/raid1/www/Hosts/bankrupt/TCRAP_Public/091127.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, November 27, 2009, Vol. 12, No. 235
Headlines
A U S T R A L I A
BABCOCK & BROWN: Temasek Unit to Manage Babcock's Singapore Trust
GRIFFIN COAL: Moody's Withdraws 'B3' Rating on Lack of Information
LANE COVE: Moody's Withdraws 'B3' Rating on Senior Secured Notes
STORM FINANCIAL: FPA Seeks Wider Review on Client Compensation
TIMBERCORP: Former Executives Stand to Gain from Asset Sale
H O N G K O N G
LEHMAN BROTHERS: HK Liquidators Bring US$11.7 Bil. Claim
LEHMAN BROTHERS: HKMA Says 334 Cases Set for Further Action
MWH CHINA: Creditors' Proofs of Debt Due December 11
PRISCILLA HWANG LEE: Chapter 15 Case Summary
PRINCE'S HOLDING: Members' Final Meeting Set for Dec 21
RAYMOND CHO-MIN LEE: Chapter 15 Case Summary
RICHCOME INDUSTRIAL: Creditors' Proofs of Debt Due December 22
ROYAL SINCERE: Members' Final Meeting Set for December 21
SECURITIES (JAPAN): Members' Final Meeting Set for December 21
SECURITIES (JAPAN) HOLDING: Members' Final Meeting Set for Dec 21
STARFORM WINDOWS: Placed Under Voluntary Wind-Up Proceedings
THE ASBESTOS CONTROL: Members' Final Meeting Set for December 21
THE COUNTRYSIDE HERITAGE: Cheung Steps Down as Liquidator
THESAURUS LIMITED: Placed Under Voluntary Wind-Up Proceedings
I N D I A
ASACO PRIVATE: ICRA Places 'LBB-' Rating on INR155MM Limits
CONTEC AIRFLOW: CRISIL Cuts Ratings on Various Debts to 'BB-'
DASS ELECTRIC: ICRA Assigns 'LBB+' Rating on INR200MM Bank Loans
KOTAK URJA: ICRA Rates INR50 Million Term Loan at 'LBB+'
LAKSHMAN & CO: CRISIL Puts 'BB-' Rating on INR2MM Cash Credit
PREETI COTSPIN: Low Net Worth Prompts CRISIL 'B+' Ratings
SALONA COTSPIN: CRISIL Rates INR106.6MM Cash Credit at 'B+'
SUNSTAR PRECISION: CRISIL Puts 'B-' on INR308 Million Term Loan
TEBMA SHIPYARDS: Fitch Cuts National Long-Term Rating to 'BB'
I N D O N E S I A
BANK CENTURY: State Audit Board Submits Report to KPK
FAJAR SURYA: Fitch Changes Outlook to Stable; Affirms B IDR
PERUSAHAAN GAS: Seeks Loans To Redeem Dollar Bonds
J A P A N
AIFUL CORP: Seeks JPY15-Bln Loan from Sumitomo Trust
SANYO ELECTRIC: Panasonic Extends Tender Offer Period
TITAN JAPAN: Fitch Cuts JPY11.70BB Class D Notes to 'B'
* S&P Downgrades Ratings on 35 Corporate Synthetic CDO Deals
K O R E A
HYNIX SEMICONDUCTOR: Creditors to Solicit New Bids by January 2010
M O N G O L I A
MONGOLIA: Moody's Maintains Stable Outlook on 'B1' Ratings
N E W Z E A L A N D
DENARAU INVESTMENTS: Investors Owed $1.5 Million, Receivers Say
LANE WALKER: To Close its Doors Before Christmas
SOUTH CANTERBURY: CEO Lachie McLeod Steps Down
* NEW ZEALAND: Treasury Sees More Finance Company Failures
P H I L I P P I N E S
BENPRES HOLDINGS: Swings to PHP10.91 Billion Net Income
S I N G A P O R E
AXS-ONE PTE: Creditors' Meeting Set for December 10
DATACOM SAE: Creditors' Proofs of Debt Due December 24
DEL MAR: Creditors' Proofs of Debt Due December 24
INTEGRAL BUILDING: Court to Hear Wind-Up Petition on December 4
MASTER POINT: Court to Hear Wind-Up Petition on December 4
MITSU CORP: Court to Hear Wind-Up Petition on December 11
SWINDON PTE: Creditors Get 0.070023% Recovery on Claims
X X X X X X X X
DUBAI WORLD: Port Unit DP World Not Part of Restructuring
DUBAI WORLD: Int'l Banks Exposed; Fire Sale of Assets Feared
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
BABCOCK & BROWN: Temasek Unit to Manage Babcock's Singapore Trust
-----------------------------------------------------------------
Global Investments Ltd, a trust previously managed by a unit of
Babcock & Brown Ltd., will now be managed by a fund management
firm linked to Temasek Holdings, Reuters reports.
ST Asset Management, the Temasek unit, will replace Babcock &
Brown Global Investments Management as manager following approval
by shareholders at an extraordinary meeting, Reuters relates
citing Global Investments in a filing.
Global Investments' assets included aircraft leases and Australian
residential and commercial mortgages. GIL is managed by Babcock &
Brown Global Investments Management Pty Limited, a wholly-owned
subsidiary of Babcock & Brown Limited.
Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate. Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates. The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes. Under the special resolution,
the company's equity and subordinated note holders won't receive
any return. Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.
The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company. Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.
GRIFFIN COAL: Moody's Withdraws 'B3' Rating on Lack of Information
------------------------------------------------------------------
Moody's Investors Service withdrew the B3 rating of The Griffin
Coal Mining Company Pty Limited. The rating has been withdrawn
because Moody's believes it lacks adequate information to maintain
the rating.
The last rating action was on March 11, 2009, when the ratings of
Griffin Coal were downgraded with negative outlook.
The Griffin Coal Mining Company Pty Limited, headquartered in
Perth, Australia is involved in coal extraction. It is a wholly
owned subsidiary of Devereaux Holdings Pty Ltd, a private company
owned in turn by the Stowe family.
LANE COVE: Moody's Withdraws 'B3' Rating on Senior Secured Notes
----------------------------------------------------------------
Moody's has withdrawn the B3 wrapped rating and Ca underlying
rating on the senior secured notes issued by Lane Cove Tunnel
Finance Company. The ratings have been withdrawn for business
reasons.
Further details of the withdrawn ratings are below:
Issuer: Lane Cove Tunnel Finance Company
Class Description:
-- AU$127 million of guaranteed indexed annuity bonds due
December 2028
-- AU$113 million of guaranteed capital indexed bonds due in
September 2022
-- AU$259 million of guaranteed fixed rate bonds due December
2015
-- AU$192 million of guaranteed floating rate bonds due December
2015
-- AU$150 million of guaranteed fixed rate bonds due December
2013
-- AU$301 million of guaranteed fixed rate bonds due December
2013
Prior to withdrawal, the last rating action on the underlying
rating of LCTF was on December 8, 2008, when Moody's downgraded
the underlying rating to Ca (negative outlook) from Caa1 (negative
outlook).
Prior to withdrawal, the last rating action on the MBIA-wrapped
bonds was on February 18, 2009, when Moody's downgraded the
wrapped bonds to B3 from Baa1, reflecting the downgrade in the
insurance financial strength rating of MBIA Insurance Corporation
(B3, negative outlook).
LCTF is the finance company for the Connector Motorways Group, the
owner of the Lane Cove Tunnel and the Falcon Street Gateway,
situated in the lower Northern suburbs of Sydney.
STORM FINANCIAL: FPA Seeks Wider Review on Client Compensation
--------------------------------------------------------------
ABC News reports that the Financial Planning Association of
Australia wants the Federal Government to conduct a broader review
of client compensation, following the collapse of Storm Financial
Ltd.
According to ABC News, a federal parliamentary review into
financial services, including the collapse of Storm Financial and
Opes Prime, recommended changing the law banning commissions from
product promoters.
ABC News says the parliamentary committee that investigated
Storm's collapse also recommended legislative changes to make
financial advisers put the interests of their clients first.
The Commonwealth Bank said it is reviewing the details of the
report and remains committed to ensuring affected Storm Financial
customers are quickly and fairly supported by the resolution
scheme, ABC News reports.
ABC News says the FPA is actually calling for a much wider review
of retail client compensation which includes professional
indemnity insurance, the financial ombudsman, and compensation.
Meanwhile, Anthony Marx at the Herald Sun reports that Storm
Financial clients have slammed the parliamentary inquiry into the
disaster for failing to take a harder line with banks.
Mr. Marx says Noel O'Brien, co-chair of the Storm Investors
Consumer Action Group, has criticized the probe headed by Labor MP
Bernie Ripoll for not including lender liability laws among 11
proposed reforms to overhaul the financial planning sector.
Mr. O'Brien said Mr. Ripoll's joint committee should have pushed
changes to address the alleged "malpractice, sloppy book-keeping
procedures and predatory lending" of the Commonwealth Bank and
other lenders, the Herald Sun relates.
According to the Herald Sun, Mr. O'Brien accused the bank of
"mismanaging" clients whose loans had fallen into margin call and
denounced the "heartless and unconscionable" decision to sell down
client funds without warning late last year.
A bank spokesman declined to comment.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products. Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20. Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.
On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up. Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.
TIMBERCORP: Former Executives Stand to Gain from Asset Sale
-----------------------------------------------------------
The Weekly Times reports that former directors of Timbercorp Ltd.
stand to gain million-dollar payouts.
The Weekly Times relates that since Timbercorp was founded by
Robert Hance and David Muir in 1992, the Company has poured $2
billion of 18,500 grower-investors' funds into failed eucalypt,
almond, citrus, grape, olive and other managed investment schemes.
But Messrs. Hance and Muir stand to share in $59 million from the
$160 million generated from the sale of assets tucked away in the
Timbercorp Primary Infrastructure Fund safe haven, beyond the
reach of Timbercorp creditors. TPIF's senior lender, the ANZ
Bank, is owed $101 million.
According to the report, both men stand to share in up to $2.42
million from the 2.2 million units they hold in the fund, which
sold its almond properties and water rights to Singapore
agribusiness firm Olam International last week.
Olam agreed to pay $160 million for TPIF's two almond orchards at
Robinvale, covering 3853ha, and the associated 48,259 megalitres
of permanent water rights, the report notes.
The report further says that TPIF also stands to generate more
from the sale of its 426ha Solara South citrus property at Renmark
and the remaining parcel of 5410 megalitres of permanent water
rights worth about $12 million.
However, just how much Messrs. Hance and Muir get in the final
carve-up will depend on legal argument in the Supreme Court, the
report notes.
About Timbercorp
Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects. The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.
As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries. The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators. "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.
