/raid1/www/Hosts/bankrupt/TCRAP_Public/080509.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, May 9, 2008, Vol. 11, No. 92
Headlines
A U S T R A L I A
ACN 005 969 086: Appoints James Patrick Downey as Liquidator
BARTHOLOMEUSZ: K. L. Sutherland Appointed as Liquidator
BY THE BAY: Placed Under Voluntary Liquidation
CAPITOL LITES: Taps Geoffrey Handberg as Liquidator
CENTRO PROPERTIES: Financing Arrangements Extended Until Dec. 15
DPRINT PTY: Placed Under Voluntary Liquidation
FAWN HEATH: To Declare Dividend on May 19
LANE COVE TUNNEL: Moody's Downgrades Sr. Sec. Rating to Ba3
LARRY NIXON: Liquidator Presents Wind-Up Report
MTC LOGISTICS: Placed Under Voluntary Liquidation
PIRSUB TILIG: Liquidator Presents Wind-Up Report
POWER AVENUE: Member's Final Meeting Slated Today
POWER STUDIOS: Liquidator Gives Wind-Up Report
POWERBEAM SOLUTIONS: Appoints K. L. Sutherland as Liquidator
PRIMUS TELECOM: Posts $3MM Net Loss in 1st Qtr Ended March 31
SHARPER IMAGE: Asks Court to Approve Asset Sale Procedures
THE GIFTWARE: Placed Under Voluntarily Liquidation
Y R MEATS: Appoints Angelo Gangemi as Liquidator
ZINIFEX LTD: Dissolves Century Mining Alliance With Downer EDI
C H I N A
CITIC GROUP: Banco Bilbao to Double Stake in Company
CHINA SOUTHERN: Funds Cut Airline Stake to 144 Million Shares
CITY TELE: Infinity Consortium Submits Bid for Broadband Network
GREENTOWN CHINA: Launches Villa Development in Guangzhou
GREENTOWN CHINA: Moody's Revises Ba3 Rating Outlook to Negative
JIANGXI COPPER: JP Morgan Increases Company Stake to 5.12%
JINAN IRON: Merges W/ Laiwu Steel to Be China's 2nd-Biggest Mill
H O N G K O N G
BEST RESOURCES: Declares Dividend for Creditors
CATHAY TRADE: Members' Final Meeting Set for May 30
MILE OCEAN: Members' Final Meeting Set for May 26
NEW DIAMOND: Court to Hear Wind-Up Proceedings on June 4
NEW LUCK (Asia): Court to Hear Wind-Up Proceedings on May 28
SANFAR LIMITED: Members' Final Meeting Set for May 26
WAH FAI: Court to Hear Wind-Up Proceedings on June 4
*HONG KONG: Government To Introduce Competition Law
I N D I A
BALLARPUR INDUSTRIES: Appoints Pramath Raj Sinha as Director
BALLARPUR: Emkay Maintains “Buy” Rating on Firm's Shares
EMCO LTD: Bags Order for Establishing Substation in Mundka
GMAC LLC: R&I Cuts Long-Term Issuer Rating to B+
IMAX CORP: Amends Credit Facility; Sells $18MM in Common Shares
PRIDE INT'L: To Sell Platform Rigs to Blake Int'l for US$66 Mil.
STATE BANK: Earns INR18.83 Billion in Quarter Ended March 31
TATA POWER: Acquires Stake in Exergen
I N D O N E S I A
FOSTER WHEELER: Maureen Tart-Bezer Joins Board of Directors
J A P A N
ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive
ALITALIA SPA: Receives EUR300-Million Italian Government Loan
JAPAN AIR: 2008 Golden Week Int'l. Reservations Down to 6.2%
K O R E A
HYNIX SEMICON: Seeks to Regain "Lost" Market Share in Japan
HYNIX SEMICONDUCTOR: Inks DRAM Pact With ProMOS
M A L A Y S I A
TENGGARA OIL: Appoints Foo Siew Loon as Audit Committee Member
TENGGARA OIL: Sets General & Court Convened Meetings on May 30
TIME ENGINEERING: Equity Less Than 50% of Paid-Up Share Capital
N E W Z E A L A N D
AMORE LIMITED: Commences Liquidation Proceedings
ARCHITECTURAL ENGINEERING: Shareholders Appoint Liquidators
BONTRANZ LIMITED: Creditors Have Until May 30 to File Claims
CRYSTAL DREAMS: Court to Hear Wind-Up Petition on May 19
CASPER FREIGHT: Creditors Have Until May 23 to File Claims
ENGLEFIELD ENTERPRISES: Creditors Must File Claims by May 30
FIREPLACE SOLUTIONS: Creditors Have Until May 19 to File Claims
GRILLE & BUMPER: Creditors Have Until May 22 to File Claims
LAKESIDER PUBLISHING: Faces APN Holdings' Petition on May 19
MCBEAU HOLDINGS: Claims Filing Deadline is May 23
NBK LIMITED: Creditors Must File Claims by May 30
NEW LYNN: Creditors Have Until May 23 to File Claims
NUPHARM LABORATORIES: Claims Filing Deadline is May 19
PAMLOC TRADING: Creditors Must File Claims by May 19
PARNELL PROPERTY: Court Appoints Liquidators
PH DISTRIBUTORS: Court to Hear Wind-Up Petition on May 23
QUANTUM SOFTWARE: Creditors Have Until May 30 to File Claims
REGATTA HOLDINGS: De Lacey Appointed as Liquidator
SHAFTSPRY LIMITED: Court to Hear Wind-Up Petition on May 30
STEADECRAFT INDUSTRIES: Commences Liquidation Proceedings
SWORDFISH LODGE: Creditors Have Until May 21 to File Claims
P H I L I P P I N E S
FAIRCHILD SEMICONDUCTOR: S&P Lifts Ratings on Debt Refinancing
PRC LLC: ACE American et al. Oppose Disclosure Statement
PRC LLC: Court Extends Action Removal Period to July 21
PRC LLC: Court Extends Lease Decision Period to August 20
S I N G A P O R E
BANGKA OFFSHORE: Court to Hear Wind-Up Petition on May 16
KALMAR LMV: Creditors' Proofs of Debt Due on June 2
ROY EASTERN: Court Enters Wind-Up Order
UOB VENTURE: Requires Creditors to File Claims by June 2
T H A I L A N D
DOLE FOOD: Posts $28.9 Mil. Net Loss in 1st Qtr. Ended March 22
FEDERAL-MOGUL: Posts $32 Million Net Loss in 2008 First Quarter
FEDERAL-MOGUL: PepsiAmericas Asks Court OK on $6M Claims Payment
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
ACN 005 969 086: Appoints James Patrick Downey as Liquidator
------------------------------------------------------------
ACN 005 969 086 Pty Ltd's members agreed on March 17, 2008, to
voluntarily liquidate the company's business. James Patrick
Downey was appointed to facilitate the sale of the company's
assets.
The liquidator can be reached at:
J P Downey & Co
Level 1, 22 William Street
Melbourne, Victoria 3000
Australia
BARTHOLOMEUSZ: K. L. Sutherland Appointed as Liquidator
-------------------------------------------------------
Bartholomeusz Design & Construction Pty Ltd's members agreed on
March 14, 2008, to voluntarily liquidate the company's business.
Keith Laurence Sutherland was appointed to facilitate the sale
of the company's assets.
The liquidator can be reached at:
K. L. Sutherland
Bent & Cougle Pty Ltd Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne, Victoria 3004
Australia
BY THE BAY: Placed Under Voluntary Liquidation
----------------------------------------------
By The Bay Investments Pty Ltd's members agreed on March 18,
2008, to voluntarily liquidate the company's business. Clyde
Peter White and Philip Newman were appointed to facilitate the
sale of the company's assets.
The liquidators can be reached at:
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne, Victoria 3000
Australia
CAPITOL LITES: Taps Geoffrey Handberg as Liquidator
---------------------------------------------------
Capitol Lites Pty Ltd's members agreed on March 18, 2008, to
voluntarily liquidate the company's business. Geoffrey Handberg
was appointed to facilitate the sale of the company's assets.
The liquidator can be reached at:
G. Handberg
Rodgers Reidy Chartered Accountants
Level 10, 200 Queen Street
Melbourne, Victoria 3000
Australia
CENTRO PROPERTIES: Financing Arrangements Extended Until Dec. 15
----------------------------------------------------------------
Centro Properties Group yesterday reported that its Australian
financiers and US private placement noteholders have agreed to a
further extension of facilities until December 15, 2008.
The facilities are comprised of:
* AU$2.3 billion in aggregate owed to the Australian lending
group; and
* US$450 million owed to US private placement noteholders.
In connection with these arrangements, Centro and certain of its
wholly owned and some subsidiaries have provided security by way
of fixed and floating charges US real estate mortgages to the
Australian financiers, US private placement noteholders and US
lenders.
The extension arrangements are subject to certain conditions
being met by:
* May 30, 2008
-- Finalisation of an additional liquidity facility; and
-- Finalisation of certain inter creditor arrangements
between the financiers, concerning:
(a) The consent process for refinancings, portfolio or
asset sales and the application of such proceeds;
and
(b) The legal form of the inter creditor security to be
given by certain US entities.
If these issues are not finalised by May 30, 2008, the
further extension arrangements may be terminated. In such
circumstances, the financiers would lose the benefit of the
security which Centro has granted to them in connection
with these extension arrangements.
* September 30, 2008
-- The Australian financiers and US private placement
noteholders being satisfied as to Centros progress in
implementing its strategic plan; and
-- The US lending group, which is owed in aggregate US$1.1
billion (AU$1.2 billion) associated with Centros joint
venture with Centro Retail Trust (CER), agreeing to
further extend those facilities from September 30, 2008,
to a date no earlier than December 15, 2008.
The US lending group have confirmed their consent to the
extension of the Australian facilities outlined above and
have confirmed the extension of the US joint venture
facilities to September 30, 2008.
If these issues are not finalised by September 30, 2008,
the extension arrangements may be terminated.
Interest Margin
No additional interest margins are payable by Centro during the
period of the extension above the previously announced margin of
1.75% per annum on each facility subject to the extension
arrangements.
An additional interest margin of 5.5% per annum will be payable
if the extension arrangements are terminated following an event
of default. Were this to occur, the additional interest margin
would be calculated from May 1, 2008, and capitalised onto the
total debt owing to lenders. This additional interest margin
will be treated as a contingent liability by Centro.
Liquidity Facilities
Certain of Centros financiers have recently put in place a
liquidity facility and other support for Centro totalling AU$55
million. Security over Centros interests in certain managed
funds was granted to the lenders who provided this liquidity
facility.
Centro is in advanced negotiations with the Australian
financiers and US private placement noteholders for additional
liquidity facilities of $100 million. The total liquidity
facilities of $155 million will be used to primarily fund
capital expenditure, adviser fees and higher lender costs
incurred as a consequence of the extension arrangements.
A margin not exceeding 3.75% per annum will be payable on the
additional liquidity facilities.
Strategic Plan Update
Centro continues to proceed with the strategic planning process
it previously announced. The key objectives of Centro through
the strategic planning process and during the period of these
extensions are to:
* Preserve the value of Centros underlying assets and income
streams;
* Position Centro to raise equity in order to reduce debt and
recapitalise its balance sheet; and
* Identify other means of reducing debt, including potential
portfolio or asset sales (providing appropriate values are
obtained).
Centro has previously announced initiatives which would assist
in meeting these objectives and will continue to pursue these
initiatives over the extension period.
These include:
(1) CAWF
Offers received for the Centro Australia Wholesale Fund
(CAWF) have been reviewed and management has revised the
marketing strategy to include selling CAWF properties in
smaller portfolios and/or individually. Discussions are
continuing with a number of parties on this revised
basis.
(2) CAF
Management has evaluated the offers received for the
Centro America Fund (CAF) portfolio and is in the process
of negotiation. A course of action will be decided over
the next 30 days;
(3) Group Level
At the Group level, indicative proposals have been
received from a number of qualified investment groups
focussed on a recapitalisation and/or stabilisation of
the Group. Management will continue to work on certain
proposals with a number of these parties; and
(4) Group Complexity
Management will continue to investigate options to
simplify the complexity of the Centro group structure.
In pursuing each of these actions, the Board will make decisions
on proposals received and potential portfolio or asset sales
based on the values to be received and the conditions of any
potential transaction.
Eddington's Role
According to The Australian, the extension was made possible by
the intervention of JPMorgan Australia Chairman Rod Eddington.
Maurice Dunlevy of The Australian relates that Commonwealth Bank
had initially refused to sign the extension agreement on grounds
that it was "flawed" and "did not provide adequate security",
but Sir Eddington was able to persuade CBA Chief Executive
Officer Ralph Norris at the 11th hour. Mr. Dunlevy reports that
insiders revealed that it was the CBA that proposed the December
15 extension rather than the September 30 deadline requested by
Centro.
The Australian relates that when asked, Sir Eddington was
unwilling to talk about his role in the refinancing deal.
CER Disclosure to ASX
Centro Retail Trust (CER) confirmed to the Australian Stock
Exchange that the financiers to its US joint venture with Centro
Properties Group (Centro) are acting in accordance with the
further financing extension arrangements announced by Centro
yesterday.
As announced on February 15, 2008, the US facilities of US$1.1
billion (A$1.2 billion) were extended to September 30, 2008
subject to similar arrangements being agreed under the
Australian extension arrangements related to Centro. Centro has
announced that similar arrangements have now been agreed by the
Australian financiers.
Therefore, the US lending group has confirmed their consent to
the extension of Centro's Australian facilities and the
extension of the US joint venture facilities to September 30,
2008.
CER said it has not provided any additional security as part of
these arrangements.
About Centro Properties
Centro Properties Group -- http://www.centro.com.au/-- is a
retail investment organisation specialising in the ownership,
management and development of retail shopping centres. Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States. Centro has funds under
management of $24.9 billion.
Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.
DPRINT PTY: Placed Under Voluntary Liquidation
----------------------------------------------
DPrint Pty Ltd's members agreed on January 22, 2008, to
voluntarily liquidate the company's business. Keith Laurence
Sutherland was appointed to facilitate the sale of the company's
assets.
The liquidator can be reached at:
K. L. Sutherland
Bent & Cougle Pty Ltd Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne, Victoria 3004
Australia
FAWN HEATH: To Declare Dividend on May 19
-----------------------------------------
Fawn Heath Holdings Pty Ltd will declare dividend on May 19,
2008.
