/raid1/www/Hosts/bankrupt/TCRAP_Public/121003.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
Wednesday, October 3, 2012, Vol. 15, No. 197
Headlines
A U S T R A L I A
BARLOW CIVIL: Enters Into Court Ordered Liquidation
BASSET HOLDINGS: Bean Bar Coffee Franchisor in Liquidation
HUNTER VALLEY: Trading While Insolvent, Liquidation Says
MISSION NEWENERGY: Had AUD21.7-Mil. Net Loss in Fiscal 2011
C H I N A
CHINA FISHERY: Russian Probe Won't Affect Fitch Rating
H O N G K O N G
BROOKE INVESTMENTS: Gilligan Steps Down as Liquidator
CANTIRE (CHINA): Leung Yuk Lin Christina Steps Down as Liquidator
CENTURY PROPERTIES: Court to Hear Wind-Up Petition on Nov. 28
ELEGA COMPANY: Creditors' Proofs of Debt Due Oct. 19
EMAGIST ENTERTAINMENT: Court to Hear Wind-Up Petition on Oct. 24
EVER NICE: Court to Hear Wind-Up Petition on Nov. 7
GLOBAL MARCH: Joanne Oswin Steps Down as Liquidator
GUIDESTAR FINANCIAL: Creditors' Proofs of Debt Due Oct. 19
HK YUET: Court to Hear Wind-Up Petition on Oct. 17
HOP CHEONG: Creditors' Proofs of Debt Due Oct. 12
KORNHILL DEVELOPMENTS: Creditors' Proofs of Debt Due Nov. 7
MGT NEMOTO: Contributories and Creditors to Meet on Oct. 9
RICH SOURCE: Creditors' Proofs of Debt Due Oct. 15
RIVERSLEIGH (NOMINEE): Placed Under Voluntary Wind-Up Proceedings
YING FAI: Court to Hear Wind-Up Petition on Oct. 17
I N D I A
ABRAHAM MEMORIAL: CRISIL Rates INR241.8MM Loan at 'CRISIL D'
BILTEEK FASHIONS: CRISIL Rates INR52MM Loan at 'CRISIL B'
CEMENT INT'L: CRISIL Assigns Junk Rating to INR168MM Loans
COUNTY INFRA: CRISIL Rates INR1-Bil. Term Loan at 'CRISIL B'
DEVELOPMENT PROJECTS: CRISIL Puts Rating on INR100MM Loans to 'B'
GOLCHHA ENTERPRISES: CRISIL Rates INR25MM Loan at 'CRISIL B'
KINGFISHER AIRLINE: To Suspend Flights Until Oct. 4 on Strike
P N PAPER: Delay in Loan Payment Cues CRISIL Junk Ratings
PRISTINE HOSPITAL: CRISIL Puts 'B' Rating on INR170MM Loans
SADGURU SRI: CRISIL Assigns 'B-' Rating to INR720MM Loans
SHIV SHAKTI: CRISIL Assigns 'B' Rating to INR90MM Term Loan
TEJA EDUCATIONAL: CRISIL Cuts Rating on INR111MM Loan to 'B+'
ULTRA TRUST: CRISIL Assigns Junk Ratings on INR50MM Term Loan
VEDANTA RESOURCES: S&P Affirms 'BB' Foreign Corp. Credit Rating
I N D O N E S I A
BUMI RESOURCES: To Raise Cash to Accelerate Debt Payment
J A P A N
DTC FOUR: Fitch Takes Various Rating Action on 8 Transactions
ELPIDA MEMORY: Pledges U.S. Patents to Apple for Supply Deal
JCREF CMBS: Loss Increase Prompts Fitch to Downgrade Ratings
K O R E A
WOONGJIN HOLDINGS: Files for Receivership
N E W Z E A L A N D
KIWI CAPITAL: S&P Corrects Preference Shares Rating From 'BB+'
YARROW (BAKERS): Adviser Misled Family, Paul Yarrow Alleges
ZUMO LTD: Nelson City Council Writes Off NZ$10,000 Debt
P H I L I P P I N E S
RADIO PHILIPPINES: To Cut 200 Jobs as RPN Closes Central Office
S I N G A P O R E
JAMBA ASIA: Creditors' Proofs of Debt Due Oct. 27
KINDLE SOFTWARE: Creditors' Proofs of Debt Due Oct. 24
LEHMAN BROTHERS: Creditors' Proofs of Debt Due Oct. 28
MARINE ACCOMM: Court to Hear Wind-Up Petition Oct. 12
MORE WORLD: Court to Hear Wind-Up Petition Oct. 12
V I E T N A M
HOANG ANH GIA: S&P Affirms 'B-' Corp. Credit Rating; Outlook Neg
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A U S T R A L I A
=================
BARLOW CIVIL: Enters Into Court Ordered Liquidation
---------------------------------------------------
The Observer reports that Brendan Barlow has watched his civil
construction business, Barlow Civil, crumble into liquidation.
What should have been a project to take his business to another
level turned into a complete disaster and it appeared there was
little he could do about it, the report says.
The Observer relates that Mr. Barlow ran Barlow Civil from 2006.
In October last year, the report recounts, he took up a contract
with AJ Lucas to work on the Curtis Island Sewerage and Water
Infrastructure Project. It was a large contract, worth some
AUD11 million.
The Observer notes that Mr. Barlow employed a combination of his
own employees and subcontractors to complete the work.
The report relates things started to look bad in March, when
payment due from AJ Lucas for work done in February didn't
arrive. Month after month, Mr. Barlow said payments were
consistently late or did not arrive at all.
According to the report, Mr. Barlow said the last time he checked
AJ Lucas owed his business about AUD6 million. He fears he will
never see that money now, The Observer relays.
In September, a court ordered Barlow Civil into liquidation, the
report adds.
BASSET HOLDINGS: Bean Bar Coffee Franchisor in Liquidation
----------------------------------------------------------
The Advertiser reports that a tax debt has pushed Basset
Holdings, the company behind the Bean Bar coffee franchise
system, into liquidation but questions remain about a last-minute
business sale.
The Advertiser relates that the Federal Court last week ordered
the winding up of Basset Holdings, the franchisor of the Bean Bar
chain.
According to the report, the chain has seven franchises, which
will not be effected by the ruling, and one company-owned store,
which is continuing to trade at the direction of liquidator Nick
Cooper of BRI Ferrier.
He stressed franchisees would not be significantly effected, the
report relays.
Questions remain, however, about a last-minute bid to sell the
business, says The Advertiser.
"There was a sale contract for the company's franchisor business
signed before the company entered liquidation in favour of a
related party," the report quotes Mr. Cooper as saying. "I am
currently reviewing this contract to determine whether the
proposed sale was on commercial terms."
The Advertiser notes that Clovelly Park-based Ronald Stephen
Basset is the sole director of Basset Holdings and one of two
shareholders. The other appears to be his wife.
Mr. Basset is also the sole shareholder and director of the
alleged purchaser of the business, Bean Bar International, the
report adds.
HUNTER VALLEY: Trading While Insolvent, Liquidation Says
--------------------------------------------------------
ABC News reports that the liquidator of Waterside Pools said the
owner could have been trading while insolvent for almost a year.
'Waterside Pools' and 'Our Town Pools', a Hunter pool company
that claims to be the largest installer of fibreglass pools in
Hunter region, went into liquidation in February 2012.
According to ABC News, Mr. Shaw said the company collapsed
because of a decline in turnover due to the depressed housing
market and management's inability to reduce its overheads.
Newcastle liquidator, James Shaw, said creditors are owed more
than AUD400,000.
ABC News relates that Mr. Shaw said his preliminary
investigations suggest the company may have been trading while
insolvent since at least June 2011.
Mr. Shaw said his investigations are continuing into the
financial position of the director, Dennis Faulkner and he will
provide creditors with an update soon, the report adds.
MISSION NEWENERGY: Had AUD21.7-Mil. Net Loss in Fiscal 2011
----------------------------------------------------------
Mission NewEnergy Limited filed on Sept. 27, 2012, Amendment No.
2 to its annual report on Form 20-F/A for the fiscal year ended
June 30, 2011.