On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.
================
H O N G K O N G
================
LEHMAN BROTHERS: HK Liquidators Bring US$11.7 Bil. Claim
--------------------------------------------------------
KPMG's Paul Brough, Edward Middleton and Patrick Cowley, the
Liquidators of the eight Hong Kong Lehman entities, have filed
268 claims due to Lehman Brothers Holdings Inc, (LBHI) the
Group's ultimate parent company and 19 US debtors, in respect of
amounts owed to the Hong Kong entities.
This includes "catch all" claims against LBHI and the 19 US
Debtors, in order to be able to pursue claims where the quantum
is uncertain and/or any case where LBHI and the 19 US debtors may
have provided further guarantees, and/or in the event of new
evidence supporting a claim that the Liquidators were not
previously aware of.
The claims have been filed in accordance with an agreed bar date
of November 2, 2009, which was approved by the US bankruptcy
Court on August 25, 2009.
Of these claims some have not been quantified to date, including
but not limited to derivatives trades and damage related claims.
For claims that are quantifiable, the amount totals
US$11.7 billion and mainly includes failed trade and inter-company
non-trading claims.
The Liquidators will continue to adjust the quantum of claims as
inter-company reconciliations work advances and other
investigations are completed.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LEHMAN BROTHERS: HKMA Says 334 Cases Set for Further Action
-----------------------------------------------------------
The Hong Kong Monetary Authority announced November 13 that so
far 766 Lehman-Brothers-related non-minibond complaint cases have
led to disciplinary consideration. These cases have gone through
detailed investigation by the HKMA.
Up till now, the HKMA has referred a total of 334 Lehman-Brothers-
related non-minibond cases to the Securities and Futures
Commission (SFC) for further action. These cases have been
reviewed by the HKMA, which has determined that there are
sufficient grounds for referring them to the SFC to facilitate
its investigations into banks.
The HKMA has, up to 12 November 2009, received 21,747 complaints
concerning Lehman-Brothers-related products, of which 7,714 relate
to non-minibond products. Of the Lehman-Brothers-related non-
minibond complaints, 7,698 cases have gone through the preliminary
assessment process and, as a result, the HKMA is currently
investigating 3,085 cases and seeking further information on 1,321
cases. A total of 2,526 Lehman-Brothers-related non-minibond
complaints have been closed as there was not sufficient prima
facie evidence found after the preliminary assessment process or
no sufficient grounds and evidence found after detailed
investigations. A total of 766 Lehman-Brothers-related non-
minibond complaint cases have led to disciplinary consideration.
Of the minibond complaints, 13,033 cases are eligible for the
Lehman-Brothers Minibonds Repurchase Scheme or the voluntary offer
made by the distributing banks to customers with whom they had
reached settlements before the Scheme was introduced. Nine
hundred and sixteen minibond complaints involving customers who
are not eligible for, or have indicated that they do not accept,
the repurchase offer under the Scheme or whose cases require
clarification from the banks will continue to be handled by the
HKMA if the complaints cannot be resolved by the enhanced
complaint handling system introduced by the distributing banks as
agreed by the regulators.
Since 7 August 2009, 16 minibond distributing banks have begun the
issue of repurchase offer letters to eligible customers (about
25,000 customers) under the Scheme. Up to 11 November 2009,
24,553 customers have responded to the repurchase offers, of whom
24,306 customers or 99.0% have accepted the offers. As of 31
October 2009, for customers who had accepted the offer, 99.8% of
them already received payment from the banks concerned, while the
remaining payments will be settled soon (in any case no later than
30 days after having received the duly completed acceptance forms
from these customers). Separately, about 4,800 customers who had
reached settlements with the banks prior to the introduction of
the Scheme are eligible to the voluntary offer made by the banks,
with a view to bringing them in line with the eligible customers
who accept the repurchase offer under the Scheme. For customers
whose previous settlement amount was less than 60% (for customers
aged below 65) or 70% (for customers aged 65 or above) of the
principal invested, 98% of them already received top-up payments
from the banks concerned as of 31 October 2009.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MWH CHINA: Creditors' Proofs of Debt Due December 11
----------------------------------------------------
Creditors of MWH China Construction Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
J R Lees
Henley Building, 20/F
5 Queen's Road
Central, Hong Kong
PRISCILLA HWANG LEE: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: John Lees,
Foreign Representative
Chapter 15 Debtor: Priscilla Hwang Lee, Foreign Debtor
aka Lee Priscilla Hwang
aka Priscilla Lee
House F., 102 Repulse Bay Road
Hong Kong
Chapter 15 Case No.: 09-21377
Chapter 15 Petition Date: November 24, 2009
Court: District of Massachusetts (Boston)
Judge: Joan N. Feeney
Chapter 15 Petitioner's Counsel: Andrew J. Gallo, Esq.
Bingham McCutchen LLP
One Federal St.
Boston, MA 02110-1726
Tel: (617) 951-8000
Fax: (617) 951-8736
Email: andrew.gallo@bingham.com
Estimated Assets: US$1,000,001 to US$10,000,000
Estimated Debts: US$10,000,001 to US$50,000,000
PRINCE'S HOLDING: Members' Final Meeting Set for Dec 21
-------------------------------------------------------
Members of Prince's Holding Limited will hold their final meeting
on December 21, 2009, at 10:00 a.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
RAYMOND CHO-MIN LEE: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: John Lees,
Foreign Representative
Chapter 15 Debtor: Raymond Cho-Min Lee, Foreign Debtor
aka Lee Raymond Cho-Min
aka Lee Cho-Min Raymond
aka Raymond Lee
House F., 102 Repulse Bay Road
Hong Kong
Chapter 15 Case No.: 09-21367
Chapter 15 Petition Date: November 24, 2009
Court: District of Massachusetts (Boston)
Judge: Joan N. Feeney
Chapter 15 Petitioner's Counsel: Andrew J. Gallo, Esq.
Bingham McCutchen LLP
One Federal St.
Boston, MA 02110-1726
Tel: (617) 951-8000
Fax: (617) 951-8736
Email: andrew.gallo@bingham.com
Estimated Assets: US$1,000,001 to US$10,000,000
Estimated Debts: US$10,000,001 to US$50,000,000
RICHCOME INDUSTRIAL: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------------
Creditors of Richcome Industrial (HK) Company Limited are required
to file their proofs of debt by December 22, 2009, to be included
in the company's dividend distribution.
The company's liquidator is:
Hui Sze Wai
Hang Seng Mongkok Bldg., Room 1102
677 Nathan Road
Kowloon, Hong Kong
ROYAL SINCERE: Members' Final Meeting Set for December 21
---------------------------------------------------------
Members of Royal Sincere Limited will hold their final general
meeting on December 21, 2009, at 10:00 a.m., at Suite 3306, Shui
On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.
At the meeting, Chan Chi Kei Ronald, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SECURITIES (JAPAN): Members' Final Meeting Set for December 21
--------------------------------------------------------------
Members of Securities (Japan) Limited will hold their final
meeting on December 21, 2009, at 9:00 a.m., at the 31st Floor, The
Center, 99 Queen's Road Central, Hong Kong.
At the meeting, Robin Harris and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
SECURITIES (JAPAN) HOLDING: Members' Final Meeting Set for Dec 21
-----------------------------------------------------------------
Members of Securities (Japan) Holding Limited will hold their
final meeting on December 21, 2009, at 11:00 a.m., at the 31st
Floor, The Center, 99 Queen's Road in Central, Hong Kong.
At the meeting, Robin Harris and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
STARFORM WINDOWS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on November 11, 2009, the
members of Starform Windows & Doors Services Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Heather Chan Wai Chun
China Insurance Group
Room 1101, 11th Floor
141 Des Voeux Road
Central, Hong Kong
THE ASBESTOS CONTROL: Members' Final Meeting Set for December 21
----------------------------------------------------------------
Members of The Asbestos Control Association of Hong Kong Limited
will hold their final general meeting on December 21, 2009, at
3:00 p.m., at Unit A, 17/F., Eton Building, 288 Des Voeux Road, in
Central, Hong Kong.
At the meeting, Joseph Lee Che Wing, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
THE COUNTRYSIDE HERITAGE: Cheung Steps Down as Liquidator
---------------------------------------------------------
Leung Chak Cheung stepped down as liquidator of The Countryside
Heritage Society of Hong Kong Limited on November 16, 2009.
THESAURUS LIMITED: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on November 13, 2009,
members of Thesaurus Limited resolved to voluntarily wind up the
company's operations.
The company's liquidator is:
Choy Man Yick
V Heun Building, 12th Floor
138 Queen's Road
Central, Hong Kong
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I N D I A
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ASACO PRIVATE: ICRA Places 'LBB-' Rating on INR155MM Limits
-----------------------------------------------------------
ICRA has assigned an LBB- rating to the to the INR155 million
Working Capital limits of Asaco Private Limited. ICRA has also
assigned an A4 rating to the INR175 million Non-Fund Based Limits
of Asaco Private Limited.
ICRA's rating action takes into account small size of operations
of the company, which resulted in limited bargaining power vis-a-
vis suppliers and customers and lower economies of scale which in
turn have resulted in low net margins. The rating is also
constrained by high gearing levels of the company (2.01 times as
on FY09), moderate debt coverage indicators as shown by NCA/TD of
9.75% and negative cash flows( adjusted for working capital) in
the past. These factors have resulted in stretched liquidity
positions of the company as shown by unutilized working capital
limits and in turn resulted in pressures on timely debt servicing.
However the rating derives some comfort from APL's long and
established position with reputed defense organizations, promoters
experience in running this business and good relationships with
the clients.
Asaco Private Limited was founded in 1969 by Mr. K. Mohandas
(presently MD) to supply parts to the Indian Metal Forming and
Cable Industries. Later on with their technical collaboration
with European Companies the company is now manufacturing Cable
Extrusion Lines & Optical Fibre Cable Equipment, Tension Levelling
Lines and allied equipment , Diamond dies and tools for wire &
cable industry. The company is a closely held by promoters and
his family members having manufacturing facilities located in
Hyderabad where manufacturing of engineering machineries takes
place. For FY09 APL made a PAT of INR7.95 million on net sales of
INR282.31 million.
CONTEC AIRFLOW: CRISIL Cuts Ratings on Various Debts to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on Contec Airflow Engineers Pvt
Ltd's term loan and bank facilities to 'BB-/Negative' from
'BB/Stable/P4', and has assigned its 'P4' rating to the company's
bank guarantee facility. The downgrade has been driven by
deterioration in Contec's financial risk profile in 2008-09
because of lower-than-expected revenue, decline in profitability,
large ongoing debt-funded capital expenditure (capex), and
deterioration in liquidity. CRISIL believes that Contec's revenue
and profitability will remain subdued over the near term because
of Contec's small order book and the delays in the implementation
of its ongoing backward integration project for its manufacturing
unit.
