/raid1/www/Hosts/bankrupt/TCRAP_Public/091030.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 30, 2009, Vol. 12, No. 215
Headlines
A U S T R A L I A
CUBBIE GROUP: To Appoint Voluntary Administrators Today
MACQUARIE MEDIA: US Unit Breaches Covenants Under US$133.7MM Loan
MULTIPLEX PRIME: Takeover Panel OKs Brookfield Entitlement Offer
NATURAL FUEL: Assets to be Sold to NRG Capital for $575,000
C H I N A
LUMENA RESOURCES: Moody's Affirms 'B1' Corporate Family Rating
H O N G K O N G
NEWS CORPORATION: Inability to Pay Debts Prompts Wind-Up
SANDBROOK (CHINA): Creditors' Proofs of Debt Due on November 23
SEAPOWER CONSORTIUM: Creditors' Proofs of Debt Due November 6
SUNTEAM CORPORATION: Members' Final Meeting Set for November 23
TRINITY FORTUNE: Creditors' Proofs of Debt Due on November 15
TRADE WILL: Creditors' Proofs of Debt Due on November 30
WARD EASTON: Creditors' Proofs of Debt Due on November 27
WAY GIANT: Creditors' Proofs of Debt Due on November 30
I N D I A
ANMOL STEEL: ICRA Assigns 'LBB+' Rating on INR50MM Bank Facilities
ICICI BANK: Temasek, GSIC Reduce Stakes in Bank
WOCKHARDT LTD: Pfizer Eyes Wockhardt Biotech Business
I N D O N E S I A
CIMB NIAGA: To Raise US$312 Mil. Next Year to Refinance Debt
J A P A N
JAPAN AIRLINES: Seeks Funding from Turnaround Body
NEC ELECTRONICS: Realigns Manufacturing Operations
NEC ELECTRONICS: Q2 Net Loss Widens to JPY17.4 Billion
SANYO ELECTRIC: Incurs JPY37.4-Bln Net Loss in H1 Ended Sept. 30
SEA CDO: Moody's Downgrades Ratings on US$15 Mil. Notes to 'Ca'
P H I L I P P I N E S
NEGROS NAVIGATION: Seeks to Exit from Rehabilitation
S I N G A P O R E
SIF UNIVERSAL: Creditors Get 100% Recovery on Claims
TEAM ENERGY: Creditors' Proofs of Debt Due on Nov. 28
QUANTEC REALTY: Creditors' Proofs of Debt Due on Nov. 12
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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CUBBIE GROUP: To Appoint Voluntary Administrators Today
-------------------------------------------------------
Bloomberg News reports Cubbie Group Ltd. said its Cubbie Station,
Australia's largest cotton producer, will be placed in voluntary
administration at 5:00 p.m. (AEST) today, October 30, 2009.
According to the report, Cubbie Group would appoint McGrathNicol
as outside managers, citing poor harvests.
"In the end it was drought that beat us," Bloomberg cited Cubbie
Chairman Keith De Lacy as saying in an e-mailed statement. "We
have only had one good season in the last five."
The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported yesterday that Cubbie Station may be placed in voluntary
administration after bids to acquire the company failed to cover
massive bank debt.
The National Australia Bank is seeking the urgent repayment of a
AU$320 million mortgage over the 93,000ha southern Queensland
property.
Cubbie Group chairman Keith De Lacy told The Australian that none
of the five bidders in a firesale of the property had offered
enough to cover the massive bank debt.
Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008. According to the
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.
Cubbie Group Ltd -- http://www.cubbie.com.au/-- produces a wide
variety of irrigated agriculture including cotton, wheat, sorghum,
sunflowers, barley, chickpeas and corn.
MACQUARIE MEDIA: US Unit Breaches Covenants Under US$133.7MM Loan
-----------------------------------------------------------------
Macquarie Media Group said Thursday its US subsidiary American
Consolidated Media LLC has breached loan covenants under its
US$133.7 million business level bank facility.
"Discussions are ongoing between ACM and its lenders in relation
to requested forbearance and waivers of ACM's covenant non-
compliance, ACM's request for the necessary amendments to the
existing covenants and for an extension to the maturity date of
the ACM Facility," the company said in a statement.
"ACM has received an initial draft of a forbearance term sheet
from the ACM facility agent."
"There can be no assurance that any forbearance, amendment or
extension will be provided, or that the requested waivers will be
provided," it said.
The Sydney Morning Herald reports that Macquarie Media Group plans
to raise $294 million in new funding to pay down debt, as it
prepares to take back its management rights from Macquarie Group
and simplify its corporate structure.
The report relates the capital raising comprises an underwritten
one-for-one renounceable entitlement offer at $1.55 per stapled
security.
According to the Herald, Macquarie Media chief executive Mark
Dorney said the capital raising, along with existing the group's
existing cash of $323 million, will be used to retire debt at its
Australian operations, Macquarie Southern Cross Media.
Net bank debt for the Australian business will be reduced to $306
million, from $860 million, the report notes.
Macquarie Media also proposes to take back, or internalize, the
management of the company from Macquarie Group at a cost of $40.5
million, subject to securityholder approval.
About Macquarie Media
Based in Sydney, Australia, Macquarie Media Group (ASX:MMG) --
http://www.macquarie.com.au/au/mmg/-- invests in a range of media
assets. MMG comprises of Macquarie Media Trust (MMT), Macquarie
Media Holdings Limited (MMHL) and Macquarie Media International
Limited (MMIL). The Company operates in two service types: Free to
air commercial radio and television broadcasting (Free to air
broadcasting), which comprises the commercial radio and television
broadcast licenses held throughout regional Australia, and which
operates solely within the MMHL group and Community Newspapers,
which are located in the United States, and operates within the
MMIL group. MMG operates mainly in Australia and United States.
MULTIPLEX PRIME: Takeover Panel OKs Brookfield Entitlement Offer
----------------------------------------------------------------
The independent directors of the Multiplex Prime Property Fund
appear to have won the latest round in the stoush for control of
the fund against the alternative offer proposed by the private
Grocon/Oaktree consortium, Carolyn Cummins writes for The Sydney
Morning Herald.
