/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/081128.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, November 28, 2008, Vol. 11, No. 237 Headlines A U S T R A L I A 2 EASY: Commences Liquidation Proceedings ABORIGINAL CORPORATION: Declares Interim Dividend A.C.N. 091 063 062: To Declare Dividend ACN 067 879 725: Members and Creditors Receive Wind-Up Report BABCOCK & BROWN: Unit Submits Plan to Terminate Ties with Parent BG COOMBES: Members and Creditors Hear Wind-Up Report BLUE BAY: Placed Under Voluntary Liquidation CENTRO RETAIL: Seeks Extension of Debt Facilities FOOD SERVICES: Placed Under Voluntary Liquidation GAMAZ PTY: Placed Under Voluntary Liquidation GOMES FORMWORK: Appoints Chris Darin as Liquidator GOODE COMMUNICATIONS: Final Meeting Slated for Nov. 29 JGEES PTY: Declares First and Final Dividend JIM GRAHAM: Placed Under Voluntary Liquidation K & Y DIGITAL: Members and Creditors Receive Wind-Up Report MARINE HARVEST: Placed Under Voluntary Liquidation MARINER FINANCIAL: Chairman Under ASX Probe on Breach PERFECT PIPES: Appoints Chris Darin as Liquidator PIRLANGIMPI PROGRESS: Declares Third and Final Dividend REX KUCHEL: To Declare Dividend TIRRABELLA PTY: Members Receive Wind-Up Report WESTAFF INC: Denies Receipt of Buyout Bid from Koosharem Corp. * Moody's Says Non-Conforming RMBS Delinquencies Remain High C H I N A ASCALADE COMMUNICATIONS: To Distribute Dividends to Creditors CHINA SOUTHERN: Parent Gets CNY3 Billion Lifeline from Gov't IVANHOE ENERGY: Recovers in 3rQ, But 9-Mos. Loss at US$20-Mil. PORTOLA PACKAGING: Emerges from Pre-Packaged Ch. 11 Restructuring H O N G K O N G 3D-GOLD JEWELLERY: Court to Hear Wind-Up Petition on December 24 COACTIVE TECHNOLOGIES: Moody's Cuts Corp. Family Rating to 'B3' FAECO INDUSTRIAL: Subject to Jiangsu's Wind-Up Petition GOLDEN DRAGON: Releases Kwan and Man as Liquidators JOINTOP CREATION: Court to Hear Wind-Up Petition on December 17 WONIP INDUSTRIES: Court to Hear Wind-Up Petition on January 7 I N D I A GENERAL MOTORS: Needs to Restructure Debt to Get US$12Bil. Bailout MAXX MOBILE: CRISIL Rates Rs.212.6 Mil. Long Term Loan at 'BB' PRIDE COKE: CRISIL Rates Rs.41.4 Million Term Loan at 'BB+' I N D O N E S I A TELEKOMUNIKASI: Seeks IDR9 Tril. Loan to Fund Expansion J A P A N L-JAC5 TRUST: Lehman Bankruptcy Cues Fitch to Downgrade 6 Classes ORIENTAL SHIRAISHI: Files For Civil Rehabilitation Program SANYO ELECTRIC: Goldman Ends Talks with Panasonic on Co. Stake * S&P Reports Loan Receivables Profiles Backing Japan CMBS Deals K O R E A DAEWOO CAPITAL: Moody's Withdraws 'Ba2' Foreign Issuer Rating * KOREA: Consumer Sentiment Index Stood at 94, Lowest in 9 Years M A L A Y S I A * Fitch Says Malaysian Insurers Face Regulatory Challenges N E W Z E A L A N D ANDERSON-DECK COMPANY: Placed Under Voluntary Liquidation BOOMERANG LTD: Fixes Dec. 10 as Last Day to File Claims BLUE STAR: Fixes Dec. 15 as Last Day to File Claims BOTRY-ZEN: Posts NZ$1.22 Mil. Net Loss in 6 Mos. Ended Sept. 30 D V BRICE: Creditors' Proofs of Debt Due on December 4 DORCHESTER PACIFIC: Discloses 3-Year Repayment Plan GREENBUILD LTD: Creditors' Proofs of Debt Due on Dec. 12 LOMBARD FINANCE: Parent Reports NZ.44 Mil. Interim Loss MOBILE ALARM: Fixes Dec. 5 as Last Day to File Claims OVERLAND TRANSPORT: Commences Liquidation Proceedings PACIFIC RIM: Court to Hear Wind-Up Petition on December 19 PRN NURSING: Creditors' Proofs of Debt Due Today PROTRAC INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 5 RED.E STAFFING: Creditors' Proofs of Debt Due Today RICHARD GEEWIZ ET AL: Fixes Dec. 5 as Last Day to File Claims TL PROPERTIES: Fixes December 5 as Last Day to File Claims VERITAS HOLDINGS ET AL: Fixes Feb. 3 as Last Day to File Claims WAIPAPA INDUSTRIES: Creditors' Proofs of Debt Due on April 15 * NEW ZEALAND: Exports and Imports Higher, But Growth Rate Eases S I N G A P O R E MACARTHURCOOK INDUSTRIAL: Moody's Cuts CFR to 'Ba2' X X X X X X X X * IMF Sees Substantial Slowdown in Asia Amid Global Turmoil * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= 2 EASY: Commences Liquidation Proceedings ----------------------------------------- On September 22, 2008, the creditors of 2 Easy Scaffolding Pty Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Frank Lo Pilato RSM Bird Cameron Partners 103-105 Northbourne Avenue Turner ACT 2612 Telephone:(02) 6247 5988 Facsimile:(02) 6262 8633 ABORIGINAL CORPORATION: Declares Interim Dividend ------------------------------------------------- Aboriginal Corporation of Employment and Training Development declared an interim dividend to priority creditors on Nov. 5, 2008. The company's deed administrator is: Anthony Grieves WalterTurnbull Building 44 Sydney Avenue Barton ACT 2600 Telephone:(02) 6247 6200 Facsimile:(02) 6257 6655 A.C.N. 091 063 062: To Declare Dividend --------------------------------------- A.C.N. 091 063 062 Pty Limited will declare dividend. Only creditors who were able to file their proofs of debt by October 29, 2008, will be included in the company's dividend distribution. The company's liquidator is: Hugh Martin 195 Victoria Square, Level 1 Adelaide SA 5000 ACN 067 879 725: Members and Creditors Receive Wind-Up Report ------------------------------------------------------------- The members and creditors of ACN 067 879 725 Pty Ltd met on November 3, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: M. O. Basedow Pitcher Partners Accountants Auditors & Advisors 160 Greenhill Road Parkside SA 5063 Telephone:(08) 8179 2800 Facsimile:(08) 8179 2885 BABCOCK & BROWN: Unit Submits Plan to Terminate Ties with Parent ---------------------------------------------------------------- Babcock & Brown Wind Partners (BBW) said that it is seeking to negotiate further changes to its relationship with its parent Babcock & Brown Ltd (BNB) to maximize value to BBW securityholders. As part of this process, BBW said its Independent Directors submitted a proposal to Babcock & Brown on November 24, 2008, to terminate the Management Agreements, internalize BBW management and acquire certain assets from Babcock & Brown. The Proposal involves a total cash consideration to Babcock & Brown which BBW believes represents fair value. Babcock & Brown has expressed a willingness to enter into discussions with BBW on the Proposal, BBW said in a statement. The BBW Boards have established a sub-committee consisting of the Independent Directors to conduct negotiations with Babcock & Brown and deal with all associated matters in relation to the Proposal. The Independent Directors and Babcock & Brown have also agreed to implement detailed protocols to govern discussions on the Proposal. If the Proposal is successful, it is intended that the existing BBW management team which is currently employed by the BBW manager, will continue in their operational roles and become direct employees of BBW. Other transition arrangements will also be coordinated with Babcock & Brown, the company said. The Independent Directors are advised by UBS and Mallesons Stephen Jaques. About Babcock & Brown Wind Babcock & Brown Wind Partners (BBW)-- http://www.bbwindpartners.com/-- is a global wind energy company, which owns and operates a portfolio of wind farms. In December 2007, the company completed the acquisition of a 50% interest in the Enersis Portfolio of wind farms. BBW's portfolio comprises interests in 87 wind farms that have a total installed capacity of approximately 3,360 megawatts (MW). BBW is managed by Babcock & Brown Wind Partners Management Pty Limited. BBW's portfolio of assets includes wind farms in Europe, North America and the Asia Pacific. About Babcock & Brown Headquartered in Sydney, Australia, Babcock & Brown Limited (ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates and manages investment products for itself, as a principal, and its investor clients; management of specialised listed and unlisted funds, and advising and arranging leasing, project financing and structured finance transactions. It has five segments: real estate, which engages in principal investment and investment management activities in the real estate sector; infrastructure, which engages in financial advisory, principal finance and funds management activities in the infrastructure and project finance sector; corporate and structured finance, which is engaged in the origination, structuring and participation in and management of equity and debt investments, and operating leasing, which is engaged in asset acquisition and syndication, and ongoing management of portfolios of aircraft, railcars and semi-conductor equipment. In October 2007, it acquired Bluewater. In November 2007, it acquired Coinmach Service Corp. * * * As reported by the Troubled Company Reporter-Asia Pacific on November 25, 2008, Standard & Poor's Ratings Services lowered its long-term issuer credit rating on Australia-based Babcock & Brown International Pty Ltd. to 'CC' from 'CCC+', following disclosure of a dispute relating to the release of a deposit with a bank. The short-term rating remains on 'C', and the long-term and the short-term ratings remain on CreditWatch with negative implications, where they were initially placed on Nov. 10, 2008. BG COOMBES: Members and Creditors Hear Wind-Up Report ----------------------------------------------------- The members and creditors of BG Coombes And Co Pty Limited met on September 30, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bruce Coombes 10 Hunterford Crescent Oatlands NSW 2117 BLUE BAY: Placed Under Voluntary Liquidation -------------------------------------------- During a general meeting held on September 25, 2008, the members of Blue Bay Developments (NSW) Pty Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: P. Ngan Ngan & Co Chartered Accountants 49 Market Street, Level 5 Sydney NSW 2000 CENTRO RETAIL: Seeks Extension of Debt Facilities ------------------------------------------------- Centro Retail Group (CER) said it is seeking longer-term extension of debt agreements related to Super LLC, a joint venture between CER and Centro Properties Group to purchase New Plan US property portfolio. At the company's Annual General Meeting, Chairman Paul Cooper told shareholders "the question of whether the banks will agree to extend their debt agreements with Super LLC needs to be resolved by 15 December. We are currently in constructive discussions with the lending groups and will make an announcement in regard to the extension as soon as the outcome is known." In addition, Mr. Cooper said CER was undertaking a number of steps toward positioning the company for its future including examining ways in which CER could become more independent of Centro Properties Group. "As we have been working through the issues surrounding CER, it has become very clear that one of our primary objectives must be to achieve board separation between CER and Centro," Mr. Cooper said. Mr. Cooper noted the process of achieving independence for CER from Centro was not simple, and said it must be understood that CER's immediate future was interlinked with that of the Centro Group, particularly where financing was concerned. "It is nevertheless important that we position CER to be as independent as possible from the Centro Group as soon as possible," Mr. Copper said. According to The Age, Centro Properties Group, which is itself struggling under a debt refinancing burden, holds 51 per cent of Centro Retail Group. Centro Retail Trust, The Age says, posted a net loss of AU$868 million for 2007/08, after booking writedowns on property investments and its investment in Super LLC. The report notes that at June 30, Centro Retail had total debt of AU$5.1 billion. Some AU$1.1 billion of facilities are subject to the extension agreement negotiations, the report adds. About Centro Retail Centro Retail Group is engaged in property investment. The company has investments in a number of properties in Australia and New Zealand. It also has investments in real estate investment trusts held in the United States. About Centro Properties Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/-- is a retail investment organization specializing in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. Centro has funds under management of US$24.9 billion. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 4, 2008, that Standard & Poor's Ratings Services lowered its issuer credit, senior-unsecured debt and preferred stock ratings to 'CCC+' with negative implications reflecting the potential of the group's assets to be sold in softening market conditions, particularly in the U.S. Centro owes its creditors as much as AU$6.6 billion and its deadline to repay these debts has been extended four times since December 2007, when the company's market value plunged. The recent deadline extension given to the Group is December 15, 2008. FOOD SERVICES: Placed Under Voluntary Liquidation ------------------------------------------------- The directors of Food Services Pty Limited met on Sept. 29, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidators are: David Anthony Hurst Andrew Hugh Jenner Wily Armstrong Wily, Chartered Accountants 75 Castlereagh Street, Level 5 Sydney NSW 2000 GAMAZ PTY: Placed Under Voluntary Liquidation --------------------------------------------- During a general meeting held on September 24, 2008, the members of Blue Bay Developments (NSW) Pty Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Stephen Wesley Hathway Terry John Rose c/o SV Partners Pty Ltd Website: http://www.svpartners.com.au GOMES FORMWORK: Appoints Chris Darin as Liquidator -------------------------------------------------- During a general meeting held on Oct. 1, 2008, the members of Gomes Formwork Pty Ltd appointed Chris Darin as the company's liquidator. The Liquidator can be reached at: Chris Darin Worrells Solvency & Forensic Accountants 333 George Street, Level 3 Sydney NSW 2000 Telephone:(02) 9929 6366 Facsimile:(02) 9249 1211 Website: http://www.worrells.net.au GOODE COMMUNICATIONS: Final Meeting Slated for Nov. 29 ------------------------------------------------------ The members and creditors of Goode Communications Pty Ltd will hold their final meeting on November 29, 2008, at 10:00 a.m., to receive a report on the company's wind-up proceedings and property disposal. The company's liquidator is: M. O. Basedow Pitcher Partners Accountants Auditors & Advisors 160 Greenhill Road Parkside SA 5063 Telephone:(08) 8179 2800 Facsimile:(08) 8179 2885 JGEES PTY: Declares First and Final Dividend -------------------------------------------- Jgees Pty Ltd, which is in liquidation, declared the first and final dividend on November 11, 2008. The company's liquidator is: Henry Kazar 11 National Circuit, Level 3 Barton ACT 2600 Telephone:(02) 6285 1310 JIM GRAHAM: Placed Under Voluntary Liquidation ---------------------------------------------- During a general meeting held on September 19, 2008, the members of Jim Graham Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Andrew M. Smith Bonney Hortle & Partners Pty Ltd 56 Oldaker Street Devonport TAS 7310 K & Y DIGITAL: Members and Creditors Receive Wind-Up Report ----------------------------------------------------------- The members and creditors of K & Y Digital Photography Pty Ltd met on Nov. 14, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. MARINE HARVEST: Placed Under Voluntary Liquidation -------------------------------------------------- During a general meeting held on September 29, 2008, the members of Marine Harvest Australia Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Geoffrey Donald Finch KPMG 18 Smith Street Darwin NT 0800 MARINER FINANCIAL: Chairman Under ASX Probe on Breach ----------------------------------------------------- Mariner Financial Limited is having its share trading examined by the Australian Securities Exchange, the Australian reports. The investigation, Australian says, pertains to a 7.65 million share slice in the company that executive chairman Bill Ireland held through various companies. According to the report, Mr. Ireland transferred the 3.1 per cent stake off-market in December last year but did not advise the stock market until November 4 this year. Mr. Ireland may have breached ASX rules and the Corporations Act by lodging his change in directors interests notice late, the report says. The Australian further says that any breach of the ASX rule, which says directors have five days to notify the market of any change of directors' holdings, is examined by the ASX. If the notification takes more than 14 days, the Australian Securities and Investments Commission takes over. Mariner, the report notes, has been under considerable financial distress for 20 months. Its share price plunged 91 per cent from AU$2.15 in February last year to just 19c on Tuesday, November 26. The company has slashed two-thirds of its staff and has been conducting a fire sale of assets and management rights this year. As reported by the Troubled Company Reporter-Asia Pacific on October 9, 2008, Mariner Financial appointed receivers and managers to Mariner Treasury Limited, a wholly owned subsidiary of the company. About Mariner Financial Based in Australia, Mariner Financial Limited -- http://www.marinerfunds.com.au/-- focuses on originating, structuring and distributing investment products for Australian investors. During the fiscal year ended June 30, 2008, its activities included property investment and development; retirement and superannuation investment, and infrastructure investment. The company predominantly distributes its investment products through independent advisory intermediaries. In April 2008, Mariner Financial Limited announced the sale to APA Group of its remaining units in the Mariner Pipeline Income Fund. PERFECT PIPES: Appoints Chris Darin as Liquidator ------------------------------------------------- During a general meeting held on Oct. 1, 2008, the members of Perfect Pipes Plumbing Pty Limited appointed Chris Darin as the company's liquidator. The Liquidator can be reached at: Chris Darin Worrells Solvency & Forensic Accountants 333 George Street, Level 3 Sydney NSW 2000 Telephone:(02) 9929 6366 Facsimile:(02) 9249 1211 Website: http://www.worrells.net.au PIRLANGIMPI PROGRESS: Declares Third and Final Dividend ------------------------------------------------------- On November 11, 2008, Pirlangimpi Progress Association Inc declared its third and final dividend on November 11, 2008. The company's deed administrator is: A. R. M. Taylor Meertens Chartered Accountants 49 Woods Street, Level 1 Darwin NT 0800 Telephone:(02) 8923 9239 Facsimile: (08) 8942 3250 REX KUCHEL: To Declare Dividend -------------------------------- Rex Kuchel Electrical Pty Limited will declare dividend. Only creditors who were able to file their proofs of debt by October 29, 2008, will be included in the company's dividend distribution. The company's liquidator is: Hugh Martin 195 Victoria Square, Level 1 Adelaide SA 5000 TIRRABELLA PTY: Members Receive Wind-Up Report ---------------------------------------------- The members of Tirrabella Pty Limited met on November 3, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Brian P. Dunphy Freshwater Management Pty Ltd PO Box 663 Harbord NSW 2096 WESTAFF INC: Denies Receipt of Buyout Bid from Koosharem Corp. -------------------------------------------------------------- Westaff Inc. filed with the Securities and Exchange Commission supplement statements contained in the Schedule 13D. On Oct. 28, 2008, a Schedule 13D was filed jointly by the Sorensen Trust, D. Stephen Sorensen and Shannon P. Sorensen with the SEC. The Schedule 13D made statements concerning nonbinding proposals for a business combination between the company and Koosharem Corporation. The company stated that it has never received a proposal from Koosharem Corporation or any of its affiliates to purchase for cash 100% of the company's outstanding shares. The preliminary, non-binding proposals received by the company from Koosharem have excluded any purchase of shares owned by DelStaff, LLC, which shares represent approximately 49.3% of the company's outstanding shares. Accordingly, the company's board of directors has never had an opportunity to discuss a cash offer for 100% of the company's outstanding shares. About Westaff Inc. Based in Walnut Creek, California, Westaff Inc. (Nasdaq: WSTF) -- http://www.westaff.com/-- provides staffing services and employment opportunities for businesses in global markets. Westaff annually employs in excess of 125,000 people and services more than 20,000 client accounts from more than 177 offices located throughout the United States, Australia and New Zealand. * * * The company has incurred operating losses and negative operating cash flow since the second quarter of fiscal 2007, offset by slight operating income in the fourth quarter of fiscal 2007. The company says it expects to incur additional losses in the future, particularly because of current soft economic conditions. In addition, the company is currently in default under the primary credit facility that it uses to finance its operations. If the company is unable to obtain a waiver or continued forbearance from the U.S. Bank National Association on acceptable terms, the company may be unable to access the funds necessary for its liquidity requirements or may be unable to obtain letters of credit under the facility needed for the company to obtain workers' compensation insurance. In that case, its business and operating results would be adversely affected. * Moody's Says Non-Conforming RMBS Delinquencies Remain High ------------------------------------------------------------ Moody's Investors Service says in a new report that the performance of Australia's non-conforming RMBS market continued to deteriorate in Q3 2008. In addition, more delinquencies and higher losses may follow as the property market's sluggish condition persists and economic growth starts to slow. Following the first new deal for the year during Q2 2008, there was no further new issuance in Q3 2008 as the overall market appetite for such securities remained low, and Moody's expects issuance volumes to stay subdued for the rest of 2008. In Q3 2008, average non-conforming RMBS delinquencies greater than 90 days past due reached another new record high of 8.91% in July 2008, the report says. Furthermore, Moody's expects delinquency levels to remain at high in the near term with significant upward pressure as non- conforming borrowers are still likely to face a high level of mortgage stress compared to typical prime borrowers. But Moody's recent rating review shows that there is no immediate downward rating pressure, given the current level of credit enhancement, which would allow most non-conforming RMBS to withstand more stressful losses than initially assumed. In Q3 2008, Moody's upgraded 5 classes of notes from two transactions. The Australian non-conforming lending market is comprised of loan products which fall outside the scope of lenders mortgage insurance due to certain risk factors and because its loans are made to borrowers with adverse credit histories. Historically, loans to borrowers with such track records -- comparable to those of US sub-prime borrowers -- have formed a relatively smaller segment (30-35%) of the Australian non-conforming market. ========= C H I N A ========= ASCALADE COMMUNICATIONS: To Distribute Dividends to Creditors ------------------------------------------------------------- Ascalade Communications Inc. disclosed that in connection with the on-going legal proceedings filed by Ascalade and Ascalade Technologies Inc. in Canada under the companies' Creditors Arrangement Act, the Monitor has issued its second report to creditors, which notifies creditors that the Monitor will distribute an interim dividend to proven Class 2 creditors in an amount equal to 80% for each proven dollar. Any final distribution will depend on the completion of the realization of the remaining assets of the Ascalade group of companies. Update on CCAA proceedings and the Scheme of Arrangement The Supreme Court of British Columbia ordered a stay of proceedings with respect to any actions which have or might be brought against the companies and the stay of proceeds will remain in effect until all of the assets of the companies are sold and the net proceeds are distributed to the stakeholders of the companies. The companies have focused their resources on an orderly winding up of the Ascalade group of companies. The Monitor's 2nd Creditors Report provides creditors with an update on the companies' realization process. Included in this report is an update on the Hong Kong Scheme of Arrangement proceedings involving Ascalade Communications Limited. The companies' claim of HK$377.2 million was filed and accepted under the Scheme. It was initially estimated that the companies would receive approximately 37cents for each dollar filed. This estimate was subject to change and was dependent on ACL's ability to realize upon its assets, including the factory, equipment and inventory. The estimate was also dependent upon the number and dollar amount of creditors claims filed and accepted under the Scheme. The majority of ACL's movable assets have been realized; however, the factory has yet to be sold. The factory is the largest asset of the Ascalade group of companies and accordingly the amount ultimately realized from the sale of the factory will determine the funds available for the various creditors of the Ascalade group of companies. ACL has been in discussions with two parties interested in the factory and one of those parties has executed a non-binding letter of intent with respect to the purchase of the factory. The proposed purchase price set out in the letter of intent is significantly lower than ACL and the Scheme Administrator had anticipated, as a result of the economic downturn which is occurring in the Peoples' Republic of China and world-wide. Given that it is anticipated that the realization from the factory will be significantly lower than anticipated, the distribution from ACL to its creditors is not expected to be 37cents for each dollar filed. However, the companies anticipate that the creditors of the companies will receive full payment of the proven claims, which have been filed under the CCAA proceedings. That being said, the amount available for future payments to creditors is highly dependent on realization of ACL's assets, including the sale of the factory. Based upon the realizations to date, the Scheme Administrator approved an interim distribution to Scheme creditors of 5.8% of their proven claims. As a result, the companies received a payment of approximately HK$22.5 million or approximately CAD3.4 million. The Monitor has been advised that an additional distribution will be made to the proven creditors upon ACL and the Scheme Administrator completing the realization of the remaining assets of ACL. However, the timing and amount of this distribution is unknown at this time and accordingly the timing for any further distributions to creditors of the companies under the CCAA proceedings is also unknown. Any other recovery in the CCAA proceedings for creditors and any recovery for other stakeholders of the Company, including shareholders, is uncertain and is highly dependent upon a number of factors, including the recovery from the sale of the factory, equipment and inventory in the PRC and the outcome of the Scheme in Hong Kong. Application to Delist Shares from the TSX The Court's order, dated June 24, 2008, authorized Ascalade, at anytime after July 25, 2008, to apply to the Toronto Stock Exchange to have the trading of the Common Shares of Ascalade suspended from trading and delisted. Ascalade's board of directors has determined to apply to the TSX for a voluntary delisting of Ascalade's Common Shares and Ascalade plans to make the delisting application on or about Dec. 1, 2008, and that delisting will occur on or about Dec. 3, 2008. About Ascalade Communications Inc. Based in Richmond, British Columbia, Ascalade Communications Inc. (TSE:ACG) -- http://www.ascalade.com/-- is an innovative product company that designs, develops and manufactures digital wireless and communication products. The company deliver products by offering its partners and customers complete vertical integration, from product design and development to final production. The company's products include digital cordless phones, Voice over Internet Protocol phones, digital wireless baby monitors and digital wireless conference phones. Ascalade products have been distributed in more than 35 countries and under 80 regional brands. Ascalade also has facilities in Qingyuan, China, Hong Kong and a sales office in Hertfordshire, United Kingdom. As reported by the Troubled Company Reporter on March 4, 2008, Ascalade announced its decision to seek protection from creditors under the Companies' Creditors Arrangement Act with the British Columbia Supreme Court. On April 29, 2008, Jervis Rodrigues, senior vice-president of Deloitte & Touche Inc., filed separate petitions for protection under Chapter 15 of the U.S. Bankruptcy Code on behalf of Ascalade Communications Inc. and its debtor-affiliate (Bankr. N.D. Ill. Case Nos. 08-10612 and 08-10616). Jeffrey G. Close, Esq. at Chapman and Cutler LLP represents the Petitioner in the Chapter 15 case. Ascalade's financial condition as of September 2007 showed total assets of $99,630,000 and total debts of $40,410,000. CHINA SOUTHERN: Parent Gets CNY3 Billion Lifeline from Gov't ------------------------------------------------------------ China Southern Airlines Co. Ltd.'s state-owned parent, China Southern Air Holding Co., received a CNY3 billion (US$439 million) cash injection from the government as losses from fuel hedging and slowing demand take its toll on the industry, Bloomberg News reports. The nation's largest airline is also considering a private share sale following its parent's capital injection, the company said in a regulatory statement cited by Bloomberg News. Bloomberg News says regulators will review the share-sale plan by Dec. 10. 