Facilities Ratings
---------- -------
INR45.6 Million Term Loans BB-/Negative (Downgraded from
'BB/Stable')
INR50.0 Million Cash Credit BB-/Negative (Downgraded from
'BB/Stable')
INR5.0 Million Bank Guarantee P4 (Assigned)
INR5.0 Million Letter of Credit P4 (Reaffirmed)
(Reduced From INR10 Million)
The ratings reflect Contec's small scale of operations and low
profitability, the expected deterioration in its financial risk
profile because of debt-funded capex, and its high dependence on
the pharmaceutical sector for revenue. These weaknesses are
partially offset by the industry experience of Contec's promoters.
Outlook: Negative
CRISIL believes that Contec's financial risk profile will
deteriorate over the medium term because of the company's large
capex borrowings and low revenue visibility. The rating could be
revised downwards if the company's financial risk profile
deteriorates more than expected because of weak revenue growth,
decline in cash accruals, or larger-than-expected capex
borrowings. Conversely, the outlook could be revised to 'Stable'
in case Contec increases its scale of operations significantly or
its capex borrowings are lower than expected.
About Contec Airflow
Incorporated in 2006-07 (refers to financial year, April 1 to
March 31) by Mr. C Ramakrishna, Contec is into designing,
consulting, and commissioning heating, ventilating, and air-
conditioning (HVAC) projects. Mr. Ramakrishna has industry
experience of more than 25 years, and is assisted by his sons, Mr.
Pawan Kumar and Mr. Anil Kumar. The company is setting up a unit
for manufacturing HVAC equipment.
Contec reported a profit after tax (PAT) of INR1.3 million on net
sales of INR162.4million for 2008-09, against a PAT of INR2.9
million on net sales of INR111.7 million for 2007-08.
DASS ELECTRIC: ICRA Assigns 'LBB+' Rating on INR200MM Bank Loans
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR200 million, bank lines
of Dass Electric Trading Company Private Limited.
The ratings take into account the established presence of the
company in Pune on the back of long-standing experience of the
promoters and strong brand equity within the city. The ratings
are, however, constrained by the localized presence of its stores
and the stretched financial profile of the company. There is also
emerging competition in the form of multi-format stores backed by
large corporates with a wider presence across geographies. This
problem is further compounded by the challenging operating
environment currently being faced by the retail industry on
account of a slowdown in overall demand.
Within Pune, the company has been able to establish its leadership
position in the retail sales of consumer durables. The ratings
also draw comfort from the high sales per square foot generated by
Dass in its stores besides its supply chain management and after-
sales-service support.
Dass began functioning as a retail outlet for electrical
accessories in 1939. It began its operations with a single store
in old Pune. In the 1970s, the company started retailing consumer
durables with the opening of its first store on East Street in
Pune. Dass Electric Trading Company Private Limited (Dass) was
incorporated as a private limited company on September 19, 1988.
The company is engaged in the business of dealerships, assembling
and distribution of electronic goods and home appliances for
various brands. The company is based in Pune and currently runs
11 large-format stores, 10 of which are based in Pune. While two
of these stores are dedicated "Sony" brand outlets, the other
stores house leading brands such as Dell, HP, LG, Onida, Philips
and Samsung among others. The company also has some presence in
Nasik though one of its stores that opened in FY09.
In Q1FY10, Dass reported PAT of INR3.2 million (1.4%) on a revenue
base of INR233.2 million. This was a decrease on a margin of 1.7%
as reported in FY09 for a PAT of INR23.3 million on an operating
income of INR1404.3 million.
KOTAK URJA: ICRA Rates INR50 Million Term Loan at 'LBB+'
--------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR50 million Term Loan
Programme and the INR105 million Fund Based Limits of Kotak Urja
Private Limited. ICRA has also assigned an A4+ rating to the
INR45 million Non-fund Based Limits of Kotak Urja Private Limited.
The rating takes into account KUPL's experienced management, its
long track record in the solar industry and its wide-spread
distribution network. The rating also factors in KUPL's reputed
client base and its moderate gearing level. However, the rating is
constrained by the intensely competitive nature of the industry;
KUPL's modest scale of operations, its vulnerability to adverse
movements in exchange rates and its high working capital intensity
which affects its cash flow from operations.
Incorporated on September 10, 1997, Kotak Urja Private Limited is
engaged in the manufacturing of solar water heating systems and
solar photovoltaic (PV) systems. Its products include domestic &
industrial solar water heaters, solar drying systems, effluent
treatment systems, swimming pool heating systems, space heating
systems and photovoltaic devices like PV modules, street lighting
systems, portable lantern, solar torches, PV grid connect, power
plant etc.
KUPL registered a net profit of INR20.2 million on operating
income of INR581.9 million in FY2008-09 as against a net profit of
INR17.0 million on operating income of INR383.3 million in FY2007-
08.
LAKSHMAN & CO: CRISIL Puts 'BB-' Rating on INR2MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Lakshman &
Company's bank facilities.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit* BB-/Stable (Assigned)
INR2.0 Million Overdraft Facility BB-/Stable (Assigned)
INR30.0 Million Pledge Loan P4+ (Assigned)
INR90.0 Million Packing Credit P4+ (Assigned)
INR40.0 Million Bills Discounting P4+ (Assigned)
INR40.0 Million Letter of Credit P4+ (Assigned)
*fully utilizable as Packing Credit
The ratings reflect Lakshman's modest scale of operations, and
exposure to risks relating to volatility in raw material prices,
and to suboptimal capacity utilization because of erratic labor
supply. These weaknesses are partially offset by the benefits
that the company derives from its strong track record in the
cashew industry.
Outlook: Stable
CRISIL believes that Lakshman will maintain a comfortable market
position over the medium term. The outlook may be revised to
'Positive' if the firm increases its net cash accruals
significantly while maintaining its current debt protection
indicators. Conversely, a steep decline in accruals, or adverse
changes in the regulatory environment of the raw cashew exporting
countries, may result in a revision in outlook to 'Negative'.
About Lakshman & Company
Set up in 1965 as a partnership firm by the late Mr. Lakshmanan
Pillai and his family members, Lakshman imports raw cashew nuts,
which it processes and sells in the domestic and export markets.
The firm currently has six partners, Ms. B Sathi, Ms. S Prema, Ms.
Preethi Lakshman, Mr. Aditya Lakshman, Mr. Prakash Prabhakar, and
Mr. Prashanth Prabhakar, who are family members of Mr. Lakshmanan
Pillai. The firm has nine processing units (three in Kerala and
six in Tamil Nadu), with a total capacity of 440 tonnes per month.
The firm is part of the famous K Parameswaran Pillai group of
Kerala, which has been in the cashew processing industry since
1925.
Lakshman reported a profit after tax (PAT) of INR18.3 million on
consolidated net sales of INR385 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2.8
million on net sales of INR296 million for 2007-08.
PREETI COTSPIN: Low Net Worth Prompts CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Preeti Cotspin Pvt Ltd, part of the Salona group.
Facilities Ratings
---------- -------
INR52.3 Million Cash Credit B+/Stable (Assigned)
INR94.9 Million Rupee Term Loan B+/Stable (Assigned)
INR37.4 Million Proposed Long Term B+/Stable (Assigned)
Bank Loan Facility
INR3.6 Million Packing Credit P4 (Assigned)
INR0.8 Million Bill Discounting P4 (Assigned)
The ratings reflect Salona group's weak financial risk profile
marked by low networth and high gearing. The impact of this
weakness is, however, partially offset by the benefits that Salona
group derives from its satisfactory working capital management and
from its promoters' experience in the textile business.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Preeti, and Salona Cotspin Ltd
(Salona). This is because the two companies, together referred to
as the Salona group, have a common management, and are in the same
line of business.
Outlook: Stable
CRISIL believes that the Salona group's financial risk profile
will remain weak owing to high gearing. The outlook may be
revised to 'Positive' if the group's financial risk profile is
strengthened considerably, backed by an improved capital
structure. Conversely, the rating may be revised to 'Negative' if
there is substantial decline in business volumes, revenues and/or
margins, or if the group undertakes any large debt-funded capital
expenditure, leading to further deterioration of capital
structure.
About the Group
Promoted by Mr. Shyamlal Agarwal, Salona is listed on the Bombay
Stock Exchange (BSE). Salona has a capacity of 21,700 spindles
and eight knitting machines. The company manufactures grey
hosiery yarn in counts ranging from 20s to 40s, and grey knit
fabric. It sells its products in the export-oriented Tirupur
(Tamil Nadu) market. Direct exports contribute 10 per cent to its
revenues. Salona reported a profit after tax (PAT) of INR 1.3
million on net sales of INR 498.9 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR 10.8
million on net sales of INR 430.9 million for 2007-08.
Preeti, incorporated in 1995, manufactures cotton yarn with a high
count pattern -- in the 40s-80s range. It has a capacity of 12,000
spindles. Its main customers include domestic innerwear
manufacturers. Preeti reported a profit after tax (PAT) of
INR2.2 million on net sales of INR228.6 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR8.4 million on net sales of INR161.2 million for 2006-07.
SALONA COTSPIN: CRISIL Rates INR106.6MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Salona Cotspin Ltd, part of the Salona group.
Facilities Ratings
---------- -------
INR106.6 Million Cash Credit B+/Stable (Assigned)
INR14.7 Million Overdraft Facility B+/Stable (Assigned)
INR193.0 Million Rupee Term Loan B+/Stable (Assigned)
INR10.0 Million Bill Discounting P4 (Assigned)
INR13.2 Million Bank Guarantee P4 (Assigned)
INR29.3 Million Letter of Credit P4 (Assigned)
The ratings reflect Salona group's weak financial risk profile
marked by low networth and high gearing. The impact of this
weakness is, however, partially offset by the benefits that Salona
group derives from its satisfactory working capital management and
from its promoters' experience in the textile business.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Salona, and Preeti Cotspin Pvt Ltd
(Preeti). This is because the two companies, together referred to
as the Salona group, have a common management, and are in the same
line of business.
Outlook: Stable
CRISIL believes that the Salona group's financial risk profile
will remain weak owing to high gearing. The outlook may be
revised to 'Positive' if the group's financial risk profile is
strengthened considerably, backed by an improved capital
structure. Conversely, the rating may be revised to 'Negative' if
there is substantial decline in business volumes, revenues and/or
margins, or if the group undertakes any large debt-funded capital
expenditure, leading to further deterioration of capital
structure.
