITAL: PwC Grills Phippen on Backdated Valuations
--------------------------------------------------------------
Anthony Klan of The Australian reports that the New South Wales
Supreme Court heard Peter Phippen's response regarding
allegations that he provided backdated property valuations and
produced appraisals well above recent sale prices to Australian
Capital Reserve.
According to The Australian, PricewaterhouseCoopers, the
company's liquidator, questioned Mr. Phippen of Abbotts Valuers
why he valued three lots of land at Werrington at
AU$14.7 million when three weeks before a larger parcel
including those lots had changed hands for AU$8.5 million.
Mr. Klan relates that one of the valuations Mr. Phippen
allegedly undertook had been prepared on September 25, 2005, but
was dated September 14. Mr. Phippen also allegedly used sales
made 21 months earlier to value a parcel of land, the report
adds.
The Australian reports that Mr. Phippen said he had used those
sales because "they were the only ones that were available."
Mr. Klan relates that Mr. Phippen told PwC investigators he
could not explain why he had not included information in the
report explaining his decision to use those outdated sales.
Neither could he explain why the report did not include
information about how the property market had changed in that
21-month period, Mr. Klan notes.
Mr. Phippen told the Court that it was not unusual for valuers
to value properties at an earlier point in time.
PwC is examining 12 key figures associated with the collapse of
Australian Capital Reserve.
The Troubled Company Reporter-Asia Pacific reported on April 11,
2008, that PwC also investigated the sale of a coastal apartment
at a AU$200,000 discount to Mr. Phippen's mother. The apartment
was valued at AU$549,000 but sale documents showed it was sold
for AU$349,000. Mr. Phippen had responded that he had undergone
heart surgery "a few years ago" and this could have affected his
memory.
About Australian Capital
Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- an investment group based in
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007. According to a
report by the Troubled Company Reporter-Asia Pacific on June 7,
2007, the Australian and Securities and Investments Commission
issued an Interim Stop Order on the 9th prospectus due to some
concerns relating to disclosure in the prospectus.
ACR finances the activities of Estate Property Group, and ACR
raises money from the public by issuing unsecured deposit notes
to public investors and loans those funds to EPG to finance its
various property activities. As a result of the funding, ACR
was able to raise over AU$300 million between 2000 and 2007
through the issue of nine prospectuses conveyed the ASIC report.
CARGOMASTER PTY: Commences Liquidation Proceedings
--------------------------------------------------
Cargomaster Pty. Limited's members and creditors agreed on
March 4, 2008, to liquidate the company's business. The company
has appointed John Greer to facilitate the sale of its assets.
The liquidator can be reached at:
John Greer
John Greer, Chartered Accountant
276 Pitt Street, Level 7
Sydney
Australia
GEE & CEE: Liquidator to Present Wind-Up Report on April 21
-----------------------------------------------------------
Gee & Cee Family Cars Pty. Ltd. will hold a joint meeting for
its members and creditors at 10:00 a.m. on April 21, 2008.
During the meeting, the company's liquidator, Keiran Hutchison
at Ernst & Young, will provide the attendees with property
disposal and winding-up reports.
The liquidator can be reached at:
Keiran Hutchison
Ernst & Young Chartered Accountants
680 George Street, Level 37
Sydney, New South Wales 2000
Australia
HOTEL LOVE: Supreme Court Enters Wind-Up Order
----------------------------------------------
On March 6, 2008, the Supreme Court of New South Wales entered
an order to have Hotel Love Pty. Limited's operations wound up.
D. I. Mansfield was appointed as liquidator.
The liquidator can be reached at:
D. I. Mansfield
Moore Stephens Chartered Accountants
460 Church Street, Level 6
Parramatta, New South Wales 2150
Australia
HOTEL OUTLAW: Court Releases Wind-Up Order
------------------------------------------
The Supreme Court of New South Wales entered an order to have
Hotel Outlaw Pty. Limited's operations wound up.
The company's liquidator is:
D. I. Mansfield
Moore Stephens Chartered Accountants
460 Church Street, Level 6
Parramatta, New South Wales 2150
Australia
LIFT CAPITAL: Placed Under Administration
-----------------------------------------
Tony McGrath and Joseph Hayes of corporate recovery and advisory
firm McGrathNicol were appointed as Voluntary Administrators of
Lift Capital Partners Pty Limited and Lift Capital Nominees
No. 1 Pty Limited on April 10, 2008.
Lift Capital operates as a margin lender and has approximately
1,600 clients with interests predominantly in listed shares and
managed funds.
A secured creditor has a fixed charge over the listed shares
secured against funds advanced to Lift Capital. It is expected
that a significant surplus of funds will be available to Lift
Capital once the secured creditor has been repaid.
One of the Administrators, Tony McGrath, said in a statement
that “it is too early to speculate on the ultimate return to
creditors and investors. However, it appears that the
underlying value in the shares is good and it is expected that a
reasonable return will be achieved. The immediate focus will be
to work closely with management and other external parties to
ensure that the value in the business is preserved.”
Regular updates will be posted on the Lift Capital Web site in
the coming days to inform investors on the status of their
investments.
An investor information phone line will also be established,
details of which will be available on the Lift Capital Web site.
The Administrators’ focus will be to gather information to
convey to creditors and investors and no further details are
available at this time.
A meeting of creditors will be convened for April 22, 2008, and
creditors will receive information about that meeting in the
post in the coming days. A full update will be provided to
creditors at that meeting.
George Lekakis of Herald Sun reports that Merrill Lynch is
believed to have had more than $500 million at stake with the
failed broker which is owned by directors Robert Bucci and
Joseph Nakat.
Valerina Changarathil of AdelaideNow relates that though there
is no suggestion of irregularity, Lift Capital also lends money
to buy secondary stocks and sells loans for shares against
property. Ms. Changarathil notes that Lift Capital's failure
follows close on the collapse of fellow securities lending
specialist Opes Prime.
According to Herald Sun, Senator Nick Sherry, the minister for
superannuation and corporate law, said the Australian Securities
and Investments Commission will investigate the collapse of Lift
Capital. "There's an operational investigation underway,"
Senator Sherry told reporters in Melbourne, the newspaper
relates. "ASIC will make the detailed public announcements
about the aspects of the investigation as it goes forward,"
Senator Sherry added, according to the report.
About Lift Capital
Lift Capital -- http://www.liftcapital.com.au/-- is an
Australian owned, independent (non-bank owned) financial
services provider, specialising in lending against structured
equity products principally against listed shares and interests
in managed funds. The company's products enable its clients to
borrow money to invest in a wide range of assets. Lift Capital
may take a mortgage over these assets to secure the loan.
OPES PRIME: Mick Gatto Finds No Hidden Assets in Singapore
----------------------------------------------------------
Paige Taylor of The Australian reports that gangland boss turned
industrial mediator Mick Gatto returned to Melbourne on Friday
empty-handed.
As previously reported by the Troubled Company Reporter-Asia
Pacific, Mr. Gatto and a group of Melbourne business associates
left Australia on April 8 to hunt down more than AU$1 billion
worth of assets they believe are hidden by Opes Prime Group Ltd.
According to Ms. Taylor, Mr. Gatto met with Opes Prime's key
Singapore executives -- Jay Moghe, Gordon Browne and Raj Maiden
-- Thursday night and found that they had no hidden assets and
had done nothing wrong. "These guys are just as innocent as the
victims," Mr. Gatto told The Australian. "Unfortunately we are
not coming back with bags of money but we have certainly got a
lot of information that we can use back in Melbourne." Mr.
Gatto was accompanied by John Khoury and Matt Tomas.
According to the report, the meeting's location was changed
twice because Mr. Moghe, the sole shareholder and director of an
Opes-linked company called Riqueza, had reportedly feared for
his family over Mr. Gatto's visit. Mr. Gatto told Ms. Taylor he
was horrified that Mr. Moghe would assume he might hurt his wife
and children.
In a separate report, Gary Hughes of The Australian relates it
is believed that Australian Federal Police are monitoring Mr.
Gatto's movements overseas. Mr. Hughes reports that Victorian
detectives, already investigating a web of companies linked to
Mr. Gatto's associates and suspected of being involved in money
laundering, are understood to be expanding the scope of their
inquiries to include links to Opes Prime. "The move raises the
prospect that police might freeze any money recovered by Mr.
Gatto and his associates under proceeds of crime legislation,"
Mr. Hughes writes.
One Victorian detective told The Australian that it was
intriguing the way that Mr. Gatto, who had been attempting to
stay out of the public eye, was suddenly giving media interviews
and talking freely about his involvement in Opes Prime.
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: Court Sets April 21 Hearing on Beconwood Claim
----------------------------------------------------------
Norrie Ross and George Lekakis of Herald Sun report that federal
court judge Ray Finkelstein will hear on April 21, a claim by
Beconwood Securities to recover three parcels of shares it
passed to Opes Prime Group Ltd. as part of a margin lending
facility in August 2007.
According to the report, this could turn into a test case for
others fighting to stop ANZ Bank from selling off their shares.
Messrs. Ross and Lekakis relate that Justice Finkelstein
acknowledged that there were clients of Opes Prime around
Australia waiting for a court to determine the exact status of
their shares and whether secured creditors had first call on
them.
"I want to determine what the agreement means," Herald Sun
quotes Justice Finkelstein. "This is a live issue right around
the country."
The report notes that ANZ grabbed the three parcels of
Beconwood's shares when Opes Prime collapsed and then sold off
two parcels, in Jumbuck Entertainment and Destra Corporation,
before Beconwood's directors could take legal action to stop the
sales.
ANZ is currently prevented by an injunction from selling the
remaining parcel.
According to Messrs. Ross and Lekakis, Beconwood and its
managing director Paul Choiselat are fighting to stop ANZ's grab
of its shares, claiming that it had an "equity of redemption"
for them similar to the legal position of the holder of a
mortgage.
"Counsel for ANZ, Jonathan Beach, QC, described the Beconwood
case as weak and accused Mr. Garner of trying to breathe life
into his clients' equitable interest in the shares," Messrs.
Ross and Lekakis write.
ANZ Under Fire
The Australian Shareholders Association last week slammed ANZ
for its involvement in the financial backing of Opes Prime,
Katherine Jimenez and Susannah Moran report for The Australian.