Only creditors who were able to file their proofs of debt by
April 18, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
Timothy M. S. Holden
Foremans Business Advisors (Southern) Pty Ltd
Suite 8, 56-60 Bay Road
Sandringham, Victoria 3191
Australia
LANE COVE TUNNEL: Moody's Downgrades Sr. Sec. Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has downgraded the underlying senior
secured rating of Lane Cove Tunnel Finance Company to Ba3 from
Ba1 after continued disappointing levels of traffic over the
last few months. The rating remains on review for further
possible downgrade. The wrapped rating is unchanged at Aaa,
reflecting the claims paying ability of MBIA.
Earlier, the rating had been downgraded on April 10 to Ba1 (from
Baa3) and kept on review for further downgrade after a
disappointing level of traffic flow for early 2008.
The downgrade follows continued lower traffic volumes for March
and April. Traffic was expected to ramp up after the bus lanes
on Epping Road (the surface alternative to the tunnel) became
operational on March 10, but this outcome has not materialized.
Traffic volumes indicated by Monthly Average Daily Traffic
(MADT) were maintained at 59,000 vehicles each for March and
April after 62,000 in February. Both March and April traffic
volumes were negatively impacted by public and school holidays.
Moody's does not currently believe that traffic volumes will
increase to sufficient levels to service debt in the long term.
However, Connector Motorway Group has sufficient liquidity to
service all its cash calls until at least the end of 2009, and
further traffic increases will extend this period.
In the meantime Connector Motorways Group and its stakeholders,
under a formal agreement with its financial guarantor, MBIA, are
developing a recapitalisation plan over the next 3 months to
address the lower than forecast traffic volumes.
The Lane Cove Tunnel Finance Company is the finance company for
the Connector Motorways Group, the owner of the Lane Cove Tunnel
and the Falcon Street Gateway, situated in the lower Northern
suburbs of Sydney.
LARRY NIXON: Liquidator Presents Wind-Up Report
-----------------------------------------------
Bruce N. Mulvaney, Larry Nixon Pty Ltd's estate liquidator, met
with the company's members on April 30, 2008, and provided them
with property disposal and winding-up reports.
The liquidator can be reached at:
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road
Surrey Hills, Victoria 3127
Australia
MTC LOGISTICS: Placed Under Voluntary Liquidation
-------------------------------------------------
MTC Logistics Pty Ltd's members agreed on Feb. 26, 2008, to
voluntarily liquidate the company's business. Keith Laurence
Sutherland was appointed to facilitate the sale of the company's
assets.
The liquidator can be reached at:
K. L. Sutherland
Bent & Cougle Pty Ltd Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne, Victoria 3004
Australia
PIRSUB TILIG: Liquidator Presents Wind-Up Report
------------------------------------------------
Matthew Jess, Pirsub Tilig Pty Ltd's estate liquidator, met with
the company's members and creditors on May 6, 2008, and provided
them with property disposal and winding-up reports.
The liquidator can be reached at:
Matthew Jess
Worrells Solvency and Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Victoria 3000
Australia
Telephone: (03) 9613 5500
Facsimile: (03) 9614 3233
Email: www.worrells.net.au
POWER AVENUE: Member's Final Meeting Slated Today
-------------------------------------------------
Power Avenue Holdings Pty Ltd will hold a final meeting for its
members at 10:00 a.m. today, May 9, 2008. During the meeting,
the company's liquidator, Julie Dixon, at 74 Dunsterville
Crescent in Frankston, Victoria, will provide the attendees with
property disposal and winding-up reports.
The company's liquidator can be reached at:
Julie Dixon
74 Dunsterville Crescent
Frankston, Victoria 3199
Australia
POWER STUDIOS: Liquidator Gives Wind-Up Report
----------------------------------------------
Russell Peake, Power Studios Pty Ltd's estate liquidator, met
with the company's members and creditors on May 6, 2008, and
provided them with property disposal and winding-up reports.
The liquidator can be reached at:
Russell Peake
Jenkins Peake Chartered Accountants
PO Box 1570
Geelong, Victoria 3220
Australia
Telephone: (03) 5223 1000
Facsimile: (03) 5221 4938
POWERBEAM SOLUTIONS: Appoints K. L. Sutherland as Liquidator
------------------------------------------------------------
Powerbeam Solutions Pty Ltd's members agreed on March 18, 2008,
to voluntarily liquidate the company's business. Keith Laurence
Sutherland was appointed to facilitate the sale of the company's
assets.
The liquidator can be reached at:
K. L. Sutherland
Bent & Cougle Pty Ltd Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne, Victoria 3004
Australia
PRIMUS TELECOM: Posts $3MM Net Loss in 1st Qtr Ended March 31
-------------------------------------------------------------
PRIMUS Telecommunications Group Incorporated disclosed on Monday
results for the first quarter ended March 31, 2008.
At March 31, 2008, the company's consolidated balance sheet
showed $425.6 million in total assets and $877.1 million in
total liabilities, resulting in a $451.5 million total
stockholders' deficit.
The company's consolidated balance sheet at March 31, 2008, also
showed strained liquidity with $191.8 million in total current
assets available to pay $228.1 million in total current
liabilities.
The company reported a $3.0 million net loss for the quarter,
compared to a net loss of $2.6 million in the first quarter of
2007.
First quarter 2008 net revenue was $227 million, in line with
net revenue of $227.0 million in the first quarter of 2007.
The net loss in the first quarter of 2008 includes a $2.0
million gain from early extinguishment of debt and a $2.0
million gain on foreign currency transactions. The net loss in
the first quarter of 2007 includes a $6.0 million loss on early
extinguishment or restructuring of debt and a $3.0 million gain
on foreign currency transactions.
"We are encouraged by the results in the first quarter,
particularly the sequential growth in both overall and retail
revenue - a goal that we have been pursuing," said K. Paul
Singh, chairman and chief executive officer of PRIMUS. "While
we recognize that a single quarter is far from a trend, we hope
the results are an early indication that our targeted
investments in sales and marketing and infrastructure will lead
to further progress in increasing retail revenues.
"Despite the positive revenue performance in the first quarter,
we believe it is premature to adjust our prior guidance of a 2%
to 5% yea-over-year net revenue decline. Similarly, assuming
currency exchange rates remain at current levels, we confirm our
prior 2008 Adjusted EBITDA guidance to be in the range of $65.0
million to $80.0 million. That outcome will be influenced by
the success we achieve in our expanded sales and marketing
efforts. In addition, we now expect capital expenditures for
the year to be in the
$25.0 million to $30.0 million range, approximately $5.0 million
lower than our prior guidance," Mr. Singh said.
"During the first quarter, we accomplished the following: opened
new, and expanded existing, data centers in Canada and
Australia; expanded the global DSLAM footprint by 35 to a total
of 288 to expand the availability of our broadband services;
augmented network capacity to offer higher speed DSL services in
Australia and Canada; and continued growth of the company's
direct sales force and telemarketing capabilities across its
major markets," Mr. Singh stated.
"Also, during the quarter, we purchased and retired $15.0
million principal amount of the company's outstanding debt
maturing in 2009. In addition, we completed the sales of a
minority equity investment in a Japanese entity and surplus
fiber assets for an aggregate $3.0 million in cash proceeds. We
continue to pursue other potential sales of select assets to
improve our liquidity and narrow our geographical focus to our
major franchises in the United States, Canada, Australia and
Europe.
"However, the uncertainty in the capital markets combined with a
weak overall economic outlook may extend our time horizon to
meet our goal of generating $50.0 million in cash proceeds from
assets sales, particularly if valuation parameters are not at
acceptable levels," Mr. Singh concluded.
First Quarter 2008 Financial Results
"First quarter 2008 net revenue was $227.0 million, up 2% or
$4.0 million from the prior quarter and in line with the first
quarter 2007. The $4.0 million revenue increase as compared to
the prior quarter was comprised of a $3.0 million increase in
wholesale services revenue and a $1.0 million increase in retail
services revenue," said Thomas R. Kloster, chief financial
officer.
"The growth in retail services revenue reflects continued
increases from high-margin broadband, VOIP, local, wireless,
data and hosting revenues, which, for the first time in over
nine quarters, exceeded the decline in legacy voice and dial-up
Internet services revenue. We believe attaining retail revenue
growth lends validity to our strategy of making network
investments and shifting resources to sales and marketing."
Net revenue less cost of revenue was $84.0 million or 37.3% of
net revenue in the first quarter as compared to $82.0 million
and 36.3% in the year-ago quarter.
Selling, general and administrative expense in the first quarter
was $69.0 million, up $1.0 million from $68.0 million in the
year-ago quarter.
Income from operations was $10.0 million in the first quarter of
2008 (including a $3.0 million gain from sale of assets), an
improvement of $2.0 million from the first quarter of 2007.
First quarter 2008 Adjusted EBITDA was $15.0 million, an
increase of $1.0 million from $14.0 million in the year-ago
quarter.
Interest expense for the first quarter 2008 was $15.0 million,
up from $13.0 million in the first quarter 2007. The increase
over the year-ago quarter is attributable to the interest
related to the 14 1/4% Senior Secured Notes, issued in February
and March 2007.
Income tax expense for the first quarter was $2.0 million, which
includes charges for determination of possible future tax
obligations under Financial Accounting Standards Board
Interpretation No. 48, "Accounting for Uncertainty in Income
Taxes," and withholding tax expense for intercompany interest
and royalty fees owed by certain foreign subsidiaries.
Liquidity and Capital Resources
PRIMUS ended the first quarter 2008 with a cash balance of
$67.0 million ($56.0 million unrestricted) as compared to
$91.0 million ($81.0 million unrestricted) as of Dec. 31, 2007.
The $25.0 million decrease in unrestricted cash balance is
comprised of $7.0 million for capital expenditures primarily to
fund the previously announced Australian DSLAM network expansion
and the Canadian data center expansion, $16.0 million for
interest payments, $11.0 million to purchase and retire $15.0
million principal amount of the company's outstanding debt
maturing in 2009, $2.0 million for scheduled debt principal
reductions, and $7.0 million for working capital movements.
These declines are offset by $15.0 million of Adjusted EBITDA,
and $3.0 million from the sale of assets.
Free Cash Flow for the first quarter 2008 was negative
$14.0 million (comprised of $7.0 million used in operating
activities and $7.0 million utilized for capital expenditures)
as compared to negative $13.0 million in the year-ago quarter.
The principal amount of PRIMUS's long-term debt obligations as
of March 31, 2008, was $649.0 million, as compared to $664.0
million at Dec. 31, 2007.
About PRIMUS Telecom
Headquartered in McLean, Virginia, Primus Telecommunications
Group (OTC: PRTL) -- http://www.primustel.com/-- is an
integrated communications services provider offering
international and domestic voice, voice-over-Internet protocol
(VOIP), Internet, wireless, data and hosting services to
business and residential retail customers and other carriers
located primarily in the United States, Canada, Australia, the
United Kingdom and western Europe.
PRIMUS provides services over its global network of owned and
leased transmission facilities, including approximately 500
points-of-presence (POPs) throughout the world, ownership
interests in undersea fiber optic cable systems, 18 carrier-
grade international gateway and domestic switches, and a variety
of operating relationships that allow it to deliver traffic
worldwide.
* * *
As reported in the Troubled Company Reporter on April 17, 2008,
Moody's Investors Service downgraded Primus Telecommunications
Group Incorporated's corporate family rating to Ca from Caa3.
SHARPER IMAGE: Asks Court to Approve Asset Sale Procedures
----------------------------------------------------------
Prior to bankruptcy filing, Sharper Image Corporation began an
examination of the performance of its 184 stores to identify
unprofitable stores. As a result, the Debtor determined that 96
of its stores and one of its distribution centers were
unprofitable and required immediate liquidation to maximize the
value of the merchandise. As a consequence of that analysis,
the Debtor obtained approval from the Court to conduct store
closing sales at the Liquidation Stores.
Conducting the Store Closing Sales enabled the Debtor to focus
further analysis on its on-going stores and other assets to
determine how to maximize value to its estate, Steven K.
Kortanek, Esq., at Womble Carlyle Sandridge & Rice, PLLC, in
Wilmington, Delaware, relates. The Debtor has now determined
that a sale is necessary to preserve the value of its remaining
assets for the benefit of its stakeholders.
Mr. Kortanek states that the combination of disappointing sales
and limited availability under the DIP Facility has severely
hindered the Debtor's ability to improve and continue its retail
operations. "The lapse of time only exacerbates the effect of
the current liquidity crisis, which now threatens to dissipate
the value of Sharper Image's trade name and its other related
intellectual property," Mr. Kortanek said. "Delay in realizing
the value of the trade name and related intellectual property
will result in erosion of that value," he adds.
The Debtor believes that an orderly sale process should be
established. Mr. Kortanek points out that the proposed process
will ensure maximum value is obtained by selling in a
competitive market environment (i) the Debtor's assets,
including without limitation its trade name and other
intellectual property, as soon as practicable, and (ii) as many
of its unexpired leases of non-residential real property as may
be practicable.
The Debtor proposes to solicit offers for the purchase of all,
or parts of, its assets, including (i) the purchase of all or
substantially all of the Assets and Leases as an on-going
operation, or parts thereof, and (ii) bids for the purchase of
any of the Leases or owned real property not included in the
Asset Purchase Offer. Any and all offers will be considered by
the Debtor in consultation with the Statutory Creditors'
Committee.
Accordingly, the Debtor asks the U.S. Bankruptcy Court for the
District of Delaware to approve:
(a) proposed procedures in connection with the Sale;
(b) the time, date, and place of (i) the auction, and (ii)
the hearing to consider entry of the sale order;
(c) the form of notice of the Auction and the Procedures
Hearing;
(d) the form of asset purchase agreement and lease purchase
agreement to be used in connection with the solicitation
of offers; and
(e) the Debtor's entry into customary expense reimbursement
arrangements with offerors that may be identified prior
to or after the entry of an order authorizing and
approving the Sale Procedures at a hearing, scheduled for
May 14, 2008.
Subsequent to the Auction, the Debtor asks the Court for the:
(i) approval of the Sale, free and clear of all liens,
claims, and encumbrances;
(ii) approval of, if any, sales of Leases, free and clear of
all liens, claims, and encumbrances to the party or
parties submitting the highest or best Lease Purchase
Offers; and
(iii) if necessary, the assumption and assignment of executory
contracts and Leases.
Proposed Sale Procedures
The Debtor proposes that on or prior to April 25, 2008, it will
have served the Auction and Hearing Notice on (i) the Office of
the United States Trustee for the District of Delaware, (ii) the
attorneys for the Secured Lender, (iii) the attorneys for the
Statutory Creditors' Committee, (iv) all known entities holding
or asserting a lien in the Assets or Leases, (v) all parties to
Contracts and Leases that the Debtor believes will or may be
assumed and assigned, (vi) for each state in which its retail
stores are located, (a) the Attorney General's Office, and (b)
the applicable taxing authorities, and (vii) all entities
entitled to notice in the Chapter 11 case.
