/raid1/www/Hosts/bankrupt/TCRAP_Public/080813.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, August 13, 2008, Vol. 11, No. 160
Headlines
A U S T R A L I A
ACS HIRE: Liquidator to Present Wind-Up Report on August 15
ACS LABOUR: Members and Creditors to Meet on August 15
BOOTHS HIRE: Liquidator to Give Wind-Up Report on August 15
BOOTHS SUPPORT: Members to Hear Wind-Up Report on August 15
CHS (1) PTY : Member to Receive Wind-Up Report on August 15
CAMELLIA TRANSPORT: Liquidator to Give Wind-Up Report on Aug. 15
CHS (2) PTY : Member's Final Meeting Set for August 15
D.A.G. INTERNATIONAL: Members and Creditors to Meet on August 20
ELDERSLIE FINANCE: Directors Accused of Funds Misappropriation
FOAMCREST CONSTRUCTIONS: Final Meetings Set for August 15
NALEEG PTY: Member's Final Meeting Slated for August 15
OCEANAGOLD CORPORATION: Mining Business in Imminent Failure
OUTSOURCED SOLUTIONS: Members and Creditors to Meet on August 15
REDBANK PROJECT: S&P Cuts AU$261.5 Mil. Bank Loans Rating to BB
ST. GEORGE: Says On Track To Meet 8-10% Growth Target in 2008
SUZANNE'S TYRES: Liquidator to Give Wind-Up Report on August 20
* AUSTRALIA: Economic Growth Slowing, Reserve Bank Says
C H I N A
BANK OF CHINA: Ties Up With Hebei Iron & Steel Group
CHINA EASTERN: Seeking New Investors After SAL Deal Failed
COUDERT BROTHERS: Panel Wants to Investigate 16 Former Partners
FUYAO GROUP: To Seek CNY110MM Credit Line From Hang Seng Bank
GREENTOWN CHINA: Meets First-Half 2008 Sale Income Target
H O N G K O N G
ALLCO ASIA: Placed Under Voluntary Liquidation
ALLCO FINANCE: Members Opt to Liquidate Business
BEAR COMPANY: Requires Creditors to File Claims by Aug. 22
CKK INTERNATIONAL: Lui and Chun Cease to Act as Liquidators
GRANDTEL COMMUNICATIONS: Members Agree on Voluntary Liquidation
LUCENT TECHNOLOGIES: Appoints Leung as Liquidator
NGO KEE: Members' General Meeting Slated for September 9
SHINCO INTERNATIONAL: Creditors to Meet on September 1
SRE GROUP: S&P's Rating/Outlook Unaffected By Haikou Acquisition
SUMITOK-SUPER: Members' Final Meeting Slated for September 9
SUN KEE: Creditors' Meeting Set for September 1
I N D I A
AADI INDUSTRIES: Board Defers Preferential Shares Allotment
DCM FIN'L: Auditor Conducts Limited Review on 1st Qtr Results
INDO RAMA: High Costs Prompt Temporary Polyester Plant Shutdown
IVY HEALTH: CRISIL Rates Rs. 208 Mil. Facilities at "BB"
RAMCO SUPER: Business Closed Since 2003
SPICEJET LIMITED: Inks US$100 Mil. Funding Deal With WL Ross
TATA STEEL: Wants to Increase Borrowing Limit to Rs 40,000 Crore
I N D O N E S I A
INDOSAT: To Hold Shareholders' Meeting on August 25
INDOSIAR: Pefindo Removes Neg. Implication on "idBB+" Rating
MERPATI: To Get IDR300BB Funds After Improvement of Performance
PERTAMINA: To Increase Lybia Oil Imports to 1MM Barrels a Month
J A P A N
ELPIDA MEMORY: Financial Losses Likely to Affect S&P's Ratings
TAIHEIYO CEMENT: Posts JPY8.6 Bil. Loss in First-Quarter 2008
* JAPAN: Used Auto Sales Down for 28th Month
K O R E A
SSANGYONG MOTOR: Falls Into the Red on Low 2nd Qtr SUV Sales
M A L A Y S I A
CNLT: Six Bank Creditors Give Nod to Prop. Restructuring Scheme
NIKKO ELECTRONICS: Gets Writ of Summons from Super Enterprise
N E W Z E A L A N D
AFFORDABLE GRANITE: Liquidator Sets August 18 as Claims Bar Date
CEDAR SPRINGS: Wind-Up Petition Hearing Set for August 18
COMBINED FLOORS: Commences Liquidation Proceedings
CVT NEW ZEALAND: Wind-Up Petition Hearing Set for August 18
HANOVER FINANCE: Investors Accept Proposed Moratorium
HARVEST BUILDERS: Liquidators Set Aug. 22 as Claims Bar Date
HUMAN RESOURCES: Commences Liquidation Proceedings
LE RUE: Wind-Up Petition Hearing Slated for August 18
MANIC CONSTRUCTION: Liquidator Sets August 18 as Claims Bar Date
MEDIA SOLUTIONS: Wind-Up Petition Hearing Set for August 29
PROPERTY VENTURES: City Council Buys Properties for NZ$17 Mil.
STRATEGIC FINANCE: Sells Apartments Amid Plans to Save Business
TURAMOE LIMITED: Liquidator Sets August 18 as Claims Bar Date
P H I L I P P I N E S
* PHILIPPINES: Debt Increases to Php3.93 Tril. as of End May
S I N G A P O R E
STATS CHIPPAC: Terminates Tender Offer for Senior Notes
T A I W A N
EVA AIRWAYS: To Suspend Flights to Auckland Next Month
* S&P Says Taiwan Top 100 Firms Are Stable Amidst Rising Prices
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
ACS HIRE: Liquidator to Present Wind-Up Report on August 15
-----------------------------------------------------------
ACS Hire Pty Ltd will convene a final meeting for its members
and creditors at 3:00 p.m. on Aug. 15, 2008. During the
meeting, the company's liquidator, Peter P. Krejci, will provide
the attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Peter P. Krejci
Ferrier Green Krejci Silvia
Level 13, 1 Castlereagh Street
Sydney NSW 2000
Australia
ACS LABOUR: Members and Creditors to Meet on August 15
------------------------------------------------------
ACS Labour Hire Pty Ltd will hold a final meeting for its
members and creditors at 3:30 p.m. on Aug. 15, 2008. During the
meeting, the company's liquidator, Peter P. Krejci, will provide
the attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Peter P. Krejci
Ferrier Green Krejci Silvia
Level 13, 1 Castlereagh Street
Sydney NSW 2000
Australia
BOOTHS HIRE: Liquidator to Give Wind-Up Report on August 15
-----------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Booths Hire
Pty Ltd's state liquidators, will meet with the company's
members on Aug. 15, 2008, to provide them with property disposal
and winding-up reports.
The liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Telephone (02) 9248 5555
BOOTHS SUPPORT: Members to Hear Wind-Up Report on August 15
-----------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Booths
Support Systems Pty Ltd's state liquidators, will meet with the
company's members on Aug. 15, 2008, to provide them with
property disposal and winding-up reports.
The liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Telephone (02) 9248 5555
CHS (1) PTY : Member to Receive Wind-Up Report on August 15
-----------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, CHS (1) Pty
Ltd's state liquidators, will meet with the company's members on
Aug. 15, 2008, to provide them with property disposal and
winding-up reports.
The liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Telephone (02) 9248 5555
CAMELLIA TRANSPORT: Liquidator to Give Wind-Up Report on Aug. 15
----------------------------------------------------------------
Camellia Transport Pty Ltd will hold a joint meeting for its
members and creditors at 4:00 p.m. on Aug. 15, 2008. During the
meeting, the company's liquidator, Peter P. Krejci, will provide
the attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Peter P. Krejci
Ferrier Green Krejci Silvia
Level 13, 1 Castlereagh Street
Sydney NSW 2000
Australia
CHS (2) PTY : Member's Final Meeting Set for August 15
-------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, CHS (2) Pty
Ltd's state liquidators, will meet with the company's members on
Aug. 15, 2008, to provide them with property disposal and
winding-up reports.
The liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Telephone (02) 9248 5555
D.A.G. INTERNATIONAL: Members and Creditors to Meet on August 20
----------------------------------------------------------------
D.A.G. International Pty Ltd will convene a final meeting for
its members and creditors at 10:00 a.m. on Aug. 20, 2008.
During the meeting, the company's liquidator, Robert Elliott,
will provide the attendees with property disposal and winding-up
reports.
The company's liquidator can be reached at:
Robert Elliott
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
Australia
ELDERSLIE FINANCE: Directors Accused of Funds Misappropriation
--------------------------------------------------------------
Perpetual Trustee Company Limited, a fully owned subsidiary of
Perpetual Limited, had filed a Statement of Claim in the Supreme
Court of NSW against Elderslie Finance Corporation Limited,
Australian Integrated Finance Pty Limited and certain directors
of those companies.
Perpetual Trustee said that the claim for compensation is for
misappropriation of trust monies.
Perpetual Trustee acts as trustee for the Elderslie MTN Trust
for note holders and other creditors of the Trust.
Perpetual Trustees W.A. is a fully owned subsidiary of Perpetual
and a discrete corporate entity which acts as a debenture
trustee between Perpetual Trustee W.A. and Elderslie Finance
Corporation.
As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, various report said that Elderslie Finance has
been placed into receivership following a Federal Court order
allowing its trustee, Perpetual Trustees WA Ltd, to appoint a
receiver, after several rescue plans for the ailing company fell
through.
According to the reports, Perpetual appointed Gregory Hall and
Philip Carter of PricewaterhouseCoopers as the receivers for
Elderslie Finance.
Perpetual had explored a series of options with Elderslie,
including a range of sale proposals, before deciding to appoint
a receiver, Business Day said citing Perpetual General Manager
Chris Green.
Business Day related that according to evidence presented by
Perpetual, Elderslie failed to redeem some of its debentures
that have fallen due and cash flows are deteriorating. Without
an injection of funds, Elderslie's operations would result in
further losses, endangering investors' funds in the company, the
report added.
Various reports said that Elderslie asked for an adjournment of
the case to organize a separate bid to inject AU$15 million into
the company -- of which AU$12.6 million would be used to pay
creditors other than the debenture holders. However, Justice
Kevin Lindgren rejected the request, saying the company's
financial position seems to be deteriorating, the reports
related.
According to Anthony Klan of the Australian Business, Elderslie
was swept into administration last month, with AU$400 million of
liabilities, including about AU$200 million owed to 4000
ordinary investors. At the time of Elderslie's collapse on July
2, the Federal Court heard the company had an outstanding
AU$67.6 million related-party loan which had been made to Hotel
Nominees, a company controlled by Elderslie owner Peter George.
Federal Court judge Kevin Lindgren heard that Hotel Nominees had
"no short-term capacity" to repay that loan, the Australian
Business relates.
About Elderslie Finance
Elderslie Finance Corporation -- http://www.efc.com.au/index.php
-- is an independent, Australian-owned structured finance and
investment management group.
FOAMCREST CONSTRUCTIONS: Final Meetings Set for August 15
---------------------------------------------------------
Foamcrest Constructions Pty Ltd will hold a final meeting for
its members and creditors at 11:00 a.m. on Aug. 15, 2008.
During the meeting, the company's liquidator, Peter P. Krejci,
will provide the attendees with property disposal and winding-up
reports.
The company's liquidator can be reached at:
Peter P. Krejci
Ferrier Green Krejci Silvia
Level 13, 1 Castlereagh Street
Sydney NSW 2000
Australia
NALEEG PTY: Member's Final Meeting Slated for August 15
--------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Naleeg Pty
Ltd's state liquidators, will meet with the company's members on
Aug. 15, 2008, to provide them with property disposal and
winding-up reports.
