/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080825.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, August 25, 2008, Vol. 11, No. 168 Headlines A U S T R A L I A ALLCO PTY: Members' Final Meeting Slated for August 29 ARROW ASSET: Liquidator to Give Wind-Up Report on September 2 BABCOCK & BROWN: S&P Affirms BB+/B Ratings on B&B International BUSHWATER PTY: Members' Final Meeting Set for September 2 COVE POINT: Placed Under Voluntary Liquidation HALL & HEGGIE: Liquidator to Present Wind-Up Report on Sept. 2 NOOSA PARADE: Members' Final Meeting Set for September 2 MEASURED MARKETING: Members and Creditors to Meet on August 29 NAGOOC HOLDINGS: Liquidator to Give Wind-Up Report on Sept. 2 NASSIF MARKETING: Joint Meeting Set for September 1 PALANDRI LIMITED: Winds Up Managed Investment Schemes TELZAH PTY: Liquidator to Give Wind-Up Report on August 29 C H I N A CHINA EASTERN: Passenger Traffic Drops 10.7% on Olympic Controls ICBC: To Sell US$14.6 Billion Subordinated Bonds ZTE CORP: To Deploy Colombia's Mobile WiMAX Network by Year End H O N G K O N G CAMAFORCE LIMITED: Members' Final Meeting Set for September 16 GREAT YIELD: Creditors' Meeting Set for September 16 HANFAR DEVELOPMENT: Appoints Yu and Sutton as Liquidators HIRISE DEVELOPMENT: Appoints Yu and Sutton as Liquidators HONORWAY INDUSTRIAL: Appoints Yu and Sutton as Liquidators PAMFORD LIMITED: Placed Under Voluntary Liquidation PFEIFFER INDUSTRIAL: Appoints Yu and Sutton as Liquidators PFEIFFER INTERNATIONAL: Appoints Yu and Sutton as Liquidators RICON INTERNATIONAL: Members' Final Meeting Slated for Sept. 17 UNIVERSAL PACIFIC: Creditors to Meet on September 9 J A P A N JAPAN AIRLINES: To Raise International Fuel Surcharges in Oct. URBAN CORP: Shares Up on Rumors of Possible Merrill Lynch Offer K O R E A PARK & OPC: To Dispose of Stake in Daewon C&M for KRW13.5 Bil. M A L A Y S I A NIKKO ELECTRONICS: Sets 20th Annual Meeting on September 15 PUTERA CAPITAL: To Acquire 12.2% Interest in Konsortium LPB TALAM CORPORATION: Shareholders Set Meeting on Sept. 15 N E W Z E A L A N D ABRASIVE BLASTING: Proofs of Debt Due on August 29 BLUE CHIP: Proofs of Debt Due on August 29 BLUE CHIP BAY: Proofs of Debt Due on August 29 BLUE CHIP BOTANY: Proofs of Debt Due on August 29 BLUE CHIP ROTORUA: Proofs of Debt Due on August 29 CENTRAL SURF: Liquidators Set August 29 as Claims Bar Date DE ROO'S: Proofs of Debt Due on August 30 DOMINION FINANCE: To Wind Down Two Subsidiaries HANOVER FINANCE: To Finalize Restructure Plan This Month NUMBER 1: Liquidator Sets August 29 as Claims Bar Date QUANTUM REALTY: Liquidators Set September 1 as Claims Bar Date THE BINDERY: Wind-Up Petition Hearing Set for September 1 T A I W A N * TAIWAN: Buys Back Fewer Treasury Bills Than Planned - - - - - ================= A U S T R A L I A ================= ALLCO PTY: Members' Final Meeting Slated for August 29 ------------------------------------------------------ Murray Smith, Allco Pty Limited's appointed estate liquidator, will meet with the company's members on Aug. 29, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Murray Smith McGrathNicol Level 31, 60 Margaret Street Sydney NSW 2000 Telephone +61 2 9338 2600 Website: www.mcgrathnicol.com ARROW ASSET: Liquidator to Give Wind-Up Report on September 2 ------------------------------------------------------------- Richard Judson, Arrow Asset Management Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 10:30 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 Australia BABCOCK & BROWN: S&P Affirms BB+/B Ratings on B&B International --------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'BB+/B' ratings on Babcock & Brown International Pty Ltd. (BBIPL) following the announcements by the company's parent', Babcock & Brown Limited (B&B Ltd., not rated), of a 30% fall in group net profit for the half-year to June 30, 2008, against half-year to June 30, 2007, and replacement of selected senior management. The rating outlook is stable. "We are not surprised that, in the current market environment, the group had had to make impairment charges against assets and investments, and the amount involved (AU$441 million) is not outside expectations," said S&P's credit analyst Ian Greer. "The changes in the board and senior management are a positive move for implementing the next stage in the evolution of B&B Ltd.'s, and thus BBIPL's, business model. This change has been and will be assisted by B&B Ltd.'s stoppage of dividends, decline in employee bonuses, and planned reductions in debt and staff headcount." The ratings on BBIPL continue to incorporate the risks inherent in the evolving nature of the company's business model. In this transition period for the strategy and into the immediate term, BBIPL remains exposed to initial project valuation, development, operating, and financing risks. The capital structure is still complex, and uses debt leverage at the corporate, asset- specific, and managed funds levels. These risks are partly mitigated by the company's approach to risk-return management and its practice of financing assets mainly through nonrecourse debt. The stable outlook on the rating is underpinned by S&P's expectations that B&B Ltd. and BBIPL would be able to keep its bankers, especially the main syndicate, on side through executing its stated strategy, which would include (1) some orderly sale of assets; (2) focus on core business and earnings capabilities, including retention of key staff; and (3) restoring investor confidence, particularly that of the equity markets. It is unclear if recent and dramatic fall in the share price of Australian Stock Exchange (ASX) listed B&B Ltd. (ASX code: BNB) would have a contagion effect on the asset and fund management business of the group and confidence of the group's creditors. The ratings may be lowered if asset sales, such as those for the European wind assets, do not proceed as expected, or exposure to Babcock & Brown Power is not reduced as expected. The ratings may also come under pressure if the company's franchise is affected by a serious operational lapse, a perceived conflict of interest, high risk appetite, financial market volatility, or