/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/090120.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 Tuesday, January 20, 2009, Vol. 12, No. 13 Headlines A U S T R A L I A ACN 006 091 970: Commences Liquidation Proceedings CHIVELLE J: Declares Final Dividend COONIL PTY: Members Receive Wind-Up Report HAMILTON SHOWER: Declares First Dividend HANASA PTY: Placed Under Voluntary Liquidation HOMESAFE AUSTRALIA: Declares First & Final Dividend ITW P&F: Members Hear Wind-Up Report JENS GAUNT: Declares First Dividend MADKA PTY: Declares First & Final Dividend for Priority Creditors MSA CONSTRUCTIONS: Commences Liquidation Proceedings NARSON PTY: Members Receive Wind-Up Report PARKS HOLDINGS: Members and Creditors Hear Wind-Up Report PRO-ACTIVE REAL: Placed Under Voluntary Liquidation XTREME INTERNATIONAL: Members and Creditors Hear Wind-Up Report XTREME WORLDWIDE: Members and Creditors Hear Wind-Up Report C H I N A AGRICULTURAL BANK: Stock Listing May Take a Year, VP Pan Says AIR CHINA: Expects to Post First Annual Loss CHINA CONSTRUCTION: To Issue CNY80 Bil. Bonds * CHINA: 922 Guangdong Province Toy Exporters Closed Last Year H O N G K O N G BEI BU: Inability to Pay Debts Prompts Wind-Up BEST INNOVATIONS: Placed Under Voluntary Wind-Up FLOWER LOUNGE: Creditors' Proofs of Debt Due on February 3 HANG SHUN ET AL: Wai and Kit Step Down as Liquidators GOME ELECTRICAL: Mr. Wong Resigns, New Chairman Appointed GOME ELECTRICAL: Sanlian Seeks US$7.3 Mln Over Stake Purchase HBS SHANGHAI: Commences Liquidation Proceedings KELLETT ESTATES: Placed Under Voluntary Wind-Up LARCOM PROPERTY: Creditors' Proofs of Debt Due on February 9 RUDICK INTERNATIONAL: Creditors Hold Meeting SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC' YARN SERVICES: Members' Final Meeting Set for February 6 * HONG KONG: December Bankruptcies Hit 5-Year High I N D I A JCO GAS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities JET AIRWAYS: Incurs Rs 214.18cr Net Loss in Q3 Ended Dec. 31, 2008 LUCID COLLOIDS: CRISIL Rates Rs.50.0MM Cash Credit at 'B' VINOTAK INVESTMENTS: CRISIL Reaffirms Project Rating 'PA4' J A P A N CITIGROUP INC: To Sell Nikko Cordial FUJI HEAVY: Eyes JPY19 Billion Loss in FY 2009 * Moody's Reviews Ratings on Three Japanese CMBS for Likely Cut * JAPAN: BOJ May Buy Corporate Debt as Funding Shortage Deepens * S&P Puts 14 Junk Ratings From 26 Japanese CDO Deals on WatchNeg K E N Y A * Fitch Changes Outlook on Kenya's 'B+' Rating to Stable K O R E A KOREA DEVELOPMENT: Moody's Reviews 'D' Bank Financial Rating SSANGYONG MOTOR: Submits Bailout Plan M A L A Y S I A SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to April 9 UBG BERHAD: Summary Judgment Hearing Moved to February 2 M O N G O L I A * Fitch Downgrades Mongolia's Issuer Default Ratings to 'B' N E W Z E A L A N D CA CONSULTANTS: Appoints Crichton and Horne as Liquidators EON DESIGN: Creditors' Proofs of Debt Due Today EON LTD: Creditors' Proofs of Debt Due on January 24 EZIFUEL LTD: Creditors' Proofs of Debt Due on January 30 GRAY'S TRANSPORT: Appoints Madsen-Ries and Vance as Liquidators HURSTMERE LTD: Commences Liquidation Proceedings LOVITT'S NZ: Court to Hear Wind-Up Petition on January 28 LUXOR DEVELOPMENTS: Court to Hear Wind-Up Petition on January 28 MAINSTAY CHRISTCHURCH: Commences Liquidation Proceedings PREMIER SECURITY: Creditors' Proofs of Debt Due on January 24 REAL APPLIANCES: Commences Liquidation Proceedings SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28 SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28 TE ROOPU: Fixes March 1 as Last Day to File Claims TRITEC MANUFACTURING: Calls in Receivers WESTIES BY TWO ET AL: Appoint Shephard and Dunphy as Liquidators S I N G A P O R E ARMADA SHIPPING: New York Court Signs Chapter 15 Petition * SINGAPORE: 2008 Overseas Shipments Down by 7.9% T A I W A N PROMOS TECHNOLOGIES: Held Talks with Gov't. as Debt Repayment Near STAR CRUISES: May Withdraw Operations in Taiwan X X X X X X X X * BOND PRICING: For the Week January 19 to January 23, 2009 - - - - - ================= A U S T R A L I A ================= ACN 006 091 970: Commences Liquidation Proceedings -------------------------------------------------- During a general meeting held on October 13, 2008, the members of ACN 006 091 970 Pty Ltd agreed to voluntarily liquidate the company's business. The company's liquidator is: Sule Arnautovic Jenkins Peake Chartered Accountants PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 Facsimile: (03) 5221 4938 CHIVELLE J: Declares Final Dividend ----------------------------------- Chivelle J Pty Ltd, which is in liquidation, declared final dividend on December 5, 2008. Only creditors who were able to file their proofs of debt by November 21, 2008, were included in the company's dividend distribution. The company's liquidator is: A. Thomas Fernandez Fernandez Partners Pty Ltd PO Box 711 Glen Waverley VIC 3150 Telephone: (03) 9886 1200 Facsimile: (03) 9803 6465 COONIL PTY: Members Receive Wind-Up Report ------------------------------------------ The members of Coonil Pty Ltd met on December 2, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Geoff Ridgeway Jenkins Peake Chartered Accountants PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 Facsimile: (03) 5221 4938 HAMILTON SHOWER: Declares First Dividend ---------------------------------------- Hamilton Shower Screens Pty Ltd, which is in liquidation, declared first dividend on November 25, 2008. Only creditors who were able to file their proofs of debt by November 18, 2008, were included in the company's dividend distribution. The company's liquidator is: Geoffrey Ridgeway Jenkins Peake PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 HANASA PTY: Placed Under Voluntary Liquidation ---------------------------------------------- During a general meeting held on October 13, 2008, the members of Hanasa Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Raymond A. Sutcliffe c/o Ground Floor 192-198 High Street Northcote