/raid1/www/Hosts/bankrupt/TCRAP_Public/090804.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
Tuesday, August 4, 2009, Vol. 12, No. 152
Headlines
A U S T R A L I A
ABC LEARNING: Berrytime Seeks $28 Million Over GST Payments
ABC LEARNING: Trade and Employee Creditors May Receive Nothing
ANNOUNCER GROUP: In Administration to Facilitate Founders' Split
ARENA MANAGEMENT: Goes Into Receivership Due to Losses
AUSSIE JUNK: Goes Into Liquidation Amid Probe
CITY PACIFIC: Banker Calls in PBB as Receivers
OCTAVIAR LIMITED: Court Appoints Deloitte as Liquidators
PMP LIMITED: Settles Dispute with Former CEO; Terms Classified
C H I N A
LAS VEGAS SANDS: Bank Debt Trades at 22% Off in Secondary Market
LAS VEGAS SANDS: Posts US$171.3MM Operating Loss on Writedown
H O N G K O N G
CHEF MARTIN: Court to Hear Wind-Up Petition on September 9
DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due on August 7
DICKSON (CHINA): Creditors' Proofs of Debt Due on August 7
DICKSON PROPERTIES: Creditors' Proofs of Debt Due on August 7
EVER EARTH: Appoints Sutton and Yu as Liquidators
EVER UNION: Appoints Sutton and Yu as Liquidators
JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2
JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2
JOYFUL LONG: Court Enters Wind-Up Order
KG INTELLIGENT: Court to Hear Wind-Up Petition on September 2
PAN SINO: Creditors' and Contributories' Meeting Set for August 6
POWER SOLUTIONS: Creditors and Contributories to Meet Today
PROFESSIONAL TECHNIQUE: Court to Hear Wind-Up Petition on Aug. 19
ROCKWAY TECHNOLOGY: Court to Hear Wind-Up Petition on September 9
UNIRISE DEVELOPMENT: Court Enters Wind-Up Order
I N D I A
ARCOY BIO-REFINERY: ICRA Puts 'LBB' Rating on INR440MM Term Loans
ARVIND MOTORS: ICRA Assigns 'LBB+' Rating on INR125MM Bank Limits
HIRAN ORGOCHEM: Delays in Servicing Loan Cue CRISIL 'D' Ratings
MEDI PHARMA: CRISIL Assigns 'BB+' Rating on INR150MM Cash Credit
NANDI VARDHANA: ICRA Rates INR219MM Fund Based Facilities at 'LBB'
PIONEER WINCON: Default in Loan Repayment Spurs CRISIL 'D' Rating
SITARAM SPINNERS: CRISIL Places 'BB' Rating on INR54MM Cash Credit
STAR DIAM: CRISIL Rates INR75MM Bill Discounting Facility at 'P4'
STAR DRUGS: Delays in Loan Payment Prompt CRISIL 'D' Ratings
* INDIA: Private Airlines Call off Planned August 18 Strike
J A P A N
GIFU BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
GODO KAISHA: Moody's Changes Ratings on Class D Notes to 'Ca'
METALDYNE CORP: U.S. Court OKs Hephaetus as Stalking Horse Bidder
METALDYNE CORP: PBGC Moves to Protect Pensions
ORSO FUNDING: S&P Affirms Ratings on Various 2005-2 Certificates
ORSO FUNDING: S&P Downgrades Ratings on Various Classes of Certs.
* JAPAN: S&P Downgrades Ratings on Nine Tranches From Eight CDOs
K O R E A
GENERAL MOTORS: GM Daewoo Sales Down 43.2% in July
N E W Z E A L A N D
PACIFIC BRANDS: Shuts Two Plants in New Zealand; 92 Jobs Affected
PROVENCOCADMUS LTD: ANZ Appoints KordaMentha as Receivers
P H I L I P P I N E S
WESTLINK GLOBAL: PSE Suspends Firm from Trading Due to Insolvency
S I N G A P O R E
DILMUN NAVIGATION: Creditors' Proofs of Debt Due on August 31
ENG CHEONG: Creditors' Proofs of Debt Due on August 14
KGTE PTE: Creditors' Proofs of Debt Due on August 20
SATNAM-IT SOLUTIONS: Court Enters Wind-Up Order on July 17
SIRIUS MULTIMEDIA: Creditors' First Meeting Set for August 5
T A I W A N
FAR EASTERN: Expects to Resume Flights in October
X X X X X X X X
* BOND PRICING: For the Week July 27 to July 31, 2009
- - - - -
=================
A U S T R A L I A
=================
ABC LEARNING: Berrytime Seeks $28 Million Over GST Payments
-----------------------------------------------------------
The Sydney Morning Herald reports that a court case in
New Zealand over disputed GST payments has revealed moves to claw
back as much as $28 million from ABC Learning Centres Ltd.
The report says the case involved New Zealand's Inland Revenue
Department and Berrytime, a New Zealand company operated by a
Queensland childcare manager and businessman, Doug Lomas.
Under an arrangement with ABC, says the Herald, Berrytime had
found sites for childcare centers in Australia and New Zealand and
paid management fees to ABC.
According to the report, the disputed $28 million concerns
Berrytime's negotiations to buy a chain of 100 childcare centres
in New Zealand. Berrytime, the Herald relates, paid the $28
million to ABC to manage the chain of centers when acquired.
However, the deal did not proceed because the parties failed to
agree on price.
Berrytime's liquidators are understood to have written to ABC
seeking repayment of the fees, the report notes.
Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C. Developmental Learning
Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land Holdings
(NZ) Limited and Child Care Centres Australia Ltd. On January 26,
2007, it acquired La Petite Holdings Inc. On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP. In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC. In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
ABC LEARNING: Trade and Employee Creditors May Receive Nothing
--------------------------------------------------------------
Vanda Carson at The Age says a court has heard that noteholders,
trade and employee creditors of ABC Learning Centers Ltd. are
expected to be left empty-handed when the sale of the company's
childcare centers is completed.
According to the report, the Federal Court in Sydney heard July 31
that the administrator, Greg Maloney at Ferrier Hodgson, would be
seeking an extension of the time to file a report and hold a
second meeting of creditors.
The much anticipated report, which creditors had hoped to receive
in March, will reveal the amount each creditor would receive but
it could now be delayed until March next year if the administrator
is successful in getting court approval for a delay, the Age
relates.
Receiver McGrathNicol was also seeking an extension, the report
notes.
The Age relates that Anthony Morris, QC, acting for Orchard
Capital Investments, the landlord of 119 centers leased to ABC
Learning, told the court he was concerned there is not going to be
enough money to pay any creditors other than the banks, whose
interests are represented by the receivers.
According to the Age, Justice Arthur Emmett will hear later this
month the arguments about whether he should allow more time.
Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C. Developmental Learning
Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land Holdings
(NZ) Limited and Child Care Centres Australia Ltd. On January 26,
2007, it acquired La Petite Holdings Inc. On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP. In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC. In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
ANNOUNCER GROUP: In Administration to Facilitate Founders' Split
----------------------------------------------------------------
Announcer Group has gone into administration due to money owed to
former business co-owner following his departure from the
business, James Thomson at SmartCompany.com.au reports.
Sule Arnautovic at the specialist insolvency firm Jirsch
Sutherland was appointed by Lindsay Yelland on July 14 to handle
the estate's affairs, the report says.
SmartCompany.com.au relates that co-founder and director
Andrew Rocks insists the company is in no danger of collapse and
the business is trading as usual.
According to the report, Mr. Rocks, who started the business in
1996, said he is in the process of splitting his business
interests from Mr. Yelland, his former business partner.
Mr. Rocks, as cited by the report, said the administrator will act
as an independent third party to oversee the separation of the
former business partners and allow the company to "start with a
clean slate".
"We are pretty confident that the business will be restructured
through a deed of company arrangement or sold as going concern,"
the report quoted Mr. Arnautovic as saying.
The report says Mr. Arnautovic expects a restructuring could be
completed and the business handed back to Rocks in the first week
of September.
A second creditors meeting will be held on August 17.
Headquartered in Sydney, Australia, Announcer Group --
http://www.announcergroup.com/-- is a financial planning firm.
ARENA MANAGEMENT: Goes Into Receivership Due to Losses
------------------------------------------------------
Arena Management Pty Ltd., the company that operates the Sydney
Entertainment Centre, has gone into receivership after sustained
losses caused by the economic downturn, the Australian Associated
Press reports.
According to the report, Arena Management said a secured creditor
who is owed AU$1.7 million has called in Andrew Wily and David
Hurst at Armstrong Wily Chartered Accountants as receivers and
managers of the company. The unnamed creditor, says the AAP,
holds a charge over Arena Management's assets as security for the
loan.
The report, citing Arena Management chairman Kevin Jacobsen,
relates that the company lost money due to the economic downturn
and due to its failure to sell or assign the SEC lease.
Mr. Jacobsen also blamed the venue's owner for a lack of
flexibility in adjusting lease terms to reflect the downturn, the
report says.
Arena Management Pty Ltd. -- http://www.arenamanagement.com.au/--
constructs, designs, manages and operates a range of venues. The
Company operates the Sydney Entertainment Centre.
AUSSIE JUNK: Goes Into Liquidation Amid Probe
---------------------------------------------
ABC News reported that the ACT Government is seeking a new
operator for the reusables facility at Mugga Lane, after previous
operator Aussie Junk Pty Ltd. went into liquidation.
