/raid1/www/Hosts/bankrupt/TCRAP_Public/081027.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 27, 2008, Vol. 11, No. 213
Headlines
A U S T R A L I A
A.C.N. 075 390 144 PTY: Final Meeting Set for Friday
A.C.N. 095 759 265 PTY: Liquidators to Present Report on Friday
ACN 000 212 699 PTY: Members Appoint Liquidators
ALLCO FINANCE: Chairman Says Firm's Position Remains Fragile
BABCOCK & BROWN: Lawsuit Makes BBP's Sale "Very Difficult"
BIG COUNTRY: Will Declare Final Dividend Today
BJACK PTY: Members Resolve to Wind Up Firm
BURDEKIN INVESTMENTS: Members Hold Final Meeting
COLLINS AND SON: Members' General Meeting is Today
COUNTRY LANE PROPERTIES: Members Appoint Liquidator
DALLBROOK PROPRIETARY: Final Meeting Set for Friday
DCB CONCRETING: Commences Voluntary Winding Up Proceedings
DIESELMECH SERVICES: Members Appoint Kijurina as Liquidator
FRISBO HOLDINGS: Members Hold Final Meeting
GAYLARD TRANSPORT: Commences Voluntary Winding Up Proceedings
GPT GROUP: Shareholders Want Board Removed
GPT GROUP: Completes Institutional Entitlement Offer
HAMILN PTY: Commences Voluntary Winding Up Proceedings
HYSETTSON PTY: Final Meeting Set for Friday
MARWEN BYRON: Bank of Western Australia Appoints Receiver
NCSS SUPPLIER: Members Vote to Liquidate Company
NCSS REPAIR: Members Appoint Karl Procter as Liquidator
NOWENA DEVELOPMENTS: Members Resolve to Liquidate Firm
O'CONNELL'S TRANSPORT: Commences Voluntary Liquidation Proceedings
OPES PRIME: Liquidators Gear Up for Litigation Against Banks
OPES PRIME: Slate & Gordon to Re-Open Class Action
OXLEY CLUB LIMITED: Creditors Appoint G.A. Russell as Liquidator
POINTSFIELD (ARMIDALE): Commences Voluntary Wind-Up Proceedings
PERFECT GARAGES: Members Appoint Joint Liquidators
ROHNEA PTY: Commences Voluntary Winding Up Proceedings
TAYEB PTY LIMITED: Queensland SC Appoints Official Liquidator
WINDBORN PTY: NSW Supreme Court Appoints Official Liquidator
* S&P Lowers Ratings on 6 CPDO Transactions to CC; Off WatchNeg
C H I N A
CHINA SOUTHERN: To Launch New Season Flights
FUYAO GLASS: Expects to Miss Net Profit Target This Year
JIANGXI COPPER: Set Ups Emergency Unit to Deal w/ Volatile Markets
XINHUA FINANCE: Unit Gets UEFA Distribution Rights in China
H O N G K O N G
CHAIN HERO: Members' Final Meeting Set for November 20
HSIN CHONG: Members' Final Meeting Slated for November 19
LEE SHING: Members and Creditors to Meet on November 7
MOW TAI: Members' General Meeting Set for November 17
NEW GLOBAL: Creditors' Meeting Set for October 28
PILOT STAR: Members' Meeting Slated for November 19
SAFEWEAR (HONG KONG): Members' Final Meeting Set for November 21
SPEED HONG KONG: Placed Under Voluntary Liquidation
UTEC LIMITED: Creditors' Meeting Set for November 10
YECWIN LIMITED: Members to Receive Wind-Up Report on November 10
I N D I A
BLACK PARTRIDGE: Reserve Bank Cancels Certificate of Registration
NITIN SPINNERS: CARE Lowers Long-Term Bank Loan Rating to ‘BB+'
TATA POWER: Moody's Changes B1 Sr. Bond Rating Outlook to Stable
* INDIA: CARE Sets Expectations from RBI's Monetary Policy Review
I N D O N E S I A
BAKRIE GROUP: Credit Suisse Arranges New Loan Package
* INDONESIA: 120,000 Textile Workers May be Suspended Next Year
J A P A N
ASAHI MUTUAL: To Boost Domestic Bond Holdings by JPY100 Billion
EXCELLENT COLLABORATION: S&P Drops Rating on Class D Notes to BB
JLOC XXXIII: S&P Cuts Class D Notes Rating to BB; Retains Watch
MARUBENI CORP: To Launch Low-Cost Digital Signage Service
MINATO BANK: Moody's Revises Rating Outlooks to Negative
* JAPAN: Securitization Trances Down 46.7% in 3Q 2008, S&P Says
* JAPAN: April-September Surplus Reaches 26-Year Low
M A L A Y S I A
BSA INTERNATIONAL: Unit Receives Wind-Up Petition
EKRAN BERHAD: Trading of Securities to be Suspended on Oct. 31
HO HUP: Discloses Results of 34th Annual General Meeting
TRIPLC BERHAD: Posts MYR1.24 Mil. Net Profit in Qtr. Ended Aug. 31
N E W Z E A L A N D
ACW PROPERTY: Faces Body Corporate's Wind-Up Petition
ASCOT AUCKLAND: Court to Hear Wind-Up Petition on Nov. 28
AYRES FINANCIAL: Shareholders Resolve to Liquidate Company
BAYWOOD INVESTMENTS ET AL: 11 Companies Commence Liquidation
BETA PROCESSING: Faces Hawkins Refrigeration's Wind-Up Petition
C2K CONSULTANTS: Shareholders Appoint Joint Liquidators
CATERING EQUIPMENT: Court to Hear Wind-Up Petition on Oct. 31
DATASTOR OUTLET: Joint Liquidators Appointed
DEYER DEVELOPMENTS: Court to Hear Wind-Up Petition on Oct. 31
DYNASTY GROUP: High Court Appoints Joint Liquidators
ECO-SOURCE NZ: High Court to Hear Wind-Up Petition on Dec. 19
ELECTRO INTEGRATED: Claims Filing Deadline Is November 10
FAT AND THIN: Shareholders Resolve to Liquidate Company
FERNHILL LAND: High Court to Hear Wind-Up Petition on November 21
FESTIVELY PLUMP: Shareholders Appoint Joint Liquidators
HARROSS LIMITED: High Court Appoint Joint Liquidators
JOELEEN ENTERPRISES: Shareholders Appoint Joint Liquidators
KENSINGTON ET AL: Claims Filing Deadline Is January 6
KIWI PROPERTY ET AL: High Court Appoints Joint Liquidators
LAGO ENTERPRISES: High Court to Hear Wind-Up Petition on Oct. 28
MICROTEL LTD: High Court to Hear Wind-Up Petition on December 8
PAULS FLOORINGS: High Court Appoints Joint Liquidators
PC'S FRESH PRODUCE: Faces KFL Produce's Wind-Up Petition
PST IMAGES: High Court to Hear Wind-Up Petition on Oct. 28
RAY HOMES: Claims Filing Deadline is November 10
SHEPPARD CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 28
SOUTH-MECH LOGGING: High Court Appoints Joint Liquidators
TARANAKI LIFESTYLE: Commences Liquidation Proceedings
TASMAN VIEWS: Faces Opus International's Wind-Up Petition
TECHNICAL WATER: High Court Appoints Interim Liquidators
TINUI SHEARING: Court to Hear CIR's Wind-Up Petition on Oct. 28
TOLLEY BROTHERS: Faces Bunnings Limited's Wind-Up Petition
WINGATE TWO: High Court to Hear Wind-Up Petition on Oct. 28
S I N G A P O R E
CD-BIZ DIRECTORIES: Pays First and Final Preferential Dividend
IMPERIAL CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 31
TTR TECHNOLOGIES: Pays First & Final Dividend
UNITED ALLIANCE: Creditors' Proofs of Debt Due on October 31
VALENCIA COURT ET AL: Rodewald & Neilson Named Liquidators
T A I W A N
AU OPTRONICS: Third Quarter Profit Drops on Lower Shipments
AU OPTRONICS: Cuts 2008 & 2009 Capex by NT$30 Billion
- - - - -
=================
A U S T R A L I A
=================
A.C.N. 075 390 144 PTY: Final Meeting Set for Friday
----------------------------------------------------
A Final General Meeting of A.C.N. 075 390 144 PTY LTD will be held
at the offices of William Buck, Chartered Accountants, Level 29,
66 Goulburn Street, Sydney on October 31, 2008, at 10:00 a.m. for
the purpose of having an account laid before attendees showing the
manner in which the winding up has been conducted and the property
of the company disposed of and the termination of the
administration.
John Taylor and Nicolas Yates are the Joint and Several
Liquidators.
A.C.N. 095 759 265 PTY: Liquidators to Present Report on Friday
---------------------------------------------------------------
A Final General Meeting of A.C.N. 095 759 265 PTY LTD will be held
at the offices of William Buck, Chartered Accountants, Level 29,
66 Goulburn Street, Sydney on October 31, 2008, at 10:00 a.m. for
the purpose of having an account laid before attendees showing the
manner in which the winding up has been conducted and the property
of the company disposed of and the termination of the
administration.
John Taylor and Nicolas Yates are the Joint and Several
Liquidators.
ACN 000 212 699 PTY: Members Appoint Liquidators
------------------------------------------------
At an extraordinary general meeting of members of ACN 000 212 699
PTY LTD, formerly PA PROJECTS PTY LTD, held on September 10, 2008,
it was resolved that the company be wound up voluntarily and that
for that purpose, Barry Anthony Taylor and Andrew Fletcher Needham
of HLB Mann Judd, Level 19, 207 Kent Street, Sydney NSW 2000, be
appointed Liquidators.
ALLCO FINANCE: Chairman Says Firm's Position Remains Fragile
------------------------------------------------------------
Michael Sainsbury of The Australian reported that Allco Finance
Group chief executive David Clarke said "administrators would have
to be appointed if the 13 banks that had been propping up Allco
since February failed to agree to new terms" while Allco chairman
Bob Mansfield commented that "the position of the group remains
fragile."
Mr. Sainsbury described Allco's annual shareholders' meeting held
last week as "glum". According to The Australian, Mr. Clarke
informed shareholders "that offers for Allco's assets were lower
than had been expected when its loan facility was renegotiated two
months ago."
The report noted that Allco is seeking to reschedule payments on
AU$667 million in loans. According to Mr. Sainsbury, Allco
pointed out that it had not yet missed an interest payment. A $35
million payment on the principal is due in November and $111
million is due in December. Allco wants more time to make these
payments because it is trying to sell assets for higher prices.
About Allco Finance
Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets. Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited. The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services. In July 2007, it acquired Allco Equity
Partners Ltd. In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.
* * *
Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.
Allco disclosed a Net Loss After Tax of AU$1,731.6 million for the
12 months to June 30, 2008. The company said this is consistent
with an Australian Stock Exchange (ASX) announcement made on May
1, 2008, where Allco advised an anticipated loss of in excess on
AU$1.5 billion. The result follows a critical review of asset
values across the business and primarily reflects non-cash
changes.
The Group was heavily impacted by the deterioration in the
financial markets and the resultant loss of value in recently
acquired businesses with non-cash impairments for goodwill,
management rights, loans and equity accounted investments.
BABCOCK & BROWN: Lawsuit Makes BBP's Sale "Very Difficult"
----------------------------------------------------------
Cath Hart of The Australian reported that Credit Suisse analysts
have labeled the full sale of Babcock & Brown Power as "very
difficult" following the disclosure of legal proceedings with the
North West Shelf venture participants over gas supply contract
prices.
Babcock & Brown Power last week advised that a subpoena process
has commenced in an arbitration in relation to a term of a
contract between BBP's wholly owned subsidiary, Alinta Sales Pty
Ltd and a supplier of gas to Alinta.
Alinta purchases gas from a diversified number of suppliers. One
source of supply is from the North West Shelf Gas Joint Venture
participants under a long term contract entered into in 1998.
The contract provides a mechanism for the market value of gas sold
under the contract to be periodically reviewed and agreed between
the parties or determined by an arbitrator if required by either
party following a change in circumstances in the market in which
Alinta sells gas.
The process of arbitration is being heard by the Honourable
Michael McHugh, who has set a timeline for the necessary steps to
assist him to make a determination of the market value and the
price-related terms, of the gas sold under the contract. This
process is being conducted in accordance with the prescribed price
review provision of the contract and BBP will provide an update to
the market as and when the arbitration has been resolved.
The process will most likely become public as over the course of
the next few weeks, both North West Shelf and Alinta will be
contacting other market participants to collect information to
assist the arbitrator in arriving at his decision. It may be
necessary in some instances to issue subpoenas to some parties.
According to The Australian, Credit Suisse analysts Sandra
McCullagh and Bradley Clibborn said last week that: "Many buyers
of generation would have baulked at buying the Alinta retail
business in the first place, let alone now that it is facing a
lengthy, costly and uncertain outcome in arbitration. . . .
Arbitrations are costly ($5 to $10 million) and lengthy (12 to 18
months is possible), with uncertain outcomes."
About Babcock & Brown Power
Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com-- engages in power generation business.
The company develops, operates and acquires generation portfolio.
