/raid1/www/Hosts/bankrupt/TCRAP_Public/100219.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, February 19, 2010, Vol. 13, No. 035
Headlines
A U S T R A L I A
LEHMAN BROTHERS: Australia Court to Hear Unit Appeal
OCEANAGOLD CORP: Swings to Profit in FY2009; Mulls Capital Raising
C H I N A
GREENTOWN CHINA: Reports Higher Contract Sale in January 2010
SHIMAO PROPERTY: January Contract Sales Reach CNY2.56 Billion
H O N G K O N G
HUTCHISON TELECOM: To Restate 2008 Annual Results
LEHMAN BROTHERS: 12,903 Mini-Bond Cases Resolved in Hong Kong
QUICKSENDA COMPANY: Court Enters Wind-Up Order
RADIER LIMITED: Stephen Liu Yiu Keung Steps Down as Liquidator
SCHOFIELD LOTHIAN: Chan Sek Kwan Rays Steps Down as Liquidator
SHARP EAST: Creditors' Proofs of Debt Due March 12
SKILLION PROPERTIES: Court Enters Wind-Up Order
SKY EVER: Creditors' Proofs of Debt Due March 19
SNS ASIA: Members' Final Meeting Set for March 12
SUCCESS CHART: Court to Hear Wind-Up Petition on March 17
SUCCESS ELITE: Court to Hear Wind-Up Petition on March 3
SUNY OPTOELECTRONICS: Court Enters Wind-Up Order
SUPER PANG: Court Enters Wind-Up Order
TASTE INTERIORS: Court to Hear Wind-Up Petition on March 3
TEO RISTORANTE: Court Enters Wind-Up Order
TIN LUNG: Placed Under Voluntary Wind-Up Proceedings
TRADE DIAMOND: Commences Wind-Up Proceedings
TRU (HK): Creditors' Proofs of Debt Due March 12
TURBO RICH: Court Enters Wind-Up Order
ULHK LIMITED: Members' Final Meeting Set for March 12
VIPPER ENTERPRISES: Court Enters Wind-Up Order
WELL-TEX GARMENT: Court Enters Wind-Up Order
WM ASIA: Members' Final Meeting Set for March 12
YAT SHUN: Court Enters Wind-Up Order
I N D I A
AIR INDIA: Faces Serious Manpower Crisis as Top Execs Quit
AIR INDIA: Government Approves INR800cr Equity Infusion
GAS AUTHORITY: Has High Support Under Joint Default Analysis
ICICI BANK: Temasek Holdings Cuts Equity Interest to 5.9%
INDIAN SUCROSE: CRISIL Rates INR700MM Cash Credit Limit at 'BB-'
RADHIKA EXPORTS: CRISIL Places 'P4+' Ratings on Various Bank Debts
SMS PARKING: CRISIL Rates INR1.09 Billion Term Loan at 'B-'
SRI GAYATRI: Fitch Assigns National Long-Term Rating at 'BB+'
SRI KRISHNA: CRISIL Assigns 'B+' Rating on INR3.3MM Long Term Loan
STRAWBERRY STUDIO: Low Net Worth Prompts CRISIL 'BB+' Ratings
I N D O N E S I A
CHANDRA ASRI: Moody's Affirms 'B2' Corporate Family Rating
J A P A N
JAPAN AIRLINES: Will Be Officially Delisted in TSX on Feb. 20
WILLCOM INC: Seeks Bankruptcy Protection in Japan
WILLCOM INC: Bankruptcy to Wipe Out Carlyle Investment
K O R E A
KUMHO ASIANA: Construction Unit Aims to Win US$874-Mil. Orders
N E W Z E A L A N D
FISHER & PAYKEL: S&P Assigns 'BB' Counterparty Credit Rating
P H I L I P P I N E S
MRC ALLIED: Fails to Get SEC Nod on Capital Restructuring
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
LEHMAN BROTHERS: Australia Court to Hear Unit Appeal
----------------------------------------------------
The High Court of Australia is holding a hearing on Lehman
Brothers Australia's appeal against a ruling in favor of three
local councils, according to a February 8 report by The Australian
Financial Review.
The Full Federal Court earlier upheld the councils' claim that a
deed of company arrangement, which was entered into in May 2009,
was not valid. Creditors of Lehman Brothers Australia voted in
favor of the proposal, which was filed by Lehman Brothers Asia
Holdings, that will repay the creditors more and avoids costly
and time delays of litigation.
The administrators of Lehman Brothers Australia estimate $142.2
to $247.6 million will be distributed to all the creditors
including other Lehman units; $43.5 million will be set aside for
councils and other contingent creditors which are owed
$626.5 million; and as much as $11 million will be distributed to
executives of Lehman Brothers.
The three local councils had invested in collateralized debt
obligations, and about 40 other councils may participate in a
class action if the appeal is rejected, The Australian Financial
Review reported.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
OCEANAGOLD CORP: Swings to Profit in FY2009; Mulls Capital Raising
------------------------------------------------------------------
The Sydney Morning Herald reports that OceanaGold Corp. has
unveiled a capital raising and said it had a record year in 2009
with its New Zealand mines providing a stable production platform
for the company.
The report says the company reported net earnings of US$54.5
million in the year to December 31, a reversal from US$54.74
million loss in the corresponding period a year earlier.
Earnings before tax were US$83.85 million compared to a loss of
US$75.62 million last year. The company posted revenue of
US$237.06 million compared to US$217.2 million last year.
According to the report, the company also said it was raising
capital by conducting a private placement of Chess Depository
Interests and selling subscription receipts. The company said the
money being raised will fund a restructuring of the company's
existing gold hedging facilities and working capital, according to
the Herald.
The capital raising is yet to be detailed and has to be approved
by shareholders at a special meeting on March 25, the report
notes.
OceanaGold Corp. reported three consecutive annual net
losses of US$23.43 million, US$69.04 million, and US$54.74 million
for the financial years ended 2006, 2007 and 2008, respectively.
Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration and
the development and operation of gold and other mineral mining
activities. OceanaGold is a gold producer and is operating two
open cut mines and an underground mine at Macraes and Reefton in
New Zealand. The Company also has the Didipio Gold- Copper
Project in the Philippines as part of its portfolio. The
Company's projects are Macraes Gold Project, Reefton Gold Project
and Didipio Gold Copper Project.
* * *
This concludes the Troubled Company Reporter-Asia Pacific's
coverage of OceanaGold Corporation until facts and circumstances,
if any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.
=========
C H I N A
=========
GREENTOWN CHINA: Reports Higher Contract Sale in January 2010
-------------------------------------------------------------
Greentown China Holdings Ltd said that its contracted sales
revenue for January was CNY2.41 billion, 8.45 times higher than
its contracted sales revenue last January, China Knowledge
reports.
The report says contracted sales area for January totaled 138,000
square meters.
China Knowledge also reports that Greentown China inked a
strategic agreement with Shandong Expressway Co Ltd. According to
China Knowledge, both companies will spend CNY5 billion to set up
a property joint venture. The expressway will hold a stake of
between 51% and 55% in the JV, the report notes.
Hong-Kong based Greentown China Holdings Limited (HKG:3900) --
http://www.chinagreentown.com/-- is an investment holding
company. The Company primarily engages in residential property
development. Greentown's subsidiaries include Richwise Holdings
Limited, Green Sea International Limited, Best Smart Enterprises
Limited, Hua Yick Investments Limited, Greentown Real Estate Group
Co., Ltd., Shanghai Lvyu Real Estate Development Co., Ltd., Anhui
Greentown Real Estate Development Co., Ltd., Anhui Greentown
Lianhua Real Estate Development Co., Ltd., Beijing Greentown
Investment Co., Ltd., Hangzhou Taohuayuan Real Estate Development
Co., Ltd., Shangyu Greentown Real Estate Development Co., Ltd.,
Shanghai Greentown Woods Golf Villas Development Co., Ltd, Beijing
Sunshine Greentown Real Estate Development Co., Ltd. and Shanghai
Green View Real Estate Co., Ltd.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Standard & Poor's Ratings Services affirmed the
'B+' long-term corporate credit rating on Greentown China Holdings
Ltd. The outlook is negative. At the same time, S&P affirmed the
'B' issue rating on the company's outstanding bonds. Both ratings
have been removed from CreditWatch, where they were placed with
negative implications on April 23, 2009.