Grant Thornton Audit Pty Ltd, in Perth, expressed substantial
doubt about Mission New Energy's ability to continue as a going
concern. The independent auditors noted that the Company
incurred a net loss of AUD21.7 million during the year ended June
30, 2011, and as of that date, the Company's total liabilities
exceeded its total assets by AUD29.7 million and its net cash
used in operating activities was AUD15.1 million.
The Company reported a net loss of AUD21.7 million on
AUD16.9 million of revenues for fiscal 2011, compared with a net
loss of AUD97.8 million on AUD16.5 million of revenues for fiscal
2010.
Total expenses decreased by AUD74.5 million (75%) from
AUD99.2 million in fiscal 2010 to AUD24.6 million in fiscal 2011
principally due to a non-cash impairment of property plant and
equipment of AUD73.1 million in fiscal 2010 compared to AUD3.5 in
fiscal 2011.
The Company's balance sheet at June 30, 2011, showed
AUD36.6 million in total assets, AUD66.3 million in total
liabilities, and an equity deficiency of AUD29.7 million.
A copy of the Form 20-F/A is available at http://is.gd/AKs8Bj
Subiaco, Western Australia-based Mission NewEnergy Limited is a
producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.
=========
C H I N A
=========
CHINA FISHERY: Russian Probe Won't Affect Fitch Rating
------------------------------------------------------
Fitch Ratings says the investigation of China Fishery Group
Limited's (China Fishery, 'BB'/Stable) North Pacific operations
by the Russian authorities will not have any immediate rating
impact.
Fitch considers that China Fishery's ratings have factored in the
regulatory risks it faces in the jurisdictions it operates. No
actions have been taken by the Russian authorities against China
Fishery and the company continues its operations in the North
Pacific. The company has said that its fish supply arrangements
are in full compliance with all relevant Russian laws and
regulations. China Fishery's long operating history in the North
Pacific since 2001 have profited both the company and Russian
fishermen. Fitch believes any changes to the operating
environment of fishing Alaskan Pollock in Russia are likely to be
gradual rather than disruptive since the livelihood of Russian
fishermen too would be affected.
Fitch recognizes that the Russian incident may generate risks,
albeit not imminently, to China Fishery's operational flexibility
in the North Pacific. This may result in reduced profitability
or a substantial loss of its operating scale in this region. The
agency has indicated that events leading to a crippling of its
fishing fleet operation, resulting in a sustained reduction of
its operating scale may lead to negative rating pressure. Fitch
will continue to closely monitor the Russian investigation.
Should these risks materialise, Fitch expects to downgrade China
Fishery by no more than one notch. This is because the company's
Peruvian and South Pacific operations are still of a sizable
scale, generating a total EBITDA of around USD100m per annum.
Fitch estimates that this will result in China Fishery's net
debt/EBITDAR being sustained below 2.0x, assuming all its
outstanding prepayments to its Russian partners are recovered.
Furthermore, Fitch expects China Fishery's operations, even
without contributions from the North Pacific, to remain positive
in free cash flow generation.
================
H O N G K O N G
================
BROOKE INVESTMENTS: Gilligan Steps Down as Liquidator
-----------------------------------------------------
Philip Bredan Gilligan stepped down as liquidator of Brooke
Investments Limited on Sept. 24, 2012.
CANTIRE (CHINA): Leung Yuk Lin Christina Steps Down as Liquidator
-----------------------------------------------------------------
Leung Yuk Lin Christina stepped down as liquidator of Cantire
(China) Limited on Sept. 18, 2012.
CENTURY PROPERTIES: Court to Hear Wind-Up Petition on Nov. 28
-------------------------------------------------------------
A petition to wind up the operations of Century Properties
Limited will be heard before the High Court of Hong Kong on
Nov. 28, 2012, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on Sept. 11, 2012.
The Petitioner's solicitors are:
Chu & Lau
Unit A, 33rd Floor
United Centre
No. 95 Queensway
Hong Kong
ELEGA COMPANY: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------
Creditors of Elega Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Cheung Lai Kuen
Pui Chiu Wing Suites
1303-1306, 13/F
Asian House, 1 Hennessy Road
Wanchai, Hong Kong
EMAGIST ENTERTAINMENT: Court to Hear Wind-Up Petition on Oct. 24
----------------------------------------------------------------
A petition to wind up the operations of Emagist Entertainment
Limited will be heard before the High Court of Hong Kong on
Oct. 24, 2012, at 9:30 a.m.
Cheng Eric Tak Kwong filed the petition against the company on
Aug. 21, 2012.
The Petitioner's solicitors are:
S.H. Chan & Co.
Units C-F, 18th Floor
China Overseas Building
139 Hennessy Road
Wanchai, Hong Kong
EVER NICE: Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------
A petition to wind up the operations of Ever Nice Industrial
Limited will be heard before the High Court of Hong Kong on
Nov. 7, 2012, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on Sept. 4, 2012.
The Petitioner's solicitors are:
Tsang, Chan & Wong
16th Floor, Wing On House
No. 71 Des Voeux Road
Central, Hong Kong
GLOBAL MARCH: Joanne Oswin Steps Down as Liquidator
---------------------------------------------------
Joanne Oswin stepped down as liquidator of Global March Limited
on May 10, 2012.
GUIDESTAR FINANCIAL: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
Creditors of Guidestar Financial Group Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 19, 2012, to be included in the company's
dividend distribution.
The company's liquidators are:
Ying Hing Chiu
Chan Mi Har
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
HK YUET: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------
A petition to wind up the operations of Hong Kong Yuet Foon
Textile Co. Limited will be heard before the High Court of Hong
Kong on Oct. 17, 2012, at 9:30 a.m.
Golden Sea Development Group Limited filed the petition against
the company on Aug. 10, 2012.
The Petitioner's solicitors are:
Oldham, Li & Nie, Solicitors
Suite 503, St. George's Building
2 Ice House Street
Central, Hong Kong
HOP CHEONG: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
Creditors of Hop Cheong Building Products Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 12, 2012, to be included in the company's
dividend distribution.
The company's liquidators are:
Dermot Agnew
Joseph Kin Ching Lo
35th Floor, One Pacific Place
88 Queensway, Hong Kong
KORNHILL DEVELOPMENTS: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------------
Creditors of Kornhill Developments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 7, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 20, 2012.
The company's liquidators are:
Fu Yat Hung David
Young Wai Heng Matthew
33rd Floor, One Pacific Place
88 Queensway, Hong Kong
MGT NEMOTO: Contributories and Creditors to Meet on Oct. 9
----------------------------------------------------------
Contributories and creditors of MGT Nemoto International Limited
will hold their first meetings on Oct. 9, 2012, at 3:30 p.m., and
4:00 p.m., respectively at 10th Floor, Dah Sing Life Building, at
99-105 Des Voeux Road, Central, in Hong Kong.
At the meeting, Chiu Koon Shou, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
RICH SOURCE: Creditors' Proofs of Debt Due Oct. 15
--------------------------------------------------
Creditors of Rich Source Engineering Limited, which is in
liquidation, are required to file their proofs of debt by
Oct. 15, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward S Middleton
Jacky CW Muk
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
RIVERSLEIGH (NOMINEE): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on Sept. 21, 2012,
creditors of Riversleigh (Nominee) Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Philip Brendan Gilligan
7th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
YING FAI: Court to Hear Wind-Up Petition on Oct. 17
---------------------------------------------------
A petition to wind up the operations of Ying Fai Fishery
International Limited will be heard before the High Court of Hong
Kong on Oct. 17, 2012, at 9:30 a.m.
Golden Sea Development Group Limited filed the petition against
the company on Sept. 19, 2012.
The Petitioner's solicitors are:
Raymond Chan, Kenneth Yuen & Co.
Room 1501 Yuen Long Trade Centre
99-109 Castle Peak Road
New Territories
=========
I N D I A
=========
ABRAHAM MEMORIAL: CRISIL Rates INR241.8MM Loan at 'CRISIL D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of The
Abraham Memorial Educational Trust to 'CRISIL D' from 'CRISIL B-
/Negative'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 241.8 CRISIL D (Downgraded from
'CRISIL B-/Negative')
The downgrade reflects instances of delay by AMET in servicing
its term loan. The delays have been caused by the trust's weak
liquidity. AMET's liquidity has weakened because of its low cash
accruals, mismatches between timing of cash inflows and outflows,
continuing capital expenditure, and substantial term loan
repayment obligations.