Ms. Cummins says the move allows the independent directors to
continue with their planned $50 million takeover of the fund, but
with some amendments.
According to the report, Peter Morris, chairman of the Multiplex
Prime independent directors, said they believed the entitlement
offer was the only option that provided certainty to shareholders
and that would cure the current breach of covenants by
November 16.
The Herald states that the Takeovers Panel on Wednesday ruled that
it had accepted supplementary disclosure and an undertaking from
Brookfield Multiplex Capital Management, the responsible entity
(manager) of the fund, about the fund's offer to investors.
As reported in the Troubled Company Reporter-Asia Pacific on
October 13, 2009, Brookfield Multiplex Capital Management launched
a $50 million entitlement offer approved by unit holders. Grocon,
on the other hand, had offered a deal to buy out the units and cut
in half the last installment charge, valued at about $121 million.
The funds are needed to stabilize the trust's balance sheet,
reduce debt and address a breach of its banking covenants brought
about by a fall in value of its four office tower assets,
according to The Sydney Morning Herald.
About Multiplex Prime
Multiplex Prime Property Fund (ASX:MAFCA) invests in a portfolio
of central business districts (CBD) office assets and listed
property trusts. The Fund owns 50% of Latitude Landowning Trust
and 25% of Multiplex Development No. 6A Unit Trust. As of
June 30, 2009, the Fund's investment properties include Defence
Plaza and American Express Building. The responsible entity of
the Fund is Brookfield Multiplex Capital Management Limited.
NATURAL FUEL: Assets to be Sold to NRG Capital for $575,000
-----------------------------------------------------------
Natural Fuel Australia Ltd. is set to be sold to NRG Capital for
$575,000 after creditors agreed to execute the deed of company
arrangement, according to WA Business News.
Citing administrator Ferrier Hodgson in an update to investors,
the report said creditors had resolved to execute the DOCA on
terms proposed by NRG, the operating company of Parkerville-based
Intercorp Pty Ltd.
Under the offer, WA Business News relates, NRG has proposed to pay
an upfront $575,000 for the Natural Fuel shell, Natural Fuel's
shareholding in Natural Fuel Australia and its assets, and the
shareholding in US subsidiary NFE and its assets.
According to the report, the offer is conditional on creditor
approval and confirmation from the Australian Securities Exchange
that it will reinstate trading of Natural Fuel shares. It is also
conditional on shareholder approval of a $1.4 million capital
raising through a one-for-two rights issue, the report notes.
Unsecured creditors are likely to receive 0.2 cents in the dollar
in respect of their debts, WA Business News adds.
The Troubled Company Reporter-Asia Pacific reported on Sept. 24,
2008, that Natural Fuels Australia Limited, a 50-50 joint venture
between Natural Fuel Limited and Babcock and Brown Environmental
Investments Limited, appointed Peter Walker and Steven Sherman
of Ferrier Hodgson as joint and several voluntary administrators
under Part 5.3A of the Corporations Act 2001.
Natural Fuels Australia and its subsidiary Natural Fuel Darwin Pty
Ltd, own and operate the biodiesel production facility in Darwin.
The directors of Natural Fuels Australia resolved to appoint
administrators on Sept. 19, 2008, following the withdrawal of
funding support by Babcock and Brown Environmental Investments
Limited, with the effect that the Sept. 30, 2008, repayment date
for Natural Fuels Australia's secured loan to that shareholder
would not be extended.
About Natural Fuel
Natural Fuel Limited (ASX:NFL)-- http://www.naturalfuel.com/ --
is engaged in the construction and commissioning of a biodiesel
plant in Darwin, Australia with its 50% joint venture partner and
the construction of a biodiesel plant in Singapore. It is engaged
in the development of biodiesel plants with the plan to produce,
market and distribute bio-diesel products in the future. It is
organized on a global basis through three geographical segments:
Australia, Singapore and United States of America. Its
subsidiaries are Natural Fuel Pte Ltd and Natural Fuel & Energy
Inc.
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C H I N A
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LUMENA RESOURCES: Moody's Affirms 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Lumena Resources Corp and the B1 rating for its 5-year
12% US$250 million Senior Notes. These ratings have been removed
from their provisional status following the completion of the bond
issuance. The outlook on the ratings is stable.
The bond proceeds will be used for refinancing and business
expansion.
The last rating action on Lumena was taken on 8th October, 2009
when Moody's assigned first-time provisional (P)B1 corporate
family rating to the company and to its proposed senior unsecured
notes.
Lumena mines, processes and manufactures natural thenardite
products. Thenardite is also known as anhydrous sodium sulphate,
a basic chemical. Lumena operates two mines and processing
facilities in Sichuan Province in China with annual production
capacity of around 1.6 million tons. It was listed on the Hong
Kong Stock Exchange in June 2009.
================
H O N G K O N G
================
NEWS CORPORATION: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
News Corporation (China) Limited on October 16, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.
The company's liquidators are:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
Prince's Building, 22nd Floor
Central, Hong Kong
SANDBROOK (CHINA): Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------------
Creditors of Sandbrook (China) Limited are required to file their
proofs of debt by November 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 12, 2009.
The company's liquidator is:
Johnson Kong Chi How
Wing On Centre, 25th Floor
111 Connaught Road
Central, Hong Kong
SEAPOWER CONSORTIUM: Creditors' Proofs of Debt Due November 6
-------------------------------------------------------------
Seapower Consortium Company Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by November 6, 2009, to be included in the company's
dividend distribution.
The company's liquidator is:
Cosimo Borrelli
Admiralty Centre
Level 17, Tower 1
18 Harcourt Road
Hong Kong
SUNTEAM CORPORATION: Members' Final Meeting Set for November 23
---------------------------------------------------------------
Members of Sunteam Corporation Limited will hold their final
meeting on November 23, 2009, at 11:00 a.m., at the 31st Floor,
The Center, 99 Queen's Road Central, Hong Kong. t
At the meeting, Christopher Harvey Hall, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TRINITY FORTUNE: Creditors' Proofs of Debt Due on November 15
-------------------------------------------------------------
Creditors of Trinity Fortune Limited are required to file their
proofs of debt by November 15, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Ling Wai Ming
China Resources Building
Room 2802, 28/F
No. 26 Harbour Road
Wanchai, Hong Kong
TRADE WILL: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------
Creditors of Trade Will Limited are required to file their proofs
of debt by November 30, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 23, 2009.
