/raid1/www/Hosts/bankrupt/TCRAP_Public/091204.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, December 4, 2009, Vol. 12, No. 240
Headlines
A U S T R A L I A
ABC LEARNING: ArcherCapital Is Lead Buyer of Assets, Union Says
C H I N A
GENERAL MOTORS: Has SAIC Joint Venture in India
LAS VEGAS SANDS: China Unit Has Enough Funds After Hong Kong IPO
MANDRA FORESTRY: Moody's Raises Corporate Family Rating to 'Caa1'
SINO-FOREST CORPORATION: Fitch Raises Issuer Default Rating to BB+
SINO-FOREST CORPORATION: Moody's Affirms 'Ba2' Corp. Family Rating
H O N G K O N G
CITIC PACIFIC: S&P Raises Corporate Credit Rating From 'BB+'
RAMBLER INVESTMENT: Danvil Chan Kin Hang Appointed as Liquidator
REGIONAL SERVICES: Members' Final General Meeting Set for Dec 30
ROLFE & NOLAN: Members' Final Meeting Set for December 28
SINO WELL: Members' Final General Meeting Set for December 28
SYBASE 365: Commences Wind-Up Proceedings
TALYBOUT LIMITED: Members' Final Meeting Set for December 30
TOP FULL: Members' Final Meeting Set for December 28
THE ASIA PACIFIC: Creditors' Proofs of Debt Due December 27
WINBACK DEVELOPMENT: Members' Final Meeting Set for December 28
YICKO FUTURES: Creditors' Proofs of Debt Due December 18
I N D I A
BIAX SPECIALTY: Fitch Assigns 'BB+' National Long-Term Rating
EMAAR DIAMONDS: CRISIL Rates INR135MM Cash Credit Facility at 'BB'
GHATGE PATIL: CRISIL Assigns 'BB' Rating on INR175MM Cash Credit
INTEGRATED BROADCASTING: CRISIL Puts 'B' Rating on INR180MM Loan
KRISHNAVENI SUGARS: ICRA Rates INR2BB Bank Facilities at 'LBB+'
MENON BEARINGS: Low Net Worth Prompts CRISIL 'BB+' Ratings
SHREE SIDHBALI: CRISIL Places 'B-' Rating on INR1.03BB Term Loan
SMRUTHI ORGANICS: CRISIL Reaffirms 'BB+' Rating on INR75MM LT Loan
STURDY INDUSTRIES: Low Operating Margin Cues CRISIL 'BB-' Ratings
TROPICANA LIQUID: CRISIL Assigns 'BB' Rating on INR50MM LT Loan
WAVE HYGIENE: CRISIL Rates INR240MM Proposed LT Bank Loan at 'BB'
WOCKHARDT LTD: Reaches Out-of-Court Settlement with DBS Bank
I N D O N E S I A
FAJAR SURYA: S&P Changes Outlook to Stable; Affirms 'B' Rating
TRANS-PACIFIC PETROCHEMICAL: Faces Legal Action Over US$300MM Debt
J A P A N
ALL NIPPON: Cargo Unit May Post First Profit in Fiscal 2011
JAPAN AIRLINES: American Trumps Delta Bid; Dangles $1.1 Billion
JAPAN AIRLINES: S&P Downgrades Corporate Credit Ratings to 'SD'
MITSUBISHI MOTORS: In Talks with Peugeot Over Capital Tie-Up
MIZUHO FINANCIAL: Fitch Downgrades Individual Ratings to 'C/D'
N E W Z E A L A N D
MELVIEW FEATHERSTON: McGrathNicol Appointed as Liquidator
SENSATION YACHTS: Owner Unlikely to Repay NZ$40-Mln Debt
V I E T N A M
DOT VN: CEO Letter to Shareholders Reports Recent Progress
X X X X X X X X
DUBAI HOLDING: Fitch Downgrades Issuer Default Rating to 'BB'
DUBAI WORLD: Taps Clifford Chance for Advice, Am Law Says
DUBAI WORLD: Bank Lenders Form Group, Tap KPMG as Advisors
NORTEL NETWORKS: Seeks Nod for AsiaPac Restructuring Agreement
* Kamakura Reports Deterioration in Corporate Credit Quality
* UN Says AP Region Leads Global Recovery but Uncertainties Remain
* Large Companies with Insolvent Balance Sheets
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A U S T R A L I A
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ABC LEARNING: ArcherCapital Is Lead Buyer of Assets, Union Says
---------------------------------------------------------------
Private equity firm ArcherCapital is the frontrunner to buy
childcare operator ABC Learning Centres in a bid worth about $100
million, Agence France-Presse reports citing the Liquor,
Hospitality and Miscellaneous Union.
The report relates the union said Archer is about to enter
exclusive talks.
Both Archer and ABC receivers McGrathNicol, however, declined to
comment on these specific claims, the report notes.
AFP states that the LHMU since last month publicly opposed
Archer's bid, arguing it would just turn around ABC's business
quickly and offload it within three years.
AFP relates sources with knowledge of ABC's sale have argued a
buyer would offer security and a positive work environment for
staff and this would ultimately benefit parents.
According to the report, the LHMU rejected suggestions a factor in
backing a charity-based consortium bid was that such a group could
enjoy payroll tax relief and possibly offer higher wages. The
LHMU said it was focused on long-term quality childcare
objectives, the report adds.
The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on November 10, 2009, that receiver McGrathNicol &
Partners was in talks with Archer and a group of five charities
led by Mission Australia. McGrathNicol is seeking to sell ABC
Learning's centers by Christmas.
Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd. On January 26,
2007, it acquired La Petite Holdings Inc. On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP. In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC. In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
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C H I N A
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GENERAL MOTORS: Has SAIC Joint Venture in India
-----------------------------------------------
Dow Jones Newswires' Patricia Jiayi Ho reports General Motors Co.
and China's SAIC Motor Corp. are expected to unveil Friday a new
joint venture in the Indian market, in one of the first efforts by
a China-based foreign joint venture to take its operations beyond
Chinese borders.
Dow Jones reports a person with knowledge of the negotiations said
Thursday GM and SAIC plan to set up a 50-50 joint venture to make
passenger vehicles already produced by GM in India, including the
Chevrolet Spark.
Dow Jones says the move highlights the steady development of
Chinese auto makers such as SAIC, some of which have touted their
ambition to push into the global center stage but have not been
able to show results. All they have achieved so far is to set up
manufacturing plants and sales networks in less-developed markets
such as the Middle East, South America and Africa, Dow Jones says.
According to Dow Jones, SAIC Motor spokeswoman Judy Zhu said, "We
are in discussions with GM regarding how to expand our cooperation
beyond the JVs in the China market." She declined to elaborate.
Dow Jones recalls GM said its November sales in China more than
doubled from a year earlier to 177,339 units. GM's November sales
in India rose 12% from a year earlier to 6,114 units.
Dow Jones also reports SAIC said Wednesday it will suspend its
shares from trading Thursday due to a "major asset
reorganization." SAIC said its board will hold a meeting before
December 9 to discuss the asset reorganization plan. Dow Jones
relates Ms. Zhu declined to comment on the share suspension.
Dow Jones relates SAIC said its shares will resume trading on the
Shanghai Stock Exchange after it announces a detailed plan for the
reorganization.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had $107.45 billion in total assets
against $135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LAS VEGAS SANDS: China Unit Has Enough Funds After Hong Kong IPO
----------------------------------------------------------------
Las Vegas Sands Corp. Chairman Sheldon Adelson said the Company
has enough money for its Macau projects after selling shares in a
unit in Hong Kong's biggest initial public offering this year,
according to a report by Bloomberg News.
"We don't need more funds" from the markets, Mr. Adelson, 76, said
November 30 in an interview in Hong Kong, where Sands China Ltd.
had its first day of trading. The Macau unit and its parent have
raised about $4.85 billion in debt and equity financing in the
past three months.
According to Bloomberg, Sands China, operator of the world's
biggest casino by floor area, will use some of the money to
complete the mothballed Shangri-La, Traders and Sheraton hotels at
a 13.3 million square foot resort in the world's biggest gambling
hub. A year ago, Adelson and his family invested about $1 billion
in Las Vegas Sands to avoid violating the terms of U.S. loans and
triggering defaults that risked forcing it into bankruptcy.
Sands China may need extra funds in the 2011 and 2012 financial
years to cover $1.68 billion in debt repayments, Gabriel Chan, a
Hong Kong-based analyst at Credit Suisse, said in a report
yesterday. He initiated coverage of the stock with an
"underperform" rating.
About Las Vegas Sands
Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center. The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.
At September 30, 2009, the Company's consolidated balance sheets
showed $18.27 billion in total assets, $13.85 billion in total
liabilities, $387.7 million in preferred stock issued to principal
stockholder's family, and $4.03 billion in total equity.
* * *
As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade. The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.
MANDRA FORESTRY: Moody's Raises Corporate Family Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Investor Service has upgraded to Caa1 from Ca the
corporate family rating of Mandra Forestry Holdings Ltd and senior
unsecured rating of notes issued by Mandra Forestry Finance Ltd
and guaranteed by Mandra. At the same time, Moody's has withdrawn
both ratings.
The rating actions follow an announcement that Sino-Forest
Corporation (Sino-Forest, Ba2/stable) has reached agreement in
principle with the equity holders to acquire Mandra. In addition,
Sino-Forest has entered into a memorandum of understanding with
Mandra, Mandra Forestry Finance Ltd, and certain holders of the
US$195 million guaranteed notes regarding an exchange offer. The
offer allows the notehoders to exchange the guaranteed notes for
new senior notes issued by Sino-Forest at a price of around 97
cents to the dollar.
The rating upgrade reflects the higher than expected recovery rate
of about 97% for the noteholders.
Moody's withdraws the ratings based on the expectation that a
majority of the notesholders will accept the exchange offer and
Mandra will cease to exist following the acquisition by Sino-
Forest.
The last rating action with respect to Mandra was on May 5, 2009,
when its ratings were downgraded to Ca from Caa1 with a negative
outlook after it announced that it would not make its interest
coupon payment on May 15, 2009.
Mandra's ratings were assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as its
i) business risk and competitive position versus others within
its industry; ii) capital structure and level of financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.
These attributes were compared against other issuers both within
and outside of Mandra's core industry; the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.
Mandra Forestry Holdings Ltd is a holding company in which Mandra
Capital holds 75%, Sino-Forest 15% and Morgan Stanley 10%. It is
engaged in forestry plantation activities in China's Anhui and
surrounding provinces.
SINO-FOREST CORPORATION: Fitch Raises Issuer Default Rating to BB+
------------------------------------------------------------------
Fitch Ratings has upgraded Sino-Forest Corporation's Long-term
foreign currency Issuer Default Rating and senior unsecured debt
rating to 'BB+' from 'BB'. The Outlook on the IDR is Stable. At
the same time, Fitch has assigned an expected rating of 'BB+' to
the proposed US$400m convertible senior notes due 2016. The final
rating is contingent upon receipt of documents conforming to
information already received.
The upgrades are predicated upon an expected increase in the
company's scale of operations (which is partially attributable to
the proposed acquisition of Mandra Forestry Holdings Limited in
China), the company's demonstrated track record in expanding
commercial plantations through acquisitions, and an expected
improvement in liquidity and financial flexibility following the
proposed equity and convertible bond issuances of US$700 million.
The ratings are underpinned by the favorable maturity profile of
Sino-Forest's asset base with weighted average age of the
plantations of 15.3 years, providing stable operating cash flow in
the near term. Its current sizeable plantation area under
management of 620,000 ha as at September 30, 2009 (proforma and
including Mandra) and 901,000 ha available for acquisition under
its long term master agreements are expected to provide strong
operating cash flow generation in the longer term.
The company's ratings are supported by favorable industry dynamics
driven by supportive government policies and the domestic wood-
fibre deficit. Although China's regulatory framework for the
forestry plantations is still evolving, Fitch believes the
government will continue to be supportive over the medium- to
long-term in commercializing its forests.
The ratings are further supported by Sino-Forest's comfortable
financial flexibility and healthy liquidity. While the proposed
acquisitions -- namely the long term master purchase agreement in
Guizhou, the cooperative ventures with state-owned plantation
entities and the acquisition of Mandra -- are expected to increase
Funds from operations net adjusted leverage from current levels to
about 1.5x-2.0x, this is mitigated by the back-ended maturity
profile (proforma for repayment of the US$150m syndicated loan)
with 88% due after 2013. Interest coverage is nonetheless
expected to remain healthy at above 5x. FFO net adjusted leverage
was 0.7x at end-2008. FFO/gross interest coverage ratio was 11.4x
in FY2008 and 10.5x in 9MFY09.
The Stable Outlook reflects Fitch's expectation that Sino-Forest's
financial profile will remain healthy and within a range
consistent with its rating category. Sustained positive FCF could
lead to a positive rating action. Negative rating actions may
result from prolonged delays in harvesting/replanting trees, or
FFO/ net adjusted leverage exceeding 2.0x on a sustained basis, or
FFO interest coverage below 5.0x on a sustained basis.