Aussie Junk had been investigated by the Workplace Ombudsman for
underpaying staff and was placed in voluntary administration a
month ago, the report said.
According to the report, the Mugga Lane centre will be closed from
July 31 until further notice, but the Government said it expects
the facility to reopen in around three months when the tender
process is complete.
Aussie Junk Pty Ltd -- http://www.aussiejunk.com.au/-- is an
Australian-based recycling company with contracts in Queesland,
New South Wales and ACT. The Company operates recycling services
at seven landfill sites. It has six recycling centres located at
Redland Bay, Currumbin, Tweed Heads, Canberra and Wagga Wagga.
CITY PACIFIC: Banker Calls in PBB as Receivers
----------------------------------------------
Receivers and managers have been appointed to City Pacific Ltd.
following the loss of its AU$630 million mortgage fund to Balmain
Trilogy, the Herald Sun reports.
City Pacific's banker, the Commonwealth Bank, called in PPB to act
as receivers and managers because the company is unable to pay
debts of more than AU$100 million, the report says.
According to the report, PPB partner Ian Carson said City
Pacific's loss of the fund had had a "significant impact upon
(its) ability to service its debts and remain viable".
As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2009, City Pacific lost control of its mortgage fundafter
a court judge threw out an attempt by City Pacific to have a
recent unitholder vote ruled invalid.
At the June 25 unitholder meeting, holders of 55% of the units
voted in favor of the resolution sacking City Pacific and
installing Balmain Trilogy as the new responsible entity of the
Fund. City Pacific pursued a legal challenge and sought an
injunction against the meeting.
City Pacific delivered a half-year loss of AU$74.3 million at
December 31 at which time auditor KPMG warned the group might be
in danger of collapse.
The TCR-AP reported on August 18, 2008, City Pacific took the
necessary steps to preserve the value of the Fund's assets and
protect unitholders investments in light of the rapidly changing
market conditions. As a result of the significant market changes,
City Pacific made the decision in March 2008 to defer the payment
of redemptions from the Fund while continuing the payment of
distributions to unitholders.
About City Pacific
City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products. City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million. City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.
OCTAVIAR LIMITED: Court Appoints Deloitte as Liquidators
--------------------------------------------------------
The Supreme Court of Queensland on Monday placed Octaviar Limited
into liquidation, a report posted at goldcoast.com.au says.
Justice Philip McMurdo terminated a deed of company arrangement
that has been in place since December, naming company
administrators John Greig and Nick Harwood at Deloitte, as
provisional liquidators.
According to the report, Justice McMurdo also appointed
liquidators to Octaviar subsidiary Octaviar Administration, the
company that retains the former group's cash reserves.
The move, pushed by the Public Trustee of Queensland which is
acting on behalf of Octaviar noteholders who are owed about
AU$350 million, paves the way for a full examination of the
collapse of MFS and the role played by its directors,
goldcoast.com.au relates.
About Octaviar Limited
Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
operates as an Investment Management business with a portfolio of
businesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.
The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.
The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.
The TCR-AP reported on Dec. 19, 2008, that the creditors voted for
a deed of company arrangement over two entities in the Octaviar
group, Octaviar Limited and Octaviar Administration Pty Limited.
The three other companies in the group were subsequently wound up.
PMP LIMITED: Settles Dispute with Former CEO; Terms Classified
--------------------------------------------------------------
PMP Limited said that it has settled all differences with former
CEO Brian Evans arising from his departure in January 2009 and his
employment with PMP.
The Company said they have amicably settled all differences.
"Both sides have agreed to a confidentiality clause as a
consequence of which no further statements will be made," PMP said
in a statement.
Mr. Evans left suddenly on January 28 with little explanation from
the company and he was suing PMP for a $1.56 million termination
payment, according to The Sydney Morning Herald.
Australian-based PMP Limited (ASX:PMP) --
http://www.pmplimited.com.au/-- is engaged in commercial
printing, digital premedia and letterbox and magazine distribution
services. It operates in the areas of data-driven market and
customer analytics, creative advertising solutions, premedia,
creative and photographic services, printing, letterbox and
magazine distribution through its Pacifi c MicroMarketing,
Pinpoint (NZ), PMP Maxum (NZ), PMP Digital, PMP Print, PMP
Distribution, Gordon & Gotch and Griffin Press businesses.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on PMP Ltd. and revised
the outlook on the rating to negative from stable. The outlook
revision reflects S&P's view of the increasingly challenging
market conditions for the Company and the Australian printing
sector. At the same time, the 'BB+' rating on PMP's senior
unsecured bank facilities were affirmed.
=========
C H I N A
=========
LAS VEGAS SANDS: Bank Debt Trades at 22% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 77.13 cents-
on-the-dollar during the week ended Friday, July 31, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 3.25
percentage points from the previous week, The Journal relates.
The loan matures on May 1, 2014. The Company pays 175 basis
points above LIBOR to borrow under the facility. The bank debt
carries Moody's B3 rating and Standard & Poor's B- rating. The
debt is one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended July 31,
among the 144 loans with five or more bids.
Las Vegas Sands Corp. -- http://www.lasvegassands.com/-- and its
subsidiaries develop multi use integrated resorts worldwide. It
owns the Venetian resort-hotel-casino and the Sands Expo and
Convention Center in Las Vegas, Nevada; and The Sands Macao Casino
in Macao, the People's Republic of China. Venetian Macao is a
wholly-owned subsidiary of Las Vegas Sands Corp. VML owns the
Sands Macao in the People's Republic of China Special
Administrative Region of Macao and is also developing additional
casino hotel resort properties in Macao.
On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.
LAS VEGAS SANDS: Posts US$171.3MM Operating Loss on Writedown
-------------------------------------------------------------
Las Vegas Sands Corp. (NYSE: LVS), said that net revenue for the
quarter ended June 30, 2009, was US$1.06 billion, a decrease of
4.8% compared to US$1.11 billion in the second quarter of 2008.
Consolidated adjusted property EBITDAR in the second quarter of
2009 decreased 14.0% to US$247.6 million, compared to US$287.9
million in the year-ago quarter.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating loss in the second quarter of 2009 was US$171.3 million,
compared to income of US$73.3 million in the second quarter of
2008. The decrease in operating income was impacted by difficult
operating conditions, the settlement of a legal matter, a non-cash
impairment loss of US$151.2 million, related principally to a
decrease in expected future proceeds from our sale of The Shoppes
at The Palazzo, and an increase in depreciation and amortization
expense. Excluding the legal settlement and impairment loss,
operating income would have been US$22.3 million.
Adjusted net income was US$8.8 million, or US$0.01 per diluted
share, compared to US$30.9 million in the second quarter of 2008,
or US$0.09 per diluted share. The decrease in adjusted net income
of US$22.1 million reflects reduced operating income for the
aforementioned reasons, partially offset by a decrease in net
interest expense and a benefit for income taxes.
On a GAAP basis, net loss attributable to common stockholders in
the second quarter of 2009 was US$222.2 million, compared to a
loss of US$8.8 million in the second quarter of 2008, resulting in
a diluted loss per share of US$0.34 compared to US$0.02 in the
prior year quarter. The increase in net loss attributable to
common stockholders of US$213.4 million reflects the after-tax
impact of the non-cash impairment loss, the legal settlement and
the increase in depreciation and amortization expense, as well as
US$23.2 million in preferred stock dividends and accretion on
preferred stock of US$23.1 million, partially offset by decreases
in corporate expenses, excluding the legal settlement, and net
interest expense. Excluding the legal settlement and impairment
loss mentioned above, diluted loss per share would have been
US$0.12.
Second Quarter Highlights
Sheldon G. Adelson, chairman and CEO, stated, "While our operating
results reflect the challenging economic environment, we remain
pleased that our properties in both Las Vegas and Macau continue
to generate solid cash flow. We1 have made marked progress during
the quarter on the execution of each of the three principal
components of our business plan. First, to maximize our cash flow
from current operations in Las Vegas and Macau through the
implementation of cost savings programs designed to right-size our
global operations; these savings programs are now targeted to
achieve at least US$500 million in annualized cost reductions.
Second, to complete our Marina Bay Sands development in Singapore
in a timely and cost efficient manner. Third, to enhance our
financial flexibility by advancing opportunities that will
increase liquidity and enable us to execute our de-leveraging
strategy.
"The operating performance of our Las Vegas and Macau properties
during the quarter again reflected the relative strength of our
diversified, convention-based business model. Notably, The
Venetian Macao continued to attract large numbers of visitors,
with visits to the property during the second quarter increasing
by 7.1% compared to visits in last year's second quarter while
overall visitation to the Macau market as reported by the Macau
Government decreased by 13.2% during the quarter. This 20
percentage point differential reflects the strong appeal of the
property despite the reported impact of the H1N1 virus on
visitation to the Macau market and The Venetian Macao. Gaming
volumes at The Venetian Macao were up in total, with a notable
increase in slot handle. In Las Vegas, our gaming volumes
remained healthy while RevPAR reflected pricing pressure."
Cost Savings Program Update
Mike Leven, president and COO, stated, "We continue to make
progress in reducing our cost structure and in the implementation
of operating efficiencies across our organization worldwide.
These ongoing efforts have enabled us to continue to produce solid
cash flow across our operations while positioning us to benefit
from meaningful operating leverage when economic conditions
improve. While we have now increased our annualized cost savings
objective to more than US$500 million across our entire
organization, we will continue to seek additional areas where
savings may be achieved. In addition to the US$500 million in
expense savings, we are avoiding over US$100 million of annual
costs on a temporary basis. We expect the US$100 million cost
avoidance savings to erode over time as business conditions
improve.
