/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/090212.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 Thursday, February 12, 2009, Vol. 12, No. 30 Headlines A U S T R A L I A A W MOORE: Placed Under Voluntary Wind-Up ANUIL HILL: Members Opt to Wind-Up Business BLUE WINGS: Appoints Kugel and Warner as Liquidators BUSINESS CATALYST: Creditors Receive Wind-Up Report CENTROM PROJECTS: Members and Creditors Receive Wind-Up Report DEEMAH MARBLE: Declares Priority Dividend for Ex-Employees EXPRESS COMMUNICATIONS: Placed Under Voluntary Wind-Up FAIRFAX PUBLICATIONS ET AL: Placed Under Voluntary Wind-Up GOLDTRUSS PTY: Members and Creditors Receive Wind-Up Report MPS SECURITY: Members and Creditors Receive Wind-Up Report QUADRIC INTERIORS: Declares First and Final Dividend QUADTEL INTERNATIONAL: Members and Creditors Hear Wind-Up Report LYNAS CORPORATION: To Suspend Rare Earths Project REICA CONSTRUCTION: Members and Creditors Receive Wind-Up Report RENGAR PTY: Inability to Pay Debts Prompts Wind-Up RIO TINTO: In Talks w/ Japanese Cos on Energy Resources Stake Sale SURSOLAC PTY: Placed Under Voluntary Wind-Up TOP STATION: Placed Under Voluntary Wind-Up TRUCK MART: Supreme Court Enters Wind-Up Order VALLEY RIDGE: Placed Under Voluntary Wind-Up VENTRACOR LIMITED: May Enter into Voluntary Administration WESTRALIAN TRANSFORMERS: Members Receive Wind-Up Report WIGHAM POLAND: Members Receive Wind-Up Report H O N G K O N G CHINA OVERSEAS: Creditors' Proofs of Debt Due on March 6 DFE LIMITED: Pang and Hei Step Down as Liquidators FRONT GROUP: Creditors' Meeting Set for March 27 GRAND SPEED: Creditors' Proofs of Debt Due on March 6 KDLC LEASE: Creditors' Proofs of Debt Due on March 6 KESWICK INTERNATIONAL: Fai and Lo Step Down as Liquidators NEC COMPOUND: Seng and Lo Step Down as Liquidators PO HONG: Creditors' Proofs of Debt Due on March 9 PRELOTUS DEVELOPMENT: Chong Steps Down as Liquidator PROTEK ASIA: Members to Hear Wind-Up Report on March 12 SANYO TECHNICAL: Commences Wind-Up Proceedings SUPER MISSION: Chui Steps Down as Liquidator THE MOVIE: Commences Wind-Up Proceedings TOP PEAK: Members to Hear Wind-Up Report on March 6 UNITECH NETWORKS: Appoints Chan as Liquidator I N D I A ARVIND PRODUCTS: Unmet Debt Obligations Cues CRISIL 'D' Rating BHUMIKA GEMS: Weak Financial Flexibility Cues CRISIL 'P4' Rating METAL CLOSURES: CRISIL Rates Rs.207.80MM Long Term Loan at 'BB-' RGA SOFTWARE: CRISIL Assigns 'BB(so)' Rating on Rs.1905MM LT Loan SOLID (INDIA): CRISIL Puts 'B+' Ratings on Various Bank Facilities SONIC BIOCHEM: CRISIL Rates Rs.380.0 Mln. Cash Credit at 'BB+' SUBHIKSHA TRADING: In Debt Restructuring Review with Lenders TST PIPES: CRISIL Assigns 'BB-' Ratings on Various Bank Facilities J A P A N AOZORA BANK: Forecasts JPY196 Bln. Full Year Loss; Appoints CEO SAIZERIYA CO: Founder Shogaki Resigns as President SPANSION INC: Japanese Subsidiary Files for Bankruptcy N E W Z E A L A N D BEAUTYBEE HOLDINGS: Court Hears Wind-Up Petition COLONEL PROPERTIES: Appoints McKay and Cregten as Liquidators FOUR STAR: Appoints Paul Graham Sargison as Liquidator J.P. 3: Commences Liquidation Proceedings MINFORD LTD: Appoints Meltzer and Mason as Liquidators NGAMOKO HOLDINGS: Commences Liquidation Proceedings OPI PSP ET AL: Appoint McKay and Cregten as Liquidators PRIMESIDE LTD ET AL: Creditors' Proofs of Debt Due on March 15 RDKS NZ: Commences Liquidation Proceedings SAVANNAH HEIGHTS ET AL: Appoint Ries & Levin as Liquidators S I N G A P O R E FASCON CRANE: Court Enters Wind-Up Order GOLD PRECISION: Pays Second and Final Dividend PAMMAS PTE: Creditors' Proofs of Debt Due on March 6 TEAM ENERGY: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= A W MOORE: Placed Under Voluntary Wind-Up ----------------------------------------- During a general meeting held on October 30, 2008, the members of A W Moore Pty Ltd resolved that the company be wound up voluntarily. The company's liquidator is: Gerald Lee 5/80 Cecil Street Castle Hill NSW 2154 ANUIL HILL: Members Opt to Wind-Up Business ------------------------------------------- During a general meeting held on October 28, 2008, the members of Anuil Hill Project Watch Association Incorporated resolved that the company be wound up voluntarily. The company's liquidator is: Peter Charles Hicks Forsythes Chartered Accountants Level 5, 175 Scott Street Newcastle BLUE WINGS: Appoints Kugel and Warner as Liquidators ---------------------------------------------------- During a general meeting held on October 28, 2008, the members of Blue Wings International 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 Website: http://www.liquidationdirect.com.au BUSINESS CATALYST: Creditors Receive Wind-Up Report --------------------------------------------------- The creditors of Business Catalyst Asia Pacific Pty Limited met on Dec. 11, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. G. W. Hall is the company's liquidator. CENTROM PROJECTS: Members and Creditors Receive Wind-Up Report -------------------------------------------------------------- The members and creditors of Centrom Projects Pty Limited met on December 11, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. Geoffrey Mcdonald is the company's liquidator. DEEMAH MARBLE: Declares Priority Dividend for Ex-Employees ---------------------------------------------------------- Deemah Marble & Granite Pty Limited, which is in liquidation, declared the first and final priority dividend to ex-employees on December 16, 2008. Only creditors who were able to file their proofs of debt by December 9, 2008, were included in the company's dividend distribution. EXPRESS COMMUNICATIONS: Placed Under Voluntary Wind-Up ------------------------------------------------------ During a general meeting held on October 30, 2008, the members of Express Communications Pty Limited resolved that the company be wound up voluntarily. The company's liquidator is: Peter Charles Hicks Forsythes Chartered Accountants Level 5, 175 Scott Street Newcastle FAIRFAX PUBLICATIONS ET AL: Placed Under Voluntary Wind-Up ---------------------------------------------------------- A special resolution was passed by the members to voluntarily wind up the operations of: -- Fairfax Publications Pty Ltd (Fair); -- Lockeville Pty Limited (Locke); -- Metropolis Media Pty Ltd (Metro); -- N E Investments Pty Ltd (N E); and -- Propertypath.com.au Pty Limited (Prop). The companys liquidators are: David Clement Pratt Timothy James Cuming 201 Sussex Street, Level 15 Sydney NSW 1171 GOLDTRUSS PTY: Members and Creditors Receive Wind-Up Report ----------------------------------------------------------- The members and creditors of Goldtruss Pty Ltd met on December 15, 2008, and received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Blair