TCRAP_Public/141027.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

           Monday, October 27, 2014, Vol. 17, No. 212



ALL CABINETS: First Creditors' Meeting Set For November 3
AUSDRILL LTD: S&P Affirms ICR at 'BB-' & Revises Outlook to Neg.
CAVALLARO CAKE: First Creditors Meeting Slated For Nov. 3
MNG INVESTMENTS: In Administration; 1st Meeting Set For Nov. 3
YAKKA MUNGA: Buru Energy Buys Pastoral Station


CHINA AUTO: Receives Nasdaq Listing Non-Compliance Notice
HIDILI INDUSTRY: S&P Raises CCR to 'CCC-'; Outlook Negative
LDK SOLAR: Commences Chapter 11 & Chapter 15 Cases in U.S. Court


GUPTA METAL: CARE Upgrades Rating on INR50.48cr Bank Loan to 'B'
TATA MOTORS: Moody's Rates Proposed Sr. Unsecured Notes (P)Ba2
TATA MOTORS: S&P Assigns 'BB' Rating to Prop. Unsec. Notes Issue


ARYSTA LIFESCIENCE: S&P Puts 'B' CCR on CreditWatch Positive


STAR CITY: 3 Parties Vie to Rescue Mall

N E W  Z E A L A N D

CHRISTCHURCH YARNS: NZ Yarn Buys Firm Out of Receivership
QUEENSTOWN MARINA: Owes NZ$1.33MM, Liquidator's Report Shows
TERRY SEREPISOS: Discharged From Bankruptcy
VINCENT AVIATION: Goes Into Receivership


MANDARIN SKYFOOD: Tax Department Shuts Down Makati Restaurant

S O U T H  K O R E A

DONGBU GROUP: Hyundai Steel Tapped as Prime Bidder For Unit
MONEUAL INC: Creditor Banks Hit Hard by Firm's Receivership

                            - - - - -


ALL CABINETS: First Creditors' Meeting Set For November 3
Kimberley Stuart Wallman -- -- of HLB
Mann Judd (Insolvency WA) was appointed as administrator of All
Cabinets (WA) Pty Ltd on Oct. 23, 2014.

A first meeting of the creditors of the Company will be held at
Ground Floor, 15 Rheola Street, in West Perth, West Australia, on
Nov. 3, 2014, at 10:00 a.m.

AUSDRILL LTD: S&P Affirms ICR at 'BB-' & Revises Outlook to Neg.
Standard & Poor's Ratings Services said that it had revised its
outlook on the issuer credit rating on Australian mining services
provider Ausdrill Ltd. (Ausdrill) to negative, from stable.  At
the same time, S&P affirmed its 'BB-' issuer credit rating on
Ausdrill.  S&P also affirmed the 'BB-' rating and recovery rating
of '4' on Ausdrill's senior unsecured debt, and 'BB+' rating and
recovery rating of '1' on its senior secured debt.  Ausdrill's
debts are issued by its financing subsidiaries, Ausdrill Finance
Pty Ltd. and Ausdrill International Pty Ltd.

"The negative outlook reflects our view that Ausdrill's credit
metrics are likely to be at the bottom-end of our expectations for
the 'BB-' rating based on the company's recent lower earnings
guidance for fiscal 2015," Standard & Poor's credit analyst Minh
Hoang said.  "We expect management's continued effort in reducing
costs and discretionary capital expenditure will support the
company's financial profile. Nevertheless, we believe that subdued
conditions for the mining services industry, combined with
negligible financial buffer at its current rating, places Ausdrill
at a heightened risk of a downgrade."

On Oct. 20, 2014, Ausdrill announced a reduction in its earnings
guidance for the year ending June 30, 2015.  It cited that ongoing
price weakness in the key commodities of iron ore and gold has
directly affected its clients.  As a result, Ausdrill's business
has reduced: its contract with Western Desert Resources ceased
after the company was placed into voluntary administration, and
its contract at Edna May Gold Mine is terminating early and will
conclude in Dec. 2014.  Exacerbating the expected deterioration in
Ausdrill's operating performance are:

   -- The continued underperformance of its energy drilling
      business, which continues to post operating losses;

   -- Adverse weather conditions experienced in the first quarter
      of 2014 in its contracting mining business in West Africa;

   -- Further underperformance experienced by its AUMS joint
      venture in the first quarter of 2014.

Overall demand for Ausdrill's services is falling amid challenging
industry conditions.  Soft underlying commodity prices have led to
lower mining investment, broader cost reduction measures, elevated
counterparty risk, and the cancelation of some higher-cost
projects.  In S&P's view, this has heightened Ausdrill's cash flow
volatility and cut its earnings.  Ausdrill's reported revenue
declined by 27% for fiscal 2014 and its EBITDA reduced by more
than 30%.  Its financial ratios remained outside of the company's
financial policies for fiscal 2014, and S&P considers the current
operating environment will result in a slower recovery than the
company's expectations.