underperformance by assets under management. In the less likely event that B&B group breaches any bank covenant, particularly those of the main syndicate, the rating could be downgraded by multiple notches. BUSHWATER PTY: Members' Final Meeting Set for September 2 --------------------------------------------------------- Richard Judson, Bushwater Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 11:30 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 Australia COVE POINT: Placed Under Voluntary Liquidation ---------------------------------------------- During a general meeting held on June 27, 2008, the members of Cove Point Investments Pty Ltd resolved to voluntarily liquidate the company's business. Bruce Cowell was appointed as liquidator. The liquidator can be reached at: Bruce Cowell Cowell Watts Chartered Accountants 70 Crown Street Sydney NSW 2001 Australia HALL & HEGGIE: Liquidator to Present Wind-Up Report on Sept. 2 -------------------------------------------------------------- Richard Judson, Hall & Heggie Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 11:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 Australia NOOSA PARADE: Members' Final Meeting Set for September 2 -------------------------------------------------------- Richard Judson, Noosa Parade Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 11:15 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 Australia MEASURED MARKETING: Members and Creditors to Meet on August 29 -------------------------------------------------------------- Measured Marketing Pty Limited will hold a final meeting for its members and creditors at 10:00 a.m. on Aug. 29, 2008. During the meeting, the company's liquidator, Robert Elliott at Hall Chadwick, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Robert Elliott Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 NAGOOC HOLDINGS: Liquidator to Give Wind-Up Report on Sept. 2 ------------------------------------------------------------- Richard Judson, Nagooc Holdings Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 10:45 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 Australia NASSIF MARKETING: Joint Meeting Set for September 1 --------------------------------------------------- Nassif Marketing Pty Ltd will hold a final meeting for its members and creditors at 10:00 a.m. on Sept. 1, 2008. During the meeting, the company's liquidator, Geoffrey McDonald at Hall Chadwick, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Geoffrey McDonald Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 Australia PALANDRI LIMITED: Winds Up Managed Investment Schemes ----------------------------------------------------- Palandri Limited's voluntary administrators, Deloitte, said in a statement that PWL applied to the Supreme Court of Western Australia on Aug. 15, 2008, for an order to wind up the Managed Investment Schemes (MIS) for which PWL is the responsible entity. Deloitte said that the application follows investigations by the administrators (John Greig, Neil Cussen and Gary Doran from Deloitte) into the financial position of PWL, the responsible entity for six MIS and other companies within the Palandri Wine Group. Members in the six MIS had invested a total of approximately AU$160 million. These investigations have concluded that PWL is insolvent. The voluntary administrators have been unable to find a suitable replacement responsible entity and consider the prospects for finding such a replacement to be very low. The investigations found that all the MIS are either insolvent on a cash-flow basis, a balance sheet basis or on the basis of the accounts kept by PWL, have no assets or liabilities. Further, MIS involving the growing of grapes would require members to pay more funds than they are likely to receive in revenue for the remainder of those MIS. As a result, none of the MIS have the working capital required to continue to operate, and the administrators are not aware of anyone who would be willing to contribute sufficient working capital to resolve the situation. The administrators said they have written to all members of the various MIS summarizing the investigations into the financial positions and the viability of the MIS, and the reasons why they have caused PWL to make the application to wind them up. By winding up the MIS, the administrators said it may be able to complete the sale of the Palandri Wine Group�s vineyards at Margaret River and Frankland River. However, based on the administrators� analysis of the Group�s financial position, it is highly unlikely that members will be entitled to any proceeds from this sale. The next hearing for the application to wind up the MIS is scheduled to take place in the Supreme Court of Western Australia on Sept. 3, 2008, at not before 10:00 a.m. According to ABC News, Palandri Wine Group went into administration in February, after concerns were raised about loans connected to its investment schemes. ABC News relates that earlier this year, the Palandri Winery and wine stocks were sold for AU$17 million. About Palandri Limited Palandri Limited is the holding company for a group of companies that is engaged in the production, marketing and selling of Western Australian premium wine; the marketing and sales of agricultural Managed Investment Schemes, and the provision of finance to members of the Managed Investment Schemes. The company bases its wine production in the key markets of Great Britain/Europe, United States of America/Canada and Australia. The company wine production and marketing segment comprises the vineyards, winery and branch sales offices in each major State of Australia. This segment is responsible for the production, marketing and sale of bottled wine on behalf of the Margaret River Wine Business and the Palandri America Wine Business. TELZAH PTY: Liquidator to Give Wind-Up Report on August 29 ---------------------------------------------------------- Malcolm Ernest George Katon, Telzah Pty Ltd's appointed estate liquidator, will meet with the company's members on Aug. 29, 2008, at 12:00 p.m. to provide them with property disposal and winding-up reports. The meeting will be held