About the Group
Promoted by Mr. Shyamlal Agarwal, Salona is listed on the Bombay
Stock Exchange (BSE). Salona has a capacity of 21,700 spindles
and eight knitting machines. The company manufactures grey
hosiery yarn in counts ranging from 20s to 40s, and grey knit
fabric. It sells its products in the export-oriented Tirupur
(Tamil Nadu) market. Direct exports contribute 10 per cent to its
revenues. Salona reported a profit after tax (PAT) of INR1.3
million on net sales of INR498.9 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR10.8
million on net sales of INR430.9 million for 2007-08.
Preeti, incorporated in 1995, manufactures cotton yarn with a high
count pattern -- in the 40s-80s range. It has a capacity of
12,000 spindles. Its main customers include domestic innerwear
manufacturers. Preeti reported a profit after tax (PAT) of
INR2.2 million on net sales of INR228.6 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR8.4 million on net sales of INR161.2 million for 2006-07.
SUNSTAR PRECISION: CRISIL Puts 'B-' on INR308 Million Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Sunstar Precision Forge Ltd.
Facilities Ratings
---------- -------
INR50.0 Million Overdraft Facility B-/Negative (Assigned)
INR308.0 Million Term Loan B-/Negative (Assigned)
INR5.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect Sunstar Precision's weak financial risk
profile, and its limited track record in the metal forgings
industry. These weaknesses are, however, partially offset by the
company's financial flexibility in terms of strong financial
support from its promoters.
Outlook: Nagetive
CRISIL believes that Sunstar Precision's financial risk profile
may remain constrained, over the medium term, by accumulated
losses, weak liquidity, and large expansion plans. Sunstar
Precision's cash accruals may be inadequate to cover term debt
obligations; the company is, therefore, likely to continue to
depend on fresh equity infusions from promoters to honor repayment
obligations on time. Sunstar Precision's ratings may be
downgraded if the company does not receive timely infusions of
funds from promoters. Conversely, the outlook may be revised to
'Stable' if Sunstar Precision achieves expected sales volumes, and
enhances its operating profitability.
About Sunstar Precision
Set up in 2005 as a public limited company by three families, the
Gargs, Guptas and Goels, Sunstar Precision manufactures and sells
forged and machined components mainly for automotives. The Guptas
sold their stake in the company to the Garg family in February
2008. The company began commercial operations in February 2007.
The plant has two forging press lines with capacities of 1600
tonnes per annum (tpa) and 4000 tpa, respectively; these lines are
supported by in-house tooling and heat treatment facilities.
Sunstar Precision reported a net loss of INR94.4 million on net
sales of INR135.9 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a net loss of INR95.3 million on
net sales of INR83.8 million for 2007-08.
TEBMA SHIPYARDS: Fitch Cuts National Long-Term Rating to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded Tebma Shipyards Limited's National
Long-term rating to 'BB(ind)' from 'BBB(ind)'. The Outlook is
Negative. These instruments have also been downgraded:
-- Long-term debt of INR1,800 million to 'BB(ind)' from
'BBB(ind)'
-- Cash credit/Export Packing Credit limits of INR3,700 million
to 'BB(ind)' from 'BBB(ind)'
-- Non-fund-based limit of INR16 billion to 'F4(ind)' from
'F2(ind)'
The downgrade reflects a significant decline in revenues in the
financial year ended March 2009, despite a healthy order book
position of INR16 billion, due to delay in yard completion and
settlement of issues with local fishermen that lead to delays in
vessel construction. Forex losses emanating from the delays in
the supply schedule and an increase in other expenses led to a
pretax loss in FY09.
In FY09 the delays in shipbuilding led to increased working
capital demand and a significant increase in inventory days (to 88
days in FY09 from 21 days in FY08). During the current financial
year, Tebma had an order cancellation and renegotiations for some
other vessels due to the stretched liquidity position of most of
its customers
The Negative Outlook reflects pressure on receivables in the near
term due to the deferment of deliveries agreed with customers
leading to a delay in cash inflows. Fitch expects that Tebma will
need additional financing over and above the cash generated from
operations to meet its obligations in FY10.
The ratings could benefit if Tebma is able to raise funds to meet
its obligations in FY10 without stretching its balance sheet
further, if there are no further order cancellations and if net
debt/EBIDTA remains below 5x on a sustained basis. Conversely,
the ratings could come under pressure from further delays in
deliveries and order cancellations leading to further decline in
revenues and deeper losses.
FY09 revenue declined 30% yoy to INR3,114.8 million. EBITDA
margins declined to 11.9% in FY09 from 22.3% in FY08 due to forex
fluctuations and increased overheads, while the funds from
operations fixed charge cover declined to 2x from 7x. Interest
expense increased to INR309 million from INR134 million owing to
an increase in working capital and replacement of some dollar-
denominated limits with rupee-denominated ones.
=================
I N D O N E S I A
=================
BANK CENTURY: State Audit Board Submits Report to KPK
-----------------------------------------------------
The Corruption Eradication Commission (KPK) on Wednesday received
the State Audit Board (BPK)'s report on its investigative audit on
PT Bank Century, according to Antara News.
The news agency relates KPK spokesman Johan Budi said the audit
report was first received by the office's correspondence division
which later handed it over to the secretariat of the KPK
leadership.
The KPK leadership would study it to determine what should be done
next, Antara says.
According to Antara, Mr. Budi declined to either explain the
substance of the report or confirmed if the report was the same as
the one submitted to the House of Representatives (DPR) recently.
Bloomberg News, meanwhile, reports that Indonesian Finance
Minister Sri Mulyani Indrawati defended the government's bailout
last year of PT Bank Century, and said she supports a
parliamentary inquiry into the rescue.
Bloomberg relates Sri Mulyani said Monday at a press briefing in
Jakarta that if Bank Century had been allowed to fail, others
would have followed. "The closing of Bank Century could have had
a domino effect on 23 other banks in crisis conditions that time,"
she said.
House Inquiry
Antara News in a November 13 report said that a member of the
Indonesian Democratic Party of Struggle (PDIP) faction in the
House, Maruarar Sirait, and a number of legislators from six other
party factions had proposed exercising the House's right of
inquiry regarding the bailout funds that the government had given
to the bank.
Based on the initial report from BPK to House Commission XI there
were indications that a crime had been committed behind the flow
of state funds to the bank, Antara relates.
The proposal was submitted to the DPR leadership earlier this
month and was signed by 138 legislators.
Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion). The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector. The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21,2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.
Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution. The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking. The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.
FAJAR SURYA: Fitch Changes Outlook to Stable; Affirms B IDR
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Fajar Surya Wisesa
Tbk's Long-term foreign currency and local currency Issuer Default
Ratings to Stable from Negative and affirmed the ratings at 'B'.
Simultaneously, Fitch has upgraded Fajar's National Long-term
rating to 'BBB+(idn)' from 'BBB(idn)'. The Outlook on the
National rating is Stable. Fitch has also affirmed the 'B' issue
rating and recovery rating of 'RR4' on the US$100 million senior
notes issued by Fajar Paper Finance B.V. and guaranteed by Fajar.
The rating actions reflect Fajar's improving financial performance
on the back of the stabilization of Indonesian domestic demand for
containerboard and boxboard in Q209 and Q309. This allowed Fajar
to generate higher cumulative domestic sales volume of 350 kilo
tones in these two quarters, versus a low of 271KT during Q408 and
Q109. With the improving profitability and free cash flow
generation, Fajar has been able to reduce its financial leverage
-- as measured by adjusted net debt to EBITDAR -- to 2.5x in 9M09
(Q109: 5.9x). Its interest coverage, as measured by EBITDA/Gross
Interest Expense, also improved to 2.7x in 9M09 (Q109: 1.3x).
Although Fajar's credit metrics have improved significantly
compared to the levels that were expected when Fitch downgraded
its IDRs to 'B' from 'B+' in February 2009, the IDRs are
constrained by the resumption of the company's expansion plans.
The plan, to increase its capacity to 1,000KT per annum from 700KT
per annum, had been postponed last year following the Q408 drop in
domestic sales volume and selling price. The Paper Machine 5 (PM-
5) project cost estimate remains at US$85 million and will be
financed by a syndicated loan of US$70m, which will be drawn-down
in FY10. Fitch, therefore, expects the company's financial
leverage to increase in FY10 before reducing again in FY11 upon
the commercial operation of the PM-5. Nonetheless, a
significantly lower production from PM-5 may further delay the
expected deleveraging process.
The ratings also continue to be constrained by Fajar's position as
price taker for both its end products and raw material. This
increases the propensity for margin volatility, as was seen in
Q408. The ratings, however, are supported by its position as one
of the largest non-integrated producers of industrial paper in
Indonesia, with a well-established domestic sales track record.
While Fajar's liquidity was adequate as at 30 September 2009, with
cash and cash equivalents of IDR114bn, Fitch notes that the
company has revolving working capital loan facilities of IDR451bn
that are due in FY10. However, given the company's good
relationship with banks and improving credit profile, Fitch does
not anticipate any problems in the renewal of these facilities.
Any evidence that its lenders may not renew its working capital
facilities, a net adjusted debt/EBITDAR higher than 4.5x, and/or
EBITDA/interest coverage of less than 2x on a sustained basis may
result in a negative rating action. A positive rating action may
be taken if Fajar's PM-5 project is completed on schedule while
maintaining its net adjusted debt/EBITDAR below 3x and
EBITDA/interest coverage above 3x on a sustained basis.
PERUSAHAAN GAS: Seeks Loans To Redeem Dollar Bonds
--------------------------------------------------
Jakarta Globe reports that PT Perusahaan Gas Negara has hired
Standard Chartered to arrange loans that it will use to buy back
dollar bonds as it seeks to reduce its cost of funding.
PGN secretary Wahid Sutopo told the Globe that PGN will redeem its
US$150 million of 7.5% bonds due in 2013 and $125 million of 7.5%
notes maturing in 2014 using tax clauses in the securities' terms
that were triggered in 2006.
"In the notes there is a provision allowing the issuer to exercise
early redemption based on tax reasons," the Globe quoted Mr.
Sutopo as saying. PGN wasn't able to buy back the notes earlier
because "we had major projects that were being undertaken until
last year," he said.
The Globe relates Mr. Sutopo said the company will save money by
using bank debt to redeem the bonds and may provide more
information on the loans this week.
LNG Terminals
PT Perusahaan Gas Negara plans to allocate US$1 billion to build
Liquefied Natural Gas (LNG) receiving terminals in West Java and
North Sumatra, The Jakarta Post reports citing a PGN official.
The Post quoted PGN president director Hendi P Santoso as saying
that "The investment in the terminals is about US$100 million up
to US$150 million per unit."
The company acknowledged that it was still seeking some loans from
banks to finance the terminals, the Post says.
"We probably will find 30% of the budget needed from the internal
cash flow, with the rest from bank loans," PGN finance director
Riza Pahlevi Thabrani was quoted by the Post as saying.