At the 'BB-' rating, S&P expects financial metrics of funds from
operations (FFO)-to-debt of greater than 30% and free operating
cash flow (FOCF)-to-debt of greater than 5%.  S&P also expect
Ausdrill to take appropriate steps to refinance its revolving
facilities that will mature in the second half of 2015.

S&P could lower the rating to 'B+' should Ausdrill's earnings be
weaker than S&P's expectations, or if the company is unable to
control capital expenditure or dividend payments such that its
FFO-to-debt falls to less than 30% or FOCF-to-debt reduces to less
than 5%.

Mr. Hoang added: "A downgrade could also occur should there be a
material change in the company's business risk profile that may be
driven by a sizable increase in its exposure to volatile African
countries or an increasing exposure to lower credit quality
counterparties.  Any delay in refinancing its maturing facilities
may also be a trigger for a downgrade."

The likelihood of an upgrade is remote.  However, S&P could revise
the outlook to stable if:

   -- Remedial actions were taken to restore Ausdrill's credit
      metrics with sufficient headroom, including FFO-to-debt of
      comfortably greater than 30%;

   -- S&P believes cash flow volatility has diminished; and

   -- The company demonstrates a track record of securing
      profitable production-based contracts.

CAVALLARO CAKE: First Creditors Meeting Slated For Nov. 3
Mitchell Ball -- -- of BPS Recovery
was appointed as administrator of Cavallaro Cake Works Pty Ltd on
Oct. 22, 2014.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on Nov. 3,
2014, at 10:30 a.m.

MNG INVESTMENTS: In Administration; 1st Meeting Set For Nov. 3
Steven Gladman and David Ingram of Hall Chadwick were appointed as
administrators of MNG Investments Pty Limited on Oct. 22, 2014.

A first meeting of the creditors of the Company will be held
Studio Room 1, QT Canberra, 1 London Circuit, in Canberra,
on Nov. 3, 2014, at 11:00 a.m.

YAKKA MUNGA: Buru Energy Buys Pastoral Station
Cliff Sanderson at reports that Buru Energy, an
oil and gas company, has purchased Yakka Munga pastoral station.
In August, the station was listed for sale following the
appointment of receiver KordaMentha, the report says.

The 190,000 hectare station has lease that includes its facility
in Ungani located in the Canning Basin. Buru is reportedly
drilling for oil in the location, according to

According to the report, Buru Energy said following lease and
financing management arrangements, the transaction's net impact
was around AUD3.5 million. The pastoral station is situated around
100 kilometres east of Broome.


CHINA AUTO: Receives Nasdaq Listing Non-Compliance Notice
China Auto Logistics Inc., a top seller in China of luxury
imported automobiles and a provider of auto-related services,
reported it has received notification from the Nasdaq Listing
Qualifications Department that it is not in full compliance with
listing requirements for the Nasdaq Global Market because the
market value of the Company's publicly held shares has been below
the required minimum of $5 million for 30 business days.  Under
the Nasdaq Listing Rules, the Company has 180 days (or until
April 14, 2015) in which to regain compliance and avoid delisting
by sustaining a $5 million market value of publicly held shares
for at least ten consecutive business days.

The Company said it plans to monitor the situation closely and to
consider the options available to it, including submitting an
application to transfer to the Nasdaq Capital Market.  At this
time, the Company cannot provide any assurance that it will be
able to regain compliance or successfully transfer to the Nasdaq
Capital Market.

                About China Auto Logistics Inc.

China Auto Logistics Inc. is one of China's top sellers of
imported luxury vehicles.  It also provides a growing variety of
"one stop" automobile related services such as short term dealer
financing.  Additionally, in November, 2013, it acquired the owner
and operator of the 26,000 square meter Airport International Auto
Mall in Tianjin for $91.4 million, with plans to develop the auto
mall, among other things, as the flagship site for a joint venture
with Car King (China) Used Car Trading Co., Ltd.  In August, 2014,
the Company also announced a Strategic Cooperation Agreement with
a leading auto dealer leasing and development company to greatly
expand its high end imported auto business via the purchase and
construction of new auto malls throughout China coupled with a new
e-commerce platform.

HIDILI INDUSTRY: S&P Raises CCR to 'CCC-'; Outlook Negative
On Oct. 23, 2014, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Hidili Industry International
Development Ltd. to 'CCC' from 'SD'.  The outlook is negative.  At
the same time, S&P raised the rating on the company's outstanding
US$182.7 million 8.625% senior unsecured notes due 2015 to 'CCC-'
from 'D'.  S&P also raised its long-term Greater China regional
scale rating on Hidili to 'cnCCC' from 'SD' and the notes to
'cnCCC-' from 'D'.  Hidili is a China-based coal miner.