The liquidators can be reached at:
Keiran William Hutchison
John Raymond Gibbons
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Telephone (02) 9248 5555
OCEANAGOLD CORPORATION: Mining Business in Imminent Failure
-----------------------------------------------------------
OceanaGold Corporation's Macraes mine operation in East Otago is
going through "tough times" to rectify a concerning fall in ore
tonnage and gold production while its Philippines' copper and
gold development comes under increasing scrutiny with a
languishing share price, Simon Hartley of the New Zealand Herald
reports.
According to the Herald, OceanaGold management and the 500-
strong workforce are understood to be at odds over proposed
changes to working conditions at the East Otago gold mine, but
management have rejected claims by some sources that it could be
"crunch time" for the future of the 18-year-old old mine.
OceanoGold was in negotiations for a partner in the Philippines
and looking to raise US$185 million. Costs for the Didipio gold
and copper mine had blown out and doubled to US$320 million in
May, followed by suspension of work in late-June as more funding
was sought, the Herald relates citing OceanaGold chief executive
Steve Orr.
OceanaGold's market capitalization, the Herald notes, has
plummeted 85 per cent from AU$668 million to AU$97 million
(US$844 million to US$122 million) over 14-months, following
restructuring and moving its principal listing to the Toronto
Stock Exchange in June 2007 - making it ripe for a takeover
play.
About OceanaGold
Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities. OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine. The company’s projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project. The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand. The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand’s South Island. The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).
* * *
OceanaGold Corporation reported three consecutive annual net
losses of US$18.617 million, US$23.427 million, and US$69.039
million for the financial years ended 2005, 2006 and 2007,
respectively.
OUTSOURCED SOLUTIONS: Members and Creditors to Meet on August 15
----------------------------------------------------------------
Outsourced Solutions Pty Ltd will hold a joint meeting for its
members and creditors at 2:30 p.m. on Aug. 15, 2008. During the
meeting, the company's liquidator, Peter P. Krejci, will provide
the attendees with property disposal and winding-up reports.
The company's liquidator can be reached at:
Peter P. Krejci
Ferrier Green Krejci Silvia
Level 13, 1 Castlereagh Street
Sydney NSW 2000
Australia
REDBANK PROJECT: S&P Cuts AU$261.5 Mil. Bank Loans Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Redbank Project Pty Ltd.'s AU$261.5 million bank loans to 'BB',
from 'BB+'. At the same time, S&P lowered its underlying
ratings (SPUR) on AU$170 million of bonds issued by RB Pass
Through Pty Ltd., a debt-repackaging vehicle for Redbank's
senior debt, to 'BB' from 'BB+'.
The outlooks on debt issued by both entities were placed on
CreditWatch with negative implications. The rating actions
reflect ongoing adverse technical issues at Redbank's power
plant, highlighted by the recent failure of the company's
solitary turbine, which is expected to keep the power
plant off line for nine weeks.
The ratings were placed on CreditWatch pending assessment of the
project's liquidity position following testing and evaluation of
the extent of turbine damage, associated costs to bring the
plant back on line and the outcome of insurance claims.
"Continuing design and operational issues at the plant have
resulted in significant forced outages, further reducing our
confidence that Redbank can achieve stable operations for a
prolonged period," S&P's credit analyst Parvathy Iyer said.
"While start-up problems are not uncommon for waste-fuel-fired
plants, the design and technical problems at the plant—which is
now well into its seventh year of operations—exacerbate the
credit risks."
Redbank has mitigated its market exposure to the recent outage
through a swap arrangement within the BBP portfolio of power
plants. However, the opacity on the risk-management strategies
of Redbank, which is managed as part of the wider BBP group, and
the potential sale of Redbank by BBP in the short term may place
pressure on Redbank's liquidity position.
Ms. Iyer added: "The project's credit metrics have consistently
remained weaker than we anticipated when we initially assigned
the debt ratings on Redbank in 2004 and are not expected to
recover in the near term. Any unexpected delay in repair or
further damage to the plant could result in a further lowering
of the ratings on Redbank. Alternatively, if the plant is
repaired within cost and time expectations, the outlook on the
rating is likely to be returned to stable."
Redbank, 100% owned by Babcock & Brown Power Ltd. (BBP),
operates a waste-coal-fired power plant in Australia's Hunter
Valley. The plant commenced operations in 2001.
ST. GEORGE: Says On Track To Meet 8-10% Growth Target in 2008
-------------------------------------------------------------
St. George Bank disclosed that the Group is on track to meet its
EPS growth target of 8-10% in 2008. The unaudited cash profit
was AU$1,073 million for the ten months to July 31, 2008, 12.5%
ahead of July 2007.
The company said taking into account the major non-recurring
items and the change in SGIA revaluations between 2007 and 2008,
the underlying earnings are broadly in line with the Cash NPAT
growth over the period. During the period there were no changes
to the Group's accounting policies.
St. George Bank's Managing Director & CEO, Paul Fegan said;
"Against the back drop of a challenging operating environment
St. George continues to perform well with strong growth across
its core businesses and product lines, sound asset quality and
effective cost control. I am particularly pleased that we have
completed 100% of our 2008 term wholesale funding requirements
and already raised AU$3.3 billion of the estimated AU$11-AU$12
billion term wholesale funding requirements for 2009."
Retail deposit balances are continuing to experience positive
growth due to continued focus on product offering and consumer
'flight to quality'. Growth for the ten months ended July 31,
2008 was 18.9% annualised and exceeds growth in retail lending,
providing a funding offset.
Residential receivables growth for the ten months ended July 31,
2008 has slowed to 10.0% annualised. St. George is on track to
grow broadly in line with system, with focus on profitable
segments.
Middle market receivables growth has also slowed but continues
to be strong at 30.1% annualised for the ten months ended July
31, 2008, leading to further gains in market share. Market
leading customer satisfaction and retention rates are continuing
to drive strong momentum in its middle market business.
Managed funds balances have fallen during the ten months ended
July 31, 2008, by 15.6%. Balances have decreased by 4.4% to
AU$42 billion since March 31, 2008, and Asgard remains in the
top four for net flows. This is a solid performance given the
disruption in investment markets.
St.George recently announced that it had formed a partnership
with global insurer American International Group, Inc. (AIG) to
be its new Life Insurance partner.
AIG will provide a range of services to St. George Life and will
also be the insurance partner for St. George Wealth's
superannuation and platform business, Asgard Wealth Solutions.
This announcement is part of the Group's accelerated growth
plans for its Life Insurance businesses.
Due to the reduced exposure to equities and effective hedging,
revaluations of the mortgage insurance investment portfolio
contributed AU$2 million to pre tax profit in the first four
months of the second half compared to a pre tax loss of AU$33
million in the first half. This AU$31 million net loss for
the ten months to July 2008 compares to a AU$28 million pre tax
profit in the ten months to July 2007.
Given the deliberate rebalancing of the portfolio, volatility
will be substantially reduced going forward.
St. George is continuing to extend its service leadership in
this challenging environment. St. George's customer
satisfaction stood at 77.2% in June 2008, up from 74.2% in March
2007.
This exceeds the average of the major banks by 8%, up from 4% in
March 2007.
Credit Quality
Overall credit quality remains very good, reflecting the high
quality of the Bank's residential and business lending
portfolios and its prudent credit culture and policies.
St. George's balance sheet is conservative, with a low risk mix
of businesses focused predominantly in Australia with no
offshore operations.
St. George also continues to have no exposure to US or domestic
sub-prime lending, CDOs or hedge funds.
Loan impairment expense for the period was in accordance with
expectations reflecting the Group's asset quality and no
material losses were experienced on single name exposures to
date in the second half. The loan impairment expense and 90-day
past due arrears for housing loans are within an acceptable
range and well below long term averages.
Overall credit quality in business banking remains strong.
Approximately 95% of the business banking portfolio is secured,
with more than 80% secured by property. Market Risk from
trading activities is controlled by an overall risk management
framework that incorporates low relative Value at Risk (VaR)
limits and usage.
In the first half, the Group recognized an individual provision
of AU$20 million before tax against a margin loan secured by
Octaviar Ltd (formerly MFS Limited) shares. The remaining
balance of AU$5 million has now also been fully provided. This
exposure has been previously disclosed to the market. Other
exposures, also previously announced to the market, to Centro
entities (fully secured) and Allco continue to be performing and
therefore do not require specific provisions. As a result of
asset sales and reductions of limits, the Allco exposure has
reduced from AU$60 million to AU$37 million.
Funding
Since Oct. 1, 2007, St. George said it has raised AU$11.3
billion of committed term funding. St. George has now completed
100% of its 2008 financial year term wholesale funding
requirements and has already raised AU$3.3 billion of its
estimated AU$11-AU$12 billion term wholesale funding
requirements for 2009.
St. George has 15% of its committed term funding maturing in the
next 6 months. The average weighted maturity of its committed
term funding is over two years.
As at the last reporting date, March 31, 2008, St. George's
average cost of total funding was 6.31% compared to an average
of 6.28%1 for the majors.
In addition, St. George has the best efficiency ratio of all
Australian banks, 42.5% at March 2008 compared to the average of
the major banks of 45.7%1. For the ten months to July 2008,
St. George's efficiency ratio was 40.5%. This advantage over
the major banks allows St. George to absorb additional funding
costs.
Notwithstanding the success to date in completing the Group's
funding program, access to markets and pricing will continue to
be challenging for all sector participants due to the expected
volatility and possible worsening of the funding markets. It is
difficult to accurately forecast the impact due to the
uncertainty going forward.
Capital and Liquidity
St. George is well capitalised with a Tier 1 capital adequacy
ratio of 6.74% as at July 31, 2008. St. George's minimum Tier 1
capital adequacy ratio is 6.25%. AU$335 million of excess
capital is held, which is sufficient to support AU$9 billion of
risk weighted asset growth over the remainder of calendar 2008.
St. George continue to hold high levels of liquidity at 13% with
approximately AU$5 billion excess over the minimum requirement.
Update on Proposed Merger
The proposed merger process continues to progress with the ACCC
Statement of Issues released July 23 and a final decision
expected Aug. 20, 2008.
The Board intends to recommend the merger proposal subject to it
remaining in the best interests of St. George shareholders
compared to the position when the proposed merger was announced
on May 13, 2008, and no superior proposal emerging. This
recommendation will also be subject to an Independent Expert's
report confirming the proposal is in shareholders' best
interests.
It is expected that St. George shareholders will receive a
scheme booklet, which will contain full details of the proposal,
including the basis for the St. George Directors' recommendation
and an Independent Expert's report. It is currently anticipated
that this booklet will be dispatched to shareholders in late
September 2008, subject to relevant regulatory approvals, and
that St. George shareholders will vote on the proposed merger in
early November 2008, with finalisation of the proposed merger
scheduled for late November 2008.
Outlook and Targets
St. George remains on track to meet its EPS growth target of 8-
10% for the 2008 financial year. This target continues to
exclude the impact of hedging and non-trading derivatives
volatility and significant items; assumes a reasonably sound
economic environment and no further one-off material credit
losses. Global credit markets continue to negatively impact
access and pricing of wholesale funds for Australian and
overseas banks and it is possible that the situation may worsen
in the short term. From a position of strength the Australian
economy continues to slow with subdued retail spending levels
and tighter labour market conditions expected. Official cash
rates are now more likely to reduce before the end of calendar
2008.
St. George said it remains on track to meet its other targets
around cost to income, capital, credit quality and customer
satisfaction as outlined in its 2008 interim results.
St. George's 2008 Full Year results will be announced on Oct.
29, 2008.
