/raid1/www/Hosts/bankrupt/TCRAP_Public/081205.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 5, 2008, Vol. 11, No. 242
Headlines
A U S T R A L I A
A.C.N. 006 332 798: Declares Dividend for Priority Creditors
AKIMBO PTY: Placed Under Voluntary Liquidation
APRIL CONTRACTORS: Commences Liquidation Proceedings
CALDONNAY PTY: Placed Under Voluntary Liquidation
CITY VIEW: Declares Final Dividend
D.H.F. LEUNG: Declares First and Final Dividend
DELMONTE INVESTMENTS: Placed Under Voluntary Liquidation
FINCORP: Investors to Launch Class Action Against Trustee
FRONTIER MUSIC: Declares First and Final Dividend
NOVALINE PTY: Declares First Dividend for Unsecured Creditors
PERIGORD SERVICES ET AL: Members and Creditors Hear Wind-Up Report
RED BLUFF: Declares Final Dividend for Unsecured Creditors
SEARANE PTY: Placed Under Voluntary Liquidation
T.A.C. AUTOMATION: Enters Wind-Up Proceedings
TRANSFIELD SERVICES: Raises AU$204 Mil. at Massive Discount
C H I N A
BALLY TOTAL: Files for Chapter 22 Due to Liquidity Crisis
BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
HOPSON DEVELOPMENT: Moody's Puts 'B1' Sr. Bond Rating on Review
H O N G K O N G
GALAXY ENTERTAINMENT: Unit Commences Tender Offer to Buy Notes
JPMORGAN CHASE: Investors Want to Flee From Highbridge Capital
I N D I A
JET AIRWAYS: To Further Cut Costs as Demand Weakens
L T KARLE: CRISIL Rates Various Bank Loans at 'P4'
SABARE INT'L.: CRISIL Rates Rs.331.90 Mil. Long Term Loans at 'B'
* CRISIL: Indian Securitisation Market Solid Amid Global Meltdown
J A P A N
JLOC XXX: Fitch Cuts Rating on JPY6.7 Bil. Class D Bonds to 'B-'
ORSO FUNDING: S&P Keeps Low-B Ratings on 4 Classes of Certificates
N E W Z E A L A N D
CORRIGENDUM – BJ: Appoints Whittfield and Finnigan as Liquidators
FCL ROADFREIGHT: Appoints Shephard and Dunphy as Liquidators
FINE WINE: Goes Into Voluntary Administration
HANOVER FINANCE: Investors to File Court Injunction Application
LIFE SKILLS: Creditors' Proofs of Debt Due on April 15
MACCAN LTD: Court Hears Wind-Up Petition
MARINE PORTS: Fixes April 15 as Last Day to File Proofs of Debt
MEETAKIWI LTD: Creditors' Proofs of Debt Due on February 7
ONEHUNGA LIQUOR: Court to Hear Wind-Up Petition on December 12
ORANGE INSURANCE: Creditors Accept Repayment Plan
PROPERTYFINANCE: To Put Off Repayment of NZ$7.8 Million Next Year
ST LAURENCE: Investors Approve Recapitalization Plan
TRELEX INVESTMENTS: Members & Creditors Hear Wind-Up Report
VISTAITA LTD: Court to Hear Wind-Up Petition on December 15
* NEW ZEALAND: Wholesale Trade Sales Fall 1.0% in September Qtr.
S I N G A P O R E
BCH RETAIL: Creditors' Proofs of Debt Due on December 27
BUGIS CITY: Creditors' Proofs of Debt Due on December 27
HAMCO MARINE: Court Enters Wind-Up Order
HIANG KIE: Declares Fourth and Final Dividend
T J CONSTRUCTION: Declares Fourth and Final Dividend
S O U T H A F R I C A
FIRSTRAND LTD: Investment-Banking Unit Incurs Unexpected Losses
T A I W A N
KOLIN CO: President Under Probe for Embezzlement
X X X X X X X X
* Big 3 Get UAW's OK on Healthcare Payment Delays & Jobs Bank Cuts
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
A.C.N. 006 332 798: Declares Dividend for Priority Creditors
------------------------------------------------------------
A.C.N. 006 332 798 Pty Ltd, which is in liquidation, declared its
first and final dividend on November 21, 2008.
Only creditors who were able to file their proofs of debt by
November 7, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
S. J. Michell
HLB Mann Judd
Chartered Accountants
160 Queen Street, Level 1
Melbourne VIC 3000
AKIMBO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Akimbo Pty. Ltd. met on September 30, 2008, and
resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Barry Keith Taylor
B. K. Taylor & Co.
8/608 St. Kilda Road
Melbourne VIC 3004
APRIL CONTRACTORS: Commences Liquidation Proceedings
----------------------------------------------------
The members of April Contractors Pty. Ltd. met on September 30,
2008, and resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Barry Keith Taylor
B. K. Taylor & Co.
8/608 St. Kilda Road
Melbourne VIC 3004
CALDONNAY PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 3, 2008, the members of
Caldonnay Pty Ltd resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
G. S. Andrews
G S Andrews & Associates
22 Drummond Street
Carlton VIC 3053
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
CITY VIEW: Declares Final Dividend
----------------------------------
City View Landscape Constructions Pty. Limited, which is in
liquidation, declared its final dividend on November 7, 2008.
Only creditors who were able to file their proofs of debt by
October 31, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Anthony Cant
Romanis Cant
106 Hardware Street, 2nd Floor
Melbourne VIC 3000
D.H.F. LEUNG: Declares First and Final Dividend
-----------------------------------------------
D.H.F. Leung Pty Ltd, which is in liquidation, declared first and
final dividend on November 17, 2008.
Only creditors who were able to file their proofs of debt by
Nov. 14, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Richard Rohrt
c/o Scott Partners Consulting
173 Burke Road, Level 1
Glen Iris VIC 3146
Telephone:(03) 9500 0511
DELMONTE INVESTMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on November 14, 2008, the members of
Delmonte Investments Pty Ltd resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
G. S. Andrews
G S Andrews & Associates
22 Drummond Street
Carlton VIC 3053
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
FINCORP: Investors to Launch Class Action Against Trustee
---------------------------------------------------------
Slater & Gordon Limited disclosed its intention to commence a
class action against Sandhurst Trustees on behalf of secured and
unsecured noteholders that invested in Fincorp Investments Limited
after December 7, 2004.
The Claim
Under the Corporations Act, Fincorp Investments was required to
appoint a trustee to safeguard the interests of investors.
Sandhurst Trustees Limited was appointed to this role in March
2004 pursuant to two Trust Deeds.
The Act provided Sandhurst with a suite of significant powers,
with which to effect its primary responsibility of ensuring that
Fincorp Investments was able meet its financial obligations to
investors. In return for its assumption of fiduciary and
statutory responsibilities, Sandhurst was handsomely remunerated
out of investors' funds up until the group's collapse in March
2007.
Slater & Gordon said that the class action will allege that
Sandhurst breached its statutory duties by failing to comply with
its duty to exercise reasonable diligence in relation to Fincorp's
financial position. It will allege that, had Sandhurst acted as a
reasonable and prudent corporate trustee ought to have, that it
would have prevented further fundraising from about December 7,
2004. It will be alleged that, if Sandhurst's breach of duty can
be established, persons that invested in Fincorp subsequent to
that relevant date will be entitled to compensation for loss of
capital and interest.
Background
According to Slater & Gordon, the Fincorp group describes itself
as "a funds management and property investment group, specialising
in mortgage and property backed investment products and property
developments."
The funds were raised from investors pursuant to prospectuses
issued by Fincorp Investments Limited and were predominantly
loaned to related parties within the Fincorp group, for the
purpose of financing the activities of group subsidiaries.
However, it is worth noting that at the time of the group's
liquidation, "dirt had not been dug" on most of the many
properties supposedly under development. It appears that, over
time, the Fincorp group became completely reliant on the influx of
funds from new investors in order to pay its expenses, including
related-party loans and the interest that it owed to current
noteholders.
Fincorp Investments was subject to regulatory intervention by ASIC
on a number of occasions. In October 2002, Fincorp was required
to correct misleading information in its prospectus about the
risks associated with investing. It was permitted to keep
fundraising however, despite two further interim stop orders being
obtained by ASIC in September 2004 for the same offense. In March
2005, ASIC initiated proceedings in the Supreme Court of NSW
against Fincorp Investments, alleging that the 2004 prospectus was
misleading, and Fincorp settled the matter by undertaking to make
a corrective disclosure, and to offer a full refund of the $75
million that had been raised from investors between February 17,
2004, and September 9, 2004.
According to Slater & Gordon, the collapse of the Fincorp group of
companies in March 2007 placed at risk over $200 million invested
by around 8000 'mum and dad' investors. After Westpoint, it was
the second major Australian fixed-interest investment scheme to
collapse and has since been followed by high profile companies
including Bridgecorp, Australian Capital Reserve, Elderslie
Finance, and Asset Loans.
About Slater & Gordon
Based in Australia, Slater & Gordon Limited engages in the
operation of legal practices throughout Victoria, New South Wales,
Queensland, Western Australia and the Australian Capital
Territory. The company's personal injury practice areas include
asbestos law, comcare claims, medical negligence, military
compensation, motor vehicle accident claims, public liability
claims and workers compensation. It also has practices in areas
of law, which include commercial law and business services,
commercial litigation and dispute, resolution, class actions,
elder law and retiree services, family law, migration law,
superannuation and insurance, union services, and wills, probates
and estates. In March 2008, the company announced that its
acquisition of Coffs Habour (New South Wales) firm Crane Butcher
McKinnon has been completed. In June 2008, the company completed
the acquisition of Secombs Solicitors, a full-service law firm.
About Fincorp
Fincorp Group -- http://www.fincorp.com.au/-- is a boutique
funds management and property development business that
focuses on mortgage-backed and property products. It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.
Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001. Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.
* * *
On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.
David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.
Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.
FRONTIER MUSIC: Declares First and Final Dividend
-------------------------------------------------
Frontier Music Group Pty Ltd declared its first and final dividend
on November 26, 2008.
Only creditors who were able to file their proofs of debt by
November 5, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Paul Vartelas
B. K. Taylor & Co
8/608 St Kilda Road
Melbourne VIC 3004
NOVALINE PTY: Declares First Dividend for Unsecured Creditors
-------------------------------------------------------------
Novaline Pty Limited declared first dividend for its unsecured
creditors on November 21, 2008.
Only creditors who were able to file their proofs of debt by
November 7, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Anthony Cant
Romanis Cant
106 Hardware Street, 2nd Floor
Melbourne VIC 3000
PERIGORD SERVICES ET AL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------------
On November 14, 2008, Anthony R. Cant gave an account on the wind-
up report and property disposal to the members and creditors of
these companies:
-- Perigord Services Australia Pty. Ltd.; and
-- Wight's Caneware Manufacturing.
The Liquidator can be reached at:
Anthony R. Cant
Romanis Cant Chartered Accountants
106 Hardware Street
Melbourne VIC 3000
RED BLUFF: Declares Final Dividend for Unsecured Creditors
----------------------------------------------------------
Red Bluff Investor Syndicate Scheme declared final dividend on
November 4, 2008.
Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.
The company's liquidator is:
Colin Mcintosh Nicol
McGrathNicol
IBM Centre, Level 8
60 City Road
Southbank VIC 3006
Website: http://www.mcgrathnicol.com
SEARANE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of Searane Pty Ltd met on October 1, 2008, and
resolved to voluntarily liquidate the company's business.
The company's liquidator is:
R. A. Sutcliffe
Ground Floor, 192-198 High Street
Northcote VIC 3070
Telephone:(03) 9482 6277
T.A.C. AUTOMATION: Enters Wind-Up Proceedings
---------------------------------------------
The members of T.A.C. Automation Pty Ltd met on September 19,
2008, and resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Paul Vartelas
B. K. Taylor & Co.
608 St. Kilda Road, 8th Floor
Melbourne
TRANSFIELD SERVICES: Raises AU$204 Mil. at Massive Discount
-----------------------------------------------------------
Transfield Services shares plunged more than 60 per cent to a
seven-year low on Monday, December 1, after the company emerged
from a three-week trading halt with news that a AU$300 million
capital raising was to be executed at a massive discount to the
market price, The Australian reports.
In a regulatory filing, Transfield disclosed that it has raised
approximately AU$204 million from existing and new institutional
shareholders through a non-renounceable rights offer. The company
said the offer price for the institutional placement and
institutional entitlement offer was set to AU$1.25 per new share.
