/raid1/www/Hosts/bankrupt/TCRAP_Public/081007.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
Tuesday, October 7, 2008, Vol. 11, No. 199
Headlines
A U S T R A L I A
ACN 094 690 909: To Declare Dividend on October 15
A. T. F COMMUNICATIONS: Joint Meeting Set on October 15
CITIGOLD CORP: Posts AU$12.16 Million Net Loss in FY2008
COOL PHASE: To Declare Dividend on October 17
JOYULA PTY: Members' Final Meeting Set for October 21
MUSEUM CHAMBERS: Members and Creditors to Meet on October 17
RAMO PLUMBING: Liquidator to Give Wind-Up Report on October 17
STERNBERG PTY: To Declare Dividend on October 21
SUNCORP-METWAY: Gets Acquisition Bids for Wealth Management Ops.
TRONOX INCORPORATED: Extends ABN Receivables Pact to October 31
TACTICAL LOGISTICS: Joint Meeting Slated for October 15
TACTICAL TRANSPORT: Members and Creditors to Meet on October 15
TITAN PROPERTIES: Members and Creditors to Meet on October 15
PALADIN ENERGY: Obtains License for Angle/Pamela Exploration
C H I N A
TEKNI-PLEX INC: Fails to File Annual Report By Deadline
TEKNI-PLEX INC: Inks Consent and Waiver Deal with Lenders
* CHINA: Economy Can Withstand Financial Crisis, Premier Says
H O N G K O N G
AMERICAN INT'L: Plans to Retain Australian Units
AMERICAN INT'L: To Refocus as Worldwide Property & Casualty Co.
AMERICAN INT'L: Recent Ratings Won't Affect RMBS Certs., S&P Says
BUEHLER MOTOR: Members to Hear Wind-Up Report on November 7
CAPITAL WAY: General Meeting Slated for November 3
COLLINS & LEAHY: Members to Hear Wind-Up Report on November 7
DIOMED HOLDINGS: Pays US$1.1MM of Accrued Loan Interest and Fees
INDEX FUTURES: Members to Receive Wind-Up Report on November 4
KARJADE PROPERTIES: Placed Under Voluntary Liquidation
LAND EAGLE: Members' Final Meeting Slated for November 7
METRO RAIL: Members to Receive Wind-Up Report on November 4
RANNIS COMPANY: Members to Hear Wind-Up Report on November 7
TOP TOWER: Members to Hear Wind-Up Report on November 7
* HONG KONG: May Enter Recession on Global Crisis & Slow Export
I N D I A
BHADRAK CO-OP: Insolvency Spurs Rejection of License Application
LEHMAN BROTHERS: Nomura Acquires Service Platform in India
I N D O N E S I A
TELEKOMUNIKASI: To Bid for New Satellite This October
* INDONESIA: Pleads State Companies to Move Dollar Home
J A P A N
JAPAN AIR: Uses Empresa Brasileira's E170 Jet for Domestic Flights
JAPAN AIRLINES: To Dissolve Mexican Unit Amid Market Slowdown
JAPAN AIRLINE: Revises 2H Cargo Fleet, Route, & Frequency Plan
* JAPAN: Nikkei Stock Index Falls to 4-Yr Low on U.S. Crisis
M A L A Y S I A
BSA INTERNATIONAL: Unit Receives Foreclosure Notice from Kenanga
WONDERFUL WIRE: Total Default Reaches MYR74.46 Mil. as of Sept. 30
N E W Z E A L A N D
AFFORDABLE CARPETS: Shareholders Placed Company Under Liquidation
EQUITICORP FINANCE: Wind-Up Petition Hearing Set for November 19
INFERNO INVESTMENTS: Proofs of Debt Due on November 29
KPR COURIERS: Liquidators Set November 3 as Claims Bar Date
MANIC SCREENPRINT: Proofs of Debt Due on October 10
MIDDLETON 28: Proofs of Debt Due on October 10
MIRACLE MEND: Liquidators Set Nov. 29 as Claims Filing Deadline
PERIOD TIMBER: Liquidators Set Oct. 12 as Claims Bar Date
PROVINCIAL FINANCE: Receivers to Pursue Veda Advantage Fraud Case
SOUND LIVING: Proofs of Debt Due on November 3
WBCB MANAGEMENT: Shareholders Placed Company Under Liquidation
P H I L I P P I N E S
* PHILIPPINES: Posts US$4.6BB FCDU Loans as of end-June 2008
* PHILIPPINES: U/KB Exposure to Real Estate Up by 5.2% to Php213BB
* PHILIPPINES: Thrift Banks Post 6.59% NPL Ratio as of End-June
* PHILIPPINES: NPL Ratio Falls by 3.98 Percent in July
S I N G A P O R E
BANK INTERNASIONAL: Maybank Buyout Cues S&P's Rating Lift to BB-
X X X X X X X X
* BOND PRICING: For the Week September 29 - October 3, 2008
- - - - -
=================
A U S T R A L I A
=================
ACN 094 690 909: To Declare Dividend on October 15
--------------------------------------------------
ACN 094 690 909 Pty Ltd formerly trading as Advantage Plastics Pty
Ltd will declare dividend on October 15, 2008.
Creditors who were unable to prove their debts on September 30 ,
2008, are excluded from the dividend distribution.
The company's liquidator is:
M. C. Donnelly
Ferrier Hodgson
GPO Box 4114
Sydney NSW 2001
A. T. F COMMUNICATIONS: Joint Meeting Set on October 15
-------------------------------------------------------
A. T. F Communications Pty Limited will hold a final meeting for
its members and creditors on October 15, 2008, at 10:15 a.m.
During the meeting, the company's liquidator, Ozem Kassem, will
provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
CITIGOLD CORP: Posts AU$12.16 Million Net Loss in FY2008
--------------------------------------------------------
Citigold Corporation Limited posts a net loss of AU$2,371,670 on
revenues of AU$12,156,873 for the fiscal year ended June 30, 2008,
compared with a net loss loss of AU$7,172,454 on revenues of
AU$2,759,518 in the prior year.
The company's balance sheet at June 30, 2008, showed
AU$214,611,768 in total assets, AU$26,825,196 in total liabilities
and AU$187,786,470 in total stockholders' equity.
At June 30, 2008, the Citigold's consolidated balance sheet also
showed strained liquidity with AU$5,111,936 in total current
assets available to pay AU$6,311,635 in total current liabilities.
Initial Allotment to Dubai Group
Citigold Corporation also disclosed that it has received
AU$10,000,000 through the share placement to Dubai Group.
The successful placement was for 50,000,000 ordinary shares, plus
15,384,615 unlisted options exercisable at AU$0.26.
The funds raised will be used to underpin the development of the
Charters Towers goldfield and as working capital. These works are
aimed at growing gold production.
The company also accepted completion of a small private placement
of 7,541,941 shares raising AU$1,131,291, the allotment of
2,000,000 options exercisable at 20 cents and existing Options
outstanding have been updated.
In addition, Citigold said the company will convene a
shareholder's meeting on November 5, 2008, in Brisbane.
About Citigold
Queensland, Australia-based Citigold Corporation Limited(ASX:CTO)
-- http://www.citigold.com/-- is a gold producers engaged in the
exploration and development of the Charters Towers goldfield.
* * *
The company had net losses of AU$7.17 million, AU$4.26 million,
and AU$5.91 million for the years ended June 30, 2007, 2006 and
2005.
COOL PHASE: To Declare Dividend on October 17
---------------------------------------------
Cool Phase Coolrooms Pty Ltd will declare dividend on October 17,
2008.
Creditors who were unable to prove their debts on October 1 ,
2008, are excluded from the dividend distribution.
The company's liquidator is:
Paul Burness
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne VIC 3000
Telephone: (03) 9613 5515
Facsimile: (03) 9614 3233
Website: www.worrells.net.au
JOYULA PTY: Members' Final Meeting Set for October 21
-----------------------------------------------------
Phillip J. Donnelly, Joyula Pty Ltd's appointed estate liquidator,
will meet with the company's members on October 21, 2008, at
10:00 a.m. to provide them with property disposal and winding-up
reports.
The liquidator can be reached at:
Phillip J. Donnelly
WHK Horwath Sydney Pty Limited
Level 15, 309 Kent Street
Sydney NSW 2000
MUSEUM CHAMBERS: Members and Creditors to Meet on October 17
------------------------------------------------------------
Museum Chambers Pty Limited will hold a final meeting for its
members and creditors on October 17, 2008, at 10:00 a.m. During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
RAMO PLUMBING: Liquidator to Give Wind-Up Report on October 17
-------------------------------------------------------------
Ramo Plumbing Pty Ltd will hold a final meeting for its members
and creditors on October 17, 2008, at 10:15 a.m. During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
STERNBERG PTY: To Declare Dividend on October 21
------------------------------------------------
Sternberg Pty Limited will declare dividend on October 21, 2008.
Creditors who were unable to prove their debts on October 1 ,
2008, are excluded from the dividend distribution.
The company's liquidator is:
Nick Malanos
Worrells Solvency & Forensic Accountants
Level 3, 333 George Street
Sydney NSW 2000
Telephone: (02) 9249 1202
Facsimile: (02) 9249 1211
Website: www.worrells.net.au
SUNCORP-METWAY: Gets Acquisition Bids for Wealth Management Ops.
----------------------------------------------------------------
Suncorp-Metway Limited confirmed it has received several
approaches by parties expressing interest in acquiring the banking
and wealth management operations of the Group.
The company told its shareholders that these preliminary
approaches may or may not lead to formal proposals being put to
Suncorp.
Suncorp said it has appointed Lazard Carnegie Wylie and UBS to
assist in relation to the possible acquisition.
Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses. Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.
On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.
Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.
TRONOX INCORPORATED: Extends ABN Receivables Pact to October 31
---------------------------------------------------------------
Tronox Incorporated disclosed in a Securities and Exchange
Commission filing that on Sept. 18, 2008, the Company and its
subsidiary Tronox Worldwide LLC entered into a Second Amendment
to Receivables Sale Agreement to the Receivables Sale Agreement
dated as of Sept. 26, 2007. Amendment No. 2 revised the term
"Scheduled Termination Date" in the Agreement to extend the date
from Sept. 24, 2008 to Oct. 31, 2008.