About St George Bank
Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- Bank Limited is a
banking company. The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM). RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners. This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.
On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank. It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.
In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.
SUZANNE'S TYRES: Liquidator to Give Wind-Up Report on August 20
---------------------------------------------------------------
Suzanne's Tyres Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Aug. 20, 2008. During
the meeting, the company's liquidator, Michael Gregory Jones,
will provide the attendees with property disposal and winding-up
reports.
The company's liquidator can be reached at:
Michael Gregory Gones
Jones Partners
Insolvency & Business Recovery
Telephone: (02) 9251 5222
* AUSTRALIA: Economic Growth Slowing, Reserve Bank Says
-------------------------------------------------------
In a quarterly statement on monetary policy, the Reserve Bank of
Australia said that inflation in Australia has remained high in
the recent period against a background of tight capacity and
earlier strong growth in demand. In these circumstances, the
Board said it has been seeking to restrain demand in order to
reduce inflation over time.
Recent indications are that a significant moderation in domestic
demand is now occurring. In addition to the effects of tighter
financial conditions, other factors including a slowing in
global growth, declining asset markets and higher fuel costs are
acting to restrain domestic spending and activity. At the same
time, high global commodity prices are adding to Australia's
terms of trade, and this is providing a significant
countervailing influence. Prospects for growth of the
Australian economy and for inflation will continue to depend on
the net effects flowing from these opposing forces.
The slowdown in global growth has, to date, been most evident in
the major advanced economies, but there are some recent signs
that emerging economies are also being affected. In the United
States, growth continues to be dampened by a sharp downturn in
the housing sector, though the economy overall expanded modestly
in the first half of 2008. Conditions in both Japan and the
euro area have weakened noticeably since the start of the year.
The Chinese economy to date has continued to grow rapidly,
though the pace has eased somewhat since last year. While
China's domestic spending has maintained a strong pace of
growth, its exports to the major economies have slowed. Growth
in other emerging economies has generally remained strong,
though there have been signs of moderation in some cases.
Official and private sector observers generally expect global
growth to be well below the pace of recent years in both 2008
and 2009.
Despite the indications of weaker demand in a number of
economies, inflation remains a significant concern. Higher food
and energy prices have contributed to a pick-up in consumer
price inflation rates around the world over the past year, but
in a number of emerging economies broader inflationary forces
appear to have emerged. Reflecting these developments, monetary
policy has been tightened recently in a number of these
economies. In addition, the ECB increased its policy interest
rate in July, and market expectations in the United States have
also shifted towards tightening.
Global credit market concerns have again come to the fore in
recent months. In the United States, the federal mortgage
agencies have come under severe stress, a number of relatively
small banks have failed, and significant asset write-downs in
the financial sector have continued. Loan delinquency rates in
the United States have been rising, including on prime
mortgages. More broadly, credit expansion has slowed noticeably
in a number of the major economies. The focus now is on the
interaction between the financial sector and the wider economy.
That is, as growth slows in a number of regions of the world
economy, loan losses are likely to increase, which could further
weaken financial institutions, hampering the provision of credit
and potentially amplifying the economic slowdown.
Partly reflecting these concerns, global equity markets have
recorded large falls over the past three months, with financial
stocks the most heavily affected. Notwithstanding increases in
provisions by some Australian banks, the local banking system
remains in much stronger condition than its international
counterparts. Markets did not exhibit much tendency to draw
these distinctions, however, and share prices of Australian
banks also declined.
Notwithstanding these developments, money market conditions have
tended to stabilize or even improve a little recently, both
internationally and domestically. Bond issuance by domestic
borrowers has been strong, and there has been some activity in
the RMBS market.
Overall, market developments have continued to result in some
tightening in domestic financial conditions in recent months.
Banks have experienced increases in their funding costs, and in
July they raised their variable mortgage rates by a further 15
basis points. This has brought the total increase in mortgage
rates since the middle of last year to a little over 150 basis
points, of which 100 basis points was in response to increases
in the cash rate. Other developments, including higher risk
spreads in corporate bond markets, falling equity prices and
tougher lending standards, have added to the tightening in
domestic financial conditions.
Global commodity prices have remained high over recent months,
though they have generally come off their peaks. Most notably,
oil prices have retraced some of their earlier upward movement
to be trading recently around US$120 a barrel, down from a peak
of US$146 in early July. Base metals prices have also fallen
recently, as have prices for wheat and wool. At the same time,
sharply higher contract prices for coal and iron ore have now
come into effect. In net terms, Australia's terms of trade are
estimated to have risen by a further 20 per cent since the start
of the year, and by a cumulative 65 per cent over the past five
years. The income gains from this source continue to represent a
significant stimulus to the economy.
The Australian economy has, until fairly recently, been in an
extended period of strong growth in demand and activity, marked
by increasing pressures on available productive capacity.
National accounts data indicate that the economy grew strongly
through 2007, and indicators of capacity utilization and labor
scarcity in the early part of this year were generally close to
cyclical peaks. It is against this background, in combination
with rising global commodity prices, that inflation in Australia
has increased. The March quarter national accounts indicated
some slowing in the overall pace of growth, though domestic
spending in the quarter was still estimated to be quite strong.
Other more timely information confirms that a significant
moderation in spending and activity is now underway. This has
been most noticeable to date in the household sector. Retail
sales volumes declined further in the June quarter following the
small fall recorded in the March quarter, and consumer sentiment
has fallen markedly in recent months. Rising fuel costs are
likely to have contributed to the moderation in consumer
spending, though an offsetting factor in the second half of the
year will be the tax cuts that came into effect on 1 July. In
the housing sector, forward indicators point to declines in
construction activity in the near term. Conditions in the
established housing market have also softened, with house prices
falling slightly in the June quarter. Consistent with a softer
market, auction clearance rates in Sydney and Melbourne have
been well below last year's levels, though they do not appear to
have fallen further in the latest couple of months. The
combination of falls in housing and equity prices means that
household net wealth has declined in the first half of this
year.
Indicators of business conditions have also declined over recent
months. Surveys suggest that trading conditions in the June
quarter returned to around average levels, down from the very
strong levels that prevailed around the start of the year.
Measures of capacity utilisation have started to fall, though
they remain high. The latest indications of investment
intentions are still relatively strong, though some scaling back
of existing plans should probably be expected given recent
declines in confidence and softer household demand. In the farm
sector, the outlook is highly uncertain. Significant rainfall
will be needed in the next couple of months if there is to be a
substantial recovery in production from the drought-affected
levels of the past two years.
At this stage, the general moderation in domestic conditions has
been less evident in labour market indicators. Nonetheless,
there are some early signs that demand for labour has begun to
ease. While unemployment remains low, the pace of employment
growth has slowed over recent months and there has been some
softening in indicators of job vacancies and hiring intentions.
Tighter financial conditions and softening domestic demand have
been associated with a sharp slowing in credit expansion to both
households and businesses. Housing loan approvals have fallen
significantly over the past few months, consistent with the
weaker conditions prevailing in the established housing market,
and overall growth in household credit has now slowed to a pace
broadly in line with the growth in incomes. The most recent
increase in mortgage lending rates can be expected to have some
additional dampening effect. In the business sector, the
overall growth of debt, from intermediated and non-intermediated
sources, has slowed sharply in the first half of this year.
While this has partly reflected a falling away in corporate
merger activity, it also appears consistent with some scaling
back in investment growth.
It is too early yet for these recent trends to have had a
noticeable restraining effect on Australia's inflation rate. The
June quarter CPI increase was unexpectedly high at 1.5 per cent
in the quarter, for a year-ended rate of 4.5 per cent. This
result needs to be interpreted with some caution, as it was
boosted by a one-time correction to the financial services
component. But even allowing for that, both the CPI and
underlying measures suggest that inflation has remained high.
Adjusting for this effect, underlying measures were a little
over 1 per cent in the quarter, about the same as the March
quarter result, and around 4 per cent over the year. A further
strong increase in petrol prices added to the quarterly CPI, but
this was offset by falls in other volatile prices, notably for
fruit and vegetables. Price pressures remained strong in the
non-tradables sector, where the largest contributions to the
June quarter increase came from rents, house purchase and
health-care costs. Producer price data also suggest that
upstream price increases have remained firm, reflecting both
increases in raw materials prices over the past year and higher
output prices across a range of industries. To date, however,
the rate of growth in aggregate wages has remained fairly
stable, despite the increase in CPI inflation and generally
tight labour market conditions.
In its recent policy deliberations, the Board said it has
focused on both the risk that inflation may remain uncomfortably
high, and on the accumulating evidence of a slowing in domestic
demand and activity. Given the earlier background of strong
growth in domestic spending and increasing pressure on
productive capacity, the Board has for some time been seeking to
restrain demand, and this has required a period of quite
restrictive monetary policy. The evidence to date is that a
significant moderation in demand is now occurring, and it is
looking more likely that demand will remain subdued, and
economic growth will be fairly slow, in the period ahead.
While inflation is likely to remain high in the short term, the
Board judged at its August meeting that demand was slowing to an
extent that could be expected to bring about a significant
reduction in inflation over time. On this basis the Board said
it has decided that the existing monetary policy setting was
appropriate for the time being. On the assumption that the
subdued demand conditions are likely to continue, scope to move
to a less restrictive monetary policy stance in the period ahead
is increasing. The Board said it will continue to monitor
developments and make adjustments as required in order to
promote sustainable growth consistent with the medium-term
inflation target of 2–3 per cent.
=========
C H I N A
=========
BANK OF CHINA: Ties Up With Hebei Iron & Steel Group
----------------------------------------------------
Bank of China signed a strategic cooperation agreement with
Hebei Iron and Steel Group Co. Ltd. in Tangshan City, Asia Pulse
News reports.
Under the agreement, the report relates, the companies will
promote the restructuring and upgrading of the regional iron and
steel industry, ease regional environmental and resources
pressure in the Beijing-Tianjin-Hebei district, and realize the
comprehensive, coordinated and sustainable development of banks,
enterprises and local economy.
According to the report, Bank of China said it would further
implement the scientific concept of development, strictly
selecting large iron and steel enterprises in line with state
industrial policy and requirements of state environmental
protection.
The partnership will also resolutely curb reckless expansion of
new iron and steel projects characterized by high energy
consumption and pollution, the report notes.
Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking. Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards. It has 12,967 domestic branches and 559 overseas
branches. The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.
* * *
The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.
CHINA EASTERN: Seeking New Investors After SAL Deal Failed
----------------------------------------------------------
China Eastern Airlines Corporation Limited will continue to
seek a big-name strategic investor following the expiry of an
agreement on a stake sale to Singapore Airlines Ltd, Edmund
Klamann of Reuters reports.
"The company will persist in the direction of introducing
strategic investors and will continue to develop opportunities
of business cooperation with strategic investors of world
renown," the report cited China Eastern Airlines Director Luo
Zhuping as saying.
As Troubled Company Reporter - Asia Pacific on Aug. 12, 2008,
rumors had spread that China Eastern Airlines would revived
talks of a possible stake sale by the airline to Singapore
Airlines, even though China Eastern's shareholders had
previously rejected the deal.
A TCR-AP report on January 10, 2008, said that nearly 78% of
China Eastern shareholders disapproved a bid by Singapore
Airlines and Temasek Holding Pte Limited to buy a minority stake
in China Eastern after rival Air China and its parent, China
National Aviation Corp., pledged a higher offer. However, on
Feb. 25, China Eastern rejected Air China's proposal and pledged
to instead continue seeking another strategic investor.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
* * *
As of August 5, 2008, China Eastern continues to carry Fitch
Ratings' B+ foreign currency and local currency issuer default
ratings, and Xinhua Far East China Ratings' BB+ issuer credit
rating with a stable outlook.
