/raid1/www/Hosts/bankrupt/TCRAP_Public/090211.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
Wednesday, February 11, 2009, Vol. 12, No. 29
Headlines
A U S T R A L I A
A.C.N. 064 162 296: Members Receive Wind-Up Report
A.C.N. 117 054 958: Members and Creditors Hear Wind-Up Report
ALEX MUSIC: Appoints Kugel and Warner as Liquidators
AUSTINMER BOWLING: Members and Creditors Hear Wind-Up Report
B & M LEMON: Members Receive Wind-Up Report
CJC 2000: Members Receive Wind-Up Report
FAME COVE: Placed Under Voluntary Wind-Up
GOLIATH PTY: Placed Under Voluntary Wind-Up
HARDIE SHELF: Placed Under Voluntary Wind-Up
IVAN HOMES: Members Receive Wind-Up Report
IZILLA PTY: Placed Under Voluntary Wind-Up
JAIT INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
KELLERIE PTY: Inability to Pay Debts Prompts Wind-Up
MIKE'S ELECTRICS: Members and Creditors Hear Wind-Up Report
PHARMACIA AUSTRALIA ET AL: Members Receive Wind-Up Report
SOTHERTON PROPERTIES: Placed Under Voluntary Wind-Up
SPLAN PTY: Placed Under Voluntary Wind-Up
STEWART METAL: Appoints Kugel and Warner as Liquidators
SUNCORP-METWAY: Fitch Affirms 'BB+' Support Rating Floor
TIDEBEAT PTY: Placed Under Voluntary Wind-Up
VERSAILLES PTY: Members Receive Wind-Up Report
C H I N A
CHINA PROPERTIES: Moody's Reviews 'B2' Rating for Possible Cut
NINE DRAGONS: To Buy Back US$284 Mln. 5-Year Bond
H O N G K O N G
AMICOK CO: Lam and Toohey Step Down as Liquidators
ASIA PLUS: Members & Creditors to Hear Wind-Up Report on March 6
ASIA TELEMEDIA: Appoints Middleton and Cowley as Liquidators
FANCY MIND: Court Enters Wind-Up Order
HSBC HOLDINGS: To Layoff 1,000 Jobs in Hong Kong
JOY FORCE: Commences Liquidation Proceedings
KENLORD INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 11
PACUSMA COMPANY: Court to Hear Wind-Up Petition on March 25
SAM MAN: Court to Hear Wind-Up Petition on March 4
SGA INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 11
SHORTRIDGE LIMITED: Creditors and Contributories Hold Meetings
SIEMENS BUILDING: Sole Member to Receive Wind-Up Report on March 2
THE EXPRESS: Members and Creditors Hold Meetings
THE INCORPORATED: Appoints Chiu and Wan as Liquidators
TREND COFFEE: Appoints Lees and Ng as Liquidators
ZHONG FREIGHT: Members and Creditors to Meet Today
J A P A N
JAPAN AIRLINES: Moody's Changes Outlook on Ba3 Rating to Negative
PIONEER CORP: Plans to Exit from Flat TV Business
SHINSEI BANK: Offers Long-Term Credit Debentures Until Feb. 27
TDK CORP: Revises Full-Year Loss to JPY42 Billion on Epcos
* JAPAN: Corporate Bankruptcies Up 15.8% in January
K O R E A
SAMSUN LOGIX: Files for Court Receivership
* Moody's Takes Rating Actions on 10 Korean Financial Institutions
M A L A Y S I A
EKRAN BERHAD: Bourse Commences Delisting Procedures
CNLT (FAR EAST): Banker Appoints Provisional Liquidators
PAN MALAYSIAN: Regularizes Financial Condition; Out of PN17
TALAM CORP: Updates Bursa on Default Status as of December 31
WONDERFUL WIRE: Total Default Reaches MYR76.89 Mil. as of Jan. 31
N E W Z E A L A N D
AUCKLAND PLASTIC: Court to Hear Wind-Up Petition on February 27
BETTER FLOORS ET AL: Appoint Madsen-Ries and Vance as Liquidators
DAVID REID: Wellington Franchise in Voluntary Liquidation
DELUXE AUTO: Court Hears Wind-Up Petition
ELITE AUTO: Court Hears Wind-Up Petition
FENCECO NZ: Appoints Whittfield and Toon as Liquidators
FLETCHER BUILDING: Sells Head Office Premises for NZ$36 Million
NZE LTD: Appoints Mason and Hayward as Liquidators
P R GROUP: Commences Liquidation Proceedings
PROPERTY MAINTENANCE: Appoints Toon and Finnigan as Liquidators
SEALEGS CORP: Puts Off Rights Issue Plan
ULTRATONE HOLDINGS: Appoints Heath and Lamacraft as Liquidators
WESTWIND REALTY: Court Hears Wind-Up Petition
P H I L I P P I N E S
LEGACY GROUP: Central Bank Sues 18 Officers & Employees of 4 Banks
S I N G A P O R E
CONTAINER BRIDGE: Creditors' Meeting Set for February 19
FERJIDSON PTE: Creditors' Proofs of Debt Due on March 5
FRASER THERMAL: Court to Hear Wind-Up Petition on February 20
INK TRADING: Court Enters Wind-Up Order
KENZONE LOGISTICS: Court Enters Wind-Up Order
S O U T H A F R I C A
ANGLOGOLD: Posts Wider 4th Qtr Loss on US$1.25 Billion Charge
LONRHO MINING: Places South African Unit in Liquidation
X X X X X X X X
Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
A.C.N. 064 162 296: Members Receive Wind-Up Report
-----------------------------------------------
The members of A.C.N. 064 162 296 Pty Ltd met on December 10,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Henry Kazar
GPO Box 138
Canberra ACT 2601
Telephone: (02) 6285 1310
Facsimile: (02) 6215 8450
A.C.N. 117 054 958: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of A.C.N. 117 054 958 Pty Limited met on
December 1, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Brian P. Dunphy
Freshwater Management Pty Ltd
PO Box 663
Harbord NSW 2096
ALEX MUSIC: Appoints Kugel and Warner as Liquidators
----------------------------------------------------
During a general meeting held on October 27, 2008, the members of
Alex Music Pty Limited appointed Steven Kugel and Anthony Warner
as the company's liquidators.
The Liquidators can be reached at:
Steven Kugel
Anthony Warner
Telephone: (02) 8243 5200
Web site: http://www.liquidationdirect.com.au
AUSTINMER BOWLING: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Austinmer Bowling Club Limited met on
December 10, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
G. A. Russell
Russell Corporate Advisory
Level 5, Suite 502
53 Walker Street
North Sydney NSW 2060
B & M LEMON: Members Receive Wind-Up Report
-------------------------------------------
The members of B & M Lemon Investments Pty Ltd met on December 12,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Barry Taylor
HLB Mann Judd
207 Kent Street, Level 19
Sydney NSW 2000
CJC 2000: Members Receive Wind-Up Report
----------------------------------------
The members of CJC 2000 Pty Ltd met on December 11, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Geoffrey Trent Hancock
BDO Kendalls Business Recovery & Insolvency
(NSW-VIC) Pty Limited
2 Market Street, Level 19
Sydney NSW 2000
FAME COVE: Placed Under Voluntary Wind-Up
-----------------------------------------
During a general meeting held on October 28, 2008, the members of
Fame Cove Two Pty Ltd resolved that the company be wound up
voluntarily.
Stephen Humphrys is the company's liquidator.
GOLIATH PTY: Placed Under Voluntary Wind-Up
-------------------------------------------
During a general meeting held on October 28, 2008, the members of
Goliath Pty Ltd resolved that the company be wound up voluntarily.
Stephen Humphrys is the company's liquidator.
HARDIE SHELF: Placed Under Voluntary Wind-Up
-------------------------------------------
During a general meeting held on October 28, 2008, the members of
Hardie Shelf 9 Pty Ltd resolved that the company be wound up
voluntarily.
Stephen Humphrys is the company's liquidator.
IVAN HOMES: Members Receive Wind-Up Report
------------------------------------------
The members of Ivan Homes Pty Ltd met on December 10, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Henry Kazar
GPO Box 138
Canberra ACT 2601
Telephone: (02) 6285 1310
Facsimile: (02) 6215 8450
IZILLA PTY: Placed Under Voluntary Wind-Up
------------------------------------------
The creditors of Izilla Pty Limited met on October 24, 2008, and
resolved that the company be wound up voluntarily.
The company's liquidators are:
Anthony Warner
Steven Kugel
CRS Warner Kugel
JAIT INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on October 10, 2008, the
members of Jait Investments Pty Ltd resolved to voluntarily wind
up the company's operations due to its inability to pay debts when
it fall due.
The company's liquidator is:
Chris Chamberlain
Chamberlain's S.B.R.,
Chartered Accountants
Wollundry Chambers
Suite 103, 1st Floor
Johnston Street, Wagga Wagga
NSW 2650
KELLERIE PTY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on October 9, 2008, the
members of Kellerie Pty Limited resolved to voluntarily wind up
the company's operations due to its inability to pay debts when it
fall due.
The company's liquidator is:
Chris Chamberlain
Wollundry Chambers
Suite 103, 1st Floor
Johnston Street
Wagga Wagga NSW 2650
MIKE'S ELECTRICS: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Mike's Electrics Pty Limited met on
December 12, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
M. J. M. Smith
Smith Hancock
88 Phillip Street, Level 4
Parramatta NSW 2150
PHARMACIA AUSTRALIA ET AL: Members Receive Wind-Up Report
---------------------------------------------------------
On December 18, 2008, Simon J. Cathro and David J. F. Lombe
presented the companies' wind-up report and property disposal to
the members of:
-- Pharmacia Australia Pty Ltd;
-- Warner Lambert Consumer Healthcare Pty Ltd; and
-- Warner Lambert Pty Ltd.
