251231.mbx

251231.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 31, 2025, Vol. 28, No. 261 Headlines A U S T R A L I A BEARE GROUP: First Creditors' Meeting Set for Jan. 6 CHEAP AS CHIPS: Collapses Into Administration FOX IN THE BOX: First Creditors' Meeting Set for Jan. 7 SLAT FENCING: Second Creditors' Meeting Set for Jan. 6 TKM PROPERTY: First Creditors' Meeting Set for Jan. 6 C H I N A BEIJING JINGCHENG: Unit Placed Under Court-Appointed Insolvency I N D I A ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating ANANDA BHARATHI: Liquidation Process Case Summary ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating BABA PURAN: CARE Keeps C Debt Rating in Not Cooperating Category ESHAKTI.COM PRIVATE: Liquidation Process Case Summary LORD SHIVA: CARE Keeps D Debt Rating in Not Cooperating Category M G KITCHENWARE: CARE Keeps B- Debt Rating in Not Cooperating MAA BHAGAWATI: CARE Lowers Rating on INR7.13cr LT Loan to B- MADHUBARI TEA: CARE Keeps C Debt Rating in Not Cooperating MAHALAXMI OIL: CARE Keeps B- Debt Rating in Not Cooperating MULTILAND ELECTRONICS: CARE Keeps B- Rating in Not Cooperating N. SRIKANTH: CARE Keeps B- Debt Rating in Not Cooperating Category NAVKAR URBANSTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating POPULAR AUTO: CARE Keeps C Debt Rating in Not Cooperating Category RECHARGEKIT FINTECH: NCLAT Revives Culver Max Insolvency Plea SAVIOUR MINES: CARE Keeps D Debt Rating in Not Cooperating SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating SRIKANTH INTERNATIONAL: CARE Keeps D Rating in Not Cooperating SRINIVASA COTTON: CARE Keeps B- Debt Rating in Not Cooperating SYSKA LED: Insolvency Draws Four Bidders, Including Mutares Group VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating N E W Z E A L A N D ANCZ LIMITED: Grant Thornton Appointed as Receivers EDUCATUM LIMITED: Creditors' Proofs of Debt Due on Feb. 16 HEART RECRUITMENT: Creditors' Proofs of Debt Due on Jan. 30 SENIOR MOVE: Creditors' Proofs of Debt Due on Jan. 10 S I N G A P O R E 1AXIS PRESTIGE: Court to Hear Wind-Up Petition on Jan. 16 GENONEFIVE PTE: Commences Wind-Up Proceedings MACH ACCESSORIES: Court to Hear Wind-Up Petition on Jan. 9 WS CAR: Court to Hear Wind-Up Petition on Jan. 2 S O U T H K O R E A HOMEPLUS CO: Moves to Sell Express Unit in Rehabilitation Plan X X X X X X X X [] SI GROUP: Completes Recapitalization, Cuts Debt by $1.7 Billion - - - - - ================= A U S T R A L I A ================= BEARE GROUP: First Creditors' Meeting Set for Jan. 6 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Beare Group Pty Ltd will be held on Jan. 6, 2026, at 10:00 a.m. via virtual meeting. Anne Meagher at SV Partners was appointed as administrator of the company on Dec. 22, 2025. CHEAP AS CHIPS: Collapses Into Administration --------------------------------------------- The Australian Financial Review reports that Cheap as Chips, a major discount retailer controlled by private equity firm Alceon, has collapsed into administration and will be acquired by one of its biggest rivals. Administrators from WLP Restructuring have taken control of the retailer on a day-to-day basis, and will oversee the sale of the business, the Financial Review relates. Cheap as Chips has hundreds of employees and runs stores in South Australia, Victoria and NSW. The administrators said 44 of the 47 stores will remain open if the proposal from Choice The Discount Store proceeds. Staff in the stores will keep their jobs, although redundancies are likely at head office, the Financial Review relays. The Financial Review says the buyout continues the reshuffle in the discount retailing sector. The Reject Shop left the ASX after two decades after agreeing to a AUD259 million takeover bid from Canadian discount giant Dollarama this year. Dollarama aims to double the number of The Reject Shop stores in the country to around 700. Cheap as Chips, with its headquarters in Adelaide, reported a heavy loss of AUD34.9 million for the 12 months to the end of June last year, its last set of accounts lodged with the corporate regulator showed. The company has appointed WLP partners Glenn Livingstone, Benjamin Ho and Nicholas Charlwood as voluntary administrators, the Financial Review discloses. The three stores that will close are in Albury in NSW, Wonthaggi in Victoria and Windsor Gardens in suburban Adelaide. The Financial Review adds that WLP, in a statement, said the appointment follows a challenging trading period for the business due to funding constraints and increased local and international competition. The formal administration process will provide a pathway to independently assess the sale terms entered into with Choice The Discount Store prior to the appointment, and to restructure the company's financial