COUDERT BROTHERS: Panel Wants to Investigate 16 Former Partners
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the chapter 11
case of Coudert Brothers LLP asks the United States Bankruptcy
Court for the Southern District of New York for permission to
probe 16 former partners of Coudert Brothers for alleged breach
of fiduciary duties, Bloomberg News reports.
According to Bloomberg, the Debtor's partners opted out of a
March 2008 agreement, which gave them legal protection in turn
for financial contribution to the Debtor's reorganization.
The Committee's assertion did not contain specific allegations,
the report says. The Committee is seeking documents related to
the Debtor's case including documents that were transfered from
the Debtor to the former partners' new law firm, the report
relates.
Accordingly, former partners of the Debtors will be called to
testify as part of the investigation, the report says.
As the Debtor liquidated its assets in 2005, nine of the 16
former partners transfered to DLA Piper LLP and the remaining
went to Dechert LLP, the report notes.
About Coudert Brothers
Coudert Brothers LLP was an international law firm specializing
in complex cross border transactions and dispute resolution.
The firm had operations in Australia and China. The Debtor
filed for Chapter 11 protection on Sept. 22, 2006 (Bankr.
S.D.N.Y. Case No. 06-12226). John E. Jureller, Jr., Esq., and
Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP, represent
the Debtor in its restructuring efforts. The U.S. Trustee for
Region 2 appointed five creditors to serve on an Official
Committee of Unsecured Creditors. Brian F. Moore, Esq., and
David J. Adler, Esq., at McCarter & English, LLP, represent the
Official Committee of Unsecured Creditors.
In its schedules of assets and debts, Coudert listed total
assets of US$29,968,033 and total debts of US$18,261,380.
FUYAO GROUP: To Seek CNY110MM Credit Line From Hang Seng Bank
-------------------------------------------------------------
Fuyao Group Glass Industries Co. Limited and its wholly owned
subsidiary, a Fujian-based glass industry company, will apply to
Hang Seng Bank (China) on a one-year comprehensive credit line
of CNY110 million, Reuters reports.
Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass. The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications. The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States. FYG mainly
exports to North America and Asia Pacific.
* * *
The company continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating.
GREENTOWN CHINA: Meets First-Half 2008 Sale Income Target
---------------------------------------------------------
Greentown China Holdings Ltd. realized CNY3 billion sales
incomes in recent ten days and has so far completed half of its
full-year goal, SinoCast News reports.
As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, sales of 118 apartments in the Lucheng Plaza
project contributed 60%, or CNY2.3 billion, to the total of the
first-half sales. The remaining CNY70 million was collected
from a project in Hangzhou and a project in Qingdao.
According to SinoCast News, Greentown China got sales incomes of
CNY7.29 billion in the first half of this year. It plans to
realize annual sales incomes of CNY 20 billion this year, the
report relates.
The strong surge of land reserves was a key driver to an
increase in its sales incomes, SinoCast News says. Its land
reserves added to more than 22 million square meters last year
from over 8 million square meters in July 2006, the report adds.
About Greentown China
Greentown China Holdings Limited is a residential property
developer in China. The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region. It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys. Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.
* * *
The TCR-AP reported on May 9, 2008, that Moody's Investors
Service changed to negative from stable its outlook for
Greentown China Holdings Ltd's (Greentown) Ba3 corporate family
rating and senior unsecured bond rating.
On Dec. 5, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Greentown China Holdings
Ltd. to 'BB-' from 'BB'. The outlook is stable. At the same
time, Standard & Poor's lowered the long-term debt ratings on
the company's US$400 million senior unsecured notes and its
CNY2.31 billion convertible notes to 'BB-' from 'BB'.
===============
H O N G K O N G
===============
ALLCO ASIA: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on July 30, 2008, the
members of Allco Asia Limited resolved to voluntarily liquidate
the company's business. Edward Simon Middleton and Patrick
Cowley were appointed as liquidators.
The Liquidators can be reached at:
Edward Simon Middleton
Patrick Cowley
KPMG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
ALLCO FINANCE: Members Opt to Liquidate Business
------------------------------------------------
The members of Allco Finance (Asia) Limited met on July 30,
2008, and agreed to voluntarily liquidate the company's
business.
The company's liquidators are:
Edward Simon Middleton
Patrick Cowley
KPMG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
BEAR COMPANY: Requires Creditors to File Claims by Aug. 22
----------------------------------------------------------
Bear Company (Hong Kong) Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by August 22, 2008, to be included in the company's dividend
distribution.
The company's liquidator is:
Stephen Briscoe
1801 Wing On House, 18th Floor
71 Des Voeux Road
Central, Hong Kong
CKK INTERNATIONAL: Lui and Chun Cease to Act as Liquidators
-----------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun cease to act as
liquidators of CKK International Limited on August 1, 2008.
The company's former Liquidators can be reached at:
Kennic Lai Hang Lui
Yuen Tsz Chun
Messrs. Kennic L.H. Lui & Co.
Ho Lee Commercial Building, 5th Floor
38-44 D'Aguilar Street
Central, Hong Kong
GRANDTEL COMMUNICATIONS: Members Agree on Voluntary Liquidation
---------------------------------------------------------------
At an extraordinary general meeting held on July 25, 2008, the
members of Grandtel Communications Limited agreed to voluntarily
wind up the company's operations.
The company's liquidator is:
Shom Chun Po
Tung Hip Commercial Building, Room 19A
248 Des Voeux Road, Central
Hong Kong
LUCENT TECHNOLOGIES: Appoints Leung as Liquidator
-------------------------------------------------
Leung Fung Yee Alice was appointed liquidator of Lucent
Technologies Asia/ Pacific Limited on July 31, 2008. The
company commenced liquidation proceedings on the same say.
The Liquidator can be reached at:
Leung Fung Yee Alice
Jardine House, 5th Floor
1 Connaught Place
Central, Hong Kong
NGO KEE: Members' General Meeting Slated for September 9
--------------------------------------------------------
The members of Ngo Kee Enterprises Limited will meet on
September 9, 2008, at 11:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.
The meeting will be held at 32E, 3rd Floor of Braga Circuit, in
Kadoorie Hill, Kowloon.
SHINCO INTERNATIONAL: Creditors to Meet on September 1
------------------------------------------------------
Shinco International AV Co., Limited will hold a meeting for its
creditors on September 1, 2008, at 10:20 a.m., to consider the
Statement of Affairs, appoint a liquidator and consider further
matters relevant to creditors' voluntary wind-up.
The meeting will be held at Room 603, 9 Chong Yip Street, Ngau
Tau Kok in Kowloon, Hong Kong.
SRE GROUP: S&P's Rating/Outlook Unaffected By Haikou Acquisition
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on SRE Group Ltd. (B+/Stable/--) are not immediately
affected by the company's acquisition of a land bank in Haikou
for Chinese renminbi (RMB) 1.1 billion. While S&P sees material
execution risks for SRE, given the scale of the project and
because Haikou is a new market for the company, these could be
partly offset by its cooperation with a local partner and local
government involvement.
There is no immediate liquidity pressure, due to SRE's cash
holdings of RMB1.85 billion (unchanged from end-2007) and
presales of RMB1.4 billion at the end of June 2008. The
acquisition of the Haikou land bank will be partly funded by the
proceeds from a RMB336.6 million convertible bond. The payment
for the land acquisition will be staggered over two years with a
larger payment in 2009, which could be funded from presales,
which are earmarked to start shortly. Also, the prospects that
SRE will provide support to its 46%-owned associate -- China New
Town Development (CNTD) -- have diminished in the short term,
given that CNTD is self-funding the redemption of its
convertible bond.
SUMITOK-SUPER: Members' Final Meeting Slated for September 9
------------------------------------------------------------
The members of Sumitok-Super High-Tech (H.K.) Company Limited
will meet on September 9, 2008, at 10:30 a.m., at the 35th Floor
of One Pacific Place, in 88 Queensway, Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
SUN KEE: Creditors' Meeting Set for September 1
-----------------------------------------------
The creditors of Sun Kee AV Co., Limited will meet on Sept. 1,
2008, at 10:20 a.m., to consider the Statement of Affairs,
appoint a liquidator and consider further matters relevant to
creditors' voluntary wind-up.
The meeting will be held at Room 603, 9 Chong Yip Street, Ngau
Tau Kok in Kowloon, Hong Kong.
=========
I N D I A
=========
AADI INDUSTRIES: Board Defers Preferential Shares Allotment
-----------------------------------------------------------
Aadi Industries Ltd's Board of Directors, at a meeting held
August 8, deferred resolution on the allotment of shares on
preferential basis.
Aadi Industries Ltd, aka JRC Industries Ltd, was incorporated in
1994 as JRC Finvest Limited. It changed its name to JRC
Industries Ltd. in February 1998. The company is based in
Ahmedabad, India. Ramakant S. Tawde is its Managing Director
and Rushabh Shah is its Director & Compliance Officer.
The company incurred two consecutive annual net losses. In the
year ended March 31, 2008, the company's net loss increased to
Rs. 0.72 million from Rs. 0.37 million in the previous year
period.
DCM FIN'L: Auditor Conducts Limited Review on 1st Qtr Results
-------------------------------------------------------------
DCM Financial Services Ltd disclosed in a regulatory filing that
its auditors have conducted a limited review of the company's
unaudited financial results for the quarter ended June 30, 2008.
Details of the latest limited review were not stated in the
filing.
However, in the limited review for the company's results in the
quarter ended Dec. 31, 2007, the auditors noted that the company
did not provide interest on these liabilities:
(a) Interest on debentures @ 10% as per offer letter on
19.5 % Debenture amounting to approx. Rs 65.25 lacs.
(b) Interest on bills payable and fixed deposits amounting
to approx. Rs 149.91 lacs.
(c) Interest of Inter Corporate deposits amounting to
approx. Rs 1.58 lacs.
To the extent of non-provision of interests, the auditors said
the net cumulative loss of the company for three months ending
December 31, 2007 is understated by Rs 216.74 lacs.
The auditor also noted that as per Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998
assets and receivables are required to be classified as NPA and
provision for non-performing assets as prescribed is required to
be made.
"The provision for non-performing assets as per these directions
on hire purchase and lease receivables, inter-corporate deposits
given, bills receivable, advances recoverable in cash or in kind
and other receivables as on June 30, 2007 amounted to approx. Rs
3404.66 lakhs but only Rs 1556.79 lakhs had been made, which
includes Rs 31.24 Lakhs made during the year ended June 30,
2007. To the extent of non-provision of approximately Rs
1,847.86 lakhs the cumulative net loss reflected is
understated," the auditors said.
Going Concern Basis
According to the auditor, to comply with the directives of the
Reserve Bank of India, the company ceased to accept deposits
from September 1997. Despite cessation of business, substantial
accumulated losses, non-provision for full NPA's and interest,
payable, rejection of the "old scheme under review" and winding
up petition filed by the Reserve Bank of India and various
creditors of the company, the accounts of the company have been
prepared on a "going concern" basis on an assumption made by the
management that adequate finances and opportunities would be
available in the foreseeable future to enable the company to
start operating on a profitable basis.
Contingent Liabilities
The auditor noted these contingent liabilities of the company:
(a) Claims lodged and contingent liability arising out
of suits and winding up petitions filed against
the company not acknowledged as debts amounts to
Rs 102.35 lacs. There are also other cases filed
in Consumer and courts against the company for which
the company is contingently liable for payment of
overdue/penal interest etc but for which the amount
has not been ascertained.
(b) Uncalled liability on partly paid shares for which
the company is contingently liable amounted to
Rs 13.01 lacs.