3Q Loss As reported in the Troubled Company Reporter-Asia Pacific on Oct. 31, 2008, Bloomberg News said China Southern Airlines Co. Limited posted a CNY810 million (US$118.4 million) loss from a CNY1.9 billion profit last year, on low travel demands due to economic slowdown and disruptions caused by Beijing's Olympic. The airlines' sales for the quarter fell 11% to CNY14.6 billion, the same report noted. Bloomberg News said China Eastern forecast a full-year loss. About China Southern Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- operates airlines, as well as perform aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 3, 2008, Fitch Ratings affirmed China Southern Airlines Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency Issuer Default Ratings. The Outlook on the ratings is Stable IVANHOE ENERGY: Recovers in 3rQ, But 9-Mos. Loss at US$20-Mil. -------------------------------------------------------------- Ivanhoe Energy Inc. released financial results showing a US$10,0602,000 net income in three months ended Sept. 30, 2008. The company reported a net loss of US$7,232,000 for the same period in the previous year. The change from net loss to net income from 2007 to 2008 of US$17.3 million was primarily due to a US$20.3 million increase in unrealized gain on derivative instruments and a US$9.6 million increase in oil and gas revenues offset by increases in realized losses on derivative instruments and expenses. For the nine months period ended Sept. 30, 2008, the company incurred net loss of US$20,213,000 compared to net loss of US$20,358,000 for the same period in the previous year. At Sept. 30, 2008, the company's balance sheet showed total assets of US$363,004 million, total liabilities of US$92,066,000 and shareholders' equity of US$270,938,000 Net cash and cash equivalents increased for the three-month period ended Sept. 30, 2008, by US$51,400,000 compared to US$3,700,000 for the same period in 2007. Net cash and cash equivalents increased for the nine-month period ended Sept. 30, 2008, by US$50,300,000 compared to US$900,000 for the same period in 2007. Financing activities for the three-month and nine-month periods ended Sept. 30, 2008, consisted mainly of US$82,300,000 private placement proceeds realized in the third quarter of 2008. In July 2008, the company completed a CAD88,000,000 private placement consisting of 29,334,000 Special Warrants at CAD3 per Special Warrant. Each Special Warrant entitled the holder to one common share of the company upon exercise of the Special Warrant. As at Nov. 3, 2008, there were 279,211,916 common shares of the company issued and outstanding. Additionally, the company had 11,400,000 share purchase warrants outstanding and exercisable to purchase 11,400,000 common shares. As at Nov. 3, 2008, there were 13,332,574 incentive stock options outstanding to purchase the company's common shares. In July, the company announced the completion of the acquisition of Talisman Energy Canada's 100% working interests in two leases (Leases 10 and 6) located in the heart of the Athabasca oil sands region in the Province of Alberta, Canada. Lease 10 is a 6,880- acre contiguous block located approximately ten miles (16 km) northeast of Fort McMurray. Lease 6 is a small, un-delineated, 680-acre block, one mile (1.6 km) south of Lease 10. The acquisition of Lease 10 will provide the site for the application of Ivanhoe Energy's proprietary, HTL heavy oil upgrading technology in a major, integrated heavy oil project. In October, Ivanhoe Energy Ecuador Inc., a wholly owned subsidiary, signed a contract with Ecuador state oil companies Petroecuador and Petroproduccion to explore and develop Ecuador's Pungarayacu heavy oil field (Block 20). Block 20 is an area of approximately 426 square miles, approximately 125 miles southeast of Quito, Ecuador's capital. A full-text copy of the 10-Q filing is available for free at http://ResearchArchives.com/t/s?3553 About Ivanhoe Energy Inc. Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX: IE; Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an independent international heavy oil development and production company focused on pursuing long-term growth in its reserve base and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process (HTL). Core operations are in the United States and China, with business development opportunities worldwide. Ivanhoe Energy has established a number of geographically focused entities. The parent company, Ivanhoe Energy Inc., will pursue HTL opportunities in the Athabasca oilsands of Western Canada and will hold and manage the core HTL technology. Two new subsidiaries have been established, one for Latin America and one or the Middle East & North Africa, complementing Sunwing Energy Ltd., Ivanhoe Energy's existing, wholly-owned company for China. Ivanhoe Energy Inc. owns 100% of each of these subsidiaries, although the percentages are expected to decline as they develop their respective businesses and raise capital independently. Going Concern Doubt Ivanhoe Energy Inc. believes that existing conditions cast substantial doubt about its ability to continue as a going concern. The company incurred a net loss of US$8.5 million for the three-month period ended March 31, 2008, and as at March 31, 2008, had an accumulated deficit of US$168.5 million and negative working capital of US$8.8 million. In addition, the company currently anticipates incurring substantial expenditures to further its capital investment programs and the company's cash flows from operating activities will not be sufficient to both satisfy its current obligations and meet the requirements of these capital investment programs. Moreover, recovery of capitalized costs related to potential HTL(TM) and GTL projects is dependent upon finalizing definitive agreements for, and successful completion of, the various projects, the outcome of which is uncertain. PORTOLA PACKAGING: Emerges from Pre-Packaged Ch. 11 Restructuring ----------------------------------------------------------------- Portola Packaging Inc. completed the process of de-leveraging its balance sheet. The restructuring has significantly reduced Portola's total outstanding indebtedness and associated interest expense. During the pre-packaged chapter 11 reorganization, Portola continued to operate without any disruption or effect on suppliers and customers while it eliminated US$180MM of debt from its balance sheet. In connection with the restructuring, Portola converted all of the 8.25% senior notes into equity. Portola has emerged from the re-structuring with strong financial sponsorship. Funds managed by Wayzata Investment Partners are now Portola's majority shareholder, and Wells Fargo Foothill, part of Wells Fargo & Company, and its lending partners have provided a senior loan facility for the company. Brian Bauerbach, Portola's chief executive officer, said "Portola is now one of the most financially sound suppliers in the market and is positioned to move forward successfully and bring the best products, quality, and service to our customers. I wish to thank all of our customers, suppliers, and employees for their patience and loyalty while we worked through this critical period." About Portola Packaging Portola Packaging Inc. -- http://www.portpack.com/-- designs, manufactures, and markets a full line of tamper-evident plastic closures, bottles, and equipment for the beverage and food industries, as well as plastic closures and containers for the cosmetics industry. The company and 6 of its debtor-affiliates filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No. 08-12001). Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between US$50 million and US$100 million, and debts of between US$100 million and US$500 million. The company has locations in China, Mexico and Belgium. As reported in the Troubled Company Reporter on Oct. 16, 2008, the Bankruptcy Court has confirmed the Plan. =============== H O N G K O N G =============== 3D-GOLD JEWELLERY: Court to Hear Wind-Up Petition on December 24 ---------------------------------------------------------------- A petition to have 3D-Gold Jewellery Holdings Limited's operations wound up will be heard before the High Court of Hong Kong on Dec. 24, 2009, at 9:30 a.m. The Hong Kong and Shanghai Banking Corporation Limited filed the petition against the company on Oct. 17, 2008. The Petitioner's solicitor is: JSM Prince's Building, 18th Floor 10 Chater Road, Central Hong Kong COACTIVE TECHNOLOGIES: Moody's Cuts Corp. Family Rating to 'B3' --------------------------------------------------------------- Moody's Investors Service has downgraded the corporate family rating of CoActive Technologies, Inc. to B3 from B2 citing weaker than anticipated earnings performance and credit protection metrics. In addition, the ratings on the first lien credit facility and term loan were lowered to B2 from B1 and the rating on the second lien term loan were lowered to Caa2 from Caa1. The rating outlook is stable. The downgrade reflects Moody's view that CoActive's financial leverage and interest coverage metrics are expected to be consistent with the B3 rating category over the next twelve months. Further, the rating reflects Moody's view that challenging end-market conditions and weakened demand for its products, particularly from European automotive and North American material handling customers, will weigh on CoActive's operating performance and cash flow generation over the near-term. The stable outlook reflects Moody's view that CoActive's liquidity profile is expected to remain adequate over the next twelve months. Existing cash balances, modest cash generation and availability under the revolving credit facility are expected to be sufficient to cover capital spending requirements, interest payments and debt amortization over the near term. These ratings have been downgraded: -- Corporate Family Rating to B3 from B2; -- Probability of default rating to B3 from B2; -- US$25 million senior secured revolving credit facility to B2 (LGD3, 35%) from B1 (LGD3, 34%); -- US$139 million senior secured first lien term loan to B2 (LGD3, 35%) from B1 (LGD3, 34%); and, -- US$52 million senior secured second lien term loan to Caa2 (LGD5, 85%) from Caa1 (LGD5, 82%). The previous rating action on CoActive was the assignment of all existing ratings on June 26, 2007. CoActive, incorporated in the U.S. and headquartered in Hong Kong, is the former Switches Business of ITT Corporation. CoActive is a worldwide leader in the designing, manufacturing and marketing of customized electromechanical switches, interface controls, and dome arrays. FAECO INDUSTRIAL: Subject to Jiangsu's Wind-Up Petition ------------------------------------------------------- On Oct. 31, 2008, Jiangsu Jiangdong Group Imp & Exp Co., Ltd filed a petition to have Faeco Industrial Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on January 14, 2009, at 9:30 a.m. Jiangsu's solicitors are: Michael Cheuk, Wong & Kee Tower Two, Lippo Centre Rooms 407-410, 4th Floor No. 89 Queensway, Hong Kong Telephone: 2525 1080 Facsimile: 2810 6433 GOLDEN DRAGON: Releases Kwan and Man as Liquidators --------------------------------------------------- On November 7, 2008, Chiang Ping Kwan & Wu Wai Man were released as liquidators of Golden Dragon Food Company Limited. The company's former Liquidators can be reached at: Chiang Ping Kwan Wu Wai Man 2213 Asian House 1 Hennessy Road Wanchai, HK JOINTOP CREATION: Court to Hear Wind-Up Petition on December 17 --------------------------------------------------------------- A petition to have Jointop Creation Limited's operations wound up will be heard before the High Court of Hong Kong on Dec. 17, 2008, at 9:30 a.m. So Lai Sheung May filed the petition against the company on Oct. 15, 2008. WONIP INDUSTRIES: Court to Hear Wind-Up Petition on January 7 ------------------------------------------------------------- A