S&P affirmed the ratings and removed them from CreditWatch as
Greentown completed a cash tender offer to buy back its
US$400 million senior unsecured notes on May 26, 2009. In
addition, bondholders removed or waived restrictive bond
covenants, a number of which Greentown had breached.
A TCR-AP report on May 8, 2009 said Moody's Investors Service
will maintain Greentown China Holdings Limited's Caa1 corporate
family rating and Caa2 senior unsecured bond rating. The ratings
outlook remains negative.
SHIMAO PROPERTY: January Contract Sales Reach CNY2.56 Billion
-------------------------------------------------------------
Shimao Property Holdings Ltd. said its contracted sales amounted
to CNY2.56 billion last month, more than six times the amount it
recorded a year earlier, according to China Knowledge.
The report relates the property developer said in a statement that
its January contracted sales area was 269,250 square meters, up
from 57,822 square meters last January.
China Knowledge says the firm's contracted sales in 2009 surged
88% year on year to CNY22.5 billion, exceeding the sales target of
CNY20 billion by 12.5%. The developer sold 2.5 million sq m of
properties last year, double the amount it sold in 2008, the
report notes.
Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations. The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.
* * *
As reported in Troubled Company Reporter-Asia Pacific on Dec. 19,
2008, Standard & Poor's Rating Services revised the outlook on
China-based property developer Shimao Property Holdings Ltd. to
negative from stable. At the same time, it affirmed the 'BB'
long-term corporate credit rating on Shimao and the 'BB-' issuer
rating on the company's US$350 million 8% senior unsecured notes
due 2016 and on its US$250 million floating rate note due 2010.
Moody's Investors Service, according to a TCR-AP report on
Dec. 17, 2008, also downgraded the corporate family rating of
Shimao Property Holdings to Ba3 from Ba2. At the same time,
Moody's downgraded the company's senior unsecured bond rating to
B1 from Ba2 due to subordination risk. The outlook on all ratings
is negative.
================
H O N G K O N G
================
HUTCHISON TELECOM: To Restate 2008 Annual Results
-------------------------------------------------
Lorraine Luk and Jonathan Cheng at Dow Jones Newswires report that
Hutchison Telecommunications International Ltd. said it may need
to restate its full-year 2008 and first-half 2009 results as it
discusses accounting issues with U.S. securities regulators.
Dow Jones says the issues follow controlling shareholder Li Ka-
shing's $545 million offer to take private the roughly 40% of the
company he doesn't control. Dow Jones, citing analysts, relates
that the accounting issues might affect that offer. Mr. Li's
Hutchison Whampoa Ltd hasn't yet disclosed a timeframe to complete
the deal, Dow Jones notes.
According to Dow Jones, the company, known as HTIL, said Thursday
it is in discussions with the U.S. Securities and Exchange
Commission regarding the accounting treatment of certain gains it
made from the sale of base station towers in Indonesia. Dow Jones
notes HTIL spokeswoman Ada Yeung declined to say how the
accounting treatment might change its reported 2008 results and
its 2009 earnings.
HTIL has postponed its board meeting for its 2009 results because
of continuing discussions with the SEC. The company plans to
announce a revised date for the board meeting, without providing a
specific timeframe.
During the first half of 2009, HTIL's Indonesian operation
recognized a gain of HK$167 million (about US$21.5 million) on 248
base station tower sites transferred to PT Profesional
Telekomunikasi Indonesia.
Last month, Dow Jones recalls, Mr. Li's Hutchison Whampoa, which
owns 60.4% in HTIL, proposed to take HTIL private to create more
flexibility to manage businesses of the telecom unit. Dow Jones
notes that the telecom company has, in recent years, disposed of
mobile-phone assets in India and Israel, and also spun off its
profitable Hong Kong and Macau business, Hutchison
Telecommunications (Hong Kong) Ltd. HTIL has been left with
unprofitable operations in Thailand, Sri Lanka, Indonesia, and
Vietnam, according to Dow Jones.
About Hutchison Telecom
Hutchison Telecommunications International Limited --
http://www.htil.com/-- is a provider of mobile and fixed-line
telecommunications services. Using second generation global
system for mobile communications, code division multiple access,
global packet radio service, and third generation platforms, it
offers customers a variety of telecommunications services, such as
basic voice and data services to multimedia services using mobile
technology. It uses the 3 brand in Indonesia, and the Hutch brand
in Thailand and Sri Lanka. In Israel, it uses the orange brand,
and in Vietnam, it uses the Vietnamobile brand.
LEHMAN BROTHERS: 12,903 Mini-Bond Cases Resolved in Hong Kong
-------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that up to 4
February 2010, there were 12,903 complaint cases concerning
Lehman-Brothers-related investment products which have been
resolved by a settlement agreement reached under section 201 of
the Securities and Futures Ordinance and 787 cases through the
enhanced complaint-handling procedures required by the settlement
agreement. Together with the 2,750 cases closed because
insufficient prima facie evidence of misconduct was found after
assessment or no sufficient grounds and evidence were found after
investigation, the handling of 16,440 complaints received have now
been completed.
Currently, 1,039 Lehman-Brothers-related complaint cases
(including minibond cases) are under disciplinary consideration
after detailed investigation by the HKMA. Proposed disciplinary
notices are being prepared in respect of 740 such cases and
proposed disciplinary notices or decision notices have been
issued in respect of another 299 cases. Adding these 1,039 cases
to those the handling of which has already been completed,
investigation work has finished for 81% of complaint cases
received.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
QUICKSENDA COMPANY: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order December 24, 2009, to
wind up the operations of Quicksenda Company Limited.
The company's liquidator is Lau Siu Hung.
RADIER LIMITED: Stephen Liu Yiu Keung Steps Down as Liquidator
--------------------------------------------------------------
Stephen Liu Yiu Keung stepped down as liquidator of Radier Limited
on January 30, 2010.
SCHOFIELD LOTHIAN: Chan Sek Kwan Rays Steps Down as Liquidator
--------------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of Schofield Lothian
Asia Limited on February 5, 2010.
SHARP EAST: Creditors' Proofs of Debt Due March 12
--------------------------------------------------
Creditors of Sharp East Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 12, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on February 1, 2010.
The company's liquidator is:
Ho Tak Sang
East Ocean Centre, Room 303
98 Granville Road
TST East, Kowloon
Hong Kong
SKILLION PROPERTIES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Skillion Properties Limited.
The company's official receiver is E T O'Connell.
SKY EVER: Creditors' Proofs of Debt Due March 19
------------------------------------------------
Sky Ever Enterprises Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 19, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on February 3, 2010
The company's liquidator is:
Chan Wing Kit
United Centre, Flat A, 16/F
95 Queensway
Hong Kong
SNS ASIA: Members' Final Meeting Set for March 12
-------------------------------------------------
Members of SNS Asia Pacific Limited will hold their final general
meeting on March 12, 2010, at 9:00 a.m., at the Room 1005 Allied
Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Leung Mei Fan, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SUCCESS CHART: Court to Hear Wind-Up Petition on March 17
---------------------------------------------------------
A petition to wind up the operations of Success Chart Industries
Limited will be heard before the High Court of Hong Kong on
March 17, 2010, at 9:30 a.m.