The share price, The Australian relates, was 64 per cent below the
AU$3.50 per share at which the stock was trading before being
placed in a trading halt on November 10.
As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Bloomberg News said that Transfield Services
Ltd was seeking to raise AU$385 million (US$242 million) by
selling shares and will use the proceeds to pay off debt.
According to Bloomberg News, Transfield was offering shares to
institutional investors and existing retail stockholders at
between AU$1.80 and AU$2.25 a share.
However, the Australian notes, the company failed to generate
interest from investors with the desired price level. Transfield,
the Australian says, is now seeking to raise a further AU$102
million from retail investors, with the rights offer to close on
December 22.
According to the Australian, Chairman Anthony Shepherd said the
cash would be used to repay debt, reducing the company's net debt
to 2.6 times 2008 earnings before interest, tax, depreciation and
amortisation, down from 2.74 times at the end of the financial
year.
Transfield Services said it has also refinanced its AUD debt
facility into mostly a USD facility by completing a new US$367
million debt facility on market terms maturing in January 2012.
Following the equity raising and debt restructuring, Transfield
said it will have increased headroom under its debt covenants and
facility limits.
In addition to the equity raising and the debt restructuring, as
part of its ongoing capital management initiatives, Transfield
Services said it has previously announced a non-underwritten
dividend reinvestment plan to be effective from the interim
dividend for the half year ending December 31, 2008, and
established a management committee dedicated to improving cash
management. Transfield Services' future dividend payout policy is
expected to be at the lower end of its target range of 50%-70%
NPAT (post amortization).
About Transfield
Headquartered in Sydney, Australia, Transfield Services Limited
(ASX:TSE) -- http://www.transfieldservices.com/-- is engaged in
the provision of operations and maintenance outsourcing services.
On June 12, 2007, the Company completed the sale of its
infrastructure assets as Transfield Services Infrastructure Fund.
On October 31, 2007, the Company acquired VMS Inc, a provider of
transport infrastructure services across North America. On
October 9, 2007, the Company acquired McBreen Jenkins Construction
Ltd, a provider of roading and water infrastructure services
throughout New Zealand. On October 17, 2007, the Company acquired
Whelan's International Co. Inc. (Whelan), a provider of facilities
maintenance services across North America. On November 29, 2007,
the Company acquired Wind Project Developments Pty Limited, the
owner of wind farm development rights across Australia On May 1,
2008, the Company acquired HRI Inc, a provider of specialized
facilities maintenance services across North America.
Transfield Services is also reviewing divestment options in
relation to any non-core assets, the company said in a statement.
=========
C H I N A
=========
BALLY TOTAL: Files for Chapter 22 Due to Liquidity Crisis
---------------------------------------------------------
Bally Total Fitness Holding Corp. and its debtor affiliates filed
petitions for relief under chapter 11 of Title 11 of the United
States Code in the United States Bankruptcy Court for the Southern
District of New York on Dec. 3, 2008.
This is Bally Total's second trip to the bankruptcy court in less
than two years.
The Debtors filed for bankruptcy on July 31, 2007. As part of
those cases, the Debtors filed a prepackaged plan of
reorganization, which contemplated a deleveraging of their balance
sheets. After filing the plan, the Debtors negotiated an
investment agreement with Harbinger Capital Partners Master Fund
I, Ltd. and Harbinger Capital Partners Special Situations Fund,
LP, which reflected a Harbinger-led restructuring and
recapitalization. Under the investment agreement, Harbinger
acquired 100% of the common stock of reorganized Bally in exchange
for approximately US$233.6 million in cash. On September 17, 2007,
the Court confirmed an amended plan reflecting the Harbinger
recapitalization and on October 1, 2007, the Amended Plan became
effective.
Michael W. Sheehan, CEO of Bally, relates that after emergence,
the Company incurred substantial losses from operations and
generated negative cash flow. One of the primary causes for the
Company's poor financial performance was its lack of a permanent
management team and a CEO with experience in the fitness industry.
In order to address these issues, the Company took steps to (i)
hire a CEO to lead the Company, (ii) improve membership sales and
retention, and (iii) reduce costs. Among those efforts were a
program to improve the clubs' appearance to attract new Club
Members, significant purchases of new equipment for the clubs, and
incentives to improve Club Member retention. As a further cost-
cutting measure, the Company reduced corporate headcount and began
outsourcing certain functions. Nevertheless, in the first half of
2008, the Company continued to incur a substantial loss from
operations and generate negative cash flow, resulting in EBITDA
that was dramatically below the projections
Mr. Sheehan relates that after his appointment as CEO on
July 1, 2008, he prepared a comprehensive plan to implement a
restructuring of the Company, with the goal of improving the
Company's financial position for 2009 and beyond. The
comprehensive plan contemplates an operational restructuring of
the Company's field organization as well as significant reductions
in certain corporate costs. The Company has also begun
introducing new initiatives to enhance revenues and cash flow.
Unfortunately, before the Company was able to fully implement the
Operational Restructuring and Cost Reduction Plan, and
notwithstanding a significant increase in new Club Member sign-ups
for the second quarter of 2008, the Company encountered a
liquidity crisis in the summer of 2008, Mr. Sheehan relates. He
says this crisis resulted from, among other things, a long term
decline in payment of fees and dues and increased operating
expenses and capital expenditures.
Bally Total Fitness Holding Corp. and its non-debtor affiliates
and subsidiaries are among the largest full-service commercial
operators of fitness centers in North America in terms of members,
revenues and square footage of its facilities. As of Sept. 30,
2008, the Company operated 349 fitness centers concentrated in 26
states, collectively serving approximately 3.1 million members.
In addition, the Debtors operate 39 clubs pursuant to franchise
and joint venture agreements in the United States, Asia, Mexico,
and the Caribbean. For the nine months ending September 30, 2008,
the Company's consolidated net revenue was approximately US$479.5
million. The Debtors employ approximately 14,572 employees, of
whom approximately 6,820 are full-time salaried employees.
Prepetition Capital Structure
As of September 30, 2008, the Company (including non-debtor
affiliates) had consolidated assets totaling approximately
US$1.376 billion and recorded consolidated liabilities totaling
approximately US$1.538 billion.
As of September 30, 2008, the Debtors' total consolidated debt
(excluding trade debt) was approximately US$755 million. The
Debtors' debt structure is comprised of: (i) up to US$292 million
of financing provided for in a Credit Agreement; (ii) 13% Senior
Secured Notes Due 2011; (iii) the 15-5/8%/14% Senior Subordinated
Toggle Notes due 2013; and (iv) various capital leases and other
secured debt.
On October 1, 2007, Bally entered into a credit agreement arranged
by Morgan Stanley Senior Funding, Inc., as Administrative Agent
and Collateral Agent, Wells Fargo Foothill, LLC, as Revolving
Credit Agent, and the CIT Group/Business Credit, Inc., as
Revolving Syndication Agent and certain other lenders party
thereto. The Credit Agreement provided financing of up to US$292
million, consisting of US$50 million in a senior secured revolving
credit facility with a US$40 million sublimit for letters of
credit and a six-year US$242 million senior secured term loan
facility. The proceeds from the Term Loan and the Revolving
Facility were used to refinance the amounts outstanding under the
Company's prior financing agreement and to provide additional
working capital. The Credit Agreement is secured by substantially
all the Company's real and personal property, including Club
Member obligations under installment contracts, but excluding a
pledge of the Company's real property leases. As of Oct. 31,
2008, about US$240.8 million was outstanding under the Term Loan,
US$44.3 million was outstanding under the Revolving Facility, and
US$5.7 million of letters of credit were issued.
On Oct. 1, 2007, Bally issued US$247,337,500 of the Senior Secured
Notes under an Indenture, dated as of October 1, 2007 between
Bally and U.S. Bank National Association as Trustee. The Senior
Secured Notes will mature on July 15, 2011, and the interest on
the Senior Secured Notes is payable semi-annually on January 15
and July 15 of each year. The Debtors granted a second priority
lien on certain of their assets to U.S. Bank on behalf and for the
benefit of the holders of the Senior Secured Notes.
Before the second bankruptcy filing of the Debtors, the Senior
Noteholders have formed an Ad Hoc Committee Holders of the Senior
Secured Notes. The Ad Hoc Committee is represented by:
Daniel Golden, Esq.
David Botter, Esq.
Akin Gump Strauss Hauer & Feld LLP
590 Madison Avenue
New York, NY 10022
Tel: 212-872-1000
Fax: 212-872-1002
On October 1, 2007, Bally issued US$200,000,000 of the
Subordinated Toggle Notes under an Indenture, dated as of Oct. 1,
2007, between Bally and HSBC Bank USA, National Association, as
Trustee. The Subordinated Toggle Notes will mature on October 1,
2013. As of Sept. 30, 2008, approximately US$221 million was
outstanding under the Subordinated Toggle Notes. The Subordinated
Toggle Notes are unsecured obligations and are not guaranteed by
any of the other Debtors.
The Debtors owe US$6,674,000 on equipment and other property
subject to capital leases with various third parties. The Debtors
also have additional secured debt in the approximate amount of
US$1,337,000 as of September 30, 2008.
The Company said that as of June 30, 2008, Harbinger entities own
all of Bally's voting securities:
Percent
Entity Shares Owned of Stock
------ ------------ ---------
Harbinger Capital Partners
Master Fund I, Ltd. 6,000 66.67%
Harbinger Capital Partners
Special Situations Fund, L.P. 3,000 33.33%
Events Leading to Ch. 22 Filing
On July 24, 2008, the Company delivered notice to the Senior
Secured Lenders that the Company had failed to comply with the
Maximum Senior Secured Leverage Ratio for the quarter ending June
30, 2008, resulting in a default under the Credit Agreement.
Effective as of August 4, 2008, the parties entered into a
temporary limited waiver of certain events of default under the
Credit Agreement.
Due to, among other things, the turmoil in the credit markets, the
Company and the Senior Secured Lenders were unable to agree upon a
full amendment to the Credit Agreement before the Company ran out
of cash necessary to fund its operations on a day-to-day basis.
On Sept. 23, 2008, the parties executed a second waiver, which,
among other things, waived the existing defaults through Dec. 31,
2008 and also provided for the grant of additional collateral to
the Senior Secured Lenders. The Senior Secured Lenders agreed to
provide the Company with up to US$20 million of additional
revolving loans and an additional US$10 million in term loans
senior to the existing Term Loans.
In October 2008, the Company exhaustively explored opportunities
to obtain additional out-of-court financing from a variety of
sources, including the Senior Secured Lenders and certain of the
Senior Secured Noteholders.
Since beginning the implementation of the Operational
Restructuring and Cost Reduction Plan, the Company believed that
an out-of-court solution to its troubles would provide the maximum
benefit for all parties-in-interest. Although the Company's
EBITDA for 2008 is projected to be about US$17 million, the
Company is currently projecting, assuming full implementation of
the Operational Restructuring and Cost Reduction Plan and current
revenue projections, EBITDA for 2009 of between
US$50 and US$60 million.
As the prospects for an out-of-court solution dwindled, however,
the Company tried to raise financing in connection with a
bankruptcy filing. The unstable credit markets have made it
particularly difficult for the Company to secure sufficient
financing. The Company also lacked sufficient unencumbered
assets, thus, obtaining debtor-in-possession financing from a
third party on a priming basis would have been difficult and
uncertain. Accordingly, the Debtors attempted to negotiate
debtor-in-possession financing with certain of the Senior Secured
Lenders and the Senior Secured Noteholders.
Chapter 22 Game Plan:
Going Concern Sale or Stand-Alone Restructuring
In connection with the negotiations for debtor-in-possession
financing, certain of the Term Loan lenders expressed an interest
in purchasing substantially all of the Debtors' assets pursuant to
a sale under section 363 of the Bankruptcy Code. As such, over
the past few weeks the Debtors have had extensive discussions with
those Term Loan lenders regarding a potential sale of the Debtors'
businesses as a going concern.
The Debtors, however, were unable to complete their negotiations
and documentation of an agreement with certain of the Term Loan
lenders before it became necessary to seek chapter 11 protection.
Nevertheless, the Company expects to continue active negotiations
with the Term Loan lenders after commencement of the Chapter 22
cases in an attempt to complete an asset purchase agreement and
debtor-in-possession financing on terms that are satisfactory and
in the best interests of the Debtors and their constituencies.
While the Debtors continue their negotiations with the Term Loan
lenders regarding a possible sale, they will also prepare for a
possible stand-alone restructuring. Given the Debtors' liquidity
crisis, it is necessary for the Debtors to be prepared for both
eventualities.