"With respect to our US$500 million in cost savings programs, as
of June 30, 2009, we have successfully eliminated approximately
69% of these costs from our current expense run rate, or
approximately US$345 million on an annualized basis. We expect to
have implemented 100% of our currently identified savings programs
by December 31, 2009, and to have eliminated these expenses from
our expense base as we enter the calendar year 2010. With respect
to income statement realization of our cost savings programs, we
realized approximately US$100 million of the implemented savings
in our historical financial statements in calendar year 2008, and
we expect to realize approximately US$300 million of savings in
calendar year 2009, including approximately US$70 million that was
realized in the second quarter of 2009. Finally, in calendar year
2010, we expect to realize approximately US$100 million in
additional savings from our initiatives implemented during
calendar year 2009."
About Las Vegas Sands
Las Vegas Sands Corp. -- http://www.lasvegassands.com/-- and its
subsidiaries develop multi use integrated resorts worldwide. It
owns the Venetian resort-hotel-casino and the Sands Expo and
Convention Center in Las Vegas, Nevada; and The Sands Macao Casino
in Macao, the People's Republic of China. Venetian Macao is a
wholly-owned subsidiary of Las Vegas Sands Corp. VML owns the
Sands Macao in the People's Republic of China Special
Administrative Region of Macao and is also developing additional
casino hotel resort properties in Macao.
On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.
================
H O N G K O N G
================
CHEF MARTIN: Court to Hear Wind-Up Petition on September 9
----------------------------------------------------------
A petition to wind up the operations of Chef Martin Yan's Culinary
Arts Center Limited will be heard before the High Court of
Hong Kong on September 9, 2009, at 9:30 a.m.
Wong Kwai Man filed the petition against the company July 6, 2009.
DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------------
The creditors of Dickson Construction (Housing) Limited are
required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.
The company's liquidator is:
Stephen Liu Yiu Keung
c/o 62nd Floor, One Island East
18 Westlands Road, One Island East
Hong Kong
DICKSON (CHINA): Creditors' Proofs of Debt Due on August 7
----------------------------------------------------------
The creditors of Dickson (China) Enterprises Limited are required
to file their proofs of debt by August 7, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Stephen Liu Yiu Keung
c/o 62nd Floor, One Island East
18 Westlands Road, One Island East
Hong Kong
DICKSON PROPERTIES: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------------
The creditors of Dickson Properties Limited are required to file
their proofs of debt by August 7, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Stephen Liu Yiu Keung
c/o 62nd Floor, One Island East
18 Westlands Road, One Island East
Hong Kong
EVER EARTH: Appoints Sutton and Yu as Liquidators
-------------------------------------------------
On June 9, 2009, Roderick John Sutton and Fok Hei Yu were
appointed as liquidators of Ever Earth Limited.
The Liquidators can be reached at:
Roderick John Sutton
Fok Hei Yu
Ferrier Hodgson Limited
Hong Kong Club Building, 14th Floor
3A Chater Road, Central
Hong Kong
EVER UNION: Appoints Sutton and Yu as Liquidators
-------------------------------------------------
On June 9, 2009, Roderick John Sutton and Fok Hei Yu were
appointed as liquidators of Ever Union Enterprises Limited.
The Liquidators can be reached at:
Roderick John Sutton
Fok Hei Yu
Ferrier Hodgson Limited
Hong Kong Club Building, 14th Floor
3A Chater Road, Central
Hong Kong
JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2
------------------------------------------------------------
A petition to wind up the operations of Jade Alliance Limited will
be heard before the High Court of Hong Kong on September 2, 2009,
at 9:30 a.m.
Dah Sing Bank, Limited filed the petition against the company
June 25, 2009.
The Petitioner's solicitors are:
Wilkinson & Grist
Prince's Building, 6th Floor
10 Chater Road, Hong Kong
Telephone: 2524-6011
Facsimile: 2520-2090
JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2
------------------------------------------------------------
A petition to wind up the operations of Jade Alliance Steel
Limited will be heard before the High Court of Hong Kong on
Sept. 2, 2009, at 9:30 a.m.
Dah Sing Bank, Limited filed the petition against the company
June 25, 2009.
The Petitioner's solicitors are:
Wilkinson & Grist
Prince's Building, 6th Floor
10 Chater Road, Hong Kong
Telephone: 2524-6011
Facsimile: 2520-2090
JOYFUL LONG: Court Enters Wind-Up Order
---------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
wind up the operations of Joyful Long International Limited.
KG INTELLIGENT: Court to Hear Wind-Up Petition on September 2
-------------------------------------------------------------
A petition to wind up the operations of KG Intelligent Systems
Limited will be heard before the High Court of Hong Kong on
Sept. 9, 2009, at 9:30 a.m.
The petitioner's solicitors are:
Chris H.M. Yuen & Co.
China Merchants Tower, Shun Tak Centre
Unit 2816, 28th Floor
Nos. 168-200 Connaught Road Central
Hong Kong
PAN SINO: Creditors' and Contributories' Meeting Set for August 6
-----------------------------------------------------------------
The creditors and contributories of Pan Sino International
Holding Limited will hold their meeting on August 6, 2009, at
2:30 p.m. and 3:30 a.m., respectively, at the Official Receiver's
Office, 10th Floor of Queensway Government Offices, in 66
Queensway, Hong Kong.
POWER SOLUTIONS: Creditors and Contributories to Meet Today
-----------------------------------------------------------
The creditors and contributories of Power Solutions Asia Pacific
Limited will hold their meeting today, August 4, 2009, at
10:30 a.m. and 11:30 a.m., respectively, at the Official
Receiver's Office, 10th Floor of Queensway Government Offices, in
66 Queensway, Hong Kong.
PROFESSIONAL TECHNIQUE: Court to Hear Wind-Up Petition on Aug. 19
-----------------------------------------------------------------
A petition to wind up the operations of Professional Technique
Limited will be heard before the High Court of Hong Kong on
Aug. 19, 2009, at 9:30 a.m.
Kong Yi Ching filed the petition against the company June 9, 2009.
The Petitioner's solicitors are:
Yip, Tse & Tang
China Overseas Building, 20th Floor
No. 139 Hennessy Road
Wanchai, Hong Kong
ROCKWAY TECHNOLOGY: Court to Hear Wind-Up Petition on September 9
-----------------------------------------------------------------
A petition to wind up the operations of Rockway Technology Limited
will be heard before the High Court of Hong Kong on Sept. 9, 2009,
at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on July 8, 2009.
The Petitioner's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
UNIRISE DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
On September 16, 2008, the High Court of Singapore entered an
order to wind up the operations of Unirise Development Limited.
Tsui Ka Kui and Wong Yin Yee are the company's provisional
liquidators.
=========
I N D I A
=========
ARCOY BIO-REFINERY: ICRA Puts 'LBB' Rating on INR440MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR440 million term loans
and the INR120 million fund-based limits of Arcoy Bio-Refinery
Private Limited, indicating inadequate-credit-quality.
The rating is constrained by the project implementation risks
associated with the greenfield venture; risk associated with
commercialization of a new process; risks on account of shortage
of feedstock in the near term such as bagasse due to lower
sugarcane production; commodity risks associated with its
business; susceptibility of its profitability to import duty
levels and exchange rates and high working capital intensity due
to seasonal availability of bagasse. The ratings are further
constrained by high gearing levels expected over the medium term
due to the project nature of the company and sizeable capex in
relation to the existing operations of the Arcoy group. The
rating has factored in the favorable demand potential for furfural
alcohol in the domestic market; exclusive rights for the use of
the SupraYield technology in India and long term purchase
agreement for bagasse with the sugar co-operatives at a reasonable
price for the next three years.
About Arcoy Bio-refinery
Arcoy Bio-refinery Private Limited was incorporated in March 2007
by the Arcoy group to manufacture furfural and its derivative
furfural alcohol primarily from bagasse. The main business of the
group is provision of anti-corrosive solutions to various
industrial sectors apart from water softeners and purifiers and
financing activities. The 11000 MTPA plant for manufacturing
furfural is being set up at a total project cost of INR850 million
and is expected to start commercial production by October 2009.
ARVIND MOTORS: ICRA Assigns 'LBB+' Rating on INR125MM Bank Limits
-----------------------------------------------------------------
ICRA has assigned an LBB+ rating indicating inadequate-credit-
quality in the long term to the INR125 million fund based bank
limits of Arvind Motors Private Limited.
The rating takes into account AMPL's long operational track record
and its established market position among Tata Motors dealers in
the state of Karnataka. The rating is, however, constrained by
the competitive nature of business and the current slowdown being
witnessed by the commercial vehicles industry which has adversely
affected its margins and profitability. Moreover, while assigning
the rating ICRA has taken into consideration its relatively high
gearing levels and its weak debt protection indicators as
indicated by interest coverage ratio of 1.4 times and net cash
accruals to debt of 4.61% in FY2008-09.
Arvind Motors Private Limited was established in 1954 in Mangalore
as a partnership firm (converted into a private limited company in
1999) and is the authorized dealer for commercial vehicles for
Tata Motors Limited. The Company has a wide spread network of
branches and sales outlets in the state of Karnataka. Beginning
with the first branch at Mangalore in 1954, AMPL currently has
eight branches and eight sales outlets at various locations in
Karnataka including Mangalore and Bangalore. Apart from AMPL,
other group companies have a strong presence in automotive sector
namely Mandovi Motors Pvt. Ltd. (largest dealer of Maruti Suzuki
cars in Karnataka) and Supreme Auto Pvt. Ltd. (having dealership
of Bajaj Auto Ltd.).