According to The Australian, the ASA called on the Australian
Securities Exchange to investigate ANZ over its delayed
disclosure on substantial shareholder notices in companies
relating to Opes: "We would like to see the ASX deal with the
issue of ANZ not disclosing within the time frame that they were
meant (to) around substantial shareholder notices. There really
can't be one rule for one company and one rule (for) another
company."
Vanessa Burrow of The Age reports that as of April 10, ANZ had
completed about 60% of its share liquidation program, as it
attempts to recover AU$650 million. An ANZ spokesman said,
according to Ms. Burrow, while management is "mindful" of ANZ's
reputation, its focus was the orderly sell down of the portfolio
that was secured against Opes Prime's borrowings.
Brokers are concerned the messy collapse of Opes Prime is
damaging the reputation of Australia's financial markets, Ms.
Burrrow relates. The "fiasco" is making investors worry about
the integrity of Australia's financial markets, Shadforths
private client adviser Raimond Aide told The Age.
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.
PSIVIDA LIMITED: Files Quarterly Cash Flow Statement
----------------------------------------------------
pSivida Limited filed its Quarterly Cash Flow Statement for the
quarter ended December 31, 2007, with the Australian Stock
Exchange.
* Cash Flow
The cash balance at December 31, 2007 was AU$11.2m (US$9.8m), a
decrease of AU$7.3m (US$6.7m) from the balance at September 30,
2007. During the quarter, net cash used in operating activities
was AU$7.2m (US$6.4m). Medidur development costs were AU$910k
higher in quarter ended December 31 2007 than the previous
quarter. Medidur development costs in the quarter ending March
2008 are expected to be significantly lower than the most recent
quarter. Cash royalties from Retisert were AU$307k lower than
the previous quarter due to the royalty advance agreement with
Bausch and Lomb.
In January 2008, pSivida received AU$562k (US$500k) as a first
payment from the sale of its pSiNutria business and pSivida
expects to shortly receive the first R&D support payment of
AU$562k (US$500k) from Pfizer as part of the Company's ongoing
R&D collaboration. These and future scheduled payments will
positively impact the Company’s cash position going forward and
the Company continues to pursue sources of non-dilutive capital.
* Retisert
Subsequent to December 31, 2007, Bausch and Lomb will retain
100% of the next US$3.6m (AU$4.1m) of Retisert(R) royalties
otherwise payable to pSivida in accordance with a royalty
advance agreement the Company entered into in June 2005.
Royalties otherwise payable to pSivida for the quarter ended
December 31, 2007 were US$541k (AU$608k), which represents a 6%
increase from US$510k (AU$601k) for the quarter ended Sept. 30,
2007 and a 33% increase from US$406 (AU$527k) for the quarter
ended December 31, 2006. Retisert(R) is the only FDA-approved
treatment for posterior uveitis, a chronic eye disease.
* pSivida to receive first R&D payments from Pfizer
The Company expects to shortly receive US$500k as the first
quarterly research and development payment from Pfizer under the
terms of the exclusive worldwide Collaborative Research and
License Agreement signed in April 2007 for pSivida’s controlled
drug delivery technologies in ophthalmic applications. Under
the terms of that agreement, pSivida will receive up to
US$153.5m in development and sales related milestones. Pfizer
has already invested US$11.5m in pSivida making Pfizer the
largest shareholder in Company holding approximately 10% of all
outstanding shares.
* BrachySil for Pancreatic Cancer Study Results
The results of the Phase IIa clinical trial of BrachySilTM for
the treatment of advanced, inoperable pancreatic cancer were
presented at American Society of Clinical Oncology-GI (ASCO-GI).
Seventeen patients were treated with BrachySil (32P—radioactive
Phospherous combined with BioSilicon) directly into the tumor in
combination with standard chemotherapy at two major oncology
hospitals in the UK and one in Singapore. The trial, designed as
a safety study, showed BrachySil was safe and easily
administered. Data also showed disease control in 82% of
patients treated with BrachySil and an overall median survival
time of 309 days. A Phase IIb dose ranging study is planned to
commence this quarter.
Pancreatic cancer is the 4th highest cause of death by cancer in
the US. Median survival for people with inoperable primary
pancreatic cancer (over 80% of pancreatic cancer patients) is
typically less than 6 months using standard chemotherapy.
* pSiNutria business sold to Intrinsiq
The assets of pSiNutria Limited, a wholly owned subsidiary of
pSivida, were sold to Intrinsiq, a UK based company in January
2008. pSiNutria was established to develop applications of the
Company’s BioSiliconTM technology for the food industry and the
sale of this asset continues to sharpen the Company’s focus on
our core business – therapeutic delivery.
Terms of the agreements include:
(a) pSivida has sold and licensed intellectual property and
other assets related to nutraceuticals and food science
applications of BioSiliconTM to Intrinsiq.
(b) Intrinsiq is obligated to make a series of payments
totaling US$1.23m in the first year following this
closing of this transaction, $500k of which was received
in January.
(c) Provided the license is in place, Intrinsiq is obligated
to pay royalties with minimum royalty payments of
US$3.95m over approximately the next 6 years, $500k of
which would be payable 18 months after the closing.
(d) pSivida retains all rights outside the food science
arena.
* Enrolment competed for pivotal Phase III study of
Medidur(TM) for DME
Enrolment was completed in October for the FAME(TM)
(Fluocinolone Acetonide in Diabetic Macular Edema) Study of
Medidur FA(TM) for the treatment of Diabetic Macular Edema
(DME). FAME is a double masked, randomized, multi-center study
that is following more than 900 patients in the U.S, Canada,
Europe, and India, for 36 months with safety and efficacy
assessed at two years. Alimera Sciences and pSivida are jointly
developing Medidur FA under a collaborative research and
development agreement.
More than 500,000 people in the United States have DME and this
number is expected to exceed 700,000 by the year 2010. Currently
there are no FDA-approved drug treatments for DME.
* DSMB supports continuation of pivotal Phase III study of
Medidur for DME
After completing its review of safety and efficacy data
currently available, an independent Data Safety Monitoring Board
(DSMB) in October recommended that the pivotal Phase III
clinical trial FAME(TM) Study continue under the current
protocol, without change. The trial is studying the use of
Medidur FA(TM) for the treatment of DME.
* Annual General Meeting
The Company held its Annual General Meeting in Melbourne,
Australia in November 2007 where all resolutions were passed
About pSivida
pSivida is a global drug delivery company committed to the
biomedical sector and the development of drug delivery products.
Retisert is FDA approved for the treatment of uveitis.
Vitrasert is FDA approved for the treatment of AIDS-related CMV
Retinitis. Bausch & Lomb owns the trademarks Vitrasert and
Retisert. pSivida has licensed the technologies underlying both
of these products to Bausch & Lomb. The technology underlying
Medidur for diabetic macular edema is licensed to Alimera
Sciences and is in Phase III clinical trials. pSivida has a
worldwide collaborative research and license agreement with
Pfizer Inc. for other ophthalmic applications of the Medidur
technology (excluding FA).
pSivida owns the rights to develop and commercialize a modified
form of silicon (porosified or nano-structured silicon) known as
BioSilicon, which has applications in drug delivery, wound
healing, orthopedics, and tissue engineering. The most advanced
BioSilicon(TM) product, BrachySil delivers a therapeutic, P32
directly to solid tumors and is presently in Phase II clinical
trials for the treatment of pancreatic cancer.
pSivida's intellectual property portfolio consists of 64 patent
families, 113 granted patents, including patents accepted for
issuance, and over 280 patent applications. pSivida conducts
its operations from Boston in the United States, Malvern in the
United Kingdom and Perth in Australia.
pSivida is listed on NASDAQ, the Australian Stock Exchange and
on the Frankfurt Stock Exchange on the XETRA system. pSivida is
a founding member of the NASDAQ Health Care Index and the
Merrill Lynch Nanotechnology Index.
Going Concern Doubt
After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance. In the
event of a default, the noteholder is entitled to call the full
value of the liability. This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern. Deloitte noted that the
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
ROSS SMITH: Placed Under Voluntary Liquidation
----------------------------------------------
Ross Smith Transport Pty. Limited's members and creditors agreed
on March 4, 2008, to liquidate the company's business. The
company has appointed John Greer to facilitate the sale of its
assets.
The liquidator can be reached at:
John Greer
John Greer, Chartered Accountant
276 Pitt Street, Level 7
Sydney
Australia
VERONA ENTERPRISES: Placed Under Voluntary Liquidation
------------------------------------------------------
Verona Enterprises Pty. Limited's members agreed on Feb. 28,
2008, to voluntarily liquidate the company's business. The
company has appointed Aaron K. Jones and Gregory J. Emerson to
facilitate the sale of its assets.
The liquidators can be reached at:
Aaron K. Jones
Gregory J. Emerson
Emerson Randell Young Accountants and Business Advisers
117 York Street, Level 9
Sydney, New South Wales 2000
Australia
VICALU PTY: Members' Final Meeting Set for April 18
---------------------------------------------------
D.J.F. Lombe, Vicalu Pty. Limited'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:
D.J.F. Lombe
Deloitte Touche Tohmatsu
Grosvenor Place
225 George Street
Sydney, New South Wales 2000
Australia
==================================================
C H I N A & H O N G K O N G & T A I W A N
==================================================
BANK OF COMMUNICATION: Inks Partnership Deal With Geo Genesis
-------------------------------------------------------------
Geo Genesis Group Ltd. and its wholly owned subsidiary Qingdao
China Partners Investment Advisory Co. Ltd. have signed a
strategic partnership agreement with the Qingdao office of Bank
of Communications Co. Ltd. to provide comprehensive financial
services to joint clients, Thomson Financial News reports.
The parties will work together to provide mixed equity and debt
fund-raising services, using Bank of Communications' fund-
raising instruments including loan, trust and financial leasing
services and Geo Genesis Group's equity capital raising
services, Geo Genesis told Thomson Financial. Bank of
Communications will coordinate and assist Geo Genesis with
access to the bank's other branches, including Shanghai and Hong
Kong.
Geo Genesis will also coordinate and assist the corporate
finance departments of the bank with access to certain
investment banks in the United States, United Kingdom and other
international jurisdictions, to provide comprehensive fund-
raising and listing services to certain selected clients of the
bank, Thomson Financial relates.
Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China. As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul. The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others. Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees. The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services. The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.
The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.
On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.