As of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta. BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust. In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure. On July 4, 2008, the company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd, a subsidiary of
Babcock & Brown.
About Babcock & Brown
Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions. It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment. In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'. The rating
outlook is negative.
BIG COUNTRY: Will Declare Final Dividend Today
----------------------------------------------
A first and final dividend for creditors is to be declared on
October 27, 2008, in respect of Big Country Transport (Qld) Pty
Ltd.
Creditors whose debts or claims have not already been admitted are
required on or before October 27, 2008, formally to prove their
debts or claims. In default, they will be excluded from the
benefit of the dividend.
The liquidator is:
A. R. NICHOLLS
c/o Nicolls & Co
Chartered Accountants
PO Box 271
Tamworth NSW 2340
BJACK PTY: Members Resolve to Wind Up Firm
------------------------------------------
At a general meeting of the members of Bjack Pty Limited
held on September 12, 2008, it was resolved that the company be
wound up voluntarily and that, David Ian Mansfield, Chartered
Accountant of Moore Stephens, Level 6, 460 Church Street,
Parramatta NSW 2150, be nominated to act as Liquidator for the
purpose of the winding up.
BURDEKIN INVESTMENTS: Members Hold Final Meeting
------------------------------------------------
A final meeting of members of Burdekin Investments Pty Ltd was
held at Level 5, 175 Scott Street, Newcastle on October 17, 2008.
The members received the Liquidator's account showing how the
winding up has been conducted and how the property of the company
has been disposed of.
The liquidator is:
PETER HICKS
Forsythes
175 Scott Street, Level 5
Newcastle NSW 2300
COLLINS AND SON: Members' General Meeting is Today
--------------------------------------------------
The final meeting of members of Collins and Son Pty Limited will
be held at the offices of Chapman and French at Suite B3 2-4
Central Avenue Thornleigh NSW at 10:00 a.m. today, October 27,
2008, for the purpose of receiving the liquidator's final account
and report and any explanation required thereof.
The liquidator is:
KHAREN P. KALEDA
2-4 Central Avenue, Suite B3
Thornleigh NSW 2120
COUNTRY LANE PROPERTIES: Members Appoint Liquidator
---------------------------------------------------
At a General Meeting of Members of Country Lane Properties Pty
Limited held at Suite 1, 1840 The Horsley Drive, Horsley Park NSW
2175 on September 16, 2008, a Special Resolution that the Company
be wound up voluntarily was passed by members. The members also
appointed P. Ngan as Liquidator.
The liquidator can be reached at:
P. NGAN
Ngan & Co
Chartered Accountants
49 Market Street, Level 5
Sydney NSW 2000
DALLBROOK PROPRIETARY: Final Meeting Set for Friday
---------------------------------------------------
The Final Meeting of Dallbrook Proprietary Limited will be held at
Level 9, 16-18 O'Connell Street, Sydney NSW on October 31, 2008,
at 10:00 a.m. for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.
The liquidator is:
DENNIS CHARLES LEAR
363 George Street, Suite 4, Level 27
Sydney NSW 2000
DCB CONCRETING: Commences Voluntary Winding Up Proceedings
----------------------------------------------------------
At an Extraordinary General Meeting of DCB Concreting Pty Limited,
held on August 13, 2008, a Special Resolution was duly passed --
that as the Company in the opinion of the Directors will not be
able to pay its debts within 12 months, the Company be wound up by
a Creditors Voluntary Winding Up.
Chris Chamberlain of Chamberlain's S.B.R., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW was appointed Liquidator.
DIESELMECH SERVICES: Members Appoint Kijurina as Liquidator
-----------------------------------------------------------
At Meetings of Members of Dieselmech Services Pty Ltd held on
September 15, 2008, a Special Resolution was passed -- that as the
company is unable to pay its debts as and when they fall due, the
company be wound up voluntarily and that Brent Kijurina be
appointed Liquidator for the purpose of that winding up.
The liquidator can be reached at:
BRENT KIJURINA
c/o Hall Chadwick
31 Market Street, Level 29
Sydney NSW 2000
FRISBO HOLDINGS: Members Hold Final Meeting
-------------------------------------------
A final meeting of the members and creditors of Frisbo Holdings
Pty Limited was held at the offices of CRS Warner Kugel, Level 5,
36 Clarence Street, Sydney NSW 2000 on October 7, 2008.
The members and creditors received the final receipts and payments
of the Liquidators. The meeting provided formal notice of the end
of the Liquidation. The members and creditors resolved that the
books and records of the company be destroyed.
Anthony Warner and Steven Kugel of CRS Warner Kugel were the
liquidators.
GAYLARD TRANSPORT: Commences Voluntary Winding Up Proceedings
-------------------------------------------------------------
At an Extraordinary General Meeting of Gaylard Transport Pty Ltd,
held on August 26, 2008, a Special Resolution was duly
passed -- that as the Company in the opinion of the Directors will
not be able to pay its debts within 12 months, the Company be
wound up by a Creditors Voluntary Winding Up.
Chris Chamberlain of Chamberlain's S.B.R., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW was appointed Liquidator.
GPT GROUP: Shareholders Want Board Removed
------------------------------------------
Florence Chong of The Australian reported that "GPT Property Group
shareholders have called for the removal of its board after
attempts to recapitalise with a $1.6 billion issue and placement
to Singapore's state-owned GIC Real Estate."
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2008, the GPT Group disclosed in a regulatory filing with
the Australian Securities Exchange that it will undertake a major
balance sheet recapitalization through an accelerated non-
renounceable entitlement offer and placement of exchangeable
securities to an affiliate of GIC Real Estate, expected to raise
total proceeds of AU$1.6 to AU$1.9 billion
The TCR-AP reported that the Entitlement Offer comprises the
Institutional Entitlement Offer -- expected to raise approximately
AU$1.0 billion -- and the Retail Entitlement Offer -- expected to
raise approximately AU$0.3 billion. GPT will also complete a
placement of perpetual exchangeable securities to GIC Real Estate
to raise a further $250 million, and GIC Real Estate will also
sub-underwrite the majority of the Retail Entitlement Offer. Net
proceeds from the offer will be used to repay debt and
significantly de-leverage GPT's balance sheet, with GPT's business
plan and debt maturities fully funded through January 2010, the
TCR-AP added.
According to Ms. Chong, "one of GPT's major investors, Perennial
Real Esate Investment, [] called on the GPT board to postpone the
transactions for five trading days to allow the new information to
be properly disseminated to the market."
The Australian noted that Perennial had major concerns with the
transactions -- one of which is the dilutory effect to existing
shareholders. "Perennial said it had lost confidence in the GPT
board and planned to requisition a meeting to remove the board,"
Ms. Chong reported.
A major investor told The Australian: "My biggest concern is the
lack of management credibility and the joint venture. . . . It is
a potential time bomb. The management have a lot of issues to
resolve."
GPT Group Refutes Class Action Claim
According to the Australian Associated Press, GPT Group said
"there is no proper basis to an alleged class action that may be
brought against it by Slater & Gordon Ltd, over its earnings
forecasts."
"It appears that the allegations which may be made would concern
the adequacy of earnings forecasts provided to the market in the
same period," GPT said, the AAP related.
GPT also asserted that "reports that Perennial had called for a
general meeting to replace all current directors of GPT Group were
incorrect," the AAP reported. GPT clarified, the AAP related,
that "Perennial has informed GPT that it intends to request such a
meeting."
About GPT Group
Listed on the Australian Stock Exchange since 1971, the GPT Group
is today one of Australia's largest diversified listed property
groups, with total assets of AU$13.9 billion. The Group has a
substantial investor base, with approximately 50,000 investors and
is one of the top 100 stocks by market capitalisation.
GPT GROUP: Completes Institutional Entitlement Offer
----------------------------------------------------
The GPT Group successfully completed the Institutional Entitlement
Offer on Oct. 24, 2008.
The US$1.3 billion Entitlement Offer provides eligible
securityholders the opportunity to subscribe for one new GPT
security for every GPT stapled security owned at 7:00 p.m.,
October 27, 2008, at the Offer Price of US$0.60. Net proceeds from
the Offer, in conjunction with the issue of US$250 million of
Exchangeable Securities will be used to repay debt and
significantly de-leverage GPT's balance sheet, with GPT's business
plan and debt maturities fully funded through January 2010.
UBS AG, Australia Branch has acted as financial adviser to the
Offer. The Offer is fully underwritten by UBS, Deutsche Bank AG,
Sydney branch and Goldman Sachs JBWere Pty Ltd.
According to the company's press statement, the Institutional
Entitlement Offer received strong support from GPT's existing
institutional securityholders, as well as new domestic and
international institutional investors. The price achieved under
the institutional bookbuild was US$0.60 per stapled security. As a
result, the Institutional Entitlement Offer will raise
approximately US$1.0 billion. The new GPT securities from the
Institutional Entitlement Offer are expected to be issued on
November 11, 2008, and commence trading on the ASX on the same
day.
Commencement of the Retail Entitlement Offer
The remaining proceeds from the Entitlement Offer, being
approximately US$0.3 billion, will be raised through the Retail
Entitlement Offer. GIC Real Estate has sub-underwritten 504
million securities of the 0.5 billion securities to be offered
under the Retail Entitlement Offer. GIC Real Estate's
subunderwriting is dependent on receiving FIRB approval.
The Retail Entitlement Offer opens on Thursday, October 30, 2008,
following the lodgement of a product disclosure statement and
prospectus with the Australian Securities and Investments
Commission. The Retail Entitlement Offer is open to
Eligible Retail Securityholders in Australia and New Zealand
registered on the GPT security register at the record date of 7:00
p.m. (Sydney time) on October 27, 2008.
Eligible Retail Securityholders are able to subscribe for 1 new
GPT security for every GPT stapled security owned at the Offer
Price of $0.60 per security, which is the same as the Offer Price
for the Institutional Entitlement Offer. It represents a discount
of 48% to the closing price of GPT securities on the ASX on
October 21, 2008.
Eligible Retail Securityholders may choose to take up their
entitlement in whole, in part or not at all. Eligible
Securityholders who do not take up their entitlement or who are
ineligible to participate in the Retail Entitlement Offer will not
receive any value for entitlements not taken up.
A copy of the Prospectus and Acceptance Form will be mailed to
Eligible Retail Securityholders on or about October 29, 2008. The
Retail Entitlement Offer closes on Monday, November 17, 2008, at
5:00 p.m. (Sydney time). Offers of new GPT securities under the
Retail Entitlement Offer to Eligible Retail Securityholders will
be made in, or accompanied by, a copy of the Prospectus. In
deciding whether to take up the Offer of new GPT securities,
Eligible Retail Securityholders should consider the Prospectus.
Any Eligible Retail Securityholder who wishes to acquire new GPT
securities under the Retail Entitlement Offer will need to
complete the personalised Acceptance Form that will accompany the
Prospectus.
Retail Securityholders who have any questions regarding the
Entitlement Offer should contact the GPT Offer Information Line on
1800 190 082 (within Australia) or on +612 8280 7196 (from outside
Australia) at any time from 8:30 a.m. to 5:00 p.m. (Sydney time),
Monday to Friday, during the Offer Period.
GPT securities are expected to resume trading on ASX on October
27, 2008.
GPT Group Refutes Class Action Claim
According to the Australian Associated Press, GPT Group said
"there is no proper basis to an alleged class action that may be
brought against it by Slater & Gordon Ltd, over its earnings
forecasts."
"It appears that the allegations which may be made would concern
the adequacy of earnings forecasts provided to the market in the
same period," GPT said, the AAP related.
GPT also asserted that "reports that Perennial had called for a
general meeting to replace all current directors of GPT Group were
incorrect," the AAP reported. GPT clarified, the AAP related,
that "Perennial has informed GPT that it intends to request such a
meeting."
About GPT Group
Listed on the Australian Stock Exchange since 1971, the GPT Group
is today one of Australia's largest diversified listed property
groups, with total assets of AU$13.9 billion. The Group has a
substantial investor base, with approximately 50,000 investors and
is one of the top 100 stocks by market capitalisation.
HAMILN PTY: Commences Voluntary Winding Up Proceedings
------------------------------------------------------
At an Extraordinary General Meeting of Hamiln Pty Limited held on
the September 9, 2008, a Special Resolution was duly passed --
that as the Company in the opinion of the Directors will not be
able to pay its debts within 12, months the Company be wound up by
a Creditors Voluntary Winding Up.
Christopher Chamberlain of Chamberlain's SBR, Chartered
Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston
Street, Wagga Wagga NSW was appointed Liquidator.
HYSETTSON PTY: Final Meeting Set for Friday
-------------------------------------------
A meeting of the members of Hysettson Pty Ltd will be held at the
offices of HLB Mann Judd (NSW) Pty Ltd, on October 31, 2008, at
11:00 a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted and
how the property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.
The liquidator is:
BARRY TAYLOR
Liquidator
HLB Mann Judd
207 Kent Street, Level 19
Sydney NSW 2000
MARWEN BYRON: Bank of Western Australia Appoints Receiver
---------------------------------------------------------
On September 10, 2008, Bank of Western Australia Limited ACN 050
494 454 of Level 11, 45 Clarence Street, Sydney NSW 2000,
appointed Quentin James Olde of Level 14, 56 Pitt Street, Sydney
NSW the Receiver of the income of the property of Marwen Byron
Holdings Pty Limited.