As per provisional numbers provided by the company, it posted a
PAT of 9.8 million over operating income of INR2514.1 million in
FY2008-09.
HIRAN ORGOCHEM: Delays in Servicing Loan Cue CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Hiran Orgochem Ltd.
Facilities Ratings
---------- -------
INR400.0 Million Cash Credit D (Assigned)
INR39.6 Million Rupee Term Loan D (Assigned)
INR120.4 Million Foreign Currency D (Assigned)
Term Loan
INR580.0 Million Letter of Credit P5 (Assigned)
and Bank Guarantee
INR10.0 Million Proposed Short-Term P5 (Assigned)
Bank Facility
The ratings reflect the fact that the HOL's cash credit facility
remained overdrawn for more than 30 consecutive days, and the
delays in servicing of the foreign currency term loan. The term
loan has now been rescheduled.
About Hiran Orgochem
Promoted by Mr. Kantilal Hiran in 1983, HOL is engaged in the
business of manufacturing active pharmaceutical ingredients and
trading APIs, syrups, tablets, and chemicals. For the three
months ended in June 31, 2009, HOL reported a provisional profit
after tax (PAT) of INR18.9 million on net sales of INR400.7
million, against a PAT of INR7.7 million on net sales of INR410.4
million in the previous year.
MEDI PHARMA: CRISIL Assigns 'BB+' Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Medi Pharma Drug House.
Facilities Ratings
---------- -------
INR150.00 Million Cash Credit* BB+/Stable (Assigned)
INR450.00 Million Letter of Credit** P4 (Assigned)
*Fully interchangeable with letter of credit
**Includes sub-limit of short-term foreign currency loan
for INR180 million
The ratings reflect Medi Pharma's exposure to risks relating to
fluctuations in the prices of drugs and in the value of the Indian
rupee, its moderate financial risk profile, and the concentration
in its supplies from China. These weaknesses are partially offset
by the benefits that Medi Pharma derives from its established
market position, and its promoters' experience in the bulk drugs
trading business and track record of equity infusion.
Outlook: Stable
CRISIL believes that Medi Pharma will continue to benefit from its
established market position in the bulk drugs trading business,
and longstanding relationships with its vendors; however, the
firm's financial risk profile is likely to remain moderate because
of its large working capital requirements. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves significantly, aided by higher cash accruals and
accretion to reserves, or significant fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' if the firm's
capital structure deteriorates due to large incremental working
capital requirements or deterioration in its operating margins.
About Medi Pharma
Medi Pharma, promoted by Mr. Manharlal V Sanghavi, trades in bulk
drugs. The firm sources most of the drugs from China, and sells
them to pharmaceutical companies in India. Medi Pharma reported a
profit after tax (PAT) of INR9.16 million on net sales of
INR1137.58 million for the year ended March 31, 2008, as against a
PAT of INR7.08 million on net sales of INR972.52 million for the
year ended March 31, 2007.
NANDI VARDHANA: ICRA Rates INR219MM Fund Based Facilities at 'LBB'
------------------------------------------------------------------
ICRA has assigned LBB rating indicating inadequate-credit-quality
to INR219.0 million fund based facilities of Nandi Vardhana
Textile Mills Limited. ICRA has also assigned an A4 rating to
INR24.0 million fund based/non-fund based facilities of NVTML.
A4 rating category indicates risk-prone-credit-quality in the
short term.
The assigned ratings factor in company's weak financial risk
profile characterized by stretched coverage indicators,
irregularities in debt repayment and vulnerability to high degree
of competition given the small scale of its operations and
commoditized nature of the cotton yarn. The ratings however,
favorably factor in promoters' experience in cotton ginning and
the location advantage on account of close proximity to a major
cotton growing area. ICRA draws comfort from the reduced
repayment obligations post reschedulement of term loans in
July 2009.
Nandi Vardhana Textile Mills Limited incorporated by the Rao
family in 2005, is engaged in production of 100% grey cotton yarn
with the average count of 40s. NVTML has spinning facilities
located in Guntur (Andhra Pradesh). NVTML commenced operations
from November 2006 with 3,600 spindles and subsequently increased
its production capacity to 12,000 spindles in October 2007. The
company is planning to further increase its total installed
capacity to 18,048 spindles by adding 6,048 spindles at an
investment of around INR70 million.
PIONEER WINCON: Default in Loan Repayment Spurs CRISIL 'D' Rating
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Pioneer Wincon Pvt Ltd.
Facilities Ratings
---------- -------
INR375.00 Million Cash Credit D (Assigned)
INR200.00 Million Letter of Credit P5 (Assigned)
The ratings reflect the default by PWPL in its repayment of term
loan obligations, owing to weak liquidity.
About Pioneer Wincon
Pioneer Wincon Pvt Ltd, promoted by the Pioneer Asia Group,
Sivakasi, was set up in 1996. PWPL manufactures windmills in the
250 kilo watt (KW) segment and also undertakes turnkey projects in
setting up the same. For the year ended March 31, 2009, PWPL
posted a provisional net loss of INR30 million on net sales of
INR890 million; it reported a Profit After Tax (PAT) of INR20
million on net sales of INR1.48 billion for the year ended
March 31, 2008.
SITARAM SPINNERS: CRISIL Places 'BB' Rating on INR54MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the various bank
facilities of Sitaram Spinners Pvt Ltd.
Facilities Ratings
---------- -------
INR54.00 Million Cash Credit BB/Stable (Assigned)
INR196.00 Million Term Loan BB/Stable (Assigned)
The ratings reflect SSPL's exposure to volatility in cotton prices
and weak financial profile marked by working capital intensive
nature of operations. However, these weaknesses are partially
offset by the benefits that the company derives from its healthy
operating efficiencies.
Outlook: Stable
CRISIL expects SSPL to maintain operating efficiency by fully
utilising its capacities, and thereby improving cash flows. The
outlook may be revised to 'Positive' if SSPL's financial risk
profile improves substantially while it maintains steady
improvement in margins. Conversely, the outlook may be revised to
'Negative' in the event of under-utilisation in capacities, or
launch of large, debt-funded capital expenditure.
About Sitaram Spinners
Incorporated in December 2005, SSPL manufactures cotton yarn. Its
unit at Medak (Andhra Pradesh) commenced operations in April 2008
with 14400 spindles. The yarn it manufactures ranges from 20 to
44 in count. The Company sold 100% of its production in the
domestic market.
STAR DIAM: CRISIL Rates INR75MM Bill Discounting Facility at 'P4'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to INR75 million bill
discounting facility of Star Diam. The rating reflects Star
Diam's exposure to risks relating to volatility in its revenue
profile, with high debtors and customer concentration. These
weaknesses are partially offset by the benefits that Star Diam
derives from the experience of its promoters in the diamond
industry.
Star Diam is part of the Kanani group, which trades in and
manufactures diamonds. The group has been engaged in the diamond
industry for the past three decades through group concern, Kanani
Exports. Star Diam was set up in 2006 by Mr. Premjibhai Kanani
and Mr. Alpesh Kanani to trade in and manufacture diamonds. In
2008, the firm started manufacturing diamond-studded jewellery.
The firm has a manufacturing unit at Surat (Gujarat), and exports
to clients in Hong Kong and Dubai.
Star Diam reported a profit after tax (PAT) of INR217 million on
net sales of INR1322 million for the year ended March 31, 2008, as
against a PAT of INR1471 million on net sales of INR245 million
for the year ended March 31, 2007.
STAR DRUGS: Delays in Loan Payment Prompt CRISIL 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Star Drugs and Research Labs Ltd , as the company has delayed the
payment of its term loan installment.
Facilities Ratings
---------- -------
INR85 Million Cash Credit D (Assigned)
INR330 Million Long-Term Loan D (Assigned)
INR30 Million Letter of Credit/ P5 (Assigned)
Bank Guarantee
INR5 Million Stand-by line of P5 (Assigned)
Credit
About Star Drugs
Incorporated in 1992 by Mr. K. A. Hafeez, Mr. K. A. Salam and
Mr. K. A. Matheem; Star Drugs manufactures small-volume
parenterals. The company's facilities at Hosur have received
World Health Organization - Good Manufacturing Practice approvals.
Star Drugs is estimated to have posted a profit after tax of about
INR3.5 million on net sales of INR264 million for the year ended
March 31, 2009, against INR2.7 million and INR230 million,
respectively, in the prior year ended March 31, 2008.
* INDIA: Private Airlines Call off Planned August 18 Strike
-----------------------------------------------------------
Bloomberg News reports that Jet Airways (India) Ltd., Kingfisher
Airlines Ltd. and other non-state carriers seeking government aid
called off plans to halt flights for a day, averting a protest
that threatened to cripple India's air travel.
The planned suspensions, scheduled for Aug. 18, have been “put on
hold” because of public opposition and a government offer of
talks, Bloomberg cited the Federation of Indian Airlines in an
e-mailed statement.
Jet Air, Kingfisher and other Indian carriers, which had combined
losses of INR100 billion in the year ended March 31, have called
for government's help as they struggle amid slowing economic
growth and weak travel demand, the report says.
