/raid1/www/Hosts/bankrupt/TCRAP_Public/090112.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 12, 2009, Vol. 12, No. 7
Headlines
A U S T R A L I A
A.C.N. 000 511 811: Placed Under Voluntary Liquidation
ABE AIR: Supreme Court Enters Wind-Up Order
ARCHITECTURAL BUILDING: Members and Creditors Hear Wind-Up Report
BAZ ELECTRICAL: Placed Under Voluntary Liquidation
BUZZ BROADBAND: Goes Into Receivership
BUZZECO PTY: Declares First and Final Dividend
CITI MARINA: Members and Creditors Hear Wind-Up Report
COOGEE DEVELOPMENTS: Members Receive Wind-Up Report
D.G. & B.M. KERR: Supreme Court Enters Wind-Up Order
GOLDSTAR RESOURCES: Placed in Administration
MACQUARIE GROUP: Unit Sells Margin Lending Portfolio for $52 Mil.
MASCOT DEVELOPMENTS: Members Receive Wind-Up Report
MIDAS AUSTRALIA: Closes Stores; Administrator Seeks Buyer
MR PUMP: Enters Wind-Up Proceedings
NATURAL FLOOR: Placed Under Voluntary Liquidation
OZ MINERALS: Yet to Receive Lenders' OK on Bridging Facility
PJ'S PIZZA: Declares First and Final Dividend
PUBBIZ PTY: Placed Under Voluntary Liquidation
RAJAMALAR PTY: Placed Under Voluntary Liquidation
C H I N A
LAS VEGAS SANDS: Bank Loan Trades Slightly Up in Secondary Market
LINGO MEDIA: A+ Child Unit to Restructure Operations Under BIA
* MACAU: VIP Market Bubble Has "Burst," Las Vegas Sands Says
H O N G K O N G
ALLIED GLORY: Creditors' Proofs of Debt Due on January 24
BARING INTERNATIONAL: Creditors' Proofs of Debt Due on January 24
CHARGEURS WOOL: Diana and Yuen Cease to Act as Liquidators
CHEUNG FAT: Creditors' Proofs of Debt Due on January 24
FLUIDMASTER/BEMIS: Creditors' Proofs of Debt Due on January 14
MADIGAN COMPANY: Creditors' Proofs of Debt Due on January 24
MARRIAGE MINISTRIES: Creditors' Proofs of Debt Due on February 2
PARKSON RETAIL: S&P Keeps BB Corp. Credit Rating; Outlook Stable
SUPERSHNE LIMITED: Creditors Receive Wind-Up Report
TOEI DENSHI: Lam and Toohey Cease to Act as Liquidators
I N D I A
KRYPTON TYRES: CRISIL Rates Rs.310 Mil. Term Loan at 'BB'
PROTECH GALVANISERS: CRISIL Puts 'BB' Rating on Rs.5.4MM Term Loan
VISHNU PRIYA: CRISIL Rates Rs.370 Million Term Loan at 'BB-'
J A P A N
JAPAN AIRLINES: Int'l Unit to Cut Staff by 13% Until March 2011
JLOC 38: S&P Junks Rating on Class D Secured Notes from 'B'
JMAC2 TRUST: Moody's Reviews 'Ba2' Rating on Class E Notes
POWER MEDICAL: Sept. 30 Balance Sheet Upside Down by US$7.7 Mil.
SMFG PREFERRED: Moody's Assigns Rating on Perpetual Securities
K O R E A
SSANGYONG MOTOR: Files for Receivership
K U W A I T
GLOBAL INVESTMENT: Defaults on Majority of US$3 Billion Debt
* KUWAIT: Financial Sector on the Rocks, Two Banks in Need of Help
N E W Z E A L A N D
ALBERT PARK: Court Hears Wind-Up Petition
ATTRIDGE LTD: Court Hears Wind-Up Petition
CABAR INVESTMENTS: Commences Liquidation Proceedings
CCR CHRISTCHURCH: Commences Liquidation Proceedings
DALY & BROUGH: Court Hears Wind-Up Petition
GOLF.COM LTD: Commences Liquidation Proceedings
LAKE TE ANAU: Commences Liquidation Proceedings
MAUCH INVESTMENTS: Court Hears Wind-Up Petition
SAI LAKSHMI: Placed Under Voluntary Liquidation
THE PLASTERING: Commences Liquidation Proceedings
WESTERN PACIFIC: S&P Raises Counterparty Credit Rating to 'B'
P H I L I P P I N E S
* Fitch Assigns 'BB' Rating on Philippines' US$1.5 Bil. Bonds
* MB Orders Closure of 2 Pampanga RB's; PDIC to Pay Valid Claims
T H A I L A N D
G STEEL: High Liquidity Risk Cues Moody's Junk Rating from 'B3'
T U N I S I A
ARAB TUNISIAN: S&P Raises Counterparty Credit Rating to 'BB+'
U N I T E D A R A B E M I R A T E S
AL BARAKAH: Unveils Insolvency to Investors
- - - - -
=================
A U S T R A L I A
=================
A.C.N. 000 511 811: Placed Under Voluntary Liquidation
------------------------------------------------------
During a general meeting held on October 13, 2008, the members of
A.C.N. 000 511 811 Pty Limited resolved to voluntarily liquidate
the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 13, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
Roderick Mackay Sutherland
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
e-mail: admin@jirschsutherland.com.au
ABE AIR: Supreme Court Enters Wind-Up Order
-------------------------------------------
On October 14, 2008, the Supreme Court of New South Wales entered
an order to have Abe Air Conditioning Pty Ltd's operations wound
up.
The company's liquidator is:
Bradd Morelli
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
e-mail: admin@jirschsutherland.com.au
ARCHITECTURAL BUILDING: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Architectural Building Services Pty
Limited met on November 28, 2008, and received the liquidator's
report on the company's wind-up proceedings and property.
The company's liquidator is:
Michael Jones
c/o Jones Partners Insolvency & Business Recovery
Telephone: (02) 9251 5222
BAZ ELECTRICAL: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 15, 2008, the members of
Baz Electrical Services Pty Ltd resolved to voluntarily liquidate
the company's business.
The company's liquidator is:
P. Ngan
Ngan & Co Chartered Accountants
49 Market Street, Level 5
Sydney NSW 2000
BUZZ BROADBAND: Goes Into Receivership
--------------------------------------
Letea Cavander at NewsMail reports that a Wide Bay company, Buzz
Broadband, has gone into receivership.
Buzz Broadband, the report relates, informed its customers through
an email that it entered voluntary administration following a
legal move by an overseas vendor it bought products off about 18
months ago.
"By November 2008, a solid and reliable solution had been
identified and was in field trials in Bundaberg when the vendor,
who had delivered the misrepresented and failed product to Buzz,
chose to take legal action for payment for the goods that had been
returned 18 months earlier," Buzz Broadband said in a letter
to customers obtained by Newsmail.
The company advises its customers that they would "most likely
lose most or all" access to wireless broadband, dial-up broadband,
ADSL, email and BuzzPhone services.
Buzz Broadband -- http://www.buzzbb.com/home.aspx-- provides
wireless and ADSL connections in regional Queensland.
BUZZECO PTY: Declares First and Final Dividend
----------------------------------------------
Buzzeco Pty Limited declared first and final dividend on Dec. 15,
2008.
Only creditors who were able to file their proofs of debt Nov. 21,
2008, were included in the company's dividend distribution.
The company's deed administrator is:
Ozem Kassem
Cor Cordis Chartered Accountants
76-80 Clarence Street, Level 10
Sydney NSW 2000
Telephone: (02) 8221 8433
Facsimile: (02) 8221 8422
CITI MARINA: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Citi Marina Cafe Pty Limited met on
November 28, 2008, and received the liquidator's report on the
company's wind-up proceedings and property.
The company's liquidator is:
Michael Jones
c/o Jones Partners Insolvency & Business Recovery
Telephone: (02) 9251 5222
COOGEE DEVELOPMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Coogee Developments Pty Limited met on November 27,
2008, and received the liquidator's report on the company's wind-
up proceedings and property.
The company's liquidator is:
Alan Hayes
PPB
MLC, Level 46
19 Martin Place
Sydney NSW 2000
D.G. & B.M. KERR: Supreme Court Enters Wind-Up Order
----------------------------------------------------
On October 17, 2008, the Supreme Court of New South Wales entered
an order to have D.G. & B.M. Kerr Pty Ltd's operations wound up.