AMET has a below-average financial risk profile, marked by a high
gearing and weak debt protection metrics, and a limited track
record of operations. However, AMET benefits from its promoters'
extensive experience in the education sector, and its sound
infrastructure facilities.
Set up in 1998 by Dr. Abraham Ebenezer, AMET runs the Ebenezer
International School in Bengaluru, which provides education from
kindergarten to standard 12 (K12).
AMET reported a net surplus of INR4.4 million on an income of
INR164.6 million for 2011-12 (refers to financial year, April 1
to March 31), against a net surplus of INR5.2 million on an
income of INR141.2 million for 2010-11.
BILTEEK FASHIONS: CRISIL Rates INR52MM Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Bilteek Fashions Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 52 CRISIL B/Stable
Foreign Bill Discounting 55 CRISIL A4
Letter of Credit 10 CRISIL A4
The ratings reflect BFPL's start-up nature of operations with
limited revenue visibility and below-average financials risk
profile, marked by moderate gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of BFPL's promoters in the
manufacturing of ready-made garments.
Outlook: Stable
CRISIL believes that BFPL will continue to benefit over the
medium term from its promoters' extensive experience in
manufacturing and retailing of ready-made garments. The outlook
may be revised to 'Positive' in case the company ramps up its
scale of operations and generates more-than-expected cash
accruals, resulting in improvement in debt-protection metrics.
Conversely, the outlook may be revised to 'Negative' in case the
company report less-than-expected revenues and profitability,
thereby deteriorating its financial risk profile.
About Bilteek Fashions
Incorporated in March 2011, BFPL is engaged in manufacturing of
premium ready-made garments, mostly shirts. BFPL is a 50:50 joint
venture between Bilsar S A, Turkey and Prateek Apparels Pvt Ltd.
CEMENT INT'L: CRISIL Assigns Junk Rating to INR168MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Cement International Ltd (CIL; part of the Barak
group). The rating reflects instance of delay by CIL in servicing
its term debt.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 15.3 CRISIL D
Cash Credit 150.0 CRISIL D
Proposed Long-Term 2.7 CRISIL D
Bank Loan Facility
The Barak group also has a low operating efficiency, as reflected
in its low capacity utilisation and the closure of its power
plant; moreover, it is vulnerable to cyclicality in the cement
industry and to intense competition from other large players in
the North-East, and has working-capital-intensive operations. The
group, however, benefits from its established brand name, its
promoter's experience, and its comfortable capital structure.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Barak Valley Cements Ltd and its
direct subsidiaries, Cement International Ltd, Badarpur Energy
Pvt Ltd, Meghalaya Minerals & Mines Ltd, Goombira Tea Co Pvt Ltd,
Chargola Tea Co Pvt Ltd, Singlacherra Tea Co Pvt Ltd, and Valley
Strong Cement (Assam) Ltd, together referred to as the Barak
group.
The Barak group primarily manufactures Portland Pozzolana Cement
(PPC) and Ordinary Portland Cement (OPC) cement. The Barak group
has recently diversified into the tea business by purchasing
three tea gardens. BVCL operates a cement plant with capacity of
198,000 tonnes per annum (tpa) of clinker and 247,500 tpa of
cement. CIL operates a cement grinding unit with capacity of
126,720 tpa. BEPL has a biomass power plant. MMML owns a lime
stone mine, which is used to meet the requirement of BVCL and
CIL. GTCPL, CTCPL, and TCPL have three tea gardens.
COUNTY INFRA: CRISIL Rates INR1-Bil. Term Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of County Infrastructures Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1000 CRISIL B/Stable
The rating reflects CIPL's exposure to project-related risks and
to cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive experience in the real
estate industry and its established market position in National
Capital Region.
Outlook: Stable
CRISIL believes that CIPL will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate business. The outlook may be revised to 'Positive' in case
the company reports better-than-expected booking and customer
advances, leading to timely completion of its ongoing project.
The outlook may be revised to 'Negative' in case of poor response
to CIPL's present and future projects or because of delays by the
company in project implementation.
Established in 2010 as a special purpose vehicle by ABA Builders
Ltd and Kailashpati Developers India Pvt Ltd, CIPL is
constructing a residential complex called Cherry County in Noida
Extension (Uttar Pradesh).
DEVELOPMENT PROJECTS: CRISIL Puts Rating on INR100MM Loans to 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Development Projects Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 36.1 CRISIL B/Stable
Bank Loan Facility
Cash Credit 57.4 CRISIL B/Stable
Long-Term Loan 6.5 CRISIL B/Stable
The rating reflects DPPL's modest scale of operations,
susceptibility to adverse regulatory changes and to intense
competition in the cold storage segment in West Bengal, and weak
financial risk profile. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' established presence and industry experience.
Outlook: Stable
CRISIL believes that DPPL will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage and jaggery trading business. The outlook may be revised
to 'Positive' in case the company reports significant growth in
its revenues and profitability along with improvement in capital
structure and efficient management of farmer credit financing.
Conversely, the outlook may be revised to 'Negative' in case DDPL
reports pressure on its liquidity because of delays in repayments
by farmers, lower-than-expected cash accruals, or any large,
debt-funded capital expenditure over and above expected.
Development Projects Pvt Ltd incorporated in 2010 provides cold
storage facility to the jaggery manufacturers and potato farmers
and traders in West Bengal. DPPL's cold storage, having storage
capacity of about 1.31 lakh quintals is divided into nine
chambers, and is located at Burdwan district of state of West
Bengal. The company promoted by Mr. Gopal Suhasaria has taken
over an existing cold storage under DPPL. The day to day
operations of the company are primarily looked after by Mr.
Suhasaria who has an experience of over two decades in potato and
jaggery trading.
GOLCHHA ENTERPRISES: CRISIL Rates INR25MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Golchha Enterprises Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Letter of Credit 112.50 CRISIL A4
Bank Guarantee 2.50 CRISIL A4
Cash Credit 25.00 CRISIL B/Stable
The ratings reflect GEPL's working-capital-intensive operations,
and weak financial risk profile marked by a highly leveraged
capital structure and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that GEPL derives
from its promoters' extensive experience in the industrial
chemicals trading business, and its well-diversified product
portfolio and customer base.
To arrive at the rating, CRISIL has treated INR57.8 million of
interest bearing (@ 18%) unsecured loan provided by promoters,
family and friends of GEPL as neither debt nor equity , for the
calculation of its financial numbers. It is based on a specific
undertaking of the management to maintain such funds in the
business over the long term.
Outlook: Stable
CRISIL believes that GEPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its well-diversified revenue profile. The outlook may be revised
to 'Positive' in case the company significantly improves its
financial risk profile, driven by improvement in capital
structure, or better working capital management. Conversely, the
outlook may be revised to 'Negative' in case GEPL's financial
risk profile deteriorates because of further weakening of its
capital structure or lengthening of its working capital cycle or
if the company undertakes any debt funded capital expenditure.
GEPL was incorporated in 2007 by the Golchha family. The
Jamshedpur (Jharkhand)-company trades in various chemicals,
minerals, ferro alloys, and metals in the domestic market.
For 2011-12 (refers to financial year, April 1 to March 31), GEPL
reported net sales of INR581 million (Rs.371 million in 2010-11)
and a profit after tax of INR2 million (Rs.1 million in 2010-11).
KINGFISHER AIRLINE: To Suspend Flights Until Oct. 4 on Strike
-------------------------------------------------------------
Karthikeyan Sundaram and Siddharth Philip at Bloomberg News
report that Kingfisher Airlines Ltd. extended a shutdown through
at least Oct. 4 after locking out striking workers it said were
intimidating other employees.
"Despite the fact that a vast majority of the staff are willing
to cooperate and support the company in these turbulent times,
they are not able to," Bangalore-based carrier said in a
statement on its Web site. The company will try to engage with
"recalcitrant employees to persuade them to cease and desist from
intimidating and threatening" non-striking staff, the carrier, as
cited by Bloomberg, said.
According to Bloomberg, the dispute prompted by unpaid wages may
hinder the airline's efforts to find new investors after cash
shortages forced flight cuts, salary delays and service
disruptions.