Sino-Forest's ratings are constrained by its aggressive capex
programme to expand its plantation area under management.
Although the expansion has resulted in improved operating cash
flow, Sino-Forest has persistently generated negative free cash
flow due to the scale of its capex. Fitch notes this trend is
unlikely to change in the near term given the proposed
acquisitions and expected increase in scale of operations.
The ratings are also constrained by the long-term nature of Sino-
Forest's timber inventories, which augments vulnerability to price
risk and cash margin compression. However, Fitch notes the
company's shift towards an integrated model helps to mitigate the
price risk, as the time to maturity and sale is shortened. Also,
Sino-Forest has the right but not the obligation to purchase trees
under its long term master purchase agreements, providing it some
flexibility to slow down purchases if necessary. The ratings also
reflect the inherent risks of weather and natural disasters, the
industry's sensitivity to construction and property development
cycles, and the lack of pricing power. The ratings are also
constrained by the lack of geographical diversification, as in
single-market risk in exposure to China.
Sino-Forest enjoys strong liquidity, as evident from its cash
position at 30 September 2009 of US$617m versus short-term debt of
US$108m. Fitch notes that short-term liquidity needs are further
supported by unutilized committed facilities of US$106m as of
September 2009. Liquidity will be further enhanced with the
proposed equity and convertible bond issuances of US$700m, out of
which US$150m will be used to repay the syndicated loan. The
company also benefits from a back-ended maturity profile, with
most debt due after 2013.
Sino-Forest is a leading foreign-owned commercial forestry
plantation operator in China. In the financial year ended
December 2008, it achieved revenue of US$901m, EBITDAR of US$312m
and FFO of US$542m.
SINO-FOREST CORPORATION: Moody's Affirms 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed Sino-Forest Corporation's
Ba2 corporate family and senior unsecured bond ratings. The
outlook for the ratings remains stable.
This affirmation follows Sino-Forest's announcement that it
proposes to issue up to US$400 million in convertible notes and
make an equity offering.
The proceeds will be used for 1) prepayment of a US$150 million
syndicated term loan; 2) US$250 million as initial capital for the
acquisition of commercial plantation forests in Guizhou Province,
China, 3) US$200 million to fund forestry investments in
cooperation with state-owned plantation entities in China, and 4)
general corporate purposes.
As the same time, the company has upsized its existing 2014 notes
to US$400 million -- from US$212 million -- to fund a proposed
exchange offer for the US$192.7 million in guaranteed notes issued
by Mandra Forestry Finance Limited.
"The increase in debt is partially mitigated by the equity
issuance," says Wonnie Chu, a Moody's Analyst, adding, "We draw
further comfort from the company's relatively conservative
financial profile and track record of identifying and executing
profitable plantations in its expansion plan."
Sino-Forest's projected financial metrics in the next 2 years --
with debt/EBITA of about 3.5x and EBIT/Int coverage of 4-5x --
position it well in its current rating level.
"In addition, the repayment of the US$150 million syndicated loan
through the convertible notes will further improve the company's
debt maturity profile. This will provide it with added financial
flexibility as it undertakes its expansion plan through industry
cycles," adds Chu, also Moody's lead analyst for Sino-Forest.
Its Ba2 rating remains underpinned by its unique position in
China's forestry plantation industry, financial prudence, and
strong liquidity. The rating also considers its aggressive growth
appetite, which has resulted in continued negative free cash flow
generation.
The stable rating outlook reflects the company's strong financial
performance and Moody's expectation that it will continue to
demonstrate financial prudence as it expands its plantation base
through the industry cycle.
The ratings are unlikely to be upgraded in the near term, given
its aggressive growth appetite and large capex plan in the next 1-
2 years. Positive rating pressure may emerge over time if the
company generates positive free cash flow and builds on its track
record for delivering on its business plan and growing its
plantation base, while at the same time maintaining a strong
financial and liquidity profile.
On the other hand, the ratings will come under downward pressure
if: 1) the company fails to achieve its business plan and cash
flow declines due to an inability to secure profitable
plantations; 2) its overall business risk rises substantially, due
to material acquisitions; and/or 3) changes occur in China's
regulatory regime which fundamentally alter operating conditions
with a consequent reduction in profitability and cash flow.
Credit metrics that Moody's would consider for a downgrade include
RCF/Adjusted Debt below 15-20% and EBIT/Interest of less than 2.5-
3.0x.
The last rating action with regard to Sino-Forest was taken on 30
July, 2009, when Moody's assigned a Ba2 senior unsecured rating
with a stable outlook to its US$212 million in senior notes.
Sino-Forest's ratings have been assigned based on factors that
Moody's believe are relevant to the risk profile of Sino-Forest,
such as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.
These attributes were compared against other issuers both within
and outside Sino-Forest's core industry; Moody's believes the
company's ratings are comparable with those of other issuers of
similar credit risk.
Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in China,
as well as in the sale of timber, wood logs and other wood
products in China.
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H O N G K O N G
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CITIC PACIFIC: S&P Raises Corporate Credit Rating From 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term corporate credit rating on CITIC Pacific Ltd. to 'BBB-'
from 'BB+'. The outlook on the rating is stable. At the same
time, Standard & Poor's raised the rating on the outstanding
senior unsecured notes issued by CITIC Pacific Finance (2001) Ltd.
and guaranteed by CITIC Pacific to 'BBB-' from 'BB+'.
CITIC Pacific's upgrade follows S&P's earlier rating action on its
parent CITIC Group, where S&P raised the rating to
'BBB/Positive/A-2' from 'BBB-/Watch Pos/A-3'. "In S&P's opinion,
timely and sufficient extraordinary government support for CITIC
Group could flow to CITIC Pacific--to some extent," said Standard
& Poor's credit analyst Lawrence Lu.
The rating on CITIC Pacific is based on its stand-alone credit
profile of 'BB-' and strong parent support. CITIC Group is the
controlling shareholder of CITIC Pacific, with a 57.56% stake.
"We view CITIC Pacific as a strategically important subsidiary to
CITIC Group, and therefore factored in three notches of parent
support in the rating," said Mr. Lu.
The company's highly leveraged capital structure constrains its
stand-alone credit profile. Its total adjusted debt was over
HK$64.4 billion as at June 30, 2009. The company's ratio of total
debt to total capital increased to 51.4%, where S&P expects it
will remain for the next couple of years.
The stable outlook reflects S&P's expectation that the company
will continue to receive very strong support from its parent CITIC
Group, will execute new projects while maintaining its key
financial metrics, and has the flexibility to sell non-core assets
to maintain its liquidity.
The rating maybe lowered if: (1) CITIC Pacific encounters
difficulties in executing key projects, such as its iron ore
projects or major property development projects in China; (2)
these projects materially exceed the budget, such that the
company's leverage increase to more than 55% and its EBITDA
interest coverage falls and remains below 2x; or (3) in an
unlikely scenario, the support from CITIC Group is weaker than
S&P's expectation.
RAMBLER INVESTMENT: Danvil Chan Kin Hang Appointed as Liquidator
----------------------------------------------------------------
Danvil Chan Kin Hang on November 20, 2009, was appointed as
liquidator of Rambler Investment Limited.
The liquidator may be reached at:
Danvil Chan Kin Hang
Ginza Square, Room 2301, 23/F
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
REGIONAL SERVICES: Members' Final General Meeting Set for Dec 30
----------------------------------------------------------------
Members of Regional Services Limited will hold their final general
meeting on December 30, 2009, at 10:00 a.m., at 5705, 57th Floor,
The Center, 99 Queen's Road Central, in Hong Kong.
At the meeting, Christopher David Ian Gordon, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
ROLFE & NOLAN: Members' Final Meeting Set for December 28
---------------------------------------------------------
Members of Rolfe & Nolan (Hong Kong) Limited will hold their final
meeting on December 28, 2009, at 2:00 p.m., at 6th Floor, Nexxus
Building, 41 Connaught Road Central, in Hong Kong.
At the meeting, Alan Chung Wah Tang and Wong Kwok Man, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
SINO WELL: Members' Final General Meeting Set for December 28
-------------------------------------------------------------
Members of Sino Well Investment Limited will hold their final
general meeting on December 28, 2009, at Room 2001, Marina House,
68 Hing Man Street, Sai Wan Ho, in Hong Kong.
At the meeting, Chung Hil Lan Eric, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
SYBASE 365: Commences Wind-Up Proceedings
-----------------------------------------
Members of Sybase 365 Limited on November 20, 2009, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Fung Wing Yuen
Robin Pang Ho Choi
Xiu Ping Commercial Building, 1st Floor
104 Jervois Street
Sheung Wan,
Hong Kong
TALYBOUT LIMITED: Members' Final Meeting Set for December 30
------------------------------------------------------------
Members of Talybout Limited will hold their final general meeting
on December 30, 2009, at 10:00 a.m., at Level 28, Three Pacific
place, 1 Queen's Road East, Hong Kong.
At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
TOP FULL: Members' Final Meeting Set for December 28
----------------------------------------------------
Members of Top Full Limited will hold their final meeting on
December 28, 2009, at 10:00 a.m., at 6th Floor, Nexxus Building,
41 Connaught Road Central, in Hong Kong.
At the meeting, Alan Chung Wah Tang and Wong Kwok Man, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
THE ASIA PACIFIC: Creditors' Proofs of Debt Due December 27
-----------------------------------------------------------
Creditors of The Asia Pacific CPVC Institute Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 27, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on November 19, 2009.
The company's liquidator is:
Leung Mei Fan
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
WINBACK DEVELOPMENT: Members' Final Meeting Set for December 28
---------------------------------------------------------------
Members of Winback Development Limited will hold their final
meeting on December 28, 2009, at 10:30 a.m., at Rooms 201-5, China
Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
At the meeting, Ho Hang Suet, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
YICKO FUTURES: Creditors' Proofs of Debt Due December 18
--------------------------------------------------------
Yicko Futures Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by December
18, 2009, to be included in the company's dividend distribution.
The company's liquidator is:
Lau Siu Hung
Wing Yee Commercial Building, 2/F
5 Wing Kut Street
Central, Hong Kong
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BIAX SPECIALTY: Fitch Assigns 'BB+' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Biax Specialty Films Private
Limited a National Long-term rating of 'BB+(ind)'. The Outlook is
Stable. Fitch has also assigned 'BB+(ind)' ratings to BSFPL's
long term bank loans of INR100 million, and to its fund-based
working capital bank limits of INR30 million, as well as a Short-
term rating of 'F4(ind)' to its non-fund-based bank limits of
INR20 million.
BSFPL's ratings are based on strong linkages with its parent
company, Xpro India Limited ('BBB-(ind)'), in terms of management,
similar product profiles and common marketing and administrative
functions. Fitch has also taken into account a corporate
guarantee of INR150 million from Xpro (against Xpro's net worth of
INR1,074 million as at end-March 2009); Xpro has also provided
unsecured interest-bearing loans as tangible support to BSFPL.
BSFPL's standalone credit profile is substantially weaker than
Xpro's, considering the lack of consistency in capacity
utilization and revenue generation, and operating and net losses
in the past five years (FY05-FY09), when it was under the
operational control of Finland's AB Raniplast Group. The company
has since shown a turnaround in terms of capacity utilization and
positive EBITDA generation since its acquisition by Xpro in March
2009.
BSFPL has a track record of delaying debt servicing given its
liquidity constraints until March 2009 (before acquisition by
Xpro). Fitch notes that, at the time of the company's acquisition
by Xpro, there was a one-time settlement with its bankers of
outstanding bank loans of INR217m; these loans were prepaid in
full by July 2009. BSFPL has obtained a fresh bank term loan of
INR100m with a moratorium of two years to fund upgradation capex
and to pay dues to outstanding creditors. In addition, the
company has obtained new fund-based working capital lines of
INR30m, and non-fund-based working capital lines of INR20m for its
operational needs.
An upgrade of XPRO's rating alongwith continued strong linkages
with BSFPL, could be a positive ratings driver. Negative rating
triggers would be a downgrade of XPRO's rating, or a weakening of
the ties to its parent, including the withdrawal of the corporate
guarantee.
BSFPL, formerly Texpro Films Private Limited, was a JV between
Xpro (32.4%) and Finnish Rani Group (AB Raniplast OY alongwith
subsidiary Terichem AS) (67.6%). Xpro acquired a 100% stake in
the JV in March 2009 and renamed it. BSFPL had revenues of
INR64.8 million , an EBITDA loss of INR14.7 million and a net loss
of INR5.5 million for the 15-month period to end-March 2009.
EMAAR DIAMONDS: CRISIL Rates INR135MM Cash Credit Facility at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Emaar Diamonds Pvt Ltd.
Facilities Ratings
---------- -------
INR135 Million Cash Credit Facility BB/Stable (Assigned)
* Includes sub limit of INR100 million for foreign currency
loan and short-term rupee loan.