Marwen Byron's property includes the improvements erected on and
known as:
-- 1 Cavanbah Street, Byron Bay in the State of New South
Wales,
being the whole of the land contained in Certificate of
Title Folio Identifiers 1/780935, 8/841611 and 9/841611;
-- 3 Cavanbah Street, Byron Bay in the State of New South
Wales,
being the whole of the land contained in Certificate of
Title Folio Identifiers 1/1237363; and
-- 2 Milton Street, Byron Bay in the State of New South Wales,
being the whole of the land contained in Certificate of
Title Folio Identifiers 1/582819, pursuant to section 109 of
the Conveyancing Act 1919.
NCSS SUPPLIER: Members Vote to Liquidate Company
------------------------------------------------
At a meeting of members of NCSS Supplier Services Pty Limited held
on September 17, 2008, it was unanimously resolved to voluntarily
liquidate the company and to appoint Karl Procter at 9 Stoddart
Road, Prospect NSW 2148, as the liquidator.
NCSS REPAIR: Members Appoint Karl Procter as Liquidator
-------------------------------------------------------
At a meeting of members of NCSS Repair Services Pty Limited held
on September 17, 2008, it was unanimously resolved to voluntarily
liquidate the company and to appoint Karl Procter at 9 Stoddart
Road, Prospect NSW 2148, as the liquidator.
NOWENA DEVELOPMENTS: Members Resolve to Liquidate Firm
------------------------------------------------------
At a general meeting of members of Nowena Developments Pty Ltd
held at Level 18, 55 Market Street, Sydney NSW 2000 on
September 15, 2008, a special resolution was passed -- that the
company be wound up voluntarily and that Mark Waterhouse of
Einfeld Symonds Vince, Chartered Accountants, Level 18, 55 Market
Street, Sydney NSW 2000 be appointed as liquidator of the company.
O'CONNELL'S TRANSPORT: Commences Voluntary Liquidation Proceedings
------------------------------------------------------------------
At a General Meeting of O'Connell's Transport Oberon Pty Limited
held at 266 Howick Street, Bathurst on September 15, 2008, a
Special Resolution passed -- that the company be wound up as a
Members Voluntary Liquidation and that the assets of the company
may be distributed in whole or in part to the members in specie
should the liquidators so desire.
The joint liquidators are:
Nancy Elizabeth Johnson
Philip William Webb
Joint and Several Liquidators
Morse Group Accountants and Advisors
266 Howick Street
PO Box 690
Bathurst NSW 2795
OPES PRIME: Liquidators Gear Up for Litigation Against Banks
------------------------------------------------------------
The mediation between the liquidators of Opes Prime Stockbroking
Ltd (and related entities), the Australian Securities and
Investments Commission, Merrill Lynch and ANZ Bank has ended
without a settlement being reached, corporate advisory firm
Ferrier Hodgson said in a press statement last week.
The mediation, which formally commenced in August, was conducted
before retired Court of Appeal judge, The Honourable Alex Chernov
AO QC.
Before embarking on the mediation process, the Liquidators, in
their previous capacity as Administrators, advised creditors that
the intention of the mediation was to explore the possibility of a
global solution to the numerous disputes which have arisen from
the collapse of the Opes companies.
Any such global proposal, if satisfactory to the Liquidators and
to ASIC, would have been put to the creditors for their
consideration.
Without a settlement, litigation between the Liquidators and the
banks is unavoidable.
A meeting of the Committee of Inspection, the creditors'
representative body, will be held this week to consider the
Liquidators' future strategy.
Blair Speedy of The Australian reported that Ferrier Hodgson
partner John Lindholm was appointed liquidator of the company
after creditors voted to terminate the administration process he
had been managing in favour of a complete wind-up.
According to The Australian, in the "unavoidable" litigation, the
liquidators could seek up to AU$270 million from ANZ Bank. An ANZ
spokesman told The Australian that the bank would vigorously
defend any legal action. A spokeswoman for Merrill Lynch declined
to comment, Blair Speedy said.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of
securities lending and equity financing services. In
Singapore, the firm operates through Opes Prime Group's
wholly owned subsidiary, Opes Prime International Pte Ltd.
In Australia, Opes Prime Stockbroking has granted
Authorized Representative status to Trader Dealer Pty Ltd,
an on-line non-advisory trading execution service for the
semi-professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth market, providing outstanding risk protection
and return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.
The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on Tuesday, October 15, to liquidate the company.
According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.
The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.
Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.
OPES PRIME: Slate & Gordon to Re-Open Class Action
--------------------------------------------------
In a press statement, Slater & Gordon said it will reopen the Opes
Prime Class Action to include additional Opes Prime investors
following the collapse of the mediation talks between the
liquidators of Opes Prime Stockbroking Ltd (and related entities),
the Australian Securities and Investments Commission, Merrill
Lynch and ANZ Bank.
Slater & Gordon are the lawyers on record for claimant investors
in these Opes Prime-related claims:
* Federal Court of Australia
-- Imobilari Pty Ltd v Opes Prime Stockbroking Ltd & Ors
(VID 395 of 2008)
-- Eric Preston Pty Ltd v Euroz Securities Ltd (VID 356 of
2008)
-- Asia Pacific Links Limited -v- Opes Prime Stockbroking
Limited (Receivers & Managers Appointed) (Administrators
Appointed) & Ors (NSD 878 of 2008)
* Supreme Court of Victoria
-- Trent Patrick Barry & ors v Bell Potter Securities
Limited (Supreme Court proceeding 2052 of 2008 (F6232))
* Supreme Court of New South Wales
-- Melewar Steel Ventures Limited -v- Opes Prime
Stockbroking & Ors (Receivers & Managers Appointed)
(Administrators Appointed) (2149 of 2008)
-- John Sotirious Terpu & Anor -v- Opes Prime Stockbroking
Limited (Receivers & Managers Appointed) (Administrators
Appointed) & Ors (2204 of 2008)
Slater & Gordon was earlier successful in obtaining temporary
injunctions for affected OP investors.
In addition, David Andrews (Practice Group Leader, Business Law &
Litigation) has been appointed to the Committee of Inspection by
creditors. The Committee of Inspection is the keen consultative
group that advises the Liquidator during the liquidation of OP.
Mr. Andrews was previously on the Committee of Creditors advising
the Administrator of OP. Mr. Andrews is the only lawyer
representing OP investors on the Committee of Inspection.
Slater & Gordon have gathered extensive information concerning the
Opes Prime business and its collapse both through its existing
litigation efforts and membership on the Opes Prime Committees.
New Developments
Late last week, Slater & Gordon was contacted by a number of Opes
Prime creditors seeking to join the Class Action in light of the
failure of the mediation to deliver an outcome.
A number of Opes Prime investor creditors had taken the ANZ at
face value in promising a mediated and "wholistic" settlement of
their claims. They accordingly did not join the Class Action in
anticipation of a satisfactory settlement from the banks. "We now
know this will not be achieved without further legal action by
affected investors."
The firm added that: "We have now confirmed that Comprehensive
Legal Funding (formerly Commonwealth Legal Funding) are willing to
fund the reopening of the Class Action which is currently before
the Federal Court to include any new Opes Prime investors who wish
to join. CLF have advised that they will be willing to fund
investors who execute agreements with CLF by close of business [on
November 21], 2008."
The reopening of the Class Action is subject to the approval of
the Federal Court of Australia. "We are confident this will not
be a hurdle as a similar application was recently successful in
another class action. The Class Action before the Federal Court
currently faces a strike out application which is a usual
application by defendants in class action proceedings. We are
currently waiting for his Honour's judgment. The outcome of the
application will determine whether:
1. We are required to re-plead the Statement of Claim to meet
any matters raised by his Honour in his judgment; or
2. We are required to re-issue a Statement of Claim in the
event the current Statement of Claim is struck out.
"Either way CLF and Slater & Gordon are committed to pursuing the
claims of Opes Prime investors against both ANZ and Merrill Lynch.
The Slater & Gordon actions are the only actions pursuing both
banks. Investors should not be discouraged from joining the Class
Action if their account balance has deteriorated since the
collapse of OP (including into the negative). The central
allegation in the Class Action is that the agreements with OP
should be set aside, entirely. If follows that we also allege that
investor losses should not be calculated after taking account of
recent market deterioration and the effect of that deterioration
on the value of pledged securities," Slater & Gordon said.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of
securities lending and equity financing services. In
Singapore, the firm operates through Opes Prime Group's
wholly owned subsidiary, Opes Prime International Pte Ltd.
In Australia, Opes Prime Stockbroking has granted
Authorized Representative status to Trader Dealer Pty Ltd,
an on-line non-advisory trading execution service for the
semi-professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth market, providing outstanding risk protection
and return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.
The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on Tuesday, October 15, to liquidate the company.
According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.
The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.
Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.
OXLEY CLUB LIMITED: Creditors Appoint G.A. Russell as Liquidator
----------------------------------------------------------------
At a meeting of creditors of the Oxley Club Limited held on
August 15, 2008, it was resolved that the company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, and
Gregory Alexander Russell of Russell Corporate Advisory, Suite
304, Level 3, 97 Pacific Highway, North Sydney NSW 2060, be
appointed Liquidator.
POINTSFIELD (ARMIDALE): Commences Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At a general meeting of Pointsfield (Armidale) Pty Ltd held on
September 16, 2008, it was resolved that the company be wound up
voluntarily and that for that purpose Barry W Noble of 90 Rusden
Street, Armidale NSW 2350 be appointed as Liquidator.
A final dividend is to be declared on November 18, 2008, for the
company.
Creditors whose debts or claims have not already been admitted are
required on or before November 18, 2008, formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
PERFECT GARAGES: Members Appoint Joint Liquidators
--------------------------------------------------
Steven Kugel and Anthony Warner, Registered Liquidators, of
Liquidation Direct, were appointed liquidators of Perfect Garages
Pty Limited at a general meeting of the company's members on
September 15, 2008.
The liquidators can be reached at:
Liquidation Direct
http://www.liquidationdirect.com.au/
Telephone: (02) 8243 5200
ROHNEA PTY: Commences Voluntary Winding Up Proceedings
------------------------------------------------------
At an Extraordinary General Meeting of Rohnea Pty Limited, held on
August 25, 2008, a Special Resolution was duly passed -- that as
the Company in the opinion of the Directors will not be able to
pay its debts within 12 months, the Company be wound up by a
Creditors Voluntary Winding Up.
Chris Chamberlain of Chamberlain's S.B.R., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW was appointed Liquidator.
TAYEB PTY LIMITED: Queensland SC Appoints Official Liquidator
-------------------------------------------------------------
On September 15, 2008, the Supreme Court of Queensland made an
Order that Christopher J. Palmer of O'Brien Palmer at Level 4, 23
Hunter Street, Sydney NSW 2000, be appointed Official Liquidator
of Tayeb Pty Limited.
WINDBORN PTY: NSW Supreme Court Appoints Official Liquidator
------------------------------------------------------------
On September 15, 2008, the Supreme Court of New South Wales,
Equity Division, made an Order that Windborn Pty Limited be wound
up. The Court also appointed D. I. Mansfield as Official
Liquidator.
The liquidator can be reached at:
Moore Stephens
Chartered Accountants
460 Church Street, Level 6
Parramatta NSW 2150
* S&P Lowers Ratings on 6 CPDO Transactions to CC; Off WatchNeg
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 12
constant proportion debt obligation (CPDO) transactions. Six of
these ratings remain on and six have been removed from CreditWatch
negative.
The widening of credit default swap spreads over the past few days
and the level of volatility in the credit derivatives market has
resulted in further deterioration in the net asset values (NAVs)
of these CPDO structures.
The rating actions reflect the increased risk that the NAVs may
not be able to build value sufficiently for the structures to
"cash-in," i.e., reach a NAV where all future interest payments
and principal are covered. In some transactions, the NAVs are
close to trigger levels. If these are breached, it would lead to
those transactions being unwound.
S&P is keeping some of these transactions on CreditWatch negative
to reflect the volatility of credit spreads in recent weeks and
the possibility of further market disruption. The ratings lowered
to 'CC' represent S&P's view that the rated notes are highly
vulnerable to nonpayment.
Ratings Lowered and Kept on CreditWatch Negative:
Castle Finance I Ltd.
-- EUR75 Million SURF Constant Proportion Debt Obligation Notes
Series 10
B/Watch Neg BB/Watch Neg
Chess II Ltd.
-- EUR40 Million Surf Constant Proportion Debt Obligation Fixed-
Rate Notes Series 29
BB/Watch Neg BBB/Watch Neg
Coriolanus Ltd.