Some Kingfisher employees have stayed away for two weeks,
Bloomberg relates citing Prakash Mirpuri, an airline spokesman,
in a text message.
Meanwhile, The Indian Express reports that top officials of
beleaguered Kingfisher Airlines yesterday met DGCA chief and
promised to pay salaries of the staff held up for last six months
in the next few days.
The Indian Express says the airline CEO Sanjay Agarwal, who along
with Executive Vice President Hitesh Patel met DGCA chief Arun
Mishra, blamed a small section of employees for the mess, saying
it had led to suspension of all operations till October 4. The
airline has stopped sale of tickets till then.
Mr. Agarwal briefed the DGCA about the financial problems facing
the crisis-ridden carrier as well as the next steps being taken
to restore normalcy, the Indian Express relays.
"We have shared the steps which we are going to take in the next
few days with the DGCA. We have explained our position to DGCA,"
the report quotes Mr. Agarwal as saying. "We will clear the
pending salaries in the next few days. I myself haven't got the
salary."
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
now been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
P N PAPER: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of P N Paper Mills Pvt Ltd (PNPM; part of the PN
group). The rating reflects instances of delay by the PN group in
servicing its debt; the delays have been caused by the group's
stretched liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 86.0 CRISIL D
Term Loan 49.1 CRISIL D
The PN group's has an average financial risk profile, as it has
large working capital requirements arising out of its stretched
debtor level. Also, it has modest scale of operations in the
fragmented paper industry. However, the group benefits from its
promoters' funding support and their extensive experience in the
paper industry.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PNPM and PN Pulp & Paper Industries,
together referred to as the PN group. The consolidated approach
is because both the entities are in the same line of business,
managed by the same promoters, and have inter-company stake
holdings.
PNPM was incorporated in 2004 by Mr. Ajay Aggarwal and
manufactures duplex card boards. The promoter also owns a firm,
PNPPI, established in 2008, which manufactures writing and
printing paper at its plant. Group's both the plants are situated
in Uttarakhand.
PRISTINE HOSPITAL: CRISIL Puts 'B' Rating on INR170MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pristine Hospital & Research Centre Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 120 CRISIL B/Stable
Bank Loan Facility
Long-Term Loan 40 CRISIL B/Stable
Proposed Cash Credit 10 CRISIL B/Stable
Limit
The rating reflects Pristine's susceptibility to risks related to
the implementation and stabilisation of the hospital's ongoing
project, its small scale of operations, geographical
concentration, and average financial risk profile, marked by a
small net worth. These rating weaknesses are partially offset by
the extensive experience of Pristine's promoter in the healthcare
sector.
Outlook: Stable
CRISIL believes that Pristine will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if Pristine increases
its revenues and profitability and improves its working capital
management, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if Pristine's financial
risk profile deteriorates, most likely because of a larger-than-
expected debt-funded capex programme, or less-than-expected
revenues and profitability.
Incorporated in 2002, Pristine is a tertiary care hospital
specialising in orthopedics, neurology, and trauma care. Based in
Bengaluru (Karnataka), the hospital is promoted by Dr. H M
Prasanna and his colleagues, Dr. G Lakshminaryana, Dr. Ananth
Krishna, Dr. J Manjunath, and Dr. V Balachandra.
Pristine reported a profit after tax (PAT) of INR2.38 million on
net sales of INR69.5 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR4.03 million
on net sales of INR83.3 million in 2009-10.
SADGURU SRI: CRISIL Assigns 'B-' Rating to INR720MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Sadguru Sri Sri Sakhar Karkhana Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 7.3 CRISIL B-/Stable
Bank Loan Facility
Term Loan 712.7 CRISIL B-/Stable
The rating reflects SSSSKL's exposure to risks related to the
start-up phase of its operations, its weak financial risk profile
marked by large debt undertaken for the project, and its exposure
to regulatory risks and to cyclicality in the sugar industry.
These rating weaknesses are partially offset by the benefit that
the company derives from its favourable location, in terms of
good availability of sugarcane in its command area.
Outlook: Stable
CRISIL believes that SSSSKL will continue to benefit over the
medium term from its favourable location. The outlook may be
revised to 'Positive' in case of significant ramp up in the
company's operations, leading to higher revenues and cash
accruals, and improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if SSSSKL's liquidity
weakens, most likely because of lower-than-expected revenues and
profitability.
SSSSKL was incorporated in 2010 to set up a sugar plant and power
cogeneration unit. The company is in the process of setting up a
sugar plant with capacity of 2500 tonnes crushed per day and a
12-megawatt co-generation plant at Rajewadi in Sangli District
(Maharashtra). The project is nearing completion, and company is
expected to start operations from the coming sugar season, 2012-
13.
SHIV SHAKTI: CRISIL Assigns 'B' Rating to INR90MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Shakti Exports.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 90 CRISIL B/Stable (Assigned)
Bill Discounting 95 CRISIL A4 (Assigned)
Packing Credit 95 CRISIL A4 (Assigned)
The ratings reflect SSE's weak financial risk profile marked by
high gearing and weak debt protection metrics, high geographic
concentration, and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive
experience of SSE's promoters in the rugs and bath mats industry,
the firm's established relationships with its clients, and the
funding support it gets from its promoter-partners.
Outlook: Stable
CRISIL believes that SSE will maintain its business risk profile,
supported by its established customer profile and its promoter-
partners' industry experience, over the medium term. The firm's
financial risk profile is expected to remain constrained by its
on-going, debt-funded capital expenditure (capex). The outlook
may be revised to 'Positive' if SSE increases its scale of
operations without adversely affecting its financial risk
profile, and stabilises operations at its upcoming capacities
sooner than expected. Conversely, the outlook may be revised to
'Negative' if the firm's debt-funded capex becomes larger than
expected or if it faces significant delays in implementing its
project, resulting in deterioration in its financial risk
profile.
About Shiv Shakti
SSE is a partnership firm promoted by Mr. Sunil Mittal and his
family members in 2000. The firm manufactures rugs, bath mats and
carpets. Its manufacturing unit is located in Panipat, Haryana.
For 2010-11 (refers to financial year, April 1 to March 31), SSE
reported a book profit of INR4.80 million on net sales of
INR225.5 million; the firm reported a book profit of INR4.80
million on net sales of INR255.3 million for 2009-10.
TEJA EDUCATIONAL: CRISIL Cuts Rating on INR111MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Teja Educational Society to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 91.0 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Overdraft Facility 20.0 CRISIL B+/Stable(Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects CRISIL's belief that TES's liquidity will
be constrained further over the medium term, as the society's
cash accruals are expected to tightly match its term debt
obligations during the same period. TES's operating margin has
sequentially decline to 30.8 per cent in 2011-12 (refers to
financial year, April 1 to March 31) from 40.2 per cent in 2009-
10; the same is expected to decline further over the medium, as
the increase in faculty cost is expected to be higher than that
of the society's revenue growth. The decline in operating margin
resulted in depressed cash accruals of INR23 million for TES in
2011-12. The society's cash accruals in 2012-13 are also expected
to tightly match its term debt obligations of INR24 million
maturing in the year. CRISIL believes that TES's will require
fresh capital infusion, or need to significantly improve its cash
accruals, to alleviate the pressure on its liquidity.
The rating reflects TES's modest scale of operations,
geographical concentration, and susceptibility to adverse
government regulations on fee and student intake. These rating
weaknesses are partially offset by TES's moderate financial risk
profile marked by a moderate gearing and healthy debt protection
metrics, and the benefits that the society derives from the
stable demand for its course offerings.
Outlook: Stable
CRISIL believes that TES will maintain its established regional
presence in the education segment over the medium term, supported
by its promoters' industry experience. The outlook may be revised
to 'Positive' if the society scales up its operations and
diversifies its course offerings and revenue sources, while it
maintains its profitability margins. Conversely, the outlook may
be revised to 'Negative' if there are any regulatory changes
adversely affecting the revenues of the society, or if TES
undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile.
TES was set up as an educational society in 2004-05 in Hyderabad
(Andhra Pradesh). The society manages Geetanjali College of
Engineering and Technology, Geetanjali College of Pharmacy, and
Geetanjali School of Management Studies.