The Company executed an accounts receivable securitization program
in September 2007 with an initial term of one year. Financing
under the program could be extended for an additional two years in
the form of a securitization or a secured borrowing as determined
by the sponsoring institution, ABN AMRO Bank N.V.. Under the
Program, all receivables owned by the company's U.S. subsidiaries
-- transferor subsidiaries -- are sold on a recurring basis by the
Company to Tronox Funding LLC, a wholly owned special purpose
subsidiary of the company. Funding, in turn, sells to either
Amsterdam Funding, an asset-backed multi-seller commercial paper
conduit sponsored by ABN, or to ABN directly, an undivided
percentage ownership interest in the pool of receivables Funding
acquires from the transferor subsidiaries. At June 30, 2008, the
balance in receivables sold by the transferor subsidiaries to
Funding totaled US$109.3 million, of which US$59.7 million was
sold to Amsterdam in the form of the purchased participation
interest, resulting in a subordinated retained interest held by
Funding with a fair value of US$48.9 million.
The receivables sale agreement contains cross default provisions
with the company's debt agreements. In June 2008, the Company
obtained a waiver under the agreement which, due to a default
under the company's Credit Agreement at May 31, 2008, would have
otherwise prevented Funding from purchasing additional receivables
from the transferor subsidiaries. In July 2008, the receivables
sale agreement was amended resulting in the elimination of the
two-year extension option and reducing the program size to US$75.0
million. Extension of the program beyond the expiration of the
initial term in September 2008 will be allowed only upon consent
of ABN. In the event that ABN elects not to extend financing
beyond the initial term, the program will enter into a termination
phase. During this phase, all collections on receivables owned by
Funding will be remitted to ABN up to the outstanding amount of
ABN's purchased participating interest along with any outstanding
fees. If the program is not extended, there would be no further
sales of receivables under the program and cash flows from
operations would decrease compared to periods where the current
program is ongoing.
The Company and Tronox Worldwide entered into the amendment in
connection with its evaluation of strategic options for its
businesses. There is no assurance that the Company and Tronox
Worldwide will be able to obtain additional amendments or waivers
to the Agreement.
For the three month and six month periods ended June 30, 2008, the
Company incurred losses in connection with the sale of receivables
under the Program of US$1.4 million and US$3.1 million,
respectively, along with interest income accreted on the
collections of receivables of US$0.7 million and US$1.6 million,
respectively. The net of both items for the three month and six
month periods ended June 30, 2008, was US$0.7 million and US$1.5
million, respectively, representing the net expense associated
with the Company's securitization program for the applicable
periods.
A copy of the amendment to the Second Amendment to Receivables
Sale Agreement to the Receivables Sale Agreement is available free
of charge at http://researcharchives.com/t/s?332c
About Tronox
Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The company's five pigment plants, which are
located in the United States, Australia, Germany and the
Netherlands, supply performance products to approximately 1,100
customers in 100 countries. In addition, Tronox produces
electrolytic products, including sodium chlorate, electrolytic
manganese dioxide, boron trichloride, elemental boron and lithium
manganese oxide.
As reported by the Troubled Company Reporter on August 27, 2008,
Tronox said in a regulatory filing that it is evaluating all
strategic options for the company, including mitigation of
environmental liabilities and capital restructuring. Tronox
said it has experienced significant losses for the year ended
December 31, 2007, and the six months ended June 30, 2008, and has
generated negative cash flows from operations in the current year.
Tronox said that if it continues to experience negative impacts on
its operations, it may need to seek relief under Chapter 11 of the
United States Bankruptcy Code to allow the company to, among other
things, restructure its capital structure and reorganize its
business, including its environmental legacy issues.
The company has US$1.7 billion in total assets, including US$703.5
million in current assets, as at June 30. The company has
US$937.8 million in current debts and US$336.9 million in total
noncurrent debts.
Tronox has retained the investment banking firm Rothschild Inc. to
further assist the company in evaluating strategic options for the
business.
On May 22, 2008, the company announced an involuntary work force
reduction program as part of its ongoing efforts to reduce costs.
As a result of the program, the company's U.S. work force was
reduced by 31 employees. An additional 38 positions that were
vacant prior to the work force reduction will not be filled. There
were no costs associated with the elimination of vacant positions.
The program was substantially completed as of June 30, 2008.
On Aug. 28, 2008, the Company was notified by the New York Stock
Exchange that it is not in compliance with the NYSE's continued
listing standard regarding the average closing price of its Class
B Common Stock. The Company said it has not decided on what
action, if any, it will take with respect to its failure to
satisfy NYSE listing standards. If the Company fails to cure its
listing deficiencies, the NYSE will commence suspension and
delisting procedures.
The Company expects, but there is no assurance, that the shares
will begin trading over the counter. An OTC security is
considered to be any equity security that is not listed on NYSE,
NASDAQ or Amex. The OTC Bulletin Board is an electronic quotation
system that displays quotes from broker dealers on many OTC
securities.
The TCR said on Sept. 18 that Tronox has been sued by the U.S.
Government to recover costs related to hazardous substances at or
from the Federal Creosoting Superfund site located in the borough
of Manville, Somerset County, New Jersey. According to the
complaint, as of June 15, 2008, the government has incurred at
least US$280 million in unreimbursed response costs related to the
cleanup.
Moody's Investors Service has downgraded affiliate Tronox
Worldwide LLC's Corporate Family Rating to Caa3 from Caa2, and the
Probability of Default Rating was lowered to Ca from Caa3. In
addition, Moody's has downgraded the company's secured revolver
and term loan to B2 from B1 and its unsecured notes to Ca from
Caa3. Standard & Poor's Ratings Services has lowered its ratings
on Tronox, including its corporate credit rating to 'CCC-' from
'CCC+'.
TACTICAL LOGISTICS: Joint Meeting Slated for October 15
-------------------------------------------------------
Tactical Logistics Pty Limited will hold a final meeting for its
members and creditors on October 15, 2008, at 10:45 a.m. During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
TACTICAL TRANSPORT: Members and Creditors to Meet on October 15
---------------------------------------------------------------
Tactical Transport Pty Limited will hold a final meeting for its
members and creditors on October 15, 2008, at 11:00 a.m. During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
TITAN PROPERTIES: Members and Creditors to Meet on October 15
-------------------------------------------------------------
Titan Properties (AUST) Pty Limited will hold a final meeting for
its members and creditors on October 15, 2008, at 11:15 a.m.
During the meeting, the company's liquidator, Ozem Kassem, will
provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 10
76-80 Clarence Street
Sydney
PALADIN ENERGY: Obtains License for Angle/Pamela Exploration
------------------------------------------------------------
Paladin Energy Ltd disclosed in a regulatory filing that
Exploration Licence 25758 which contains the Angela Uranium
Deposit has been granted by the Northern Territory Government to
the Cameco/Paladin 50:50 Joint Venture.
Cameco Australia Pty Ltd is manager of the exploration stage of
this joint venture. The exploration license includes a condition
that Cameco obtain further regulatory authorization under Northern
Territory mining laws. Approval of the Aboriginal Areas
Protection Authority is also required before work on the grounds
begins. Drilling is planned to begin on the Angela deposit in
2009 once all necessary approvals have been obtained, Camelo said
in a statement.
According to Palading, the Angela/Pamela Joint Venture further
strengthens its uranium position in Australia with key projects
now in Queensland (Mt Isa Projects), Northern Territory
(Angela/Pamela and Bigrlyi Projects) and Western Australia
(Manyingee and Oobagooma Projects). Over and above its present
substantial production Australia is destined to further expand its
uranium output and become one of the cornerstone uranium suppliers
of the world. Paladin said it is cementing its position to become
a significant contributor to the anticipated growth of the uranium
mining industry in Australia.
About Cameco
Cameco Corporation -- http://www.cameco.com -- is a Canada-based
company. The company operates in four segments: uranium, fuel
services, nuclear electricity generation and gold. During the year
ended December 31, 2007, Cameco’s fuel services business consisted
of uranium refining and conversion facilities in Ontario, a Candu
fuel fabrication facility in Ontario and a uranium conversion
services supply arrangement with Springfields Fuels Ltd (SFL). In
July 2007, Cameco acquired a 10% interest in Western Uranium
Corporation (WUC). In August 2008, Cameco completed the
acquisition of a 70% interest in the Kintyre uranium exploration
project in Western Australia. A joint venture comprised of Cameco
(70%) and Mitsubishi Development Pty Ltd (30%) purchased the
Kintyre project from Rio Tinto.
About Paladin Energy
Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia. Its wholly owned projects
include the Langer Heinrich Uranium Project, which is located in
Namibia, Southern Africa, and hosts surficial, calcrete type
uranium deposit; the Kayelekera Uranium Project, which is
located in northern Malawi, Southern Africa; the Manyingee
Uranium Project, which is located in the north west of Western
Australia, and hosts sandstone deposits, and the Oobagooma
Project, which is located in the West Kimberley region of
Western Australia, and hosts sandstone deposits. Its joint
venture with Quasar Resources Pty Ltd covers two exploration
licenses in the northern Frome Basin in South Australia. During
the fiscal year ended June 30, 2006, it completed resource
drilling programs at Langer Heinrich and Kayelekera Uranium
Projects. As of June 1, 2007, Paladin held an 81.82% interest in
Summit Resources Limited.
* * *
The company reported net losses of US$36.0 million, US$37.6
million and AU$7.49 million for the years ended June 30, 2008,
2007 and 2006.
=========
C H I N A
=========
TEKNI-PLEX INC: Fails to File Annual Report By Deadline
-------------------------------------------------------
Tekni-Plex, Inc. disclosed in a Securities and Exchange Commission
filing that it was not be able to timely file its annual report on
Form 10-K for the year ended June 27, 2008, by the prescribed due
date of Sept. 25, 2008.
Tekni-Plex had initiated an internal investigation regarding its
financial records. Its Board of Directors continued to conduct
this inquiry, however, the investigation is not yet complete and
the Company cannot predict at this time whether the investigation
will conclude that adjustments to financial statements for any
period covered by the report are necessary. To the extent that
such adjustments are determined to be necessary, the adjustments
could be material.
The investigation is ongoing and the Company cannot estimate at
this time when the investigation of the relevant issues will
conclude. The Company intends to file the Form 10-K as soon as
reasonably practicable after the Board's investigation of the
relevant issues has concluded.
About Tekni-Plex Inc.
Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products. The company primarily
serves the food, healthcare and consumer markets. It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.
Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.
* * *
As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.