SUCCESS ELITE: Court to Hear Wind-Up Petition on March 3
--------------------------------------------------------
A petition to wind up the operations of Success Elite Limited will
be heard before the High Court of Hong Kong on March 3, 2010, at
9:30 a.m.
Yeun Cheong Chan Paper Merchants Limited filed the petition
against the company on January 22, 2010.
The Petitioner's Solicitors are:
Ko and Co.
Wing On Centre, Room 1212
111 Connaught Road Central
Hong Kong
SUNY OPTOELECTRONICS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order December 22, 2009, to
wind up the operations of Suny Optoelectronics Co. Limited.
The company's liquidator is Lau Siu Hung.
SUPER PANG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order January 28, 2010, to
wind up the operations of Super Pang International Limited.
The company's liquidators are Li Man Wai and Tsang Lai Fun.
TASTE INTERIORS: Court to Hear Wind-Up Petition on March 3
----------------------------------------------------------
A petition to wind up the operations of Taste Interiors Limited
will be heard before the High Court of Hong Kong on March 3, 2010,
at 9:30 a.m.
The Petitioner's Solicitors are:
Yip, Tse & Tang
China Overseas Building, 20/F
No. 139 Hennessy Road
Wanchai, Hong Kong
TEO RISTORANTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order March 9, 2009, to
wind up the operations of Teo Ristorante & Bar Limited.
The company's liquidator is Lau Siu Hung.
TIN LUNG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on February 2, 2010,
creditors of Tin Lung Headwear Manufacturing Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Simon Leung Chi Wa
Universal House, 22nd Floor
229-230 Gloucester Road
Causeway Bay
Hong Kong
TRADE DIAMOND: Commences Wind-Up Proceedings
--------------------------------------------
Sole Member of Trade Diamond Limited, on December 31, 2009, passed
a resolution to voluntarily wind-up the company's operations.
The company's liquidator is:
Chim Fun Lung
Tai Yau Building, Room 908-9
181 Johnston Road
Wanchai, Hong Kong
TRU (HK): Creditors' Proofs of Debt Due March 12
------------------------------------------------
Tru (HK) Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 12,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on February 2, 2010
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
Gloucester Tower, 8th Floor
The Landmark
15 Queen's Road
Central, Hong Kong
TURBO RICH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Turbo Rich Development Limited.
The company's official receiver is E T O'Connell.
ULHK LIMITED: Members' Final Meeting Set for March 12
-----------------------------------------------------
Members of ULHK Limited will hold their final meeting on March 12,
2010, at 2:30 p.m., at the Unit 9A, 9/F., Tower 3, China Hong Kong
City, 33 Canton Road, Tsimshatsui, in Kowloon.
At the meeting, Wong Chi Kin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
VIPPER ENTERPRISES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order December 31, 2009, to
wind up the operations of Vipper Enterprises Limited.
The company's liquidator is Lau Siu Hung.
WELL-TEX GARMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Well-Tex Garment Limited.
The company's official receiver is E T O'Connell.
WM ASIA: Members' Final Meeting Set for March 12
------------------------------------------------
Members of WM Asia Limited will hold their final meeting on
March 12, 2010, at 10:00 a.m., at the 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, in Hong Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
YAT SHUN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order January 22, 2010, to
wind up the operations of Yat Shun Logistics Development Company
Limited.
The company's liquidators are Li Man Wai and Tsang Lai Fun.
=========
I N D I A
=========
AIR INDIA: Faces Serious Manpower Crisis as Top Execs Quit
----------------------------------------------------------
The Economic Times reports that Air India is facing a serious
manpower crisis with close to a dozen senior officials quitting in
the last few months.
According to the report, several top executives of the debt-ridden
carrier have opted for the airline's voluntary retirement scheme
(VRS) as they faced possible salary cuts and declining career
path. Several other executives have gone on long leave citing
various reasons, the report notes.
An airline official told ET that "there have been a large number
of premature exits in the company. The management's decision to
cut performance-linked incentives (PLI) of EDs and functional
directors have left people demotivated."
The company currently has 26 EDs and 75 GMs against sanctioned
strength of 43 and 109, respectively, the report says.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd, Air
India's holding company, was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope up with mounting losses.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown. Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08), according to the Hindustan Times.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
AIR INDIA: Government Approves INR800cr Equity Infusion
-------------------------------------------------------
The Government has approved INR800 crore equity infusion into the
beleaguered national carrier Air India, indianexpress.com reports.
The report says the Cabinet Committee on Economic Affairs headed
by Prime Minister Manmohan Singh approved on Thursday the fresh
equity for National Aviation Co. of India Ltd., the company that
runs Air India.
According to the report, a spokesperson for CCEA said the approval
to release equity support in two equal monthly installments would
have to be calibrated with the achievement of cost-reduction
milestones laid down by the GoM.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, NACIL was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope up with mounting losses.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown. Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08, according to the Hindustan Times.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
GAS AUTHORITY: Has High Support Under Joint Default Analysis
------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 foreign currency
rating to Gas Authority India Limited. At the same time, Moody's
has affirmed the A3 local currency issuer rating of GAIL. The
outlook on both ratings is stable.
As a Government Related Issuer, GAIL's A3 local currency issuer
rating reflects the company's standalone credit strength of 8,
which maps to Moody's global scale of Baa1. It also reflects the
high support from the Indian government (Ba2/Positive) under the
Joint Default Analysis approach. Such high support results in a
one notch uplift to the final A3 local currency issuer rating.
The Baa2 foreign currency issuer rating is in line with India's
foreign currency country ceiling of Baa2.
"GAIL's standalone credit strength of 8 reflects its dominant
position in India's gas transmission sector, as well as the robust
state of industry fundamentals," says Moody's analyst Jennifer
Wong, adding "With an extensive pipeline network in place, Moody's
believes GAIL is strongly positioned to take advantage of India's
strong demand and increased gas supply environment."
"The rating also reflects the fact that around 50-60% of the
company's EBITDA derives from its relatively stable and reliable
gas transmission business, as well as its high level of
diversification and the synergies apparent between its different
segments," says Wong.
"At the same time, the stand-alone credit quality incorporates its
large debt-funded capex program to double its pipeline capacity
and the associated risks of cost overrun and delay in completion.
This increase in the company's financial leverage, albeit from a
very low level -- with projected average RCF/Debt of around 20-25%
and FFO/Interest of about 6- 9x over the next 2-3 years -- remain
strong for its standalone credit strength," adds Wong.
"The rating also reflects the growth of GAIL's other non-regulated
businesses, such as natural gas trading and petrochemicals, which
exposes GAIL to earnings volatility," says Wong.
Furthermore, GAIL has significant but declining off-balance sheet
liabilities which could impact its credit metrics should they
materialize. Nevertheless, Moody's draws comfort from its track
record of no material rulings. Other rating factors include
India's evolving regulatory framework and the regulatory
uncertainties tied to subsidy sharing.
The stable outlook reflects Moody's expectation that GAIL's
operational and financial profile will remain in line with its
rating level. Further, GAIL will continue to generate relatively
predictable cash flows from its core transmission and distribution
business due to the company's competitive position and
progressively execute its capex plan.
GAIL's standalone credit rating is well positioned at the current
level. An upward rating trend could evolve over time if the
company demonstrates its ability to execute its expansion program
according to its plan, while simultaneously improving cash flow,
such that RCF/Adjusted Debt surpasses 30-35% on a sustained basis.
On the other hand, downward rating pressure could arise if its
stand-alone credit quality deteriorates due to increased subsidy
sharing, or if the company undertakes aggressive debt-funded capex
plans including investments in the more risky E&P business.
Similarly, downward pressure could develop if there is significant
cash outflow to settle contingent liabilities that materializes or
adverse regulatory changes, such that RCF/Adjusted Debt falls
below 15-20% on a consistent basis.