The company's liquidators are:
John Georgakis
Philip Campbell-Wilson
Ernst & Young Chartered Accountants
680 George Street
Sydney NSW 2000
Telephone:(02) 9248 4991
GOLDSTAR RESOURCES: Placed in Administration
--------------------------------------------
Silja Investments, Goldstar Resources NL's major shareholder, has
called in administrators to the company, Jamie Freed at The Sydney
Morning Herald reports. The administrators are Brett Lord and
Craig Crosbie of PPB.
According to the Herald, the move came after Silja refused to
advance $1.6 million to the explorer despite a previous agreement.
Chairman Gordon Hill, the report relates, said Silja Investments
exercised "get-out" clauses linked to Goldstar's depressed share
price and the recent resignation of its managing director to avoid
handing over the second tranche of a $3 million convertible note.
Silja, the Herald says, also asked Goldstar to immediately return
the $1.4 million first tranche released last year, which the miner
was unable to do without a capital raising.
Mr. Hill said he hoped the administrators would work with
shareholders to attempt some a fundraising which would see the
company return to trading, and added he would personally invest "a
lot of money" into such a capital raising.
Goldstar Resources NL -- http://www.goldstarnl.com.au/ -- is an
Australia-based exploration company. During the fiscal year ended
June 30, 2008 (fiscal 2008), the company was engaged in the
exploration and evaluation of the Walhalla project in Victoria.
Goldstar's Walhalla Gold Project is located 180 kilometers east of
Melbourne in Victoria's East Gippsland region and comprises a
portfolio of contiguous exploration licenses covering an area of
over 730 square kilometers. The company also has exploration
tenements in Western Australia and Queensland. Goldstar's
Millrose Project covers an area of around 201 square kilometers
and is separated into two distinct blocks - Millrose South
(E53/975) and Millrose North (EL53/1239, EL53/974, EL53/1006,
PL53/1143 and PL53/1144). The Peak Hill Project comprises two
granted mining leases, two exploration licenses and two
prospecting licenses, covering a total area of 178 square
kilometers within the Peak Hill gold field.
MACQUARIE GROUP: Unit Sells Margin Lending Portfolio for $52 Mil.
-----------------------------------------------------------------
Macquarie Group Limited disclosed that its banking subsidiary,
Macquarie Bank Limited, has signed an agreement to sell the bulk
of its margin lending portfolio to Leveraged Equities, a wholly
owned subsidiary of Bendigo and Adelaide Bank Limited.
Sale of Margin Loan Portfolio
Leveraged Equities has agreed to acquire the $1.5 billion loan
portfolio for a premium of $52 million. Macquarie will receive
the premium consideration in the form of short dated convertible
preference shares issued by Bendigo and Adelaide Bank Limited.
Macquarie's retail stockbroking division, Macquarie Private
Wealth, has entered into a white label distribution agreement with
Leveraged Equities to enable Macquarie to continue to provide
Macquarie-branded margin loan products to its client base.
Balance Sheet Initiatives
The sale of the margin lending portfolio is one of a number of
balance sheet initiatives identified which would reduce funded
assets by approximately $15 billion to allow Macquarie to further
focus on the more profitable parts of the business. Of these
initiatives, $3.9 billion were completed before September 30.
Since then, a further $8.1 billion of initiatives have been
completed, which includes this margin lending initiative. This
brings the total of initiatives completed to $12 billion with the
other AU$3 billion currently underway and expected to be completed
by March 31, 2009.
Since September 30, Macquarie has further strengthened its strong
funding and liquidity position including:
* 27% increase in retail deposits since September 30 from
$9.4 billion to $11.9 billion at December 31, 2008; and
* 14% increase in term funding since September 30 from
$31.9 billion to approximately $36.5 billion at Dec. 31,
2008. During the quarter, Macquarie successfully issued
US$3.3 billion of government guaranteed term funding.
This includes a US$2.1 billion five year fixed rate
private placement under the US 144a program, which was
the first five year government guarantee deal in offshore
markets.
Outlook & Market Conditions
The outlook statement provided at the interim results noted that
unprecedented market conditions make short term forecasting
extremely difficult and was subject to a number of significant
swing factors notably market conditions, asset realizations,
completion rate of transactions and asset prices. The sale of the
margin lending portfolio will result in a profit contribution of
approximately $43 million (before tax and profit share). It
should be noted that this profit was anticipated at the time of
the interim results.
However importantly, Macquarie said, during the quarter to
December 31, market conditions were exceptionally challenging for
almost all Macquarie's businesses, adversely impacting levels of
business activity and profitability.
About Macquarie Group
Macquarie Group Limited (ASX:MQG) -- http://www.macquarie.com.au
-- acts as non operating holding company. Through its
subsidiaries, it is engaged in offering a range of investing,
commercial banking and retail financial services in Australia and
selected financial services offshore. The company operates in
seven segments. Financial Services Group consists of Macquarie
Adviser Services, which manages relationships with external
financial intermediaries, and Macquarie Private Wealth, which
provides investment planning and private banking service. Funds
Management Group provides a range of investment solutions.
Banking and Securitization Group offers retail lending and banking
businesses. Real Estate Group encompasses real estate funds
management, finance, and investing and advisory. Treasury and
Commodities Group activities include trading and related
activities. Equity Markets Group manages its equity derivatives
and trading business. Macquarie Capital offers wholesale
structuring, corporate advisory and equities research.
MASCOT DEVELOPMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Mascot Developments Pty Limited met on Nov. 27,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Alan Hayes
PPB
MLC, Level 46
19 Martin Place
Sydney NSW 2000
Telephone: (02) 8116 3000
MIDAS AUSTRALIA: Closes Stores; Administrator Seeks Buyer
---------------------------------------------------------
Car repair chain Midas Australia has closed eight of its 90 stores
affecting 17 of the company's 125 staffs, James Thomson at
SmartCompany reports.
In a meeting for creditors in Melbourne held Thursday, January 8,
SmartCompany relates administrator George Georges of Ferrier
revealed the company owed unsecured creditors about AU$4 million.
According to the report, the administrator on Thursday formally
called for expressions of interests saying he has already received
a dozen informal approaches.
Mr. Georges, SmartCompany notes, is likely to try to postpone the
date of the next creditors' meeting as he seeks to sell the
business.
Midas Australia's directors appointed Ferrier Hodgson as
administrator to the company on December 23, 2008.
Midas Australia -- http://www.midas.com.au/-- provides car care
services. The company has 91 stores around Australia and about 30
of these are operated by franchisees.
MR PUMP: Enters Wind-Up Proceedings
-----------------------------------
During a general meeting held on October 15, 2008, the members of
Mr Pump Pty Limited resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
P. Ngan
Ngan & Co Chartered Accountants
49 Market Street, Level 5
Sydney NSW 2000
NATURAL FLOOR: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Natural Floor Covering Centre Pty Limited resolved to voluntarily
liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 3, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
Sule Arnautovic
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
e-mail: admin@jirschsutherland.com.au
OZ MINERALS: Yet to Receive Lenders' OK on Bridging Facility
------------------------------------------------------------
OZ Minerals said the company has made significant progress with
lenders under Facility A in its request for a bridging facility.
In a filing with the Australian Securities Exchange, OZ Minerals
said "lenders have not formally responded to the company's request
to obtain internal approvals for bridging finance by the requested
date of January 9, 2009, but have indicated that they will do so
as soon as possible."
The company also said it is working constructively with Societe
Generale in respect of Facility C to satisfy the requirements that
formed the basis of the extension of this Facility to February 27,
2009, and Societe Generale has agreed to extend the date by which
the company must grant security over certain Australian assets to
January 14, 2009.
OZ Minerals confirmed that the payment of US$12.6 million due to
the lenders in Facility D on December 31, 2008, was paid as per
the schedule.
As at January 8, 2009, OZ Minerals said its cash balance was
AU$132.0 million. The company's cash balance as at December 23,
2008, was AU$169.2 million, as previously reported. The cash
balance declined further to AU$109.3 million by December 30, 2008,
and has subsequently increased.
About OZ Minerals
OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company. The company is a producer of zinc, copper, lead, gold
and silver. OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited. The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America. Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.
* * *
As reported by The Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it. The
rating remained on Rating Watch Negative at the time of
withdrawal.