The Debtor relates that Offers and adequate assurance packages
must be submitted so that they are actually received by no later
than 12:00 noon, Eastern Time, on May 9, 2008, by (i) the
Debtor, (ii) the attorneys for the Secured Lender, and (iii) the
attorneys for the Statutory Creditors' Committee -- Offer Notice
Parties.
Any and all offers will be considered by the Debtor in
consultation with the Statutory Creditors' Committee. If any
Offer is conditioned upon the assumption and assignment of
Contracts or Leases, then the offeror must identify the
Contracts or Leases to be assumed and assigned, and provide
evidence of its ability to provide adequate assurance of future
performance of the Contracts or Leases along with the Offer.
After the submission of Offers, the Debtor, in consultation with
the Statutory Creditors' Committee, may enter into an agreement,
subject to higher or better offers at the Auction, with one or
more entities that submit Asset Purchase Offers for
substantially all, or a part of, the Debtor's assets,.
The Expense Reimbursement Agreement may include reimbursement
for costs and expenses incurred by the offeror in connection
with its Asset Purchase Offer. The Debtor will seek approval of
the Expense Reimbursement at the Procedures Hearing. If an
Expense Reimbursement Agreement is entered into after the
Procedures Hearing, the Debtor will seek retroactive approval of
the Expense Reimbursement at the Sale Hearing. Prior to the
Auction, the Debtor will distribute the appropriate Expense
Reimbursement Agreement, if any, to the parties submitting the
other Qualified Offers.
The Auction will be conducted at the offices of Weil, Gotshal &
Manges LLP, 767 Fifth Avenue, New York, on May 28, 2008, at
10:00 a.m., Eastern Time.
The Debtor proposes that objections to the Procedures Order must
be served so as to be actually received by May 7, 2008, at 4:00
p.m., Eastern Time by (i) the Debtor, (ii) the Office of the
United States Trustee for the District of Delaware, (iii) the
attorneys for the Secured Lender, and (iv) the attorneys for the
Statutory Creditors' Committee.
The Sale Hearing will be held in the United States Bankruptcy
Court for the District of Delaware, on May 29, 2008, at 2:00
p.m., Eastern Time, or another date and time that the Court may
direct. The Sale Hearing may be adjourned without further
notice other than by announcement at the Sale Hearing.
Objections to the Sale are due May 21, 2008, at 4:00 p.m.,
Eastern Time.
To facilitate the Auction process and assist Interested Parties
in preparing Offers for the Assets and Leases, the Debtor will
provide a proposed form of asset purchase agreement on which
Offers may be predicated. Moreover, Lease Purchase Offers must
be submitted pursuant to the terms of a lease purchase
agreement.
The Court will convene a hearing on May 14, 2008, to consider
approval the Debtor's proposed Sale Procedures.
EklecCo Objects
EklecCo Newco, L.L.C. believes that the Debtor's proposed
procedures for the sale of its assets may deny EklecCo any
meaningful opportunity to appear and object since the Sale
Hearing is only one day after the Auction.
Kevin M. Newman, Esq., at Menter, Rudin & Trivelpiece, P.C., in
Syracuse, New York, relates that although the Debtor will
provide EklecCo with adequate assurance packages it receives
regarding future performance by lease assignees, there is no
indication as to when this information is to be provided.
The Debtor proposes that EklecCo be required to object to a
proposed assumption and assignment before it even knows who the
proposed assignee is, Mr. Newman points out. EklecCo will not
know what the Debtor will be asking the Court to approve at the
Sale Hearing until possibly the Sale Hearing, but nevertheless
is required to file objections on or before May 21, 2008, Mr.
Newman notes.
Mr. Newman points out that EklecCo is entitled to have (i)
definitive notice of exactly who the Lease is to be assigned to,
(ii) adequate assurance information regarding any assignee,
(iii) time to determine whether to object to the proposed
assignment, (iv) time to conduct expedited discovery regarding
the proposed assignment, and (v) time to file an objection.
Sharper's Largest Stakeholder
Not Keen on Acquiring Company
Kaja Whitehouse of the New York Post reports that Sharper
Image's largest shareholder, Sun Capital Partners, is expected
to be absent during the bidding process.
Citing an unnamed source familiar with the situation, the New
York Post says certain officials at Sun Capital think acquiring
Sharper Image may not be a good move as researchers have
calculated that it would cost around $50 million the first year
-- including $30 million in operating costs and $20 million in
losses -- to run the company.
Sharper's Image's statement of financial affairs discloses that
Sun Capital has a 19.5% stake in the company.
According to the same report, an insider at Sharper Image said
parties interested in acquiring the company were mostly
strategic buyers, or companies, and not private-equity firms.
About 20% of of the roughly 90 parties that have expressed
interest are currently conducting due diligence, said the
source.
A Sun Capital spokesman declined to comment on the matter.
About Sharper Image Corp.
Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer. It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts. An Official Committee of
UnsecuredCreditors has been appointed in the case. When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000. (Sharper
Image Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
THE GIFTWARE: Placed Under Voluntarily Liquidation
--------------------------------------------------
The Giftware Direct Trust's members agreed on March 13, 2008, to
voluntarily liquidate the company's business. Raymond George
Tolcher and Rowena Margaret Sigelski were appointed to
facilitate the sale of the company's assets.
The liquidator can be reached at:
Lawler Partners Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302
Australia
Y R MEATS: Appoints Angelo Gangemi as Liquidator
------------------------------------------------
Y R Meats Pty Ltd's members agreed on March 11, 2008, to
voluntarily liquidate the company's business. Angelo Gangemi
was appointed to facilitate the sale of the company's assets.
The liquidator can be reached at:
Angelo Gangemi
134 Martin Street
Brighton, Victoria
Australia
ZINIFEX LTD: Dissolves Century Mining Alliance With Downer EDI
--------------------------------------------------------------
The management of Zinifex Century Mine and Downer EDI Mining
disclosed last week that they had mutually agreed to dissolve
the successful Century Mining Alliance. To ensure a smooth
transition, both Downer EDI Mining and Zinifex have agreed to
stage the transition between July 1, 2008, and June 30, 2009.
Formed in 2004, the Century Mining Alliance was intended to
build the capacity necessary to allow Zinifex to become an
owner-operator of the mine. Downer EDI Mining and Zinifex
Century Mine are proud of the capacity built by their people
during the four years of their Alliance.
In that time, Zinifex Century Mine has grown to produce around 1
million tonnes of zinc and lead concentrates annually. It is
Australia's largest zinc mine, and one of the world's largest
zinc mines. Zinifex Century Mine generated revenues of
approximately $1.4 billion in FY07, and employs nearly 1,000
people.
Downer EDI Mining will continue to support operations during
this business as usual transition phase, and has agreed that its
employees on site may become employees of Zinifex Century Mine.
General Manager of Zinifex Century Mine, John Lamb, said,
"Zinifex Century Mine values the contribution made by Downer EDI
employees to the success of the mine. For that reason, Zinifex
intends to offer jobs to all current Downer EDI Mining
employees. They will be transferred across to Zinifex over this
12-month period and will become Zinifex employees. It is
expected that some will choose to continue with Downer. "
Job losses are not expected, and very few roles will be
duplicated in the transition process. Transmission of business
laws commit Zinifex to offer jobs to all Downer EDI Mining
employees currently working at Zinifex Century Mine.
About Zinifex
Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia. The company owns and operates two mines
and four smelters. The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China. The company
also has a zinc smelter in the Netherlands and the United
States. The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries. More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production. Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.
* * *
The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance). Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.
=========
C H I N A
=========
CITIC GROUP: Banco Bilbao to Double Stake in Company
----------------------------------------------------
Banco Bilbao Vizcaya Argentaria SA. will double its stake in
Citic Group before July for about EUR1 billion, Forbes reports,
citing ABC.es News.
According to the report, Banco Bilbao intends to double its 5%
and 15% stakes in Citic Group's units, China Citic Bank and
Citic International Financial Holding Limited, respectively.
Banco Bilbao CEO Jose Ignacio Goirigolzarri confirmed to the
news agency that the bank's expansion plans for the region,
noting the stake hikes would take place sometime this year.
BBVA first acquired the dual stake in November 2006 for
EUR989 million, in a deal which included a strategic partnership
exclusive to the Spanish group, the report relates.
About CITIC Group
State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones. Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising). Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.
* * *
The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services removed the
BB+ long-term and B short-term foreign currency counterparty
credit rating on CITIC Group from CreditWatch. The
outlook on the ratings is developing. At the same time,
Standard & Poor's also removed the BB+ foreign currency issue
rating on the group's senior unsecured debt from CreditWatch.
CHINA SOUTHERN: Funds Cut Airline Stake to 144 Million Shares
-------------------------------------------------------------
China Southern Airlines Co. Limited's first-quarter shares held
by funds were cut to 144 million from 400 million shares in the
fourth quarter of 2007, Xinhua News reports, citing a TX
Investment Consulting Co. report.
According to Xinhua News, share-holding proportion held by funds
in China Southern has been cut by over 60% by the end of the
first quarter.
Upon the constant high international oil price, jet fuel oil
price in China's domestic market is expected to be adjusted up
in the future, which casts cost pressure on Chinese airline
companies, Xinhua notes, citing the TX Investment report.
Meanwhile, despite the exchange gains brought to airline
companies by the appreciation of the Chinese currency, whether
appreciation of the currency in the next phase will maintain the
earlier speed is unknown so far, Xinhua relates.
Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'B+'. The Outlook on the ratings is Stable.
CITY TELE: Infinity Consortium Submits Bid for Broadband Network
----------------------------------------------------------------
The Infinity Consortium, formed among Hong Kong's City Telecom
(CTI) and Singapore's M1 and StarHub, has submitted a strong bid
to build a state-of-the-art Fibre-to-the-Home (FTTH) broadband
network.
The network is capable of delivering ultra-high symmetric
broadband speeds reaching up to 1Gbps and beyond. The Infinity
Consortium proposes to build a new open access network that
allows it to leverage on the latest technologies. The
Consortium members have the capability and resources to build
the new network and extensive experience in competing with
entrenched incumbents.
The formation of the Infinity Consortium and the proposal is in
response to the Infocomm Development Authority (IDA) of
Singapore's Request-for-Proposal (RFP) for the Next Gen NBN's
Network Company (NetCo) that will design, build and operate the
passive infrastructure network in Singapore.
"CTI is honoured to partner with M1 and StarHub to form Infinity
Consortium. We will ensure smooth and reliable delivery of
network solution with advanced and proven technologies,
embracing the aim to extend the enjoyment level of broadband
connectivity to Singaporeans. Our joint expertise and
determination to build this infocomm infrastructure with open
access capability will definitely complement Singapore's surging
importance in the world," said Ricky Wong, Chairman of CTI.
"The Infinity Consortium has a unique blend of solid track
records in Singapore and Hong Kong, and the essential qualities,
to commit to building a world class and future-proof broadband
network for Singapore. With the underpinning principle of true
Open Access which we fully support, this project will greatly
contribute to the development of a highly competitive and
vibrant infocomm industry in Singapore," said Neil Montefiore,
CEO of M1
"We fully support the Government's NG-NBN initiative, and we are
pleased to participate in the Infinity Consortium," said Terry
Clontz, CEO of StarHub. "In addition to the Infinity Consortium
having the necessary competencies and a genuine commitment to
the establishment of an open access regime, it also offers the
industry the best, and maybe the last, opportunity for ownership
diversification of critical multi-media broadband infrastructure
in Singapore"
The Next Gen NBN is part of Singapore's Next Generation National
Infocomm Infrastructure (Next Gen NII), formed to entrench
Singapore's Infocomm hub status and open the doors to new
business and social growth for the country. Next Gen NII
comprises complementary wired and wireless networks to ensure
Singaporeans enjoy seamless connectivity.
About Citi Telecom
Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada. The company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.
* * *
Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.
The Troubled Company Reporter-Asia Pacific reported on
December 22, 2006 that Fitch Ratings assigned a Long-term
foreign currency Issuer Default rating of 'B+' to Hong Kong-
based City Telecom (HK) Limited. The Outlook on the rating is
Stable. At the same time, Fitch assigned an instrument rating
of 'BB-' to the US$125 million senior unsecured notes due 2015
issued by CTI on the expectation of good recovery prospects
given default as denoted by the agency's recovery rating of
'RR3'.
GREENTOWN CHINA: Launches Villa Development in Guangzhou
--------------------------------------------------------
Greentown China Holdings Limited is launching a large-sized
detached villa development in the city of Guangzhou, China,
Sinocast News reports.
The company has 226 villas in a land area of 273,060 square
meters, with a construction area of 90,000 square meters.
A Greentown executive said the supply of villas here still falls
behind the demand, so the development's sales will not be
affected by a periodical upsurge in house supply, the report
relates.
Greentown China Holdings Limited is a residential property
developer in China. The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region. It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys. Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.
* * *
The TCR-AP reported on Dec. 5, 2007, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Greentown China Holdings Ltd. to 'BB-' from 'BB'. The
outlook is stable. At the same time, Standard & Poor's lowered
the long-term debt ratings on the company's US$400 million
senior unsecured notes and its CNY2.31 billion convertible notes
to 'BB-' from 'BB'.
GREENTOWN CHINA: Moody's Revises Ba3 Rating Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable
its outlook for Greentown China Holdings Ltd's (Greentown) Ba3
corporate family rating and senior unsecured bond rating.
"The outlook change has been prompted by Greentown's acquisition
of two pieces of land in Hangzhou for a total sum of RMB2.1
billion," says Moody's lead analyst for Greentown, Kaven Tsang.
"The additional cash outflow could further stress the company's
liquidity, given it already has a significant amount of
committed land payments and operating expenses to service within
the next 12 months," says Tsang.
"The negative outlook also reflects the uncertainties evident
over Greentown's ability to raise the necessary funding and to
maintain balance sheet liquidity to support its business
operation, in view of the tightened credit environment and the
company's relatively geared capital structure," adds Tsang.
At the same time, Moody's notes that Greentown recorded strong
presales in January-April, and the successful achievement of its
business target this year could provide some liquidity support.
Greentown China Holdings Ltd (Greentown) is one of the major
property developers in China with a primary focus in Hangzhou
and Zhejiang Province. It has a land bank spread over 25 cities
and with an attributable gross floor area (GFA) of 13.6 million
square meters.
JIANGXI COPPER: JP Morgan Increases Company Stake to 5.12%
----------------------------------------------------------
JP Morgan Chase & Co. increased its stake in Jiangxi Copper
Company Limited to 5.12% by buying 12.7785 million Hong Kong-
traded shares of Jiangxi Copper at HK$19.16 each, Sinocast News
reports.