A partial sell-down of the government's majority ownership could
affect the support level implied in the JDA analysis and pressure
the rating. A change in sovereign rating is unlikely to impact
GAIL's rating.
The last rating action with respect to GAIL was taken on 13 May
2008, when Moody's first assigned its A3 local currency issuer
rating with a stable outlook.
Established in 1984, Gas Authority India Limited (GAIL) is the
largest natural gas transmission company in India with interests
in transmission, processing and downstream petrochemicals. GAIL
operates over 7,000km of natural gas pipeline which accounts for
approximately 79% of all gas transported in India. In addition,
it operates 1,900km of LPG pipeline, 7 LPG plants with a total
production capacity of 1.4mmtpa, and a 410,000 tpa petrochemical
facility. It also participates in 30 E&P blocks in India and
overseas.
ICICI BANK: Temasek Holdings Cuts Equity Interest to 5.9%
---------------------------------------------------------
Sumit Sharma at Bloomberg News reports that Temasek Holdings Pte
reduced its stake in ICICI Bank Ltd. to 5.9% as of Sept. 29, 2009.
Temasek's holding in ICICI, India's second-largest bank, fell from
8.3% a year earlier, according to a Feb. 12 filing with the U.S.
Securities and Exchange Commission obtained by Bloomberg.
According to Bloomberg, the filing said the company owns the stake
together with units Fullerton Management Pte, Fullerton Financial
Holdings Pte and Allamanda Investments Pte.
Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms. ICICI Bank's
presence currently spans 19 countries, including India.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program. At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist. There are no outstanding rated issues under these
tranches.
On January 29, 2010, Moody's Investors Service downgraded ICICI
Bank Ltd's Upper Tier 2 Notes to Ba1 from Baa3 and the Hybrid Tier
1 Notes to Ba2 from Ba1.
INDIAN SUCROSE: CRISIL Rates INR700MM Cash Credit Limit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the cash credit
limit facility of Indian Sucrose Ltd.
Facilities Ratings
---------- -------
INR700.0 Million Cash Credit Limit BB-/Stable (Assigned)
The rating reflects ISL's weak financial profile owing to working
capital intensive operations, and exposure to risks relating to
government regulations and sugar cane availability. These
weaknesses are, however, partially offset by ISL's average
business risk profile.
Outlook: Stable
CRISIL believes that ISL will maintain a stable business risk
profile, supported by established presence in the sugar market in
Punjab. The outlook may be revised to 'Positive' in case of more
than expected improvement in operating income/profitability
leading to improvement in credit risk profile of the company.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected growth in operating income/profitability
and/or in case of more than expected debt funded capex, both
leading to deterioration in debt protection measures.
About Indian Sucrose
Indian Sucrose Ltd is part of the Yadu group and the unit was
acquired by the present management from the Oswal group. The
company has its manufacturing facility in Mukerian, Punjab with a
crushing capacity of 5,000 TCD and caters to markets in Punjab,
Himachal Pradesh, Rajasthan and Jammu & Kashmir through its
"Sweeto? brand. The company markets its products through its
dealer network.
ISL reported a profit after tax (PAT) of INR38 million on net
sales of INR955 million for 2008-09, as against a loss of INR11
million on net sales of INR1076 million for 2007-08.
RADHIKA EXPORTS: CRISIL Places 'P4+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Radhika Exports' bank
facilities.
Facilities Ratings
---------- -------
INR60.0 Million Packing Credit P4+ (Assigned)
INR60.0 Million Bill Discounting P4+ (Assigned)
INR30.0 Million Letter of Credit P4+ (Assigned)
The rating reflects Radhika's exposure to risks related to
customer concentration in its revenue profile and low entry
barriers in the garments export business, and its financial risk
profile, constrained by large working capital requirements. These
rating weaknesses are partially offset by the benefits that the
firm derives from its established relationships with key
customers.
Set up in 1991 by Mr. Amit Tibrewal, the Mumbai-based Radhika
Exports is an exporter of traditional African garments, such as
khangas and kitenges, mainly to Kenya, Ivory Coast, Mali, and
Togo.
The firm reported a profit after tax (PAT) of INR14.3 million on
net sales of INR559.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR11.9 million on
net sales of INR360.7 million for 2007-08.
SMS PARKING: CRISIL Rates INR1.09 Billion Term Loan at 'B-'
-----------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term bank
facility of SMS Parking Solutions Pvt Ltd (SMS Parking, a
subsidiary of SMS Infrastructure Ltd.
Facilities Ratings
---------- -------
INR1090.00 Million Term Loan B-/Stable (Assigned)
The rating reflects the project-related risks faced by SMS
Parking. These rating weaknesses are partially offset by the
benefits that SMS Parking derives from its promoter's experience
in the construction industry; the company receives managerial and
technical support from SMS Infra. CRISIL does not expect any
significant financial support, except for the initial equity
support, for SMS Parking from SMS Infra, given the parent's weak
financial risk profile.
Outlook: Stable
CRISIL believes that SMS Parking will continue to benefit from its
promoter's industry experience. The company's project is expected
to be commissioned in April 2012. The outlook could be revised to
'Positive' if the project is commissioned on schedule, and if the
company reports high revenues and cash accruals on a sustained
basis. Conversely, the outlook may be revised to 'Negative' in
case of cost or time overruns in the project implementation, or if
the company's revenues and cash accruals are lower than expected.
About SMS Parking
SMS Parking has been promoted as a special purpose vehicle by SMS
Infra (98% holding) to undertake the development of a multi-level
underground parking (of 800 equivalent car space)-cum-commercial
complex project on a build, operate, and transfer basis on a 3195-
square metre plot at Kamlanagar in New Delhi. The contract has
been awarded by the Municipal Corporation of Delhi (MCD). The
concession agreement between MCD and SMS Parking was signed in
July 2008.
The proposed facility will have two sections - parking space and
commercial space. The parking section will have six floors, all
underground. The commercial section will be three floors high.
The project cost is estimated at INR1.60 billion, including INR400
million for technology, INR1.05 billion for construction, and
INR150 million for interest, during the construction period. The
company has tied up term loans of INR1.09 billion from various
banks, and the balance amount will be funded through equity to be
infused by SMS Infra. The concessionaire shall be entitled to
levy, collect, retain, and appropriate parking fee from vehicles
using the facility, user fees for public convenience facilities,
advertisement charges, and licensee fees from occupants to whom
the commercial area will be leased out.
SRI GAYATRI: Fitch Assigns National Long-Term Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned Sri Gayatri Minerals Pvt. Ltd. a
National Long-term rating of 'BB+(ind)'. The agency has
simultaneously assigned a rating of 'BB+(ind)' to SGMPL's fund
based limits aggregating INR82.0 million. The Outlook is Stable.
At the same time, Fitch has assigned a National Short-term rating
of 'F4(ind)' to the non-fund based limits aggregating
INR127.5 million.
SGMPL's ratings factor in the low leverage, strong capital
structure, and the absence of capital expenditure plans that can
increase debt levels. SGMPL's external debt is at a low of
INR76.9 million as of FYE09 and its low financial leverage (Net
Debt/EBITDA) has been maintained at under 1x in the past three
years. Although interest coverage has declined in FY09 to 2.60x
from 7.18x in FY08 due to a fall in EBITDA, it is still at
comfortable level.
The ratings also reflect the relatively stable demand due to its
conversion agreement with Tata Steel ('AA
(ind)'/Negative/'F1+(ind)'), which accounts for 60%-70% of its
sales. The conversion arrangement reduces SGMPL's exposure to raw
material price volatility and consequently reduces its inventory
and receivable risks. However, exposure to fluctuations in
silicon manganese prices remain as the conversion charges by Tata
are linked to these prices.