About PGN
Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices. These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements. Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar. On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements. The company is 59.4% owned by the
Government of Indonesia.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'. The Outlook is Stable.
As of November 26, 2009, Perusahaan Gas Negara continues to carry
Moody's Investors Service 'Ba2' LT Corp Family Rating with outlook
stable. The company also continues to carry Standard & Poor's
Ratings' 'BB-' LT Foreign Issuer Credit / LT Local Issuer Credit.
=========
J A P A N
=========
AIFUL CORP: Seeks JPY15-Bln Loan from Sumitomo Trust
----------------------------------------------------
Aiful Corp. has drawn up a revival plan calling for moving up
repayments of outstanding loans from dozens of creditors on the
basis of a new JPY15 billion credit line it will set up with its
biggest creditor Sumitomo Trust & Banking Co, Kyodo News reported,
citing informed sources.
Aiful, which asked 66 creditors in September to consent to an out-
of-court debt resolution under the alternative debt resolution
method, is now trying to secure by the yearend the creditors'
agreements to reschedule repayments of its group debts, which came
to around JPY300 billion as of Sept 24, the report said.
According to the report, the plan calls for buying back at
discounts the bonds which Aiful floated in the past to the
creditors on the basis of the credit line.
Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/-- is
a Japan-based financial service provider. The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts. Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates. Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation. At the same time,
Moody's continues to review the ratings for possible further
downgrade. In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.
Standard & Poor's Ratings Services also lowered its long- and
short-term counterparty ratings on Aiful Corp. to 'SD' from 'CC'
and 'C' respectively, after Aiful's application for ADR procedures
was officially accepted. As a result, Aiful has temporarily
suspended principal payments on borrowings from financial
institutions, thereby breaching the terms and conditions of the
original agreements. The 'CCC' rating on the senior unsecured
bonds remains on CreditWatch with developing implications. S&P
placed the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration. The CreditWatch status was revised to
developing on Sept. 18, 2009.
SANYO ELECTRIC: Panasonic Extends Tender Offer Period
-----------------------------------------------------
Panasonic Corp. said Wednesday it has extended the deadline for
its tender offer for shares of Sanyo Electric Co. by two days from
the original date to December 9 as U.S. antitrust authorities took
longer than expected to examine the integration, Kyodo News
reports.
The Company will launch the takeover bid during the period from
November 5, 2009 to December 9, 2009, instead of the period from
November 5, 2009 to December 7, 2009.
The Troubled Company Reporter-Asia Pacific reported earlier this
month that Panasonic Corp. launched a tender offer for shares of
Sanyo Electric to convert it into a subsidiary.
The U.S. Federal Trade Commission approved Tuesday Panasonic's
proposed $9 billion acquisition of Sanyo Electric, provided that
Sanyo sell its portable nickel metal hydride (NiMH) battery
business, including a premier manufacturing plant in Japan.
Under a proposed FTC consent order, the portable NiMH battery
assets will be sold to FDK Corporation, a subsidiary of Fujitsu
Ltd.
About Panasonic
Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas. It offers products, systems and
components for consumer, business and industrial use. Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products. Some of its subsidiaries also use
their own brand names, such as PanaHome. The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation. In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries. The company merged with two
subsidiaries on October 1, 2008.
About Sanyo
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.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.
TITAN JAPAN: Fitch Cuts JPY11.70BB Class D Notes to 'B'
-------------------------------------------------------
Fitch Ratings has downgraded four classes of notes from Titan
Japan, Series 1 GK due November 2012, affirmed Class X, and
removed classes A to D from Rating Watch Negative, following the
implementation of the recently published criteria for Japanese
CMBS surveillance. The rating actions are:
-- JPY85.63 billion* Class A notes downgraded to 'AA-' from
'AAA'; off RWN; Outlook Stable;
-- JPY12.10 billion* Class B notes downgraded to 'BBB' from
'AA'; off RWN; Outlook Negative;
-- JPY11.80 billion* Class C notes downgraded to 'BB' from 'A';
off RWN; Outlook Negative;
-- JPY11.70 billion* Class D notes downgraded to 'B' from 'BBB';
off RWN; Outlook Negative; and
-- Class X notes (interest-only) affirmed at 'AAA'; Outlook
Stable.
* as of November 24, 2009
Classes A to D have been downgraded following Fitch's revisions to
the values of the transaction's underlying properties. In line
with the recently published criteria, the agency has revised the
cap rates of all underlying properties, taking into consideration
the remaining period to maturity for each loan, loan status and
Japan's currently stressed commercial real estate market. It has
also revised the cash flow expectations of a majority of
underlying properties, given their historical performances and
current rent rolls. Assuming dispositions under stressed market
conditions, Fitch adopted values for the underlying properties
that are on average 33.5% lower than its initial valuations for
the purpose of this review.
The Stable Outlook assigned to the Class A notes reflects Fitch's
expectation that its credit enhancement level will improve as
repayment from loans will be applied sequentially.
Negative Outlooks have been assigned for classes B, C and D, due
to the continued uncertainty about the future of the Japanese
commercial real estate market and the commercial real estate
finance environment.
Fitch has resolved the RWN status on all classes since the
likelihood of additional negative rating actions has fallen, given
the conservative property revaluations adopted in combination with
the status of each loan at this time.
At closing, the notes were backed by six loans ultimately secured
by 43 commercial real estate properties in Japan. To date, one
loan has been fully repaid, bringing the total number of loans
backing the transaction to five, secured by a total of 42
properties. All five loans are due to mature within the next 12
months.
The rating on the interest-only Class X notes addresses only the
likelihood of receiving interest, while principal on the related
classes remain outstanding.
For further information on the surveillance criteria and
methodology, please see the criteria report, "Criteria for
Japanese CMBS Surveillance" and the special report, "Application
and Impact of the Japanese CMBS Surveillance Criteria". Both
reports were published on 2 September 2009 and are available on
the agency's website, www.fitchratings.com. Note that the reports
have been published simultaneously and are intended to be read in
conjunction with each other. The criteria report describes the
approach and framework of the methodology, and the special report
details the application and assumptions adopted for the 2009
surveillance review.
Other applicable Criteria available on Fitch's website at
www.fitchratings.com: "Global Structured Finance Rating Criteria",
dated 30 September 2009.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
* S&P Downgrades Ratings on 35 Corporate Synthetic CDO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered 35 ratings from 27
corporate synthetic collateralized debt obligation transactions.
The aggregate issuance amount of the affected tranches is
$1.04 billion. S&P took action on these tranche ratings following
its update to the criteria and assumptions S&P uses to rate
corporate CDO transactions. At the same time, S&P affirmed its
ratings on four tranches from four Japanese corporate synthetic
CDO transactions.
On Sept. 18, 2009, S&P placed the ratings on 26 Japanese synthetic
CDO transactions on CreditWatch negative in tandem with the
application of S&P's updated corporate CDO criteria.
Additionally, S&P issued separate press releases announcing the
CreditWatch negative placements affecting corporate CDO
transactions that S&P monitor in North America, Europe, and Asia
(except Japan). The rating actions complete S&P's review of the
affected Japanese synthetic CDO transactions.
Most of the rating actions reflect S&P's recalibration of the
parameters within its CDO Evaluator model in connection with its
criteria update. However, the downgrade of four tranche ratings
resulted from S&P's application of the largest-obligor default
test, which is one of the supplemental stress tests S&P introduced
as part of its criteria update.
In S&P's reviews of the affected synthetic CDOs, S&P considered
both the updated criteria and any credit deterioration the
transactions have experienced since its last review. S&P expects
to resume publishing the monthly Global Synthetic Rated
Overcollateralization Report in December and plan to include in
this report SROC ratios for corporate synthetic CDO transactions
under the updated criteria.
Ratings List
Corsair (Jersey) No. 2 Ltd.
Floating rate secured portfolio credit-linked notes series 38
To From Issue Amount
-- ---- -----------
BB+ BB+/Watch Neg JPY5.6 bil.
Fixed rate secured portfolio credit-linked loan series 53
To From Issue Amount
-- ---- ------------
BBB- BBB-/Watch Neg JPY3.0 bil.
Fixed rate credit-linked loan series 58
To From Issue Amount
-- ---- ------------
CCC+ BBB-/Watch Neg JPY3.0 bil.
CuBic One Ltd.
Global corporate synthetic CLO notes series 2007-1:
JPY25.3 billion limited recourse secured floating-rate
credit-linked securities due Nov. 2011
Class To From Issue Amount
----- -- ---- ------------
A A+ AAA/Watch Neg JPY14.1 bil.
B BB+ AA-/Watch Neg JPY5.5 bil.
C B+ BBB/Watch Neg JPY3.7 bil.
D B+ BB/Watch Neg JPY2.0 bil.
Eirles Two Ltd.
Series 197 floating rate portfolio credit linked secured notes
To From Issue Amount
-- ---- ------------
BBB BBB+/Watch Neg JPY4.0 bil.
Portfolio credit linked secured notes series 310
Class To From Issue Amount
----- -- ---- ------------
A CCC- CCC+/Watch Neg JPY5.0 bil.
Helium Capital Ltd.
Limited recourse secured floating rate credit-linked notes
series 58
To From Issue Amount
-- ---- ------------
BBB+ A-/Watch Neg JPY2.0 bil.
Hummingbird Securitisation Ltd.
Series 1 loan
Class To From Issue Amount
----- -- ---- ------------
#1 Loan BB AA+/Watch Neg JPY4.0 bil.
Series 2 loan
Class To From Issue Amount
----- -- ---- ------------
#2 Loan CCC- CCC+/Watch Neg JPY3.0 bil.
Mizuho Corporate Bank Ltd.
JPY248.4 billion super senior credit default swap scheduled to
terminate April 27, 2011
Class To From Issue Amount
----- -- ---- ------------
Super Senior CDS AAAsrp AAAsrp/Watch Neg JPY248.4 bil.
Momentum CDO (Europe) Ltd.
Secured credit-linked notes (Louvre CDO) series 2005-1
Class To From Issue Amount
----- -- ---- ------------
AF CCC- CCC/Watch Neg JPY1.0 bil.
AX CCC- CCC/Watch Neg JPY1.5 bil.
Secured credit-linked notes Louvre II CDO series 2005-2
Class To From Issue Amount
----- -- ---- ------------
AX CCC- CCC+/Watch Neg JPY700.0 mil.
Secured credit-linked loan Louvre CDO II series 2005-3
To From Issue Amount
-- ---- ------------
CCC+ B/Watch Neg JPY3.0 bil.
Prelude III floating rate notes series 2005-4
To From Issue Amount
-- ---- ------------
CCC- B/Watch Neg JPY3.0 bil.