obligations, which are part of the conditions of the sale, Mr. Livingstone said. "Our immediate focus is on working with creditors, management, staff and the Purchaser to ensure continuity of operations and employment, while examining the proposed transaction," he added. No other store closures are expected during the appointment period. Alceon acquired a controlling stake in Cheap as Chips in 2016. Choice The Discount Store operates 35 outlets in Queensland, northern NSW and Victoria, and was established in 1996. "The administrators will honour 'chippie rewards' loyalty benefits and gift cards on a dollar-for-dollar spend basis during the Administration process, up until January 31. We encourage all customers to redeem these rewards before they expire," The Financial Review quotes Mr. Livingstone as saying. FOX IN THE BOX: First Creditors' Meeting Set for Jan. 7 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Fox in the Box Pty Ltd, trading as Fat Bob's Bar and Grill, will be held on Jan. 7, 2026, at 11:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Dec. 23, 2025. SLAT FENCING: Second Creditors' Meeting Set for Jan. 6 ------------------------------------------------------ A second meeting of creditors in the proceedings of Slat Fencing Online Pty Ltd has been set for Jan. 6, 2026, at 2:30 p.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Suite 6.02, Level 6, 109 St Georges Terrace, in Perth, WA. 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 Jan. 5, 2026 at 4:00 p.m. Clifford Rocke and David Hurt of WA Insolvency Solutions were appointed as administrators of the company on Nov. 27, 2025. TKM PROPERTY: First Creditors' Meeting Set for Jan. 6 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - TKM Property Pty Ltd; - TKM 002 Pty Ltd; - TKM 003 Pty Ltd; - TKM 004 Pty Ltd; and - TKM 005 Pty Ltd; will be held on Jan. 6, 2026, at 10:00 a.m. via teleconference facility. Timothy Cook of Balance Insolvency was appointed as administrator of the company on Dec. 23, 2025. ========= C H I N A ========= BEIJING JINGCHENG: Unit Placed Under Court-Appointed Insolvency --------------------------------------------------------------- TipRanks.com reports that Beijing Jingcheng Machinery Electric Company Limited announced that its subsidiary Beijing Tianhai Cryogenic Equipment Co., Ltd., which is subject to a creditor-initiated liquidation process, has received a court decision appointing East & Concord Partners (Beijing) as the manager in the insolvency proceedings. TipRanks.com relates that the Beijing No. 1 Intermediate People's Court, in accordance with China's Enterprise Insolvency Law and relevant judicial provisions, selected the firm by lot and designated Suo Shiyu as the person in charge, granting the manager broad powers over Tianhai Cryogenic's assets, operations, financial review, litigation representation and the convening of creditors' meetings. This appointment formalizes oversight of the subsidiary's liquidation case, clarifies governance and procedural responsibilities during insolvency, and marks a key step in the judicial process that will shape outcomes for creditors and potentially impact the parent company's asset recovery and restructuring options. Beijing Jingcheng Machinery Electric Company Limited manufactures and sells gas storage and transportation equipment in the People's Republic of China and internationally. It primarily offers liquefied natural gas (LNG) cylinders for vehicles, compressed natural gas (CNG) cylinders for vehicles, seamless steel gas cylinders, welded insulated cylinders, carbon fiber full-winding compound gas cylinders, ISO tank containers, cryogenic tanks, aluminum carbon fiber full-winding compound gas cylinders for fuel cells, plastic carbon fiber full-winding composite gas cylinders, and filling station equipment; and wrapped cylinders, low-temperature cylinders, low-temperature storage and transportation equipment, etc. ========= I N D I A ========= ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Adithi Automotive Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Bellary (Karnataka) based, Adithi Automotives Private Limited (AAPL) was incorporated in the year 2012. AAPL was promoted by Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. The company is engaged in trading, repairing of light commercial vehicles and trading of spare parts. AAPL is an authorized dealer for Ashok Leyland where the dealership will be renewed every two years and it has 8 showrooms in Hospet, Belgaum and Hubli. Mr. Gonaguntla Jayaprakash, the Managing Director, who has industry experience of more than two decades in automobile industry and manages the day to-day operations of the business. ANANDA BHARATHI: Liquidation Process Case Summary ------------------------------------------------- Debtor: M/s Ananda Bharathi Fertilizers (I) Pvt Ltd Flat No 601, Visista Apartments, Plot No 125 Phase I, Kalyan Nagar Colony, Vengal Rao Nagar, Hyderabad, Telangana 500038 Liquidation Commencement Date: December 3, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: MS Mano Ranjani Flat 122, Vasavi Indraprastha Street 1, Czech Colony, Sanathnagar Hyderabad 500018 Telangana Email: mano3ranjani@gmail.com Email: anandabharathi.cirp@gmail.com Last date for submission of claims: January 2, 2026 ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Atlas Textiles (AT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of AT under the 'issuer non-cooperating' category as AT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 1988 as proprietorship concern and later reconstituted as partnership concern in July 2011, Atlas Textiles (AT) is engaged in manufacturing of readymade garments (mainly knitted and hosiery garments for men, women and kids). AT has two manufacturing facilities located in Tirupur with aggregate installed capacity of 20,000 pieces per day. The entity procures entire raw materials (mainly Yarn, cloth and accessories) from the local market. AT is an exports-oriented firm and exports 100% of its sales to client base in UK, USA, Italy and South Africa. BABA PURAN: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Puran Dass Financials Services Limited (BPDFSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fixed Deposit 3.00 CARE C; Negative; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated March 15, 2018, had placed the rating of BPDFSL under the 'issuer non-cooperating' category, as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPDFSL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls, and an email dated November 15, 2025, November 5, 2025, and October 26, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which, however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating. Reaffirmation in the rating assigned to BPDFSL factors the unavailability of latest financials and other operational information. Analytical approach: Standalone Outlook: Negative CareEdge Ratings had placed entity's long-term rating on Negative outlook in September 2023, and the same is continued due to absence of sufficient information. Detailed description of key rating drivers: Key weaknesses * Small scale of operations with high regional concentration: BPDFSL's scale of operations remains small, with loan portfolio of INR6.02 crore as on March 31, 2024 (vs. INR5.09 crore on March 31, 2023). The company had a single operating office, which was in Ludhiana (update not available). * Moderate income and profitability: BPDFSL's earning profile increased by 5% Y-o-Y, with total income of INR1.16 crore in FY24 against total income of INR1.10 crore in FY23. Latest update is not available. Incorporated in 1995, BPDFSL is registered as a public deposit accepting non-banking finance company (NBFC) with the Reserve Bank of India (RBI). The company is engaged primarily in lending for vehicle financing on hire and purchase basis. The company also provides loans for consumer durables, such as washing machines, television sets, and others. ESHAKTI.COM PRIVATE: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Eshakit.com private limited Registered Office Address: 3rd Floor, Capital Building, No.554/555, Anna Salai, Teynampet, Chennai, Tamil Nadu, India – 600018 Present Communication Address: Eshakti.com Private Limited Workenstein Collaborative Spaces Private Limited, Office No. CW-1, New No.431, Anna Salai, Teynampet, Chennai – 600018 Liquidation Commencement Date: November 27, 2025 Court: National Company Law Tribunal Chennai Bench-I Liquidator: L. Bhadri No.8/12 (Old No.16/12), Kesava Perumal Sannadhi Street, Mylapore, Chennai – 600 004 Email: l.bhadri@gmail.com MMPDA Towers 2nd Floor, No.184 (Old 214), Royapettah High Road, Royapettah, Chennai - 600014 Email: l.bhadri.lqd.eshakti.com@gmail.com Last date for submission of claims: December 31, 2025 LORD SHIVA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lord Shiva Trust (LST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.62 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of LST under the 'issuer non-cooperating' category as LST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Lord Shiva Trust was formed in April 2008 by Mr Anoop Singh, Mr Sanjay Agarwal and Ms Manjari Agarwal (trustees) for establishing, developing and operating educational institutes. The trust began its operations in the academic session (AS) 2009-10 (July 2009) by setting up an engineering college at Mathura, Uttar Pradesh under the name of Eshan College of Engineering (ECE). ECE is approved by AICTE and affiliated to Gautam Budh Technical University (formerly