at the office of Cameron Brae Pty Limited of 975 The Northern Road in Bringelly. The liquidator can be reached at: Malcolm Ernest George Katon Hancock & Associates Suite 2, Ground Floor 72-74 Bathurst Street Liverpool NSW 2170 ========= C H I N A ========= CHINA EASTERN: Passenger Traffic Drops 10.7% on Olympic Controls ---------------------------------------------------------------- China Eastern Airlines Corporation Limited's passenger numbers dropped for the fourth month in a row in July as restrictions put in place for the Beijing Olympics disrupted travel, Irene Shen of Bloomberg News reports. The airline, the report relates, flew 3.27 million passengers, a 10.7% decline, last month, while Cargo volume rose 1.4% to 76,580 tons. According to the report, Air China Ltd. and China Southern Airlines Co. also flew fewer passengers last month, as the government boosted security checks, tightened visa rules and curbed flights to Beijing to smooth preparations for the Olympics. Travel demand has also been damped by consumer prices that surged 7.7% in the first seven months from a year earlier, cutting people's disposable income, the report notes. "There's no hope to see traffic rebound before the fourth quarter. Airlines based in big cities like Beijing and Shanghai are most affected, as the Olympic air traffic controls curb business travel," Bloomberg News cited Sun Liping, an analyst at Guotai Junan Securities Co. in Beijing, as saying. Bloomberg News notes that China Eastern filled 73% of its available seats last month, 3.2 percentage points lower than a year earlier. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. * * * China Eastern continues to carry Fitch Ratings' B+ foreign currency and local currency issuer default ratings, and Xinhua Far East China Ratings' BB+ issuer credit rating with a stable outlook. ICBC: To Sell US$14.6 Billion Subordinated Bonds ------------------------------------------------ Industrial & Commercial Bank of China Ltd. plans to sell as much as CNY100 billion (US$14.6 billion) of bonds after domestic loan growth and acquisitions overseas drained capital, Luo Jun and Jiang Jianguo of Bloomberg News report. The lender, the report relates, plans to sell the subordinated debt in batches by 2011 and will ask shareholders to vote on the plan on Oct. 27. According to the report, ICBC's profit more than doubled since 2005 as annual economic growth of more than 10% bolstered corporate loans and services to the nation's growing number of wealthy people. Chairman Jiang Jianqing has also spent more than US$6 billion making acquisitions in Indonesia, Macau and South Africa in the past year to triple the share of profit coming from overseas, the report notes. ICBC's capital adequacy ratio fell to 10.33% as of June 30, down from 12.23% at the end of last year. The bank's first-half profit, the report says, surged 57% to CNY64.5 billion, overtaking HSBC Holdings Plc to become the world's most profitable bank as a focus on domestic lending helped it avoid the global credit crisis. Bloomberg News adds that financial institutions globally have suffered more than US$500 billion of writedowns and losses because of the subprime meltdown. About ICBC The Industrial and Commercial Bank of China -- http://www.icbc.com.cn/-- is the largest state-owned commercial bank, and is authorized by the State Council and the People's Bank of China. ICBC conducts operations across China as well as in major international financial centers. * * * ICBC continues to carry Fitch Ratings' Individual D/E rating. On May 4, 2007, Moody's Investors Service affirmed Industrial & Commercial Bank of China Ltd's Bank Financial Strength Rating at D-. The outlook for BFSR is stable. The outlook for the long- term deposit rating is positive. ZTE CORP: To Deploy Colombia's Mobile WiMAX Network by Year End --------------------------------------------------------------- ZTE Corporation has clinched an exclusive bid from Colombia's leading operator Emcali to build the country's first WiMAX 16e network. For the 3.5G WiMAX 16e project, ZTE will provide Emcali core network equipment, wireless access equipment and various outdoor/indoor terminals. Emcali, which was awarded by the Colombian government WiMAX licenses two years ago, has been required to make the network commercially available by end of this year. After a thorough bidding process, Emcali chose ZTE to exclusively provide them the network equipment in developing comprehensive commercial network services and advanced WiMAX technologies in Colombia. Under the project, ZTE will also provide WiMAX base stations to help Emcali offer extensive mobile wireless coverage in the Colombian regions of Cali and Popayan. Upon completion of the project, Emcali will be able to offer WiMAX mobile services besides providing fixed line phone services, network transmission and IPTV businesses. The company is among the growing number of telecom operators worldwide putting extra efforts in developing advanced WiMAX technology to address users' needs for highly advanced mobile wireless communication services. International research firm Pyramid Research predicts the global WiMAX subscribers to grow from over 2.1 million in 2007 to 41 million in 2012, with emerging markets accounting for 57 percent of all customers by 2012. "ZTE is committed to providing our customers with the highest quality of customized solutions to meet their specific business requirements. Emcali is not only a well-known fixed telecom operator in Colombia, but also one of our best long-term partners. Through the partnership with Emcali, we can leverage our pioneering visions and state-of-the-art technologies to achieve win-win relations, contributing our technology strengths in driving WiMAX's growth and development in Colombia and Latin America markets," said Su Jian, Chief Representative of ZTE Colombia. ZTE is one of the biggest champions in the WiMAX industry. It is also the only Chinese company among the 15 Board of Directors in the WiMAX Forum. In early 2006, ZTE achieved significant in- roads in Singapore by developing the mobile WiMAX network in the island state, one of the first commercial