According to Bloomberg, the carriers want the government to cut
taxes on aviation fuel and reduce charges levied by state-owned
Airports Authority of India to help reduce losses.
Meanwhile, The Times of India says Civil Aviation minister Praful
Patel Monday ruled out any kind of bailout for private airlines or
for the state-owned carrier Air India.
"There is no question of a financial bailout for private airlines.
We are not even bailing out Air India, which is owned by the
government," the Times quoted Mr. Patel as saying. "But we will
try to help them (the carriers), in every possible way as it is an
important sector."
=========
J A P A N
=========
GIFU BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
---------------------------------------------------------
Japan Credit Rating Agency, Ltd., has affirmed the BBB-/Stable and
the BB+ rating on senior debts and subordinated bonds of the
issuer.
Issues Issue Coupon
Facilities Amount Date Due Date Rating
---------- ------ ----- -------- ------
Subordinated
callable bonds no.1 JPY1.5BB 3/16/06 3/16/16* BB+
(private placement)
Subordinated floating JPY1.5BB 3/16/06 3/16/16* BB+
rate callable bonds
no.2 (private placement)
*3.82% per annum until March 16, 2011. It will switch to 6M
Euroyen LIBOR + 4.00% after that date.
**6M Euroyen LIBOR + 2.50% until March 16, 2011. 6M Euroyen
LIBOR + 4.00% after that date.
Rationale
The Gifu Bank Ltd. is a second regional bank and is headquartered
in Gifu City. The Bank's funds total approximately JPY700 billion
and its main operating territories are Gifu Prefecture and a part
of Aichi Prefecture. The Bank entered into a business and capital
tie-up agreement with The Juroku Bank, Ltd. in January 2009 and
joint development of financial products and services and exchange
of human resources are underway in accordance with the agreement.
JCR said that the Bank's profitability on a net operating profit
on core banking operations basis declined significantly, as loan
and deposit volume decreased and profit margin fell.
The Bank posted a significant amount of net loss because of
impairment losses resulting from falling share prices and
increased credit costs in FY 2008 ended March 31, 2009. Although
the Bank maintains a certain capital level as a result of capital
contribution by The Juroku Bank, Ltd., there is much room for
improvement in the quality of the Bank's capital. Therefore its
issue is whether it can halt a further deterioration in its
capital level by maintaining its fundamental profitability and
constraining credit costs. Although the Bank considers its
management integration with The Juroku Bank, Ltd. as "one of its
available options in line with the business tie-up with The Juroku
Bank, Ltd," the management integration is uncertain and is not
incorporated into the ratings.
GODO KAISHA: Moody's Changes Ratings on Class D Notes to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has changed the rating of the Class D
Note issued by Godo Kaisha JLOC38. The note's final maturity
falls in April 2016.
-- Class D, downgraded to Ca from Caa3; previously, downgraded
to Caa3 from B2 on January 13, 2009
JLOC38, effected in September 2007, represents the securitization
of 34 non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.
The rating action was prompted by a Special Servicing Report dated
July 30, 2009, that Moody's received from the Servicer, and
reflects the final recovery from a Specially Serviced Loan.
METALDYNE CORP: U.S. Court OKs Hephaetus as Stalking Horse Bidder
-----------------------------------------------------------------
Metaldyne Corp. said the U.S. Bankruptcy Court for the Southern
District of New York has approved Hephaetus Holdings, Inc. as
stalking horse bidder for its powertrain operations.
Metaldyne said HHI's bid is superior for lack of contingencies.
RHJ International was originally expected to become the stalking
horse bidder with its US$100 million offer, which included US$25
million in cash, a US$50 million note, and a US$20 million note
owed
by a German subsidiary and debt assumption. The deal with RHJ,
however, llowed it to back out of the contract if the financial
investigation wasn't completed to its satisfaction by July 2.
RHJ has confirmed that its contract to be lead bidder was
terminated. However, it did not discount the possibility that it
may elect to participate in the auction scheduled to be held on
August 5, 2009.
The HHI offer is US$78 million cash. HHI, a portfolio company of
KPS Capital Partners LP with other automotive holdings, has
submitted a binding proposal for all of Metaldyne's Sintered
Products, European Forgings and Vibration Controls Products
operations located in Europe, Asia, Brazil, Mexico and the U.S.
In addition, HHI, through an affiliate, has agreed to purchase the
company's Bluffton, Ind.; Litchfield, Mich., and, subject to
certain conditions, the Twinsburg, Ohio, plant. KPS Capital
Partners will provide HHI with a significant additional cash
investment to support letters of credit and working capital needs
of the Powertrain businesses post closing.
HHI, through its Jernberg Holdings Inc., Impact Forge Group Inc.
and Kylos Bearing International Inc. subsidiaries, is an
independent manufacturer of forged parts and wheel bearings for
the North American automotive industry
As reported by the TCR on July 21, Metaldyne asked the Bankruptcy
Court to reschedule the bidding deadline from July 23 to Aug. 3;
and the auction date from July 24 to Aug. 5.
About Metaldyne Corporation
Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments. Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.
On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne. On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units. RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.
The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.
Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412). The filing did not
include the company's non-U.S. entities or operations. Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts. Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent. For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.
METALDYNE CORP: PBGC Moves to Protect Pensions
----------------------------------------------
The Pension Benefit Guaranty Corporation said July 31 it will take
responsibility for the underfunded pension plan covering about
10,770 workers and retirees of Metaldyne Corp.
The agency's move comes ahead of a series of asset sales while the
company operates under Chapter 11 bankruptcy protection. None of
the proposed transactions includes assumption of the pension plan.
If the PBGC delayed action until after the sales close, no entity
would remain to finance or administer the pension plan, and the
possibility of recovering on the agency's claims for unfunded
pension liabilities would be severely diminished.
The Metaldyne Corporation Pension Plan is about 53 percent funded,
with assets of $177 million to cover benefit liabilities of $334
million, according to PBGC estimates. The agency expects to be
responsible for $153 million of the $157 million shortfall.
The PBGC will take over the assets and use insurance funds to pay
guaranteed benefits earned under the pension plan, which ends on
July 31, 2009. Retirees and beneficiaries will continue to
receive their monthly benefit checks without interruption, and
other participants will receive their pensions when they are
eligible to retire.
After the agency becomes trustee, notification letters will be
sent to all participants in the Metaldyne pension plan. Under
provisions of the Pension Protection Act of 2006, the maximum
guaranteed pension the PBGC can pay is determined by the legal
limits in force on the date of the plan sponsor's bankruptcy.
Therefore participants in this pension plan are subject to the
limits in effect on May 27, 2009, which set a maximum guaranteed
amount of $54,000 a year for a 65-year-old.
The maximum guaranteed amount is lower for those who retire
earlier or elect survivor benefits. In addition, certain early
retirement subsidies and benefit increases made within the past
five years may not be fully guaranteed.
Workers and retirees with questions may consult the PBGC Web site,
www.pbgc.gov or call toll-free at 1-800-400-7242. For TTY/TDD
users, call the federal relay service toll-free at 1-800-877-8339
and ask for 800-400-7242.
Retirees of Metaldyne who draw a benefit from the PBGC may be
eligible for the federal Health Coverage Tax Credit. Further
information may be found on the PBGC Web site at
http://www.pbgc.gov/workers-retirees/benefits-information/content/
page13692.html
Assumption of the plan's unfunded liabilities will increase the
PBGC's claims by $153 million and was not previously included in
the agency's fiscal year 2008 financial statements.
The PBGC is a federal corporation created under the ERISA. It
currently guarantees payment of basic pension benefits earned by
44 million American workers and retirees participating in over
29,000 private-sector defined benefit pension plans. The agency
receives no funds from general tax revenues. Operations are
financed largely by insurance premiums paid by companies that
sponsor pension plans and by investment returns.
About Metaldyne Corporation
Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments. Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.
On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne. On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units. RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.
The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.
Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412). The filing did not
include the company's non-U.S. entities or operations. Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts. Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent. For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.
ORSO FUNDING: S&P Affirms Ratings on Various 2005-2 Certificates
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Orso
Funding CMBS 2005-2 Trust's class D to G trust certificates and
removed the ratings on these classes from CreditWatch with
negative implications, where they were placed on July 6, 2009. At
the same time, S&P affirmed the ratings on the class A to C and X
trust certificates.
Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010. Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes D to G of Orso Funding CMBS 2005-2 Trust, on
CreditWatch with negative implications.
The two remaining underlying loans of this transaction are due to
mature by the end of August 2010, and as such were subject to the
review. One of the loans is a "loan considered to be in default"
as stated in the aforementioned report. Accordingly, Standard &
Poor's reviewed the property management report and interviewed the
servicer concerning that loan.
Based on its review, Standard & Poor's has maintained the initial
ratings on the tranches relating to this transaction because: (1)
the net cash flow of the collateral property backing the "loan
considered to be in default" exceeds S&P's initial estimate.
Since S&P believes that the net cash flow of S&P's initial
estimate can be maintained, no haircut has been applied; (2) as no
haircut for net cash flow has been applied, S&P expects any
potential decline in the value of the collateral property to be
limited, even if S&P applies a stressed cap rate; and (3) S&P
understands that a new sponsor is likely to take over from the
sponsor of the "loan considered to be in default", who has filed
for civil rehabilitation. Accordingly, S&P affirmed its ratings
on the class D to G trust certificates. In addition, with regard
to the property relating to the other aforementioned loan maturing
in August 2010, there is a certain degree of tenant concentration
risk. Even so, since S&P understands that none of the tenants
have indicated that they want to move, S&P does not regard cash
flow as a major potential source of risk at this point.