PJ'S PIZZA: Declares First and Final Dividend
---------------------------------------------
PJ'S Pizza Pty Ltd declared first and final dividend Dec. 18,
2008.
Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.
The company's deed administrator is:
R. M. Sutherland
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
e-mail: admin@jirschsutherland.com.au
PUBBIZ PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on October 20, 2008, the
members of Pubbiz Pty. Limited resolved to voluntarily liquidate
the company's business.
The company's liquidator is:
Albert James Cachia
Bartlett & Cachia
Chartered Accountants
13 Victoria Street
Wollongong NSW 2500
Telephone: (02) 4226 2858
RAJAMALAR PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on October 13, 2008, the
members of Rajamalar Pty Limited resolved to voluntarily liquidate
the company's business.
The company's liquidator is:
Peter P. Krejci
Ferrier Green Krejci Silvia
1 Castlereagh Street, Level 13
Sydney NSW 2000
=========
C H I N A
=========
LAS VEGAS SANDS: Bank Loan Trades Slightly Up in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands is
a borrower traded in the secondary market at 43.89 cents-on-the-
dollar during the week ended January 2, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal. This represents an increase of 1.06 percentage points
from the previous week, the Journal relates. Las Vegas Sands pays
interest at 175 points above LIBOR. The bank loan matures on
May 1, 2014. The bank loan carries Moody's B2 rating and Standard
& Poor's B+ rating.
As reported reported in the Troubled Company Reporter on Jan. 2,
2009, participations in the bank loan traded in the secondary
market at 42.05 cents-on-the-dollar during the week ended
December 26, 2008.
Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center. The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.
As of Sept. 30, 2008, the company has US$14.7 billion in total
assets, and US$12.4 billion in total liabilities. Unrestricted
cash balances as of September 30, stood at US$1.28 billion while
restricted cash balances were US$239.1 million. Of the restricted
cash balances, US$199.6 million is restricted for Macao-related
construction and US$32.3 million is restricted for construction of
Marina Bay Sands in Singapore. As of Sept. 30, total debt
outstanding, including the current portion, was US$10.35 billion.
* * *
As reported by the Troubled company Reporter on November 14, 2008,
Moody's Investors Service lowered the ratings of Las Vegas Sands,
Corp. and its subsidiaries, including Venetian Casino Resort, LLC
and Venetian Macao Limited. The ratings Moody's re also placed on
review for possible further downgrade. The two-notch downgrade
reflects Las Vegas Sands' considerable leverage, the continuation
of significant negative trends in Las Vegas, and expectation that
these trends will continue in the foreseeable future. The
downgrade also considers recent visitation restrictions in Macao,
China that will likely slow Las Vegas Sands' rate of growth in
that market, at least until the Chinese government decides to
relax these travel restrictions.
Las Vegas Sands, Corp. ratings lowered and placed on review for
possible downgrade:
-- Corporate family rating to B2 from Ba3
-- Probability of default rating to B2 from Ba3
-- US$250 million 6.375% senior notes to B2 from Ba3
Venetian Casino Resort, LLC (and its co-issuer Las Vegas Sands,
LLC) ratings lowered and placed on review for possible downgrade:
-- US$1 billion revolver expiring 2012 to B2 from Ba3
-- US$3 billion term loan due 2014 to B2 from Ba3
-- US$600 million delay draw term loan due 2014 to B2 from Ba3
-- US$400 million delay draw term loan due 2013 to B2 from Ba3
Venetian Macao Limited ratings lowered and placed on review for
possible downgrade:
-- US$700 million revolver expiring 2011 to B2 from B1
-- US$1.8 billion term loan due 2013 to B2 from B1
-- US$100 million term loan due 2011 to B2 from B1
-- US$700 million delay draw term loan due 2012 to B2 from B1
LINGO MEDIA: A+ Child Unit to Restructure Operations Under BIA
--------------------------------------------------------------
A+ Child Development (Canada) Ltd., a 70.33% subsidiary of Lingo
Media Corporation, is restructuring its operations. On
December 23, 2008, A+ Child filed a Notice of Intention to Make a
Proposal under the Bankruptcy and Insolvency Act of Canada.
At the time of the filing, Michael Kraft, President & CEO of Lingo
Media said in a news statement, "After an extensive strategic
evaluation, A+ made the tough decision to restructure its
operations. A+ will continue to evaluate all possible
alternatives over the next thirty days to determine the best
course of action. Lingo Media has decided to focus its resources
on the expansion of our English Language Learning businesses
including Speak2Me Inc. subsidiary, a new media company that
focuses on online advertising in China via its Internet-based
English Language Learning portal and our legacy business, Lingo
Learning Inc. subsidiary, a print-based publisher of English
Language Learning programs in China."
A+ will continue to service its clientele through its National
Support Centre while the potential for reorganization and
restructuring is examined.
About Lingo Media
Lingo Media Corporation is a diversified online and print-based
education product and services corporation. Lingo Media's
Speak2Me Inc. subsidiary is a new media company that focuses on
interactive advertising in China via its Internet-based English
Language Learning portal. Speak2Me offers a proprietary and
groundbreaking online service designed to address the rapidly
growing need for conversational English learning around the world.
Using robust speech recognition technology, Speak2Me provides more
than 250-targeted language lesson modules involving interactive
conversations with a virtual teacher. A unique social-network
infrastructure also allows students to form study groups, creating
an environment that, along with contests and prizes, engenders co-
operation and competition, just as in a conventional classroom.
In China, Lingo Media continues to expand its legacy business via
its subsidiary Lingo Learning Inc., a print-based publisher of
English Language Learning programs in China since 2001. Lingo
Learning has an established presence in China's education market
of 200 million students. To date, it has published 245 million
units from its library of more than 340 program titles in China.
In Canada, Lingo Media focused on early childhood cognitive
development, through its subsidiary A+ Child Development Ltd.,
which distributed educational materials along with its unique
curriculum. A+ has been operating in Canada for over ten years
through its four offices in Calgary, Edmonton, Toronto and
Vancouver. Lingo Media plans to introduce A+'s learning system
and products to parents of pre-school children in China. On the
net: http://www.lingomedia.com/and http://www.apluschilddev.com/
* MACAU: VIP Market Bubble Has "Burst," Las Vegas Sands Says
------------------------------------------------------------
Chia-Peck Wong at Bloomberg News reports Las Vegas Sands Corp said
the bubble in the so-called VIP market in Macau has "burst,"
predicting a tough first quarter.
"I would expect it to be down fairly dramatically" as junket
operators can't collect the money they lent to Chinese businessmen
to gamble, the report quoted Las Vegas Sands President William
Weidner as saying.
According to the report, Mr. Weidner said casino operators in
Macau that are "very VIP-room dependent are going to be affected
very dramatically."
VIP gamblers spend at least 1 million patacas (US$125,000) per
visit, Bloomberg News says.
Junket operators are cutting loans to VIPs as these customers' net
worth fall, Karen Tang, a Hong Kong-based analyst at Deutsche Bank
AG, wrote in a report obtained by Bloomberg News.
================
H O N G K O N G
================
ALLIED GLORY: Creditors' Proofs of Debt Due on January 24
---------------------------------------------------------
The creditors of Allied Glory Development (China) Limited are
required to file their proofs of debt by January 24, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Dec. 18, 2008.
The company's liquidator is:
Lee Kwok On, Alexander
Park-In Commercial Centre, Rooms 1901-2
56 Dundas Street, Kowloon
BARING INTERNATIONAL: Creditors' Proofs of Debt Due on January 24
-----------------------------------------------------------------
The creditors of Baring International Investment Management
Limited are required to file their proofs of debt by January 24,
2009, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Dec. 19, 2008.
The company's liquidators are:
Yeung Betty Yuen
Paul David Stuart Moyes
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CHARGEURS WOOL: Diana and Yuen Cease to Act as Liquidators
----------------------------------------------------------
Chung Miu Diana and Yeung Betty Yuen cease to act as liquidators
of Chargeurs Wool Sales (Hong Kong) Company Limited on Dec. 9,
2008.
The company's former Liquidators can be reached at:
Chung Miu Diana
Yeung Betty Yuen
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CHEUNG FAT: Creditors' Proofs of Debt Due on January 24
-------------------------------------------------------
The creditors of Cheung Fat Piece-Goods Limited are required to
file their proofs of debt by January 24, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Dec. 17, 2008.