petition to have Wonip Industries (Holdings) Limited's operations wound up will be heard before the High Court of Hong Kong on Jan. 7, 2009, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on Nov. 4, 2008. Bank of China's solicitors are: ONC Lawyers The Bank of East Asia Building, 15th Floor 10 Des Voeux Road Central Hong Kong ========= I N D I A ========= GENERAL MOTORS: Needs to Restructure Debt to Get US$12Bil. Bailout ------------------------------------------------------------------ General Motors Corp. must restructure its debt, because the government requires that any federal borrowing must be senior to all other debt, Jeff Green at Bloomberg News reports, citing Merrill Lynch & Co. analysts James Leda and Steven Landgraber. Citing the analysts, Bloomberg relates that GM must pay off a US$4.5 billion revolver and US$1.5 billion loan secured by equipment and assets of the Saturn brand, and then the government could support a bankruptcy restructuring. Other than the need to cut debt and labor costs, GM may still need a government-backed bankruptcy to remain viable, Bloomberg relates, citing Merrill Lynch and JPMorgan Chase & Co. analysts. According to the report, the analysts said that a US$12 billion government bailout would allow GM to continue operations until a restructuring plan is devised after President-elect Barack Obama takes office. Bloomberg quoted Messrs. Leda and Landgraber as saying, "It is increasingly apparent that GM's only hope for survival, which we define broadly as avoidance of Chapter 7 liquidation, is a bailout from the U.S. government." Citing people familiar with the situation, Bloomberg relates that GM is working on a plan to reduce debt and labor costs, and reassess brands and dealers as sales drop. JPMorgan analyst Himanshu Patel said that GM would have to cut combined hourly worker pay and benefits to US$44 from US$60 now, and interest payments would need to be reduced by 70%, which GM may accomplish with debt-for-equity swaps, Bloomberg reports. According to Bloomberg, Mr. Patel suggested that GM cancel its US$7 billion cash contribution -- due in January 2010 -- to a health-care trust fund for union retirees as the Obama administration may expand access to health-care coverage. Bloomberg relates that Messrs. Leda and Landgraber said that GM must: -- cut production by as much as two million units, -- refinance US$6 billion in secured bank debt, -- buy out employees, and -- have enough money to operate. According to Reuters, J.P. Morgan Securities widened its 2009 loss estimates of US$25.25 a share for GM, compared to its prior loss view of US$22 per share, on lower international earnings and likely higher interest costs from government debt. Reuters quoted Mr. Patel as saying, "We are deeply skeptical of the commercial prospects for government-dictated product plans," and the U.S. government's "focus on forcing GM to make greener cars is misguided." State Street Stops Stock Purchase Plans Reuters reports that GM said on Tuesday that State Street Bank and Trust Co. has imposed restrictions that prevent GM from restarting a program that lets workers purchase its common stock. According to the report, the plan was suspended in September when GM exhausted its authorized shares. The report says that GM wanted to reinstate the program, but was told by State Street that it wasn't appropriate to allow additional investments by workers due to the company's financial problems. GM said that its directors and executive officers would remain under indefinite restrictions of trading in GM shares, Reuters states. GM's directors and executives, according to the report, won't be able to directly acquire, dispose of, or transfer any equity securities of GM, and workers won't be able to sell GM stock. GM Can Keep Pension Plan Intact Charles E. F. Millard -- the director of Pension Benefit Guaranty Corporation, the federal agency that takes over failed plans -- believed that GM can afford to keep its pension plan intact, despite the company's possible bankruptcy, Mary Williams Walsh at The New York Times reports. According to The Times, the cost of the possible restructuring of GM could put a heavy burden on the company's pension fund, as it would have to pay for employees at plants that are shut down or who are forced to retire early. As GM's blue-collar work force is still building up new benefits with every additional hour worked, the pension fund will have to grow to keep up with those costs, The Times states. If GM continues paying people to retire early, the costs will increase, because the plan will have to pay retirees for more years than it budgeted, says the report. GM isn't contributing additional money to the pension plan, and the company said that it won't add any money to the fund for the next three or four years, the report states. GM holds a credit balance -- a running tally of the contributions made in past years that were larger than the law required, The Times states. GM's credit balance was US$44 billion in 2006, and the firm is using that balance to offset contributions it would otherwise have to make, says the report. The Times relates that GM said that it will be paying retirees US$7 billion yearly for the next 10 years. The pension fund had US$104 billion in assets last year, more than enough to cover its obligations of US$85 billion, says the report. The value of the assets has declined and the obligations have increased since then, states the report. According to the report, Credit Suisse analyst David Zion estimates that GM's pension assets have dropped by 15% so far this year, compared with a 24% decline for the typical pension fund at the 500 largest firms in the U.S. The Times reports that 26% of GM's pension fund is invested in stocks. GM Asset Management CEO Nancy C. Everett said that GM didn't eliminate stocks from its pension fund completely, according to The Times. The report quoted Ms. Everett as saying, "There's two sides to this issue. One is making sure your pension fund is adequately funded, and the other is that pension income does come into play when you're looking at the company's income statement." GM, says The Times, appears to have sufficient money in the pension fund to pay its more than 400,000 retirees their benefits for many years. The government, says The Times, might insist that GM keep the fund and cover any shortfalls with its own money even if the company files for bankruptcy. GM Drops Tiger Woods Sponsorship GM said on Monday that it would stop sponsoring golfer Tiger Woods, a year ahead of schedule, as part of the company's effort to cut costs, The Wall Street Journal reports. The company had sponsored the golfer since 2000, says the report. According to WSJ, Mark Steinberg, Mr. Woods's agent, said that he offered an "amicable separation" and won't associate Mr. Woods with another car maker anytime soon. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors Corporation offers products under the Chevrolet brand in India through its wholly owned subsidiary, General Motors India. GM India has 95 sales points and over 110 service centers. General Motors Latin America, Africa and Middle East, with headquarters in Miramar, Florida, is one of GM's four regional business units. GM LAAM employs approximately 37,000 people in 18 countries and has manufacturing facilities in Argentina, Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and Venezuela. GM LAAM markets vehicles under the Buick, Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and Suzuki brands. As reported in the Troubled Company Reporter on Nov. 10, 2008, General Motors Corporation's balance sheet at Sept. 30, 2008, showed total assets of US$110.425 billion, total liabilities of US$170.3 billion, resulting in a stockholders' deficit of US$59.9 billion. * * * As reported in the Troubled Company Reporter on Nov. 11, 2008, Standard & Poor's Ratings Services lowered its ratings, including the corporate credit rating, on General Motors Corp. to 'CCC+' from 'B-' and removed them from CreditWatch, where they had been placed with negative implications on Oct. 9, 2008. S&P said that the outlook is negative. Fitch Ratings, as reported in the Troubled Company Reporter on Nov. 11, 2008, placed the Issuer Default Rating of General Motors on Rating Watch Negative as a result of the company's rapidly diminishing liquidity position. Given the current liquidity level of US$16.2 billion and the pace of negative cash flows, Fitch expects that GM will require direct federal assistance over the next quarter and the forbearance of trade creditors in order to avoid default. With virtually no further access to external capital and little potential for material asset sales, cash holdings are expected to shortly reach minimum required operating levels. Fitch placed these on Rating Watch Negative: -- Senior secured at 'B/RR1'; -- Senior unsecured at 'CCC-/RR5'. As reported in the Troubled Company Reporter on June 24, 2008, DBRS has placed the ratings of General Motors Corp. and General Motors of Canada Limited Under Review with Negative Implications. The rating action reflects the structural deterioration of the company's operations in North America brought on by high oil prices and a slowing U.S. Economy. MAXX MOBILE: CRISIL Rates Rs.212.6 Mil. Long Term Loan at 'BB' -------------------------------------------------------------- CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the various bank facilities of Maxx Mobile Communications Ltd (formerly known as Maxx Mobile Phone and Accessories (India) Pvt Ltd). Rs.212.6 Million Long Term Loan BB/Stable(Assigned) Rs.150.0 Million Cash Credit BB/Stable(Assigned) Rs.175.0 Letter of Credit & P4(Assigned) Bank Guarantee The ratings reflect Maxx's aggressive expansion plans that are likely to result in deterioration in its capital structure; the ratings also factor in the company's exposure to risks relating to intense competition from large, organized players in the mobile handset business. These weaknesses are, however, partially offset by Maxx's high operating margins in the battery manufacturing business. Outlook: Stable CRISIL believes that Maxx will maintain its market position in the mobile battery manufacturing business. Maxx's financial risk profile may deteriorate on account of its aggressive capital expenditure (capex) plans and increasing working capital requirements. The outlook may be revised to 'Positive' if Maxx's debt coverage indicators improve, while it maintains a moderate capital structure and healthy operating margins; upfront infusion of equity by promoters to fund capex plans may also lead to a revision in outlook to 'Positive'. Conversely, the outlook may be revised to 'Negative' if a significant decline in profitability and cash accruals and aggressive debt-funded capex result in a strained financial risk profile for Maxx. About Maxx Established in January 2004 by Mr. Ajjay Agrawal, Maxx manufactures and trades in mobile phone accessories, mainly, lithium ion (Li-Ion) batteries and chargers. Maxx was primarily a trading entity till 2006, when it set up its first unit in Haridwar for manufacture of mobile phone batteries and chargers; the unit has capacity to manufacture 1.5 crore batteries and 30 lakh chargers per annum. The company has a nationwide network of around 200 dealers. For 2007-08 (refers to financial year, April 1 to March 31), Maxx reported a profit after tax (PAT) of Rs. 70 million on net sales of Rs. 497 million, as against a PAT of Rs. 11 million on net sales of Rs. 195 million for 2006-07. PRIDE COKE: CRISIL Rates Rs.41.4 Million Term Loan at 'BB+' ----------------------------------------------------------- CRISIL has assigned its ratings of 'BB+/Stable' to the various bank facilities of Pride Coke Pvt Ltd (Pride Coke). Rs.110 Million Cash Credit Limits BB+/Stable (Assigned) Rs.41.4 Million Term Loan BB+/Stable (Assigned) The ratings reflect Pride Coke's exposure to risks relating to cyclicality in its end-user industries, small scale of operations, and low net worth. These weaknesses are, however, partially mitigated by Pride Coke's moderate business risk profile. Outlook: Stable CRISIL believes that Pride Coke will continue to benefit from its comfortable operating efficiency. The outlook may be revised to 'Positive' if infusion of equity results in increased net worth for the company. Conversely, the outlook may be revised to 'Negative' if Pride Coke takes on substantial debt to fund capital expenditure, or if its operating margins decline. About Pride Coke Incorporated in 2004 as a closely held company by Mr. Kamal Harlalka, Pride Coke began operations in 2005. The company manufactures low ash metallurgical coke (LAMC) and coke breeze. Its manufacturing unit at Guwahati, Assam, has capacity to produce 125,000 tonnes of coke per annum. For 2007-08 (refers to financial year, April 1 to March 31), Pride Coke reported a profit after tax (PAT) of Rs.48 million on net sales of Rs.358 million, as against a PAT of Rs.34 million on net sales of Rs.281 million for 2006-07. ================= I N D O N E S I A ================= TELEKOMUNIKASI: Seeks IDR9 Tril. Loan to Fund Expansion ------------------------------------------------------- The Jakarta Post reported that PT Telekomunikasi Indonesia Tbk (Telkom) plans to mobilize next year IDR9 trillion (US$756 million) in loans from a number of state banks to help it expand operations and compete with rivals. According to the report, Telkom president director Rinaldi Firmansyah said on Tuesday the company will get the financing from Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia and several regional development banks (BPD). Telkom, the report says, has targeted to spend IDR22.5 trillion in capital expenditure next year, the same amount as last year. Some 40 percent of the funds needed will be financed through loans, the report notes. About PT Telkom Indonesia Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/-- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. * * * As reported