UPTU). Furthermore, the trust had also started diploma courses in the academic session 2012-13 and MBA program in the academic session 2013-14. M G KITCHENWARE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M G Kitchenware (MGK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of MGK under the 'issuer non-cooperating' category as MGK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based, M G Kitchenware (MGK) was established in 2007 as a proprietorship firm by Mr. Manoj Kumar. MGK is engaged in the manufacturing of kitchenware items like Pressure cooker, Aluminum plates, Steel plates, LPG gas stove etc. The firm purchases materials like steel, aluminum, Pressure cooker handles, etc. from the suppliers located in Delhi, Mumbai and Bangalore and sell its final products to the distributors located in Karnataka, Kerala, Andhra Pradesh and Tamil Nadu. The current installed capacity for manufacturing of kitchenware products is 60,000 pieces per month. MAA BHAGAWATI: CARE Lowers Rating on INR7.13cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Maa Bhagawati Re Rolling Mills Private Limited (MBRRMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.13 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of MBRRMPL under the 'issuer non-cooperating' category as MBRRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBRRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MBRRMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Maa Bhagawati Re-Rolling Mills Pvt Ltd (MBRRMPL) was incorporated in November 11, 2009 by Mr. Rajesh Kumar Rajuka and Mr. Ajay Kumar Rajuka. The company has started its operation from July 2011 and the company has been engaged in manufacturing of various steel structures like steel rods, angels, flats, square etc. The manufacturing facility of the company is located at Sundergarh, Odisha with an installed capacity of 90,000 metric tons per annum (MTPA). MADHUBARI TEA: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Madhubari Tea And Agro Industry Private Limited (MTAIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of MTAIPL under the 'issuer non-cooperating' category as MTAIPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. MTAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated on February 15, 2018, Madhubari Tea And Agro Industry Private Limited (MTAIPL), was promoted by Mr. Nani Gopal Paul and Mrs. Shanta Paul, for setting up a CTC tea processing factory in Jalpaiguri, West Bengal. The company is setting up a tea processing factory and the commercial operation of the company was estimated to start from April 2020. MAHALAXMI OIL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahalaxmi Oil Mill (MOM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.03 CARE B-; Issuer Not Cooperating; Facilities Rating continues to remain under not cooperating category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of MOM under the 'issuer non-cooperating' category as MOM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MOM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable MOM is a partnership firm engaged in manufacturing maize oil and maize oil cake used as cattle feed. The partners of the firm are Mr Mansukh Bhagat (65% share), Mr Premchand Patel (15% share), Mr Hitesh Patel (10% share) and Mr Manoj Velani (10% share). The manufacturing facility of the firm is located in Dhansura Taluka of Gujarat with an installed capacity of 100 tonnes crushed per day (TCD). MOM sells its product variants under the brand name of 'Mewad King'. MULTILAND ELECTRONICS: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Multiland Electronics Private Limited (MEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of MEPL under the 'issuer non-cooperating' category as MEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Multiland Electronics Private Limited (MEPL) was established by Mr. S. Purushotham Raju (Managing director), engaged in manufacture of electrical and lighting equipment including indoor, outdoor, industrial and architectural lightings for application in commercial and industrial establishments. MEPL has three associate companies all of them engaged in the business of engineering and civil construction business. N. SRIKANTH: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of N. Srikanth Babu (NSB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of NSB under the 'issuer non-cooperating' category as NSB had failed to provide information for monitoring of the rating as agreed to its Rating Agreement. NSB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vijayawada (Andhra Pradesh) based, N. Srikanth Babu (NSB) was established in the year 2011 by Mr. N. Srikanth Babu. The firm is engaged in the construction and development of commercial township, buildings