The Liquidators can be reached at:
Simon J. Cathro
David J. F. Lombe
Grosvenor Place
225 George Street
Sydney NSW 2000
SOTHERTON PROPERTIES: Placed Under Voluntary Wind-Up
----------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Sotherton Properties Pty Ltd resolved that the company be wound up
voluntarily.
The company's liquidator is:
Michael Slaven
Kazar Slaven Chartered Accountants
11 National Circuit, Level 3
Barton ACT 2600
SPLAN PTY: Placed Under Voluntary Wind-Up
-----------------------------------------
During a general meeting held on October 29, 2008, the members of
Splan Pty Ltd resolved that the company be wound up voluntarily.
The company's liquidator is:
Michael Slaven
Kazar Slaven Chartered Accountants
11 National Circuit, Level 3
Barton ACT 2600
STEWART METAL: Appoints Kugel and Warner as Liquidators
-------------------------------------------------------
During a general meeting held on October 24, 2008, the members of
Stewart Metal Fabrication Pty Limited appointed Steven Kugel and
Anthony Warner as the company's liquidators.
The Liquidators can be reached at:
Steven Kugel
Anthony Warner
Telephone: (02) 8243 5200
Web site: http://www.liquidationdirect.com.au
SUNCORP-METWAY: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Evolving
Suncorp-Metway Limited's and Suncorp Metway Insurance Limited's
ratings. At the same time, Fitch has placed Suncorp's 'A+' Long-
term Issuer Default Rating on Negative Outlook, and SMIL's Insurer
Financial Strength Rating on Stable Outlook. The actions follow
Suncorp's announcement that there has been a significant increase
in bad debts, which will affect H109 profits. With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.
From a group perspective, Suncorp estimates that H109 net profit
after tax could be down by around 30% yoy, subject to market
conditions and reinsurance recoveries. This drop in profit can be
largely attributed to the impact of higher provision charges in
the banking operations, where profit is likely to fall by around
70% to AU$100 million. Of the AU$355 million in expected
provision charges, around half is for specific provisions, with
the balance being collective charges to reflect growth in watch
list loans, as well as the deteriorating environment.
Fitch's Negative Outlook signals its concern regarding the
deteriorating outlook and rapid deterioration in the bank's asset
quality. In the six months to end-December 2008, impaired assets
have near-trebled to AU$986 million, of which development finance
accounts for almost half. As Fitch has noted in the past,
Suncorp's loan portfolio has a relatively high level of
concentration, with property development and investment loans
accounting for more than 20% of the overall portfolio. In Fitch's
view, this property exposure could be the source of further credit
losses, as market prices are weakening.
In response to the more challenging environment, Suncorp has taken
steps to strengthen its capital position. Dividends have been
reduced and additional capital, of a minimum of AU$900 million, is
being raised - this amount has been underwritten. Once completed,
Suncorp's Tier 1 ratio is expected to be around 10.9%, while the
total capital ratio should reach 12.8%.
Across the broader group, earnings have held up reasonably well.
Profit before tax for the general insurance business, which
includes SMIL and the former Promina non-life operations, is
expected to be in the range of AU$240 million to AU$260 million
for H109, which represents a healthy increase of more than 40% on
the prior corresponding period. However, this result could be
around AU$60 million lower, subject to negotiations with
reinsurers regarding claims costs from storms in late 2008.
Fitch considers there to be a number of positive factors that
place both SMIL's and the Group's general insurance business on a
sound footing. While the timely sale of the non-life's equity
positions significantly de-risked the investment portfolio prior
to large market corrections in late 2008, the quality of the
securities in the fixed-income portfolio should help to underpin
investment returns as their maturing unwinds the mark-to-market
effects of widening credit spreads. Additionally, although
greater reinsurance costs have mitigated to some extent the
current premium rate rises, the increased cover in place for FY09
offers considerable protection to the capital position should
greater-than-expected large weather-related losses occur in H209.
The agency also notes that despite volatility in equity and debt
markets, Suncorp's wealth management business is expected to
record reasonable growth in profit after tax.
In addition to the operational update, Suncorp also announced the
departure of its Chief Executive Officer and has yet to announce a
replacement.
These rating actions have been taken -
Suncorp Metway Limited:
-- Long-term IDR affirmed at 'A+', removed from RWE and assigned
a Negative Outlook
-- Short-term IDR affirmed at 'F1', removed from RWE
-- Individual rating: affirmed at 'B', removed from RWE
-- Support rating: affirmed at '3', removed from RWE
-- Support Rating Floor affirmed at 'BB+'; removed from RWE
-- Unguaranteed senior unsecured debt affirmed at 'A+'/'F1',
removed from RWE
-- Government guaranteed senior unsecured debt affirmed at 'AA+'
(foreign currency) and 'AAA' (local currency)
-- Subordinated debt affirmed at 'A', removed from RWE
-- Hybrid instruments affirmed at 'A-' (A minus), removed from
RWE Suncorp Metway Insurance Ltd:
-- IFS Rating affirmed at 'A+', removed from RWE and assigned a
Stable Outlook.
TIDEBEAT PTY: Placed Under Voluntary Wind-Up
--------------------------------------------
During a general meeting held on October 29, 2008, the members of
Tidebeat Pty Limited resolved that the company be wound up
voluntarily.
The company's liquidator is:
P. Ngan
Ngan & Co Chartered Accountants
49 Market Street, Level 5
Sydney NSW 2000
VERSAILLES PTY: Members Receive Wind-Up Report
----------------------------------------------
The members of Versailles Pty Ltd met on December 11, 2008, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
David Clement Pratt
Timothy James Cuming
PricewaterhouseCoopers
201 Sussex Street, Level 15
Sydney NSW 1171
=========
C H I N A
=========
CHINA PROPERTIES: Moody's Reviews 'B2' Rating for Possible Cut
--------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the B2 corporate family and senior unsecured bond
ratings of China Properties Group Limited.
"The rating action has been prompted by China Properties' slower
than expected progress in securing refinancing for its RMB 520
million bilateral bank loan, which will fall due in late March
2009, "says Peter Choy, a Moody's Vice President & Senior Credit
Officer, adding, "This may heighten the company's liquidity risk
which has already been affected by its weaker than expected
property pre-sales and an acceleration in land premium payments in
2008."
"Restoring balance sheet liquidity has been, and will continue to
be challenged by the current soft nature of the property market in
China and the tight credit environment," says Choy.
In this review, Moody's will evaluate China Properties' ability to
obtain satisfactory bank refinancing and to improve property sales
in 2009 thereby restoring balance sheet liquidity. Failure to put
in place appropriate refinancing plans over the next few weeks, or
if the refinancing is concluded on unfavourable terms, will result
in the company's ratings coming under pressure.
The last rating action on China Properties was taken on 15
December, 2008, when its ratings were downgraded from B1 to B2
with a stable outlook.
Incorporated in Grand Cayman, China Properties Group Limited is
engaged in property investment and development in China, and was
listed on the Hong Kong Stock Exchange in February 2007.
NINE DRAGONS: To Buy Back US$284 Mln. 5-Year Bond
-------------------------------------------------
Shanghai Daily reports that Nine Dragons Paper (Holdings) Ltd
plans to buy back US$284 million of five-year bond issued last
April at a discount of at least 47 percent of face value.
Citing Bloomberg News, Shanghai Daily relates the company will pay
53 cents on the dollar plus interest to investors who sell the
bonds back to the company by February 23, while those tendering
after that date but before March 9 will get 5 cents less, plus
coupon payments.
The bond buyback, which will cost Nine Dragons up to US$160
million, will be managed by Merrill Lynch & Co., the Daily
discloses citing a company statement in the Hong Kong Stock
Exchange.
"We view this announcement as generally positive for the Asian
high-yield market," Shanghai Daily cited BNP Paribas SA credit
research analyst Winston Herrera in a note to clients.
Mr. Herrera, the report relates, said the company will book a
capital gain of US$133.4 million on the repurchase.
Nine Dragons Paper (Holdings) Limited -- http://www.ndpaper.com
–- manufactures and sells packaging paperboard products and
unbleached kraft pulp in the People's Republic of China. The
Company's packaging paperboard products include linerboard,
corrugating medium and coated duplex board, as well as unbleached
kraft pulp. The Company's subsidiaries include Nine Dragons Paper
Group Limited, Zhang's Enterprises Co., Ltd., Nine Dragons Paper
Industries Co., Ltd., Millennium Scope Limited, River Dragon Paper
Industries Co., Ltd., Emperor Dragon Paper Industries Co., Ltd.,
Sky Dragon Paper Industries (HK) Co., Ltd., Sky Dragon Paper
Industries Co., Ltd. and Nine Dragons Finance (Group) Limited.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2008, Fitch Ratings downgraded China-based Nine Dragons
Paper Limited Long-term foreign currency Issuer Default Rating to
'BB-' (BB minus) from 'BB+'. The Outlook on the IDR is Negative.
At the same time, the agency has downgraded the senior unsecured
rating on the US$300 million notes due 2013 to 'B+' from 'BB+'.
The TCR-AP reported on Dec. 19, 2008, that Standard & Poor's
Ratings Services said that it had lowered its long-term corporate
credit rating on Nine Dragons Paper (Holdings) Ltd. to 'BB' from
'BBB-'. At the same time, Standard & Poor's lowered its issue
rating on the company's US$300 million senior unsecured notes to
'BB-' from 'BBB-'. Both ratings remain on CreditWatch with
negative implications, where they were placed on Oct. 13, 2008,
following Nine Dragons' weak earnings results for fiscal 2008.
================
H O N G K O N G
================
AMICOK CO: Lam and Toohey Step Down as Liquidators
--------------------------------------------------
On January 20, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Amicok Co., Limited.