VIC 3070 Telephone: (03) 9482 6277 Facsimile: (03) 9482 1219 HOMESAFE AUSTRALIA: Declares First & Final Dividend --------------------------------------------------- Homesafe Australia Pty Ltd, which is in liquidation, declared first and final dividend for on November 25, 2008. Only creditors who were able to file their proofs of debt by November 18, 2008, were included in the company's dividend distribution. The company's liquidator is: Geoffrey Ridgeway Jenkins Peake PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 ITW P&F: Members Hear Wind-Up Report ------------------------------------ The members of ITW P&F Holdings Pty Ltd met on December 2, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. Leanne Chesser is the company's liquidator. JENS GAUNT: Declares First Dividend ----------------------------------- Jens Gaunt Geelong & Surfcoast Pty Ltd, which is in liquidation, declared first dividend on November 25, 2008. Only creditors who were able to file their proofs of debt by November 18, 2008, were included in the company's dividend distribution. The company's liquidator is: Geoffrey Ridgeway Jenkins Peake PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 MADKA PTY: Declares First & Final Dividend for Priority Creditors ----------------------------------------------------------------- Madka Pty Ltd, which is in liquidation, declared first and final dividend for its priority creditors on November 25, 2008. Only creditors who were able to file their proofs of debt by November 18, 2008, were included in the company's dividend distribution. The company's liquidator is: Geoffrey Ridgeway Jenkins Peake PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 MSA CONSTRUCTIONS: Commences Liquidation Proceedings ---------------------------------------------------- The members of MSA Constructions (Vic) Pty Ltd met on Oct. 20, 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 NARSON PTY: Members Receive Wind-Up Report ------------------------------------------ The members of Narson Pty Ltd met on November 28, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert Gary Potter 5 Sixth Avenue Palm Beach QLD 4221 PARKS HOLDINGS: Members and Creditors Hear Wind-Up Report --------------------------------------------------------- The members and creditors of Parks Holdings Pty Ltd met on December 2, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. M. Rambaldi Pitcher Partners 15 William Street, Level 19 Melbourne VIC 3000 PRO-ACTIVE REAL: Placed Under Voluntary Liquidation --------------------------------------------------- At an extraordinary general meeting held on October 10, 2008, the members of Pro-Active Real Estate Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Nicholas John Roberts 16 Bay Road Mount Martha VIC 3934 XTREME INTERNATIONAL: Members and Creditors Hear Wind-Up Report --------------------------------------------------------------- The members and creditors of Xtreme International Pty Ltd met on November 28, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: D. C. Quin HLB Mann Judd Chartered Accountants 160 Queen Street, Level 1 Melbourne VIC 3000 XTREME WORLDWIDE: Members and Creditors Hear Wind-Up Report ----------------------------------------------------------- The members and creditors of Xtreme Worldwide Pty Ltd met on November 28, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: D. C. Quin HLB Mann Judd Chartered Accountants 160 Queen Street, Level 1 Melbourne VIC 3000 ========= C H I N A ========= AGRICULTURAL BANK: Stock Listing May Take a Year, VP Pan Says ------------------------------------------------------------- The Agricultural Bank of China ("ABC") is expected to spend at least one year preparing for its stock listings on the Shanghai and Hong Kong stock exchanges, Shanghai Daily reports citing ABC Vice President Pan Gongsheng. According to Shanghai Daily, Mr. Pan said the lender has yet to form a timetable for the stock sales. Meanwhile, China View reports that the bank's profit rose 19.1 percent from a year earlier to CNY51.1 billion (US$7.5 billion) in 2008. Citing statistics released by the bank on Sunday, China View says ABC's return on assets (ROA) was 0.79 percent last year, while its return on equity (ROE) was 19.1 percent. ABC President Zhang Yun, China View relates, said the bank "saw a great improvement in profitability last year." As reported in the Troubled Company Reporter-Asia Pacific on Jan. 14, 2009, People's Daily Online said ABC launched a shareholding company with registered capital of CNY260 billion (US$38 billion). The bank, Daily Online related, will be restructured into a state- controlled, shareholding commercial bank and renamed Agricultural Bank of China Ltd. It will be publicly listed, but no details have been released yet, the Daily Online added. Citing various sources, the TCR-AP reported on Nov. 10, 2008, that ABC received a CNY130 billion (US$19 billion) capital injection from Central Huijin Investment Ltd, to start off its restructuring plan. The ABC, Shanghai Daily relates, was the last among China's Big Four lenders to restructure and list shares publicly. Its counterparts -- the Industrial and Commercial Bank of China, the Bank of China and China Construction Bank -- have already gone public after receiving a US$60-billion government bailout and shed their bad loans burden. Agricultural Bank of China -- http://www.abchina.com/-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. * * * As reported in The Troubled Company Reporter-Asia Pacific on October 28, 2008, Moody's Investors Service affirmed all ratings of the Agricultural Bank of China and changed the outlook on its E bank financial strength rating to positive from stable. The action does not affect ABC's A1/Prime-1 foreign currency deposit ratings, which maintain their stable outlook. The Bank also carries an 'E' Individual rating from Fitch Ratings. AIR CHINA: Expects to Post First Annual Loss -------------------------------------------- Air