and construction of residential apartments. NAVKAR URBANSTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Navkar Urbanstructure Limited (NUL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of NUL under the 'issuer non-cooperating' category as NUL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NUL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ahmedabad (Gujarat) based NUL (ISIN number: INE268H01044), incorporated in June 1992; is promoted by Shah Family. NUL is a registered 'AA class' contractor with Government of Gujarat (G-o-G). The company executes the orders for the different departments of G-o-G and other private players. The company is also engaged in the manufacturing of Reinforced Cement Concrete (RCC) Vertical Hume Pipe with production capacity of manufacturing moulds ranging from 300 mm to 1400 mm and ready-mix concrete (RMC) and operates from its manufacturing facilities located at Kheda, Gujarat. POPULAR AUTO: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Popular Auto Distributors (PAD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of PAD under the 'issuer non-cooperating' category as PAD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025, September 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Madurai based Popular Auto Distributors (PAD) is a partnership firm established in 2016 by its partners Mr Deepak Singh Kohli, Mr Gobind Singh Kohli, Mr P Rajesh Kumar and Mr Assish Kumar Jain. It is a part of Chennai based Popular Group which consists of Popular Scooters Private Limited, Popular Motor Cycle Company, and Popular Honda Parts. Currently, the firm is the authorized parts stockiest of TVS Motors Limited in Madurai, Dindugal, Theni, Virudhunagar, Sivagangai, and Ramanathapuram. The group company, Popular Scooters Private Limited has been an authorized dealer for sale of two-wheeler spare parts and lubricants of TVS Motors Limited for over 17 years. From September, 2017, the firm has also been the authorized dealer for Ceat Tyres Limited in Kanyakumari and Tirunelveli. Mr. Rajesh Kumar manages day to day operations of the firm. RECHARGEKIT FINTECH: NCLAT Revives Culver Max Insolvency Plea ------------------------------------------------------------- BW Legal World reports that the National Company Law Appellate Tribunal (NCLAT) has given relief to Culver Max Entertainment, earlier known as Sony Pictures Network India, by setting aside an order of the National Company Law Tribunal (NCLT) that rejected its insolvency plea against an Odisha-based fintech firm, Rechargekit Fintech. The appellate tribunal sent the matter back to the Cuttack bench of the NCLT for a fresh hearing. According to BW Legal World, the NCLAT held that procedural fairness under the Insolvency and Bankruptcy Code (IBC) cannot be ignored. It found fault with the NCLT for dismissing the application without granting Culver Max an opportunity to cure defects in its filing. According to the appellate tribunal, such an opportunity forms a core requirement under Section 9 of the IBC. BW Legal World relates that the dispute arose from a Section 9 application filed by Culver Max as an operational creditor. On April 30, 2024, the NCLT dismissed the plea on the ground that the company failed to place a valid Board Resolution on record authorising the filing of the insolvency application. The tribunal treated this lapse as fatal and rejected the petition at the threshold. Culver Max challenged this decision before the NCLAT. It argued that the NCLT ought to follow the proviso to Section 9(5)(ii) of the IBC, which allows an applicant to rectify defects in an incomplete application after receiving notice from the adjudicating authority. The broadcaster contended that dismissal without such notice violated both the statute and settled principles of insolvency jurisprudence. The appellate tribunal agreed with this submission. A two-member bench comprising Justice Yogesh Khanna, Member (Judicial), and Ajai Das Mehrotra, Member (Technical), held that the NCLT failed in its duty to put the applicant on notice and allow rectification of defects. The tribunal also recorded that the absence of such an opportunity rendered the NCLT order legally unsustainable. Under Section 9(5)(ii) of the IBC, the NCLT may reject an insolvency application if it finds the filing incomplete. However, the provision also mandates that before rejection, the tribunal must issue a notice to the applicant and grant up to seven days to correct the defects. The appellate tribunal said that this safeguard cannot be bypassed. SAVIOUR MINES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saviour Mines and Minerals Private Limited (SMMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of SMMPL under the 'issuer non-cooperating' category as SMMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Saviour Mines and Minerals Private Limited (SMMPL) was incorporated in the year 2007 and taken over by Mr. Rama Krishnaiagh Alam and Mr.U. Bhargav in 2013. The company is engaged in mining of granite and processing of granite slabs. SMMPL started its commercial operations from 2014 October. SMMPL has installed capacity of 15 tonnage p.a. The company has entered into lease agreement with Telangana State Government for mining under 4 hectares of granite land area located at Warangal for a tenure of 15 years. The clientele of the company covers Maharashtra, Karnataka, Andhra Pradesh, Tamilnadu and Orissa. SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Softel Overseas Private Limited (SOPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of SOPL under the 'issuer non-cooperating' category as SOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SOPL, incorporated in December 2004, is engaged in trading of commodity polymers (plastic granules), engineering plastics and ferrous & non-ferrous metals (zinc, lead & steel coil & sheets, etc.). Its warehousing facility is located at Shalimar Road, Howrah, West Bengal. SOCL mainly operates in the state of West Bengal. The company imports 100% of its trading materials from overseas markets. The day-to-day operations of SOPL are looked after by Mr. Pratik Didwania (Director). SRIKANTH INTERNATIONAL: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Srikanth International Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 36.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Srikanth International Private Limited was established in 2008 as a partnership firm which was later on incorporated as private limited company on March 15, 2018. The company is promoted by Mr. Suresh Kumar Voleti and Ms. Jaya Voleti. The company is engaged in the business of processing and exporting of cultured shrimps to USA, EU and Middle East, etc. The company's own processing facility is located at Someswaram, Andhra Pradesh. SRINIVASA COTTON: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Srinivasa Cotton Industries (SCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.23 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of SCI under the 'issuer non-cooperating' category as SCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Srinivasa Cotton Industries (SCI) was established in June 20, 2016 and promoted by Mr. B Ramesh, his friends and relatives/family members. The firm is engaged in cotton ginning & pressing. The manufacturing unit of cotton ginning and pressing unit with total installed capacity of 13536 MT of cotton/year is located at Medak district of Telangana. The firm commenced its operations in the month of December 2016. The firm purchases raw cotton from local farmers located in and around Medak district (Telangana). The firm sells cotton bales to spinning mills in Telangana, Andhra Pradesh and Tamil Nadu. The firm sell the cotton seeds to the oil mills. SYSKA LED: Insolvency Draws Four Bidders, Including Mutares Group ----------------------------------------------------------------- The Economic Times reports that the insolvency resolution process of Syska LED Lights has attracted interest from four parties-the company's promoter, Germany-based turnaround investor Mutares Group, Aikyam Stressed Asset Fund and Cyfuture India. Lenders to Syska, once a leading name in LED production, have raised concerns over the validity of some of the bids due to the absence of formal board authorization, ET relates. Syska LED has admitted claims of around INR226 crore. The resolution process is advanced, with lenders anticipating over 50% recovery, ET adds. Syska LED Lights is part of the Pune-based SSK Group, an exclusive distributor of Samsung mobiles, accessories and tables for five states in Western India. VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of VBC Renewable Energy Private Limited (VREPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of VREPL under the 'issuer non-cooperating' category as VREPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VREPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable VBC Renewable Energy Private Limited (VREPL) was incorporated in the year 2013 and promoted by Mr C Pattabhi Rama Rao and his relatives. The company has setting up 3-MW solar photovoltaic (PV) power plant at Penubarthi Village, Visakhapatnam. The project achieved commercial operational from July 12, 2016 as envisaged. VREPL has an entered into long-term power purchase agreement with APEPDCL dated December 4, 2014, for supply of 3-MW power at a tariff of INR5.99/KWh. ===================== N E W Z E A L A N D ===================== ANCZ LIMITED: Grant Thornton Appointed as Receivers --------------------------------------------------- Stephen Speers Keen and Stephanie Beth Jeffreys of Grant Thornton New Zealand on Dec. 17, 2025, were appointed as receivers and managers of ANCZ Limited (formerly Yoyoso NZ Limited). The receivers and managers may be reached at: Grant Thornton New Zealand Limited PO Box 19861 Auckland EDUCATUM LIMITED: Creditors' Proofs of Debt Due on Feb. 16 ---------------------------------------------------------- Creditors of Educatum Limited are required to file their proofs of debt by Feb. 