ASIA PLUS: Members & Creditors to Hear Wind-Up Report on March 6
----------------------------------------------------------------
The members and creditors of Asia Plus Broadcasting Limited will
receive on March 6, 2009, at 2:30 a.m. and 3:00 p.m.,
respectively, the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at the The Boardroom of Baker Tilly
Hong Kong, 12th Floor of China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road, in Central, Hong Kong.
ASIA TELEMEDIA: Appoints Middleton and Cowley as Liquidators
------------------------------------------------------------
On January 14, 2009, Edward Simon Middleton and Patrick Cowley
were appointed as liquidators of Asia Telemedia Limited.
The Liquidators can be reached at:
Edward Simon Middleton
Patrick Cowley
KPMG
Alexandra House, 27th Floor
18 Chater Road
Central, Hong Kong
FANCY MIND: Court Enters Wind-Up Order
--------------------------------------
On January 19, 2009, the High Court of Hong Kong entered an order
to have Fancy Mind Group Holdings Limited's operations wound up.
The petition was filed on November 14, 2008.
HSBC HOLDINGS: To Layoff 1,000 Jobs in Hong Kong
------------------------------------------------
HSBC Holdings Plc will likely layoff a further 1,000 jobs in
Hong Kong this week as the bank seeks to lower costs, Shanghai
Daily reports citing Oriental Daily News. The bank, the report
notes, had earlier slashed 550 positions in the city.
The Hong Kong-based newspaper, as cited by the report, said the
job cuts will focus on HSBC's mortgage and loan operations.
As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, shareholder Knight Vinke Asset Management LLC said HSBC
Holdings Plc has a substantial and worsening capital shortfall.
Knight Vinke noted recent research reports issued by Morgan
Stanley and Goldman Sachs regarding HSBC's need for a very
substantial rights' issue, which "could be the largest rights'
issue ever made in the United Kingdom."
Bloomberg News related Goldman Sachs Group Inc. and CLSA Asia-
Pacific Markets earlier predicted HSBC will be forced to sell
shares for the first time since the financial crisis began in
2007.
According to Bloomberg News, Goldman analysts said Jan. 16 HSBC
may post a US$1.5 billion loss, raise US$17 billion in a share
issue, and pay no dividend in 2009, citing a deteriorating U.S.
economy and falling property prices.
As it predicted in early 2007, Knight Vinke said Household
International, HSBC's sub-prime lending business in the United
States, has turned out to be an unmitigated disaster.
"This is a depreciating business, the fair value of whose assets
is US$20 billion less than its liabilities (by HSBC's own
admission)," the long term HSBC shareholder said in a January 18
statement.
Eric Knight, CEO of Knight Vinke, pointed out that if Household is
not restructured, shareholders will bear all of the pain because
Household's debt is not guaranteed by HSBC.
"HSBC should stop pretending that a restructuring of Household is
inconceivable: all major banks with similar problems are now
thinking what was previously unthinkable," Mr. Knight said.
Knight Vinke also noted that HSBC's capital structure is much
weaker than would be suggested by the Tier 1 ratio, adding that
having a strong Tier 1 ratio is absolutely no guarantee that
additional capital will not be required.
HSBC Denies Need for Funding
The London-based lender refuted Knight Vinke's projection saying
it is one of the world's most strongly capitalized banks.
The bank is one of the world's most "strongly capitalized" lenders
and hasn't sought capital support from the U.K. government, HSBC
said in a statement obtained by Bloomberg News. The bank "cannot
envisage circumstances" where it would need government funding,
HSBC added.
Madoff Exposure
On December 15, 2008, HSBC confirmed it provided financing to a
small number of institutional clients who invested in funds with
Madoff Investment Securities LLC.
HSBC said its potential exposure under these financing
transactions is in the region of US$1 billion.
HSBC also has custody clients who have invested with Madoff,
however, it does not believe that these custodial arrangements
should be a source of exposure to the group.
Likely Fitch Downgrade
Fitch Ratings, according to Bloomberg News, warned it may cut
HSBC's credit rating as the global recession undermines its
finances.
Bloomberg News disclosed Fitch cut its outlook on HSBC's debt to
"negative" from "stable" and said the bank's long-term issuer
default rating may be lowered over the "medium term".
HSBC's profitability in the fourth quarter was probably "weak" and
the bank is increasingly likely to need to raise funds to support
the U.S. unit, Bloomberg News cited Fitch as saying.
About HSBC
Headquartered in London, England, HSBC Holdings plc (NYSE:HBC) --
http://www.hsbc.com/-- is a banking and financial services
organization. Its international network comprises over 10,000
properties in 83 countries and territories in Europe; Hong Kong;
rest of Asia-Pacific, including the Middle East and Africa; North
America and Latin America. HSBC Holdings together with its
subsidiaries (HSBC) provides a range of financial services to more
than 128 million customers. HSBC manages its business through two
customer Groups: Personal Financial Services and Commercial
Banking, and two global businesses: Global Banking and Markets,
and Private Banking. Personal Financial Services incorporates the
Company's consumer finance businesses. The largest of these is
HSBC Finance Corporation (HSBC Finance), a consumer finance
company in the United States. On March 26, 2007, the company
acquired the remaining 50.01% of Erisa S.A. and Erisa I.A.R.D. In
September 2008, Lehman Brothers sold its entire 2.09% stake in
Amtek Auto Ltd. to HSBC Holdings PLC.
JOY FORCE: Commences Liquidation Proceedings
--------------------------------------------
Joy Force Limited commenced liquidation proceedings on Jan. 16,
2009.
The company's provisional liquidators are:
Wong Tak Man Stephen
Chen Yung Ngai Kenneth
Caroline Centre, 29th Floor
Lee Gardens Two
28 Yun Ping Road
Hong Kong
KENLORD INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 11
-------------------------------------------------------------
The High Court of Hong Kong will hear on Feb. 11, 2009, at
9:30 a.m., a petition to have Kenlord Industries Limited's
operations wound up.
Roadstar Management SA filed the petition against the company on
Nov. 25, 2008.
Roadstar Management's solicitors are:
Herbert Smith
Gloucester Tower, 23rd Floor
15 Queen's Road Central
Hong Kong
PACUSMA COMPANY: Court to Hear Wind-Up Petition on March 25
-----------------------------------------------------------
The High Court of Hong Kong will hear on March 25, 2009, at
9:30 a.m., a petition to have Pacusma Company Limited's operations
wound up.
Mr. Sin Wah filed the petition against the company on Jan. 19,
2009.
The Petitioner's solicitors are:
Wong Poon Chan Law & Co.
Hong Kong Trade Centre, 17th Floor
161-167 Des Voeux Road Central
Hong Kong
SAM MAN: Court to Hear Wind-Up Petition on March 4
--------------------------------------------------
The High Court of Hong Kong will hear on March 4, 2009, at
9:30 a.m., a petition to have Sam Man Logistics Development
Limited's operations wound up.
Law Hang Ping filed the petition against the company on Dec. 29,
2008.
SGA INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 11
------------------------------------------------------------
The High Court of Hong Kong will hear on Feb. 11, 2009, at
9:30 a.m., a petition to have SGA International Limited's
operations wound up.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Nov. 17, 2008.
The Petitioner's solicitors are:
Allen & Overy
Three Exchange Tower, 9th Floor
Central, Hong Kong
SHORTRIDGE LIMITED: Creditors and Contributories Hold Meetings
--------------------------------------------------------------
The creditors and contributories of Shortridge Limited met on
February 9, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.
Alan Chung Wah Tang and Alison Wong Lee Fung Ying are the
company's liquidators.
SIEMENS BUILDING: Sole Member to Receive Wind-Up Report on March 2
------------------------------------------------------------------
The sole member of Siemens Building Technologies (Hong Kong)
Limited will receive on March 2, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.
THE EXPRESS: Members and Creditors Hold Meetings
------------------------------------------------
The members and creditors of The Express Builders Company Limited
held their annual meetings on Feb. 10, 2009. At the meeting,
Stephen Briscoe, the company's liquidator, gave a report on the
company's wind-up proceedings and property disposal.
THE INCORPORATED: Appoints Chiu and Wan as Liquidators
------------------------------------------------------
On December 4, 2008, Victor Chiu and Tsang Fan Wan were appointed
as liquidators of The Incorporated Owners of Kai Tak Mansion.
The Liquidators can be reached at:
Victor Chiu
Tsang Fan Wan
Victor Chiu Tsang & Partners
Club Lusitano, 8th Floor
16 Ice House Street
Central, Hong Kong
TREND COFFEE: Appoints Lees and Ng as Liquidators
-------------------------------------------------
On May 28, 2008, John Robert Lees and Mat Ng were appointed as
liquidators of Trend Coffee & Food Limited.
The Liquidators can be reached at:
John Robert Lees
Mat Ng
Hong Kong Club Building, 19th Floor
3A Chater Road
Central, HK
ZHONG FREIGHT: Members and Creditors to Meet Today
--------------------------------------------------
The members and creditors of Zhong Freight Limited will hold their
annual meetings today, February 11, 2009, at 2:00 p.m. and 2:30
p.m., respectively, at the 18th Floor of Wing On House, 71 Des
Voeux Road, in Central, Hong Kong.
At the meeting, N T C Hill, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
=========
J A P A N
=========
JAPAN AIRLINES: Moody's Changes Outlook on Ba3 Rating to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba3 long-
term debt rating and issuer rating of Japan Airlines International
Co., Ltd. to negative from positive. The outlook change reflects
Moody's view that JALI's profitability is likely to remain
pressured amid the recent sharp decline in airline passenger
demand.
Japan Airlines Corporation, JALI's holding company, announced on
February 6, 2009 that it had revised the forecast for its
consolidated operating result to a loss of JPY37 billion from a
profit of JPY28 billion as a result of a significant weakening in
airline passenger demand. The number of JAL group's international
passengers, in particular, had decreased by 16.2% in the three-
month period from October to December 2008 compared to the same
period a year earlier.