The company's liquidators are:
Andrew C.C. Ma
Felix K.L. Lee
Seaview Commercial Building, 19th Floor
21-24 Connaght Road West
Hong Kong
WARD EASTON: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
Creditors of Ward Easton Liang Limited are required to file their
proofs of debt by November 27, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Ha Man Kit Marcus
41 Lockhart Road, Room 602
Wanchai, Hong Kong
WAY GIANT: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------
Creditors of Way Giant Limited are required to file their proofs
of debt by November 30, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 23, 2009.
The company's liquidators are:
Andrew C.C. Ma
Felix K.L. Lee
Seaview Commercial Building, 19th Floor
21-24 Connaght Road West
Hong Kong
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I N D I A
=========
ANMOL STEEL: ICRA Assigns 'LBB+' Rating on INR50MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR50 million, fund-based
facilities of Anmol Steel Processors Private Limited. ICRA has
also assigned A4+ rating to the INR350 million non-fund based
facilities of ASPPL.
The assigned ratings take into account the highly fragmented
nature of ASPPL's business characterized by intense competition
which results in thin operating and net profitability, the price
risk borne by the company on account of its business requirement
of maintaining a steel inventory, given the cyclicality inherent
in the steel business and a sharp increase in the company's
gearing in the last three years due to increasing working capital
requirements. The ratings also reflect the long track record of
the promoters in the steel trading business, established
relationship of the company with leading hot rolled (HR) coil
suppliers, its high asset turnover leading to healthy return on
capital employed and a diverse customer base.
Established in 1994, Anmol Steel Processors Private Limited is
engaged in processing and trading of HR coils and has its HR coils
cutter and de-coiler facility located at Taloja in the Raigad
district of Maharashtra. ASPPL mainly procures HR coils from
leading domestic HR coil suppliers. The annual capacity of HR
coil processing facility of the company is 72,000 MT. In case of
additional requirements from the customers, the company also gets
the HR coils processed from companies which are in the same line
of business and located closer to its facilities. As per the FY09
provisional results, ASPPL reported Profit after Tax (PAT) of
INR11.3 million on an operating income of INR3.42 billion.
ICICI BANK: Temasek, GSIC Reduce Stakes in Bank
-----------------------------------------------
The Wall Street Journal reports that Temasek Holdings Pte. Ltd.
and Government of Singapore Investment Corp. cut their stakes in
ICICI Bank Ltd.
The Journal, citing data on ICICI's Web site, says Temasek
Holdings trimmed its stake through Indian arm Allamanda
Investments Pte. Ltd. in ICICI to 5.76% as of Sept. 30 from 7.61%
at the end of June while Government of Singapore Investment Corp.
also pared its stake, to 1.53% from 1.66%, during the same period.
According to the report, Manish Kejriwal, senior managing director
and country head of Temasek Holdings Advisors India Pvt. Ltd.,
said the trimming of ICICI Bank stake is part of the company's
regular portfolio balancing.
Deutsche Bank Trust Co. Americas remains ICICI Bank's biggest
shareholder with a 29.89% stake at the end of September, the
Journal discloses. Life Insurance Corporation of India, Bajaj
Holdings & Investment Ltd., Dodge & Cox International Stock Fund,
New India Assurance Co. and IVY Funds INC Asset Strategy Fund are
its other large shareholders.
Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms. ICICI Bank's
presence currently spans 19 countries, including India.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program. At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist. There are no outstanding rated issues under these
tranches.
WOCKHARDT LTD: Pfizer Eyes Wockhardt Biotech Business
-----------------------------------------------------
Pfizer Inc. is going ahead with its plan to buy Wockhardt's
biotech business, but the drugmaker is not inclined to sellout,
The Economic Times reports.
The report, citing an unnamed banker privy to the development,
says Pfizer has started a second round of due diligence that may
result in a buyout or strategic alliance.
According to the report, the banker said Pfizer prefers a buyout
and may well pay a premium for Wockhardt's INR100-crore biotech
business, valuing it close to the Indian company's total market
value.
India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company. The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited. The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'. Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:
-- INR2,000 million long-term non-convertible debenture
programme downgraded to 'D' from 'C(ind)'
-- INR2,500 million long-term loans and INR2,500 million
non fund-based cash credit facilities downgraded to 'D'
from 'C(ind)'
The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.
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I N D O N E S I A
=================
CIMB NIAGA: To Raise US$312 Mil. Next Year to Refinance Debt
------------------------------------------------------------
Jakarta Globe reports that PT Bank CIMB Niaga plans to raise IDR3
trillion (US$312 million) from the capital markets in the first
half of 2010 to refinance its maturing US$100 million in
subordinated debt and to strengthen its balance sheet.
"We are studying the appropriate instruments," the report quoted
Arwin Rasyid, the president director of CIMB Niaga, as saying.
"It could be through a rights issue or more subordinated debt. We
are also considering what currency we're going to use."
According to the report, CIMB Niaga's chief financial officer, Wan
Razly Abdullah, said the bank was raising the money to maintain
its capital adequacy ratio to support faster loan growth next
year. The bank's majority shareholder, CIMB Group, would absorb
US$100 million from the instruments issued, he said.