CHINA EASTERN: Chongqing Consultancy Predicts 2007 Profit
---------------------------------------------------------
Chongqing Dongjin Management Consultancy Co., Ltd. predicts that
China Eastern Airlines will report profits in 2007 due to
substantial RMB appreciation, Xinhua News reports.
Currently, China Eastern takes a 24% share in China's civil
aviation transportation market, Xinhua says. China Eastern
flights account for 36.57% and 30.18% at Shanghai Hongqiao
International Airport and Shanghai Pudong Airport, respectively,
the report adds.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. Fitch said the outlook on the IDRs is stable.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
CHINA EASTERN: Operations at Yunnan Unit Back to Normal
-------------------------------------------------------
China Eastern Airlines said operations at its Yunnan subsidiary
had returned to normal, following disruptions of flights two
weeks that media reports attributed to strike action by pilots,
Reuters reports.
According to Reuters, citing a company statement issued to the
Shanghai Stock Exchange, the airline will also seriously examine
areas of management which may need improvement.
The Troubled Company Reporter-Asia Pacific previously reported
that China Eastern Airlines Corp. admitted to Bloomberg News
that some flights were intentionally aborted by pilots. A total
of 21 flights from southeastern Yunnan province were affected.
Some pilots and the general manager of China Eastern's Yunnan
unit were suspended.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. Fitch said the outlook on the IDRs is stable.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
CHINA MERCHANTS: Estimates Net Profit Up 140%
---------------------------------------------
China Merchants Bank has estimated that its net profit surged at
least 140% in the first quarter of this year from a year
earlier, Andrew Torchia of Reuters reports.
According to Mr. Torchia, the bank cited growing assets and non-
interest income, expanding interest margins, falling credit
costs and a lower corporate tax rate. In the first quarter of
last year, China Merchants made a profit of CNY2.46 billion
(US$352 million).
China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.
On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'. At the same time, the
bank's Support rating was affirmed at '3'.
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies. With the implementation of the
new methodologies, China Merchants Bank's Financial Strength
Rating is raised to D+ from D. The long-term Foreign Currency
Deposit Rating is raised to Baa3 from Ba1. The short-term
Foreign Currency Deposit Rating is raised to P-3 from NP.
Moody's said the outlook for all ratings is stable.
CHINA VOIP: Kabani & Company Expresses Going Concern Doubt
----------------------------------------------------------
Kabani & Company, Inc., in Los Angeles, California, raised
substantial doubt about China VoIP & Digital Telecom, Inc.'s
ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.
The auditing firm pointed to the company's accumulated deficit
of US$1,612,129 at Dec. 31, 2007, including a net loss of
US$1,327,907 and US$530,338 for the years ended Dec. 31, 2007
and 2006.
At Dec. 31, 2007, the company's balance sheet showed
US$9,185,216 in total assets, US$8,077,959 in total liabilities,
and US$1,107,257 in total stockholders' equity.
A full-text copy of the company's 2007 annual report is
available for free at: http://researcharchives.com/t/s?2a7d
About China VoIP
China VoIP & Digital Telecom, Inc., is principally engaged in
developing and selling computer software and hardware, digital
video pictures system; developing and selling computer network
and network audio devices, parts and low-value consumables, as
well as voice-over Internet Phone technology-related businesses.
The company relies on China Tietong, a Chinese telecom provider,
to provide VoIP services. Jinan YinQuan is a wholly owned
subsidiary of China VoIP. It has different lines of products or
services designed for individual users and enterprise users.
GOLDMEN ELECTRON: Court to Hear Wind-Up Proceedings on April 30
---------------------------------------------------------------
On March 5, 2008, Dah Sing Bank Limited filed a petition to have
Goldmen Electronic (China) Company Limited's operations wound
up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 30, 2008, to hear the petition.
The petitioners' solicitors can be reached at:
Wilkinson & Grist
Prince's Building, 6th Floor
10 Charter Road, Hong Kong
GRAND TOYS INT'L: Plans to Downsize Unit's China Operations
-----------------------------------------------------------
Grand Toys International Limited plans to downsize its printing
subsidiary’s China operations following disappointing results of
operations over the last twelve months.
The downsizing is likely to involve the sale of a significant
number of printing and other machines to pay creditors of Hua
Yang and the termination of a substantial number of employees.
Hua Yang’s China-based joint venture partners are cooperating
with the restructuring. Factors contributing to Hua Yang’s
unaudited losses during the year ended December 31, 2007 include
increasing labour costs, both due to changes in the law and the
effect of the change in value of the Remninbi in comparison to
the US dollar, the increasing cost of oil, which has impacted
freight, electricity and plastic, and changes in the way China’s
VAT is calculated.
Management expects that there will be a related impairment of
the Company’s goodwill associated with Hua Yang. As of June 30,
2007 (unaudited), the value of Hua Yang related goodwill on the
Grand Toys balance sheet was US$18.2 million. A reliable
estimate of the impairment charge is not possible at this time.
As previously announced on February 15, 2008, a term sheet has
been signed to acquire Wham-O from Cornerstone Strategic
Management Limited, a company owned and controlled by Raylin
Hsieh, the wife of Grand’s CEO and majority shareholder Mr. Jeff
Hsieh and as part of these terms Hua Yang is expected to be sold
to Mrs. Hsieh. This plan is continuing and the Company is
meeting with potential investors in the next several weeks for
the purposes of raising financing for the Wham-O acquisition.
Headquartered in Hong Kong, Grand Toys International Limited --
http://www.grand.com/-- licenses and distributes toys for
various toy makers through a number of subsidiaries. In
addition, the company's Hua Yang subsidiary manufactures pop-up,
novelty, and board books. Through its Kord brand, the company
makes party and paper products such as party hats, banners,
paper plates, and costumes. The company is undergoing a
restructuring to focus on its most profitable units.
Going Concern Doubt
After auditing Grand Toys International Limited's annual report
for the period ended Dec. 31, 2006, its independent auditor, BDO
McCabe Lo Limited, raised substantial doubt on the company's
ability to continue as a going concern, citing its loss from
operations for the year and substantial cumulative losses and
working capital deficiency.
In a reported dated October 12, 2007, the auditor noted that the
company incurred recurring losses since 2004. The company's net
loss from continuing operations (as restated) for the years
ended December 31, 2006, and 2005 amounted to US$11.3 million
and US$0.9 million, respectively. The company's cumulative
losses as of December 31, 2006, and 2005 were US$48.0 million
and US$25.5 million, respectively. Further, the company's
working capital deficiency amounted to US$9.3 million as of
December 31, 2006.
HIGHFIT DEV'T: Court to Hear Wind-Up Proceedings on April 16
------------------------------------------------------------
On February 21, 2008, Highfit Development Co. Limited's
solicitors filed a petition to have the company's operations
wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Richard M. Healy
Oldha,, Li, & Nie, Solicitors
St. George's Building, Suite 503
2 Ice House Street
Central, Hong Kong
INTELSAT: Affiliate Launches Change of Control Offer for Notes
--------------------------------------------------------------
Intelsat Ltd.'s indirect subsidiary, Intelsat Intermediate
Holding Company Ltd., commenced offering to purchase for cash
any and all of its outstanding 9-1/4% Senior Discount Notes due
2015 at a purchase price of US$869.32944 for eachUS$1,000
principal amount at maturity of Notes validly tendered, which
represents 101% of the Accreted Value.
Intelsat Intermediate Holdco is required by the terms of the
indenture governing the Notes to make this offer as a result of
the acquisition of Intelsat Holdings Ltd., the indirect parent
of Intelsat Ltd., by Intelsat Global Subsidiary Ltd. fka
Serafina Acquisition Limited, a direct subsidiary of Intelsat
Global Ltd. fka Serafina Holdings Limited, an entity formed by
funds advised by BC Partners Holdings Limited, Silver Lake
Partners and certain other equity investors.
The Acquisition constitutes a change of control under the
indenture governing the Notes.
The change of control offer will expire at 5:00 p.m., New York
City time, on May 29, 2008, and will have a settlement date of
June 3, 2008. Holders whose Notes are accepted for payment
pursuant to the offer will receive 101% of the Accreted Value of
such Notes on the Settlement Date.
Intelsat Intermediate Holdco has retained Wells Fargo Bank,
National Association to act as Depositary in connection with the
change of control offer for the Notes.
About Intelsat Ltd.
Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has offices in Brazil, China, Hong Kong, France,
Germany, India, Singapore, South Africa, the United Arab
Emirates, the United Kingdom and the United States.
* * *
As reported in the Troubled Company Reporter on Jan. 31, 2008,
Moody's Investors Service downgraded Intelsat Ltd.'s corporate
family rating by two notches to Caa1. The company's speculative
grade liquidity rating was downgraded to SGL-3 from SGL-1.
KUEN SHING: Court to Hear Wind-Up Proceedings on April 23
---------------------------------------------------------
On February 27, 2008, Chan Yiu Fai filed a petition to have Kuen
Shing Transportation Company Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Chong Yan-tung Christopher
Revenue Tower, 30th Floor
5 Gloucester Road
Wanchai, Hong Kong
MAXFORD GARMENTS: Appoints New Liquidators
------------------------------------------
Members of Maxford Garments Limited appointed John Robert Lees
and Sum Kin Keong as the company's liquidators.
The liquidators can be reached at:
John Robert Lees
Sum Kin Keong
Hong Kong Club Building, 19th Floor
3A Charter Road Central
Hong Kong
MENTEX FASHION: Court to Hear Wind-Up Proceedings on May 14
-----------------------------------------------------------
On March 11, 2008, BBS Bank (Hong Kong) Limited filed a petition
to have Mentex Fashion (HK) Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
May 14, 2008, to hear the petition.
The petitioners' solicitors can be reached at:
Michael Cheuk, Wong & Kee
Tower Two, Rooms 3203A-3205, 32nd Floor
Lippo Centre, No. 89 Queensway
Hong Kong
OASIS AIRLINES: Cheung Kong May Acquire Liquidating Airline
-----------------------------------------------------------
Cheung Kong (Holdings) Ltd. may acquire Oasis Hong Kong Airlines
Ltd. because it received a share option in exchange for a
personal loan to Oasis Airlines Chairman Raymond Lee, Wendy
Leung of Bloomberg News reports, citing Ming Pao Daily.
Cheung Kong isn't a creditor of Oasis itself, Bloomberg says.
In a separate report, The Standard relates that a Cheung Kong
spokeswoman confirmed to the paper that the Cheung Kong loan was
personal but she didn't specify the amount of loan.