-- AU$13 Million Floating-Rate Secured Notes Series 43
BB/Watch Neg BBB/Watch Neg
Motif Finance (Ireland) PLC
-- EUR5 Million Adjustable Leverage Debt Obligations Series
2007-3
B/Watch Neg BBB/Watch Neg
Motif Finance (Ireland) PLC
-- US$10 Million Adjustable Leverage Debt Obligations Series
2007-4
B/Watch Neg BBB/Watch Neg
Motif Finance (Ireland) PLC
-- AU$26 Million Adjustable Leverage Debt Obligations Series
2007-6
CCC/Watch Neg BBB/Watch Neg
Ratings Lowered and Removed from CreditWatch Negative:
Castle Finance I Ltd.
-- EUR325 Million Surf Constant Proportion Debt Obligation Notes
Series 7
CC CCC/Watch Neg
Chess II Ltd.
-- EUR100 Million Surf Constant Proportion Debt Obligation
Floating-Rate Notes Series 25
CC B/Watch Neg
Chess II Ltd.
-- EUR250 Million Surf Constant Proportion Debt Obligation
Floating-Rate Notes Series 28
CC B/Watch Neg
Rembrandt New Zealand Trust No. 2006-1
-- NZ$70 Million Floating-Rate Notes
CC CCC/Watch Neg
Rembrandt Australia Trust No. 2006-2
-- AU$50 Million Floating-Rate Notes
CC CCC/Watch Neg
Rembrandt Australia Trust No. 2006-3
-- AU$40 Million Community Income Constant Proportion Debt
Obligation Notes
CC CCC/Watch Neg
=========
C H I N A
=========
CHINA SOUTHERN: To Launch New Season Flights
--------------------------------------------
China Southern Airlines Co. Limited will launch 18 new routes for
the winter-spring flights season lasting from October 26 to
March 28, Xinhua News reports.
The airline, the report relates, will arrange 7,688 flights per
week, up 12.15% year on year.
According to the report, China Southern will strengthen
construction on the Guangzhou and Beijing hubs on its
transportation networks, and add capacity on key flight routes and
newly open several traveling routes for the winter and spring
season.
In terms of international flight routes, the airline company will
improve flight links on some key routes, including routes of
Guangzhou-Los Angles, Guangzhou-Paris, Guangzhou-Sidney, Beijing-
Dubai-Lagos, Guangzhou-Tokyo, Guangzhou-Delhi and so on, in an
effort to forge itself into a airline company with
internationalized route networks, Xinhua News adds.
About China Southern
Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings. The Outlook on the ratings is Stable
FUYAO GLASS: Expects to Miss Net Profit Target This Year
-------------------------------------------------------
Fuyao Glass Industry Group Co. may miss its 40% to 50% net profit
target growth for 2008 amid slow car sales, Edmund Klamann of
Reuters reports, citing Chairman Cho Tak Wong.
"Previously, we had expected to have a net profit of more than
CNY1 billion (US$146.3 million) this year. But now that seems
unlikely," the report cited Mr. Cho as saying.
According to the report, the company is no longer interested in
investing in Ford Motor Co., and has stopped investing in new
capacity since the first half of the year.
Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass. The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications. The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States. FYG mainly
exports to North America and Asia Pacific.
* * *
The company continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating.
JIANGXI COPPER: Set Ups Emergency Unit to Deal w/ Volatile Markets
------------------------------------------------------------------
Jiangxi Copper Company Limited has set up an emergency unit to
deal with volatile markets and will tighten controls over futures
positions, days after posting an investment loss that spooked
investors, Reuters reports.
The report relates that the company reported a 27% drop in
third-quarter net profit to CNY919.5 million, which included
investment losses of CNY172 million, and made an investment income
of CNY62.8 million for the same period last year. In the first
nine months of this year, it booked CNY82.3 million in investment
profit versus CNY127.5 million a year earlier, the report says.
According to the report, Jiangxi Copper's parent company will also
beef up supervision of its exposure to financial derivatives,
however, its Hong Kong-listed shares still fell 8% to a two-year
closing low of HK$3.83 on Thursday, October 23, on concern over
its bleak earnings outlook, weakening copper prices and investment
losses.
"Jiangxi Copper's statement came at a good time, when a rumour of
losses in futures trading has circulated in the market (in China)
for a few days," the report cited Liang Zhigang, an analyst at
StarFutures in Shenzhen, as saying.
Traders also unloaded Jiangxi Copper corporate bonds on concern
over its exposure to volatile markets, Reuters notes.
Meanwhile, the report points out that DBS downgraded Jiangxi
Copper to fully valued from hold after its third-quarter results
lagged forecasts, while Goldman Sachs cut its price target for the
company's Hong Kong-listed shares by half on Wednesday to HK$3.30,
and slashed 2008-09 earnings forecasts by 17% and 31%,
respectively, to reflect expected lower copper and sulphur prices.
Moreover, Reuters says Jinrui Futures, a unit of Jiangxi Copper,
denied speculation over CNY1 billion of losses in copper futures.
Jinrui has remained a major holder of long positions on the
Shanghai Futures Exchange copper contracts in the past few months,
despite prices SCFc3 having fallen 36% so far this month to
CNY33,900 a tonne, the lowest since August 2005, the report notes.
The report adds that a source said that Jiangxi Copper usually
holds short positions on Shanghai copper to hedge its mines'
production. The firm also bought longs that were used to hedge
its sales of refined copper to domestic clients in forward
deliveries and it asked for downpayments from the clients, the
source added.
About Jiangxi Copper
Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.
* * *
The company continues to carry Xinhua Far East China Ratings'
"BB+" issuer credit rating.
XINHUA FINANCE: Unit Gets UEFA Distribution Rights in China
-----------------------------------------------------------
Xinhua Finance Media, a unit of Xinhua Finance Limited, has signed
an agreement with UEFA, the Union of European Football
Associations, for the UEFA Europa League (formerly the UEFA Cup)
media rights in China during the 2009-2012 period.
Under the terms of the agreement, XFMedia has obtained the right
to distribute and broadcast all of the 205 live matches as well as
delayed matches and highlights programs via television, Internet
and mobile platforms in mainland China except delayed VOD
internet.
"This cooperation is fully in line with our plans at XFMedia to
expand the sports and broadcast elements of our business," said
XFMedia CEO Ms Fredy Bush. "It is an honor to be working with
UEFA, and we believe that XFMedia's comprehensive media platform
will provide unprecedented visibility and penetration for the UEFA
Europa League matches in China's market."
"XFMedia is a new partner of UEFA and we are excited at the
prospect of developing our relationship over the coming seasons,"
said UEFA. "This agreement will deliver extensive coverage for
the UEFA Europa League in the world's most populous nation. We
are confident that XFMedia will do a great job in delivering the
new competition to football fans in China."
"Soccer is China's most popular sport and one of the great
national sporting passions of China," Ms Bush said. "European
soccer is followed avidly by Chinese soccer fans and the UEFA
Europa League is the kind of high quality programming that our
advertisers are looking for. Our intention is to continue to
build and expand our involvement in sports via television."
UEFA recently announced that the UEFA Cup will be re-named so that
from the beginning of season 2009-10 it will be known as the UEFA
Europa League.
In February, XFMedia arranged for the NFL's Superbowl to be
broadcast in China through the national satellite television
channel NMTV, the only nationwide broadcaster to carry the game
live. XFMedia's Managing Director of Xinhua Sports Division
Richard Young, who recently joined the group, will continue to
drive the expansion in the company's sports-related commercial
activities.
About Xinhua Finance Media
Xinhua Finance Media, a unit of Xinhua Finance Limited, is a
leading media group in China with nationwide access to the
upwardly mobile demographic. Through its synergistic business
groups, Broadcast, Print and Advertising, XFMedia offers a total
solution empowering clients at every stage of the media process
and connecting them with their target audience. Its unique
platform covers a wide range of media.
About Xinhua Finance Limited
Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange.
Xinhua Finance's proprietary content platform, comprising
Indices, Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide. Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media. Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.
* * *
Xinhua Finance Limited continues to carry Moody's "B2" LT Family
and Senior Unsecured Debt Ratings. The company also carries
S&P's "B" LT Credit Rating.
===============
H O N G K O N G
===============
CHAIN HERO: Members' Final Meeting Set for November 20
------------------------------------------------------
The members of Chain Hero Limited will meet on November 20, 2008,
at 11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.
The meeting will be held at Rooms 1201-4 of Cheing Kee Building,
84-86 Des Voeux Road in Central, Hong Kong.
HSIN CHONG: Members' Final Meeting Slated for November 19
---------------------------------------------------------
A general meeting will be held for the members of Hsin Chong
Development (Vietnam) Limited on November 19, 2008, at 11:30 a.m.,
at the 5th Floor of Dah Sing Life Building, in 99-105 Des Voeux
Road, in Central, Hong Kong.
At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
LEE SHING: Members and Creditors to Meet on November 7
------------------------------------------------------
The members and creditors of Lee Shing Yue Construction Company
Limited will meet on November 7, 2008, at 2:30 p.m. and 2:45 p.m.,
respectively, at Room 32B2, 32nd Floor of One Pacific Place, in 88
Queensway, Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
MOW TAI: Members' General Meeting Set for November 17
-----------------------------------------------------
The members of Mow Tai Hong Limited will hold their meeting on
November 17, 2008, at 9:00 p.m., at the 30th Floor, Flat F,
Tower 1, Park Towers, 1 King's Road, in North Point, Hong Kong.
At the meeting, Yiu Kwong Man, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW GLOBAL: Creditors' Meeting Set for October 28
-------------------------------------------------
The creditors of New Global Development Limited will meet on
October 28, 2008, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 908, 9th Floor of Nan Fung Tower,
173 Des Voeux Road, in Central, Hong Kong.
PILOT STAR: Members' Meeting Slated for November 19
---------------------------------------------------
A final meeting will be held for the members of Pilot Star Limited
on November 19, 2008, at 10:30 a.m., at 13A, Tak Lee Commercial
Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.
At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
SAFEWEAR (HONG KONG): Members' Final Meeting Set for November 21
----------------------------------------------------------------
The members of Safewear (Hong Kong) Limited will hold their final
meeting on November 21, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Seabright Plaza
Unit D, 12th Floor
9-23 Shell Street
Hong Kong
SPEED HONG KONG: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 6, 2008, the
members of Speed Hong Kong Limited resolved to voluntarily wind up
the company's wind-up proceedings and property disposal.
Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend distribution.
The company's liquidator is:
Charius Voltaire B. Medina
Worldwide House
Shop 115, 1st Floor
19 Des Voeux Road
Central, Hong Kong
UTEC LIMITED: Creditors' Meeting Set for November 10
----------------------------------------------------
The creditors of Utec Limited will meet on November 10, 2008, at
10:30 a.m., for the purposes provided for in Sections 241, 242,
243, 244 and 255A of the Companies Ordinance.
The meeting will be held at the 17th Floor of EIB Centre, 40-44
Bonham, in Sheung Wan, Hong Kong.
YECWIN LIMITED: Members to Receive Wind-Up Report on November 10
----------------------------------------------------------------
The members of Yecwin Limited will meet on November 10, 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:
Lau Shak Wah
World Trust Tower, 18th Floor
50 Stanley Street, Central
Hong Kong
=========
I N D I A
=========
BLACK PARTRIDGE: Reserve Bank Cancels Certificate of Registration
-----------------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s. Black Partridge Holdings Private
Limited for carrying on the business of a non-banking financial
institution as the company has voluntarily exited from the
business of a non-banking financial institution and has been wound
up.
Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.
Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.
M/s. Black Partridge Holdings Private Limited has its registered
office at 1602, Ambadeep, 14, K.G. Marg, in New Delhi, India.
NITIN SPINNERS: CARE Lowers Long-Term Bank Loan Rating to ‘BB+'
---------------------------------------------------------------
CARE revised the rating assigned to the long-term bank loans /
facilities of NSL (Nitin Spinners Ltd.) from ‘CARE BBB-' (triple B
minus) to ‘CARE BB+' (double B plus) and the rating assigned to
the short-term bank loans / facilities from ‘PR 3' (PR three) to
‘PR 4' (PR four) for an aggregate amount of Rs.294.12 cr,
including outstanding long-term rupee term loan of Rs.187.10 cr
and outstanding short-term rupee term loan of Rs.10 cr as on
Aug.1, 2008, sanctioned fund-based working capital limit of
Rs.87.02 cr and non-fund based limit of Rs.10 cr.
Facilities with CARE BB+ rating are considered to offer inadequate
safety for timely servicing of debt obligations and carry high
credit risk. Facilities with PR 4 rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk. Such facilities are susceptible to
default. The revision in the ratings factor in deterioration in
financial profile of NSL as reflected by losses incurred by it in
FY08 as well as Q1FY09 on account of rising cotton prices,
increasing power & fuel costs and appreciation of the INR against
the USD during FY08.
NSL also incurred heavy losses in derivative exposures, which
adversely affected its cash flow position. The ratings also take
into account NSL's long and established track record in the cotton
yarn and cotton knitted fabrics business, its diversified
clientele and experienced top management.
Bhilwara-based NSL, incorporated in 1992, is mainly engaged in the
manufacturing of
cotton yarn and cotton knitted fabrics.