The rating reflects Emaar's small scale of operations in the
intensely competitive diamond industry, its weak financial risk
profile, and susceptibility to volatility in diamond prices. The
impact of these weaknesses is mitigated by the experience of
Emaar's promoters in the diamond industry.
For arriving at its ratings, CRISIL has not combined the business
and financial risk profiles of Emaar Diamonds Pvt Ltd and its
holding company, Mohit Diamonds Pvt Ltd. This is because both the
entities are operating in different markets, and there is no
significant inter-company transaction between the companies though
both are engaged in the same line of business. This is also based
on the management articulation that they treat both the companies
separately, and therefore, there will be no support from one
company to the other.
Outlook: Stable
CRISIL believes that Emaar will maintain a stable credit risk
profile over the medium term, despite its weak financial risk
profile and small scale of operations. The outlook may be revised
to 'Positive' if the company scales up its operations and
strengthens its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if Emaar faces profitability
pressures because of volatility in diamond prices.
About Emaar Diamonds
Set up in February 2000, Emaar trades in rough diamonds of less
than two caratage. Emaar buys rough diamonds from De Beers, and
sells to diamond manufacturers in Mumbai and Surat. Emaar is a
wholly owned subsidiary of Mohit Diamonds Pvt Ltd (Mohit
Diamonds). Mohit Diamonds manufactures polished diamonds and
jewellery. It also trades in polished diamonds in the
international market.
Emaar reported a profit after tax (PAT) of INR2.3 million on net
sales of INR336 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR493 million for 2007-08.
GHATGE PATIL: CRISIL Assigns 'BB' Rating on INR175MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Ghatge Patil Industries Ltd.
Facilities Ratings
---------- -------
INR175 Million Cash Credit Facility* BB/Stable (Assigned)
INR30 Million Bill Discounting** P4+ (Assigned)
INR150 Million Pre-shipment Credit P4+ (Assigned)
INR225 Million Post-shipment Credit P4+ (Assigned)
INR70 Million Bank Guarantee P4+ (Assigned)
INR70 Million Letter of Credit P4+ (Assigned)
* within which foreign currency denominated loan of INR30.0
Million
**within which post shipment credit of INR30.0 million
The ratings reflect GPIL's exposure to cyclicality in end-user
industries, and customer concentration and its weak financial risk
profile. The impact of these rating weaknesses is mitigated by
GPIL's long-standing experience in the foundry business and its
diversification into the industrial valves for oil and gas sector,
and power transmission device sectors, and recent improvement in
profitability of the company which is likely to be maintained.
Outlook: Stable
CRISIL believes that GPIL will maintain its established presence
in the foundry business. The company's business risk profile is
expected to benefit from the diversification into the industrial
valve and transmission device segments. The outlook may be
revised to 'Positive' if the company reports higher profitability
than expected on a sustained basis resulting in significant
improvement in financial risk profile. Conversely, the outlook
could be revised to 'Negative' if there is a decline in revenue or
deterioration in profitability or if the company undertakes a
large debt-funded capital expenditure program, which would
adversely affect its financial risk profile.
About Ghatge Patil
Ghatge Patil Industries Ltd. was incorporated in 1960 by Mr. J B
Patil and Mr. V M Ghatge as a partnership firm. The company
manufactures castings, industrial valves, and power transmission
products catering to the automobile (primarily tractor
manufacturers), oil and gas, marine, and earth moving equipment
industries. The company has two divisions: foundry and products.
For 2008-09 (refers to financial year, April 1 to March 31), GPIL
reported a profit after tax (PAT) of INR110.5 million on revenues
of INR2.77 billion, against a PAT of INR41.9 million on revenues
of INR2.56 billion in the preceding year.
INTEGRATED BROADCASTING: CRISIL Puts 'B' Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to Integrated
Broadcasting Company Pvt Ltd's term loan facility.
Facility Rating
-------- ------
INR180 Million Term Loan B/Stable (Assigned)
The rating reflect IBCPL's weak financial risk profile, and
exposure to risks relating to limited track record and intense
competition in the broadcasting industry, and geographical
concentration in revenue profile. These weaknesses are partially
offset by the benefits that the company derives from its in-house
production capabilities leading to operational efficiencies.
Outlook: Stable
CRISIL believes that IBCPL will maintain a favorable business risk
profile supported by its operating efficiencies over the medium
term. The outlook may be revised to 'Positive' if the company's
revenues and profitability increase, strengthening its financial
profile; or to 'Negative' if the company undertakes large debt to
fund its capital expenditure program or if its accruals reduce
considerably.
IBCPL, promoted by Hyderabad-based Mr. M N Raju, operates a 24-
hour free-to-air satellite Telugu news channel, inews. IBCPL was
incorporated in 2007 and the news channel commenced commercial
operations in February 2009.
KRISHNAVENI SUGARS: ICRA Rates INR2BB Bank Facilities at 'LBB+'
---------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR2.00 billion fund based
bank facilities of Krishnaveni Sugars Limited. ICRA has also
assigned rating of A4+ to INR75 million non-fund based bank
facilities of KSL.
The rating action of ICRA reflects the project execution risks
that are typical of green-field projects, including risks of time/
cost overruns. The rating is also constrained by risks arising
out of sufficient raw material availability (sugarcane) for
satisfactory capacity utilization of the plant during initial
years of operations. The company's ongoing sugar project is
located in Mahabubnagar District of Andhra Pradesh (AP), which is
has favorable conditions for cane growing and benefits from the
various irrigation projects established by the state government;
however the farmers in the area have a limited experience in cane
farming, as there are no sugar mills currently in the entire
district. While ICRA has noticed that the company has initiated
the cane development activity in its command area almost 3 years
back, however the risks related to sufficient cane availability
will continue to remain especially in the initial years. The
rating is however supported by the sufficient experience of the
promoter company NSL Sugars Limited (rated LBBB+/A2), which has
reported healthy operational performance of its sugar plant,
located in Mandya District of South Karnataka. The rating is also
supported by the fully integrated profile of sugar project and the
significant physical progress achieved by the project. While the
company has also tied up the entire term loan funding for the
project and the promoters have also brought in a substantial
equity contribution for the project; however the company is yet to
tie up a part of the bridge loans against Sugar Development Fund
(SDF) loan, which is proposed to be funded by the NSL Sugar.
Being a fully integrated project, ICRA expects the company's
profitability to derive significant cushion from the benefits
arising out of the contribution from the sales of power and
alcohol. The rating also derives a comfort from the cane pricing
mechanism prevailing in the state, whereby the other sugar mills
in the state have managed to pay cane prices announced by
Government of India (GoI); which generally tends to be lower than
the State Advised Price (SAP) announced by various state
governments. Going forward, the company's ability to complete the
project without any major time and cost overrun and its ability to
source sufficient cane for optimum utilization of its capacities
will remain the key rating sensitivities.
About KSL Sugars
KSL Sugars Limited has been promoted by NSL Sugars Limited, which
holds 74% equity stake in the company. KSL Sugar is currently in
midst of setting up a greenfield sugar plant with a cane crushing
capacity of 3500 Tons Crushed per Day (TCD) sugar plant along with
28 MW power cogeneration plant and 45 KLPD distillery at
Mahabubnagar District of Andhra Pradesh with a capital cost of
INR3.08 billion. The project is scheduled for completion in
phases by third quarter of FY 2010-11.
MENON BEARINGS: Low Net Worth Prompts CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Menon Bearings Ltd.
Facilities Ratings
---------- -------
INR70.0 Million Rupee Term Loan BB+/Stable (Assigned)
INR15.0 Million Cash Credit BB+/Stable (Assigned)
INR13.5 Million Line of Credit BB+/Stable (Assigned)
INR40.0 Million Packing Credit P4+ (Assigned)
INR50.0 Million Buyer Credit Limit* P4+ (Assigned)
INR21.1 Million Bank Guarantee & P4+ (Assigned)
Letter of Credit
*Invoice Financing
The ratings reflect Menon Bearings' small presence in the domestic
bi-metal bearings business, weak financial risk profile marked by
low net worth, and highly working-capital-intensive operations.
These weaknesses are, however, partially offset by Menon Bearings'
diversified revenue base.
Outlook: Stable
CRISIL expects Menon Bearings to maintain a stable credit risk
profile over the medium term, backed by established presence in
the bearings business, and diversified revenue streams. The
outlook may be revised to 'Positive' if the company enhances its
scale of operations while maintaining current profitability.
Conversely, CRISIL may revise the outlook to 'Negative' if the
company undertakes large, debt-funded capital expenditure, or
faces decline in operating margins.
Menon Bearings, incorporated in 1991, is part of the Menon group.
The company manufactures auto ancillaries such as bearings,
bushes, thrust washers and bi-metal strips. It has a
manufacturing plant at Kolhapur (Maharashtra). The group,
promoted by Mr. Ram Menon and the late Mr. Chandran Menon, is
primarily engaged in the manufacture of auto ancillary products.
Menon Bearings' wholly-owned subsidiary, Menon Alkop Pvt Ltd,
which manufactures aluminium die cast products, was merged with
Menon Bearings in 2008-09 (refers to financial year, April 1 to
March 31). Menon Bearings reported a profit after tax (PAT) of
INR19 million on net sales of INR388 million for 2007-08, as
against a PAT of INR12 million on net sales of INR326 million for
2006-07.
SHREE SIDHBALI: CRISIL Places 'B-' Rating on INR1.03BB Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Shree Sidhbali Ispat Ltd.
Facilities Ratings
---------- -------
INR1036.5 Million Rupee Term Loan B-/Stable (Assigned)
INR225.0 Million Cash Credit B-/Stable (Assigned)
INR50.0 Million Proposed Long-Term B-/Stable (Assigned)
Bank Loan Facility
INR31.0 Million Bank Guarantee P4 (Assigned)
INR7.5 Million Letter of Credit P4 (Assigned)
The ratings reflect SSIL's weak financial risk profile, and
exposure to project implementation risk and raw material price
fluctuation. These rating weaknesses are partially offset by the
benefits that SSIL derives from the industry experience of its
promoters.
Outlook: Stable
CRISIL believes that SSIL will maintain its business risk profile
over the medium term on the back of its established market
position. The outlook may be revised to 'Negative' in case of
significant cost or time overruns in the company's project,
deterioration in its capital structure, or if the company posts
lower-than-expected cash accruals. Conversely, the outlook may be
revised to 'Positive' if there is significant and sustainable
improvement in the company's profitability and debt protection
measures.
About Shree Sidhbali
Set up in 2005 by the Amba group and the Sidhbali group, SSIL is
into manufacturing mild steel bars (MS bars) and sponge iron. The
company's operations are backward integrated into manufacturing
sponge iron, steel ingots, and steel billets. SSIL has
manufacturing units in Chandrapur, Maharashtra. The company has
two kilns, with a combined capacity of 60,000 tonnes per annum
(tpa) for sponge iron, one furnace for steel ingots and billets,
with a total capacity of 36,000 tpa, and a re-rolling mill for
manufacturing MS bars. In October 2009, SSIL commissioned its new
45,000 tpa sponge iron kiln. SSIL is currently implementing a
large debt-funded project, which is expected to double the
company's ingots and billets capacity, and add a 20-megawatts
power plant.
SSIL reported a profit after tax (PAT) of INR35 million on net
sales of INR1.7 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR43 million on net sales
of INR1.3 billion for 2006-07.
SMRUTHI ORGANICS: CRISIL Reaffirms 'BB+' Rating on INR75MM LT Loan
------------------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of Smruthi Organics Ltd as 'P4+', from the earlier
'P4'; the long-term rating has been reaffirmed.
Facilities Ratings
---------- -------
INR75 Million Long-Term Loan BB+/Stable (Reaffirmed)
INR20 Million Proposed Long- BB+/Stable (Reaffirmed)
Term Loan
INR220 Million Cash Credit BB+/Stable (Reaffirmed)
Limits
INR150 Million Letter of P4+ (Reclassified from 'P4')
Credit Limits
INR20 Million Bank Guarantee P4+ (Reclassified from 'P4')
Limits
The ratings continue to reflect Smruthi Organics's leveraged
capital structure and limited financial flexibility. The ratings
also factor in the company's exposure to risks relating to the
product concentration in its revenue profile. These rating
weaknesses are partially offset by Smruthi Organics's long-term
contracts with large global pharmaceutical companies; Smruthi
Organics signed these contracts after its manufacturing units
obtained approvals from the United States Food and Drug
Administration and European Union Good Manufacturing Practices.
Outlook: Stable
CRISIL believes that Smruthi Organics's capital structure will
remain leveraged over the medium term. The company is expected to
benefit from its long-term contracts with large pharmaceutical
companies. The outlook may be revised to 'Positive' if the company
strengthens its capital base or reports higher-than-expected
revenue. Conversely, the outlook may be revised to 'Negative' if
Smruthi Organics's capital structure deteriorates.