According to the report, the move came almost a year after JP
Morgan reduced its stake in the Jiangxi company to 4.96% at the
end of last June.
Moreover, the report relates, Deutsche Bank AG bought
5.21 million H shares in Jiangxi Copper at HK$17.706 each,
adding its holdings in the company to 6.18%. HSBC Holdings plc
also took 2.225 million H shares in Jiangxi Copper at CNY19.393
a share, increasing its shares in company to 70.086 million,
representing a 5.05% stake, Sinocast notes.
As reported by the Troubled Company Reporter-Asia Pacific on
April 25, 2008, Jiangxi Copper's first quarter net profit rose
46.42% year-on-year to CNY1.26 billion yuan after obtaining
higher selling prices for its main products.
Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
JINAN IRON: Merges W/ Laiwu Steel to Be China's 2nd-Biggest Mill
----------------------------------------------------------------
Jinan Iron & Steel Co. Limited has combined with Laiwu Steel
Group Co., as the government wants bigger producers to compete
overseas and negotiate for lower raw materials prices, Xiao Yu
and Helen Yuan of Bloomberg write.
According to the report, the two companies completed the merger
on April 26, creating Shandong Iron & Steel Group Co., China's
second biggest mill.
Zhu Limin, a Shanghai-based analyst with Shanghai Securities
Co., was quoted as saying, "The bigger a steel mill is, the
easier it will get the Chinese government support on its
expansion plans.''
Moreover, Shandong Steel is expected to produce 23.8 million
metric tons of steel a year, based on Laiwu and Jinan Steel's
2007 output, according to data from the China Iron and Steel
Association in February, Bloomberg notes.
About Jinan Iron
Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products. The company mainly offers
medium to heavy steel plates and deformed steel bars.
* * *
As of April 29, 2008, the company holds Xinhua Far East China
Ratings' BB+ issuer credit rating.
================
H O N G K O N G
================
BEST RESOURCES: Declares Dividend for Creditors
-----------------------------------------------
Best Resources Development Limited, which is in liquidation,
declared its dividend for its creditors.
Only creditors who were able to file their proofs of debt by
May 9, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Chui Koon Shou
Club Lusitano, 8th Floor
16 Ice House Street Central
Hong Kong
CATHAY TRADE: Members' Final Meeting Set for May 30
---------------------------------------------------
Members of Cathay Trade Services, Asia Limited will have their
final general meeting on May 30, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
No liquidator information was disclosed.
MILE OCEAN: Members' Final Meeting Set for May 26
-------------------------------------------------
Members of Mile Ocean Limited will have their final general
meeting on May 26, 2008, at Sun Hung Kai Centre, 45th Floor, 30
Harbour Road, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Pun Chun Sun, Bernard
Sun Hung Kai Centre, 45th Floor
30 Harbour Road, Hong Kong
NEW DIAMOND: Court to Hear Wind-Up Proceedings on June 4
--------------------------------------------------------
On April 2, 2008, Chu Wing Lun, filed a petition to have New Wah
Fai Logistic Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
May 28, 2008, to hear the petition.
No solicitor's information was disclosed.
NEW LUCK (Asia): Court to Hear Wind-Up Proceedings on May 28
------------------------------------------------------------
On March 19, 2008, Chow Po Fui, filed a petition to have New
Luck (Asia) Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
May 28, 2008, to hear the petition.
The petitioners' solicitor is:
Chong Yan-tung Chris
Revenue Tower, 30th Floor
5 Gloucester Road
Wanchai, Hong Kong
SANFAR LIMITED: Members' Final Meeting Set for May 26
-----------------------------------------------------
Members of Sanfar Limited will have their final general meeting
on May 26, 2008, at K. Wah Centre, Suite 711, 191 Java Road,
North Point, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Sytske Helena
K. Wah Centre, Suite 711
191 Java Road, North Point
Hong Kong
WAH FAI: Court to Hear Wind-Up Proceedings on June 4
----------------------------------------------------
On April 2, 2008, Ting Mun Sheung, filed a petition to have New
Wah Fai Logistic Limited's operations wound up.
The High Court of Hong Kong will convene at 9:30 a.m. on
May 28, 2008, to hear the petition.
The petitioners' solicitor is:
Chong Yan-tung Chris
Revenue Tower, 30th Floor
5 Gloucester Road
Wanchai, Hong Kong
*HONG KONG: Government To Introduce Competition Law
---------------------------------------------------
Hong Kong's government plans to urge legislation to pass a
competition law and establish an independent commission to
investigate anti-competitive practices in an effort to bring its
policies into line with global practices, Justin Lau of the
Financial Times writes.
According to the report, under the proposals:
* A cross-sector competition law would be established to cover
four "hardcore" anti-competitive conducts:
– price-fixing,
- bid-rigging,
- output restriction, and
- market allocation;
* A commission would be set up to look into complaints of anti-
competitive behavior, with the power to apply civil remedies,
including fines of up to HK$10 million;
* A tribunal would also be formed to hear applications for
reviews of the commission's decisions and private actions
taken by anyone who has suffered losses or damages because of
alleged antitrust conduct.
Mark Williams, associate professor of law at Hong Kong
Polytechnic University, told the news agency that the government
should go further to include merger provisions in the bill. He
also criticized the government for exempting itself from the
law, the report notes.
The proposal is still subject to a three-month public
consultation and approval by the Hong Kong legislative council.,
the report adds.
=========
I N D I A
=========
BALLARPUR INDUSTRIES: Appoints Pramath Raj Sinha as Director
------------------------------------------------------------
During a meeting held on April 30, 2008, the Board of Directors
of Ballarpur Industries approved the appointment of Dr. Pramath
Raj Sinha, as an Additional Director of the Company to hold
office up to the date of forthcoming Annual General Meeting.
Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery. There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products. The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.
On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.
BALLARPUR: Emkay Maintains “Buy” Rating on Firm's Shares
--------------------------------------------------------
Emkay Research has maintained its “buy” rating on Ballarpur
Industries with a price target of INR45 in its May 6, 2008
research report, moneycontrol reports.
Moneycontrol relates that Ballarpur's Q3FY08 results were in
line with Emkay's expectations.
According to moneycontrol, Emkay Research noted that the
company's consolidated net revenues increased by 24.7% YoY to
INR6.9 billion. EBITDA margins increased by 40 bps to 26.3% and
adjusted PAT increased by 18.5% YoY to INR759 million,
"We expect Ballarpur to report net revenues of INR32.0 billion
in FY09 and INR38.8 billion in FY10. PAT of INR2.8 million in
FY09 and INR3.4 million in FY10. EPS works out at INR4.5 for
FY09 and INR5.5 for FY10. At present, the stock trades at 7.4x
FY09E earnings. We maintain our BUY recommendation on the stock
with a price target of Rs 45," Emkay's research report says as
cited by Moneycontrol.
Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery. There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products. The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.
On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit. As of Dec. 2, 2007, the company
still carry those ratings.
EMCO LTD: Bags Order for Establishing Substation in Mundka
----------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Emco Ltd
said it has bagged an Order for Establishment of 400/220/66kV
new substation in Mundka on turnkey basis from M/s. Delhi
Transco Ltd. The value of the order is INR126 Crores. It is
the largest order received till date by the company for
establishment of one single substation.
Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.
Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.
GMAC LLC: R&I Cuts Long-Term Issuer Rating to B+
------------------------------------------------
Rating and Investment Information Inc. downgraded GMAC LLC's
long-term issue rating on its 6.875% Notes due 2012 to
B+ from BB-. The rating remains on watch for possible
downgrade.
Co-issuers of the notes are GMAC International Finance BV, GMAC
Australia LLC, General Motors Acceptance Corporation of Canada
Limited, GMAC Bank GMBH and General Motors Acceptance
Corporation (NZ) Limited.
The rating agency noted that Residential Capital LLC, the wholly
owned subsidiary of GMAC LLC, announced on May 5, that it has
embarked on debt restructuring including a de facto extension of
maturity on unsecured bonds. GMAC intends to provide credit
facility worth US$3.5 billion and support ResCap; however, the
liquidity of ResCap would remain extremely tight.
R&I stated that the financial support for ResCap will continue
to weigh considerably on GMAC's financial profile and liquidity.
In light of such conditions, R&I downgraded the Foreign Currency
Issuer Rating of GMAC to B+ from BB-, and the Rating Outlook
remains on the Rating Monitor with a view to downgrading.
According to R&I, the main pillars of the debt restructuring
consist of: issuance of new Secured Guaranteed Notes due 2010 in
exchange for US$3.3 billion old unsecured debts that mature by
2009, and issuance of new Secured Guaranteed Notes due 2015 in
exchange for US$9.5 billion old unsecured debts maturing during
2010-2015.
In addition, R&I said investors (holders participating in the
exchange offers) may opt to receive cash in lieu of the new
notes that they would otherwise receive, which is estimated to
be far below the face value. The US$3.5 billion credit facility
which ResCap is currently negotiating with GMAC will be used for
funding the cash required for the exchange offers and repaying
term loans borrowed from financial institutions and others.
If the debt restructuring proves successful, the rating agency
said it may ease ResCap's debt servicing in the medium-long
term. Its liquidity, however, will remain rigid and ResCap has
announced that additional US$600 million is required by the end
of June 2008 through asset sales even if the debt restructuring
proceeds well. There is a high possibility that GMAC will have
to make further financial support besides the US$3.5 billion
credit facility, and the concerns over its financial profile and
liquidity are increasing, R&I added.
About Residential Capital
Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by
GMAC LLC.
About GMAC LLC
GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses. GMAC was established in 1919 and employs
approximately 26,700 people worldwide. Cerberus Capital
Management LP bought 51% GMAC LLC stake from General Motors
Corp. on December 2006.
In Asia, the company has operations in Australia, China, India,
New Zealand and Thailand.
* * *
As reported in the Troubled Company Reporter on May 7, 2008,
Fitch Ratings downgraded the long-term Issuer Default Rating
of GMAC LLC and related subsidiaries to 'BB-' from 'BB'. Fitch
also downgraded GMAC's unsecured long-term ratings to 'B+'
from 'BB-', reflecting the potential for reduced recovery in a
default scenario should the company encumber assets.
Additionally, Fitch affirmed the 'B' short-term ratings.
The Rating Outlook remains Negative.
As reported in the Troubled Company Reporter on April 25, 2008,
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade. The action follows Moody's rating downgrade of
ResCap LLC, GMAC's wholly owned residential mortgage unit, to
Caa1 from B2.
IMAX CORP: Amends Credit Facility; Sells $18MM in Common Shares
---------------------------------------------------------------
IMAX Corporation disclosed Tuesday that it has entered into two
significant financing transactions, one with Wachovia Capital
Finance Corporation to increase future availability and modify
other terms under the company's existing credit facility, and
one with the Douglas family, IMAX's largest shareholder, for the
sale of approximately 2.73 million common shares in a private
placement at an aggregate purchase price of $18 million.
The company said that proceeds from these transactions will be
used to fund the company's IMAX(R) Digital projection roll-out,
slated to begin this summer, and for general corporate purposes.
"We have always believed that the attractive returns from
existing joint ventures would enable us to finance our broader
digital rollout," said IMAX co-chairmen and co-chief executive
officers Richard L. Gelfond and Bradley J. Wechsler. "Now our
bank and our largest shareholder have each stepped forward to
provide us with increased availability of credit and cash, which
we believe will enable us to effectively execute on our existing
plan. Coupled with our cash on hand, we expect that these deals
will ultimately provide us with access to roughly $55 - $60
million in funding."
IMAX and Wachovia entered into an amendment on May 5, 2008,
which extends the term of the facility to Oct. 31, 2010, removes
an EBITDA maintenance covenant provided the company maintains
certain minimum liquidity requirements, and is likely to
increase the company's borrowing base.
"We believe these changes will ensure our access to more money
for a longer period of time, mitigating operating risk," added
Messrs. Gelfond and Wechsler. "The amended terms of the line
allow us to draw down approximately $24.4 million [], and we
believe that as our borrowing base increases in accordance with
the terms of the agreement we may be able to take down close to
$30 million."
Additionally, on May 5, 2008, the company entered into an
agreement with the Douglas family, IMAX's largest shareholder,
for the sale of approximately 2.73 million of the company's
common shares for a total purchase price of $18 million, or
approximately $6.60 per share (the equivalent of the average
closing IMAX common share price over the most recent five
trading days).
The Douglas family, which will own 19.9% of the company's common
shares post-transaction, has agreed to a five-year standstill
with the company whereby it will refrain from certain
activities, such as increasing its percentage ownership in the
company and entering into various arrangements with the company,
such as fundamental or change-of-control transactions. The
company has granted the Douglas family registration rights in
connection with the newly-acquired shares. The rivate
placement is expected to close on May 8, 2008, and is subject to
customary closing conditions.
"The Douglas family has been an extremely supportive shareholder
group, and we're pleased that they have recognized the potential
in IMAX and the opportunity to invest at this level at this
time," said Messrs. Gelfond and Wechsler. "The good news is
that as a result of [the] announcements, we do not believe we
will need additional financing to fund our digital rollout under
the current business model."
The company said that exhibitors and other customers have been
extremely enthusiastic in their response to IMAX's pending
transition to digital, signing deals for 170 IMAX Digital
theatre systems in the last two quarters. In December 2007,
IMAX announced a joint venture agreement with AMC Entertainment
Inc. for 100 IMAX Digital theatre systems. In March 2008, IMAX
announced a joint venture agreement with Regal Cinemas Inc. for
31 IMAX Digital theatre systems.
These deals, according to the company, will dramatically
increase the IMAX(R) theatre footprint in North America and
accelerate the momentum behind IMAX's transition to digital
projection technology over the next few years. The company
expects to deliver the first of those digital theatre systems
and open its initial joint venture theatres with AMC in July
2008.
Overview of 2007 Operations
The company has six reportable segments identified by category
of product sold or service provided: IMAX systems; film
production and IMAX DMR; film distribution; film post-
production; theater operations; and other.
The IMAX systems segment designs, manufactures, sells or leases
and maintains IMAX theater projection system equipment. The
film production and IMAX DMR segment produces films and performs
film re-mastering services. The film distribution segment
distributes films for which the company has distribution rights.
The film post-production segment provides film post-production
and film print services. The theater operations segment owns
and operates certain IMAX theaters. The other segment includes
camera rentals and other miscellaneous items.
IMAX Corporation reported a net loss of $26.9 million for the
year ended Dec. 31, 2007, compared with a net loss of $16.8
million during the same period ended Dec. 31, 2006.
For the year ended Dec. 31, 2007, the company's total revenues
decreased to $115.8 million, versus $127.7 million reported for
the prior year, primarily as a result of a $13.1 million decline
in systems revenue. The decrease was due principally to a
slowdown in installations as exhibitors waited to see the
company's digital product.