Pleash Hall Chadwick 31 Market Street, Level 29 Sydney NSW 2000 MPS SECURITY: Members and Creditors Receive Wind-Up Report ---------------------------------------------------------- The members and creditors of MPS Security Group Australia Pty Limited 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: Blair Pleash Hall Chadwick 31 Market Street, Level 29 Sydney NSW 2000 QUADRIC INTERIORS: Declares First and Final Dividend ---------------------------------------------------- Quadric Interiors (NSW) Pty Limited declared the first and final dividend on December 3, 2008. Only creditors who were able to file their proofs of debt by December 2, 2008, were be included in the company's dividend distribution. QUADTEL INTERNATIONAL: Members and Creditors Hear Wind-Up Report ---------------------------------------------------------------- The members and creditors of Quadtel International Pty Limited met on December 15, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. G. Woodgate Woodgate & Co Telephone: (02) 9233 6088 Facsimile: (02) 9233 1616 LYNAS CORPORATION: To Suspend Rare Earths Project ------------------------------------------------- Lynas Corporation Limited said it would suspend work in its Rare Earths Project due to uncertainty concerning the project's financing structure. Lynas continues to hold the view that the project is sound, even in the current environment, and that with appropriate funding structures in place, the company will have an exciting future. The Company continues to be in active dialogue concerning alternative funding structures. Both Rare Earths demand and prices remain robust and the project economics remain solid. The proposed suspension of the project is a result of global constraints on the availability of capital. Significant development work has been undertaken on the project, including detailed engineering planning, preparation of the site in Malaysia and the mining of a large stockpile of high grade ore at Mt Weld. According to Lynas, the key factors that lead to this re- assessment include: 1. There is presently a dispute as to whether all conditions precedent to release of the US$95 million bond monies from escrow have been satisfied. Lynas has asserted that the conditions were satisfied prior to January 31, 2009, however the bondholders do not appear likely to agree to release the escrowed funds in accordance with the original terms that were released to the ASX on March 7, 2008. The Company is assessing all of its options (including its legal position) in relation to the bond facility. 2. Although the senior bank facility is underwritten and available until 31 March 2009, it cannot be drawn down without prior release of the bond monies or other equivalent funding. Given the differences in terms and conditions being sought by the bondholders compared with the original terms, the Company considers it unlikely that these funds will be available. 3. While customer support remains very strong, the Company needs to ensure that the capital structure supporting the project is appropriate for the long term future of the Company. In that regard, the Company is in discussions with various potential partners who may have a mutual interest in supporting the industrial development of the project. The Company's cash balance at January 31, 2009 was AU$55,000,000, and Lynas will reduce ongoing costs and will prudently manage available cash. The Company continues to be confident about the future of the Mount Weld Rare Earths project, and, if the project is suspended, the Company intends to restart the project once an appropriate capital structure is in place. Nicholas Curtis, Executive Chairman, said "We feel very sad about the proposed suspension of project development given the strong customer demand, and in fact need, for our products. This proposed suspension is entirely a function of a disruption in the capital market conditions and is not a reflection of the industrial strength of the project. We will continue to pursue available funding opportunities to push the project forward." About Lynas Corporation Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/ -- is a mineral exploration company operating mainly in Australia. The Company's activities are focused primarily on the exploration and development of rare earths deposits and exploration for other mineral resources. Lynas Corporation Limited is also engaged in the planning, design and construction of a concentration plant and advanced materials processing plant. The Company's subsidiaries include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd. * * * The company incurred three consecutive annual net losses of AU$21.48 million, AU$6.20 million and AU$4.50 million for the year ended June 30, 2006, 2007 and 2008. REICA CONSTRUCTION: Members and Creditors Receive Wind-Up Report ---------------------------------------------------------------- The members and creditors of Reica Construction 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: Blair Pleash Hall Chadwick 31 Market Street, Level 29 Sydney NSW 2000 RENGAR PTY: Inability to Pay Debts Prompts Wind-Up -------------------------------------------------- The members of Rengar Pty Limited met on October 24, 2008, and resolved to voluntariy wind up the company's operations due to its inability to pay debts when it fall due. The company's liquidator is: Steven Gladman c/o Hall Chadwick 31 Market Street, Level 29 Sydney NSW 2000 RIO TINTO: In Talks w/ Japanese Cos on Energy Resources Stake Sale ------------------------------------------------------------------ Rio Tinto is in talks with several Japanese energy companies on a potential sale of its 68 per cent stake in Energy Resources Australia Ltd as part of its effort to pay off debts, the Heraldsun reports citing BusinessDaily. "Rio has received several expressions of interest from Japanese companies involved in power generation," sources close to the company told BusinessDaily. "It's at an early stage, but Rio is now testing that interest." The Heraldsun notes several Japanese conglomerates last year scooped up stakes in two major Australian uranium developments including Mitsui and Mitsubishi. Missed Asset-Sale Targets, May Sell Shares As reported in the Troubled Company Reporter-Asia Pacific on Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its asset-sale targets due to the global recession, and may sell shares to help cut debts. According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans to further reduce its net debt by US$10 billion by the end of 2009 through expanding the scope of assets targeted for divestment to include significant assets not previously highlighted for sale. The company so far has sold at least US$4.6 billion in assets, Bloomberg News said. The