TEKNI-PLEX INC: Inks Consent and Waiver Deal with Lenders
---------------------------------------------------------
Tekni-Plex Inc. disclosed in a Securities and Exchange Commission
filing that on Sept. 25, 2008, it entered into a Consent and
Waiver under its Amended and Restated Credit Agreement among the
Company, the lenders and issuers party, Citicorp USA, Inc. as
Administrative Agent, and General Electric Capital Corporation as
Syndication Agent.
The Consent and Waiver provides for, among other things, a waiver
through Oct. 31, 2008 of:
-- events of default arising by reason of the Company's
noncompliance with a covenant requiring delivery by
Sept. 26, 2008 of audited financial statements and related
compliance certificates for fiscal year ended June 27, 2008;
-- events of default in respect of certain representations and
warranties for previously delivered financial information
that may have been incorrect in a material respect, which
events of default may arise if the Company restates
financial statements for prior account periods as a result
of the Company's ongoing investigation of alleged
irregularities with respect to accounting for inventory and
accounts receivable; and
-- certain conditions precedent to extensions of credit to
permit the Company to borrow during the period from
Sept. 26, 2008, through Oct. 31, 2008, notwithstanding the
events of default.
About Tekni-Plex Inc.
Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products. The company primarily
serves the food, healthcare and consumer markets. It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.
Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total
liabilities, resulting in a US$427.0 million total stockholders'
deficit.
* * *
As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.
* CHINA: Economy Can Withstand Financial Crisis, Premier Says
-------------------------------------------------------------
China's Premier Wen Jiabao is confident that its economy is strong
enough to withstand the impact of the global financial crisis,
citing unchanging economic fundamentals and the right direction
the economy is heading, Agence France-Presse reports.
"The strength of our financial institutions has generally
increased, and their ability to make money and withstand risk has
risen. Market liquidity is ample and the financial system is
stable and safe" Mr. Jiabao stated, AFP relates citing Xinhua
News. "This will help us withstand any negative external impact.
We're full of confidence in the development of the economy, and in
the stability of the financial system," he added.
According to AFP, Mr. Jiabao said the best way his nation could
help would be by ensuring fast economic growth at home.
===============
H O N G K O N G
===============
AMERICAN INT'L: Plans to Retain Australian Units
------------------------------------------------
American International Group's Australian subsidiaries have
reaffirmed their commitment to local clients and partners, the
Australian Associated Press reports.
According to the report, AIG chairman and chief executive Edward
Liddy announced in the US overnight plans to sell off the
company's "non-core" assets to pay off its unprecedented loan from
the US Federal Reserve.
Mr. Liddy said AIG planned to retain "a continuing ownership
interest in its foreign life insurance operations".
AIG General (Australia) chief executive Chris Townsend said the US
announcement confirmed the local arm as an important part of the
global business.
"We're of course very pleased with this decision and it confirms
that AIG Australia, as part of the foreign general insurance
operations of AIG, is a core business," the report quotes
Mr. Townsend as saying.
The report relates that AIG Life also welcomed Mr. Liddy's
statements, with regional president Mark Wilson declaring it good
news for its 20 million policyholders in the Asia-Pacific region.
AIG Life (Australia), a wholly owned subsidiary of AIG
incorporated in Australia, employs 370 people across five state
capitals while AIG General (Australia) employs around 500 people
locally, the report notes.
Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions. The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.
The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong. AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages. AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct. It has about 3,000 employees,
and sponsors the Manchester United football club. In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.
The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.
The summary of terms also provides for a 79.9% equity interest in
AIG. The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.
In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."
Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.
Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative. Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.
The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.
* * *
In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion. Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007. The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.
Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007. Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.
AMERICAN INT'L: To Refocus as Worldwide Property & Casualty Co.
---------------------------------------------------------------
American International Group, Inc., said it will refocus the
company on its core property and casualty insurance businesses,
generate sufficient liquidity to repay the outstanding balance of
its loan from the Federal Reserve Bank of New York and address its
capital structure. AIG had drawn $61 billion on the Federal
Reserve Bank of New York credit facility as of Sept. 30, 2008.
AIG will retain its U.S. property and casualty and foreign general
insurance businesses, and to retain a continuing ownership
interest in its foreign life insurance operations. AIG's
worldwide property and casualty businesses generated approximately
US$40 billion in revenues in 2007. The company is exploring
divestiture opportunities for its remaining high-quality
businesses and assets. AIG is also actively at work on a number
of alternatives for its Financial Products business and its
securities lending program.
AIG's Chairperson and Chief Executive Officer Edward M. Liddy
said, "We are refocusing on our traditional strengths in property
and casualty underwriting. We have a number of remarkable
businesses with leading market positions and significant
competitive advantages that could not be recreated today. To
realize our objective, we will sell a number of extraordinary
businesses that are proving to be highly attractive to buyers. We
have already been contacted by numerous strong, stable parties,
and we expect that buyers will recognize the value of these
properties, be a good strategic fit and offer the greatest
potential for growth, profitability, and continuing opportunities
for employees. Our goal is to emerge from this process as a
smaller but more nimble company that is solidly profitable and has
good long-term growth prospects."
AIG's global coordinators for the divestiture program are The
Blackstone Group and J.P. Morgan.
Lavonne Kuykendall at Dow Jones Newswires reports that AIG set out
a list of companies it will sell to pay the money back and retain
enough capital to go forward. According to the report, AIG will
sell, preferably in one deal, its U.S. life, retirement and
pensions businesses. AIG's non-insurance businesses are also on
the market, the report says.
Dow Jones relates that Mr. Liddy said he would welcome "pre-
emptive" offers, particularly from "brand-name operations with
strong ratings and balance sheets" and a clear ability to close
the sale.
According to Dow Jones, Mr. Liddy said that AIG has drawn around
US$61 billion of the Fed's US$85 billion credit line so far, and
will need more. Citing Mr. Liddy, Dow Jones states that about
US$54 billion of the loan has was used in collateral calls on its
troubled derivatives business, which has reported US$26 billion in
market value losses since the fourth quarter of 2007, while the
rest of the money was used in other liquidity needs amid an
"unprecedented" freezing of credit markets.
AIG will avoid "franchise erosion" from having clients and key
employees leave the company, and Mr. Liddy said that a transparent
sales process will help, Dow Jones reports.
Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions. The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.
The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong. AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages. AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct. It has about 3,000 employees,
and sponsors the Manchester United football club. In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.
US$85,000,000,000 Federal Reserve Loan
The Federal Reserve Bank of New York extended to AIG a revolving
credit facility up to US$85 billion. AIG's borrowings under the
revolving credit facility will bear interest, for each day, at a
rate per annum equal to three-month Libor plus 8.50%. The
revolving credit facility will have a 24-month term and will be
secured by a pledge of assets of AIG and various subsidiaries.
The Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date. AIG, in a
regulatory filing with the Securities and Exchange Commission,
said it will pay a commitment fee on undrawn amounts at the rate
of 8.5% per annum. Interest and the commitment fees are generally
payable through an increase in the outstanding balance under the
Credit Facility. Borrowings under the Credit Facility are
conditioned on the NY Fed being reasonably satisfied with, among
other things, AIG's corporate governance.
AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.
The Credit Facility contains customary affirmative and negative
covenants, including a requirement to maintain a minimum amount of
liquidity and a requirement to use reasonable efforts to cause the
composition of the Board of Directors of AIG to be satisfactory to
the trust within 10 days after the
establishment of the trust.
Under the agreement, AIG will issue a new series of perpetual,
non-redeemable Convertible Participating Serial Preferred Stock to
a trust that will hold the Preferred Stock for the benefit of the
United States Treasury.
The Preferred Stock will, from issuance:
-- be entitled to participate in any dividends paid on the
common stock, with the payments attributable to the
Preferred Stock being approximately, but not in excess
of, 79.9% of the aggregate dividends paid on AIG's common
stock, treating the Preferred Stock as if converted; and
-- vote with AIG's common stock on all matters submitted to
AIG's shareholders, and will hold approximately, but not
in excess of, 79.9% of the aggregate voting power of the
common stock, treating the Preferred Stock as if
converted.
The Preferred Stock will remain outstanding even if the Credit
Facility is repaid in full or otherwise terminates.
Pursuant to the Credit Facility, AIG is required to hold a special
shareholders meeting to amend its restated certificate of
incorporation to increase its share capitalization and to lower
the par value of its common stock to permit the conversion of the
Preferred Stock into common stock. Once this
amendment is effective, the Preferred Stock will be convertible at
any time into 79.9% of the shares of common stock outstanding at
the time of issuance.
AIG is required to enter into a customary registration rights
agreement that will permit the NY Fed to require AIG to register
the Preferred Stock and the underlying common
stock under the Securities Act of 1933.
The Credit Facility will be secured by a pledge of the capital
stock and assets of certain of AIG's subsidiaries, subject to
exclusions for certain property the pledge of which is not
permitted by AIG debt instruments, as well as exclusions of assets
of regulated subsidiaries, assets of foreign subsidiaries and
assets of special purpose vehicles.
Copy of the Credit Agreement is available free of charge at:
http://researcharchives.com/t/s?331e
Copy of the Pledge Agreement is available free of charge at:
http://researcharchives.com/t/s?331f
In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."
Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.
Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative. Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.
The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.
* * *
In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion. Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007. The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.
Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007. Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.
AMERICAN INT'L: Recent Ratings Won't Affect RMBS Certs., S&P Says
-----------------------------------------------------------------
Standard & Poor's Ratings Services said its recent rating actions
on American International Group Inc. (AIG; A-/Watch Dev/A-1) and
its related subsidiaries do not affect the current ratings on the
certificates from the U.S. RMBS transactions listed below. While
AIG or its subsidiaries provide various forms of mortgage
insurance, including residential mortgage pool insurance and deep
mortgage insurance, after analyzing all other forms of credit
enhancement these transactions have, S&P believes that the deals
have sufficient credit enhancement to support the current ratings
on their own, without accounting for any insurance claim cash
flows from the AIG-related policies.
The Federal Reserve Bank of New York offered AIG an US$85 billion
secured loan facility which S&P believes will likely affect the
new rating on AIG; however, at present, S&P does not anticipate
that any updated AIG rating will affect the ratings on the U.S.
RMBS transactions listed below. Notwithstanding the above, if
performance variables for the U.S. RMBS transactions were to
deteriorate further, the assigned ratings could come under
pressure. Standard & Poor's will continue to monitor its ratings
on all classes related to AIG and its subsidiaries due to the
aforementioned mortgage insurance policies and take rating actions
as appropriate.