Thomson Financial News says Cheung Kong Deputy Chairman Victor
Li is reportedly a good friend of Oasis founders Raymond Lee and
his wife Priscilla, and is said to have personally loaned the
couple millions of US dollars to set up Oasis.
Cheung Kong spokeswoman Wendy Tong Barnes didn't immediately
return calls for comment, Bloomberg says.
Cheung Kong (Holdings) Limited is an investment holding and
project management company. Its subsidiaries are engaged in the
field of property development and investment, hotel and serviced
suite operation, property and project management, and investment
in securities. The company also has substantial interests and
operations in life sciences and other businesses. Cheung Kong
operates in Hong Kong, the Mainland China, Asia, Europe and
North America.
About Oasis Airlines
Oasis Hong Kong Airlines commenced service in October 2006. The
airline flew daily non-stop between Hong Kong and London and 6
times weekly between Hong Kong and Vancouver. It stopped flying
on April 9, 2008. The Troubled Company Reporter-Asia Pacific
reported on April 10, 2008, that the company applied for a
voluntary liquidator. Reports said that Oasis Airlines had
accumulated losses of as much as HK$1 billion (US$128 million)
and was losing more than HK$1 million a flight. The TCR-AP,
citing Bloomberg, reported that the airline was set up by
Chairman Raymond Lee, a minister and property investor. Mr. Lee
and his wife, executive director Priscilla Lee Hwang, together
hold a stake of between 50% and 60%.
PETROLEOS DE VENEZUELA: Signs JV Pact With China Nat'l Petroleum
----------------------------------------------------------------
Petroleos de Venezuela S.A. has signed an accord with China
National Petroleum Corporation or CNPCSE Ltd. to form a new oil
services joint venture.
As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Petroleos de Venezuela disclosed plans to form a
joint venture with CNPCSE for oil operations and services.
The joint venture will strengthen the Venezuelan operations
through the use of Chinese personnel and technology to
consolidate the formers sovereignty in energy, the company told
Prensa Latina.
Business News Americas relates the new joint venture aims to
have 30% of the Venezuelan market within five years and will be
used to boost oil exports to China.
Petroleos de Venezuela's Exploration and Production Vice
President Luis Vierma said, "Our oil industry has stopped only
looking north and we now have our eyes set on the Far East."
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.
PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.
* * *
As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-. Fitch said the ratings
outlook is negative.
PETROLEOS DE VENEZUELA: Seeks New Partner for Chalmette Plant
-------------------------------------------------------------
Petroleos de Venezuela SA will seek to replace Exxon Mobil Corp.
as operator of its plant Chalmette Refining LLC in Louisiana,
USA, Bloomberg News reports.
The Venezuelan government wants a new operator for the Chalmette
oil refinery which Petroleos de Venezuela partly owns, the
Associated Press relates, citing Venezuelan Oil Minister Rafael
Ramirez.
The AP relates that Minister Ramirez said in March that
Petroleos de Venezuela started rerouting oil to China that had
previously been sent to the Chalmette plant because Exxon Mobil
had stopped buying crude for the refinery amid the two firms'
legal dispute.
Petroleos de Venezuela board member Eulogio del Pino told
Bloomberg that the firm can demand "a turn as operator of the
refinery in which it owns a 50% stake." Mr. del Pino commented
to Bloomberg, "We have the right to alternate the operator.
Under the bylaws of Chalmette, the partners have the option to
alternate operation. And we're going to use it." Mr. del Pino
further added that he didn't think Exxon Mobil would agree with
the planned change.
Exxon Mobil spokesperson Margaret Ross commented to Bloomberg,
"ExxonMobil Oil Corp. is the contractual operator of Chalmette
Refining LLC, and we continue to operate the refinery in a safe
and environmentally sound manner. It is our policy not to
comment on the specifics of our contracts. We remain open to
meaningful discussion with PDVSA [Petroleos de Venezuela."
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.
PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.
* * *
As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-. Fitch said the ratings
outlook is negative.
PIGEON INDUSTRIAL: Court to Hear Wind-Up Proceedings on April 16
----------------------------------------------------------------
On January 8, 2008, Carry On Electric Company Limited filed a
petition to have Pigeon Industrial Limited's operations wound
up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Messrs. C Y Chan & Co.
Tower 2, Room 602
Admiralty Center
18 Harcourt Road, Admiralty
Hong Kong
ROAD KING: Moody's Affirms Ba2 Corporate Family and Bond Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
and bond ratings of Road King Infrastructure Limited. The
rating action follows Road King's announcement of litigation
with respect to its disputes with the former majority
shareholders in Sunco Property Holdings Company Limited, and the
company's failure to exert control over the management of two
Tianjin property subsidiaries acquired from Sunco Property.
The outlook for both ratings remains negative.
"The rating affirmation reflects Moody's expectation that Road
King's current balance sheet liquidity provides adequate buffer
to any potential cash claims arising from the litigation," says
Peter Choy, a Moody's Vice-President and Senior Credit Office,
adding, "The projected potential liabilities are not material
relative to the company's equity base and financial size."
"Moody's believes the current negative outlook is sufficient to
capture such uncertainties and continues to reflect the
execution risks associated with Road King's 2007 acquisition of
Sunco Property," says Choy.
Moody's will continue to monitor developments surrounding the
legal proceedings and will assess any subsequent impact on Road
King's ratings. If it becomes apparent that Road King's
potential liabilities are higher than expected and could damage
its credit profile, then the ratings would be subject to
downward pressure.
Established in 1994, Road King is a Hong Kong-listed company
with investments in toll roads and property development projects
in China. As of December 2007, the company had toll road
investments of around HK$6 billion consisting of approximately
1,000 kilometers spread throughout eight provinces in China.
The company also had an attributable land bank of 6.1 million
sq. m. across nine provinces as at the end of 2007.
SAROL BEAUTY: Court to Hear Wind-Up Proceedings on April 30
-----------------------------------------------------------
On March 4, 2008, Chan Ying Wai filed a petition to have Sarol
Beauty Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 30, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Y.C. Lee, Pang, Kwok & Ip
Wing on House, 2803
71 Des Voeux Road Central
Hong Kong
TAKARAUMA (H.K.): Court to Hear Wind-Up Proceedings on April 23
---------------------------------------------------------------
On March 4, 2008, Na Bob Precision Metal Industry Limited filed
a petition to have Takarauma (H.K.) Company Limited's operations
wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Chong & Partners
BOCG Insurance Tower, 8th Floor
134-136 Des Voeux Road
Central, Hong Kong
WING MING: Court to Hear Wind-Up Proceedings on April 23
---------------------------------------------------------
On March 3, 2008, Kwan Kam Pui filed a petition to have Wing
Ming Civil Engineering & Construction Limited's operations wound
up.
The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.
The petitioners' solicitor can be reached at:
Chong Yan-tung Christopher
Revenue Tower, 30th Floor
5 Gloucester Road
Wanchai, Hong Kong
=========
I N D I A
=========
BHARTI AIRTEL: Board to Consider 4Q & Annual Results on April 25
----------------------------------------------------------------
Bharti Airtel Ltd's board of directors will hold a meeting on
April 25, 2008, inter alia, to consider and take on record the
company's financial results for the fourth quarter and financial
year ended March 31, 2008.
As previously reported by the Troubled Company Reporter-Asia
Pacific, the company recorded revenues and net profit for the
full year ended March 31, 2007, of INR18,520 crore and INR4,257
crore respectively.
Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider. The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.
* * *
Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'. Fitch said the outlook on the rating is stable.
ICICI BANK: Further Repurchases US$50MM of US$2BB 6.625% Bonds
--------------------------------------------------------------
ICICI Bank Ltd. has further repurchased and subsequently
extinguished US$50 million of its US$2 billion 6.625% bonds due
2012 issued from its Bahrain Branch on Oct. 3, 2007.
Since March, the bank has repurchased US$150 million of those
6.625% bonds. The bank repurchased US$50 million last month,
and another US$50 million in the first week of April.
The repurchase, made on on a stand-alone basis, was carried out
through open market purchases by a dealer acting on behalf of
the bank.
As previously reported in the Troubled Company Reporter-Asia
Pacific, the bank also repurchased US$50 million out of the
US$750 million 5.75% bonds due 2012, issued from its Bahrain
Branch on Jan. 12, 2007.
Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance. It also has
interests in the software development, software services and
business process outsourcing businesses. The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others. It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.
* * *
Fitch Ratings on Feb. 5, 2007, gave ICICI Bank's Subordinated
Debt a BB rating. The bank currently carries Moody's Investors
Service's Ba2 Foreign Long Term Bank Deposits rating, which was
places on Feb. 5, 2003.
HDFC BANK: Fixes April 30 Record Date for Proposed Dividend
-----------------------------------------------------------
HDFC Bank Limited, in a filing with the Bombay Stock Exchange,
said that its board of directors have fixed April 30, 2008, as
the record date for the purpose of payment of dividend for the
year ended March 31, 2008.
As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank's board will hold a meeting on April 24 to
consider the annual accounts for FY2008 and recommend
dividend.
The dividend is still subject to shareholders' approval.
Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers. The bank
operates in three segments: retail banking, wholesale banking
and treasury services. The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers. The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:
-- 'BB+' rating to the lower Tier II subordinated notes to be
issued; and
-- 'BB' rating to the upper Tier II subordinated and hybrid
Tier I notes to be issued.
TATA MOTORS: Moody's Reviewing Ba1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service continues to review for possible
downgrade the Ba1 corporate family rating of Tata Motors Ltd.
following the announcement that it has entered into a definitive
agreement with Ford Motor Company to purchase Jaguar Land Rover
comprising brands, plants and intellectual property rights for
approximately US$2.3 billion. The purchase consideration
includes approximately US$600 million to be contributed by Ford
to the JLR Pension funds.
"Moody's expects to close the review upon the completion of the
deal -- which is still subject to various regulatory approvals
-- in 2Q2008 and the rating is likely to be revised to Ba2,"
says Elizabeth Allen, a Moody's VP/Senior Credit Officer.
"Such an action would reflect the considerable challenges that
TML will face in successfully integrating such a large
operation, which only recently turned profitable, and the
immediate impact on TML"s financial profile," says Allen.
"At the same time, TML's future consolidated performance will be
predicated on whether JLR can both sustain its improved
profitability and contribute positively to TML," says Allen.
