/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/090116.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, January 16, 2009, Vol. 12, No. 11 Headlines A U S T R A L I A A.C.N. 006 223 ET AL: Members and Creditors Hear Wind-Up Report A.C.N. 110 551 276: Placed Under Voluntary Liquidation A.C.N. 009 128 545: Members and Creditors Hear Wind-Up Report ABC LEARNING: Receives Buyer Inquiries for 241 Centers BISHOP PLASTERING: Members and Creditors Hear Wind-Up Report CENTRO PROPERTIES: Obtains Three Year Debt Repayment Extension CHURCH ELECTRICAL: Declares Dividend for Priority Creditors CONCERT PROMOTIONS: Placed Under Voluntary Liquidation CROMWELL GROUP: Puts Unlisted CPF Fund On Hold DONALD HALL: Placed Under Voluntarily Liquidation KOBAYASHI PTY: Members and Creditors Hear Wind-Up Report LITTLE VILLAGE: Placed Under Voluntary Liquidation MASTRO CONCRETE: Placed Under Voluntary Liquidation NEAGLES ROCK: To Sell Winery Business for AU$3 Mil. NEPEAN MOTOR: Goes Into Receivership PAT GAVIN: Placed in Liquidation PETERSON BUILDING: Declares First Dividend RIO TINTO: Appoints Jim Leng as Chairman SMIGG'S PTY: Placed Under Voluntary Liquidation THIRTEENTH CORP: Commences Liquidation Proceedings TRANSURBAN GROUP: Won't Take 50% Stake in MIG's M7 Tollway VERMONT HEIGHTS: Commences Liquidation Proceedings C H I N A HOPSON DEVELOPTMENT: Moody's Cuts Rating to 'B1' on Added Risks SINOPEC CORP: Get Gov't. Approval on Unit's CNY423MM Ethanol Plant H O N G K O N G BILLION TREASURE: Appoints Chan Yau Choi as Liquidator DVB SERVICE: Placed Under Voluntary Liquidation EASTPOOL TRADING: Members' Final Meeting Set for February 3 FORTUNE CENTRAL: Chan Wing Kit Cease to Act as Liquidator GLOBAL SILVERHAWK: Yau Tsz Sang Steps Down as Liquidator HONG KIN: Creditors' Proofs of Debt Due on February 2 LUEN SHING: Kit and Ling Cease to Act as Liquidators MAK HON: Placed Under Voluntary Liquidation REALUCK LIMITED: Creditors' Proofs of Debt Due on January 30 REFCO FUTURES: Creditors' Proofs of Debt Due on February 2 ROYAL SINCERE: Creditors' Proofs of Debt Due on January 16 SHANGHAI LAND: Keung Steps Down as Liquidator SOUDRONIC (FAR EAST): Placed Under Voluntary Liquidation UNIVERSAL INTERNATIONAL: Gilligan Cease to Act as Liquidator I N D I A UNITECH UNLIMITED: Fitch Downgrades Ratings on Loan Transactions UNITECH LIMITED: Fitch Downgrades Long-Term Rating to 'B' I N D O N E S I A BETA INTI: Moody's Downgrades National Scale Debt Rating to 'Ba1' J A P A N CITIGROUP INC: Will Keep Brokerage Firm Nikko Cordial NISSAN MOTOR: May Post First Operating Loss Amid Declining Demand * Fitch Reports Adverse Impact of Non-Railway Investments * JAPAN: Corporate Bankruptcies Rose 11% in 2008 K O R E A HYUNDAI MOTOR: Fitch Downgrades Issuer Default Rating to 'BB+' SSANGYONG MOTOR: Suspends Production Amid Parts Shortage N E W Z E A L A N D 621534 LTD: Court Hears Wind-Up Petition BERRYTIME LTD: Court Hears Wind-Up Petition BETA PROCESSING: Commences Liquidation Proceedings BREAKWATER LTD: Appoints Colin Brian Wilson as Liquidator EASTLAND HOLDINGS: Court to Hear Wind-Up Petition on January 28 FIRST CLASS: Court Hears Wind-Up Petition KIPPA'S CONTRACTING: Appoints Sheriff and Vance as Liquidators LFS HOLDINGS: Court to Hear Wind-Up Petition on January 22 ORBIT FINANCIAL: Commences Liquidation Proceedings PHOENIX BUILDING: Appoints Crichton and Horne as Liquidators PORTA HOMES ET AL: Creditors' Proofs of Debt Due on January 30 STONEYLAND TRUCK: Court Hears Wind-Up Petition SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition S.W.A LTD: Court Hears Wind-Up Petition TRANZ STAR: Appoints Tubbs and Gower as Liquidators UPPER QUEEN ET AL: Creditors' Proofs of Debt Due on February 21 P H I L I P P I N E S ALLIED BANKING: Moody's Confirms 'Ba3' Currency Debt Rating S I N G A P O R E FASCON CRANE: Court to Hear Wind-Up Petition on January 23 TEO BROS: Court Pays Second Interim THE ORACLEWORKS: Creditors' Proofs of Debt Due on January 23 THE SHANGHAI: Court to Hear Wind-Up Petition Today TIC CAPITAL: Creditors' Proofs of Debt Due on February 9 T A I W A N DAH CHUNG: Fitch Affirms Individual Rating at 'C/D' TAISHIN FINANCIAL: Moody's Downgrades Issuer Rating to 'Ba1' TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D' * TAIWAN: Investors in China Need Immediate Aid X X X X X X X X NORTEL NETWORKS: To Seek Creditor Protection in Europe NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings * S&P Puts Junk Ratings on 7 Asia-Pacific CDOs on Negative Watch * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= A.C.N. 006 223 ET AL: Members and Creditors Hear Wind-Up Report --------------------------------------------------------------- On November 28, 2008, N. Giasoumi and R. D. Grant presented the companies' wind-up report and property disposal to the members and creditors of: -- A.C.N. 006 223 543 Pty Ltd.; -- A.C.N. 061 173 706 Pty Ltd.; -- A.C.N. 095 663 611 Pty Ltd.; -- A.C.N. 098 968 042 Pty Ltd.; -- A.C.N. 104 137 117 Pty Ltd.; -- A.C.N. 124 637 725 Pty Ltd.; -- Australasia Telecommunications Consultants Pty Ltd; -- Cruise Commercial 1 Pty Ltd; -- Cutra Investments Pty Ltd; -- Da Jin Industrial Co. Pty. Ltd.; -- DGH Building and Design Pty Ltd; -- Equine Science Distributions Pty Limited; -- Evan Stafford & Associates Pty Ltd; -- Dederal's Black Swan Hotel Pty. Ltd.; -- Flashwords Pty Ltd; -- A.C.N. 090 757 761; -- Heywood Contracting Pty Ltd; -- John George Cutting Pty Ltd; -- Latuadungavel Pty Ltd; -- Lisa Barber Pty Ltd; -- Namcaj Pty Ltd; -- Parpety Pty. Ltd.; -- Pinewood Prolab Pty Ltd; -- Sawaithe Pty Ltd; -- Stabat Solutions Pty. Ltd.; -- The Sheriff Group Pty Ltd; and -- Zero Mobile Pty. Ltd. The Liquidators can be reached at: N. Giasoumi R. D. Grant Dye & Co. Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East VIC 3123 A.C.N. 110 551 276: Placed Under Voluntary Liquidation ------------------------------------------------------ The members of A.C.N. 110 551 276 Pty Ltd met on Oct. 16, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidators are: David Scott Richard Rohrt Scott Partners Consulting 173 Burke Road, Level 1 Glen Iris VIC 3146 A.C.N. 009 128 545: Members and Creditors Hear Wind-Up Report ------------------------------------------------------------- The members and creditors of A.C.N. 009 128 545 Pty Ltd met on Dec. 1, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daniel P. Juratowitch Cor Cordis Chartered Accountants Praemium House, Level 8 406 Collins Street Melbourne VIC 3000 ABC LEARNING: Receives Buyer Inquiries for 241 Centers ------------------------------------------------------ The receivers of ABC Learning Centres Ltd. have received more than 300 new inquiries from potential buyers for ABC's unviable 241 childcare centres, collectively known as the ABC2 group, The Canberra Times reports. Receivers McGrath Nichol, Canberra Times notes, is still managing the remaining 720 ABC Learning centres, while the ABC2 group has been given AU$34 million by the Federal Government to stay open until March 31. According to The Sydney Morning Herald, acting Prime Minister Julia Gillard said more than 300 new inquiries were made on top of the 3,300 expressions of interest (EOI) already received by receivers McGrath Nicol, following the collapse of ABC Learning in November last year. The EOI process for the sale of the 241 ABC Learning centres was announced by the court-appointed receivers PPB on Wednesday, January 13, the Herald states. Receiver Stephen Parbery, Canberra Times relates, said his group would consider a range of options for the centres, including their sale to new owners and the transfer of children to other centres that could not be kept open. "We will continue to work closely with the Government to ensure the provision of sustainable, high quality child care is available for Australian families into the future," Canberra Times quoted Mr. Parbery as saying. "The release of this EOI is an important step in our detailed plan to determine the future of each and every child care centre in the ABC2 Group." The Herald says that submissions of EOI must be lodged by Jan. 21, 2009. About ABC Learning Centres ABC Learning Centres Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education in more than 1200 centres in Australia, New Zealand, the United States and the United Kingdom. The company's subsidiaries include ABC Developmental Learning Centres Pty Ltd, ABC Early Childhood Training College Pty Ltd, Premier Early Learning Centres Pty Ltd, ABC Developmental Learning Centres (NZ) Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and Child Care Centres Australia Ltd. On September 25, 2006, the company acquired Hutchison Child Care Services Ltd. On September 7, 2006, it acquired The Children's Courtyard LLP. On December 18, 2006, it acquired Busy Bees Group Ltd. On January 26, 2007, it acquired La Petite Holdings Inc. On February 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. * * * As reported in the Troubled Company Reporter-Asia Pacific on November 6, 2008, ABC Learning Centres Limited appointed Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary administrators of ABC and a number of its subsidiaries. ABC said subsequent to the appointment of administrators, the company's banking syndicate appointed Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers. BISHOP PLASTERING: Members and Creditors Hear Wind-Up Report ------------------------------------------------------------ The members and creditors of Bishop Plastering Pty Ltd met on Dec. 1, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daniel P. Juratowitch Cor Cordis Chartered Accountants Praemium House, Level 8 406 Collins Street Melbourne VIC 3000 CENTRO PROPERTIES: Obtains Three Year Debt Repayment Extension -------------------------------------------------------------- Centro Properties Group said it has completed the long term refinancing and debt stabilization agreement with its financiers. The key features of the refinancing and debt stabilization include: Debt Stabilization Features -- A three year extension on A$3.9 billion of the senior syndicated debt facility. -- A A$1.05 billion Hybrid Security to improve cash flow servicing and balance sheet strength for the Group. -- Issuance of new stapled securities to Centro's lenders. -- A new A$35 million liquidity facility to assist in the ongoing cash flow requirements of the Group. -- Extension of the debt facilities within Super LLC (Centro's US joint venture investment with Centro Retail Trust (CER) and CMCS 40). -- A simplification of the Group's borrowing structure, with the removal of existing lending guarantees to Super LLC. -- Agreement for the extension of debt facilities for many of Centro's managed funds. -- Reduced pressure to sell property assets within Centro and its managed funds. Centro CEO Glenn Rufrano said, "The three year debt stabilization agreement achieves our objective of securing the long term viability of the Group, and will have the effect of maximizing cash flow through the re-structuring of our debt arrangements and minimizing asset sale requirements. The debt stabilization is the result of a year long review of alternatives including more extensive asset sales and new equity. This debt stabilization provides sufficient time and liquidity to navigate difficult market conditions and maintain focus on our shopping centres and the operation of the funds management business to ensure the best value for all stakeholders." Centro Chairman Paul Cooper said, "Finalization of the debt stabilization provides a solid foundation for the future of the Group and retains as much value as possible for investors. As we said on December 16 when we announced the agreement in principle, the Board has carefully considered all alternatives available to Centro over the last 12 months and has concluded that this agreement maintains some value for our securityholders. The Board and management believe this is the best outcome for our stakeholders and is superior to the alternative of Centro entering administration or liquidation." Debt Stabilization Agreement Centro said the A$4.95 billion* senior secured debt owed to the Australian lending group and US private placement noteholders will continue but on amended terms comprising A$3.9 billion of term debt loans and A$1.05 billion of Hybrid Securities. The key items in the stabilization agreement are: Term Loans A$3.9 billion** (comprising A$1.69 billion and US$1.54 billion) of the existing senior secured debt owed to the Australian lending group and US private placement noteholders will continue as term loans with the following key terms: -- The term loans will mature on December 15, 2011 (including the previously advised liquidity facility of A$145 million). -- The interest margin for cash payment of interest is no greater than the rate applied under the extension facilities, which was 175bps. The margin on the previously advised liquidity facility remains at 375bps. Hybrid Securities The A$1.05 billion hybrid securities are senior secured convertible bonds (Hybrid Securities) subscribed for by the Australian lending group and US private placement noteholders with the following features: -- The Hybrid Securities have a seven year term, with a maturity date of January 15, 2016. -- Cash debt service costs are reduced through the capitalisation of interest. Interest on the Hybrid Securities will accrue at a rate of 5% per annum until January 14, 2012 and 7.5% per annum thereafter. -- Holders can request early redemption at any time from January 15, 2014. If Centro is not able to redeem following a request, this will not be a default but will lead to an increase in the interest rate to 10% per annum until maturity. -- All interest payable on the Hybrid Securities will be capitalized, unless all senior debt has been repaid in full. -- Centro may redeem all of the Hybrid Securities in cash at any time with 30 days notice, subject to the election of any of the Lenders to retain the Hybrid