group's net debt as of October 31, 2008 stood at US$38.9 billion. Rio doesn't "rule out the potential to issue equity as one of the options it has available," the London-based company said in a Jan. 28 statement obtained by Bloomberg News. "The likelihood of Rio doing a share sale is increasing," Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd., an affiliate of JPMorgan Chase & Co., as saying. "Buyers want super bargains and Rio does not want to sell at those prices. Rio is probably thinking it's better to go to the market." Bloomberg News recalled Rio increased its debt almost 19-fold after buying Canadian aluminum producer Alcan Inc. for US$38.1 billion in 2007. According to Bloomberg News, BHP Billiton abandoned its hostile US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and slumping demand for commodities. Rio has declined 33 percent since then and its London shares are now trading 75 percent below the 6,000 pence a share price paid by Chinalco and Alcoa, Bloomberg News disclosed. To reduce costs, Rio said it will: -- Reduce global headcount by 14,000, comprising 8,500 contractor jobs and 5,500 employee roles (annual operating cost saving of US$1.2 billion, upfront severance costs of US$400 million); -- Consolidate offices around the Group, including the London head office; -- Rapidly accelerate outsourcing and off-shoring of IT and procurement in 2009; and -- Defer exploration and evaluation expenditure. About Rio Tinto Rio Tinto -- http://www.riotinto.com/-- is an international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed public company, and Rio Tinto Limited, which is a public company listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa. SURSOLAC PTY: Placed Under Voluntary Wind-Up -------------------------------------------- At an extraordinary general meeting held on October 31, 2008, the members of Sursolac Pty Limited resolved that the company be wound up voluntarily. The company's liquidator is: Barry Cook 54 Beechwood Avenue Greystanes NSW 2145 Telephone: (02) 9636 2845 Facsimile: (02) 9636 2845 TOP STATION: Placed Under Voluntary Wind-Up ------------------------------------------- At an extraordinary general meeting held on October 29, 2008, the members of Top Station Grazing Co Pty Ltd resolved that the company be wound up voluntarily. The company's liquidator is: Nicholas Preobrajensky Nick Preo Accountant 43 King Street Gloucester NSW 2422 TRUCK MART: Supreme Court Enters Wind-Up Order ---------------------------------------------- On October 28, 2008, the Supreme Court of New South Wales entered an order to have Truck Mart Group Pty Limited's operations wound up. The company's liquidator is: Christopher J. Palmer O'Brien Palmer 23 Hunter Street, Level 4 Sydney NSW 2000 VALLEY RIDGE: Placed Under Voluntary Wind-Up -------------------------------------------- During a general meeting held on October 29, 2008, the members of Valley Ridge Investments 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 VENTRACOR LIMITED: May Enter into Voluntary Administration ---------------------------------------------------------- Ventracor Limited has warned it may call in administrator within weeks if the company fails to find an investor and put together a deal to sell the company, James Thomson at SmartCompany reports. According to the report, Ventracor has been desperately trying to find an investor, merger partner or even buyer for its business for the past few months. The company, the report relates, had also tried to raise capital but failed to convince investors to pour any more cash into the business. "The board continues to closely monitor the solvency position of the company," SmartCompany cited Ventracor in a statement to the Australian Stock Exchange. "If an acceptable refinancing cannot be achieved in the next few weeks, the company will have no alternative other than to appoint a voluntary administrator, and this may potentially occur while the company remains in voluntary suspension from trading." SmartCompany says that the company was forced to issue an "urgent field safety notice" after problems were discovered with one of its heart implant devices. Ventracor, as cited by the report, said it had been in discussions with one party about a potential sale and another party about a debt financing deal. Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a global medical device company that has developed an implantable blood pump, the VentrAssist left ventricular assist device (LVAD), designed as therapy for patients in end-stage heart failure. The principal activities of the Company are the research, development, manufacture, clinical trials and commercialization of the VentrAssist LVAD and related technologies. The VentrAssist product segment utilizes specialist medical companies in Australia and internationally to assist in the production of VentrAssist pumps for the clinical trials. Final testing and assembly of the VentrAssist is carried out in Australia. The Company's divisions are managed in Australia, with operations in Australia, the United States and Europe. WESTRALIAN TRANSFORMERS: Members Receive Wind-Up Report ------------------------------------------------------- The members of Westralian Transformers Pty Limited met on Dec. 15, 2008, and received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Murray Smith McGrathNicol 60 Margaret Street, Level 31 Sydney NSW 2000 Telephone: +61 2 9338 2600 Website: http://www.mcgrathnicol.com WIGHAM POLAND: Members Receive Wind-Up Report --------------------------------------------- The members of Wigham Poland Australia Pty Ltd met on Dec. 12, 2008, and received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: P. J. Davidson c/o Marsh Pty Ltd Darling Park, Tower 3 201 Sussex Street Sydney NSW 2000 Telephone: (02) 8864 8501 ================ H O N G K O N G ================ CHINA OVERSEAS: Creditors' Proofs of Debt Due on March 6 -------------------------------------------------------- The creditors of China Overseas-Young's Mechanical & Electrical Engineering Limited are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 2, 2009. The company's liquidators are: Qin Chongrui Poon Lock Kee, Rocky China Overseas Building, 29th Floor 139 Hennessy Road Wanchai, Hong Kong DFE LIMITED: Pang and Hei Step Down as Liquidators -------------------------------------------------- On February 3, 2009, So Chin Pang and Tong Sik Hei, Godfrey stepped down as liquidators of DFE Limited. FRONT GROUP: Creditors' Meeting Set for March 27 ------------------------------------------------ The creditors of Front Group Limited will hold their meeting on March 27, 2009, at 3:30 p.m., at Room 203, 2nd Floor of Duke of Windsor Social Service Building, No. 15 Hennessy Road, in Wanchai, Hong Kong. At