The company's liquidators are:
Chu Chi Wa
Yeung Man Chi
Kwong On Bank(Mongkok) Branch) Building
Flat B, 16th Floor
728-730 Nathan Road, Mongkok
H.K.S.A.R.
FLUIDMASTER/BEMIS: Creditors' Proofs of Debt Due on January 14
--------------------------------------------------------------
The creditors of Fluidmaster/Bemis Asia Pacific Limited are
required to file their proofs of debt by January 14, 2009, to be
included in the company's dividend distribution.
The company's liquidators are:
Wong Tak Man Stephen
Chen Yung Ngai Kenneth
Caroline Centre, 29th Floor
Lee Gardens Two
28 Yun Ping Road
Hong Kong
MADIGAN COMPANY: Creditors' Proofs of Debt Due on January 24
------------------------------------------------------------
The creditors of Madigan Company Limited are required to file
their proofs of debt by January 24, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 19, 2008.
The company's liquidator is:
Sung Mi Yin
Ritz Plaza, Suite No. A, 11th Floor
122 Austin Road
Tsimshatsui
Kowloon, Hong Kong
MARRIAGE MINISTRIES: Creditors' Proofs of Debt Due on February 2
----------------------------------------------------------------
The creditors of Marriage Ministries Limited are required to file
their proofs of debt by February 2, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 19, 2008.
The company's liquidator is:
Wong Yiu Chung
Sing Pao Building
Room 2202, 22nd Floor
101 King's Road
Hong Kong
PARKSON RETAIL: S&P Keeps BB Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Parkson Retail Group Ltd. to stable from positive and
affirmed its 'BB' long-term corporate credit rating on the
company. At the same time, Standard & Poor's affirmed the 'BB'
issue rating on Parkson's outstanding bond issues.
The outlook revision follows Parkson's announcement on Jan. 6,
2009 that it estimates its same-store-sales growth of the fourth
quarter of 2008 at 7%-8%.
"This estimate is much weaker than historical growth levels, and
S&P expects the weak sales trend to persist in 2009. As a result,
despite a satisfactory performance in the first nine months of
2008, S&P expects Parkson's full-year 2008 results to be below its
threshold for a rating upgrade. Despite slower-than-expected
growth momentum, Parkson should continue to show satisfactory
profit in 2008," said Standard & Poor's credit analyst Bei Fu.
The rating affirmation reflects the growth potential of the
Chinese retail sector, despite the current downturn; Parkson's
favorable concessionaire model, which should continue for the next
three to five years; and the company's good operating margins,
improving market position, and geographic diversification. These
strengths are offset by ongoing execution risk associated with
Parkson's rapid expansion plan and the fact that it is operating
in a fragmented and increasingly competitive market. In addition,
the company is part of a larger group, Lion Group (not rated),
with a weaker credit profile.
Despite the slowdown in the global and Chinese economies in recent
months, retail sales in China exceeded Chinese renminbi10 trillion
for the first time in 2008. S&P expects growth in the retail
sector to remain healthy, at 21% for full-year 2008, but believes
sales growth is likely to slow down in 2009. S&P believes the
sector remains one of the more defensive in China, due to the
government's drive to boost internal consumption to counter the
severe challenges for exporters.
SUPERSHNE LIMITED: Creditors Receive Wind-Up Report
---------------------------------------------------
The creditors of Supershine Limited met on January 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
TOEI DENSHI: Lam and Toohey Cease to Act as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey cease to act as
liquidators of Toei Denshi (HK) Co., Limited on Dec. 16, 2008.
The company's former liquidators can be reached at:
Rainier Hok Chung Lam
John James Toohey
Prince's Building, 22nd Floor
Central, Hong Kong
=========
I N D I A
=========
KRYPTON TYRES: CRISIL Rates Rs.310 Mil. Term Loan at 'BB'
---------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Krypton Tyres Ltd (Krypton Tyres).
Rs.310 Million Term Loan BB/Stable (Assigned)
The rating is constrained by the significant risks faced by the
company, as it is yet to tie up funds for its bicycle tyre and
tube project. Further, the project is in an early stage of
implementation. The highly leveraged funding structure for the
project could lead to inadequate debt protection measures for
Krypton Tyres. These weaknesses are mitigated by the financial
and managerial support Krypton Tyres receives from its group
companies.
For arriving at its rating, CRISIL has combined the financials of
Krypton Tyres and its group companies: Krypton Industries Ltd and
its subsidiaries Eco Wheels Pvt Ltd (75.19 per cent holding),
Krypton Developers Ltd (98.80 per cent), and Krypton Industries
(Suzhou) Company Ltd (100 per cent). This is because the group
companies would extend corporate guarantees to Krypton Tyres. All
these entities have been collectively referred to as the Krypton
group.
Outlook: Stable
CRISIL expects the credit profile of the Krypton group to be
constrained by the significant project risk that Krypton Tyres
faces over the near term. The outlook may be revised to
'Positive' if the project is executed as per schedule.
Conversely, delays in implementation of the project, or any large
additional debt-funded capital expenditure, over and above that
expected, may result in a revision in outlook to 'Negative'.
About Krypton Tyres
Krypton Tyres was incorporated as a closely held company by
Mr. Jay Singh Bardia and Mr. Tansukh Gulgulia in 2007. It will
manufacture bicycle tyres and tubes, for which it is setting up a
facility with annual capacities of 11.5 million tyres and 15.4
million tubes. The project is in an early stage of
implementation. The total project cost is estimated at Rs.458
million, to be funded by Rs.310 million of debt and Rs.148 million
of equity.
PROTECH GALVANISERS: CRISIL Puts 'BB' Rating on Rs.5.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Protech Galvanisers & Fabricators Pvt Ltd (Protech).
Rs.140.0 Million Cash Credit Limit BB/Stable (Assigned)
Rs.5.4 Million Term Loan BB/Stable (Assigned)
Rs.30.0 Million Letter of Credit * P4 (Assigned)
Rs.30.0 Million Bank Guarantee * P4 (Assigned)
* Both the facilities are interchangeable with each other
The ratings reflect the company's small scale of operations, weak
financial risk profile, high revenue concentration, and limited
track record. These weaknesses are partially mitigated by healthy
industry growth prospects.
Outlook: Stable
CRISIL believes that Protech will sustain its business profile on
the back of growing demand from end-user industries. The
company's credit profile will, however, remain constrained because
of its highly leveraged capital structure. The outlook may be
revised to 'Positive' if the company effectively ramps up its
operations, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if it contracts more-
than-expected debt, leading to further deterioration in its
financial risk profile.
About Protech
Protech was incorporated in 2004 by Mr. Jitendra Madan. The
company is engaged in the business of fabricating and galvanizing
telecom towers. It has two manufacturing units, both at Bhiwadi in
Rajasthan. Recently, the company diversified into power
transmission towers manufacturing. The company's installed
capacity is 18,000 tonnes. Besides towers, the company also
manufactures and sells nuts and bolts. Vodafone Essar Ltd
accounted for about 75 per cent of Protech's total revenues in the
telecom towers business in 2007-08 (refers to financial year,
April 1 to March 31).
Protech reported a profit after tax (PAT) of Rs.0.7 million on net
sales of Rs.358 million in 2007-08, as against a PAT of Rs.0.25
million on net sales of Rs.178 million in the previous year.
VISHNU PRIYA: CRISIL Rates Rs.370 Million Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative' to the various
bank facilities of Vishnu Priya Hotels & Resorts Pvt Ltd (Vishnu
Priya).
Rs.370 Million Term Loan* BB-/Negative (Assigned)
* includes proposed limit of Rs.70 Million
The ratings reflect Vishnu Priya's exposure to risks relating to
implementation of its five-star hotel project at Vishakhapatnam,
and cyclicality in the hospitality industry. These weaknesses
are, however, partially offset by Vishnu Priya's tie-ups with JHM
Interstate Hotels Ltd (JHM Interstate, a 50:50 joint venture
between JHM Hotels, and Interstate Hotels and Resorts) and Hilton
Group of Hotels (Hilton), and the good business prospects for the
Vishakhapatnam project.