Securities. Centro could only exercise this right once it has repaid the Term Loans. -- Any conversion to ordinary stapled securities will be subject to a number of conditions, including the approval of Centro ordinary securityholders. Centro anticipates that an Extraordinary General Meeting of ordinary securityholders will be held for this purpose during 2009. * This amount was $5.05 billion as at December 16, 2008, with the primary cause of the movement being attributed to exchange rate changes. ** Converted @ 0.6928 AUD/USD FX rate. -- If converted in full, the Hybrid Securities and the ordinary stapled securities described below would convert into 90.1% of the post-conversion (fully diluted) ordinary stapled securities of Centro. -- Centro is prohibited from paying the coupon on the Exchangeable Notes for the term of the Hybrid Securities. As disclosed on June 26, 2008, Centro stated a "capital and distribution stopper" was triggered as a result of Centro's election not to make the 3.5% coupon payment on its Exchangeable Notes on June 30, 2008. Centro also elected not to make the December 31, 2008, payment. Ordinary Stapled Securities Issued The company said 124,904,301 Centro stapled securities equivalent to 14.8% of existing issued securities have been issued to the Australian lenders and US private placement noteholders on a pro rata basis as follows in part payment of accrued lender fees and expenses: -- The ordinary stapled securities were issued at 11.27 cents per security based on the 10 day VWAP to the end of trading on Thursday, January 15, 2009. -- Centro now has 970,020,269 ordinary stapled securities on issue. -- The Australian lending group and US private placement noteholders have agreed not to dispose of the new securities until December 15, 2011. The 14.8% of securities issued will contribute towards (and not be in addition to) the 90.1% of ordinary securities that would be held by the Australian lenders and US private placement noteholders following the conversion of the Hybrid Securities. Additional Terms Additional aspects of the debt stabilization package are: -- Surplus cash will be utilized to repay the senior secured debt. -- All facilities have consistent and simplified financial covenant structures. -- Reporting requirements will be reduced over time which will reduce compliance costs. Working Capital Facility The Australian lending group has provided a revolving working capital facility of up to A$35 million for operational liquidity requirements. The margin of 375bps does not exceed the margin on the previously provided liquidity facility. Super LLC -- Centro's facilities of US$1.3 billion associated with Super LLC, Centro's joint venture with CER and CMCS 40, continue as term loans maturing December 31, 2010. US$105 million of these facilities relates to a previous liquidity facility which will continue on the same terms. -- Centro has also secured the release of a number of guarantees it had provided to various US lenders, including a US$1.8 billion guarantee provided to the Super LLC lender group as a whole. This has been achieved through the provision by Centro of additional collateral to the Super lenders. This additional collateral comprises other investments and US based assets outside Centro's Super interests together with the corresponding income streams. The additional income streams will be injected into Super in the form of preferred equity. -- The interest margin on the vast majority of this facility is no greater than the rate applied under the extension facilities of 175bps. The previous liquidity facility component continues to have a margin of 375bps. -- A new facility of US$370 million has been provided to Super LLC by the existing US lenders with a maturity of December 31, 2010. This new facility will be used primarily for the repayment of indebtedness including expiring debt maturities and will provide additional operational liquidity. The margin on this facility of 375bps is consistent with previously announced liquidity facilities. Distributions to Securityholders No distributions to ordinary securityholders are permitted to be paid for the duration of the senior secured debt facility, and it is unlikely that distributions will be paid prior to conversion of the Hybrid Securities. Centro believes that it is in the best interest of all of its stakeholders to ensure that its debt levels are reduced, given the current conditions in capital markets and given that trading conditions within Australia and the United States are expected to soften in the near future. Agreement to Restructure Centro's Hedging Arrangements Centro said it has historically provided hedging to its managed funds and in turn Centro has sourced derivatives from the external market to, in part, cover its related party hedge risk. These hedges have included interest rate and currency exposures for both income from investments (income hedges) and equity in properties or funds (equity hedges). Since December 2007, the reduced availability of external hedging facilities coupled with significant movements in the AUD/USD exchange rate and also interest rates, has served to introduce volatility to Centro's cash flow and net asset position. In order to stabilise the cash flow, Centro has agreed with many of its managed funds to close out certain interest rates swaps and forward currency contracts. The respective managed funds will over time, seek replacement cover directly from rated external counterparties. Centro has also agreed with most of the relevant managed funds to close out equity hedges if their mark to market value reaches zero. This would require significant 5 strengthening in the Australian dollar for the majority of the funds and consequently the close out is unlikely to take effect for some time. Some of Centro's lenders have converted part of their US$ denominated debt into A$ debt to achieve a matching of the currencies required by Centro to service debt with the currencies received from operations. These and other modifications to hedging arrangements have had a positive outcome for Centro's cash flows and capital management. The outcomes are: -- Forecast foreign income 100% naturally hedged. -- Interest rates on Centro debt is fixed for a period of three years subject to certain counterparty break rights. -- In respect of Centro's US$ denominated net asset position, it has US$ denominated liabilities that exceed US$ denominated assets by approximately US$1.0 billion, which is currently unhedged. The relevant Centro managed funds will benefit from the revised hedging arrangements through directly managing their ongoing hedging with external parties and reducing counterparty risk. Improvements to Centro Managed Fund Debt Facilities Centro's Australian lending group has agreed to the following key improvements for facilities provided to Centro's managed funds: -- Loan to Value Ratio (LVR) covenants have been increased to 65% (other than for the facility for the Centro Australia Wholesale Fund which has been increased to 55%). -- The termination date has been extended to no earlier than December 15. 2011. -- For existing facilities, the interest rate margins will not exceed 200bps plus an establishment fee not exceeding 30bps. Centro's US lending group has agreed for facilities provided to Centro's managed funds: -- The termination date has been extended to a date no earlier than December 31, 2010. -- No change in interest rate margins. This will provide many of Centro's managed funds with certainty of debt financing for two to three years which despite the current dislocation of debt markets, helps reduce the pressure to sell assets given current difficult market conditions. Half Year Results Centro plans to announce its December half year results in the last week of February. 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. CHURCH ELECTRICAL: Declares Dividend for Priority Creditors ----------------------------------------------------------- Church Electrical Industries Pty Ltd, which is in liquidation, declared the first and final dividend for its priority creditors on December 10, 2008. Only creditors who were able to file their proofs of debt by December 3, 2008, were included in the company's dividend distribution. The company's liquidator is: D. A. Turner PKF Chartered Accountants 140 William Street, Level 14 Melbourne VIC 3000 CONCERT PROMOTIONS: Placed Under Voluntary Liquidation ------------------------------------------------------ During a general meeting held on October 17, 2008, the members of Concert Promotions Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Gregory Stuart Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone: (03) 9662 2666 Facsimile: (03) 9662 9544 CROMWELL GROUP: Puts Unlisted CPF Fund On Hold ---------------------------------------------- Cromwell Group disclosed in a regulatory filing that it has placed a temporary suspension on all applications to, and withdrawals from, the unlisted Cromwell Property Fund ("CPF"). Cromwell said it will re-open CPF to applications and withdrawals as soon as the Board believes it is appropriate. Cromwell CEO, Paul Weightman, said, "The Board believes it to be in the best interests of investors to temporarily suspend CPF applications and withdrawals because of increasing uncertainty around property valuations and the resulting difficulty in continuing to ensure accurate unit prices." "We expect there to be further uncertainty over property valuations in the next few months. We anticipate that there will continue to be relatively few property transactions in the near term," Mr. Weightman said. However, Mr. Weightman added "there is the expectation that the transactions which do occur will reflect a higher proportion of distressed selling." "This has the potential to have a negative impact on valuations in the short-term and this could advantage or disadvantage investors if applications or withdrawals occur at prices which cannot be supported by market evidence or which are potentially distorted by current market conditions." "We would expect to be able to reopen the CPF when we are satisfied that market values can be established with some confidence." Mr. Weightman noted the CPF is not in breach of any financial covenants under any of its debt facilities, with the core debt facility having been recently refinanced until March 2011. "The suspension of applications and withdrawals for CPF will allow Cromwell to maintain the capital position of the fund and ensure the best outcome for existing investors given current market uncertainty." "The decision to suspend applications and withdrawals in the CPF and uncertainty around property valuations is not expected to have a material impact on Cromwell's funds management or investment earnings in the FY09 financial year." Mr. Weightman commented that "Cromwell sees the current uncertainty in the property market and the potential for distressed sellers as providing the Group with significant buying opportunities. For example, Cromwell expects to be able to offer investors single property syndicate opportunities before the end of the financial year, which will in turn generate upfront and recurring funds management income for the Group." About Cromwell Group Based in Australia, Cromwell Group (ASX:CMW), formerly Cromwell Corporation Limited -- http://www.cromwell.com.au/ -- engages in the property investment and management, the promotion and management of property related managed investment schemes and property development. The company consists of Cromwell Corporation Limited (CCL), Cromwell Diversified Property Trust (the Trust) and their controlled entities. It is organized in three divisions: Property Investment, wherein the Trust and its controlled entities invest directly in properties located throughout Australia; Property Funds Management, where the Company and its controlled entities establish and manage property trusts and funds throughout Australia, and Property Development, in which the Company and its controlled entities develop commercial land throughout Australia for sale to external purchasers. DONALD HALL: Placed Under Voluntarily Liquidation ------------------------------------------------- At an extraordinary general meeting held on October 15, 2008, the members of Donald Hall Pty. Ltd. resolved to voluntarily liquidate the company's business. The company's liquidators are: Victor Raymond Dye Roger Darren Grant Dye & Co. Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East VIC 3123 KOBAYASHI PTY: Members and Creditors Hear Wind-Up Report -------------------------------------------------------- The members and creditors of Kobayashi Pty Ltd met on Nov. 27, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stan Traianedes Suite 5, Level 1 443 Little Collins Street Melbourne VIC 3000 LITTLE VILLAGE: Placed Under Voluntary Liquidation -------------------------------------------------- During a general meeting held on October 14, 2008, the members of Little Village Pty resolved to voluntarily liquidate the company's business. The company's liquidator is: Gregory Stuart Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone: (03) 9662 2666 Facsimile: (03) 9662 9544 MASTRO CONCRETE: Placed Under Voluntary Liquidation --------------------------------------------------- During a general meeting held on October 13, 2008, the members of Mastro Concrete Pumping Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone: (03) 9662 2666 Facsimile: (03) 9662 9544 NEAGLES ROCK: To Sell Winery Business for AU$3 Mil. -------------------------------------------------- Meredith Booth at The Advertiser reports that Neagles Rock has put its new winery, vineyards and brand on the market for an estimated price of $3 million. Neagles Rock, the report relates, opened a 250-tonne capacity winery last year. The winery be sold for personal reasons. According to the Advertiser, brokers Gaetjens Langley expected Neagles Rock's experienced management to stay under new ownership. Neagles Rock is a wine company based in Clare Valley, South Australia. NEPEAN MOTOR: Goes Into Receivership ------------------------------------ Amanda Perry at the Hawkesbury Gazette reports that Nepean Motor Group (NMG), owner of Winford Motors in McGraths Hill, has gone into receivership. Nepean Motor Group (NMG) had come under "significant financial pressures" and went into receivership on December 11, Hawkesbury Gazette states citing receiver Said Jahani from Grant Thornton. According to the report, the receivers have since advertised the businesses for sale, and are prepared to sell them either jointly or separately. Mr. Jahani said that at this stage it was still "business as usual" for both NMG and Winford, Hawkesbury Gazette relates. Nepean Motor Group, a multi-franchise dealership at Penrith is on a freehold site, which includes Mitsubishi, Nissan, Volkswagen, Suzuki, Jeep, Chrysler and Skoda, with revenues of around $86 million, while the leasehold site at McGraths Hill includes a Ford and Kia franchise, with revenues of around $28 million. PAT GAVIN: Placed in Liquidation -------------------------------- Northland's biggest kitchen manufacturer Pat Gavin (Northland) Ltd went into liquidation on January 13, The New Zealand Herald reports. The report relates that according to a Northern Advocate report, 30 jobs have been made redundant at the Whangarei-based company. Majority shareholder Colin Gavin, the Herald relates, said in a statement that a fire more than two years ago had been disastrous for the company. Mr. Gavin said the substantial amount of insurance claim remaining unpaid had contributed to the company's collapse. Pat Gavin (Northland) Ltd -- http://www.patgavin.co.nz/-- produces custom kitchens for the residential, building and commercial market in Auckland and Northland. PETERSON BUILDING: Declares First Dividend ------------------------------------------ Peterson Building Group Pty Ltd, which is in liquidation, declared the first dividend on December 12, 2008. Only creditors who were able to file their proofs of debt by November 28, 2008, were included in the company's dividend distribution. RIO TINTO: Appoints Jim Leng as Chairman ---------------------------------------- Rio Tinto said it will appoint Jim Leng as Chairman of the Boards with effect from the conclusion of the Annual General Meeting of Rio Tinto Limited on April 20, 2009. Mr. Leng joined the Boards on January 14 as Chairman Designate and a non executive director. Rio Tinto's current Chairman, Paul Skinner, has notified the Boards of his preference to retire from the Boards at the conclusion of the AGM. Mr. Leng is currently Deputy Chairman of Tata Steel Ltd in India, a position he has held since Corus Group was acquired by Tata Steel in 2007. He is also Chairman of Tata Steel Europe, a position he has held since 2003. Mr Leng's previous roles include Chief Executive of Laporte plc and Chief Executive of Low and Bonar plc. Mr. Leng said "I am absolutely delighted to be joining Rio Tinto and taking up the Chairmanship. Rio Tinto has a superb set of assets and strong prospects. I look forward to working closely with Chief Executive Tom Albanese and his team as we steer the company through the challenges of the current economic climate and beyond." Mr. Andrew Gould, Senior Independent Director, Rio Tinto, said, "As indicated last October, the Rio Tinto Boards, through the Nominations Committee, have undertaken a thorough process to identify a successor to Paul Skinner. Jim Leng brings to Rio Tinto extensive industrial company experience and is a seasoned Board room operator. He is ably qualified to lead Rio Tinto into the next phase of its development. On behalf of the Board, I would like to thank Paul Skinner for his excellent leadership of the Boards for the last five years and significant contribution during his tenure." Paul Skinner, Chairman, Rio Tinto said "After the termination of the BHP Billiton pre-conditional Offers for the Group, and the identification of a well-qualified successor, now is a good time for me to announce my decision to stand down at the AGMs this year. Rio Tinto is an exciting and challenging company to lead, and I am very pleased that we have found someone of Jim's calibre to take over from me as Chairman." Fourth Quarter 2008 Operations Review Chief executive Tom Albanese said: "Production for the quarter was in line with expectations. We are taking firm action in response to the global economic downturn and, given the resilience of Rio Tinto's low cost assets, expect to remain well positioned when recovery comes." -- Quarterly global production of iron ore down 18 per cent on the fourth quarter of 2007 following a ten per cent reduction in the Pilbara annualised production in line with guidance provided on November 10, 2008. -- Annual iron ore production (100 per cent basis) from the Pilbara operations of 175 million tonnes (142 million tonnes on an attributable basis) up seven per cent on 2007. Pilbara iron ore shipments for 2008 of 171 million tonnes (100 per cent basis), up seven per cent on 2007, in line with previous guidance. -- Bauxite production up 19 per cent, alumina up 26 per cent and aluminium up 21 per cent, compared with the fourth quarter of 2007, reflecting the completion of the Alcan acquisition with effect from 24 October 2007. On a proforma basis the respective increases for bauxite and alumina were six per cent and three per cent while aluminium declined by two per cent, primarily due to production cutbacks in France, New Zealand and the UK. -- Continued recovery in copper grades at Kennecott Utah Copper offset by a further grade decline and operational difficulties at Escondida, leading to an overall decrease in mined copper of 18 per cent compared with the fourth quarter of 2007 and an associated increase in unit costs. -- Australian hard coking and thermal coal production up 40 per cent and 21 per cent respectively on the fourth quarter of 2007. -- Uranium production up 20 per cent on the same quarter of 2007 due to higher grades. -- The QMM mineral sands operation in Madagascar commenced ilmenite production on schedule at the end of December 2008. -- Fourth quarter earnings at Rio Tinto Alcan will be negatively impacted by the sharp decline in the aluminium price. In addition, inventories are expected to be written down to reflect realizable values at the year end. -- Copper provisional pricing expected to lower underlying earnings by approximately $360 million in the second half of 2008. -- Estimated total exploration and evaluation expenditure of $1,135 million (pre-tax) for the year, including the write off of $176 million of project costs and undeveloped exploration properties. Debt Reduction Plan As reported in the Troubled Company Reporter-Europe on Dec. 11, 2008, Rio Tinto plans to further reduce its net debt by US$10 billion by the end of 2009. The Group's net debt has reduced by US$3.2 billion in the period from June 30 to October 31, 2008 to US$38.9 billion. Bloomberg News related BHP Billiton abandoned its hostile US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and slumping demand for commodities. BHP Billiton, in a November 27 statement, confirmed its offer for Rio Tinto plc has lapsed and that, given the inter-conditionality of its offers for Rio Tinto plc and Rio Tinto Limited, its offer for Rio Tinto Limited has also lapsed. Rio Tinto disclosed total capital expenditure for the Group in 2009 is forecast to reduce from over US$9 billion to US$4 billion, of which US$2 billion will be sustaining capital expenditure. There will be impacts on projects across the board and stakeholder engagements are currently underway. Some projects will be canceled and others deferred until markets recover, the Group said. To further reduce costs, Rio Tinto will be cutting its global headcount by 14,000, comprising 8,500 contractor jobs and 5,500 employee roles, will consolidate offices around the Group, including its London head office and will accelerate outsourcing and off-shoring of IT and procurement in 2009. About Rio Tinto Rio Tinto -- http://www.riotinto.com/-- is an international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed public company, and Rio Tinto Limited, which is a public company listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa. SMIGG'S PTY: Placed Under Voluntary Liquidation ----------------------------------------------- During a general meeting held on October 17, 2008, the members of Smigg's Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Roger David Midgley Smith 126 George Street, Morwell THIRTEENTH CORP: Commences Liquidation Proceedings -------------------------------------------------- The members of Thirteenth Corp Pty Ltd met on October 16, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidator is: Paul Vartelas B. K. Taylor & Co. 608 St. Kilda Road, 8th Floor Melbourne TRANSURBAN GROUP: Won't Take 50% Stake in MIG's M7 Tollway ---------------------------------------------------------- Transurban Group said it will not exercise its preemptive right to acquire Macquarie Infrastructure Group's 50 per cent stake in the Westlink M7 toll road in Sydney. In a statement to the stock exchange, Transurban noted the decision follows MIG's announcement on December 1, 2008, that it will sell its stake in the Westlink M7 for $805 million to a newly created entity known as the Western Sydney Road Group (WSRG), of which it owns half. Transurban has maintained its 50 per cent interest in Westlink M7 alongside WSRG. Adele Ferguson at The Australian relates the move lifted Transurban's share price by 3.4 per cent to $5.12 after it had fallen in the past month on concerns that an acquisition of this size would need to be funded with a rights issue that would dilute cash flow for two years. Transurban CEO Chris Lynch said, "The Westlink M7 is an attractive road with a strong growth profile and we are happy to hold a 50 per cent stake in that asset alongside Macquarie Infrastructure Group and its partner in the Western Sydney Road Group." "However, any acquisition of additional equity in the Westlink M7 at the price created by the formation of WSRG would not have been value creative for Transurban security holders given the funding options in this current market." "We remain focused on finding opportunities that will add value for our security holders and financial discipline remains core to our approach in evaluating growth opportunities." About Transurban Group Melbourne, Australia-based Transurban Group (ASX:TCL)-- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. * * * Transurban incurred net losses of AU$60.90 million, AU$152.18 million and AU$140.45 million for the years ended June 30, 2006 through 2008. VERMONT HEIGHTS: Commences Liquidation Proceedings -------------------------------------------------- The members of Vermont Heights Pty Ltd met on October 17, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidator is: Paul Vartelas B. K. Taylor & Co. 608 St. Kilda Road, 8th Floor Melbourne ========= C H I N A ========= HOPSON DEVELOPTMENT: Moody's Cuts Rating to 'B1' on Added Risks --------------------------------------------------------------- Moody's Investors Service has downgraded Hopson Development Holdings Limited's corporate family rating to B1 from Ba3. At the same time, Moody's has downgraded Hopson's senior unsecured bond rating to B2 from B1. The outlook for both ratings remains negative. This concludes the ratings review initiated on December 3, 2008. "The downgrades reflect Moody's expectation that Hopson's business and liquidity risks will increase as a result of its aggressive expansion against the backdrop of a highly uncertain market environment," says Kaven Tsang, a Moody's AVP/Analyst. "In addition to its sizable land payments, the company also has material near-term refinancing needs, including a RMB1.83 billion convertible bond due in February 2010," adds Tsang, also the lead analyst for Hopson. "Hopson relies on proceeds from property sales to support its land payment and construction loan obligations, but its cash flow generation capacity could be affected by the unfavorable sentiment surrounding China's property market," says Tsang. "In Moody's view, Hopson will have to draw on more debt and hence increase its balance sheet leverage and interest burden, but the uncertain credit environment in China could affect the availability of liquidity," continues Tsang. While Hopson has some flexibility to slow down development to preserve liquidity, such a move could delay progress on projects and eventually impact on future cash flow. Moody's expects Hopson's EBITDA interest coverage could drop to around 3x or below in the near-to-medium term. This projected ratio is considered more appropriate for its B1 rating level. The B1 rating also factors in Moody's expectations that the company would maintain access to onshore bank funding in view of its established banking relationships and development track record. The negative outlook reflects Moody's ongoing concerns over the company's liquidity position in view of the challenging nature of the market environment, its significant amount of committed land payments and near-term refinancing needs. The ratings would be downgraded if Hopson (1) continues its aggressive land acquisition strategy, further pressuring its liquidity position; (2) sees further declines in balance sheet liquidity due to slow sales, tighter bank credit, or increased land payments; and/or (3) experiences weakening credit metrics, as measured by Adjusted Debt to Capitalization above 55-60% or EBITDA/interest below 2x. The ratings outlook would return to stable if Hopson (1) achieves its sales targets and improves its credit profiles with EBITDA/interest consistently above 3.0-3.5x; and (2) refinances or repays future debt, including the convertible bond and bank loans, without impairing balance sheet liquidity. Moody's last