/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240308.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, March 8, 2024, Vol. 27, No. 50 Headlines A U S T R A L I A ADVANCED AIRCON: Second Creditors' Meeting Set for March 11 AUSTRALIA SALES: Fitch Affirms 'BBsf' Rating on E Debt HAWKERS BEER: Emerges From Administration INTEGRATED TROLLEY: First Creditors' Meeting Set for March 11 LIBERTY FUNDING 2024-1: Moody's Assigns (P)B2 Rating to F Notes LIQUOR LOOT: Collapses Into Administration MORTGAGE HOUSE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes MSA LABOUR: Second Creditors' Meeting Set for March 12 ONEWORLD COLLECTION: Second Creditors' Meeting Set for March 11 SERENITY CONCEPTS: Second Creditors' Meeting Set for March 12 C H I N A CHINA EVERGRANDE: To Work Towards Resumption of Trading in HK FOSUN INT'L: Tourism Unit Says Reviewing Business Portfolio HUMAN HORIZONS: Founder to Countersue After Denying Infringement JINGBO TECHNOLOGY: Changes Fiscal Year End to Last Day of February JINGBO TECHNOLOGY: Name Change, Reverse Stock Split Take Effect I N D I A DILIP CHHABRIA: Liquidation Process Case Summary IVANTI SOFTWARE: Voluntary Liquidation Process Case Summary JAYPEE INFRATECH: NCLAT Directs YEIDA, Suraksha to Settle Issues MADHYA PRADESH: Voluntary Liquidation Process Case Summary NECTAR LOYALTY: Voluntary Liquidation Process Case Summary ONKAR BUS: Voluntary Liquidation Process Case Summary SATRA PROPERTIES: NCLT Rejects Vistra ITCL's Plea for Add'l. Claim STRATEGIC INFOSYSTEMS: Voluntary Liquidation Process Case Summary VARIMAN FITNESS: Voluntary Liquidation Process Case Summary J A P A N ARCH FINANCE 2007-1: Moody's Ups Rating on JPY12BB Notes to Ba1(sf) N E W Z E A L A N D ELE SECURITY: Deloitte Appointed as Receivers and Managers MCMLXX LIMITED: Court to Hear Wind-Up Petition on April 18 NEW ZEALAND CARPENTRY: Placed Into Liquidation NZ PACIFIC: Creditors' Proofs of Debt Due on April 5 OUTDOORHQ LIMITED: Court to Hear Wind-Up Petition on March 14 PILOT TRANSPORT: Creditors' Proofs of Debt Due on April 2 S I N G A P O R E AVENUS SERVICES: Court to Hear Wind-Up Petition on March 22 CHILL CORNER: Court to Hear Wind-Up Petition on March 22 DWS OFFSHORE: Commences Wind-Up Proceedings LOGISTICS CONSTRUCTION: Court Enters Wind-Up Order TAY WASTE: Court Enters Wind-Up Order S R I L A N K A SRI LANKA: Committed to Repaying Debt Within 2027-2042 Schedule - - - - - ================= A U S T R A L I A ================= ADVANCED AIRCON: Second Creditors' Meeting Set for March 11 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Advanced Aircon Design and Construct Projects Pty Limited has been set for March 11, 2024 at 11:00 a.m. at Suite 5B, 55 Kembla Street in Wollongong and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 8, 2024 at 5:00 p.m. Stephen John Hundy and Daniel Cvitanovic of Worrells were appointed as administrators of the company on Feb. 5, 2024. AUSTRALIA SALES: Fitch Affirms 'BBsf' Rating on E Debt ------------------------------------------------------ Fitch Ratings has affirmed the ratings of 27 tranches across four Latitude credit card trusts. The transactions are securitisations of Australian and New Zealand credit card receivables originated by Latitude Finance Australia entities. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Australian Sales Finance and Credit Cards Trust A LT AAAsf Affirmed AAAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf Latitude Australia Credit Card Master Trust 2017-VFN LT Asf Affirmed Asf 2019-1 Class A1 AU3FN0050035 LT AAAsf Affirmed AAAsf 2019-1 Class A2 AU3FN0050050 LT AAAsf Affirmed AAAsf 2019-1 Class B AU3FN0050068 LT AAsf Affirmed AAsf 2019-1 Class C AU3FN0050076 LT Asf Affirmed Asf 2019-1 Class D AU3FN0050084 LT BBBsf Affirmed BBBsf 2019-1 Class E AU3FN0050092 LT BBsf Affirmed BBsf 2023-1 Class A1 AU3FN0074944 LT AAAsf Affirmed AAAsf 2023-1 Class A2 AU3FN0074951 LT AAAsf Affirmed AAAsf 2023-1 Class B AU3FN0074936 LT AAsf Affirmed AAsf 2023-1 Class C AU3FN0074928 LT Asf Affirmed Asf 2023-1 Class D AU3FN0074910 LT BBBsf Affirmed BBBsf 2023-1 Class E AU3FN0074902 LT BBsf Affirmed BBsf Latitude New Zealand Credit Card Master Trust 2021-1 A NZLATD1006R4 LT AAAsf Affirmed AAAsf 2021-1 B NZLATD1007R2 LT AAsf Affirmed AAsf 2021-1 C NZLATD1008R0 LT Asf Affirmed Asf 2021-1 D NZLATD1009R8 LT BBBsf Affirmed BBBsf 2021-1 E NZLATD1010R6 LT BBsf Affirmed BBsf New Zealand Sales Finance and Credit Cards Trust A LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf KEY RATING DRIVERS Stable Performance: Gross charge-offs across both Australian trusts averaged 4.0% for the 12 months end-December 2023, while the New Zealand trusts averaged 3.2% over the same period. These remain below Fitch's steady state of 5.25% and 4.25%, respectively. The monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit-card debt, averaged 17.0% in Australia and 12.0% in New Zealand over the past year. Fitch has maintained its MPR steady state at 12.50% for Australia and 9.75% for NZ. Yields increased over the past year across the transactions, averaging 16.6% in Australia and 14.8% in New Zealand. Fitch maintained its gross yield steady state at 13.00% in both countries. The stable outlook is supported by Australia's continued economic growth and tight labour market, despite interest rate hikes during 2022-2023. GDP growth in the year to September 2023 was 2.1% and unemployment was 4.1% in January 2024. Fitch expects GDP to slow to 1.5% in 2024, with unemployment rising to 4.2%. This reflects Fitch's expectation of the impact of China's property downturn in 2024 and lagged effects of tighter monetary policy on consumption. The Stable Outlook for New Zealand is supported by its tight labour market, despite multiple interest rates hikes since October 2021. GDP growth for the year to September 2023 was 1.3% and unemployment was 4.0% in December 2023. Fitch expects GDP growth to slow to 0.6% in 2024, with unemployment of 4.8%, reflecting elevated inflation combined with a slowing in consumer spending. Fitch expects GDP to pick up to 2.2% in 2025 and interest rates to remain at current levels until end-2024. A summary of the steady states and rating stresses for the Australian and New Zealand trusts is shown below: Australia Steady State: Charge-offs: 5.25% MPR: 12.50% Gross yield: 13.00% Purchase rate: 100% New Zealand Steady State: Charge-offs: 4.25% MPR: 9.75% Gross yield: 13.00% Purchase rate: 100% Rating Stresses (Australia and New Zealand): Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x MPR (% decrease): 40% / 35% / 30% / 25% / 20% Gross yield (% decrease): 35% / 30% / 25 % / 20% / 15% Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55% Updated cash flow modelling was not performed for this review, in line with criteria. Originator and Servicer Risk Mitigated: Latitude is a publicly listed company with experience managing large consumer receivable portfolios for more than a decade in Australia and New Zealand. Latitude is not rated by Fitch and servicer risk is mitigated through back-up arrangements. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with other non-bank credit card providers. New Zealand Transactions Rated Above Sovereign's Local-Currency IDR: Structured finance notes can be rated up to six notches above New Zealand's Local-Currency Issuer Default Rating (IDR) of 'AA+', supporting the 'AAAsf' rated notes for the New Zealand transactions. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The performance of the transactions may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivity: Fitch evaluated the sensitivity of the ratings to decreased yields, increased charge-offs and decreased MPRs over the life of the transactions. The model indicates that note ratings are sensitive to an increase in defaults and a reduction in MPRs, with less sensitivity to lower yields. The most recent sensitivities are available in the following: - rating action commentary, published on 7 March 2023; - rating action commentary, published on 22 August 2021; and - rating action commentary, published on 16 January 2020. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An improvement in long-term asset performance, such as decreased charge-offs, increased MPR or increased portfolio yield, driven by a sustainable positive change of underlying asset quality, would contribute to positive revisions in Fitch's asset assumptions. This could have a positive effect on the notes' ratings. Increased credit enhancement ratios, which are able to fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal, would also be positive for the ratings. The most recent sensitivities are available in the following: - rating action commentary, published on 7 March 2023; - rating action commentary, published on 22 August 2021; and - rating action commentary, published on 16 January 2020. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or reviewed origination files as part of its ongoing monitoring. Prior to the transactions closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. HAWKERS BEER: Emerges From Administration ----------------------------------------- The Drinks Business reports that Melbourne's Hawkers Beer has exited administration after creditors approved a financial restructuring of the business. Last month, Hawkers' debts reportedly included AUD1.7 million owed to the Australian Tax Office (ATO). Following news of the debt, the craft beer business, based in Reservoir and trading as Australian Brewers Guild Pty Ltd, appointed administrators in a bid to create a Deed of Company Arrangement (DOCA) proposal to safeguard both the brewery's future while providing the best outcome to creditors. The Drinks Business relates that the DOCA, which has now been signed by creditors, will see Hawkers' management, headed up by its original founder and managing director Mazen Hajjar. Reassuring beer fans and the trade about that situation, Hajjar insisted that "the administration process didn't change the way we operated at all" and reiterated that "beer production and sales have not been impacted," The Drinks Business relays. Noting the support the brewery has received from the trade, Hajjar explained: "After a challenging period for the business, we are grateful that our restructuring proposal was unanimously approved. Through a challenging time for the business, we have been buoyed by the support of our customers and supply partners." He added: "We are confident the restructuring will ensure the business is in a stronger position to compete in challenging market conditions." INTEGRATED TROLLEY: First Creditors' Meeting Set for March 11 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Integrated Trolley Management Pty. Limited will be held on March 11, 2024 at 11:00 a.m. at the offices of HLB Mann Judd at Level 5, 10 Shelley Street in Sydney and via virtual meeting technology. Todd Gammel and Barry Taylor of HLB Mann Judd were appointed as administrators of the company on Feb. 29, 2024. LIBERTY FUNDING 2024-1: Moody's Assigns (P)B2 Rating to F Notes --------------------------------------------------------------- Moody's Investors Service has assigned the following provisional ratings to notes to be issued by Liberty Funding Pty Ltd in respect of Liberty Series 2024-1. Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2024-1 JPY[ ] million Class A1 Notes, Assigned (P)Aaa (sf) AUD43.75 million Class A2 Notes, Assigned (P)Aaa (sf) AUD13.75 million Class B Notes, Assigned (P)Aa2 (sf) AUD11.875 million Class C Notes, Assigned (P)A2 (sf) AUD5.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD10.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD3.125 million Class F Notes, Assigned (P)B2 (sf) The AUD6.25 million Class G Notes are not rated by Moody's. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty, unrated). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of December 2023, Liberty had total receivables of AUD14.2 billion. The transaction features a three month pre-funding period during which additional loans may be sold into the trust, up to the pre-funding amount of AUD117 million, subject to certain portfolio parameters and eligibility criteria being satisfied. The transaction also features a six month substitution period, whereby additional loans can be sold into the portfolio on a monthly basis, subject to portfolio parameters and portfolio performance triggers being satisfied. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- The three month pre-funding period, during which a pre-funded amount of AUD117 million can be used to add new loans to the pool, subject to certain criteria being met; -- The six month substitution period, during which available principal collections may be used to add new loans to the pool, subject to certain criteria being met; -- Evaluation of the capital structure and credit enhancement provided to the notes; -- The liquidity reserve in the amount of 2.0% of the note balance subject to a floor of AUD600,000; -- The experience of Liberty as the servicer; and -- The presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's, the transaction benefits from credit strengths such as subordination to the Class A1 Notes in excess of the Moody's individual loan analysis (MILAN) stressed loss. However, Moody's notes that the transaction features some credit weaknesses such as the three month pre-funding period and the six month substitution period. During the pre-funding and substitution period, new loans can be added to the pool which could lead to a deterioration in the pool quality over time. Portfolio parameters, which align key features of the pre-funding and substitution portfolios with that of the pool at closing, reduce the risk of deterioration. Moody's has taken this into account in the asset analysis. Moody's MILAN stressed loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 4.9%. Moody's median expected loss for this transaction is 0.9%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The notes benefit from a guarantee fee reserve available to cover losses arising from the portfolio and shortfalls in interest payments on the notes. Unfunded at closing, the reserve will build up through the trapping of excess spread up to a maximum of AUD1,875,000, equivalent to 0.30% of the initial invested amount of the notes. -- The Class A1 currency swap with Sumitomo Mitsui Banking Corporation, Tokyo (SMBC, A1/P-1/A1(cr)/P-1(cr)) converts the proceeds from the issue of the Class A1 Notes to Australian dollar and hedges the currency exposure associated with its obligation to pay interest and principal on the Class A1 Notes denominated in Japanese Yen. If the swap provider's counterparty risk assessment falls below A3(cr), the swap provider must post collateral. If the swap provider's counterparty risk assessment falls below Baa1(cr), the swap provider must also use commercially reasonable efforts to either arrange a novation or a guarantee from an entity with a counterparty risk assessment of Baa1(cr) or rated Baa1 or higher. -- Following the substitution period, principal collections will initially be distributed sequentially. At least six months after the last substitution, all notes (including the Class G Notes), may be able to participate in proportional principal collections distribution, subject to the step down conditions being satisfied. The principal paydown will revert to sequential pay once the aggregate invested amount of all notes is less than or equal to 20.0% of the aggregate initial invested amount of all notes on the issue date, or following the payment date in June 2027. Key pool features are as follows: -- The portfolio has a weighted-average seasoning of 19.2 months. -- The portfolio has a weighted average scheduled LTV ratio of 62.8%. -- Around 22.8% of the loans in the portfolio were extended to self-employed borrowers. -- Based on Moody's classifications, 9.6% of the loans in the portfolio were extended on an alternative documentation basis. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations methodology" published in October 2023. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. LIQUOR LOOT: Collapses Into Administration ------------------------------------------ SmartCompany reports that craft spirit subscription service Liquor Loot has called in the administrators, as consumers tighten their discretionary spending and government excises make high-end spirits increasingly expensive. Liquor Loot, formerly Whisky Loot, allows drinkers to sample top-shelf spirits through subscription boxes, tasking packs, and booze-filled advent calendars over the festive season. Founded in 2016 by Sydney entrepreneur Joel Hauer, Liquor Loot provided a new option to discerning drinkers who wanted to try new spirits without shelling out for a full-sized bottle. After bootstrapping for its first two years, Liquorloot acquired AUD400,000 in seed funding in January 2020, just before the COVID-19 pandemic shuttered pubs and bars and changed the way many Australians drink. Its total sales crossed the AUD10 million threshold in August 2022, and Liquor Loot launched an equity crowdfunding campaign in September 2022, seeking as much as AUD3 million to power its potential expansion into the Hong Kong and Singapore markets, SmartCompany discloses. According to SmartCompany, the brand celebrated AUD1 million in sales over November 2022 alone, with Hauer calling it the "culmination of years of hustle" from the growing Liquor Loot team. But trading conditions appear to have turned over 2023, as rising interest rates force consumers, and investors, to be more conservative with their expenditure. The Australian Securities and Investments Commission (ASIC) website stated Liquor Loot Pty Ltd and two related entities this week secured the services of Jirsch Sutherland's Andrew Spring and Trent Devine as joint administrators, SmartCompany discloses. An early assessment of the business suggests it was struggling with cashflow at the time of its administration, Mr. Spring told SmartCompany on March 7. While it boasted seven-figure sales over its life, the business was still in startup mode and leaned on investor support. Broader trends in the brewing, distilling, and alcohol retail sectors have rocked businesses in the past 18 months, too, including the increase in alcohol excises placed on producers and the soaring cost of delivery. Online alcohol retailer BoozeBud tapped its own administrators in May last year, followed by the digital gin retailer Gintonica, which collapsed in June. But the core Liquor Loot business seems strong, said Mr. Spring, who currently intends to trade the business through the administration process. MORTGAGE HOUSE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS Osmium Series 2024-1. Mortgage House RMBS Osmium Series 2024-1 is a securitization of residential mortgages originated by Mortgage House of Australia Pty Ltd. The ratings reflect: -- S&P's view of the credit risk of the underlying collateral portfolio, including its view that the credit support provided to each class of notes is commensurate with the ratings assigned. Credit support for the rated notes comprises note subordination, lenders' mortgage insurance on 2.00% of the loans in the portfolio, and excess spread. -- The underwriting standard and centralized approval process of the seller, Mortgage House of Australia. -- S&P's expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 1.5% of the outstanding balance of the notes and principal draws are sufficient under our stress assumptions. -- The benefit of a fixed- to floating-rate interest-rate swap provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. Ratings Assigned Mortgage House Capital Mortgage Trust No.1 – Mortgage House RMBS Osmium Series 2024-1 Class A1-S, A$150.00 million: AAA (sf) Class A1-L, A$450.00 million: AAA (sf) Class A2, A$77.25 million: AAA (sf) Class B, A$22.50 million: AA (sf) Class C, A$19.13 million: A (sf) Class D, A$13.12 million: BBB (sf) Class E, A$8.25 million: BB (sf) Class F, A$5.25 million: B (sf) Class G1, A$2.25 million: Not rated Class G2, A$2.25 million: Not rated MSA LABOUR: Second Creditors' Meeting Set for March 12 ------------------------------------------------------ A second meeting of creditors in the proceedings of MSA Labour Pty Ltd has been set for March 12, 2024 at 10:00 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via Zoom videoconferencing. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 11, 2024 at 4:00 p.m. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Feb. 7, 2024. ONEWORLD COLLECTION: Second Creditors' Meeting Set for March 11 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Oneworld Collection Pty Limited and Oneworld Retail Pty Limited has been set for March 11, 2024 at 3:00 p.m. and via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 8, 2024 at 5:00 p.m. Antony Resnick and Suelen McCallum of dVT Group were appointed as administrators of the company on Feb. 5, 2024. SERENITY CONCEPTS: Second Creditors' Meeting Set for March 12 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Serenity Concepts Pty Ltd has been set for March 12, 2024 at 11:30 a.m. via a Zoom videoconferencing facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 8, 2024 at 4:00 p.m. Grahame Ward and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on Feb. 5, 2024. ========= C H I N A ========= CHINA EVERGRANDE: To Work Towards Resumption of Trading in HK ------------------------------------------------------------- The Standard reports that China Evergrande said it will work towards a resumption of trading in its shares after receiving guidance from the Hong Kong bourse. Trading in Evergrande's shares will continue to be suspended until further notice, it said in a filing, The Standard relates. The Standard says the guidance requires the developer to have the winding up order against it withdrawn or dismissed, show its compliance with listing rules, and inform the market of all material information, among others. The stock exchange could cancel its listing if Evergrande does not resume trading by July 28 next year. The Standard meanwhile reports that Hengda Real Estate, a mainland unit of Evergrande was ordered to pay CNY150 million, bringing the total enforcement amount to CNY45 billion. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. The court appointed Alvarez & Marsal as provisional liquidators. FOSUN INT'L: Tourism Unit Says Reviewing Business Portfolio ----------------------------------------------------------- Reuters reports that Fosun Tourism Group said on March 7 it was reviewing its business portfolio, in response to a Reuters report that it was exploring the sale of a hotel resort. Fosun International is looking to sell all or part of its luxury resort Atlantis in southern China as part of its efforts to reduce debt, Reuters reported on March 5 citing sources. Fosun's Hong Kong-listed unit Fosun Tourism Group owns the resort. "Fosun Tourism consistently reviews and optimises its business portfolio, focuses on the growth of core businesses, and will continue to strengthen operational capabilities," the tourism company said in a statement. "The company's business is operating well with stable financial condition," it added. Fosun Tourism accounts for 9% of Fosun International's overall revenue, Yicai notes. Its other main asset is Club Med and sources have said it is also exploring the sale of a minority stake in the luxury resort chain, Reuters reported last month. The Fosun International conglomerate's other businesses span healthcare, financial services and property. About Fosun International Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As reported in the Troubled Company Reporter-Asia Pacific in early June 2023, S&P Global Ratings revised its rating outlook to stable from negative on Fosun International Ltd. At the same time, S&P affirmed its long-term issuer and issue credit ratings on Fosun at 'BB-'. The stable rating outlook reflects S&P's expectation of moderating refinancing risk and further deleveraging via asset recycling over the next 12-18 months. HUMAN HORIZONS: Founder to Countersue After Denying Infringement ---------------------------------------------------------------- Yicai Global reports that after being sued by his former employer Faraday Future Intelligent Electric for alleged infringement of its trade secrets and unfair competition, the founder of China's Human Horizons Technology dismissed the accusations and said he will file a defamation lawsuit against Jia Yueting, who set up the US carmaker. Ding Lei, Human Horizons, and HiPhi, its troubled HiPhi electric vehicle marque, have never infringed on the trade secrets and intellectual property rights of Faraday Future or Leshi Internet Information and Technology, an online video company also set up by Jia, Ding said on March 5, Yicai relays. HiPhi's electric vehicle models are developed independently from scratch, he said. Ding, who is also chairman of Shanghai-based Human Horizons, was previously an executive at Chinese auto giant SAIC Motor and Leshi's vehicle arm, according to Yicai. Jia smeared Ding, Human Horizons, and HiPhi by using words such as "plagiarize," "steal," "crime," and "shame," Ding said in a statement, noting that they will take him to court for infringing their reputations. According to documents filed with a court in the Chinese city of Shenzhen on March 5, Faraday Future demands that Human Horizons and Ding immediately halt their infringement of trade secrets related to the California-based firm's flagship car, the FF91, and pay compensation, Yicai relates. Jia said on Weibo March 5 that Faraday Future had filed suit against Ding and Human Horizons for their illegal and criminal behavior in stealing and infringing its intellectual property rights, technical data, and trade secrets after a lengthy investigation and preparation. Ding founded Human Horizons in August 2017 and is said to have brought a group of core staff members and some materials from his old company, Letv Automobile, where he was chief executive for China and the Asia-Pacific region, Securities Times