The Debtors believe that they have a strong business plan and that
a stand-alone reorganization is achievable if they are unable to
negotiate a sale of their assets on favorable terms and they are
able to obtain sufficient liquidity to bridge the next 90 days. In
addition, the Debtors intend to announce plans for streamlining
their operations footprint in various geographic regions.
Accordingly, the Debtors will work down these two paths
simultaneously, by continuing to negotiate a potential debtor in
possession financing facility and asset purchase agreement, while
at the same time trying to obtain adequate liquidity in the near
term to operate their business on a stand-alone basis. The
Debtors believe that by proceeding in this manner, they will
optimize their prospects for maximizing the value of their
estates.
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.
Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. The Court confirmed the Plan in Sept.
2007. The Plan was declared effective Oct. 1, 2007.
(Bally Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Bally Total Fitness of Greater New York, Inc.
fka Jack LaLanne Fitness Center Inc.
dba Jack Lalanne Holiday Spa
Crunch
Crunch Fitness
Bally Total Fitness
Bally Sports Club
c/o Bally Total Fitness Holding Corp.
8700 Bryn Mawr Ave., 2nd Floor
Chicago, IL 60631
Bankruptcy Case No.: 08-14818
Debtor-affiliates filing separate Chapter 11 petitions:
Entity Case No.
------ --------
Bally ARA Corporation 08-14819
Bally Fitness Franchising, Inc. 08-14820
Bally Total Fitness Holding Corporation 08-14821
Bally Franchise RSC, Inc. 08-14822
Bally Franchising Holdings, Inc. 08-14823
Bally Real Estate I LLC 08-14824
Bally REFS West Hartford LLC 08-14825
Bally Sports Clubs, Inc. 08-14826
Bally Total Fitness Corporation 08-14827
Bally Total Fitness Franchising, Inc. 08-14828
Bally Total Fitness International, Inc. 08-14829
Bally Total Fitness of California, Inc. 08-14831
Bally Total Fitness of Colorado, Inc. 08-14832
Bally Total Fitness of Connecticut Coast, Inc. 08-14833
Bally Total Fitness of Connecticut Valley, Inc. 08-14834
Bally Total Fitness of Minnesota, Inc. 08-14835
Bally Total Fitness of Missouri, Inc. 08-14836
Bally Total Fitness of Philadelphia, Inc. 08-14837
Bally Total Fitness of Rhode Island, Inc. 08-14838
Bally Total Fitness of the Mid-Atlantic, Inc. 08-14839
Bally Total Fitness of the Midwest, Inc. 08-14840
Bally Total Fitness of the Southeast, Inc. 08-14841
Bally Total Fitness of Toledo, Inc. 08-14842
Bally Total Fitness of Upstate New York, Inc. 08-14844
BTF Cincinnati Corporation 08-14845
BTF Europe Corporation 08-14846
BTF Indianapolis Corporation 08-14847
BTF Minneapolis Corporation 08-14848
BTF/CFI, Inc. 08-14849
BTFCC, Inc. 08-14850
BTFF Corporation 08-14851
Greater Philly No. 1 Holding Company 08-14852
Greater Philly No. 2 Holding Company 08-14853
Health & Tennis Corporation of New York 08-14854
Holiday Health Clubs of the East Coast, Inc. 08-14855
Holiday/Southeast Holding Corporation 08-14856
Jack LaLanne Holding Corp. 08-14857
New Fitness Holding Co., Inc. 08-14858
Nycon Holding Co., Inc. 08-14859
Rhode Island Holding Company 08-14860
Tidelands Holiday Health Clubs, Inc. 08-14861
U.S. Health, Inc. 08-14862
Related Information: The Debtors operates fitness centers in the
U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and
the Caribbean under the Bally Total
Fitness(R), Bally Sports Clubs(R) and Sports
Clubs of Canada (R) brands.
The Debtors and its affiliates filed for
Chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor
of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq. at Latham & Watkins,
L.L.P. represents the Debtors in their
restructuring efforts. As of June 30, 2007,
the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged
Plan & Disclosure Statement on July 31, 2007.
On Aug. 13, 2007, they filed an Amended Joint
Prepackaged Plan and on Aug. 17 filed a
Modified Amended Prepackaged Plan.
Jack La Lanne Holding Corp owns 100% of the
company.
See: http://www.ballyfitness.com/
Chapter 11 Petition Date: December 3, 2008
Court: Southern District of New York (Manhattan)
Judge: Burton R. Lifland
Debtor's Counsel: Kenneth H. Eckstein, Esq.
keckstein@kramerlevin.com
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
Tel: (212) 715-9100
Fax: (212) 715-8000
Investment Banker and Financial Advisor: Houlihan Lokey Howard
Zukin Capital Inc.
Crisis Managers: AP Services LLC
Notice Claims and Balloting Agent: Kurtzman Carson Consultants LLC
Conflicts Counsel: Curtis, Mallet-Prevost, Colt & Mosle LLP
Special Litigation Counsel: Winston & Strawn LLP
Tax Consultants: Deloitte Tax LLP
Real Estate Advisors: Hilco Trading LLC
Estimated Assets: More than US$1 billion
Estimated Debts: More than US$1 billion
The Debtor's Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
U.S. Bank National Association Debt US$247,337,500
Attn: Rick Prokosch
60 Livingston Ave
EP-MN-WS3C
St. Paul, MN 55107-2292
Tel: (651) 495-3918
Fax: (651) 495-8097
HSBC Bank USA NA Debt US$231,250,000
Robert Conrad
452 Fifth Ave
New York, NY 10018
Tel: (212) 525-1314
Fax: (212) 525-1300
Leo Burnett USA Inc Trade US$3,841,800
c/o Paul Eichelman, Chief
Financial Officer
35 W. Wacker Drive
Chicago, IL 60601
Tel: (312) 220-1084
Fax: (312) 220-3299
Jenner & Block LLP Trade US$1,714,000
Attn: Jerald S. Solovy, Esq.
330 N. Wabash Ave
Chicago, IL 60611
Tel: (312) 222-9350
Fax: (312) 527-0484
Grupo Gallegos Trade US$555,090
Attn: Julie Beall
401 E. Ocean Blvd., 6Th Fl
Long Beach, CA 90802
Tel: (562) 256-3600
Fax: (562) 256-3620
NLAF Dunstan, L.P. Real US$512,085
c/o AIC Ventures, L.P. Property
Paul Robshaw Lease
301 Congress Ave, Suite 320
Austin, TX 78701
Tel: (512) 476-5009
Fax: (512) 476-7779
Total Tec Systems,Inc Trade US$465,122
Attn: Mery Mahieu
Div. Bell Microproducts Inc
12784 Collections Ctr Dr
Chicago, IL 60693
Tel: (772) 334-9200
Fax: (772) 334-9222
R.H. Construction, Inc. Trade US$449,516
Attn: Charlene
11720 Warfield
San Antonio, TX 78216
Tel: (210) 340-4627
Fax: (210) 348-7627
Kleinberg Kaplan Wolff & Trade US$436,000
Cohen, P.C.
Attn: Andrew Chonoles
551 Fifth Ave.
New York, NY 10176
Tel: (212) 880-9870
Fax: (212) 986-8866
Kirkland & Ellis LLP Trade US$401,575
Attn: Michael P. Foradas
200 E. Randolph Drive
Chicago, IL 60601
Tel: (312) 861-2000
Fax: (312) 861-2200
Convergys CMG Trade US$384,973
Attn: Angela Brown
1450 Solutions Center Dr
Chicago, IL 60677-1004
Tel: (513) 784-4337
S & D Cleaning Janitorial Trade US$264,477.00
Attn: Ghermai Terie
11015 Hundred Bridge Ln
Sugarland, TX 77478
Tel: (612) 275-8939
Midway Bldg Janitorial Trade US$239,764.00
Attn: Maria
2425 E. Devon Ave
Elk Grove Village, IL 60007
Tel: (847) 860-2800
Fax: (847) 860-5660
Flynn Construction Trade US$238,396.00
600 Penn Avenue
Pittsburgh, PA 15221
Tel: (412) 243-2483
Fax: (412) 243-7925
Iovate Health Sciences Trade US$235,499.54
Attn: Ivana Pojic
P.O. Box 66512
Chicago, IL 60666-0512
Tel: (888-334-4448
Fax: (905-678-3121
Mendes & Mount Trade US$225,000.00
Attn: Bob
750 7th Ave
New York, NY 10019
Tel: (212) 261-8000
Fax: (212) 261-8750
CENTRAL BUILDING Trade US$202,439
SERVICES,INC
Attn: Rubin Montiel
P.O. Box 8050
Bartlett, IL 60103
Tel: (630) 715-9799
Fax: (630) 671-0059
Latham & Watkins Trade US$200,000
Attn: Mark D. Gerstein
233 South Wacker Dr.
Sears Tower, Suite 5800
Chicago, IL 60606
Tel: (312) 876-7700
Fax: (312) 993-9767
Chipman Adams & Defilippis Trade US$190,671
Architects, Inc.
1550 N. Northwest Hwy, Suite
400
Park Ridge, IL 60068
Tel: (847) 298-6900
Fax: (847) 298-6966
Manatt, Phelps & Phillips, LLP Trade US$190,000
Clayton Friedman
11355 W Olympic Blvd
Los Angeles, CA 90064
Tel: (310) 312-4000
Fax: (310) 312-4224
Polar Electro Trade US$187,700
Attn: Doug Walerstein
1111 Marcus Avenue
Ste M15
Lake Success, NY 11042-1034
Tel: (800) 290-6330
Fax: (516) 364-5454
Softmart Inc. Trade US$179,393
P.O. Box 8500-52288
Philadelphia, PA 19178-2288
Fax: (800) 432-0612
Optimum Nutrition Trade US$178,665
Attn: Mike
3979 Paysphere Circle
Chicago, IL 60674
Tel: (800) 705-5226
Fax: (630) 236-8517
High Potential, Inc. Trade US$166,000
Attn: Christian B
33 West Monroe Street #2110
Chicago, IL 60603-5411
Tel: (312) 252-8200
Fax: (312) 252-8209
STAR HRG Trade US$161,733
Div. of Mega Life & Health
Insurance Co.
PO Box 37887
Phoenix, AZ 85021
Los Angeles County Tax Trade US$147,849
Collector
Attn: Mark J. Saladino
P.O. Box 54027
Terminal Annex
Los Angeles, CA 90054
Tel: (213) 974-2101
Fax: (213) 626-1812
Valassis Direct Mail, Inc. Trade US$146,922
Attn: Nancy Davis
pka: Advo
90469 Collection Ctr. Dr.
Chicago, IL 60693
Tel: (860) 602-3606
Fax: (860) 602-4783
401 Commercial L.P. Real US$141,173
Fred Grapstein Property
401 Seventh Ave Lease
New York, NY 10001
Tel: (212-502-8100
Fax: (212-502-8715
Read Tile & Stone Trade US$140,000
27 Jensen Drive
Rochester, NY 14624
Tel: (585) 247-1612
Fax: (585) 247-6038
Dell Marketing L.P. Trade US$139,597
Attn: N. Whitmire
c/o Dell USA, LLP
PO Box 802816
Chicago, IL 60680-2816
Tel: (512-723-9927
Fax: (877-500-3952
Sonnenblick Del Rio Norwalk, Real US$138,726
LLC Property
c/o Sonnenblick Del Rio Real Lease
Estate Development
12011 San Vicente Blvd,
Suite 300
Brentwood, CA 90049
Tel: (310) 471-9200
Fax: (310) 471-9111
WWP Amenities MPH Partner Real US$136,781
LLC Property
c/o Macklowe Management Lease
Steve Martinek
767 Fifth Avenue
21st Floor
New York, NY 10153
Tel: (212) 586-4914
Fax: (212) 258-3766
Aon Consulting Trade US$125,508
P.O. Box 33009
Newark, NJ 07188-0009
Tel: (312) 381-1000
Fax: (312) 701-3100
Culver Center Partners-East #1 Real US$124,976
L.P. Property
Attn: Juri Ripinski Lease
3851 Overland Ave, Suite B
Culver City, CA 90232
Tel: (310) 253-9998
Fax: (310) 253-9897
Compuware Corp Trade US$124,728
Attn: Amy Koska
Drawer #64376
Detroit, MI 48264-0376
Tel: (313) 227-7300
Fax: (313) 227-9568
West Coast Printing & Graphics Trade US$121,715
16782 Red Hill Ave Ste A
Irvine, CA 92606
Tel: (949) 797-0140
Con Edison Trade US$115,690
Attn: Jaf Station
P.O. Box 1702
New York, NY 10116-1702
Fax: (212) 475-0734
Green Light Janitorial Trade US$114,839
Lilia
2333 Benson Street 2Nd Floor
Philadelphia, PA 19152
Tel: (215) 331-0744
Ketchum Directory Advertising Trade US$113,577
P.O. Box 676371
Dallas, TX 75267-6371
Tel: (913) 344-1900
Carrier Corporation Trade US$106,488
PO Box 93844
Chicago, IL 60673-3844
Fax: (315) 432-6620
Intercontinental Management Real US$106,353
Corp Property
322 E. Illinois St Lease
Chicago, IL 60611
Tel: (312) 329-2504
Fax: (312) 329-9058
Intercontinental Management
Corp
1270 Soldiers Field Rd
Boston, MA 02135
Tel: (617) 782-2600
Fax: (617) 782-9442
Nutrio.com Trade US$105,000
Aka: Nutrio, Inc.