rating action occurred on December 3, 2008, when Hopson's ratings outlook was put on review for possible downgrade. Hopson Development Company Holdings Limited is one of the largest property developers in China. Its principal businesses are residential developments in 4 major cities -- Guangzhou, Beijing, Shanghai and Tianjin -- and their surrounding areas. SINOPEC CORP: Get Gov't. Approval on Unit's CNY423MM Ethanol Plant ------------------------------------------------------------------ Sinopec Jingmen Co, a unit of China Petroleum and Chemical Corp. (Sinopec), and Hubei Jinlongquan Group Co received approval from the government for a CNY423 million (US$62 million) ethanol plant, Shanghai Daily reports. Citing China Petroleum's statement on its Website, Shanghai Daily says, Sinopec Jingmen and Hubei Jinlongquan will jointly construct the 100,000-ton-a-year ethanol plant. Sinopec Corp. is the first Chinese company that has been listed in Hong Kong, New York, London and Shanghai. The company is an integrated energy and chemical company with upstream, midstream and downstream operations. The principal operations of Sinopec Corp. and its subsidiaries include: exploring, developing, producing and trading crude oil and natural gas; processing crude oil into refined oil products; producing, trading, transporting, distributing and marketing refined oil products; and producing and distributing chemical products. Based on 2007 turnover, Sinopec Corp. is the largest listed company in China. The company is one of the largest crude oil and petrochemical companies in China and Asia. It is also one of the largest gasoline, diesel and jet fuel and other major chemical products producers and distributors in China and Asia. * * * The working capital deficit of China Petroleum & Chemical Corp. rose by 15%, or CNY10.357 billion, from CNY69.882 billion at Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007. The company had CNY185.116 billion in current assets and CNY265.355 billion in current liabilities at Dec. 31, 2007, compared to CNY146.490 billion in current assets and CNY216.372 billion in current liabilities at Dec. 31, 2006. ================ H O N G K O N G ================ BILLION TREASURE: Appoints Chan Yau Choi as Liquidator ------------------------------------------------------ At an extraordinary general meeting held on December 22, 2008, the members of Billion Treasure Output Limited appointed Chan Yau Choi as the company's liquidator. The Liquidator can be reached at: Chan Yau Choi Causeway Bay Comm. Bldg., Room 1101A 1 Sugar Street Hong Kong DVB SERVICE: Placed Under Voluntary Liquidation ----------------------------------------------- The members of DVB Service Company (HK) Limited met on Dec. 23, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidators are: Rainier Hok Chung Lam John James Toohey Prince's Bulding, 22nd Floor Central, Hong Kong EASTPOOL TRADING: Members' Final Meeting Set for February 3 ----------------------------------------------------------- The members of Eastpool Trading Limited will meet on February 3, 2009, at 10:00 a.m., at 1904 Hong Kong Club Building, 3A Chater Road, in Central, Hong Kong. At the meeting, J R Lees, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FORTUNE CENTRAL: Chan Wing Kit Cease to Act as Liquidator --------------------------------------------------------- On December 28, 2008, Chan Wing Kit cease to act as liquidator of Fortune Central Enterprises Limited. The company's former Liquidator can be reached at: Chan Wing Kit United Centre, Flat A 16th Floor, 95 Queensway Hong Kong GLOBAL SILVERHAWK: Yau Tsz Sang Steps Down as Liquidator -------------------------------------------------------- On December 31, 2008, Yau Tsz Sang cease to act as liquidator of Global Silverhawk Limited. The company's former Liquidator can be reached at: Yau Tsz Sang Exchange Tower, Suite No. 12, 9th Floor 33 Wang Chiu Road Kowloon Bay Hong Kong HONG KIN: Creditors' Proofs of Debt Due on February 2 ----------------------------------------------------- The creditors of Hong Kin Holdings Limited are required to file their proofs of debt by February 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 19, 2008. The company's liquidators are: Teung Lui Ming (Edmund) Darach E. Haughey One Pacific Place, 35th Floor 88 Queensway Hong Kong LUEN SHING: Kit and Ling Cease to Act as Liquidators ---------------------------------------------------- On December 23, 2008, Lui Chi Kit and Tai Yuen Ling stepped down as liquidators of Luen Shing Rice Company Limited. The company's former Liquidators can be reached at: Lui Chi Kit Tai Yuen Ling JCG Building Flat A, 14th Floor 16 Mongkok Road Mongkok, Kowloon Hong Kong MAK HON: Placed Under Voluntary Liquidation ------------------------------------------- At an extraordinary general meeting held on December 31, 2008, the members of Mak Hon Fun King Mun Tong Commemorative Association Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Mak King Mun, Philip Constellation Cove Block 11, 7th Floor, Flat B 1 Hung Lam Drive, Tai Po New Territories Hong Kong REALUCK LIMITED: Creditors' Proofs of Debt Due on January 30 ------------------------------------------------------------ The creditors of Realuck Limited are required to file their proofs of debt by January 30, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 18, 2008. The company's liquidators are: Wan Ho Yuen, Terence Lau Chi Yuen Austin Tower, Unit 303-305, 3rd Floor 22-26A Austin Avenue, Tsimshatsui Kowloon, Hong Kong REFCO FUTURES: Creditors' Proofs of Debt Due on February 2 ---------------------------------------------------------- The creditors of Refco Futures (Hong Kong) Limited are required to file their proofs of debt by February 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 19, 2008. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark, 15 Queen's Road Central, Hong Kong ROYAL SINCERE: Creditors' Proofs of Debt Due on January 16 ---------------------------------------------------------- The creditors of Royal Sincere Limited are required to file their proofs of debt by January 16, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 18, 2008. The company's liquidator is: Chan Chi Kei Ronald Shanhai Industrial Investment Bldg., Room 1304 60 Hennessy Road Wanchai, Hong Kong SHANGHAI LAND: Keung Steps Down as Liquidator --------------------------------------------- On November 28, 2008, Stephen Liu Yiu Keung stepped down as liquidator of Shanghai Land Holdings Limited. The company's former Liquidator can be reached at: Stephen Liu Yiu Keung One Island East, 62nd Floor 18 Westlands Road Island East Hong Kong SOUDRONIC (FAR EAST): Placed Under Voluntary Liquidation -------------------------------------------------------- The members of Soudronic (Far East) Limited met on Dec. 29, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidators are: Rainier Hok Chung Lam John James Toohey Prince's Bulding, 22nd Floor Central, Hong Kong UNIVERSAL INTERNATIONAL: Gilligan Cease to Act as Liquidator ------------------------------------------------------------- On December 22, 2008, Philip Brendan Gilligan stepped down as liquidator of Universal International (Holdings) Limited. ========= I N D I A ========= UNITECH UNLIMITED: Fitch Downgrades Ratings on Loan Transactions ---------------------------------------------------------------- Fitch Ratings has downgraded single loan sell down transactions where the ratings of the Pass Through Certificates are directly linked to Fitch's National Long-term and Short-term ratings of Unitech Limited. The downgrade of the PTCs follows the downgrade of Unitech Limited's National Long-term and Short-term ratings to 'B(ind)' from 'BBB(ind)' and to 'F4(ind)' from 'F3(ind)', respectively. The ratings have been placed on Rating Watch Negative. For further information, please refer to the release, "Fitch Downgrades Unitech to 'B(ind)'/'F4(ind)'; On Negative Watch", published 14 January 2009. These series of single loan sell down transactions have been downgraded to 'B(ind)(SO)' from 'BBB (ind)(SO)', and placed on RWN: -- INR455.3 million Corporate Loan Securitisation Series 44 Trust 2008 Series A; -- INR507.9 million Corporate Loan Securitisation Series 45 Trust 2008 Series A; -- INR761.9 million Corporate Loan Securitisation Series 64 Trust 2008 Series A; -- INR761.9 million Corporate Loan Securitisation Series 65 Trust 2008 Series A; -- INR507.9 million Corporate Loan Securitisation Series 66 Trust 2008 Series A; -- INR760.3 million Corporate Loan Securitisation Series 67 Trust 2008 Series A; -- INR760.2 million Corporate Loan Securitisation Series 68 Trust 2008 Series A; -- INR506.8 million Corporate Loan Securitisation Series 69 Trust 2008 Series A; -- INR254.7 million Corporate Loan Securitisation Series 70 Trust 2008 Series A; -- INR764.7 million Corporate Loan Securitisation Series 71 Trust 2008 Series A; -- INR505.2 million Corporate Loan Securitisation Series 79 Trust 2008 Series A; -- INR755.8 million Corporate Loan Securitisation Series 80 Trust 2008 Series A; -- INR755.7 million Corporate Loan Securitisation Series 81 Trust 2008 Series A; -- INR503.8 million Corporate Loan Securitisation Series 82 Trust 2008 Series A; -- INR503.8 million Corporate Loan Securitisation Series 83 Trust 2008 Series A; -- INR501.1 million KUL Loan Trust Series A1; -- INR400.0 million KBH Loan Trust Series A1; -- INR313.6 million KUT Loan Trust Series A1; -- INR261.4 million KUT Loan Trust Series A2; -- INR250.1 million ULS Trust Series I Series A4; -- INR21.9 million ULS Trust - Series III Series A1; -- INR904.9 million ULS Trust - Series III Series A2; -- INR1,002.9 million RB Loan Trust Series VI Series A; -- INR18.7 million RB Loan Trust Series VII Series A1 (IO); -- INR518.2 million RB Loan Trust Series VII Series A2 (PO); -- INR100.2 million RB Loan Trust Series IX Series A. These series of single loan sell down transactions have been downgraded to 'F4(ind)(SO)' from 'F3(ind)(SO)' and placed on RWN: -- INR3.6 million RB Loan Trust Series 21 Series A1 (IO); -- INR471 million RB Loan Trust Series 21 Series A2 (PO). UNITECH LIMITED: Fitch Downgrades Long-Term Rating to 'B' --------------------------------------------------------- Fitch Ratings has downgraded India's Unitech Limited's National Long-term rating to 'B(ind)' from 'BBB(ind)' The agency has also downgraded the ratings of its debt instruments,: - INR5,000 million, INR20,000 million and INR19,000 million long-term debt programmes downgraded to 'B(ind)' from 'BBB(ind)'; - INR5,000 million and INR6,000 million short-term debt programmes downgraded to 'F4(ind)' from 'F3(ind)'; - INR1,000 million short-term bank loan programme downgraded to 'F4(ind)' from 'F3(ind)'; and - INR3,000 million non-fund based bank limits downgraded to 'F4(ind)' from 'F3(ind)'. All of ratings have been placed on Rating Watch Negative. The downgrade reflects the company's continued delay in raising the required funds as earlier projected and increasing uncertainty regarding its ability to service its interest cost and fulfil its immediate debt/land payment obligations. Fitch notes that Unitech's immediate ability to service/refinance its debt obligations is largely dependent on asset sales and the cash inflow from Telenor ASA ('BBB+'/Negative) to repay an estimated INR11bn of debt during the current month. While the company has made some progress on its asset sales and fundraising from other sources, the quantum and timing of these remain uncertain, increasing the risk of delays in servicing its debt obligations in a timely manner. Fitch also notes that management is in discussion with a few banks and expects to raise an estimated INR9bn in bank loans in the next few days. The rating downgrades also reflect the rapidly deteriorating real estate sector and the likely impact on Unitech's operating performance. Fitch anticipates that operating performance in 2009 will continue to be weak due to the significant slowdown in demand for properties. Fitch will continue to monitor the company's financial and operating prospects, as well as its liquidity position. The RWN reflects that the ratings may be downgraded or remain at the current level. The timeliness of servicing the large payments falling due this month would be the key to resolving the RWN. Unitech is one of India's largest real estate developers. It originally started out as a civil consultancy, then operated as a construction company and now more focused on real estate development. The company made INR22 billion in operating EBITDAR on revenue of INR41.1 billion in the financial year ended March 2008. The corresponding figures for Q209 were INR6 billion and INR9.8 billion, respectively. ================= I N D O N E S I A ================= BETA INTI: Moody's Downgrades National Scale Debt Rating to 'Ba1' ----------------------------------------------------------------- PT Moody's Indonesia has downgraded the Baa3.id national scale debt rating of Beta Inti Multifinance to Ba1.id with negative outlook. This rating action concludes the review for possible downgrade begun on December 15, 2008. "This rating action reflects the reduced level of Beta's liquidity cushion after the expected repayment of the IDR13.2billion outstanding bond in Feb, 2009," says Cherry Huang, a Moody's VP/Senior Analyst. Beta had obtained a bank credit line in Dec. 2008 which will be partly utilized to repay the above-mentioned bond. "However, Moody's considers a more diversified liquidity management plan crucial to Beta's rating stability, given its business nature and the challenging liquidity and economic conditions prevalent in Indonesia," adds Huang. The negative rating outlook also reflects the firm's continued refinancing risks in the face of the pressing due date on one banking facility, at a time when its liquidity sources are somewhat limited. Beta has been exploring alternative sources of funding, such as corporate deposits and new bank lines, though securing such sources