This is a multi-borrower CMBS transaction originally backed by
nonrecourse loans and specified bonds to seven borrowers, which
were ultimately secured by 11 real estate properties. This
transaction was arranged by Bear Stearns (Japan) Ltd. Tokyo
Branch. Premier Asset Management Co. acts as the servicer for
this transaction.
Ratings Affirmed, Off Creditwatch Negative
Orso Funding CMBS 2005-2 Trust
JPY20.61 billion commercial real estate-backed trust certificates
due July 2012.
Class To From Initial Issue Amount Coupon Type
----- -- ---- -------------------- -----------
D BBB BBB/Watch Neg JPY2.4 bil. Floating rate
E BB BB/Watch Neg JPY2.7 bil. Floating rate
F BB- BB-/Watch Neg JPY0.2 bil. Floating rate
G B+ B+/Watch Neg JPY0.21 bil. Floating rate
Ratings Affirmed
Class Rating Initial Issue Amount Coupon Type
----- ------ -------------------- -----------
A AAA JPY10.6 bil. Floating rate
B AA JPY2.3 bil. Floating rate
C A JPY2.2 bil. Floating rate
X AAA JPY20.61 bil.*
* Notional principal
The issue date was July 27, 2005.
ORSO FUNDING: S&P Downgrades Ratings on Various Classes of Certs.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Orso
Funding CMBS 5 Trust's class C to F trust certificates and removed
the ratings from CreditWatch with negative implications. At the
same time, Standard & Poor's affirmed its rating on the class B
trust certificates and removed it from CreditWatch with negative
implications. The ratings on classes B to F had previously been
placed on CreditWatch negative on July 6. Meanwhile, Standard &
Poor's also affirmed its ratings on the class A and X trust
certificates.
Two of the transaction's underlying loans (representing a combined
26.3% or so of the initial issuance amount of the trust
certificates) have defaulted, and the servicer has formulated a
collection plan. Collection procedures relating to the sale of
the collateral properties backing the two aforementioned loans are
progressing. Standard & Poor's downgraded classes C to F in light
of its view of the likely recovery amount from the sale of the
collateral properties, based on various information, including
information provided in the servicer's collection plan.
Standard & Poor's intends to continue to monitor the recovery
prospects of the properties that back the aforementioned defaulted
loans and the performance of the other remaining underlying loans
backing this transaction.
This is a CMBS transaction originally backed by seven nonrecourse
loans, which were ultimately secured by 43 real estate properties.
This transaction was arranged by Bear Stearns (Japan) Ltd. Tokyo
Branch. Premier Asset Management Co. acts as the servicer for
this transaction.
At this point, Standard & Poor's has affirmed its rating on class
X. Notwithstanding this, S&P is considering amending the rating
methodology for interest-only certificates, which include class X
of this transaction. If the proposal is adopted, it could affect
the rating on class X.
Ratings Lowered, Off Creditwatch Negative
Orso Funding CMBS 5 Trust
JPY33.25 billion commercial real estate-backed trust certificates
due February 2013
Class To From Initial Issue Amount
----- -- ---- --------------------
C A- A/Watch Neg JPY3.8 bil.
D BB+ BBB/Watch Neg JPY3.9 bil.
E B- BB-/Watch Neg JPY3.7 bil.
F CCC B/Watch Neg JPY0.25 bil.
Rating Affirmed, Off Creditwatch Negative
Class To From Initial Issue Amount
----- -- ---- --------------------
B AA AA/Watch Neg JPY3.9 bil.
Ratings Affirmed
Class Rating Initial Issue Amount
----- ------ --------------------
A AAA JPY17.7 bil.
X AAA JPY33,250,000,000*
* Notional principal
The issue date was Aug. 21, 2006.
* JAPAN: S&P Downgrades Ratings on Nine Tranches From Eight CDOs
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
tranches relating to eight Japanese synthetic CDO transactions and
kept the ratings on CreditWatch with negative implications. At
the same time, Standard & Poor's raised its ratings on two
tranches relating to two Japanese synthetic CDO transactions and
removed the ratings from CreditWatch with positive implications.
In addition, Standard & Poor's affirmed its ratings on nine
tranches relating to nine Japanese synthetic CDO transactions and
removed them from CreditWatch with positive implications.
The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.
The ratings assigned here are based on S&P's criteria for rating
synthetic CDOs. As recently announced, however, this criteria is
under review. S&P solicited feedback from market participants
with regard to proposed changes to S&P's collateralized loan
obligation and synthetic CDO criteria. S&P will evaluate the
market feedback, which may result in changes to the criteria. Any
such criteria changes may affect the rating(s) on the notes
affected by the rating actions.
Ratings List
Corsair (Jersey) No. 2 Ltd.
Floating rate secured portfolio credit-linked series 52
(Portfolio F360)
To From Issue Amount
-- ---- ------------
B/Watch Neg B+/Watch Neg JPY1.0 bil.
Eirles Two Ltd.
Portfolio credit linked secured notes series 310
Class To From Issue Amount
----- -- ---- ------------
A B/Watch Neg B+/Watch Neg JPY5.0 bil.
B CCC/Watch Neg CCC+/Watch Neg JPY1.0 bil.
Hummingbird Securitisation Ltd.
Series 2 loan
Class To From Issue Amount
----- -- ---- ------------
#2 Loan B-/Watch Neg B/Watch Neg JPY3.0 bil.
J-Bear Funding Ltd.
Limited recourse secured floating rate portfolio
credit-linked notes (Series 31)
To From Issue Amount
-- ---- ------------
CCC+/Watch Neg B-/Watch Neg JPY3.0 bil.
Momentum CDO (Europe) Ltd.
SONATA fixed-rate notes series 2006-10
Class To From Issue Amount
----- -- ---- ------------
AX CCC CCC-/Watch Pos EUR20.0 mil.
SONATA floating rate notes series 2006-11
Class To From Issue Amount
----- -- ---- ------------
AF CCC+ CCC/Watch Pos $6.0 mil.
Omega Capital Investments PLC
Floating rate note series 7
Class To From Issue Amount
----- -- ---- ------------
A AA+/Watch Neg AAA/Watch Neg JPY3.0 bil.
Series 16 secured floating rate notes
Class To From Issue Amount
----- -- ---- ------------
A BBB-/Watch Neg BBB/Watch Neg JPY2.0 bil.
Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan 2005-3
To From Issue Amount
-- ---- ------------
AA/Watch Neg AA+/Watch Neg JPY4.0 bil.
Class A secured floating rate credit-linked notes series 2005-06
To From Issue Amount
-- ---- ------------
BB pNRi/Watch Neg BB+pNRi/Watch Neg JPY3.0 bil.
Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes
series 2 class B1-U
To From Issue Amount
-- ---- ------------
BB- BB-/Watch Pos $70.0 mil.
Limited recourse secured floating-rate credit-linked notes
series 5 class C1-J
To From Issue Amount
-- ---- ------------
B+ B+/Watch Pos JPY1.0 bil.
Limited-recourse secured variable return combination
credit-linked notes series 6 class B3-U
To From Issue Amount
-- ---- ------------
BB-pNRi BB-pNRi/Watch Pos $14.0 mil.
Limited recourse secured floating rate credit-linked notes
series 7 class A1-U
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos $0.1 mil.
Limited recourse secured floating-rate credit-linked notes
series 10 class A1-E
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos EUR10.0 mil.
Series 13 limited recourse secured fixed rate credit-linked notes
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos S$8.064 mil.
Series 14 limited recourse secured fixed rate credit-linked notes
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos S$8.5 mil.
Series 15 limited recourse secured fixed-rate credit-linked notes
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos S$8.0 mil.
Series 16 limited recourse secured fixed-rate credit-linked notes
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Pos S$9.0 mil.
=========
K O R E A
=========
GENERAL MOTORS: GM Daewoo Sales Down 43.2% in July
--------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Corp., said Monday its auto sales in July plunged 43.2%
from a year ago to 45,064 units, Yonhap News Agency reports.
Citing GM Daewoo in a statement, the news agency says exports
plummeted 46.5% to 35,726 units and domestic sales fell 26% to
9,338 units last month.
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
====================
N E W Z E A L A N D
====================
PACIFIC BRANDS: Shuts Two Plants in New Zealand; 92 Jobs Affected
-----------------------------------------------------------------
Pacific Brands Ltd. has finally closed its Palmerston North site
on July 30 and its Christchurch sock factory on July 31.
The move comes after the Company announced last month that despite
its efforts, a sale had not been able to be achieved for
Palmerston North, and that it had secured a buyer of the raw
materials and some machinery to enable the ongoing manufacture of
the contracts socks business in Christchurch.
Pacific Brands said it has developed, in conjunction with the
union, an extensive retraining program available to all 46 workers
at each site being made redundant. The program involves funding
provided by Pacific Brands which is available for retraining in
areas likely to result in employment.
Ross Taylor, Group General Manager, Underwear and Hosiery, said in
a statement that 70% of these workers have chosen to enroll in
courses fully funded by Pacific Brands, in areas such as Licenses
for Forklifts or Heavy Vehicles, small business courses, IT
learning courses, welding courses, event management and first aid
certification.
"We will continue to enroll staff within courses that will best
position them to secure employment once they leave Pacific
Brands," Mr. Taylor said.