TES reported a surplus (excess of income over expenditure) of
INR2.1 million on net revenues of INR95.5 million for 2010-11,
against a surplus of INR8.5 million on net revenues of INR79.7
million for 2009-10.
ULTRA TRUST: CRISIL Assigns Junk Ratings on INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Ultra Trust. The rating reflects instances of delay
by UT in servicing its debt; the delays have been caused by UT's
weak liquidity as a result of its ongoing debt-funded capital
expenditure (capex) and cash flow mismatches.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 50 CRISIL D (Assigned)
UT also has a small scale of operations, faces geographical
concentration, and is susceptible to adverse regulatory changes
and intense competition in the educational sector. These rating
weaknesses are partially offset by the extensive industry
experience of UT's promoter in the education sector.
UT, located in Madurai (Tamil Nadu), was set up in 1981 by
Professor K R Arumugam. It offers undergraduate, post-graduate,
and diploma courses in pharmacy, nursing, physiotherapy, and
engineering.
In 2011-12 (refers to financial year, April 1 to March 31), UT
reported, on a provisional basis, a surplus (excess of income
over expenditure) of INR63 million on income of INR197 million,
as against a surplus of INR4 million on income of INR92 million
in 2010-11.
VEDANTA RESOURCES: S&P Affirms 'BB' Foreign Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
foreign currency corporate credit rating on oil and metals mining
company Vedanta Resources PLC. The outlook is negative. "At the
same time, we affirmed the 'BB' issue rating on the company's
senior unsecured notes. We also affirmed the 'BB' ratings on the
senior unsecured notes issued by Vedanta's wholly owned
subsidiaries and guaranteed by the company. Vedanta is listed in
London, but most of its assets are in India," S&P said.
"We affirmed the rating on Vedanta to reflect our expectation
that the company's oil subsidiary, Cairn India Ltd., will
continue to perform strongly over the next 12 months because of
favorable oil prices," said Standard & Poor's credit analyst
Vishal Kulkarni. "Cairn's contribution should offset the likely
subdued cash flow generation at Vedanta's other entities due to
weak metal prices and operating risks."
"The rating on Vedanta reflects the company's exposure to
commodity prices, and country and operating risks in India.
Constraints include iron ore mining restrictions, time-consuming
approval processes, and changes in taxes and royalties. These
weaknesses are tempered by Vedanta's good business diversity
following the acquisition of Cairn in 2011, the company's
favorable market position in India, and its advantageous cost
position, particularly in zinc and oil," S&P said.
"Production at Cairn is in line with our expectations. We believe
Cairn will continue to provide about a third of Vedanta's
consolidated EBITDA in fiscals 2013 and 2014 (ending March)," S&P
said.
"Country and operational risks in Vedanta's metals and mining
businesses in India have yet to subside," said Mr. Kulkarni. "In
particular, recent restrictions on iron ore mining in the state
of Goa could have a material impact on Vedanta's EBITDA unless
they are removed and production resumes to their earlier levels
over the next three months."
"Although iron ore do not contribute the majority of Vedanta's
EBIDTA, they remain important since the cash flows from iron ore
are not structurally subordinated to service liabilities of Sesa
Sterlite (a subsidiary that will be formed after a corporate
reorganization at Vedanta)," S&P said.
"Vedanta benefits from strong cash flow from its oil and zinc
businesses. The diversity of its businesses--which include oil,
base metals, iron ore and power--provides cash flow stability.
The company's oil and zinc businesses are currently in the lowest
cost quartile. The aluminum business can attain that once Vedanta
secures its own bauxite sources; the business is currently in the
second cost quartile," S&P said.
"The debt maturity at Vedanta and its subsidiaries is sizable, at
about US$3 billion over the next two years. This will test
Vedanta's current ability to access the capital markets. The
company's refinancing plans include using meaningful cash from
its subsidiaries to partially repay debt. The effectiveness of
this strategy remains to be seen, given the large size of
maturing debt. Nonetheless, we believe Vedanta will continue to
have access to multiple sources of funding from the capital
markets," S&P said.
"Vedanta's reorganization of its Indian subsidiaries should help
to reduce and service debt at the holding company. The
restructuring is on track for completion in 2012, pending
judicial approvals. Post-restructuring, interest payments for the
holding company will drop to less than US$200 million a year from
more than US$500 million at present. The reorganization, however,
will keep the consolidated debt unchanged," S&P said.
"The negative outlook on Vedanta reflects sizable and recurrent
refinancing requirements at the holding company as well as its
subsidiaries over the next two three years," said Mr. Kulkarni.
"It also takes into consideration the company's lack of track
record of declaring dividends of the magnitude that it has
projected over the next 12 months. The negative outlook further
echoes our view that the ban on iron ore mining could extend
beyond the next three months."
"We could revise the outlook to stable if: (1) Vedanta smoothly
refinances its near-term maturing debt, including using the
meaningful cash flow from subsidiaries to partially repay debt;
(2) iron ore mining restrictions are removed and production
returns to near pre-ban levels within the next three to four
months; (3) Cairn's operating performance remains strong, with
EBITDA generation of more than US$2.0 billion; and (4) Vedanta
completes the group restructuring."
"We could lower the rating if: (1) Vedanta receives dividend and
interest payments that are less than its own debt-servicing
needs; (2) Cairn's production and cash flow generation are
considerably below our expectation of US$2.1 billion in EBITDA
for 2013; (3) mining restrictions continue beyond three to four
months, jeopardizing its iron ore EBITDA generation; (4)
Vedanta's ratio of funds from operations to debt remains below
25% for a sustainable period; or (5) the company faces
difficulties in consistently refinancing its debt," S&P said.
=================
I N D O N E S I A
=================
BUMI RESOURCES: To Raise Cash to Accelerate Debt Payment
--------------------------------------------------------
Bloomberg News reports that PT Bumi Resources said it will raise
cash from non-core assets to accelerate debt repayment,
responding to an Indonesia Stock Exchange request to conduct a
public presentation on its finances.
Bloomberg relates that Bumi Resources and PT Berau Coal Energy
posted statements on October 1 to the Indonesia Stock Exchange,
following a probe initiated by London-listed Bumi Plc.
According to Bloomberg, Bumi Plc, founded by Nathaniel Rothschild
and owner of 29% of the Jakarta-based miner, said Sept. 24 it
began investigating "potential financial and other
irregularities" and hired lawyers to look into a $637 million
writedown of development funds and exploration assets.
"There were some concerns over the company's debt repayment issue
and the statement brought back some confidence back," John Teja,
a director at PT Ciptadana Securities in Jakarta, told Bloomberg
by phone.
The investigation will focus on "extensive" development funds at
Bumi Resources and an asset at PT Berau Coal Energy, another coal
holding, which were marked down to zero in the accounts of Bumi
Plc (BUMI) as of Dec. 31, Bumi Plc, as cited by Bloomberg, said.
It gave no figures for the writedown at that time, says
Bloomberg.
Bloomberg notes that the probe is the latest turn in a dispute
involving Rothschild and Indonesia's Bakrie family since they
agreed to a $3 billion deal in 2010. Relations between
Rothschild and Bumi Co-Chairman Indra Bakrie soured last year
after the U.K.-based financier made public a letter to then-Chief
Executive Officer Ari Hudaya urging a "radical cleaning up" of
Bumi Resources, Bloomberg recounts.
About Bumi Resources
PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities. It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold. The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2012, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Indonesia-based coal mining
company PT Bumi Resources Tbk. to 'B+' from 'BB-'. "At the same
time, we lowered the issue rating on the company's guaranteed
senior unsecured notes to 'B+' from 'BB-'. We also lowered our
long-term ASEAN regional scale rating on Bumi Resources to
'axBB-' from 'axBB'. We then placed all of the ratings on
CreditWatch with negative implications," S&P said.
Standard & Poor's downgraded Bumi Resources following an
announcement that a 29% shareholder in the company, Bumi PLC (not
rated), is investigating potential financial and other
irregularities at its Indonesian operations, especially in
relation to Bumi Resources.
The TCR-AP also reported on Oct. 1, 2012, that Moody's Investors
Service has revised the outlook on PT Bumi Resources Tbk's B1
corporate family and senior secured bond ratings to negative from
stable.