is proving challenging in view of the prevailing liquidity crunch. Upholding of a satisfactory asset quality against the backdrop of economic downturn is also essential to Beta's rating stability. While the company's reported 60-days delinquency ratio improved to 1.1% in December 2008 from 1.3% in June 2008, the size of the restructured amount, as classified as performing receivables, may overshadow the true underlying asset quality and undermine the liquidity profile. The last rating action on Beta was taken on December 15, 2008, when Moody's placed the company's Baa3.id rating on review for possible downgrade. Beta Inti Multifinance is headquartered in Jakarta, Indonesia. It reported assets of IDR128.1billion (approximately US$13.7million) at September 30, 2008. Moody's National Scale Ratings are intended for use primarily by domestic investors in those countries where Moody's National Scale Ratings exist -- such as Indonesia -- and serve to rank debt issuers in a particular country relative to each other. Specifically, a rating of Aaa.id on Moody's Indonesia National Scale indicates an issuer or issue with the strongest domestic creditworthiness and the lowest likelihood of credit loss on local currency obligations relative to other local issuers or issues. Updated Rating List: -- Obligasi Amortisasi Beta Inti Multifinance I 2004 of IDR13.2 billion: changed to Ba1.id from Baa3.id, with negative outlook. ========= J A P A N ========= CITIGROUP INC: Will Keep Brokerage Firm Nikko Cordial ---------------------------------------------------- Alison Tudor at The Wall Street Journal reports that a Citigroup Inc. spokesperson said that the company will keep Japanese brokerage firm Nikko Cordial Securities, after disclosing the sale of its retail brokerage business Smith Barney to Morgan Stanley. According to WSJ, Citigroup acquired Nikko Cordial for about $17.95 billion in 2008 as part of an overseas expansion strategy. WSJ states that Citigroup would likely sell Nikko Cordial at a large discount if it decides to sell the brokerage now. WSJ says that analysts suggest that Citigroup keep Nikko Cordial as it could potentially be rewarding in the long run. According to the report, Japanese households have about $15 trillion in financial assets, mostly in cash, and Citigroup is hoping to reach out to them through its retail banking network Citibank. Citigroup is aiming to sell them more financial products including from Nikko Cordial, states the report. Integrating Nikko Cordial into Citigroup's Japanese operations has proved troublesome, says WSJ. Citigroup, according to WSJ, said in December 2008 that it was delaying the merger of Nikko Cordial and its wholesale securities business in Japan indefinitely, due in part to complications in integrating technology. Citigroup is also keeping its Mexican retail banking business, Grupo Financiero Banamex SA, WSJ relates. About Citigroup Based in New York, Citigroup Inc. (NYSE: C) -- http://www.citigroup.com-- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. Citi had $2.0 trillion in total assets on $1.9 trillion in total liabilities as of Sept. 30, 2008. As reported in the Troubled Company Reporter on Nov. 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. As part of the agreement, the U.S. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve will backstop residual risk in the asset pool through a non-recourse loan. NISSAN MOTOR: May Post First Operating Loss Amid Declining Demand ----------------------------------------------------------------- Nissan Motor Co. Ltd. will post an annual operating loss, its first, instead of a previously forecast profit, Reuters reports citing a person with direct knowledge of the matter. The news sent shares of Nissan down as much as 4.9 percent in early trade on January 15, 2009, the report says. "The yen is climbing, the U.S. economy is worsening at an unprecedented pitch, and structural changes in the car industry mean the pie will grow smaller and smaller for some time," Reuters quoted Tatsuya Mizuno, analyst at Fitch Ratings, as saying. "I would not be surprised to see Nissan fall into the red." According to the report, the auto industry downturn caused Nissan's vehicle sales to drop 31 percent last month in the United States, its key market, forcing the company to maintain a four-day work week indefinitely for its two U.S. auto assembly plants. Nissan has yet to decide on the size of the projected loss, the person at the company told Reuters. In October, Reuters recalls, Nissan more than halved its operating profit forecast for the business year to March 31 to JPY270 billion from JPY550 billion. Nissan is set to cut its forecasts this month, Reuters notes. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 19, 2008, Nissan said it would cut production by 78,000 units from its plants in Japan starting from January 2009. This further reduction is necessary to manage inventory levels and ensure a balanced production supply, in response to continued declines in global vehicle sales, the company said in a statement. The company will also implement some production adjustments at its several production and engine plants effective January 2009. Nissan said it will gradually reduce 500 short-term employees within the first quarter from January through March 2009. Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd. (NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in providing automotive products and services. The company, through its subsidiaries, is primarily engaged in the manufacture and sales of products in the automobile segment and in providing various financial services to users of the company's products in the sales financing segment. These products, which are sold in Japan and overseas, principally in North America and Europe, include passenger cars, buses and trucks, as well as the related components. Financial services include primarily leases and credits principally in Japan and North America. The company has two segments: automobile and sales financing. The company provides lithium-ion batteries for automobiles, and has established a joint-venture company with NEC to develop, manufacture and market these batteries. * Fitch Reports Adverse Impact of Non-Railway Investments --------------------------------------------------------- Fitch Ratings has said in a recently published special report, "Japanese Private Railways - The Credit Impacts of Diversification", that any further increase in investments in non- railway activities could have an adverse impact on the credit quality of Fitch rated private railway companies - Odakyu Electric Railway Co., Ltd. (Odakyu, 'BBB+'), Tokyu Corporation (Tokyu, 'BBB+'), Hankyu Hanshin Holdings, Inc. (HHHD, 'BBB-' (BBB minus)) and Kintetsu Corporation (Kintetsu, 'BB') - given their already high leverage and the current cyclical weakening of their profit and cash flow generation. With the maturity of the core railway operations and the solid operational franchise in their respective railway service areas, including the strong customer base and ownership of significant real estate properties, the private railway companies' non-railway businesses, such as real estate and retail, are expected to be the main growth engines in the long term. Accordingly, the four companies have been increasing investment in these areas, especially for the development/redevelopment of leasing real estate properties. "However, from a credit perspective, it is not necessarily positive news as non-railway investments, such as real estate development/redevelopment projects, will not immediately generate cash to service debt used to fund the projects. Also, given the slowdown in the economy and the deterioration of the business environment, the companies may not be able to achieve their profit and cash flow targets from these investments," notes Satoru Aoyama, Director on the agency's Asia-Pacific Corporate team. A key challenge in investing in the non-railway businesses is that the volatility of these businesses does not support leverage as high as the railway operations'. Fitch's report brings to the fore several credit issues arising from high investments in the non-railway businesses, as well as from the strategy of business diversification, namely cyclical and weak operating results of the non-railway businesses relative to those of the core railway operations, high investment requirements to support the diversified business portfolios, commingling of cash flow generated by different businesses, and very high estimated-railway leverage (higher than consolidated leverage) - factors which point to the possibility that the railway operations are financially supporting the non-railway businesses, especially for their investment needs. In the last three years, all four companies launched new investment plans which targeted growth of their non-railway businesses, and increased levels of investments. Odakyu, HHHD, and Kintetsu increased gross debt in FYE08. Odakyu and Kintetsu have since further increased their leverage. Tokyu is also expected to increase debt and leverage in the current fiscal year. Fitch cautions that the four companies' investments have been increasingly onerous. The cyclical weakening of the non-railway businesses is likely to require the private railway companies to adopt measures to withstand the cyclical downturn, such as a strict investment discipline, tighter operating expense controls and liquidity preservation. Moreover, high growths of the non- railway businesses could lead to pressures on ratings if the private railway companies do not re-assess their current capital structure and leverage, which should reflect financial risks of the diversified business portfolios, including significant non- railway business activities, and not of mainly railway operations. * JAPAN: Corporate Bankruptcies Rose 11% in 2008 ------------------------------------------------ The number of Japan's corporate bankruptcies in 2008 jumped 11 percent from a year earlier to 15,646 cases last year, the third consecutive yearly increase and passing the 15,000 mark for the first time in five years, The Black Ship reports citing Tokyo Shoko Research Ltd. The report says that according to Tokyo Shoko Research, debts left by the failed firms surged 114.59 percent to JPY12.29 trillion, with those of the Japanese arm of U.S. investment bank Lehman Brothers Holdings Inc. and its affiliates accounting for 38.2 percent of the total. According to the report, corporate bankruptcies posted a double- digit increase for the first time since 2000. The rate of increase was relatively moderate in the first half of the year at 6.9 percent but a series of failures of large corporations from around the summer boosted the rate to 15.1 percent in the second half. Bankruptcies accompanied by liabilities of at least JPY10 billion soared to 108, up from 63 in the previous year. A total of 33 exchange-listed companies went out of business in 2008, the highest number since postwar period, the report notes. The Tokyo Shoko Research figures cover bankrupt companies with debts of JPY10 million or more. ========= K O R E A ========= HYUNDAI MOTOR: Fitch Downgrades Issuer Default Rating to 'BB+' -------------------------------------------------------------- Fitch Ratings has downgraded Hyundai Motor's and Kia Motors' Long- term foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB minus), and the Short-term ratings to 'B' from 'F3'. Simultaneously, the agency has revised the Outlook to Negative from Stable. The global auto industry faces unprecedented challenges with auto demand in major markets such as the US and Western Europe contracting at a larger and quicker scale than earlier anticipated. US light vehicle sales were down 18% yoy in 2008, with sales decline accelerating in H208. Fitch expects further decline of more than 10% in 2009. Western Europe showed similar trends with overall November YTD sales falling by 7%; Fitch expects a bigger decline in 2009. Hyundai and Kia have fared better than their competitors as rising sales in emerging markets have compensated for the decline in the developed markets. However, as the economic slowdown has been spreading into the emerging markets, auto demand in these markets started to show signs of weakness in late 2008. Hyundai and Kia posted a 2.4% and 8.3% increase in 2008 global sales, respectively, but yoy sales growth has turned negative towards Q408 (Hyundai: -16%; Kia: -8%). Reflecting the expected decline in global auto demand, Fitch expects Hyundai and Kia to post negative sales growth in 2009 as well. With declining auto demand expected, as well as rising debt and interest burden mostly as a result of Kia's ongoing CAPEX, the agency views that Hyundai's and Kia's profitability and credit metrics will show further deterioration. Fitch expects that adjusted net debt to operating EBITDAR from industrial operations, which Fitch estimated was 2.5x in FY07, could show deterioration to a level no longer commensurate to investment grade levels. Nevertheless, Fitch notes that Hyundai and Kia are relatively better positioned within the auto sector to weather the downturn with a well diversified geographical portfolio, favorable product mix focused on fuel efficient vehicles, and favorable currency environment. Kia's credit rating is linked to Hyundai's due to its strong strategic and operational ties to the latter. These include platform integration, shared R&D and procurement, Kia's significant contribution to Hyundai's consolidated revenue and production and a senior management team led by Hyundai Group chairman Chung Mong Koo. Fitch believes that Kia is integral to Hyundai's long-term growth strategy as a global automaker, as well as to its Group structure. Kia's rating continues to be equalised with Hyundai's. Further negative rating actions could be triggered by factors such as a longer than expected duration of the downturn in the global auto market, an increase in negative free cash flow, and support extended to the financial subsidiaries, suppliers or dealer networks. SSANGYONG MOTOR: Suspends Production Amid Parts Shortage -------------------------------------------------------- Ssangyong Motor Co. Ltd suspended production at its factories in Pyeongtaek and Changwon on Tuesday amid difficulty obtaining parts, various reports say. According to english.chosun.com, a company spokesman said some of the 250 direct suppliers that produce tires and bumpers stopped delivering goods for fear that they would not be paid, so it became hard to operate assembly lines for finished vehicles. Suppliers, english.chosun.com relates, stopped delivering because they are at a higher risk of not getting paid until the court decides whether to instigate revival proceedings. Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer of automobiles primarily engaged in production of sports utility vehicles (SUVs) and recreational vehicles (RVs). The company's production is grouped into four lines: SUVs under brand names REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the brand name ACTYON Sports; passenger cars under brand name Chairman, and multi-purpose vehicles (MPVs) under the brand name Rodius. It also provides automobile parts such as coolers, engine oil filters, headlamp bulb and others. During the year ended December 31, 2007, the company had a production capacity of 219,220 units of vehicles and its actual production output was 122,857 units of vehicles. The company has two manufacturing factories in Pyeongtaek and Changwon. * * * As reported in Troubled Company Reporter-Asia Pacific on Jan. 12, 2009, the International Herald Tribune said Ssangyong filed for receivership with a Seoul district court in a bid to stave off a complete collapse. The Tribune related that the decision to file for receivership, which is similar to bankruptcy protection in the United States, came a day after the Ssangyong board meet in Shanghai. "After our talks with the banks failed to produce an agreement, it became inevitable to file for court receivership to ease the critical cash flow problem," the company said in a statement obtained by the Tribune. ==================== N E W Z E A L A N D ==================== 621534 LTD: Court Hears Wind-Up Petition ---------------------------------------- On December 19, 2008, the High Court at Auckland heard a petition to have 621534 Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on October 23, 2008. BERRYTIME LTD: Court Hears Wind-Up Petition ------------------------------------------- On December 12, 2008, the High Court at Tauranga heard a petition to have Berrytime Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on September 22, 2008. BETA PROCESSING: Commences Liquidation Proceedings -------------------------------------------------- On November 17, 2008, the High Court at Christchurch entered an order to have Beta Processing Ltd.'s operations wound up. The company's liquidators are: Paul William Gerrard Jenkins Wayne John Deuchrass c/o Insolvency Management Limited 148 Victoria Street, Level 1 PO Box 13401, Christchurch BREAKWATER LTD: Appoints Colin Brian Wilson as Liquidator --------------------------------------------------------- On November 24, 2008, Colin Brian Wilson was appointed as liquidator of Breakwater Ltd. Only creditors who were able to file their proofs of debt by December 23, 2008, will be included in the company's dividend distribution. The Liquidator can be reached at: Colin Brian Wilson RSM Prince PO Box 3685, Auckland 1001 Telephone: (09) 379 5324 Facsimile: (09) 307 0778 e-mail: office@prince.co.nz EASTLAND HOLDINGS: Court to Hear Wind-Up Petition on January 28 --------------------------------------------------------------- A petition to have Eastland Holdings Ltd.'s operations wound up will be heard before the High Court of Rotorua on January 28, 2009, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on October 24, 2008. The CIR's solicitor is: Simon John Eisdell Moore Meredith Connell Forsyth Barr Tower, Level 17 55-65 Shortland Street PO Box 2213, Auckland Telephone: (09) 336 7556) FIRST CLASS: Court Hears Wind-Up Petition ----------------------------------------- On December 17, 2008, the High Court at Auckland heard a petition to have First Class Plastering Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on May 27, 2008. KIPPA'S CONTRACTING: Appoints Sheriff and Vance as Liquidators -------------------------------------------------------------- On November 24, 2008, Greg Sheriff and David Stuart Vance were appointed as liquidators of Kippa's Contracting (2002) Ltd. Only creditors who were able to file their proofs of debt by December 29, 2008, will be included in the company's dividend distribution. The Liquidators can be reached at: Greg Sheriff David Stuart Vance c/o Louise Craig Deloitte, Levels 11-16 10 Brandon Street Wellington 6011 Telephone: (04) 472 1677 Facsimile: (04) 472 8023 LFS HOLDINGS: Court to Hear Wind-Up Petition on January 22 ---------------------------------------------------------- A petition to have LFS Holdings Ltd.'s operations wound up will be heard before the High Court of Auckland on January 22, 2009, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on August 26, 2008. The CIR's solicitor is: Simon John Eisdell Moore Meredith Connell Forsyth Barr Tower, Level 17 55-65 Shortland Street PO Box 2213, Auckland Telephone: (09) 336 7556) ORBIT FINANCIAL: Commences Liquidation Proceedings -------------------------------------------------- Orbit Financial Services Ltd. commenced liquidation proceedings on November 28, 2008. The company's liquidators are: Paul William Gerrard Jenkins Iain Andrew Nellies c/o Insolvency Management Limited Burns House, Level 3 10 George Street PO Box 1058, Dunedin PHOENIX BUILDING: Appoints Crichton and Horne as Liquidators ------------------------------------------------------------ On November 24, 2008, the shareholders of Phoenix Building Ltd. appointed David Donald Crichton and Keiran Anne Horne as the company's liquidators. Only creditors who were able to file their proofs of debt by December 24, 2008, were included in the company's dividend distribution. The Liquidators can be reached at: David Donald Crichton Keiran Anne Horne c/o Sue Fletcher HFK Limited 567 Wairakei Road PO Box 39100, Christchurch Telephone: (03) 352 9189 PORTA HOMES ET AL: Creditors' Proofs of Debt Due on January 30 -------------------------------------------------------------- Stephen Mark Lawrence and Anthony John Mccullagh fixes January 30, 2009, as the last day to file proofs of debt for the creditors of: -- Porta Homes NZ Ltd.; and -- Lister Developments Limited. The Liquidators can be reached at: Stephen Mark Lawrence Anthony John Mccullagh PKF Corporate Recovery & Insolvency (Auckland) Limited PO Box 3678, Auckland 1140 Telephone:(09) 306 7421 Facsimile:(09) 302 0536 STONEYLAND TRUCK: Court Hears Wind-Up Petition ---------------------------------------------- On December 15, 2008, High Court at Christchurch heard a petition to have Stoneyland Truck & Trailer Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on October 29, 2008. SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition ------------------------------------------------ On December 19, 2008, the High Court at Auckland heard a petition to have Sydney Productions (No.7) Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on August 11, 2008. S.W.A LTD: Court Hears Wind-Up Petition --------------------------------------- On December 17, 2008, the High Court at Auckland heard a petition to have S.W.A Ltd.'s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on August 18, 2008. TRANZ STAR: Appoints Tubbs and Gower as Liquidators --------------------------------------------------- On November 24, 2008, the shareholders of Tranz Star Distribution Ltd. appointed Stephen John Tubbs and Colin Anthony Gower as the company's liquidators. Only creditors who were able to file their proofs of debt by December 30, 2008, will be included in the company's dividend distribution. The Liquidators can be reached at: Stephen John Tubbs Colin Anthony Gower c/o Jim Barber BDO Spicers, Level 6 148 Victoria Street Christchurch 8013 Telephone: (03) 943 6094 Facsimile: (03) 353 5526 e-mail: jim.barber@chc.bdospicers.com UPPER QUEEN ET AL: Creditors' Proofs of Debt Due on February 21 --------------------------------------------------------------- Vivian Judith Fatupaito and Colin Thomas McCloy fixed Feb. 21, 2009, as the last day to file proofs of debt for the creditors of: -- Upper Queen Street Properties Limited; -- Pinpoint Trustees Limited; -- Takapuna Procurement Limited; -- Crystal Waters Limited; and -- McEwan Group Limited. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy PricewaterhouseCoopers Private Bag 92162, Victoria Street West Auckland 1142 Telephone: (09) 355 8000 Facsimile: (09) 355 8013 ===================== P H I L I P P I N E S ===================== ALLIED BANKING: Moody's Confirms 'Ba3' Currency Debt Rating ----------------------------------------------------------- Moody's Investors Service has confirmed Allied Banking Corporation's local currency subordinated debt at Ba3, with a stable outlook. This effectively removes the review for possible upgrade. The review was initiated on June 26, 2008 following the approval of the merger of ABC and Philippine National Bank (E+/Ba1-NP) by their respective shareholders. "Although it remains likely that the two banks will eventually merge, Moody's is removing the review for possible upgrade due to the prolonged and uncertain timing for the transaction to close," says Richard Lung, a Moody's Vice President. The action follows the banks' recent disclosures that the merger has encountered legal and regulatory hurdles to its formal completion. It was originally planned to close in the third quarter of 2008 and will now be delayed until the second half of 2009. Prior to completion of the merger, the U.S. federal banking authorities have required ABC to dispose of its shareholdings in Oceanic Bank Holdings, a U.S. bank holding company in which ABC currently has a 28% stake. A remaining legal challenge on certain shareholdings in ABC provides an additional hurdle for the merger's close. This rating of ABC was confirmed with a stable outlook: ABC's local currency subordinated debt rating of Ba3. These ratings of ABC were unaffected by the action: -- Foreign currency deposit ratings of B1/Not-prime; and BFSR of E+. The outlook on its long-term foreign currency deposit rating is positive, while the outlook on its short-term foreign currency deposit rating and BFSR is stable. The last rating action for ABC was on June 26, 2008 when the bank's local currency subordinated debt rating was placed on review for possible upgrade. Allied Banking Corp, headquartered in Manila, is the 12th largest commercial bank in the Philippines with P 147.8 billion in assets as of year-end 2007. Philippine National Bank, headquartered in Manila, is the 6th largest bank in the Philippines with P239.7 billion in assets as of year-end 2007. ================= S I N G A P O R E ================= FASCON CRANE: Court to Hear Wind-Up Petition on January 23 ---------------------------------------------------------- A petition to have Fascon Crane Services Pte Ltd's operations wound up will be heard before the High Court of Singapore on January 23, 2009, at 10:00 a.m. Empire Technology Pte Ltd filed the petition against the company on December 29, 2008. Plaintiffs' solicitors are: Margaret George Messrs. Belinda Ang Tang & Partners No. 19 Carpenter Street #03-00, Singapore 059908 TEO BROS: Court Pays Second Interim ----------------------------------- Teo Bros Pte Ltd, which is in liquidation, paid the second interim on January 16, 2009. The company paid SGD1.40 to all its creditors. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng c/o Stone Forest Corporate Advisory Pte Ltd 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 THE ORACLEWORKS: Creditors' Proofs of Debt Due on January 23 ------------------------------------------------------------ The Oracleworks Pte Ltd, which is in liquidation, requires the company's creditors to file their proofs of debt by January 23, 2009, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng c/o Stone Forest Corporate Advisory Pte Ltd 8 Wilkie Road, #03-08, Wilkie Edge Singapore 228095 THE SHANGHAI: Court to Hear Wind-Up Petition Today -------------------------------------------------- A petition to have The Shanghai Book (CNPIEC) Co Pte Ltd's operations wound up will be heard before the High Court of Singapore today, January 16, 2009, at 10:00 a.m. The Shanghai Book Co (Pte) Ltd filed the petition against the company on December 11, 2008. The Plaintiffs' solicitor is: Messrs. KhattarWong 80 Raffles Place #25-01, UOB Plaza 1 Singapore 048624 TIC CAPITAL: Creditors' Proofs of Debt Due on February 9 -------------------------------------------------------- TIC Capital Pte Ltd, which is in liquidation, requires the company's creditors to file their proofs of debt by February 9, 2009, to be included in the company's dividend distribution. The company's liquidators are: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 =========== T A I W A N =========== DAH CHUNG: Fitch Affirms Individual Rating at 'C/D' --------------------------------------------------- Fitch Ratings has affirmed Taiwan's Dah Chung Bills Finance Corporation's Long-term foreign currency Issuer Default Rating at 'BBB-' (BBB minus), Short-term foreign currency IDR at 'F3', National Long-term at 'A(twn)', National Short-term Rating at 'F1(twn)', Individual rating at 'C/D', Support rating at '5' and Support Rating Floor at 'NF'. The Outlook is Stable. The ratings are supported by DCBFC's above-average capitalization and improving liquidity position, but also consider its less diversified revenue sources and weak profitability. Fitch views Taiwan's Bills Finance