Outlook: Negative
CRISIL believes that Vishnu Priya, being a new entrant in the
hotel industry, is likely to be affected by the current downtrend
in the hospitality industry. The ratings may be revised downwards
if the slowdown prolongs more than expected or due to any large
debt-funded capital expenditure programmes that may weaken its
financial risk profile. The outlook may be revised to 'Stable' if
the industry conditions turn favorable and if there is an increase
in the occupancy ratio.
About Vishnu Priya
Incorporated in 2005, Vishnu Priya is developing an upscale, full-
service, five-star hotel project at Visakhapatnam. The hotel is
aimed at the business segment, particularly foreign technicians
engaged in oil and exploration, and shipping activities in and
around Visakhapatnam. The Vishakhapatnam hotel, owned and
developed by Vishnu Priya, will be managed and operated by JHM
Interstate under the brand name 'Double Tree' by Hilton. The
property will feature 124 rooms, three restaurants, a spa and
gymnasium, and six presidential suites.
=========
J A P A N
=========
JAPAN AIRLINES: Int'l Unit to Cut Staff by 13% Until March 2011
---------------------------------------------------------------
Bloomberg News reports Japan Airlines Corp.'s main international
unit plans to eliminate 2,140 jobs to shed costs as the global
recession damps demand for overseas travel.
Spokesman Stephen Pearlman told Bloomberg News in a interview
Japan Airlines International Co. will cut 13 percent of its staff
by the end of March 2011, reducing the unit's headcount to 14,100
from 16,240 at the end of last month.
Some jobs will move to other parts of the company, while 1,640
will be dropped, he said.
The decrease in headcount will also be achieved through attrition,
Mr. Pearlman added, noting workers will not be fired.
According to the report, the airline is shrinking its workforce
and retiring its older, less fuel efficient planes after losing
money in two of the past three years. The carrier plans to slash
labor costs by a further JPY10 billion (US$109 million) after
shedding JPY52 billion last fiscal year through workforce
reductions and by lowering bonus payments and retirement benefits,
the report relates.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on Apr.
17, 2008, Fitch Ratings revised the Outlook on Japan Airlines
Corporation and its wholly owned operating subsidiary, JAL
International Co. Ltd.'s Long-term Issuer Default ratings to
Stable from Negative. At the same time, Fitch affirmed both
companies'
Long-term IDRs and ratings of outstanding bonds at 'BB-'. The
Outlook revision follows JAL's operational turnaround and better
liquidity.
JLOC 38: S&P Junks Rating on Class D Secured Notes from 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'B' its
rating on JLOC 38 LLC.'s class D secured notes. At the same time,
Standard & Poor's affirmed its ratings on classes A, B, C, and X,
due April 2016.
On Nov. 4, 2008, Standard & Poor's lowered its rating on the class
D notes to 'B' from 'BBB' and removed the rating from CreditWatch
with negative implications, citing mounting uncertainty over the
likelihood of collection from a collateral property backing one
underlying loan that had defaulted.
Based on the transaction's servicing agreement, collection
procedures relating to the sale of the property backing the
aforementioned loan are in progress. The downgrade of the class D
notes reflects a weakening in the likely recovery prospects from
the sale of collateral property backing that loan. The legal
final maturity date of this transaction is April 2016. In light
of the characteristics of the collateral property backing the
defaulted loan, there is a relatively strong possibility that the
property will be sold at an early stage despite extremely severe
market conditions. It is highly possible that the likely recovery
amount from the sale of the property would be less than the amount
of the underlying loan, indicating a high likelihood that payments
on the subordinate class D notes would be affected.
Standard & Poor's will continue to examine the performance of the
other loans that back the transaction. In particular, S&P will
monitor information relating to the progress of collection from
the sale of collateral properties backing another loan that has
defaulted, and the likely recovery prospects from that loan.
Meanwhile, the affirmation of classes A, B, C, and X reflects
prospects for collection from the underlying properties, as well
as credit support provided for the senior tranches by the class D
notes through the senior-subordinate transaction structure.
This is a multi-borrower CMBS transaction. The notes were
originally backed by loans extended to 34 obligors, which are
backed by 105 real estate properties and real estate trust
certificates. The transaction was arranged by Morgan Stanley
Japan Securities Co. Ltd. ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction.
Rating Lowered
JLOC 38 LLC.
JPY82.91 billion secured notes issued on Sept. 21, 2007,
due April 2016
Class To From Current Balance Initial Issue Amount
----- -- ---- --------------- --------------------
D CCC B JPY4.85 bil. JPY4.85 bil.
Ratings Affirmed
JLOC 38 LLC.
JPY82.91 billion secured notes issued on Sept. 21, 2007,
due April 2016
Class Rating Current Balance Initial Issue Amount
----- ------ --------------- --------------------
A AAA JPY54.504996 bil. JPY67.34 bil.
B AA JPY5.52 bil. JPY5.52 bil.
C A JPY5.20 bil. JPY5.20 bil.
Class Rating Principal Estimate Initial Principal Estimate
----- ------ ------------------ --------------------------
X AAA JPY70.074996 bil. JPY82.91 bil.
JMAC2 TRUST: Moody's Reviews 'Ba2' Rating on Class E Notes
----------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of Class D and E trust certificates issued
by JMAC2 Trust. The final maturity of the certificates will take
place in May 2011.
-- Class D, Aaa placed under review for possible downgrade; Aaa
had been upgraded November 16, 2007
-- Class E, Ba2 placed under review for possible downgrade; Ba2
assigned August 12, 2004
JMAC2 Trust, effected in August 2004, represents the
securitization of 13 non-recourse loans backed by real estate
portfolios. Eleven of the non-recourse loans have been paid in
full, and the transaction is currently secured by two non-recourse
loans backed by three properties and the cash reserve deposited in
the trustee's bank account and applied for the future payment.
The rating actions are based on the December 26, 2008, report,
"Servicer Special Report to JP Morgan Trust Bank" prepared by
Premier Asset Management Company, and reflect growing concerns
about collateral recovery of the two loans maturing in February
2009, the payment of which is clouded with uncertainty at this
point.
Moody's will closely monitor the maturity payment process and the
collateral recovery of the loans, to decide whether the rating
agency will confirm or downgrade the subject ratings.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
POWER MEDICAL: Sept. 30 Balance Sheet Upside Down by US$7.7 Mil.
----------------------------------------------------------------
Power Medical Interventions, Inc., posted a net loss of
US$9,267,823 for the three months ended September 30, 2008, and a
net loss of US$32,959,007 for the nine months ended September 30,
2008.
As of September 30, 2008, the company's balance sheet showed total
assets of US$37,031,430 and total liabilities of US$44,800,992,
resulting in total shareholders' deficit of US$7,769,562.
Accumulated deficit reached US$206,869,901.
President and Chief Executive Officer Michael P. Whitman disclosed
in a regulatory filing dated November 14, 2008, that since the
company's inception, it has financed its operations primarily
through private placements of its preferred stock, unsecured
borrowings from its stockholders, a credit facility, the issuance
in March 2007 of its convertible notes in the aggregate principal
amount of US$25.0 million and its initial public offering in
October 2007, in which it received net proceeds, after
underwriting discounts and offering expenses, of approximately
US$42 million.
"In September 2008, we also received US$12.5 million in up-front
license fees from our agreement with Intuitive [Surgical, Inc.]
An additional US$7.5 million of milestone payments may become
payable to us contingent upon the successful achievement of
certain development milestones. We expect to achieve the
development milestone necessary for us to receive the first US$2.5
million milestone payment during the first half of 2009, and to
receive the remaining milestone payments by mid-to late 2010. Our
principal sources of liquidity as of September 30, 2008 consisted
of cash and cash equivalents of US$15.9 million and our accounts
receivable balance of US$1.6 million."
"We believe that our cash and cash equivalents, together with the
first milestone payment under our Intuitive agreement, which we
expect to receive during the first half of 2009, will be
sufficient to meet our anticipated cash requirements through the
fourth quarter of 2009, however, there can be no assurance in this
regard. We have implemented plans to reduce our cash used in
operations through reductions in headcount and other spending
programs throughout the company. Such costs include certain sales
and marketing costs, clinical research costs, employee bonuses,
professional education, and capital expenditures. Our future cash
requirements will depend on many factors, primarily including our
ability to increase our sales and improve our gross margins, our
ability to achieve the development milestones under our agreement
with Intuitive and receive the related milestone payments and the
success of our recently announced restructuring initiative in
reducing our operating expenses. Our ability to meet our
obligations in the normal course of business beyond 2009 will be
dependent on our increasing our customer and revenue base,
continuing to control expenses and securing additional external
financing which we are actively pursuing through various
structures. We have no arrangements to obtain additional
financing, and there can be no assurance that such financing, if
required or desired, will be available in amounts or on terms
acceptable to us, if at all. These conditions raise substantial
doubt about our ability to continue as a going concern."