the meeting, the creditors will be asked to consider the matters in Sections 241, 242, 243, 244, 251(1)(a) and 255A of the Companies Ordinance. GRAND SPEED: Creditors' Proofs of Debt Due on March 6 ----------------------------------------------------- The creditors of Grand Speed Service Limited are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 2, 2009. The company's liquidator is: Leung Mie Fan Allied Kajima Building, Room 1005 138 Gloucester Road Wanchai, Hong Kong KDLC LEASE: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- The creditors of KDLC Lease and Finance Limited are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 30, 2009. The company's liquidators are: Messrs. Lai Kar Yan (Derek) Darach E. Haughey One Pacific Place, 35th Floor 88 Queensway Hong Kong KESWICK INTERNATIONAL: Fai and Lo Step Down as Liquidators ---------------------------------------------------------- On January 21, 2009, Puen Wing Fai and Lo Yeuk Ki, Alice stepped down as liquidators of Keswick International Limited. NEC COMPOUND: Seng and Lo Step Down as Liquidators -------------------------------------------------- On January 20, 2009, Natalia K M Seng and Susan Y H Lo stepped down as liquidators of NEC Compound Semiconductor Devices Hong Kong Limited. PO HONG: Creditors' Proofs of Debt Due on March 9 ------------------------------------------------- The creditors of Po Hong Computer Equipment Cleaning Limited are required to file their proofs of debt by March 9, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 31, 2009. The company's liquidator is: Tam Chi Chung Cheong K Building, Room 804 34-86 Des Voeux Road Central, Hong Kong PRELOTUS DEVELOPMENT: Chong Steps Down as Liquidator ---------------------------------------------------- On January 21, 2009, Chong Shi Ming John stepped down as liquidator of Prelotus Development Limited. PROTEK ASIA: Members to Hear Wind-Up Report on March 12 ------------------------------------------------------- The members of Protek Asia (H.K.) Limited will meet on March 12, 2009, at 10:00 a.m., at Flat 204-5, 2nd Floor of Laford Centre, 838, Lai Chi Kok Road, in Kowloon, Hong Kong. At the meeting, Chu Kam Chiu, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SANYO TECHNICAL: Commences Wind-Up Proceedings ---------------------------------------------- At an extraordinary general meeting held on February 2, 2009, the sole shareholder of Sanyo Technical Service (H.K) Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chow Chor Kai, Francis C C Wu Building, Room 1909, 19th Floor 302-308 Hennessy Road Wanchai, Hong Kong SUPER MISSION: Chui Steps Down as Liquidator -------------------------------------------- On January 23, 2009, Chui Chi Yun Robert stepped down as liquidator of Super Mission Development Limited. THE MOVIE: Commences Wind-Up Proceedings ---------------------------------------- At an extraordinary general meeting held on January 30, 2009, the members of The Movie Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chan Sin Yiu Takshing House, Room 1506 20 Des Voeux Road C. Central, Hong Kong TOP PEAK: Members to Hear Wind-Up Report on March 6 --------------------------------------------------- The members of Top Peak International Development Limited will meet on March 6, 2009, at 10:00 a.m., at Unit 5-6 & 18, 17th Floor of Shatin Galleria, 18-27 Shan Mei Street, Fo Tan, in Shatin, N.T. At the meeting, Chang Ji Yu Hwa, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. UNITECH NETWORKS: Appoints Chan as Liquidator --------------------------------------------- On January 24, 2009, the creditors of Unitech Networks Limited appointed Chan Kin Hang, Danvil as the company's liquidator. The Liquidator can be reached at: Chan Kin Hang, Danvil Ginza Square, Room 2301, 23rd Floor 565-567 Nathan Road Yaumatei Kowloon, Hong Kong ========= I N D I A ========= ARVIND PRODUCTS: Unmet Debt Obligations Cues CRISIL 'D' Rating -------------------------------------------------------------- CRISIL has downgraded its ratings on the bank loan facilities of Arvind Products Ltd (Arvind Products) to 'D/P5' from 'BBB-/Negative/P3'. Rs. 288 Million Cash Credit Limits D (Downgraded from 'BBB-/Negative') Rs.273 Million Working Capital D (Downgraded from Demand Loans 'BBB-/Negative') Rs.240.9 Million Foreign Currency D (Downgraded from Loan 'BBB-/Negative') Rs.1207.3 Million Rupee Term Loan D (Downgraded from 'BBB-/Negative') Rs.189 Million Export Packing Credit P5 (Downgraded from 'P3') Rs.150 Million Letter of Credit P5 (Downgraded from Limits 'P3') Rs.50 Million Bank Guarantee Limits P5 (Downgraded from 'P3') The revision in ratings is because Arvind Products has not met its term debt obligations due to IDBI Bank in January 2009. The company is in discussions with its lenders, including IDBI Bank, to reschedule its long-term debt obligations, as it believes that its internal accruals are unlikely to suffice due to the weak business environment prevalent in the textile segment. CRISIL believes that Arvind Products may not meet some of the debt obligations falling due in February 2009, as these would be under consideration for rescheduling. About Arvind Products Arvind Products is a 53.66 per cent subsidiary of Arvind Ltd. Arvind Products has four divisions: Ankur Textiles, at Ahmedabad, Gujarat, which manufactures voiles; Arvind Polycot, at Santej, Gujarat, which manufactures bottom weights and khakis; and Arvind Intex, Ahmedabad, and Arvind Cotspin, Kolhapur, Maharashtra, which manufacture cotton yarn. For 2007-08 (refers to financial year, April 1 to March 31), Arvind Products reported a net profit of Rs.29.34 million (Rs.71.28 million for 2006-07) on net sales of Rs.3.99 billion (Rs.4.03 billion). For the nine months ended December 31, 2008, the company reported a net loss of Rs.150.70 million (net profit of Rs.38.30 million in the corresponding period of the previous year) on net sales of Rs.2.95 billion (Rs.3.40 billion). BHUMIKA GEMS: Weak Financial Flexibility Cues CRISIL 'P4' Rating ---------------------------------------------------------------- CRISIL has assigned its rating of 'P4' to the bank facilities of Bhumika Gems (Bhumika). Rs.40.0 Million Export Packing Credit P4 (Assigned) Rs.95.0 Million Post Shipment Credit P4 (Assigned) Rs.27.0 Million Standby Line of Credit P4 (Assigned) The rating reflects the expected deterioration in Bhumika's profitability and revenues due to the current economic slowdown, its weak financial flexibility because of the partnership nature of business, and the firm's exposure to supplier concentration risks. These weaknesses are partially mitigated by the benefits that Bhumika derives from its promoters' experience of around two decades in the diamond business. About Bhumika Formed in 1993 by brothers