Moody's recognizes that, in recent years, JAL group has steadily
executed its business strategy to concentrate on individual high-
price passengers in order to increase the unit revenue, and to
restructure its aircraft fleet and route network with a view to
reducing overall fixed costs. These strategies have resulted in
the JAL group sharply increasing its operating profit to
JPY90.0 billion in FYE3/2008 from JPY22.9 billion in the previous
year.
However, in the current severe market conditions, the company has
been unable to mitigate the negative impact of the decline in
JALI's core passengers through cost reduction efforts. The number
of business class passengers and first class passengers both
decreased in the three-month period from October to December 2008,
by 18% and 26% respectively, from a year earlier.
Given the significant decline in operating income, JAL is
projecting a net loss of JPY34 billion for the current fiscal
year, which is likely to result in a weakened capital structure.
Moody's nonetheless understands that the relationship between JAL
group and the Japanese government and the company's major creditor
banks remains firm, thanks to the successful allocation of the new
capital of JPY153.5 billion in March 2008. The rating agency
regards the stable relationship with the creditor banks and the
national government as one of the main factors supporting JALI's
ratings.
Moody's last rating action with respect to JALI was taken on March
3, 2008, when the outlook on the Ba3 issuer rating and senior
unsecured long-term debt ratings was changed to positive from
stable.
JALI's ratings are assigned by evaluating factors that Moody's
believes are relevant to the credit profile of the issuer, namely
(i) its cost structure, (ii) conditions in its main market, (iii)
its financial policy and liquidity profile, and (iv) its financial
metrics. These attributes are compared against those of other
issuers both within and outside of the airline industry and its
ratings are believed to be comparable to those of other issuers of
similar credit risk.
Headquartered in Tokyo, Japan Airlines International Co., Ltd. is
the country's largest airline company, fully owned by Japan
Airlines Corporation.
PIONEER CORP: Plans to Exit from Flat TV Business
-------------------------------------------------
Pioneer Corp. is planning to pull out from its unprofitable flat-
screen TV business and to refocus on in-car audiovisual products
to survive, Japan Today reports citing sources familiar with the
matter.
The sources, as cited by Japan Today, said Pioneer is expected to
announce its plans by the end of the month as the company unveils
its medium-term business plan.
According to Reuters, the company is projecting a net loss of
JPY78 billion ($848.6 million) for the year ending March 31, its
fifth consecutive year of annual loss.
"There is a whole spectrum of possibilities with withdrawal on one
end, in-house development and production on the other and sales of
procured TVs somewhere in the middle," a Pioneer spokesman was
quoted by Reuters as saying.
Pioneer, Japan Today notes, had been restructuring its troubled
plasma television operations, shedding hundreds of jobs and
shutting a domestic plant last year.
Japan Today says the company will also spin off its loss-making
DVD player operations to a new company to be set up with Sharp
Corp. this year.
About Pioneer Corporation
Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products. The Company operates in four business segments. The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment. The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses. The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems. The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, Moody's Investors Service downgraded Pioneer
Corporation's local currency issuer rating to Ba1 from Baa2, and
continues its review for a further possible downgrade.
The rating action reflects Moody's concern that a significant
slowdown in demand for car electronics and consumer electronics
products will further pressure Pioneer's earnings and may hinder
its profit recovery.
The TCR-AP reported on Nov. 7, 2008, that Standard & Poor's
Ratings Services revised to negative from stable its outlook on
the 'BB+' long-term corporate credit rating on Pioneer Corp.,
based on expectations that the company would suffer significant
losses in fiscal 2008 (ending March 31, 2009), which would lead to
a deterioration in its financial standing. The outlook revision
also reflects increasing uncertainty over an earnings recovery in
Pioneer's core business and an improvement in its financial
profile. At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and senior unsecured ratings on the
company.
SHINSEI BANK: Offers Long-Term Credit Debentures Until Feb. 27
--------------------------------------------------------------
Shinsei Bank Limited said it will be offering Interest-Compounded
Long-Term Credit Debentures (public sales issue, 5 years) from
February 13 until February 27, 2009
due to the recent economic and financial conditions.
Coupon Rate:
2nd Half Issue 1st Half Issue
(for reference)
-------------- ---------------
Interest-Compounded
Coupon 0. 460% per annum 0.660 % per annum
Debenture Average
Yield 0. 466% 0.670%
Issue price is JPY10,000 per JPY10,000.
9-Months Results
Shinsei Bank incurred a consolidated cash basis net loss in the
first nine months of fiscal year 2008 of JPY23.3 billion, compared
to a consolidated cash basis net income of JPY42.0 billion in the
first nine months of the previous fiscal year. In addition, the
consolidated net loss was JPY32.1 billion in the first nine months
of fiscal year 2008, compared to a consolidated net income of
JPY33.5 billion in the same period of the previous fiscal year.
The bank attributed the loss to lower revenues and higher net
credit costs.
Total revenue for the first nine months of fiscal year 2008, was
JPY190.3 billion, down 8.9% compared to the same period of the
previous fiscal year.
Net credit costs increased JPY38.8 billion to JPY79.6 billion due
mainly to an increase in credit costs related to the bankruptcy of
a Lehman Brothers subsidiary, reserves for real estate finance and
European asset-backed investments.
Outlook
Citing continuing challenging environment, the bank forecasts
FY2008 consolidated cash basis net loss of JPY31.0 billion
(consolidated reported basis net income of JPY12.0 billion revised
to consolidated reported basis net loss of JPY48.0 billion).
The bank won't be paying dividend on common shares in FY2008 and
expects to break even or better in FY2009.
About Shinsei Bank
Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution. The Bank operates mainly in
three business segments. The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others. The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries. The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others. The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
9, 2009, Fitch Ratings placed on Rating Watch Negative, the 'BBB+'
(BBB plus) Long-term foreign and local currency Issuer Default
Ratings, 'F2' Short term foreign and local currency IDRs, and the
'C' Individual ratings of Japan's Shinsei Bank Ltd and Shinsei
Trust and Banking Co., Ltd.
The decision to place Shinsei's ratings on Rating Watch Negative
reflects Fitch's view that Shinsei faces challenges on multiple
fronts. The rating agency is planning to review Shinsei's
redefined business model, ability to enhance the quality and
quantity of its capital and/or reduction of risk assets, as also
maintain satisfactory asset quality before resolving the Rating
Watch Negative.
Fitch noted the weakening of Shinsei's capital ratios and as well
as the bank's two consecutive quarters of net losses.
TDK CORP: Revises Full-Year Loss to JPY42 Billion on Epcos
----------------------------------------------------------
Bloomberg News reports TDK Corp widened its full-year loss
forecast by 50 percent
to JPY42 billion (US$461 million), from last month's forecast of
JPY28 billion,
after including shortfalls of its German unit Epcos AG. The
report notes the company had a net income of JPY71.5 billion a
year earlier.
The report relates Epcos, which is about 94 percent owned by TDK,
posted a net loss of EUR29.8 million (US$38 million) in the
quarter ended Dec. 31, compared with a profit of EUR19 million a
year earlier. Sales dropped 23 percent to EUR282 million as
customers cut production and inventory, the report adds.
TDK expects a JPY38 billion full-year operating loss, compared
with a previous forecast of JPY26 billion. The company also
expects revenue to decline 14 percent to JPY741 billion.
According to Bloomberg News, TDK's net loss in the three months to
Dec. 31 was JPY14.3 billion, compared with JPY21.7 billion profit
a year earlier. Sales fell 15 percent to JPY191.8 billion, the
report notes.
The company, the report recalls, said Jan. 8 it will cut about
8,000 jobs overseas and 1,000 temporary workers in Japan as it
closes four production facilities abroad and consolidates domestic
manufacturing operations.
Headquartered in Tokyo, Japan, TDK Corporation (NYSE:TDK) --
http://www.tdk.co.jp/-- is a manufacturer of recording media,
ferrite products and recording device products, and a producer of
inductor, ceramic capacitor, magnet, hard disk drive (HDD) head
and other components. TDK operates in two segments: electronic
materials and components, and recording media, which accounted for
94.4% and 5.6% of net sales, respectively, for the fiscal year
ended March 31, 2008 (fiscal 2008). Electronic materials and
components products include ferrite cores, rare-earth magnets,
multilayer ceramic chip capacitors, inductors (coils,
transformers), switching power supplies, HDD heads and
rechargeable batteries. Recording media products include audio
tapes, video tapes, compact disk recorders (CD-Rs), digital
versatile discs (DVDs) and tape-based data storage media for
computers. On August 1, 2007, it transferred all assets relating
to TDK branded world wide recording media business and use of the
TDK brand name for recording media products to Imation Corp.
* JAPAN: Corporate Bankruptcies Up 15.8% in January
---------------------------------------------------
Japanese corporate bankruptcies rose 15.8% in January from a year
earlier, the eighth consecutive monthly increase, BBC News reports
citing Tokyo Shoko Research.
Citing new data from the private credit research agency, BBC News
relates, the number of corporate bankruptcies reached 1,360 cases
in January.
BBC News says bankruptcies at market listed companies hit a record
high of 35 for the year to March 31, the highest since World War
II.
According to BBC News, Tokyo Shoko Research said the number of
bankruptcies was not likely to decelerate in the near future as a
range of manufacturers - from car and electronics manufacturers to
semiconductor makers - continue to see profits hit by economic
conditions.
=========
K O R E A
=========
SAMSUN LOGIX: Files for Court Receivership
------------------------------------------
Keith Wallis at Lloyd's List reported that Samsun Logix, a South
Korean shipping firm, has filed for court receivership at Seoul's
central district court.