"We upgraded Hidili because the company is no longer in default
after buying back about 51.91% of its notes.  However, the
company's weak operating performance has led to inadequate cash
flow protection and liquidity.  The company's liquidity is still
weak following the buyback," said Standard & Poor's credit analyst
Jian Cheng.

Hidili's financial performance in the first half of 2014 was worse
than S&P's base-case expectation as both sales volume and average
selling price (ASP) slid.  The deterioration stems from limited
production following the consolidation of mines and weak
downstream demand, which has eroded the company's ASP.  S&P
expects Hidili to continue to consolidate mines to improve
production.  However, recovery is likely to be weak for the next
12 months as continued low coal prices and market conditions may
weaken Hidili's operating performance.  S&P also believes the
company could sell assets if operating conditions deteriorate.

Although Hidili has reduced its outstanding senior notes due 2015
to US$182.7 million from US$380 million, S&P believes the
company's highly leveraged capital structure is unlikely to
improve over the maturity period.  Unless business and financial
conditions materially improve, the company may face difficulty in
meeting its obligations over the next 12 months.  S&P still sees a
one-in-two likelihood of default.

"The negative outlook for the next 12 months reflects our
expectation that Hidili's fragile liquidity position is likely to
deteriorate due to weakening operating cash flow from the coal
mining business.  The outlook also reflects the company's narrower
refinancing options after the technical default," said Mr. Cheng.

S&P may lower the rating if it assess that Hidili is unable to
roll over its short-term bank loans, suggesting a high likelihood
that the company may miss an interest payment within six months.
S&P may also consider a downgrade if Hidili falls into a technical
default, which could accelerate the payment of outstanding bonds.

S&P may revise the outlook to stable if it believes Hidili can
generate sufficient cash flow from its operations to meet its
interest payments, which S&P thinks is unlikely.  S&P could also
upgrade the company if it obtains new funding sources or sells
assets to repay its debt.

LDK SOLAR: Commences Chapter 11 & Chapter 15 Cases in U.S. Court
LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The U.S. Debtors commenced
the Chapter 11 Cases in order to implement the prepackaged plan of
reorganization, with respect to which the U.S. Debtors launched a
solicitation of votes on September 17, 2014 from the holders of
LDK Solar's 10% Senior Notes due 2014, as guarantors of the Senior
Notes, and required such holders of the Senior Notes to return
their ballots by October 15, 2014.  Holders of the Senior Notes
voted overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.

At a hearing on October 22, 2014, the U.S. Bankruptcy Court
ordered customary relief including the authority for the Debtors
to continue to maintain their existing banking structure, to honor
all obligations to employees, and to continue all of their
ordinary course activities during the restructuring.  The U.S.
Bankruptcy Court also scheduled a hearing for November 21, 2014 at
which it will consider confirmation of the Prepackaged Plan and
Chapter 15 recognition of the Cayman Proceeding.

Both the Chapter 11 Cases and Chapter 15 Case are vital steps in
LDK Solar's offshore restructuring, which LDK Solar hopes to
conclude in 2014.  More information about the Chapter 11 Cases and
Chapter 15 Case are available on the website of the U.S. Debtors'
U.S. Voting Agent, Epiq Bankruptcy Solutions, LLC, at

                         About LDK Solar

LDK Solar Co., Ltd. -- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

The Company's balance sheet at June 30, 2014, showed $3.3 billion
in total assets, $5.23 billion in total liabilities and total
stockholders' deficit of $1.92 billion.

The Company had a working capital deficit and negative equity and
incurred net loss over the past years due to the overall market
decline and its financial performance.  Due to the impending
maturity of its Renminbi-denominated US$-settled 10% Senior Notes
due 28 February 2014, with an aggregate principal amount of RMB
1.63 billion, the Company decided to file the appointment of
provisional liquidators in the Grand Court of Cayman Islands
on 21 February 2014.  Eleanor Fisher and Tammy Fu of Zolfo Cooper
(Cayman) Limited were appointed as joint provisional liquidators
of the Company on 27 February 2014.  "These factors raise
substantial doubt as to our ability to continue as a going
concern," according to the Company's regulatory filing with the


GUPTA METAL: CARE Upgrades Rating on INR50.48cr Bank Loan to 'B'
CARE revises ratings assigned to bank facilities of Gupta Metal
Sheets Limited.