trial networks worldwide. Last year, the company clinched a major WiMAX terminal procurement contract with Sprint Nextel, the third largest mobile operator in the United States. ZTE's success in gaining international recognition in WiMAX is attributed to a strong R&D effort backed by a solid and dedicated team. It has six R&D centres in China staffed by more than 1,000 R&D employees specializing in WiMAX, with more than 20% of the staff concentrating in developing terminals alone. ZTE is a pioneer in promoting the concept of "carrier-grade WiMAX MAN" globally, and has successfully established 21 commercial trials and trial networks for 802.16e WiMAX worldwide. To date, ZTE has established WiMAX commercial trial centers and experiment labs in more than 20 countries and regions, including the U.S., Africa, Asia and Europe. About ZTE Corp. Headquartered in Shenzhen, China, ZTE Corp. has established close partnerships with over 500 operators in more than 120 countries, and has completed several large-scale backbone transmission network projects in different countries. Its optical networking products have been widely deployed by several countries and regions globally, such as Europe, Latin America, South Asia, Commonwealth of Independent States, Africa and Middle East. According to the latest statistics released by Ovum RHK, ZTE is ranked second in terms of global market share for LH Dense Wavelength Division Multiplexing (DWDM), with high potential of maintaining its positive growth in the market. * * * The Troubled Company Reporter-Asia Pacific reported on April 24, 2008, that Fitch Ratings affirmed ZTE Corporation's Long-term foreign currency and local currency Issuer Default Ratings at 'BB+'. The rating Outlook remains Stable. In December 2006, Fitch Ratings assigned ZTE Corp. Long-term foreign and local currency Issuer Default ratings of 'BB+'. The rating Outlook is Stable. =============== H O N G K O N G =============== CAMAFORCE LIMITED: Members' Final Meeting Set for September 16 -------------------------------------------------------------- The members of Camaforce Limited will meet on September 16, 2008, at 10:00 a.m., at Level 28 of Three Pacific Place, in 1 Queen's Road East, Hong Kong. At the meeting, Ying Hing Chiu and Chung Miu Yin, Diana, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. GREAT YIELD: Creditors' Meeting Set for September 16 ---------------------------------------------------- The creditors of Great Yield Technologies Limited will meet on September 16, 2008, at 16:00, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 618, in 610 Nathan Road, Kowloon. HANFAR DEVELOPMENT: Appoints Yu and Sutton as Liquidators --------------------------------------------------------- The creditors of Hanfar Development Limited met on August 1, 2008, and appointed Fok Hei Yu and Roderick John Sutton as the company's liquidators. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton Ferrier Hodgson Limited The Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong HIRISE DEVELOPMENT: Appoints Yu and Sutton as Liquidators --------------------------------------------------------- The creditors of Hirise Development Limited met on August 1, 2008, and appointed Fok Hei Yu and Roderick John Sutton as the company's liquidators. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton Ferrier Hodgson Limited The Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong HONORWAY INDUSTRIAL: Appoints Yu and Sutton as Liquidators ---------------------------------------------------------- The creditors of Honorway Industrial Limited met on August 1, 2008, and appointed Fok Hei Yu and Roderick John Sutton as the company's liquidators. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton Ferrier Hodgson Limited The Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong PAMFORD LIMITED: Placed Under Voluntary Liquidation --------------------------------------------------- At an extraordinary general meeting held on August 7, 2008, the members of Pamford Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Yeung Wing Yan Allied Kajima, 7th Floor 138 Gloucester Road Wanchai, Hong Kong PFEIFFER INDUSTRIAL: Appoints Yu and Sutton as Liquidators ---------------------------------------------------------- The creditors of Pfeiffer Industrial Limited met on August 1, 2008, and appointed Fok Hei Yu and Roderick John Sutton as the company's liquidators. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton Ferrier Hodgson Limited The Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong PFEIFFER INTERNATIONAL: Appoints Yu and Sutton as Liquidators ------------------------------------------------------------- The creditors of Pfeiffer International Limited met on August 1, 2008, and appointed Fok Hei Yu and Roderick John Sutton as the company's liquidators. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton Ferrier Hodgson Limited The Hong Kong Club Building, 14th Floor 3A Chater Road Central, Hong Kong RICON INTERNATIONAL: Members' Final Meeting Slated for Sept. 17 --------------------------------------------------------------- The members of Ricon International Limited will meet on Sept. 17, 2008, at 2:30 p.m., at the 13th Floor of Wing On Centre, 111 Connaught Road in Central, Hong Kong. At the meeting, Kong Chi How, Johnson, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. UNIVERSAL PACIFIC: Creditors to Meet on September 9 --------------------------------------------------- The creditors of Universal Pacific Co., Limited will meet on September 9, 2008, at 10:10 a.m. to consider the Statement of Affairs and to appoint a liquidator. The meeting will be held Room 603, 9 Chong Yip Street, Ngau Tau Kok, in Kowloon, Hong Kong. ========= J A P A N ========= JAPAN AIRLINES: To Raise International Fuel Surcharges in Oct. -------------------------------------------------------------- Japan Airlines will raise fuel surcharges on its international airfares by JPY500 to JPY5,000 for one-way tickets to be issued on and after Oct. 1, Jiji Press reports. The margin of the hike, the report relates, would have been a maximum of JPY16,000 if the current fuel price uptrend is taken into account. However, JAL decided to curb the surcharge increase so as not to scare off customers, company officials told the Press. 