According to the report, the company's filing were attributed to a
cash flow crisis caused by the financial difficulties at Armada
(Singapore), Britannia Bulk and Industrial Carriers.
The court would decide in the next two to four weeks whether to
allow the company to enter into court receivership or let the
company collapse, a source within Samsun Logix told Lloyd's List.
"We are a victim of the recent maritime casualty that caused the
collapse of Britannia, Armada, ICI and others," the source was
quoted by the report as saying.
Samsun Logix, the report discloses, is believed to have been owed
about $40 million alone by Armada (Singapore). The company's
largest creditor bank is Shinhan Bank, Lloyd's List says.
The report says that if the court approves Samsun Logix's
application for court receivership, a group of representatives
from the company and creditor banks will be appointed to work out
a reorganisation and restructuring plan, which include sale of
vessels, redundancies or the sale of the business.
According to Lloyd's List, Samsun Logix is one of South Korea's
largest bulker operators. It owns 15 bulkers and has another four
newbuildings on order. The company's fleet comprises capesize,
panamax and handysize vessels built in the 1980s and 1990s. The
oldest vessel is the 1982-built, 21,289 dwt Ataraxia, while the
youngest is the 1999-built, 69,406 dwt Clio.
* Moody's Takes Rating Actions on 10 Korean Financial Institutions
------------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on 10
Korean financial institutions.
They are: Citibank Korea Inc, Export-Import Bank of Korea, Hana
Bank, Industrial Bank of Korea, Kookmin Bank, Korea Development
Bank, National Agricultural Cooperative Federation, Shinhan Bank,
Woori Bank and Woori Finance Holdings.
These are entities whose foreign currency debt ratings are higher
than that of the government and whose ratings were placed on
review for possible downgrade on January 15, 2009.
Specifically, these rating actions were taken:
(1) The foreign currency long-term senior debt ratings of eight
banks were lowered to A2 -- Hana Bank, IBK, KEXIM, Kookmin
Bank, KDB, NACF, Shinhan Bank and Woori Bank. The revised
ratings carry a stable outlook, except for KDB which has a
negative outlook;
(2) IBK's foreign currency subordinated debt rating was lowered to
A2 from Aa3. The revised rating carries a stable outlook;
(3) NACF's foreign currency subordinated debt rating of A2 was
confirmed with a stable outlook;
(4) The A2 foreign currency long-term deposit ratings of eight
banks were affirmed -- Citibank Korea Inc, Hana Bank, IBK,
Kookmin Bank, KDB, NACF, Shinhan Bank and Woori Bank. The
ratings outlook is stable, except for KDB which has a negative
outlook;
The above rating actions concluded the review initiated on January
15, 2009 to consider the appropriateness of the banks' foreign
currency debt ratings vis-à-vis the Korean government's given the
banks' heavy dependence on government support to secure external
funding.
(5) The C bank financial strength ratings of the big four
nationwide banks -- Kookmin Bank, Woori Bank, Shinhan Bank and
Hana Bank --- were placed on review for possible downgrade;
(6) Kookmin Bank's foreign currency subordinated debt rating was
lowered to A2 from A1 and remains on review for possible
downgrade following the review of its BFSR; and
(7) In conjunction with the downward review of the big four banks'
BFSRs, these ratings remain on review for possible
downgrade: global local currency deposit for Kookmin Bank and
Hana Bank; foreign currency subordinated debt for Woori Bank,
Shinhan Bank and Hana Bank; foreign currency Hybrid Tier 1 for
Woori Bank and Shinhan Bank; and the A2 foreign currency
issuer rating for Woori Finance Holdings; and
(8) Finally, the GLC deposit for Citibank Korea and KDB remain on
review for possible downgrade. Citibank Korea's review is due
to the downward review of its BFSR following the rating
actions on parent Citigroup and its related entities taken on
January 16, 2009. KDB's review is due to the examination of
its probability of systemic support assumption used in the
Joint-Default Analysis application in view of the proposed
privatization plan and other factors.
Beatrice Woo, a Moody's VP/Senior Credit Officer, provided details
of Moody's rating actions below:
With regards to the foreign currency debt ratings, the downgrades
reflect Moody's opinion that the banks' ratings should be more
aligned with the Korean government's A2 foreign currency bond
rating. This is on the basis that the government's ability to
support systemically important banks in local currency liquidity
is materially greater than its ability to provide foreign currency
liquidity.
While the Korean banks continue to have some access to external
funding -- since the collapse of Lehman Brothers -- without
government guarantees, the foreign currency liquidity shortfalls
of many banks are being met by utilizing various government
channels, such as competitive swap auctions.
Accordingly, given the banks' reliance on government support to
secure foreign currency funding during this crisis, Moody's
believes it is inappropriate for their foreign currency debt
ratings to be higher than that of the government. Therefore,
their foreign currency debt ratings are best measured and
constrained at the A2 foreign currency sovereign bond level.
In KEXIM's case, its rating derives from the application of
Moody's rating methodology for government-related issuers.
However, the bank's foreign currency senior debt rating was also
affected by the change in Moody's opinion of the Korean
government's ability to provide foreign currency liquidity
support.
For KDB, its revised A2 foreign currency long-term senior debt and
affirmed A2 foreign currency long-term deposit ratings carry
negative outlooks due to its proposed albeit long-term
privatization plan and other factors which may affect Moody's
probability of systemic support assumption. These could reduce
the key systemic support assumptions used in the Joint-Default
Analysis application, and which have been incorporated into the
bank's ratings.
The A2 foreign currency subordinated debt rating of IBK, Kookmin
Bank and NACF is in line with Moody's practice of notching down
bank junior obligations from the banks' respective GLC deposit
rating subject to the A2 foreign currency government bond rating
constraint.
The A2 foreign currency long-term deposit ratings for eight banks
were affirmed due to Moody's continued view that Korea falls under
the 'High' country support guideline. This guideline takes into
consideration historic evidence of support for banks in Korea, in
addition to the size, strength and the degree of fragmentation of
the Korean banking system. Consequently, Moody's assesses
systemic support to be very high.
Finally, the review of the big four banks' C BFSR will consider
the anticipated deterioration in their creditworthiness due to
intensifying stresses from the global credit crisis and weaker
domestic economy. In this context, Moody's notes that the
operating environment has steadily worsened in the past year, and
such additional pressures are likely to push the banks' financial
fundamentals into a lower rating range.
In particular, Moody's will assess in its review the asset quality
of the banks against their provisioning and economic solvency
levels, and finally, Moody's continues to monitor their liquidity
positions.
The last rating action on Citibank Korea Inc was on January 20,
2009 when its BFSR of C- and baseline credit assessment of Baa1
were placed on review for possible downgrade. The action followed
the rating actions on parent Citigroup and its related entities
taken on January 16, 2009.
The last rating action on the other nine banks was taken on
January 15, 2009 following concerns expressed in Moody's press
release of the same date. This commented on the banks' foreign
currency obligations and their increased dependence on the Korean
government for foreign currency support.
Citibank Korea Inc, headquartered in Seoul, had assets of
KRW61.3 trillion as of September 2008.
Hana Bank, headquartered in Seoul, had assets of KRW149.4 trillion
as of September 2008.
Industrial Bank of Korea, headquartered in Seoul, had assets of
KRW134.7 trillion as of September 2008.
KEXIM, headquartered in Seoul, had assets of KRW30.6 trillion as
of June 2008.
Kookmin Bank, headquartered in Seoul, had assets of
KRW261.6 trillion as of September 2008.
Korea Development Bank, headquartered in Seoul, had assets of
KRW150.0 trillion as of September 2008.
NACF, headquartered in Seoul, had assets of KRW190.3 trillion as
of September 2008.
Shinhan Bank, headquartered in Seoul, had assets of
KRW205.2 trillion as of September 2008.
Woori Bank, headquartered in Seoul, had assets of
KRW225.1 trillion as of September 2008.
Woori Finance Holdings, headquartered in Seoul, had assets of
KRW288.9 trillion as of September 2008.
The detailed ratings and actions are listed below:
* Citibank Korea Inc -- Global local currency deposit of A1, BFSR
of C- and BCA of Baa1 remain on review for possible downgrade.
Foreign currency long-term/short-term deposit of A2/Prime-1
were affirmed. Both ratings carry a stable outlook;
* Hana Bank -- Foreign currency long-term senior debt was lowered
to A2 from A1. The revised rating carries a stable outlook.
Foreign currency subordinated debt of A2 and GLC deposit of A1
remain on review for possible downgrade. The BFSR of C was
placed on review for possible downgrade. Foreign currency long-
term/short-term deposit of A2/Prime-1 were affirmed. Both
ratings carry a stable outlook;
* IBK -- Foreign currency long-term senior/subordinated debt were
lowered to A2/A2 from Aa3/Aa3. The revised ratings carry a
stable outlook. Foreign currency long-term/short-term deposit of
A2/Prime-1 and the BFSR of D+ were affirmed. These ratings
carry a stable outlook;
* KEXIM -- Foreign currency long-term senior debt was lowered to
A2 from Aa3. The revised rating carries a stable outlook.
Foreign currency short-term debt of Prime-1 was affirmed and
carries a stable outlook;
* Kookmin Bank -- Foreign currency long-term senior/subordinated
debt were lowered to A2/A2 from Aa3/A1. The revised senior debt
rating carries a stable outlook, but the subordinated debt
rating remains on review for possible downgrade. GLC deposit of
Aa3 remains on review for possible downgrade. The BFSR of C was
placed on review for possible downgrade. Foreign currency long-
term/short-term deposit of A2/Prime-1 were affirmed. Both
ratings carry a stable outlook;
* KDB -- Foreign currency long-term senior debt was lowered to A2
from Aa3. The revised rating carries a negative outlook. GLC
deposit of Aa1 remains on review for possible downgrade.