About Smruthi Organics
Founded in 1989 by Mr. Eaga Purushotham, Smruthi Organics began
operations by manufacturing active pharmaceutical ingredients
(APIs). The company went public in 1995. Smruthi Organics
manufactures bulk drugs and drug intermediates and APIs. The key
APIs manufactured by the company are norfloxacin and metformin.
Smruthi Organics is International Standards Organisation (ISO)
9001:2000 certified. The company has obtained Certificate of
Suitability for four products for the European markets.
For 2008-09 (refers to financial year, April 1 to March 31),
Smruthi Organics reported a profit after tax (PAT) of INR14.9
million on net sales of INR674 million, against a PAT of INR18.9
million on net sales of INR509 million for 2007-08.
STURDY INDUSTRIES: Low Operating Margin Cues CRISIL 'BB-' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of Sturdy Industries Ltd (SIL, part of the Sturdy
Industries group).
Facilities Ratings
---------- -------
INR317.2 Million Cash Credit BB-/Stable (Assigned)
INR37.8 Million Foreign Currency BB-/Stable (Assigned)
Term Loan
INR22.1 Million Long Term Loan BB-/Stable (Assigned)
INR15.0 Million Packing Credit P4 (Assigned)
INR15.0 Million Post Shipment Credit P4 (Assigned)
INR80.0 Million Letter of Credit P4 (Assigned)
INR70.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect the Sturdy Industries group's weak debt
protection measures, high gearing, low operating margin, and
exposure to intense competition in the polyvinyl chloride (PVC)
pipes, aluminium conductors, asbestos cement pipes and aluminium
composite panel segments. These weaknesses are partially offset
by the benefits that the group derives from healthy growth
prospects in its end-user industries.
For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SIL, Swati Storwell Pvt Ltd, and Nu-Line
Industries Pvt Ltd. This is because these companies (collectively
referred to as the Sturdy Industries group) have common promoters,
and significant operational, financial, and management linkages.
Moreover, these three companies will be amalgamated following
approval by the Himachal Pradesh High Court.
Outlook: Stable
CRISIL believes that the Sturdy Industries group will maintain its
healthy growth in revenues over the medium term, supported by
favourable growth prospects in its key business segments. However,
the group's financial risk profile will remain constrained because
of low operating profitability and large working capital
requirements. The outlook may be revised to 'Positive' if there
is significant improvement in the group's financial risk profile
because of reduction in debt levels and high profitability.
Conversely, the outlook may be revised to 'Negative' if delayed
payments from customers lead to strain on the group's liquidity,
and if large, debt-funded capital expenditure weakens its
financial risk profile.
About the Group
SIL was established in 1995. The company is into manufacturing PVC
pipes and irrigation systems, asbestos cement roofing sheets,
aluminium composite panels and aluminium cables and conductors.
The company is listed on the Bombay Stock Exchange and based out
of Parwanoo, in Himachal Pradesh. The day-to-day operations are
managed by Mr. Mohan Lal Gupta (chairman and managing director)
and his brother Mr. Ramesh Kumar Gupta. The company's
manufacturing units are located in Baddi, in Himachal Pradesh, and
Debrassi in Punjab.
The Sturdy Industries group reported a profit after tax (PAT) of
INR45.5 million on net sales of INR2.2 billion for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR55
million on net sales of INR2.15 billion for 2007-08.
TROPICANA LIQUID: CRISIL Assigns 'BB' Rating on INR50MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Tropicana Liquid Storage Pvt Ltd.
Facilities Ratings
---------- -------
INR50.00 Million Long Term Loan BB/Stable (Assigned)
INR40.00 Million Proposed Long BB/Stable (Assigned)
Term Bank Loan Facility
The rating reflects Tropicana Liquid's below-average financial
risk profile and small scale of operations in the liquid storage
business. The impact of these weaknesses is mitigated by the
financial and management support Tropicana Liquid receives from
its parent Tropicana Trading DMCC (TTDMCC), and its good operating
efficiencies.
Outlook: Stable
CRISIL believes that Tropicana Liquid will continue to benefit
from the industry experience of its management, and support from
its parent. The outlook may be revised to 'Positive' if Tropicana
Liquid scales up its operations, improves the financial risk
profile, and diversifies its customer profile. Conversely, the
outlook may be revised to 'Negative' in case of unexpected
termination of its rental contracts, decline or delay in cash
inflows, or if the company undertakes a large, debt-funded capital
expenditure program resulting in deterioration in financial risk
profile.
About Tropicana Liquid
Set up in 2005 in Kochi (Kerala), Tropicana Liquid is a 68 per
cent subsidiary of Tropicana Logistics Ltd (TLL). The company
earns rental income by leasing out its five liquid storage
terminals at the Karwar port (Karnataka) . four heat-raised tanks
with a combined capacity of 12,100 kilolitres, and one 4022-
kilolitre non-heat-raised tank. Tropicana Liquid is part of the
Tropicana group based in Dubai; the group is into diverse
businesses such as trading of petroleum products, tourism and
hospitality, charter of chemical and oil tanks, lease of liquid
storage terminals, and power generation. TLL is a 90 per cent
subsidiary of TTDMCC; Tropicana Liquid is thereby, a subsidiary of
TLL's parent, TTDMCC. The parent companies, TLL and TTDMCC, are
based in Dubai.
Tropicana Liquid reported a profit after tax of INR3 million on
revenues of INR25 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR1 million on
revenues of INR8 million for 2007-08.
WAVE HYGIENE: CRISIL Rates INR240MM Proposed LT Bank Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Wave Hygiene Products.
Facilities Ratings
---------- -------
INR240.0 Million Proposed Long BB/Stable (Assigned)
Term Bank Loan Facility
The rating reflects WHP's exposure to risks relating to weak debt
protection measures expected during initial years of its
operations. This weakness is partially offset by the managerial
and minimum off-take support that WHP is expected to receive from
Procter & Gamble India (P&G).
Outlook: Stable
CRISIL believes that WHP's expansion project will be completed on
schedule. However, WHP's debt protection measures are expected to
remain weak over the near to medium term, because of low cash
accruals and high debt obligations in the initial stage of its
operations. The outlook may be revised to 'Positive' if operations
at WHP's new facility stabilise earlier than expected and the
company's profitability is better than expectations. Conversely,
the outlook may be revised to 'Negative' if company's scale of
operations and profitability levels remains lower than expected.
WHP, is a partnership firm promoted by Mr. Nikhil Nanda, Mr. Amit
Saxena, and Mr. Dinesh Chandra Saxena. It is being set up to
manufacture soaps and shampoos for leading fast-moving consumer
goods (FMCG) companies, mainly P&G. WHP is setting up a production
facility in Kala Amb (Himachal Pradesh), with capacity to
manufacture 3600 tonnes of soap and 2600 tonnes of shampoo per
annum. WHP will also benefit from the income tax holiday period of
ten years available in Kala Amb (Himachal Pradesh).
WOCKHARDT LTD: Reaches Out-of-Court Settlement with DBS Bank
------------------------------------------------------------
Wockhardt Ltd and its Singapore-based lender DBS Bank Ltd have
reached an out-of-court settlement over repayment of a INR44 crore
working capital loan taken in 2007, livemint.com reports, citing a
person familiar with the development.
Wockhardt will settle the loan at a 19% discount, paying INR37
crore to DBS, according to the terms of the consent decree
obtained by livemint.com.
The report says the consent decree between Wockhardt and DBS also
includes the settlement of a disputed mark-to-market loss on
account of a foreign currency derivative product amounting to
INR91 crore at a 75% discount.
The settlement deal is subject to approval from corporate debt
restructuring lenders.
As reported in the Troubled Company Reporter-Asia Pacific on
October 19, 2009, DBS Bank Ltd filed a winding up petition against
Wockhardt Ltd in the Bombay High Court. DBS wants the liquidation
proceeds distributed to the Company's various lenders. Similar
winding up petitions have been filed by Calyon and Barclays Bank,
according to the Economic Times.
According to the ET, the foreign lenders oppose a scheme endorsed
by Indian banks, such as ICICI, which seeks to restructure
Wockhardt's debt by lengthening the repayment period and reducing
interest rates. Foreign banks oppose the restructuring scheme
saying it favors the domestic lenders, the ET said.
About Wockhardt
India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company. The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited. The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'. Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:
-- INR2,000 million long-term non-convertible debenture
programme downgraded to 'D' from 'C(ind)'
-- INR2,500 million long-term loans and INR2,500 million
non fund-based cash credit facilities downgraded to 'D'
from 'C(ind)'
The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.
=================
I N D O N E S I A
=================
FAJAR SURYA: S&P Changes Outlook to Stable; Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Indonesia-based pulp and paper company, PT Fajar Surya Wisesa
Tbk., to stable from negative. At the same time, Standard &
Poor's affirmed its 'B' long-term corporate credit rating on Fajar
and its 'B' rating on the senior secured bonds issued by Fajar
Paper Finance B.V. and guaranteed by Fajar.
"The outlook revision reflects S&P's expectation that Fajar's
operating performance will continue to improve because of a
recovery in the demand and price of paper products, which S&P
believes will strengthen the company's cash flows in the near to
medium term," said Standard & Poor's credit analyst Yasmin
Wirjawan. In the past two quarters, prices of various paper
products have risen significantly -- in both the domestic and
export markets, from the lows of the first quarter of 2009. The
volume of sales has shown a steady improvement in the second and
third quarters of 2009.
Due to stabilizing economic conditions, Fajar has revived the
US$85 million capital expenditure plans for its proposed fifth
paper machine. "Although S&P expects the proposed capital
expenditure to increase Fajar's debt, S&P believes it will not
significantly weaken the company's debt-to-EBITDA ratio, which
should benefit from the improving operating environment and better
margins," said Ms. Wirjawan.
In S&P's view, Fajar's near-term liquidity is adequate. At
Sept. 30, 2009, the company had cash of about Indonesian rupiah
(IDR) 114 billion and an undrawn working capital line of
US$20 million (IDR180 billion), which is sufficient to cover its
short-term debt of about IDR264 billion.
The stable outlook reflects S&P's expectation that Fajar's
operating performance over the next several quarters is likely to
stabilize due to a revival in paper product demand and rising
prices. The rating may be lowered if Fajar's consolidated credit
measures deteriorate resulting in debt to EBITDA of above 4.5x on
a sustained basis; credit measures could weaken due to higher-
than-expected debt (to fund capital expenditure) or a fall in
paper demand and prices. The rating may be raised if the company
is able to maintain its debt to EBITDA below 4x on a sustainable
basis, after taking into consideration capital expenditure, along
with a continued improvement in the operating environment, stable
margins, and adequate liquidity.
TRANS-PACIFIC PETROCHEMICAL: Faces Legal Action Over US$300MM Debt
------------------------------------------------------------------
PT Pertamina may take legal action against PT Trans-Pacific
Petrochemical Indotama (TPPI) over a US$300 million debt stemming
from a 2004 product swap agreement, The Jakarta Post reports
citing an insider.
A source within Pertamina told Jakarta Post that the state-owned
oil and gas firm has taken several measures to collect the money,
but with no favorable response from TPPI. Pertamina may file a
case with the arbitration court, the source said.
In 1997, the Post relates, TPPI suspended the construction of its
refinery due to the financial crisis. TPPI had to secure in 2004,
financial commitments amounting to $600 million from JBIC and
other private Japanese banks to complete the construction of its
refinery. Pertamina was then asked to provide a guarantee,
through a product swap that included Pertamina supplying low-
sulphur waxy-residue (LSWR) fuel oil to Japan's Mitsui, without
payment.
The Post relates Mitsui then paid JBIC and other banks for TPPI's
debts. In return, Pertamina obtained middle distillate products
(MDP), including kerosene, from TPPI's refinery.
The source told the Post the swap ran smoothly until the third
quarter of 2007, when TPPI stopped supplying MDP products to
Pertamina.
After agreeing on the swap agreement, Pertamina owns 15% of TPPI
shares, while PT Tuban Petrochemical Industries owns 59.5% stake.
The remaining 25.5% shares are owned by foreign shareholders.
PT Trans-Pacific Petrochemical Indotama operates an integrated
petrochemical refinery in Tanjung Awar-awar, Tuban, East Java.
=========
J A P A N
=========
ALL NIPPON: Cargo Unit May Post First Profit in Fiscal 2011
-----------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
All Nippon Airways Co.'s seven-year-old cargo unit will post its
first profit in fiscal 2011 as Chinese consumers boost spending on
Sony Corp. electronics and Toyota Motor Corp. hybrid cars.
"The growth in cargo demand is going to be intra-Asia," Kiyoshi
Tonomoto, head of cargo at Japan's second-biggest carrier, told
Bloomberg in an interview at ANA's Tokyo headquarters. Sales will
likely double to JPY200 billion ($2.3 billion), he said, without
providing a timeframe.
According to Bloomberg, ANA's focus on regional cargo has allowed
it to rebound more quickly from a global freight slump than Japan
Airlines Corp. and Singapore Airlines Ltd., which are more reliant
on U.S. and European demand. The yen's rise to a 14-year high is
also cutting the cost of the carrier's dollar-denominated fuel
bills, the report notes.