   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     50.48      CARE B Revised from
                                            CARE D

   Short term Bank Facilities     9.00      CARE A4 Revised from
                                            CARE D
Rating Rationale

The revision in the ratings of the bank facilities of Gupta Metal
Sheets Ltd takes into account the improvement in the debt
servicing track record of the company. The ratings continue to be
constrained by improving albeit weak financial profile of the
business marked by low profitability, high overall gearing and low
debt protection metrics. The ratings also factor in the working
capital intensive nature of business, vulnerability to volatility
in raw material prices and highly competitive nature of the

However, the ratings draw comfort from the experience of the
promoters with long track record of operations, healthy demand
from the diversified end-user industry and good order book.
Going forward, the ability of GMSL to improve its total income,
profitability and overall gearing, along with effectively
managing its working capital requirement and keeping control over
raw material price fluctuation risk shall be the key rating

GMSL was originally incorporated as a private limited company by
the name of Gupta Metal Sheets Pvt Ltd in the year 1995. GMSPL was
incorporated by converting Gupta Enterprises, an equal partnership
firm between brothers Mr Ripu Daman Gupta, Mr Ravi Shanker Gupta,
Mr Radhey Shyam Gupta, Mr Vijay Kumar Gupta and late Ramesh Chand
Gupta into a company. All the partners become equal shareholders
in GMSPL which was later converted into a public limited company
i.e., GMSL in April of 2011. Currently, 89% of the shareholding of
the company is held between the four brothers.

GMSL is primarily engaged in the conversion of copper cathodes,
copper scraps, etc. into copper and copper based alloys
sheets/strips. The company's manufacturing plant is located in
Rewari (Haryana) with an installed capacity of 12,500 MT per annum
as on March 31, 2014. GMSL primarily sells its products to
automobile manufacturers, electric goods manufacturers and defence
sector. The company provides strips and sheets in various sizes
starting from 0.01 MM to 14 MM to the customer base across states
of Delhi, Maharashtra, Tamil Nadu, Rajasthan, Haryana, Uttar
Pradesh, Gujarat and Punjab.

During FY14 (refers to the period April 1 to March 31), GMSL has
registered a total income of INR346.88 crore with a PAT of INR2.16
crore as against a total income of INR324.57 crore with a PAT of
INR0.47 crore in FY13.

TATA MOTORS: Moody's Rates Proposed Sr. Unsecured Notes (P)Ba2
Moody's has assigned (P) Ba2 ratings to the proposed issue of
senior unsecured notes by Tata Motors Limited (TML). The rating
outlook is stable.

Ratings Rationale

TML, the group, comprises four main parts, i) the issuer, TML,
which in addition to holding investments in the group companies,
contains the operating assets of the commercial and passenger
vehicle businesses in India, ii) the highly profitable UK-based
Jaguar Land Rover business (JLR), Jaguar Land Rover Automotive Plc
(Ba2 positive), iii) the captive vehicle finance subsidiary Tata
Motors Finance Ltd (TMFL, unrated) in India and iv) Tata
Technologies Ltd (unrated), a 72%-owned subsidiary providing
engineering, automation and IT business services to the automotive

JLR contributed over 90% of group reported EBITDA in the year
ended 31 March 2014. JLR's reported EBITDA margin of 18.5%
compares to the -1.4% margin of TML's standalone car and
commercial vehicle business in India. Although JLR expects to
invest GBP3.5 billion to GBP 3.7 billion in new models and
facilities in FY 2015, its very strong cash generation and liquid
balance sheet means that it can pay its current dividend of GBP150
million to TML and potentially significantly more.

"The phenomenal success of JLR continues to buy time for TML's
weak Indian operations to turn around, and these are now showing
some improvement" says Alan Greene, a Moody's Vice President -
Senior Credit Officer.

In India, TML's business has been severely affected by the slowing
economic growth rate which led to a massive decline in medium and
heavy commercial vehicle sales closely followed by a collapse in
light commercial vehicle sales. At the same time, the car business
has been unable to compete effectively against its internationally
backed, domestic competitors such as Maruti Suzuki (unrated) and
Hyundai Motors (Baa1 stable), while the India market overall has
seen a surge of interest and investment from nearly all the global
car industry majors.

"There are signs of increasing economic activity in India
following the recent elections and the year on year sales growth
of medium and heavy commercial vehicles has recently moved into
positive territory. TML, with a market share of over 50% in India,
is well-placed to respond to this upturn and for its profitability
to recover" adds Greene who is also Lead Analyst for Tata Motors.

Similarly, confidence has returned to car showrooms in India
although Tata's car sales have continued to slide as buyers have
preferred the international brands. However, the launch of the
Tata Zest compact sedan in mid-August is already having a positive
impact on Tata's sales and if the Bolt, its hatchback counterpart,
to be launched in January, is similarly well-received, then Tata
should claw back some market share in India, resulting in some
profitable underpinning to the car business.

Moody's believes that the success of Zest and Bolt are crucial to
the future of Tata's car business in India and combined sales of
15,000 units per month would represent a good achievement. The
Nano, launched in 2009, has never achieved the hoped for volumes
although the latest improvements and modern interiors appear to
have given it another lease of life.

Beyond regaining market share at home, the key to Tata's success
will lie in its ability to sell technologically up to date cars in
overseas markets, and potentially make them there, so that it
[starts] to see the economies of scale enjoyed by the global
majors, concludes Mr. Greene.