As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2009, The Press said that Pacific Brands was proposing to
sell its Palmerston North factory and close its Christchurch sock
factory in New Zealand. The Press said the company's two
factories are due to close between July and September.
The TCR-AP, citing Bloomberg News, reported on Feb. 26, 2009, that
Pacific Brands obtained a six-month extension to repay AU$330
million (US$215 million) of debt. The extended debt is part of
the company's AU$550 million debt due in February 2010, Bloomberg
News related.
Bloomberg News said with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories. The company had
8,126 employees at June 30, according to data compiled by
Bloomberg.
The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.
In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2% of revenue, Bloomberg News disclosed.
In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.
About Pacific Brands
Based in Australia, Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/-- is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets. All products are sold predominantly
throughout the Asia-Pacific region. The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe. The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other. In June 2008, the company sold its New Zealand foams,
flooring and bedding business.
PROVENCOCADMUS LTD: ANZ Appoints KordaMentha as Receivers
---------------------------------------------------------
ANZ National Bank has appointed Michael Stiassny and Brendon
Gibson at KordaMentha joint and several receivers of
ProvencoCadmus Limited.
The directors of the Company on Monday asked ANZ National Bank to
appoint receivers to the Company, as the Company will not have
sufficient funds to meet its working capital requirements.
"An unsustainable debt burden, sluggish investment and product
markets and a weaker than expected trading performance has
combined to stop the company from achieving the strategic
objectives set by the Board," ProvencoCadmus said in a statement.
The decision came after a period of major restructuring,
redundancies and asset sales in an effort to reduce debt and
improve profitability in a weakening market for all the group's
major businesses, International retail oil automation, Payments
technology and Vantex.
The Chairman Mr. Rick Christie said that the last 6 months had
been especially difficult for the Board and management as the
company strived to achieve the restructuring initiatives, with
revenues in the May to July period being less than budget, putting
added strain on cash, which in turn meant even product supplies to
meet current orders could not be secured. Further restructuring
also became constrained by funding issues.
Debt
Following recent asset sales the group still holds NZ$45 million
of debt, in the form of bank debt and capital notes, taken on
during a period of strong growth and development in a buoyant
market. This has now become unsustainable, with interest costs
over the last year exceeding NZ$6 million, putting added strain on
the group's cash position. The relationship throughout with debt
holders has been consultative and collaborative which is
acknowledged by the Board.
Merger
The merger was vital to the future of the both Provenco and
Cadmus, however even though the anticipated cost savings prior to
the merger were well exceeded once the merger was implemented,
(NZ$20 million vs. NZ$7.9 million); by the time it was finally
consummated, through the plethora of regulatory compliance steps
and merger costs; market expectations were looking weaker. Post
the Vantex sale and restructuring the merged company had a
significantly lower cost structure and was better placed to face
the challenges of the market environment; however, it still faced
a very high cost burden by being a listed entity and continued to
incur costs to restructure the company.
Recapitalization
The Company said it has always been the intention to recapitalize
the group, and various strategies have been developed; however
poor trading performance in recent months, a weak capital market
and the complexity of the merged company combined to thwart
progress. Interest in the group's core payments business has been
strong, and still is, but investors were reluctant to invest in
the listed company with its complex debt structure and corporate
costs burden.
Shareholder Support
The independent directors acknowledge the strong support of the
company's largest shareholders -- Todd Capital holding 12.6% and
Tahia Investments holding 6.0% -- in their efforts to find a
solution. In addition to the NZ$8 million of additional funding
provided last year, they have made a major contribution to the
collective efforts of the Board, advisers and management over the
past 18 months. Although further requests for support for working
capital, over the past week were declined by the largest
shareholders, the Board is not critical of this, as overall their
support for the company has been manifold and constant both via
the Board itself and in a technical advisory sense.
About ProvencoCadmus
Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions. In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry. It has operations
in 25 countries across five continents. On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.
=====================
P H I L I P P I N E S
=====================
WESTLINK GLOBAL: PSE Suspends Firm from Trading Due to Insolvency
-----------------------------------------------------------------
The Philippine Stock Exchange suspended Westlink Global Equities
Inc. from the trading floor due to its shortfall in capital and
net liquidity versus the minimum requirements for active trading
participants, the Philippine Daily Inquirer reports.
The report, citing PSE vice president Joseph San Pedro in a
memorandum, says WGEI would be barred from trading stocks on the
local bourse starting August 3 until it has complied with the
minimum risk-based capital adequacy ratio and net liquid capital
required by the Securities and Exchange Commission.
According to the Inquirer, Mr. San Pedro said the risk-based
capital adequacy of the brokerage house stood at -22% as against
the minimum requirement of 110% as of end-June this year.
The Inquirer says Mr. San Pedro noted that WGEI's net liquid
capital showed a negative PHP1.27 million versus the minimum
requirement of a positive PHP5 million, resulting in a net liquid
capital deficiency of PHP6.27 million.
According to the report, stockbrokers are now required to beef up
their unimpaired capital from PHP10 million to at least PHP20
million by the end of this year and further to PHP30 million by
end-2010 to be able to continue trading.
Based on PSE estimates, the report states, only 54 out of 133
active trading participants in the exchange are likely to fall
below the PHP20-million minimum requirement by year's end.
According to the report, the new rules approved by the SEC also
require the trading participants to pledge their trading right to
the extent of their full value to secure payment of all debts and
liabilities due to clients, the government and the exchange.
Westlink Global Equities Inc. is a brokerage firm based in the
Philippines. The firm is owned by businessman William Gatchalian.
=================
S I N G A P O R E
=================
DILMUN NAVIGATION: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------------
Dilmun Navigation (Singapore) Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 31, 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
ENG CHEONG: Creditors' Proofs of Debt Due on August 14
------------------------------------------------------
Eng Cheong Peng Kee Pte. Limited., which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by August 14, 2009, to be included in the company's dividend
distribution.
The company's liquidators are:
Gautam Banerjee
Deborah Tan Yang Sock
c/o PricewaterhouseCoopers LLP
8 Cross Street #17-00
PWC Building
Singapore 048424
KGTE PTE: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------
KGTE Pte. Ltd., which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by August 20,
2009, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on July 23, 2009.
The company's liquidator is:
Mitani Masatoshi
c/o 89 Short Street
#04-09 Golden Wall Centre
Singapore 188216
SATNAM-IT SOLUTIONS: Court Enters Wind-Up Order on July 17
----------------------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
wind up the operations of Satnam-it Solutions Pte Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
SIRIUS MULTIMEDIA: Creditors' First Meeting Set for August 5
------------------------------------------------------------
Sirius Multimedia Pte Ltd, which is in provisional liquidation,
will hold a first meeting for its creditors on August 5, 2009, at
4:00 p.m.
The company's liquidator is:
Lau Chin Huat
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
===========
T A I W A N
===========
FAR EASTERN: Expects to Resume Flights in October
-------------------------------------------------
The Far Eastern Air Transport Corp. expects to resume flights by
October, although approval from the Civil Aeronautics
Administration is still pending, China Post reports, citing a CAA
spokesman. The carrier is currently under restructuring after
suspending all its flights since May 2008 due to financial
troubles.
The report says FEAT has been conducting aircraft inspection and
maintenance at Sungshan Airport in Taipei since early July. FEAT
also asked more than 80 of its staff to report for work in
mid-June, the Post notes.
The spokesman, as cited by the Post, said FEAT is renting
facilities at the airport from the administration's Taipei
Aviation Station at a cost of NT$1.6 million (US$48,837) per
month.
According to the report, the CAA spokesman said that while the
administration has rescinded its certification for FEAT's
international services, the airline can resume its regular
domestic flights as well as fly cross-Taiwan Strait routes when it
obtains final approval.
As reported on Feb. 19, 2008, FEAT sought bankruptcy protection
before the Taipei District Court to stop creditors from seizing
the company's assets. The bankruptcy court's protection would
allow the airline to continue operating and serve its customers
while it seeks for ways to find funding to pay debts. Radio
Taiwan International said that its liabilities amounted to NT$9.99
billion (US$315 million) at Sept. 30, 2007.
China Post relates that the court approval of bankruptcy
protection failed to save the airline because it failed to obtain
the necessary funds. According to the Post, FEAT suspended all
its flights after the last service between South Korea's Jeju and
the Taiwan Taoyuan International Airport May 16, 2008.
The Post recounts that many of its staff remained on duty for
several months, holding on to every chance to save the company.
Three months ago, FEAT obtained a court order allowing it to
initiate a restructuring plan.