(c) Punjab & Sind bank has filed a recovery suit before
the Debt Recovery Tribunal (DRT) for recovery of
Rs 1217.52 lacs against which the amount payable to
them, as per books is Rs 803.40 lacs. The company
contends that the dues of the Bank will be settled
as per the restructuring scheme pending final approval
and consequently no provision for the difference of
Rs 414.12 lacs has been made.
(d) Indusland Bank has filed a recovery suit before the
Debt Recovery Tribunal (DRT), of Rs 1042.42 lacs
against which the amount payable to them as per books
is Rs 577.00 lacs. The company contends that the
dues of the Bank will be settled as per the "Scheme
under review" pending before the High Court of Delhi
and consequently no provision for the difference
of Rs 465.42 lacs has been made."
Scheme of Arrangement
A fresh scheme of arrangement for re-organization of share
capital of the company and for compromise with its secured and
unsecured creditors was filed in the Delhi High Court on
September 24, 2004.
The scheme has been approved by unsecured creditors, the
Debenture holders with requisite majority, without any
modification. The Scheme has also been approved by the other
secured creditors i.e. Banks and Institutions with certain
modifications proposed by Punjab & Sind Bank, which has an
additional outgo of Rs. 4.509 million over a period of 6 (six)
years i.e. Rs. 0.752 million per annum. Pursuant to the
approval of the scheme by the creditors, the company has filed
confirmation petition u/s. 391(2) of the companies act, 1956,
and is presently pending adjudication.
During the hearings by the Court, the company proposed
improvement to the scheme. The proposed improvements broadly
stipulates repayment to retail creditors i.e. Depositors and
Debenture holders, 85% of the original principal amount
invested, in 5 years instead of 60% of the principal amount, in
7 years, thereby reducing the share allotment to a level of 15%
from 40%, as proposed under the earlier scheme.
The company proposes to have right/option to pay the balance 15%
either in cash or by way of issuance of equity shares of the
company as per prevailing SEBI and stock exchanges guidelines in
6 years. Subject to the sanction of the scheme by the Delhi
High Court, the promoter company has undertaken to contribute Rs
195 million in a phased manner towards the scheme and proposed
that the Company should come out with a Right Issue(s) of 1
share for 1 share held at par and have also agreed to underwrite
the issue to the extent of their proposed contribution of Rs 195
million. Further, on May 6, 2008, the High Court of Delhi had
directed the promoters to deposit Rs 50 million in the Bank
Account.
The Reserve Bank of India, under section 45-IA of RBI Act,1934
has rejected the Company’s Application for grant of Certificate
of Registration as N.B.F.C. Against the said Order of the RBI,
an appeal had been filed by the Company and the Appellate
Authority under the Ministry of Finance vide its order dated May
31, 2004, directed the RBI to keep its rejection order dated
March 5, 2004 in abeyance for a period of six months during
which the company will file the revised scheme for restructuring
before appropriate authority or until the disposal of the review
petition by the Delhi High Court. The Company said it has
complied with the orders of the Appellate Authority by filing a
fresh scheme in September 2004.
The Reserve Bank of India is currently before the Delhi High
Court, having filed a constitutional Writ challenging the order
of the Appellate Authority under the Ministry of Finance and a
petition for Company’s winding up apart from objections to the
Scheme in February 2006. As a consequence, the High Court has
put some restraints on operations of the company's Bank
accounts.
About DCM Financial Services
Based in New Delhi, India, DCM Financial Services Ltd. is a
financial services company.
INDO RAMA: High Costs Prompt Temporary Polyester Plant Shutdown
---------------------------------------------------------------
Indo Rama Synthetics India Ltd said in a regulatory filing that
due to high input cost of petrochemical based raw materials and
the company's inability to cut product prices, the company
decided to shutdown its polyester plant until third week of
August 2008.
According to the company, crude prices have softened by almost
20% after touching the peak of around USD147 per barrel leading
to a sharp correction in raw material prices resulting into the
customers expecting lower prices whereas the raw material prices
remain firm in domestic market as they trail by a month.
In order to avoid inventory losses by using high priced raw
materials, the company's management opted to temporarily close
the polyester plant.
The company said the production loss due to the temporary
shutdown is not going to affect the sales as the company is
carrying the finished goods stock of around 30,000 Mts.
Indo Rama Synthetics incurred a net loss of Rs. 208.10 million
in the quarter ended June 30, 2008, compared to a net profit of
Rs. 22.70 million in the same period last year.
Headquartered in New Delhi, India, Indo Rama Synthetics India
Limited (IRSL) -- http://www.indoramaindia.com/-- is a
manufacturer of polyester filament yarn (PFY), polyester staple
fiber (PSF), chips and draw texturised yarn (DTY). The core
activities of finance, procurement, and logistics and warehouse
have been outsourced to Accenture. During the year ended March
31, 2007 (fiscal 2007), IRSL introduced two new continuous
polymerization (CP) plants, CP4 and CP5 at its Butibori (Nagpur)
plant. CP4 and CP5 with a combined capacity of producing
300,000 tons per annum of PSF, PFY and chips have commenced
commercial production during fiscal 2007.
IVY HEALTH: CRISIL Rates Rs. 208 Mil. Facilities at "BB"
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to
the various bank facilities of Ivy Health and Life Sciences Pvt
Ltd (Ivy).
Rs. 5.60 Million Cash Credit BB/Stable(Assigned)
Rs. 202.5 Million Term Loan BB/Stable(Assigned)
Rs. 8.0 Million Letter of Credit P4(Assigned)
The ratings reflect Ivy’s weak financial risk profile, marked by
high gearing and weak debt protection measures, and small scale
of operations and exposure to risks relating to geographic
concentration in revenues. These weaknesses are, however,
partly mitigated by Ivy’s modern infrastructure, backed by tie-
ups with leading service providers in specialty fields.
Outlook:Stable
CRISIL believes that Ivy Health & Life Sciences Pvt Ltd’s
(Ivy’s) financial risk profile will remain weak with high
gearing levels and weak debt protection measure due to initial
losses. The outlook may be revised to ‘Positive’ in case of
faster-than-expected revenue growth and profitability.
Conversely, outlook can be revised to ‘Negative’ in case of
slower than expected growth in revenue and profitability or
additional debt funded capex.
About Ivy
Incorporated in 2005, Ivy has established the 100-bed, multi-
specialty, Ivy Hospital with emphasis on oncology (cancer-
related diseases), in Mohali, Punjab. The hospital began
commercial operations in December 2007. The company has adopted
the ‘health mall’ concept, wherein basic infrastructure, general
departments, and utilities are owned by the company, while
specialty departments, such as oncology, are outsourced to
independent doctors and external agencies. A major portion of
the investment in medical equipment is by the respective
doctors/agencies, with Ivy receiving a share of the department
revenues. Ivy also receives revenues from room rentals, general
departments, and utilities. Eight specialty departments are
already operational, all of which, except radiology, are
outsourced. Dr. Kanwaldeep Kaur, one of the promoters of the
company, heads the radiology department. Ivy is setting up four
more specialty departments, which are expected to begin
operations by the end of 2008-09 (refers to financial year,
April 1 to March 31).
RAMCO SUPER: Business Closed Since 2003
---------------------------------------
Ramco Super Leathers Ltd said Monday in a regulatory filing that
the company has been closed from April 2003.
The company said it was struck with labor problem and financial
crisis and suddenly all operations were closed.
Its head office has been sealed by the ESI department from
March 17, 2005.
SPICEJET LIMITED: Inks US$100 Mil. Funding Deal With WL Ross
------------------------------------------------------------
Spicejet Limited, together with its shareholders RHSL, Istithmar
and Ajay Singh and bondholder Goldman Sachs have entered into
definitive agreements with WL Ross & Co LLC which will result in
infusion of approximately US$100 Million in the company for its
business requirements.
Accordingly, Goldman Sachs has agreed to subscribe to equity
warrants of the company under the preferential issue guidelines
of the Securities and Exchange Board of India subject to receipt
of requisite approvals.
As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2008, Spicejet accepted the offer of WL Ross which will
make available approximately Rs 345 crores
(around US$80 million) to SpiceJet. The offer was approved by
the Board of Directors of Spicejet on July 14, 2008.
The now US$100 Million investment amount includes the
US$20 million that Goldman Sachs will pay while subscribing to
equity warrants of the company, a Spicejet official who
requested anonymity told The Times of India.
Commenting on the deal in July, Mr. Bhulo Kansagra and Mr. Ajay
Singh, members of Spicejet Board, said they "are delighted to
have WL Ross as an investor in Spicejet" and they have no doubt
that with the investment, "Spicejet will fulfill its promise of
emerging as India's leading earline."
Mr. Wilbur L. Ross Jr., Chairman and CEO of WL Ross & Co. LLC,
welcomed the deal and said, "We believe in the long term
validity of the low cost airline model in India and that fuel
prices eventually will stabilize."
Mr. Ranjeet Nabha, Managing Director and CEO if WL Ross India
said, "SpiceJet is one of the most efficient airlines in India.
We are delighted to contribute to its growth and development."
Mr. Ross and Mr. Nabha are expected to join SpiceJet's Board.
The deal would be WL Ross' second investment in India. In
February 2007, WL Ross acquired OCM India Ltd., a worsted
suiting maker, for around US$37 million.
NM Rothschild & Sons (India) Private Limited acted as the
exclusive financial advisor to SpiceJet.
About WL Ross and Co. LLC
WL Ross and Co. LLC is a financial restructuring group operating
in the investment industry. The company manages assets for
institutional investors in the United States, Europe and Asia.
About SpiceJet Limited
SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.
* * *
Spicejet has been reporting net losses for at least
four consecutive years -- INR414.2 million in the year
ended May 31, 2006, and INR287.05 million in the year
ended May 31, 2005. The company then changed its financial
year from June-May to April-March. For the year ended
March 31, 2008, the company incurred a net loss of
INR1,335.07 million compared to a net loss of
INR707.43 million for the year ended March 31, 2007.
TATA STEEL: Wants to Increase Borrowing Limit to Rs 40,000 Crore
----------------------------------------------------------------
Tata Steel Limited plans to double its borrowing capacity to
part-finance its future projects that include both brownfield
expansions and greenfield plants, The Economic Times reports.
According to The Times, the company has sought shareholders’
consent for increasing the borrowing limit to Rs 40,000 crore
from the existing Rs 20,000 crore.
The Times relates that in its notice to shareholders for the
101st annual general meeting scheduled on August 28, Tata Steel
said the consent was needed as shareholders had given their
approval to borrow up to Rs 20,000 crore in July 2006.
Tata Steel’s borrowings stood at Rs 18,021.69 crore in the year
ended March 2008.
Meanwhile, SteelGuru reports, citing PTI, that Tata Steel might
dispose of some of the low profit yielding assets of UK-based
steel company Corus Group plc to increase the return on invested
capital in 5 years.
Corus was acquired on April 2, 2007, by Tata Steel UK Limited
(TSUK), a subsidiary of Tulip UK Holding No.1, which in turn is
a subsidiary of Tata Steel.
According to SteelGuru, Mr. Jean Sebastien Jacques, group
director strategy of Tata Steel, said the Group has set itself
an ambitious target to improve the return on invested capital of
its existing assets to 30% from the current 19% over the next 5
years.
Mr. Jacques added that "The Group will pursue the optimization
of its European assets, dispose and restructure assets that are
of low profitability and pursue differentiation of products and
services. It will also continue towards achieving benefits
through continuous improvement of processes and products through
synergies from the acquisition of Corus."
The Financial Express relates that Tata Steel said that during
FY08, the Group and Corus jointly have realised synergy benefits
of US$76 million.