The bulk of proceeds of the bond will be applied to refinance
existing ECB debt with the remainder to fund capex and investment.
In the near term, funds are needed to support the Zest and Bolt
launches as well as the inventory increase as overall activity
picks up. Moody's also expect further investment to be made in
TMFL, which is integral to the marketing effort but which is
experiencing a higher level of NPAs and lower margins resulting
from the last two years of weak vehicle sales.

The stable outlook reflects JLR's relative strength which
continues to allow time for the core Indian business to recover
and, despite the negative free cash flow overall, continues to
support group credit metrics at an appropriate level for the Ba2
rating. However, FY2015 is a critical year as JLR's sales growth
rate slows and execution risk rises both in terms of increased
product development expenditure and the starting up of overseas
manufacturing operations. At the same time, Tata's Indian
operations need to regain some of their lost market share with
success of new launches key to the passenger car business's long-
term prospects.

Upward pressure on the rating could emerge if JLR's credit metrics
improve further while releasing more funds to the Indian
operations and/or TML's standalone vehicle business in India
generates better margins due to improving economic conditions and
successful product launches. Solid execution of the companies'
internationalization plans -- JLR's overseas manufacturing and
TML's plans to increase sales to regional markets - would also
support a positive rating action. In addition, the disparity
between the credit metrics achieved by JLR and the standalone
company would need to reduce.

Group credit metrics that might indicate an upgrade include
Adjusted debt/EBITDA below 4.0x and EBITA margins maintained at 6%
or higher, on a sustained basis. Furthermore, an FCF/debt ratio
greater than 6% to 8%, is appropriate for the mid-Ba range.

Downward pressure on the rating could emerge if JLR's rate of
growth of sales declines more than anticipated and/or TML in India
is unable to sustain its performance due to input cost pressures,
weak markets, disappointing new products and further loss of
market share, all potentially resulting in lower revenues and
reduced margins. Depending on the remedy, a breach of financial
covenants could also lead to a downgrade. This could be reflected
in various credit metrics when viewed on a sustained basis such as
i) Adjusted debt/EBITDA increasing to over 5x and ii) EBITA
margins falling below 4%. FCF/debt falling below 5% would also
potentially lead to a downgrade. The rating could be downgraded by
one notch if Moody's expectations of the willingness and ability
of Tata Sons or other Tata Group to support TML were materially

TML is 34.33%-owned by Tata Group companies. Listed in India and
with an ADR programme, TML has a market capitalisation of over $24
billion as of 13th October 2014 and generated revenues of over $38
billion in FYE March 2014.

The methodologies used in this rating were Global Automobile
Manufacturer Industry published in June 2011, and The Rating
Relationship Between Industrial Companies And Their Captive
Finance Subsidiaries published in May 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June

TATA MOTORS: S&P Assigns 'BB' Rating to Prop. Unsec. Notes Issue
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to a proposed issue of unsecured notes by Tata Motors
Ltd. (BB/Positive/--).  The issue rating is subject to S&P's
review of the final issue documentation.  Tata Motors expects to
primarily use the proceeds from the proposed notes to refinance a
part of its debt and fund its capital expenditure.

The rating on the unsecured notes is equalized with the corporate
credit rating on Tata Motors.  S&P don't notch the issue rating in
India for priority liabilities.

S&P believes the good operating performance of Tata Motors' fully
owned subsidiary Jaguar Land Rover Automotive PLC (JLR), if
sustained, could improve Tata Motors' consolidated financial
strength.  Conversely, a weaker operating performance of JLR could
lower Tata Motors' ratio of funds from operations to debt to about
30%, compared with 37% in fiscal 2014 (ended March 31).  This is
given that JLR's annual capital expenditure will likely remain
high at about GBP3.5 billion for the next couple of years to add
new products, engines and platforms, increase production capacity,
and to meet emission standards.

The ratings on Tata Motors reflect the company's small size and
narrow product suite compared with many global peers', and its
likely negative free operating cash flows because of high capital
expenditure.  JLR's established and improving market position in
the global premium automotive segment and its strong operating
performance temper these weaknesses.  Tata Motors' global-scale
and low-cost commercial vehicle manufacturing capabilities in
India also support the company's "fair" business risk profile.


ARYSTA LIFESCIENCE: S&P Puts 'B' CCR on CreditWatch Positive
Standard & Poor's Ratings Services said it had placed its 'B'
long-term corporate credit ratings on Japan-based crop protection
provider Arysta LifeScience Corp. (ALS Japan) and U.S.-based
Arysta LifeScience SPC, LLC on CreditWatch with positive
implications.  At the same time, S&P placed its 'B' and 'CCC+'
long-term debt ratings on Arysta LifeScience SPC on CreditWatch
with positive implications.