The company's ratings are constrained by the small scale of
operations and the termination of West Bengal state government's
power subsidy since March 2009, which is expected to have a
negative impact on EBTIDA margins. The cyclical nature of the
steel industry, which is closely linked to the ferro alloys
industry, and SGMPL's exposure to silico manganese alloy price
fluctuations also constrain the ratings. Furthermore, SGMPL is
exposed to concentration risks given its single product range and
its reliance on Tata Steel.
Negative rating factors would be a sustained decline in EBITDA,
resulting in Net debt/EBITDA above 2.0x.
SGMPL started its operations in FY05 and produces silico manganese
ferro alloy. The company has two submerged arc furnaces of 9 MVA
each, with an installed capacity of 28000MT per year to produce
ferro alloys. SGMPL's revenues were INR997.6 million in FY09
(FY08: INR933.2 million), with EBIDTA margins of 6.7% in FY09
(FY08:18.38%).
SRI KRISHNA: CRISIL Assigns 'B+' Rating on INR3.3MM Long Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri Krishna
Modern Rice Mill's bank facilities.
Facilities Ratings
---------- -------
INR3.30 Million Long Term Loan B+/Stable (Assigned)
INR90.00 Million Cash Credit B+/Stable (Assigned)
INR2.50 Million SME Credit P4 (Assigned)
(Standby Line of Credit)
The ratings reflect SKMRM's below-average financial risk profile,
geographical concentration in its revenue profile and small scale
of operations. These rating weaknesses are partially offset by
the benefits that the firm is expected to continue to derive from
its management's industry experience, and the healthy prospects of
the rice processing industry.
Outlook: Stable
CRISIL believes that SKMRM will, over the medium term, continue to
benefit from its promoter's industry experience and healthy
prospects of the rice processing industry. The outlook may be
revised to 'Positive' if SKMRM scales up its operations and
improves the geographical diversity in its revenue profile, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case the firm's borrowings for capital
expenditure is larger than expected, revenues and cash accruals
decline, or there is any adverse change in government regulations,
affecting the firm's credit risk profile.
About Sri Krishna
SKMRM was formed in 1990 in Pondicherry (now Puducherry) as a
proprietorship concern by Mr. R Yuvaraj, and was converted into a
partnership firm in 1995 with Mr. Yuvaraj and his three brothers
as partners; the four brothers have equal shares in the firm.
SKMRM procures paddy, and processes and sells rice; it derives 95
per cent of its revenues from Tamil Nadu. It has the capacity to
process 23,000 tonnes per annum of rice.
SKMRM reported a profit after tax (PAT) of INR2 million on net
sales of INR360 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1 million on net sales
of INR200 million for 2007-08.
STRAWBERRY STUDIO: Low Net Worth Prompts CRISIL 'BB+' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Strawberry Studio Exports Pvt Ltd.
Facilities Ratings
---------- -------
INR13.5 Million Rupee Term Loan BB+/Stable (Assigned)
INR80.0 Million Export Packing Credit P4+ (Assigned)
INR5.0 Million Letter of Credit P4+ (Assigned)
INR1.5 Million Bank Guarantee P4+ (Assigned)
The ratings reflect SSEPL's moderate financial risk profile,
marked by low net worth, and exposure to risks relating to small
scale of operations and customer concentration in its revenue
profile. These weaknesses are, however, partially offset by the
benefits that SSEPL derives from its promoters' experience in the
garment manufacturing business.
Outlook: Stable
CRISIL expects SSEPL's financial risk profile to remain
constrained by low net worth over the medium term. The outlook
may be revised to 'Positive' if the company increases its scale of
operations notably while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates materially, because
of additional debt taken to fund capital expenditure or large
incremental working capital requirements.
About Strawberry Studio
Set up by Mr. Hemant Ruparelia in 1996, SSEPL manufactures and
exports readymade woven garments, primarily for children and
women. The company has 21 different production lines, each
dedicated to manufacturing a particular variety of garment. Its
manufacturing facility at Noida (Uttar Pradesh) has capacity to
produce around 135,000 garments per month.
SSEPL reported a profit after tax (PAT) of INR10.3 million on net
sales of INR236.0 million for 2008-09, as against a PAT of INR7.5
million on net sales of INR194.0 million for 2007-08.
=================
I N D O N E S I A
=================
CHANDRA ASRI: Moody's Affirms 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed its B2 corporate family
rating for PT Chandra Asri and the B2 senior secured rating on the
US$230 million 5-year notes issued by Altus Capital Pte Ltd, an
entity wholly owned by and whose bonds are also guaranteed by
Chandra Asri and PT Styrindo Mono Indonesia.
These ratings have been removed from their provisional status
following the completion of the bond issuance. The outlook on
both ratings is stable.
US$157 million of the bond proceeds will be used to refinance
outstanding debt under an existing bank facility, while the
remainder will be used to repay an existing subordinated loan from
Strategic Investment Holdings Ltd, a previous shareholder of
Chandra Asri.
The last rating action was taken on 26th October 2009 when Moody's
assigned Chandra Asri's provisional (P)B2 corporate family and
bond ratings.
PT Chandra Asri, based in Jakarta, is the largest petrochemical
company in Indonesia. As at 30 June 2009, it had olefins
production capacity comprising 600,000 tpa of ethylene, 320,000
tpa of propylene, 280,000 tpa of py-gas and 220,000 tpa of crude
C4. The company also operates two polyethylene production trains,
with a combined production capacity of 320,000 tpa.
=========
J A P A N
=========
JAPAN AIRLINES: Will Be Officially Delisted in TSX on Feb. 20
-------------------------------------------------------------
Kiyotaka Matsuda at Bloomberg News reports that Japan Airlines
Corp. will have its last trading day in Tokyo today, February 19,
wiping out shareholders in a company that was worth more than
US$6 billion as recently as March.
"It's regrettable for investors that JAL will be delisted, but
they should have seen this coming," Bloomberg quoted Eisuke
Nagatomo, a former Tokyo stock exchange executive who now advises
companies as president of EN-Associates Co., as saying. "It will
take a companywide effort to turn JAL around."
Bloomberg says the carrier will be officially delisted tomorrow
after seeking court protection with JPY2.32 trillion (US$26
billion) of debts last month.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
US$28 billion.
Mr. Katayama is JAL's foreign representative in its Chapter 15
proceeding in the United States. The Foreign Representative's
U.S. Counsel is David R. Seligman, Esq., Ryan Blaine Bennett,
Esq., Paul Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois. The Foreign Representative's Japan Counsel is Naho
Ebata, Esq., at Abe, Ikubo & Katayama, in Tokyo, Japan.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
WILLCOM INC: Seeks Bankruptcy Protection in Japan
-------------------------------------------------
Willcom Inc. filed for bankruptcy protection with the Tokyo
District Court with liabilities of JPY206 billion, Bloomberg News
reported.
Willcom said it is in talks with Japan's state-backed Enterprise
Turnaround Initiative Corp. for possible funding. The Company is
also in negotiations with Softbank Corp. and investment fund
Advantage Partners LLP on possible support.
The Nikkei newspaper reported that Willcom will receive a credit
line of about JPY10 billion from ETIC. ETIC won't take a stake in
Willcom in exchange for the financing.
According to Bloomberg News, the bankruptcy filing means the
Company defaulted on JPY35 billion of bonds sold in June 2005.
The bonds had a coupon of 2.35% and were to mature on June 27,
2012, according to data compiled by Bloomberg.
Kyocera, a Kyoto-based maker of solar cells and electronic
devices, said it may not be able to collect JPY15.4 billion of
receivables owed by Willcom.
Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group
Inc., Willcom's biggest creditors, were each owed JPY17.6 billion
as of March 31 2009.
Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services. Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.
Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry. Heisei Denden Co.
was the previous biggest failure in October 2005 with liabilities
of JPY120 billion.
About WILLCOM
WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan. The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology. PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers. The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.