PT Bank CIMB Niaga Tbk -- http://www.cimbniaga.com/-- formerly PT
Bank Niaga Tbk, is an Indonesia-based financial institution. The
Bank's business segments are divided into banking, Shariah
business unit and subsidiaries. Its products and services include
deposits, loans, bancassurance, credit and debit cards, treasury
products, investment products, insurance products, e-banking,
advisory and syndication, cash management, securities services and
Shariah-based banking services. The Bank's subsidiaries include
PT Saseka Gelora Finance, PT Kencana Internusa and PT Asuransi
Cigna. As of December 31, 2008, the Bank operated 183 domestic
branches, 439 domestic supporting branches, 29 domestic payment
points, 12 Shariah branches, 199 Shariah service offices and two
overseas branches. The Bank merged with PT Bank Lippo Tbk on
November 1, 2008.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service confirmed Bank CIMB-
Niaga's GLC deposit rating of Baa3. Moody's also raised CIMB's
foreign currency long-term deposit rating to Ba3 from B1 and
foreign currency issuer/ subordinated debt to Ba1 from Ba2. The
revised ratings carry stable outlooks. All other ratings are
unaffected and carry stable outlooks: foreign currency short-term
deposit of Not Prime and BFSR of D.
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J A P A N
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JAPAN AIRLINES: Seeks Funding from Turnaround Body
--------------------------------------------------
Japan Airlines Corp. has asked for help from the government-
affiliated Enterprise Turnaround Initiative Corp., which will
assess how to restructure the airline, Bloomberg News reports,
citing Transport Minister Seiji Maehara.
According to Bloomberg, the carrier will turn to a third
restructuring plan in less than three months as it seeks
government funds to avert collapse.
Bloomberg notes Mr. Maehara said a plan filed on Thursday by a
taskforce he appointed will act as reference. ETIC "will start
from zero" in its assessment of JAL, he said.
Mr. Maehara said the government has yet to decide whether it will
give any funds to JAL, Bloomberg relates. No decision will be
made at the cabinet meeting today, Bloomberg cited Finance
Minister Hirohisa Fujii as saying at a separate press conference.
JAL said in a statement that it had applied for funding from
Enterprise Turnaround Initiative.
ETIC, which began operations this month, aims to help rebuild
struggling companies that have excellent resources, and designs to
ensure transparency in negotiating debt-relief measures among
creditors. The entity has JPY1.6 trillion (US$17.4 billion) in
funds available and can possibly invest in JAL.
Trade Regulations Violation
The Wall Street Journal reports that Japan Airlines said it has
received a letter from South Korea's Fair Trade Commission saying
an investigation has found that its unit violated trade
regulations in relation to its cargo operations.
The Journal relates the company did not specify the nature of the
violation nor what the investigation was about, but said that it
will take appropriate measures if the alleged misconduct is true.
JAL also noted that a final conclusion in the investigation has
not been reached, the Journal says.
About Japan Airlines
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'. The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.
The rating actions reflect S&P's view that there is an increased
likelihood that the restructuring plan, overseen by the new
Democratic Party of Japan-led government, will include debt burden
reductions in the form of debt-for-equity swaps, debt forgiveness,
or legal protection, which negatively affect ratings according to
Standard & Poor's ratings definitions.
NEC ELECTRONICS: Realigns Manufacturing Operations
--------------------------------------------------
NEC Electronics Corporation announced plans to realign its
assembly and test facilities (back-end line) and to consolidate
its 5-inch wafer lines (front-end line) in Japan.
To realize a manufacturing structure with strong cost
competitiveness, NEC Electronics has been progressing with the
consolidation of its wafer fabrication lines from 13 to 8 lines as
well as consolidation of its overseas operations of semiconductor
assembly and test operations, while the company's domestic
assembly and test bases focused on manufacturing of its advanced
value-added products and support of overseas sites.
There are still many small-scale plants within Japan and NEC
Electronics has been evaluating the best way to keep domestic
production competitive and efficient.
NEC Semiconductors Kyushu Yamaguchi had built its additional
building at Oita plant, and has started manufacturing of advanced
packages started as of October 2009. With the goal of expanding
production volume efficiency, NEC Electronics then decided to
transfer its small-scale assembly and test functions and employees
from the current assembly and test facility in Fukuoka to NEC
Semiconductors Kyushu Yamaguchi's production facility in Oita as
well as to the facility in Kumamoto by September 2011.
NEC Electronics also decided to close the 5-inch wafer line at NEC
Semiconductors Kasai's facility in Shiga by the end of March, 2012
to address the weak demand. Part of the production from the
5-inch wafer line at Shiga will be transferred to its 6-inch wafer
line as well as to NEC Semiconductors Yamagata's 5-inch wafer
line.
Realignment of Assembly and Test Bases
at NEC Semiconductors Kyushu Yamaguchi
Currently, NEC Semiconductors Kyushu Yamaguchi's Fukuoka facility
operates as an assembly and test plant for manufacturing leading-
edge FCBGA (flip-chip ball grid array) packages Note 1. To
accelerate the productivity advance in FCBGA package manufacturing
at the Oita plant, which started as of October 2009, NEC
Electronics decided to close the Fukuoka plant by September 2011,
and will transfer its production volume at the Fukuoka plant into
NEC Semiconductors Kyushu Yamaguchi's assembly and test plant in
Oita. NEC Electronics will also transfer majority of its QFP
(quad flat packs) and other package manufacturing to its assembly
and test facility in Oita plant as well as Kumamoto Nishiki plant.
The buildings and the ground at Fukuoka plant are schedule to be
sold.
By consolidating the company's advanced chip package technology,
the Oita plant will ramp up its capacity of FCBGA package
manufacturing to a monthly production of 2.0 million units. NEC
Semiconductors Kyushu Yamaguchi's Oita plant currently
manufactures microcontrollers and SoCs (QFP package products) with
a monthly production of approximately 14.0 million units. To
improve its manufacturing efficiency through scale expansion, NEC
Electronics aims to expand its overall production capacity to 18.0
billion units per month during the fiscal year ending March 2012.
Consolidation of the 5-inch Wafer Line
at NEC Semiconductors Kansai's Shiga Facility
NEC Electronics has two 5-inch wafer lines, and one of the lines
at NEC Semiconductors Kansai's Shiga facility will be closed by
March, 2012. Some of the products that are currently manufactured
at the Shiga facility will be transferred to its 6-inch wafer line
as well as NEC Semiconductors Yamagata's 5-inch wafer line in
Tsuruoka, Yamagata.
NEC Electronics believes that these reforms will ultimately
benefit the company's cost competitiveness, and will implement
these new changes diligently with the aim of improving the
company's business structure.
Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multiple market solutions for a
wide range of customer applications. NEC Electronics
Corporation has 26 subsidiaries worldwide, including NEC
Electronics America, Incorporated and NEC Electronics (Europe)
GmbH.
* * *
NEC Electronics posted three consecutive annual net losses of
JPY41.5 billion, JPY15.99 billion, and JPY82.62 billion, for the
years ended March 31, 2007, 2008 and 2009, respectively.
NEC ELECTRONICS: Q2 Net Loss Widens to JPY17.4 Billion
------------------------------------------------------
NEC Electronics Corporation announced consolidated financial
results for the three months and six months ended September 30,
2009.
The company posted a net loss of JPY38.1 billion on net sales of
JPY220.5 billion for the six months ended September 30, 2009,
compared with a net loss of JPY1.9 billion on net sales of
JPY333.6 billion in the same period last year.
For the three months ended September 30, 2009, NEC Electronics
reported a net loss of JPY17.4 billion on net sales of JPY118.5
billion, compared with a net loss of JPY0.6 billion on net sales
of JPY167.3 billion in the quarter ended September 30, 2008.
A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?47c9
Revised Annual Earnings Projections
NEC Electronics revised its consolidated financial forecasts for
the full year (the period from April 1, 2009 to March 31, 2010),
which it disclosed on May 11, 2009:
* consolidated net loss attributable to NEC Electronics
is expected to be JPY55.0 billion, wider than the
JPY9 billion projected earlier;
* consolidated loss before income taxes is expected to
total JPY53.5 billion, JPY46.0 billion more than the
JPY7.5 million projected earlir;
* net sales are expected to total JPY460.0 billion,
JPY20.0 billion less than the initial forecast; and
* operating loss is expected to amount to JPY46.5 billion.
Semiconductor sales are expected to decline by JPY15.0 billion
from the initial forecast. Although sales of microcontrollers,
discrete semiconductors as well as compound semiconductors are
expected to show steady growth exceeding the initial estimate,
sales of some of the SoC products are expected to fall below the
initial forecast.
Consolidated operating loss is expected to widen sharply due to
the decline in production at the company's advanced fabrication
line, which is expected to remain at a low level, in addition to a
decrease in semiconductor sales.
About NEC Electronics
Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multiple market solutions for a
wide range of customer applications. NEC Electronics
Corporation has 26 subsidiaries worldwide, including NEC
Electronics America, Incorporated and NEC Electronics (Europe)
GmbH.
* * *
NEC Electronics posted three consecutive annual net losses of
JPY41.5 billion, JPY15.99 billion, and JPY82.62 billion, for the
years ended March 31, 2007, 2008 and 2009, respectively.
SANYO ELECTRIC: Incurs JPY37.4-Bln Net Loss in H1 Ended Sept. 30
----------------------------------------------------------------
Sanyo Electric Co., Ltd., disclosed its consolidated financial
results for the six months ended September 30, 2009.
The first half of FY2010 ended with consolidated net sales of
JPY784 billion, a decrease of 22.1% over the same period last
year.
For the consumer business segment, sales decreased 18.4% over the
same period last year to JPY305.7 billion, mainly due to sluggish
sales of digital cameras and air conditioners overseas. For the
commercial business segment, the sales decreased 18.5% over the
same period last year to JPY105 billion, attributed mainly to the
decreased sales of commercial air conditioning units. The
component business segment, which includes such products as
rechargeable batteries, photovoltaic systems, semiconductors and
electronic components, experienced a drastic sales decrease of
25.2% over the same period last year to JPY361.9 billion due to
the sluggish sales of photovoltaic systems and rechargeable
batteries. Also, improvement in semiconductors and electronic
components had the impact on them.
Domestic sales decreased 12.3% over the same period last year to
JPY312.7 billion, and the overseas sales also showed a substantial
decrease of 27.5% over the same period last year to JPY471.3
billion.
Operating profit decreased by JPY20.6 billion to JPY3.3 billion
over the same period last year. While there was a reduction in
sales, a positive balance was achieved thanks to efforts to reduce
costs such as activities to reduce raw materials costs as well as
a result of the structural transformation over the past year.
Sales recovery mainly due to component business segment had
influence on it. Losses before income taxes and attributable to
non-controlling interests from continuing operations was down by
JPY39.3 billion, ending at JPY30.6 billion, primarily because of
expenses related to washer/dryer recalls and the ‘Special Career
Support Plan'. Finally, the net loss attributable to Sanyo
totaled JPY37.4 billion, a decrease of JPY70 billion from the same
period last year.
"The market reached the bottom in the 4th quarter mainly for the
components business; the first half ended with better financial
results in operating income, leading us to get JPY3.3 billion of
operating income," Seiichiro?Sano, President of SANYO Electric,
said.
"While the forecast for the 2nd half is still uncertain due to
continuing economic circumstances, we will focus on accomplishing
the forecasted JPY25 billion of operating income. We will
continue to look forward as we attempt to improve profitability."
Sanyo posted a net loss of JPY19 billion in the second quarter
ended Sept. 30, compared with a profit of JPY4.4 billion a year
earlier, Bloomberg News reports.
Sanyo expects to post consolidated net loss of JPY30 billion, loss
from continuing operations (before taxes) of JPY22 billion, net
sales of JPY1.66 trillion and operating income of JPY25 billion in
the 12 months ending March 31, 2010.
Update on Merger Deal with Panasonic
Bloomberg News reports that Sanyo Electric Co. and Panasonic Corp.
said they expect Chinese antitrust regulators to make a decision
on their planned merger by Nov. 3. The merger is still under
review in the U.S.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
Sanyo Electric continues to carry Moody's Investors Service "Ba1"
long term bank deposits rating and "D" Bank Financial Strength
rating. It also continues to carry Fitch Ratings "D" Individual
rating.
SEA CDO: Moody's Downgrades Ratings on US$15 Mil. Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has announced this rating action:
Issuer: SEA CDO Limited
-- Series 2005-12 US$15,000,000 Floating Rate Notes due 2010,
Downgraded to Ca; previously on February 5, 2009 Downgraded
to Caa3.