A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37a2
Changes in Management Team
Effective December 26, 2008, John Gandolfo resigned from his
position as Chief Financial Officer for personal reasons. Mr.
Gandolfo will continue to maintain a close relationship with the
company in an advisory role through a portion of 2009. In this
role, Mr. Gandolfo will continue to develop financing options for
PMI. Patricia Steffan, vice president of finance at Power Medical
for the last seven years, acted as interim Chief Financial
Officer, effective December 26, 2008. The company has initiated
an executive search for Mr. Gandolfo's replacement.
About Power Medical Interventions
Power Medical Interventions, Inc. -- http://www.pmi2.com/-- is
the world's sole provider of computer-assisted, power-actuated
surgical stapling products. PMI's Intelligent Surgical
Instruments(TM) enable less invasive surgical techniques to
benefit surgeons, patients, hospitals and healthcare networks. PMI
manufactures durable recyclable technology to reduce medical waste
and help keep the planet clean. The company was founded in 1999,
and is headquartered in Langhorne, Pennsylvania, with additional
offices in Germany, France, and Japan.
SMFG PREFERRED: Moody's Assigns Rating on Perpetual Securities
--------------------------------------------------------------
Moody's Investors Service has assigned a rating of A2 to
JPY33 billion Series E, JPY 2 billion Series F, and
JPY125.7 billion Series G Non-Cumulative Perpetual Preferred
Securities issued by SMFG Preferred Capital JPY 2 Limited, a
special purpose company of Sumitomo Mitsui Financial Group, Inc.
The rating outlook is stable.
The dividend payments for these preferred securities are linked
directly to the availability of distributable amounts at SMFG, a
financial holding company that includes Sumitomo Mitsui Banking
Corporation as its major subsidiary.
The A2 rating is three notches below the Aa2 unsecured senior debt
rating of SMBC, two notches of which are based on "Guidelines for
Rating Bank Junior Securities," which rate preferred capital
securities at two notches below senior unsecured debt. The reason
for the additional notch is that these preferred securities have a
mandatory suspension trigger linked to the distributable amounts
at the holding company.
Moody's last rating action with respect to SMFG was taken on
May 4, 2007, when its Bank Financial Strength Rating was upgraded
from D+ to C and Deposit ratings were upgraded from A1 to Aa2.
Sumitomo Mitsui Financial Group, Inc. is one of the largest
financial groups in Japan.
=========
K O R E A
=========
SSANGYONG MOTOR: Files for Receivership
---------------------------------------
The International Herald Tribune reported that Ssangyong Motor Co.
Ltd. has filed for receivership with a Seoul district court in a
bid to stave off a complete collapse.
As reported in the Troubled Company Reporter-Asia Pacific on
January 6, 2009, Bloomberg News said Ssangyong Motor may face
liquidation if its Chinese parent SAIC Motor Corp. fails to
provide KRW320 billion ($249 million) in new financing.
According to Bloomberg News, a bank official said KDB may take
steps toward liquidation rather than debt-restructuring if SAIC
pulls out.
Bloomberg News related the bank official said SAIC has to provide
the funds, including a credit line from a Chinese bank, as soon as
possible as Ssangyong Motor will need KRW600 billion of new
financing this year.
Ssangyong Motor owes about KRW240 billion to Korea Development,
Bloomberg News said citing KDB.
On Dec. 30, 2008, citing The Scotsman, the TCR-AP reported that
SAIC asked the South Korean government to help secure new loans
for Ssangyong Motor, as the company struggles to stave off a
potential liquidity crisis. SAIC, the Scotsman added, sought
government's help to ensure that Korea Development Bank (KDB),
Ssangyong's main creditor, offers new loans to the firm.
According to the Tribune, SAIC and Ssangyong's creditor banks have
been locked in a dispute about who should bail out Ssangyong.
The Tribune relates that the decision to file for receivership,
which is similar to bankruptcy protection in the United States,
came a day after the Ssangyong board meet in Shanghai.
"After our talks with the banks failed to produce an agreement, it
became inevitable to file for court receivership to ease the
critical cash flow problem," the company said in a statement.
About Ssangyong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs). The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius. It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others. During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles. The company has two
manufacturing factories in Pyeongtaek and Changwon.
===========
K U W A I T
===========
GLOBAL INVESTMENT: Defaults on Majority of US$3 Billion Debt
------------------------------------------------------------
Kuwait's Global Investment House KSCC said it defaulted on most of
its loan repayments, various reports say.
Global is "in default on the majority of its financial
indebtedness" after a capital-repayment default in December on one
of its syndicated facilities and because of the "cross-default
provision," the bank said in a statement obtained by Bloomberg
News.
The bank however said it will continue to service all its interest
and coupon payments and has appointed HSBC to hold talks with
creditors, Reuters relates.
Reuters recalls Global, which is heavily invested through mutual
funds in many international markets, said last month it needed
loans worth US$1 billion to replace foreign debt.
According to Bloomberg data, Global has outstanding short-term
liabilities of US$2.47 billion, most of it incurred from leveraged
buyouts.
Just on January 5, Global said it completed a US$40 million
capital increase to fund acquisition of a controlling stake in Al
Sawani for Food & Industrial Supply Company, a Saudi based
retailing giant offering clothing apparels and accessories in GCC.
Rating Agencies Take Action
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
17, 2008, Fitch Ratings downgraded Global's ratings including its
Long-term Issuer Default Rating (IDR) to 'C' from 'BBB', Short-
term IDR to 'C' from 'F3', and Individual rating to 'E' from 'C'.
The rating action follows Global's inability to meet an obligation
due on December 15, 2008, due to cash flow problems. Fitch then
warned that failure by the bank to meet this obligation within 72
hours would result in a default.
Commenting on Fitch's rating action, Global said "As much as we
are disappointed with this revision of our credit rating, we are
confident that this is a temporary situation and Fitch will be
fully satisfied and will resolve their review shortly".
Global added: "We have already taken a proactive and preemptive
step by assigning Commercial Bank of Kuwait as the advisor to
renegotiate the terms of our existing credit facilities and have
called for a meeting . . . with all the lenders".
On Dec. 19, 2008, the TCR-AP reported Standard & Poor's Ratings
Services lowered its long-and short-term counterparty credit
ratings on Global to 'SD/SD' (selective default, meaning payments
may not be made on some financial obligations) from
'BBB/A-3'.
"The rating action follows Global's nonpayment of a US$200 million
syndicated loan due on Dec. 15, 2008," said Standard & Poor's
credit analyst John Gibling.
According to S&P, Global has been unable to fulfill its
obligations toward its
creditors and has extended the maturity of the loan by one week to
Dec. 22, 2008.
Global, on December 22, said it appointed HSBC Bank as
international financial adviser to renegotiate the existing credit
facilities' terms with lending banks in addition to the previous
appointment of CBK Capital as local financial adviser.
About Global Investment House
Global Investment House KSCC (KUW:GLOBAL) --
http://www.globalinv.net/-- is a Kuwait-based company engaged in
providing investment services. The Company owns and controls a
number of subsidiaries operating mainly in Kuwait and the other
Gulf Cooperation Council countries, in addition to other Middle
East and North African countries. The Company's business activity
covers five main segments, namely local and Gulf Cooperation
Council (GCC) investments, which include asset management, mutual
fund management, portfolio management and managing investment
funds; corporate finance, which provides advisory and consulting
services, investment banking and structured finance services;
investment funds, which offers alternative asset classes,
including hedge funds, fixed income and private equity funds;
treasury and research. Global Investment House's shares are
listed on the Kuwait Stock Exchange, Bahrain Stock Exchange and
Dubai Financial Market.
* KUWAIT: Financial Sector on the Rocks, Two Banks in Need of Help
------------------------------------------------------------------
Concerns over the health of Kuwait's financial sector intensifies
after two of its biggest banks failed.
October last year, Gulf Bank KSC closed all its financial
derivative transactions on account of its customers after posting
KD375 million or US$1.4 billion in derivative losses.