"A gentle strengthening of the yen is desirable for us," Bloomberg
quoted Mr. Tonomoto as saying. "However, a sharp increase in the
yen is not good as it hurts the competitiveness of exporters."
Bloomberg relates that ANA plans to add two more freighters by
2011, expanding its all-Boeing Co. cargo fleet to 10 aircraft.
Mr. Tonomoto, as cited by Bloomberg, said the airline may also add
larger planes to serve U.S. and European markets. The carrier
expects to double the percentage of overall sales generated from
freight to 15 percent eventually, he said without elaboration.
All Nippon Airways Co., Ltd., (TYO:9202) -- http://www.ana.co.jp/
-- is a Japan-based company engaged in three business segments.
The Air Transportation segment is engaged in the air
transportation business, as well as the provision of services at
airports, the provision of reservation services through telephones
and the maintenance of aircrafts in the country and overseas
markets. The Traveling segment develops, plans and sells tour
packages under the brand names ANA Hello Tour and ANA Sky Holiday.
This segment also offers services to travelers and sells travel
products and air tickets. The Others segment is involved in the
information communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others. The Company has 107 subsidiaries and 41 associated
companies.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable. The rating action concludes the review for
possible downgrade initiated by Moody's on November 2, 2009.
JAPAN AIRLINES: American Trumps Delta Bid; Dangles $1.1 Billion
---------------------------------------------------------------
Mariko Sanchanta at The Wall Street Journal reports AMR
Corporation's American Airlines and Delta Air Lines Corp. held
press conferences Thursday in their attempt to tie up with Japan
Airlines.
According to the report, American indicated it was prepared to
invest $1.1 billion in JAL along with private-equity firm TPG and
its Oneworld alliance members. Delta and its SkyTeam alliance
partners are dangling a $1.02 billion investment package for JAL.
The report says American even recruited and flew in Norman Mineta,
the former secretary of transportation in Japan. The report also
relates Mr. Mineta said Wednesday: "I believe that a JAL-Delta
alliance would harm competition on every level."
According to the report, Delta President Ed Bastian countered:
"The [Japanese] government is seeking a Japanese or an airline
solution, not a third-party buyout." JAL on Wednesday said it was
in talks with both U.S. airlines but declined to comment further.
"For all the noise Delta and American are making, a definitive
solution regarding JAL's restructuring is still months away," Mr.
Sanchanta says. Mr. Sanchanta relates The Enterprise Turnaround
Initiative Corp., a Japanese government-backed entity that has
access to up to 1.6 trillion yen ($18.31 billion) in state-
guaranteed funds, will decide by the end of January whether it
wants to lead JAL's restructuring. Mr. Sanchanta explains central
to ETIC's decision is whether JAL will be able to scale back its
pension payouts, which total some 330 billion yen.
Mr. Sanchanta also relates JAL CEO Haruka Nishimatsu is set to
embark on a roadshow through Japan next week, to convince retirees
to accept a 30% cut in their benefits. If these overtures are
unsuccessful, the government is proposing a law that would let JAL
scale back its pension obligations, Mr. Sanchanta says.
"The mood at JAL's headquarters in Tokyo is decidedly grim: lights
have been dimmed to save costs, and its once-bustling 14th floor,
full of meeting rooms, is hushed and empty. JAL canceled its
famous New Year's party for the press this year, and employees
have been asked to cut back on wining and dining and other
expenses. Seventy members of JAL management are forgoing their
December pay," Mr. Sanchanta adds.
About AMR Corp.
Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline. At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
* * *
AMR carries a 'CCC' issuer default rating from Fitch Ratings. It
has 'Caa1' corporate family and probability of default ratings
from Moody's. It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.
About Delta Air Lines
With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008. From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year. The merger closed on
October 29, 2008.
Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan. That amended plan took effect May 31, 2007.
Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan. That plan
became effective on April 30, 2007.
(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).
* * *
Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.
Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's. They also continue to
carry 'B2' corporate family ratings from Moody's.
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.
JAPAN AIRLINES: S&P Downgrades Corporate Credit Ratings to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'SD' (selective
default) from 'CC' its long-term corporate credit ratings on Japan
Airlines Corp. and Japan Airlines International Co. Ltd., its
wholly owned subsidiary, and removed the ratings from CreditWatch.
At the same time, Standard & Poor's maintained its senior
unsecured debt ratings on both companies at 'CCC' and kept the
ratings on CreditWatch with developing implications. On Sept. 18,
2009, S&P placed the corporate credit and senior unsecured debt
ratings on both companies on CreditWatch with negative
implications and maintained the CreditWatch status on Oct. 16,
2009, and Nov. 4, 2009. On Nov. 13, 2009, S&P maintained its
CreditWatch status on the corporate ratings on both companies and
revised to developing its CreditWatch status on the senior
unsecured debt ratings.
JAL and Japan Airlines International entered into ADR procedures
on Nov. 13, 2009. Under ADR procedures in Japan, a company
generally notifies major creditors of a temporary suspension of
future debt payments immediately after proceedings are set in
motion. Based on agreement with these creditors, the company then
ceases payments on certain obligations for a period of
negotiation. S&P understands that this agreed suspension of debt
payments may not legally constitute a default. Based on Standard
& Poor's criteria, however, S&P views it as a default.
Accordingly, Standard & Poor's lowered its corporate credit
ratings on both companies to 'SD', recognizing that there was a
failure to pay on Nov. 30, 2009. Going forward, if an agreement
is reached between JAL and its major creditors regarding a debt
restructuring plan, and if this plan materializes, Standard &
Poor's will review its long-term corporate credit ratings on the
company and its subsidiary following analysis of the companies'
subsequent debt payment capabilities.
Standard & Poor's maintained its 'CCC' senior unsecured debt
ratings on both companies and kept the ratings on CreditWatch with
developing implications, reflecting S&P's view that no corporate
bonds are included in the list of debt that is subject to the
temporary suspension of payments in the ongoing ADR procedures.
The senior unsecured debt ratings may be raised if the likelihood
sufficiently increases that corporate bonds will be excluded from
debt restructuring carried out under the guidance of the
Enterprise Turnaround Initiative Corporation of Japan.
Conversely, Standard & Poor's may lower the senior unsecured debt
ratings to 'D' if the scope of debt restructuring extends to
include corporate bonds. Furthermore, Standard & Poor's may lower
both its corporate credit and senior unsecured debt ratings to 'D'
if JAL is unable to obtain support from the ETIC or if financial
institutions do not agree to the company's debt restructuring
proposals, which would likely result in JAL entering into
bankruptcy proceedings.
An 'SD' rating is assigned when Standard & Poor's believes that
the obligor has selectively defaulted on a specific issue or class
of obligations but it will continue to meet its payment
obligations on other issues or classes of obligations in a timely
manner.
MITSUBISHI MOTORS: In Talks with Peugeot Over Capital Tie-Up
------------------------------------------------------------
Ayai Tomisawa at Dow Jones Newswires reports that Mitsubishi
Motors Corp. is in talks with PSA Peugeot-Citroen that could see
the French auto maker take a significant stake in the Japanese
company.
"We have been talking about whether we can have deeper
relationship, and a capital tie-up is one among many options," Dow
Jones quoted a Mitsubishi Motors spokesman as saying. Dow Jones
says the spokesman however decline to comment on the scale or
value of any potential deal.
Dow Jones, citing a Nikkei report, say Peugeot-Citroen, Europe's
second-biggest auto maker by sales, could buy a stake of 30% to
50% in Mitsubishi Motors for up to $3.4 billion (300 billion yen)
in a private placement of new shares.
The Japanese automaker hopes to turn its struggling businesses
around through the capital investment from Peugeot while the
French carmaker aims to tap into Mitsubishi Motors' expertise in
electronic vehicles and other environmental technologies, Japan
Today says citing unnamed sources.
According to The Financial Times, Mitsubishi is forecasting a
return to profit in the financial year to March 2010, having
returned to relative health after years combating debt, a major
defect scandal and a disastrous US sales-financing campaign. Its
last strategic foreign shareholder, DaimlerChrysler, in 2004
refused to bail out the company when it was facing bankruptcy and
later sold its 37% stake, the FT relates.
North America November Sales
Mitsubishi Motors North America reported November 2009 sales of
2,925. This is a decrease of 24.4% from sales of 3,867 in
October. The November total includes the initial early sales of
the new redesigned 2010 Outlander.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, and marketing operations for
Mitsubishi Motors in the United States. MMNA sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 420 dealers.
About PSA Peugeot Citroen
Based in France, PSA Peugeot Citroen S.A. (EPA:UG) --
http://www.psa-peugeot-citroen.com-- is a manufacturer of
passenger cars and light commercial vehicles. It produces vehicles
under the Peugeot and Citroen brands. In addition to its
automobile division, the Company includes Banque PSA Finance,
which supports the sale of Peugeot and Citroen vehicles by
financing new vehicle and replacement parts inventory for dealers
and offering financing and related services to car buyers;
Faurecia, an automotive equipment manufacturer focused on four
component families: seats, vehicle interior, front end and exhaust
systems; Gefco, which offers logistics services covering the
entire supply chain, including overland, sea and air transport,
industrial logistics, container management, vehicle preparation
and distribution, and customs and value added tax (VAT)
representation, and Peugeot Motocycles, which manufactures
scooters and motorcycles. In November 2009, PSA Peugeot Citroen
S.A. acquired EMCON Technologies.
About Mitsubishi Motors
Based in Japan, Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.co.jp/-- manufactures automobile.
The Company, along with its subsidiaries and associated companies,
is engaged in the development, production, purchase, sale, import
and export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines. It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'B+' long-term corporate
credit rating on Mitsubishi Motors Corp., reflecting the increased
likelihood, in S&P's view, of a prolonged deterioration in the
company's financial performance. Amid the ongoing turbulence in
global auto markets, Mitsubishi Motors' financial performance has
sharply worsened. This is due in large part to anemic sales in
certain areas, such as Russia, that had contributed materially to
the company's earnings over the past few years. At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.
MIZUHO FINANCIAL: Fitch Downgrades Individual Ratings to 'C/D'
--------------------------------------------------------------
Fitch Ratings has downgraded the Individual Ratings of Mizuho
Financial Group and its subsidiary banks to 'C/D' from 'C', and
the ratings on their preferred securities to 'BB' from 'BBB-', and
simultaneously removed the ratings from Rating Watch Negative.
The agency has also downgraded Mizuho's upper tier II subordinated
debt to 'BB+' from 'A-', and affirmed the group's Long-term
foreign and local currency Issuer Default Ratings at 'A', based on
potential state support in case of need. The Outlook is Stable.
A complete list of ratings is included at the end of this release.
These rating actions reflect Mizuho's still low core capital
level, despite recent capital raising efforts, and weak prospects
for internal capital generation given the group's still weak core
profitability amid a challenging operating environment. Fitch
notes signs of stabilization in the recovery of the major Japanese
banks' bottom-line profits in H1FYE10 (six months to end September
2009), but believes there are still downside risks for asset
quality arising from an uncertain domestic and global economic
outlook, as well as risks to Mizuho's capital from renewed
volatility in securities markets.
Mizuho returned to profitability in H1FYE10, largely driven by an
increase in revenue from market-related businesses (including
interest rate swap revenues and fees and commissions from
securities businesses), along with a decline in bad debt charges;
the agency however notes the revenue momentum was not strong. The
decreased level of credit costs, compared with FYE09, was aided by
fewer corporate bankruptcies in Japan since April 2009,
particularly among medium-to-large-sized indebted corporations.
The agency notes that Mizuho has reduced its risk appetite towards
high-risk businesses, both in Japan and overseas, but retains
significant exposure to domestic CMBS, non-recourse real estate
loans and overseas leveraged finance.
The agency notes that Mizuho's capital quality (Fitch has placed
more emphasis on the quality of capital when reviewing ratings) is
weak, relative to international and local peers, largely due to
its high share of hybrid instruments, including preferred stocks,
which account for almost half of Tier 1 capital. Fitch also notes
that regulatory capital calculations give a low risk weight to
Mizuho's domestic equity holdings, which has been declining but is
currently at 51% of Tier 1 capital at end-September 2009. At
current levels of stock prices (Nikkei-225 Stock Average at around
JPY9,500), in Fitch's view, there should be only small unrealized
losses or gains in Mizuho's securities portfolio, though there are
downside risks if the value of equity and debt securities weaken,
thereby putting further pressure on its capital.
In H1FYE10 Mizuho achieved its consolidated net profit target,
reporting JPY87.8 billion in net profits despite a small net loss
in Q1FYE10. Compared with loan assets at term-end, credit costs
were 50 bps, a decline of 26 bps from FYE09. The consolidated
Basel II Tier 1 capital ratio, as estimated by the group, has
improved to 8.71% (end-March 2009: 6.38%).