As at Dec. 31, 2007, the company's principal sources of
liquidity included cash and cash equivalents of $16.9 million,
its revolving credit facility, trade accounts receivable of
$25.5 million and anticipated collection from financing
receivables due in the next 12 months of $11.0 million.
The revolving credit facility, which expires on Oct. 31, 2009,
permits maximum aggregate borrowings of up to $40.0 million. As
at Dec. 31, 2007, the company's current borrowing capacity under
the revolving credit facility is $19.4 million after deduction
for outstanding letters of credit of $10.9 million and the
excess availability reserve of $5.0 million.
About IMAX Corporation
Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ: IMAX) -- http://www.imax.com/-- designs, manufactures,
sells or leases theater systems for large-format theaters
including commercial theaters, museums and science centers, and
destination entertainment sites. In addition, the company
specializes in digital and film based motion picture
technologies, designs and manufactures high-end sound systems
and produces, remasters and distributes large-format films. At
Sept. 30, 2007, there were 296 IMAX theaters operating in 40
countries. IMAX has locations in Guatemala, India, Italy, among
others.
* * *
At Dec. 31, 2007, the company's consolidated balance sheet
showed $208.0 million in total assets and $293.4 million in
total liabilities, resulting in a $85.4 million total
stockholders' deficit.
PRIDE INT'L: To Sell Platform Rigs to Blake Int'l for US$66 Mil.
----------------------------------------------------------------
Pride International Inc. has entered into a definitive agreement
to sell its fleet of platform rigs and related equipment to
Blake International, LLC for US$66 million in cash. The
platform rig fleet consists of eight units in the U.S. Gulf of
Mexico, of which four are under contract, two units under
contract in Mexico and two units previously retired from
service. The sale is expected to close on or before
July 15, 2008, subject to certain closing conditions.
The sale of the platform rig fleet is consistent with Pride's
stated strategic direction to focus its offshore drilling
operations in deepwater and other high specification assets.
Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs. The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 29, 2007, Fitch Ratings currently maintained these ratings
for Pride International Inc.: Issuer Default Rating at 'BB';
Senior unsecured at 'BB'; Senior secured bank facility at
'BBB-'; and Senior convertible notes at 'BB'. Fitch said the
Rating Outlook is Stable.
STATE BANK: Earns INR18.83 Billion in Quarter Ended March 31
------------------------------------------------------------
State Bank of India posted a net profit of INR18.83 billion on
revenues amounting to INR163.94 billion in the three months
ended March 31, 2008, as compared to the figures earned during
the corresponding quarter in 2007 -- INR14.93 billion profit on
revenues of INR144.36 billion.
With operating expenses of INR32.45 billion and interest
expenditure of INR87.76 billion, the bank booked an operating
profit of INR43.73 billion in Jan.-March 31, 2008. The bank
also recorded INR16.19 billion in provision and contingencies
and INR8.71 billion in taxes.
Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.
* * *
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program. The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.
Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.
TATA POWER: Acquires Stake in Exergen
-------------------------------------
Tata Power has picked up stake in Exergen, an Australian firm
that developed a technology to reduce emissions from thermal
power plan, reports Economic Times as cited by Iris News Digest.
According to the report, Tata Power and Brisbane-based Sedgman
have joined founding shareholder Theiss, a unit of Leighton
Holdings, as investors in both Exergen and its technology.
About Tata Power
Tata Power Company Ltd -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area. The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area. The company also has a
plant that supplies power to Tata Steel. In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.
* * *
Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'. S&P said the outlook is stable. At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.
Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2. Moody's said the ratings outlook is
negative.
=================
I N D O N E S I A
=================
FOSTER WHEELER: Maureen Tart-Bezer Joins Board of Directors
-----------------------------------------------------------
Foster Wheeler Ltd. has elected Maureen B. Tart-Bezer, 52, to
its board of directors, effective with May 7's board meeting.
Ms. Tart-Bezer, 52, most recently served as the Executive Vice
President and Chief Financial Officer of Virgin Mobile USA.
Before joining Virgin Mobile USA, she was the Executive Vice
President and General Manager of the American Express Company,
U.S. Consumer Charge Group. Her background also includes 23
years with AT&T Corporation, where she served in various senior
financial positions, including Senior Vice President and
Corporate Controller as well as Senior Vice President and Chief
Financial Officer for the Consumer Services Group. Tart-Bezer
currently serves on the board of directors of The Great Atlantic
& Pacific Tea Company, Inc., and is a former member of the board
of directors of Playtex Products, Inc.
“With an extensive track record of financial leadership in top
companies and an astute perspective on business, Maureen is
uniquely qualified to make a meaningful contribution to our
board,” said Raymond J. Milchovich, chairman and chief executive
officer of Foster Wheeler Ltd. “We look forward to working with
her.”
Ms. Tart-Bezer has a BS in Accounting from St. Peter's College
and an MBA from New York University. She has successfully
completed the CPA exam in the state of New Jersey.
The election expands the size of the Foster Wheeler board to 10
members.
Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services. Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries. The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable. At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company. The company reported total debt of approximately
US$150 million at Sept. 30, 2007.
=========
J A P A N
=========
ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive
----------------------------------------------------------------
Alitalia S.p.A. may financially benefit from a recent directive
by the European Union allowing European airlines to auction
takeoff and landing block they do not use, Thomson Financial
relates, citing a Corriere della Sera report.
Under the directive, Corriere della Sera relates, airlines can
sell or swap unprofitable or idle slots.
The TCR-Europe reported Dec. 28, 2007, the Alitalia sold three
pairs of slots at London's Heathrow airport that it considered
non-strategic for EUR92 million.
The company is planning to give up around 180 of its 357 slots
at Milan's Malpensa airport, and may sell them for more funds,
Corriere della Sera suggests. Proceeds from the sale of slots
would allow Alitalia to finance its operations until the Italian
government's 49.9% is sold, without receiving the planned EUR300
million bridging loan from Italy.
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, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
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.
ALITALIA SPA: Receives EUR300-Million Italian Government Loan
-------------------------------------------------------------
Alitalia S.p.A. has received the EUR300-million emergency loan
pledged by the Italian government, Bloomberg News reports.
European Union Transport Commissioner Jacques Barrot, however,
said Alitalia's weak coffers have raised doubts on the legality
of the loan, Bloomberg relates.
The European Commission gave Italy until May 19, 2008, to
provide details of the bridging loan, which is currently under
review for possible violation of the European Union rule
on state aid.
Italy needs to prove that the loan was offered on commercial
terms to gain approval from the Commission. Alitalia may face
months-long probe over the legality of the loan, which may
further cramp Italy's efforts to sell its 49.9% stake in the
national carrier.
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, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
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.
JAPAN AIR: 2008 Golden Week Int'l. Reservations Down to 6.2%
------------------------------------------------------------
Japan Airlines Group announced the passenger traffic results on
international and domestic routes for the traditional Japanese
“Golden Week’’ vacation, which stretched this year from April 25
to May 6, 2008.
Compared to the same period in 2007, the number of international
passenger reservations for Japan flight departures was 6.2%
down, and the number of domestic passenger reservations was 2.5%
down.
International: The number of international passenger
reservations during the 12-day period, made up by a combination
of public holidays and weekends, was 403,638 in total. The seat
load factor was 65.6%. Supply measured in available seats was
3.5% down on the same period last year.
Passenger demand on long-haul and medium-haul routes was
negatively affected by the fragmented nature of this year's
Golden Week national holidays. Passenger reservations to short-
haul international destinations, however, were favorable. Guam,
South Korea and Taiwan passenger numbers were up respectively by
8.9%, 7.7% and 6.8% when compared to the same period last year.
JAL Group operated on international routes an additional 44
flights including charter flights to accommodate demand for
travel to such destinations as Guam, Honolulu, Macao, Palau,
Phuket and Saipan. Last year the airline operated a total of 81
additional flights over the same period.
Seat load factors were high on Guam, Hawaii and South Korea
routes: 81.2, 78.3 and 77.2% respectively.
Domestic: JAL Group domestic Golden Week passenger reservations
totaled 1,436,658, 2.5% down on the same vacation period last
year. The domestic Japan seat load factor forecast was 65.3%.
JAL Group operated an additional 32 flights on domestic Japan
routes to accommodate increased demand for travel to Okinawa
(Naha), as well as Sapporo, compared to the 25 flights operated
during the same period last year.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
As reported in the Troubled Company Reporter on April 17, 2008,
Fitch Ratings revised the Outlook on Japan Airlines Corporation
and its whollyowned operating subsidiary, JAL International
Co., Ltd.'s Long-term Issuer Default ratings to Stable from
Negative. At the same time, Fitch affirmed both companies'
Long-term IDRs and ratings of outstanding bonds at 'BB-'. The
Outlook revision follows JAL's operational turnaround and better
liquidity.
As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan. S&P said
the outlook on the long-term corporate credit rating is
negative.
=========
K O R E A
=========
HYNIX SEMICON: Seeks to Regain "Lost" Market Share in Japan
-----------------------------------------------------------
Hynix Semiconductor Inc. is seeking to regain its lost market
share in Japan, buoyed by a ruling by the World Trade
Organization directing Japan to scrap duties on computer chips
from Hynix, Kim Yoo-chul of The Korean Times reports.
As reported by the Troubled Company Reporter-Asia Pacific on
December 4, 2007, Hynix Semiconductor welcomed the WTO's
ruling that Japan's punitive tariffs on imports of its
semiconductors are illegal under international trade rules.
The TCR-AP recounted that Japan imposed 27.2% tariffs in January
2006 on dynamic random access memory (DRAM) chips produced by
Hynix. Furthermore, Japan also accused Hynix of selling
subsidised products, the report said.
According to The Times, after Japan imposed the tariffs, the
company's market share fell to 13.3% from 16% in 2004.
Company spokesperson Lee Si-hyun told The Times that they will
increase its market share in the Japanese dynamic random access
memory (DRAM) chip market to over 16%.
About Hynix Semiconductor Inc.
Hynix Semiconductor Inc. (HSI) of Icheon, Korea, is a memory
semiconductor supplier offering Dynamic Random Access Memory
chips (“DRAMs”) and Flash memory chips to a wide range of
established international customers. The company’s shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange. Further
information about Hynix is available at http://www.hynix.com/
* * *
As reported in the Troubled Company Reporter-Asia Pacific
on June 19, 2007, Moody's Investors Service upgraded to “Ba2”
from “Ba3” Hynix Semiconductor Inc's senior unsecured bond
rating and corporate family rating. At the same time, Moody's
assigned a “Ba2” senior unsecured bond rating for Hynix's
proposed US$500 million issuance. Moody's said the outlook for
the ratings is stable. The rating still applies as of May 9,
2008.
Hynix also carries a “BB-” rating from Standard & Poor's. The
rating was placed on June 11, 2007, with a stable outlook.
In addition, Hynix carries Fitch's “BB” rating which was placed
on May 3, 2007.
HYNIX SEMICONDUCTOR: Inks DRAM Pact With ProMOS
-----------------------------------------------
Hynix Semiconductor Inc. and ProMOS Technologies Inc. signed an
amendment to strengthen their existing strategic alliance.
According to the Amendment, Hynix licenses to ProMOS 50
nanometer-class DRAM stack process technology, while ProMOS
offers to Hynix such DRAM products from its 300mm fab capacity.
To achieve timely technology transfer, Hynix plans to commence
the government filing process immediately.
Additionally, Hynix plans to cooperate with some financial
investors to buy 8%-10% portion of shares in ProMOS through
private placement to strengthen their long-term cooperation
relationship.
About Hynix Semiconductor Inc.
Hynix Semiconductor Inc. (HSI) of Icheon, Korea, is a memory
semiconductor supplier offering Dynamic Random Access Memory
chips (“DRAMs”) and Flash memory chips to a wide range of
established international customers. The company’s shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange. Further
information about Hynix is available at http://www.hynix.com/
* * *
As reported in the Troubled Company Reporter-Asia Pacific
on June 19, 2007, Moody's Investors Service upgraded to “Ba2”
from “Ba3” Hynix Semiconductor Inc's senior unsecured bond
rating and corporate family rating. At the same time, Moody's
assigned a “Ba2” senior unsecured bond rating for Hynix's
proposed US$500 million issuance. Moody's said the outlook for
the ratings is stable. The rating still applies as of May 9,
2008.
Hynix also carries a “BB-” rating from Standard & Poor's. The
rating was placed on June 11, 2007, with a stable outlook.
In addition, Hynix carries Fitch's “BB” rating which was placed
on May 3, 2007.
===============
M A L A Y S I A
===============
TENGGARA OIL: Appoints Foo Siew Loon as Audit Committee Member
--------------------------------------------------------------
Foo Siew Loon was appointed as a member of Tenggara Oil Berhad's
Audit Committee.
On the other hand, Chau Man Kit and Datuk Dr. Kamal Bin Mat
Salih tendered their resignations as the members of the
company's Audit Committee. With this, the company's Audit
Committee now composes of:
* Encik Shafril Hadi Bin Kamal – Member;
* Lee Kien Fatt – Member; and
* Foo Siew Loon – Member
Moreover, Foo Siew Loon was appointed as a non-executive
director while Chau Man Kit quit in the company for the same
position.
Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses. Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction. As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business. The Company is headquartered
in Kuala Lumpur, Malaysia.
Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.
TENGGARA OIL: Sets General & Court Convened Meetings on May 30
--------------------------------------------------------------
Tenggara Oil Berhad will hold its extraordinary general meeting
and court convened meetings on May 30, 2008, at Dewan Berjaya,
Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, in
Off Jalan Damansara, 60000 Kuala Lumpur.
During the extraordinary general meeting, which will start at
2:30 p.m., these resolutions will be discussed:
* Ordinary Resolution 1: Proposed Corporate and Debt
Restructuring Scheme;
(i) Proposed Incorporation of Newco;
(ii) Proposed Share Exchange;
(iii) Proposed Disposal of Tenggara Lubricant Sdn. Bhd.;
(iv) Proposed Rights Issue;
(v) Proposed Acquisitions;
(vi) Proposed Exemptions;
(vii) Proposed Debt Settlement;
(viii) Proposed Placement;
(ix) Proposed Liquidation;
(x) Proposed Transfer of Listing; and
(xi) Proposed Disposal of TOB
* Ordinary Resolution 2: Proposed Disposal of Tenggara
Lubricant Sdn. Bhd.;
* Ordinary Resolution 3: Proposed Exemptions; and
* Ordinary Resolution 4: Proposed Transfer of Listing
The High Court of Malaya at Kuala Lumpur has also directed an
order to convene a meeting for Tenggara's scheme creditors and
shareholders at 9:00 a.m. and 11:00 a.m. respectively, to
consider and if thought fit, approved the Scheme of Arrangement
proposed between the company and all its scheme creditors and
shareholders.
Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses. Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction. As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business. The Company is headquartered
in Kuala Lumpur, Malaysia.
Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.
TIME ENGINEERING: Equity Less Than 50% of Paid-Up Share Capital
---------------------------------------------------------------
Time Engineering Berhad was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the auditors have expressed a modified
opinion on the company’s going concern status and on its
shareholders’ equity, which is less than 50% of its total issued
and paid-up share capital.
The company's obligations as an Affected Listed Issuer are to:
* submit a plan that is substantive and falls within the
ambit of Section 212 of the Capital Market and Services Act
2007 to regularize its financial condition to the
Securities Commission and other relevant authorities for
approval within eight months from May 2008;
* implement the Regularization Plan within the timeframe
stipulated by the relevant authorities;
* announce the status of its Regularization Plan and the
number of months to the end of the relevant timeframes on a
monthly basis until further notice from Bursa Securities;
* announce its compliance or non-compliance with a particular
obligation imposed pursuant to the Amended PN 17 on an
immediate basis; and
* announce the details of the Regularization Plan, which
will include timeline for the complete implementation of
the Regularization Plan. The Requisite Announcement must
be made by a merchant banker or a participating
organization that may act as a principal adviser under the
Securities Commission’s Policies and Guidelines on
Issue/Offer of Securities.
TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services. The company operates through three segments. The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy. The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate. The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.
====================
N E W Z E A L A N D
====================
AMORE LIMITED: Commences Liquidation Proceedings
------------------------------------------------
Stephen John Tubbs, chartered accountant, and Colin Anthony
Gower, insolvency practitioner, both of Christchurch, were
appointed joint liquidators of Amore Limited by special
resolution of its shareholders on April 16, 2008.
The liquidators fixed May 30, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Barbara King or Diana Hore
PO Box 246
BDO Spicers, Level 6
Spicer House
148 Victoria Street, Christchurch
Telephone: (03) 353 5528
Facsimile: (03) 353 5526
Email: barbara.king@chc.bdospicers.com or
diana.hore@chc.bdospicers.com
ARCHITECTURAL ENGINEERING: Shareholders Appoint Liquidators
-----------------------------------------------------------
Stephen John Tubbs, chartered accountant, and Colin Anthony
Gower, insolvency practitioner, both of Christchurch, were
appointed as joint liquidators of Architectural Engineering 2000
Limited by special resolution of its shareholders.
The liquidators fixed May 30, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Jim Barber
BDO Spicers
Level 6, Spicer House
148 Victoria Street, PO Box 246
Christchurch
Telephone: (03) 379 5155
Facsimile: (03) 353 5526
Email: jim.barber@chc.bdospicers.com
BONTRANZ LIMITED: Creditors Have Until May 30 to File Claims
------------------------------------------------------------
Peri Micaela Finnigan and Boris van Delden, both insolvency
practitioners of Auckland were appointed joint and several
liquidators of Bontranz Limited by its shareholders on April 18,
2008.
The liquidators fixed May 30, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
McDonald Vague
PO Box 6092, Wellesley Street Post Office
Auckland
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
CRYSTAL DREAMS: Court to Hear Wind-Up Petition on May 19
--------------------------------------------------------
On March 12, 2008, an application to put Crystal Dreams Limited
into liquidation was filed in the High Court at Tauranga.
The application will be heard before the High Court at Rotorua
on Monday, May 19, 2008, at 10:45 a.m.
The plaintiff is Clearview Marketing Limited and its solicitor
is:
MALCOLM WHITLOCK
Debt Recovery Group NZ Limited
2/166 Henderson Valley Road
Henderson, Auckland
CASPER FREIGHT: Creditors Have Until May 23 to File Claims
----------------------------------------------------------
Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, were appointed joint and several
liquidators of Casper Freight Limited by the High Court at
Auckland on April 18, 2008.
The liquidators May 23, 2008, as the last day for creditors to
make their claims and to establish any priority their claims may
have, or be excluded from the benefit of any distribution.
The liquidators can be reached at:
PPB McCallum Petterson
Level 11, Forsyth Barr Tower
55-65 Shortland Street, Auckland
PO Box 6916, Wellesley Street, Auckland
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
ENGLEFIELD ENTERPRISES: Creditors Must File Claims by May 30
------------------------------------------------------------
The High Court at Christchurch on April 14, 2008, appointed
Stephen John Tubbs, chartered accountant, and Colin Anthony
Gower, insolvency practitioner, both of Christchurch, as joint
liquidators of Englefield Enterprises Limited.
Creditors have until May 30, 2008, to file their proofs of
claim.
The liquidators can be reached at:
BDO Spicers
Level 6, Spicer House
148 Victoria Street, Christchurch
PO Box 246, Christchurch
Telephone: (03) 379 5155
Facsimile: (03) 353 5526
Email: diana.hore@chc.bdospicers.com
FIREPLACE SOLUTIONS: Creditors Have Until May 19 to File Claims
---------------------------------------------------------------
Gerald Stanley Rea and Paul Graham Sargison, both chartered
accountants of Auckland, were appointed joint and several
liquidators of Fireplace Solutions Limited by its shareholders
on April 17, 2008.
The liquidators fixed May 19, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Gerry Rea Partners
PO Box 3015, Auckland
Telephone: (09) 377 3099
Facsimile: (09) 377 3098
GRILLE & BUMPER: Creditors Have Until May 22 to File Claims
-----------------------------------------------------------
On 17 April 2008, Grille & Bumper Plastic Repairs (Waikato)
Limited was placed into liquidation and Kim S. Thompson,
insolvency practitioner of Hamilton, was appointed as
liquidator.
The liquidator fixed May 22, 2008, as the last day for creditors
to file their proofs of claim.
The liquidator can be reached at:
PO Box 1027
Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
LAKESIDER PUBLISHING: Faces APN Holdings' Petition on May 19
------------------------------------------------------------
On 10 March 2008, an application to put Lakesider Publishing
Limited into liquidation was filed in the High Court at
Tauranga.
The application will be heard before the High Court at Rotorua
on May 19, 2008, at 10:45 a.m.
The plaintiff is APN Holdings NZ Limited and its solicitor is:
TANIA C. GOATLEY
Bell Gully
Level 22, Vero Centre
48 Shortland Street (PO Box 4199 or DX CP 20509)
Auckland
MCBEAU HOLDINGS: Claims Filing Deadline is May 23
-------------------------------------------------
Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, were appointed joint and several
liquidators of McBeau Holdings Limited by the High Court at
Auckland on April 18, 2008.
The liquidators May 23, 2008, as the last day for creditors to
make their claims and to establish any priority their claims may
have, or be excluded from the benefit of any distribution.
The liquidators can be reached at:
PPB McCallum Petterson
Level 11, Forsyth Barr Tower
55-65 Shortland Street, Auckland
PO Box 6916, Wellesley Street, Auckland
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
NBK LIMITED: Creditors Must File Claims by May 30
-------------------------------------------------
On April 16, 2008, NBK Limited was placed into liquidation and
Paul Andrew de Lacey of de Lacey & Associates Limited, Chartered
Accountants, was appointed as liquidator.
The liquidator fixed May 30, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.
The liquidator can be reached at:
PO Box 28054
Remuera, Auckland
Telephone: (09) 522 1069
Facsimile: (09) 522 1806
NEW LYNN: Creditors Have Until May 23 to File Claims
----------------------------------------------------
Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, were appointed joint and
several liquidators of New Lynn Tyres & Car Repairs Limited by
the High Court at Auckland April 18, 2008.
The liquidators fixed May 23, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Clarinda Bonilla
PPB McCallum Petterson
PO Box 6916
Level 11, Forsyth Barr Tower
55-65 Shortland Street, Auckland
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
NUPHARM LABORATORIES: Claims Filing Deadline is May 19
------------------------------------------------------
On April 15, 2008, Nupharm Laboratories (NZ) Limited was placed
into liquidation and Kim S. Thompson, insolvency practitioner of
Hamilton, was appointed as liquidator.
The liquidator fixed May 19, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.
The liquidator can be reached at:
PO Box 1027, Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
PAMLOC TRADING: Creditors Must File Claims by May 19
----------------------------------------------------
Jeffrey Philip Meltzer and Rachel Karen Mason, insolvency
practitioners, were appointed joint and several liquidators of
Pamloc Trading Limited by the High Court on April 18, 2008.
The liquidators fixed May 19, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Meltzer Mason Heath, Chartered Accountants
Wellesley Street, PO Box 6302
Auckland 1141
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
PARNELL PROPERTY: Court Appoints Liquidators
--------------------------------------------
Henry David Levin, insolvency specialist, and Barry Phillip
Jordan, chartered accountant, were appointed joint and several
liquidators of Parnell Property Maintenance Limited by the High
Court at Auckland April 18, 2008.
The liquidators fixed May 23, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Miranda Law
PPB McCallum Petterson
Level 11, Forsyth Barr Tower
55-65 Shortland Street, Auckland
PO Box 6916, Wellesley Street, Auckland
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
PH DISTRIBUTORS: Court to Hear Wind-Up Petition on May 23
---------------------------------------------------------
On February 5, 2008, an application to put PH Distributors New
Zealand Limited into liquidation was filed in the High Court
at Auckland.
The application will be heard before the High Court at Auckland
on May 23, 2008 at 10:45 a.m.
The plaintiff is Apparel By Design Limited and its solicitor is:
M. M. EDWARDS
Fortune Manning
gen-i Tower, Level 12
66 Wyndham Street (PO Box 4139)
Auckland
QUANTUM SOFTWARE: Creditors Have Until May 30 to File Claims
------------------------------------------------------------
On 17 April 2008, Quantum Software Solutions Limited was placed
into liquidation and Kevin John Gilligan, of Auckland, was
appointed liquidator.
The liquidator fixed May 30, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.
The liquidator can be reached at:
PO Box 26022
Epsom, Auckland 1344
Telephone: (09) 834 4486
Facsimile: (09) 834 4990
Email: kgill@ihug.co.nz
REGATTA HOLDINGS: De Lacey Appointed as Liquidator
-------------------------------------------------
On April 16, 2008, Regatta Holdings Limited was placed into
liquidation and Paul Andrew de Lacey of de Lacey & Associates
Limited, Chartered Accountants, was appointed as liquidator.
The liquidator fixed May 30, 2008, as the last day for creditors
to file their proofs of claim.
The liquidator can be reached at:
PO Box 28054
Remuera, Auckland
Telephone: (09) 522 1069
Facsimile: (09) 522 1806
SHAFTSPRY LIMITED: Court to Hear Wind-Up Petition on May 30
-----------------------------------------------------------
On February 19, 2008, an application for the winding up of
Shaftspry Limited was filed in the High Court at Auckland.
The application will be heard before the High Court at Auckland
on Friday, May 30, 2008, at 10:45 a.m.
The plaintiff is the Chief Executive of the New Zealand Customs
Service and its solicitor is:
Kevin P. Sullivan
DLA Phillips Fox
5th Floor
50-64 Customhouse Quay, Wellington
STEADECRAFT INDUSTRIES: Commences Liquidation Proceedings
---------------------------------------------------------
On April 16, 2008, Steadecraft Industries Limited was placed
into liquidation and Kim S. Thompson, insolvency practitioner of
Hamilton, was appointed as liquidator.
The liquidator fixed May 20, 2008, as the last day for creditors
to file their proofs of claim.
The liquidator can be reached at:
PO Box 1027
Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
SWORDFISH LODGE: Creditors Have Until May 21 to File Claims
-----------------------------------------------------------
Bernard Spencer Montgomerie and Stuart James Cunningham, both
insolvency practitioners of Auckland, were appointed joint and
several liquidators of Swordfish Lodge Management Limited by the
resolution of its creditors on April 9, 2008.
The liquidators fixed May 21, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.
The liquidators can be reached at:
Montgomerie & Associates
PO Box 65, Auckland 1140
Telephone: (09) 368 7672
Facsimile: (09) 307 0174
Email: bsm@montgomerie.co.nz
=====================
P H I L I P P I N E S
=====================
FAIRCHILD SEMICONDUCTOR: S&P Lifts Ratings on Debt Refinancing
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on South Portland, Maine-based Fairchild Semiconductor
International Inc. to 'BB' from 'BB-'. The outlook is stable.
At the same time, S&P affirmed the 'BB' issue-level rating on
Fairchild Semiconductor Corp.'s senior secured credit facilities
following the company's proposed $100 million add-on to its
$375 million term loan. The recovery rating has been revised to
'3', indicating the expectation for meaningful (50% to 70%)
recovery in the event of a payment default, from '2'. The
secured financing will consist of a $475 million term loan and a
$100 million revolving credit facility upon close. The new debt
will be issued under the existing credit agreement.
Standard & Poor's also raised its issue-level rating on
Fairchild Semiconductor Corp.'s senior subordinated debt to 'B+'
(two notches below the 'BB' corporate credit rating on parent
company Fairchild Semiconductor International) from 'B'. The
recovery rating on this debt remains unchanged at '6',
indicating the expectation for negligible (0% to 10%) recovery
in the event of a payment default. S&P will withdraw both of
these ratings upon redemption.
The rating actions follow the company's announcement that it
will refinance $200 million of maturing senior subordinated debt
with the proposed new senior secured debt, $50 in million cash,
and a draw on its revolving credit facility. Pro forma for the
refinancing, leverage improves to about 1.8x, from 2.2x as of
March 31, 2008. In addition to the modest impact that the
refinancing will have on leverage, operational trends continue
to improve modestly.
"The rating on Fairchild reflects the company's low margins
relative to peers, modest scale, and challenges to improving its
product mix," said Standard & Poor's credit analyst Lucy
Patricola. "These factors are offset partially by a solid
financial profile, selected market strength, and diverse end
markets."
Fairchild is a vertically integrated manufacturer of a wide
variety of power and logic analog semiconductors and integrated
circuits.
Fairchild Semiconductor -- http://www.fairchildsemi.com/--
supplies power products critical to leading electronic
applications in the computing, communications, consumer,
industrial and automotive segments. Fairchild's 9,000 employees
design, manufacture and market power, analog & mixed signal,
interface, logic, and optoelectronics products. The company has
locations in Korea, Malaysia, and the Philippines.
PRC LLC: ACE American et al. Oppose Disclosure Statement
--------------------------------------------------------
The ACE American Insurance Company, ACE Property & Casualty
Insurance Company, and Illinois Union Insurance Company complain
that PRC LLC and its debtor-affiliates' Disclosure Statement
does not contain adequate information concerning the treatment
of the insurance policies between ACE and the Debtors.