About Far Eastern
Far Eastern Air Transport Corporation is a Taiwan-based airline
Company. It provides both domestic and international passenger
flight services. The Company operated domestic services from
Taipei and Kaohsiung to five regional cities and international
services to Southeast Asia, South Korea and Palau.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 27 to July 31, 2009
-----------------------------------------------------
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 AUD 0.66
AMP Group Financ 9.803% 04/01/19 NZD 0.91
Antares Energy 10.000% 10/31/13 AUD 1.85
Babcock & Brown Pty 8.500% 11/17/09 NZD 46.74
Becton Property Group 9.500% 06/30/10 AUD 0.44
Bemax Resources 9.375% 07/15/14 USD 62.75
Bemax Resources 9.375% 07/15/14 USD 62.75
Bounty Industries Ltd 10.000% 06/30/10 AUD 0.03
Capral Aluminum 10.000% 03/29/12 AUD 1.00
CBD Energy Ltd 12.500% 01/29/11 AUD 0.09
Centaur Mining 11.000% 12/01/07 USD 0.00
China Century 12.000% 09/30/10 AUD 0.60
China Tiftong 4.600% 08/08/15 CNY 55.00
Djerriwarrh Inv 6.500% 09/30/09 AUD 4.10
First Australian 15.000% 01/31/12 AUD 0.70
Griffin Coal Min 9.500% 12/01/16 USD 51.62
Griffin Coal Min 9.500% 12/01/16 USD 51.62
Heemskirk Consol 8.000% 04/29/11 AUD 2.15
Insurance Austra 5.625% 12/21/26 GBP 66.00
Jpm Au Enf Nom 1 3.500% 06/30/10 USD 1.68
Macquarie Bank 5.500% 09/19/16 GBP 72.11
Minerals Corp 10.500% 09/30/09 AUD 0.60
Metal Storm 10.000% 09/01/09 AUD 0.08
Nylex Ltd 10.000% 12/08/09 AUD 0.84
Orchard Invest 9.000% 12/15/10 AUD 29.50
Resolute Mining 12.000% 12/31/12 AUD 0.68
Sun Resources NL 12.000% 06/30/11 AUD 0.30
Suncorp-Metway 6.500% 06/22/16 AUD 67.91
Timbercorp Ltd 8.900% 12/01/10 AUD 26.10
CHINA
-----
China Govt Bond 4.860% 08/10/14 CNY 0.00
Chinatrust Comm 5.625% 03/29/49 CNY 73.08
Jiangxi Copper 1.000% 09/22/16 CNY 70.55
Jiangxi Investme 4.380% 09/11/21 CNY 73.00
INDIA
-----
Aftek Infosys 1.000% 06/25/10 USD 61.50
AKSH Optifibre 1.000% 01/29/10 USD 57.50
Flex Industries 4.000% 03/09/12 USD 56.75
Gemini Commnica 6.000% 07/18/12 EUR 59.50
GHCL Ltd 1.000% 03/21/11 USD 61.75
Hindustan Cons 10.000% 10/25/09 INR 20.00
ICICI Bank Ltd 7.250% 08/29/49 USD 74.17
JCT Ltd 2.500% 04/08/11 USD 32.00
Kei Industries 1.000% 11/30/11 USD 66.25
Sterling Biotech 0.500% 09/30/10 USD 64.28
Subex Azure 2.000% 03/09/12 USD 25.75
Wanbury Ltd 1.000% 04/23/12 EUR 69.50
INDONESIA
---------
Mobile-8 Telecom 12.375% 06/15/17 IDR 48.10
Truba Jaya 11.750% 07/08/10 IDR 72.90
JAPAN
-----
Aiful Corp 4.450% 02/16/10 USD 72.48
Aiful Corp 4.450% 02/16/10 USD 70.37
Aiful Corp 2.930% 06/28/10 JPY 74.82
Aiful Corp 0.800% 07/20/10 JPY 74.29
Aiful Corp 5.000% 08/10/10 USD 58.12
Aiful Corp 5.000% 08/10/10 USD 58.12
Aiful Corp 1.140% 10/19/10 JPY 71.25
Aiful Corp 1.580% 05/26/11 USD 72.62
Aiful Corp 6.000% 12/12/11 JPY 44.25
Aiful Corp 6.000% 12/12/11 USD 44.25
Aiful Corp 1.220% 04/20/12 JPY 63.36
Aiful Corp 1.630% 11/22/12 JPY 59.84
Belluna Co. Ltd. 1.100% 03/31/21 JPY 74.21
CSK Corporation 0.250% 09/30/13 JPY 36.00
Daikyo Inc. 1.880% 03/12/12 JPY 70.16
Japan Airlines 3.100% 01/22/18 JPY 73.96
JPN Exp Hld/Debt 0.500% 09/17/38 JPY 56.51
Nippon Residentl 0.740% 07/20/10 JPY 73.93
Nippon Residentl 0.840% 09/24/10 JPY 73.12
Nis Group 8.060% 06/20/12 USD 46.62
Orix Corp 2.190% 04/18/17 JPY 72.27
Promise Co Ltd 1.370% 06/04/13 JPY 74.73
Shinsei Bank 3.750% 02/23/16 JPY 70.50
Shinsei Bank 5.625% 12/29/49 GBP 52.50
Takefuji Corp 9.200% 04/15/11 JPY 54.94
Takefuji Corp 9.200% 04/15/11 USD 52.75
Takefuji Corp 8.000% 11/01/17 USD 30.87
Takefuji Corp 4.000% 06/05/22 JPY 65.90
Takefuji Corp 4.500% 10/22/32 JPY 61.29
MALAYSIA
--------
Advance Synergy Berhad 2.000% 01/26/18 MYR 0.07
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 1.00
AMBB Capital 6.770% 01/29/49 USD 63.62
Berjaya Land Bhd 5.000% 12/30/09 MYR 3.50
Crescendo Corp B 3.750% 01/11/16 MYR 0.75
Dutaland Bhd 4.000% 04/11/13 MYR 0.45
Dutaland Bhd 4.000% 04/11/13 MYR 0.75
Eastern & Orient 8.000% 07/25/11 MYR 1.07
Huat Lai Resources 5.000% 03/28/10 MYR 0.22
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.23
Kretam Holdings 1.000% 08/10/10 MYR 1.05
Kumpulan Jetson 5.000% 11/27/12 MYR 0.45
LBS Bina Group 4.000% 12/31/09 MYR 0.40
Lion Diversified 4.000% 12/17/13 MYR 0.93
Mithril Bhd 3.000% 04/05/12 MYR 0.55
Nam Fatt Corp 2.000% 06/24/11 MYR 0.22
Olympia Industri 2.800% 04/11/13 MYR 0.23
Olympia Industri 4.000% 04/11/13 MYR 0.23
Plus SPV Bhd 2.000% 06/27/18 MYR 74.55
Plus SPV Bhd 2.000% 03/11/19 MYR 72.94
Puncak Niaga Hld 2.500% 11/18/16 MYR 0.70
Rubberex Corp 4.000% 08/14/12 MYR 0.96
Talam Corp Bhd 2.000% 06/28/19 MYR 23.39
Tradewinds Corp 2.000% 02/08/12 MYR 0.72
Tradewinds Plant 3.000% 02/28/16 MYR 1.10
TRC Synergy 5.000% 01/20/12 MYR 1.10
Wah Seong Corp 3.000% 05/21/12 MYR 2.23
Wijaya Baru Glob 7.000% 09/17/12 MYR 0.35
YTL Cement Bhd 4.000% 11/10/15 MYR 2.15
NEW ZEALAND
-----------
Allied Farmers 9.600% 11/15/11 NZD 73.83
Allied Nationwid 11.520% 12/29/49 NZD 41.00
BBI Ntwrks NZ Ltd 8.000% 11/30/12 NZD 0.42
Blue Star Print 9.100% 09/15/12 NZD 20.65
Capital Prop NZ 8.000% 04/15/10 NZD 14.50
Contact Energy 8.000% 05/15/14 NZD 1.00
Fidelity Capital 9.250% 07/15/13 NZD 68.26
Fletcher Buildin 7.550% 03/15/11 NZD 8.10
Fletcher Buildin 8.500% 03/15/15 NZD 9.25
Fonterra 8.740% 11/29/49 NZD 69.00
Infrastr & Util 8.500% 09/15/13 NZD 10.50
Infratil Ltd 8.500% 11/15/15 NZD 15.00
Infratil Ltd 10.180% 12/29/49 NZD 59.00
Marac Finance 10.500% 07/15/13 NZD 0.80
Provencocadmus 2.000% 04/15/10 NZD 0.03
Rabobank Ned NZ 7.449% 01/29/49 NZD 74.50
Sky Network TV 9.370% 10/16/16 NZD 74.00
South Canterbury 10.500% 06/15/11 NZD 0.85
South Canterbury 10.430% 12/15/12 NZD 0.62
St Laurence Prop 9.250% 05/15/11 NZD 66.98
Tower Capital 8.500% 04/15/14 NZD 0.99
Trustpower Ltd 8.500% 09/15/12 NZD 7.60
Trustpower Ltd 8.500% 03/15/14 NZD 8.00
Vector Ltd 7.800% 10/15/14 NZD 1.00
Vector Ltd 8.000% 12/29/49 NZD 8.00
SINGAPORE
---------
Davomas Intl Fin 11.000% 05/09/11 USD 16.47
Giti Tire 12.250% 01/26/12 USD 74.87
Sengkang Mall 8.000% 11/20/12 SGD 1.49
WBL Corporation 2.500% 06/10/14 SGD 1.74
SOUTH KOREA
-----------
Hynix Semi Inc 7.875% 06/27/17 USD 74.13
Korea Elec Pwr 6.000% 12/01/26 USD 73.70
Shinhan Bank 5.663% 03/02/35 USD 72.58
Shinhan Bank 6.819% 09/20/36 USD 73.75
United Eng 1.000% 03/03/14 SGD 1.28
Woori Bank 6.208% 05/02/37 USD 74.92
SRI LANKA
---------
Sri Lanka Govt 7.500% 08/15/18 LKR 71.75
Sri Lanka Govt 7.000% 10/01/23 LKR 62.22
THAILAND
--------
Thailand Kingdom 1.450% 05/20/15 JPY 71.88
*********
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. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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 ***