Outstanding Ratings
Citibank N.A. New York, NY
Series 1986- S
Class CUSIP Rating
----- ----- ------
A 172905AZ4 AA
Citibank N.A. New York, NY
Series 1987- D
Class CUSIP Rating
----- ----- ------
A 172905BJ9 AA
Citicorp Mortgage Securities Inc.
Series 1988- 11
Class CUSIP Rating
----- ----- ------
A-1 172921CE6 AA
CWABS Asset-Backed Certificates Trust 2005-AB4
Series 2005-AB4
Class CUSIP Rating
----- ----- ------
1-A 126670KJ6 AAA
2-A-1 126670KK3 AAA
2-A-3 126670KM9 AAA
2-A-4 126670KN7 AAA
A-R 126670LA4 AAA
M-1 126670KP2 AA+/Watch Neg
M-2 126670KQ0 AA+/Watch Neg
M-3 126670KR8 AA/Watch Neg
M-4 126670KS6 AA-/Watch Neg
M-5 126670KT4 A+/Watch Neg
M-6 126670KU1 A-/Watch Neg
M-7 126670KV9 BBB-/Watch Neg
M-8 126670KW7 B+/Watch Neg
CWABS Asset-Backed Certificates Trust 2006-20
Series 2006-20
Class CUSIP Rating
----- ----- ------
1-A 12667HAA9 BB
2-A-1 12667HAB7 AAA
2-A-2 12667HAC5 AAA
2-A-3 12667HAD3 BBB
2-A-4 12667HAE1 BB
M-1 12667HAF8 B
M-2 12667HAG6 B-
M-3 12667HAH4 B-
M-4 12667HAJ0 CCC
M-5 12667HAK7 CCC
M-6 12667HAL5 CCC
M-7 12667HAM3 CCC
M-8 12667HAN1 CC
M-9 12667HAP6 CC
B 12667HAQ4 CC
CWABS Inc.
Series 2002-S1
Class CUSIP Rating
----- ----- ------
A-4 126671PU4 AAA
A-5 126671PV2 AAA
A-IO 126671PW0 AAA
M-1 126671PP5 AA
M-2 126671PQ3 A
CWABS Inc.
Series 2002-S2
Class CUSIP Rating
----- ----- ------
A-5 126671QN9 AAA
A-IO 126671QP4 AAA
M-1 126671QQ2 AA
M-2 126671QR0 A
CWABS Inc.
Series 2002-S4
Class CUSIP Rating
----- ----- ------
A-5 126671UD6 AAA
A-IO 126671UE4 AAA
M-1 126671UF1 AA
M-2 126671UG9 A
B 126671UH7 A
CWABS Inc.
Series 2003-3
Class CUSIP Rating
----- ----- ------
1-A-5 126671C95 AAA
1-A-6 126671D29 AAA
2-A-2 126671D45 AAA
3-A 126671D52 AAA
M-1 126671D60 AA+
M-2 126671D78 AA+
M-3 126671D86 AA+
M-4 126671D94 AA
M-5 126671E28 A+
M-6 126671E36 A-
CWABS Inc.
Series 2004-S1
Class CUSIP Rating
----- ----- ------
A-2 126673TC6 AAA
A-3 126673TD4 AAA
A-IO 126673TE2 AAA
M-1 126673TF9 AA
M-2 126673TG7 A
M-3 126673TQ5 A-
CWHEQ Revolving Home Equity Loan Trust Series 2006-C
Series 2006-C
Class CUSIP Rating
----- ----- ------
1-A 126685DH6 AA
2-A 126685DJ2 AA
DLJ Mortgage Acceptance Corp.
Series 1993-19
Class CUSIP Rating
----- ----- ------
A-P 23321PGE2 AAA
S-1 23321PFW3 AAA
A-7 23321PGD4 AAA
M 23321PGF9 AAA
B-1 23321PGG7 AAA
FNT Mortgage-Backed Pass-Through Certificates Series FNT 2001-4
Series 2001-4
Class CUSIP Rating
----- ----- ------
I-A-1 22540WCP3 AAA
D-A-P 22540WFV7 AAA
III-A-X 22540WEN6 AAA
IV-A-X 22540WEP1 AAA
C-A-X 22540WEQ9 AAA
C-B-1 22540WEU0 AAA
C-B-2 22540WEV8 AAA
C-B-3 22540WEW6 AA+
IV-A-1 22540WED8 AAA
IV-A-2 22540WEE6 AAA
IV-A-3 22540WFT2 AAA
V-A-1 22540WEF3 AAA
V-A-2 22540WEG1 AAA
Prudential Securities Secured Financing Corp.
Series 1992- 1
Class CUSIP Rating
----- ----- ------
A-1 74436JAL1 AAA
Ryland Mortgage Securities Corp.
Series 1991-15
Class CUSIP Rating
----- ----- ------
B 783766GV4 AAA
Ryland Mortgage Securities Corp.
Series 1991-16
Class CUSIP Rating
----- ----- ------
B 783766GY8 AAA
I 783766GZ5 AAA
Ryland Mortgage Securities Corp.
Series 1991-17
Class CUSIP Rating
----- ----- ------
B 783766HB7 AAA
Ryland Mortgage Securities Corp.
Series 1991-19
Class CUSIP Rating
----- ----- ------
B 783766HF8 AAA
Ryland Mortgage Securities Corp.
Series 1992- 4
Class CUSIP Rating
----- ----- ------
B 783766JT6 AA+
Ryland Mortgage Securities Corp.
Series 1992-1FBS
Class CUSIP Rating
----- ----- ------
G 783766KJ6 AAA
R 783766KM9 AAA
RL 783766KN7 AAA
M 783766KL1 AAA
F 783766KK3 AAA
Salomon Brothers Mortgage Securities VII Inc.
Series 1993- 9
Class CUSIP Rating
----- ----- ------
A-2 79548KJE9 AAA
B-1 79548KJF6 AAA
B-2 79548KJG4 AAA
B-3 79548KJH2 AA
B-4 79548KJJ8 BBB+
B-5 79548KJK5 B
Structured Asset Securities Corp.
Series 2003-S2
Class CUSIP Rating
----- ----- ------
M1-A 86359BBL4 AA
M1-F 86359BBM2 AA
M2-A 86359BBN0 A
M2-F 86359BBP5 A
M3 86359BBQ3 A-
Structured Asset Securities Corp.
Series 2004-S2
Class CUSIP Rating
----- ----- ------
A-SIO 86359BSR3 AAA
M4 86359BSV4 A-
M5 86359BSW2 BBB+
M6 86359BSX0 B
M7 86359BSY8 CCC
Structured Asset Securities Corp.
Series 2004-S3
Class CUSIP Rating
----- ----- ------
M1 86359BB67 AA+
M2 86359BB75 AA
M3 86359BB83 BBB
M4 86359BB91 BB
M5 86359BC25 B
M6 86359BC33 CCC
M7 86359BC41 CC
Structured Mortgage Asset Residential Trust, Series 93-3
Series 1993- 3
Class CUSIP Rating
----- ----- ------
CK 863573SP7 AAA
CL 863573SQ5 AAA
CX 863573SR3 AAA
CY 863573SW2 AAA
G 863573SC6 AAA
Structured Mortgage Asset Residential Trust, Series 93-4
Series 1993- 4
Class CUSIP Rating
----- ----- ------
AF 8635739A1 AAA
AX 863573TC5 AAA
AY 863573TB7 AAA
R-1 863573TE1 AAA
G 863573TG6 AAA
Structured Mortgage Asset Residential Trust, Series 93-5
Series 1993- 5
Class CUSIP Rating
----- ----- ------
CJ 863573TT8 AAA
CX 863573TW1 AAA
G 863573TH4 AAA
Travelers Mortgage Services Inc.
Series 1989- 1
Class CUSIP Rating
----- ----- ------
1A 89419KAY9 AA
BUEHLER MOTOR: Members to Hear Wind-Up Report on November 7
-----------------------------------------------------------
The members of Buehler Motor China Limited will meet on Nov. 7,
2008, at 5:05 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CAPITAL WAY: General Meeting Slated for November 3
--------------------------------------------------
The members of Capital Way International Limited will meet on
November 3, 2008, at 10:00 a.m., at the 12th Floor of No. 3
Lockhart Road, in Wanchai, Hong Kong.
At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and propety
disposal.
COLLINS & LEAHY: Members to Hear Wind-Up Report on November 7
-------------------------------------------------------------
The members of Collins & Leahy Far East Limited will meet on
November 7, 2008, at 1:39 p.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
DIOMED HOLDINGS: Pays US$1.1MM of Accrued Loan Interest and Fees
----------------------------------------------------------------
Hercules Technology Growth Capital, Inc., disclosed that in
addition to the full repayment of US$6.0 million of principal
received in April 2008, it has received a payment of US$1.1
million for accrued interest and loan fees on the company's debt
financing to Diomed Holdings Inc. The internal rate of return on
Diomed Holdings Inc., is expected to exceed 60% with this payment.
"We are pleased that we were able to get full repayment of the
loan principal plus accrued interest and fees," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules. "Since inception, Hercules had adhered to a strict
selection and monitoring process. We actively work with the
management and the financial sponsors of each company throughout
the life of the investment. As a result, even when our portfolio
companies have been in distressed situations, we have succeeded at
receiving principal payments."
Diomed entered into a settlement agreement with AngioDynamics in
April 2008 for the purpose of resolving the patent infringement
lawsuit between the companies originally filed in January 2004.
As a result of the settlement over varicose vein laser treatment
technology, AngioDynamics agreed to pay US$7.0 million to Diomed.
Of the US$7.0 million settlement proceeds, US$6.0 million was used
to repay the outstanding loan principal balance to Hercules.
An additional US$1.1 million for accrued interest and other loan
fees was received at the end of September 2008 per a settlement
order approved by the United States Court of Bankruptcy for the
District of Massachusetts.
About Diomed Holdings
Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and http://www.diomedinc.com/--
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products. Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments. Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications. Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit. Diomed, Inc., owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico. The
company also has an affiliate in Asia through Diomed Hong Kong.
The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749). Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtor's local counsel and McGuireWoods LLP
is its general counsel. Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors. The company's
schedules show total assets of US$19,936,479 and total liabilities
of US$14,743,485.
In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court. Steven Mark Law of Ensors was named as
administrator.