WILLCOM INC: Bankruptcy to Wipe Out Carlyle Investment
------------------------------------------------------
Alison Tudor and Peter Lattman at The Wall Street Journal, citing
people familiar with the situation, report that Willcom's
bankruptcy filing will wipe out Washington, D.C.-based Carlyle
Group's stake in the Company.
The Journal recalls Carlyle in 2004 paid about $330 million for a
60% stake in the mobile-phone unit of KDDI Corp. The business was
later renamed Willcom.
The Journal further notes the failed Willcom deal is the second
bankruptcy filing in 15 months by a Carlyle-backed telecom
company. In December 2008, Carlyle's Hawaiian Telcom
Communications Inc. filed for Chapter 11.
According to the Journal, both Willcom and Hawaiian Telcom were
investments led by Carlyle's vaunted telecom team, which includes
James Attwood, a former top executive at Verizon and GTE; Daniel
Akerson, the ex-chief executive of Nextel Communications; and
William Kennard, the former chairman of the Federal Communications
Commission.
The Journal says the Willcom investment is spread across three
different Carlyle funds, limiting damage to any one portfolio.
Willcom filed for bankruptcy protection on Thursday before the
Tokyo District Court. Bloomberg News says Willcom listed
liabilities of JPY206 billion. The Journal says Willcom listed
roughly $2.3 billion in debt.
Mobile-phone service provider, Softbank Corp., and a Japanese
private-equity firm, Advantage Partners LLP, are in talks to come
in as new equity investors in the company's restructuring, the
Journal relates, citing people familiar with the talks.
About WILLCOM
WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan. The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology. PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers. The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.
=========
K O R E A
=========
KUMHO ASIANA: Construction Unit Aims to Win US$874-Mil. Orders
--------------------------------------------------------------
Kumho Industrial Co., a construction unit of Kumho Asiana Group,
aims to win overseas orders worth more than KRW1 trillion (US$874
million) this year as part of an effort to ride out a severe cash
shortage, Yonhap News reports.
The builder, which was put under a debt restructuring program late
last year, said overseas target set accounts for 27% of its
overall new order target for this year, the news agency relates.
As reported in Troubled Company Reporter-Asia Pacific on
August 6, 2010, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, after acquiring it in 2006 for KRW6.4 trillion.
Bloomberg said creditors including Shinhan Bank may force the
company to repay KRW3.9 trillion (US$3.2 billion) by June if they
exercise an option to sell Daewoo Engineering shares they hold
back to Kumho Asiana.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.
According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering. Kumho Tire's net debt stood at KRW1.71
trillion at the end of September 2009.
About Kumho Asiana
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
====================
N E W Z E A L A N D
====================
FISHER & PAYKEL: S&P Assigns 'BB' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' long-term counterparty credit rating to Fisher & Paykel
Finance Ltd. At the same time, S&P assigned its 'B' short-term
rating to the New Zealand-based consumer-finance provider. The
outlook is stable.
"The ratings on F&PFL reflect its exposure to the cyclical
consumer segment, its reliance on continuing banker confidence and
support, and S&P's view of its parent, Fisher & Paykel Appliances
Holdings Ltd. S&P's view of the parent influences, but does not
constrain, its view of F&PFL," Standard & Poor's credit analyst
Gavin Gunning said. "These factors are offset by F&PFL's good
market position in the New Zealand consumer finance segment, its
diversified customer base, and its good risk-management
capabilities."
The outlook reflects its expectations that the company's financial
characteristics will remain stable in the medium term. The
ratings could be raised if F&PFL were to become more independent
from the parent, along with ongoing strengthening of its financial
profile -- building on recent efforts to reduce funding risks and
increase capital. This scenario presumes the parent's stable
credit characteristics will continue. Upwards rating movement in
the near term is unlikely, although may be considered in the
medium-to-long term.
Negative ratings momentum would most likely hinge on ownership and
funding. Should the parent's credit standing deteriorate this
would likely have negative rating consequences for F&PFL. Waning
banker confidence, stress associated with lower debenture
renewals, or a major operational risk event (albeit improbable)
could also trouble the ratings. An incremental diminution in
asset quality or profitability, however, would be less likely to
result in the ratings being lowered.
=====================
P H I L I P P I N E S
=====================
MRC ALLIED: Fails to Get SEC Nod on Capital Restructuring
---------------------------------------------------------
MRC Allied Industries Inc. failed to formalize the entry of
businessman Lucio Tan Jr., the eldest son of beer and tobacco
tycoon Lucio Tan, into the company after the Securities and
Exchange Commission did not act on a proposed equity quasi-
reorganization program.
The Standard relates that MRC shareholders last year approved the
company's plan to undergo quasi-reorganization that would enable
the company to reduce accumulated deficit.
The plan, according to the Standard, involves reducing the par
value of the shares from PHP1 to PHP0.20 apiece, resulting in a
lower authorized capital stock from PHP500 million to PHP100
million. MRC Allied plans to raise its capital to PHP10 billion
after the capital restructuring, the Standard adds.
According to the Standard, MRC Allied majority shareholder
Benjamin Bitanga said he was optimistic the company would finally
obtain the SEC approval next month to finally facilitate the entry
of Tan and another strategic investor.
The Troubled Company Reporter-Asia Pacific, citing BusinessWorld
Online, reported Thursday that MRC Allied Industries, Inc. will
get cash and a power plant worth PHP4.9 billion from two new
investors in the first half of the year.
BusinessWorld said Mr. Tan Jr. will transfer a bunker fuel plant
worth PHP3.3 billion to PHP3.5 billion to MRC Allied while a fund
manager will infuse PHP1.4 billion, facilitating the property
developer's switch to the power business.
MRC Allied in January this year signed an investment agreement
with Mr. Tan, Jr., allowing the backdoor listing of the latter's
business interests, BusinessWorld recalled.
Mr. Bitanga told BusinessWorld that the firm would take over
the 200-megawatt power plant before June, and start commercial
operations in the second half. MRC Allied might use the cash to
buy a coal mine to ensure fuel for the power plant, he said.
About MRC Allied
MRC Allied Industries, Inc. (PSE: MRC) is a property development
firm in the Philippines. The Company is into the development of
master planned, integrated residential, commercial, recreational,
tourism, and industrial areas within a single community or
township. MRC is concentrating on its two principal projects: the
New Cebu Township One (NCTO) in Naga in Cebu, and the Amihan Cebu
Woodlands Township (ACWT) in Leyte. New Cebu Township One project
is located in the municipality of Naga, Cebu consists of 250
hectare and 123 hectares for Phase I of the NCTO. Amihan Cebu
Woodlands Township is located in San Isidro, Leyte with a area of
732 hectares, ACWT was originally planned as an eco-
residential/tourism project with Ecozone status.
* * *
In its audit report on the Company's financial statements for the
fiscal year ended December 31, 2008, Sycip Gorres Velayo & Co.
expressed significant doubt about the Company's ability to
continue as a going concern. The Company incurred net losses of
PHP143.6 million, PHP37.9 million and PHP37.7 million for the
years ended December 31, 2008, 2007 and 2006, respectively, and
the Company's capital deficiency amounted to PHP174.4 million and
PHP30.8 million as of December 31, 2008 and 2007, respectively.