The CreditWatch placement follows Arysta group's announcement that
chemical maker Platform Specialty Products Corp. (BB/Stable/--)
has reached a definitive agreement with Arysta group's ultimate
parent and financial sponsor, Permira funds, to acquire Arysta
group for about $3.51 billion.  S&P expects the transaction to
close in the first quarter of 2015, subject to regulatory

Arysta group is one of the world's 12 largest makers of crop
protection products.  Platform Specialty is acquiring other crop
protection companies and expanding its business. Completion of the
acquisition of Arysta group is likely to create the 10th-largest
vertically integrated agricultural chemicals company in the
industry.  As a result, S&P believes Arysta group is also likely
to benefit from larger economies of scale and diversified end
markets following the acquisition.

S&P expects to resolve the CreditWatch status by the conclusion of
the transaction, which is most likely to occur in the first
quarter of 2015.  S&P will review benefits from the merger, the
near- to medium-term impact of the merger on Arysta group's
business prospects, and the impact on Arysta group's financial
standing after the merger.  S&P will also monitor the likelihood
of debt holders exercising change-of-control clauses and review
the company's ability to meet its obligations.  In addition, the
corporate credit ratings on Arysta group companies will reflect
S&P's assessment of Arysta group's degree of integration and
status in Platform Specialty and the degree of possible
extraordinary support for Arysta group from Platform Specialty.


STAR CITY: 3 Parties Vie to Rescue Mall
Daily Express reports that property and business investors who
have dumped financial resources into the abandoned Star City mall
were elated to learn of a recent tender exercise by the court-
appointed liquidator that attracted three interested parties
seeking to revive the commercial venture structures left in
dilapidated condition.

"I am so relieved to be able to have hope now to recover my
retirement funds invested into this hopeless project," said Chong,
a long-suffering purchaser, obviously stressed out for years over
a property investment which he claimed should have doubled his
funds had he invested in other property projects when the boom
cycle was peaking in Sabah or other parts of the country, and even
overseas, Daily Express relays.

Daily Express says the cost to health, including mental health
from property investments gone wrong or just plain problematic
either from returns on investments, loans repayment or tenants
from hell is not well documented in Malaysia but it does affect a
lot of people compared to the free and easy homeless sleeping in
public places with not a care in the world, when charity meets
their basic needs. Other woes concern dealing with authorities,
politicians and graft to get things done, the report notes.

According to Daily Express, some investors claimed to have almost
paid up their banking loans taken out to buy retail shoplots in
Star City, but are still waiting for their business premises.

For professionals like Alvin who had fully settled his loan, it
remains a waiting game as it was for more than a hundred of
purchasers, the report relates.

Daily Express discloses that all three tenderers were reported to
have deposited MYR2 million in earnest money, to show their
seriousness, ability and earnestness to fulfil their intentions to
fruition. Selection of the successful tenderer is still work in

However, the elation of the Star City investors and potential
business operators were tempered by the realisation that only one
of the tenderers, reputed to have political connection, has the
intention of retaining their interests in the commercial mall
project, says Daily Express.

Its sole distinctive differentiation lies in the prospect of
emulating the Johor Branded Outlets which is a US concept perhaps
with the Royal Malaysian Customs approval for GST free shopping or
a reduction in consumption tax that has yet to be worked out in
finality, the report adds.

N E W  Z E A L A N D

CHRISTCHURCH YARNS: NZ Yarn Buys Firm Out of Receivership
In a joint release, NZ Yarn and the Receiver for Christchurch
Yarns on Oct. 23 announced the NZ Yarn offer has gone
unconditional in acquiring the business of Christchurch Yarns.

Elders Primary Wool (EPW) has secured a majority shareholding in
the acquiring business NZ Yarn and the remaining shareholding will
be held by Primary Wool Cooperative (PWC) and growers.

The Receiver, Andrew Oorschot -- -- of Ashton Wheelans
confirmed the sale has gone unconditional. "I am delighted that
the sale has been confirmed and the business will continue to
operate as a going concern, providing ongoing employment
opportunities for those working at Christchurch Yarns and ongoing
supply for its loyal customer base."

The deal will be settled on Nov. 21, 2014. While the acquisition
has gone unconditional, NZ Yarn will continue to seek grower
investment up until Nov. 19, 2014.

"This is a great outcome for both Christchurch Yarns and the
future of the New Zealand wool industry" said EPW Chairman Stu
Chapman. "It was imperative that the business remained an
independent, fully operational New Zealand yarn spinner.

The onshore and offshore commercial opportunities this acquisition
brings are substantial for EPW, the Just Shorn programme and the
New Zealand wool industry."

Christchurch Yarns NZ Ltd is a yarn manufacturer.  The company was
originally called Christchurch Carpet Yarns Ltd and its Burnside
plant was built in the 1970s. The company had several different
owners before being bought by its most recent shareholders in

Christchurch Yarns entered receivership on April 11, 2014, owing
general security agreement creditors NZ$7.2 million.