SONATA notes series 2006-2
Class To From Issue Amount
----- -- ---- ------------
AF CCC CCC/Watch Neg JPY2.0 bil.
SONATA floating rate notes series 2006-11
Class To From Issue Amount
----- -- ---- ------------
AF CCC- CCC+/Watch Neg $6.0 mil.
Omega Capital Investments PLC
Floating rate note series 7
Class To From Issue Amount
----- -- ---- ------------
A BBB- AA/Watch Neg JPY3.0 bil.
B BBB- AA-/Watch Neg JPY2.0 bil.
C1 BB- A-/Watch Neg JPY1.0 bil.
C2 BB- A-/Watch Neg JPY2.0 bil.
C3 BB- A-/Watch Neg A$20.0 mil.
Class A-1 series 11 secured 1.5% notes
To From Issue Amount
-- ---- ------------
CCC+ BB+/Watch Neg JPY2.2 bil.
Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan 2005-3
To From Issue Amount
-- ---- ------------
BB- A-/Watch Neg JPY4.0 bil.
Class A secured fixed rate credit-linked loan series 2005-04
To From Issue Amount
-- ---- ------------
CCC- CCC+/Watch Neg JPY4.0 bil.
Class A secured floating rate credit-linked notes series 2005-06
To From Issue Amount
-- ---- ------------
CCC-pNRi B+pNRi/Watch Neg JPY3.0 bil.
Secured floating rate credit-linked notes 2006-01
To From Issue Amount
-- ---- ------------
BB- BB+/Watch Neg JPY2.0 bil.
Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes
series 2 class B1-U
To From Issue Amount
-- ---- ------------
CCC+ B+/Watch Neg $70.0 mil.
Limited recourse secured floating-rate credit-linked notes
series 5 class C1-J
To From Issue Amount
-- ---- ------------
CCC B/Watch Neg JPY1.0 bil.
Limited-recourse secured variable return combination
credit-linked notes series6 class B3-U
To From Issue Amount
-- ---- ------------
CCC+pNRi B+pNRi/Watch Neg $14.0 mil.
Limited recourse secured floating rate credit-linked notes
series 7 class A1-U
To From Issue Amount
-- ---- ------------
B BB+/Watch Neg $0.1 mil.
Limited recourse secured floating-rate credit-linked notes
series 10 class A1-E
To From Issue Amount
-- ---- ------------
B BB+/Watch Neg EUR10.0 mil.
Series 13 limited recourse secured fixed rate credit-linked notes
To From Issue Amount
-- ---- ------------
B- BBB-/Watch Neg S$8.064 mil.
Series 14 limited recourse secured fixed rate credit-linked notes
To From Issue Amount
-- ---- ------------
B- BBB-/Watch Neg S$8.5 mil.
Series 15 limited recourse secured fixed-rate credit-linked notes
To From Issue Amount
-- ---- ------------
B- BBB-/Watch Neg S$8.0 mil.
Series 16 limited recourse secured fixed-rate credit-linked notes
To From Issue Amount
-- ---- ------------
B- BBB-/Watch Neg S$9.0 mil.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Creditors to Solicit New Bids by January 2010
------------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors will re-invite fresh bids for
a major stake in the chipmaker and receive letters of intent from
potential investors by January after Hyosung Corp. dropped its
bid, Yonhap News Agency reports, citing creditor bank officials.
The news agency relates main creditor Korea Exchange Bank (KEB)
said that managers for the sale of the chipmaker will send out
invitational notices on the Hynix sale on Dec. 20. "Nine
creditors agreed 100% on the resale of Hynix Semiconductor,"
Yonhap cited KEB in an emailed statement.
The invitations, as with the previous ones, will be made only to
South Korean companies, the bank said.
Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers. The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability. At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.
Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook. Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved. At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.
Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor's corporate family and senior unsecured bond
ratings on Dec. 26, 2008. The outlook for both ratings remains
negative.
===============
M O N G O L I A
===============
MONGOLIA: Moody's Maintains Stable Outlook on 'B1' Ratings
----------------------------------------------------------
Moody's Investors Service report on Mongolia discusses the
rationale for maintaining a stable outlook for Mongolia's B1
foreign currency and local currency bond ratings. Its foreign
currency bond ceiling is Ba2.
"In its four overall rating methodology factors, Mongolia shows
low economic and institutional strengths, moderate government
financial strength, and high event risk relative to possible
economic shocks arising from commodity price volatility, or
financial sector distress," says Tom Byrne, a Moody's Senior Vice
President.
"However, policy adjustments and financial support under an 18-
month IMF program agreed in April 2009 support a stable rating
outlook," says Mr. Byrne. "These actions have helped to quell
inflation, restore confidence in the currency and replenish
official foreign exchange reserves."
"Furthermore, the government's intention to enact a fiscal
responsibility law by the end of 2009 and to strengthen the
central bank will be essential to avoid sliding back into another
boom-bust cycle," says Byrne on the release of Moody's annual
report on Mongolia.
"In this context, the challenge for the government will be to
strengthen Mongolia's economic institutions for a more prudent and
sustainable management of the country's considerable mineral
wealth," says Mr. Byrne, the author of the report.
The country's low economic strength could be bolstered with the
successful development of its natural resources and -- in this
context -- the Moody's report notes the recent agreement to
develop its massive copper and gold reserves at Oyu Tolgoi.
While the country's institutional weakness depresses its credit
fundamentals, there are positive developments, including ongoing
external technical support from the IMF, World Bank, Asian
Development Bank and more recently the European Bank for
Reconstruction and Development.
In addition, the government's relatively moderate financial
strength reflects the economy's dependence on cyclically volatile
mining-sector revenues and the lack of expenditure control during
boom times, says the report.
Susceptibility to event risk arises from economic rather than
political factors. A shock from the abrupt, adverse movement in
Mongolia's terms of trade poses higher event risks than in most
countries rated by Moody's, the report says.
The downward spiral in economic and financial conditions in 2008
and in early 2009 may have resulted in an abrupt downward ratings
transition if it had not been for the external support from the
IMF.
Moody's had initially assigned Mongolia's B1 ratings in October
2005 and they have been unchanged since. In effect, the ratings
have looked through the recent commodity price boom-and-bust
cycle.
The last rating action with respect to Mongolia was on October 30,
2009, when the rating outlook was changed to stable from negative.
====================
N E W Z E A L A N D
====================
DENARAU INVESTMENTS: Investors Owed $1.5 Million, Receivers Say
---------------------------------------------------------------
Investors in Fiji Beach Resort & Spa are owed FJ$2.1 million ($1.5
million), according to a receivership report obtained by The
New Zealand Herald.
A group of 141 New Zealanders, 52 Australians, 16 Americans, 30
people living in Fiji, one from Dubai and one from Canada poured
millions into the resort developed by Neville Mahon of Greenlane
in Auckland, the Herald discloses.
According to the NZ Herald, the Fiji Beach Resort & Spa, managed
by Hilton, continues to operate 274 rooms but investors are owed a
year's payments after a series of problems.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2009, Grant Graham and Brendon Gibson at KordaMentha
were appointed as receivers of Fiji companies Denarau Investments
and Denarau International of Nadi, the the resort's developer and
managers. Bank of Scotland (BoS) and Auckland finance company
Strategic Finance were behind were behind the decision to appoint
receivers.
The NZ Herald relates the receivers said the Fiji Islands Revenue
and Customs Authority owes the two Denarau companies about FJ$2
million and the investors FJ$175,136.
"With no sums available the receivers are not in a position to
make catch-up payments in relation to the pre-receivership period.
The serious matter of outstanding villa-owner revenue is
acknowledged and recognized," the receivers wrote.
The receivers met with the customs authority last month and plan
to get the money back, the NZ Herald notes.
"Recovery of these sums is of prime importance to the receivership
and naturally to those villa owners owed sums of money," the
receivers said.
The Hilton is continuing to operate the 160-villa resort on
Denarau Island in Fiji but completion of the property's expansion
with an extra 90 villas is now in doubt, according to the NZ
Herald.
LANE WALKER: To Close its Doors Before Christmas
------------------------------------------------
Lane Walker Rudkin Industries Ltd will lay off its remaining staff
and shut down before Christmas, The National Business Review
reports citing the union representing the company's workers
The report says the company has about 80 workers remaining after
laying off more than 140 since it went into receivership in April.
National Distribution Union textile and clothing sector secretary
Paul Watson described the closure of Lane Walker Rudkin as an
"avoidable tragedy." The workers that remained after the
receivers made redundancy announcements in May and August had been
dreading this day, he said.
"They were hoping someone would buy the business and keep it going
but at the same time it is a relief to know what is happening so
they can plan ahead," the report quoted Mr. Watson as saying.
The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.
Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR. The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved. The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.
LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers. The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank. The company owes about
NZ$120 million to Westpac.
Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane. Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in Auckland. The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.
SOUTH CANTERBURY: CEO Lachie McLeod Steps Down
----------------------------------------------
South Canterbury Finance chief executive Lachie McLeod has
resigned from the company, effective November 30, 2009.
Nigel Gormack, a partner at Timaru's chartered accountants HC
Partners, has been appointed as interim chief executive from
December 1, 2009.
"The board would like to take the opportunity to thank Lachie for
his leadership of the company over the past 6 years and wish him
well in his future endeavors," the company said in a statement to
the stock exchange.
Credit Ratings Downgrade
As reported in the Troubled Company Reporter-Asia Pacific on
September 23, 2009, Standard & Poor's Ratings Services placed its
'BB+' long-term rating on South Canterbury Finance Ltd. on
CreditWatch with negative implications. This rating action
follows S&P's concern that SCF's risk profile has increased since
S&P lowered the ratings on the company on Aug. 13, 2009. A
CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood of the rating being lowered within the next
three months.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services. The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors. It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance. Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.
* NEW ZEALAND: Treasury Sees More Finance Company Failures
----------------------------------------------------------
The Reserve Bank and Treasury's expectations of significant
further finance company failures increased rapidly during the
three months to September, The New Zealand Herald reports, citing
the government's recent financial statements.
"The figures reveal Treasury set aside a further NZ$47 million
over the period in provisioning to cover claims under the Retail
Deposit Guarantee it expects 'more likely than not' will be made
over the next 11 months," The Herald's Adam Bennett says.
According to Mr. Bennett, on top of the NZ$816 million previously
advised in the previous quarter's financial statements, this takes
to NZ$863 million total claims the Treasury is expecting from
depositors with funds in entities with less than NZ$5 billion each
in deposits that it expects will fail.
This month, according to Mr. Bennett, the Reserve Bank said the
Treasury's figures were prepared with information about the non-
bank deposit-taking sector it had supplied. The Treasury said the
provision represented "a best estimate of likely loss", Mr.