Mr. Ghanshyambhai Vaghani, Mr. Arvindbhai Vaghani, and Mr. Maheshbhai Vaghani, Bhumika is a partnership firm engaged in manufacturing of, and trading in polished diamonds. Mr. Ghanshyambhai Vaghani manages the procurement of rough diamonds from Belgium; Mr. Arvindbhai Vaghani manages the firm's manufacturing facilities in Surat and Ahmedabad; and Mr. Maheshbhai Vaghani manages the firm's operations out of Mumbai. The brothers have an equal share in the firm's capital. The firm has a branch office in Surat with their own manufacturing units at Surat and Ahmedabad. For 2007-08 (refers to financial year, April 1 to March 31), Bhumika reported a profit after tax (PAT) of Rs.4.8 million on net sales of Rs.412 million, as against a PAT of Rs.4.4 million on net sales of Rs.346 million in the previous year. METAL CLOSURES: CRISIL Rates Rs.207.80MM Long Term Loan at 'BB-' ---------------------------------------------------------------- CRISIL has assigned its ratings of 'BB-/Negative/P4' to the various bank facilities of Metal Closures Pvt Ltd (Metal Closures). Rs.207.80 Million Long Term Loan BB-/Negative (Assigned) Rs.257.20 Million Cash Credit Limits BB-/Negative (Assigned) Rs.340.00 Million Letter of Credit P4 (Assigned) Rs.10.00 Million Bank Guarantee P4 (Assigned) The ratings reflect the company's weak financial risk profile, constrained by debt-funded capital expenditure (capex) for expanding capacity. The ratings also factor in Metal Closures' exposure to the risks related to the fragmented nature of, and intense competition in, the metal packaging industry, the working capital-intensive nature of its operations, and supplier concentration. These rating weaknesses are mitigated by Metal Closures' established clientele, diversified product mix, and healthy operating margins. Outlook: Negative CRISIL believes that Metal Closures' credit risk profile will remain under pressure over the medium term on account of the ongoing debt-funded capex. The rating could be downgraded in case the company is unable to tie-up for project funding, affecting project implementation and thereby straining its financial risk profile. Conversely, the outlook could be revised to 'Stable' in case of successful implementation of current projects, higher utilisation of facilities, and better margins, resulting in an improvement in the company's financial risk profile. About Metal Closures Metal Closures, incorporated in 1977 at Bangalore, manufactures metal packaging products such as crown corks, shoe-care products, dry cell battery jackets and components, and twist-off closures. The company has manufacturing units at Kanakapura and Kunigal in Karnataka, and Kal-amb in Himachal Pradesh. It is currently undertaking a capex of Rs.363 million with a debt-to-equity mix of about 2:1. For 2007-08 (refers to financial year, April 1 to March 31), Metal Closures reported a profit after tax (PAT) of Rs.55 million on net sales of Rs.1.1 billion, as against a PAT of Rs.23 million on net sales of Rs.822 million for the previous year. RGA SOFTWARE: CRISIL Assigns 'BB(so)' Rating on Rs.1905MM LT Loan ----------------------------------------------------------------- CRISIL has assigned its rating of 'BB(so)/Stable' to the long term loan facility of RGA Software Systems Pvt Ltd (RGA). Rs.1905 Million Long Term Loan BB(so)/Stable (Assigned) The rating reflects RGA's exposure to risks relating to project implementation, concentration of revenues in three lessees, and strained financials resulting in cash flow mismatches, which are partly met through debt. These weaknesses are mitigated by the competitive edge that RGA has because of the quality and the location of its information technology (IT) parks, which attracts multinationals. Outlook: Stable CRISIL expects RGA to maintain its steady business and financial risk profiles over the medium term, backed by its established lessee base, and to complete its new special economic zone (SEZ) project on time. The outlook may be revised to 'Positive' if the company is able to finalise lease contracts for its new project at the expected occupancy and realizations. Conversely, the outlook may be revised to 'Negative' if there are substantial delays in project completion, lower-than-expected or delayed revenues from new project, or unexpected terminations of existing lease agreements. About RGA Software Incorporated in 2000, RGA is an infrastructure developer, and has constructed four IT parks in Bangalore; it has leased this space to three IT companies, Genpact, Hewlett Packard and HCL Technologies Ltd. RGA is developing a SEZ project, with a built- up area of 1.8 million square feet on Outer Ring Road, Bangalore, as part of a joint development agreement with Primal Projects Pvt Ltd, a group company. For 2007-08 (refers to financial year, April 1 to March 31), RGA reported a profit after tax (PAT) of Rs.19.27 million on net sales of Rs.203.35 million, as against a PAT of Rs.14.10 million on net sales of Rs.152 million in the previous year. SOLID (INDIA): CRISIL Puts 'B+' Ratings on Various Bank Facilities ------------------------------------------------------------------ CRISIL has assigned its ratings of 'B+/Stable/P4' to the various bank facilities of Solid (India) Ltd (SIL). Rs.15.00 Million Working Capital B+/Stable (Assigned) Demand Loan * Rs.80.00 Million Proposed Long B+/Stable (Assigned) Term Bank Facility Rs.5.00 Million Bank Guarantee P4 (Assigned) * Includes Sub-limit of Rs. 2.50 million for Supplier Bill Discounting The ratings reflect SIL's weak financial risk profile, small scale of operations and exposure to risks relating to fluctuations in the prices of raw material. However, these weaknesses are partially offset by SIL's diversified product portfolio. Outlook: Stable CRISIL expects SIL to maintain it risk profile backed by steady demand from the export markets, although small scale of operations may restrict the company's ability to compete with bigger international and domestic players. The outlook may be revised to 'Positive' if SIL's capital structure improves significantly, and its expanded capacities attain stabilisation of operations leading to higher sales and profitability. Conversely, the outlook may be revised to 'Negative' if the company undertakes large debt-funded capital expenditure, leading to deterioration in debt protection measures and operating margins. About Solid (India) Incorporated in 1992, SIL manufactures a large range of equipment for the road construction industry. It did not have manufacturing operations till March 31, 2007. From April 2007, three group partnership/proprietorship firms, Solid & Correct Engineering Works, Solid Steel Plant Manufacturers, and Solmec Earthmover Equipments, were merged into SIL. For 2007-08, (refers to financial