INDEX FUTURES: Members to Receive Wind-Up Report on November 4
--------------------------------------------------------------
The members of Index Futures Win Limited will meet on Nov. 4,
2008, at 11:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Leung Chi Kwong
Dah Sing Life Building
c/o Unit 306, 3rd Floor
99-105 Des Voeux Road Central
Hong Kong
KARJADE PROPERTIES: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Karjade Properties Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Hsu Shin Cheung
Cheing Kee Building
Rooms 1201-4
84-86 Des Voeux Road
Central, Hong Kong
LAND EAGLE: Members' Final Meeting Slated for November 7
--------------------------------------------------------
The members of Land Eagle Development Limited will hold their
final meeting on November 7, 2008, at 12:30 p.m., at the 76th
Floor of Two International Finance Centre, 8 Finance Street, in
Central, Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
METRO RAIL: Members to Receive Wind-Up Report on November 4
-----------------------------------------------------------
A final meeting will be held for the members of Metro Rail Transit
Corp. Limited on November 4, 2008, at 11:30 a.m., at the 13th
Floor of Gloucester Tower, The Landmark, in 15 Queen's Road
Central, Hong Kong.
Wong Kwok Man, the company's liquidator, will give a report on the
company's wind-up proceedings and property disposal.
RANNIS COMPANY: Members to Hear Wind-Up Report on November 7
------------------------------------------------------------
The members of Rannis Commpany Limited will meet on November 7,
2008, at 1:38 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
TOP TOWER: Members to Hear Wind-Up Report on November 7
-------------------------------------------------------
The members of Top Tower Company Limited will meet on November 7,
2008, at 10:30 a.m., at the 76th Floor of Two International
Finance Centre, 8 Finance Street, in Central, Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
* HONG KONG: May Enter Recession on Global Crisis & Slow Export
---------------------------------------------------------------
Hong Kong will slide into a "mild recession" because of the global
financial crisis and China's export slowdown, Wendy Leung of
Blomberg News reports, citing JPMorgan Chase & Co. economist Qian
Wang.
JPMorgan, the report relates, cut its forecasts for Hong Kong
economic growth in 2008 to 3.5% from a previous estimate of 4%.
The economy may shrink 1% quarter-on-quarter in the last three
months of 2008 and 0.5 percent in the following three months, the
bank said.
"The global credit crunch has undermined domestic confidence," Mr.
Wang was cited by Bloomberg News as saying.
According to the report, Hong Kong trade, financial services and
tourism are suffering from the global fallout and slowing China
exports. The city's economy may grow 1.8% next year, trailing the
average growth rate of 4.4% in the past 20 years, the same report
notes.
JP Morgan's report said:"The gloomy global outlook is making
businesses more cautious about investing and hiring. Recent
financial market stress has raised the chances of increased job
shedding," Bloomberg News says.
The report adds that export and import services account for 20% of
the city's economy.
=========
I N D I A
=========
BHADRAK CO-OP: Insolvency Spurs Rejection of License Application
----------------------------------------------------------------
The Reserve Bank of India rejected an application of The Bhadrak
Co-op Urban Bank Ltd in Bhadrak, Orissa for issuance of license to
carry on banking business after the close of business on Sept. 25,
2008.
According to the Reserve Bank, Bhadrak Co-op had ceased to be
solvent, all efforts to revive it had failed and its depositors
were being inconvenienced by continued uncertainty.
The Reserve Bank has requested the Registrar of Co-operative
Societies, Orissa to issue an order for winding up the bank and
appoint a liquidator for the bank. It may be highlighted that on
liquidation, every depositor is entitled to repayment of deposits
up to a monetary ceiling of Rs. 1,00,000/- (Rupees One lakh only)
from the Deposit Insurance and Credit Guarantee Corporation
(DICGC) under usual terms and conditions.
The bank applied on May 4, 1984, for issue of license to carry on
banking business under Section 22 of the B R Act, 1949 (AACS).
The statutory inspection of the bank with respect to its position
as on March 31, 2006, had indicated that its financial position
was impaired. The next inspection of bank with reference to its
financial position as on March 31, 2007, revealed overall
deterioration in its financial position. In order to conserve its
liquidity and prevent preferential payments, the bank was issued
directions under Section 35 A of the Banking Regulation Act, 1949
(As applicable to Co-operative Societies) on March 19, 2008,
restricting its operations, including placing a ceiling on
withdrawal of deposits at Rs. 1000/-.
The bank was served a notice on April 8, 2008, calling on it to
show cause as to why the application for license to carry on
banking business, should not be rejected and why steps should not
be taken to wind up the bank. The reply submitted by the bank was
not found satisfactory and acceptable.
Keeping in view the impaired financial position of the bank and
the absence of any concrete proposal for merger, the possibility
of revival of the bank was remote. Therefore, the Reserve Bank of
India took the extreme measure of rejecting the application for
issue of license to the bank in the interest of the bank's
depositors. With the rejection of its license application and
commencement of liquidation proceedings, the process of paying the
depositors of The Bhadrak Co-op
will be set in motion subject to the terms and conditions of the
Deposit Insurance Scheme.
Consequent to the rejection of its license application, the bank
is prohibited from carrying on 'banking business' as defined in
Section 5(b) of the Banking Regulation Act, 1949 (As applicable to
Co-operative Societies) including acceptance and repayment of
deposits.
For clarifications, depositors may approach:
Smt. M. Sinha
Deputy General Manager
Urban Banks Department
Reserve Bank of India
Bhubaneswar Regional Office
Pt. Jawaharlal Nehru Marg
P B No.16 & 17
Bhubaneswar-751 001
Tel: (0674) 239-4067
Fax: (0674) 2394067
LEHMAN BROTHERS: Nomura Acquires Service Platform in India
----------------------------------------------------------
Nomura Holdings Inc. has made an agreement with Lehman Brothers
Holdings Inc. to acquire Lehman Brothers Services India Private
Limited, Lehman Brothers Financial Services (India) Private
Limited, and Lehman Brothers Structured Finance Services Private
Limited, all specialized service companies based in Powai, Mumbai.
This follows Nomura's previous announcements to acquire Lehman
Brothers' franchise in the Asia Pacific region and its European
and Middle Eastern equities and investment banking operations last
month.
The operations in Powai were established in 2005 with the aim to
provide operational support, particularly in the area of IT,
across the Lehman network. The acquisition will add to Nomura's
global network approximately 3,000 employees, including 1,200 IT
professionals. This will significantly enhance Nomura's IT
functions and other support operations including financial
control, operations, risk management, as well as analytical
support for various business verticals including Investment
Banking, Capital Markets, Research and Prime Services.
In addition, all assets as well as issued and outstanding shares
of the three companies will be purchased by Nomura.
"The acquisition of Lehman's operations in Powai is an important
component of our global expansion strategy. It will allow us to
significantly enhance our global service platform to support the
business expansion that the combined talents of Nomura and Lehman
will drive going forward," said Kenichi Watanabe, President and
CEO of Nomura. "This transaction further demonstrates our
commitment to create a world-class investment bank that delivers
maximum value for Nomura's clients and shareholders."
About Nomura Holdings
Nomura Holdings Inc. -- http://www.nomura.com/ -- is a
securities and investment banking firm in Japan and has
worldwide operations. Nomura is a holding company. The
services it provides include trading, underwriting, and offering
securities, asset management services, and others. As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries. The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies. Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management. In February, 2007, Nomura acquired Instinet
Incorporated.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide. Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity. Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region. The firm, through predecessor
entities, was founded in 1850.
Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.
Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration. Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion). Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition. Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice. The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis. A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.
=================
I N D O N E S I A
=================
TELEKOMUNIKASI: To Bid for New Satellite This October
-----------------------------------------------------
The Jakarta Post reports that PT Telekomunikasi Indonesia (Telkom)
will bid for a new satellite this month at an expected cost
between US$150 million and US$200 million.
According to the report, the new satellite -- to be called Telkom-
3 Satellite -- will be developed through the company's own
treasury and will be part of the company's annual capital
expenditures. The satellite is expected to launch into orbit in
2010 or 2011, the report adds.
PT Telkom President Director Rinaldi Firmansyah was cited by The
Post as saying that the satellite will have 48 transponders and 14
of them, or 30% to 40%, will be commercialized while the remaining
24 units will be utilized to strengthen the capacity of PT
Telkom's telecommunication services.
The Telkom-3 Satellite will be developed to meet the increasing
demand for transponders in order to expand Tekom Group services
such as the supply of terrestrial lines and an optic-fiber network
connection, the report notes.
The Telkom-3 Satellite is also expected to be used to meet the
needs of external parties such as the military and state-owned
companies, The Post added.
About PT Telkom Indonesia
Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia. Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.
* * *
As reported by the Troubled Company Reporter – Asia Pacific on
Feb. 18, 2008, Fitch Ratings has upgraded P.T. Telekomunikasi
Indonesia Tbk's long-term foreign and local currency issuer
default ratings to 'BB' from 'BB-'. The outlook is stable.
* INDONESIA: Pleads State Companies to Move Dollar Home
-------------------------------------------------------
State Minister of State Enterprises Sofyan Djalil has asked state-
owned companies to move their U.S. dollar savings from abroad to
the country to protect the national reserves needs amidst the
global financial crisis, Jakarta Post reports.
"We are calling (state enterprises) to move their dollars to
national banks, unless they are needed for projects or other needs
abroad," Mr. Sofyan was cited by The Post as saying.
According to the report, the appeal was made especially to
enterprises that have many dollars abroad including:
* PT Pertamina;
* PT Perusahaan Listrik Negara;
* PT Aneka Tambang;
* PT Telekomunikasi Indonesia;
* PT Timah; and
* PT Perusahaan Gas Negara.
Mr. Sofyan was also cited by The Post as saying that he would call
several other state companies who use large sums of dollars in
their projects to reconsider it first especially the ones with
mismatches.
=========
J A P A N
=========
JAPAN AIR: Uses Empresa Brasileira's E170 Jet for Domestic Flights
------------------------------------------------------------------
Japan Airlines will use the newly acquired E170 jets made by
Brazil's Empresa Brasileira de Aeronautica S.A for domestic
services, Jiji Press reports.
Japan Airlines, the report says, plans to introduce a total of 10
units of the small jet by the end of March 2011.
According to the report, the just-delivered 76-seat plane will be
used by J-AIR, JAL's domestic unit, for the Nagoya-Fukuoka and
other routes from February 2009. The JAL group plans to operate
the coming E170s on new routes, including the one between Fukuoka
and Shizuoka, where an airport is scheduled to be opened in March
2009, the report relates.