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. * * * In April 2008, Fitch Ratings revised the Outlook on Japan Airlines Corporation and its wholly owned 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. In February 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. URBAN CORP: Shares Up on Rumors of Possible Merrill Lynch Offer --------------------------------------------------------------- Urban Corp.'s shares rose in Tokyo trading on speculation overseas investors including Merrill Lynch & Co. may bid for the company, Takahiko Hyuga of Bloomberg News reports. The company, the report relates, gained JPY2 to JPY5 at the 11 a.m. August 22, trading break on the Tokyo Stock Exchange. It was the most-traded company on the exchange, with volume of 79.1 million shares, the biggest for the stock this week, the report says. The stock has lost almost all its value this year, declining from 1,486 yen on Jan. 4. According to the report, Merrill and other overseas financial firms may bid to acquire Urban to obtain its US$4.4 billion of assets. As many as 10 potential investors, including U.S. and European funds and Japanese real-estate developers, have asked to be included in the bidding process for the company, officials told Bloomberg News. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 15, 2008, Urban filed a petition for civil rehabilitation before the Tokyo District Court, listing total liabilities of JPY255,832 million (as of July 31, 2008). The company blamed the subprime mortgage crisis which made it difficult for the company to procure funds through new loans, to refinance short-term loans and to sell developed properties. Urban said it sought alliances with other companies, such as capital tie-ups, but the situation in the real estate investment market only worsened, causing agreements with candidates for alliances to falter. Following Urban's bankruptcy filing, Japan Credit Rating Agency downgraded the commpany's senior debts, bonds and shelf registration ratings from #BB+/Negative to D and the CP program from #J-3/Negative to D. Meanwhile, Standard & Poor's Ratings Services said that six loans related to failed real estate company Urban Corp. (not rated) are involved in Japanese CMBS transactions rated by S&P, based on information provided by servicers. Based on information from servicers, S&P said Urban itself is not directly involved in any of the six loans. An affiliate of Urban is the sponsor and asset manager for three of the loans (three borrowers, two transactions), and also acts as asset manager for the remaining three loans (two borrowers, two transactions). The total outstanding balance of the six loans is approximately JPY12.43 billion. The affiliate has not filed for bankruptcy protection along with the parent. S&P said it will examine the impact of the Urban bankruptcy filing on rated CMBS transactions based on information to be provided by the servicers. On Aug. 21, 2008, the TCR-AP reported that S&P updated information relating to the six Japanese CMBS transaction loans. Based on updated information from servicers, S&P said an affiliate of Urban is the sponsor and asset manager for four of the loans (four borrowers, three transactions), and also acts as asset manager for the remaining two loans (one borrower, one transaction). Based on the updated information from the servicers, S&P also confirmed that Urban itself is not directly involved in any of the six loans, and that the number and total amount of the loans are the same as indicated in the Aug. 15 media release. About Urban Corporation Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese real estate company. The Real Estate Liquidation segment is engaged in the purchase, planning, development and operation of low-yield buildings, decrepit buildings and land for real estate investment trust and private placement investment fund markets. The Real Estate Allotment segment is engaged in the planning, development and sale of condominiums and the construction and sale of detached houses. The Asset Management segment is engaged in the composition of funds, the preparation of schemes, the document generation for commercial institution, as well as the operation of fund assets. The Property Management segment is engaged in the provision of cleaning and facilities management services for condominiums. The Others segment is involved in the underground development construction business, commercial facility operation, environment related construction work, research and restoration, as well as medical operation related consultant, among others. ========= K O R E A ========= PARK & OPC: To Dispose of Stake in Daewon C&M for KRW13.5 Bil. -------------------------------------------------------------- Park & OPC Co. Ltd. will sell its entire stake (1,340,280 shares) in Daewon C&M Co. Ltd. for KRW13,536,828,000, to improve the financial structure and secure funds for its operations, Reuters reports. According to the report, the transaction will settle on October 24, 2008. With headquarters and factory in Cheongju, Korea, Park & OPC Co. Ltd. -- http://www.daewonopc.com/-- is a manufacturer engaged in the provision of electrophotographic devices. The Company produces organic photo conductor(OPC) drums and artificial intelligence (A.I) chips. During the year ended Dec. 31, 2005, the company had a production capacity of approximately 9 million OPC drums and its actual output was approximately 6.5 million OPC drums. The company exports OPC drums to Japan. Its major clients are Cannon, IBM, Epson and Samsung Electronics. Korea Ratings gave the company's KRW4.40 billion straight bond private issue a B rating. =============== M A L A Y S I A =============== NIKKO ELECTRONICS: Sets 20th Annual Meeting on September 15 ----------------------------------------------------------- Nikko Electronics Bhd. will hold its twentieth annual general meeting on September 15, 2008, at 10:00 a.m., at the Alhambra I & II, (Level M1), Melia Hotel Kuala Lumpur, No 16, in Jalan Imbi, 55100 Kuala Lumpur. At