by the Troubled Company Reporter-Asia Pacific on November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi Indonesia Tbk's Long-term foreign and local currency Issuer Default ratings at 'BB'. The Outlook is Stable. ========= J A P A N ========= L-JAC5 TRUST: Lehman Bankruptcy Cues Fitch to Downgrade 6 Classes ----------------------------------------------------------------- Fitch Ratings has downgraded six classes of L-JAC5 Trust's trust beneficiary interests due August 2015. The rating actions reflect the current status and foreseeable outcome of proceedings in the replacement of counterparties to the transaction. This follows the Lehman Brothers Group bankruptcy in September 2008, rather than a result of the performance of the transaction and its underlying assets. Negative Outlooks have been assigned to the non-investment grade classes, indicating the agency's view on the current real estate market and the related financing environment. In this transaction, Lehman Brothers Special Financing Inc., guaranteed by Lehman Brothers Holdings Inc., acts as the interest swap counterparty, and Lehman Brothers Japan Inc acts as the advance provider. To date, the replacement of both the interest rate swap counterparty and advance provider have not been completed. However, the transaction parties are continuing to negotiate with potential counterparty for both roles, and procedures for the replacement of both are in progress. As indicated in the press release issued October 28, 2008, "Fitch: L- JAC4 & L-JAC5 Remain on RWN; Possible Rating Actions Outlined", the rating actions are a result of the agency's expectation on the replacement of the advancing agent. Fitch's analysis focused on whether the existence of the advance facility is essential in supporting the current ratings under corresponding rating scenarios, taking into account the characteristics of the underlying loan assets and collateral properties. The underlying loans include those to Real Estate Investment Trusts and loans backed by single properties. In the higher rating level scenarios, it has been assumed that the cash flow from the properties may be suspended for certain periods, despite there being less concern on the ultimate recovery of loan principal. Therefore the existence of the advance provider is viewed as essential in supporting the ratings. Based on recent action by the transaction parties and the fact that the required procedures for the completion of the replacement have begun, Fitch considers the possibility of the trustee entering into a new advance agreement to be high. Therefore, the agency has taken the current candidate's credit-based ability to perform as the alternative advance provider into account in its analysis. As for the interest rate swap counterparty, the negotiations with prospective counterparties are ongoing. However, as a result of these rating actions, the likelihood of further downgrades is small, even if no replacement swap is entered. Fitch will continue to monitor the progress of counterparty replacement activities made by the transaction parties. The RWNs will be resolved when the replacement of the advance provider is completed, although the possibility of further downgrades remains if the current candidate does not assume the role. -- JPY37.37 billion*, Class A TBIs downgraded to 'BBB-' (BBB minus) from 'AAA'; remain on RWN; -- JPY6.67 billion*, Class B TBIs downgraded to 'BBB-' (BBB minus) from 'AA'; remain on RWN; -- JPY5.65 billion*, Class C TBIs downgraded to 'BBB-' (BBB minus) from 'A'; remain on RWN; -- JPY1.69 billion*, Class D1 TBIs downgraded to 'BBB-' (BBB minus) from 'BBB'; remain on RWN; -- JPY1.53 billion*, Class D2 TBIs downgraded to 'BBB-' (BBB minus) from 'BBB'; Outlook Stable; -- JPY0.59 billion*, Class D3 TBIs downgraded to 'BBB-' (BBB minus) from 'BBB'; remain on RWN; -- JPY0.50 billion*, Class E1 TBIs 'BBB-' (BBB minus); remain on RWN; -- JPY0.70 billion*, Class E2 TBIs affirmed at 'BBB-' (BBB minus); Outlook Stable; -- JPY0.50 billion*, Class F1 TBIs 'BB+'; remain on RWN; -- JPY0.51 billion*, Class F2 TBIs affirmed at 'BB+'; Outlook Negative; -- JPY0.50 billion*, Class G1 TBIs affirmed at 'BB'; Outlook Negative; -- JPY0.35 billion*, Class G2 TBIs affirmed at 'BB'; Outlook Negative; -- JPY0.53 billion*, Class H1 TBIs affirmed at 'BB-' (BB minus); Outlook Negative; -- JPY0.56 billion*, Class I1 TBIs affirmed at 'B+'; Outlook Negative; -- JPY0.37 billion*, Class J1 TBIs affirmed at 'B'; Outlook Negative; -- Class X1 TBIs (interest only) affirmed at 'AAA'; Outlook Stable; and -- Class X2 TBIs (interest only) affirmed at 'AAA'; Outlook Stable * As of November 25, 2008 The ratings address the timely payment of dividends and ultimate repayment of principal by legal final maturity for all TBI classes except for classes X1 and X2. The ratings on the interest-only class X1 and X2 address only the likelihood of receiving interest payments while principal on the related TBIs remains outstanding, as per L-JAC5 trust agreement. Rating Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors that there is a reasonable probability of a rating change in the short term as a result of a specific event, rating Outlooks indicate the likely direction of any rating change over a one- to two-year period. ORIENTAL SHIRAISHI: Files For Civil Rehabilitation Program ---------------------------------------------------------- Oriental Shiraishi Corporation and its two wholly owned subsidiaries filed for a civil rehabilitation program in the Tokyo district court on November 26, 2008, Reuters reported. It has debts amounting to JPY60.5 billion. Citing credit researcher Teikoku Databank, Japan Times relates, Oriental Shiraishi became the 30th publicly traded firm to fail this year, bringing about the largest number of bankruptcies involving listed firms since the end of World War II. The Tokyo Stock Exchange is set to delist Oriental Shiraishi on Dec. 27, 2008. Based in Japan, Oriental Shiraishi Corporation -- http://www.orsc.co.jp/en/-- engages in the construction business. The company operates in two business segments. The Construction segment consists two divisions: construction work and production manufacturing. Its Construction division is engaged in the construction of pre-stressed concrete (PC), civil engineering and construction works, as well as the building structure reinforcement works and underground pipe laying works. This division is also engaged in the manufacture and sale of building materials. Its Product Manufacturing division is involved in the manufacture and sale of PC products and other factory products. The Real Estate Leasing segment is involved in the leasing of real estates and the provision of non-life insurance agency services. The company has 10 subsidiaries, four associated companies and one affiliated company. SANYO ELECTRIC: Goldman Ends Talks with Panasonic on Co. Stake -------------------------------------------------------------- Goldman Sachs Group Inc. has broken off talks with Panasonic Corp for now on selling its stake in Sanyo Electric Co. after Panasonic made an offer below Sanyo's current stock price, Reuters reports. "We have reached the decision that there is no use in carrying out negotiations based on the current offer," Reuters quotes Goldman Sachs spokeswoman Hiroko Matsumoto as saying. According to Reuters, Ms. Matsumoto declined to disclose the details of Panasonic's offer, but company and financial sources close to the matter said it had offered 120 yen per Sanyo share, valuing the company at $7.8 billion. As reported by the Troubled Company Reporter-Asia Pacific on November 25, 2008, Bloomberg News said Panasonic Corp. may buy all Sanyo Electric Co. common and preferred shares in a deal worth about JPY1 trillion (US$10.4 billion). Panasonic, Bloomberg related, is planning an offer for Sanyo at a price less than JPY300 a share. Meanwhile, citing Kyodo News, The Japan Times reported that Goldman Sachs hopes to sell its holdings of Sanyo's preferred shares for about JPY250 per share as part of an acquisition process of the company by Panasonic Corp. Japan Times recounted Goldman Sachs and two other financial firms bought Sanyo's preferred shares for a total of JPY300 billion in 2006 to help out the struggling Osaka-based electric maker. In the rescue scheme, Japan Times said Goldman Sachs invested JPY125 billion for JPY70 per share in a common stock equivalent. Reuters relates that to acquire Sanyo, Panasonic has to buy out its top three shareholders, Goldman Sachs, Daiwa Securities SMBC, and Sumitomo Mitsui Banking. The three firms, Reuters says, hold almost 430 million preferred shares in Sanyo, each of which can be exchanged for 10 common shares. If converted, they would hold a combined 70 percent stake, Reuters notes. About Panasonic Panasonic Corporation, formerly Matsushita Electric Industrial Co., Ltd., -- http://www.panasonic.net-- engages in the production and sales of electronic and electric products in an array of business areas. It offers products, systems and components for consumer, business and industrial use. Most of the company' products are marketed under the Panasonic brand name worldwide, along with other product, or region, specific brand names, including National primarily for home appliances and household electric equipment sold in Japan, and Technics for certain high-fidelity products. Some of its subsidiaries also use their own brand names, such as PanaHome. The company's segments comprise audiovisual connection networks, home appliances, components and devices, Matsushita Electric Works, Ltd. and PanaHome Corporation. In August 2007, Victor Company of Japan Ltd. and its consolidated subsidiaries became associated companies from consolidated subsidiaries. The company merged with two subsidiaries on October 1, 2008. About Sanyo Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Asia Pacific on November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s 'BB+' Long-term foreign and local currency IDRs and senior unsecured ratings on Rating Watch Positive. On November 12, 2008, the TCR-AP reported that Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit and 'BB+' long-term unsecured debt ratings on Sanyo Electric Co. Ltd. on CreditWatch with positive implications. * S&P Reports Loan Receivables Profiles Backing Japan CMBS Deals ---------------------------------------------------------------- Standard & Poor's Ratings Services published a Japanese-language report on the outstanding balances (broken down by scheduled repayment date) and profiles of loan receivables backing commercial mortgage-backed securities transactions in Japan. From the middle of this year, a number of defaults on loans and specified bonds (collectively referred to as "loans") backing CMBS transactions have occurred. This can be partly attributed to: (1) borrowers having a difficult time in refinancing their loans as lenders limit refinancing and tighten lending; (2) sluggish property sales amid severe real estate market conditions, including a decline in the investment unit prices of Japan real estate investment trusts (J-REITs); and (3) sponsors and asset managers going bankrupt. All these factors suggest that borrowers are at risk of being unable to refinance their loans. Although CMBS transactions in Japan are normally structured in such a way that defaults on the underlying loans do not lead to defaults on the CMBS transactions, defaults on the underlying loans generally cause a decline in the transactions' credit quality. The impact, however, varies according to each tranche of a transaction due to the senior-subordinate structure of each CMBS transaction. Progress in loan repayments is one of the key items of CMBS surveillance. Standard & Poor's has categorized rated CMBS transactions according to their loan repayment dates and examined the profiles of the loan receivables relating to the transactions. In this study, S&P focused on the attributes of the underlying property portfolio, including major asset types, asset locations, the dates on which the loans were extended, the types of loans (bullet- repayment loans or sales-type loans), and the loan-to-value ratios. This report aims to provide market participants with more information concerning the underlying loans of rated CMBS transactions, including information covering loan types and loan repayment dates. ========= K O R E A ========= DAEWOO CAPITAL: Moody's Withdraws 'Ba2' Foreign Issuer Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn the Ba2 foreign currency issuer rating of Daewoo Capital Co., Ltd. The company has no rated debts outstanding. Moody's has withdrawn this rating for business reasons. Moody's last rating action with respect to DWC was taken on Nov. 25, 2008. The foreign currency issuer rating was downgraded to Ba2 from Ba1 and placed on review for possible downgrade. This rating was withdrawn: -- Foreign currency issuer rating: Ba2 (on review for possible downgrade) Daewoo Capital Co., Ltd., headquartered in Korea, is the second largest auto financing company in Korea. As of June 2008, the company reported total assets of 4.9 trillion won ($4.7 billion). * KOREA: Consumer Sentiment Index Stood at 94, Lowest in 9 Years ---------------------------------------------------------------- KBS World Radio reported that Korea's consumer sentiment on employment and spending has reached lows unseen since the 1997 financial crisis. The consumer survey index stood at 94 for this month, down six points from October, the report said citing Bank of Korea. For households bringing in more than five-million won a month, KBS noted, the index fell ten points from 102 to 92. According to KBS, a reading below 100 indicates that pessimists outnumber optimists and is usually a signal that more people plan to tighten their belts. =============== M A L A Y S I A =============== * Fitch Says Malaysian Insurers Face Regulatory Challenges ---------------------------------------------------------- Fitch Ratings has published a special