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 HEART RECRUITMENT: Creditors' Proofs of Debt Due on Jan. 30 ----------------------------------------------------------- Creditors of Heart Recruitment Limited (trading as Heart Recruitment and Civil Limited), et al., are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. The entities involved are: - Heart Recruitment Limited (trading as Heart Recruitment and Civil Limited) - 818 Scaffolding Limited; - Gin Garden Limited; - Astatek 2000 Limited (trading as Astatek2000 Limited); - Suncourt Indian Limited (trading as Suncourt Indian); - CS & SC Limited; - DRBR Limited (trading as EFX Hair & Beauty); and - EFX Hair & Beauty Limited (trading as EFX Hair - Hair Care World) Heart Recruitment commenced wind-up proceedings on Dec. 10, 2025. 818 Scaffolding, Gin Garden, Astatek 2000 and Suncourt Indian commenced wind-up proceedings on Dec. 11, 2025. CS & SC Limited, DRBR Limited and EFX Hair & Beauty commenced wind-up proceedings on Dec. 12, 2025. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 SENIOR MOVE: Creditors' Proofs of Debt Due on Jan. 10 ----------------------------------------------------- Creditors of Senior Move Managers Limited, et al., are required to file their proofs of debt by Jan. 10, 2026, to be included in the company's dividend distribution. The entities involved are: - Senior Move Managers Limited; - Senior Move Managers Auckland Limited; - Senior Move Managers Christchurch Limited; - Senior Move Managers Hamilton Limited; - Senior Move Managers Hawkes Bay Limited; - Senior Move Managers Nelson Limited; - Senior Move Managers Tauranga Limited; and - Senior Move Managers Wellington Limited. Brenton Hunt was appointed liquidator of the above-named companies on Dec. 3, 2025. ================= S I N G A P O R E ================= 1AXIS PRESTIGE: Court to Hear Wind-Up Petition on Jan. 16 --------------------------------------------------------- A petition to wind up the operations of 1axis Prestige Leasing Pte. Ltd. will be heard before the High Court of Singapore on Jan. 16, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 10, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 GENONEFIVE PTE: Commences Wind-Up Proceedings --------------------------------------------- Members of Genonefive Pte. Ltd. on Dec. 17, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 MACH ACCESSORIES: Court to Hear Wind-Up Petition on Jan. 9 ---------------------------------------------------------- A petition to wind up the operations of Mach Accessories (S) Pte. Ltd. will be heard before the High Court of Singapore on Jan. 9, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Nov. 28, 2025. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2 #17-01, 4 Shenton Way Singapore 068807 WS CAR: Court to Hear Wind-Up Petition on Jan. 2 ------------------------------------------------ A petition to wind up the operations of WS Car Pte. Ltd. will be heard before the High Court of Singapore on Jan. 2, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 12, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Moves to Sell Express Unit in Rehabilitation Plan -------------------------------------------------------------- The Korea Herald reports that South Korean hypermarket chain Homeplus, under court-led restructuring, filed its final rehabilitation plan with the Seoul Bankruptcy Court in a last-ditch effort to stabilize operations by selling its smaller-format supermarket unit, Homeplus Express. The Korea Herald, citing industry sources, relates that the plan centers on carving out and selling Homeplus Express, which operates neighborhood-scale stores and is widely regarded as the retailer's most valuable business unit. Market estimates put the sale price at around KRW700 billion ($488 million). According to The Korea Herald, the proposal comes nearly nine months after the retailer sought court protection in March, following a failed attempt to sell the business that drew no binding bids despite multiple deadline extensions. Two firms -- Harex InfoTech, a local AI-based retail platform, and Snomad, a real-estate developer -- submitted letters of intent but ultimately did not participate in the main bidding process. Alongside the Express divestment, the