Companies' ratings to be under pressure, given the increasingly difficult local economic conditions amidst the global downturn. The agency will be conducting a top-down sector review to assess the likely negative impact of the economic downturn on the BFCs' financial standings and may take further rating actions as appropriate. DCBFC has managed to cut down its exposure to the property and construction sector amid the global financial turmoil. Nevertheless, the still-sizeable exposure could render DCBFC vulnerable to a pronounced property market downturn. DCBFC has so far maintained adequate asset quality; its impaired credits were 0.6% of total guarantees at end-H108, with strong loan loss reserves of 188.0%. DCBFC is adequately capitalized with a capital adequacy ratio of 16.2% at end-H108. DCBFC's liquidity position has improved thanks to the relatively short remaining tenor of its less liquid investments, which comprised structured deposits and notes, convertible bonds and straight bonds from convertible bonds. Its long-term funding is sufficient to cover the company's less liquid assets. DCBFC's earnings performance improved, although still weak. Its preliminary un-audited ROE was 3.6% in 2008, up from 2.3% in 2007. Fitch expects DCBFC to deliver modest profit in 2009, although the associated credit risks arising from its guarantee offerings could also increase. DCBFC is one of the new established after industry deregulation in 1995. Its two major shareholders are Far Eastern International Bank ('BBB-' (BBB minus)/'F3'/Outlook Stable) and Taishin International Bank ('BBB'/'F3'/Outlook Negative) with respective shareholdings of 22.6% and 18.8%. TAISHIN FINANCIAL: Moody's Downgrades Issuer Rating to 'Ba1' ------------------------------------------------------------ Moody's Investors Service lowered the issuer rating of Taishin Financial Holding Co. to Ba1 from Baa3, and the long-term global local and foreign currency bank deposit ratings on its main banking subsidiary, Taishin International Bank to Baa2 from Baa1. TIB's bank financial strength rating was confirmed at D+. However, its baseline credit assessment was lowered from Baa3 to Ba1. The outlook for all ratings is stable. This rating action concludes the review for possible downgrade announced on October 6, 2008. At the same time, Moody's Taiwan Corporation has changed Taishin FHC's national scale issuer rating of A2.tw to A3.tw and its national scale subordinated debt rating of Baa1.tw to Baa2.tw. TIB's national scale deposit rating of Aa3.tw was downgraded to A1.tw. The outlook for all ratings is stable. "The downgrade reflects Moody's view that TIB's thinner capital cushion, relative to its D+ BFSR rated peers, places it closer to the lower end of the rating band," says Cherry Huang, a Moody's Vice President/Senior Analyst. "TIB's relative standing on this metric will remain lower even after a planned capital injection from its parent." Over 2008, TIB had been working on various initiatives to replenish its capital, which had been depleted by card losses it suffered during Taiwan's consumer credit crisis. Repeated attempts to attract new outside investors failed to materialize. However, the bank will be recapitalized by its parent TSFHC following a relaxation announced in December 2008 of regulatory restrictions on capital allocation within Taiwanese FHCs. "Beyond this one-off injection, TIB's ability to further replenish its capital to levels comparable to its higher rated peers will likely be constrained by the downturn in Taiwan's domestic economy, which is expected to lead to higher credit costs, and slowing earnings momentum given the diminished investor appetite for wealth management products, previously a key driver for the bank's earnings." says Huang. TIB's stable rating outlook reflects its moderately healthier asset quality and gradual improvement in the risk profile of its unsecured consumer finance portfolio, which was hard hit by the 2006 card crisis. However, containing an expected influx of NPLs resulting from the economic downturn while also regaining earnings power will be crucial to TIB's rating stability. TSFHC's Ba1 issuer rating is two notches below TIB's Baa2 deposit rating. This is based on Moody's opinion that a holding company's obligations are structurally subordinated to the claims on its operating subsidiaries. It also results from the relatively high double leverage ratio at TSFHC which was over 140% at the end of September 2008. To improve its leverage position, TSFHC has announced plans for a secondary public offering of NT$7 billion. While the capital increase by itself may not warrant a rating upgrade, the offering, if well-received, will indicate improved market confidence in the company following a run on TIB's deposits last October. A favorable sentiment will be regarded as a building block to long- term profitability. The last rating actions for Taishin FHC and TIB were taken on October 6, 2008, when all the group's ratings were placed under review for possible downgrade. Full details of the rating action are: Issuer: Taishin International Bank Following ratings were downgraded: -- Long-term global local/foreign currency deposit rating downgraded to Baa2 from Baa1 -- Foreign currency issuer rating downgraded to Baa2 from Baa1 -- Long-term national scale deposit rating downgraded to A1.tw from Aa3.tw Following ratings were confirmed: -- Bank financial strength rating of D+ -- Short-term local/foreign currency deposit rating of Prime-2 -- Short-term national scale deposit rating of TW-1 -- Outlook change -- Outlook, Changed to Stable from Rating Under Review Issuer: Taishin FHC: Following ratings were downgraded: -- Issuer rating changed to Ba1 from Baa3 -- National scale issuer rating changed to A3.tw from A2.tw -- National scale subordinated-debt rating changed to Baa2.tw from Baa1.tw -- Outlook change -- Outlook, Changed to Stable from Rating Under Review Taishin FHC is a bank-dominated financial group controlling six operating subsidiaries: TIB, Taishin Securities Company, Taishin Bills Finance, Taishin Asset Management Ltd, Taishin Marketing Consulting Company Ltd, and Taishin Venture Capital Company Ltd. Both Taishin Financial Holding Company and Taishin International Bank are headquartered in Taipei, Taiwan. On a consolidated basis, the holding company reported assets of NT$2.4 trillion (US$77.6 billion) and the bank NT$929 billion (US$30.6 billion) at the end of 1H2008. TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D' ------------------------------------------------------ Fitch Ratings has affirmed Taiwan Finance Corporation's Long-term foreign currency Issuer Default Rating at 'BBB-' (BBB minus), Short-term foreign currency IDR at 'F3', National Long-term rating at 'A(twn)', National Short-term rating at 'F1(twn)', Individual rating at 'D' and Support rating at '2'. The Outlook is Stable. TFC's IDRs are predicated on expected support from its major shareholders. The company is 95%-owned by reasonably strong financial institutions, including Cathay United Bank (Individual rating: 'B/C'), Mega International Commercial Bank Company Limited (Long-term IDR: 'A-' (A minus)/Stable), International Bills Finance Corporation (Long-term IDR: 'BBB'/Negative), Shanghai Commercial and Savings Bank (Individual rating: 'B/C') and city government-controlled Bank of Kaohsiung. TFC's Individual rating primarily reflects its satisfactory asset quality and adequate capitalisation; its limited business scope and weak profitability are major offsetting factors. The company recorded a small net profit of TWD67m in the first nine months of 2008. However its net worth rose 5% for the period, benefiting from the valuation gains in bond holdings, as yields fell in Q308. Meanwhile, the company advised that its capital adequacy ratio rose notably to 24.2% at end-2008 from 10.8% at end-2007, due to net profits, valuation gains, and balance sheet contraction during the year. Meanwhile, its management is vigilant in maintaining an enlarged capital cushion to cope with a challenging credit environment. Despite TFC's reliance on repos to fund its bond trading and warehoused commercial papers, liquidity risk appears manageable, given its good quality underlying securities against repos. In addition, the company has access to liquidity support from its parents, if needed. Established in 1995, TFC is one of the smallest bills finance companies in Taiwan. * TAIWAN: Investors in China Need Immediate Aid ----------------------------------------------- The Taipei-based Straits Exchange Foundation (SEF) has urged Beijing authorities to take swift and effective measures to help Taiwan's enterprises operating in China cope with the effects of the global economic downturn, The China Post reports. SEF Chairman Chiang Pin-kung, the Post relates, said capital shortage has long been a cardinal difficulty for Taiwan's businesses operating in China. According to the report, Chairman Chiang said the sharp retreat into global recession, shrinking orders, and the tax rebates lowered by Beijing have made the problem more acute. The investors have also come under mounting pressures from the officials of local-level city and counterparts regarding their revised economic development policies, the Post adds citing Chairman Jiang. After taking a four-day visit to meet with Taiwanese businessmen operating on the Chinese mainland, the Post notes, Chairman Chiang together with other delegates immediately brought up the issues with officials at the Beijing-based Association for Relations Across the Taiwan Straits (ARATS). The Post states that in addition to relaying the requests of the Taiwanese investors, Chairman Chiang said the SEF has gathered the opinions of investors in various region to provide suggestions to Beijing's policymakers via the ARATS. =============== X X X X X X X X =============== NORTEL NETWORKS: To Seek Creditor Protection in Europe ------------------------------------------------------ Nortel Networks Corporation said that following it and its units' decision to seek creditor protection under the Companies' Creditors Arrangement Act in Canada, and Chapter 11 of the Bankruptcy Code in the U.S., its units located in the Europe, Middle East and Africa area will seek consequential filings in Europe. According to John Doolittle, vice president of Nortel, the majority of the EMEA Entities are subsidiaries of Nortel Networks UK Limited, with the exception of (a) Nortel Networks SA -- NN France -- which is jointly owned by NNL and Nortel International Finance & Holding BV, and Nortel Networks France SAS, which is a subsidiary of NN France; and (b) Nortel Networks (Ireland) Limited, which is a wholly owned subsidiary of NNL for fiscal reasons. NN UK is the largest business of the EMEA Entities and is the headquarters for the EMEA region. In a Jan. 14 news release, the company said that it commenced a process to turn around and transform Nortel in late 2005, and the company made important progress on a number of fronts. However, the global financial crisis and recession have compounded Nortel's financial challenges and directly impacted its ability to complete this transformation. Nortel said it is taking this action now, with a $2.4 billion cash position, to preserve its liquidity and fund operations during the restructuring process. Nortel has concluded that, in the absence of seeking creditor protection, in later portions of this year there is a significant risk it would have insufficient cash resources on a regional basis and would likely be unable to remedy this deficit position through third- party financing. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks Bankruptcy News. The newsletter tracks the chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings ----------------------------------------------------------- Despite its decision to seek creditor protection in the United States, Canada and Europe, Nortel Networks Corp. said in a statement that worldwide normal day-to-day operations are expected to continue without interruption. NNC also said that its affiliates in Asia, including LG Nortel and in the Caribbean and Latin America are not included in the insolvency proceedings and are expected to continue to operate in the ordinary course. Nortel said it remains 100% focused on serving customers worldwide through continued R&D investments and support of its product portfolio to fulfill customer needs. "Nortel must be put on a sound financial footing once and for all," said Nortel President and CEO Mike Zafirovski, in connection with Nortel's decision to seek creditor protection. "These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be. I am confident that the actions we're announcing today will be the fastest, most effective means to translate our improved operational efficiency, double-digit productivity, focused R&D and technology leadership into long-term success. I want to reaffirm Nortel's dedication to delivering world-class solutions and services to customers." In a Jan. 14 news release, the company said that it commenced a process to turn around and transform Nortel in late 2005, and the company made important progress on a number of fronts. However, the global financial crisis and recession have compounded Nortel's financial challenges and directly impacted its ability to complete this transformation. Nortel said it is taking this action now, with a $2.4 billion cash position, to preserve its liquidity and fund operations during the restructuring process. Nortel has concluded that, in the absence of seeking creditor protection, in later portions of this year there is a significant risk it would have insufficient cash resources on a regional basis and would likely be unable to remedy this deficit position through third- party financing. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks Bankruptcy News. The newsletter tracks the chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) * S&P Puts Junk Ratings on 7 Asia-Pacific CDOs on Negative Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services placed the ratings on 40 Asia- Pacific (excluding Japan) synthetic collateralized debt obligations on CreditWatch with negative implications. At the same time, the ratings on six CDOs were affirmed and removed from Creditwatch negative, and three other CDOs were placed on CreditWatch positive. The CreditWatch on the ratings on Hercules Global CDO Trust I and Alpha Financial Products Ltd. Series I was revised from negative to positive. These rating actions reflect the credit risk of the CDO portfolios and probability of loss in the transactions. The synthetic rated overcollateralization levels for the ratings placed on CreditWatch positive rose above 100% at a higher rating level during the SROC analysis for Jan. 6, 2009, indicating positive rating migration within the reference portfolio. For those transactions that have been placed on CreditWatch negative, the SROC fell below 100% at the current rating level. The rating actions also take into consideration the auction results from the recent International Swaps and Derivatives Association, Inc. protocol for Tribune Company as applicable to relevant portfolios. The Global SROC Report with the SROC analysis as of Jan. 6, 2009 will be published shortly. In the week following the publication of the report, a full review of the affected tranches of Asia- Pacific synthetic CDOs will be performed and appropriate rating actions, if any, will be taken. The Global SROC Report provides SROC and other performance metrics on more than 3,000 individual CDO tranches. The rating actions taken on the affected transactions are: Deal Name Rating To Rating From --------- --------- ----------- Alpha Financial Products Ltd. Series 1 B+pNRi/Watch Pos B+pNRi/Watch Neg Aphex Pacific Capital Ltd. Series 5 DESIGN 2006 BB/Watch Neg BB ARLO Ltd. Series 2005 (SKL CDO - Series 6) BB+pNRi/Watch Neg BB+pNRi Athenee CDO PLC Series 2007-3 AA/Watch Neg AA Athenee CDO PLC Series 2007-5 A/Watch Neg A Athenee CDO PLC Series 2007-8 AA/Watch Neg AA Athenee CDO PLC Series 2007-12 A/Watch Neg A Athenee CDO PLC Series 2007-15 AA/Watch Neg AA Cairn SC Jersey Finance Ltd. I CCC-/Watch Neg CCC- Castle Finance I Ltd. Series 1 BBB+/Watch Neg BBB+ Castlereagh Trust Series 1 CCC+/Watch Neg CCC+ Castlereagh Trust Series 2 CCC/Watch Neg CCC Chess II Ltd. Series 2004-7 AAA/Watch Neg AAA Chess II Ltd. Series 2004-8 AA-/Watch Neg AA- Corsair (Cayman Islands) No. 4 Ltd. Series 5 CCC+/Watch Neg CCC+ Corsair (Jersey) No. 2 Ltd. Series 68 BB BB/Watch Neg Corsair (Jersey) No. 2 Ltd. Series 72 BBB-/Watch Neg BBB- Corsair (Jersey) No. 2 Ltd. Series 97 CCC-/Watch Neg CCC- Dragon A (CDS BNP) A-srp A-srp/Watch Neg Dragon AA (CDS BNP) AAAsrp/Watch Neg AAAsrp Echo Funding Pty Ltd. Series 18 BBB-/Watch Neg BBB- Echo Funding Pty Ltd. Series 19 BB-/Watch Neg BB- Echo Funding Pty Ltd. Series 20 BB/Watch Neg BB Echo Funding Pty Ltd. Series 21 BBB-/Watch Neg BBB- Eirles Two Ltd. Series 241 BBB/Watch Neg BBB Hercules Global CDO I Trust BB/Watch Pos BB/Watch Neg Jacaranda Trust Series 2 AA- AA-/Watch Neg Magnolia Finance I PLC Series 2006-21 BBB-/Watch Neg BBB- Magnolia Finance I PLC Series 2006-22 BBB-/Watch Neg BBB- Morgan Stanley Managed ACES SPC Series 2006-12 Class IA B/Watch Neg B Morgan Stanley ACES SPC Series 2006-31 BBB/Watch Neg BBB Morgan Stanley ACES SPC 2007-9 Class III (Principal) BBB-p/Watch Neg BBB-p Morgan Stanley ACES SPC 2007-21 Class I BB/Watch Neg BB Morgan Stanley ACES SPC 2007-29 BBB-/Watch Neg BBB- Morgan Stanley ACES SPC 2007-38 Class I BBB/Watch Neg BBB Obelisk Trust 2005-1 A/Watch Neg A Obelisk Trust 2005-3 - Mica BBB-/Watch Neg BBB- Obelisk Trust 2006-3 Eden B+/Watch Neg B+ Rembrandt Australia Trust 2004-2 AA AA/Watch Neg Salisbury International Investments Ltd. Series 2006-18 CCC+/Watch Neg CCC+ Sceptre Capital B.V. Series 2005-3 BBB-/Watch Pos BBB- Sceptre Capital B.V. Series 2007-2 BB-/Watch Neg BB- SELECT ACCESS Investments Ltd. Series 2005-2 BBB-/Watch Neg BBB- Signum Platinum II Ltd. Series 2006-1 CCC-/Watch Pos CCC- STARTS (Cayman) Ltd. Series 2005-5 CCC/Watch Neg CCC Thunderbird Investments PLC Series 20 BBB- BBB-/Watch Neg United Investment Grade ABS CDO Fund 2005-1A AA AA/Watch Neg Xelo PLC Series 2006 (Spinnaker III Asia Mezz) Tranche B BB-/Watch Neg BB- Xelo PLC Series 2007 (Spinnaker III Asia Mezzanine 2) Tranche C BB+/Watch Neg BB+ Xelo PLC Series 2007 (Spinnaker III Asia Mezzanine 3) B/Watch Neg B Zenesis SPC Series 2006-1 BBB+/Watch Pos BBB+ * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Company Ticker Assets Equity ------- ------ ------ ------------ AUSTRALIA ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95 ADVANCE HEALTHCA AHG 16933460.19 -8226075.95 ALLSTATE EXPLORA ALX 22019608.10 -67492223.10 ALLSTATE EXPL-PP ALXCC 22019608.10 -67492223.10 ANTARES ENERGY L AZZ 14174189.76 -6756494.56 ARC EXPLORATION ARX 62773963.21 -15883874.97 AUSTAR UNITED AUN 532170837.87 -302028033.28 BIRON APPAREL LT BIC 19706738.17 -2220069.83 BISALLOY STEEL G BIS 197903755.89 -11548524.69 BISALLOY STEEL-N BISN 197903755.89 -11548524.69 CHEMEQ LIMITED CMQ 25194855.59 -24254413.72 ETW CORP LTD ETW 83708786.34 -58673955.65 FORTESCUE METALS FMG 4953350503.44 -1568972639.88 FULCRUM EQUITY L FUL 19209266.15 -3664831.35 INTELLECT HLDGS IHG 18245003.37 -15487781.92 LAFAYETTE MIN LAF 105239389.93 -190859526.77 LIFE THERAPEUTIC LFE 56034000.00 -3684000.00 METAL STORM LTD MST 14309243.10 -5126410.11 TOOTH & CO LTD TTH 143720715.19 -94300033.83 VERTICON GROUP VGP 31280242.69 -12391531.59 CHINA AMOI ELECTRONICS 600057 414934259.50 -30399649.61 ANHUI KOYO GROUP 000979 64278169.26 -30778923.55 CHANG LING GROUP 000561 49675731.32 -115810769.64 CHENGDU UNION-A 000693 59526570.13 -188881.87 CHINA KEJIAN-A 000035 65124488.98 -167311537.11 CHINA LIAONING-A 000638 15426138.26 -5698465.09 CHINESE.COM LOGI 000805 12721114.23 -20567498.78 CHONGQING CHANG 600369 98865860.45 -62635.84 CHONGWING INTL-A 000736 24753183.26 -13379849.30 DANDONG CHEM F-A 000498 115942688.34 -91597754.91 FUJIAN SANNONG-A 000732 64417775.39 -90239301.91 FUJIAN CFC IND-A 000592 24196604.92 -19615146.80 FUJIAN START-A 600734 105659572.63 -14337777.19 GUANGDONG MEIYA 000529 66438321.52 -62407433.87 GUANGDONG KEL-A 000921 710500493.66 -81769686.15 GUANGMING GRP FU 000587 62369338.74 -12083332.13 GUANGXIA YINCH-A 000557 53463085.53 -61325483.02 HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69 HEBEI JINNIU C-A 600722 379299949.84 -2890480.98 HISENSE ELEC-H 921 710500493.66 -81769686.15 HUATONG TIANXI-A 600225 73838152.81 -41138558.42 HUDA TECHNOLOG-A 600892 18459084.32 -1904039.85 HUNAN ANPLAS CO 000156 83999120.28 -81350940.74 HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54 JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53 LAN BAO TECH INF 000631 29435531.87 -22701113.38 MIANYANG GAO-A 600139 30657523.00 -12436839.12 QINGHAI SALT L-A 000578 105635944.61 -4914371.18 QINGHAI SUNSHI-A 600381 47308342.77 -49663000.79 SHANG WORLDBES-A 600094 327982181.09 -175167931.11 SHANG WORLDBES-B 900940 327982181.09 -175167931.11 SHENZ CHINA BI-A 200017 29379003.11 -244527119.11 SHENZ CHINA BI-B 200017 29379003.11 -244527119.11 SHENZ SEG DASH-A 000007 101024087.57 -1144993.15 SHENZHEN SHENXIN 000034 44989232.03 -113368102.97 SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37 SHENZHEN KONDA-A 000048 155014461.99 -24446764.56 SICHUAN DIRECT-A 000757 128549383.42 -102619767.95 STELLAR MEGAUNIO 000892 64925448.82 -162463426.22 SUCCESS INFORMAT 000517 30118378.44 -14826121.30 SUNTIME INTERN-A 600084 372799912.67 -50592426.40 SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64 TAIYUAN TIANLON 600234 12693007.72 -51581680.70 TIANJIN MARINE 600751 75440814.59 -26602770.52 TIANJIN MARINE-B 900938 75440814.59 -26602770.52 TIBET SUMMIT IND 600338 73500256.4 -16424030.52 TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54 WINOWNER GROUP C 600681 21498115.00 -81284231.50 XIAMEN OVERSEAS 600870 433188523.84 -13781679.05 YUEYANG HENGLI-A 000622 40266532.05 -14337174.21 ZHANGJIAJIE TO-A 000430 51011060.62 -8247159.63 HONG KONG ASIA TELEMEDIA L 376 16618871.08 -5369335.42 CHIA TAI ENTERPR 121 313740803.76 -49562387.78 CHINA GRAND PHAR 512 23135825.94 -7596740.75 CHINA HEALTHCARE 673 25241048.66 -5730603.97 EGANAGOLDPFEIL 48 557892423.39 -132858951.98 NEW CITY CHINA 456 113178595.41 -9932226.54 OCEAN GRAND CHEM 2882 12274432.29 -46252280.18 PALADIN LTD 495 186461196.61 -9780904.71 PALADIN LTD -PRE 642 186461196.61 -9780904.71 SANYUAN GROUP LT 140 17768260.98 -2131329.68 TAKSON HLDGS 918 11351347.49 -2111248.10 WAH SANG GAS 8035 69765797.42 -113697025.42 WAI CHUN GROUP L 1013 12375426.81 -14214914.84 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 ICDS ICDS 13300348.69 -6171079.46 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 JOG ENGINEERING VMJ 50080964.36 -10076436.07 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 ORIENT PRESS LTD OP 15616522.24 -10040802.92 OSWAL SPINNING OWSW 18536688.83 -4258142.35 PANCHMAHAL STEEL PMS 51024827.03 -325116.26 PANYAM CEMENTS PYC 30241162.87 -9403739.61 PAREKH PLATINUM PKPL 61081050.43 -88849040.15 PSI DATA SYSTEMS PSI 11676002.06 -2481336.90 PTL ENTERPRIESES PTLE 54293986.93 -397481.92 REMI METALS GUJA RMM 45057985.96 -51095300.54 ROLLATAINERS LTD RLT 22965755.05 -22244556.92 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 SPICE COMMUNICAT SPCM 263692459.52 -19679192.67 STI INDIA LTD STIB 44107456.00 -300149.59 TATA TELESERVICE TTLS 857960649.86 -50009972.82 TRANS FREIGHT TFC 14196928.74 -9623049.18 TRIVENI GLASS TRSG 34542881.89 -6209872.78 USHA INDIA LTD USHA 12064900.61 -54512967.31 WIRE AND WIRELES WNW 106984536.93 -23622538.56 INDONESIA 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 POLYSINDO EKA PE POLY 547415431.67 -779982804.73 PRIMARINDO ASIA BIMA 12686983.33 -20685421.96 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 APRECIO CO LTD 2460 15981315.82 -2395526.71 L CREATE CO LTD 3247 42344509.56 -9146496.90 LINK CONSULTING 4798 50709685.69 -10143185.11 LINK ONE 2403 12290544.83 -5772835.00 MOC CORP 2363 52273507.78 -12661480.98 NEXUS 2799 25436623.18 -18579366.04 OPEN INTERFACE I 4302 32715547.40 -5699491.16 PLACO CO LTD 6347 26260220.44 -997325.51 SOWA JISHO CO LT 3239 54007939.02 -15643863.67 TASCOSYSTEM CO L 2709 55593566.29 -5196409.75 TRUSTEX HOLDINGS 9374 85999130.53 -2203926.90 KOREA COSMOS PLC 053170 19306498.60 -4948161.34 DAHUI CO LTD 055250 186003859.24 -1504246.54 DAISHIN INFO 020180 740500919.30 -158453978.78 FATOMENT 025460 28429133.98 -13916561.10 FIRST FIRE & MAR 000610 2044031310.36 -1780221.91 HECENAT CO LTD 036270 18221252.73 -32166924.53 INNO METAL IZIRO 070080 28564573.80 -330042.51 MEDIACORP INC 053890 53306304.99 -32219360.77 ORICOM INC 010470 82645454.13 -40039161.33 SEJI CO LTD 053330 37246628.39 -311069.32 SINJISOFT CORP 078700 12760558.03 -21014927.26 STARMAX CO LTD 017050 73128066.52 -5536410.53 TONG YANG MAGIC 023020 355147750.92 -25767007.75 UNICK CORP 011320 36540788.83 -4449480.74 MALAYSIA CNLT FAR EAST CNLT 44967289.97 -8460479.41 ENERGREEN CORP ECB 29495419.35 -31105634.5 HARVEST COURT HAR 10805322.12 -5623766.68 LITYAN HLDGS BHD LIT 20867100.91 -27979954.44 NIKKO ELECTRONIC NIKKO 12072911.27 -7832098.21 PANGLOBAL BHD PGL 166876683.58 -185014663.41 PECD BHD PECD 377122467.92 -295360985.56 TECHVENTURE BHD TECH 37377746.79 -11207547.89 WONDERFUL WIRE WW 22721443.48 -1936371.54 WWE HOLDINGS BHD WWE 68020910.20 -3496877.02 PHILIPPINES APEX MINING-A APX 55266898.93 -1972871.63 APEX MINING 'B' APXB 55266898.93 -1972871.63 BENGUET CORP-A BC 77132198.94 -30611028.96 BENGUET CORP 'B' BCB 77132198.94 -30611028.96 CENTRAL AZUC TAR CAT 35737315.17 -1803678.01 CYBER BAY CORP CYBR 14850182.71 -74298813.45 EAST ASIA POWER PWR 72744279.35 -136684406.25 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 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 18177825.52 -7877731.57 CHUAN SOON HUAT CSH 39144678.93 -7539646.47 FALMAC LTD FAL 10568359.86 -4699134.55 GUL TECHNOLOGIES GUL 172802992.00 -3036000.00 HL GLOBAL ENTERP HLGE 103658294.07 -8330138.25 INFORMATICS EDU INFO 26971523.76 -4594472.06 LINDETEVES-JACOB LJ 192873034.63 -73862882.72 SUNMOON FOOD COM SMOON 50854971.18 -1574709.82 TAIWAN CHIEF CONST-ENT 2522R 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10 CHIEN TAI CEMENT 1107 213252699.79 -8622456.43 DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05 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 PROTOP TECHNOLOG 2410 36409983.56 -22412206.18 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 79432385.61 -69382388.28 BANGKOK RUB-NVDR BRC-R 79432385.61 -69382388.28 BANGKOK RUBBER-F BRC/F 79432385.61 -69382388.28 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 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 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 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 32946700.57 -74084683.11 ITV PCL-NVDR ITV-R 32946700.57 -74084683.11 ITV PCL-FOREIGN ITV/F 32946700.57 -74084683.11 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 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 MALEE SAMPRAN MALEE 62534877.53 -6947140.27 MALEE SAMPR-NVDR MALEE-R 62534877.53 -6947140.27 MALEE SAMPRAN-F MALEE/F 62534877.53 -6947140.27 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 SAFARI WORLD PUB SAFARI 105846131.92 -13361065.40 SAFARI WORL-NVDR SAFARI-RTB 105846131.92 -13361065.40 SAFARI WORLD-FOR SAFARI/F 105846131.92 -13361065.40 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 THAI-DENMARK PCL DMARK 15715462.27 -10102519.69 THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69 THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69 UNIVERSAL STARCH USC 86972750.14 -49004706.42 UNIVERSAL S-NVDR USC-R 86972750.14 -49004706.42 UNIVERSAL STAR-F USC/F 86972750.14 -49004706.42 ********* 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 2009. 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 ***