Total income of NSL grew by 57% in FY08. During FY08, PBILDT
margin dipped to
16.5% on account of higher power & fuel costs due to increase in
cost of furnace oil for its FO-based captive power plant, impact
of appreciation of the INR against the USD on its export
realisations and the increase in prices of raw cotton. NSL
suffered losses in FY08 and its PAT margin turned negative on
account of decline in PBILDT margin coupled with higher interest
and depreciation costs. As per un-audited results for Q1FY09,
NSL's PBILDT margin has further dipped to 12.34% while its PAT
margin remained negative due to the afore-mentioned reasons plus
exceptional losses to the tune of Rs.8.36 cr in respect of foreign
exchange derivative contracts realised during the period.
Long-term debt equity ratio of NSL deteriorated to 2.39 times as
on Mar. 31, 2008 on account of disbursement of project related
loans and availing of unsecured loans from banks. The overall
gearing ratio also increased to 3.10 times as on Mar. 31, 2008
because of drawal of project related loans and increase in bank
borrowings.
Interest coverage dipped below unity and was low at 0.83 times
during FY08 on account of a substantial decline in PBILT margin
coupled with increase in interest cost. It declined further to
0.24 times during Q1FY09. As on Mar.31, 2008, current ratio was
low at 1.14 times on account of high amount of bank borrowings.
In view of the losses suffered by it, the consortium bankers of
NSL have, in-principle, agreed to NSL's request for rephasement of
its principal obligations. The interest obligations remain
unchanged.
TATA POWER: Moody's Changes B1 Sr. Bond Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlook for Tata Power
Company's (TPC) Ba3 corporate family rating and B1 senior
unsecured bond ratings to stable from negative.
"The change in outlook to stable from negative primarily reflects
the progress in successfully executing the company's expansion
plan", says Ivan Palacios, a Moody's AVP/Analyst and lead analyst
for TPC.
The stable outlook also reflects the company's sound operating
performance, which has been positively impacted by the dividends
it receives from its 30% stake in the Indonesian coal mines.
Despite the execution risks raised by its expansion plan, Moody's
derives comfort from the fact that construction works have already
started and funding arrangements and fuel linkages have been put
in place. All of the company's investments in developing new
generation projects are expected to be managed fairly
conservatively including the existence of long term off-take
arrangements for most of the electric output from those generation
assets, which should produce fairly predictable cash flows.
Although the company currently has other potential projects in the
pipeline, Moody's expects TPC not to embark on large scale further
developments involving cash outflows in the next 2 to 3 years
whilst it focuses on those already committed to.
Further, whilst these projects are being built, TPC will continue
to generate very stable cash flows from the Mumbai license area.
Moody's expects that the ratio of retained cash flow to debt to be
around 10% and FFO interest coverage around 2.0x over the next 2
to 3 years. Nevertheless, free cash flow is expected to be
negative as a result of the company's ambitious expansion plan
aimed at more than triple the capacity from 2,365 MW to 8,262 MW
in the next few years.
TPC's ratings could face downward pressure most likely if there
was material cost overruns needed to be funded in respect of its
projects or it embarked on further large scale developments or
acquisitions. Financial metrics that might evidence negative
rating pressure could include FFO interest coverage below 1.8x,
adjusted debt/book capitalization above 65%, and RCF / Debt below
7% on a sustained basis. In addition, deterioration in its
liquidity profile might also cause rating pressure.
Conversely, upward rating pressure for TPC is not expected in the
near future until there is a clear trend of consistent operating
plant performance at expected returns from the new plants.
Tata Power Company (TPC) is the largest private-sector power
utility in India with an installed generation capacity of 2,389MW
and a presence across the power business system in generation
(thermal, hydro, solar and wind), transmission and distribution.
Headquartered in Mumbai, TPC has a strong presence in the area,
meeting about 80% of its power requirements.
* INDIA: CARE Sets Expectations from RBI's Monetary Policy Review
-----------------------------------------------------------------
Double-digit inflation and inflationary pressure backed by steady
fall in Indian Rupee versus US Dollar (making import costly) and
the expected salary hike (following Sixth Central Pay Commission's
recommendations), made many experts to call any rate cut as
premature, early this month, Credit Analysis & Research Ltd (CARE)
says. However, the course of expectation got reversed completely
during the short span of two-three weeks, following RBI's timely
steps amidst sharp deterioration in global financial environment.
According to CARE, liquidity condition in the Indian banking
system was under stress since this fiscal due to higher Cash
Reserve Ratio (CRR), FII outflows from Indian equities and RBI
intervention to cap the rupee fall. Key financing avenues for
corporates dried up considerably and cost of funds zoomed above
the roof. International financial turmoil and contraction in
overseas borrowing added to the strain. On top of that, the
Indian financial system also witnessed emergence and
intensification of risk aversion (after collapse of major foreign
financial giants). Similarly, excessive FII money pull-out eroded
the value of rupee substantially against the US dollar.
CARE relates the speedy negative developments in both domestic and
international markets brought extreme volatility in India's money
& currency markets, posing its serious repercussions on financial
stability and real economic growth in the long run. Thanks to the
Central Bank, being futurist, it prioritized growth and financial
stability over controlling inflation, CARE says.
As a result, CARE states the market saw whopping 2.5 per cent
reduction in CRR during the span of two weeks and 1 per cent cut
in repo rate at one shot. These actions were undertaken despite
WPI inflation, money supply growth and non-food credit growth
ruling well above RBI's targets. On top of that, few rare
practices, such as announcing CRR cut just before the market hours
(instead of previous working day) and imposing the same in
retrospective manner were also undertaken by the Bank. Alongside,
a plethora of measures were announced to improve liquidity
conditions, including rising interest rates on NR(E)RA and FCNR
(B), disbursement of farm loan etc. Notably, all these
announcements came when few days were left for mid-term review of
the annual monetary policy. It thus points out RBI's twin aim of
influencing sentiments of market players along with market
operations. On this backdrop, CARE says the monetary policy
meeting scheduled on October 24, would confirm the underlying
philosophy that would drive RBI's policy actions in near future.
CRR – status quo: RBI had infused hefty Rs.1,00,000 crore by
slashing the ratio to 6.5 per cent during this month.
With money multiplier effect*, the CRR cut would ultimately result
in multiple creation of this initial liquidity infusion. Thus,
liquidity outlook appears to be normal in near future.
Repo rate – 50 bps cut: A whole percentage point cut in repo rate
had definitely reduced upward pressure on lending rates. Fall in
cost of funds would help in bringing the economy back to the
growth trajectory. Moreover, dampened global demand during the
recessionary** phase (which might prolong to two years from now)
underlines the importance of strong domestic investment growth.
Keeping in mind the current uncertainty and bankers' skeptical
attitude, another 50 bps cut in repo rate might be appropriate.
Reverse repo – status quo: The rate is expected to remain at its
current 6 percent.
SLR cut – Present comfortable liquidity condition may not call for
any action on this front.
Exchange rate management could be another area for the apex bank
to act on.
One might see a downward revision in forecast of GDP growth rate
by the Central Bank, factoring global economic crisis.
In sum, CARE expects RBI to signal its stance over the medium-term
period, until when the global factors are unlikely to fall in
place. Moreover, its prompt responses, until now, indicate that
the course of policy actions would be driven by external
developments in the months to come.
* at present, money multiplier is ranging around 4.3 on pre-
assumption of constancy of creditdeposits ratio and excess
reserves in the system. It has a time-lag of around 12 months or
so.
** According to the International Monetary Fund's (IMF's) latest
World Economic Outlook (October 2008), major advanced economies
are already in or close to recession and the recovery is likely to
be unusually gradual. Growth in the advanced economies is
projected to decelerate from an average of 2.8 per cent during
2006-2007 to 1.5 per cent in 2008 and only 0.5 per cent in 2009.
Global output growth (at purchasing power parity (PPP) exchange
rates) is now seen at 3.0 per cent in 2009, down from the likely
3.9 per cent in 2008 and the robust growth of almost 5 per cent
each during 2006 and 2007.
=================
I N D O N E S I A
=================
BAKRIE GROUP: Credit Suisse Arranges New Loan Package
-----------------------------------------------------
In order to repay Bakrie's US$1 billion debt, Credit Suisse is
arranging a new loan package for Bakrie's holding company, Reuters
reports citing sources close to the matter.
According to the report, Credit Suisse has approached several
hedge funds about loaning more money to the Bakrie group, in case
Bakrie is unable to raise the money needed for its hedge fund.
The new loan facility would allow the Bakries to refinance debt
and give it more breathing room beyond the April deadline, Reuters
adds.
PT Bakrie & Brothers Tbk, one of the companies controlled by
Bakrie family, said that it hoped to raise US$1.2 billion by
selling off assets to pay off its debt, Reuters notes.
But with Indonesia's financial markets in deepening turmoil, it
may prove difficult to sell assets quickly, which has prompted its
financial adviser to seek new money, Reuters relates.
Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, that the share trading in six companies
owned by Bakrie Group were suspended on October 7, as its shares
dropped by between a quarter and more than 40%. The situation had
been aggravated by "rumours, distress news creaters (and) short
sellers" the TCR-AP added citing Reuters.
* INDONESIA: 120,000 Textile Workers May be Suspended Next Year
---------------------------------------------------------------
The Indonesian Textile Association (API) has projected that nearly
120,000 workers will be temporarily suspended next year due to the
U.S. economic slowdown, The Jakarta Post reports. The U.S. is the
main buyer of Indonesia's textile products
"We are estimating that 10 percent of the textile industry's
workers, or around 120,000 people, will probably be temporarily
laid off by January next year if things keep getting worse," API
Deputy Chairman Ade Sudrajat Usman was quoted by The Post as
saying.
The discharged workers, however, will still receive their proper
salaries as stipulated in the labor law and should get their jobs
back once their companies return to normal capacity, the report
adds.
But if the problem became still worse, then workers could be
permanently discharged, Reuters relates citing Mr. Ade.
Reuters, citing Mr. Ade, notes that the textile and apparel
exports to the United States, which absorbed 33 percent of
Indonesia's total textile exports, dropped to US$2.12 billion
during the first half of this year compared to US$5.1 billion
booked in the same period last year.
=========
J A P A N
=========
ASAHI MUTUAL: To Boost Domestic Bond Holdings by JPY100 Billion
---------------------------------------------------------------
Asahi Mutual Life Insurance Company plans to increase domestic
bond holdings by up to JPY100 billion (US$1 billion) this fiscal
year ending March 31 to lower risks, Bloomberg News reports.
"The key is to stay safe as we cannot avoid a slowdown in Japan.
We will carefully execute the plan as the current financial market
situation is unstable," the report cited Yukihiro Fujioka, general
manager of the asset allocation and planning unit, as saying.
According to the report, Mr. Fujioka said the company had
JPY2.3 trillion invested in domestic bonds as of Sept. 30. The
insurer may reduce overseas bond holdings, which totaled about
JPY400 billion at the end of last month, he added.
Japanese life insurers, the report says, need to boost returns
amid the global credit crisis after selling policies in the 1980s
with projected yields of as much as 6%. Asahi Mutual Life said it
expects 10-year yields to trade at 1.5% on March 31, the report
notes.
Bloomberg News meanwhile says benchmark 10-year yields have fallen
from an 11-month high of 1.895% in June as a global credit crisis
and slowing economy sent the Nikkei 225 Stock Average to a five-
year low on October 23. Ten-year yields are unlikely to exceed 2%
for the next couple of years, Mr. Fujioka said. "The economy is
deteriorating, so yields won't rise that much," he said. "We will
look for relative value trades," he added.
Bloomberg News adds Asahi Mutual Life's forecast for the 10-year
yield matches that of Sumitomo Life Insurance Co. Meiji Yasuda
Life Insurance Co. said the yield may reach 1.6%, the same report
says.
About Asahi Mutual
Asahi Mutual Life Insurance Company -- http://www.asahi-life.co.jp
-- one of Japan's oldest and largest life insurance firms, Asahi
Mutual Life Insurance sells primarily life and health policies to
individuals and groups. Its specialized policies include ones
that pay victims of cancer, stroke, and heart attack. Increased
competition from industry deregulation, the plunging stock market,
and cancellation of policies forced Asahi to cut about a third of
its workforce at one point. In an effort to increase sales, the
company started selling nonlife insurance products through Tokio
Marine Holdings (formerly Millea Holdings). A focus on third
sector products, including health insurance, has helped stabilize
the company's outlook.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on Oct.
9, 2008, JCR affirmed the BB+/Stable ratings on both senior debts
and ability to pay insurance claims of Asahi Mutual Life Insurance
Company.
EXCELLENT COLLABORATION: S&P Drops Rating on Class D Notes to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services has downgraded three classes of
Excellent Collaboration Tokutei Mokuteki Kaisha's series 1 notes,
due April/July 2010. S&P lowered its rating on the class B notes
to 'AA' from 'AAA', its rating on class C to 'BBB' from 'A', and
its rating on class D to 'BB' from 'BBB'. At the same time, S&P
affirmed its 'AAA' rating on the class A notes. The downgrades
reflect concern over deterioration in the creditworthiness of the
Japanese small and midsize enterprises (SMEs) that issued the pool
of bonds that back the aforementioned notes.