Bennett adds.
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Swings to PHP10.91 Billion Net Income
-------------------------------------------------------
Benpres Holdings Corp. has booked a net income of PHP10.916
billion in the first nine months ended September 30, a turnaround
from the PHP841 million net loss reported in the same period last
year.
Consolidated revenues in the first nine months of 2009 were up 55%
to PHP25.87 billion from PHP16.70 billion in the period last year,
Benpres said in its financial report.
The company said net income were largely due to the one-time gain
of PHP7.52 billion, after buying back its own debt from Avenue
Capital Group in August. Benpres also bought back $11 million and
PHP173 million of debt from other creditors in the first nine
months of the year.
As of September, Benpres outstanding debt was down to PHP3.013
billion from PHP8.642 billion as of December 30, 2008.
Benpres said unit First Philippine Holdings Corp. also recognized
a net income of PHP7.84 billion for January-September 2009, a
reversal from the PHP156-million net loss posted in the first
three quarters of 2008. Of the net income report, PHP7.2 billion
came from the sale of FPHC's 20% stake in Meralco.
Unit ABS-CBN Broadcasting Corp.'s income also grew by 12% to
PHP1.349 billion from PHP1.20 billion due to higher airtime
revenues. The consolidation of SkyCable's revenues with ABS-CBN
and the growth of ABS-CBN Global subscriber numbers, despite a
global recession also helped stabilized ABS-CBN revenue streams.
Bayan Telecommunications, Inc., meanwhile, recorded a net loss of
PHP565 million for the period, lower from a net loss of PHP2.57
billion in the same period last year. Benpres said its investment
in Bayantel has been fully written off, thus, the company does not
equitize income or loss from Bayantel.
As of September 30, 2009, Benpres had total assets of PHP52.75
billion, total liabilities of PHP25.23 billion and total
shareholders' equity of PHP27.51 billion.
Debt Restructuring
Starting in 2002, Benpres Holdings defaulted on its principal and
interest payments on its long-term direct obligations and its
guarantees and commitments to Bayantel Telecommunications Holdings
Corporation (Bayantel), an associate.
Long-term direct obligations of Benpres Holdings that are due for
payment as of December 31, 2008 and 2007 amounted to PHP8.64
billion and PHP8.18 billion, respectively. In addition, by virtue
of its guarantees and commitments to Bayantel (or indirect
obligations), Benpres Holdings may be liable for certain
obligations that already fell due amounting to approximately
US$145 million and US$167 million as of December 31,
2008 and 2007, respectively, with equivalent Philippine Peso
amounts of PHP6.9 billion and PHP7.10 billion, respectively.
As of December 31, 2008 and 2007, the consolidated current
liabilities also exceeded consolidated current assets by PHP11.86
billion and PHP15.39 billion, respectively.
The BSMP was created by Benpres Holdings in June 2002 to address
all its outstanding financial obligations, including its
guarantees and commitments to Bayantel. The BSMP involves series
of activities, including restructuring of debt and disposal of
non-core assets, with the aim of reducing the outstanding
financial obligations of the company.
In the BSMP, all the outstanding financial obligations of the
Benpres Holdings as of May 31, 2002, were proposed to be
restructured and since December 2002, Benpres Holdings has been
making good faith semi-annual interest payments on its financial
obligations. Interest is computed based on the proposed
restructuring terms, while interest paid on indirect
obligations are treated as advance payment of principal based on
the original contracted terms.
On December 19, 2008, Benpres Holdings circulated to its creditors
a Term Sheet containing Primary Financial and Commercial Terms and
Obligations for the restructuring of Benpres financial
obligations.
About Benpres Holdings
Headquartered in Pasig City, Philippines, Benpres Holdings
Corporation (PSE:BPC) -- http://www.benpres-holdings.com/-- is an
investment holding company. Benpres is a 54.61%-owned subsidiary
of Lopez, Inc. Both entities were incorporated in the
Philippines. Benpres Holdings and its subsidiaries are mainly
involved in investment holdings, broadcasting and entertainment,
and water distribution. The company's associates are involved in
telecommunications, power generation and distribution, cable
television, real estate development and infrastructure.
* * *
Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2008, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan and related
Term Sheet circulated to its creditors. This condition indicates
the existence of a material uncertainty, which may cast
significant doubt about the company's ability to continue
operating as a going concern.
As of December 31, 2008, the company recorded total assets of
PHP55.67 billion while total stockholders' equity at year-end
stood at PHP16.62 billion.
=================
S I N G A P O R E
=================
AXS-ONE PTE: Creditors' Meeting Set for December 10
---------------------------------------------------
AXS-ONE Pte Ltd, which is under provisional liquidation, will hold
a meeting for its creditors on December 10, 2009, at 9:00 a.m.
The company's provisional liquidators are:
Messrs Low Sok Lee Mona
Teo Chai Choo
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
DATACOM SAE: Creditors' Proofs of Debt Due December 24
------------------------------------------------------
Creditors of Datacom Sae Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 24, 2009, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Eu Chee Wei David
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
DEL MAR: Creditors' Proofs of Debt Due December 24
--------------------------------------------------
Creditors of Del Mar Asset Management (Singapore) Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by December 24, 2009, to be included in the
company's dividend distribution.
The company's liquidators are:
Chee Yoh Chuang
Eu Chee Wei David
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
INTEGRAL BUILDING: Court to Hear Wind-Up Petition on December 4
---------------------------------------------------------------
A petition to wind up the operations of Integral Building Services
Pte Ltd will be heard before the High Court of Singapore on
December 4, 2009, at 10:00 a.m.
The Comptroller of Income Tax filed the petition against the
company on November 11, 2009.
The Petitioner's solicitors are:
Infinitus Law Corporation
158 Cecil Street
#07-00 The Spazio
Singapore 069545
MASTER POINT: Court to Hear Wind-Up Petition on December 4
----------------------------------------------------------
A petition to wind up the operations of Master Point Industries
Corporation Pte Ltd will be heard before the High Court of
Singapore on December 4, 2009, at 10:00 a.m.
International Paint Singapore Pte Ltd filed the petition against
the company on November 2, 2009.
The Petitioner's solicitors are:
NLC Law Asia LLP
8 Robinson Road
#10-00 ASO Building
Singapore 048544
MITSU CORP: Court to Hear Wind-Up Petition on December 11
---------------------------------------------------------
A petition to wind up the operations of Mitsu Corp Pte Ltd will be
heard before the High Court of Singapore on December 11, 2009, at
10:00 a.m.
LBH Construction Pte Ltd filed the petition against the company on
November 17, 2009.
The Petitioner's solicitors are:
Messrs Tito Isaac & Co LLP
20A Circular Road
Singapore 049376
SWINDON PTE: Creditors Get 0.070023% Recovery on Claims
-------------------------------------------------------
Swindon Pte Ltd declared the second and final dividend on
November 24, 2009.
The company paid 0.070023% 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
===============
X X X X X X X X
===============
DUBAI WORLD: Port Unit DP World Not Part of Restructuring
---------------------------------------------------------
The Wall Street Journal's Chip Cummins, Dana Cimilluca and Sara
Schaefer Munoz report Dubai World on Thursday said its cash-
generating ports division, DP World, wouldn't be included in the
restructuring.
The Journal, citing a person familiar with the matter, said Dubai
World is seeking a six-month moratorium on interest payments.
During that time, it could negotiate with creditors a
restructuring that would pare liabilities, which include $20
billion of loans and bonds coming due in the next 18 months,
according to estimates. If the lenders don't agree, Dubai World
will default on the notes, the person said, according to the
Journal.
David Robertson at The (U.K) Times reports DP World became the
third-largest port operator globally after its acquisition of
Peninsular & Oriental in 2006. DP World also owns Dubai's Jebel
Ali port and various other container terminals around the world.
It also operates container terminals at Tilbury, near London, and
Southampton, and is building the London Gateway port, he says.
Mr. Robertson says Dubai World ring-fenced DP World from the rest
of the company's debts "to protect the profitable ports division
from potential creditors."
The Journal says Company executives and representatives didn't
respond to requests for comment. According to the Journal, citing
Zawya Dow Jones, Sheik Ahmed bin Saeed al Maktoum, head of Dubai's
finance committee, said in a statement Thursday that "our
intervention in Dubai World was carefully planned and reflects its
specific financial position."
"We understand the concerns of the market and the creditors in
particular. However, we have had to intervene because of the need
to take decisive action to address its particular debt burden," he
said, promising more details next week, according to the Journal.
The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, yesterday ran a story about Dubai World seeking a
six-month standstill on its debt obligations. In a statement
obtained by the Journal and Bloomberg, the government of Dubai
said it would restructure Dubai World and has appointed Deloitte
LLP to lead the restructuring effort, naming an executive at the
consultancy as the group's "chief restructuring officer."
The standstill will immediately affect $3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel
PJSC.
Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has $59 billion in liabilities. Bloomberg said Dubai accumulated
$80 billion of debt by expanding in banking, real estate and
transportation before credit markets seized up last year.
The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some $80 billion to
$90 billion.
About Dubai World
Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments. As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth. Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services. Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.
The Sun Never Sets on Dubai World, its Web site says.
DUBAI WORLD: Int'l Banks Exposed; Fire Sale of Assets Feared
------------------------------------------------------------
The Wall Street Journal's Chip Cummins, Dana Cimilluca and Sara
Schaefer Munoz, citing a person familiar with the matter, report
that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings PLC,
Barclays PLC, Lloyds Banking Group PLC, Standard Chartered PLC and
ING Groep NV of the Netherlands, are among the international banks
that have large exposure in Dubai World.
RBS has lent roughly $1 billion to Dubai World, another person
said, according to the Journal. Sources also told the Journal
Barclays's exposure to Dubai World is roughly $200 million, and
that exposure is effectively hedged.
David Robertson at The (U.K) Times reports Credit Suisse has
estimated that European banks could have EUR40 billion (GBP36
billion) in loans to Dubai and much of this could be at risk if
the Gulf emirate defaults. "Banks including HSBC and Royal Bank
of Scotland have helped to finance Dubai's acquisitions and are
now on the hook if the state cannot repay its debts," Mr.
Robertson says.
The Journal says the banks with the greatest exposure to Dubai
World are Abu Dhabi Commercial Bank and Emirate NBD PJSC, people
familiar with the matter said. Executives at the two banks
weren't available for comment Thursday, the Journal notes.
Dow Jones Newswires' Margot Patrick relates that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about $36 billion in loans in 2008 throughout
the federation, without breaking down the loans by emirate or type
of borrower.
According to Ms. Patrick, Calyon in an email said it has a "small
exposure" to Dubai World's debt, and that it doesn't think it has
any cause to worry about the announced restructuring.