year, April 1 to March 31), SIL reported a profit after tax (PAT) of Rs.2.4 million on net sales of Rs.128.2 million. SONIC BIOCHEM: CRISIL Rates Rs.380.0 Mln. Cash Credit at 'BB+' -------------------------------------------------------------- CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank facilities of Sonic Biochem Extractions Ltd (Sonic Biochem). Rs.380.0 Million Cash Credit BB+/Stable (Assigned) Rs.231.4 Million Term Loan BB+/Stable (Assigned) Rs.10.0 Million Letter of Credit P4 (Assigned) Rs.10.0 Million Bank Guarantee P4 (Assigned) The ratings reflect Sonic Biochem's stretched liquidity, its weak debt protection measures, which are likely to deteriorate further because of the ongoing capital expenditure (capex), and pricing risks associated with the agri-based business. These weaknesses are mitigated by Sonic Biochem's large and integrated product offerings, diverse customer base, and wide geographic reach, which together lend stability to its revenues. Outlook: Stable CRISIL believes that the incremental debt that Sonic Biochem has contracted to fund its capex will be supported by increasing cash flows from new capacities as they come on stream. The outlook may be revised to 'Positive' in case of a substantial improvement in the company's liquidity. Conversely, the outlook may be revised to 'Negative' in the event of delays in project implementation or a steeper-than-expected deterioration in the company's debt protection measures. About Sonic Biochem Sonic Biochem is part of the Indore-based Matlani group of companies, which has interests in real estate development and soya bean products. The group companies are headed by Mr. Girish Matlani. Sonic Biochem manufactures more than 10 non-genetically modified soya products. For 2007-08 (refers to financial year, July 1 to June 30), Sonic Biochem reported a profit after tax (PAT) of Rs.99.87 million on net sales of Rs.2.63 billion, as against a PAT of Rs.44.03 million on net sales of Rs.1.73 billion for the 13-month period ended June 30, 2007. SUBHIKSHA TRADING: In Debt Restructuring Review with Lenders ------------------------------------------------------------ The Financial Express reported that Subhiksha Trading Services said it may consider selling stake to raise funds to meet its operational requirements and has ruled out declaring bankruptcy. Subhiksha Trading, the report relates, is currently undergoing a corporate debt restructuring (CDR) exercise with lenders, including 12 foreign and Indian private sectors banks. The company has a total debt of around Rs 750 crore, the report notes. "No, not at all, as that (declaring bankruptcy) is not a solution. We have a viable business which is cash-starved and CDR will help us revive this," Subhiksha Trading Services Managing Director R Subramanian was quoted by the Express as saying. Mr. Subramanian, as cited by the report, said the company would be able to raise Rs 300 crore, required for meeting operational expenses, only after completion of the CDR process. According to the report, the company's operations have come to a standstill for the past few weeks due to non-payment of employees salaries, huge debt burden and arrears to suppliers. Subhiksha Trading Services Ltd operates about 1,600 discount stores in India. The company employs about 15,000 people directly and through contractors. TST PIPES: CRISIL Assigns 'BB-' Ratings on Various Bank Facilities ------------------------------------------------------------------ CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various bank facilities of TST Pipes Ltd (TST). Rs.105.0 Million Cash Credit limit BB-/Stable (Assigned) Rs.24.0 Million Standby line of Credit BB-/Stable (Assigned) Rs.14.8 Million Term Loan BB-/Stable (Assigned) Rs.30.0 Million Bank Guarantee P4 (Assigned) Rs.30.0 Million Letter of Credit P4 (Assigned) The ratings reflect TST's small scale of operations, low net worth, and moderate financial risk profile. These weaknesses are mitigated by the company's established market presence in the electric resistance welded (ERW) pipe segment. Outlook: Stable CRISIL believes that TST will maintain its stable business and financial risk profiles over the medium term. The outlook may be revised to 'Positive' if the company expands its presence in the market and generates more-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' if TST's profitability declines significantly on account of a sharp increase in raw materials prices. About TST Incorporated in 1999, TST manufactures and exports ERW black and galvanised pipes. The company's plant, located in Ghaziabad, has capacity to manufacture 60,800 tonnes per annum of pipes in different sizes. For 2007-08 (refers to financial year, April 1 to March 31), TST reported a profit after tax (PAT) of Rs.8.9 million on net sales of Rs.867 million, as against a PAT of Rs.8.3 million on net sales of Rs.694 million for the previous year. ========= J A P A N ========= AOZORA BANK: Forecasts JPY196 Bln. Full Year Loss; Appoints CEO --------------------------------------------------------------- Aozora Bank Ltd has revised its full year earnings forecasts for FY2008 ending March 31, 2009 to a full year loss of JPY196 billion. The bank reported JPY109.4 billion net loss for the third quarter ending December 31, 2008. It has also revised its common share dividend forecast to zero. In a news release, Aozora Bank said it has taken proactive measures to significantly address legacy and non-core assets, such as GMAC, CDOs, hedge fund investments, credit to Lehman Brothers, and ETF investments by the end of FY2008 in order to secure a return in profitability in FY2009. The Bank's consolidated capital adequacy ratio remains at 13.71% , and Tier 1 at 14.81%, as of the end of December, maintining its position as of the highest among major Japanese banks. After addressing legacy and non-core asset by the end of FY2008, the bank projects that its capital adequacy ratio will remain over 12%. Aozora Bank continues to maintain ample liquidity, with a level of over JPY1 trillion as of the end of January 2009. Management Changes Aozora Bank disclosed that Federico J. Sacasa has resigned with immediate effect, and is suceeded by Brian F. Prince as Acting President and Acting Chief Executive Officer. In addition, the bank will make other changes at its next general shareholders meeting to strenghten its management framework in to best carry out its new business model. The management team commented, "We would like to offer our sincere apologies to all of our stakeholders, including our customers and shareholders, for the extremely disappointing full year forecasts and third quarter results, which have led to our decision to revise the common share dividend to zero for this fiscal