Chairman Ratan Tata said in the company's annual report for
2007-08 that "Tata Steel has derived the benefits in the area of
manufacturing, whereas in Corus, the benefits are from reduction
of taxation and in shared services in the area of legal,
investor relations etc, in the corporate centre."
Moreover, the Financial Express says, joint integration teams
formed for key areas have identified synergies worth US$450
million and action plan drawn up will ensure that these are
realised by the end of March 2010.
About Tata Steel Limited
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries. Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings. Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from February 1, 2008.
* * *
Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.
The company also carries a "Ba1" corporate family rating from
Moody's.
=================
I N D O N E S I A
=================
INDOSAT: To Hold Shareholders' Meeting on August 25
---------------------------------------------------
Antara News reports that PT Indosat will hold an extraordinary
shareholders' meeting on August 25, 2008, to discuss a plan to
change the structure of its board of directors and board of
commissioners following Qatar Telcom's acquisition of most of
the company's shares.
According to Antara, Indosat's corporate secretary Strasfiatri
Auliana said the decision to change the structure of the
company's boards of directors and commissioners was taken after
Qatar Telcom purchased a 100-percent stake in Indonesian
Communication Limited, which controls 40.8 percent of Indosat's
shares.
With its entry into Indosat, the report relates that Qatar
Telcom will place its representatives in Indonesia`s second
largest telecommunications operator, namely to replace
representatives of Singapore government's investment firm
Temasek Holdings.
In June, Singapore Technologies Telemedia (STT), a wholly owned
unit of Temasek Holdings, agreed to sell its interest in Indosat
to its business partner Qatar Telecom. Qatar Telecom agreed to
pay US$1.8 billion for the 40.8% stake in Indosat held by Asia
Mobile Holdings, a joint venture between Qatar Telecom and STT.
Upon completion of the transaction, STT will no longer have any
involvement in Indosat.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta. Indosat also provides 3.5 G
with HSDPA technology. Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 11, 2008, Moody's Investors Service placed on review for
possible downgrade the Ba1 local currency corporate family
rating of PT Indosat Tbk (Indosat), and the Ba2 foreign currency
senior unsecured bond rating of Indosat Finance Company B.V. and
Indosat International Finance Company B.V., which are guaranteed
by Indosat.
As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings assigned a stable outlook on PT
Indosat Tbk's BB- rating. EBITDA margins are likely to be
stable overall. Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook. Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate. Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.
INDOSIAR: Pefindo Removes Neg. Implication on "idBB+" Rating
------------------------------------------------------------
Pefindo removed the status of Creditwatch with negative
implication from the rating of PT Indosiar Visual Mandiri's
(IDSR) Bond I/2003 amounting to IDR696.21 billion which was due
on August 8, 2008. Therefore, PEFINDO maintained the rating at
idBB+ with stable outlook.
The action was taken after the company obtained loan from Bank
BCA, Bank Niaga, and Bank Panin with total loan of
IDR500 billion and from its holding company in the form of
subordinate loan amounting to IDR200 billion. With those
facilities, the company is able to repay the maturing bond on
the due date. In addition, the company's business performance
as of June 30, 2008 has showed a significant improvement after
booking losses in the last three years.
Starting its commercial operation in 1995, IDSR is the fifth
private television-company to enter the industry, which is now
occupied by 10 private national TV stations. At the end of
June 30, 2008, IDSR's shares were mainly held by PT Indosiar
Karya Media Tbk. or IDKM (99.9908%).
MERPATI: To Get IDR300BB Funds After Improvement of Performance
---------------------------------------------------------------
PT Merpati Nusantara Airlines has to improve its performance
first before the government can inject it with IDR300 billion in
fresh funds, Antara News reports citing Finance Minister Sri
Mulyani.
Ms. Mulyani told Antara News that President Susilo Bambang
Yudhoyono ordered an audit on the company to ascertain its
current financial condition.
The report relates that Merpati was also required to make a
business plan first like flight routes that should be
maintained, operational fund reduction scheme and the needed
investment.
"This constitutes a new job for the new management to draw up a
business plan which starts with a good new financial balance.
Only after that can the IDR300 billion be injected," Ms. Mulyani
was quoted by Antara News as saying.
Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes. The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.
* * *
According to press reports, Merpati has suffered from high fuel
prices and hurt by the weaker rupiah. The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.
The Troubled Company Reporter - Asia Pacific reported on July
24, 2004, that the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier. The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations. The state was also considering a IDR220
billion debt-for-equity swap.
According to a TCR-AP report in January 2006, the Government had
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the Government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the Company to continue its business.
PERTAMINA: To Increase Lybia Oil Imports to 1MM Barrels a Month
---------------------------------------------------------------
PT Pertamina plans to increase its crude oil imports from Lybia
to 1 million barrels a month or 33,000 barrels a day, Antara
News reports citing the company's processing director Rukmi
Hadihartini.
Ms. Hadihartini told Antara that the company will soon sign a
long-term contract with Lybia for the supply of crude oil of
Sharir type.
"The contract will be a follow-up to a G-to-G agreement,"
Ms. Hadihartini was quoted by Antara as saying.
The report notes that Pertamina currently imports
300,000-350,000 barrels of crude per day to meet demands from
domestic refineries.
About PT Pertamina
PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise. The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company. In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream. Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day. However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.
Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.
In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java. Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.
=========
J A P A N
=========
ELPIDA MEMORY: Financial Losses Likely to Affect S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the credit quality
of Japan's Elpida Memory Inc. (Elpida; BB-/Stable/--) may be
affected by any further losses sustained by the company,
as well as its increased exposure to financial and operational
risk factors associated with the company's planned joint venture
with China's Suzhou Venture Group Co. Ltd.
On Aug. 7, 2008, Elpida announced that it had made a net
operating loss of JPY15.6 billion in the first quarter of fiscal
2008 (April 2008 to June 2008). This represented the company's
third consecutive quarterly loss. Although Elpida's
slower-than-expected earnings recovery does not immediately
warrant a rating change, S&P believes that the operational and
financial risks assumed by Elpida are likely to increase if the
slowdown in the DRAM market worsens at the same time as the
company expands investments aimed at boosting production. S&P
believes that the weakening global economy could place downward
pressure on future demand for PCs and high-end mobile phones,
further softening the DRAM market and increasing the downside
risks for Elpida's financial performance.
On Aug. 6, 2008, Elpida announced that it would set up a joint
venture company with Suzhou Venture Group, with the aim of
increasing its DRAM production capacity and capturing a larger
share of the global market. Although the details of the plan
are still undecided, Elpida plans to invest approximately JPY30
billion and hold 39% of the shares. Considering the limited
nature of Elpida's investment, S&P believes that the financial
and operational risk associated with the joint venture should be
mitigated to a certain extent. However, given the uncertain
future of the DRAM market, S&P takes the view that these risks
are still very important factors in regards to the credit rating
on Elpida.
TAIHEIYO CEMENT: Posts JPY8.6 Bil. Loss in First-Quarter 2008
-------------------------------------------------------------
Taiheiyo Cement Corporation posted a JPY8.6 billion (US$78
million) loss in the three months ended June 30, from JPY2.7
billion profit a year earlier, as demand for the building
material waned in Japan and the U.S., Masumi Suga of Bloomberg
News reports.
The company's sales, the report relates, fell 9.6% to JPY202.4
billion.
According to the report, sales slid in Japan and the U.S. after
a slowdown in construction led to production cuts. Taiheiyo
Cement and its rivals in Japan are trying to cope with surging
coal and oil expenses by passing on the costs to buyers.
First-quarter operating loss was JPY1.4 billion, from a profit
of JPY11 billion a year earlier, the report notes.
Bloomberg News says the company reiterated full-year profit will
probably decline 51% to JPY10 billion and operating profit may
fall 22% to JPY40 billion while sales may increase about 1% to
JPY935 billion.
About Taiheiyo Cement
Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer. Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate. The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants. Taiheiyo
provides real estate management services in the Tokyo area.
* * *
Taiheiyo Cement Corporation continues to carry Standard & Poor's
Rating Services' "BB+" long-term foreign and local issuer credit
ratings. The outlook is stable.
* JAPAN: Used Auto Sales Down for 28th Month
---------------------------------------------
Japan's sales of used automobiles in July, excluding
minivehicles with engine displacements of up to 660 c.c., fell
2.2% from a year before to 365,227 units, losing ground for the
28th straight month, Jiji Press reports, citing the Japan
Automobile Dealers Association.
The sales figure, the report relates, was the lowest in 24 years
for the month of July, attributable to weak demand for
automobiles and a decrease in the number of high-quality, trade-
in vehicles.
According to the report, of the total, passenger car sales
shrank 2.5% to 310,077 units. Of them, sales of cars with
engine displacements of 2,000 c.c. or less fell 3.9% to 162,119
units, the lowest level for July since the association started
the survey in 1978.
Truck sales dropped 0.2% to 44,045 units, while bus sales jumped
24.5% to 1,804 units due to a special factor linked to Nagoya
Railroad Co.'s revamping of its bus operations, the report says.
=========
K O R E A
=========
SSANGYONG MOTOR: Falls Into the Red on Low 2nd Qtr SUV Sales
------------------------------------------------------------
Ssangyong Motor Co. posted a loss of KRW35.7 billion (US$34.5
million) in the second quarter of 2008 compared with a profit of
KRW6.3 billion in the same period last year due to a drop in
sales of its sport-utility vehicles, Yonhap News reports.
The automaker also posted an operating loss of KRW32.4 billion
in the current period, shifting from an operating profit of
KRW12.7 billion, the report says.
Meanwhile, Yonhap News says Ssangyong Motor's sales fell 19
percent to KRW651 billion over the second quarter. Vehicles
sales in the first half fell 26 percent from a year earlier to
49,802 units. Domestic sales dropped 32.5 percent to 21,047
units in the first six months,and overseas sales also sank
20.5 percent to 28,755 units over the cited period.
Separately, a Troubled Company Reporter-Asia Pacific report on
Aug. 7, 2008, citing Yonhap News, said Ssangyong Motor's 18-day
shutdown of its sole plant in Korea will cost the company
KRW2.2 trillion (US$2.16 billion) in lost production.
According to that report, Ssangyong has shut its auto assembly
plant in Pyeongtaek, about 65 kilometers south of Seoul, from
July 31 until Aug. 17, to adjust production in reaction to
slowing sales.
Yonhap News earlier reported that the plant shutdown will be the
first for Ssangyong since it idled some of its production lines
in May because of sluggish demand.
During the shutdown period, the report said workers will receive
70 percent of their monthly salary.
Analysts told Yonhap News that higher diesel prices in South
Korea and a stagnant economy have led Ssangyong to curtail
production.
Last month, Yonhap News said Ssangyong saw its domestic sales
plunge 67 percent on-year to 1,902 units, and during the first
six months of this year, the company sold 26 percent fewer
vehicles as consumers shunned its gas-guzzling sport-utility
vehicles.
However, Kevin Lee, a Ssangyong spokesman, told Yonhap News that
the shutdown was aimed at retooling its painting equipment at
the plant, rather than cutting production to reduce its
inventory.
"In the first 20 days of July, our sales rose 120 percent from a
year earlier," Mr. Lee said declining to say how many vehicles
the company sold during the period.
Yonhap News noted that Ssangyong was the only automaker among
the country's five players to post a decline in vehicle sales
last month, and, as local brokerage Shinyoung Securities said,
would find it difficult "to recover its sales under current
business conditions."
Meanwhile, Yonhap News said workers at Ssangyong recently voted
to approve a new wage agreement, putting an end to a series of
partial strikes.