"Moody's acknowledges that JLR comprises well-recognized brands
and their product quality has improved, but the global market is
highly competitive and challenging, while JLR is a niche
player," says Allen.
"While TML enjoys a strong position in the commercial vehicle
business and in the low- and mid-end passenger vehicle segments
in India and in some developing markets, the acquisition of JLR
will expose it to the luxury products category as well as to
broader geographies, areas in which TML lacks experience. This
acquisition also comes at a time when there is intense
competition and rising cost pressure in TML's domestic market,"
says Allen.
"Furthermore, there are inherent challenges with any major M&A
transactions -- especially in the auto sector where few have
been successful -- and this deal significantly raises the
immediate business risk profile of TML," says Allen.
On the other hand, Moody's recognizes that various transition,
long term and short term, agreements have been put in place to
ensure a smooth transition.
In the long term this acquisition could elevate TML's status
from a major Indian player to a global automobile manufacturer,
enlarge its operating scale, provide access to long-established
brands, improve its technology base, and broaden its product
range. Nonetheless, the uncertainty in the near to medium term
is high.
To pay for the purchase consideration of US$2.3 billion and
JLR's contingent requirements for the future, TML has arranged
for a US$3 billion bridge loan. This will increase TML's
leverage materially in the near term.
TML plans to refinance this bridge loan with around USD1bn in
equity or equity-linked instruments and the rest with long-term
debt. While the Tata group shows good financial flexibility and
will likely support the refinancing, it is also dependent upon
general equity and credit market conditions, which have become
increasingly volatile and challenging.
The rating outlook is likely to be negative upon the completion
of Moody's rating review in second quarter of 2008. This
reflects the refinancing risk faced by TML, its weaker financial
profile, the integration risks it faces and the uncertainty of
JLR's performance under its new owner and amidst the slowing
down of car sales in the US and European markets.
Moody's notes that TML has a high reliance on domestic bank debt
which is typically uncommitted and rolled over on an annual
basis. As a result, Moody's considers TML's liquidity position
to be weak. In view of the expansion and investment plan for
TML and contingent requirements for JLR, the overall debt
requirements will remain high. Moody's notes in this context
that support for the rating at the Ba2 level comes from an
expectation that TML will retain strong access to the Indian
banking system as part of the broader Tata group.
Tata Motors Ltd., incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles. Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and
buses), utility vehicles and cars. TML is listed on the Bombay
Stock Exchange, the National Stock Exchange of India and New
York Stock Exchange. It was ultimately 33.4% owned by the Tata
Group as of December 2007.
TATA POWER: IFC Extends US$450MM Loan for 4,000MW Mundra Project
----------------------------------------------------------------
Tata Power Company Ltd. will get a US$450 million loan from the
International Finance Corporation to fund the US$4.2 billion
4,000-megawatt Ultra Mega Power Project at Mundra in Gujarat.
The US$450 million loan has a term of 20 years.
In a press release last week, IFC said it received approval from
its board of directors to invest in Tata Power's Coastal Gujarat
Power project, helping expand access to electricity in five
states of western and northern India. Coastal Gujarat Power is
a special purpose vehicle formed for the Mundra UMPP.
As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2006, Tata Power was awarded the contract to build the
the 4,000-MW coal-fired plant in Mundra. Tata Power reportedly
quoted a bid of INR2.26 per unit for the Mundra project,
outbidding Reliance Energy, Larsen & Toubro, Essar Power,
Sterlite Industries and Adani Exports.
The Mundra Plant is part of the Government of India's plan to
set up five 4,000-MW coal-fired power projects to help breach
the country's electricity deficit.
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.
TATA TELESERVICES: To Sell Passive Tower to New Unit
----------------------------------------------------
Tata Teleservices Maharashtra Ltd informed the Bombay Stock
Exchange that its board of directors has approved the hiving off
of Passive Tower Infrastructure Undertaking to a wholly owned
subsidiary of the company to be formed for that purpose.
The proposed slump sale of Passive Tower Undertaking is subject
to, among others, approval of the company's shareholders by
postal ballot.
A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services. The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.
The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended March 31, 2007,
and INR5.41 billion in FY2006.
=================
I N D O N E S I A
=================
ADARO INDONESIA: Hires Danatama Makmur to Handle IPO in Sept.
-------------------------------------------------------------
PT Adaro Indonesia hired PT Danatama Makmur as the local
underwriter to handle its initial public offering to be launched
in September, Asia Pulse reports.
According to the report, Danatama Makmur, which was selected
over three other bidders, will cooperate with three foreign
underwriters DBS Vickers Securities, UBS AG Securities and
Morgan Stanley as lead underwriters.
Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia. The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement. There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 31,
2008, that Moody's Investors Service upgraded PT Adaro
Indonesia's corporate family rating to Ba2 from Ba3. This
action concludes the review for possible upgrade, which
commenced on November 6, 2007. Moody's said the outlook on the
rating is stable.
On Dec. 19, 2007, TCR-AP reported that Standard & Poor's Ratings
Services affirmed its 'B-' corporate credit ratings and issue
ratings on Thailand's integrated pulp and paper company, Advance
Agro Public Co. Ltd, and removed them from CreditWatch, where
they were placed with negative implications on Nov. 9, 2007.
S&P said the outlook is negative.
MEDCO ENERGI: Inks USS$55MM Investment With Singapore Firms
-----------------------------------------------------------
PT Medco Energi Internasional Tbk's unit is teaming up
with Biofuel Industries Pte. Limited and Biofuel Services Pte.
Limited to invest SGD55 million in a Singapore-based 25 MW wood-
based power plant, Energy Current News reports.
According to the report, the consortium hired Industrial Power
Technologies as the engineering, procurement, and construction
contractor to build the power plant. The construction of the
plant will begin in mid-year and is expected to be completed by
2010, the report notes.
Moreover, the same report relates, that once complete the new
plant is expected to:
-- feed on more than 60% of the 1,200 tonnes (1,320
tons) of horticultural and wood waste produced by
Singapore daily;
-- transmit 20 MW of electricity to Singapore's SP Power
Grid, with another 5 MW set aside for internal
consumption, and;
-- generate up to 135,000 units of carbon credits.
About Medco Energi
Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling. Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.
Medco Energy also has operations in the United States and in
Libya.
The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi. The outlook remains
negative. According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.
A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable. The ratings affected by the outlook
change are:
* B1 local currency corporate family rating -- Medco
* B2 foreign currency long-term rating -- MEI Euro Finance
Ltd (guaranteed by Medco).
PERUSAHAAN LISTRIK: Signs Coal Purchase Deal for Power Plant
------------------------------------------------------------
PT Perusahaan Listrik Negara has signed a coal purchase deal
with PT Bara Adhipratama, PT Dwi Guna Laksana and PT Centra Bara
for its Labuah Angin power plant, Thomson Financial reports.
According to the report, under the business agreement, the three
suppliers will supply a combined 1.05 million tons of low-grade
coal to the plant for 20 years.
PLN President Fahmi Mochtar told the news agency that the
purchase price was agreed at IDR314,000 per ton.
The Labuan Angin plant is scheduled to start operation in
mid-2008, the report relates.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
PERUSAHAAN LISTRIK: Shell Inks IDR18.4 Trillion Fuel Supply Pact
----------------------------------------------------------------
Royal Dutch Shell signed a IDR18.4 trillion deal with PT
Perusahaan Listrik Negara to supply fuel to the Belawan power
plant in North Sumatra and Grati power plant in East Java,
Xinhua New reports.
According to the report, under the deal, Shell will supply
250,000 kiloliters of fuel a year to the Belawan plant and
another 600,000 kiloliters a year to the Grati plant.
PLN President Fahmi Mochtar said the supply will start in May or
June this year for a three-year term, Xinhua says.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
=========
J A P A N
=========
ALITALIA SPA: Sets April 15 Meeting With Unions
-----------------------------------------------
Alitalia S.p.A. will meet its unions on April 15, 2008, to
discuss plans for the national carrier's future after it
revealed having only EUR170 million cash-to-hand and short-term
financial credits, Bloomberg News reports citing a spokesman for
the FILT-CGIL union.
As reported in the TCR-Europe on April 10, 2008, Alitalia said
it needs substantial financial support, through which it would
"be possible to regain the required confidence to pursue the
company’s business plan and hence to confirm continuity of
operations."
Alitalia said in January 2008 that it needs to raise
EUR750 million in fresh funds in the first half of the year to
remain at "adequate operating levels."
The Italian government had pledged to grant Alitalia a
EUR300 million bridging loan if the sale of its 49.9% stake to
Air France pushes through. The French carrier, however,
withdrew its binding offer after failing to receive approval
from Alitalia's unions, which Air France needs to finalize the
takeover.
As reported in the TCR-Europe on April 9, 2008, Air France CEO
Jean Cyril Spinetta said that "it's now up to Alitalia and its
employees and unions to say how they view the future of their
airline."
Mr. Spinetta noted that Air France will not submit a new offer,
stressing that the plans amended bid presented to unions during
the negotiations "is the only one that would enable Alitalia to
return to profitable growth within a rapid time frame."
Alitalia's unions have expressed willingness to resume talks
with Air France.
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.
Italian Finance Minister Tommaso Padoa-Schioppa had 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.
DELPHI CORP: Moody's Withdraws Low-B Prospective Debt Ratings
-------------------------------------------------------------
Moody's Investors Service withdrawn Delphi Corporation's
prospective debt ratings for its emergence financing. Although
Delphi was successful in arranging commitments for its first
lien term loans of US$1.7 billion, a first lien revolving credit
of US$1.6 billion and General Motors Corporation and a GM
affiliate agreed to accept up to US$2.825 billion of second lien
term debt, equity participants in the financing structure have
filed a notice of termination on their earlier undertaking to
provide US$2.55 billion of capital. The absence of equity
funding terminates Delphi's plans to emerge from bankruptcy by
April 4, 2008.
Delphi may need to renegotiate multiple agreements with other
parties as well as seek new investors to proceed with a fresh
emergence plan. Significant agreements with the Internal
Revenue Service and the Pension Benefit Guaranty Corporation
will have to be extended. In addition, the company may need to
revisit the maturity of its current Debtor in Possession
financing which is set to expire at the end of June 2008.
Material agreements with its domestic workforce are not affected
by developments on the emergence financing.