More than 10% of the SME obligors in the pool indicate that the
estimated default probabilities calculated by Chusho Kigyo (SME)
CreditModel exceed 3% per annum at this point, whereas no SME
obligors in the pool had indicated that the estimated default
probabilities exceeded more than 1% per annum as of March 23,
2007, when the aforementioned notes were issued. S&P believes
that the financial profiles of the SME obligors have deteriorated.
Even though no defaults have occurred since June 2008, five out of
the 263 obligors involved at the transaction's closing have de
faulted so far (the initial outstanding balance of the pool was
JPY17.34 billion, and the cumulative default amount is JPY380 mil
lion). On the other hand, the excess spread retained in the cash
reserve account (approximately JPY300 million as of Sept. 30,
2008) provides credit enhancement, together with the transaction's
overcollateralization and subordination structure.
Chusho Kigyo (SME) CreditModel is a credit risk evaluation model
designed to assess the creditworthiness of Japanese SMEs, devel
oped jointly by S&P's and Risk Data Bank of Japan Ltd.
Excellent Collaboration Tokutei Mokuteki Kaisha
-- JPY16.39 billion fixed-rate series 1 class A to D notes
Ratings Lowered:
Class To From Initial Issue Amount Legal Final Maturity
----- -- ---- -------------------- --------------------
B AA AAA JPY10.40 billion July 2010
C BBB A JPY0.50 billion July 2010
D BB BBB JPY0.50 billion July 2010
Rating Affirmed:
Class Rating Initial Issue Amount Legal Final Maturity
----- ------ -------------------- --------------------
A AAA JPY4.99 billion April 2010
JLOC XXXIII: S&P Cuts Class D Notes Rating to BB; Retains Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on JLOC
XXXIII's class D trust certificates, issued in November 2006, to
'BB' from 'BBB'. The rating remains on CreditWatch with negative
implications, where it had been placed on Sept. 26, 2008. At the
same time, S&P affirmed its ratings on the class A, B, C, and X
trust certificates.
S&P downgraded class D due to these factors:
-- Principal repayments on one of the underlying TMK bonds have
not met S&P's expectations due to a delay in the sale of
collateral properties.
-- There is escalating uncertainty over whether repayment of the
aforementioned TMK bond can be made by its final maturity.
-- There is mounting uncertainty over the likelihood of
collections from the properties that back the TMK bond, given
the recent deterioration in Japan's real estate market.
The rating on class D remains on CreditWatch as S&P expects the
uncertainty over collections from the properties that back the TMK
bond to persist.
The affirmation of the class A, B, C and X trust certificates
reflects prospects for collection from the underlying properties,
as well as credit support provided for the senior tranches by the
class D notes through the senior/subordinate transaction
structure.
S&P will review its rating on class D after ssessing progress made
in the redemption of the aforementioned TMK bond, in addition to
prospects of collections from the underlying properties. S&P will
also closely monitor the likelihood of repayment of other
receivables (TMK bonds/loans), as the transaction incorporates
other receivables whose underlying properties have not been sold
as originally expected.
The certificates are ultimately secured by a pool that originally
comprised a total of five TMK bonds and five nonrecourse loans.
The loans are backed by 110 real estate properties in Japan or by
property trust beneficiary interests owned by nine obligors. This
commercial mortgage-backed securities (CMBS) transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd. ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.
Rating Lowered and Kept on CreditWatch Negative:
JLOC XXXIII
-- JPY67.8 billion trust certificates due July 2013 issued on
Nov. 16, 2006
Class To From Current Balance Initial Amt
----- -- ---- --------------- -----------
D BB/Watch Neg BBB/Watch Neg JPY6,699,921,975 JPY7.5 bil.
Ratings Affirmed:
Class Rating Current Balance Initial Amt
----- ------ --------------- -----------
A AAA JPY31,561,177,875 JPY43.7 bil.
B AA JPY7,397,361,896 JPY8.6 bil.
C A JPY7,299,914,960 JPY8.0 bil.
X AAA JPY52,958,376,706 JPY67.8 bil.
(notional amt)
MARUBENI CORP: To Launch Low-Cost Digital Signage Service
---------------------------------------------------------
Marubeni Corp. will launch a low-cost digital signage service in
the hope of attracting distributors and other businesses, Jiji
Press reports.
The company, the report relates, plans to charge no more than
JPY14,000 to set up displays and a monthly service fee of less
than JPY10,000 per display.
According to the report, usually, it can cost as much as
JPY10 million to introduce digital signage because system
development is expensive. But Marubeni can offer the service at
such a cheap price, as it uses its own data center and transmit
information to displays via the Internet, the report says, citing
company officials.
About Marubeni Corporation
Marubeni Corporation -- http://www.marubeni.com-- is a
Japan-based trading company. It has 13 business segments: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including
the manufacture and sale of nonferrous light metals;
Transportation and Industrial Machines, including the wholesale
and retail of transportation-related and manufacturing
equipment; Plant, Infrastructure and Ship, including the
delivery and engineering of industrial plants and
infrastructure-related machines; Information, which sells
computers and others; Development and Construction, which
operates real estate; Finance, Logistics and Others, including
the operation of funds, and Steel, such as the production of
steel products.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
April 3, 2008, Lehman Brothers Inc. filed a lawsuit against
Marubeni Corp., claiming damages totaling JPY35.2 billion for a
bogus investment scheme.
Lehman was seeking to recoup JPY35 billion it loaned to a fund
run by a unit of Japanese biotechnology company LTT Bio-Pharma
Co. The funds were secured by Marubeni.
Previous reports said, citing unnamed sources, that Lehman
Brothers lost billions in investment in a hospital bailout
project carried out by a Tokyo-based medical consultancy named
Aesculapius.
Marubeni had denied any wrongdoing and had said it doesn't have
to cover any damage from the fund because the deal involved fake
documents.
MINATO BANK: Moody's Revises Rating Outlooks to Negative
--------------------------------------------------------
Moody's Investors Service revised from stable to negative the
outlooks for the D bank financial strength rating (BFSR) and the
Aa2 long-term deposit rating of Minato Bank, Ltd. (Minato Bank).
The revised rating outlooks reflect Moody's view that increasing
downward pressure on the bank's loan portfolio may worsen the
bank's already weak capitalization, as represented by its Tier I
capital. Minato Bank's long-term Aa2 credit ratings incorporate
the expectation of extraordinary support in the case of a stress
situation from Sumitomo Mitsui Banking Corporation (C bank
financial strength rating (BFSR), the Aa2 long-term deposit rating
the Prime-1 short-term deposit rating).
On October 17, Minato Bank lowered its earnings forecast because
of an increase in credit expenses (due mainly to its exposure to
the real estate sector) and a decline in investment trust fees and
sales commissions. As a result, the bank now expects an
unconsolidated net loss of 5 billion yen in FYE March 2009. This
would exert downward pressure on its weak Tier I capital ratio,
which would decrease to 5% in Moody's estimate.
Following the bank's first earnings forecast revision (also due to
an increase in credit expenses) in July, the bank experienced
additional costs stemming from the failure of several real estate
developers. As the bank's gross exposure to the real estate sector
was one of the highest among the regional banks rated by Moody's,
Moody's expects that credit expenses will likely continue to
pressure the bank's weak Tier I capital ratio.
Possible downward-rating triggers include 1) an additional rise in
the bank's credit expenses and 2) the consequent material impact
on the bank's weak Tier I capital.
Minato Bank Ltd., headquartered in Kobe, is a consolidated
subsidiary of Sumitomo Mitsui Banking Corporation. Its total
consolidated assets came to JPY 2.8 trillion as of March 2008.
* JAPAN: Securitization Trances Down 46.7% in 3Q 2008, S&P Says
---------------------------------------------------------------
Standard & Poor's Ratings Services said in a Japanese-language
report that it had assigned ratings to securitization transactions
worth JPY1,015.9 billion in Japan in the third quarter of 2008
(July to September), marking a 46.7% decrease from the previous
year. The transactions exclude credit derivative products without
issuances of bonds or trust certificates. Also, the number of
securitization transactions rated by S&P during the third quarter
fell to 33, down about 25% from the previous year.
An unprecedented financial crisis hit U.S. and European financial
institutions, causing turmoil in global financial markets,
especially after the collapse of several major U.S. banking
institutions, including Lehman Brothers Holdings Inc. Despite the
generally stable performance of underlying assets in Japanese
securitization transactions, the crisis affected Japan's
securitization market by slowing down the pace of new issuances.
Investors continue to adopt a cautious stance toward
securitization products, and moves to strengthen risk management
of securitization products have also dampened investment activity,
dragging down the number of new ratings assigned to securitization
deals in the third quarter of 2008. S&P expects the situation to
continue in the rest of the year.
* JAPAN: April-September Surplus Reaches 26-Year Low
----------------------------------------------------
Japan's trade surplus dived 85.6% in the April-September first
half of fiscal 2008 from a year earlier to JPY802.0 billion, the
lowest level in 26 and a half years, amid sharp hikes in energy
prices and the global economic slowdown, Kyodo News reports,
citing the Finance Ministry.
The report relates that the surging energy import prices far
outpaced growth in exports, which was tiny as shipments bound for
the United States and Europe declined as their economies
decelerated due to a global credit crisis.
Meanwhile, according to the report, exports rose 2.5% to
JPY42,904.3 billion for the 13th straight half-year gain on growth
in shipment of light diesel oil and kerosene to China and
Singapore, as well as in steel exports to South Korea, while
imports gained 16.1% for the 12th consecutive half-year rise to
hit a record JPY42,102.3 billion. Double-digit increases in crude
oil, liquefied natural gas and coal imports catapulted the first-
half amount into the record high position, the report says.
===============
M A L A Y S I A
===============
BSA INTERNATIONAL: Unit Receives Wind-Up Petition
-------------------------------------------------
BSA Manufacturing Sdn Bhd (BSAM), a wholly owned subsidiary of BSA
International Berhad, has received a winding-up petition from
Synergy Worldwide (M) Sdn Bhd, for claims amounting to
MYR245,564.54 in relation to the forwarding services provided to
BSAM.
The wind-up petition will be stayed for quite some time as the
company and its subsidiaries obtained a restraining order.
BSAM do not constitute a major subsidiary of the Company as it did
not contribute 70% or more of the consolidated total assets
employed of the company for the year ended December 31, 2007.
The cost of investment by the Company in BSAM was MYR10,278,764.
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.
* * *
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.
EKRAN BERHAD: Trading of Securities to be Suspended on Oct. 31
--------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that the trading of the
securities of Ekran Berhad, an Amended Practice Note No. 17/2005
company, will be suspended with effect from October 31, 2008,
pursuant to paragraphs 8.14C and 16.02 of the Listing Requirements
of Bursa Securities.
EKRAN has failed to comply with the condition imposed by Bursa
Securities to regularize its financial condition in respect of the
settlement of the debt of MYR50 million owed to Danaharta Urus Sdn
Bhd by Tan Sri Dato' Paduka (Dr) Ting Pek Khiing.
In addition to the imposition of suspension, the company is also
required to submit a regularization plan that falls within section
212 of the Capital Markets and Services Act 2007 to the Securities
Commission and such other relevant authorities for approval within
three months from October 31, 2008, until January 30, 2009,
failing which de-listing procedures shall be commenced against the
company.
Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies. Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations. The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.
* * *
Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.
HO HUP: Discloses Results of 34th Annual General Meeting
--------------------------------------------------------
The Board of Directors of Ho Hup Construction Company Bhd
disclosed these results of the resolutions passed by the company's
shareholders at the 34th Annual General Meeting held on Oct. 23,
2008.
Resolutions that were carried by show of hands:
* Resolution 1 - Audited Financial Statements for the year
ended December 31, 2007, and the Reports of the Directors and
Auditors thereon;
* Resolution 2 - Re-election of Lai Moo Chan;
* Resolution 10 - Payment of Directors' fees;
* Resolution 12 - Authority for Directors to issue and allot
shares pursuant to Section 132D of the Companies Act, 196;
and
* Resolution 13 - Proposed Renewal of Shareholders' Mandate for
Existing Recurrent Related Party Transactions.
Resolutions that were carried by poll:
* Resolution 7 - Re-election of YBhg. Datuk Lye Ek Seang;
* Resolution 8 - Re-election of Tan Sri Datuk Seri Panglima
Abdul Kadir bin Haji Sheikh Fadzir;
* Resolution 9 - Re-election of Encik Faris Najhan bin Hashim;
* Resolution 11 - Re-appointment of Auditors; and
* Resolution 14 - Proposed Amendments to the company's Articles
of Association.
Resolution that was NOT carried by Poll:
* Resolution 3 - Re-election of YBhg. Dato' Low Tuck Choy.
Resolutions dropped as Directors did not seek re-election:
* Resolution 4 - Re-election of Encik Mustapha bin Mohamed;
* Resolution 5 - Re-election of Encik Zainal Abidin bin Mohd
Yusof; and
* Resolution 6 - Re-election of Lee Chong Hoe.
Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery. The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles. The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.