report on the Malaysian insurance sector providing an overview of the impending regulatory changes facing the industry, as well as an analysis of the competitive landscape. The agency notes that these structural changes, coupled with the ongoing global financial crisis, could pose a significant threat to the more weakly capitalized players in the market. Fitch believes that it is likely that market consolidation will continue to occur, with the weaker insurers finding it increasingly difficult to compete. In line with the expectations set out in the Financial Sector Master Plan 2001, Bank Negara Malaysia has introduced a number of regulatory changes that will permanently change the competitive environment. Perhaps the most significant change is the full implementation of risk-based capital requirements in 2009. The RBC framework has run in parallel with the existing European Solvency I-type regime since 2007. Fitch expects the new capital requirements will ultimately lead to increased risk awareness and facilitate the orderly exit of those companies that lack the scale and expertise to compete. As far as competitive pressure is concerned, the agency believes that Malaysia's life sector is somewhat better positioned than the non-life sector. Not only does the life industry enjoy more promising growth prospects, it is also much less fragmented, with the six largest players accounting for around two-thirds of the total premium volume. Despite the continued volatility in assets prices globally, Fitch believes that Malaysia's life sector remains fundamentally sound. A portion of the volatility is also passed on to the policyholders through profit participation features commonly found in the marketplace. By contrast, the non-life sector continues to be one of the most overcrowded in Asia. The tariff system has resulted in the commoditisation of fire and motor policies. More importantly, the absence of risk-based pricing mechanisms has stifled the industry's underwriting risk management. That said, Fitch recognises the imminent challenges of detariffication and believes that the introduction of the RBC framework is a crucial step towards gradual market liberalisation. In addition to their traditional peers, many conventional insurers are waking up to the reality that they have to cope with an emerging competitive threat in the form of Takaful firms. At end- 2007, net Takaful contributions accounted for 8.6% of the combined insurance and Takaful industry, as compared to 5.0% in 2002. The fact that Takaful companies will not be subject to the new RBC requirements could make the playing field more uneven and competition more intense. However, in Fitch's opinion, the perceived competition between insurance and Takaful is far from being a zero sum game. With continued product innovation, Takaful has become a solution for many Malaysians whose needs for savings, protection and wealth management were not previously met by conventional alternatives. ==================== N E W Z E A L A N D ==================== ANDERSON-DECK COMPANY: Placed Under Voluntary Liquidation --------------------------------------------------------- On November 3, 2008, it was resolved to voluntarily liquidate Anderson-Deck Company Ltd.'s business. The company's liquidator is: Alison Ann Turner Staples Rodway Taranaki Limited 109-113 Powderham Street New Plymouth Telephone:(06) 758 0956 Facsimile:(06) 757 5081 BOOMERANG LTD: Fixes Dec. 10 as Last Day to File Claims ------------------------------------------------------- The creditors of Boomerang Ltd. are required to file their proofs of debt by December 10, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 31, 2008. The company's liquidator is: Grant Bruce Reynolds Reynolds and Associates Limited PO Box 259059, Greenmount Auckland Telephone:(09) 526 0743 Facsimile:(09) 526 0748 e-mail: grant@randa.co.nz BLUE STAR: Fixes Dec. 15 as Last Day to File Claims --------------------------------------------------- The creditors of Blue Star Travel Ltd. are required to file their proofs of debt by December 15, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 31, 2008. The company's liquidator is: Peri Finnigan McDonald Vague PO Box 6092, Wellesley Street Auckland 1141 Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Website: http://www.mvp.co.nz BOTRY-ZEN: Posts NZ$1.22 Mil. Net Loss in 6 Mos. Ended Sept. 30 --------------------------------------------------------------- Botry-Zen Limited posted NZ$1.22 million net loss for the six months ended September 30, 2008 and plans to delist from the New Zealand sharemarket, The National Business Review reports. The report relates that for the six months to September trading revenues rose to NZ$14,000 compared to NZ$2000 a year earlier, while the cost of sales was up to NZ$287,000 from NZ$69,000. Finance costs in the latest period were NZ$303,000 from NZ$19,000. As reported by the Troubled Company Reporter-Asia Pacific on August 22, 2008, Botry-Zen Limited said that following consultation with Bank of New Zealand, it has engaged PricewaterhouseCoopers as an independent adviser to prepare a report as to the company's financial position and options. According to Botry-Zen, PricewaterhouseCoopers' executive summary stated, among other things, "the company has products that are strongly supported, particularly by the viticulture industry. However it is yet to establish a commercially viable production process. The company is insolvent as it cannot pay its liabilities as and when they fall due and it has lost shareholder and bank support." About Botry-Zen Headquartered in Dunedin, New Zealand, Botry-Zen Limited -- http://www.botryzen.co.nz/-- is engaged in the research, development and commercialization of biological control agents for use in the agriculture and horticulture industry. The company operates in New Zealand, and is engaged in the production and marketing for sale of the BOTRY-Zen product. BOTRY-Zen is a live spore preparation of a non-pathogenic saprophytic fungus. * * * The company incurred three consecutive annual net losses of NZ$1.22 million, NZ$1.67 million and NZ$1.58 million for the years ended March 31, 2008, 2007 and 2006, respectively. D V BRICE: Creditors' Proofs of Debt Due on December 4 ------------------------------------------------------ The creditors of D V Brice Ltd. are required to file their proofs of debt by Dec. 4, 2008, to be included in the company's dividend distribution. The company's liquidators are: David Donald Crichton Keiran Anne Horne c/o Sue Fletcher HFK Limited 567 Wairakei Road PO Box 39100, Christchurch Telephone:(03) 352 9189 DORCHESTER PACIFIC: Discloses 3-Year Repayment Plan --------------------------------------------------- Dorchester Pacific disclosed details of the Deferred Repayment Plan for Dorchester Finance investors. Investors will vote on the plan on December 17, 2008. Under the Plan, Dorchester Pacific said, Secured Debenture Stockholders would be repaid their NZ$164 million principal in 12 payments over 3 years with an initial payment of 20% prior to Christmas, followed by 10 quarterly payments of between 5% and 7.5% and a final payment of 17.5% on September 30, 2011. Unsecured Noteholders owed NZ$8 million would be repaid in two installments with an initial payment of 10% prior to Christmas and a final payment of 90% on September 30, 2011. No accrued or future interest would be payable to investors but secured Debenture Stockholders would participate in a profit share payment of 50% at the end of the 3 years, the company said. According to Dorchester, details of the plan will be mailed to investors on November 30, 2008, and a number of Investor Roadshows will be held around the country between the December 6 and 12, 2008, before the meeting to vote on the Plan to be held in Auckland on December 17, 2008. If the Deferred Repayment Plan is approved PricewaterhouseCoopers will be appointed Monitoring Manager to monitor progress over the 3 year term of the Plan. Chairman, Barry Graham commented: "We appreciate that the delay in finalizing the Deferred Repayment Plan has been frustrating for investors. But the time taken has been very well spent in consulting and working closely with the Trustees and with a number of expert independent advisors. So, we are especially pleased that we have been able to finalize the Plan in time for a vote and the prospect of an initial payment prior to Christmas. "The outcome contemplated by the Plan is dependent on the performance of and volatility in the economy, particularly in the property market. "The Board considers that the Plan provides benefits and options which would not be available under a receivership or in a liquidation. Under the plan the business will continue to operate as a going concern. Key management will be able to be retained and loans will be able to be realized in an orderly way. This would give the Dorchester Group the time needed to restructure its balance sheet, raise new equity, secure wholesale funding lines, and participate in any industry consolidation that may eventuate within the finance sector." Executive Director, Paul Byrnes commented: "The focus of the Plan is to return principal to investors as quickly as possible. The business will continue to operate as a going concern but on a much reduced scale. No new lending on property will be undertaken over the term of the Plan. Consumer lending will be restricted under lending covenants in the Plan and will also be subject to a new Lending and Credit Policy recently developed and supplied to the Trustees. In developing the Plan a no-new-lending option was modelled but the Board believes that a no-new-lending scenario is simply not viable. "Staff numbers within the Dorchester Group have been reduced by approximately 30 over the last few months and a significantly lower salary, wages and overhead cost base has been achieved. The executive team has been reduced from 6 to 2. Further work is continuing on simplifying the structure of the organization with the objective of minimizing overheads and operating expenses." Mr. Byrnes noted that "while restructuring of the business and development of the Deferred Repayment Plan over the last 3 months has been hugely time consuming our focus and priority has remained on management of receivables and the company's cash position. Despite the deteriorating market we have managed to exceed our cash position projections. This has enabled us to increase the first repayment of principal from an originally proposed 15% to 20% of principal for secured Debenture Stockholders. "Realization of the property loan book is where the biggest uncertainty lies. The advantage of the Deferred Repayment Plan is that it will allow time for an orderly realization of these assets. The alternative of a receivership is unlikely to maximize return for investors. Forced sales and the stigma of receivership, and its effect on counter party behavior, would likely lead to lower realizations than under the Deferred Repayment Plan. "The Board believes that in the current economic circumstances the Deferred Repayment Plan would provide a materially better outcome than the alternative of receivership or liquidation." About Dorchester Pacific Headquartered in Auckland, New Zealand, Dorchester Pacific Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial solutions provider, offering complementary products and services across finance, insurance, savings and investments. The Finance division provides investment opportunities through secured debenture stock and subordinated unsecured notes, and financing solutions for the property, business, equipment, motor vehicle and personal finance sectors. Its insurance and savings division provides a range of savings, life insurance, reverse annuity mortgages, home equity release loans and other financial products and services. The Investment Service division includes equity investment advisers and sharebrokers, MoneyOnline and NZ Investor Magazine, which provide professional, independent investment advice, sharebroking and financial planning services. Dorchester Pacific holds a 25% shareholding in St. Laurence Limited, the holding company for a property-based investment and finance group of companies, which manages assets for over 16,000 investors. * * * As reported in the Troubled Company Reporter-Asia Pacific on June 27, 2008, Dorchester Finance, a subsidiary of Dorchester Pacific said it will withdraw and not renew its prospectus and will seek the approval of debenture holders and note holders to a deferred repayment plan, but with continued interest payments. Chairman of Dorchester Finance, Mr. Barry Graham said "As a result of the rapid decline in the property finance market and a continuing fall in reinvestment rates the Board has formed the view that there is now a risk of a cash flow shortfall arising in future months." As at June 24, 2008, Dorchester Finance had NZ$168 million in debenture stock secured against total assets of NZ$212 million, including NZ$18 million in cash. In addition it had NZ$8 million in subordinated notes on issue. GREENBUILD LTD: Creditors' Proofs of Debt Due on Dec. 12 -------------------------------------------------------- The creditors of Greenbuild Ltd. are required to file their proofs of debt by December 12, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 31, 2008. The company's liquidators are Stephen Mark Lawrence Anthony John Mccullagh PKF Corporate Recovery & Insolvency (Auckland) Limited PO Box 3678, Auckland 1140 Telephone:(09) 306 7424 Facsimile:(09) 302 0536 LOMBARD FINANCE: Parent Reports NZ.44 Mil. Interim Loss ------------------------------------------------------- The National Business Review reported that Lombard Group, Lombard Finance and Investments Limited's parent firm, had finance income of just NZ$3000 in the six months to September 30, 2008, and operating and staff costs of NZ$1.58 million. The company reported a consolidated pre-tax operating loss of NZ$406,000 for the six month ended September 