China Limited said it expects to report a "significant loss" in 2008 due to slumping traffic demand and wrong-way bets on fuel prices, various reports say. Reuters reports the airline also estimated fair value losses on its fuel hedging contracts had increased to CNY6.8 billion at the end of last year from CNY3.1 billion in late November. In 2007, Reuters says Air China made a net profit of CNY3.88 billion (US$568 million). Irene Shen at Shanghai Daily reports that Air China joins China Southern Airlines Co and China Eastern Airlines Corp in forecasting a 2008 loss after the nation's cooling economy damped business and leisure travel. "The aviation market experienced a general shrinking demand in 2008 and traffic revenue was significantly lower than expected," Shanghai Daily cited Air China in the statement. The hedging contracts "will have a considerable effect on the financial results for the year." Air China Limited � http://www.airchina.com.cn/-- together with its subsidiaries, provides air passenger, air cargo, and airline related services in China. The company has four segments: Airline Operations, Engineering Services, Airport Terminal Services, and Others. The Airline Operation segment provides air passenger and air cargo services. The Engineering Services segment offers aircraft engineering services, including aircraft maintenance, repair, and overhaul services. The Airport Terminal Services segment provides ground services, including check-in service, boarding service, premium class lounge service, ramp service, luggage handling service, loading and unloading services, and cabin cleaning and transit services. The Others segment offers air catering and various airline-related services. As of December 31, 2006, Air China operated a fleet of 225 aircrafts serving 77 domestic, 43 international, and 1 regional destination. The company was founded in 1988 and is headquartered in Beijing, China. Air China Limited is a subsidiary of China National Aviation Holding Company. CHINA CONSTRUCTION: To Issue CNY80 Bil. Bonds --------------------------------------------- China Construction Bank Corp. plans to issue as much as CNY80 billion (US$11.7 billion) worth of bonds to boost capital, Shanghai Daily reports. Citing a Hong Kong stock exchange filing, Shanghai Daily relates the company said the bonds will be sold over the next two years to institutional investors on the nation's interbank market. The sale, the report says, is subject to approvals by the banking regulator and the central bank. China Construction Bank Corporation (HKG:0939) -- http://www.ccb.com/-- operates in three business segments: corporate banking, personal banking and treasury business. Its corporate banking products and services include corporate loans, trade financing, deposit taking activities, agency services, consulting and advisory services, cash management services, remittance and settlement services, custody services, and guarantee services. The Company's personal banking products and services comprise personal loans, deposit taking activities, card business, personal wealth management services, remittance services and securities agency services. The Bank operates principally in Mainland China with branches located in 31 provinces, autonomous regions and municipalities directly under the central government, and two subsidiaries located in the Bohai Rim. It also has bank branch operations in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong Kong. * * * China Construction Bank continues to carry Moody's 'D-' bank financial strength rating. Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's Bank Deposit Ratings. * CHINA: 922 Guangdong Province Toy Exporters Closed Last Year -------------------------------------------------------------- Almost 1,000 toy exporters in Guangdong Province shut down last year amid product recalls and rising production costs, Shanghai Daily reports citing Huangpu Customs. According to the report, Huangpu Customs in the province said of the 3,089 toy exporters operating in Guangdong by the end of 2007, 922 closed their operations in 2008. Huangpu Customs said about 20 percent of the small toy factories in Dongguan Province also closed last year. Li Zhuoming, head of the Guangdong Toy Association, Shanghai Daily relates, said rising prices for raw material and labor, along with stronger Chinese currency raised production costs by 25 percent for most companies. Product recalls by international toy giants also hurt the industry as Western countries raised standards to ensure toy safety, the report says. In addition, Shanghai Daily notes, the financial crisis compounded the situation as consumption fell and fewer orders came in. China is the world's largest producer and exporter of toys, with Guangdong alone contributing about 70 percent of the overall output, according to the report. ================ H O N G K O N G ================ BEI BU: Inability to Pay Debts Prompts Wind-Up ---------------------------------------------- At an extraordinary general meeting held on December 10, 2008, the members of Bei Bu Wan Development Company Limited resolved to voluntarily liquidate the company's business due to its inability to pay debts when it fall due. The company's liquidator is: Law Tai Yan 118 Connaught Road West Unit 2907, 29th Floor Sai Ying Pun Hong Kong BEST INNOVATIONS: Placed Under Voluntary Wind-Up ------------------------------------------------ The sole shareholder of Best Innovations Enterprises Limited resolved to voluntarily liquidate the company's business on December 24, 2008. The company's liquidators are: Natalia K M Seng Susan Y H Lo Three Pacific Place, Level 28 1 Queen's Road East Hong Kong FLOWER LOUNGE: Creditors' Proofs of Debt Due on February 3 ---------------------------------------------------------- The creditors of Flower Lounge Restaurant (Kowloon) Limited are required to file their proofs of debt by February 3, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 22, 2008. The