Sao Jose dos Campos, San Paulo-based major aircraft maker, said
that the plane offers more spacious seats and aisles and requires
less operating costs than its peers in the class.
Ahead of a planned increase in the number of take-off and landing
slots at Tokyo International Airport at Haneda in 2010, JAL is
purchasing small jets instead of large ones to flexibly meet
passenger demand, the report adds.
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.
* * *
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.
JAPAN AIRLINES: To Dissolve Mexican Unit Amid Market Slowdown
-------------------------------------------------------------
Japan Airlines International Company Limited plans to dissolve its
Group consolidated subsidiary, Jalpak De Mexico S.A. De C.V
Established in February 1987, the unit specializes in the planning
and sales of air tickets and package tours to Asia, including
Japan, to individuals and groups.
Due to the difficulty of achieving sustainable growth in present
market conditions, it was decided to dissolve the subsidiary
company.
The dissolution of the company will only have a minor effect on
the JAL Group's business activities.
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.
JAPAN AIRLINE: Revises 2H Cargo Fleet, Route, & Frequency Plan
--------------------------------------------------------------
Japan Airlines International Company Limited has decided to revise
its cargo fleet, route and frequency plan for the 2nd half of
FY2008, the year ending March 31, 2009. From January 2009, the
airline will suspend freighter only operations between Tokyo
(Narita) and New York, and reduce freighter flight frequency from
6 to 5 flights per week on the Tokyo (Narita) - Los Angeles route.
By the end of November 2008, JAL will also have retired from
service its last remaining two 747-200 freighter aircraft. The
airline will also cancel the conversion of one of its 747-400
passenger aircraft into a freighter aircraft, as had originally
been planned.
In order to build a more profitable business structure, the
airline will concentrate its freighter resources on just two
destinations in North America: Chicago and Los Angeles. By
concentrating on fewer freighter destinations in North America and
adjusting demand and supply, JAL aims to speedily respond to
changes in the business environment and further improve
profitability.
The airline is currently facing a tough environment, particularly
in terms of its North American freighter business. Even though
the price of fuel has stabilized, it has remained at a very high
level. Furthermore, the business outlook, centering on North
America, remains gloomy.
JAL will respond to demand for cargo transportation to and from
New York, by utilizing belly space on the airline's passenger
flights operating 14 flights per week on the Tokyo to New York
route, and by using feeder truck services to and from the
airline's freighter gateway in Chicago.
In terms of its overall cargo fleet and network strategy, JAL said
it will strive to respond to customers' needs by providing the
best mix of large-size Boeing 747-400 freighters, medium-size
Boeing 767 freighters, and belly space in passenger flights, and
by offering the largest network to and from Japan.
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.
* * *
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.
* JAPAN: Nikkei Stock Index Falls to 4-Yr Low on U.S. Crisis
------------------------------------------------------------
Japan's stock market has fallen to its lowest level in more than
four years on growing worries about a global economic slump caused
by the U.S. financial crisis, Associated Press reported October 6.
According to the report, the benchmark Nikkei 225 index lost
465.05 points, or 4.25%, to close Monday at 10,473.09.
Worries that the financial crisis is spreading to Europe and
around the globe overwhelmed any relief that the U.S. Congress
passed a US$700 billion bailout package, the report says.
AP notes that analysts say it's still unclear how quickly the
rescue package will unfreeze credit markets and shore up the U.S.
economy, a vital export market for Japan.
===============
M A L A Y S I A
===============
BSA INTERNATIONAL: Unit Receives Foreclosure Notice from Kenanga
----------------------------------------------------------------
Pursuant to Practice Note 1/2001, BSA International Berhad
disclosed that BSA Manufacturing Sdn Bhd, a wholly owned
subsidiary of the company, received on September 29, 2008, a
foreclosure notice as chargor of a third party first legal on its
property held under Geran 87297, Lot 181, Seksyen 19, Bandar
Rawang, Daerah Gombak, Negeri Selangor for the MYR45 million term
loan facility granted by Kenanga Investment Bank Berhad. Kenanga
claims for:
a) MYR45 million being the principal outstanding as at July 31,
2008; and
b) MYR879,233.36 being the overdue interest and accrued
interest as at July 31, 2008;
The foreclosure notice will be stayed for some time as the company
and its subsidiaries have obtained a Restraining Order in the High
Court of Shah Alam, restraining all proceedings for a period of
90 days from September 15, 2008.
There is no additional financial and operational impact of the
wind-up petition on BSA Group as the company has announced that it
has defaulted in payments under Practice Note No. 1/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad on
June 2, 2008. Moreover, it triggered the requirement under
Practice Note No. 17/2005 of the Listing Requirements of Bursa
Malaysia on June 9, 2008, and has until February 8, 2009, to
submit a Regularization Plan to the relevant authorities for
approval.
BSA International Berhad is a Malaysia-based investment holding
company. The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories. Other
business segments include investment holding, provision of
services and promotion of motor sport events. The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.
WONDERFUL WIRE: Total Default Reaches MYR74.46 Mil. as of Sept. 30
------------------------------------------------------------------
Wonderful Wire Berhad disclosed with the Bursa Stock Exchange
that the company's total default reached MYR74,464,018.55 as of
September 30, 2008, which comprises of:
Wonderful Wire's loans:
Principal & Interest
Lender Facility Outstanding (MYR)
------- -------- --------------------
* CIMB Bank Berhad Short Term Advance 9,976,268.21
Overdraft 2,232,690.95
* CIMB Factor Lease Berhad Rental of Machinery 4,420,041.67
* Malayan Banking Berhad Term Loan 31,535,848.81
Overdraft 5,433,520.11
* RHB Islamic Bank Berhad Term Financing 18,626,075.89
Revolving Credit 2,184,553.64
* Orix Rentec (M) Sdn. Bhd. Rental of office
equipment 55,019.28
--------------
Total: 74,464,018.55
WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:
Principal & Interest
Lender Facility Outstanding (MYR)
------- -------- --------------------
* CIMB Factor Lease Bhd. Rental of Machinery 318,971.80
WWC and its subsidiary are unable to service the loan repayments
to the lending financial institutions as their businesses has
suffering operating losses for the last few years. The problem
has been compounded by the shortage in working capital and
continuing increase in the prices of copper, the main raw
material for WWC’s productions.
About Wonderful Wire
Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables. The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors. Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd. The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.
On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.
====================
N E W Z E A L A N D
====================
AFFORDABLE CARPETS: Shareholders Placed Company Under Liquidation
-----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Affordable Carpets (2000) Limited resolved that
the company be liquidated and appointed Nicholas John Hayes, as
liquidator.
Creditors and shareholders may direct their inquiries to:
Nicholas Hayes
PO Box 9323
Hamilton 2015
Telephone: (07) 849 0664
Facsimile: (07) 849 0634
EQUITICORP FINANCE: Wind-Up Petition Hearing Set for November 19
-----------------------------------------------------------------
The High Court at Auckland will hold a hearing on November 19,
2008, at 10:45 a.m., to consider putting Equiticorp Finance Group
Limited (in statutory management) into liquidation.
The application was filed on July 31, 2008, by Frederick Nelson
Watson, Bruce Graham Stowell, Gerald Stanley Rea and Kerry Thomas
Stotter, as statutory managers.
The plaintiff's address for service is at:
DLA Phillips Fox
Level 22
DLA Phillips Fox Tower
209 Queen Street
Auckland
M. R. Bos is the plaintiff's solicitor.
INFERNO INVESTMENTS: Proofs of Debt Due on November 29
------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Inferno Investments Limited.
The liquidators set November 29, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Attn: Vivian Fatupaito
PricewaterhouseCoopers
Private Bag 92162
Victoria Street West
Auckland 1142
Telephone: (09) 355 8000
Facsimile: (09) 355 8013
KPR COURIERS: Liquidators Set November 3 as Claims Bar Date
-----------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed John Howard Ross Fisk, chartered accountant,
and Craig Alexander Sanson, insolvency practitioner, both of
Wellington, as liquidators of KPR Couriers Limited.
The liquidators set November 3, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Attn: Sandra Pearson
PricewaterhouseCoopers
113-119 The Terrace (PO Box 243)
Wellington
Telephone: (04) 462 7489
Facsimile: (04) 462 7492
MANIC SCREENPRINT: Proofs of Debt Due on October 10
---------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Manic Screenprint Design Limited.
The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Deloitte
Level 8, Deloitte House
8 Nelson Street, Auckland 1010
Telephone: (09) 309 4944
Facsimile: (09) 309 4947
MIDDLETON 28: Proofs of Debt Due on October 10
----------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Middleton 28 Limited.
The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Liubov Medvedeva
Deloitte
Level 8, Deloitte House
8 Nelson Street
Auckland 1010
Telephone: (09) 309 4944
Facsimile: (09) 309 4947
MIRACLE MEND: Liquidators Set Nov. 29 as Claims Filing Deadline
---------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Miracle Mend Counties Manukau
Limited.
The liquidators set November 29, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Attn: Vivian Fatupaito
PricewaterhouseCoopers
Private Bag 92162
Victoria Street West
Auckland 1142
Telephone: (09) 355 8000
Facsimile: (09) 355 8013
PERIOD TIMBER: Liquidators Set Oct. 12 as Claims Bar Date
---------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Period Timber Mouldings (NZ) Limited resolved that
the company be liquidated and appointed Neville Petrie Fagerlund
and Michael John Keyse, chartered accountants, as liquidators on
September 5, 2008.
Creditors are required to file their proofs of debt by October 12,
2008, to be included in the company's dividend distribution.
The liquidators can be reached at:
HFK Limited
PO Box 39100
Harewood
Christchurch 8545
Telephone: (03) 352 9189
PROVINCIAL FINANCE: Receivers to Pursue Veda Advantage Fraud Case
-----------------------------------------------------------------
Provincial Finance Limited receiver PricewaterhouseCoopers is
chasing Veda Advantage, formerly Baycorp Advantage, for damages
over an alleged multimillion-dollar fraud conspiracy, the Dominion
Post reports.
According to the report, receiver Maurice Noone said the alleged
conspiracy involved a South Auckland family that ran a used car
yard in the area and a former female Baycorp employee, who
PricewaterhouseCoopers claims falsified credit reports on which
Provincial relied when assessing whether to approve loans for
potential car buyers.