According to Karel S. Karpe, Esq., at White and Williams LLP, in
New York, ACE has issued various insurance policies since 2003,
providing for prepetition and postpetition coverages to the
Debtors and possibly their non-debtor affiliates, in the form of
workers compensation and employers liability, errors &
omissions, property fire and other casualty insurance. At
times, ACE's coverage obligation includes the duty to defend.
The Policies require the Debtors to pay premiums, to provide
notice of claims, and to participate in the investigation and
defense of claims. The Policies also give ACE rights to
participate in the defense and settlement of claims in instances
where ACE does not have a duty to defend.
The Policies include provisions that obligate the Debtors to
preserve and transfer to ACE any rights they may have against
others to recover all or any part of any payment that ACE makes
under the insurance policies. All of these obligations are
ongoing and continuing.
Ms. Karpe argues that the Disclosure Statement does not contain
adequate information concerning the Debtors' proposed Plan of
Reorganization's treatment of the ACE Policies or the
consequences of that treatment.
Thus, ACE objects to the Disclosure Statement to the extent
that:
* it indicates that insurance policies will be treated as
executory contracts, but does not indicate whether the
Debtors will be assuming or rejecting any insurance
policies or whether the Reorganized Debtors will be
performing the Debtors' obligations under the ACE
Policies;
* it preserves Debtors' rights under insurance policies,
but says nothing about ACE's rights;
* it indicates that the Debtors will reject all executory
contracts except for those included in a schedule of
executory contracts that purportedly will be included in
the Debtors' Plan Supplement, but the Plan Supplement
will not be submitted until five business days before the
deadline for approval or rejection of the Debtors'
proposed Plan;
* it does not contain any provisions indicating if and how
the Debtors' obligations under the ACE Policies will be
performed by the Reorganized Debtors;
* it does not contain any provisions indicating if and how
the premiums currently owed under the ACE Policies and to
be owed under the ACE Policies will be paid;
* it indicates that the Reorganized Debtors are provided
the sole authority to object to, litigate, settle or
adjust claims. These provisions appear to conflict with
the Debtors' obligations under the ACE Policies and may
also jeopardize coverage, Mr. Karpe says;
* it indicates that the Plan will enjoin certain claims
against the Debtors, certain other parties, and the
Debtors' assets. These provisions may interfere with
ACE's ability to investigate, defend, litigate and settle
claims in the ordinary course of business and therefore
possibly jeopardize coverage; and
* it indicates that the proposed Plan will preserve
the Debtors' rights of setoff, but expressly preclude the
rights of setoff, recoupment or subrogation belonging to
other parties.
Accordingly, ACE asks the U.S. Bankruptcy Court for the Southern
District of New York not to approve the Disclosure Statement
unless the objections it raised are addressed.
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor. Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Court Extends Action Removal Period to July 21
-------------------------------------------------------
The Honorable Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York extended the deadline by which PRC
LLC and its debtor-affiliates must remove their prepetition
actions until the earlier of the effective date of a confirmed
Chapter 11 plan, or July 21, 2008.
As of April 1, 2008, PRC LLC is a party to some non-bankruptcy
causes of actions filed in various venues throughout the United
States, each of which was filed before the date of bankruptcy.
The Debtors told the Court that their objective is to exit
bankruptcy expeditiously and, to that end, the Debtors' have
focused their efforts on preparing their bankruptcy schedules,
motions to assume or reject prepetition contracts or leases, a
disclosure statement, and a plan of reorganization.
The Debtors related that they are analyzing various aspects
of each Action, but did not believe they are able to make
informed decisions as to whether to file notices of removal in
each case by April 22, 2008.
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor. Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Court Extends Lease Decision Period to August 20
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the time within which PRC LLC and its debtor-affiliates
may assume or reject their unexpired leases and executory
contracts pursuant to Section 365(d)(4) of the U.S. Bankruptcy
Code to the earlier of the effective date of a confirmed Chapter
11 plan, or Aug. 20, 2008.
As reported in the Troubled Company Reporter on April 10, 2008,
the Debtors told the Court that they are party to numerous
leases of non-residential real property which, in most
instances, provide the premises used as contact centers in
connection with the Debtors' core business operations.
Since the filing of bankruptcy, the Debtors have diligently
reviewed their business needs with respect to leased premises
and have filed several motions to reject leases. Currently, the
Debtors lease 19 premises for which no motion to assume or
reject has been filed with the Court. A list of these
leases is available for free at:
http://researcharchives.com/t/s?2a5b
The Debtors' objective is to exit bankruptcy expeditiously. To
that end, the Debtors have focused significant attention on
preparing and filing bankruptcy schedules, a disclosure
statement, and a plan of reorganization.
While the Debtors are working as expeditiously as possible to
analyze all aspects of their businesses, they did not believe it
will be possible to make an informed decision as to whether to
assume or reject all of the Leases by May 22, 2008. The Debtors
said they do not want to forfeit any of the Leases as a result
of the "deemed rejection" provision of Section 365(d)(4).
The Debtors assured the Court that their landlords will not be
prejudiced by the requested extension. The Debtors noted that
they are current, and intend to remain current, on their
postpetition obligations under the Leases.
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor. Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. (PRC LLC Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
=================
S I N G A P O R E
=================
BANGKA OFFSHORE: Court to Hear Wind-Up Petition on May 16
---------------------------------------------------------
A petition to have Bangka Offshore Pte Ltd's operations wound up
will be heard before the High Court of Singapore on May 16,
2008, at 10:00 a.m.
Link Express Shipping Pte Ltd filed the petition against the
company on April 24, 2008.
Link Express' solicitors are:
Ang & Partners
79 Robinson Road
#22-00 CPF Building
Singapore 068897
KALMAR LMV: Creditors' Proofs of Debt Due on June 2
---------------------------------------------------
Kalmar LMV East Asia Pte. Ltd., which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by June 2, 2008, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
ROY EASTERN: Court Enters Wind-Up Order
---------------------------------------
On April 10, 2008, the High Court of Singapore entered an orde r
to have Roy Eastern Watch Pte Ltd's operations wound up
Chan Soon Ho, Choi Hon Ching, Chui Ngor Heng, Choi Shiok Chin,
Choi Chan Wai and Choi Sai Hong filed the petition against the
company.
Roy Eastern's liquidators are:
Goh Thien Phong
Chan Kheng Tek
PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424
UOB VENTURE: Requires Creditors to File Claims by June 2
--------------------------------------------------------
The creditors of UOB Venture Technology Investments Ltd are
required to file their proofs of debt by June 2, 2008, to be
included in the company's dividend distribution.
The company's liquidators are:
Bob Yap Cheng Ghee
Chay Fook Yuen
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
===============
T H A I L A N D
===============
DOLE FOOD: Posts $28.9 Mil. Net Loss in 1st Qtr. Ended March 22
---------------------------------------------------------------
Dole Food Company Inc. reported a net loss of $28.9 million for
the first quarter ended March 22, 2008, compared to a net loss
of $10.2 million for the same period ended March 24, 2007.
For the quarter ended March 22, 2008, revenues increased 13% to
$1.8 billion from $1.6 billion for the quarter ended March 24,
2007. The company attributed the increase in revenues to higher
worldwide sales of fresh fruit and packaged food products in
North America and Asia.
Operating Income
For the quarter ended March 22, 2008, operating income increased
to $50.2 million from $33.5 million for the quarter ended
March 24, 2007. The increase was primarily attributable to
better pricing in the company's worldwide banana operations,
European ripening and distribution business, as well as
improvements in the company's packaged salads and packaged foods
businesses.
Interest Income and Other Income (Expense), Net
For the quarter ended March 22, 2008, interest income and other
income (expense), net was an expense of $26.9 million compared
to income of $3.2 million in the prior year. The change was
primarily due to an unrealized loss of $32.4 million recorded on
the company's cross currency swap in 2008 compared to an
unrealized loss of $1.8 million recorded in 2007.
Interest Expense
Interest expense for the quarter ended March 22, 2008, was
$43.5 million compared to $44.2 million for the quarter ended
March 24, 2007. Interest expense decreased primarily as a
result of lower borrowing rates on the company's secured debt
facilities partially offset by the impact of additional
borrowings.
Income Taxes
The company recorded $9.1 million of income tax expense on
$20.2 million of pretax losses from continuing operations for
the quarter ended March 22, 2008.
Income tax expense for the quarter included $5.4 million
recorded to establish a valuation allowance against deferred
income tax assets in Ecuador which, as a result of a recently
enacted tax law, have been determined to not be recoverable.
Additionally, income tax expense included interest expense of
$2.8 million (net of associated income tax benefits of
approximately $1.3 million) related to the company's
unrecognized tax benefits.
The income tax expense for the quarter ended March 24, 2007, was
$2.0 million, including interest expense of $2.4 million (net of
associated income tax benefits of approximately $1.5 million)
related to the company's unrecognized tax benefits.
Liquidity and Capital Resources
For the quarter ended March 22, 2008, cash flows used in
operating activities were $62.8 million compared to cash flows
used in operating activities of $42.1 million for the quarter
ended
March 24, 2007. Cash flows used in operating activities were
$20.7 million higher, primarily due to higher levels of accounts
receivable resulting mainly from increased sales in the fresh
fruit segment. This change was partially offset by higher
accrued liabilities due in part to the timing of payments.
The company had a cash balance and available borrowings under
the asset based revolving credit facilit ("ABL revolver") of
$94.9 million and $108.1 million, respectively, at March 22,
2008. The company believes that its existing cash balance and
available borrowing capacity under the ABL revolver together
with its future cash flow from operations, planned asset sales
and access to capital markets will enable it to meet its working
capital, capital expenditure, debt maturity and other
commitments and funding requirements during the next twelve
months.
The company has $350.0 million of unsecured notes maturing May
1, 2009. The company is working with its bankers and advisors
to assess various alternatives available for addressing this
maturity. At this time, the company plans to replace these
notes with newly issued notes before the end of the year. In
addition, the company is evaluating retiring up to $50.0 million
of these unsecured notes with available funds, as allowed under
the existing terms of its credit agreements.
Balance Sheet
At March 22, 2008, the company's consolidated balance sheet
showed $4.8 billion in total assets, $4.5 billion in total
liabilities, and $297.3 million in total stockholders' equity.
Full-text copies of the company's consolidated financial
statements for the quarter ended March 22, 2008, are available
for free at http://researcharchives.com/t/s?2b91
About Dole Food
Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods. The company has four
primary operating segments. The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide. The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia, including Thailand. The packaged foods segment contains
several operating segments that produce and market packaged
foods, including fruit, juices and snack foods. Dole's fresh-
cut! flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.
* * *
Dole Food Company Inc. carries Moody's Investors Service's Caa1
Senior Unsecured Debt rating assigned on Feb. 25, 2008. Rating
holds to date.
FEDERAL-MOGUL: Posts $32 Million Net Loss in 2008 First Quarter
---------------------------------------------------------------
Federal-Mogul Corp. reported its first quarter 2008 financial
results with record quarterly sales of $1.86 billion, an
increase of 8% over the same period of the prior year.
According to a company press release, during the first quarter,
the company recorded a one-time, non-cash charge of $68 million
relating to re-valuation of inventory, as required by fresh
start reporting following emergence from Chapter 11 in December
2007.
The company reported a net loss of $32 million as compared to
net income of $5 million in the first quarter of 2007. Without
the inventory charge and the associated tax impact, net income
would have been $32 million, or 2% of sales. Approximately $206
million or 11% for Q1 2008, up from the same period in 2007 when
the company reported Operational EBITDA of $199 million.
Financial Summary
(in millions)
Three Months
Ended March 31
--------------
2008 2007
------ ------
Net sales $1,859 $1,716
Gross margin 266 308
Adjusted gross margin 335 308
Selling, general & admin expenses (209) (207)
Net income (loss) (32) 5
Adjusted net income 32 5
Operational EBITDA 206 199
During the quarter, sales were $1.86 billion, up $143 million,
or eight percent above the same period in 2007. The sales
results were impacted by favorable currency exchange of $120
million and increased sales of $23 million, principally to
European original equipment vehicle manufacturers. The company
continues to benefit from strong new business bookings with
balanced regional sales and a globally diverse customer base
with no single customer accounting for more than seven percent
of global sales as of Dec. 31, 2007.
Federal-Mogul realized a gross margin of $266 million or 14.3%
of sales in the first quarter of 2008, versus $308 million or
17.9% of sales in the first quarter of 2007. The gross margin
was unfavorably impacted by a $68 million, non-cash inventory
adjustment previously discussed. Without the inventory
adjustment, gross margin for the quarter would have been
$335 million, or 9% above the prior year and at 18% of sales.
This improvement shows that the company maintained its operating
performance in spite of ongoing raw materials, energy and other
general industry cost pressure.
Selling, general and administrative expense for the quarter was
$209 million, in comparison to $207 million in the same period
in 2007. SG&A as a percentage of sales was favorably reduced in
the first quarter of 2008 to 11.2% compared to 12.1% in the same
period a year ago. The change in SG&A comprised a reduction of
$8 million offset by unfavorable currency exchange of $10
million during the quarter.
Federal-Mogul reported cash flow for the first quarter of 2008
of $49 million, which compares favorably to $12 million in the
same period of 2007.
On April 23, Federal-Mogul listed its Class A Common Stock on
the NASDAQ Global Market, and will trade under the symbol
"FDML."
"We are pleased to report a strong quarter, which shows the
benefits of our solid operating performance, combined with our
customer, regional and product line diversification. More than
60 percent of our revenue in the quarter was generated outside
the U.S.," said President and Chief Executive Officer Jose Maria
Alapont. "The operational EBITDA is improved as a result of our
restructuring and cost-reduction efforts as outlined in our
strategy for sustainable global profitable growth."
At March 31, 2008, the Federal-Mogul's balance sheet total
assets of $8,245,200,000 and total liabilities of
$6,080,300,000, resulting in a $2,164,900,000 billion
stockholders' equity.
A full-text-copy of Federal-Mogul Corp.'s First Quarter 2008
Results filed on Form 10-Q is available at no charge at:
http://ResearchArchives.com/t/s?2b8a
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 listed $10.15 billion in assets and $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 Dec. 27, 2007. (Federal-Mogul Bankruptcy News,
Issue No. 167; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
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.
FEDERAL-MOGUL: PepsiAmericas Asks Court OK on $6M Claims Payment
----------------------------------------------------------------
PepsiAmericas, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to allow Claim Nos. 6093 and
6441 as administrative priority expense claims and to direct
Federal-Mogul Corp. and its debtor-affiliates to pay those
claims. The Claims assert damages, aggregating more than
$6,000,000, arising from:
-- the Reorganized Debtors' alleged breach of a purchase
agreement with PepsiAmericas' predecessor; and
-- damages incurred by PepsiAmericas as a result of a
lawsuit the Reorganized Debtors filed in an Ohio state
court relating to certain insurance policies.