Foreign currency long-term/short-term deposit of A2/Prime-1 and
BFSR of D were affirmed. The foreign currency long-term deposit
rating carries a negative outlook and the other ratings carry a
stable outlook;
* NACF -- Foreign currency long-term senior debt was lowered to A2
from A1. The revised rating carries a stable outlook. Foreign
currency subordinated debt of A2 was confirmed with a stable
outlook. Foreign currency long-term/short-term deposit of
A2/Prime-1 and BFSR of D+ were affirmed. These ratings carry a
stable outlook;
* Shinhan Bank -- Foreign currency long-term senior debt was
lowered to A2 from A1. The revised rating carries a stable
outlook. Foreign currency subordinated and Hybrid Tier 1 debt
of A2/A3 remain on review for possible downgrade. The BFSR of C
was placed on review for possible downgrade. Foreign currency
long-term/short-term deposit of A2/Prime-1 were affirmed. Both
ratings carry a stable outlook;
* Woori Bank -- Foreign currency long-term senior debt was lowered
to A2 from A1. The revised rating carries a stable outlook.
Foreign currency subordinated and Hybrid Tier 1 debt of A2/A3
remain on review for possible downgrade. The BFSR of C was
placed on review for possible downgrade. Foreign currency long-
term/short-term deposit of A2/Prime-1 were affirmed. Both
ratings carry a stable outlook; and
* Woori Finance Holdings -- Issuer rating of A2 remains on review
for possible downgrade.
===============
M A L A Y S I A
===============
EKRAN BERHAD: Bourse Commences Delisting Procedures
---------------------------------------------------
Bursa Malaysia Securities Berhad on February 6 commenced delisting
procedures against an Amended Practice Note No. 17/2005 company,
Ekran Berhad.
The Bourse has decided to remove the company's securities from
the official list since Ekran failed to submit its regularisation
plan to the Securities Commission and other relevant authorities
for approval within the timeframe stipulated by Bursa Securities.
On February 6, 2009, Bursa Malaysia served Ekran a notice to
show cause to make representations to Bursa Securities, within a
period of five market days from the date of the receipt of the
notice, as to why its securities should not be de-listed from
the Official List of Bursa Securities.
Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies. Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations. The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.
* * *
Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on
various credit facilities.
CNLT (FAR EAST): Banker Appoints Provisional Liquidators
--------------------------------------------------------
In a regulatory filing with the Bursa Securities, CNLT (Far
East) Berhad disclosed that at the hearing at the High Court of
Malaya in Kuala Lumpur on January 22, 2009, Aseambankers Malaysia
Berhad had made an application to appoint their own liquidators to
the company.
In view of the application, The Learned Judicial Commissioner had
made an order to appoint Mr. Ong Kong Lai and Mr. Wong Cham Mew as
Provisional Liquidators instead of Liquidators of the company
pending the disposal of Aseambankers' application which has been
fixed for mention on April 17, 2009.
CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn. Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel. The company
operates in Malaysia and Senegal.
* * *
The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:
(i) Based on the unaudited quarterly results of CNLT for
the first quarter ended March 31, 2007, as announced
to Bursa Securities, the shareholders' equity on a
consolidated basis is less than 50% of the issued and
paid up capital of the company ; and
(ii) The auditors of CNLT have expressed a modified opinion
with emphasis on the Company's going concern in its
latest audited accounts for the financial year ended
December 31, 2005.
PAN MALAYSIAN: Regularizes Financial Condition; Out of PN17
-----------------------------------------------------------
Bursa Malaysia Securities Bhd disclosed that Pan Malaysian
Industries Berhad, a Practice Note No. 17/2005 company, has
regularised its financial condition pursuant to PN17.
Following the implementation of the company's restructuring
scheme, the bourse said Pan Malaysian has regularised its
financial condition and no longer triggers any of the criteria
under paragraph 2.1 of PN17.
Pan Malaysian Industries Berhad is an investment holding
company. The Company operates through two business segments:
Retailing and Property and investment holding.
* * *
This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Pan Malaysian Industries Berhad until facts and
circumstances, if any, emerge that demonstrate financial or
operational strain or difficulty at a level sufficient to warrant
renewed coverage.
TALAM CORP: Updates Bursa on Default Status as of December 31
-------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of December 31, 2008.
According to the disclosure, the Securities Commission approved on
April 29, 2008, the company's proposed revised regularisation plan
subject to terms and conditions imposed by the SC.
On September 15, 2008, the shareholders of the company also
approved the Proposed Revised Regularization Plan.
Talam, on October 6, 2008, submitted the petition for the proposed
reduction of the share capital and share premium account of the
company to the High Court of Malaya and was granted order by the
Court on December 5, 2008.
On January 5, 2009, Bursa Malaysia granted its approval-in-
principle for the following:
(a) the admission of 1,287,010,000 Redeemable Convertible
Preference Shares of RM0.20 each ("RCPS") to the Official
List of Bursa Securities and the listing of and quotation
for the RCPS on the Main Board of Bursa Securities;
(b) the admission of 3 different classes of Redeemable
Convertible Secured Loan Stocks ("RCSLS"), namely RCSLS-B,
RCSLS-C and RCSLS-D of up to 89,622,905, 855,010,000 and
585,010,000 RCSLS of RM0.20 each respectively to the
Official List of Bursa Securities and the listing of and
quotation for the RCSLS on the Main Board of Bursa
Securities; and
(c) the additional listing of and quotation for up to
3,068,292,905 new ordinary shares of RM0.20 each in
Talam to be issued upon the conversion of the RCPS and
the RCSLS-A, RCSLS-B, RCSLS-C and RCSLS-D on the Main
Board of Bursa Securities.
In addition, the company had also completed the reduction in share
capital and share premium account as well as the book closure date
for the share split involving the subdivision of every one (1)
existing ordinary share of RM0.60 each in Talam (after the Capital
Reduction) into three (3) ordinary shares of RM0.20 each in Talam,
on the Book Closure Date.
The company targeted to issue the RCPS, RCSLS and Settlement BaIDS
to inter-alia, the lenders of the company by the third week of
February 2009.
Default Status
A. Europlus Corporation Sdn Bhd has been notified that the
Noteholders have approved and passed the resolution in
writing on the proposed restructuring scheme on September 25,
2006.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Europlus Corp Abrar Discounts Bhd MYR190,000,000
Sdn Bhd
B. These loans with the companies are part of the overall
Financial Restructuring scheme submitted to the respective
financial institutions.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Abra Development EON Bank Bhd MYR13,451,282
Sdn Bhd
Talam Corp Bhd EON Bank Berhad MYR3,242,549
MYR3,220,148
Europlus Bhd RHB Investment Bank MYR3,297,382
Bhd
Talam Industries Bhd RHB Investment Bank MYR11,221,142
Bhd MYR16,816,990
MYR5,710,867
MYR5,657,099
Talam Industries Bhd RHB Investment Bank MYR13,220,954
Bhd
C. These companies are in the midst of finalizing the sales and
Purchase agreement for the disposal of the asset to repay the
banking facilities:
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Maxisegar Realty TA First Credit MYR24,425,905
Sdn Bhd Sdn Bhd MYR64,118,997
MYR67,886,210
D. These companies are finalizing the joint venture agreement
with the reputable developers where the joint venture
company will repay the loan:
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Zhinmun Sdn Bhd Insas Credit & MYR5,287,578
Leasing Sdn Bhd MYR21,889,357
Ukay Land Sdn Bhd Insas Credit & MYR14,427,105
Leasing Sdn Bhd
E. This company is currently under Section 176 of the Companies
Act, 1965.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Maxisegar Sdn Bhd Abrar Discounts Bhd MYR130,000,000
F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:
Amt. Outstanding
Subsidiary Lender of 12/31/2008
---------- ------ ----------------
Talam Corporation Bhd Pengurusan MYR3,105,664
Danaharta Nasional
About Talam Corporation
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development. Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding. Operations of the group are carried out in
Malaysia and China.
The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts. As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.
WONDERFUL WIRE: Total Default Reaches MYR76.89 Mil. as of Jan. 31
-----------------------------------------------------------------
With regards to the Amended Practice Note No. 17/2005, Wonderful
Wire & Cable Berhad disclosed that together with its subsidiary,
WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total default
reached MYR76,890,116.90 as of January 31, 2009, which comprises
of:
Wonderful Wire's loans:
Principal & Interest
Lender Facility Outstanding (MYR)
------- -------- --------------------
CIMB Bank Berhad Short Term Advance 10,307,893.16
Overdraft 2,309,628.95
CIMB Factor Lease Berhad Leasing 4,419,931.84
Malayan Banking Berhad Term Loan 32,484,149.56
Overdraft 5,576,148.59
RHB Islamic Bank Berhad Ijarah Term Financing 19,173,007.81
Murabahah Revolving 2,224,827.87
Credit
Orix Rentec (Malaysia) Rental of
Sdn. Bhd. Office Equipment 67,345.30
--------------------
Total: 76,562,933.08
WWC Oil's loans:
Principal & Interest
Lender Facility Outstanding (MYR)
------- -------- --------------------
CIMB Bank Berhad Leasing MYR 327,183.82
WWC and its subsidiary are unable to service the loan repayments
to the lending financial institutions as their businesses has
suffering operating losses for the last few years. The problem
has been compounded by the shortage in working capital and
continuing increase in the prices of copper, the main raw
material for WWC's productions.
About Wonderful Wire
Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables. The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors. Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd. The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.
On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.
====================
N E W Z E A L A N D
====================
AUCKLAND PLASTIC: Court to Hear Wind-Up Petition on February 27
---------------------------------------------------------------
A petition to have Auckland Plastic Factory Ltd.'s operations
wound up will be heard before the High Court at Auckland on
February 27, 2009, at 10:00 a.m.