The Post recounts that legal action to recover more than NZ$17
million in damages from the Osman family, brothers Abdul Kareem,
Abubakr, Mohammed Imran and their father Mohammed Farook was
dropped in April after they were declared bankrupt.
Both the family and former Baycorp employee have since left the
country, the report notes.
However, the Post says, though progress was made during hours of
negotiations in the High Court at Auckland on Thursday, October 2,
2008, no agreement could be reached.
About Provincial Finance
Provincial Finance Limited -- http://www.provincialfinance.co.nz/
-- is a New Zealand finance company that provides consumer and
commercial finance to individuals and businesses across New
Zealand, and promote a range of investment opportunities.
As reported in the Troubled Company Reporter-Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts. The company owes
NZ$300 million to 14,000 small investors.
SOUND LIVING: Proofs of Debt Due on November 3
----------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed John Howard Ross Fisk, chartered accountant,
and Craig Alexander Sanson, insolvency practitioner, both of
Wellington, as liquidators of Sound Living (N.Z.) Limited.
The liquidators set November 3, 2008, as the last day for
creditors to file their proofs of debt.
Creditors and shareholders may direct their inquiries to:
Attn: Sandra Pearson
PricewaterhouseCoopers
113-119 The Terrace (PO Box 243)
Wellington
Telephone: (04) 462 7489
Facsimile: (04) 462 7492
WBCB MANAGEMENT: Shareholders Placed Company Under Liquidation
--------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of WBCB Management Limited resolved that the company
be liquidated and appointed Nicholas John Hayes, as liquidator.
Creditors and shareholders may direct their inquiries to:
Nicholas Hayes
PO Box 9323
Hamilton 2015
Telephone: (07) 849 0664
Facsimile: (07) 849 0634
=====================
P H I L I P P I N E S
=====================
* PHILIPPINES: Posts US$4.6BB FCDU Loans as of end-June 2008
------------------------------------------------------------
As of end-June 2008, outstanding loans granted by Foreign Currency
Deposit Units (FCDUs) of banks stood at US$4.6 billion, up by
US$187 million (or 4.3 percent) from the end-March level of
US$4.4 billion data from Bangko Sentral ng Pilipinas shows.
The expansion resulted from the overall net availment (excess of
new loan availments over principal repayments) of US$201 million
which pertained mainly to transactions with non-resident
borrowers.
Year-on-year, the portfolio of FCDU loans surged by 40.4 percent
(or US$1.3 billion) from the US$3.3 billion level in June 2007,
due largely to overall net loan availment by residents.
An FCDU is that unit of a local bank or local branch of a foreign
bank authorized by the Bangko Sentral to engage in foreign
currency-denominated transactions such as accepting deposits and
lending in foreign currency.
About 56 percent of outstanding loans had medium to long-term
maturities (that is, payable over a term of more than one year),
while the 44 percent balance had short-term tenors or original
maturities of up to one year.
Loans to commodity and service exporters accounted for 21 percent
of the total FCDU portfolio, followed by public utility firms
(19 percent), and producers/manufacturers including oil companies
(16 percent).
Private entities (including non-residents) accounted for the bulk
of outstanding loans with a 97 percent share to total portfolio,
while accounts of public sector entities represented 3 percent of
total. Loans to Philippine residents accounted for 78 percent of
FCDU loans.
FCDU deposit liabilities rose by 7 percent (US$1.4 billion) from
the end-March level of US$19.1 billion to US$20.5 billion in June.
The overall loans-to-deposits ratio (expressed as the percentage
of the current period’s loan portfolio to the level of FCDU
deposits two quarters back) improved to 23.1 percent as of end-
June 2008 from 21.7 percent a quarter ago.
* PHILIPPINES: U/KB Exposure to Real Estate Up by 5.2% to Php213BB
------------------------------------------------------------------
As of end-June 2008, the exposures of U/KBs to the real estate
sector amounted to Php213.2 billion, wider by 5.2 percent from
last quarter's Php202.6 billion and by 11.4 percent from year
ago’s Php191.4 billion, data from Bangko Sentral ng Pilipinas
shows. Additional exposure for the quarter came from real estate
loans (RELs) amounting to Php12.5 billion partly reduced by the
Php1.9 billion decline in investments in securities issued by real
estate companies.
Meantime, total loan portfolio, exclusive of interbank loans (TLP)
increased by 9.8 percent to Php2,029.3 billion and outpaced the
6.4 percent growth in RELs to Php207.4 billion. This resulted to
a lower ratio of RELs to TLP at 10.2 percent from the previous
quarter’s 10.6 percent. Likewise, this ratio was 1.2 percentage
points lower than year ago's 11.4 percent ratio.
The quarter-on-quarter growth in the RELs of U/KBs primarily came
from the Php11.8 billion loans granted for the acquisition,
construction and/or improvement of residential units that is or
will be occupied by the individual household borrowers. RELs
extended for the construction and development of real estate
properties for commercial purposes managed to pitch in only
Php0.7 billion. Nonetheless, commercial RELs still held the bulk
of RELs at 70.9 percent (or Php147.1 billion) while residential
RELs accounted for the balance of 29.1 percent
(or Php60.3 billion).
From last quarter and from year ago, the share of commercial RELs
to total RELs was on a downtrend from 75.1 percent and 81.3
percent, respectively. On the other hand, the share of
residential RELs to total RELs moved up over the same period from
24.9 percent and 18.7 percent.
Non-performing RELs 1/ rose by 2.7 percent to Php15.1 billion from
previous quarter's Php14.7 billion. However, due to the faster
growth in RELs, the ratio of non-performing RELs to total RELs
dropped to 7.3 percent from previous quarter’s 7.6 percent.
Likewise, this ratio was better than year ago’s 9.5 percent ratio.
As a percentage of TLP, delinquent RELs at 0.7 percent was also an
improvement from last quarter’s 0.8 percent and year ago's 1.1
percent ratio.
Investments in debt securities issued by and in equity securities
of real estate companies amounted to Php5.7 billion at end-June
2008, down from last quarter's Php7.6 billion and year ago's
Php5.9 billion. The ratio of combined RELs and investments to the
real estate industry to TLP plus total debt and equity investments
stood at 6.7 percent. This was slightly higher than last
quarter's and year ago's 6.6 percent ratio.
* PHILIPPINES: Thrift Banks Post 6.59% NPL Ratio as of End-June
---------------------------------------------------------------
The thrift banking sector posted a non-performing loans (NPL)
ratio of 6.59 percent as of end-June 2008. This is slightly
higher than the 6.39 percent recorded in May but better than the
7.89 percent in June of last year, data from Bangko Sentral ng
Pilinas shows.
The month-on-month increase was due to the faster 7.62 percent
contraction in total loan portfolio (TLP) to Php294.76 billion,
stifling the favorable 4.72 percent drop in NPLs to
Php19.42 billion.
Isolating the effect of interbank loans (IBL), core lending
actually grew by 2.64 percent to Php273.43 billion. Thus, the
Sector’s NPL ratio (net of IBL) further improved to 7.10 percent
from previous month's 7.65 percent and from year ago's 8.93
percent ratio.
All in all, the Sector was able to sustain a single-digit NPL
ratio for the past 39 months; and pinned it below the pre-crisis
ratio of 7.74 percent (as of end-June 1997) for the past 12
months.
Meanwhile, restructured loans (RLs) hardly changed from the
previous month's Php4.67 billion level. Yet, the proportion of
RLs to TLP climbed to 1.57 percent from the previous month's
1.46 percent due to reduction in TLP.
The ratio of real and other properties acquired (ROPA) over gross
assets (GA) likewise went up to 5.43 percent from previous month's
5.25 percent. This occurred as GAs shrank while ROPA barely moved
at Php27.02 billion. Nonetheless, the latest ratio was better
than year ago's 7.32 percent ratio.
The stock of non-performing assets (NPA) was pared by 2.00 percent
to Php46.44 billion as of end-June 2008. However, the NPA ratio
rose slightly to 9.37 percent from previous month’s 9.24 percent
as the NPA cleanup failed to match the 3.39 percent decline in
GAs. This month's NPA ratio, nonetheless, is still better than
the 10.92 percent ratio posted a year ago.
The NPL coverage ratio widened to 49.34 percent, or by 0.61
percentage point from 48.73 percent in previous month. The
improvement stemmed from the ample decline in NPLs, despite a
3.52 percent narrowing of loan loss reserves (LLRs) to
Php9.58 billion. On the contrary, the latest coverage ratio paled
in comparison with the 50.48 percent ratio registered a year ago.
The NPA coverage ratio narrowed to 26.94 percent from 27.22
percent in May due to the 3.00 percent shrinkage in NPA reserves
to Php12.51 billion. Nevertheless, the latest ratio was
comparatively wider than year ago's 26.84 percent ratio.
* PHILIPPINES: NPL Ratio Falls by 3.98 Percent in July
------------------------------------------------------
As of end-July 2008, the loan quality of universal and commercial
banks (U/KBs) improved anew as the non-performing loans (NPL)
ratio continued to fall to 3.98 percent from last month's 3.99
percent and year ago’s 5.18 percent ratios. This month’s NPL ratio
is the lowest recorded ratio since the onset of the 1997 Asian
financial crisis.
The month-on-month decline in the NPL ratio took place as the 1.55
percent reduction in NPLs outweighed the 1.20 percent contraction
in total loan portfolio (TLP). NPLs were reduced to P92.53 billion
from last month’s P93.98 billion while TLP contracted to P2,326.83
billion from P2,355.20 billion. The decline in loans stemmed from
lower interbank loans (IBL) and reverse repurchase (RRP)
transactions during the month.
Net of IBL, the NPL ratio also eased to 4.56 percent from last
month’s 4.66 percent and year ago’s 6.33 percent ratios. The
month-on-month improvement transpired as the drop in NPLs was
accompanied by the 0.65 percent growth in regular loans to
P2,028.30 billion from P2,015.29 billion.
Meanwhile, the real and other properties acquired (ROPA) grew by
1.15 percent to P147.26 billion which translated to a higher level
of non-performing assets (NPA) of P239.78 billion (up by 0.09
percent from last month). As a result, the NPA to Gross Assets
(GA) ratio climbed to 5.15 percent from the previous month’s 5.00
percent. This month’s NPA ratio, however, is still better than
the 5.63 percent ratio posted a year ago.