According to Yonhap News, 64% of some 5,200 union members
approved a 4.6 percent increase in monthly basic salary and a
bonus payment of KRW2 million (US$2,000) to encourage them to
"overcome a management crisis."
About Ssangyong Motor Co. Ltd.
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs). The Company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius. It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others. During the year
ended December 31, 2007, the Company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles. The Company has two
manufacturing factories in Pyeongtaek and Changwon.
===============
M A L A Y S I A
===============
CNLT: Six Bank Creditors Give Nod to Prop. Restructuring Scheme
---------------------------------------------------------------
CNLT (Far East) Berhad disclosed with the Kuala Lumpur Stock
Exchange that the company obtained the approval from all its six
secured bank creditors for its proposed restructuring scheme.
The company also disclosed that Bursa Securities had granted an
extension of three months for the company to submit its
regularization plan to the Securities Commission and relevant
approving authorities for approval.
The last day for the company to submit its regularization plan
to the Securities Commission and relevant approving authorities
falls on September 10, 2008.
About CNLT (Far East) Berhad
CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn. Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel. The company
operates in Malaysia and Senegal.
* * *
The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:
(i) Based on the unaudited quarterly results of CNLT for
the first quarter ended March 31, 2007, as announced
to Bursa Securities, the shareholders' equity on a
consolidated basis is less than 50% of the issued and
paid up capital of the company ; and
(ii) The auditors of CNLT have expressed a modified opinion
with emphasis on the Company's going concern in its
latest audited accounts for the financial year ended
December 31, 2005.
NIKKO ELECTRONICS: Gets Writ of Summons from Super Enterprise
-------------------------------------------------------------
On August 11, 2008, Nikko Electronics Bhd has been served a Writ
of Summons dated July 21, 2008, from Khor, Ong & Company,
Advocates and Solicitors acting for Super Enterprise (Penang)
Sdn Bhd claiming MYR276,564.23 purportedly being monies due and
owing to Super Enterprise (Penang) Sdn Bhd for the supply of
products and/or services rendered.
Nikko is seeking the necessary legal advise to resolve and/or
defend against this matter.
About Nikko
Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products. The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.
* * *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad. Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.
The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it. Nikko will also be suspending its business activities to
prevent incurring further losses.
====================
N E W Z E A L A N D
====================
AFFORDABLE GRANITE: Liquidator Sets August 18 as Claims Bar Date
----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Affordable Granite Benchtops (2005) Limited
resolved that the company be liquidated and appointed Kim S.
Thompson, insolvency practitioner of Hamilton, as liquidator.
Creditors are required to file their proofs of debt by Aug. 18,
2008, to be included in the company's dividend distribution.
Creditors and shareholders may direct their inquiries to:
Kim S. Thompson
PO Box 1027
Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
CEDAR SPRINGS: Wind-Up Petition Hearing Set for August 18
---------------------------------------------------------
The High Court at Rotorua will hear on Aug. 18, 2008, at 10:45
a.m., a petition to have Cedar Springs Limited 's operations
wound up.
The Commissioner of Inland Revenue filed the petition against
the company on June 4, 2008.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432
Hamilton
Telephone: (07) 959 0416
Facsimile: (07) 959 7614
Rachel L. Scott is the plaintiff's solicitor.
COMBINED FLOORS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on Aug. 1, 2008, to
consider an application putting Combined Floors (2004) Limited
into liquidation.
The application was filed on April 15, 2008, by the Commissioner
of Inland Revenue.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services,
17 Putney Way (PO Box 76198)
Manukau, Auckland 2241
Telephone: (09) 985 7274
Facsimile: (09) 985 9473
Sandra Joy North is the plaintiff's solicitor.
CVT NEW ZEALAND: Wind-Up Petition Hearing Set for August 18
-----------------------------------------------------------
The High Court at Rotorua will convene a hearing on Aug. 18,
2008, at 10:45 a.m. to consider putting CVT New Zealand Limited
into liquidation.
The application was filed on May 21, 2008, by ATP (New Zealand)
Limited.
The plaintiff's address for service is at:
Whitlock & Co.
c/o Level 2
Baycorp House
15 Hopetoun Street
Auckland
Malcolm David Whitlock is the plaintiff's solicitor.
HANOVER FINANCE: Investors Accept Proposed Moratorium
-----------------------------------------------------
Hanover Finance Ltd's investors have agreed to accept a
moratorium on repayments in exchange for greater consultation
and better supervision of the process, Lincoln Tan writes for
The New Zealand Herald.
According to the report, at a meeting on Sunday, Aug. 10, 2008,
about 60 investors voted unanimously for a moratorium.
The investors also formed a six-member committee to work with
the Exposing Unacceptable Financial Activities (EUFA) Society -
which organized the gathering at the Commerce Club of Auckland -
before receiving Hanover's plan to restructure the business, the
Herald relates.
As reported in the Troubled Company Reporter-Asia Pacific on
July 24, 2008, Hanover Finance said it would suspend acceptance
of new investments and repayment of existing deposits as it
worked with trustees on a plan to restructure the business
going forward.
Hanover Finance, which continues to meet its Trust Deed
obligations and has ongoing financial capacity to trade, said it
is acting early to preserve value in the business as market
conditions continue to deteriorate and uncertainty mounts over
borrowers abilities to repay as forecast.
The Hanover Finance book comprises approximately 13,000
investors with NZ$465 million in debentures. United Finance has
around 2,400 investors with NZ$65 million in debentures. And
Hanover Capital, offering secured preferential bonds, has around
1,100 investors with NZ$24 million worth of bonds.
About HFL
HFL is NZ's third-largest privately-owned finance company with
total assets of NZD796 million at 31 December 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.
* * *
As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 5, 2008, Fitch Ratings has downgraded Hanover Finance'
Long-term foreign currency Issuer Default Rating to 'C' from
'BB+', Short-term foreign currency IDR to 'C' from 'B',
Individual rating to 'E' from 'C/D' and simultaneously placed
them on Rating Watch Negative. At the same time, Fitch has
affirmed HFL's Support rating at '5' and the Support Rating
Floor at 'NF'.
A Long-term foreign currency IDR of 'C' indicates that default
is imminent. While HFL is not technically in default, the RWN
reflects an expectation that default will occur within 7 days,
at which point the RWN will be resolved and the Long-term
foreign currency IDR will be downgraded to 'D'.
HARVEST BUILDERS: Liquidators Set Aug. 22 as Claims Bar Date
------------------------------------------------------------
The High Court at Auckland has appointed Boris van Delden and
Peri Micaela Finnigan, insolvency practitioners of Auckland, as
liquidators of Harvest Builders Limited.
Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.
The liquidators can be reached at:
McDonald Vague
PO Box 6092
Wellesley Street Post Office
Auckland 1141
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Website: www.mvp.co.nz
HUMAN RESOURCES: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Hamilton held a hearing on July 28, 2008, to
consider an application putting Human Resources Integrated
Solutions Ltd.
The application was filed on June 12, 2008, by Simon Francis
Scott (trading as Bogers Scott Shortland).
The plaintiff's address for service is at:
221 Collingwood Street
PO Box 946
Hamilton
Telephone: (07) 838 3144
Facsimile: (07) 838 3155
Simon Francis Scott is the plaintiff's solicitor.
LE RUE: Wind-Up Petition Hearing Slated for August 18
-----------------------------------------------------
The High Court at Rotorua will hear on Aug. 18, 2008, at
10:45 a.m., a petition to have Le Rue Foods 2002 Limited's
operations wound up.
The Commissioner of Inland Revenue filed the petition against
the company on May 7, 2008.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
1 Bryce Street
PO Box 432
Hamilton
Telephone: (07) 959 0416
Facsimile: (07) 959 7614
Rachel L. Scott is the plaintiff's solicitor.
MANIC CONSTRUCTION: Liquidator Sets August 18 as Claims Bar Date
----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Manic Construction Limited resolved that the
company be liquidated and appointed Kim S. Thompson, insolvency
practitioner of Hamilton, as liquidator.
Creditors are required to file their proofs of debt by Aug. 18,
2008, to be included in the company's dividend distribution.
Creditors and shareholders may direct their inquiries to:
Kim S. Thompson
PO Box 1027
Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
MEDIA SOLUTIONS: Wind-Up Petition Hearing Set for August 29
-----------------------------------------------------------
The High Court at Auckland will convene a hearing on Aug. 29,
2008, at 10:45 a.m., to consider putting Media Solutions
Worldwide Limited into liquidation.
The application was filed on May 14, 2008, by Geon Limited.
The plaintiff's address for service is at:
Langley Twigg Solicitors
66 West Quay, Napier
Facsimile: (06) 835 3712
P. D. Twigg is the plaintiff's solicitor.
PROPERTY VENTURES: City Council Buys Properties for NZ$17 Mil.
--------------------------------------------------------------
Christchurch City Council purchased five central city properties
from developer Dave Henderson for NZ$17 million, The New Zealand
Herald Reports.
According to the Herald, citing The Press newspaper, City mayor
Bob Parker said that the purchase was a strategic move to
protect the city centre from poor development.
The properties were sold for "way below our book value and in
once case half our book value," the report quoted Mr. Henderson
as saying.
As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, Marta Steeman of The Press said that two secured
creditors of Five Mile Holdings have placed the company under
receivership for non-payment of a loan said to be about
NZ$70 million.
Five Mile Holdings is a unit of Property Ventures which is
controlled by developer Dave Henderson.
Separately, Smith Crane and Construction, a Christchurch crane-
hire company, has also filed applications in the High Court to
liquidate Five Mile and Property Ventures for unpaid debts.
About Property Ventures
New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.
STRATEGIC FINANCE: Sells Apartments Amid Plans to Save Business
---------------------------------------------------------------
Strategic Finance Limited has triggered a fire sale of
apartments in Nelson as investors wait to see if a deal to save
the finance company goes through, The National Business Review
reports.
According to the Review, citing the Nelson Mail, Strategic
Finance had called a mortgagee sale of 17 units in the Sands
complex by Tahunanui Beach. The apartments constructed by
Auckland-based developer Robert Donald are expected to sell
below replacement cost.
The Review relates that three of the apartments and two retail
premises are being auctioned at midday on August 29, while the
rest are subject to a deadline sale closing on September 1.
The complex has 42 apartments and 13 ground-floor shops. Before
construction the apartments were marketed at between NZ$325,000
to NZ$1.59 million, The Review adds.
As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, a consortium consisting of Strategic Finance's
original owners, senior management and BOS International, part
of the HBOS Australia group, has agreed indicative non-binding
terms with Allco HIT Limited, to buy Strategic Investment Group
Limited, the immediate parent of Strategic Finance.
On Aug. 12, 2008, the TCR-AP reported that Strategic Finance
disclosed a capital restructure plan which is entirely
conditional on negotiations being completed between Allco HIT
and the consortium of company management and Uberior Ventures
(Asia) Limited, a subsidiary of BOS (Australia) Limited. The
capital restructure is also subject to Strategic Finance board
and trustee consideration.
The terms of the restructure as currently proposed in respect of
the debentureholders and is subject to change:
1. 30% of their investment will be repaid in three equal
installments on March 31, 2009; September 30, 2009;
and March 31, 2010.
2. The balance of their investment is to be invested in
3, 4 and 5 year secured listed bonds in equal
proportions.
3. The interest rate will be reset.
4. Interest will be paid quarterly in arrears.
The restructuring plan proposes that subordinated debt holders
will also continue to receive interest paid quarterly in
arrears. They will however be asked to alter their investment
to first ranking 5 year secured listed bonds.
The terms of the restructure are yet to be finalized and may
change subsequently. Strategic Finance said it will make a more
detailed announcement regarding the capital restructure once the
parties have concluded the sale and purchase negotiations.