reported last month. Jia is global chairman of Letv Automobile. Jia dismissed Human Horizons as "a disgrace to the industry" last month when the EV startup, which is teetering on the brink of bankruptcy, said it was suspending production for six months. Ding expressed his shock and anger at what Jia said. HiPhi has four electric car models in the market and shipped 5,142 autos between starting deliveries in 2021 and March 11, 2022. That was many more than Faraday Future, which had only delivered 10 cars as of the end of last year, despite the FF91 being nine years in the making. About Human Horizons Headquartered in Shanghai, China, Human Horizons Technology -- https://www.human-horizons.com/ -- makes electric cars under the HiPhi brand and develops autonomous driving technology. It operates its production and assembly smart plant in Yancheng, Jiangsu Province, and its parts boutique prototype factory in Jinqiao, Shanghai. As reported in the Troubled Company Reporter-Asia Pacific on March 4, 2024, Human Horizons, the struggling Chinese maker of HiPhi-branded premium electric vehicles, is encouraging employees to leave voluntarily with financial incentives. According to Yicai Global, employees who decide to go will be paid an equivalent of one month's salary for each past year of service, the Shanghai-based producer of new energy vehicles announced on Feb. 29. Workers can join the program by March 1 and all transfers are scheduled by September. On Feb. 18, Human Horizons announced that it would suspend production for at least six months due to its distressed capital chain. On Feb. 22, founder Ding Lei said that the startup has three months to save itself and that many companies have shown interest in acquiring or investing in it, Yicai relates. JINGBO TECHNOLOGY: Changes Fiscal Year End to Last Day of February ------------------------------------------------------------------ Jingbo Technology, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Feb. 28, 2024, the board of directors of the Company, in accordance with the Company's bylaws, approved a change in the Company's fiscal year end from May 31 to the last day of February, effective immediately for the current fiscal year, and for all subsequent years until such time as the Board resolves to amend such fiscal year end. The Company will file a transition report on Form 10-KT covering the transition period from June 1, 2023, to Feb. 29, 2024. About Jingbo Technology Jingbo Technology, Inc. (formerly known as Savmobi Technology, Inc.) provides software solutions. The Company designs and builds an online marketing platform for users to manage and monitor promotions. Singapore-based Pan-China Singapore PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Oct. 2, 2023, citing that the Company had incurred substantial losses during the year, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. JINGBO TECHNOLOGY: Name Change, Reverse Stock Split Take Effect --------------------------------------------------------------- Jingbo Technology, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission of the Financial Industry Regulatory Authority's announcement of the Company's name change and reverse stock split, which became effective on Feb. 9, 2024. The Common Stock is quoted for trading on the OTC Markets Inc. OTC Pink Market under the symbol "SVMB." The change in the shares became effective at the open of business on Feb. 9, 2024, under a new symbol "SVMBD," with the "D" to be removed in 20 business days and the symbol to change back to "SVMB." On March 8, 2023, the Company changed its name from Savmobi Technology, Inc. to Jingbo Technology, Inc. by filing a certificate of amendment with the Nevada Secretary of State. On Dec. 14, 2023, the sole director of Jingbo Technology (f/k/a Savmobi Technology, Inc., approved a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share, at a ratio of 1-for-200. Under Nevada Revised Statutes ("NRS") Section 78.207, the Company may decrease its authorized shares of Common Stock and correspondingly decrease its number of issued and outstanding shares of Common Stock by resolution adopted by the board of directors, without obtaining the approval of the stockholders. The Reverse Stock Split was effected by the Company filing a Certificate of Change pursuant to NRS Section 78.209 with the Secretary of State of the State of Nevada on Feb. 5, 2024. As a result of the filing of the Certificate, the number of shares of the Company's authorized Common Stock was reduced from 10,000,000,000 shares to 50,000,000 shares and the issued and outstanding number of shares of the Company's Common Stock was correspondingly decreased to 5,309,500. There was no change to the par value of the Company's Common Stock. Split Adjustment; Treatment of Fractional Shares: The total number of shares of Common Stock held by each stockholder of the Company will be converted automatically into the number of shares of Common Stock equal to (i) the number of issued and outstanding shares of Common Stock held by each such stockholder immediately prior to the Reverse Stock Split, divided by (ii) 20, with such resulting number of shares rounded up to the nearest whole share upon the effectiveness of the Reverse Stock Split. The Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. As a result, no fractional shares will be issued in connection with the Reverse Stock Split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. Certificated and Non-Certificated Shares: Stockholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts. Stockholders holding paper certificates may (but are not required to) send the certificates to the Company's transfer agent and registrar, Transfer Online, Inc. at the address set forth below. Transfer Online, Inc. will issue a new stock certificate reflecting the Reverse Stock Split to each requesting stockholder. Transfer Online, Inc. 512 SE Salmon St. Portland, OR 97214 Capitalization: The Reverse Stock Split has no effect on the par value of the Common Stock. Immediately after the Reverse Stock Split, each stockholder's percentage ownership interest in the Company and proportional voting power will remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares. The rights and privileges of the holders of shares of Common Stock will be substantially unaffected by the Reverse Stock Split. About Jingbo Technology Jingbo Technology, Inc. (formerly known as Savmobi Technology, Inc.) provides software solutions. The Company designs and builds an online marketing platform for users