1000 Corporate Drive, Ste 600
Ft. Lauderdale, FL 33334
Fax: (954) 938-4080
North Town Refrigeration Trade US$104,941
Div. North Town Mechanical
Contractors
18 Congress Circle W.
Roselle, IL 60172
Fax: (847) 357-0844
TXU Energy Trade US$104,135
PO Box 660161
Dallas, TX 75266-0161
Tel: (800) 725-7920
Prodigy Promos Trade US$102,889
691 W 1200 N, Suite 400
Springville, UT 84663
Fax: (801) 491-4202
Aramark Uniform Services, Inc. Trade US$101,330
Adriana Julian
1900 Progress Avenue
Columbus, OH 43207
Tel: (818-973-3646
Fax: (614-445-7366
Akin, Gump, Strauss, et al Trade US$101,325
David Botter
590 Madison Ave.
New York, NY 10022
Tel: (212) 872-1000
Fax: (212) 872-1002
641 Owner, LLC Real US$99,264.94
c/o Newmark Knight Frank Property
Lease
GMS, LLC
Attn: Nicole Freckleton
10 Sylvan Way 2nd Floor
Parsippany, NJ 07054
Tel: (973) 898-8888
Fax: (973) 984-0347
641 Owner, LLC
c/o Atlas Capital Group
Rich Garzon
630 Fifth Avenue, 32nd Floor
New York, NY 10011
Tel: (973) 898-8845
Fax: (973) 842-0635
Sungard Availability Services Trade US$96,684.00
Po Box 91233
Chicago, IL 60693
Tel: (800) 468-7483
Bluestar Energy Services Inc Trade US$96,311.22
14034 Collections Center Dr
Chicago, IL 60693
Tel: (866) 258-3782
Fax: (866) 422-2515
The petition was signed by interim chief financial officer Harvey
Rubinson.
HOPSON DEVELOPMENT: Moody's Puts 'B1' Sr. Bond Rating on Review
---------------------------------------------------------------
Moody's Investors Service has placed Hopson Development Holdings
Limited's Ba3 corporate family rating and B1 senior unsecured bond
rating on review for possible downgrade.
"The review has been prompted by Hopson's announcement that it has
successfully bid for the land use right for a parcel of land in
Beijing for RMB859 million," says Kaven Tsang, Moody's lead
analyst for Hopson.
"While Hopson has not entered into a Land Transfer Contract, the
final decision to proceed with this acquisition will weaken
Hopson's liquidity given its already significant committed land
payments, including for land in Beijing and Huizhou acquired in
April and July respectively for a total investment of
RMB2.51 billion over the next 12-18 months," says Tsang.
"The fact that its cash property sales of around RMB7.5 billion up
to October 2008 is below expectation and will also pressure the
company's liquidity and rating," adds Tsang.
"Moreover, Moody's expects additional financing may be required to
fund the construction of the new acquisition in view of the
company's modest cash holding of HK$1.6 billion as of June 2008,
and expectations of weak internal cash flow amidst the softened
property market in China," Tsang comments.
While the Chinese government has eased certain controls over bank
lending, banks have become more cautious in lending to the
property sector, thus bringing into question Hopson's ability to
secure adequate funding.
In its review, Moody's will assess Hopson's near-to-medium term
business plan and land acquisition strategy. It will also assess
the company's ability to generate sales cash flow and raise funds
to service its near-to-medium term capex, working capital needs
and debt repayment. The latter includes a convertible bond of
RMB1.83 billion principal amount due in February 2010.
Moody's will also assess whether Hopson's credit and risk profiles
can continue to support its Ba3 corporate family rating in view of
its high risk appetite and aggressive land acquisitions amidst
highly uncertain operating and financing environments.
Moody's last rating action occurred on Aug. 1, 2008, when Hopson's
ratings outlook was changed to negative.
Hopson Development Company Holdings Limited is one of the largest
property developers in China. Its principal businesses are
residential developments in 4 major cities -- Guangzhou, Beijing,
Shanghai and Tianjin -- and their surrounding areas.
===============
H O N G K O N G
===============
GALAXY ENTERTAINMENT: Unit Commences Tender Offer to Buy Notes
--------------------------------------------------------------
Galaxy Entertainment Group Limited disclosed that its subsidiary,
Galaxy Entertainment Finance Company Limited, has commenced tender
offers to purchase for cash:
(i) any and all of its US$250,000,000 Guaranteed Senior
Floating Rate Notes Due 2010; and
(ii) up to US$100,000,000 in the aggregate principal amount
of its outstanding US$350,000,000 9.875% Guaranteed
Senior Notes Due 2012.
The purchase price payable by the Issuer for the Floating Rate
Notes is US$530 per US$1,000 principal amount of the Floating Rate
Notes, and the purchase price payable by the Issuer for the Fixed
Rate Notes will be determined through the Modified Dutch Auction
procedure. The maximum aggregate principal amount of Fixed Rate
Notes that may be purchased by the Issuer under the Offer for the
Fixed Rate Notes is US$100,000,000 and is referred to as the
"Fixed Rate Offer Amount."
Under the Modified Dutch Auction procedure, the Issuer will
determine a single purchase price between US$375 and US$450 per
US$1,000 principal amount of the Fixed Rate Notes, that the Issuer
will, subject to the terms and conditions of that Offer, pay for
Fixed Rate Notes validly tendered and not withdrawn pursuant to
that Offer, which will enable it to purchase the Fixed Rate Offer
Amount (or, if less than the Fixed Rate Offer Amount is validly
tendered, all Fixed Rate Notes so tendered).
If the principal amount of Fixed Rate Notes validly tendered on or
prior to the Expiration Date at or below the Fixed Rate Total
Consideration exceeds the Fixed Rate Offer Amount then, subject to
the terms and conditions of that Offer, the Issuer will accept for
payment such Fixed Rate Notes that are tendered at or below the
Fixed Rate Total Consideration on a pro rata basis from among the
tendered Fixed Rate Notes.
The funds required for the Issuer to consummate the Offers will be
funded from internal resources of the Issuer's group. The Issuer
will also pay accrued and unpaid interest on purchased Notes up
to, but not including, the date of payment. The Notes are listed
on the Singapore Exchange Securities Trading Limited. The maximum
aggregate amount payable by the Issuer's group under the Offers
(exclusive of related expenses and inclusive of accrued interest
on the Notes purchased pursuant to the Offers, assuming payment is
made on January 2, 2009) is approximately US$180 million.
The Offers and proration period will expire at 12:00 midnight, New
York City time, on Monday, December 29, 2008, unless the Offers
are extended. An appropriate announcement will be made if and
when either Offer is extended. The withdrawal rights will expire
at 6:00 p.m., New York City time, on Friday, December 12, 2008,
unless they are extended.
Holders of Notes that validly tender their Notes prior to the
Early Tender Date and do not validly withdraw their Notes, and to
the extent their Notes are accepted for payment, will receive the
Floating Rate Total Consideration or the Fixed Rate Total
Consideration, as applicable, in each case, plus accrued and
unpaid interest thereon to, but not including, the date of
payment. Holders of Notes that validly tender after the Early
Tender Date but on or prior to the Expiration Date will receive
the Floating Rate Total Consideration, or the Fixed Rate Total
Consideration, as applicable, in each case, less an amount equal
to US$30 for each US$1,000 principal amount of Notes, plus accrued
and unpaid interest thereon to, but not including, the date of
payment.
The purpose of the Offers is to reduce the principal amount of our
outstanding indebtedness and our ongoing debt service obligations.
The terms and conditions of the Offers are set forth in the Offer
to Purchase by the Issuer, dated December 1, 2008. Neither Offer
is conditional on a minimum principal amount of Notes being
tendered in that Offer. The consummation of each Offer is subject
to certain conditions, which are described in the Offer to
Purchase that is being sent to holders of Notes. Subject to
applicable law, the Issuer may, in its sole discretion, waive any
condition applicable to an Offer or extend or terminate or
otherwise amend an Offer.
Merrill Lynch & Co. is acting as sole dealer manager, and
Bondholder Communications Group is acting as information and
tender agent in connection with the Offers. Copies of the Offer
to Purchase and related documents may be obtained from the
Information and Tender Agent at http://www.bondcom.com/galaxy.
Galaxy Entertainment and the Issuer have agreed to indemnify the
Dealer Manager, on a joint and several basis, for any losses
incurred by the Dealer Manger and its affiliates relating to,
arising out of, or based on the performance of the Dealer
Manager's obligations with respect to the Offers or in connection
with the Offers (except for losses resulting from the Dealer
Manager's gross negligence or bad faith).
About Galaxy Entertainment
Based in Hong Kong, Galaxy Entertainment Group Limited --
http://www.galaxyentertainment.com/-- is an investment holding
company. The company along with its subsidiaries is engaged in
operation in casino games of chance or games of other forms,
provision of hospitality and related services in Macau, and the
manufacture, sale and distribution of construction materials in
Hong Kong, Macau and Mainland China. It operates in two segments:
Gaming an Entertainment and Construction Materials. The City Club
casinos operate 260 gaming tables and 510 slot machines. Its
subsidiaries include Barichon Limited, Chelsfield Limited,
Construction Materials Limited, Doran (Hong Kong) Limited, Galaxy
Entertainment Management Services Limited and Wah Construction
Products Limited. In August 2007, the company announced
amalgamation with Pan India Restaurants Ltd. In October 2007,
Galaxy Entertainment Group Limited disposed 100% of the equity
interest in K. Wah Quarry (Huzhou) Co., Ltd.
* * *
The company incurred two consecutive net losses of HK$502 million
and HK$1,532 million for the years ended December 31, 2007, and
2006, respectively.
For the first half ended June 30, 2008, the company reported an
interim net loss of HK$7,432 million.
JPMORGAN CHASE: Investors Want to Flee From Highbridge Capital
--------------------------------------------------------------
Jenny Strasburg at The Wall Street Journal reports that investors
have asked to withdraw 36% of the assets from J.P. Morgan Chase &
Co.'s multistrategy fund, Highbridge Capital Management.
Citing people familiar with Highbridge Capital, WSJ relates that
the investor pullout and investment losses could reduce the once
$15 billion fund to $6 billion. The report states that due to
woes in the convertible-bond market -- one of Highbridge Capital's
primary areas of focus ? caused a 25% performance decline in the
fund this year. J.P. Morgan, says the report, would lose hundreds
of millions of dollars in fees that Highbridge Capital contributes
to the bank. When Highbridge Capital makes money, 25% of the
profits will go to the fund's mangers, while sources say half goes
to J.P. Morgan, WSJ reports.
WSJ quoted J.P. Morgan's asset-management business chief Jes
Staley as saying, "Highbridge was a significant catalyst to
pushing J.P. Morgan successfully into alternative asset
management, but unfortunately any performance-based business
increases the volatility to your top-line revenue number."
Highbridge Capital's assets have dropped to less than
US$20 billion this year, from almost US$38 billion in 2007, WSJ
states.
Highbridge Capital Management, LLC, founded in 1992, is a multi-
strategy global hedge fund with over $17 billion in current assets
under management and 160 employees. The fund specializes in non-
traditional investment management strategies with offices in New
York, London, and Hong Kong. Highbridge has expertise across a
range of arbitrage and absolute return investment strategies in
the global equity markets. JPMorgan Asset Management formed a
strategic partnership with Highbridge by purchasing a majority
interest in the firm in December 2004.
JPMorgan Chase & Co. (NYSE: JPM) -- http://www.jpmorganchase.com/
-- is a global financial services firm with assets of about
US$2.3 trillion and operations in more than 60 countries. The
firm provides services in investment banking, financial services
for consumers, small business and commercial banking, financial
transaction processing, asset management, and private equity. A
component of the Dow Jones Industrial Average, JPMorgan Chase
serves millions of consumers in the U.S. and many of the world's
most prominent corporate, institutional and government clients
under its J.P. Morgan, Chase, and WaMu brands.