Ratings being withdrawn are those listed in Moody's earlier
releases which were:
Delphi Corporation
-- Corporate Family Rating, (P)B2
-- Probability of Default, (P)B2
-- Outlook, Stable
--US$1,500 million first lien term loan, (P)Ba2 (LGD-2, 17%)
--US$2,825 million second lien term loan, (P)B2 (LGD-4, 52%)
-- Speculative Grade Liquidity rating, SGL-2
-- Delphi Holdings Luxembourg S.ar.l
-- equivalent of US$200 million first lien term loan,
guaranteed by Delphi Corporation, (P)Ba2 (LGD-2, 17%)
Moody's ratings had been assigned on a prospective basis and
assumed a full subscription to Delphi's proposed debt and equity
financing as well as receiving bankruptcy court affirmation of
an effective date of emergence. As those events have not
occurred, the ratings have been withdrawn.
About Delphi Corp.
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology. The
company's technology and products are present in more than 75
million vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007. The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.
FUJI HEAVY: To Transfer 61 Million Shares to Toyota Motor
---------------------------------------------------------
Toyota Motor Corporation, Daihatsu Motor Co., Ltd., and Fuji
Heavy Industries Ltd. said last week that they have agreed to
expand their cooperative ties with new arrangements related to
research and development and product supply.
Specifically, the three companies -- aiming to strengthen their
competitiveness by achieving mutual synergies through the apt
application of each company's technological know-how -- decided
that:
1) TMC and FHI are to jointly develop a compact rear-wheel-
drive sports car that will be marketed by both TMC and
FHI.
2) TMC is to provide FHI with a compact car on an original-
equipment-manufacturing (OEM) basis.
3) Daihatsu is to supply FHI with minivehicles and an FHI
version of the Daihatsu "Coo" compact car on an OEM basis.
The compact rear-wheel sports car to be jointly developed by TMC
and FHI is envisioned to offer a new "fun to drive" experience
based on an all-new vehicle platform powered by an FHI core-
technology horizontally-opposed engine. Market introduction is
targeted for the end of 2011. Production is to take place at a
new plant to be built at FHI's Gunma Manufacturing Division in
Japan's Gunma Prefecture. TMC will consign production to FHI.
The compact car that TMC is to provide FHI on an OEM basis is
aimed at letting FHI supplement its product lineup, with supply
expected to start around the end of 2010.
The OEM supply of minivehicles for the Japanese market to FHI by
Daihatsu is expected to allow FHI to focus its R&D and
production resources on its main products. Such supply is
planned to start in the second half of 2009. This arrangement
is also expected to enable Daihatsu to improve its business
efficiency, such as through increasing its cost competitiveness
due to increased production volume.
Also, so that FHI can further enhance its product lineup, from
this October, Daihatsu is to supply FHI on an OEM basis 6,000
units annually of its "Coo" compact vehicle produced at
Daihatsu's Head (Ikeda) Plant in Osaka Prefecture.
The announcement is the latest development in a business
relationship that was established in October 2005 and in which
TMC and FHI have applied their mutual management resources in
R&D and production. This relationship has also already resulted
in, among others, consigned production at Subaru of Indiana
Automotive, Inc. -- FHI's North American production base in the
United States -- and OEM production by Daihatsu of an FHI
compact car for the European market.
Transfer of Shares
To further promote smooth business relations, TMC and FHI—while
maintaining the management style and corporate identity of FHI—
have reached a basic agreement on the transfer to TMC of 61
million FHI shares owned by FHI, pending approval by Japan's
Fair Trade Commission. Following this transfer, TMC would own
16.5% of FHI issued shares.
TMC, Daihatsu and FHI intend to continue conducting wide-ranging
discussions toward strengthening one another's long-term
competitiveness and carrying out comprehensive cooperation for
their growth worldwide.
Outline of transfer of FHI shares to TMC:
Transfer timing: Following approval by Japan's Fair
Trade Commission
Transfer method: Disposal of treasury stock by
allocation to third party
Number of shares
involved: 61 million shares
Transfer value: 31.11 billion yen
Transfer price: 510 yen per share
Method for calculating
transfer price: Price set at 10% higher than the
average closing price (raised to the
nearest 10 yen) for FHI shares on
the Tokyo Stock Exchange from
December 11, 2007 to March 10, 2008.
Koji Endo, a senior analyst at Credit Suisse Group in Tokyo told
Bloomberg News that "Toyota will surely increase its stake
additionally in the future and may even absorb the company. . .
. Fuji Heavy's business model hasn't worked. Its minicar
business has failed and other car operations aren't promising
because the volume is so small." Mr. Endo adds that in the long
run, Fuji Heavy may just become a unit of Toyota that makes
Subaru-brand cars, Bloomberg relates.
About Fuji Heavy
Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments. The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles. The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment. The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates. The Company distributes its products
in both domestic and overseas markets. As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.
Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.
MIZUHO FINANCIAL: Revises Earnings Estimates for FY2008
-------------------------------------------------------
Mizuho Financial Group, Inc., revised its consolidated earnings
estimates for the fiscal year ended March 31, 2008, which were
announced on January 31, 2008. There is no revision to the
company's non-consolidated earnings estimates and dividend
forecasts.
According to Mizuho, due to continuing price declines of
securitization products after the announcement of the previous
earnings estimates, the amount of losses related to the
dislocation in the global financial market stemming from the
U.S. subprime loan issues increased at Mizuho Securities Co.,
Ltd.
In addition, the company revised downward its consolidated
earnings estimates to reflect factors like the effects on the
banking subsidiaries from the market dislocation and a decrease
in net gains related to stocks due to weaker stock markets,
offset in part by strong market-related income.
Instead of JPY630 billion, ordinary profits is expected at
JPY410 billion. Net income is estimated at JPY310 billion
instead of JPY480 billion.
MHSC’s consolidated net losses for the fiscal year ended
March 31, 2008 is expected to be approximately JPY420 billion --
of which approximately JPY220 billion was for the fourth quarter
(from January to March 2008). The exposure of MHSC, including
its overseas subsidiaries, to foreign currency denominated
securitization products (on a fair value basis) is expected to
have decreased to approximately JPY100 billion from JPY470
billion as of December 31, 2007.
Estimated amount of trading losses of MHSC,
etc.
(Millions of Yen)
-----------------
(A) Estimated amount of
trading losses of MHSC
(on a consolidated basis)
for the fiscal year ended
March 31, 2008 400,000
[Trading losses of MHSC
(on a consolidated basis)
for the nine months ended
December 31, 2007] 190,985
(B) Total Net Assets of MHFG
(on a consolidated basis)
as of March 31, 2007 6,724,408
(C) Ordinary Profits of MHFG
(on a consolidated basis)
for the fiscal year ended
March 31, 2007 748,170
(D) Net Income of MHFG
(on a consolidated basis)
for the fiscal year
ended March 31, 2007 620,965
According to the company, there is no change in its plans to
address the potential dilutive effects (through repurchase of
own shares) in relation to the Eleventh Series Class XI
Preferred Stock (convertible preferred stock issued to the
private sector), and it aims to complete the process within
about two years.
Bloomberg News relates that Edwin Merner, who oversees $2
billion as president of Atlantis Investment Research Corp. in
Tokyo, commented that, "Management of the securities company was
very bad. . . . It's good that they're aggressively writing
down these securities now."
About Mizuho Financial Group
Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc.
-- http://www.mizuho-fg.co.jp/english/-- is a financial
institution. The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.
Through its subsidiaries, Mizuho Financial Group also is engaged
in the consulting, system management, credit guarantee,
temporary staffing and office work businesses, among others.
Its main subsidiaries and associated companies include Mizuho
Bank, Ltd., Mizuho Trust & Banking Co. (USA), Mizuho Trust
& Banking (Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho
Trust & Banking Co., Ltd., Mizuho Private Wealth Management Co.,
Ltd., Mizuho Financial Strategy Co., Ltd., Mizuho Capital
Markets Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd. The company
has 130 consolidated subsidiaries and 19 associated companies.
The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.
Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.
The company expects up to JPY250 billion in losses stemming from
the United States subprime mortgage crisis for the fiscal year
ending in March 2008 instead of the JPY170 billion forecast at
the end of September 2007.
=========
K O R E A
=========
KOREA HINET: Acquires 6.32% Stake in CTL Inc.
---------------------------------------------
Korea Hinet Co., Ltd. has acquired a 6.32% stake (4,000,000
shares) in CTL, Inc., which is mainly engaged in manufacturing
of semiconductors, Reuters reports.
According to the report, Korea Hinet bought the stake for
KRW4,700 million, on March 31, 2008.
Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of
information technology (IT) solutions. The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.
Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook.
KENERTEC CO: Converts KRW2.7 Million Shares to Bonds
----------------------------------------------------
Kenertec Co. Ltd. said that KRW2,796,600,000 worth of its third
overseas convertible bonds have been converted for 258,585
shares of the company, Reuters reports.
According to the report, the bonds were converted at the price
of KRW10,815 per share.
The listing date of the new shares is April 23, 2008, the report
notes.
Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial
burners and energy-related equipment. The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.
Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.
MAGNACHIP SEMICONDUCTOR: Expands Position in Toy Market
-------------------------------------------------------
MagnaChip Semiconductor, Ltd. has begun shipping the MC511DB,
1.3 Mega pixel 1/4" CMOS Image Sensor SOC, for use in toys.
The MC511DB is a 1/4" optical format 1.3 mega pixel (1280 x
1024) CMOS sensor that enables modules as small as 8x8x5 mm.
This small form factor, together with support for a single 2.8V
power supply and low power consumption, allows OEMs to address
the substantial market requirement for slim and low cost
designs.
Robert Krakauer, President of MagnaChip, said, "MagnaChip's
expansion to the toy market demonstrates continued momentum in
our imaging business as we expand into new areas. Our expansion
into the toy market is part of MagnaChip's overall strategy to
leverage its imaging technology and systems level expertise to
extend its product and service offerings into adjacent end
markets. Our investment in advanced pixel technologies, along
with our custom fabrication processes for CMOS sensors ensure
that we deliver leading image quality. This expansion is
timely, as demand for high resolution image display toys
continues to be strong."
About MagnaChip Semiconductor
Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices. MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs. MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents. As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.