T C L Limited filed the petition against the company on Sept. 4,
2008.
The Petitioner's solicitor is:
Jeremy Carr
Burton & Co, Solicitors
16 Viaduct Harbour Avenue, Level 3
Auckland
PO Box 8889, Symonds Street
Auckland 1150
BETTER FLOORS ET AL: Appoint Madsen-Ries and Vance as Liquidators
-----------------------------------------------------------------
On December 19, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of:
-- Better Floors Evans Limited;
-- Floorboyz Limited;
-- Floorpro South Limited;
-- Foundation First Steel Fixing Limited; and
-- Spitfire Devonport Limited.
Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
Vivien Judith Madsen-Ries
David Stuart Vance
Deloitte
Deloitte House, Level 8
8 Nelson Street
Auckland 1010
PO Box 33, Shortland Street
Auckland 1140
Telephone: (09) 309 4944
Facsimile: (09) 309 4947
DAVID REID: Wellington Franchise in Voluntary Liquidation
---------------------------------------------------------
David Reid Homes franchise in Wellington went into voluntary
liquidation on Monday, Feb. 9, leaving subcontractors thousands of
dollars out of pocket and 10 homes half-built, Ruth Hill at The
Dominion Post reports.
According to the report, David Reid Homes general manager
Ben Allan confirmed that the Wellington company was in voluntary
liquidation.
The Post relates that parent company David Reid Homes has promised
clients their houses will be finished by the Kapiti franchisee,
including two in Wairarapa.
Despite the failure of three other David Reid franchisees in
recent months in Palmerston North, Pukekohe and Marlborough,
Mr. Allan said he was confident that other franchises were
"robust," the report says.
David Reid Homes –- http://www.davidreidhomes.co.nz/– is a home
builder. The company has 23 franchises around New Zealand.
DELUXE AUTO: Court Hears Wind-Up Petition
-----------------------------------------
On February 4, 2009, the High Court at Auckland heard a petition
to have Deluxe Auto Refinishers Ltd.'s operations wound up.
Wurth New Zealand Limited filed the petition against the company
on September 25, 2008.
ELITE AUTO: Court Hears Wind-Up Petition
----------------------------------------
On February 2, 2009, the High Court at Hamilton heard a petition
to have Elite Auto Valet 2007 Ltd.'s operations wound up.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 12, 2008.
FENCECO NZ: Appoints Whittfield and Toon as Liquidators
-------------------------------------------------------
On December 24, 2008, John Trevor Whittfield and Victoria Toon
were appointed as liquidators Fenceco NZ Ltd.
Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
John Trevor Whittfield
Victoria Toon
McDonald Vague
PO Box 6092, Wellesley Street
Auckland 1141
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Website: http://www.mvp.co.nz
FLETCHER BUILDING: Sells Head Office Premises for NZ$36 Million
---------------------------------------------------------------
Fletcher Building Limited said it has sold its Auckland head
office premises to an investor for NZ$36 million.
The property, which includes vacant land, was acquired from
Macquarie Goodman approximately 18 months ago in order to
restructure the lease arrangements.
The sale price achieved was in excess of the book value.
Fletcher Building has signed a long term lease and will continue
to be located at the Penrose site.
Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group. The operating segments of
the company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units. The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components. It distributes other products, such as
hardware and timber in some regions. The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.
Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.
* * *
The Troubled Company Reporter-Asia Pacific, on Feb. 10, 2008,
listed these Fletcher Building bonds as distressed:
Coupon Maturity Price
------ -------- -----
9.000% 03/15/10 NZ$44.81
8.900% 03/15/13 NZ$15.23
8.900% 03/15/13 NZ$11.46
NZE LTD: Appoints Mason and Hayward as Liquidators
--------------------------------------------------
On December 23, 2008, Karen Betty Mason and Lloyd James Hayward
were appointed as liquidators of NZE Ltd.
Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
Karen Betty Mason
Lloyd James Hayward
Meltzer Mason Heath
Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
P R GROUP: Commences Liquidation Proceedings
--------------------------------------------
P R Group Ltd. commenced liquidation proceedings Dec. 16, 2008.
Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.
The company's liquidators are:
Roderick T. McKenzie
Lyn M. Carey
McKenzie & Partners Limited
484 Main Street, Level 1
PO Box 12014, Palmerston North
Facsimile: (06) 356 2028
PROPERTY MAINTENANCE: Appoints Toon and Finnigan as Liquidators
---------------------------------------------------------------
On December 23, 2008, the shareholders of Property Maintenance
Group Ltd. appointed Victoria Toon and Peri Micaela Finnigan as
the company's liquidators.
Only creditors who were able to file their proofs of debt by
February 9, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
Victoria Toon
Peri Micaela Finnigan
McDonald Vague
PO Box 6092, Wellesley Street
Auckland 1141
Facsimile: (09) 303 0508
Website: http://www.mvp.co.nz
SEALEGS CORP: Puts Off Rights Issue Plan
----------------------------------------
Sealegs Corporation Limited said it has postponed the
consideration of a rights issue.
Sealegs CEO David McKee Wright said "the Sealegs board considers
current economic conditions will not support an expansive business
plan and as such the company is basing its plans around operating
cash flows and existing cash reserves. Further to this the
company will concentrate on developing existing markets."
Mr. McKee Wright went on to say "international uncertainty makes
raising money to execute an expansive business plan unwise at this
time."
The New Zealand Herald relates that in October last year, the
company said it was feeling the effects of the deteriorating
global economy and needed to raise more capital.
According to the report, the company said it has experienced a
sudden and significant reduction in the rate of new orders.
Sealegs, the Herald relates, expected demand for luxury goods like
its boats to be weaker because of the global economic situation
and is responding by expanding its marketing network.
About Sealegs Corporation
Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft. The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited. Sealegs
International Limited manufactures amphibious marine craft.
Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant. Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat. Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.
The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.
Sealegs Corporation Limited posted total deficit of NZ$1.7
million for the year ended March 31, 2008, compared with NZ$1.05
million for the same period last year. CEO David McKee Wright
attributed the deficit to the newly adopted International
Financial Reporting Standards (IFRS) which require staff share
options to be valued and expensed.
ULTRATONE HOLDINGS: Appoints Heath and Lamacraft as Liquidators
---------------------------------------------------------------
On January 31, 2008, Arron Leslie Heath and Michael Lamacraft were
appointed as liquidators of Ultratone Holdings Ltd.
Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
Arron Leslie Heath
Michael Lamacraft
Meltzer Mason Heath, Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
WESTWIND REALTY: Court Hears Wind-Up Petition
---------------------------------------------
On February 4, 2009, the High Court at Auckland heard a petition
to have Westwind Realty Ltd.'s operations wound up.
Nisho Kasho filed the petition against the company on Sept. 25,
2008.
=====================
P H I L I P P I N E S
=====================
LEGACY GROUP: Central Bank Sues 18 Officers & Employees of 4 Banks
------------------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) has filed with the
Department of Justice cases for 116 counts of falsification of
public and commercial documents plus 2 counts of false statements
against 18 officers, employees, and agents of four rural banks
belonging to the Legacy Group:
--- Rural Bank of Parañaque,
--- Rural Bank of DARBCI in South Cotabato,
--- Rural Bank of San Jose in Batangas, and
--- Bank of East Asia.
In a statement, the BSP disclosed this is the second wave of
charges the bank regulator filed against Legacy banks. Last
January 5, the BSP filed criminal charges against 16 officers,
employees and agents for 49 counts of falsification of public and
commercial documents, plus one case each of false reporting and
false statement. Involved were:
--- the Rural Bank of Paranaque;
--- Rural Bank of San Jose in Batangas;
--- Dynamic Rural Bank in Calatagan, Batangas;
--- and Rural Bank of DARBCI in South Cotabato.
The cases were filed as BSP's investigations uncovered massive
diversion of funds by said banks using fictitious loans. During
the validation process, many of the bank's borrowers denied having
obtained loans from the closed banks while others admitted having
signed blank documents in consideration of commission fees ranging
from PHP10,000 to PHP15,000 for supposed loans amounting to
millions of pesos.
The BSP also said it discovered that falsified documents were used
to support alleged loans. Public documents falsified included
Mayor's Permits and Department of Trade & Industry Registration
Certificates. In effect, the fictitious loans were used to siphon
money from the banks. The BSP continues to investigate other
Legacy banks.
The officials charged Friday, February 6, 2009 were:
RB Parañaque
Mr. Virgilio A. Odejar, President
Mr. Marcos G. Ong, Vendor
RB of San Jose, Inc.
Mr. Zacarias A. Carticiano, President
Ms. Teodora E. Comple, Officer-in-Charge
Mr. Jose Girlo P. Caramat, Compliance Officer
Mr. Roy Hilario, President, Fusion Capital Corporation
RB of DARBCI Inc.
Mr. William Escalante, President
Ms. Romarico B. Tanedo, Manager
Ms. Phoebe S. Babor, Cashier
Ms. Jacqueline M. Araneta, Accountant
Mr. Joey C. Corpuz, Loans Head
Ms. Filomena Duhaylungsod, Loan Officer
Mr. Rebecca Corpuz, Agent
Mr. Enrique Sillo, Agent
Ms. Joy Melody Narvaez, Agent
Mr. Perfecto Narvaez, Agent
Bank of East Asia
Mr. Ernest Q. Jurado, Sr. , President
Mr. Jerry Piape, Agent
The officials charged January 5, 2009, were:
Rural Bank of Parañaque
Mr. Virgilio Odejar, President
Mr. Emilio J. Aguinaldo IV, Private Individual Vendor
Rural Bank of San Jose (Batangas) Inc.)
Mr. Zacarias A. Carticiano, President
Mr. Noe B. Indonto IV, Private Individual Vendor
Dynamic Bank (Rural Bank of Calatagan, Batangas) Inc.