"The negative outlook reflects Moody's concern that the lingering
corporate governance issues at Bumi Resources will impact its
ability to refinance its scheduled loan maturities of over USD300
million in 2013," says Simon Wong, a Moody's Vice President and
Senior Analyst.
=========
J A P A N
=========
DTC FOUR: Fitch Takes Various Rating Action on 8 Transactions
-------------------------------------------------------------
Fitch Ratings has taken various rating actions on eight DTC
transactions. The agency upgraded three classes, affirmed 40
classes, resolved Rating Watch Negative (RWN) on nine classes and
is maintaining another three classes on RWN.
The upgrades of the class E notes of DTC Four, DTC Five and DTC
Six reflect growth in credit enhancement (CE) levels. Also, the
affirmations of 40 classes reflect Fitch's view that available CE
levels are sufficient to support the current ratings.
The resolution of the RWN reflects Fitch's view that the affected
classes have sufficient protection from their available liquidity
mechanism and CE levels against their exposure to one ineligible
Japanese counterparty as account bank ('A-'/Stable/'F1') in the
respective transactions. The rating action comes after Fitch has
completed its analysis, in which it assumed there has been no
replacement of the account bank. For more information on the
RWN, see "Fitch Places 24 Japan SF Tranches on RWN Due to
Ineligible Counterparties", dated 22 August 2012.
Fitch is maintaining the RWNs on DTC Three and DTC Eight to
reflect their weaker liquidity protection relative to the other
transactions. Unlike other transactions, these two deals have
been left with no advancing agent since the bankruptcy of Lehman
Brothers Japan Inc. in September 2008. Therefore, the current
liquidity enhancement for these transactions may not be
sufficient to support their 'AAAsf' stress scenario. Fitch will
continue to monitor the progress of remedial action by the
transaction parties and review the RWN status within two months.
The newly revised Positive Outlook on the class B and C of DTC
Two reflects improved CE levels. Although similar improvement
has been observed in DTC One and Three, Fitch has not changed the
Outlook, due to relative weakness of these two transactions. DTC
One has a smaller number of loans in the underlying pool compared
with other transactions, leading Fitch to assume greater
performance volatility in higher rating stress scenarios. For
DTC Three, the absence of an advancing agent has left its
liquidity protection relatively weaker than other transactions.
All of the transactions are securitisations of mortgage loans
backed by multi-family apartment properties. The master lease
structure in place contributes to stable loan performance and for
each of the eight transactions, delinquencies and defaults have
been limited to date. Fitch expects this trend to continue.
Fitch considers that the cash flow performance of the underlying
properties has been moderately below the agency's initial
assumptions due to a decline in rent income. This has led to an
increase in net loss assumption from each underlying pool in
stressed scenarios. However, this has been offset by improved CE
levels.
The full list of rating actions is as follows.
DTC One Special Purpose Company:
-- JPY0.13bn* Class A-1 notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY1.11bn* Class A-2 notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY5m* Class A-3 notes affirmed at 'AAAsf'; off RWN; Outlook
Stable
-- JPY0.32bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY0.18bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.32bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.35bn* Class E notes affirmed at 'BBsf'; Outlook Stable
DTC Two Funding Limited:
-- JPY2.08bn* Class A notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY0.47bn* Class B notes affirmed at 'AAsf'; Outlook revised
to Positive from Stable
-- JPY0.28bn* Class C notes affirmed at 'Asf'; Outlook revised
to Positive from Stable
-- JPY0.38bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.85bn* Class E notes affirmed at 'BBsf'; Outlook Stable
-- JPY3.21bn* Class J notes affirmed at 'BBBsf'; Outlook Stable
DTC Three Funding Limited:
-- JPY2.69bn* Class A-1 notes 'AAAsf'; maintained on RWN
-- JPY1.83bn* Class A-2 notes 'AAAsf'; maintained on RWN
-- JPY0.87bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY0.54bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.69bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.776bn* Class E notes affirmed at 'BBsf'; Outlook Stable
DTC Four Funding Limited:
-- JPY4.71bn* Class A-1 notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY2.35bn* Class A-2 notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY0.59bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY0.59bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.59bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.3bn* Class E notes upgraded to 'BB+sf' from 'BBsf';
Outlook Stable
DTC Five Funding Limited:
-- JPY7.12bn* Class A notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY0.6bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY0.6bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.6bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.33bn* Class E notes upgraded to 'BB+sf' from 'BBsf';
Outlook Stable
DTC Six Funding Limited:
-- JPY9.69bn* Class A notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY0.8bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY0.84bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.66bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.45bn* Class E notes upgraded to 'BB+sf' from 'BBsf';
-
-- Outlook Stable
DTC Seven Funding Limited:
-- JPY12.17bn* Class A notes affirmed at 'AAAsf'; off RWN;
Outlook Stable
-- JPY1.2bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY1.06bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY0.89bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.18bn* Class N notes affirmed at 'BBBsf'; Outlook Stable
DTC Eight Funding Limited:
-- JPY15.15bn* Class A notes 'AAAsf'; maintained on RWN
-- JPY1.78bn* Class B notes affirmed at 'AAsf'; Outlook Stable
-- JPY1.62bn* Class C notes affirmed at 'Asf'; Outlook Stable
-- JPY1.21bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
-- JPY0.24bn* Class E notes affirmed at 'BBsf'; Outlook Stable
-- JPY0.88bn* Class N notes affirmed at 'BBBsf'; Outlook Stable
*as of September 28, 2012
ELPIDA MEMORY: Pledges U.S. Patents to Apple for Supply Deal
------------------------------------------------------------
Elpida Memory Inc., which supplies memory chips for Apple Inc.'s
new iPhone 5, pledged 259 U.S. registered patents to Apple as
security in case Elpida's financial troubles make problems for
Apple, new court papers say.
Lance Duroni at Bankruptcy Law360 reports that Elpida Memory Inc.
asked a Delaware bankruptcy judge on Wednesday for permission to
pledge 259 U.S. patents as collateral for a $51 million memory
chip supply pact with Apple.
According to Bankruptcy Law360, the Tokyo-based company's motion
said Apple was one of its largest customers and that the security
pledge was necessary to maintain its long-term supply arrangement
with the smartphone and computer powerhouse, which requested
collateral to protect against disruptions in its production
schedule.
About Elpida Memory
Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips. The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others. The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.
After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012. The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.
Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division. Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.
JCREF CMBS: Loss Increase Prompts Fitch to Downgrade Ratings
------------------------------------------------------------
Fitch Ratings has downgraded JCREF CMBS 2007-1 GK's class E notes
due December 2015 and affirmed the rest. The transaction is a
Japanese multi-borrower type CMBS securitisation.
-- JPY18.4bn* Class A notes affirmed at 'Asf'; Outlook Stable
-- JPY6bn* Class B notes affirmed at 'BBBsf'; Outlook Negative
-- JPY5.2bn* Class C notes affirmed at 'Bsf'; Outlook Negative
-- JPY4.6bn* Class D notes affirmed at 'CCCsf'; Recovery
Estimate revised to 0% from 50%
-- JPY2.6bn* Class E notes downgraded to 'CCsf' from 'CCCsf';
Recovery Estimate 0%
*as of September 28, 2012
The downgrade of the class E notes reflects Fitch's view that the
probability of principal loss has increased. The agency has
revised down the valuations of 14 of the 28 remaining collateral
properties. Six out of the eight underlying loans are in default
and Fitch does not believe that all defaulted loan principal will
be fully recovered, based on the workout activities to date.
Classes A through C have been affirmed as the negative impact
from Fitch's downward revisions of the property values has been
offset by the progress of the notes principal repayment to date.
Since the previous rating action in October 2011, given the
sufficient remaining period to the legal final maturity, the
servicer was able to sell 12 properties at higher values on
average than Fitch's expectations and the sales proceeds have
been applied to the principal repayment of the class A notes.
Fitch expects principal repayment of the class A notes to
continue due to the progress of the property sales activities on
defaulted loans, resulting in the Stable Outlook for this class
of notes. Negative Outlooks for the class B and C notes reflect
the uncertain outcome to the workout on the defaulted loans as
the cash flow of certain properties has yet to stabilise.