to manage and monitor promotions. Singapore-based Pan-China Singapore PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Oct. 2, 2023, citing that the Company had incurred substantial losses during the year, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= DILIP CHHABRIA: Liquidation Process Case Summary ------------------------------------------------ Debtor: Dilip Chhabria Design Pvt. Ltd Registered Address: Keytou Industrial Area Kondivita Road, MIDC, Andheri East, Mumbai, Maharashtra 400059 Factory Office Address: 128/A, Sanghavi Compound, Old Mumbai Pune Road, Chinchwad, Pune-411019, Maharashtra - and - Siyat House, 42, Milestone, Delhi Jaipur NH-R-8, Kirki Dhaula, Gurgaon-122 003, Haryana Liquidation Commencement Date: October 11, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Jigar P. Shah B/801 Gopal Place, Nr. Shiromani Complex, Nehrunagar Cross Road, Nehrunagar, Ahmedabad-380015 Email: ip.jigar@gmail.com Email: liq.dcdesign@gmail.com Last date for submission of claims: February 11, 2024 IVANTI SOFTWARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: M/s. Ivanti Software India Private Limited Unit 4A, Level 2, Block-B, 65/2, Bagmane Laurel Bagmane Tech Park, C.V. Raman Nagar, Byrasandra, Bangalore-560093 Liquidation Commencement Date: January 20, 2024 Court: National Company Law Tribunal, Bangalore Bench Liquidator: Viswanathan Rajagopalan Plot No.4, 1/787A, Deivanai Nagar, II Street, Madipakkam, Chennai-600091, Tamil Nadu Email: viswanathan.irp@gmail.com Mobile: 63792 52059 Last date for submission of claims: February 19, 2024 JAYPEE INFRATECH: NCLAT Directs YEIDA, Suraksha to Settle Issues ---------------------------------------------------------------- The Economic Times reports that insolvency appellate tribunal NCLAT on March 6 gave an ultimatum and said that if the issues between Yamuna Expressway Industrial Development Authority (YEIDA) and Suraksha group over Jaypee Infratech are not settled by the second week of April then it would proceed ahead. In March last year, the National Company Law Tribunal (NCLT) cleared Suraksha group's resolution plan, but the process is yet to make much progress as the Yamuna Expressway Industrial Development Authority (YEIDA) and Jaiprakash Associates have filed petitions before the National Company Law Appellate Tribunal (NCLAT) challenging the approval, according to ET. Jaiprakash Associates is the original promoter of Jaypee Infratech, which entered into insolvency resolution process in 2017. In the last hearing on February 19, YEIDA had submitted that the proposal received from Suraksha group has been placed before the Uttar Pradesh Government and the same is under consideration, ET says. However, during the proceedings held on March 6, YEIDA's counsel informed that the proposal submitted by SRA (successful Resolution Applicant) Suraksha group is still under consideration by the State Government and no final decision has yet been taken. ET relates that the counsel also submitted that within a short period that should be finalised. He further submitted that NCLAT may take its appeal after the second week of April by that time all issues between the YIEDA and SRA should be settled and if not settled by that time, the Appeal should be heard on merit on the next date. On this NCLAT said: "We make it clear that even if by the next date, no settlement is brought on record, Appeal shall be proceeded to be heard on merits. We also make it clear that it shall be open for the SRA to proceed and continue to implement the plan and the construction. Moreover, the appellate tribunal has also directed the Monitoring Committee, which has been set up to oversee the insolvency process, to file a status within two weeks, ET says. According to ET, the direction came over following the request of counsel appearing for Monitoring Committee, which consists of Interim Resolution Professional (IRP) and two representatives from Suraksha Realty, one individual representing the institutional financial creditors and an official representative of homebuyers. During the proceedings, counsel appearing for home buyers submitted that the project has not yet been started by the SRA although there is no interim order in any appeal for not proceeding with the project. ET notes that the implementation of Suraksha group's resolution plan would come as a major relief for more than 20,000 homebuyers who have invested in Jaypee Infratech projects. According to IMC's latest newsletter for giving key updates/ developments to homebuyers and fixed deposit holder, Suraksha group has informed that it has submitted a proposal for an amicable solution to YEIDA for the greater benefit of all stakeholders of Jaypee Infratech, ET relays. The stakeholders include more than 20,000 homebuyer families who have been waiting for their homes for the past 10 to 12 years, and around 10,000 farmer families, the report adds. About Jaypee Infratech Jaypee Infratech Limited (JIL) is engaged in the real estate development. The Company's business segments include Yamuna Expressway Project and Healthcare. The Company's Yamuna Expressway Project is an integrated project, which inter alia includes construction of 165 kilometers long six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Company provides operation and maintenance of Yamuna Expressway for over 36 years, collection of toll and the rights for development of approximately 25 million square meters of land for residential, commercial, institutional, amusement and industrial purposes at over five land parcels along the expressway. The Healthcare business segment includes hospitals. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. JIL features in the Reserve Bank of India's first list of non-performing assets accounts and had debt exposure of over INR9,783 crore as of September 2017. The parent company, Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to various banks. On Aug. 8, 2017, the National Company Law Tribunal (NCLT), Allahabad bench accepted lender IDBI Bank's plea and classified JIL as an insolvent company. With this, the board of directors of the company remains suspended. Anuj Jain was appointed as Interim Resolution Professional (IRP) to manage the company's business. The IRP had invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida. In June 2021, the Committee of Creditors (CoC), which is made up of banks and homebuyers, gave the Suraksha group authorization to acquire JIL. In March 2023, the National Company Law Tribunal (NCLT) authorised the group's bid to acquire JIL and complete construction about 20,000 flats across various projects in the national capital region. MADHYA PRADESH: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: M/s. Madhya Pradesh Jaypee Minerals Limited Jaypee Nagar Rewa, Madhya Pradesh-486450 Liquidation Commencement Date: January 17, 2024 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Amit Agrawal H-63, Vijay Chowk, Laxmi Nagar, Delhi-110092 Email: amitagcs@gmail.com Phone: 01143019279 Last date for submission of claims: February 16, 2024 NECTAR LOYALTY: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Nectar Loyalty Management India Limited A-503, Holy Plaza CHS Ltd, Noopur Complex, Mira Road (E), Near Sheetal Nagar, Thane Maharashtra-401107 Liquidation Commencement Date: January 22, 2024 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Manish Gupta 207, Suchet Chambers, 1224/5, Bank Street, Near Faiz Road, Karol Bagh, New Delhi-110005 Contact No: +91 92122 21110 Email: liquidation.nectar@gmail.com manish@rmgcs.com Last date for submission of claims: February 21, 2024 ONKAR BUS: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: The Onkar Bus Service Limited 771 Mota Singh Nagar, Jalandhar 144001 Liquidation Commencement Date: December 22, 2023 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Rajesh Dhwan 88, Akash Avenue, Fatehgarh Churian Road, Amritsar Email: rdshivam@yahoo.co.uk Mobile: 9814049497 Last date for submission of claims: January 20, 2024 SATRA PROPERTIES: NCLT Rejects Vistra ITCL's Plea for Add'l. Claim ------------------------------------------------------------------ The Economic Times reports that the National Company Law Tribunal (NCLT) dismissed an application filed by Vistra ITCL to direct the resolution professional (RP) of Satra Properties India to include its additional claim of INR51 crore that would have taken its total admitted claim to over INR131 crore. According to ET, Vistra informed the bankruptcy court that the RP had partially rejected the lenders' financial claim, which should have been admitted in its entirety. Currently, the admitted amount against Satra Properties is around INR386 crore, wherein Vistra has a 22.25% voting share with admitted dues worth INR79 crore. Calculation of interest on outstanding non-convertible debentures (NCDs) formed a key component of the matter. In its application, Vistra argued that originally, it had agreed with Satra Properties to lend the funds at 18% interest per annum; however, the RP has calculated its dues at a lower revised rate of 9%, ET relates. ET says the dispute centred around whether failure to redeem the NCDs would revive the original interest rate of 18% or if the reduced rate of 9% would continue to apply. Appearing for the RP, advocate Pulkit Sharma argued that if both parties intend to revoke the 9% interest rate and revive it at 18%, it would have been expressly specified in the agreement as it was mentioned when interest was reduced from 18% to 12%. The specific non-mentioning of the clause in the subsequent agreement clearly establishes the intention between the parties, Sharma said. ET relates that the Mumbai bench of NCLT examined communication between the parties and noted that while the initial agreement allowed for penal interest at the rate of 6% in case of default, subsequent communications reducing the interest rate did not mention any provision for penal interest. The bankruptcy court interpreted this omission as indicating that penal interest could not be levied for delay in redeeming the debentures. The tribunal emphasised that since there was no stipulation for penal interest in the revised agreement, the priority of dues prevailed, and penal interest could not be levied. STRATEGIC INFOSYSTEMS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Strategic Infosystems Private Limited G-4, Capstone, Opp. Chirag Motors, Sheth Mangaldas Road, Ellisbridge Ahmedabad Ahmedabad GJ 380006 India Liquidation Commencement Date: January 16, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Trupalkumar Patel C/505, The First, B/H ITC Narmada, Nr. Keshavbaug Party Plot, Vastrapur, Ahmedabad-380015 Email: trupal.ip@gmail.com Last date for submission of claims: February 14, 2024 VARIMAN FITNESS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Variman Fitness Private Limited No.7, 2nd & 3rd Floor, "Maruthi Arcade", 80 Ft Road, Koramangala, 7th Block, Bangalore-560 034 Liquidation Commencement Date: January 27, 2024 Court: National Company Law Tribunal, Bangalore Bench Liquidator: Ravi Sankar Devarakonda No. 41/1, 2nd Floor, 11th Cross, 8th Main, Jayanagar 2nd Block, Bangalore-560011 Mobile: 9844102554 Mobile: 9341979634 Email: ravicacsma@icai.org Last date for submission of claims: February 26, 2024 ========= J A P A N ========= ARCH FINANCE 2007-1: Moody's Ups Rating on JPY12BB Notes to Ba1(sf) ------------------------------------------------------------------- Moody's Japan K.K. has upgraded to Ba1 (sf) from Ba2 (sf) the rating on Arch Finance Limited's repackaged notes. The affected rating is as follows: Arch Finance Limited Series 2007-1 Reverse Dual Currency Loan JPY12,363,538,000 Series 2007-1, Upgraded to Ba1 (sf); previously on May 9, 2022 Upgraded to Ba2 (sf) RATINGS RATIONALE The rating action follows Moody's rating action on the collateral on Feb 29, 2024. The rating on the collateral has been upgraded by one notch. The rating of the notes mainly reflect the credit quality of the collateral asset, the credit quality of the swap counterparty, and the strength of the transaction structure. If the rating on the collateral asset or swap counterparty change, the rating on the notes may also change. The principal methodology used in this rating was "Repackaged Securities Methodology (Japanese)" published in June 2023. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to a rating downgrade or upgrade are a deterioration or improvement in the credit quality of the collateral asset and the swap counterparty. ===================== N E W Z E A L A N D ===================== ELE SECURITY: Deloitte Appointed as Receivers and Managers ---------------------------------------------------------- David Sean Webb and Robert Edward Campbell of Deloitte on March 7, 2023, were appointed as receivers and managers of Ele Security Limited. The receivers and managers may be reached at: Deloitte Level 20, Deloitte Centre 1 Queen Street Auckland 1010 MCMLXX LIMITED: Court to Hear Wind-Up Petition on April 18 ---------------------------------------------------------- A petition to wind up the operations of MCMLXX Limited will be heard before the High Court at Christchurch on April 18, 2024, at 10:00 a.m. Team Build Limited filed the petition against the company on Feb. 12, 2024. The Petitioner's solicitor is: Josh Taylor Callum Martin Wynn Williams, Lawyers Level 5, Wynn Williams House 47 Hereford Street Christchurch 8013 NEW ZEALAND CARPENTRY: Placed Into Liquidation ---------------------------------------------- The Timaru Herald reports that a Timaru-based building company has been put into liquidation following an application by the company which owns Mitre 10 Mega stores in the central South Island. Ian Shephard and Jessica Kellow, of BDO Wellington, were appointed as liquidators of New Zealand Carpentry Limited by order of the High Court on February 26, The Timaru Herald discloses. The sole director of the company, Joshua Drummond, is listed as a 90% shareholder. The applicant was W.H. Collins & Co Ltd, which trades as Mitre 10 Mega Ashburton, Timaru and Oamaru. The liquidators have given notice to creditors that they have until April 19, 2024 to lodge any claim, the report adds. NZ PACIFIC: Creditors' Proofs of Debt Due on April 5 ---------------------------------------------------- Creditors of NZ Pacific Food Pantry Limited are required to file their proofs of debt by April 5, 2024, to be included in the company's dividend distribution. The High Court at Auckland appointed Pritesh Patel of Patel & Co as liquidators on March 1, 2024. OUTDOORHQ LIMITED: Court to Hear Wind-Up Petition on March 14 ------------------------------------------------------------- A petition to wind up the operations of OutdoorHQ Limited will be heard before the High Court at Christchurch on March 14, 2024, at 10:00 a.m. Key Software Services Pvt Limited filed the petition against the company on Jan. 23, 2024. The Petitioner's solicitor is: Sarah Roberts Hatherly Loughnan 19 Marshland Road Shirley Christchurch PILOT TRANSPORT: Creditors' Proofs of Debt Due on April 2 --------------------------------------------------------- Creditors of Pilot Transport Limited are required to file their proofs of debt by April 2, 2024, to be included in the company's dividend distribution. The High Court at Auckland appointed Steven Khov and Kieran Jones of Khov Jones Limited as liquidators on March 1, 2024. ================= S I N G A P O R E ================= AVENUS SERVICES: Court to Hear Wind-Up Petition on March 22 ----------------------------------------------------------- A petition to wind up the operations of Avenus Services Pte Ltd will be heard before the High Court of Singapore on March 22, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 1, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 CHILL CORNER: Court to Hear Wind-Up Petition on March 22 -------------------------------------------------------- A petition to wind up the operations of Chill Corner @ Syed Alwi Pte Ltd will be heard before the High Court of Singapore on March 22, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 1, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 DWS OFFSHORE: Commences Wind-Up Proceedings ------------------------------------------- Members of DWS Offshore Pte Ltd on Feb. 29, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Yiong Kok Kong 180 Cecil Street #12-04 Singapore 069546 LOGISTICS CONSTRUCTION: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on March 4, 2024, to wind up the operations of Logistics Construction Pte. Ltd. The company's Judicial Manager is: Ellyn Tan Huixian c/o Mazars Consulting 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 TAY WASTE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Feb. 23, 2024, to wind up the operations of Tay Waste Recycling Pte. Ltd. and Tay Waste Recycling Pte. Ltd. The company's liquidators are: David Dong-Won Kim Cameron Lindsay Duncan Kordamentha Pte Ltd 16 Collyer Quay #30-01 Collyer Quay Centre Singapore 049318 ================= S R I L A N K A ================= SRI LANKA: Committed to Repaying Debt Within 2027-2042 Schedule --------------------------------------------------------------- Reuters reports that Sri Lanka is committed to repaying its debt within the 2027-2042 schedule, President Ranil Wickremesinghe said on March 6, adding that successful debt restructuring negotiations will bring annual external debt payments down to 4% of GDP. The island nation defaulted on its foreign debt in May 2022 after its economy ran into an unprecedented financial crisis triggered by a severe foreign exchange shortage. According to Reuters, Sri Lanka kicked off negotiations with its creditors after securing a $2.9 billion bailout from the International Monetary Fund (IMF) in September 2022 but has still to reach an agreement with private bondholders. The country reached an agreement with its bilateral creditors including India, China and Japan last November. Sri Lanka is likely to stay in default until 2027 President Ranil Wickremesinghe told parliament, which would allow time for the island nation to rebuild its economy and return to international financial markets to raise funds to resume debt repayments, Reuters relays. "Sri Lanka's economy commenced its revival in the third quarter of 2023 and international financial institutions have forecast a potential economic growth ranging from 2% to 3% for 2024," he told lawmakers, notes the report. "If government revenue can be maintained at a substantial level then debt servicing will not impose a burden on the country." Sri Lanka's foreign reserves, which stood at less than $20 million in April 2022 at the height of the country's crisis, have been rebuilt to over $3 billion, Wickremesinghe added. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April last year as the worst financial crisis since independence from Britain in 1948 crushed its economy. As reported in the Troubled Company Reporter-Asia Pacific in early October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. The Long-Term Foreign-Currency IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'. The Short-Term Local-Currency IDR has been downgraded to 'RD' from 'C' following the exchange of treasury bills held by the central bank and subsequently upgraded to 'C' in line with the Sovereign Rating Criteria, as Fitch believes the local-currency debt exchange has now been completed. ********* 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. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. 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. *** End of Transmission ***