About Strategic Finance
Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector. It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities. It was offering motor vehicle lending
under non-property lending and investments. The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income. It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus. It receives fees for such services.
Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.
TURAMOE LIMITED: Liquidator Sets August 18 as Claims Bar Date
-------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Turamoe Limited resolved that the company be
liquidated and appointed Kim S. Thompson, insolvency
practitioner of Hamilton, as liquidator.
Creditors are required to file their proofs of debt by Aug. 18,
2008, to be included in the company's dividend distribution.
Creditors and shareholders may direct their inquiries to:
Kim S. Thompson
PO Box 1027
Hamilton
Telephone: (07) 834 6813
Facsimile: (07) 834 6104
Email: kim@kstca.co.nz
=====================
P H I L I P P I N E S
=====================
* PHILIPPINES: Debt Increases to Php3.93 Tril. as of End May
------------------------------------------------------------
As of May 2008, the National Government debt increased by 1.4%
from the April 2008 level, data from the Bureau of the Treasury
shows. Total outstanding debt stood at Php3.927 trillion of
which, Php1.630 trillion or 42% is owed to foreign creditors and
Php2.297 trillion or 58% to domestic creditors.
The decline in domestic debt of Php4 billion or 0.2% from the
recorded end April 2008 level was due to the net redemption
incurred by NG.
The increase in NG's foreign debt of Php59 billion or 3.8% from
the level as of end April 2008 was due to the Php67 billion
depreciation of the peso against the US dollar. However, this
was partially offset by the Php2 billion net repayments and
Php6 billion net appreciation of the third currencies against
the US dollar.
On the other hand, the contingent debt of the National
Government, composed mainly of guarantees issued by the National
Government, increased to Php526 billion, higher by Php14 billion
or 2.7% from end April 2008 level of Php512 billion. The
increase was attributed to the foreign contingent debt due to
the combined effects of the Php19 billion depreciation of the
peso against the US dollar, Php3 billion net appreciation of the
third currencies against the US dollar and Php2 billion net
repayments.
=================
S I N G A P O R E
=================
STATS CHIPPAC: Terminates Tender Offer for Senior Notes
-------------------------------------------------------
STATS ChipPAC Limited's tender offer and consent solicitation in
respect of its US$150 million of 7.5% Senior Notes due 20101 and
its US$215 million of 6.75% Senior Notes due 20112 has been
terminated because the Financing Condition has not been
satisfied. All tendered Senior Notes are now free to trade.
The Tender Offer and Consent Solicitation was made solely
pursuant to the Offer to Purchase and Consent Solicitation
Statement dated June 20, 2008, as amended on July 22, 2008.
Joint Dealer Managers were Credit Suisse (Liability Management
+44 20 7883 6748) and Deutsche Bank (Liability Management +44 20
7545 8011).
About STATS ChipPAC Ltd.
STATS ChipPAC Ltd. is a service provider of semiconductor
packaging design, assembly, test and distribution solutions in
diverse end market applications including communications,
digital consumer and computing. With global headquarters in
Singapore, STATS ChipPAC has design, research and development,
manufacturing or customer support offices in 10 different
countries. STATS ChipPAC is listed on the SGX-ST. Further
information is available at http://www.ir.statschippac.com.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
June 24, 2008, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of medium-term
benchmark-sized senior unsecured notes by STATS ChipPAC Ltd.
(BB+/Stable/--).
===========
T A I W A N
===========
EVA AIRWAYS: To Suspend Flights to Auckland Next Month
------------------------------------------------------
Eva Airways Corporation will suspend flights to Auckland from
September 1, The China Post reports.
"The Taipei-Auckland route is incurring losses on lower-than-
expected demand. Worse, high oil prices have further impacted
our bottom line," the report cited EVA Air spokeswoman as
saying.
According to the report, while the spokeswoman did not detail
the financial data for the route, EVA Air posted a net loss of
NT$2.29 billion (US$73.4 million) in the three months to March,
after slumping NT$1.87 billion into the red in 2007.
Eva Airways Corporation --
http://www.evaair.com/html/b2c/Chin... -- is principally
engaged in the provision of passenger and cargo transportation
services throughout Asia, Europe, the Americas and Oceania. The
Company’s passenger air transportation services include regular
flights and regular and irregular charter flights. It also
provides air cargo, mail and package transportation services.
In addition, the company sells duty-free items on airplanes.
During the year ended December 31, 2007, the company obtained
53% and 41% of its total revenue from its passenger
transportation and cargo transportation services, respectively.
* S&P Says Taiwan Top 100 Firms Are Stable Amidst Rising Prices
---------------------------------------------------------------
Taiwan's top companies will be challenged by a slowing global
economy and rising material prices in 2008, but closer
integration with China has buoyed corporate sentiment. That's
according to a report titled "Taiwan Top 100 Corporates",
jointly published by Standard & Poor's Ratings Services and its
subsidiary Taiwan Ratings Corp.
"This year's publication is, in effect, a sequel to last year's
"Taiwan Top 50 Corporates" book," said S&P's credit analyst
Daniel Hsiao. "This year's publication features credit comments
on companies that did not make the Top 50 list in 2006 but made
it into the Top 100 sales rankings in 2007."
The survey reveals that while overall credit quality for
Taiwan's top 100 corporates was generally stable in 2007,
overall profitability weakened slightly. However, some
industries experienced a boom: For instance, the median
operating margin of thin film transistor liquid crystal display
panel makers rose to 30% in 2007 from 13% in 2006.
"Also, as the operating environment is becoming tougher, the
possibility of corporates pursuing M&A activity is also rising,
which could dramatically alter the credit quality of an
individual company," said Mr. Hsiao.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Featured Conference
Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!
* * *
Beard Audio Conferences presents
Bankruptcy and Restructuring Audio Conference CDs
More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR
* * *
Aug. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Nassau vs. Suffolk Softball Game
Eisenhower Park, East Meadow, New York
Contact: 631-251-6296 or www.turnaround.org
Aug. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Social & Networking Meeting
CityPlace Center, Dallas, Texas
Contact: 972-906-9436 or www.turnaround.org
Aug. 15, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Family Night Baseball
TBD, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
Aug. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Do's and Don'ts of Investing in a Turnaround
Citrus Club, Orlando, Florida
Contact: www.turnaround.org/
Sept. 4-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Aug. 27-28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA 4th Annual Northeast Regional Conference
Gideon Putnam Resort & Spa, Saratoga Springs, New York
Contact: www.turnaround.org
Aug. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Arizona Chapter Mixer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Marriott, Bridgewater, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dallas / Fort Worth Restructuring Workshop
Belo Mansion Dallas, Texas
Contact: www.turnaround.org
Sept. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Lenders Forum
TBD, Long Island, New York
Contact: www.turnaround.org
Sept. 11-12, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Mid-America Regional Conference
Oak Brook Hills Marriott Resort, Oak Brook, Illinois
Contact: www.turnaround.org
Sept. 11-14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cross Border Conference
Grand Okanagan Resort, Kelowna, British Columbia
Contact: www.turnaround.org
Sept. 12, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC Views from the Bench
Georgetown University Law Center, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 16-18, 2008
ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
2nd Annual Restructuring & Investing Conference
Shanghai, China
Contact: http://www.airacira.org/
Sept. 17, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Real Estate / Condo Restructuring Panel
Marriott North, Fort Lauderdale, Florida
Contact: www.turnaround.org/
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
Maplewood Country Club, Maplewood, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Chapter Lunch Program
Nashville City Center, Nashville, Tennessee
Contact: 615-850-8678 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Healthcare Industry Update - Panel Discussion
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A View From US Trustees
TBA, Syracuse, New York
Contact: www.turnaround.org
Sept. 18-19, 2008
AMERICAN CONFERENCE INSTITUTE
Advanced Insolvency Law and Practice Conference
Paris, France
Contact: www.americanconference.com
Sept. 24, 2008
TURNAROUND MANAGEMENT ASSOCIATION
13 Week Cash Flow Workshop: An Overview
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Sept. 24-25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Florida Annual Golf Tournament
Champions Gate Golf Club, Orlando, Florida
Contact: 561-882-1331 or www.turnaround.org
Sept. 24-26, 2008
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Contact: http://www.iwirc.org/
Sept. 25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Case Study with Tom Kim, TMA Small Business of the Year
Turnaround Award - TMA Arizona Chapter Meeting
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Sept. 26, 2008
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Marriott Desert Ridge, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Private Equity Panel
Centre Club, Tampa, Florida
Contact: www.turnaround.org/
Oct. 3, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
H. Roe Bartle Hall Convention Center, Kansas City
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
Oct. 13, 2008
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
Standard Club, Chicago, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Annual Charity Golf Event
Forest Park Golf Course, St. Louis, Missouri
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Billiards Networking Night
Herbert's Billiards, Secaucus, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Member Social
Davenport Press, Mineola, New York
Contact: 631-251-6296 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
View from the Bench - Bankruptcy Update
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
How to Contract with a Turnaround Manager
University Club, Portland, Oregon
Contact: www.turnaround.org
Oct. 22, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Nevada Award Night
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Election Oriented
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A Panel of Professionals
TBA, Rochester, New York
Contact: www.turnaround.org
Oct. 23-24, 2008
AMERICAN CONFERENCE INSTITUTE
Distressed Assets Boot Camp
TBD, London, United Kingdom
Contact: www.americanconference.com
Oct. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
State of the Capital Markets
Citrus Club, Orlando, Florida
Contact: www.turnaround.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 29-30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Corporate Governance Meetings
Marriott, New Orleans, Louisiana
Contact: www.turnaround.org
Oct. 30 & 31, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Physicians Agreements and Ventures
Contact: 800-726-2524; 903-595-3800;
www.renaissanceamerican.com
Oct. 31, 2008
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Hilton, Frankfurt, Germany
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 6, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Coach House Diner & Restaurant, Hackensack, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Nov. 11, 2008
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Marriott, Troy, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Case Study
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds:A View From Workout Consultants
TBA, Buffalo, New York
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Social
TBD, Melville, New York
Contact: 631-251-6296 or www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Special Program
Tournament Players Club at Jasna Polana, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Interaction Between Professionals in a
Restructuring/Bankruptcy
Bankers Club, Miami, Florida
Contact: 312-578-6900; http://www.turnaround.org/
Nov. 20, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Senior Housing & Long Term Care
Washington Athletic Club,Seattle, Washington
Contact: www.turnaround.org
Nov. 27, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Chris Kaup
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Party
McCormick & Schmick's, Las Vegas, Nevada
Contact: 702-952-2480 or www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Christmas Function
Terminal City Club, Vancouver, British Columbia
Contact: 503-768-4299 or www.turnaround.org
Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
Dec. 8, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Gathering
TBD, Long Island, New York
Contact: 631-251-6296 or www.turnaround.org
Dec. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
Washington Athletic Club, Seattle, Washington
Contact: 503-768-4299 or www.turnaround.org
Dec. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
University Club, Portland, Oregon
Contact: 503-768-4299 or www.turnaround.org
Dec. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Dec. 31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Sponsorships - Annual Golf Outing, Various Events
TBA, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Jan. 21-22, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Distressed Investing Conference
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casurina, Grand Cayman Island, AL
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 15-18, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Carve-Out Agreements for Unsecured Creditors
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
China's New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
for Navigating the Restructuring Process
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency – Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Examining the Examiners: Pros and Cons of Using
Examiners in Chapter 11 Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
New 'Red Flag' Identity Theft Rules
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of Loan-to-Own
Strategies on the Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers—the New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today's Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Battle of Green & Red: Effect of Bankruptcy
on Obligations to Clean Up Contaminated Property
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite Corporate Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***