* * *
The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC. At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:
1) B1 rating of the US$100 million five-year senior secured
credit revolver
2) B2 rating of the US$500 million aggregate floating and
fixed-rate second-priority senior secured notes due 2011
3) Caa1 rating of the US$250 million senior subordinated notes
due 2014
On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'. At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
MAGNACHIP SEMICON: To Hold 1Q 2008 Conference Call on April 24
--------------------------------------------------------------
MagnaChip Semiconductor Ltd. will hold a conference call with
investors and analysts to discuss the company's first quarter
2008 results on Thursday, April 24, 2008 at 10:00 a.m. EDT in
New York.
The news release announcing the first quarter 2008 results will
be disseminated before the New York Stock Exchange opens on
Thursday, April 24, 2008 in New York.
The dial-in number for the live audio call beginning at 10:00
a.m. EDT on Thursday, April 24, 2008 in New York is +1-201-689-
8560. A live webcast of the conference call will be available
on MagnaChip's Web site at: http://www.magnachip.com/
A replay of the call will be available from 1:00 p.m. EDT on
Thursday, April 24, 2008 through midnight on Thursday, May 1,
2008 in New York at http://www.magnachip.comand by telephone at
+1-201-612-7415. The account number to access the replay is
3055 and the conference ID number is 279852, respectively.
About MagnaChip Semiconductor
Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices. MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs. MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents. As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.
* * *
The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC. At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:
1) B1 rating of the US$100 million five-year senior secured
credit revolver
2) B2 rating of the US$500 million aggregate floating and
fixed-rate second-priority senior secured notes due 2011
3) Caa1 rating of the US$250 million senior subordinated notes
due 2014
On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'. At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
MIJU MATERIAL: To Repurchase 780,000 Shares Worth KRW1.3 Billion
----------------------------------------------------------------
Miju Material Co., Ltd.'s Board of Directors has authorized the
company to repurchase 780,000 shares of its common stock worth
KRW1,349,400,000, Reuters reports.
According to the report, the share repurchase period is from
April 7, 2008, to July 4, 2008.
Headquartered in Kyongsangnam Province, Korea, Miju Material
Co., Ltd. -- http://www.tech-one.co.kr/-- specializes in the
manufacture of cold-head-quality wire, which is a type of coil
used in cold heading or cold forging to make bolts, nuts, rivets
and screws. The company develops different wire materials based
on the ultimate usage, such as carbon steel for automotive and
general purposes, nickel-chrome-molybdenum steel for airplanes,
chrome-molybdenum steel for building construction and manganese
steel for machinery.
On May 8, 2006, Korea Ratings gave the company's US$2,000,000
overseas bond with warrants a 'B' rating with a stable outlook.
====================
N E W Z E A L A N D
====================
CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
----------------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s tender
offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No.
184502AK and Clear Channel's subsidiary AMFM Operating Inc.'s
tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP
No. 158916AL0), Clear Channel extended the date on which the
tender offers are scheduled to expire from 8:00 a.m. New York
City time on April 11, 2008 to 8:00 a.m. New York City time on
April 18, 2008 and the consent payment deadline for the Notes
from 8:00 a.m. New York City time on April 11, 2008 to 8:00 a.m.
New York City time on April 18, 2008. The Offer Expiration Date
and the Consent Payment Deadline are subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.
The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated Nov. 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement. The closing of the Merger has not
occurred. On March 26, 2008, Clear Channel, joined by CC Media
Holdings, Inc., filed a lawsuit in the Texas State Court in
Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan
Stanley, Credit Suisse, The Royal Bank of Scotland, and
Wachovia, the banks who had committed to provide the debt
financing for the Merger. Clear Channel intends to complete the
tender offers and consent solicitations for the CCU Notes, and
AMFM intends to complete the tender offers and consent
solicitations for the AMFM Notes, upon consummation of the
Merger.
Clear Channel, on Jan. 2, 2008, received, pursuant to its tender
offer and consent solicitation for the CCU Notes, the requisite
consents to adopt the proposed amendments to the CCU Notes and
the indenture governing the CCU Notes applicable to the CCU
Notes, and that AMFM had received, pursuant to its previously
announced tender offer and consent solicitation for the AMFM
Notes, the requisite consents to adopt the proposed amendments
to the AMFM Notes and the indenture governing the AMFM Notes.
As of April 9, 2008, approximately 87% of the AMFM Notes have
been validly tendered and not withdrawn and approximately 98% of
the CCU Notes have been validly tendered and not withdrawn. The
Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent. The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.
Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Inc. to act as co-dealer managers for the
tender offers and co-solicitation agents for the consent
solicitations. Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations. Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect). Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.
* * *
As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.
Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.
Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.
FANTASTIC HOMES: Appoints Kevin John Gilligan as Liquidator
-----------------------------------------------------------
Kevin John Gilligan was named liquidator of Fantastic Homes Ltd.
on March 6, 2008.
Only creditors who were able to file their proofs of debt by
April 11, 2008, will be included in the company's dividend
distribution.
The liquidator can be reached at:
Kevin John Gilligan
PO Box 26022, Epsom
Auckland 1344
New Zealand
Telephone:(09) 834 4486
e-mail: kgill@ihug.co.nz
NATIONAL MORTGAGE: Taps Heath and Lamacraft as Liquidators
----------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named liquidators
of National Mortgage Nominee Company Ltd. on March 3, 2008.
Only creditors who were able to file their proofs of debt by
April 11, 2008, will be included in the company's dividend
distribution.
The liquidators can be reached at:
Arron Leslie Heath
Michael Lamacraft
c/o Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
NISHAK LTD: Fixes April 18 as Last Day to File Claims
-----------------------------------------------------
Nishak Ltd. requires its creditors to file their proofs of debt
by April 18, 2008, to be included in the company's dividend
distribution.
The company's liquidators are:
Arron Leslie Heath
Michael Lamacraft
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
New Zealand
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
OMEGA SOLUTIONS: Commences Liquidation Proceedings
--------------------------------------------------
Shareholders of Omega Solutions Ltd. met on February 22, 2008,
and resolved to voluntarily liquidate the company's business.
Kirsten Osborne of Kendons Scott Macdonald Limited was appointed
as liquidator.
The liquidator can be reached at:
Kirsten Osborne
119 Blenheim Road
PO Box 8621, Christchurch
New Zealand
Telephone:(03) 343 4448
Facsimile:(03) 348 2262
PEARL WORLD: Wind-Up Petition Hearing Set for April 18
------------------------------------------------------
The High Court of Auckland will hear on April 18, 2008, at
10:00 a.m., a petition to have Pearl World and Jewellery House
Ltd's operations wound up.
The petition was filed by Accident Compensation Corporation on
November 26, 2007.
Accident Compensation's solicitor is:
Dianne S. Lester
Maude & Miller
McDonald’s Building, 2nd Floor
PO Box 50555, Porirua City
New Zealand
TORVERG PROPERTIES: Appoints Bastion as Liquidator
--------------------------------------------------
On March 7, 2008, shareholders of Torverg Properties Ltd.
appointed Terence Charles Webb Bastion as the company's
liquidator.
Creditors are required to file their proofs of debt by April 18,
2008, to be included in the company's dividend distribution.
The liquidator can be reached at:
Terence Charles Webb Bastion
c/o KBC House
272 Karori Road, Karori
Wellington
New Zealand
Telephone:(04) 476 5775
Facsimile:(04) 476 5778
TROOP BUILDERS: Taps Parsons and Kenealy as Liquidators
-------------------------------------------------------
On March 13, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of Troop Builders Ltd.
The liquidators can be reached at:
Dennis Clifford Parsons
Katherine Louise Kenealy
c/o Indepth Forensic Limited
PO Box 278, Hamilton
New Zealand
Telephone:(07) 957 8674
Web site: http://www.indepth.co.nz
=====================
P H I L I P P I N E S
=====================
SAN MIGUEL: Lowers Price Range for Domestic Beer Unit's IPO
-----------------------------------------------------------
San Miguel Corporation lowered the price range for its domestic
beer unit's IPO, the second cut in as many months, due to bad
pre-market feed back, Reuters reports.
According to Reuters, the current price range for the unit's IPO
is now PHP8 to PHP11 a share, which values San Miguel Brewery at
around US$4 billion.
As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2008, San Miguel Corporation trimmed San Miguel
Brewery's planned April IPO by around 6% to US$576 million amid
weak financial markets. The company cut the IPO range to
between PHP8 and PHP15.40 a share from a previously planned
PHP9.50 to PHP16.30 range, the TCR-AP noted.
The company is selling between 5% and 10% of San Miguel Brewery,
the report adds.
About San Miguel
Headquartered in Manila, Philippines, San Miguel Corporation
-- http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses. The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products. San Miguel markets its
products both in the domestic and overseas markets. The company
also manufactures glass, metal, plastic, paper and composites
packaging products.
The TCR-AP reported on November 12, 2007, that Moody's Investors
Service affirmed the Ba2 local currency corporate family rating
of San Miguel Corporation. This follows the company's
announcement that it is to sell the Tasmanian brewer, J Boag &
Son Pty Ltd, for AU$325 million and the Australia-based dairy
and beverage producer, National Foods Ltd, for AU$2.8 billion.
The rating outlook remains stable.
The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp. The outlook remains
negative. The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.
=================
S I N G A P O R E
=================
LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87MM
--------------------------------------------------------------
Levi Strauss & Co.'s balance sheet at Feb. 24, 2008, showed
total assets o fUS$2,956,586,000 and total liabilities of
US$3,275,460,000, resulting to total stockholders' deficit of
roughly US$318,874,000.
The company's net income was US$97.107 million in the first
quarter ended Feb. 24, 2008, compared to net income of US$86.635
million for the same quarter in 2007. The a 12% increase in the
net income reflected lower interest expense and a lower tax
rate.
"Our performance in the first quarter represents a solid start
for the year, despite an increasingly difficult retail
environment," John Anderson, president and chief executive
officer, said. "Our Levi's(R) brand continues to perform well
on a global basis, and benefited from continued growth in our
emerging Asia Pacific markets and in Europe."
"We are cautious given the economic uncertainty in the United
States and key markets around the world," Mr. Anderson added.
"Nonetheless, we remain focused on product innovation, retail
expansion and optimizing our global footprint."
The company reported that its board of directors declared a
US$50 million cash dividend to common shareholders. In
addition, the company reported that on March 25 it redeemed its
remaining 12-1/4 % bonds, further reducing long-term debt by
US$19 million.