Mizuho's capital quality has improved from end-March 2009,
attributable primarily to Mizuho Financial Group's common equity
financing of JPY529 billion undertaken in July and a recovery in
the domestic stock markets during HIFYE10, as well as a progress
in the conversion of its preferred stock into common equity by
JPY317.7 billion.
The ratings of Mizuho Financial Group (MHFG) and subsidiary banks
Mizuho Bank (MHBK), Mizuho Corporate Bank (MHCB) and Mizuho Trust
and Banking (MHTB), as are:
MHFG:
-- Long-term foreign and local currency Issuer Default Ratings
affirmed at 'A'; Outlook 'Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F1';
-- Individual ratings downgraded to 'C/D' from 'C'; off RWN;
-- Support ratings affirmed at '1';
-- Support Rating Floors affirmed at 'A';
-- Upper Tier II Subordinated debts (Mizuho Financial Group
(Cayman) Limited) downgraded to 'BB+' from 'A-';
-- Lower Tier II Subordinated debts (Mizuho Financial Group
(Cayman) Limited) affirmed at 'A-'; and
-- Preferred securities ratings (Mizuho Capital Investment (EUR)
1 Limited, and Mizuho Capital Investment (US$) 1 Limited):
downgraded to 'BB' from 'BBB-'; off RWN.
MHBK:
-- Long-term foreign and local currency Issuer Default Ratings
affirmed at 'A'; Outlook 'Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F1';
-- Individual ratings downgraded to 'C/D' from 'C'; off RWN;
-- Support ratings affirmed at '1';
-- Support Rating Floors affirmed at 'A'; and
-- Senior unsecured debt ratings affirmed at 'A'.
MHCB
-- Long-term foreign and local currency Issuer Default Ratings
affirmed at 'A'; Outlook 'Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F1';
-- Individual ratings downgraded to 'C/D' from 'C'; off RWN;
-- Support ratings affirmed at '1';
-- Support Rating Floors affirmed at 'A'; and
-- Senior unsecured debt ratings affirmed at 'A'.
MHTB:
-- Long-term foreign and local currency Issuer Default Ratings
affirmed at 'A'; Outlook 'Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F1';
-- Individual ratings downgraded to 'C/D' from 'C'; off RWN;
-- Support ratings affirmed at '1'; and
-- Support Rating Floors affirmed at 'A'.
====================
N E W Z E A L A N D
====================
MELVIEW FEATHERSTON: McGrathNicol Appointed as Liquidator
---------------------------------------------------------
Melview Featherston St, the company behind Wellington's NZ$100
million Holiday Inn has collapsed, according to The New Zealand
Herald.
The report says Melview Featherston St, owned by property
developer Nigel McKenna's Melview Holdings, was placed in
liquidation by Fletcher Building on November 24. The company has
also now been put in receivership by Structured Finance, the
report notes.
According to the report, liquidator Kerryn Downey of McGrath Nicol
said there was a dispute between Fletcher Building and Melview
Featherston St over the $1.7 million final bill for construction
of the hotel. The Herald recalls that it was agreed Melview would
pay in installments, with Fletcher having the right to put the
company into liquidation if payments were missed.
The Herald states that Fletcher was still owed $900,000 and was
the company's major creditor. The report relates Mr. Downey said
he also understood there were significant rates arrears owed to
Wellington City Council.
The liquidators were working with receiver PFK Corporate Recovery
to recover funds, the report notes.
The Holiday Inn has 280 units, most of which were sold to
individual investors. It is managed by Galway Tourism Investment
Group.
SENSATION YACHTS: Owner Unlikely to Repay NZ$40-Mln Debt
--------------------------------------------------------
Sensation Yachts owner Ivan Erceg is on the edge of bankruptcy and
is unlikely to repay the NZ$40 million he owes to his company's
unsecured creditors, The Press reports citing liquidator McDonald
Vague.
The Press relates McDonald Vague's Jonathan Barrett said there are
"no funds whatsoever" available to repay the unsecured creditors,
mainly made up of small businesses. Only the preferred creditors
Inland Revenue (owed NZ$87,106) and former employees (owed
NZ$76,312) are likely to be paid, Mr. Barrett said.
As reported in the Troubled Company Reporter-Asia Pacific on
August 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of Sensation Yachts after creditor
Public Trust filed an application to liquidate the company.
Sensation Yachts owner Ivan Erceg subsequently appointed Peter
Jollands as the receiver for the company.
Citing a Mr. Jolland's receiver report, The Press says 140
creditors are chasing Mr. Erceg.
Sensation Yachts has assets with a book value of about NZ$14
million, but these may have plummeted in worth to only NZ$3
million, according to Mr. Jolland's report obtained by the Press.
According to the Press, Mr. Erceg has been served two High Court
bankruptcy proceedings in the last two months, by Hong Kong
Shanghai Banking Corporation (HSBC) and Cayman-Islands registered
company Balenia.
Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour. The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.
=============
V I E T N A M
=============
DOT VN: CEO Letter to Shareholders Reports Recent Progress
----------------------------------------------------------
Thomas Johnson, Chief Executive Officer and Chairman of the Board
of Directors of Dot VN, Inc., on Tuesday sent shareholders a
letter to report recent progress in the Company.
"In recent months, our Company, Dot VN, has taken major steps
toward reaching our goal of deployment of the many services we
offer as an innovative Internet and Telecommunications Company and
the exclusive online global domain name registrar for the Country
of Vietnam. This is a pivotal moment in Dot VN's history, as we
are now moving from securing partnerships and building the
necessary infrastructure to conduct our work to actual revenue
generation and commercialization opportunities," Mr. Johnson said.
According to Mr. Johnson, Dot VN is now generating revenue through
the commercialization of several of its new services.
In November, Dot VN signed a memorandum of understanding agreement
with KASATI Telecom - Informatics - Electronic Joint Stock
Company, a telecom infrastructure deployment company. In the
agreement, KASATI will deploy a 30-day field test of E-Band
virtual fiber (wireless) technology, of which Dot VN is the
exclusive provider/distributor for the country of Vietnam and a
provider for Southeast Asia. The field test will assess the
capabilities of the virtual fiber to operate over a distance of
approximately 5.5 km (3.41 miles). After the test is complete,
KASATI will provide a report documenting the performance of the
virtual fiber.
KASATI's 30-day test will be conducted in the Mekong Delta in the
southernmost region of Vietnam. This relatively rural area of the
country features numerous waterways, rendering it one of the more
difficult areas in which to install traditional telecom
infrastructure. Dot VN's E-Band virtual fiber offers an
efficient, cost-effective solution, which can eliminate the need
to lay fiber optic cable underground or below bodies of water.
In October 2009, Dot VN signed a strategic partnership agreement
with SaoBacDau Technologies Group, based in Ho Chi Minh City,
Vietnam. SBD will become a value-added reseller of Dot VN
products, providing IT and telecom integration services for E-Band
virtual fiber (wireless) technology and EMS stationary and mobile
data center units, both of which Dot VN is the exclusive provider/
distributor for the country of Vietnam and a provider for
Southeast Asia. SBD will provide installation, maintenance and
technical support for firms and organizations that are
implementing these hardware solutions.
SBD is a top IT integrator and a strategic partner of the world's
leading IT firms, including Cisco, Microsoft, IBM, APC, Polycom,
HP and Oracle. SBD won the Vietnam Gold Star Award 2009 and Top
200 Best Brands of Vietnam by Vietnam Young Entrepreneurs
Organization.
Promissory Notes
Meanwhile, on November 17, 2009, Dot VN made (i) a 100%
Convertible Promissory Note in the principal amount of
$1,510,489.41 to CEO Thomas Johnson and (ii) a 100% Convertible
Promissory Note in the principal amount of $1,510,489.41 to Lee
Johnson, the Company's President, Chief Technology Officer, Chief
Financial Officer and a Director.
Each note made November 17, 2009, contains the same terms and
conditions. Each note will accrue interest at a rate of 8% per
annum, and all outstanding principal and accrued and unpaid
interest will become due June 30, 2010. All or part of the
principal and accrued interest due may be converted into common
stock of the Company at $0.30 per share at the option of the
holder. The Conversion Price shall be adjusted downward in the
event the Company issues common stock (or securities exercisable
for or convertible into or exchangeable for common stock) at a
price below the Conversion Price times 90%, to a price equal to
such Subsequent Price times 110%.
The two notes made November 17, 2009, replace notes with
materially the same terms and conditions, held by each of Thomas
Johnson and Lee Johnson dated April 20, 2009, that were due
December 31, 2009, as amended, with a balance due and owing of
$3,020,978.91 each on November 17, 2009. The 100% convertible
promissory notes dated April 20, 2009 originally were issued in
consideration for, and in satisfaction of, accrued salary and
interest accruing since January 31, 2003, through April 17, 2009,
by each of Thomas Johnson and Lee Johnson under their respective
employment agreements with the Company.
On November 17, 2009, under the terms of the TJ Third Note, Thomas
Johnson surrendered the note and exercised his right to convert a
portion ($1,510,489.50) of the funds owed to him under the TJ
Third Note into common stock of the Company at $0.30 per share
(5,034,965 shares). The unconverted portion of the TJ Third Note
($1,510,489.41) was exchanged for the new 100% Convertible
Promissory Note with a due date of June 30, 2010. On November 17,
2009, under the terms of the LJ Third Note, Lee Johnson
surrendered the note and exercised his right to convert a portion
($1,510,489.50) of the funds owed to him under the LJ Third Note
into common stock of the Company at $0.30 per share (5,034,965
shares). The unconverted portion of the LJ Third Note
($1,510,489.41) was exchanged for the new 100% Convertible
Promissory Note with a due date of June 30, 2010.
Dot VN Sells Common Shares
On October 30, 2009, pursuant to the terms of six stock
subscription agreements, each entered into with an accredited
investor, the Company issued an aggregate of 470,000 shares of the
Company's Common Stock at $0.50 per unit for cash consideration of
$235,000. Each unit consists of one share of the Company's common
stock and a warrant to purchase one share of the Company's Common
Stock at an exercise price of $1.00 expiring two years from the
date of subscription. The offer and sale was made, in a non-
public offering, where each offeree had access to the kind of
information that registration would disclose, in reliance on the
exemption from registration afforded by Section 4(2), promulgated
pursuant to the Securities Act and Rule 506 of Regulation D,
promulgated thereunder. The Company paid a finder, in connection
with five of the stock subscription agreements, a finder's fee
equal to (10%)($18,000) of the amount received in cash ($180,000)
and apart from the payment of a finder's fee; no commissions were
incurred by the Company in connection with the transaction.
Also on October 30, 2009, pursuant to the terms of a consulting
agreement dated September 1, 2009, the Company issued to Vista
Partners, LLC, a California limited liability company, a
sophisticated purchaser, 47,872 restricted shares of the Company's
Common Stock for investor relation services during the following
six months valued at the market closing price and recorded as
$22,500 in prepaid expenses. The offer and sale was made, in a
non-public offering, where the offeree had access to the kind of
information that registration would disclose, in reliance on the
exemption from registration afforded by Section 4(2), promulgated
pursuant to the Securities Act and Rule 506 of Regulation D,
promulgated thereunder.
Going Concern Opinion
Dot VN acknowledges it has had limited revenues from the marketing
and registration of '.vn' domain names as it operates in this
single industry segment. Consequently, the Company has incurred
recurring losses from operations. In addition, the Company has
defaulted on $612,500 of convertible debentures that were due
January 31, 2009 and currently has not negotiated new terms or an
extension of the due date on the Defaulted Debentures. These
factors, as well as the risks associated with raising capital
through the issuance of equity or debt securities creates
uncertainty as to the Company's ability to continue as a going
concern.
Chang G. Park, CPA, from San Diego, California, expressed on
July 24, 2009, substantial doubt about Dot VN's ability to
continue as a going concern after auditing the company's financial
results for the years ended April 30, 2009 and 2008. The auditing
firm reported that the company experienced losses from operations.
At July 31, 2009, the Company had total assets of $2,269,335 and
total liabilities of $11,791,040. At July 31, 2009, the Company
had total shareholders' deficit of $9,521,705.
About Dot VN
Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam. The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.
===============
X X X X X X X X
===============
DUBAI HOLDING: Fitch Downgrades Issuer Default Rating to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded Dubai Holding Commercial Operations
Group LLC's Long-term Issuer Default Rating and senior unsecured
rating to 'BB' from 'BBB-', respectively. Both the IDR and senior
unsecured ratings remain on Rating Watch Negative. The Short-term
IDR has been downgraded to 'B' from 'F3' and simultaneously
removed from RWN.
The rating action reflects a further review of the level of
government support for financial obligations of DHCOG. This
follows significant changes in the policy environment for support
of Dubai-based entities witnessed over the past week. Fitch's
action reflects a continuing lack of substantive information to
support continued equalization of ratings with Fitch's view of
Dubai's sovereign creditworthiness. Looking forward, based on the
weak policy response of the authorities, it is also Fitch's
expectation that the future support environment for Dubai-based
entities such as DHCOG would be unlikely to sustain a return to an
equalization of their ratings with Fitch's view on the sovereign.