company's liquidator is: Mdm. Low, Rita Wai Ling Yat Sang Industrial Building, 10th Floor 13 Tai Yip Street, Kwun Tong Kowloon HANG SHUN ET AL: Wai and Kit Step Down as Liquidators ----------------------------------------------------- On December 23, 2008, Ng Kwok Wai and Lui Chi Kit cease to act as liquidators of: -- Hang Shun Paper Products Factory Limited; and -- Rainbow Sky Enterprises Limited. The company's former Liquidators can be reached at: Ng Kwok Wai Lui Chi Kit JCG Building, Flat A, 14th Floor 16 Mongkok Road Mongkok, Kowloon Hong Kong GOME ELECTRICAL: Mr. Wong Resigns, New Chairman Appointed --------------------------------------------------------- GOME Electrical Appliances Holding Ltd said Mr. Wong Kwong Yu (aka Huang Guangyu) has resigned as a director of the company with effect from January 16, 2009. Upon Mr. Wong's resignation, he has automatically ceased to be the chairman of the group with effect from January 16, 2009. Mr. Wong is the controlling shareholder of the company. Mr. Wong's executive duties had been suspended since December 23, 2008, upon being subject to investigation by the Beijing Municipal Public Security Bureau in connection with certain suspected economic crime. His spouse, Ms. Du Juan resigned as a director of the company on December 23, 2008. Appointments GOME has appointed Mr. Chen Xiao as chairman of the group and has acted as the group's chief executive officer with effect from January 16, 2009. The company has also resolved to reappoint Ms. Wei Qiu Li as an executive director with effect from January 16, 2009. On September 1, 2008, the company appointed Ms. Wei as executive director but retracted in December after the Board found out that her appointment was not valid due to a technical defect. Pursuant to her reappointment, Ms. Wei will be entitled to an annual remuneration of HK$180,000 and RMB358,452 together with a fixed annual bonus payment of approximately RMB135,000. Probe In connection with the investigation on Mr. Wong, the company set up a special action committee to: (a) closely monitor and assess the impact on the group's financial condition and operations caused by the investigation; (b) advise on the company's timely disclosure, investor relations and regulatory compliance; and (c) propose recommendations to the Board concerning the actions to be taken by the company in connection with the Investigation. The company also conducted preliminary internal checks on the assets of the group. According to GOME, the results of the checks have not revealed any misappropriation of the assets and funds of the group. In December, GOME appointed Ernst & Young, Certified Public Accountants, Hong Kong, its external auditors, to conduct a review on the group's current financial position as at November 30, 2008. The company also appointed Ernst & Young (China) Advisory Limited, its independent internal control and risk management advisers, to conduct: (i) an assessment of the recording and reporting controls over the connected transactions of the group; and (ii) an assessment of the group's internal control system and risk management mechanism. Unusual Price Movement On October 6, GOME's Board noted the decrease in price of the shares of the company. The Board confirmed there were no negotiations or agreements relating to intended acquisitions or realizations. Trading in the shares of the company on the Stock Exchange was suspended with effect from 9:30 a.m. on November 24, 2008 and will remain suspended until further notice. About GOME Hong Kong-based GOME Electrical Appliances Holding Ltd (HKG:0493) -- http://www.gome.com.hk/eng/-- is principally engaged in the retailing of electrical appliances and consumer electronic products in People's Republic of China. During the year ended December 31, 2007, the company had 726 traditional stores, which included 61 flagship stores, 624 standard stores (including supermarkets) and 41 specialized stores. The product category operated by the company includes audiovisual products, air- conditioner, refrigerators and washing machines, small electrical appliances, telecommunication products, digital products and information technology. The company acquired remaining 50% interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd., from Beijing Dazhong Electrical Appliances Co., Ltd. on December 31, 2007. The group disposed of its 50% interest in Qingdao Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong Electrical Appliances Co., Ltd. on December 31, 2007. GOME ELECTRICAL: Sanlian Seeks US$7.3 Mln Over Stake Purchase ------------------------------------------------------------- Terence Poon at The Wall Street Journal reports Sanlian Group is seeking 50 million yuan (US$7.3 million) in damages from GOME Electrical Appliances Holding Ltd. and four other companies, alleging GOME improperly bought a 10.67% stake in retailer Sanlian Commercial Co. Sanlian Group filed suit with the Shandong Supreme People's Court, which will hear the case Feb. 18, the report says. According to the Journal, GOME became Sanlian Commercial's biggest shareholder through the deal, supplanting parent Sanlian Group, which owns 9.02% in Sanlian Commercial. In a court statement obtained by the Journal, Sanlian Group alleged GOME's acquisition of its shares broke securities, auction, and merger-and-acquisition laws and rules. The report relates Sanlian Commercial said in a Jan. 13 statement to the Shanghai stock exchange that GOME had acquired the stake by financing a Shandong-based company, Shandong Longjishan Construction Co., which bought the shares from Sanlian Group. Shandong Longjishan Construction won the auction Feb. 14, 2008, and transferred all 27 million shares to GOME on March 4, the report says. The court statement cited by the Journal further disclosed China Citic Bank's Ji'nan branch had Sanlian Group sell the Sanlian Commercial shares at auction, after a loan it guaranteed had gone bad. Sanlian Group alleged the number of shares sold