The notes issued by SEA CDO Limited Series 2005-12 reference a
static portfolio of 13 global corporate entities. There is no
subordination in this transaction.
The rating action has been taken because of deterioration in the
credit quality of the reference portfolio. The portfolio's ten-
year weighted average rating factor, not adjusted with forward-
looking measures, has deteriorated from 1596, since the last
rating action on February 5, 2009, to 2540, equivalent to an
average rating for the current portfolio of B2.
The reference portfolio includes exposure to Ambac Assurance
Corporation, which has experienced substantial credit migration in
the past few months, and is now rated Caa2. Since the inception
of the transaction, credit events associated with Fannie Mae and
Freddie Mac led to a losses of approximately 24.2% in the tranche.
The industry sectors most represented in the portfolio are
insurance (23%), banking (15.4%), healthcare & pharmaceuticals
(15.4%), and sovereign & public finance (15.4%)
In its deliberations, Moody's rating committee considers not just
quantitative factors that are explicitly modeled, but also
qualitative factors. These qualitative factors include the
structural protections incorporated into transaction, the
transaction's recent performance, the legal environment and
specific documentation. All information available to rating
committees, including macroeconomic forecasts, input from other
analytical groups at Moody's, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
=====================
P H I L I P P I N E S
=====================
NEGROS NAVIGATION: Seeks to Exit from Rehabilitation
----------------------------------------------------
Malaya Business Insights reports that Negros Navigation is seeking
to exit from court-supervised rehabilitation, saying it has
established a strong operating performance and is on the way to
modernizing its fleet.
"The termination of the rehabilitation proceedings will afford the
company greater operational flexibility," the report quoted
Sulficio O. Tagud Jr., Nenaco chairman and chief executive
officer.
Mr. Tagud, Malaya says, attributed Nenaco's strong operating
performance to "revenue-enhancing initiatives coupled with
stringent cost-management measures."
Malaya discloses that the shipping firm posted a net income of
PHP203.2 million in the first nine months of 2009, up 77% from the
income during the same period last year. Total consolidated
revenues rose to PHP1.5 billion against PHP1.3 billion last year
owing largely to increased cargo capacity.
Earnings before interest, taxes, depreciation, and amortization
jumped 33% to PHP446.7 million this year from PHP337 million for
the same period last year, the report states.
About Negros Navigation
Based in the Philippines, Negros Navigation Company, Incorporated
-- http://www.negrosnavigation.ph/-- is the shipping unit of
Metro Pacific Incorporated. It owns, maintains, services and
operates vessels and engages in domestic shipping operations.
Presently, the Company operates seven passenger and cargo shipping
vessels and two cargo container shipping vessels which service 14
ports. Nenaco also provides trucking and forwarding services, and
operates shuttle buses and besta vans within Negros Island and
offers domestic tour and other land transport services, as well as
ticketing services.
In December 2003, the Philippine Securities and Exchange
Commission ordered Negros Navigation to explain five accounting
discrepancies in its 2002 audited financial statement, which may
have bloated its earnings.
In March 2004, Negros Navigation entered into talks with Tsuneishi
Heavy Industries to settle the Company's then PHP100-million debt.
Due to its financial condition, Negros Navigation could not pay
its debts as they matured. Thus, the Company filed for
rehabilitation before the Manila Regional Trial Court on Oct. 6,
2004. Subsequently, the Court approved the Company's 10-year
restructuring plan recommended a year later by its receiver,
Monico Jacob.
Under the court-approved rehabilitation plan, Negros Navigation
proposed to settle its financial obligations through cash
settlement, dacion en pago of passage tickets and cargo space,
debt conversion into convertible shares at par value, and the
restructuring of balance into long-term notes or preferred shares.
The Court allowed the Company to restructure its total secured
debt for 10 years, with a one-year grace period on interest
payments and a three-year grace period on the principal.
=================
S I N G A P O R E
=================
SIF UNIVERSAL: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Sif Universal Private Limited declared the first and final
dividend on October 26, 2009.
The company paid 100% to the received claims.
The company's liquidator is:
Aw Eng Hai
47 Hill Street #05-01
Singapore Chinese Chamber of Commerce & Industry Building
Singapore 179365
TEAM ENERGY: Creditors' Proofs of Debt Due on Nov. 28
-----------------------------------------------------
Creditors of Team Energy Asia-Pacific Singapore Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by November 28, 2009, to be included in the
company's dividend distribution.
The company's liquidators are:
Seshadri Rajagopalan
Aaron Loh Cheng Lee
Angela Ee Meng Yen
One Raffles Quay
North Tower Level 18
Singapore 048583
QUANTEC REALTY: Creditors' Proofs of Debt Due on Nov. 12
--------------------------------------------------------
Creditors of Quantec Realty Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 12, 2009, to be included in the company's dividend
distribution.