Kirk T. Hartley, Esq., at Butler Rubin Saltarelli & Boyd LLP, in
Chicago, Illinois, asserts that the Claims are administrative
claims and PepsiAmericas has a right to recover for its losses
as administrative claims.
Mr. Hartley relates that in December 2007, the Debtors filed an
insurance coverage complaint in an Ohio state court seeking
recovery from various insurers for expenses incurred in
connection with various "environmental sites." The State Court
Action includes allegations regarding the purported rights of
the Debtors to recover monies from insurance policies issued to
PepsiAmericas.
Mr. Hartley asserts that by filing the State Court Action, the
Reorganized Debtors have trespassed against the chattels of
PepsiAmericas and have caused harm to PepsiAmericas.
Mr. Hartley tells the Court that one of the insurer defendant,
Liberty Mutual Insurance Company, demanded from PepsiAmericas
reimbursement of all expenses and losses it incurred in
connection with the State Court Action. He says the Reorganized
Debtors have provided to PepsiAmericas some indications that
they intend to limit or dismiss the claims in the State Court
Action in the future. However, Mr. Hartley notes that there is
no concrete assurances that the Debtors will accomplish a
dismissal at a certain time.
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 listed $10.15 billion in assets and $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 Dec. 27, 2007. (Federal-Mogul Bankruptcy News,
Issue No. 167; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
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.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
Advance Healthcare Group Ltd AHG 15.65 -6.78
Allstate Exploration NL ALX 18.20 -42.75
Antares Energy Ltd AZZ 16.20 -4.36
Austar United Communications
Limited AUN 525.67 -234.87
Austindo Resources
Corporation N.L. ARX 62.77 -15.88
Biron Apparel Ltd BIC 19.71 -2.22
Croesus Mining N.L. CRS 16.00 -13.81
Evans & Tate Ltd ETW 103.76 -50.22
Intellect Holdings Limited IHG 15.25 -10.88
KH Foods Ltd KHF 38.40 -6.79
Lafayette Mining Limited LAF 105.24 -190.86
Metal Storm Limited MST 16.47 -2.90
Renison Consolidated Mines NL RSN 38.83 -3.94
Tooth & Co. Ltd. TTH 120.47 -87.64
ViaGOLD Capital Limited VIA 15.49 -3.11
CHINA AND HONG KONG
Anhui Koyo (Group) Co., Ltd. 000979 64.28 -30.78
Asia TeleMedia Limited 376 16.97 -7.53
Baiyin Copper Commercial Bldg.
(Group) Co. 000672 24.47 -2.40
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Brilliant Arts Multi-Media
Holding Ltd 8130 11.62 -2.32
Cangzhou Chemical Industrial
Co.Ltd 600722 379.30 -2.89
Chang Ling (Group) Co., Ltd. 000561 49.68 -115.81
Chia Tai Enterprises
International Ltd. 121 316.12 -8.92
China HealthCare Holdings Ltd 673 25.44 -3.37
China Kejian Company Limited 000035 65.12 -167.31
China Liaoning Int. Co-op
Hldgs. Co. Ltd. 000638 15.43 -5.70
Chongqing Changjiang River
Water Transpt. 600369 98.87 -0.06
Chongqing Int'l Enterprise
Investment Co. 000736 24.75 -13.38
Dandong Chemical Fibre
Co., Ltd 000498 115.94 -91.60
Dongxin Electrical Carbon
Co., Ltd 600691 34.19 -2.90
Dynamic Global Holdings
Limited 231 44.64 -9.70
Ever Fortune Intl.
Hldgs. Limited 875 14.41 -4.03
Far East Golden Resources
Group Limited 1188 46.98 -14.92
Fujian Changyuan Investment
Co., Ltd. 000592 24.20 -19.62
Fujian Sannong Group Co.,Ltd. 000732 42.50 -100.37
Fujian Start Computer
Group Co.Ltd 600734 114.76 -16.98
Guangdong Meiya Group
Co., Ltd. 000529 66.44 -62.41
Guangxia (Yinchuan) Industry
Co., Ltd. 000557 53.46 -61.33
Guangzhou Oriental
Baolong Automotive Co 600988 15.78 -11.11
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Hainan Dadonghai Tourism
Centre Co., Ltd 000613 18.56 -10.10
Hebei Baoshuo Co.,Ltd 600155 313.38 -212.29
Hisense Electric Co., Ltd 921 596.71 -94.69
HuaTongTianXiang Group
Co., Ltd. 600225 52.77 -42.02
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Genuine New Material
Group Co.,Ltd 000156 77.57 -77.92
Jiangsu Chinese Online
Logistics Co. Ltd. 000805 12.72 -20.57
Jiaozuo xin'an Science &
Technology Co 000719 50.82 -25.45
Junefield Department Store
Group Ltd. 758 12.93 -5.39
Lan Bao Technology Information
Co.,Ltd. 000631 29.44 -22.70
Mianyang Gao Xin Industrial
Dev (Group) 600139 30.66 -12.44
New City China Development Ltd 456 253.47 -25.03
Paladin Ltd. 495 167.43 -6.23
Plus Holdings Ltd. 1013 18.52 -3.34
Qinghai Salt Lake Industry
Group Co Ltd. 000578 105.64 -4.91
Qinghai Sunshiny Mining
Co., Ltd. 600381 47.31 -49.66
Sanjiu Yigong Biopharmaceutical
& Chem 000403 227.42 1.36
Shanghai Worldbest
Pharmaceutical Co.Ltd 600656 66.75 -13.42
Shenzhen China Bicycle
Co., (Hlds) Ltd. 000017 34.21 -238.76
Shenzhen Dawncom Business
Tech & Service 000863 32.57 -137.55
Shenzhen Kondarl (Group)
Co., Ltd. 000048 112.05 -15.98
Shenzhen Shenxin Taifeng
Group Co.,Ltd. 000034 69.92 -53.39
Si Chuan Direction
Photoelectricity Co 000757 128.55 -102.62
Stellar Megaunion Corporation 000892 54.33 -152.43
Success Information Industry
Group Co. 000517 77.23 -17.78
SunCorp Technologies Limited 1063 75.28 -5.03
Suntek Technology Co., Ltd 600728 44.69 -22.95
Suntime International
Economic Trading 600084 372.80 -50.59
Taiyuan Tianlong Group Co.
Ltd 600234 19.47 -89.51
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 45.82 -41.20
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Welling Holding Limited 382 249.89 -32.17
Winowner Group Co. Ltd. 600681 23.34 -72.39
Yueyang Hengli Air-Cooling
Equipment Inc. 000622 40.27 -14.34
Yun Sky Chemical (Int)
Hldg. Ltd 663 29.31 -1.13
Zarva Technology (Group)
Co., Ltd. 000688 25.83 -175.37
Zhang Jia Jie Tourism
Development Co.Ltd 000430 51.01 -8.25
INDIA
Andrew Yule & Co. Ltd ANY 81.41 -30.90
Artson Engr. ART 10.31 -0.71
Ashima Ltd. ASHM 96.57 -42.59
Balaji Distiller BLD 45.66 -74.20
CFL Capital Financial
Services Ltd CEATF 24.03 -43.80
Core Healthcare Ltd. CPAR 185.37 -241.91
Digjam Ltd DGJM 98.77 -14.62
Dish TV India Limited DITV 239.48 -12.62
Elque Polyesters ELQP 13.04 -22.66
Ganesh Benzoplst GBP 82.16 -38.25
Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66
Himachal Futuris HMFC 603.36 -13.34
HMT Limited HMT 316.41 -175.33
IFB Inds Ltd. IFBI 40.50 -70.82
India Steel Works Limited ISI 56.76 -1.47
JCT Electronics Ltd. JCTE 117.60 -50.17
Jenson & Nic Ltd JN 14.81 -81.79
JK Synthetics Ltd JKS 17.99 -2.61
JOG Engineering VMJ 50.08 -10.08
Kalyanpur Cement KCEM 38.11 -48.48
Lloyds Metals LYDM 70.72 -10.25
Lloyds Steel Ind LYDS 404.38 -86.45
LML Ltd. LML 86.8 0 -27.97
Mafatlal Ind. MFI 95.67 -85.81
Mysore Cements MYC 82.02 -14.57
Panchmahal Steel Ltd. PMS 51.02 -0.33
Panyam Cements PYC 17.18 -18.32
Parekh Platinum PKPL 59.66 -75.55
Remi Metals Gujarat Ltd. RMM 45.06 -51.10
Rollatainers Ltd RLT 22.97 -22.24
RPG Cables Ltdd NRPG 51.43 -20.19
Sandur Manganese & Iron
Ores Ltd. SMIO 32.57 -2.61
Shree Rama Multi Tech Ltd. NSRMT 71.22 -29.91
Sil Businesse Enterprises Ltd. SILB 12.46 -19.96
Surat Textile Mills Ltd. GCTY 15.97 -8.85
Tata Teleservices (Maharashtra)
Limited NTTLS 657.28 -73.89
TVS Electronics TVSEL 30.73 -1.57
UB Engineering UBE 31.43 -2.86
Usha (India) Ltd. USHAIN 12.06 -54.51
INDONESIA
Argo Pantes Tbk ARGO 217.96 -15.70
Daya Sakti Unggul Corporindo Tbk DSUC 30.76 -6.51
Eratex Djaja Ltd. Tbk ERTX 34.14 -2.09
Fatrapolindo Nusa Industri Tbk FPNI 25.81 -0.72
Jakarta Kyoei Steel Works Tbk JKSW 30.89 -41.37
Karwell Indonesia Tbk KRW 32.21 -2.26
Panca Wiratama Sakti Tbk PWSI 34.99 -28.33
Primarindo Asia Infrastructure
Tbk BIMA 11.56 -22.57
Steady Safe Tbk SAFE 22.30 -8.31
Teijin Indonesia Fiber
Corp. Tbk TFCO 279.56 -10.58
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Unitex Tbk UNTX 17.77 -18.88
JAPAN
Banners Co., Ltd 3011 46.33 -14.11
Heiwa Okuda Co., Ltd 1790 82.68 -6.66
NIWS Co., HQ Ltd. 2731 541.08 -33.01
Orient Corporation 8585 37956.19 -1109.02
Trustex Holdings, Inc. 9374 102.84 -7.81
KOREA
Choya Corporation 3592 75.46 -2.24
Cosmos PLC Co., Ltd 053170 19.31 -4.95
DaiShin Information &
Communication Co. 20180 740.50 -158.45
DAHUI Co., Ltd 055250 186.00 -1.50
E-Rae Electronics Industry
Co., Ltd 45310 45.47 -10.37
EG Semicon Co. Ltd. 38720 166.70 -12.34
Hyundai IT Corp. 048410 113.46 -43.6
Mediacorp Inc 053890 53.31 -32.22
Nano Mining Co.,Ltd 036270 26.64 -29.46
Oricom Inc. 10470 82.65 -40.04
Rocket Electric Co., Ltd. 000420 86.75 -4.67
Seji Co., Ltd. 053330 37.25 -0.31
Starmax Co., Ltd 17050 73.13 -5.54
Tong Yang Magic Co., Ltd. 23020 355.15 -25.77
Unick Corporation 11320 36.54 -4.45
MALAYSIA
CNLT Far East Berhad CNLT 45.12 -3.71
Foremost Holdings Berhad FMST 11.04 -0.11
Harvest Court Industries Bhd HAR 10.81 -5.62
Lityan Holdings Berhad LIT 23.34 -26.55
Mangium Industries Bhd MANG 14.36 -18.73
PanGlobal Berhad PGL 178.78 -171.24
Putera Capital Berhad PCAP 10.56 -4.70
Sunway Infrastructure Berhad SIB 399.84 -10.08
Techventure Bhd TECH 37.38 -11.21
Wembley Industries
Holdings Bhd WMY 125.80 -283.68
Wonderful Wire & Cable Berhad WW 22.72 -1.94
PHILIPPINES
APC Group Inc. APC 71.75 -218.13
Atlas Consolidated Mining and
Development Corp. AT 212.93 -69.74
Benguet Corp. BC 55.45 -44.94
Central Azucarera de Tarlac CAT 35.74 -1.80
Cyber Bay Corporation CYBR 12.49 -64.98
East Asia Power Resources
Corporation PWR 94.52 -82.10
Fil Estate Corp. FC 43.03 -10.93
Filsyn Corporation FYN 24.84 -11.37
Gotesco Land, Inc. GO 18.68 -10.86
Prime Orion Philippines Inc. POPI 99.69 -82.12
Unioil Resources & Holdings
Co, Inc. UNI 11.37 -11.44
United Paragon UPM 22.80 -29.23
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 62.99 -38.58
Victorias Milling Company Inc. VMC 175.01 -38.64
SINGAPORE
ADV Systems Auto ASA 21.96 -7.54
Chuan Soon Huat Industrial
Group Ltd CSH 42.09 -3.64
Falmac Limited FAL 10.57 -4.70
Gul Technologies GUL 172.80 -3.04
Informatics Holdings Ltd INFO 20.42 -11.65
Lindeteves-Jacoberg Limited LJ 198.91 -66.97
L&M Group Inv LNM 56.91 -10.59
Pacific Century Regional PAC 80.01 -10.54
TAIWAN
CIS Technology Inc. 2326 33.74 -18.91
Protop Technology Co., Ltd. 2410 55.69 -13.46
Yeu Tyan Machine 8702 39.57 -271.07
THAILAND
Bangkok Rubber PCL BRC 89.62 -81.26
Bangkok Steel Industry
Public Co. Ltd BSI 378.66 -120.56
Central Paper Industry PCL CPICO 13.25 -241.78
Circuit Electronic
Industries PCL CIRKIT 21.90 -75.21
Datamat Public Co., Ltd DTM 17.55 -1.72
ITV Public Company Limited ITV 44.70 -73.07
Kuang Pei San Food Products
Public Co. POMPUI 18.78 -14.07
New Plus Knitting Public
Company Limited NPK 10.08 -2.03
Quality Construction
Products PCL QCON 76.13 -293.83
Safari World Public Company
Limited SAFARI 128.58 -13.64
Sahamitr Pressure Container
Public Co. Ltd. SMPC 27.26 -34.59
Siam General Factoring PCL SGF 30.18 -6.79
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Thai-Denmark PCL DMARK 19.57 -3.02
Universal Starch Public
Company Limited USC 103.61 -48.62
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Rousel Elaine C. Tumanda, Valerie C. Udtuhan,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***