in the auction exceeded the amount needed to settle the bad loan and that the auction company didn't give sufficient notice before the sale. Sanlian Group later sold more of its stake in Sanlian Commercial. GOME didn't appear to have acquired any more of the shares, the Journal notes. About GOME Hong Kong-based GOME Electrical Appliances Holdings Ltd (HKG:0493) -- http://www.gome.com.hk/eng/-- is principally engaged in the retailing of electrical appliances and consumer electronic products in People's Republic of China. During the year ended December 31, 2007, the company had 726 traditional stores, which included 61 flagship stores, 624 standard stores (including supermarkets) and 41 specialized stores. The product category operated by the company includes audiovisual products, air- conditioner, refrigerators and washing machines, small electrical appliances, telecommunication products, digital products and information technology. The company acquired remaining 50% interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd., from Beijing Dazhong Electrical Appliances Co., Ltd. on December 31, 2007. The group disposed of its 50% interest in Qingdao Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong Electrical Appliances Co., Ltd. on December 31, 2007. HBS SHANGHAI: Commences Liquidation Proceedings ----------------------------------------------- The members of HBS Shanghai 2003 Limited met on December 22, 2008, and resolved to voluntarily liquidate the company's business. The company's liquidator is: Sin Mee Yum Meonne Tai Yau Building, 22nd Floor 181 Johnston Road Wanchai, Hong Kong KELLETT ESTATES: Placed Under Voluntary Wind-Up ----------------------------------------------- At an extraordinary general meeting held on December 22, 2008, the members of Kellett Estates Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Chow Chan Lum, Charles Ngan Lin Chun, Esther 1902 MassMutual Tower 38 Gloucester Road Wanchai, Hong Kong LARCOM PROPERTY: Creditors' Proofs of Debt Due on February 9 ------------------------------------------------------------ The creditors of Larcom Property Management Limited are required to file their proofs of debt by February 9, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 23, 2008. The company's liquidator is: Man, Kwok Leung The Sun's Group Centre Unit 701, 7th Floor 200 Gloucester Road Hong Kong RUDICK INTERNATIONAL: Creditors Hold Meeting -------------------------------------------- The creditors of Rudick International Limited met on Jan. 9, 2009, and discussed all matters relevant to the creditors' voluntary wind-up. SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its rating on Series 2007-4 US$50 million synthetic collaterized debt obligation variable rate notes due 2012 issued by Sceptre Capital B.V. to 'CC' from 'CCC-/Watch Neg'. The rating was subsequently withdrawn. The downgrade reflects a deterioration in the credit quality of the transaction following the default of several reference names in the portfolio. The withdrawal of the rating is at the request of the issuer following a buy-back of the notes. The rating action on the affected transaction is: Rating Lowered Name Rating To Rating From ---- --------- ----------- Sceptre Capital B.V. CC CCC-/Watch Neg Series 2007-4 Rating Withdrawn Name Rating To Rating From ---- --------- ----------- Sceptre Capital B.V. NR CC YARN SERVICES: Members' Final Meeting Set for February 6 -------------------------------------------------------- The members of Yarn Services (HKS) Limited will hold their final general meeting on February 6, 2009, at 11:00 a.m., at Office No. 1818, 18th Floor of Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, in Kowloon, Hong Kong. At the meeting, Chan Sun Kwong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. * HONG KONG: December Bankruptcies Hit 5-Year High -------------------------------------------------- Bloomberg News reports bankruptcy filings in Hong Kong reached 1,334 last month, the highest since November 2003, after severe acute respiratory syndrome caused the city to slide into its last recession. Hong Kong recorded 1,223 bankruptcy petitions in November, the report notes citing the Official Receiver's Office. For all of 2008, the report says the number of bankruptcy petitions rose to 11,620 from 10,918 in 2007. ========= I N D I A ========= JCO GAS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities ---------------------------------------------------------------- CRISIL has assigned its ratings of 'BB+/Positive' to the various bank facilities of JCO Gas Pipe Ltd (JCO). Rs.300.0 Million Cash Credit BB+/Positive (Assigned) Rs.350.0 Million Term Loan BB+/Positive (Assigned) The ratings reflect JCO's strong growth prospects for the submerged arc-welded (SAW) pipes industry. These strengths are, however, partially offset by JCO's limited ability to compete comprehensively with larger players in the business. Outlook: Positive CRISIL believes that JCO will complete its helical SAW facility in Madhya Pradesh without time and cost overruns. The rating may be revised upwards if operations at the plant stabilize, and the project generates adequate cash accruals to service debt repayment obligations. Conversely, the outlook may be revised to 'Stable' if delays in commissioning of plant or delays in securing orders from clients, adversely impact the company's debt protection indicators. About JCO JCO, a joint venture between the DP Jindal and Chokhani groups, was formed as part of the DP Jindal group's entry into the helical SAW pipe manufacturing segment. The company is setting up a 50,000 tonnes per annum helical SAW pipe facility in Chhindwara District (Madhya Pradesh), at a total investment of Rs.570 million. The manufacturing facility is nearing completion, and commercial production is expected to begin in April 2009. JET AIRWAYS: Incurs Rs 214.18cr Net Loss in Q3 Ended Dec. 31, 2008 ------------------------------------------------------------------ Jet Airways (India) disclosed its unaudited financial results for the quarter ended December 31, 2008. The company posted a net loss of Rs 2141.80 million for the quarter ended Dec. 31, 2008, compared with a net loss of Rs 911.20 million for the quarter ended Dec. 31, 2007. Total Income increased from Rs 25171.80 million for the quarter ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended Dec. 31, 2008. For the nine months ended December 31, 2008, Jet Airways reported a net loss of Rs 4553.30 million, compared with a net loss of Rs 318.8 million in the same period in 2007. Total income increased from Rs 60512.00 million for the nine months ended Dec. 31, 2007 to Rs 90113.30 million in the same period last year. "The company, during the quarter and nine months ended Dec. 31, 2008, suffered losses mainly on account of high fuel and other operating costs and lower lead factors resulting into lower revenues than expected," Jet Airways said in a filing with the Bombay Stock Exchange. Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/ -- currently operates a fleet of 84 aircraft,which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52 classic and next generation Boeing 737-400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop aircraft. With an average fleet age of 4.34 years, the airline has one of the youngest aircraft fleet in the world. Jet Airways operates over 395 flights daily. Flights to 64 destinations span the length and breadth of India and beyond, including New York (both JFK and Newark), San Francisco, Toronto, Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai. The airline plans to extend its international operations to other cities in North America, Europe, Africa and Asia in phases with the introduction of additional wide-body aircraft into its fleet. * * * As reported in the Troubled Company Reporter-Asia Pacific on October 29, 2008, Jet Airways (India) Ltd posted a net loss from ordinary Activity After Tax of Rs.3845.30 million for the quarter ended Sept. 30, 2008 as compared to net profit of Rs.283.60 million for the quarter ended Sept. 30, 2007. Total Income increased from Rs.22541.10 million for the quarter ended Sept. 30, 2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008. LUCID COLLOIDS: CRISIL Rates Rs.50.0MM Cash Credit at 'B' --------------------------------------------------------- CRISIL has assigned its ratings of 'B/Stable/P4' to the various bank facilities of Lucid Colloids Ltd (Lucid Colloids). Rs.50.0 Million Cash Credit* B/Stable (Assigned) Rs.350.0 Million Packing Credit/Post P4 (Assigned) Shipment Credit Rs.180.0 Million Proposed Packing P4 (Assigned) Credit/Post Shipment Credit * Fully interchangeable with Packing Credit/Post Shipment Credit. The ratings reflect Lucid Colloids' limited scale of operations, moderate financial risk profile, and exposure to risks relating to customer concentration combined with input price volatility and low entry barriers in the guar gums business. These weaknesses are partially offset by the benefits that Lucid Colloids derives from its established track record in the guar gums business, and the vast experience of its promoters. . Outlook: Stable CRISIL believes that Lucid Colloids will maintain a stable business risk profile over the medium term on the back of steady demand from its customers in the overseas and domestic markets. The outlook may be revised to 'Negative' if the company's debt protection measures deteriorate further, or if climate changes affect supply of inputs, or if new substitutes for guar gum are introduced in the market. Conversely, the outlook may be revised to 'Positive' if the company attains substantial improvement in operating margins, or enhances the diversity in its product portfolio and customer profile. About Lucid Colloids Lucid Colloids was set up by Mr. Uday Merchant in 1999, in the wake of a restructuring of Indian Gum Industries Ltd, promoted by his father, Mr. C G Merchant. Lucid Colloids manufactures guar gum powder in the food and industrial grades, mostly for the exports market. Its products have an established market in the US, where it is preferred supplier to a few of its customers. The company's manufacturing plant is at Jodhpur. Lucid Colloids' has entered into a joint venture with Taiyo Kagaku Co. Ltd.( Japan), and formed Taiyo Lucid Pvt Ltd, which has contributed around 10 per cent to Lucid Colloids' revenues in 2007-08 (refers to financial year, April 1 to March 31). Lucid Colloids reported a profit after tax (PAT) of Rs.7 million on net sales of Rs.831 million in 2007-08, as against a PAT of Rs.2 million on net sales of Rs.901 million for 2006-07. VINOTAK INVESTMENTS: CRISIL Reaffirms Project Rating 'PA4' ---------------------------------------------------------- CRISIL has reaffirmed its real estate project rating on Vinotak Investments Pvt Ltd's (VIPL's) Marathon Maxima project at 'PA4'. The rating indicates that the developer's ability to build the project as per the specified quality level and time schedule, and to transfer a clear title, is 'inadequate'. Uncertainties facing the project could result in the developer's inability or unwillingness to complete the project. VIPL is part of the Mumbai-based Marathon group. Its main business is real estate development. The rating reflects delays in obtaining the occupancy certificate (OC) from the Municipal Corporation of Greater Mumbai (MCGM) for Marathon Maxima, and the significant legal risks emerging from the uncertainty over the legality of the development. This is because a part of the plot on which Marathon Maxima has been developed was classified as forest area by the Government of Maharashtra (GoM). However, the matter is pending with the Supreme Court (SC); the court has appointed a Central Empowered Committee to look into the matter and make recommendations. The status of the plot continues to depend on the SC verdict. If classified as forest land, any development on the plot will be considered illegal under the