Gulf Bank admitted the loss occurred as result of the significant
decline in the exchange rate of the euro against the US dollar.
The news pushed the Kuwait government to guarantee deposits in all
local banks, Alistair Osborne at Telegraph.co.uk said.
Just recently, Global Investment House KSCC said it defaulted on
most of its US$3 billion in debt obligation. Last month, Standard
& Poor's and Fitch Ratings cut the bank's credit rating after it
failed to pay its US$200 million loan due Dec. 15.
"There could be more Gulf companies defaulting as the global
economy goes through a recession in 2009, but important lessons
can be drawn from these experiences, including greater corporate
governance in the years to come," SABB Chief Economist John
Sfakianakis was quoted by DowJones Newswires as saying.
Fiona MacDonald at Bloomberg News relates newspaper Al-Watan
reported that thousands of people employed in Kuwait's private
financial sector face the possibility of being laid off as
investment companies' losses rise.
Al-Watan, as cited by Bloomberg News, said investment companies
are short of liquidity with banks reluctant to lend money, and the
government, parliament and companies need "unconventional
solutions" to deal with the crisis.
Bloomberg News notes Kuwait's Central Bank Governor Sheikh Salem
Abdul-Aziz al- Sabah said on Jan. 4 that Kuwaiti investment
companies' local debt was 2.9 billion dinars (US$10.4 billion) and
their external debt was 2.3 billion dinars.
According to The Associated Press, Kuwait cut its economic
projection for 2009
to 1.5 percent while Moody's last month cautioned that the
country's banks could face difficulties because of their exposure
to the commercial real estate sector.
The AP meanwhile discloses Kuwait's Central Bank governor, Sheik
Salem Abdul-Aziz Al Sabah, said he would not be surprised if some
of the investment firms went bankrupt and suggested investment
companies should "consider mergers, because mergers are a good way
out" for them.
====================
N E W Z E A L A N D
====================
ALBERT PARK: Court Hears Wind-Up Petition
-----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Albert Park Home for The Elderly Ltd.'s operations wound
up.
The Commissioner of Inland Revenue filed the petition against the
company on October 16, 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
ATTRIDGE LTD: Court Hears Wind-Up Petition
------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Attridge Ltd.'s operations wound up.
The Commissioner of Inland Revenue filed the petition against the
company on September 22, 2008.
The CIR's solicitor is:
Jonathan Ridling
c/o Commissioner of Inland Revenue
Inland Revenue Department, Legal and Technical Services
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
Telephone: (09) 985 7227
Facsimile: (09) 984 3116
CABAR INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
Cabar Investments Ltd. commenced liquidation proceedings on
Nov. 20, 2008.
The company's liquidator is:
Robert James Drum
Margaret Street, Unit 4/3
Ponsonby, Auckland
Telephone:(09) 376 6070
Facsimile:(09) 376 6350
CCR CHRISTCHURCH: Commences Liquidation Proceedings
---------------------------------------------------
CCR Christchurch Ltd. commenced liquidation proceedings on
November 26, 2008.
Only creditors who were able to file their proofs of debt by
December 10, 2008, will be included in the company's dividend
distribution.
The company's liquidators are:
Richard Grant Simpson
David Ian Ruscoe
c/o Chris McDonald
Grant Thornton
AXA Building, Level 13
80 The Terrace
PO Box 10712, Wellington
DALY & BROUGH: Court Hears Wind-Up Petition
-------------------------------------------
On December 17, 2008, the High Court at Invercargill heard a
petition to have Daly & Brough Ltd.'s operations wound up.
The Commissioner of Inland Revenue filed the petition against the
company on October 10, 2008.
The CIR's solicitor is:
Julie Newton
Inland Revenue Department, Legal and Technical Services
1st Floor Reception, 224 Cashel Street
PO Box 1782, Christchurch 8140
Telephone:(03) 968 0807
Facsimile:(03) 977 9853
GOLF.COM LTD: Commences Liquidation Proceedings
-----------------------------------------------
Golf.Com Ltd. commenced liquidation proceedings on Nov. 17, 2008.
The company's liquidators are:
Iain Andrew Nellies
Wayne John Deuchrass
c/o Insolvency Management Limited
148 Victoria Street, Level 1
PO Box 13401, Christchurch
LAKE TE ANAU: Commences Liquidation Proceedings
-----------------------------------------------
Lake Te Anau View Ltd. commenced liquidation proceedings on
November 17, 2008.
The company's liquidators are:
Iain Andrew Nellies
Wayne John Deuchrass
c/o Insolvency Management Limited
148 Victoria Street, Level 1
PO Box 13401, Christchurch
MAUCH INVESTMENTS: Court Hears Wind-Up Petition
-----------------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have Mauch Investments Ltd.'s operations wound up.
Bank of New Zealand Limited filed the petition against the company
on September 12, 2008.
Bank of New Zealand's solicitor is:
M. J. Tingey
Bell Gully
Vero Centre, Level 22
48 Shortland Street
PO Box 4199, DX CP20509, Auckland
SAI LAKSHMI: Placed Under Voluntary Liquidation
-----------------------------------------------
The shareholders of Sai Lakshmi Consulting Ltd. met on Nov. 25,
2008, and resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
December 23, 2008, will be included in the company's dividend
distribution.
The company's liquidators are:
Digby John Noyce
Keith Mawdsley
RES Corporate Services Limited
PO Box 302612, North Harbour
Auckland
Telephone:(09) 918 3690
Facsimile:(09) 918 3691
THE PLASTERING: Commences Liquidation Proceedings
-------------------------------------------------
The Plastering People Ltd. commenced liquidation proceedings on
November 19, 2008.
The company's liquidators are:
Iain Andrew Nellies
Wayne John Deuchrass
c/o Insolvency Management Limited
148 Victoria Street, Level 1
PO Box 13401, Christchurch
WESTERN PACIFIC: S&P Raises Counterparty Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
counterparty credit and insurer financial strength ratings on New
Zealand-based Western Pacific Insurance Ltd. to 'B' from 'B-'.
The outlook is stable.
"The upgrade reflects S&P's view that WPIL's business and
financial profiles have improved since the first time it was
rated, which has helped alleviate some start-up risks," said
Standard & Poor's credit analyst Derryl D'silva. "These
improvements include a track record of profitability, greater
depth of experience in management, and a satisfactory claims
experience to date." Some weaknesses remain, however, including a
low capital base and a limited business position.
The stable outlook is based on WPIL's ability to continue to
maintain its good reinsurance cover and not increase its tolerance
for risks underwritten. S&P also believes that the insurer will
maintain sufficient reserves to adequately cover any outstanding
claims. The ratings could be raised if the company substantially
increases its paid-up capital to a level that is more consistent
with a higher rating category, and maintains a steady claims
experience. Conversely, the ratings could be lowered if the
company were to experience extreme volatility in its earnings, and
if its financial resources were significantly depleted.
=====================
P H I L I P P I N E S
=====================
* Fitch Assigns 'BB' Rating on Philippines' US$1.5 Bil. Bonds
-------------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency rating of
'BB' to the Philippines' 10-year US$1.5bn Global Bond (short first
coupon). The transaction was priced at 99.158% to yield 8.500%.
The rating is in line with the country's foreign currency IDR of
'BB'.
Fitch has a Stable Outlook on the Philippines' Sovereign ratings
(Long-term foreign currency IDR 'BB'/Long-term local currency IDR
'BB+') despite the negative implications of the global economic
slowdown on the country. "The Philippines is going to fare
reasonably well when compared to some of the other sovereigns
rated in the 'BB' category," says Franklin Poon, Director in
Fitch's Sovereign group.
The agency forecasts the Philippines' economic growth to
decelerate to 2.5% in 2009, and national government budget
shortfall to widen to 2.3% of GDP. Remittances from overseas
workers, which account for more than 10% of GDP and has been an
important driver for both external financing and the overall
economy, will also be affected. Fitch expects the country's
current account to turn into a small deficit this year, and
foreign reserves to decline slightly from last year's US$37.1bn.
On a positive note, a stable monetary and exchange rate
environment has proved conducive to investor sentiment towards the
sovereign's return to international capital markets. Inflation in
the Philippines has come down, and the peso has been able to
recover some ground against the US dollar recently.