Mr. Geminiano T. Noche, President/Manager
Mr. Danilo D. Consul, Branch Manager
Ms. Desiree A. Dimayuga, Bookkeeper
Ms. Shellane Angat, Private Individual/Agent
Mr. Roy Milario, President, Fusion Capital Corporation
RB of DARBCI
Mr. Romarico B. Tañedo, Manager
Ms. Phoebe Babor, Cashier
Mr. Alexander A. Doctor, Compliance Officer
Ms. Jacqueline M. Araneta, Accountant
Mr. Joey C. Corpus, Loans Officer
Ms. Haidee P. Manila, Assistant Cashier
Ms. Michelle G. Ligtas, Loan Encoder
Financing Unit
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, BusinessWorld Online said the Securities of
Exchange Commission (SEC) rejected a petition by Legacy Motors
Inc., the auto financing unit of Legacy Group, for voluntary
dissolution.
The commission, the report related, said the company had failed to
submit a list of creditors and cases pending before administrative
and quasi-judicial bodies, an inventory of its assets, and its
audited financial statement for 2007.
Legacy Motors Inc. filed the petition on Dec. 10, saying its
assets were no longer enough to pay for its liabilities, according
to BusinessWorld Online.
House Probe
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said the House of
Representatives wants Celso delos Angeles, the man allegedly
behind the Legacy financial scam, to personally explain the
collapse of his rural banks and pre-need insurance company.
"We have to hear from Mr. Delos Angeles, the Bangko Sentral
[Central Bank] and all other stakeholders in the banking sector so
that we can have a clear picture on what really caused the closure
of our rural banks," the Inquirer quoted House Speaker Prospero
Nograles as saying.
But Mr. Nograles, as cited by the Inquirer, said the House was not
singling out the Legacy group, considering that 400 rural banks
had declared bankruptcy.
The Inquirer disclosed that the Legacy Group allegedly amassed
between PHP15 billion and PHP25 billion in deposits over the last
three years due to an aggressive marketing scheme, which promised
depositors 20 percent in annual returns. To address risk
concerns, the Inquirer stated, the cash deposits are spread out
through the Legacy chain of banks to keep each deposit within the
maximum limit of the PDIC.
According to the Inquirer, Mr. Delos Angeles is the owner of 13
banks with 29 branches nationwide under the Legacy banner.
In 2008, the Inquirer recalled, the BSP shuttered the Rural Bank
of Parañaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies. The banks offer various financial
products and pre-need firms have pension, education and memorial
plans. Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.
=================
S I N G A P O R E
=================
CONTAINER BRIDGE: Creditors' Meeting Set for February 19
--------------------------------------------------------
The creditors of Container Bridge Shipping Pte. Ltd. will meet on
February 19, 2009, at 10:00 a.m., at 19 Keppel Road #02-01 Jit Poh
Building, Singapore 089058.
At the meetng, the creditors will be asked to:
-- accept the resignation of Messrs. Chia Soo Hien and Leow
Quek Shiong as liquidators of the company;
-- appoint new liquidator(s) for the company; and
-- discuss other business.
FERJIDSON PTE: Creditors' Proofs of Debt Due on March 5
-------------------------------------------------------
The creditors of Ferjidson Pte Ltd are required to file their
proofs of debt by March 5, 2009, to be included in the company's
dividend distribution.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
FRASER THERMAL: Court to Hear Wind-Up Petition on February 20
-------------------------------------------------------------
A petition to have Fraser Thermal Technology Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
February 20, 2009, at 10:00 a.m.
Technics Offshore Engineering Pte Ltd filed the petition against
the company on January 29, 2009.
Technics Offshore's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road #18-00
AIA Tower
Singapore 048542
INK TRADING: Court Enters Wind-Up Order
---------------------------------------
On January 23, 2008, the High Court of Singapore entered an order
to have Ink Trading Pte Ltd's operations wound up.
Orix Leasing Singapore Limited filed the petition against the
company.
Ink Trading's liquidator is:
The Official Receiver
Insolvency and Public Trustee's Office
45 Maxwell Road, #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
KENZONE LOGISTICS: Court Enters Wind-Up Order
---------------------------------------------
On January 23, 2009, the High Court of Singapore entered an order
to have Kenzone Logistics Pte Ltd's operations wound up.
Orix Leasing Singapore Limited filed the petition against the
company.
Kenzone Logistics's liquidator is:
The Official Receiver
Insolvency and Public Trustee's Office
45 Maxwell Road, #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
======================
S O U T H A F R I C A
======================
ANGLOGOLD: Posts Wider 4th Qtr Loss on US$1.25 Billion Charge
-------------------------------------------------------------
AngloGold Ashanti Ltd's fourth-quarter loss widened to 11.87
billion rand (US$1.22 billion) compared with a loss of 247 million
rand the previous quarter after it took a US$1.25 billion charge
on former assets of Ashanti Goldfields Ltd, Bloomberg News reports
citing the company in a stock exchange statement. AngloGold
bought Ghana's Ashanti Goldfields in 2003, the report says.
According to the AngloGold, the adjustment, which is of a non-cash
nature, is based on assumptions relating to market conditions
which include the lower gold forward curve, higher discount rates,
increased operating costs resulting from higher power tariffs in
Ghana and reduced reserves at Geita, one of the former Ashanti
assets. The asset impairment charges are excluded from adjusted
headline earnings.
For the three months ended Dec. 31, 2008, AngloGold's adjusted
headline loss was US$17 million, distorted by annual accounting
adjustments which totalled US$48 million relating to inventory
write-downs, current and deferred tax provisions.
The company also recorded an adjusted headline loss of US$17
million, after annual accounting adjustments totalling US$48
million which included write-downs of Geita stockpiles (US$19
million), stores (US$21 million) and current and deferred tax
provisions (US$8 million). Production at Geita in Tanzania was
lower than anticipated, due to unplanned plant maintenance, the
company said.
Bloomberg News relates AngloGold Chief Executive Officer Mark
Cutifani has cut project spending and may sell assets in Mali and
South Africa in a bid to boost company finances.
Meanwhile, Bloomberg News says the company's costs declined during
the quarter while production was better than expected.
According to the company, total cash costs for the group in the
fourth quarter were 8% lower than guidance at US$422/oz, assisted
by the higher production, but primarily due to currency exposure
with approximately 66% of the company's costs in non-US dollar
based environments. The currency leverage resulted in the South
African operations averaging US$318/oz for the quarter, down 23%,
while the Brazilian operations achieved a US$100/oz (28%)
improvement, reducing to US$255/oz.
Headquartered in Johannesburg, South Africa, AngloGold Ashanti
Limited (JNB:ANG) -- http://www.anglogoldashanti.com/-- is a
global producer of gold. AngloGold Ashanti has 20 operations and
a number of exploration programs in both the established and new
gold-producing regions of the world. The Company's 20 operations
are located in 10 countries (Argentina, Australia, Brazil, Ghana,
Guinea, Mali, Namibia, South Africa, Tanzania and the United
States of America), and are supported by exploration activities.
Its ore reserves amounted to 73.1 million ounces as of December
31, 2007. Its main product is gold. Revenue is also derived from
the sales of silver and uranium oxide. AngloGold Ashanti sells its
products on world markets. In December 2008, AngloGold Ashanti
completed the purchase of Sao Bento Gold Company Limited and its
wholly owned subsidiary, Sao Bento Mineracao S.A., from Eldorado
Gold Corporation.
LONRHO MINING: Places South African Unit in Liquidation
-------------------------------------------------------
Lonrho Mining Limited disclosed that its wholly owned South
African subsidiary, Lonrho Mining SA (Pty) Ltd, has been placed
into provisional liquidation. The company said it was anticipated
that the final winding-up order will be made on February 27, 2009,
unless the proceedings were withdrawn.
The assets of Lonrho Mining SA (Pty) Ltd, including the shares it
hold in its wholly and partly owned subsidiaries, are currently
under the control of the provisional liquidator, and will be under
the control of its liquidator, if a final winding-up order was
granted, the company said in a statement.
The move came after Lonrho Mining received instructions from New
African Mining AG not to release the sum of US$500,000 held in
trust by their lawyers, and New African Mining's failure to make
any further payments for the sale of the Schmidtsdrift operation.
Lonrho Mining Limited (ASX:LOM) –- http://www.lonrhomining.com--,
formerly Nare Diamonds Limited, is engaged in exploration,
development and commercialization of diamond projects in Southern
Africa. The Lulo Diamond Concession is located in the Cuango
River catchment area. This concession contains an identified 29
kimberlite pipes and two alluvial diamond resources. Kamfersdam
is a dormant kimberlite mine situated on the northern outskirts of
the city of Kimberley in the Northern Cape Province of the
Republic of South Africa. The Groen River Project is a green-
fields alluvial diamond exploration prospect situated within the
Garies/Bitterfontein districts of the Northern Cape Province. The
farms which form this exploration prospect cover a total area of
250 square kilometers. The Klipsringer Joint Venture (KJV) is a
joint venture project held 56% by Southern Era (the operator) and
44% held by Naka. Lonrho holds an interest in the KJV via a 45%
interest in Naka, which gives Lonrho an effective 20% of the KJV.
===============
X X X X X X X X
===============
Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
Chicago Regional Conference
Union League Club of Chicago, Chicago, Illinois
Contact: 1-541-858-1665; http://www.airacira.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
2009 Chicago/Spring Meeting
Westin Hotel on Michigan Ave., Chicago, Ill.
Contact: (312) 781-2000; http://www.clla.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners
Alexander Hamilton Custom House, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
6th Annual Conference on
Distressted Investing - Europe
The Le Meridien Piccadilly Hotel, London, U.K.
Contact: 1-903-595-3800 or
http://www.renaissanceamerican.com/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
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
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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 ***