Forest Conservation Act, 1980, and expose Marathon Maxima to significant legal risks. CRISIL expects the OC from MCGM to be delayed significantly, until clarity emerges on the issue. About the Project Marathon Maxima has been developed by VIPL at Mulund, Mumbai. The project has both commercial and residential segments, with a total saleable area of about 0.1 million square feet. The project, which was completed in February 2005, faces legal uncertainties; it is yet to receive the OC from MCGM. ========= J A P A N ========= CITIGROUP INC: To Sell Nikko Cordial ------------------------------------ Alison Tudor at The Wall Street Journal reports that Citigroup Inc. said that it has earmarked Japanese retail brokerage Nikko Cordial Securities for sale. Nikko Cordial Securities will be categorized as a non-core asset alongside other peripheral or ailing businesses globally, WSJ says, citing Citigroup. As reported by the Troubled Company Reporter on Jan. 15, 2009, a Citigroup Inc. spokesperson said that the company would keep Nikko Cordial, after disclosing the sale of its retail brokerage business Smith Barney to Morgan Stanley. According to WSJ, people familiar with the matter said that Citigroup hadn't planned to sell Nikko Cordial until the eve of its earnings. Nikko Cordial, says WSJ, was Citigroup's sole major retail brokerage business and didn't fit into Citigroup's plans. WSJ relates that Citigroup figured it might be easier to find a buyer for its businesses in Japan, since Japanese financial institutions are still relatively sound financially. 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. FUJI HEAVY: Eyes JPY19 Billion Loss in FY 2009 ---------------------------------------------- Fuji Heavy Industries Ltd said it may reverse its projected JPY10 billion net income for the fiscal year ending March 31, 2009 into a JPY19 billion loss. Bloomberg News says the projected loss would be the company's first in 15 years. The company also revised its projected JPY23 billion operating income for the fiscal year into a JPY9 billion operating loss. In a statement, Fuji Heavy attributed the lower business performance forecast to: -- the revision of the sales plan resulting from a sharp downturn of automobile demands on a global basis; -- the rapid appreciation of yen more than assumed exchange rates; and -- incurring uncollectible receivables by the trading partner company. Fuji Heavy, according to Bloomberg News, is cutting worldwide production by 70,000 vehicles this fiscal year and lowered its global sales target for this fiscal year by 60,900 vehicles to 554,800. Bloomberg News recalls in November, Fuji Heavy said it may not collect US$24.8 million in receivables after very light jet aircraft maker Eclipse Aviation Corp., based in Albuquerque, New Mexico, filed for bankruptcy. The automaker will book a charge of JPY3 billion this fiscal year related to Eclipse, the new agency says citing President Ikuo Mori. Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) -- http://www.fhi.co.jp/english/-- is a global manufacturer of transportation and aerospace-related products and the maker of Subaru automobiles. It has four business divisions. The main products of the Automobiles division include Legacy, Impreza, Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer. Its Subaru automotive business manufactures, repairs and sells minicars, small cars, passenger cars and their components. Through the Aerospace division, FHI is engaged in the manufacture, repair and sales of airplanes, aerospace-related machinery and their components. The Industrial Products division is engaged in the manufacture, repair and sales of power generators, engine-equipped machinery, Robin engines, pumps, agricultural machinery, construction machinery and other machine tools. The Other division manufactures, sells, repairs and services sweeper and eco-related machinery, garbage collection vehicles and specialized vehicles. The Other division is also engaged in real estate leasing. * Moody's Reviews Ratings on Three Japanese CMBS for Likely Cut --------------------------------------------------------------- Moody's Investors Service has announced the continuation of a review for possible downgrade of the ratings of three Japanese CMBS transactions. Moody's had originally placed the ratings under review for possible downgrade on September 17, 2008, as a result of the Lehman Brothers Holdings Inc. bankruptcy on September 15, 2008 and a subsequent rating downgrade. The reviewed classes are exposed to LBHI or its subsidiaries as hedge counterparties. Currently, each transaction's relevant parties are seeking a substitute for the hedge counterparty, or are drafting prospective hedge contracts. Moody's continues its review because it is uncertain when these contracts will be finalized. Moody's will determine any rating changes once the contracts have been finalized and it has had a chance to review them. Moody's is also examining the potential interest rate risks of the transactions without hedge contracts. In Moody's view, such risks are limited, given the current interest rate environment, but the rating agency will analyze the risks by incorporating interest rate increase scenarios. - L-JAC 4: -- Class A-2, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- Class B-2, Aa2 still under review for possible downgrade; Aa2 had been placed under review for possible downgrade on September 17, 2008 -- Class C-2, A2 still under review for possible downgrade; A2 had been placed under review for possible downgrade on September 17, 2008 -- Class D-2, Baa2 still under review for possible downgrade; Baa2 had been placed under review for possible downgrade on September 17, 2008 -- Class D-3A, Baa2 still under review for possible downgrade; Baa2 had been placed under review for possible downgrade on September 17, 2008 -- Class D-3B, Baa2 still under review for possible downgrade; Baa2 had been placed under review for possible downgrade on September 