the meeting, the members will be asked to: -- receive the audited financial statements for the financial year ended March 31, 2008, together with the directors� and auditors� report; -- approve the payment of directors� fees for the financial year ended March 31, 2008; -- re-elect or elect these directors who retire in accordance with the company�s Articles of Association and being eligible offer themselves for re-election or election: * Lim Chiang Hang; * Oh Kim Sun; and * Nik Abdul Hamid Shukri Bin Nik Abdullah -- appoint Wong Liu & Partners as the auditors of the company in place of the retiring Auditors, PricewaterhouseCoopers, who do not wish to seek reappointment; and -- transact any other ordinary business of which due notice shall have been given. About Nikko Nikko Electronics Berhad manufactures sells radio controlled toys, electronic and toy related products. The Group operates in Malaysia, United States of America, France, Japan, United Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark, Austria, Spain, Australia and other countries. * * * On June 30, 2008, Nikko Electronics Bhd. was classified as an affected listed issuer under Practice Note 1/2001 (PN1/2001) of the Listing Requirements of Bursa Malaysia Securities Berhad because it had defaulted on a bankers' acceptance facility due on June 27, 2008, for an amount of MYR1,457,084 due to Malayan Banking Berhad. Nikko is unable to repay the liability to the bank due to the difficult cash flow position as a result of the contraction in the remote-control toys industry. The company had been loss-making and its ventures to manufacture new products had also failed to make a profitable contribution to it. Nikko will also be suspending its business activities to prevent incurring further losses. PUTERA CAPITAL: To Acquire 12.2% Interest in Konsortium LPB ----------------------------------------------------------- Putera Capital Berhad entered into a conditional sale and purchase agreement (SPA) with Perak Corporation Berhad (Vendor) to acquire 12.2% equity interest or 3.31 million shares in Konsortium LPB Sdn Bhd (KLPB) for a consideration of MYR6 million, which will be paid through: (a) Refundable deposit of MYR600,000 upon execution of the SPA to be kept by a stakeholder, which shall be released to the Vendor upon notification of satisfactory completion of the due diligence inquiry on KLPB by Putera; and (b) the balance MYR3.4 million in cash and MYR2 million in kind in the form of listed shares of PCB or landed properties to be agreed by the parties or failing which, in cash to be payable on the completion date of the SPA. The Vendor is required to subscribe for such number of unsubscribed KLPB Shares in order to comply with the Agreed Proportion. As part of the Proposed Acquisition, the Vendor shall transfer all of its rights, obligations, title and interests in and to the Unsubscribed Shares to Putera, which will pay for the subscription price of the Unsubscribed Shares (including the 1,890,000 KLPB Shares issued but not paid-up by the Vendor) upon subscription. Rationale for the Proposed Acquisition The Putera group of companies is currently undertaking its restructuring scheme which was announced on February 7, 2007. The Proposed Acquisition is expected to diversify the future income stream of the PCB Group to include toll operations. In addition, the Proposed Acquisition will also provide a platform for the PCB Group to potentially secure construction contracts related to the construction of the Highway. About Putera Capital Headquartered in Kamunting-Taiping, Malaysia, Putera Capital Berhad is principally involved in the investment and development of properties. Its other activities include the manufacture and sale of yarn and woven fabrics, construction and management of water and sewage treatment plant, contractor of construction projects, distribution of marble, tiles, and related business and investment holding. * * * The company is classified as an Affected Listed Issuer due to these reasons: a) The shareholders' equity of the company on a consolidated basis has fallen below 25% of its issued and paid up capital as per its unaudited 3rd quarter financial results as announced on April 28, 2006. As such its shareholders equity is less than the minimum issued and paid up capital. b) The auditors have expressed a modified opinion with emphasis on Putera's going concern in its audited accounts as of May 31, 2005. c) There are defaults in repayment of certain debt obligation by Putera and its subsidiaries and Putera is unable to provide a solvency declaration to Bursa Malaysia Securities Berhad. As of Feb. 29, 2008, Putera Capital's consolidated balance sheet went upside down by MYR22.18 million, on total assets of MYR31.53 million and total liabilities of MYR53.71 million. TALAM CORPORATION: Shareholders Set Meeting on Sept. 15 -------------------------------------------------------- The shareholders of Talam Corporation Berhad will hold their extraordinary general meeting on September 15, 2008, at 10:30 a.m., at Perdana Ballroom, Pandan Lake Club, Lot 28, Jalan Perdana 3/8, in Pandan Perdana, 55300 Kuala Lumpur. At the meeting, the shareholders will be asked to approve ratify the provision of financial assistance in the form of proportionate corporate guarantee by Talam, attributable to the principal sum amounting to MYR68.0 million pursuant to the credit facilities granted to Cekap Tropikal Sdn Bhd, a 49.99%- associated company of Talam. Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad -- http://www.talam.com.my/-- is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the group are carried out in Malaysia and China. * * * The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2006, that based on the Audited Financial Statements of Talam Corporation for the financial year ended Jan. 31, 2006, the Auditors Ernst & Young were unable to express their opinion on the Company's Audited Accounts. As such, the Company is an affected listed issuer of the Amended Practice Note 17 category. In accordance with PN 17, the company is required to submit and implement a plan to regularize its financial condition. ==================== N E W Z E A L A N D ==================== ABRASIVE BLASTING: Proofs of Debt Due on August 29 -------------------------------------------------- On July 21, 2008, the shareholders of Abrasive Blasting & Spray Painting Ltd resolved that the company be liquidated and appointed Trevor Edwin Laing as liquidator of the company. The liquidator sets Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Trevor Laing Trevor Laing & Associates PO Box 2468 Dunedin Telephone: (03) 454 4559 BLUE CHIP: Proofs of Debt Due on August 29 ------------------------------------------ Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Blue Chip Bay of Plenty Limited appointed Christopher Robert Ross Horton, chartered accountant, and John Albert Price, insolvency practitioner, as liquidators on July 20, 2008. The liquidators set Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Horton Price Limited PO Box 9125 Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 BLUE CHIP BAY: Proofs of Debt Due on August 29 ----------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Blue Chip Bay of Plenty 2006 Limited appointed Christopher Robert Ross Horton, chartered accountant, and John Albert Price, insolvency practitioner, as liquidators on July 20, 2008. The liquidators set Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Horton Price Limited PO Box 9125 Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 BLUE CHIP BOTANY: Proofs of Debt Due on August 29 -------------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Blue Chip Botany Downs Limited appointed Christopher Robert Ross Horton, chartered accountant, and John Albert Price, insolvency practitioner, as liquidators on July 20, 2008. The liquidators set Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Horton Price Limited PO Box 9125 Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 BLUE CHIP ROTORUA: Proofs of Debt Due on August 29 -------------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Blue Chip Rotorua Limited appointed Christopher Robert Ross Horton, chartered accountant, and John Albert Price, insolvency practitioner, as liquidators on July 20, 2008. The liquidators set Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Horton Price Limited PO Box 9125 Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 CENTRAL SURF: Liquidators Set August 29 as Claims Bar Date ---------------------------------------------------------- The High Court has appointed Stephen John Tubbs, chartered accountant, and Colin Anthony Gower, insolvency practitioner, both of Christchurch, as liquidators of Central Surf Limited. Creditors are required to file their proofs of debt by Aug. 29, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: BDO Spicers Level 6 Spicer House 148 Victoria Street Christchurch Telephone: (03) 379 5155 Facsimile: (03) 353 5526 Email: glen.morales@chc.bdospicers.com DE ROO'S: Proofs of Debt Due on August 30 ----------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of De Roo�s Limited (trading as No.8 Wire) appointed David Donald Crichton and Keiran Anne Horne, chartered accountants of Crichton Horne & Associates Limited, as liquidators on Aug. 1, 2008. The liquidators set Aug. 30, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Marie Inch Crichton Horne & Associates Limited Old Library Chambers 109 Cambridge Terrace (PO Box 3978) Christchurch Telephone (03) 379 7929 DOMINION FINANCE: To Wind Down Two Subsidiaries ----------------------------------------------- Dominion Finance Holdings Limited has presented final details for the company's proposed recapitalization for consideration by the trustees for stockholders of Dominion Finance Group and North South Finance. However, the recapitalization terms were not to the satisfaction of the trustees. Accordingly, the company said it intends to promptly seek trustee approval to present stockholders and the group's banks with separate restructuring proposals for an orderly realization of the assets of each of Dominion Finance Group and North South Finance. While the directors are disappointed that it will not be possible to pursue the recapitalization proposal, the directors consider the orderly wind down to be the next best available option for Dominion Finance Holdings, in the circumstances. The restructuring will necessarily involve some immediate write- offs of goodwill and brand value in the company's financial statements. The company said its directors are now moving to finalize the financial statements for each member of the group for lodgment with NZX and the Companies Office. About Dominion Finance Based in Auckland, New Zealand, Dominion Finance Holdings Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages in the provision of financial services through the raising of debenture stock. The company operates through its wholly owned subsidiaries Dominion Finance Group Limited and North South Finance Limited, and investment vehicle Dominion Investment Fund Limited. Both Dominion Finance Group Limited and North South Finance Limited accept debenture stock investments and apply them (in conjunction with its own funds) towards the provision of certain loans and other financial accommodation. * * * As reported in the Troubled Company Reporter-Asia Pacific on June 25, 2008, the company's Board of Directors had become concerned about the liquidity position of its two subsidiaries -- Dominion Finance Group Limited and North South Finance Limited -- and primarily the ability of these companies to meet their ongoing payment obligations to their respective debenture holders both in respect of interest and principal. The company is facing liquidity pressure from the impact of the international credit crisis on the confidence of Dominion Finance Group and North South Finance's investor base, and the inability of the company's borrowing clients to refinance or repay the debt facilities previously provided to those borrowers. The company's Board entered into discussions with bankers, auditors, and Trustee's of DFG and NSFL respectively, with a view to exploring the prospect of those two companies entering into a Moratorium with their respective debentureholders. Under