=========
I N D I A
=========
JET AIRWAYS: To Further Cut Costs as Demand Weakens
---------------------------------------------------
The Wall Street Journal reports Jet Airways Ltd will freeze
hiring, cut allowances and salaries, rationalize routes and flight
frequency and renegotiate contracts and payment schedules with
vendors amid fall in demand.
According to the report, the airline's top management team took a
voluntary 25% pay cut effective this month while for staff earning
more than 75,000 rupees (US$1,500) a month, wages will be
gradually cut over the next 12 months.
Jet Airways, the report discloses, will also defer taking delivery
of new aircraft, lease out surplus planes and "let go of excess
foreign pilots" as allowed by contract. Executive ranks will be
trimmed by reducing expatriate executives in India and overseas,
the report adds.
About Jet Airways (India) Ltd
Jet Airways (India) Ltd currently operates a fleet of 84 aircraft,
which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200
aircraft, 52 classic and next generation Boeing 737-
400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop
aircraft. With an average fleet age of 4.34 years, the airline
has one of the youngest aircraft fleet in the world. Jet Airways
operates over 395 flights daily.
Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai. The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007. Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.
The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected. For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.
L T KARLE: CRISIL Rates Various Bank Loans at 'P4'
--------------------------------------------------
CRISIL has assigned its bank loan ratings of 'P4' to the various
bank facilities of LT Karle and Company (LTK), a Karle group
entity.
Rs.200.00 Million Packing Credit Limits P4 (Assigned)
Rs.50.00 Million Letter of Credit P4 (Assigned)
Rs.2.00 Million Bank Guarantee Limits P4 (Assigned)
The ratings reflect the group's exposure to risks relating to
revenue concentration and volatility in the foreign exchange rate.
These weaknesses are mitigated by the group's long track record
and global clientele, integrated operations with efficient supply-
chain management, and above average financial profile.
For arriving at the ratings, CRISIL has combined the financials of
LTK and Karle International Private Limited, together referred to
as the Karle group. This is because Karle International Private
Limited and LTK are in the same line of business, share
operational synergies, and have fungibility of funds.
About Karle group
The Karle group was promoted in 1972 as a fabric exporting unit by
the late Mr. L T Karle. Later, Mr. Sudarshan and Mr. Mahendra,
sons of Mr. L T Karle, took over the business of the group. The
group has expanded into manufacture of readymade garments, with
four manufacturing facilities in and around Bangalore; the group
has capacity to manufacture around 470,000 pieces of garments per
month. The group reported a profit after tax (PAT) of Rs.56
million on net sales of Rs.1.2 billion in 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.78
million on net sales of Rs.1.4 billion in 2006-07.
SABARE INT'L.: CRISIL Rates Rs.331.90 Mil. Long Term Loans at 'B'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Sabare International Ltd (Sabare).
Rs.331.90 Million Long Term Loans B/Negative (Assigned)
Rs.300 Million Packing Credit Limits P4 (Assigned)
Rs.500 Million Bill Discounting P4 (Assigned)
Facility
Rs.200 Million Letter of Credit Limits P4 (Assigned)
The ratings reflect Sabare's below-average financial risk profile,
exposure to risks relating to geographic concentration of
revenues, and tighter liquidity position following order
cancellations by a major customer. These weaknesses are mitigated
by Sabare's strong credentials and brand equity in the home
textiles segment.
For arriving at its ratings, CRISIL has combined the financials of
Sabare and its two wholly-owned subsidiaries Sabare USA Inc and
Sabare (Shanghai) Trading Company Ltd, as all the three companies
are in the same line of business.
Outlook: Negative
The 'Negative' outlook reflects the further tightening in Sabare's
liquidity position, due to the current slowdown in the US market
that may result in lower off-take of the company's products.
Also, with the repayments of the working capital term loan
scheduled to begin from December 2008, the company may continue to
face liquidity crisis. The rating may be downgraded in the event
of deterioration in Sabare's financial risk profile because of
decline in margins and/or deterioration in its capital structure,
or more order cancellations. Conversely, sustainable improvement
in the company's margins and gearing, further supported by revenue
diversity, are among factors that can drive a revision in outlook
to 'Stable'.
About Sabare
Incorporated in 1992 as a sole proprietorship firm, Sabare was
converted into a public limited company in 2003. It manufactures
and exports home textile products, catering exclusively to the US
market. Its major customers are Wal-Mart, Target, and JC Penney.
For 2007-08 (refers to financial year, April 1 to March 31),
Sabare reported a loss of Rs.308 million on net sales of Rs.2.6
billion, as against a profit after tax of Rs.226 million on net
sales of Rs.3.7 billion in the previous year.
* CRISIL: Indian Securitisation Market Solid Amid Global Meltdown
-----------------------------------------------------------------
A study by CRISIL reveals that the retail securitisation market in
India is better placed than it is in many other countries, notably
the US. The size difference notwithstanding, the Indian market—
which is less than one–hundredth the size of the US market—has
shown greater stability, with few rating downgrades, and zero
losses on investor payouts.
CRISIL believes that the relative stability is because of the
superior profile of the assets securitised in India, and because
the financial instruments created out of the securitised assets in
India are far less complex than those in developed markets.
Investors in securitised paper in India have no reason to fear
crippling losses of the kind that have hit their US counterparts.
The most significant factor characterizing securitisation in India
is the robustness of the underlying retail assets. Unlike in the
US, there has been no securitisation of 'sub-prime' housing loans
in India.
The loans that have been securitised—principally loans for
commercial vehicles, cars, two-wheelers, and (to a limited extent)
homes—were made on the strength of the earning capacity of either
the assets or the borrowers. Thus, unlike the US market which
turned out to be vulnerable to residential property price
movements, the securitisation market in India is relatively immune
to asset price fluctuations.
Moreover, although the collection behavior of retail loans has
worsened somewhat over the past two years, CRISIL has stipulated
higher credit enhancement levels to counteract this trend. Recent
car and commercial vehicle pools have had collections that are, on
average, two percentage points lower than those on older pools at
a similar stage in their life-cycle. Against this, on average,
credit enhancement levels have risen by 2.5 to 4.5 percentage
points, an increase of more than 50 per cent, over the past
two years. According to Mr. Prasad Koparkar, Head, Structured
Finance Ratings, CRISIL, "There will probably be more rating
changes than before, but thanks to higher levels of credit
enhancement, investors' payouts are still well protected from
default."
Reassuringly, despite a few rating downgrades in the past few
months, the stability of CRISIL's securitisation ratings is
comparable to that of its other ratings. According to
Mr. Ajay Dwivedi, Director, Structured Finance Ratings, CRISIL,
"From the highest rating of 'AAA(so)' for structured instruments,
only about two per cent of instruments have been downgraded over a
one year timeframe. This is quite comparable with the behavior of
CRISIL's 'AAA' ratings for other instruments." Nevertheless,
CRISIL continues its globally pioneering practice of
differentiating its ratings for structured instruments from its
ratings for other instruments, by using the '(so)' suffix.
Global regulators yesterday were discussing a requirement to
differentiate ratings on structured instruments from those on
plain vanilla debt; the fact that CRISIL took this step more than
a decade ago shows how transparent and market-friendly credit
rating in India is.
=========
J A P A N
=========
JLOC XXX: Fitch Cuts Rating on JPY6.7 Bil. Class D Bonds to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed four Classes of JLOC
XXX III Trust's trust beneficiary interests:
-- JPY31.56 billion* Class A TBIs affirmed at 'AAA'; Outlook
Stable;
-- JPY7.4 billion* Class B TBIs affirmed at 'AA'; Outlook
Stable;
-- JPY7.3 billion* Class C TBIs affirmed at 'A'; Outlook Stable;
-- JPY6.7 billion* Class D TBIs downgraded to 'B-' (B minus)
from 'BB'; Outlook Negative; and
-- Dividend-only Class X TBIs affirmed at 'AAA'; Outlook Stable.
* as of Dec. 3, 2008
The downgrade of the Class D TBIs reflects Fitch's current view on
the possibility of ultimate repayment of one of the Tokutei
Mokuteki Kaisha specified bonds backed by multiple properties. As
the initial bond maturity date approaches, the agency has
confirmed that the bond issuer will not be able to exercise the
term extension option due to the breach of trigger events, and
will likely enter special servicing procedures as a result.
Fitch has reviewed the current disposition plan and property sale
activities. The cash flows of the underlying properties were
individually analyzed based on the most recent cash flow
performance. Principal collection scenarios were considered,
assuming the bond enters special servicing. In addition to this
analysis, the latest trends in the markets where the collateral
properties are located have been taken into account and the agency
has spoken with the bond's asset manager and sponsor. The
Negative Outlook assigned to class D TBIs reflects Fitch's concern
over the conditions of the real estate market and the finance
environment to which the collateral properties belong.
This transaction, issued in November 2006, was originally a
securitisation of five TMK specified bonds, four non-recourse
loans and the senior portion of one TBI backed by one non-recourse
loan, secured by 110 properties and beneficial interests in their
respective trusts. With two TMK bonds having been redeemed in
full and the repayment amount for the senior portion of one TBI
being retained in the reserve account, the transaction is
currently secured by seven underlying assets, ultimately secured
by 90 properties and beneficial interests in their respective
trusts, plus the principal repayment amount for the senior portion
of one TBI.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
ORSO FUNDING: S&P Keeps Low-B Ratings on 4 Classes of Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on ORSO
Funding CMBS 2005-3 Trust's class E to G and M trust certificates,
issued in December 2005, on CreditWatch with negative
implications. At the same time, Standard & Poor's affirmed its
ratings on the class A to D and X trust certificates.
On Sept. 4, 2008, Standard & Poor's placed its ratings on the
class E to G and M trust certificates on CreditWatch with negative
implications to reflect growing uncertainty over repayment of the
transaction's underlying loan by the final maturity date in
October 2008 and the likely collection amount from the sale of
collateral properties backing that loan.
The aforementioned loan has defaulted. Accordingly, based on this
transaction's trust and servicing agreements, collection
procedures relating to the sale of the collateral properties are
in progress. Standard & Poor's will review its ratings on the
class E to G and M trust certificates after examining information
contained in the reports procured from the servicer and the trust
bank, especially information pertaining to progress in the sale of
collateral properties and estimates of the collection amount from
the sale of underlying collateral properties.
This is a single-borrower CMBS transaction. The trust
certificates are backed by one nonrecourse loan extended to one
borrower, which was ultimately secured by an initial number of 26
real estate properties. This transaction was arranged by Bear
Stearns (Japan) Ltd. Tokyo Branch. Premier Asset Management Co.
acts as the servicer for this transaction.
Ratings Kept on CreditWatch Negative
ORSO Funding CMBS 2005-3 Trust
JPY20.8834 billion commercial real estate-backed
trust certificates due October 2010
Class Rating Current Balance Initial Issue Amount
----- ------ --------------- --------------------
E BB/Watch Neg JPY2,375,016,000 JPY2.4 bil.
F BB-/Watch Neg JPY791,672,000 JPY0.8 bil.
G B/Watch Neg JPY1,781,262,000 JPY1.8 bil.
M B-/Watch Neg JPY478,377,621 JPY0.4834 bil.
Ratings Affirmed
Class Rating Current Balance Initial Issue Amount
----- ------ --------------- --------------------
A AAA JPY9,895,900,000 JPY10.0 bil.
B AA JPY1,781,262,000 JPY1.8 bil.
C A JPY1,682,303,000 JPY1.7 bil.
D BBB JPY1,880,221,000 JPY1.9 bil.
X AAA JPY20,666,013,621 JPY20,883,400,000*
(notional balance)
* Notional principal
The issue date was Dec. 2, 2005.
====================
N E W Z E A L A N D
====================
CORRIGENDUM – BJ: Appoints Whittfield and Finnigan as Liquidators
-----------------------------------------------------------------
On October 21, 2008, the shareholders of Corrigendum - BJ Homes
Ltd. appointed John Trevor Whittfield and Peri Micaela Finnigan as
the company's liquidators.
Creditors are required to file their proofs of debt by Dec. 5,
2008, to be included in the company's dividend distribution.
The Liquidators can be reached at:
John Trevor Whittfield
Peri Micaela Finnigan
McDonald Vague
PO Box 6092, Wellesley Street
Auckland 1141
Telephone:(09) 303 0506
Facsimile:(09) 303 0508
Website: http://www.mvp.co.nz
FCL ROADFREIGHT: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------------
On November 7, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of FCL Roadfreight Ltd.
The Liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street, Wellington
Telephone:(04) 473 6747
Facsimile:(04) 473 6748
FINE WINE: Goes Into Voluntary Administration
---------------------------------------------
The Fine Wine Delivery Company has gone into voluntary
administration, The New Zealand Herald reports. It has appointed
Gareth Hoole of Accountancy firm Staples Rodway as Administrator.
According to the report, Mr. Hoole said the company got into
difficulties after opening a store in Christchurch, which has not
worked and has cost the company a lot of money.
The Administrator, the report says, has closed the Christchurch
shop and the company will now be concentrating purely on its core
business in the Auckland market.
Fine Wine owes creditors NZ$2.7 million. Its administrator is
confident the company will be able to trade its way out of debt,
the Herald says.
HANOVER FINANCE: Investors to File Court Injunction Application
---------------------------------------------------------------
BusinessDay.co.nz reports that Hanover Group investors plan to
file a court injunction application this afternoon seeking to
delay next Tuesday's vote on the company's restructuring proposal.
According to the report, the investors are expected to argue they
need more time and information to both digest and seek advice on
the Hanover's complex restructuring proposals.
BusinessDay.co.nz says a hearing would be held at the High Court
in Auckland on Monday, December 8, 2008.
As reported by the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Hanover Finance disclosed details of its Debt
Restructure Proposal, which includes the injection by shareholders
Mark Hotchin and Eric Watson of up to NZ$96 million of cash and
property assets.
The Proposal will be voted on at a meeting of investors in
Ellerslie Event Centre, Auckland, on December 9, 2008, at 10:30
a.m.
About HFL
Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZD796 million at 31 December 2007. The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited's Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.
A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.
The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders. As a result,
Fitch will no longer provide analytical coverage.
LIFE SKILLS: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
The creditors of Life Skills Recruitment Services Ltd. are
required to file their proofs of debt by April 15, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 7, 2008.
The company's liquidators are:
John Robert Buchanan
Callum James Macdonald
Buchanan Macdonald Limited Chartered Accountants
PO Box 101993, North Shore Mail Centre
North Shore City 0745
Telephone:(09) 441 4165
Facsimile:(09) 441 4167
MACCAN LTD: Court Hears Wind-Up Petition
----------------------------------------
On November 28, 2008, the High Court of Auckland heard a petition
to have Maccan Ltd.'s operations wound up.
The petition was filed by Landsdale Development Limited on
September 22, 2008.
Landsdale Development's solicitor is:
Peter J. Crombie
Cooney Lees Morgan, Solicitors
87 First Avenue
PO Box 143, Tauranga 3140
Telephone:(07) 578 2099
Facsimile:(07) 578 1433
MARINE PORTS: Fixes April 15 as Last Day to File Proofs of Debt
---------------------------------------------------------------
The creditors of Marine Ports Ltd. are required to file their
proofs of debt by April 15, 2008, to be included in the company's
dividend distribution.
The company's liquidators are:
John Robert Buchanan
Callum James Macdonald
Buchanan Macdonald Limited
Chartered Accountants
PO Box 101993, North Shore Mail Centre
North Shore City 0745
Telephone:(09) 441 4165
Facsimile:(09) 441 4167
MEETAKIWI LTD: Creditors' Proofs of Debt Due on February 7
----------------------------------------------------------
The creditors of Meetakiwi Ltd. are required to file their proofs
of debt by February 7, 2009, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Nov. 7, 2008.
The company's liquidator is:
Vivian Fatupaito
c/o PricewaterhouseCoopers
Private Bag 92162, Victoria Street West
Auckland 1142
Telephone:(09) 355 8000
Facsimile:(09) 355 8013
ONEHUNGA LIQUOR: Court to Hear Wind-Up Petition on December 12
--------------------------------------------------------------
A petition to have Onehunga Liquor Ltd.'s operations wound up will
be heard before the High Court at Auckland on December 12, 2008,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on August 8, 2008.
The CIR's solicitor is:
Sandra Joy North
Inland Revenue Department
Legal and Technical Services
17 Putney Way
PO Box 76198, Manukau
Auckland 2241
Telephone:(09) 985 7274
Facsimile:(09) 985 9473
ORANGE INSURANCE: Creditors Accept Repayment Plan
-------------------------------------------------
Creditors of Orange Insurance have accepted a repayment plan for
their debt owed, allowing the company to avoid liquidation, The
National Business Review reports.
The Business Review relates that the creditors were owed
NZ$139,000.
According to the report, administrator Stephen Tietjens of Accru
Smith Chilcott said Orange had roughly matching assets and
liabilities, but its property assets would take time to realize.
Orange Insurance, the report relates, owed around NZ$7 million to
bondholders and had NZ$7.2 million in six loan assets. The
company incurred a NZ$459,000 loss for the year to March 31.
Total net assets fell from NZ$266,000 to just NZ$21,000.
The company, the Business Review notes, will remain in voluntary
administration, operating under the approved deed of company
arrangement (DOCA) to repay creditors over time.
PROPERTYFINANCE: To Put Off Repayment of NZ$7.8 Million Next Year
-----------------------------------------------------------------
Propertyfinance Group (PFG) anticipates to delay repayment of
NZ$7.8 million owed to investors in its subsidiary Propertyfinance
Securities Limited (PFSL) until first quarter next year.
In a regulatory filing with the New Zealand Stock Exchange,
PFG said PFSL was required to pay on or before December 21, 2008,
no less than NZ$15 million in secured debenture stock principal.
The company said PFSL has repaid NZ$7.2 million and is working
closely with a number of first mortgage borrowers and property it
has purchased under defaulting security.
Due to a number of understandable events, be it project or market
related, it is not now anticipated that the balance will be paid
until the first quarter of 2009, the company said in the filing.
PFSL is working with the trustee to hold a meeting of stockholders
early next year to ratify this non-compliance.
PFG's Board is intending to undertake a comprehensive review of
the existing PFSL Extraordinary Resolution to assess:
-- if the current program is still realistic given
market events over the past 12 months; and
-- if not, how the program could be revised to better
protect the investment value of the debenture stock
holders and wider PFG stakeholders.
About Propertyfinance Group
Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage. The company is
also involved in property related financial services. Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.
* * *
Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.
The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures. The
parent company managed to pull its subsidiary out of receivership
in February 2008.
ST LAURENCE: Investors Approve Recapitalization Plan
----------------------------------------------------
St Laurence Limited (SLL) said that that its recapitalization Plan
and proposal to amend the Trust Deed has been approved by Secured
Debenture Stock and Capital Note holders at investor meetings held
today, Dec. 5, in Wellington.
The Resolutions, as put to Secured Debenture Stock holders were
passed by 95.86% and, as put to Capital Note holders were passed
by 99.64%. By value, 73.6% of SDS holders and 71.75% of Capital
Note holders voted at the meetings.
St Laurence said it will now commence implementation of the Plan.
Outstanding interest on Secured Debenture Stock for the period
from July 1, 2008, to December 5, 2008, and Capital Notes for the
period 1 May 2008 to 5 December 2008, will be paid to investors in
the next week. Interest will accrue on investor holdings and
quarterly principal payments will commence starting on April 1,
2009.
St Laurence Limited managing director Kevin Podmore says, "We are
pleased with this result and particularly the support our
investors have shown over the last few months. Our core focus now
is on returning SLL to profitability. The Plan will enable loans
to be repaid in an orderly fashion while preserving and maximizing
the value of our funds management business."
"Investors will accrue interest on their investment and receive
quarterly principal payments providing a regular income for
investors until principal is repaid," Mr Podmore says.
About St Laurence
Headquartered in Wellington, New Zealand, St Laurence Limited
(NZX: DPC) -- http://www.stlaurence.co.nz/st_laurence.php-- is
a property-based funds management and finance company with over
NZ$1.2 billion in assets under management. Since 1995 it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, New Zealand Herald said St Laurence Limited
stopped repaying principal investments ahead of a vote on a scheme
of repayment.
According to the report, managing director Kevin Podmore
confirmed that the company had now halted repayments of
principal after it received legal advice which said all
debenture holders needed to be treated equally and fairly.
The TCR-AP reported on June 25, 2008, that St. Laurence Limited
said it has decided to exit from its money lending activities and
is to withdraw its prospectus immediately. This decision results
from rapid changes in the property lending markets affecting many
financiers and investors.
TRELEX INVESTMENTS: Members & Creditors Hear Wind-Up Report
-----------------------------------------------------------
On December 2, 2008, the members and creditors of Trelex
Investments Limited met and received the liquidator's report on
the company's wind-up report and property disposal.
The company's liquidator is:
G. S. Rea
McGrath Nicol + Partners (NZ) Limited
18 Viaduct Harbour Avenue, Level 2
Auckland
VISTAITA LTD: Court to Hear Wind-Up Petition on December 15
-----------------------------------------------------------
A petition to have Vistaita Ltd.'s operations wound up will be
heard before the High Court of Auckland on December 15, 2008, at
10:00 a.m.
Body Corporate 323166 (North Auckland Registry) filed the petition
against the company on September 24, 2008.
Body Corporate's solicitor is:
R. M. Graham
Morgan Coakle Lawyers
51-53 Shortland Street, Level 12
Auckland
* NEW ZEALAND: Wholesale Trade Sales Fall 1.0% in September Qtr.
----------------------------------------------------------------
Seasonally adjusted total wholesale trade sales decreased 1.0
percent (NZ$219 million) for the September 2008 quarter,
Statistics New Zealand said today. This is the largest quarterly
decrease in sales since the December 2005 quarter, and is led by
the 11.3 percent fall in motor vehicle wholesaling.
The next largest contributors to the quarter's decrease were falls
in petroleum product wholesaling, down 6.9 percent, and primary
product food wholesaling, down 3.3 percent. Partly offsetting the
decrease was a rise in unprocessed primary products wholesaling,
up 5.6 percent.
The total wholesale trade sales trend continues to increase, but
has shown signs of easing in recent quarters. The average
quarterly increase has slowed to 0.7 percent over the last two
quarters. This compares with an average quarterly increase of 1.8
percent during 2006 and 2007.
Seasonally adjusted wholesale stocks for the September 2008
quarter increased 2.6 percent (NZ$300 million), following a 6.0
percent rise in the June 2008 quarter.
=================
S I N G A P O R E
=================
BCH RETAIL: Creditors' Proofs of Debt Due on December 27
--------------------------------------------------------
The creditors of BCH Retail Investment Pte Ltd are required to
file their proofs of debt by December 27, 2008, to be included in
the company's dividend distribution.
The company's liquidator is:
Tam Chee Chong
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
BUGIS CITY: Creditors' Proofs of Debt Due on December 27
--------------------------------------------------------
The creditors of Bugis City Holdings Pte Ltd are required to file
their proofs of debt by December 27, 2008, to be included in the
company's dividend distribution.
The company's liquidator is:
Tam Chee Chong
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
HAMCO MARINE: Court Enters Wind-Up Order
----------------------------------------
On November 14, 2008, the High Court of Singapore entered an order
to have Hamco Marine Pte Ltd's operations wound up.
PT. Marcopolo Shipyard filed the petition against the company.
The company's liquidator is:
The Official Receiver
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118
HIANG KIE: Declares Fourth and Final Dividend
---------------------------------------------
Hiang Kie Pte Ltd, which is in liquidation, declared its fourth
and final dividend on November 24, 2008.
The company paid 0.00378 cents to a dollar to all received claims.
The company's liquidator is:
One Raffles Quay
North Tower, Level 18
Singapore 048583
T J CONSTRUCTION: Declares Fourth and Final Dividend
----------------------------------------------------
T J Construction Pte Ltd., which is in liquidation, declared its
first and final preferential dividend on November 10, 2008.
The company paid 25.25% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
======================
S O U T H A F R I C A
======================
FIRSTRAND LTD: Investment-Banking Unit Incurs Unexpected Losses
---------------------------------------------------------------
FirstRand Ltd. incurred unexpected "significant losses" at its
investment-banking unit after derivatives broker Dealstream
Securities Ltd collapsed, Vernon Wessels of Bloomberg News
reports.
The report says the company, hurt by sliding stock markets and
high interest rates,
expects its fiscal first-half profit to fall by as much as 26
percent.
FirstRand has "lost its shine" and needs to find a new strategy,
Citigroup Inc. banks analyst Henry Hall said in a note to clients
obtained by Bloomberg News.