In terms of provisioning for bad loans, the NPL coverage ratio
strengthened to 97.86 percent from last month’s 96.60 percent as
the reduction in loan loss reserves was outpaced by the larger
decline in NPLs. In contrast, the NPA coverage ratio narrowed to
48.40 percent from last month’s 48.61 percent as the decline in
NPA reserves came with the hike in NPAs. Nevertheless, this
month’s NPL and NPA coverage are substantially higher than year
ago ratios of 85.29 percent and 40.30 percent, respectively.
=================
S I N G A P O R E
=================
BANK INTERNASIONAL: Maybank Buyout Cues S&P's Rating Lift to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on PT Bank Internasional Indonesia Tbk
(BII) to 'BB-' from 'B+' and affirmed the 'B' short-term
counterparty credit rating on the bank. This followed the
announcement that Malaysia-based Malayan Banking Bhd. (Maybank;
A-/Stable/A-2) has completed the acquisition of a 55.6%
controlling stake in BII.
"After the acquisition, Standard & Poor's considers BII as a
strategically important entity within the Maybank group as
Indonesia is now Maybank's second-largest overseas market, after
Singapore, and BII would play an integral role in the group's
Indonesia business. A significant take-up of the tender offer
would increase Maybank's stake in BII and further strengthen
their relationship," said S&P's credit analyst Ritseh Maheshwari.
"Given BII's importance to the group, we believe BII will receive
ongoing as well as extraordinary support from its parent Maybank,
which has a significantly stronger credit profile."
Maybank's equity interest in BII cost about MYR4.3 billion. The
price came with a discount of MYR758.9 million from the sellers,
which comprised Singapore-based Fullerton Financial Holdings, a
unit of Temasek Holdings Pte. Ltd. (AAA/Stable/--), and Kookmin
Bank (A/Stable/A-1) of South Korea, which implicitly prices the
deal at Indonesian rupiah (IDR) 433 per BII share. However,
Maybank has stated that the tender offer would still be conducted
at the original price of IDR510 per share.
The rating on Maybank remains unaffected from this acquisition,
largely because its capitalization has declined only slightly to
about 7.6% as it recently raised hybrid tier-1 capital of MYR2.5
billion, over and above MYR3.5 billion raised in the fiscal year
ending June 30, 2008.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 29 - October 3, 2008
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.65
A&R Whitcoulls Group 9.500% 12/15/10 NZD 10.60
Allco Hit Ltd 9.000% 08/17/09 AUD 28.65
Antares Energy 10.000% 10/31/13 AUD 0.68
Aust Cent Cred 9.000% 07/31/15 AUD 10.00
Babcock & Brown Pty Ltd 8.500% 11/17/09 NZD 46.20
BBI Ntwrks NZ Limited 8.000% 11/30/12 NZD 49.95
Becton Property Group 9.500% 06/30/10 AUD 0.45
Bounty Industries Limited 10.000% 06/30/10 AUD 0.07
Capital Properties NZ Ltd 8.500% 04/15/09 NZD 13.50
Capital Properties NZ Ltd 8.000% 04/15/10 NZD 13.00
Carpal Aluminum 10.000% 03/29/12 AUD 54.00
China Century 12.000% 09/30/10 AUD 0.60
Cit Group Au Limited 6.000% 03/03/11 NZD 61.83
Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.07
Fletcher Building Ltd 7.550% 03/15/11 NZD 9.30
Fletcher Building Ltd 7.800% 03/15/09 NZD 9.70
Heemskirk Consolidated
Limited 8.000% 04/29/11 AUD 2.10
Infrastructure & Utilities 8.500% 09/15/13 NZD 10.25
Infratil Limited 10.180% 12/29/49 NZD 73.50
Insurance Australia 5.625% 12/21/26 GBP 71.76
Jpm Au Enf Nom 1 3.500% 06/30/10 AUD 2.87
Lane Cove Tunnel 6.800% 12/09/15 AUD 58.16
LongReach Group Limited 10.000% 10/31/08 AUD 0.36
Nylex Ltd. 10.000% 12/08/09 AUD 1.57
Macquarie Bank 6.500% 05/31/17 AUD 50.64
Macquarie Bank 6.500% 09/15/14 AUD 69.57
Marac Finance 10.500% 07/15/13 NZD 1.00
Metal Storm Ltd 10.000% 09/01/09 AUD 0.11
Paladin Energy 4.500% 12/15/11 AUD 73.44
Paladin Energy 5.000% 03/11/13 AUD 70.24
Publ & Broad Fin 6.280% 05/06/11 AUD 8.49
Record Funds Management 11.000% 09/01/10 AUD 10.01
Speirs Group Ltd. 13.160% 06/30/49 NZD 50.00
South Canterbury 10.430% 12/15/12 NZD 0.99
St. Laurence Prop 9.250% 07/15/01 NZD 72.26
Sun Resources NL 12.000% 06/30/11 AUD 0.50
TrustPower Ltd 8.300% 12/15/08 NZD 10.00
TrustPower Ltd 8.500% 09/15/12 NZD 8.38
TrustPower Ltd 8.500% 03/15/14 NZD 8.50
CHINA
-----
China Govt Bond 4.860% 08/10/14 CNY 0.00
HONG KONG
---------
Noble Group Ltd 6.625% 03/17/15 USD 72.56
Noble Group Ltd 6.625% 03/17/15 USD 72.62
Respacrcs Funding 8.000% 12/29/49 USD 41.30
INDIA
-----
Astrazeneca Phar 8.000% 01/11/09 INR 25.00
Bank of Baroda 6.625% 05/25/22 USD 69.61
Canara Bank 6.365% 11/28/21 INR 69.93
Hindustan Cons 10.000% 10/25/09 INR 46.68
ICICI Bank 7.250% 08/29/49 USD 65.90
ICICI Bank 7.250% 08/29/49 USD 55.65
India Gov't 5.970% 09/25/25 INR 74.50
India Gov't 6.010% 03/25/28 INR 72.14
India Gov't 6.130% 06/04/28 INR 73.13
JCT Limited 2.500% 04/08/11 USD 74.50
State Bank India 6.439% 02/28/49 USD 66.95
UTI bank Limited 7.250% 08/12/21 USD 73.69
INDONESIA
---------
Indonesia Government 9.750% 05/15/37 IDR 72.64
JAPAN
-----
Bellona Co Limited 1.100% 03/31/12 JPY 72.49
Chuo Mitsui 5.506% 12/29/49 USD 73.64
ES-Con Japan Limited 3.260% 05/10/10 JPY 50.01
Fukoku Mutual 4.500% 09/28/25 EUR 72.18
Nichiei Co Limited 1.750% 03/31/14 JPY 59.93
Resona Bank 4.125% 09/29/49 EUR 74.14
Resona Bank 5.850% 09/29/49 EUR 72.17
Resona Bank 5.850% 09/29/49 EUR 69.49
Shinsei Bank Ltd. 5.625% 12/29/49 GBP 30.28
Sumitomo Mitsui 4.375% 07/29/49 EUR 69.02
KOREA
-----
GS Caltex Corp 5.500% 04/24/17 KRW 73.84
Korea Dev. Bank 7.310% 11/08/21 KRW 42.77
Korea Dev. Bank 7.350% 10/27/21 KRW 42.87
Korea Dev. Bank 7.400% 10/27/21 KRW 42.87
Korea Dev. Bank 7.400% 11/02/21 KRW 42.82
Korea Dev. Bank 7.450% 10/31/21 KRW 44.84
Korea Dev. Bank 8.450% 12/15/26 KRW 69.28
Hynix Semi Inc. 7.875% 06/27/17 USD 57.11
Hynix Semi Inc. 7.875% 06/27/17 USD 56.00
Woori Bank 6.208% 05/02/37 USD 62.73
MALAYSIA
--------
Advance Synergy Berhad 2.000% 01/26/18 MYR 0.04
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.90
Berjaya Land Bhd 5.000% 12/30/09 MYR 3.74
Eastern & Orient 8.000% 07/25/11 MYR 0.85
EG Industries 5.000% 06/16/10 MYR 0.18
Greatpac Holdings 2.000% 12/11/08 MYR 0.13
Insas Berhad 8.000% 04/19/09 MYR 0.29
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.21
Kretam Holdings Bhd 1.000% 08/10/10 MYR 0.85
Kumpulan Jetson Berhad 5.000% 11/27/12 MYR 0.41
LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.26
Mithril Bhd 3.000% 04/05/12 MYR 0.56
Mithril Bhd 8.000% 04/05/09 MYR 0.12
Nam Fatt Corp 2.000% 06/24/11 MYR 0.28
Pelikan International 3.000% 04/08/10 MYR 1.30
Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.09
Plus Spv Bhd 2.000% 06/27/17 MYR 70.31
Plus Spv Bhd 2.000% 06/27/18 MYR 67.12
Plus Spv Bhd 2.000% 06/27/19 MYR 63.45
Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.80
Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.07
Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.67
Tenaga Nasional Bhd 3.050% 05/10/09 MYR 0.84
Tradewinds Corp. 2.000% 02/08/12 MYR 1.62
Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 0.69
Wah Seong Corp. 3.000% 05/21/12 MYR 2.20
Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.40
YTL Cement Bhd 4.000% 11/10/15 MYR 1.34
PHILIPPINES
-----------
First Gen Corp 2.500% 02/11/13 USD 61.50
SINGAPORE
---------
Capitaland Ltd. 2.950% 06/20/22 SGD 72.43
Capitaland Ltd. 2.950% 06/20/22 SGD 57.04
Capitaland Ltd. 3.125% 03/05/18 SGD 70.31
Olam International Limited 1.000% 07/03/13 SGD 55.69
SRI LANKA
---------
Sri Lanka Govt 7.500% 08/01/13 LKR 66.56
Sri Lanka Govt 7.500% 08/01/18 LKR 67.00
Sri Lanka Govt 7.500% 11/01/13 LKR 65.76
Sri Lanka Govt 6.850% 04/15/12 LKR 70.36
Sri Lanka Govt 6.850% 10/15/12 LKR 67.81
Sri Lanka Govt 7.000% 08/01/11 LKR 74.90
Sri Lanka Govt 7.000% 10/15/11 LKR 73.57
Sri Lanka Govt 7.000% 10/01/23 LKR 49.72
Sri Lanka Govt 8.500% 01/15/13 LKR 71.39
Sri Lanka Govt 8.500% 02/01/18 LKR 62.27
Sri Lanka Govt 8.500% 07/15/18 LKR 69.78
Sri Lanka Govt 8.500% 07/15/18 LKR 61.71
*********
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 ***