30, 2008, compared with a pre-tax operating profit of NZ$4,633,000 in the period last year. The company said that it has written down the value of the Groups main trading subsidiary, United Home Mortgages, by NZ$339,000 from NZ$1,425,000 to NZ$1,086,000. This write-down is a non cash charge. After allowing for the write-down of goodwill, Lombard said, a write-back for overstating the impairment losses last year and tax the reported result for the period is a loss of NZ$439,000. Business Review related that the bottom line loss of NZ$439,000 was an improvement from the NZ$3.12 million loss in the same period last year. According to the report, Lombard's accounts for the period do not include subsidiary Lombard Finance and Investments Ltd because it was placed in receivership on April 10 by Perpetual Trust. About Lombard Finance Lombard Finance & Investments Limited is a wholly owned subsidiary of Lombard Group, a diversified company specialising in the financial services sector offering a number of lending options and providing investment opportunities for its shareholders and investors. On April 10, 2008, Lombard Finance was placed into receivership by its trustee, Perpetual Trust Limited. PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company. The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance Limited, Lombard Property Holdings Limited and Lombard Asset Finance No 2 Limited. The receivership does not impact on Lombard Group Limited. MOBILE ALARM: Fixes Dec. 5 as Last Day to File Claims ----------------------------------------------------- Mobile Alarm Specialist Ltd. requires its creditors to file their proofs of debt by Dec. 5, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 31, 2008. The company's liquidator is: Kim S. Thompson PO Box 1027, Hamilton Telephone:(07) 834 6813 Facsimile:(07) 834 6104 e-mail: kim@kstca.co.nz OVERLAND TRANSPORT: Commences Liquidation Proceedings ----------------------------------------------------- Overland Transport Ltd. commenced liquidation proceedings on October 30, 2008. Only creditors who were able to file their proofs of debt by Nov. 27, 2008, will be included in the company's dividend distribution. The company's liquidators are: Timothy Wilson Downes Stephanie Beth Jeffreys c/o Nick Hawken Grant Thornton Auckland Limited 152 Fanshawe Street, Auckland Telephone:(09) 308 2570 PACIFIC RIM: Court to Hear Wind-Up Petition on December 19 ---------------------------------------------------------- A petition to have Pacific Rim Builders Ltd.'s operations wound up will be heard before the High Court at Auckland on Dec. 19, 2008, at 10:00 a.m. Auckland Air Conditioning Limited filed the petition against the company on October 16, 2008. Auckland Air Conditioning's solicitor is: Kevin Patrick Mcdonald Kevin McDonald & Associates Takapuna Towers, Level 11 19-21 Como Street PO Box 331065, Takapuna Auckland Telephone:(09) 486 6827 Facsimile:(09) 486 5082 PRN NURSING: Creditors' Proofs of Debt Due Today ------------------------------------------------ PRN Nursing Services Ltd. requires its creditors to file their proofs of debt today, November 28, 2008, to be included in the company's dividend distribution. The company's liquidators are: Boris van Delden Peri Micaela Finnigan McDonald Vague, PO Box 6092 Wellesley Street Auckland 1141 Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Website: http://www.mvp.co.nz PROTRAC INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 5 -------------------------------------------------------------- The creditors of Protrac International Ltd. are required to file their proofs of debt by December 5, 2008, to be included in the company's dividend distribution. The company's liquidator is: Henry David Levin c/o Liubov Medvedeva Deloitte Deloitte House, Level 8 8 Nelson Street Auckland 1010 Telephone:(09) 309 4944 Facsimile:(09) 309 4947 RED.E STAFFING: Creditors' Proofs of Debt Due Today --------------------------------------------------- RED.E Staffing Ltd. is receiving creditors' proofs of debt until today, Nov. 28, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 30, 2008. The company's liquidator is: Kevin Bromwich McDonald Vague, PO Box 6092 Wellesley Street, Auckland 1141 Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Website: http://www.mvp.co.nz RICHARD GEEWIZ ET AL: Fixes Dec. 5 as Last Day to File Claims ------------------------------------------------------------- Henry David Levin and Vivien Judith Madsen-Ries fixed Dec. 5, 2008, as deadline to file proofs of debt for the creditors of these companies: -- Richard Geewiz Gee Consultants Limited; -- Quick Grips Limited; and -- J.W. Drywall Fixing Limited. The Liquidators can be reached at: Henry David Levin Vivien Judith Madsen-Ries Deloitte Deloitte House, Level 8 8 Nelson Street, Auckland 1010 Telephone:(09) 309 4944 Facsimile:(09) 309 4947 TL PROPERTIES: Fixes December 5 as Last Day to File Claims ---------------------------------------------------------- TL Properties Ltd. requires its creditors to file their proofs of debt by December 5, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 28, 2008. The company's liquidator is: Murray G. Allott 111 Bealey Avenue Christchurch 8013 Telephone:(03) 365 1028 Facsimile:(03) 365 6400 e-mail: murray@profitco.co.nz VERITAS HOLDINGS ET AL: Fixes Feb. 3 as Last Day to File Claims --------------------------------------------------------------- Vivian Fatupaito fixes February 3, 2009, as deadline to file proofs of debt for the creditors of these companies: -- Veritas Holdings NZ Ltd.; -- Morganic Limited; -- Catering Equipment Services Limited; -- Lower Northland Haulage Limited; -- Triangle Road Developments Limited; -- Veritas Holdings NZ Limited; -- Pauanui Properties Limited; -- Eco-Source NZ Limited; and -- Deyer Developments Limited. The Liquidator can be reached at: Vivian Fatupaito PricewaterhouseCoopers Private Bag 92162, Victoria Street West Auckland 1142 Telephone:(09) 355 8000 Facsimile:(09) 355 8013 WAIPAPA INDUSTRIES: Creditors' Proofs of Debt Due on April 15 ------------------------------------------------------------- The creditors of Waipapa Industries Ltd. are required to file their proofs of debt by April 15, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 15, 2008. The company's liquidator is: John Robert Buchanan North Shore Accounting Services Limited PO Box 101061, North Shore Mail Centre North Shore City 0745 Telephone:(09) 444 1955 Facsimile:(09) 441 1988 * NEW ZEALAND: Exports and Imports Higher, But Growth Rate Eases ---------------------------------------------------------------- The value of merchandise exports was 13.8 percent higher in October 2008 than in October 2007, and reached NZ$3.8 billion, Statistics New Zealand said. Imports were up 15.3 percent to NZ$4.8 billion over the same period. The growth in the exports trend has eased since January 2008 following a period of strong growth between June 2007 and then. The slower trend growth in 2008 coincided with the drought in the early part of the year. More recently, crude oil exports have stabilized with quantities now similar to the second half of 2007 � the Tui oil field completed it first full year of operation in July 2008. The imports trend continues to grow but appears to be easing in recent months. Milk powder, butter and cheese (up NZ$123 million) led the exports increase in October 2008 compared with October 2007. Meat and edible offal, and logs, wood and wood articles were both up NZ$68 million in October 2008. Petroleum and products led the increase in the value of merchandise imports in October 2008 compared with October 2007, with crude oil the largest contributor. The increase in petroleum and products was partly offset by a fall in ships, boats and floating structures, which were down from a high level in October 2007 when an oil rig was imported. The value of passenger motor car imports fell to an eight-year low of NZ$221 million in October 2008, as a decline in the number of cars with engines larger than 1500cc has been only partly offset by an increase in the number of smaller cars. In October 2008, the value of the monthly trade balance was a deficit of NZ$942 million. Although this is the second largest deficit for an October month in dollar terms, as a percentage of exports it is below the average for October for the preceding five years. ================= S I N G A P O R E ================= MACARTHURCOOK INDUSTRIAL: Moody's Cuts CFR to 'Ba2' --------------------------------------------------- Moody's Investors Service has downgraded Macarthurcook Industrial REIT's corporate family rating to Ba2. The rating remains on review for possible downgrade. "The downgrade reflects Moody's views that MI-REIT is not likely to meet the scale and diversity targets that were built into its original rating when it was first assigned," says Kathleen Lee, Moody's lead analyst for the trust. "As a result MI-REIT shows high levels of asset and tenant concentration, more consistent with a Ba2 rating," adds Lee. "In addition, the trust has an outstanding sale & lease-back arrangement with a call and put option in respect of 4A International Business Park (entered into since August 2007) which if completed by end-December 2009, on fully-debt financed terms, would result in a material weakening of its credit metrics," continues Ms. Lee. "There also remains considerable uncertainty as to how this acquisition will be funded if the put option is exercised by the vendor," she added. "The rating remains on review for downgrade primarily reflecting ongoing concerns surrounding MI-REIT's significant refinancing risk with 91% of its total debts, or S$201 million, falling due in April 2009, amid very challenging credit markets conditions," says Ms. Lee. "The absence of available committed facilities and the REIT's lack of extensive relationships with banks have significantly constrained MI-REIT's liquidity profile and increase the risk of further downgrades," adds Ms. Lee. Moody's acknowledges that MI-REIT's rating continues to be supported by its steady revenue streams supported by a relatively long lease maturity profile and adequate lease deposits that partially mitigates the trust's low asset diversification and moderate tenant concentration. The review will continue to focus on 1) MI-REIT's progress in securing committed financing to meet its debt maturities in April 2009 as well as the final contracted terms & conditions once refinancing is raised, and 2) the funding plan for the committed acquisition. The ratings could decline rapidly if material progress on securing committed financing for its April 2009 debt maturities is not made over the course of the next 2 months. Headquartered in Singapore, MI-REIT is a real estate unit trust that was formed primarily to own and invest in a diversified portfolio of industrial properties. The company reported total assets of approximately S$568 million and gross revenue of $12.4 million for the first quarter ended Sept. 30, 2008. =============== X X X X X X X X =============== * IMF Sees Substantial Slowdown in Asia Amid Global Turmoil ----------------------------------------------------------- Asia is facing the risk of a sharp slowdown as the global economy enters a major downturn, and decisive actions are warranted to maintain financial stability and support growth in the region, the International Monetary Fund (IMF) said in its latest report on Asia. "Growth in Asia is expected to slow substantially along with the rest of the world, as exports weaken and spillovers from the global financial turmoil weigh on domestic activity," according to the Regional Economic Outlook (REO) for Asia and Pacific, which was released Monday, November 24, 2008. While the baseline scenario for Asia sees recovery beginning in the second half of 2009, risks to the outlook are significantly larger than usual and tilted to the downside, the REO warned. A deeper and more protracted global slowdown than currently anticipated, combined with tighter international financial conditions from the ongoing global deleveraging, could have significant spillovers to the region through both exports and a range of financial channels. It remains unclear how domestic demand in the region would stand up to a sharp decline in export growth and tighter financial conditions, the report said. Despite Asia's generally strong fundamentals�including its substantial cushion in official reserves, improved macroeconomic policy frameworks and generally robust corporate balance sheets and banking systems�the region is "being rattled by the crisis due to its close trade and financial integration with the rest of the world, and any hope that the region would escape the crisis unscathed has by now evaporated." In this uncertain environment, the REO calls for quick and decisive actions by policymakers in the region to respond to heightened financial risks and slowing domestic activity. First, their financial policies will need to focus on addressing spillovers from the global credit turmoil by safeguarding financial systems and maintaining orderly credit conditions. Second, with inflation projected to moderate in the near term, monetary policy in most countries has room to ease to stabilize financial conditions and address downside risks. Third, given progress in fiscal consolidation in recent years, many countries have room to implement fiscal stimulus to address downside risks to growth. For countries where fiscal sustainability is an issue, however, it would be important not to lose sight of the need for medium-term fiscal consolidation. In the analytic chapters, the REO addresses longer-term issues that will affect the region's economies as the impact of the current crisis recedes. Chapter II entitled "The Globalization of Asian Inflation" examines the rising importance of commodity prices in Asia's inflationary process and its potential implications for monetary policy. While in the past, inflation in the region could largely be traced back to domestic factors, global relative prices, notably of commodities, have been the driving force behind rising inflation in recent years. Despite the recent downturn , commodity prices are expected to remain high and volatile over the medium term, which would tend to create persistent gaps between core and headline inflation and pose new challenges for policymakers in facing trade-offs between output and inflation volatility. Going forward, these trends may require a careful consideration of monetary policy frameworks, in particular in commodity-importing countries. Chapter III, "The Graying of Asia: Demographics, Capital Flows, and Financial Markets," analyzes the impact of rapid demographic change in Asian countries on their external positions and capital flows as well as on financial markets and asset prices. In particular, the study shows that vastly different rates of aging across Asia are likely to have sizable effects on current accounts and capital flows�with capital tending to flow "uphill" from younger to older countries. Governments can ease the potentially difficult demographic transition by beginning to take policy measures now. For aging countries, this may involve an emphasis on pension and labor force reform. For younger countries, requiring substantial capital for their growing labor forces, enhancing financial intermediation, and boosting productivity will take center stage. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Company Ticker Assets Equity ------- ------ ------ ------------ AUSTRALIA ALLSTATE EXPLORA ALX 19471506.65 -55688859.69 ALLSTATE EXPL-PP ALXCC 19471506.65 -55688859.69 ARC EXPLORATION ARX 62773963.21 -15883874.97 AUSTAR UNITED AUN 525672845.30 -234867042.02 ANTARES ENERGY L AZZ 16203169.11 -4359829.02 BIRON APPAREL LT BIC 19706738.17 -2220069.83 CROESUS MINING CRS 16003304.16 -13810195.85 ETW CORP LTD ETW 103760615.53 -50215440.96 FORTESCUE METALS FMG 4953350503.44 -1568972639.88 FULCRUM EQUITY L FUL 40075709.67 -8003394.15 INTELLECT HLDGS IHG 18245003.37 -15487781.92 KH FOODS LTD KHF 38397288.11 -6790994.89 KH FOODS LTD-PRF KHFPA 38397288.11 -6790994.89 LAFAYETTE MIN LAF 105239389.93 -190859526.77 METAL STORM LTD MST 14309243.10 -5126410.11 RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48 TOOTH & CO LTD TTH 143720715.19 -94300033.83 VERTICON GROUP VGP 31280242.69 -12391531.59 CHINA SHENZ SEG DASH-A 000007 101024087.57 -1144993.15 SHENZ CHINA BI-A 000017 29379003.11 -244527119.11 SHENZHEN SHENXIN 000034 44989232.03 -113368102.97 CHINA KEJIAN-A 000035 65124488.98 -167311537.11 SHENZHEN KONDA-A 000048 155014461.99 -24446764.56 HUNAN ANPLAS CO 000156 83999120.28 -81350940.74 ZHANGJIAJIE TO-A 000430 51011060.62 -8247159.63 DANDONG CHEM F-A 000498 115942688.34 -91597754.91 SUCCESS INFORMAT 000517 30118378.44 -14826121.30 GUANGDONG MEIYA 000529 66438321.52 -62407433.87 GUANGXIA YINCH-A 000557 53463085.53 -61325483.02 CHANG LING GROUP 000561 49675731.32 -115810769.64 QINGHAI SALT L-A 000578 105635944.61 -4914371.18 GUANGMING GRP FU 000587 62369338.74 -12083332.13 FUJIAN CFC IND-A 000592 24196604.92 -19615146.80 YUEYANG HENGLI-A 000622 40266532.05 -14337174.21 LAN BAO TECH INF 000631 29435531.87 -22701113.38 CHINA LIAONING-A 000638 15426138.26 -5698465.09 CHENGDU UNION-A 000693 59526570.13 -188881.87 JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53 FUJIAN SANNONG-A 000732 64417775.39 -90239301.91 CHONGWING INTL-A 000736 24753183.26 -13379849.30 SICHUAN DIRECT-A 000757 128549383.42 -102619767.95 CHINESE.COM LOGI 000805 12721114.23 -20567498.78 SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37 STELLAR MEGAUNIO 000892 64925448.82 -162463426.22 HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54 GUANGDONG KEL-A 000921 710500493.66 -81769686.15 ANHUI KOYO GROUP 000979 64278169.26 -30778923.55 SHENZ CHINA BI-B 200017 29379003.11 -244527119.11 AMOI ELECTRONICS 600057 414934259.50 -30399649.61 SUNTIME INTERN-A 600084 372799912.67 -50592426.40 SHANG WORLDBES-A 600094 327982181.09 -175167931.11 MIANYANG GAO-A 600139 30657523.00 -12436839.12 HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69 HUATONG TIANXI-A 600225 73838152.81 -41138558.42 TAIYUAN TIANLON 600234 12693007.72 -51581680.70 TIBET SUMMIT IND 600338 73500256.4 -16424030.52 CHONGQING CHANG 600369 98865860.45 -62635.84 QINGHAI SUNSHI-A 600381 47308342.77 -49663000.79 WINOWNER GROUP C 600681 21498115.00 -81284231.50 HEBEI JINNIU C-A 600722 379299949.84 -2890480.98 SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64 FUJIAN START-A 600734 105659572.63 -14337777.19 TIANJIN MARINE 600751 75440814.59 -26602770.52 TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54 XIAMEN OVERSEAS 600870 433188523.84 -13781679.05 HUDA TECHNOLOG-A 600892 18459084.32 -1904039.85 TIANJIN MARINE-B 900938 75440814.59 -26602770.52 SHANG WORLDBES-B 900940 327982181.09 -175167931.11 HISENSE ELEC-H 921 710500493.66 -81769686.15 HONG KONG WAI CHUN GROUP L 1013 12375426.81 -14214914.84 CHIA TAI ENTERPR 121 313740803.76 -49562387.78 SANYUAN GROUP LT 140 17768260.98 -2131329.68 OCEAN GRAND CHEM 2882 12274432.29 -46252280.18 ASIA TELEMEDIA L 376 16618871.08 -5369335.42 NEW CITY CHINA 456 113178595.41 -9932226.54 EGANAGOLDPFEIL 48 557892423.39 -132858951.98 PALADIN LTD 495 186461196.61 -9780904.71 CHINA GRAND PHAR 512 23135825.94 -7596740.75 PALADIN LTD -PRE 642 186461196.61 -9780904.71 CHINA HEALTHCARE 673 25241048.66 -5730603.97 WAH SANG GAS 8035 69765797.42 -113697025.42 TAKSON HLDGS 918 11351347.49 -2111248.1 INDIA APPLE FINANCE APL 62427496.69 -11798341.63 ARTSON ENGR ART 10310745.75 -705781.13 ASHIMA LTD ASHM 96567160.75 -42591314.74 BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09 BALAJI DISTILLER BLD 59974008.41 -50890026.26 BELLARY STEELS BSAL 512415670.40 -101442229.54 CFL CAPITAL FIN CEATF 20637497.85 -48884440.84 CORE HEALTHCARE CPAR 185364966.99 -241912027.81 DUNCANS INDUS DAI 164653351.9 -220922929.9 DIGJAM LTD DGJM 98769193.78 -14620180.53 DISH TV INDIA DITV 302059215.40 -112859159.26 GANESH BENZOPLST GBP 77840261.61 -41865917.86 GUJARAT SIDHEE GSCL 59440728.18 -660003.43 GUJARAT STATE FI GSF 43595348.80 -195237605.32 HIMACHAL FUTURIS HMFC 633329926.05 -104792044.71 HMT LTD HMT 206932743.85 -263572925.12 HINDUSTAN PHOTO HPHT 95115323.23 -953348180.90 IFB INDS LTD IFBI 50668510.63 -65490798.77 INDIA STEEL WORK ISI 56764895.94 -1474355.11 JCT ELECTRONICS JCTE 122542558.60 -49996834.55 JK SYNTHETICS JKS 20208078.76 -2171303.89 JENSON & NIC LTD JN 15734678.26 -92089109.12 KALYANPUR CEMENT KCEM 37538318.01 -41771703.35 LML LTD LML 86798822.39 -27966179.74 LLOYDS METALS LYDM 76625324.31 -409399.15 LLOYDS STEEL IND LYDS 392561769.16 -102160401.76 MAFATLAL INDS MFI 123632655.22 -83841435.12 MILLENNIUM BEER MLB 39726352.09 -732186.48 NATH PULP & PAP NPPM 11602126.35 -34768739.20 PAREKH PLATINUM PKPL 61081050.43 -88849040.15 PANCHMAHAL STEEL PMS 51024827.03 -325116.26 PSI DATA SYSTEMS PSI 11676002.06 -2481336.90 PTL ENTERPRIESES PTLE 54293986.93 -397481.92 PANYAM CEMENTS PYC 30241162.87 -9403739.61 ROLLATAINERS LTD RLT 22965755.05 -22244556.92 REMI METALS GUJA RMM 45057985.96 -51095300.54 RPG CABLES LTD RPG 51431409.37 -20192930.18 SIL BUSINESS ENT SILB 12461159.02 -19961202.41 SPICE COMMUNICAT SPCM 263692459.52 -19679192.67 SEN PET INDIA LT SPEN 13797591.24 -25632664.31 SHREE RAMA MULTI SRMT 81405835.45 -64134056.23 STI INDIA LTD STIB 44107456.00 -300149.59 TRIVENI GLASS TRSG 34542881.89 -6209872.78 TATA TELESERVICE TTLS 857960649.86 -50009972.82 USHA INDIA LTD USHA 12064900.61 -54512967.31 JOG ENGINEERING VMJ 50080964.36 -10076436.07 WIRE AND WIRELES WNW 106984536.93 -23622538.56 INDONESIA PRIMARINDO ASIA BIMA 12686983.33 -20685421.96 BUKAKA TEKNIK UT BUKK 64091324.54 -99365767.69 DAYA SAKTI UNGGU DSUC 30290429.39 -7119463.92 ERATEX DJAJA ERTX 24286412.49 -3183944.37 JAKARTA KYOEI ST JKSW 37341907.08 -40927857.92 KARWELL INDONESI KARW 33062976.60 -2063732.97 MULIA INDUSTRIND MLIA 402100859.87 -443184587.78 PANCA WIRATAMA PWSI 31983823.98 -33728711.13 STEADY SAFE TBK SAFE 16605580.35 -3310385.85 SURABAYA AGUNG SAIP 278878601.20 -78093433.67 TEIJIN INDONESIA TFCO 265725344.00 -23100500.00 UNITEX TBK UNTX 17007357.73 -11304184.18 JAPAN MOC CORP 2363 52273507.78 -12661480.98 LINK ONE 2403 12290544.83 -5772835 APRECIO CO LTD 2460 18178139.82 -1869347.22 TASCOSYSTEM CO L 2709 55593566.29 -5196409.75 NEXUS 2799 25436623.18 -18579366.04 SOWA JISHO CO LT 3239 54007939.02 -15643863.67 L CREATE CO LTD 3247 42344509.56 -9146496.90 OPEN INTERFACE I 4302 32715547.40 -5699491.16 LINK CONSULTING 4798 50709685.69 -10143185.11 PLACO CO LTD 6347 26260220.44 -997325.51 TRUSTEX HOLDINGS 9374 85999130.53 -2203926.9 COWBOY CO LTD 9971 21323462.4 -5681854.91 KOREA FIRST FIRE & MAR 000610 2044031310.36 -1780221.91 ORICOM INC 010470 82645454.13 -40039161.33 UNICK CORP 011320 36540788.83 -4449480.74 STARMAX CO LTD 017050 73128066.52 -5536410.53 DAISHIN INFO 020180 740500919.30 -158453978.78 TONG YANG MAGIC 023020 355147750.92 -25767007.75 FATOMENT 025460 28429133.98 -13916561.10 NANO MINING CO L 036270 18221252.73 -32166924.53 COSMOS PLC 053170 19306498.60 -4948161.34 SEJI CO LTD 053330 37246628.39 -311069.32 MEDIACORP INC 053890 53306304.99 -32219360.77 DAHUI CO LTD 055250 186003859.24 -1504246.54 INNO METAL IZIRO 070080 28564573.80 -330042.51 SINJISOFT CORP 078700 12760558.03 -21014927.26 MALAYSIA CNLT FAR EAST CNLT 44967289.97 -8460479.41 ENERGREEN CORP ECB 29495419.35 -31105634.5 FOREMOST HLDGS FMST 10129456.56 -338791.12 HARVEST COURT HAR 10805322.12 -5623766.68 LITYAN HLDGS BHD LIT 21279571.09 -28602294.73 NIKKO ELECTRONIC NIKKO 15241009.62 -3154093.28 PECD BHD PECD 377122467.92 -295360985.56 PANGLOBAL BHD PGL 185949931.53 -185086888.13 TECHVENTURE BHD TECH 37377746.79 -11207547.89 WONDERFUL WIRE WW 22721443.48 -1936371.54 PHILIPPINES APEX MINING-A APX 55266898.93 -1972871.63 APEX MINING 'B' APXB 55266898.93 -1972871.63 BENGUET CORP-A BC 76269083.95 -32538922.84 BENGUET CORP 'B' BCB 76269083.95 -32538922.84 CENTRAL AZUC TAR CAT 35737315.17 -1803678.01 CYBER BAY CORP CYBR 14850182.71 -74298813.45 FIL ESTATE CORP FC 43031377.81 -10925320.95 FILSYN CORP A FYN 24839570.79 -11373621.32 FILSYN CORP. B FYNB 24839570.79 -11373621.32 GOTESCO LAND-A GO 18684576.24 -10863822.41 GOTESCO LAND-B GOB 18684576.24 -10863822.41 MRC ALLIED MRC 14947958.51 -747373.28 PICOP RESOURCES PCP 105659068.50 -23332404.14 EAST ASIA POWER PWR 72744279.35 -136684406.25 UNIVERSAL RIGHTF UP 45118524.67 -13478675.99 UNIWIDE HOLDINGS UW 65657779.51 -57306280.77 VICTORIAS MILL VMC 175005565.48 -38636418.26 SINGAPORE ADV SYSTEMS AUTO ASA 20488612.69 -10727407.04 CHUAN SOON HUAT CSH 42771494.42 -6415136.36 FALMAC LTD FAL 10568359.86 -4699134.55 GUL TECHNOLOGIES GUL 172802992.00 -3036000.00 HL GLOBAL ENTERP HLGE 107390161.50 -9846437.10 INFORMATICS EDU INFO 29835417.14 -3986774.70 LINDETEVES-JACOB LJ 217662768.45 -71352686.64 TAIWAN CHIEN TAI CEMENT 1107 213252699.79 -8622456.43 DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05 PROTOP TECHNOLOG 2410 36409983.56 -22412206.18 HELIX TECHNOL-EC 2479S 29014861.50 -18177223.18 HELIX TECH-EC 2479T 29014861.50 -18177223.18 HELIX TECH-EC IS 2479U 29014861.50 -18177223.18 CHIEF CONST-ENT 2522R 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10 UNICAP ELECT-EC 5307R 133883064.40 -19055700.01 UNICAP ELECT-EC 5307S 133883064.40 -19055700.01 UNICAP ELECT-ENT 5307T 133883064.40 -19055700.01 YEU TYAN MACHINE 8702 39574168.04 -271070409.72 THAILAND ABICO HOLDINGS ABICO 16687406.79 -9849452.81 ABICO HOLD-NVDR ABICO-R 16687406.79 -9849452.81 ABICO HLDGS-F ABICO/F 16687406.79 -9849452.81 BANGKOK RUBBER BRC 83992109.28 -68072566.20 BANGKOK RUB-NVDR BRC-R 83992109.28 -68072566.20 BANGKOK RUBBER-F BRC/F 83992109.28 -68072566.20 BANGKOK STEEL IN BSI 458729221.47 -136444108.98 BANGKOK STE-NVDR BSI-R 458729221.47 -136444108.98 BANGKOK STEEL-F BSI/F 458729221.47 -136444108.98 CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66 CIRCUIT ELE-NVDR CIRKIT-RTB 61295807.28 -25886476.66 CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66 CENTRAL PAPER IN CPICO 13252670.48 -241782725.56 CENTRAL PAPER-NV CPICO-R 13252670.48 -241782725.56 CENTRAL PAPER-F CPICO/F 13252670.48 -241782725.56 DATAMAT PCL DTM 12690638.93 -6132014.29 DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29 DATAMAT PLC-F DTM/F 12690638.93 -6132014.29 ITV PCL ITV 37687117.82 -1607409.04 ITV PCL-NVDR ITV-R 37687117.82 -71607409.04 ITV PCL-FOREIGN ITV/F 37687117.82 -71607409.04 K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29 K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29 K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29 MALEE SAMPRAN MALEE 67126452.61 -865421.41 MALEE SAMPR-NVDR MALEE-R 67126452.61 -865421.41 MALEE SAMPRAN-F MALEE/F 67126452.61 -865421.41 NEW PLUS KNITT NPK 10075187.17 -2034472.09 NEW PLUS KN-NVDR NPK-R 10075187.17 -2034472.09 NEW PLUS KNITT-F NPK/F 10075187.17 -2034472.09 PREMIER MARKET PM 41958329.18 -2352192.28 PREMIER MAR-NVDR PM-R 41958329.18 -2352192.28 PREMIER MARK-FOR PM/F 41958329.18 -2352192.28 KUANG PEI SAN POMPUI 18782550.85 -14068562.52 KUANG PEI-NVDR POMPUI-RTB 18782550.85 -14068562.52 KUANG PEI SAN-F POMPUI/F 18782550.85 -14068562.52 SAFARI WORLD PUB SAFARI 106026035.72 -12698924.75 SAFARI WORL-NVDR SAFARI-RTB 106026035.72 -12698924.75 SAFARI WORLD-FOR SAFARI/F 106026035.72 -12698924.75 SAHAMITR PRESSUR SMPC 27259301.93 -34589170.90 SAHAMITR PR-NVDR SMPC-R 27259301.93 -34589170.90 SAHAMITR PRESS-F SMPC/F 27259301.93 -34589170.90 SUNWOOD INDS PCL SUN 29427364.98 -6703524.31 SUNWOOD INDS-NVD SUN-R 29427364.98 -6703524.31 SUNWOOD INDS-F SUN/F 29427364.98 -6703524.31 TUNTEX THAILAND TUNTEX 209866171.11 -59169752.92 TUNTEX THAI-NVDR TUNTEX-RTB 209866171.11 -59169752.92 TUNTEX THAILAN-F TUNTEX/F 209866171.11 -59169752.92 UNIVERSAL STARCH USC 100957801.82 -33250001.20 UNIVERSAL S-NVDR USC-R 100957801.82 -33250001.20 UNIVERSAL STAR-F USC/F 100957801.82 -33250001.20 ********* 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. Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, 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 ***