year. The new management believe that the decisive action taken during this fiscal year, begun on November 14, 2008, are necessary to secure a return to profitability from FY2009 onwards. A reduction in renumeration for the management has remained in place since October 2008. The management team will continue to review the cost structure and together with employees of the bank, are committed to realizing growth and a stable, profitable business model based on domestic lending through an effective use of the bank's ample capital. We would like to express our gratitude for the continuing support of our customers and stakeholders." About Aozora Bank Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is a Japan-based regional bank that provides a range of banking services. The Bank operates in two business divisions. The Banking division is engaged in the provision of banking services, including deposit, loan, domestic and foreign currency exchange, as well as debt services for individual and corporate customers. The Others segment is engaged in the securities business, such as securities trading and securities investment services, as well as the trust business, debt management and collection, venture capital investment, and system development. The Bank has 16 subsidiaries and 18 branch offices. * * * As reported in the Troubled Company Reporter-Asia Pacific on Oct. 31, 2008, Moody's Investors Service downgraded Aozora Bank, Limited's bank financial strength rating (BFSR) to D+ from C-, the base line credit assessments to Baa3 from Baa2, the long-term and short-term deposit ratings to A3/P-2 from A2/P-1, and senior unsecured debt rating to A3 from A2. The outlook for these ratings is negative. This rating action concludes the review initiated on September 18, 2008. Moody's said the downgrade reflects its views that Aozora's earnings, particularly from its domestic investment banking and global investment businesses, will remain volatile and that the bank's operating performance will remain under pressure due to a less favorable environment for businesses funded by wholesale funds. As reported in the Troubled Company Reporter-Asia Pacific on April 2, 2008, Fitch Ratings has affirmed Japan's Aozora Bank's Long-term foreign and local currency Issuer Default Ratings at 'A-', Short-term foreign and local currency IDRs at 'F1', Individual 'C', Support '3', Support Rating Floor 'BB+' and senior unsecured notes 'A-'. The Outlook remains Stable. SAIZERIYA CO: Founder Shogaki Resigns as President -------------------------------------------------- Saizeriya Co. Ltd. said its founder, Yasuhiko Shogaki, will step down as president and will become Chairman of the company, The Japan Times reports citing Kyodo News. Director Issei Horino will take place as president effective April 1, 2009. The Times relates that Mr. Horino joined Saizeriya in April 2000 after working for Ajinomoto Co., and has been a director since November 2000. The Troubled Company Reporter-Asia Pacific on Jan. 8, 2009, citing The Japan Times, said Saizeriya expects to report a JPY5.8 billion group net loss for the year ending August 2009. The company earlier projected a JPY4.2 billion profit. According to the Times, the revised earnings forecast comes after the company reported JPY15.31 billion in losses from the cancellation of derivatives transactions in December 2008. For the first half of the year, Japan Times related, Saizeriya said it will incur a group net loss of JPY8.8 billion instead of an earlier estimated profit of JPY1.3 billion. Saizeriya Co. Ltd. is a Japan-based company primarily involved in the restaurant business. The company is engaged in the operation of Italian wine and cafe restaurants under the name Saizeriya, as well as fast food restaurants under the names Eat Run and Saizeriya EXPRESS. As of August 31, 2008, it had 769 Saizeriya restaurants and six fast food restaurants in Japan, as well as 20 restaurants in Shanghai, China. Additionally, the company is also involved in the processing of food ingredients and the logistics business. The company has six subsidiaries. SPANSION INC: Japanese Subsidiary Files for Bankruptcy ------------------------------------------------------ Spansion Inc. said its Japanese subsidiary, Spansion Japan Ltd, has entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan. Spansion Japan Ltd voluntarily chose to enter the proceeding to obtain protection from its creditors while it continues its restructuring efforts. This action does not include any of Spansion's other subsidiaries or their operations outside of Japan. Spansion Inc. does not expect the filing in Japan to materially affect its global operations. Spansion Japan Ltd. will continue its operations and intends to pay, in a timely manner, for all goods and services that it obtains after the date of filing. "We intend for Spansion Japan to continue to operate throughout the restructuring period," said John Kispert, Spansion's president and CEO. "Our Japanese operations have sufficient cash on hand to meet their immediate, short-term working capital needs and we plan to maintain our high standards of excellence and our commitments to product quality, safety and outstanding customer service." Spansion Reports Progress on U.S. Restructuring Efforts Spansion said it is in active discussions with an ad hoc committee representing holders of its US$625 million Senior Secured Floating Rate Notes due 2013 about restructuring the company's balance sheet as well as potential strategic transactions. "We are making progress in our constructive discussions with an ad hoc committee of secured noteholders, to find a mutually beneficial agreement as we seek to resolve Spansion's capital structures," said Kispert, who joined Spansion as its president and CEO last week with the goal of positioning the company to reach sustainable profitability and/or to successfully complete a strategic transaction. Spansion Japan's entry into the Corporate Reorganization proceeding is an event of default under certain of Spansion Japan's and Spansion LLC's debt instruments. About Spansion Spansion (NASDAQ: SPSN) -- http://www.spansion.com-- is a leading Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. As reported by the Troubled Company Reporter on Jan. 19, 2009, Fitch Ratings downgraded these ratings for Spansion Inc.: -- Issuer Default Rating to 'C' from 'CCC'; -- $175 million senior secured revolving credit facility (RCF) due 2010 to 'CC/RR3' from 'CCC+/RR3'; -- $625 million senior secured floating rating notes due 2013 to 'CC/RR3' from 'CCC+/RR3'; -- $225 million of 11.25% senior unsecured notes due 2016 to 'C/RR6' from 'CC/RR6'; -- $207 million of 2.25% convertible senior subordinated debentures due 2016 to 'C/RR6' from 'CC/RR6'. According