QUEENSTOWN MARINA: Owes NZ$1.33MM, Liquidator's Report Shows
The Press reports that a Queenstown marina company connected with
prominent Christchurch lawyer Clive John Cousins and construction
kingpin Edwin March owes about NZ$1.33 million, a liquidator's
report said.

Queenstown Marina Developments Ltd (in receivership) was put into
liquidation on August 21 by the Inland Revenue Department, which
appointed KPMG liquidators, according to The Press.

The company, formed in 2004, was behind a NZ$20m marina
development on Lake Wakatipu in Queenstown. Resource consents were
issued in 2008 but the Queenstown Lakes District Council cancelled
an agreement with the company in 2012 after it failed to meet
deadlines, The Press recalls.  The company has lodged a complaint
with the Office of the Ombudsman, The Press says.

In their first report to creditors, the liquidators said the
company has assets comprising a resource consent, marina
development plans and a possible asset which will become clearer
after the Ombudsman's decision, according to The Press. The
reports highlights a NZ$148,984 claim by Inland Revenue for GST
and eight claims from unsecured creditors amounting to
NZ$1,189,483, The Press relays.

March and Cousins were directors of the company until last
December. James Robinson, of Timaru, is now sole director. He was
appointed in September last year. March and Cousins remain
shareholders, each holding 6000 shares, The Press discloses.

Unsecured creditors include Austin Forbes, QC, Clive Cousins,
Tonkin and Taylor, and Davis Environmental Services.

"We are unable to advise the likelihood of distributions," the
liquidators' report said. "The liquidators are in the process of
confirming the security and validity of the appointment of the

TERRY SEREPISOS: Discharged From Bankruptcy
The Dominion Post reports that former Phoenix football club owner
Terry Serepisos has been discharged from bankruptcy, after the
Official Assignee withdrew her opposition on October 24.

According to the report, Mr. Serepisos' bankruptcy would have
ended almost a month ago, three years after it began, but for the
Official Assignee filing an opposition in the High Court at

But the court confirmed that the opposition was withdrawn and
Insolvency and Trustee Service records show Mr. Serepisos has been
discharged from bankruptcy on October 24, the report relates.

A hearing into Mr. Serepisos' financial means will be held in the
Family Court next month, relays The Dominion Post.

He appeared before Wellington Family Court Judge Mary O'Dwyer on
October 24 for a conference to set the hearing date, the report

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, the New Zealand Herald said Wellington businessman
and former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute bid
for more time to pay debts was rejected.  Judge Gendall granted an
application by South Canterbury Finance, owed some NZ$22.5
million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In
August 2011, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.
The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.  The Serepisos-owned companies
include Century City Hunter Street, Century City Investments,
Century City Developments, Century City Management, and Century
City Football, which previously owned the Wellington Phoenix
football team.

VINCENT AVIATION: Goes Into Receivership
Dave Burgess at The Dominion Post reports that Vincent Aviation
Ltd, which has about 30 workers, has gone into receivership.

In a public notice released on October 24, Stephen Tubbs from BDO
was appointed receiver of the company, the report relates.

The Dominion Post relates that the move comes after an application
to liquidate the company was lodged last week in the High Court by
ANCL Investments.

According to the report, owner Peter Vincent said last week that
the action taken by ANCL Investments was a "serious situation" for
his company.

He blamed the collapse in May of Vincent Aviation Australia, based
in Darwin but owned by Vincent Aviation in New Zealand, the report

The report discloses that the balance sheet from the Australian
arm of the company showed its debts outweighed its assets by
AUD8.8 million (NZ$9.86m).

The Dominion Post relates that Mr. Vincent said the application to
liquidate its New Zealand operations related to lease and
maintenance provision payments for a BAe 146 aircraft, known as a

"The problem is the income generated by that aircraft is caught up
in the Australian receivership, but the costs in relation to that
aircraft are coming back to the New Zealand entity," the report
quotes Mr. Vincent as saying.

The Australian business, although a subsidiary, was much larger
than the New Zealand operation and the level of cost that had come
back was difficult for the smaller New Zealand business to
withstand, Mr. Vincent, as cited by The Dominion Post, said.

Vincent Aviation Ltd carries out flight operations,
administration, engineering, planning and compliance, as well as
charter flights. The company was established in 1990 and is based
at Wellington Airport.


MANDARIN SKYFOOD: Tax Department Shuts Down Makati Restaurant
------------------------------------------------------------- reports that the Bureau of Internal Revenue (BIR)
has closed down Chinese restaurant Mandarin Sky in Quezon City for
allegedly committing tax violations for taxable years 2011 to
2013. relates that the BIR said the restaurant, which is
located along Banawe St., was padlocked for the underdeclaration
of its sales at by 30 percent or more.