Fitch's previous working assumption was that the strength of
linkage between DHCOG and the Dubai government was very strong and
hence warranted an IDR for DHCOG which was consistent with the
agency's assessment of the creditworthiness of Dubai. The rating
action moves DHCOG's IDR down two notches from the agency's
assessment of the creditworthiness of Dubai. On a purely
standalone basis, DHCOG's business and financial profile would
likely warrant lower ratings than those currently assigned.
Fitch notes that DHCOG does not have the same pressing refinancing
needs as the government-related property developer, Nakheel, which
has a US$3.5 billion Sukuk bond maturing mid-December 2009.
However, Fitch's assessment of government support for DHCOG, in
case of need, tries to gauge whether it would likely be provided
given the prevailing circumstances in Dubai.
Fitch is maintaining the RWN as it continues to seek clarity on
the level of financial support that could be expected from the
Dubai government in case of need. Fitch will attempt to resolve
the RWN within the next few weeks. The resolution of the RWN
could result in a downgrade of DHCOG's ratings by more than one
notch.
DHCOG is effectively 97.4%-owned by His Highness Sheikh Mohammed
Bin Rashid Al Maktoum, Vice President and Prime Minister of the
UAE and ruler of Dubai. The group has played a highly strategic
role in the development of Dubai.
DUBAI WORLD: Taps Clifford Chance for Advice, Am Law Says
---------------------------------------------------------
Zach Lowe at The American Lawyer says Clifford Chance has scored
the starring role as lead adviser to Dubai World, a longtime firm
client, according to two sources familiar with the matter who
verified the accuracy of the report in the U.K.-based publication
Legal Week. Mr. Lowe says Clifford Chance declined to confirm
that it is representing Dubai World.
Meanwhile, London-based Ashurst is advising a group of noteholders
who control about 25% of Dubai World's Nakheel's debt, Mr. Lowe
relates, citing Bloomberg News and Jo Shepherd, a firm
spokeswoman.
The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story last week 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.
The Wall Street Journal's Cassell Bryan-Low reports that Dubai
World on Tuesday said it was seeking to restructure $26 billion in
debt, of which about $6 billion is related to Nakheel, and would
ask for a six-month standstill on debt payments.
The TCR, Mr. Bryan-Low, on Monday reported about Ashurst's
involvement. Mr. Bryan-Low said a group of about 15 or 20
bondholders of Nakheel, Dubai World's real-estate subsidiary, have
come together to explore their options after suffering huge
losses. The Journal said the group is being spearheaded by New
York-based hedge fund QVT Financial LP and includes hedge funds
and other money managers in New York and London.
Mr. Lowe relates Partners Matt McDonald and Abradat Kamalpour are
leading the Ashurst team on the matter.
Mr. Lowe also relates Allen & Overy is advising a consortium of
large commercial banks that lent money to Dubai World and its
subsidiaries, according to two sources with knowledge of the
situation. Royal Bank of Scotland Group has been the largest
underwriter of Dubai World loans, and HSBC Holdings has the most
at risk in any large-scale Dubai World default, Mr. Lowe cited
Bloomberg News.
According to Mr. Lowe, "One veteran Dubai-based lawyer at an Am
Law 100 firm we spoke to tells us the situation is as busy as you
would expect. The lawyer, who asked to remain anonymous because
his firm is seeking to represent some Dubai World creditors, says
those creditors are calling their regular outside counsel to
inquire about their options in various scenarios. Firms are
scrambling to nail down clients, the source tells us."
Mr. Lowe says, "That got us (and our editors) wondering how much
business this restructuring will provide the firms that rushed
into Dubai during the recent boom times."
Mr. Lowe relates that since 2007, a pile of Am Law 100 firms have
opened offices in Dubai, including:
-- King & Spalding;
-- Weil, Gotshal & Manges;
-- Bracwell & Giuliani;
-- Kilpatrick Stockton (which closed its London office
shortly after opening in Dubai);
-- Chadbourne & Parke; and
-- Reed Smith, which also hired Dubai World's former general
counsel in November 2007.
Other firms, including Fulbright & Jaworski, beefed up their Dubai
offices shortly before the global economy collapsed, Mr. Lowe
adds.
WSJ's Bryan-Low relates that with no precedent in the United Arab
Emirates for a restructuring of Dubai World's size, and its
government ownership, creditors are in the dark as to how the
process may work. Mr. Bryan-Low says as a result, investors will
be watching events related to the Nakheel bonds for a road map for
future restructurings in the region.
According to Mr. Bryan-Low, Julian Lim, a bond analyst at Nomura
Holdings in London, said bond holders are in a weak legal
position. As a result, Mr. Lim said bondholders potentially could
recoup less than 50 cents on the dollar.
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: Bank Lenders Form Group, Tap KPMG as Advisors
----------------------------------------------------------
Dow Jones Newswires' Ainsley Thomson reports that Dubai World's
creditors on Wednesday began formulating a plan for negotiating a
restructuring of the conglomerate's debt to lenders and bond
holders.
People familiar with the situation told Dow Jones KPMG LLP is
expected to be appointed this week to advise the interests of the
lenders. Sources also told Dow Jones a steering committee of
lenders representing certain creditor banks is also expected to be
appointed this week.
Dow Jones also relates Neil Cuthbert, Esq., Middle East managing
partner at law firm Denton Wilde Sapte, is acting for a number of
Dubai World's creditors. According to Dow Jones, Mr. Cuthbert
said the company's loans and sukuks are governed by English law.
Dow Jones says this means if Dubai World defaults, creditors are
able to obtain a judgment from a U.K. court. They could use that
decision to claim the company's assets located outside the U.A.E.
and try and enforce their security over assets within that
country.
However, enforcing securities located in Dubai requires going
through U.A.E. courts, Mr. Cuthbert said, according to Dow Jones.
"The prospect of litigation against quasi-government companies in
this part of the world is difficult," he said.
"Ultimately, the creditors want to get their money back and if
they can agree standstill with a longer-term restructuring and
perhaps security over some assets, it would be in their interests.
A fire sale of assets now would see them realize a third of what
they paid for them," he said, according to Dow Jones.
The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story last week 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.
The Wall Street Journal's Cassell Bryan-Low reports that Dubai
World on Tuesday said it was seeking to restructure $26 billion in
debt, of which about $6 billion is related to Nakheel, and would
ask for a six-month standstill on debt payments.
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.
NORTEL NETWORKS: Seeks Nod for AsiaPac Restructuring Agreement
--------------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to approve a deal
they entered into with their units in the Asia Pacific region.
The parties entered into the deal to address the financial
difficulties being faced by the Nortel units in the APAC region
as a result of the bankruptcy and insolvency cases commenced by
NNI and its U.S. and foreign affiliates. It establishes a
structure that would enable the APAC units to restructure their
debt to allow increased liquidity, and enable them to pay a
portion of their outstanding debt to NNI and its affiliates as of
January 14, 2009.
The deal is formalized in a 45-page agreement referred to as the
Asia Restructuring Agreement, a copy of which is available for
free at http://bankrupt.com/misc/Nortel_AsiaRestucturingAgrmt.pdf
The key terms of the Asia Restructuring Agreement are:
(1) A portion of each APAC unit's prepetition intercompany
debt will be repaid to NNI and its affiliates.
(2) A further portion of each APAC unit's prepetition
intercompany debt will be repayable in monthly amounts but
only to the extent of the unit's net cash balance, after
provision for its estimated working capital requirements,
certain estimated severance payments and costs for
reinstatement of leased premises, estimated future taxes
and certain other specified costs, expenses and
provisions.
(3) The remainder of each APAC unit's prepetition intercompany
debt will be subordinated and postponed to the prior
payment in full of other debts including obligations owed
to some non-filed Nortel affiliates and non-affiliated
third parties; intercompany obligations incurred after
January 14, 2009; and the portions of prepetition
intercompany debt to be repaid.
(4) The APAC units will appoint Ernst & Young Solutions LLP as
their restructuring manager to provide financial
consulting and advisory services.
(5) The APAC units will cooperate and participate in the sale
of global businesses or other assets to third parties. In
furtherance of these global sale transactions, the APAC
units will enter into future agreements to terminate
intellectual property licenses extended to them by the
Canada-based Nortel units. Participation in the global
sale transactions by the APAC units will not be
conditioned upon minimum allocation of sale proceeds from
those transactions.
(6) Implementation of the Asia Restructuring Agreement is
conditioned on the approval of the Ontario Superior Court
of Justice and the Bankruptcy Court and if so sought, a
direction of the English Court confirming that the
administrators of Nortel's European affiliates are at
liberty to enter into the Asia Restructuring Agreement on
behalf of each of the European affiliate, excluding Nortel
Networks S.A.
In addition, the participation of some APAC units in the
restructuring and other matters provided for in the Asia
Restructuring Agreement is conditioned on regulatory
approvals in their respective jurisdictions of
incorporation.
The hearing to consider approval of the Asia Restructuring
Agreement is scheduled for December 2, 2009. Creditors and other
concerned parties have until November 25, 2009, to file their
objections.
Canada-based Nortel Networks Corporation and its four affiliates
also filed a motion in the Ontario Superior Court of Justice to
approve the Asia Restructuring Agreement. The Canadian Court has
not yet issued an order approving the agreement.
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers. The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion. The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies. As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
* Kamakura Reports Deterioration in Corporate Credit Quality
------------------------------------------------------------
Kamakura Corporation announced Tuesday that the Kamakura index of
troubled public companies increased in November for the first time
in the last 8 months. The index jumped from 10.68% in October to
11.45% in November. Kamakura's index had reached a peak of 24.3%
in March. Kamakura defines a troubled company as a company whose
short term default probability is in excess of 1%. Even after the
increase, credit conditions are now better than credit conditions
in 58.5 percent of the months since the index's initiation in
January 1990, and 2.25 percentage points better than the index's
historical average of 13.7%. The all-time low in the index was
5.4%, recorded in April and May, 2006, while the all-time high in
the index was 28.0%, recorded in September 2001. The index is
based on default probabilities for almost 27,000 companies in 30
countries. To follow the troubled company index and other risk
commentary by Kamakura on a daily basis, see
www.twitter.com/dvandeventer
In November, the percentage of the global corporate universe with
default probabilities between 1% and 5% decreased by 0.26
percentage points to 7.63%. The percentage of companies with
default probabilities between 5% and 10% was up 0.24 percentage
points to 1.85%. The percentage of the universe with default
probabilities between 10 and 20% was up 0.08 percentage points to
1.09% of the universe, while the percentage of companies with
default probabilities over 20% was up by 0.17 percentage points to
0.88% of the total universe in November.
Kamakura's President Warren A. Sherman said Tuesday, "It is too
early to tell whether the strong recent improvements in credit
quality we've seen recently have come to an end. The increase in
the troubled company index in November was a significant one that
we are updating daily at the request of clients on
www.twitter.com/dvandeventer. The rated firms showing the largest
increase in short run default risk in November included YRC
Worldwide, U.S. Concrete, Ambac Financial Group, Bank of Ireland,
Allied Irish Banks, and Citadel Broadcasting. Ambac and Citadel
Broadcasting also were among the biggest increases in credit risk
last month also, along with CIT which defaulted the next day after
the index was reported."
The Kamakura index uses the annualized one month default
probability produced by the best performing credit model of the
Kamakura Risk Information Services default and correlation
service. The model used is the fourth generation Jarrow-Chava
reduced form default probability, a formula that bases default
predictions on a sophisticated combination of financial ratios,
stock price history, and macro-economic factors. The countries
currently covered by the index include Australia, Austria,
Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Hong
Kong, India, Ireland, Israel, Italy, Japan, Luxemburg, Malaysia,
Mexico, the Netherlands, New Zealand, Norway, Singapore, South
Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, United
Kingdom, and the United States.
* UN Says AP Region Leads Global Recovery but Uncertainties Remain
------------------------------------------------------------------
While the Asia-Pacific region is leading the global economic
recovery, with the growth rate in 2010 forecast at 6.3 per cent --
the highest in the world -- considerable uncertainties remain
about the extent and durability of the recovery, says a key United
Nations report.
The Economic and Social Survey of Asia and the Pacific 2009: Year-
end Update, released on November 30, 2009, in Bangkok, states that
recovery to pre-crisis levels in Asia and the Pacific is dependant
to a large extent on developments that are outside the region.
Recovery of consumption demand in developed countries will be key
to the region's exports.
At the same time, within the region, countries need to take
advantage of the shift in global growth to Asia and the Pacific,
the report says. Asian-Pacific countries need to guard against
premature withdrawal of existing supportive policies and boost
intra-regional cooperation in order to improve the ability to
insulate themselves from, and better weather, crises in the
future.