The company's liquidators are:
Ong Yew Huat
Seshadri Rajagopalan
One Raffles Quay
North Tower Level 18
Singapore 048583
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ALLOMAK LTD AMA 39033742.73 -860795.01
ALLSTATE EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATIO-N ARXN 58544299.4 -15958771.93
ARC EXPLORATION ARX 58544299.4 -15958771.93
AUSMELT LTD AET 10421943.8 -1558622.35
AUSTAR UNITED AUN 508844538.84 -310055789.75
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BIRON APPAREL LT BIC 19706736.59 -2220069.65
CENTRO PROPERTIE CNP 14725100625.83 -495299520.84
CHALLENGER INF-A CIF 2307005549.62 -104582562.08
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7606555987.32 -533212434.19
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.3 -252490904.13
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.56 -190859513.39
CHINA
ALONG TIBET CO-A 600773 10645458.33 -1260472.65
AMOI ELECTRONI-A 600057 205714958.88 -171265179.25
ANHUI KOYO GROUP 979 60010204.49 -52445757.65
BAO LONG ORIENTA 600988 16803610.56 -3002433.31
CHANG LING GROUP 561 42473545.73 -10486849.69
CHENGDE DIXIAN-B 200160 52878580.08 -15925439.9
CHENGDU UNION-A 693 53505027.19 -5241722.53
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 80524769.63 -182184709.66
CHINESE.COM LOGI 805 12869661.54 -10094949.57
CITIC GUOAN VI-A 600084 348889601.71 -125227226.74
DANDONG CHEM F-A 498 102526072.1 -107860689.36
DONGGUAN FANGD-A 600656 64150753.72 -8735494.67
DONGXIN ELECTR-A 600691 20608187.18 -5028635.72
GAOXIN ZHANGTO-A 2075 124776592.95 -19821585.47
GUANGDONG HUAL-A 600242 19373034.05 -2325690.04
GUANGDONG KEL-A 921 650072211.91 -103760527.2
GUANGMING GRP -A 587 45859984.22 -44684252.23
GUANGXI BEISHE-A 600556 110503178.27 -144424566.92
GUANGXIA YINCH-A 557 19526916.97 -37073597.54
HEBEI BAOSHUO -A 600155 133526389.53 -358418197.58
HEBEI JINNIU C-A 600722 227141182.32 -223794072.17
HISENSE ELEC-H 921 650072211.91 -103760527.2
HUATONG TIANXI-A 600225 34542670.84 -29942511.88
HUDA TECHNOLOG-A 600892 20055498.84 -2392277.8
HUNAN ANPLAS CO 156 53136755.69 -81141655.2
JIAOZUO XIN'AN-A 719 14229704.96 -7806228.22
NINGBO YIDONG-H 8249 55690342.44 -22047522.03
QINGHAI SUNSHI-A 600381 53430938.15 -26418232.17
SHANG HONGSHENG 600817 17195946.36 -397044828.42
SHANG LIANHUA-A 600617 16629332.66 -2816699.77
SHANG LIANHUA-B 900913 16629332.66 -2816699.77
SHANGHAI WORLDBE 600757 218813789.33 -118596184.73
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 75454296.33 -6832811.09
SHENZHEN DAWNC-A 863 28806239.39 -155220111.2
SHENZHEN KONDA-A 48 198370122.93 -14709825.62
SHENZHEN SHENXIN 34 23960824.39 -166323495.41
SHIJIAZHUANG D-A 958 247135076.94 -47057598.59
SICHUAN DIRECT-A 757 130066883.28 -118258912.1
SUNTEK TECHNOL-A 600728 36252073.49 -23232714.83
TAIYUAN TIANLO-A 600234 49936366.67 -24269532.79
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 72677899.02 -13527522.12
TOPSUN SCIENCE-A 600771 183535542.89 -132134649.22
WINOWNER GROUP C 600681 11441386.17 -70778286.86
WUHAN BOILER-B 200770 425205467.18 -59127896.04
WUHAN GUOYAO-A 600421 11224148.1 -38404923.54
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37450378.86 -15337096.06
YUNNAN MALONG-A 600792 157520417.89 -3274324.93
ZHANGJIAJIE TO-A 430 52226364.35 -5625101.14
HONG KONG
21 HOLDINGS LTD 1003 43646556.17 -4262036.57
APTUS HLDGS LTD 8212 49964062.48 -11190766
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BEAUFORTE INV 21 12327016.69 -2955593.7
CHINA GOLDEN DEV 162 252996681.97 -2720111.36
CROSBY CAPITAL 8088 25806000 -6935000
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
EMPEROR ENTERTAI 8078 29921484.05 -5924477.64
FULBOND HLDGS 1041 60255000 -14419000
HUTCHISON TELE H 215 2400098040.83 -366059762.21
JIAN EPAYMENT 8165 12943183.73 -1516828.52
MITSUMARU EAST K 2358 38170722.85 -1449668
NEW CITY CHINA 456 113178595.41 -9932226.54
PAC PLYWOOD 767 75639000 -5411000
PALADIN LTD 495 160927722.22 -1629398.23
PALADIN LTD -PRE 642 160927722.22 -1629398.23
PCCW LTD 8 5990928703.57 -394965167.61
SANYUAN GROUP LT 140 15148448.77 -1587205.23
WAI CHUN MINING 660 12791013.67 -14603647.06
INDONESIA
BANK MUTIARA TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 18968940.39 -16565907.15
ERATEX DJAJA ERTX 16355782.65 -13909830.79
JAKARTA KYOEI ST JKSW 30395173.44 -38677864.58
KARWELL INDONESI KARW 10703306.59 -7637325.25
MULIA INDUSTRIND MLIA 342682884.88 -423294727.62
PANASIA FILAMENT PAFI 51388821.53 -3769923.94
PANCA WIRATAMA PWSI 24440350.75 -28494642.1
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18209576.7 -1625327.43
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 236584686.9 -99589026.9
TEIJIN INDONESIA TFCO 192946176 -12344400
UNITEX TBK UNTX 15358972.53 -13809629.56
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.6
BALAJI DISTILLER BLD 51161385.13 -38383503.3
BELLARY STEELS BSAL 451679252.4 -108504755.34
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 14305706.35 -40038022.22
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 422081403.33 -127614551.41
DISH TV INDIA DITV 422081403.33 -127614551.41
DUNCANS INDUS DAI 114362122.22 -185510212.55
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GEM SPINNERS LTD GEMS 15233308.38 -112427.32
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HARYANA STEEL HYSA 10831176.59 -5909008.81
HENKEL INDIA LTD HNKL 102052835.27 -10237657.2
HFCL INFOTEL LTD HFCL 151650830.03 -85807810.61
HIMACHAL FUTURIS HMFC 406633181.85 -210980393.95
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 139311695.43 -277691144.15
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
INFOMEDIA 18 LTD INF18 35798533.98 -1937646.71
INTEGRAT FINANCE IFC 45562399.88 -43272851.09
ITI LTD ITI 1116207771.94 -800236.54
JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.5 -5623616.49
JK SYNTHETICS JKS 13506415.91 -3030846.61
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 32038613.71 -26757740.06
KERALA AYURVEDA KRAP 13409639.48 -586700.12
KINGFISHER AIR KAIR 1458636203.2 -418911009.67
LLOYDS FINANCE LYDF 27683041.19 -8642121.28
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 36392748.17 -3197477.14
MILTON PLASTICS MILT 18310810.9 -40438966.11
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 28843462.7 -56773550.08
NOVA PETROCHEM NVPC 44390476.41 -925948.57
ORIENT PRESS LTD OP 16699814.52 -94789.33
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 38841457.46 -641194.41
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 11395867.81 -14396604.39
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 11613867.7 -22282942.24
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
RELIGARE TECHNOV RTCL 44130883.78 -1460240.41
RENOWNED AUTO PR RAP 14120061.57 -1253759.75
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SCOOTERS INDIA SCTR 13288115.8 -578097.97
SEN PET INDIA LT SPEN 13283611.52 -25431862.1
SHALIMAR WIRES SWRI 24489676.4 -49901704.65
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SOUTHERN PETROCH SPET 1543609373.57 -35609423.98
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STERLING HOL RES SLHR 52909027.3 -631043.63
STERLING HOL-FOR SLHR/F 52909027.3 -631043.63
STI INDIA LTD STIB 44107456 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 145706493.29 -114873890.12
USHA INDIA LTD USHA 12064900.61 -54512967.31
VENTURA TEXTILES VRTL 14254627.45 -325402.59
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
DDS INC 3782 10683845.35 -5696657.23
FDK CORP 6955 465071545.7 -85901797.18
G-TRADING 3348 32944112.56 -22016255.44
HARAKOSAN CO 8894 265026322.03 -21407690.82
L CREATE CO LTD 3247 42344509.56 -9146496.9
NESTAGE CO LTD 7633 11772250.32 -12201325.38
PLACO CO LTD 6347 19727184.96 -1662140.28
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
RADIA HD 4723 1145701822.41 -213538214.6
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SAIKAYA CO LTD 8254 398458490.74 -17564816.07
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
AJU MEDIA SOL-PF 44775 13822171.46 -1245278.05
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.3 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140474
ROCKET ELECTRIC 420 68584186.91 -2140474
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.1 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
MALAYSIA
AXIS INCORPORATI AXIS 42453772.51 -79710389.89
HARVEST COURT HAR 10993283.82 -7102079.77
HARVEST-RIGHTS- HARR1 10993283.82 -7102079.77
LITYAN HLDGS BHD LIT 18071124.04 -29261166.9
NEPLINE BHD NL 20755619.11 -27545946.39
NIKKO ELECTRONIC NIKKO 11189473.86 -8723186.48
WONDERFUL WIRE WW 11594594.78 -14561593.4
WWE HOLDINGS BHD WWE 66753912.87 -904694.18
NEW ZEALAND
DOMINION FINANCE DFH NZ Equ 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75331140.18 -35697080.01
BENGUET CORP-A BC 75331140.18 -35697080.01
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.5 -23332404.14
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11992958.61 -11223940.95
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CARRIERNET GLOBA CARG 14286897.57 -17258.04
CHUAN SOON HUAT CSH 31243269.09 -16230153.11
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 93947954.45 -12514151.49
INFORMATICS EDU INFO 23073311.96 -831837.63
JURONG TECH IND JTL 98760092.87 -227275152.06
LINDETEVES-JACOB LJ 155633719.48 -88389478.73
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 21863868.37 -2767499.46
SUNMOON FOOD COM SMOON 18725666 -10079386.91
TT INTERNATIONAL TTI 293865103.05 -37711583.27
WESTECH ELECTRON WTE 28290170.94 -12855750.98
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 85509149.46 -65276912
BANGKOK RUBBER BRC 85509149.46 -65276912
BANGKOK RUBBER-F BRC/F 85509149.46 -65276912
BLISS-TEL PCL BLISS 12646465.4 -2089674.34
BLISS-TEL PCL-F BLISS/F 12646465.4 -2089674.34
BLISS-TEL PCL-NV BLISS-R 12646465.4 -2089674.34
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 17385099.26 -87998004.08
CIRCUIT ELEC PCL CIRKIT 17385099.26 -87998004.08
CIRCUIT ELEC-FRN CIRKIT/F 17385099.26 -87998004.08
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 32845084.57 -82941414.71
ITV PCL-FOREIGN ITV/F 32845084.57 -82941414.71
ITV PCL-NVDR ITV-R 32845084.57 -82941414.71
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 53933645.39 -6900644.95
MALEE SAMPRAN MALEE 53933645.39 -6900644.95
MALEE SAMPRAN-F MALEE/F 53933645.39 -6900644.95
NFC FERTILI-NVDR NFC-R 41433204.74 -2287708.95
NFC FERTILIZER P NFC 41433204.74 -2287708.95
NFC FERTILIZER-F NFC/F 41433204.74 -2287708.95
PATKOL PCL PATKL 53430390.26 -26540095.34
PATKOL PCL-FORGN PATKL/F 53430390.26 -26540095.34
PATKOL PCL-NVDR PATKL-R 53430390.26 -26540095.34
PICNIC CORPORATI PICNI-R 162041208.32 -79858191.23
PICNIC CORPORATI PICNI/F 162041208.32 -79858191.23
PICNIC CORPORATI PICNI 162041208.32 -79858191.23
PONGSAAP PCL PSAAP 26599991.38 -3496872.9
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.9
PONGSAAP PCL-NVD PSAAP-R 26599991.38 -3496872.9
SAFARI WORL-NVDR SAFARI-R 101048401.65 -21027662.26
SAFARI WORLD PUB SAFARI 101048401.65 -21027662.26
SAFARI WORLD-FOR SAFARI/F 101048401.65 -21027662.26
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
TRANG SEAFOOD TRS 13251979.73 -3373.42
TRANG SEAFOOD-F TRS/F 13251979.73 -3373.42
TRANG SFD-NVDR TRS-R 13251979.73 -3373.42
UNIVERSAL S-NVDR USC-R 85671220.21 -49479729.86
UNIVERSAL STAR-F USC/F 85671220.21 -49479729.86
UNIVERSAL STARCH USC 85671220.21 -49479729.86
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
*********
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 ***