Standard Chartered, according to Ms. Patrick, said it doesn't
comment on specific clients and would make a statement if it had
anything material to disclose. According to Ms. Patrick, Lloyds
Chairman Win Bischoff said the bank has only a small exposure to
Dubai that won't affect shareholders or operations. The other
banks declined to comment on their Dubai exposure, she says.
According to Ms. Patrick, banks that acted as arrangers or
bookrunners on Dubai World's $5.5 billion loan facility in
June 2008 include HSBC, RBS, Lloyds, ING Groep NV and Cayon, as
well as Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking
Corp., Emirates Bank and Mashreq Bank.
According to Ms. Patrick, ING said its exposure was small. The
Asian and Middle Eastern banks couldn't immediately be reached,
she says. Government and private-sector offices are closed
throughout the Middle East for the Eid holiday.
Dow Jones notes banks helping entities to place loans typically
keep at least 10% of the total, while syndicating the rest to
other banks and institutional investors. Dow Jones says it is
possible some of the banks involved in the financing have no
remaining exposure to Dubai World. Most of the banks have also
worked on financing for other entities controlled by the city
state.
According to Ms. Patrick, citing Dealogic data, other banks who
have worked on bond and loan financings for Dubai entities include
Barclays, Citigroup, Credit Suisse Group, Deutsche Bank AG and UBS
AG.
According to Ms. Patrick, Credit Suisse said its exposure to Dubai
World is "not material," while Swiss-based UBS said its exposure
in Dubai is small and not material. A person familiar with the
matter said Deutsche Bank's exposure to Dubai World wasn't
noteworthy, according to Ms. Patrick.
The Wall Street Journal says U.K. bank stocks took a beating
Thursday, with Barclays, HSBC, Standard Chartered and RBS all
tumbling. According to the Journal, Standard & Poor's put four
Dubai's banks on credit watch because of their exposure to Dubai
World. The cost of insuring against a Dubai default rose to
$547,000 a year per $10 million in debt from $318,000 on Tuesday,
according to CMA, a credit-data provider, the Journal adds.
Holders of a $3.5 billion sukuk, or Islamic bond, issued by Dubai
World property subsidiary Nakheel, due next month, face the most
immediate threat, according to the Journal. Nakheel bonds dropped
from about 110 cents on the dollar before the news Wednesday to
about 70 cents, the Journal says.
Fire Sale
The (U.K) Times' Mr. Robertson reports the standstill raises the
possibility that Dubai World could default on its debt. According
to Mr. Robertson, the fear in Western markets is that banks risk
losing billions, causing more paralysis in the lending markets.
Dubai World's difficulties also raise the prospect that it may be
forced into a fire sale of its assets. Mr. Robertson ran a list
of certain assets acquired by Dubai World or its subsidiaries in
recent years:
(A) Leisurecorp unit
-- bought golf course Turnberry for GBP55 million in
2008.
-- owns the Chris Evert tennis centers and more than
200 golf courses across the U.S.
(B) Istithmar investment fund
-- has $3.5 billion in businesses, including Irish
textbook publishers and aerospace companies.
-- in 2008 bought a 20% stake in Cirque du Soleil; the
Canadian circus performers have since established a
permanent base in Dubai.
(C) DP World
-- acquired Peninsular & Oriental in 2006.
-- owns Dubai's Jebel Ali port and various other
container terminals around the world.
-- operates container terminals at Tilbury, near
London, and Southampton, and is building the London
Gateway port.
(D) Nakheel
-- built the Palm Islands in the Gulf
6-Month Standstill
The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, yesterday ran a story about Dubai World seeking a
six-month standstill on its debt obligations. In a statement
obtained by the Journal and Bloomberg, the government of Dubai
said it would restructure Dubai World and has appointed Deloitte
LLP to lead the restructuring effort, naming an executive at the
consultancy as the group's "chief restructuring officer."
The standstill will immediately affect $3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel
PJSC.
Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has $59 billion in liabilities. Bloomberg said Dubai accumulated
$80 billion of debt by expanding in banking, real estate and
transportation before credit markets seized up last year.
The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some $80 billion to
$90 billion.
About Dubai World
Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments. As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth. Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services. Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.
The Sun Never Sets on Dubai World, its Web site says.
* 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 EXPLORATION ARX 58544299.4 -15958771.93
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
JAMES HARDIE NV JHXCC 2120699904 -153000000
JAMES HARDIE-CDI JHX 2120699904 -153000000
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
TERRITORY RESOUR TTY 78228985.46 -3340627.52
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 10464676.88 -1595236.07
AMOI ELECTRONI-A 600057 186715365.62 -176172893.15
ANHUI KOYO GROUP 979 60095557.3 -52690109.57
BAO LONG ORIENTA 600988 16377750.71 -3240606.18
CHANG LING GROUP 561 38762049.02 -11329795.61
CHENGDU UNION-A 693 52165432.95 -7597323.86
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 83777990.18 -182385776.83
CHINESE.COM LOGI 805 12863797.92 -10344736.06
DANDONG CHEM F-A 498 100503616.6 -111136778.31
DONGGUAN FANGD-A 600656 62015004.14 -10113540.83
DONGXIN ELECTR-A 600691 20724702.93 -6133630.21
GAOXIN ZHANGTO-A 2075 119522500.57 -30482708.26
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GUANGXIA YINCH-A 557 19312064.17 -37899432.38
HEBEI BAOSHUO -A 600155 133672291.78 -361688438.08
HEBEI JINNIU C-A 600722 241278846.12 -228118601.81
HUDA TECHNOLOG-A 600892 21311206.3 -2895690.19
HUNAN ANPLAS CO 156 50288007.12 -83158991.31
LIAOYUAN DEHENG 600699 138723006.79 -6687883.61
QINGHAI SUNSHI-A 600381 56020954.09 -25865577.47
SHAANXI QINLIN-A 600217 233974560.07 -21072044.24
SHANG HONGSHENG 600817 17942699.21 -396969507.96
SHANG LIANHUA-A 600617 15681816.46 -1544918.91
SHANG LIANHUA-B 900913 15681816.46 -1544918.91
SHANGHAI WORLDBE 600757 181367559.65 -127597631.15
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 61819712.4 -3403468.93
SHENZHEN DAWNC-A 863 28093818.24 -157709151.5
SHENZHEN KONDA-A 48 195270812.62 -14899608.82
SHENZHEN SHENXIN 34 23960824.39 -166323495.41
SHIJIAZHUANG D-A 958 235063468.55 -54144995.52
SICHUAN DIRECT-A 757 128388979.9 -118667098.38
SUNTEK TECHNOL-A 600728 37921349.96 -21207285.88
TAIYUAN TIANLO-A 600234 50402317.95 -25241975.23
TIANJIN MARINE 600751 82399198.24 -30394356.74
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TIBET SUMMIT I-A 600338 78159663.43 -14223854.17
TOPSUN SCIENCE-A 600771 183017873.28 -138219542.25
WINOWNER GROUP C 600681 10719752.69 -71846635.31
WUHAN BOILER-B 200770 349547198.5 -74888578.37
WUHAN GUOYAO-A 600421 11452683.85 -39410107.27
XIAMEN OVERSEA-A 600870 306958973.67 -146753875.61
YUEYANG HENGLI-A 622 37274086.29 -15525013.51
YUNNAN MALONG-A 600792 144996362.47 -10651003.29
ZHANGJIAJIE TO-A 430 52226364.35 -5625101.14
HONG KONG
21 HOLDINGS LT-R 2966 43646556.17 -4262036.57
21 HOLDINGS LTD 1003 43646556.17 -4262036.57
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
CHINA CYBER PORT 8206 12615789 -25845509.5
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
CHINA GOLDEN DEV 162 252996681.97 -2720111.36
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
FULBOND HLDGS 1041 60255000 -14419000
HISENSE ELEC-H 921 650072211.91 -103760527.2
HUTCHISON TELE H 215 2400098040.83 -366059762.21
MITSUMARU EAST K 2358 38170722.85 -1449668
NEW CITY CHINA 456 113178595.41 -9932226.54
PAC PLYWOOD 767 75639000 -5411000
PALADIN LTD 495 157691358.46 -6232217.57
PALADIN LTD -PRE 642 157691358.46 -6232217.57
PCCW LTD 8 5990928703.57 -394965167.61
PROVIEW INTL HLD 334 412845082.41 -191257992.5
SANYUAN GROUP LT 140 17115243.64 -1791730.29
WAI CHUN MINING 660 12791013.67 -14603647.06
WAYTUNG GLOBAL G 21 12327016.69 -2955593.7
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
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JAKARTA KYOEI ST JKSW 27995871.44 -39747802.26
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PANCA WIRATAMA PWSI 28574747.93 -34354941.95
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18898182.62 -900185.24
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INDIA
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HMT LTD HMT 139311695.43 -277691144.15
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
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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 -1460238.52
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 10255346.42 -4139864.07
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 WIRE-PP WNWPP 102422193.22 -37057061.49
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
ARDEPRO 8925 345613037.14 -207111362.39
COMMERCIAL RE 8866 296849343.44 -346788.57
COSMOS INITIA CO 8844 1652687333.82 -564005337.19
DDS INC 3782 10683845.35 -5696657.23
FLIGHT SYS CONSU 3753 14883586.17 -1071275.6
HARAKOSAN CO 8894 265026322.03 -21407690.82
ICHITAN CO LTD 5645 99161219.02 -4383920.24
L CREATE CO LTD 3247 42344509.56 -9146496.9
NESTAGE CO LTD 7633 11772250.32 -12201325.38
PLACO CO LTD 6347 16492585.21 -1881199.74
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
SAIKAYA CO LTD 8254 398458490.74 -17564816.07
SHINWA OX CORP 2654 61394021.32 -12954325.95
SUMIYA CO 9939 54843407.5 -9480273.64
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
LITYAN HLDGS BHD LIT 14275991.47 -29485796.94
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 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 75486651.08 -37047223.67
BENGUET CORP-A BC 75486651.08 -37047223.67
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
PRIME ORION PHIL POPI 90349299.63 -5122560.28
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 11785309.58 -12808326.82
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 93731888.39 -15671356.22
JURONG TECH IND JTL 98760092.87 -227275152.06
LINDETEVES-JACOB LJ 160478836.62 -86703612.98
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 17857346.66 -4522591.85
SUNMOON FOOD COM SMOON 19286019.65 -10665672.56
TT INTERNATIONAL TTI 303817166.63 -38088237.05
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/F 162041208.32 -79858191.23
PICNIC CORPORATI PICNI-R 162041208.32 -79858191.23
PICNIC CORPORATI PICNI 162041208.32 -79858191.23
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.9
PONGSAAP PCL PSAAP 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 ***