The affirmation of the class D notes reflects Fitch's view that
the probability of principal loss remains unchanged; however,
Recovery Estimate for this class of notes has been revised to 0%
based on Fitch's valuation.
Fitch assigned ratings to this transaction in November 2007. At
closing, the notes were secured by nine loans or Tokutei Mokuteki
Kaisha bonds (collectively, 'underlying loans') collateralised by
56 properties. The transaction is now backed by eight underlying
loans backed by 28 properties.
=========
K O R E A
=========
WOONGJIN HOLDINGS: Files for Receivership
-----------------------------------------
Dow Jones Newswires reports that conglomerate Woongjin Group
collapsed, after Woongjin Holdings Co., which aimed to sell its
water purification business to Seoul-based MBK Partners, filed to
go into receivership.
Woongjin Group and its construction arm Kukdong Engineering &
Construction separately submitted the filing following a
prolonged slowdown in the country's real-estate market that
hammered the group's construction and financial businesses,
according to Dow Jones Newswires.
The report notes that Woongjin owes KRW3.3 trillion
(US$3 billion) to financial firms including Woori Bank and
Shinhan Bank, of which KRW1.2 trillion could go sour according to
the country's financial watchdog.
Dow Jones Newswires notes that the group in mid-August discloses
the sale of a 31% stake in its crown jewel, water-purification
business Woongjin Coway, to MBK Partners for KRW1.2 trillion won.
The report says that Woongjin Holdings has been struggling with a
liquidity shortage for months as the nation's property market has
yet to recover since it was hit by the 2008 global financial
crisis, resulting in serial failures of savings banks and
construction companies.
Fox Business says that the company acquired Kukdong Engineering &
Construction in 2007, and in 2010, it added two mutual savings
banks, the report relates. All have been caught in the real-
estate turmoil, the report discloses.
The report says that the Financial Supervisory Service said
Thursday that the filing by Woongjin Holdings may lead financial
firms to write off a combined KRW1.2 trillion in loan-loss
provisioning.
State-owned policy lender Korea Development Bank has extended
KRW251.8 billion of loans to the group, the report adds.
====================
N E W Z E A L A N D
====================
KIWI CAPITAL: S&P Corrects Preference Shares Rating From 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue credit rating
on Kiwi Capital Securities Ltd.'s NZ$150 million, floating-rate,
perpetual callable non-cumulative preference shares to 'BBB-',
reflecting a correction in S&P's application of its "Bank Hybrid
Capital Methodology And Assumptions" criteria, published Nov. 1,
2011.
"The preference shares are now rated two notches below the stand-
alone credit profile (SACP) of New Zealand Post Ltd. group (AA-
/Negative/A-1+), the parent of Kiwibank Ltd. (AA-/Negative/A-1+),
reflecting the correct application of our criteria. The
preference shares were previously and erroneously rated 'BB+', or
two notches below the SACP of Kiwibank Ltd.," S&P said.
YARROW (BAKERS): Adviser Misled Family, Paul Yarrow Alleges
-----------------------------------------------------------
BusinessDesk reports that an adviser for more than 30 years to
the bread-making Yarrows family failed to disclose the company
was insolvent, despite inquiries from both shareholder Paul
Yarrow and Westpac Bank, Mr. Yarrow alleges in an action
progressing through the New Plymouth High Court.
Details of the allegations against Michael Finnigan, a 75-year-
old retired chartered accountant and director of Yarrow the
Bakers, emerged in a judgment of Associate Judge Tony
Christiansen, the report says.
BusinessDesk relates that Mr. Yarrow is seeking NZ$11 million in
damages from Mr. Finnigan, who had been a close adviser to
Yarrow's father, Noel, over a 30-year period and whose advice he
claims he trusted.
Judge Christiansen ruled that Yarrow must put up NZ$25,000 by
December 4, ahead of the expected three-week trial, and that
parties should expect awards of around NZ$75,000 in costs to the
successful party, say BusinessDesk.
BusinessDesk relates that the judge ruled Paul Yarrow's claims
for NZ$11 million damages were "barely explained" and he was
running other cases related to the Yarrows receivership.
According to BusinessDesk, Mr. Yarrow was previously unsuccessful
in suing his brother, John, who bought the New Zealand assets of
the baking business a year ago from the receivers, BDO. He had
signed documents preventing legal dispute between the brothers.
Paul Yarrow's attempt to oust directors of Yarrow's Australian
offshoot, including Mr. Finnigan, was overturned in the Sydney
High Court earlier this year, BusinessDesk notes.
The judgment also found Paul Yarrow had taken independent legal
advice on at least one of the transactions where he alleged
reliance on Mr. Finnigan's advice and that little evidence
against Mr. Finnigan so far existed, with Mr. Yarrow claiming he
could not find relevant emails and documents, or that advice was
given orally.
BusinessDesk relates that a NZ$22 million land purchase in
Australia in August 2007 figures high in Mr. Yarrow's
allegations.
He claims Mr. Finnigan failed to advise him Yarrows was
insolvent, and that he failed to disclose NZ$7 million of costs
relating to the Australian purchase "because the posting of those
journal entries would have revealed the insolvency of the Yarrow
Group".
BusinessDesk adds that an alteration in 2009-10 to a family deed
of agreement and transactions known as "the Finnigan plan" also
feature, with Mr. Yarrow alleging Mr. Finnigan failed to advise
"that the Finnigan plan and the DFA would fail if at the time the
Yarrow Group was insolvent".
About Yarrows (The Bakers)
Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand. It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia. It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.
Yarrows (The Bakers) and two associated companies went into
receivership in May 2011 when the company's directors could not
reach agreement on a restructure proposal that involved selling
its Australian business. At the time of receivership, Yarrows
had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.
ZUMO LTD: Nelson City Council Writes Off NZ$10,000 Debt
-------------------------------------------------------
Tracy Neal at nelsonmail.co.nz reports that the Nelson City
Council has written off a NZ$10,000 debt owed by Zumo Ltd, the
company that formerly ran Zumo Coffee House in Nelson.
According to the report, council support services executive
manager Hugh Kettlewell said the debt of NZ$9,972 plus GST was
incurred by the company set up by Dan Slattery, sole director and
shareholder of Zumo Ltd, and not the current company trading on
the site. The debt related to unpaid lease on the council-owned
premises on the corner of Rutherford and Vanguard streets, the
report notes.
nelsonmail.co.nz relates that Mr. Slattery left Nelson earlier
this year, deserting the company which owes more than NZ$500,000.
Liquidator Geoff Falloon, of Biz Rescue, said he had not heard
from Mr. Slattery for months after finishing as voluntary
administrator in October 2011, according to the report.
As Mr. Slattery was missing, Zumo Ltd was unable to be put into
liquidation because there was no way of recovering the
liquidation costs, Mr. Falloon, as cited by nelsonmail.co.nz,
said.
"It will just eventually drop off the New Zealand Companies
Office, but it's an unfortunate situation," the report quotes Mr.
Falloon as saying. "There's no money to pay me or any other
liquidator for that work."
nelsonmail.co.nz adds City council chief financial officer Nikki
Harrison said the council had written off the debt because it
felt it was unlikely it would ever be able to recover it.
=====================
P H I L I P P I N E S
=====================
RADIO PHILIPPINES: To Cut 200 Jobs as RPN Closes Central Office
---------------------------------------------------------------
Manila Standard Today reports that heavily-indebted Radio
Philippines Network Inc., operator of television station
Channel 9, said Monday it will cut at least 200 jobs with the
closure of its central office in Quezon City next month.
The Standard relates that RPN9 acting president Robert Rivera
said the broadcasting company's provincial outlets would remain
operational. Majority of the network's 250 employees are based
in the central office in Capitol Hills, Quezon City, the report
says.
The company, however, said in a statement it had "no plans of
shutting down and will continue to strive to become a viable
operation," the Standard reports.
According to the Standard, Mr. Rivera said the broadcast network
had no plan to file for corporate rehabilitation, as the network
was still operating, especially in the provinces through canned
shows.
The Standard adds the network said the retrenchment program would
provide separation packages to a certain portion of the workforce
which will take effect on Nov. 15.
Mr. Rivera said the move would ease and provide relief to
employees as well as resolve the issues of the network, including
its PHP3-billion outstanding debt, according to the Standard.