Structural issues, such as interest payments accounting for more
than 20% of fiscal revenue, the narrow tax base below 20% of GDP,
and a large public debt stock, nevertheless remain. Fiscal
flexibility is thus limited. "Fiscal flexibility is especially
important in times of economic difficulties, when fiscal
stimulation is needed as a buffer against a slowing economy,"
comments Mr. Poon. The fiscal situation could worsen as the
parliament has failed to pass the national budget for 2009.
Although the government will not run out of operating funds as it
can rely on the re-enacted budget for 2008, the lack of a clear
fiscal policy could take a further toll on the economy. "This
compares unfavourably to some other countries in the region that
have already implemented aggressive fiscal pump-priming," adds Mr.
Poon.
* MB Orders Closure of 2 Pampanga RB's; PDIC to Pay Valid Claims
----------------------------------------------------------------
The Monetary Board ordered the closure of the Rural Bank of Sta.
Rita (Pampanga), Inc., and Rural Bank of Bacolor (Pampanga), Inc.,
by virtue of MB Resolution Nos. 15 and 16, respectively. Both
resolutions dated January 8, 2009, designated the Philippine
Deposit Insurance Corporation (PDIC) as Receiver of the banks.
PDIC on Friday, January 2, deployed its receivership and
examination teams to take over the banks. In a statement, PDIC
said efforts are underway to implement the MB resolutions.
PDIC President Jose C. Nograles assured RB Sta. Rita and RB
Bacolor depositors that all valid claims for deposit insurance
will be paid.
As a standard procedure, PDIC conducts examination of deposit
records. Said examination will yield the masterlist of insured
deposits, which is a prerequisite to the payout of deposit
insurance claims. The PDIC said that periodic advisories will be
issued to inform of the schedule of claims servicing.
RB Sta. Rita is a two-unit bank with Head Office in San Vicente,
Sta. Rita, Pampanga and a branch in San Fernando City, Pampanga
while RB Bacolor is a three-unit bank with Head Office in Dolores,
San Fernando City, Pampanga and with two branches in Mabalacat and
San Fernando City. Latest available records show that as of
September 30, 2008, these banks have combined estimated total
deposit liabilities amounting to Php391.9 million.
===============
T H A I L A N D
===============
G STEEL: High Liquidity Risk Cues Moody's Junk Rating from 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and senior unsecured ratings of G Steel
Public Company Limited. The outlook for the ratings remains
negative.
"The downgrade reflects the heightened near-term liquidity risk
stemming from dramatic deterioration in G Steel's operating
environment and the resulting adverse impact on its sales and
earnings," says Kathleen Lee, Moody's lead analyst of the company.
"This is likely to constrain the company's ability to repay
upcoming semi-annual loan installment of US$15 million in April
2009." adds Lee.
"The downgrade also reflects Moody's concerns over G Steel's
inability to meet its financial covenants as a result of its weak
operating results. As terms and conditions of the amortizing loan
have not been fully disclosed, there is a risk that the cross-
default provisions on the unsecured bond may be triggered if G
Steel fails to comply with the loan covenants," says Lee.
Moody's notes that G Steel 's short-term working capital
requirements have been eased by supplier credit support, while
sales are progressively being made against advanced payments.
The negative outlook reflects the continuing challenging operating
environment facing G Steel over the medium term, as well as the
company's weak liquidity position. It also takes into account
near-term financing risk under its scheduled semi-annual loan
maturities in 2009 that are without the support of available
committed facilities.
A rating upgrade is unlikely given the negative outlook.
On the other hand, downward pressure could occur if G Steel's
operating and liquidity profiles weaken further. Moody's also
expects the company to maintain average EBIT/Interest above 1x,
and/or adjusted debt/EBITDA below 6x on a sustained basis, failing
which downward rating pressure would emerge.
The previous rating action was on June 19, 2008, when G Steel's
corporate family rating and unsecured debt rating were confirmed
at B3 with a negative outlook.
Headquartered in Bangkok, G Steel Public Company Limited is
Thailand's second largest hot rolled coil steel manufacturer and
distributor.
Founded in 1995, the company's steel products were eventually
produced in late 1999; the start-up thus straddled the worst
period of the Asian crisis. The company completed a
rehabilitation program in September 2003 and changed its name to G
Steel Public Co Ltd in March 2004 from Siam Strip Mill Public Co
Ltd. Restructured debt was subsequently pre-paid and an IPO
completed in January 2006.
The company reported sales of 25,872 million baht for the LTM
ending September 30, 2008.
=============
T U N I S I A
=============
ARAB TUNISIAN: S&P Raises Counterparty Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term counterparty credit rating on Arab Tunisian Bank to
'BB+' from 'BB'. The outlook is stable. At the same time, it
affirmed its 'B' short-term rating on the bank.
"The upgrade reflects the increased likelihood of support in case
of need from Jordan-based Arab Bank PLC, ATB's majority
shareholder," said Standard & Poor's credit analyst Mohamed Damak.
Therefore, the long-term rating on ATB is two notches higher
(versus one notch previously) than the bank's stand-alone credit
quality. S&P considers the bank to be a strategically important
subsidiary for AB (BBB/Stable/A-3), fitting well with its strategy
of retail banking in North Africa. ATB also benefits from its
parent's expertise, particularly in risk management and corporate
banking, and regular capital injections.
The ratings on ATB continue to reflect the bank's weak asset
quality; modest profitability; and increasing competitive pressure
within a fragmented banking system. These negative factors are
partly mitigated by the bank's good customer franchise and
satisfactory liquidity position.
With total assets of Tunisian dinar (TND) 2.8 billion
($2.1 billion at TND0.76 to $1) on Sept. 30, 2008, ATB controls an
estimated market share of about 6% of the Tunisian banking
system's total assets and 8% of total deposits.
"The stable outlook reflects Standard & Poor's expectation that
ATB's limited size and weak asset quality will continue to
constrain the ratings in the near future," said Mr. Damak.
A positive rating action could result from a material and
sustainable improvement in asset quality indicators--easing the
pressure on profitability--and a significant increase in
capitalization. Should macroeconomic conditions worsen or the
bank's financial performance or asset quality deteriorate, or
links with the parent weaken, the ratings could come under
pressure.
=====================================
U N I T E D A R A B E M I R A T E S
=====================================
AL BARAKAH: Unveils Insolvency to Investors
-------------------------------------------
Nathalie Gillet at The National reports that Al Barakah, a
property development company, has told investors it is insolvent.
At a specially convened meeting, the report relates lawyers acting
for the company told investors the company had at least Dh400
million of unsecured liabilities.
According to The National, A B Mahomed SC, a lawyer representing
Al Barakah, said it was difficult to ascertain the exact status of
the company because the balance sheet was incomplete.
The National recounts that a memorandum written by Mr. Mahomed
dated December 30 states "The group is in a de facto state of
liquidation." "Its liabilities exceed its assets. It does not
conform to generally international best practices and standards.
Clearly, a clean-up is needed."
According to the figures in the memorandum cited by the report,
Al Barakah's assets are mainly money advanced against land, and
were estimated at Dh412 million.
The document says Al Barakah has paid "an aggregate percentage of
83.88 per cent" for eight plots of land in Dubai and Ajman: Ajman
Creek, Al Tafany Palace, City of Arabia Hotel Tower, Crimson
Court, Dubai Waterfront, Evergreen Tower, Jebel Ali Village and
Marmooka City. It says 36 per cent of liabilities relate to
memorandums of understanding (MoUs) signed with property
investors.
Mr. Khan, the report notes, signed MoUs promising to buy back the
properties after six months with a guaranteed 50 per cent profit
on the downpayment and signed the post-dated cheques as a
guarantee.
Meanwhile, the report discloses, Dubai police have barred
Al Barakah's chief executive, Shariq Imran Khan, a Pakistani
national who is also thought to hold Canadian citizenship, from
leaving the country. Mr. Khan is allegedly issuing bouncing
checks totaling Dh60 million (US$16.33 million).
The National relates that all checks were written by Al Barakah in
the names of several investors and post-dated to back up its
promise of a 50 per cent return in six months.
Established in 2007, Al Barakah --
http://www.albarakahproperties.com/-- has launched at least a
dozen property developments in Dubai and Ajman, including the Burj
Manara Ajman in Marmooka City, which was billed as the tallest
tower in Ajman.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. 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 2009. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***