Investigations by the regional investigation division of BIR
Region 7-Quezon City showed that the company underdeclared its
value added tax declaration by 574 percent or PHP25.96 million,
310 percent or PHP23.04 million and 151 percent or PHP18.36
million for 2011, 2012 and 2013, respectively, according to

The report says the restaurant was closed after it failed comply
with the 48-hour notice and the 5-day VAT compliance notice issued
by the BIR.

The closure order was signed by BIR deputy commissioner for
operations Nelson Aspe, reports.

Mandarin Sky is owned and operated by Mandarin Skyfood Restaurant,
Incorporated with registered address at 478 Banawe St. Barangay
Sto. Domingo, Quezon City.

S O U T H  K O R E A

DONGBU GROUP: Hyundai Steel Tapped as Prime Bidder For Unit
Yonhap News reports that Hyundai Steel, South Korea's second-
largest steelmaker, has been picked as the preferred bidder to buy
Dongbu Special Steel, which is seeking a new owner as part of its
parent conglomerate's restructuring program.

The news agency relates that sale managers did not give exact
figures, but insiders familiar with the process speculated Hyundai
Steel may have offered about KRW300 billion (US$282.7 million) for
the special steel maker, beating out its main rival SeAH Group.

According to the report, the move by Hyundai Steel comes as it is
pushing ahead with its plan to build a special steel facility at
its Dangjin plant, some 123 kilometers south of Seoul. This plant
is scheduled to start churning out products from 2016, the report

The purchase will allow Hyundai to become a direct rival to SeAH
for the special steel market, Yonhap notes.

Yonhap says Hyundai Steel, part of Hyundai Motor Group, the
world's fifth largest automotive conglomerate, expressed interest
in Dongbu, because the latter's facilities can be used to process
special steel parts effectively. Dongbu buys rolled steel products
from integrated mills and turns them into parts for car engines
and transmissions.

Yonhap notes that if a final purchase deal is signed, POSCO, the
country's largest steel mill, will likely lose a steady client
because Hyundai Steel can provide the materials needed for Dongbu
Special Steel.

Korea Development Bank (KDB) had taken over the steel mill from
Dongbu Group for KRW110 billion by creating a private equity fund,
says Yonhap. Under that agreement, the bank will give the
conglomerate proceeds from the sale, which can be used for
corporate debt payment and restructuring, the report says.

Hyundai Steel is expected to sign a share purchase agreement next
month and complete the purchase by January, adds Yonhap.

Dongbu Group is a South Korean conglomerate corporation which
operates through seven business segments with 42 subsidiaries and
35,000 employees. The Group produces industry, chemical, shipping,
insurance and financial products.

MONEUAL INC: Creditor Banks Hit Hard by Firm's Receivership
Chung Ah-young at The Korea Times reports that major creditor
banks of Moneual Inc. may be unable to collect loans extended to
the robot vacuum cleaner manufacturer which has filed for court

Moneual failed to repay export bonds worth KRW500 billion to
NongHyup Bank and the Korea Industrial Bank (KDB) which matured on
Oct. 20, according to the report.

The report says the company's filing for court receivership has
sent shockwaves through the industry as it had been lauded as a
leading venture company in home appliances, reporting
KRW1.27 trillion in sales and KRW110 billion in operating profit
last year.

The company is facing suspicions of overstating its export
performance in order to receive large loans from financial
institutions, The Korea Times relates.

According to the report, the Korea Customs Service (KCS) is
looking into whether the company altered its accounting books to
overstate its business performance and sell export bonds worth
KRW1 trillion.

"We've detected some evidence that Moneual overstated export
performance documents as their bond maturities came closer," the
report quotes a KCS official as saying.

The Korea Times reports that the Financial Supervisory Service
(FSS) is focusing on whether its KOSDAQ-listed subsidiary Zalman
Tech violated corporate accounting rules.  The report relates that
the FSS said that it is strengthening monitoring of stock
movements as the subsidiary's stock trade volumes surged from Oct.
17 just before Moneual filed for court receivership.

The FSS said it will also inspect local banks which extended loans
to Moneual and Zalman Tech based on their fraudulent documents,
the report adds.

The reports says the loans extended to the company amount to
KRW670 billion. The Industrial Bank of Korea (IBK) extended
KRW150 billion, the largest amount, followed by the KDB with
KRW125 billion, the Korea Export-Import Bank with KRW113 billion,
the Korea Exchange Bank (KEB) with KRW110 billion, Kookmin Bank
with KRW76 billion, NongHyup Bank with KRW75 billion, the report

Among the loans, the lenders granted KRW380 billion to the company
based on post-shipment export credit guarantees issued by the
Korea Trade Insurance Corp. (K-Sure), the report notes. K-Sure
issued the guarantees backed by the export records, shipping
documents and bank statements.

The creditor banks and K-Sure are passing the buck to each other
over the loans, the report adds.

Korea-based Moneual Inc. manufactures robot vacuum cleaner.


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

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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,

Copyright 2014.  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$775 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 215-945-7000 or Nina Novak at 202-362-8552.

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