rehabilitation plan calls for selling unprofitable stores, closing as many as 41 underperforming outlets over the next six years, and later divesting the remaining Homeplus business once restructuring is completed, The Korea Herald relays. The Korea Herald says Homeplus also asked the court to approve KRW300 billion in debtor-in-possession financing to fund operations during rehabilitation. DIP financing allows companies under court protection to raise new capital by granting lenders superpriority status over existing creditors. Industry insiders said the company is seeking the financing as asset sales are likely to be prolonged. The Korea Herald adds that the court is expected to convene a meeting of creditors and other stakeholders to seek approval of the plan, a process that could extend the restructuring timeline into next year. Implementation requires consent from more than 75 percent of secured creditors and at least two-thirds of unsecured creditors. The Korea Herald, meanwhile, reports that Homeplus's financial strain is deepening, with the company reportedly falling behind on utility bills and supplier payments and recently paying employee wages in installments to conserve cash. While some caution that divesting crown-jewel assets could erode value, others say the plan ultimately hinges on the stance of Meritz Financial Group, Homeplus' largest creditor. Meritz provided roughly KRW1.22 trillion in loans to Homeplus in May 2024, securing the debt with trust collateral tied to 62 stores nationwide, the report recalls. Homeplus' liquidation value is estimated at about KRW3.7 trillion, exceeding its KRW2.5 trillion going-concern value. "Meritz's exposure is secured by Homeplus's real estate, meaning a shift in repayment priority would have little practical impact," The Korea Herald quotes an industry official as saying. "The challenge lies in securing the consent of other creditors, who lack such collateral." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. =============== X X X X X X X X =============== [] SI GROUP: Completes Recapitalization, Cuts Debt by $1.7 Billion ------------------------------------------------------------------ SI Group, a global developer and manufacturer of performance additives, process solutions, and chemical intermediates, on Dec. 23, 2025, announced the successful completion of a comprehensive recapitalization transaction supported by its lenders and equity partners. Through this transaction, SI Group has reduced its outstanding net indebtedness by approximately $1.7 billion (an over 80% reduction) and made amendments to its revolving credit facility, both of which materially enhance SI Group's financial and operational flexibility going forward. In addition, a new institutional ownership group has injected $150 million of junior capital, demonstrating their confidence in the company's long-term outlook. This investment will enable SI Group to fund the company's working capital needs, invest in key operational initiatives, and accelerate growth to serve the needs of its customers and business partners. "This recapitalization represents an important step for SI Group," said David Bradley, President and CEO of SI Group. "By reducing our debt and securing new investment, we have strengthened our financial foundation, allowing us to continue investing in growth, improving operational capabilities, and supporting our customers worldwide. We appreciate the partnership of our new institutional investors, whose commitment reflects confidence in our strategy and positions us for long-term success." SK Capital Partners, a private investment firm, acquired SI Group in October 2018 from the descendants of W. Howard Wright, who founded the company in 1906. Advisors Latham & Watkins LLP served as legal advisor, PJT Partners served as investment banker, AlixPartners LLP served as financial advisor to SI Group. Akin Gump Strauss Hauer & Feld LLP served as legal advisor and Lazard served as investment banker to an ad hoc group of the company's second-out term loan lenders. Baker Botts L.L.P. served as legal advisor to the company's pre-transaction equity holders. About SI Group SI Group is a global developer and manufacturer of performance additives, process solutions and chemical intermediates. SI Group solutions are essential to enhancing the quality and performance of countless industrial and consumer goods within plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. SI Group's global manufacturing footprint includes 18 facilities on three continents, serving customers in 80 countries with 1,600 employees worldwide. On the Web: http://www.siigroup.com/ ********* 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 2025. 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 ***