The report relates that Mr. Rivera conceded that RPN 9 had been
faced with financial challenges and that "RPN could not compete
with the rest of the industry."
"To keep its obligations, RPN management had struggled to raise
funds needed to continue its operations and pay its employees
regularly, using current revenue streams and borrowings, but to
no avail. This unsustainable situation has resulted in years of
unpaid debts and continuing financial losses," the report quotes
Mr. Rivera as saying.
RPN, which currently operates seven TV stations and 11 radio
stations, and is owned by Solar, Far East Managers and Investors
Inc. and the Philippine government.
=================
S I N G A P O R E
=================
JAMBA ASIA: Creditors' Proofs of Debt Due Oct. 27
-------------------------------------------------
Creditors of Jamba Asia Pacific Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
Oct. 27, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Andrew Grimmett
Lim Loo Khoon
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
KINDLE SOFTWARE: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------------
Creditors of Kindle Software Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
Oct. 24, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Andrew Grimmett
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
LEHMAN BROTHERS: Creditors' Proofs of Debt Due Oct. 28
------------------------------------------------------
Creditors of Lehman Brothers Bangkok Riverside
Development Pte Ltd, which is in compulsory liquidation are
required to file their proofs of debt by Oct. 28, 2012, to be
included in the company's dividend distribution.
The company's liquidators are:
Chay Fook Yuen
Bob Yap Cheng Ghee
Tay Puay Cheng
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
MARINE ACCOMM: Court to Hear Wind-Up Petition Oct. 12
-----------------------------------------------------
A petition to wind up the operations of Marine Accomm Pte Ltd
will be heard before the High Court of Singapore on Oct. 12,
2012, at 10:00 a.m.
Dbs Bank Ltd filed the petition against the company on Sept. 20,
2012.
The Petitioner's solicitors are:
Rajah & Tann LLP
No. 9 Battery Road
#25-01 Straits Trading Building
Singapore 049910
MORE WORLD: Court to Hear Wind-Up Petition Oct. 12
--------------------------------------------------
A petition to wind up the operations of More World System
(Singapore) Pte Ltd Pte Ltd will be heard before the High Court
of Singapore on Oct. 12, 2012, at 10:00 a.m.
Wong Joo Wan (Judicial Manager of More World System (Singapore)
Pte Ltd) filed the petition against the company on Sept. 19,
2012.
The Petitioner's solicitors are:
Lawrence Quahe & Woo LLC
180 Clemenceau Avenue
#02-02 Haw Par Centre
Singapore 239922
=============
V I E T N A M
=============
HOANG ANH GIA: S&P Affirms 'B-' Corp. Credit Rating; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Vietnam-based property developer Hoang
Anh Gia Lai Joint Stock Co. with a negative outlook. "At the same
time, we affirmed the 'B-' issue rating on the company's senior
unsecured notes due 2016. We then withdrew the rating at
HAGL's request," S&P said.
"At the time of the withdrawal, the rating on HAGL reflected our
view of the company's weak liquidity, high risks associated with
the execution of its aggressive expansion plans, its volatile
cash flow, and weak liquidity. HAGL's favorable cost structure
for property development and established brand name in Vietnam
tempered these weaknesses," said Standard & Poor's credit analyst
Wee Khim Loy.
HAGL's business risk profile prior to the rating withdrawal was
"vulnerable" and its financial risk profile was "highly
leveraged," as S&P's criteria define the terms.
"In our view, the challenging business conditions in the next six
to 12 months will continue to undermine HAGL's performance and
add pressure to cash flows. In the first half of 2012, HAGL's
operating profit fell sharply to Vietnamese dong (VND) 258.3
billion, compared with VND1,706 billion in full-year 2011. We
expect HAGL's property sales to stay depressed for the rest of
2012 because of volatility in the Vietnamese dong, relatively
high interest rates, and property buyers' cautiousness toward
real estate purchases," S&P said.
"Sales of electricity from hydropower projects will only modestly
offset the sharp decline in property sales for the rest of 2012,
in our view. Revenue from apartment sales dropped to VND598
billion in the first half of 2012, compared with VND1,766 billion
for 2011. We also do not expect the company's iron ore mines to
generate meaningful cash flows in the next six months," S&P said.
"We estimate HAGL's capital expenditure for 2012 at about VND4.6
trillion. The company incurred about VND3.6 trillion of this
expenditure in the first half of 2012. We assume that the rest of
the spending on hydropower stations, mining, and rubber
plantations is discretionary and can be deferred if HAGL's
liquidity remains weak," S&P said.
"We assessed HAGL's liquidity prior to the rating withdrawal as
'weak,' as defined in our criteria. We estimated that the
company's cash sources in 2012 would be less than 1x of its uses
due to its aggressive capital expenditure on rubber plantations,
hydropower stations, and iron ore projects. Our assumptions
were," S&P said:
Sources of liquidity include:
-- A cash balance of VND2.6 trillion as of June 30, 2012;
-- VND850 billion in bonds issued in August 2012; and
-- The divestment of stakes in a hydropower subsidiary for
VND313 billion.
Uses of liquidity include:
-- Repurchase of US$15 million bonds in July 2012; and
-- Committed capital expenditure of about VND1 trillion,
predominantly allocated to non-real estate businesses.
"Our liquidity assessment also factored in HAGL receiving
continuous support from banks to roll over short-term debts and
the company's good access to the local capital markets. We
assumed that more than 80% of the short-term debts were related
to hydropower, mining, and rubber plantation projects, which are
sectors that the government encourages, unlike real estate. We
have not factored in the launch of two projects, Thanh Binh and
Phu Hoang Anh, in the last quarter of 2012 in our liquidity
assessment," S&P said.
"The negative outlook on HAGL prior to the withdrawal reflected
our view that the company's liquidity could remain weak over the
next 12 months," said Ms. Loy.
"Our view was based on our expectation that HAGL's apartment
sales would remain depressed in the next six to 12 months.
Moreover, the company's committed capital expenditure is large.
The improvement in its liquidity would likely rely on certain
sources of funds, such as asset sales," S&P said.
"At the time of the withdrawal, the upside potential to the
rating was limited in the next 12 months, given the risks
highlighted," S&P said.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 19-20, 2012
AMERICAN BANKRUPTCY INSTITUTE
38th Annual Lawrence P. King and Charles Seligson
Workshop on Bankruptcy & Business Reorganizations
New York University School of Law, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Nuts & Bolts: Bankruptcy Fundamentals for
Young and New Practitioners
Charles Evans Whittaker Courthouse, Kansas City, Mo.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 5, 2012
AMERICAN BANKRUPTCY INSTITUTE
32nd Annual Midwestern Bankruptcy Institute & Consumer
Forum
Kansas City Marriott Downtown, Kansas City, Mo.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 5, 2012
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy 2012: Views from the Bench
Georgetown University Law Center, Washington, D.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 8, 2012
AMERICAN BANKRUPTCY INSTITUTE
5th Annual Chicago Consumer Bankruptcy Conference
University of Chicago Gleacher Center, Chicago, Ill.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 18, 2012
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency & Restructuring Symposium
Parco dei Principi Grand Hotel & Spa, Rome, Italy
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 26, 2012
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
San Diego Marriott Marquis and Marina, San Diego, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 1-2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Corporate Restructuring Competition
Wharton University of Pennsylvania, Philadelphia, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 12, 2012
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
[Location Undetermined]
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 26, 2012
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Nov. 29-30, 2012
MID-SOUTH COMMERCIAL LAW INSTITUTE
33rd Annual Bankruptcy & Commercial Law Seminar
Nashville Marriott at Vanderbilt, Nashville, Tenn.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 1, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 4-8, 2012
AMERICAN BANKRUPTCY INSTITUTE
ABI/SJUSL Mediation Training Symposium
St. John's University, Queens, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 20-22, 2013
AMERICAN BANKRUPTCY INSTITUTE
VALCON
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
Apr. 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 13-16, 2013
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 11-13, 2013
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 8-10, 2013
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 22-24, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
Nov. 1, 2013
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Atlanta Marriott Marquis, Atlanta, Ga.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 2, 2013
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Dec. 5-7, 2013
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Terranea Resort, Rancho Palos Verdes, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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
Peter Chapman at 240/629-3300.
*** End of Transmission ***