"Our solid operating margins and strong cash flows have allowed
us to continue to reduce debt, and to invest in our brands and
retail expansion," Hans Ploos van Amstel, chief financial
officer, said. "We have made significant progress in managing
inventory levels. Our priority continues to be cash generation
as we work to further support our brands and strengthen our
financial position."
Liquidity
The company ended the first quarter with cash and cash
equivalents of US$222 million, an increase o fUS$66 million from
the year ended Nov. 25, 2007. Cash provided by operating
activities was US$107 million for the first quarter, compared
with US$17 million used for operating activities for the same
period in 2007, reflecting lower interest payments and a
reduction of cash used for inventory and accounts payable.
The company reduced long-term debt by US$18 million in the
quarter. Total debt was US$1.95 billion at the end of the first
quarter.
About Levi Strauss & Co.
Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.
The company's global divisions are based in Singapore, San
Francisco and Brussels.
* * *
Moody's Investors Service placed Levi Strauss & Co.'s long-term
corporate family and probability of default ratings at 'B1' in
March 2007. The ratings still holds to date with a positive
outlook.
===============
T H A I L A N D
===============
BANK OF AYUDHYA: Moody's Ups Bank Financial Strength Rating to D
----------------------------------------------------------------
Moody's Investors Service has upgraded the Bank of Ayudhya
Public Co. Ltd.'s bank financial strength rating to D from D-.
At the same time, the bank's deposit and debt ratings have been
upgraded to Baa2/Prime-2 from Baa3/Prime-3. The outlook for all
ratings is stable.
This rating action concludes Moody's review of BAY's BFSR for
possible upgrade as announced Dec. 11, 2007.
"The upgrade indicates Moody's recognition of BAY's ongoing
improvements in its restructuring efforts, economic solvency,
earnings diversification and risk profile. In addition, a
larger exposure to hire purchase and retail banking could also
lead to a more balanced lending portfolio, supporting its
development into a well-recognised universal bank," says Karolyn
Seet, Moody's lead analyst for the bank.
The rating agency also says that BAY's long-term deposit rating
of Baa2 is supported both by the bank's Ba2 Baseline Credit
Assessment and by Moody's assessment of a very high probability
of systemic support in the event of need.
On the flip side, Moody's cautions that BAY faces challenges,
not least intense competition in its retail business. This
could adversely affect its already poor credit quality due to an
over-aggressively expanding loan book, while the bank's impaired
assets could continue to limit its earnings potential. Its weak
balance sheet, with a non-performing loan ratio of 16% and 50%
loan loss reserve coverage, is worse than the average 12% and
73% respectively for Thailand's rated commercial banks.
During 2008 a combination of synergies expected from the bank's
GE Capital Auto Lease acquisition, the impending sale of NPLs,
higher margins and leaner asset quality could boost BAY's
ability to maintain the strong financial fundamentals necessary
for a BFSR of D.
In addition, the technical support that BAY will enjoy from GE
should allow the bank to further enhance its franchise and
competitive position. This will help the bank penetrate
Thailand's growing consumer banking sector and narrow the gap in
terms of financial performance with its peers.
Moody's believes that the following factors could result in
upward pressure on the BAY's BFSR:
(i) continued diversification of the bank's business away
from corporate lending to retail banking;
(ii) further enhancement of its risk management;
(iii) maintenance of its strong capital adequacy;
(iv) significant reduction in the level of NPLs; and
(v) increasing profitability.
Moreover, for it to upgrade the bank's deposit and debt ratings,
Moody's would also expect BAY to strengthen its market and
capital positioning.
Conversely, the rating agency would view any or all of the
following factors as possible reason for a rating downgrade:
(a) worsening operating environment in Thailand -- due to
rising inflation, a slow-down in exports, oil price hikes
and/or political uncertainty;
(b) potential deterioration of BAY's asset quality as its
expanding retail loan books begin to season;
(c) fall in the bank's margins and profitability; and/or
(d) significant decline in capital adequacy or liquidity.
BAY, headquartered in Bangkok, is Thailand's fifth largest bank
by assets and deposits. As of Dec. 31, 2007, it had total
assets of THB651 billion.
FEDERAL-MOGUL: Committee's Special Counsel Seeks US$4.1MM Fee
-------------------------------------------------------------
Ashurst LLP seeks payment of US$4,030,507 for its professional
fees covering the period November 2, 2001, through July 31,
2006, and reimbursement of US$81,942 for the firm's actual and
necessary expenses incurred during the same period.
The Official Committee of Unsecured Creditors retained Ashurst
as its special counsel in the Federal Mogul bankruptcy cases.
Among other services, Ashurst provided the Creditors Committee
with legal advice:
(1) with respect to English Administration proceedings and
interrelationship between U.K. Administration and the
Chapter 11 proceedings;
(2) on the manner in which the commercial solution achieved in
respect of the Debtors' U.S. Chapter 11 proceedings could
be implemented in the U.K. under schemes of arrangement
and company voluntary arrangements;
(3) on English law issues relating to matters like the ability
potential asbestos creditors to claim in English schemes
of arrangement and company voluntary arrangements; and
(4) on drafts of the Fourth Amended Plan, schemes of
arrangement and voluntary arrangements.
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listedUS$10.15 billion in assets andUS$8.86
billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford. Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan. On July 28,
2004, the District Court approved the Disclosure Statement. The
estimation hearing began on June 14, 2005. The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007. The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14. Federal-Mogul emerged from
Chapter 11 on December 27, 2007.
SIAM COMMERCIAL: Moody's Affirms Positive Outlook on D+ BFSR
------------------------------------------------------------
Moody's Investors Service has affirmed the positive outlook on
Siam Commercial Bank Public Company Limited's D+ bank financial
strength rating as well as on its A3 local currency deposit and
foreign currency senior debt ratings.
In the same rating action, Moody's has affirmed the bank's
Baa1/Prime-2 long-term/short-term foreign deposit ratings.
"Moody's maintains a cautiously optimistic outlook and states
that the affirmation reflects the significant and ongoing
improvements evident in SCB's risk management processes to
levels commensurate with those of its global peers," says
Karolyn Seet, a Moody's Assistant Vice-President/Analyst.
"Furthermore, the robust state of the bank's franchise and net
interest margins continue to strengthen on the back of its
diversification into retail banking and despite the military
coup in September 2006," says Seet.
"The affirmation in the outlook -- rather than an upgrade of the
BFSR -- was also prompted by the pressures on interest spreads
expected in 2008 and intensifying competition, particularly in
the small- and medium-sized enterprise, retail and hire purchase
sectors," says Seet.
"Other reasons for the action include the narrowing in loan
growth discrepancy between SCB and its closest competitors,
especially with the full completion of IAS39-related provisions;
its large single-client exposures, which border on the high-
side; and the continued existence of political risks," says
Seet.
"The potential also exists for the bank's financial fundamentals
to remain under pressure for the foreseeable future," says Seet.
In addition, SCB's above-average loan growth could prove
difficult to sustain, given the current global credit turmoil,
high oil prices, rising inflation, slowing global trade and
exports, and the appreciation of the Thai baht.
Further, credit write-downs could be taken as a result, and the
bank must be able to weather elevated loan loss provisions,
thereby making it more difficult to justify any upgrade in its
BFSR.
A significant deterioration in the franchise value of its SME,
retail and hire purchase banking business lines could lead to
negative pressure on the BFSR.
Conversely, a material strengthening in asset quality -- NPL
ratio under 2% -- and improved loan granularity are key factors
that could create upward pressure on the BFSR.
The local currency deposit rating of SCB incorporates a 3-notch
lift for the support Moody's expects would be forthcoming from
the Thai government.
Based on this rating and the expectation of very high
probability of support, the outlook on the deposit and debt
ratings of SCB is positive. The bank's foreign currency deposit
rating is also constrained at Baa1, the country's ceiling.
Headquartered in Bangkok, SCB is Thailand's third largest bank,
with total assets of THB1,165 billion as of Dec. 31, 2007.
SIAM COMMERCIAL: Deutsche Securities Cuts Bank from Buy to Hold
---------------------------------------------------------------
Analysts at Deutsche Bank Securities downgraded Siam Commercial
Bank PCL from "buy" to "hold," Newratings.com reports. The
target price is set to THB93.50.
In a published research note, the analysts mentioned that the
Thailand bank’s share price has appreciated by 26% from its low
levels in January, Newratings.com says. Siam Commercial Bank’s
current share price already reflects the company’s bright growth
prospects, the analysts told Newratings.com.
About Siam Commercial Bank
Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.
On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup. The Outlook on their ratings is now Stable.
After the rating action, SCB's ratings are:
* Long-term foreign currency IDR BBB+/ Outlook Stable;
* Short-term foreign currency F2;
* Individual C;
* Support 2;
* Senior unsecured debt BBB+;
* Subordinated debt BBB.
On May 4, 2007 Moody's Investors Service assigned these ratings
for SCB:
* D+ bank financial strength rating with a positive outlook.
* Baa1/P-2 foreign currency deposit ratings with a stable
outlook.
* A3/P-1 local currency deposit ratings with a positive
outlook.
SIAM COMMERCIAL: Sells THB8 Billion Bad Debt to Keep Target
-----------------------------------------------------------
Siam Commercial Bank PCL told Reuters that the bank was on track
to reach its non-performing loans target this year after selling
bad debt for more than THB8 billion (US$252 million) in March.
According to the report, the sale was part of the bank's effort
to reduce bad debt to below 5% of lending at the end of this
year, compared with 6.1% in December 2007.
Citing the bank's issued statement, Arada Therdthammakun of
Reuters reports that Siam Commercial Bank sold the debt to
Morgan Stanley and Alpha Capital Asset management in a recent
auction.
About Siam Commercial Bank
Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.
On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup. The Outlook on their ratings is now Stable.
After the rating action, SCB's ratings are:
* Long-term foreign currency IDR BBB+/ Outlook Stable;
* Short-term foreign currency F2;
* Individual C;
* Support 2;
* Senior unsecured debt BBB+;
* Subordinated debt BBB.
On May 4, 2007 Moody's Investors Service assigned these ratings
for SCB:
* D+ bank financial strength rating with a positive outlook.
* Baa1/P-2 foreign currency deposit ratings with a stable
outlook.
* A3/P-1 local currency deposit ratings with a positive
outlook.
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2. The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
*********
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
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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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*********
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-
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Maryland, USA. Azela Jane Taladua, Rousel Elaine Tumanda,
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Copyright 2008. All rights reserved. ISSN: 1520-9482.
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