to the TCR on Jan. 19, 2009, Moody's Investors Service downgraded Spansion's corporate family rating and probability of default rating to Ca from Caa2, senior secured floating rate notes to Caa2 from B3 and senior unsecured notes to Ca from Caa3. The TCR reported on Jan. 19, 2009, that Standard & Poor's Ratings Services lowered its corporate credit rating on Spansion Inc. to 'D' from 'CCC', and the issue-level rating on Spansion LLC's 11.25% senior unsecured notes due 2016 to 'D' from 'CC'. ==================== N E W Z E A L A N D ==================== BEAUTYBEE HOLDINGS: Court Hears Wind-Up Petition ------------------------------------------------ On January 28, 2009, the High Court at New Plymouth heard a petition to have Beautybee Holdings Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on November 14, 2008. COLONEL PROPERTIES: Appoints McKay and Cregten as Liquidators ------------------------------------------------------------- On December 15, 2008, Andrew John McKay and John Joseph Cregten were appointed as liquidators of Colonel Properties Ltd. Only creditors who were able to file their proofs of debt by Jan. 30, 2009, will be be included in the company's dividend distribution. The Liquidators can be reached at: Andrew John McKay John Joseph Cregten c/o Aaron Walsh AMP Centre, Level 15 29 Customs Street West PO Box 532, Auckland Telephone: (09) 354 8243 Facsimile: (09) 358 3646 FOUR STAR: Appoints Paul Graham Sargison as Liquidator ------------------------------------------------------ On December 19, 2008, Paul Graham Sargison was appointed as liquidator of Four Star Investments Ltd. Only creditors who were able to file their proofs of debt by Jan. 28, 2009, will be be included in the company's dividend distribution. The Liquidator can be reached at: Paul Graham Sargison Gerry Rea Partners PO Box 3015, Auckland Telephone: (09) 377 3099 Facsimile: (09) 377 3098 J.P. 3: Commences Liquidation Proceedings ----------------------------------------- J.P. 3 Limited commenced liquidation proceedings on Dec. 23, 2008. The company's liquidator is: Shane F. Hussey c/o Hussey & Co 55-65 Shortland Street, Level 7 Auckland 1010 Telephone: (09) 300 5481 Facsimile: (09) 300 5489. MINFORD LTD: Appoints Meltzer and Mason as Liquidators ------------------------------------------------------ On December 17, 2008, Jeffrey Philip Meltzer and Rachel Karen Mason were appointed as liquidators of Minford Ltd. Only creditors who were able to file their proofs of debt by January 30, 2009, will be be included in the company's dividend distribution. The company's liquidators are: Jeffrey Philip Meltzer Rachel Karen Mason c/o Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 Telephone: (09) 357 6150 Facsimile: (09) 357 6152 NGAMOKO HOLDINGS: Commences Liquidation Proceedings --------------------------------------------------- Ngamoko Holdings Ltd. commenced liquidation proceedings on December 11, 2008. Only creditors who were able to file their proofs of debt by January 31, 2009, will be be included in the company's dividend distribution. The Liquidators can be reached at: Stephen Kim Bennett Timothy John Hoyle Steve Bennett Associates PO Box 627, Whangarei 0140 Telephone: (09) 438 2312 Facsimile: (09) 438 2912 e-mail: info@sba.net.nz OPI PSP ET AL: Appoint McKay and Cregten as Liquidators ------------------------------------------------------- On December 15, 2008, Andrew John McKay and John Joseph Cregten were appointed as liquidators by the shareholders of: -- OPI PSP Limited; -- Pacific Administration Limited; and -- Pacific Trust Management Services Limited. Only creditors who were able to file their proofs of debt by January 30, 2009, will be be included in the company's dividend distribution. The Liquidators can be reached at: Andrew John McKay John Joseph Cregten c/o Aaron Walsh AMP Centre, Level 15 29 Customs Street West PO Box 532, Auckland Telephone: (09) 354 8243 Facsimile: (09) 358 3646 PRIMESIDE LTD ET AL: Creditors' Proofs of Debt Due on March 15 -------------------------------------------------------------- Vivian Judith Fatupaito and Colin Thomas McCloy fixed Feb. 14, 2009, as the last day to file proofs of debt for the creditors of: -- Primeside Limited; -- Bradleys Transport (1998) Limited; -- MIT Plastering Limited; -- Silver River Limited; and -- Fisiipeau Limited. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy PricewaterhouseCoopers Private Bag 92162, Victoria Street West Auckland 1142 Facsimile: (09) 355 8013 RDKS NZ: Commences Liquidation Proceedings ------------------------------------------ RDKS NZ Ltd. commenced liquidation proceedings on December 18, 2008. The company's liquidator is: Kiran Dutt PO Box 9687, Newmarket Auckland Telephone: (09) 630 3808 Facsimile: (09) 630 3970 SAVANNAH HEIGHTS ET AL: Appoint Ries & Levin as Liquidators ----------------------------------------------------------- On December 15, 2008, Vivien Judith Madsen-Ries and Henry David Levin were appointed as liquidators of: -- Savannah Heights Limited; and -- Finished Floors 2005 Limited. Only creditors who were able to file their proofs of debt by Feb. 4, 2009, will be be included in the company's dividend distribution. The Liquidators can be reached at: Vivien Judith Madsen-Ries Henry David Levin Deloitte Deloitte House, Level 8 8 Nelson Street Auckland 1010 Telephone: (09) 309 4944 Facsimile: (09) 309 4947 ================= S I N G A P O R E ================= FASCON CRANE: Court Enters Wind-Up Order ---------------------------------------- On January 23, 2009, the High Court of Singapore entered an order to have Fascon Crane Services Pte Ltd's operations wound up. Empire Technology Pte Ltd filed the petition against the company. Fascon Crane's liquidator is: Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 GOLD PRECISION: Pays Second and Final Dividend ---------------------------------------------- Gold Precision Engineering Pte Ltd paid the second and final dividend on January 12, 2009. The company paid 5.3100% to all received claims. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 PAMMAS PTE: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- The creditors of Pammas Pte. Ltd. are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 TEAM ENERGY: Court Enters Wind-Up Order --------------------------------------- On January 30, 2009, the High Court of Singapore entered an order to have Team Energy Asia-Pacific Singapore Pte. Limited's operations wound up. The company's liquidators are: Seshadri Rajagopalan Ee Meng Yen Angela Aaron Loh Cheng Lee c/o Ernst & Young Solutions LLP One Raffles Quay Tower North Level 18 Singapore 048583 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie Therese V. Profetana, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***