Mr. Hall, the report states, noted FirstRand has a "decentralized
business model" that needs to be changed.
According to Bloomberg News, the company operates as a group of
financial-services businesses with their own brands, management
and strategies.
"FirstRand has lost its way somewhat," Mr. Hall said in the note.
"A lot of work and strategic re-direction is needed."
Bloomberg News relates Mr. Hall, saying many of the company's
losses were unexpected, cut his estimate for fiscal full-year
earnings per share through June 2009 to 1.71 rand from 1.92 rand
and noted FirstRand is no longer a "premium group."
Headquartered in Sandton, South Africa, FirstRand Limited
(JNB:FSR) -- http://www.firstrand.co.za/-- is the holding company
of the FirstRand group of companies. The companies are engaged in
financial services activities in the areas of retail, corporate,
investment and merchant banking, life and health insurance,
employee benefits, short term insurance and asset and property
management. The Company's portfolio of financial services
franchises include First National Bank (FNB), the retail and
commercial bank, Rand Merchant Bank (RMB), the investment bank,
WesBank, the installment finance business and Momentum, the life
insurance business. In July 2008, FirstRand Limited had sold its
50% stake held in Nufcor International.
===========
T A I W A N
===========
KOLIN CO: President Under Probe for Embezzlement
-------------------------------------------------
Prosecutors in Taipei searched the offices of Kolin Co and
summoned the company's president, Lee Dun-jen, on Wednesday,
December 3, in a probe of suspected breach of trust and
embezzlement of corporate funds, The China Post reported.
The Post related that the raid came after the discovery of a huge
discrepancy of more than NT$5.9 billion between the accounting
books of the Taipei head office and SBC, a reinvested affiliate
traded on the Nasdaq stock exchange in the U.S.
According to the report, the prosecutors said they were trying to
find out where the large sum went and if there was tampering of
accounting records.
A series of bounced checks revealed the company had incurred debts
amounting to NT$15.46 billion, plus close to US$20 million in
foreign currencies as of Aug. 31, the report said.
In early October, China Post recalled, the Taipei District Court
approved Kolin's restructuring plan, preventing creditors from
seeking repayment from the firm within a period of 90 days.
The company was delisted from the from the Taiwan Stock Exchange
in early November, the report added.
Taipei, Taiwan-based Taiwan Kolin Co. Ltd (TPE:1606) --
http://www.kolin.com.tw/-- is principally engaged in the
manufacture and sale of electronic products and electrochemical
products. The Company's digital electronic products include
liquid crystal displays (LCDs), cathode ray tube (CRT) frequency
doubling digital TVs, panel/ sphere CRT TVs, digital versatile
discs (DVDs), digital set- top-boxes and moving picture experts
group layer-3 audio (MP3) players. Its electrochemical products
include heaters, air coolers, photo catalysis refrigerators,
washing machines, clothes dryers and dehumidifiers. During the
year ended December 31, 2007, the Company obtained 81.92% and
18.08% of its total revenue from its businesses of electronic
products and electrochemical products, respectively. As of
December 31, 2007, the Company had 11 subsidiaries and associates.
===============
X X X X X X X X
===============
* Big 3 Get UAW's OK on Healthcare Payment Delays & Jobs Bank Cuts
------------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that the United Auto
Workers President Ron Gettelfinger said on Wednesday that the
union will let General Motors Corp., Chrysler LLC, and Ford Motor
Co. delay payments into a health-care trust and terminate the jobs
bank program for laid-off employees, to help the companies in
their plea for government loans.
As reported in the Troubled Company Reporter on Dec. 3, 2008, UAW
scheduled an emergency meeting on Dec. 3 to discuss what role the
union should play in helping GM, Ford Motor, and Chrysler become
more viable companies.
According to Dow Jones, the UAW decided to revise its 2007
contracts with GM, Chrysler, and Ford Motor to help reduce costs.
Union leaders are able to suspend the jobs bank and postpone
payments to the health-care trust without renegotiating the labor
contract, the report states, citing Mr. Gettelfinger. The union,
says the report, will have to form bargaining committees and start
talks with the companies for further changes.
Dow Jones relates that the health-care trust, or VEBA, is
considered as a key component of the firms' efforts to lessen
labor obligations. It was scheduled to start paying benefits to
retirees beginning Jan. 1, 2010, but the automakers are running
short of cash and would likely fail to secure the billions of
dollars needed to initially fund the trust, states the report.
The jobs bank program, Dow Jones reports, provides laid-off
employees with most of their pay and benefits. The program has
"shrunk dramatically," Dow Jones says, citing Mr. Gettelfinger.
The report states that GM and Ford have reduced their jobs banks
by almost 80,000 workers in recent years. GM, Ford Motor, and
Chrysler currently have about 3,500 workers in the jobs bank,
according to the report.
UAW will launch an ad campaign in support of GM, Ford Motor, and
Chrysler, Dow Jones relates. Other countries are also being asked
to extend support to their auto industries, the report states,
citing Mr. Gettelfinger.
Chrysler's Short-Term & Long-Term Viability Plan
Chrysler LLC Chairperson and CEO Bob Nardelli will wrap up a
series of "Virtual Road Show" events with an actual road trip to
Washington, D.C. Chrysler confirmed that the company's top
executive would drive a fuel-efficient hybrid vehicle to this
week's Senate and House hearings.
Mr. Nardelli and other Chrysler executives will spend the early
part of this week in discussions with a broad mix of affected
stakeholders. The company is calling the grassroots public
relations push a "Virtual Road Show," with initiatives spread
across seven states in a three-day period.
The meetings and initiatives are being organized by a number of
groups and organizations to help develop an awareness of the
integral role U.S. auto makers play in the nation's economy and
national security as well as why the temporary financial
assistance provided by a bridge loan is critical to Chrysler and
the industry. Chrysler Executive Director of Communications Lori
McTavish said, "Our goal is to meet with stakeholders to discuss
the U.S. auto industry's impact on their districts."
Chrysler will use the government loan to support ongoing
operations as the company continues to restructure the business,
including in the first quarter:
-- US$8.0 billion in payments to parts suppliers
US$1.2 billion for other vendors,
-- US$900 million in wages,
-- US$500 million in healthcare and legacy costs, and
-- US$500 million in capital expenditures.
Mr. Nardelli will receive a salary of $1 a year. He has no
employment contract, no change of control agreement, "golden
parachute," and no health care or life insurance benefits from the
company. The company will negotiate concessions from all of our
constituents.
Chrysler's product plan features 24 major launches from 2009
through 2012. For the 2009 model year, 73% of Chrysler products
will offer improved fuel economy compared to 2008 models. The
company will launch additional small, fuel-efficient vehicles.
Chrysler's product plan includes the introduction of the Ram
Hybrid and its first electric-drive vehicle in 2010 with three
additional models by 2013.
Mr. Nardelli believes that further partnership, restructuring and
consolidation would make the U.S. auto industry even more viable
and competitive in the long run. Further opportunities for
technology sharing would provide fuel-efficient cars and trucks
more cost effectively and faster to market. The three-company
alliance that developed the dualmode hybrid is a good example.
Chrysler believes that it will be well-positioned to begin
repayment of the federal loans in 2012.
Details on Chrysler's Plan is available at:
http://ResearchArchives.com/t/s?35b1
Gov't Facilitated Pre-packaged Bankruptcy
The Deal Journal relates that while Ford Motor, GM, and Chrysler
continue to rule out filing for bankruptcy, Congress members and
their staffers have been meeting privately with bankruptcy experts
and bankers to understand the mechanics and costs of a pre-
packaged bankruptcy. According to The Deal, Senate Minority Whip
Jon Kyl said he has spoken to colleagues who said that they would
be open to the government facilitating a pre-packaged bankruptcy
for one or more of the three struggling Detroit companies.
The Deal states that Sen. Kyl said that he supports a plan for the
government to provide financing, while creating an account that
would ensure warrantees for owners of cars made by firms in
bankruptcy court.
The deal quoted Sen. Kyl as saying, "I'd be happy next week to
pass a bill that said for any of these three companies that go
through Chapter 11, we will provide a certain amount of DIP
[debtor-in-possession] financing" and money to backstop for car
warrantees.
Matthew Dolan and Josh Mitchell at The Wall Street Journal relate
that Ford Motor CEO Alan Mulally expressed concern on the fates of
GM and Chrysler, after the submission of the three company's
restructuring plans to the congress. Mr. Mulally told WSJ during
an interview in Washington, that he was worried about the
financial health of GM and Chrysler after the two companies told
the Congress that they needed the immediate infusion of cash to
survive.
As reported in the Troubled Company Reporter on Dec. 3, 2008, Ford
Motor said in its 33-page turnaround plan that it doesn't need
federal funds immediately and that it is asking for a
$9 billion line of credit to be available in case the recession
would be longer and deeper than expected.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ALLSTATE EXPLORA ALX 22019608.10 -67492223.10
ALLSTATE EXPL-PP ALXCC 22019608.10 -67492223.10
ANTARES ENERGY L AZZ 16203169.11 -4359829.02
ARC EXPLORATION ARX 62773963.21 -15883874.97
AUSTAR UNITED AUN 525672845.30 -234867042.02
BIRON APPAREL LT BIC 19706738.17 -2220069.83
CROESUS MINING CRS 16003304.16 -13810195.85
ETW CORP LTD ETW 103760615.53 -50215440.96
FORTESCUE METALS FMG 4953350503.44 -1568972639.88
FULCRUM EQUITY L FUL 40075709.67 -8003394.15
INTELLECT HLDGS IHG 18245003.37 -15487781.92
KH FOODS LTD KHF 38397288.11 -6790994.89
KH FOODS LTD-PRF KHFPA 38397288.11 -6790994.89
LAFAYETTE MIN LAF 105239389.93 -190859526.77
METAL STORM LTD MST 14309243.10 -5126410.11
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
TOOTH & CO LTD TTH 143720715.19 -94300033.83
VERTICON GROUP VGP 31280242.69 -12391531.59
CHINA
AMOI ELECTRONICS 600057 414934259.50 -30399649.61
ANHUI KOYO GROUP 000979 64278169.26 -30778923.55
CHANG LING GROUP 000561 49675731.32 -115810769.64
CHENGDU UNION-A 000693 59526570.13 -188881.87
CHINA KEJIAN-A 000035 65124488.98 -167311537.11