* * *
Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements. As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005. The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:
* the group and the company reported a net loss of
MYR46.16 mil. and MYR19.04 mil. respectively during the year
ended December 31, 2007. As of that date, the group's
current liabilities exceeded its current assets by
MYR83.62 mil. In addition, the recognition of the liability
may increase the group's net current liabilities by
MYR43.9 million;
* Should the outcome of the arbitration case between the
company and the Government of Madagascar be unfavorable to
the company, the liquidity of the group and the company would
be adversely affected;
* the Secured Bank Guarantees amounting to MYR43.41 mil. have
been called upon by the Govt. of Madagascar from the
Guarantor Bank following the dismissal of the company's
application for leave to the Federal Courts on July 8, 2008.
On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
to the Govt. of Madagascar. No provision has been made for
the amounts of bank guarantees demanded by the Govt. of
Madagascar but the amounts have been disclosed as Contingent
Liabilities. The non-recognition of the liability arising
from the demand of bank guarantees by the Govt. of Madagascar
is not in accordance with Financial Reporting Standards in
Malaysia. The auditors were unable to perform sufficient
appropriate audit procedures to ascertain whether the
corresponding debit represents a recoverable amount or an
expense in the income statement.
TRIPLC BERHAD: Posts MYR1.24 Mil. Net Profit in Qtr. Ended Aug. 31
------------------------------------------------------------------
In a disclosure with the Bursa Malaysia Securities Berhad, Triplc
Berhad posted MYR1.24 million net profit on MYR80.71 million of
revenues in the quarter ended August 31, 2008, as compared with
MYR764,000 net profit on MYR40.55 million of revenues in the same
quarter of 2007. The construction division continues to be the
main contributor in the Group's overall performance.
As of August 31, 2008, the company's balance sheet showed
MYR325.85 million of total assets, MYR296.85 million of total
liabilities, resulting in a shareholders' equity of MYR29 million.
On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd. Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.
The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.
On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd. Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.
On January 5, 2007, the company submitted an application on a
regularization plan to the relevant authorities which was
subsequently rejected by the Securities Commission on May 3, 2007.
The Company's appeal on the SC's decision was also rejected on
October 9, 2008. Currently, the company submitted an appeal to
Bursa Securities for an extension of time until December 31, 2008,
for TRIplc to make the necessary applications to the relevant
authorities.
====================
N E W Z E A L A N D
====================
ACW PROPERTY: Faces Body Corporate's Wind-Up Petition
-----------------------------------------------------
On August 11, 2008, an application to put ACW Property Trust
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on December 17, 2008, at 10:00 a.m.
The plaintiff is Body Corporate 360485, whose address for service
is at the offices of Grove Darlow & Partners, Solicitors, Level
10, WHK Gosling Chapman Tower, 51-53 Shortland Street, Auckland.
The plaintiff's solicitors are T. J. G. Allan and J. E. M.
Lethbridge.
ASCOT AUCKLAND: Court to Hear Wind-Up Petition on Nov. 28
---------------------------------------------------------
On September 22, 2008, an application to put Ascot Auckland
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, November 28, 2008, at 10:45 a.m.
The plaintiff is Ti Rakau Drive Limited, formerly Debt Recovery Co
NZ Limited, whose solicitor is Malcolm Whitlock, whose address for
service is at the offices of Debt Recovery Group NZ Limited, 2/166
Henderson Valley Road, Henderson.
AYRES FINANCIAL: Shareholders Resolve to Liquidate Company
----------------------------------------------------------
John David Naylor, chartered accountant of Palmerston North, was
appointed as liquidator of Ayres Financial Services Limited by
special resolution of the shareholders on October 8, 2008.
Creditors and shareholders may direct enquiries to:
A. G. Doig
Naylor Lawrence & Associates
Guardian Trust House, 4th Floor
corner of Main Street and The Square
Palmerston North
Postal Address: PO Box 648, Palmerston North
Telephone: (06) 357 0640
Facsimile: (06) 358 9105
BAYWOOD INVESTMENTS ET AL: 11 Companies Commence Liquidation
------------------------------------------------------------
The official assignee advises these liquidations:
Date Company
---- -------
22 September 2008 Steelbuilt Homes North Island Limited
3 October 2008 Eastview Construction Limited
M.I. Plastering Limited
Northern Aquisitions Limited
Queenstown Alpine Limited
6 October 2008 Baywood Investments Limited
Canterbury Garage Doors (2001) Limited
Property Projects 11 Limited
Property Projects 9 Limited
Rangiora Business Park Limited
Taranaki 264 Limited
OFFICIAL ASSIGNEE: Private Bag 4714
Christchurch Mail Centre
Christchurch 8140
Freephone: 0508 467 658
Website: www.insolvency.govt.nz
BETA PROCESSING: Faces Hawkins Refrigeration's Wind-Up Petition
---------------------------------------------------------------
On September 30, 2008, an application to put Beta Processing
Limited into liquidation was filed in the High Court at
Christchurch.
The application is to be heard before the High Court at
Christchurch on November 17, 2008, at 10:00 a.m.
The plaintiff is Hawkins Refrigeration Limited, whose address for
service is at the offices of Tomlinson Paull, Barristers &
Solicitors, Level 10, Forsyth Barr House, 764 Colombo Street (PO
Box 13552), Christchurch; Telephone: (03) 377 0466 (Attention:
Graham Paull).
D. M. LESTER is the counsel for the plaintiff.
C2K CONSULTANTS: Shareholders Appoint Joint Liquidators
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of C2K Consultants Limited
pursuant to a special resolution of shareholders entered into the
company's minute book, on October 7, 2008.
The liquidator can be reached at:
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street, Wellington
Telephone: (04) 473 6747
Facsimile: (04) 473 6748
CATERING EQUIPMENT: Court to Hear Wind-Up Petition on Oct. 31
-------------------------------------------------------------
On July 8, 2008, an application to put Catering Equipment Services
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:00 a.m.
The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 17 Putney Way (PO Box 76198), Manukau, Auckland 2241;
Telephone: (09) 985 7274; Facsimile: (09) 985 9473.
The plaintiff's solicitor is Sandra Joy North.
DATASTOR OUTLET: Joint Liquidators Appointed
--------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Datastor Outlet
Disposals Limited (in liquidation) on October 9, 2008, at
10:34 a.m.
The liquidators can be reached at:
Indepth Forensic Limited
PO Box 278
Hamilton
Telephone: (07) 957 8674
Website: http://www.indepth.co.nz
DEYER DEVELOPMENTS: Court to Hear Wind-Up Petition on Oct. 31
-------------------------------------------------------------
On June 26, 2008, an application to put Deyer Developments Limited
into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:45 a.m.
The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 17 Putney Way (PO Box 76198), Manukau, Auckland 2241;
Telephone: (09) 985 7274; Facsimile: (09) 985 9473.
The plaintiff's solicitor is Sandra Joy North.
DYNASTY GROUP: High Court Appoints Joint Liquidators
----------------------------------------------------
The High Court at Auckland on October 3, 2008, appointed John
Trevor Whittfield and Peri Micaela Finnigan, insolvency
practitioners of Auckland, jointly and severally as liquidators of
Dynasty Group Limited.
The deadline for creditors to file a proof of claim is
November 21, 2008.
The liquidators can be reached at:
McDonald Vague
PO Box 6092
Wellesley Street, Auckland 1141
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Website: http://www.mvp.co.nz
Enquiries to: Dennis Wood
Telephone: (09) 306 3354
ECO-SOURCE NZ: High Court to Hear Wind-Up Petition on Dec. 19
-------------------------------------------------------------
On August 19, 2008, an application to put Eco-Source NZ Limited
into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on December 19, 2008, at 10:45 a.m.
The plaintiff is Image Centre Limited whose address for service is
at the offices of Lowndes Jordan, Solicitors, Level 22, The ANZ
Centre, 23-29 Albert Street, Auckland.
The plaintiff's solicitor is L. M. L. Lim.
ELECTRO INTEGRATED: Claims Filing Deadline Is November 10
---------------------------------------------------------
The deadline for creditors of Electro Integrated Services Limited
(in liquidation) to file proofs of claim is November 10, 2008.
The liquidator is:
D. C. Parsons
Indepth Forensic Limited, Insolvency Practitioners
PO Box 278, Hamilton
Telephone: (07) 957 8674
Facsimile: (07) 957 8677
FAT AND THIN: Shareholders Resolve to Liquidate Company
-------------------------------------------------------
On October 6, 2008, it was resolved by special resolution of
shareholders pursuant to section 241(2)(a) of the Companies Act
1993, that Fat and Thin Productions Limited be liquidated and that
Stephen Mark Lawrence and Anthony John McCullagh, insolvency
practitioners of PKF Corporate Recovery & Insolvency (Auckland)
Limited, be appointed joint and several liquidators for that
purpose.
The liquidators have fixed November 3, 2008, as the day on or
before which creditors are to make their claims and to establish
any priority their claims may have, or to be excluded from the
benefit of any distribution made before the claims are made or, as
the case may be, from objecting to the distribution.
Creditors and members may direct enquiries to the liquidators:
STEPHEN MARK LAWRENCE and ANTHONY JOHN MCCULLAGH
Joint and Several Liquidators
PKF Corporate Recovery & Insolvency (Auckland) Limited
PO Box 3678, Auckland 1140
Telephone: (09) 306 7425
Facsimile: (09) 302 0536
Attention: Shelley Palman
FERNHILL LAND: High Court to Hear Wind-Up Petition on November 21
-----------------------------------------------------------------
On July 21, 2008, an application to put Fernhill Land Holdings
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 21, 2008, at 10:00 a.m.
The plaintiff is Bridgecorp Limited (in receivership and in
liquidation), whose address for service is PricewaterhouseCoopers,
Level 8, 188 Quay Street, Auckland.
The plaintiff's solicitor is:
C. R. Andrews
McVeagh Fleming, Lawyers
HSBC House, Level 14
1 Queen Street, Auckland 1010
Postal Address: PO Box 4099, Shortland Street, Auckland 1140
Telephone: (09) 377 9966
Facsimile: (09) 379 4230
Attention: Craig Andrews
FESTIVELY PLUMP: Shareholders Appoint Joint Liquidators
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Festively Plump Limited
pursuant to a special resolution of shareholders entered into the
company's minute book on October 7, 2008.
The liquidators can be reached at:
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street, Wellington
Telephone: (04) 473 6747
Facsimile: (04) 473 6748
HARROSS LIMITED: High Court Appoint Joint Liquidators
-----------------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered accountants
of HFK Limited, were appointed liquidators of Harross Limited by
order of the High Court on October 6, 2008.
The liquidators fixed November 6, 2008, as the deadline for
creditors to file proofs of claim.
Enquiries may be directed during normal business hours to Marie
Inch at HFK Limited, 567 Wairakei Road (PO Box 39100),
Christchurch, or telephone (03) 352 9189.
JOELEEN ENTERPRISES: Shareholders Appoint Joint Liquidators
-----------------------------------------------------------
David Blanchett, chartered accountant of Hamilton, and Vivian
Fatupaito, insolvency practitioner of Auckland, were appointed
joint and several liquidators of Joeleen Enterprises Limited by
the shareholders on October 6, 2008.
The deadline for creditors to file proofs of claim is October 31,
2008.
Claims are to be forwarded and creditors and shareholders may
direct enquiries to:
Joeleen Enterprises Limited (in liquidation)
c/o PricewaterhouseCoopers
corner of Bryce and Anglesea Streets
PO Box 191, Hamilton
Telephone: (07) 838 3838
Facsimile: (07) 839 4178
Attention: Daniel Coombe
KENSINGTON ET AL: Claims Filing Deadline Is January 6
-----------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, of Auckland, was
appointed sole liquidator of these companies by the shareholders
on September 30, 2008:
-- Kensington Properties (NZ) Limited
-- Harbourside Business Centre Limited
-- K P Albany Limited
-- Strathire Trustee Limited
-- Kensington Park Real Estate Limited
-- Kensington Morrin Limited
-- Kensington Park Property Management Limited
-- Kensington Residential Limited
-- L & P Limited
-- Airport Oaks Properties Limited
-- Huka Falls Resort Management Services Limited
-- K P Developments Limited
The deadline for creditors to file proofs of claim is January 6,
2009.
Claims and enquiries to:
PricewaterhouseCoopers
Private Bag 92162
Victoria Street West, Auckland 1142
Telephone: (09) 355 8000
Facsimile: (09) 355 8013
Attention: Adrienne Stone
KIWI PROPERTY ET AL: High Court Appoints Joint Liquidators
----------------------------------------------------------
Henry David Levin, insolvency specialist, and David Stuart Vance,
chartered accountant, were appointed liquidators jointly and
severally of the companies by the High Court at Auckland on
October 9, 2008, for these four companies:
-- Kiwi Property Investments Limited
-- Conductive Software Systems Limited
-- Iwata Cars Limited
-- Martin Panel and Paint Limited
The deadline for creditors to file their proofs of claim is
November 13, 2008.
Enquiries for information relating to the liquidations may be made
to Deloitte, Level 8, Deloitte House, 8 Nelson Street, Auckland
1010; Postal Address: PO Box 33, Shortland Street, Auckland 1140;
Telephone: (09) 309 4944; Facsimile: (09) 309 4947
LAGO ENTERPRISES: High Court to Hear Wind-Up Petition on Oct. 28
----------------------------------------------------------------
On September 3, 2008, an application to put Lago Enterprises
Limited into liquidation was filed in the High Court at
Wellington.