the prospective moratorium, DFG and NSFL would seek the suspension of the obligation to make payments to debentureholders for a yet to be determined period of time with a view to enabling those companies the opportunity to restructure in order to alleviate the liquidity pressures and ensure the maximum realization of investor's investment in DFG and NSFL. HANOVER FINANCE: To Finalize Restructure Plan This Month -------------------------------------------------------- In a letter to its investors last week, Hanover Finance Limited Chairman Greg Muir said that the management has been working closely with the shareholders, the trustees and their advisers over the past three weeks to develop a restructuring plan to enable repayments to investors over an agreed time period. Mr. Muir said the company is targeting to finalize this plan before the end of August. Following that, Mr. Muir said the process is as follows: * A series of initial meetings will be held around the country for us to present the key components of the plan to investors; * The final plan and proxy voting materials will be posted to investors for review; * A mandatory 16-day notice period will be followed with formal meetings, to be held towards the end of September or early October, for investors to formally vote on the proposal; * Proxy voting will enable those who cannot attend personally to also have their say. According to Mr. Muir, the shareholders have said that they will provide further support for the proposed restructure. The shareholders already have significant equity invested in Hanover Finance and United Finance. This equity ranks behind debenture monies - meaning that debenture investors get paid out before any of this money is accessible to shareholders. "We understand that people are keen to quantify the support the shareholders will offer on top of the equity they already have in the company. However, it would be inappropriate to pre-empt this while the company follows through due process with the trustees and their advisers," Mr. Muir said. As reported in the Troubled Company Reporter-Asia Pacific on July 24, 2008, Hanover Finance said it would suspend acceptance of new investments and repayment of existing deposits as it worked with trustees on a plan to restructure the business going forward. Hanover Finance, which continues to meet its Trust Deed obligations and has ongoing financial capacity to trade, said it is acting early to preserve value in the business as market conditions continue to deteriorate and uncertainty mounts over borrowers abilities to repay as forecast. The Hanover Finance book comprises approximately 13,000 investors with NZ$465 million in debentures. United Finance has around 2,400 investors with NZ$65 million in debentures. And Hanover Capital, offering secured preferential bonds, has around 1,100 investors with NZ$24 million worth of bonds. About HFL Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's third-largest privately-owned finance company with total assets of NZD796 million at 31 December 2007. The company was established in 1984 to provide finance to the rural sector and began lending to property developers and investors in 1995. The loan portfolio has been gradually downsized since 2006 as a result of a more cautious approach to lending in the face of retail funding constraints. * * * As reported in the Troubled Company Reporter�Asia Pacific on Aug. 5, 2008, Fitch Ratings downgraded Hanover Finance' Long-term foreign currency Issuer Default Rating to 'C' from 'BB+', Short-term foreign currency IDR to 'C' from 'B', Individual rating to 'E' from 'C/D' and simultaneously placed them on Rating Watch Negative. At the same time, Fitch affirmed HFL's Support rating at '5' and the Support Rating Floor at 'NF'. NUMBER 1: Liquidator Sets August 29 as Claims Bar Date ------------------------------------------------------ Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Number 1 Retail Group Ltd resolved that the company be liquidated and appointed John Albert Price, insolvency practitioner, as liquidator. The liquidator fixes Aug. 29, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Horton Price Limited PO Box 9125 Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 Email: jprice@hortonprice.co.nz QUANTUM REALTY: Liquidators Set September 1 as Claims Bar Date -------------------------------------------------------------- In accordance with section 241 of the Companies Act 1993, the shareholders of Quantum Realty Limited appointed Gerald Stanley Rea and Paul Graham Sargison, chartered accountants of Auckland, as liquidators on July 29, 2008. The liquidators set Sept. 1, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Gerry Rea Partners PO Box 3015 Auckland Telephone: (09) 377 3099 Facsimile: (09) 377 3098 THE BINDERY: Wind-Up Petition Hearing Set for September 1 --------------------------------------------------------- The High Court at Wellington will hold a hearing on Sept. 1, 2008, at 10:00 a.m., to consider putting The Bindery Limited into liquidation. The application was filed on July 4, 2008, by Fuji Xerox New Zealand Limited and Fuji Xerox Finance Limited. The plaintiff's address for service is at: Credit Consultants Debt Services NZ Limited Level 3, 3-9 Church Street Wellington Telephone: (04) 470 5972 Dianne S. Lester is the plaintiff�s solicitor. =========== T A I W A N =========== * TAIWAN: Buys Back Fewer Treasury Bills Than Planned ----------------------------------------------------- Taiwan bought back fewer treasury bills than it had planned after failing to attract sufficient bids, China Post reports, citing the central bank. The government, the report relates, purchased NT$11.85 billion of the securities, less than the planned NT$35 billion. It received NT$8.05 billion in bids for the 273-day bills and NT$3.8 billion for the 182-day debt, the report says. According to the Post, the government had planned to buy back NT$20 billion of the 273-day bills and NT$15 billion of the 182- day securities. ********* 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. Marites M. Claro, 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 ***