CHINA LIAONING-A 000638 15426138.26 -5698465.09
CHINESE.COM LOGI 000805 12721114.23 -20567498.78
CHONGQING CHANG 600369 98865860.45 -62635.84
CHONGWING INTL-A 000736 24753183.26 -13379849.30
DANDONG CHEM F-A 000498 115942688.34 -91597754.91
FUJIAN SANNONG-A 000732 64417775.39 -90239301.91
FUJIAN CFC IND-A 000592 24196604.92 -19615146.80
FUJIAN START-A 600734 105659572.63 -14337777.19
GUANGDONG MEIYA 000529 66438321.52 -62407433.87
GUANGDONG KEL-A 000921 710500493.66 -81769686.15
GUANGMING GRP FU 000587 62369338.74 -12083332.13
GUANGXIA YINCH-A 000557 53463085.53 -61325483.02
HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69
HEBEI JINNIU C-A 600722 379299949.84 -2890480.98
HISENSE ELEC-H 921 710500493.66 -81769686.15
HUATONG TIANXI-A 600225 73838152.81 -41138558.42
HUDA TECHNOLOG-A 600892 18459084.32 -1904039.85
HUNAN ANPLAS CO 000156 83999120.28 -81350940.74
HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54
JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53
LAN BAO TECH INF 000631 29435531.87 -22701113.38
MIANYANG GAO-A 600139 30657523.00 -12436839.12
QINGHAI SALT L-A 000578 105635944.61 -4914371.18
QINGHAI SUNSHI-A 600381 47308342.77 -49663000.79
SHANG WORLDBES-A 600094 327982181.09 -175167931.11
SHANG WORLDBES-B 900940 327982181.09 -175167931.11
SHENZ CHINA BI-A 200017 29379003.11 -244527119.11
SHENZ CHINA BI-B 200017 29379003.11 -244527119.11
SHENZ SEG DASH-A 000007 101024087.57 -1144993.15
SHENZHEN SHENXIN 000034 44989232.03 -113368102.97
SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37
SHENZHEN KONDA-A 000048 155014461.99 -24446764.56
SICHUAN DIRECT-A 000757 128549383.42 -102619767.95
STELLAR MEGAUNIO 000892 64925448.82 -162463426.22
SUCCESS INFORMAT 000517 30118378.44 -14826121.30
SUNTIME INTERN-A 600084 372799912.67 -50592426.40
SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64
TAIYUAN TIANLON 600234 12693007.72 -51581680.70
TIBET SUMMIT IND 600338 73500256.4 -16424030.52
TIANJIN MARINE 600751 75440814.59 -26602770.52
TIANJIN MARINE-B 900938 75440814.59 -26602770.52
TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54
WINOWNER GROUP C 600681 21498115.00 -81284231.50
XIAMEN OVERSEAS 600870 433188523.84 -13781679.05
YUEYANG HENGLI-A 000622 40266532.05 -14337174.21
ZHANGJIAJIE TO-A 000430 51011060.62 -8247159.63
HONG KONG
WAI CHUN GROUP L 1013 12375426.81 -14214914.84
CHIA TAI ENTERPR 121 313740803.76 -49562387.78
SANYUAN GROUP LT 140 17768260.98 -2131329.68
OCEAN GRAND CHEM 2882 12274432.29 -46252280.18
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
NEW CITY CHINA 456 113178595.41 -9932226.54
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
PALADIN LTD 495 186461196.61 -9780904.71
CHINA GRAND PHAR 512 23135825.94 -7596740.75
PALADIN LTD -PRE 642 186461196.61 -9780904.71
CHINA HEALTHCARE 673 25241048.66 -5730603.97
WAH SANG GAS 8035 69765797.42 -113697025.42
TAKSON HLDGS 918 11351347.49 -2111248.1
INDIA
APPLE FINANCE APL 62427496.69 -11798341.63
ARTSON ENGR ART 10310745.75 -705781.13
ASHIMA LTD ASHM 96567160.75 -42591314.74
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
BALAJI DISTILLER BLD 59974008.41 -50890026.26
BELLARY STEELS BSAL 512415670.40 -101442229.54
CFL CAPITAL FIN CEATF 20637497.85 -48884440.84
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DUNCANS INDUS DAI 164653351.9 -220922929.9
DIGJAM LTD DGJM 98769193.78 -14620180.53
DISH TV INDIA DITV 302059215.40 -112859159.26
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 43595348.80 -195237605.32
HIMACHAL FUTURIS HMFC 633329926.05 -104792044.71
HMT LTD HMT 206932743.85 -263572925.12
HINDUSTAN PHOTO HPHT 95115323.23 -953348180.90
IFB INDS LTD IFBI 50668510.63 -65490798.77
INDIA STEEL WORK ISI 56764895.94 -1474355.11
JCT ELECTRONICS JCTE 122542558.60 -49996834.55
JK SYNTHETICS JKS 20208078.76 -2171303.89
JENSON & NIC LTD JN 15734678.26 -92089109.12
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
LML LTD LML 86798822.39 -27966179.74
LLOYDS METALS LYDM 76625324.31 -409399.15
LLOYDS STEEL IND LYDS 392561769.16 -102160401.76
MAFATLAL INDS MFI 123632655.22 -83841435.12
MILLENNIUM BEER MLB 39726352.09 -732186.48
NATH PULP & PAP NPPM 11602126.35 -34768739.20
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PSI DATA SYSTEMS PSI 11676002.06 -2481336.90
PTL ENTERPRIESES PTLE 54293986.93 -397481.92
PANYAM CEMENTS PYC 30241162.87 -9403739.61
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
REMI METALS GUJA RMM 45057985.96 -51095300.54
RPG CABLES LTD RPG 51431409.37 -20192930.18
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
SEN PET INDIA LT SPEN 13797591.24 -25632664.31
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
STI INDIA LTD STIB 44107456.00 -300149.59
TRIVENI GLASS TRSG 34542881.89 -6209872.78
TATA TELESERVICE TTLS 857960649.86 -50009972.82
USHA INDIA LTD USHA 12064900.61 -54512967.31
JOG ENGINEERING VMJ 50080964.36 -10076436.07
WIRE AND WIRELES WNW 106984536.93 -23622538.56
INDONESIA
PRIMARINDO ASIA BIMA 12686983.33 -20685421.96
BUKAKA TEKNIK UT BUKK 64091324.54 -99365767.69
DAYA SAKTI UNGGU DSUC 30290429.39 -7119463.92
ERATEX DJAJA ERTX 24286412.49 -3183944.37
JAKARTA KYOEI ST JKSW 37341907.08 -40927857.92
KARWELL INDONESI KARW 33062976.60 -2063732.97
MULIA INDUSTRIND MLIA 402100859.87 -443184587.78
PANCA WIRATAMA PWSI 31983823.98 -33728711.13
STEADY SAFE TBK SAFE 16605580.35 -3310385.85
SURABAYA AGUNG SAIP 278878601.20 -78093433.67
TEIJIN INDONESIA TFCO 265725344.00 -23100500.00
UNITEX TBK UNTX 17007357.73 -11304184.18
JAPAN
MOC CORP 2363 52273507.78 -12661480.98
LINK ONE 2403 12290544.83 -5772835
APRECIO CO LTD 2460 18178139.82 -1869347.22
TASCOSYSTEM CO L 2709 55593566.29 -5196409.75
NEXUS 2799 25436623.18 -18579366.04
SOWA JISHO CO LT 3239 54007939.02 -15643863.67
L CREATE CO LTD 3247 42344509.56 -9146496.90
OPEN INTERFACE I 4302 32715547.40 -5699491.16
LINK CONSULTING 4798 50709685.69 -10143185.11
PLACO CO LTD 6347 26260220.44 -997325.51
TRUSTEX HOLDINGS 9374 85999130.53 -2203926.9
COWBOY CO LTD 9971 21323462.4 -5681854.91
KOREA
FIRST FIRE & MAR 000610 2044031310.36 -1780221.91
ORICOM INC 010470 82645454.13 -40039161.33
UNICK CORP 011320 36540788.83 -4449480.74
STARMAX CO LTD 017050 73128066.52 -5536410.53
DAISHIN INFO 020180 740500919.30 -158453978.78
TONG YANG MAGIC 023020 355147750.92 -25767007.75
FATOMENT 025460 28429133.98 -13916561.10
NANO MINING CO L 036270 18221252.73 -32166924.53
COSMOS PLC 053170 19306498.60 -4948161.34
SEJI CO LTD 053330 37246628.39 -311069.32
MEDIACORP INC 053890 53306304.99 -32219360.77
DAHUI CO LTD 055250 186003859.24 -1504246.54
INNO METAL IZIRO 070080 28564573.80 -330042.51
SINJISOFT CORP 078700 12760558.03 -21014927.26
MALAYSIA
CNLT FAR EAST CNLT 44967289.97 -8460479.41
ENERGREEN CORP ECB 29495419.35 -31105634.5
HARVEST COURT HAR 10805322.12 -5623766.68
LITYAN HLDGS BHD LIT 21279571.09 -28602294.73
NIKKO ELECTRONIC NIKKO 12072911.27 -7832098.21
PECD BHD PECD 377122467.92 -295360985.56
PANGLOBAL BHD PGL 185949931.53 -185086888.13
TECHVENTURE BHD TECH 37377746.79 -11207547.89
WONDERFUL WIRE WW 22721443.48 -1936371.54
PHILIPPINES
APEX MINING-A APX 55266898.93 -1972871.63
APEX MINING 'B' APXB 55266898.93 -1972871.63
BENGUET CORP-A BC 77132198.94 -30611028.96
BENGUET CORP 'B' BCB 77132198.94 -30611028.96
CENTRAL AZUC TAR CAT 35737315.17 -1803678.01
CYBER BAY CORP CYBR 14850182.71 -74298813.45
FIL ESTATE CORP FC 43031377.81 -10925320.95
FILSYN CORP A FYN 24839570.79 -11373621.32
FILSYN CORP. B FYNB 24839570.79 -11373621.32
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 14947958.51 -747373.28
PICOP RESOURCES PCP 105659068.50 -23332404.14
EAST ASIA POWER PWR 72744279.35 -136684406.25
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 65657779.51 -57306280.77
VICTORIAS MILL VMC 175005565.48 -38636418.26
SINGAPORE
ADV SYSTEMS AUTO ASA 18177825.52 -7877731.57
CHUAN SOON HUAT CSH 39144678.93 -7539646.47
FALMAC LTD FAL 10568359.86 -4699134.55
GUL TECHNOLOGIES GUL 172802992.00 -3036000.00
HL GLOBAL ENTERP HLGE 103658294.07 -8330138.25
INFORMATICS EDU INFO 26971523.76 -4594472.06
LINDETEVES-JACOB LJ 192873034.63 -73862882.72
SUNMOON FOOD COM SMOON 50854971.18 -1574709.82
TAIWAN
CHIEF CONST-ENT 2522R 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10
CHIEN TAI CEMENT 1107 213252699.79 -8622456.43
DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05
HELIX TECHNOL-EC 2479S 29014861.50 -18177223.18
HELIX TECH-EC 2479T 29014861.50 -18177223.18
HELIX TECH-EC IS 2479U 29014861.50 -18177223.18
PROTOP TECHNOLOG 2410 36409983.56 -22412206.18
UNICAP ELECT-EC 5307R 133883064.40 -19055700.01
UNICAP ELECT-EC 5307S 133883064.40 -19055700.01
UNICAP ELECT-ENT 5307T 133883064.40 -19055700.01
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
THAILAND
ABICO HOLDINGS ABICO 16687406.79 -9849452.81
ABICO HOLD-NVDR ABICO-R 16687406.79 -9849452.81
ABICO HLDGS-F ABICO/F 16687406.79 -9849452.81
BANGKOK RUBBER BRC 79432385.61 -69382388.28
BANGKOK RUB-NVDR BRC-R 79432385.61 -69382388.28
BANGKOK RUBBER-F BRC/F 79432385.61 -69382388.28
BANGKOK STEEL IN BSI 458729221.47 -136444108.98
BANGKOK STE-NVDR BSI-R 458729221.47 -136444108.98
BANGKOK STEEL-F BSI/F 458729221.47 -136444108.98
CENTRAL PAPER IN CPICO 13252670.48 -241782725.56
CENTRAL PAPER-NV CPICO-R 13252670.48 -241782725.56
CENTRAL PAPER-F CPICO/F 13252670.48 -241782725.56
CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66
CIRCUIT ELE-NVDR CIRKIT-RTB 61295807.28 -25886476.66
CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 32946700.57 -74084683.11
ITV PCL-NVDR ITV-R 32946700.57 -74084683.11
ITV PCL-FOREIGN ITV/F 32946700.57 -74084683.11
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 18782550.85 -14068562.52
KUANG PEI-NVDR POMPUI-RTB 18782550.85 -14068562.52
KUANG PEI SAN-F POMPUI/F 18782550.85 -14068562.52
MALEE SAMPRAN MALEE 62534877.53 -6947140.27
MALEE SAMPR-NVDR MALEE-R 67126452.61 -6947140.27
MALEE SAMPRAN-F MALEE/F 67126452.61 -6947140.27
NEW PLUS KNITT NPK 10075187.17 -2034472.09
NEW PLUS KN-NVDR NPK-R 10075187.17 -2034472.09
NEW PLUS KNITT-F NPK/F 10075187.17 -2034472.09
PREMIER MARKET PM 41958329.18 -2352192.28
PREMIER MAR-NVDR PM-R 41958329.18 -2352192.28
PREMIER MARK-FOR PM/F 41958329.18 -2352192.28
SAFARI WORLD PUB SAFARI 105846131.92 -13361065.40
SAFARI WORL-NVDR SAFARI-RTB 105846131.92 -13361065.40
SAFARI WORLD-FOR SAFARI/F 105846131.92 -13361065.40
SAHAMITR PRESSUR SMPC 27259301.93 -34589170.90
SAHAMITR PR-NVDR SMPC-R 27259301.93 -34589170.90
SAHAMITR PRESS-F SMPC/F 27259301.93 -34589170.90
SUNWOOD INDS PCL SUN 29427364.98 -6703524.31
SUNWOOD INDS-NVD SUN-R 29427364.98 -6703524.31
SUNWOOD INDS-F SUN/F 29427364.98 -6703524.31
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
TUNTEX THAILAND TUNTEX 209866171.11 -59169752.92
TUNTEX THAI-NVDR TUNTEX-RTB 209866171.11 -59169752.92
TUNTEX THAILAN-F TUNTEX/F 209866171.11 -59169752.92
UNIVERSAL STARCH USC 86972750.14 -49004706.42
UNIVERSAL S-NVDR USC-R 86972750.14 -49004706.42
UNIVERSAL STAR-F USC/F 86972750.14 -49004706.42
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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.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
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