"The aftermath of the crisis has revealed the shifting axis of
global growth to within the region and the need to devise regional
supporting mechanisms through greater macroeconomic, trade and
investment integration", said Nagesh Kumar, Chief Economist of the
Economic and Social Commission for Asia and the Pacific (ESCAP) --
the regional arm of the UN.
"Asia and the Pacific also must take a leading role commensurate
with its importance in the global economy in discussions on
reforming the international institutional and regulatory
architecture," Dr. Kumar added.
The report examines the progress in and changes to the region's
economic performance since the launch of the Survey -- ESCAP's
flagship publication -- in March 2009.
Among major economies of the region, China is forecast to
experience the fastest growth in 2010, of 9%, driven by public and
private investment. The domestic-demand led economies of India
and Indonesia are also forecast to grow fast, at 7.5% and 5%
respectively, driven by domestic consumption and investment.
Major export-led economies are expected to experience substantial
growth recovery next year, although not to the levels seen before
the crisis: Singapore (3.5%), the Philippines (3.5%), Taiwan
Province of China (3.5%), Thailand (3.0%), and Malaysia (2.5%).
* 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 16169603.20 -50619940.96
ALLSTATE EXPLORA ALX 16169603.20 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATION ARX 58544299.40 -15958771.93
AUSTAR UNITED AUN 508844538.80 -310055789.80
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.25
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.25
BIRON APPAREL LT BIC 19706736.59 -2220069.65
CENTRO PROPERTIE CNP 14725100626.00 -495299520.80
CHALLENGER INF-A CIF 2307005550.00 -104582562.10
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.10 -6383353.75
EIRCOM HOLDINGS ERC 7606555987.00 -533212434.20
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
JAMES HARDIE NV JHXCC 2120699904.00 -153000000.00
JAMES HARDIE-CDI JHX 2120699904.00 -153000000.00
MAC COMM INFR-CD MCGCD 8104415201.00 -103343256.50
RESIDUAL ASSC-EE RAGXF 597329874.00 -126963316.50
RUBICON AMERICA RAT 649532285.60 -100605696.90
RUBICON EUROPE T REU 553099503.30 -252490904.10
TERRITORY RESOUR TTY 78228985.46 -3340627.52
TOOTH & CO LTD TTH 108860665.90 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.60 -190859513.40
CHINA
ALONG TIBET CO-A 600773 10464676.88 -1595236.07
AMOI ELECTRONI-A 600057 186715365.60 -176172893.20
ANHUI KOYO GROUP 979 60095557.30 -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 10663617938.00 -669018244.30
CHINA KEJIAN-A 35 83777990.18 -182385776.80
CHINESE.COM LOGI 805 12863797.92 -10344736.06
DANDONG CHEM F-A 498 100503616.60 -111136778.30
DONGGUAN FANGD-A 600656 62015004.14 -10113540.83
DONGXIN ELECTR-A 600691 20724702.93 -6133630.21
GAOXIN ZHANGTO-A 2075 119522500.60 -30482708.26
GUANGDONG HUAL-A 600242 19919002.62 -2062133.21
GUANGDONG KEL-A 921 650072211.90 -103760527.20
GUANGMING GRP -A 587 48717132.13 -47591274.78
GUANGXI BEISHE-A 600556 103117750.80 -138381269.70
GUANGXIA YINCH-A 557 19312064.17 -37899432.38
HEBEI BAOSHUO -A 600155 133672291.80 -361688438.10
HEBEI JINNIU C-A 600722 241278846.10 -228118601.80
HUDA TECHNOLOG-A 600892 21311206.30 -2895690.19
HUNAN ANPLAS CO 156 50288007.12 -83158991.31
LIAOYUAN DEHENG 600699 138723006.80 -6687883.61
QINGHAI SUNSHI-A 600381 56020954.09 -25865577.47
SHAANXI QINLIN-A 600217 233974560.10 -21072044.24
SHANG HONGSHENG 600817 17942699.21 -396969508.00
SHANG LIANHUA-A 600617 15681816.46 -1544918.91
SHANG LIANHUA-B 900913 15681816.46 -1544918.91
SHANGHAI WORLDBE 600757 181367559.60 -127597631.10
SHENZ CHINA BI-A 17 27968310.96 -264106065.10
SHENZ CHINA BI-B 200017 27968310.96 -264106065.10
SHENZ SEG DASH-A 7 61819712.40 -3403468.93
SHENZHEN DAWNC-A 863 28093818.24 -157709151.50
SHENZHEN KONDA-A 48 195270812.60 -14899608.82
SHENZHEN SHENXIN 34 23960824.39 -166323495.40
SHIJIAZHUANG D-A 958 235063468.60 -54144995.52
SICHUAN DIRECT-A 757 128388979.90 -118667098.40
SUNTEK TECHNOL-A 600728 37921349.96 -21207285.88
TAIYUAN TIANLO-A 600234 50402317.95 -25241975.23
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 78159663.43 -14223854.17
TOPSUN SCIENCE-A 600771 183017873.30 -138219542.30
WINOWNER GROUP C 600681 10719752.69 -71846635.31
WUHAN BOILER-B 200770 349547198.50 -74888578.37
WUHAN GUOYAO-A 600421 11452683.85 -39410107.27
XIAMEN OVERSEA-A 600870 306958973.70 -146753875.60
YUEYANG HENGLI-A 622 37274086.29 -15525013.51
YUNNAN MALONG-A 600792 144996362.50 -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 -5369335.43
CHINA CYBER PORT 8206 12615789.00 -25845509.50
CHINA EAST AIR-H 670 10663617938.00 -669018244.30
CHINA GOLDEN DEV 162 252996682.00 -2720111.36
EGANAGOLDPFEIL 48 557892423.40 -132858952.00
FULBOND HLDGS 1041 60255000.00 -14419000.00
HISENSE ELEC-H 921 650072211.90 -103760527.20
HUTCHISON TELE H 215 2400098041.00 -366059762.20
MITSUMARU EAST K 2358 38170722.85 -1449668.00
NEW CITY CHINA 456 113178595.40 -9932226.54
PAC PLYWOOD 767 75639000.00 -5411000.00
PALADIN LTD 495 157691358.50 -6232217.57
PALADIN LTD -PRE 642 157691358.50 -6232217.57
PCCW LTD 8 5990928704.00 -394965167.60
PROVIEW INTL HLD 334 412845082.40 -191257992.50
SANYUAN GROUP LT 140 17115243.64 -1791730.30
WAI CHUN MINING 660 12791013.67 -14603647.06
WAYTUNG GLOBAL G 21 12327016.69 -2955593.70
INDONESIA
BANK MUTIARA TBK BCIC 493235338.90 -135578273.50
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 18968940.39 -16565907.15
ERATEX DJAJA ERTX 10046910.69 -15287833.76
JAKARTA KYOEI ST JKSW 27995871.44 -39747802.26
KARWELL INDONESI KARW 10279359.22 -8092809.68
MULIA INDUSTRIND MLIA 349542495.30 -393202695.20
PANASIA FILAMENT PAFI 51388821.53 -3769923.94
PANCA WIRATAMA PWSI 28574747.93 -34354941.95
POLYSINDO EKA PE POLY 413587722.00 -843849953.30
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18898182.62 -900185.24
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 248504328.80 -92414388.08
TEIJIN INDONESIA TFCO 192946176.00 -12344400.00
UNITEX TBK UNTX 15674797.91 -14254278.79
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.60
BALAJI DISTILLER BLD 51161385.13 -38383503.30
BELLARY STEELS BSAL 451679252.40 -108504755.30
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 14305706.35 -40038022.22
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364967.00 -241912027.80
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 422081403.30 -127614551.40
DISH TV INDIA DITV 422081403.30 -127614551.40
DUNCANS INDUS DAI 114362122.20 -185510212.60
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GEM SPINNERS LTD GEMS 15233308.38 -112427.32
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.50
HARYANA STEEL HYSA 10831176.59 -5909008.81
HENKEL INDIA LTD HNKL 102052835.30 -10237657.20
HFCL INFOTEL LTD HFCL 151650830.00 -85807729.87
HIMACHAL FUTURIS HMFC 406633181.90 -210980393.90
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.00
HMT LTD HMT 139311695.40 -277691144.10
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
INFOMEDIA 18 LTD INF18 35798533.98 -1937646.71
INTEGRAT FINANCE IFC 45562399.88 -43272851.09
ITI LTD ITI 1116207772.00 -800236.54
JCT ELECTRONICS JCTE 122542558.60 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.50 -5623616.50
JK SYNTHETICS JKS 13506415.91 -3030846.61
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 32038613.71 -26757740.06
KERALA AYURVEDA KRAP 13409639.48 -586700.12
KINGFISHER AIR KAIR 1458636203.00 -418911009.70
LLOYDS FINANCE LYDF 27683041.19 -8642121.28
LLOYDS STEEL IND LYDS 358940191.90 -83135016.16
MILLENNIUM BEER MLB 36392748.17 -3197477.14
MILTON PLASTICS MILT 18310810.90 -40438966.11
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 28843462.70 -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 111971290.90 -317111728.00
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 11613867.70 -22282942.24
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.50
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 13288115.80 -578097.97
SHALIMAR WIRES SWRI 24489676.40 -49901704.65
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.60 -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 1543609374.00 -35609423.98
SPICE COMMUNICAT SPCM 263692459.50 -19679192.67
STERLING HOL RES SLHR 52909027.30 -631043.63
STERLING HOL-FOR SLHR/F 52909027.30 -631043.63
STI INDIA LTD STIB 44107456.00 -300149.59
TAMILNADU TELE TNT 10255346.42 -4139864.07
TATA TELESERVICE TTLS 793627684.30 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 145706493.30 -114873890.10
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 102422193.20 -37057061.49
WIRE AND WIRELES WNW 102422193.20 -37057061.49
JAPAN
ARDEPRO 8925 345613037.10 -207111362.40
COMMERCIAL RE 8866 296849343.40 -346788.57
COSMOS INITIA CO 8844 1652687334.00 -564005337.20
DDS INC 3782 10683845.35 -5696657.23
FLIGHT SYS CONSU 3753 14883586.17 -1071275.60
HARAKOSAN CO 8894 265026322.00 -21407690.82
ICHITAN CO LTD 5645 99161219.02 -4383920.24
L CREATE CO LTD 3247 42344509.56 -9146496.90
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 854806960.90 -17847055.11
SAIKAYA CO LTD 8254 398458490.70 -17564816.07
SHINWA OX CORP 2654 61394021.32 -12954325.95
SUMIYA CO 9939 54843407.50 -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 186003859.20 -1504246.54
DAISHIN INFO 20180 740500919.30 -158453978.80
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.00 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBO CO LTD 51810 196643340.40 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PAPERCOREA INC 1020 310528990.10 -154086330.60
PRIME ENTMT 17170 31473002.90 -19371600.20
ROCKET ELEC-PFD 425 68584186.91 -2140474.00
ROCKET ELECTRIC 420 68584186.91 -2140474.00
SAMT CO LTD 31330 303858255.60 -77572655.65
SIMM TECH CO LTD 36710 314177541.40 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.10 -546263614.50
TONG YANG MAGIC 23020 355147750.90 -25767007.75
YOUILENSYS CORP 38720 166697877.70 -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 -14561593.40
WWE HOLDINGS BHD WWE 66753912.87 -904694.18
NEW ZEALAND
DOMINION FINANCE DFH 258902749.10 -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 -139420756.10
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.40 -10278638.86
FILSYN CORP. B FYNB 22000423.40 -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 105659068.50 -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 178060236.00 -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 -227275152.10
LINDETEVES-JACOB LJ 160478836.60 -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 303817166.60 -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 -65276912.00
BANGKOK RUBBER BRC 85509149.46 -65276912.00
BANGKOK RUBBER-F BRC/F 85509149.46 -65276912.00
BLISS-TEL PCL BLISS 12646465.40 -2089674.34
BLISS-TEL PCL-F BLISS/F 12646465.40 -2089674.34
BLISS-TEL PCL-NV BLISS-R 12646465.40 -2089674.34
CENTRAL PAPER IN CPICO 10220356.04 -216074904.30
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.30
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.30
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 162041208.30 -79858191.23
PICNIC CORPORATI PICNI/F 162041208.30 -79858191.23
PICNIC CORPORATI PICNI-R 162041208.30 -79858191.23
PONGSAAP PCL PSAAP 26599991.38 -3496872.90
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.90
PONGSAAP PCL-NVD PSAAP-R 26599991.38 -3496872.90
SAFARI WORL-NVDR SAFARI-R 101048401.70 -21027662.26
SAFARI WORLD PUB SAFARI 101048401.70 -21027662.26
SAFARI WORLD-FOR SAFARI/F 101048401.70 -21027662.26
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.60
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.60
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.60
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 202446919.20 -22407739.40
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 507206787.90 -147139297.70
TAIWAN KOLIN-EN 1606V 507206787.90 -147139297.70
TAIWAN KOLIN-ENT 1606W 507206787.90 -147139297.70
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.70
*********
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 ***