The Company was also unable to meet principal and interest
amortizations on its bank loans and has substantially reduced its
development activities.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
AMA GROUP LTD AMA 39.03 -0.86
ANTARES ENERGY L AZZ 13.71 -1.96
ARC EXPLORATION ARX 56.83 -15.05
AUSTAR UNITED AUN 508.84 -310.06
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BCD RESOURCES OP BCO 21.37 -54.57
BCD RESOURCES-PP BCOCC 21.37 -54.57
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 14725.10 -495.30
CHALLENGER INF-A CIF 2307.01 -104.58
CHEMEQ LTD CMQ 25.19 -24.25
CITY PACIFIC LTD CIY 171.50 -6.38
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 13.26 -0.01
HYRO LTD HYO 21.50 -14.83
JAMES HARDIE NV JHXCC 2120.70 -153.00
JAMES HARDIE-CDI JHX 2120.70 -153.00
MAC COMM INFR-CD MCGCD 8104.42 -103.34
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
SHELL VILLAGES A SVC 13.47 -1.66
TERRITORY RESOUR TTY 78.23 -3.34
TOOTH & CO LTD TTH 127.62 -78.92
VERTICON GROUP VGP 14.22 -24.60
CHINA
AMOI ELECTRONI-A 600057 186.72 -176.17
ANHUI KOYO GROUP 979 43.55 -32.06
BAO LONG ORIENTA 600988 16.38 -3.24
CHANG LING GROUP 561 33.36 -13.70
CHENGDU UNION-A 693 52.17 -7.60
CHINA EAST AIR-A 600115 10663.62 -669.02
CHINA KEJIAN-A 35 83.78 -182.39
DANDONG CHEM F-A 498 100.50 -111.14
DONGGUAN FANGD-A 600656 62.02 -10.11
DONGXIN ELECTR-A 600691 20.72 -6.13
GAOXIN ZHANGTO-A 2075 119.52 -30.48
GUANGDONG HUAL-A 600242 19.85 -1.62
GUANGDONG KEL-A 921 650.07 -103.76
GUANGMING GRP -A 587 48.72 -47.59
GUANGXI BEISHE-A 600556 103.12 -138.38
GUANGXIA YINCH-A 557 19.31 -37.90
HEBEI BAOSHUO -A 600155 133.67 -361.69
HEBEI JINNIU C-A 600722 241.28 -228.12
HUDA TECHNOLOG-A 600892 21.31 -2.90
HUNAN ANPLAS CO 156 51.58 -70.84
JIANGSU CHINES-A 805 12.86 -10.34
LIAOYUAN DEHENG 600699 138.72 -6.69
QINGHAI SUNSHI-A 600381 50.90 -26.09
SHAANXI QINLIN-A 600217 233.97 -21.07
SHANG HONGSHENG 600817 17.94 -396.97
SHANG LIANHUA-A 600617 15.68 -1.54
SHANG LIANHUA-B 900913 15.68 -1.54
SHANGHAI WORLDBE 600757 181.37 -127.60
SHENZ CHINA BI-A 17 27.97 -264.11
SHENZ CHINA BI-B 200017 27.97 -264.11
SHENZHEN DAWNC-A 863 28.09 -157.71
SHENZHEN KONDA-A 48 195.27 -14.90
SHENZHEN SHENX-A 34 23.96 -166.32
SHENZHEN ZERO-A 7 61.82 -3.40
SHIJIAZHUANG D-A 958 235.06 -54.14
SICHUAN DIRECT-A 757 128.39 -118.67
SUNTEK TECHNOL-A 600728 37.92 -21.21
TAIYUAN TIANLO-A 600234 50.40 -25.24
TIANJIN MARINE 600751 82.40 -30.39
TIANJIN MARINE-B 900938 82.40 -30.39
TIBET SUMMIT I-A 600338 78.16 -14.22
TOPSUN SCIENCE-A 600771 183.02 -138.22
WINOWNER GROUP C 600681 10.72 -71.85
WUHAN BOILER-B 200770 349.55 -74.89
WUHAN GUOYAO-A 600421 11.45 -39.41
XIAMEN OVERSEA-A 600870 286.40 -145.07
YUEYANG HENGLI-A 622 37.27 -15.53
YUNNAN MALONG-A 600792 145.38 -30.28
ZHANGJIAJIE TO-A 430 45.95 -4.59
HONG KONG
21 HOLDINGS LTD 1003 43.65 -4.26
ASIA TELEMEDIA L 376 16.62 -5.37
CHAOYUE GROUP LT 147 42.69 -127.80
CHINA CYBER PORT 8206 12.62 -25.85
CHINA EAST AIR-H 670 10663.62 -669.02
CHINA GOLDEN DEV 162 253.00 -2.72
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 60.26 -14.42
HISENSE ELEC-H 921 650.07 -103.76
HUTCHISON TELE H 215 2400.10 -366.06
MITSUMARU EAST K 2358 38.17 -1.45
NEW CITY CHINA 456 113.18 -9.93
NGAI LIK INDL 332 132.82 -4.76
PAC PLYWOOD 767 75.64 -5.41
PALADIN LTD 495 157.69 -6.23
PALADIN LTD -PRE 642 157.69 -6.23
PCCW LTD 8 5990.93 -394.97
PERCEPTION DIG 8248 31.21 -4.64
PROVIEW INTL HLD 334 412.85 -191.26
WAI CHUN MINING 660 12.79 -14.60
WAYTUNG GLOBAL G 21 12.33 -2.96
INDONESIA
ASIA PACIFIC POLY 481.76 -847.67
DAVOMAS ABADI DAVO 272.59 -17.19
ERATEX DJAJA ERTX 10.05 -15.29
JAKARTA KYOEI ST JKSW 28.00 -39.75
KARWELL INDONESI KARW 10.28 -8.09
MULIA INDUSTRIND MLIA 349.54 -393.20
PANASIA FILAMENT PAFI 51.27 -4.30
PANCA WIRATAMA PWSI 28.57 -34.35
PRIMARINDO ASIA BIMA 10.97 -20.00
STEADY SAFE TBK SAFE 12.27 -4.84
SURABAYA AGUNG SAIP 248.50 -92.41
TEIJIN INDONESIA TFCO 185.09 -14.27
UNITEX TBK UNTX 15.67 -14.25
INDIA
ALCOBEX METALS AML 16.59 -21.47
ASHIMA LTD ASHM 59.92 -47.15
BALAJI DISTILLER BLD 51.16 -38.38
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CFL CAPITAL FIN CEATF 14.31 -40.04
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 16.54 -10.99
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 422.08 -127.61
DUNCANS INDUS DAI 116.96 -183.24
GANESH BENZOPLST GBP 77.84 -41.87
GEM SPINNERS LTD GEMS 15.23 -0.11
GLOBAL BOARDS GLB 25.15 -0.79
GSL INDIA LTD GSL 37.04 -42.34
GSL NOVA PETROCH GSLN 44.39 -0.93
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HFCL INFOTEL LTD HFCL 151.65 -85.81
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 68.94 -1147.18
HINDUSTAN SYNTEX HSYN 12.68 -1.79
HMT LTD HMT 139.31 -277.69
ICDS ICDS 13.30 -6.17
INDIA FOILS LTD IF 22.01 -2.04
INFOMEDIA 18 LTD INF18 35.80 -1.94
INTEGRAT FINANCE IFC 45.56 -43.27
ITI LTD ITI 1116.21 -0.80
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 15.93 -74.33
JIK INDUS LTD KFS 20.63 -5.62
JK SYNTHETICS JKS 13.51 -3.03
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 32.04 -26.76
KERALA AYURVEDA KRAP 13.41 -0.59
KINGFISHER AIR KAIR 1458.64 -418.91
LLOYDS FINANCE LYDF 27.68 -8.64
LLOYDS STEEL IND LYDS 358.94 -83.14
MILLENNIUM BEER MLB 36.39 -3.20
MILTON PLASTICS MILT 18.31 -40.44
NATH PULP & PAP NPPM 13.59 -39.13
NICCO UCO ALLIAN NICU 28.84 -56.77
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PANYAM CEMENTS PYC 38.84 -0.64
PARASRAMPUR SYN PPS 111.97 -317.11
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 32.05 -3.73
POLAR INDS LTD PLI 11.61 -22.28