The application is to be heard before the High Court at Wellington
on October 28, 2008 at 10:00 a.m.
The plaintiffs are:
Peter Jeremy Dawson Goodson -- (first plaintiff)
Peter Jeremy Dawson Goodson, Patricia Frances Goodson and
Martin William Allardice -- (second plaintiffs) and
Peter Jeremy Dawson Goodson, Patricia Frances Goodson and
David Allan Porter -- (third plaintiffs)
The plaintiffs' solicitor is P. D. Barrett, at Luke, Cunningham &
Clere, Level 10, 89 The Terrace, Wellington.
MICROTEL LTD: High Court to Hear Wind-Up Petition on December 8
---------------------------------------------------------------
On September 8, 2008, an application to put Microtel Limited into
liquidation was filed in the High Court at Rotorua. The
application is to be heard before the High Court at Rotorua on
December 8, 2008, at 10:45 a.m.
The plaintiff is AA Guides Limited, whose address for service is
at the offices of AEL Legal, 31-33 Great South Road, Newmarket,
Auckland; Postal Address: PO Box 8536, Symonds Street, Auckland
1150.
T. M. Bates is the solicitor for the plaintiff.
PAULS FLOORINGS: High Court Appoints Joint Liquidators
------------------------------------------------------
The High Court at Auckland on October 3, 2008, appointed
Boris van Delden and Peri Micaela Finnigan, insolvency
practitioners of Auckland, jointly and severally as liquidators of
Pauls Floorings Limited.
The deadline for creditors to file proofs of claim is November 21,
2008.
The liquidators can be reached at:
McDonald Vague
PO Box 6092
Wellesley Street Post Office
Auckland 1141
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Website: http://www.mvp.co.nz/
Enquiries to: Kevin Bromwich
Telephone: (09) 303 9514
PC'S FRESH PRODUCE: Faces KFL Produce's Wind-Up Petition
--------------------------------------------------------
On September 8, 2008, an application to put PC's Fresh Produce
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on February 27, 2009, at 10:45 a.m.
The plaintiff is KFL Produce Limited, whose address for service is
care of the offices of Collins & May Law Office, 4th Floor, 44
Queens Drive (PO Box 30614), Lower Hutt; Telephone: (04) 566 5775.
The plaintiff's solicitor is Eugene Jeffery Collins.
PST IMAGES: High Court to Hear Wind-Up Petition on Oct. 28
----------------------------------------------------------
On June 25, 2008, an application to put PST Images Limited into
liquidation was filed in the High Court at Wellington. The
application is to be heard before the High Court at Wellington on
October 28, 2008, at 10:00 a.m.
The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington; Telephone:
(04) 890 1067; Facsimile: (04) 890 0009.
The plaintiff's solicitor is Mary Kate Crimp.
RAY HOMES: Claims Filing Deadline is November 10
------------------------------------------------
Ray Homes Limited was placed into liquidation on October 9, 2008,
at 10:19 a.m., with the appointment of Grant Bruce Reynolds as
liquidator.
The liquidator fixed November 10, 2008, as the deadline for
creditors to file their proofs of claim.
The liquidator can be reached at:
Reynolds and Associates Limited
PO Box 259059
Greenmount, Auckland
Telephone: (09) 526 0743
Facsimile: (09) 526 0748
Email: grant@randa.co.nz
SHEPPARD CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 28
----------------------------------------------------------------
On August 25, 2008, an application to put Sheppard Construction
Limited into liquidation was filed in the High Court at
Wellington.
The application is to be heard before the High Court at Wellington
on October 28, 2008, at 10:00 a.m.
The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington. Telephone:
(04) 890 3203. Facsimile: (04) 890 0009.
The plaintiff's solicitor is Amy Jean York.
SOUTH-MECH LOGGING: High Court Appoints Joint Liquidators
---------------------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered accountants
of HFK Limited, were appointed liquidators of
South-Mech Logging Limited by order of the High Court on
October 8, 2008, at 10:20 a.m.
The deadline for creditors to file their proofs of claim is
November 8, 2008.
Enquiries may be directed during normal business hours to Marie
Inch at HFK Limited, 567 Wairakei Road (PO Box 39100),
Christchurch, or telephone (03) 352 9189.
TARANAKI LIFESTYLE: Commences Liquidation Proceedings
-----------------------------------------------------
On October 9, 2008, it was resolved by special resolution that
Taranaki Lifestyle Limited be liquidated and that Roderick T.
McKenzie and Lyn M. Carey of McKenzie & Partners Limited,
Chartered Accountants, Palmerston North, be appointed liquidators.
The liquidators have fixed November 10, 2008, as the last day for
creditors to make their claims and to establish any priority their
claims may have under section 312 of the Companies Act 1993.
Creditors who have not made a claim at the date a distribution is
declared may be excluded from the benefit of that distribution and
may not object to that distribution.
The liquidators can be reached at:
McKenzie & Partners Limited
484 Main Street, Level 1
PO Box 12014, Palmerston North
Telephone: (06) 354 9639
Facsimile: (06) 356 2028
TASMAN VIEWS: Faces Opus International's Wind-Up Petition
---------------------------------------------------------
On September 19, 2008, an application to put Tasman Views Limited
into liquidation was filed in the High Court at Christchurch. The
application is to be heard before the High Court at Christchurch
on November 17, 2008, at 10:00 a.m.
The plaintiff is Opus International Consultants Limited, whose
address for service is at the offices of Maude & Miller, 2nd
Floor, McDonald's Building, Cobham Court (PO Box 50555 or DX SP
32505), Porirua City.
The plaintiff's solicitor is Dianne S. Lester.
TECHNICAL WATER: High Court Appoints Interim Liquidators
--------------------------------------------------------
Barry Phillip Jordan and David Stuart Vance, chartered
accountants, were appointed interim liquidators jointly and
severally of the company by the High Court at Tauranga on
October 6, 2008.
The deadline for creditors to file proofs of claim is October 31,
2008.
The Court has set November 17, 2008 as the next hearing date, to
determine whether the company be placed into full liquidation or
returned to the director.
Enquiries for information relating to the interim liquidation may
be made to Logan Nicholls at Deloitte, Levels 11-16, Deloitte
House, 10 Brandon Street, Wellington 6011; Postal Address: PO Box
1990, Wellington 6140; Telephone: (04) 472 1677; Facsimile: (04)
472 8023.
TINUI SHEARING: Court to Hear CIR's Wind-Up Petition on Oct. 28
---------------------------------------------------------------
On May 2, 2008, an application to put Tinui Shearing Limited into
liquidation was filed in the High Court at Masterton. The
application is to be heard before the High Court at Wellington on
October 28, 2008, at 10:00 a.m.
The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington. Telephone:
(04) 890 1133. Facsimile: (04) 890 0009.
The plaintiff's solicitor is Andrew Hamer Instone.
TOLLEY BROTHERS: Faces Bunnings Limited's Wind-Up Petition
----------------------------------------------------------
On August 22, 2008, an application to put Tolley Brothers Limited
into liquidation was filed in the High Court at Rotorua. The
application is to be heard before the High Court at Rotorua on
November 17, 2008, at 10:45 a.m.
The plaintiff is Bunnings Limited, trading as Benchmark Building
Supplies, whose address for service is at the offices of Account
Collection Service Limited, 33B Constellation Drive, Mairangi Bay,
North Shore City.
The plaintiff's solicitor is C. N. Lord.
WINGATE TWO: High Court to Hear Wind-Up Petition on Oct. 28
-----------------------------------------------------------
On September 3, 2008, an application to put Wingate Two Limited
into liquidation was filed in the High Court at Wellington.
The application is to be heard before the High Court at Wellington
on Tuesday, October 28, 2008, at 10:00 a.m.
The plaintiffs are:
Peter Jeremy Dawson Goodson -- (first plaintiff);
Peter Jeremy Dawson Goodson, Patricia Frances Goodson and
Martin William Allardice -- (second plaintiffs); and
Peter Jeremy Dawson Goodson, Patricia Frances Goodson and
David Allan Porter -- (third plaintiffs).
P. D. Barrett, at Luke, Cunningham & Clere, Level 10, 89 The
Terrace, Wellington, is the plaintiffs' solicitor.
=================
S I N G A P O R E
=================
CD-BIZ DIRECTORIES: Pays First and Final Preferential Dividend
--------------------------------------------------------------
CD-Biz Directories Pte Ltd. has paid its first and final
preferential dividend on October 10, 2008.
The company paid 55.14% of dividend to the received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
IMPERIAL CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 31
----------------------------------------------------------------
A petition to have Imperial Construction (Private) Limited's
operations wound up will be heard before the High Court of
Singapore on October 31, 2008, at 10:00 a.m.
Chai Chee Keng filed the petition against the company on Oct. 6,
2008.
Chai Chee's solicitors are:
M/s Christopher Yap & Co.
106 International Road
Singapore 629175
TTR TECHNOLOGIES: Pays First & Final Dividend
---------------------------------------------
TTR Technologies Pte Ltd. has paid the first and final dividend to
its creditors on October 10, 2008.
The company paid 30% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
UNITED ALLIANCE: Creditors' Proofs of Debt Due on October 31
------------------------------------------------------------
The creditors of United Alliance Textiles Pte Ltd. are required to
file their proofs of debt by October 31, 2008, to be included in
the company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
VALENCIA COURT ET AL: Rodewald & Neilson Named Liquidators
----------------------------------------------------------
Thomas Lee Rodewald and Robert James Neilson were appointed joint
and several liquidators of three companies on:
Date Company
---- -------
October 1, 2008 Valencia Court Holdings Limited
October 6, 2008 Harley Logging Limited
October 9, 2008 Traditional Smallgoods & Meat Processors Ltd
The liquidators can be reached at:
Rodewald Hart Brown Limited
PO Box 15660, Tauranga 3144
Telephone: (07) 571 6280
Website: http://www.rhb.co.nz/
===========
T A I W A N
===========
AU OPTRONICS: Third Quarter Profit Drops on Lower Shipments
-----------------------------------------------------------
AU Optronics Corp.'s consolidated net profit in the third quarter
drops to NT$860 million from NT$20.39 billion in the second
quarter and NT$22.57 billion in the year-earlier period due to
lower shipments and weaker selling prices of large-sized liquid
crystal display (LCD) panels, XFN-ASIA News reports.
"Our delivery of large-sized panels declined and selling prices
moved lower," the report cited Chief Financial Officer Max Cheng
as saying.
According to the report, large-sized panel shipments in the third
quarter stood at 20.72 million, a drop of 5.2% from the previous
quarter and a 6.9% decrease over the year-earlier period; while
the average selling price of large panels fell to US$137 in the
three months to September from US$168 a quarter ago and against
US$173 the year before.
The company's revenue for the third quarter stood at NT$104.07
billion against NT$123.48 billion in the preceding three months
and NT$137.96 billion a year earlier, the report says.
About AU Optronics
AU Optronics Corp. is the world's 3rd largest manufacturer of
large-sized thin film transistor liquid crystal display panels,
with approximately 19%* of global market share in Q1/2008 and
revenues of NT$480.2 billion (US$14.81billion)in 2007. TFT-LCD
technology is currently the most widely used flat panel display
technology. Targeted for 40"+ sized LCD TV panels, AUO's new
generation (7.5-generation) fabrication facility production
started mass production in the fourth quarter of 2006. The
Company currently operates one 7.5-generation, two 6th-
generation, four 5th-generation, one 4th-generation, and four
3.5-generation TFT-LCD fabs, in addition to eight module
assembly facilities and the AUO Technology Center specializes in
new technology platform and new product development. AUO is one
of few top-tier TFT-LCD manufacturers capable of offering a wide
range of small- to large- sized (1.5"-65") TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.
* * *
The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings. The Outlook
is Positive.
AU OPTRONICS: Cuts 2008 & 2009 Capex by NT$30 Billion
-----------------------------------------------------
AU Optronics is reducing its capex plans for 2008 and 2009 by a
combined NT$30 billion (US$901 million), amid an industry
downcycle, Reuters reports.
The company, the report says, gave the guidance at an investor
conference, but did not give a breakdown for each year.
AU Optronics Corp. is the world's 3rd largest manufacturer of
large-sized thin film transistor liquid crystal display panels,
with approximately 19%* of global market share in Q1/2008 and
revenues of NT$480.2 billion (US$14.81billion)in 2007. TFT-LCD
technology is currently the most widely used flat panel display
technology. Targeted for 40"+ sized LCD TV panels, AUO's new
generation (7.5-generation) fabrication facility production
started mass production in the fourth quarter of 2006. The
Company currently operates one 7.5-generation, two 6th-
generation, four 5th-generation, one 4th-generation, and four
3.5-generation TFT-LCD fabs, in addition to eight module
assembly facilities and the AUO Technology Center specializes in
new technology platform and new product development. AUO is one
of few top-tier TFT-LCD manufacturers capable of offering a wide
range of small- to large- sized (1.5"-65") TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.
* * *
The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings. The Outlook
is Positive.
*********
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
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*** End of Transmission ***