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIGARE TECHNOV RTCL 44.13 -1.46
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.22 -62.97
RPG CABLES LTD RPG 51.43 -20.19
SCOOTERS INDIA SCTR 13.29 -0.58
SHALIMAR WIRES SWRI 24.49 -49.90
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE RAMA MULTI SRMT 63.73 -52.93
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1543.61 -35.61
SPICE COMMUNICAT SPCM 263.69 -19.68
SPICEJET LTD SJET 147.98 -84.65
STERLING HOL RES SLHR 52.91 -0.63
STI INDIA LTD STIB 28.05 -8.04
TAMILNADU TELE TNT 10.26 -4.14
TATA TELESERVICE TTLS 793.63 -74.64
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.39 -8.90
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 102.42 -37.06
WIRE AND WIRE-PP WNWPP 102.42 -37.06
JAPAN
ARDEPRO 8925 345.61 -207.11
COMMERCIAL RE 8866 296.85 -0.35
COSMOS INITIA CO 8844 1652.69 -564.01
DDS INC 3782 10.68 -5.70
FLIGHT SYS CONSU 3753 14.88 -1.07
HARAKOSAN CO 8894 265.03 -21.41
ICHITAN CO LTD 5645 99.16 -4.38
JIPANGU HOLDINGS 2684 15.05 -8.38
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 49.52 -2.24
NESTAGE CO LTD 7633 11.77 -12.20
PROPERST CO LTD 3236 303.29 -415.76
RAYTEX CORP 6672 61.49 -3.49
SAIKAYA CO LTD 8254 398.46 -17.56
SHINWA OX CORP 2654 61.39 -12.95
SOWA JISHO CO LT 3239 17.45 -33.84
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
CL LCD CO LTD 35710 55.59 -14.79
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
ELIM EDU CO LTD 46240 34.03 -3.75
KYSYS CO LTD 15390 10.67 -6.27
MOBO CO LTD 51810 196.64 -11.98
ORICOM INC 10470 82.65 -40.04
PAPERCOREA INC 1020 310.53 -154.09
PRIME ENTMT 17170 31.47 -19.37
ROCKET ELEC-PFD 425 68.58 -2.14
ROCKET ELECTRIC 420 68.58 -2.14
SAMT CO LTD 31330 303.86 -77.57
SOLAR & TECH CO 30390 11.47 -0.59
STARMAX CO LTD 17050 50.13 -25.44
TAESAN LCD CO 36210 187.94 -546.26
TONG YANG MAGIC 23020 355.15 -25.77
UTX CO LTD 45880 19.76 -2.85
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 35.44 -79.33
HARVEST COURT HAR 11.12 -7.48
HO HUP CONSTR CO HO 71.66 -1.27
LITYAN HLDGS BHD LIT 14.28 -29.49
POLY TOWER VENTU PTV 58.06 -5.45
RHYTHM CONSOLIDA RCB 11.08 -1.32
WONDERFUL WIRE WW 11.54 -15.64
WWE HOLDINGS BHD WWE 66.48 -1.52
NEW ZEALAND
DOMINION FINANCE DFH 258.90 -55.31
PHILIPPINES
APEX MINING 'B' APXB 51.26 -8.97
APEX MINING-A APX 51.26 -8.97
BENGUET CORP 'B' BCB 75.49 -37.05
BENGUET CORP-A BC 75.49 -37.05
CYBER BAY CORP CYBR 12.93 -79.23
EAST ASIA POWER PWR 50.80 -139.42
FIL ESTATE CORP FC 37.29 -11.36
FILSYN CORP A FYN 22.00 -10.28
FILSYN CORP. B FYNB 22.00 -10.28
GOTESCO LAND-A GO 18.68 -10.86
GOTESCO LAND-B GOB 18.68 -10.86
MRC ALLIED MRC 13.04 -3.68
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 90.35 -5.12
STENIEL MFG STN 28.67 -1.48
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 52.80 -56.18
VICTORIAS MILL VMC 178.06 -36.66
SINGAPORE
ADV SYSTEMS AUTO ASA 11.79 -12.81
ADVANCE SCT LTD ASCT 67.58 -14.05
CARRIERNET GLOBA CARG 14.29 -0.02
CHUAN SOON HUAT CSH 29.97 -19.29
FALMAC LTD FAL 10.12 -6.80
HL GLOBAL ENTERP HLGE 93.73 -15.67
JURONG TECH IND JTL 98.76 -227.28
LINDETEVES-JACOB LJ 160.48 -86.70
OCEAN INTERNATIO OCEAN 61.66 -13.72
PACIFIC CENTURY PAC 17.86 -4.52
SUNMOON FOOD COM SMOON 19.29 -10.67
TIGER AIRWAYS TGR 122.90 -71.92
TT INTERNATIONAL TTI 303.82 -38.09
WESTECH ELECTRON WTE 28.29 -12.86
THAILAND
ABICO HLDGS-F ABICO/F 12.07 -9.54
ABICO HOLDINGS ABICO 12.07 -9.54
ABICO HOLD-NVDR ABICO-R 12.07 -9.54
BANGKOK RUBBER BRC 87.00 -64.96
BANGKOK RUBBER-F BRC/F 87.00 -64.96
BANGKOK RUB-NVDR BRC-R 87.00 -64.96
CENTRAL PAPER IN CPICO 10.22 -216.07
CENTRAL PAPER-F CPICO/F 10.22 -216.07
CENTRAL PAPER-NV CPICO-R 10.22 -216.07
CIRCUIT ELEC PCL CIRKIT 17.39 -88.00
CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00
CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 33.79 -87.51
ITV PCL-FOREIGN ITV/F 33.79 -87.51
ITV PCL-NVDR ITV-R 33.79 -87.51
K-TECH CONSTRUCT KTECH 39.74 -33.07
K-TECH CONSTRUCT KTECH/F 39.74 -33.07
K-TECH CONTRU-R KTECH-R 39.74 -33.07
KUANG PEI SAN POMPUI 17.15 -12.12
KUANG PEI SAN-F POMPUI/F 17.15 -12.12
KUANG PEI-NVDR POMPUI-R 17.15 -12.12
MALEE SAMPRAN MALEE 56.30 -3.46
MALEE SAMPRAN-F MALEE/F 56.30 -3.46
MALEE SAMPR-NVDR MALEE-R 56.30 -3.46
PATKOL PCL PATKL 51.03 -29.87
PATKOL PCL-FORGN PATKL/F 51.03 -29.87
PATKOL PCL-NVDR PATKL-R 51.03 -29.87
PICNIC CORPORATI PICNI 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PICNIC CORPORATI PICNI-R 162.04 -79.86
PONGSAAP PCL PSAAP 25.97 -4.74
PONGSAAP PCL PSAAP/F 25.97 -4.74
PONGSAAP PCL-NVD PSAAP-R 25.97 -4.74
SAFARI WORLD PUB SAFARI 102.74 -23.19
SAFARI WORLD-FOR SAFARI/F 102.74 -23.19
SAFARI WORL-NVDR SAFARI-R 102.74 -23.19
SAHAMITR PRESS-F SMPC/F 31.18 -14.94
SAHAMITR PRESSUR SMPC 31.18 -14.94
SAHAMITR PR-NVDR SMPC-R 31.18 -14.94
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TRANG SEAFOOD TRS 11.52 -1.25
TRANG SEAFOOD-F TRS/F 11.52 -1.25
TRANG SFD-NVDR TRS-R 11.52 -1.25
UNIVERSAL S-NVDR USC-R 97.74 -40.29
UNIVERSAL STARCH USC 97.74 -40.29
UNIVERSAL STAR-F USC/F 97.74 -40.29
TAIWAN
CHIEN TAI CEMENT 1107 202.45 -22.41
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 43.04 -2.31
VERTEX PRECISION 5318 43.04 -2.31
YEU TYAN MACHINE 8702 39.57 -271.07
*********
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 2010. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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mail. Additional e-mail subscriptions for members of the same
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thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***