17, 2008 -- Class E-2, Baa3 still under review for possible downgrade; Baa3 had been placed under review for possible downgrade on September 17, 2008 -- Class E-3, Baa3 still under review for possible downgrade; Baa3 had been placed under review for possible downgrade on September 17, 2008 -- Class F-2, Ba1 still under review for possible downgrade; Ba1 had been placed under review for possible downgrade on September 17, 2008 -- Class F-3, Ba1 still under review for possible downgrade; Ba1 had been placed under review for possible downgrade on September 17, 2008 -- Class G-2, Ba2 still under review for possible downgrade; Ba2 had been placed under review for possible downgrade on September 17, 2008 -- Class G-3, Ba2 still under review for possible downgrade; Ba2 had been placed under review for possible downgrade on September 17, 2008 -- Class X-1, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- Class X-2, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 - L-JAC 5 Trust -- Class A, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- Class B, Aa2 still under review for possible downgrade; Aa2 had been placed under review for possible downgrade on September 17, 2008 -- Class C, A2 still under review for possible downgrade; A2 had been placed under review for possible downgrade on September 17, 2008 -- Class D-1, Baa2 still under review for possible downgrade; Baa2 had been placed under review for possible downgrade on September 17, 2008 -- Class E-1, Baa3 still under review for possible downgrade; Baa3 had been placed under review for possible downgrade on September 17, 2008 -- Class F-1, Ba1 still under review for possible downgrade; Ba1 had been placed under review for possible downgrade on September 17, 2008 -- Class G-1, Ba2 still under review for possible downgrade; Ba2 had been placed under review for possible downgrade on September 17, 2008 -- Class H-1, Ba3 still under review for possible downgrade; Ba3 had been placed under review for possible downgrade on September 17, 2008 -- Class I-1, B1 still under review for possible downgrade; B1 had been placed under review for possible downgrade on September 17, 2008 -- Class J-1, B2 still under review for possible downgrade; B2 had been placed under review for possible downgrade on September 17, 2008 -- Class X-1, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- Class X-2, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 - L-JAC 7 Trust -- Class A, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- Class B, Aa2 still under review for possible downgrade; Aa2 had been placed under review for possible downgrade on September 17, 2008 -- Class C, A2 still under review for possible downgrade; A2 had been placed under review for possible downgrade on September 17, 2008 -- Class D-1, Baa2 still under review for possible downgrade; Baa2 had been placed under review for possible downgrade on September 17, 2008 -- Class E-1, Baa3 still under review for possible downgrade; Baa3 had been placed under review for possible downgrade on September 17, 2008 -- Class F-1, Ba1 still under review for possible downgrade; Ba1 had been placed under review for possible downgrade on September 17, 2008 -- Class G-1, Ba2 still under review for possible downgrade; Ba2 had been placed under review for possible downgrade on September 17, 2008 -- Class H-1, Ba3 still under review for possible downgrade; Ba3 had been placed under review for possible downgrade on September 17, 2008 -- Class I-1, B1 still under review for possible downgrade; B1 had been placed under review for possible downgrade on September 17, 2008 -- Class J-1, B2 still under review for possible downgrade; B2 had been placed under review for possible downgrade on September 17, 2008 -- Class K-1, B3 still under review for possible downgrade; B3 had been placed under review for possible downgrade on September 17, 2008 -- Class X, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on September 17, 2008 -- CMBL, Aaa still under review for possible downgrade; Aaa had been placed under review for possible downgrade on Sept. 17, 2008. * JAPAN: BOJ May Buy Corporate Debt as Funding Shortage Deepens --------------------------------------------------------------- Bloomberg News reports Bank of Japan ("BOJ") may start buying corporate debt after Governor Masaaki Shirakawa said companies are struggling to raise funds as markets deteriorate. "It's becoming harder for companies to raise funds through commercial paper and corporate bond markets," the report quoted Gov. Shirakawa as saying at a quarterly meeting of the bank's regional chiefs in Tokyo Friday last week. According to the report, central bank estimates say in Japan, about JPY1.3 trillion in corporate bonds will come due by the end of March. The report relates Kiichi Murashima, chief economist at Nikko Citigroup Ltd. in Tokyo, said "The BOJ has already decided to purchase commercial paper outright, corporate bonds are probably next." Citing the Nikkei newspaper, the report says the bank may buy as much as JPY2 trillion (US$22 billion) in commercial paper as part of its strategy to support corporate access to short-term funding. * S&P Puts 14 Junk Ratings From 26 Japanese CDO Deals on WatchNeg ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it had placed its ratings on 33 tranches relating to 26 Japanese synthetic CDO transactions on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed its ratings on 23 tranches relating to 18 Japanese synthetic CDO transactions and removed the ratings from CreditWatch with negative implications. Standard & Poor's also placed a further five tranches relating to five transactions on CreditWatch with positive implications, with these tranches having previously been on CreditWatch with negative implications. The 33 tranches that were placed on CreditWatch with negative implications had SROC (synthetic rated overcollateralization) levels that fell below 100% during S&P's monthly review on Jan. 6. Meanwhile, the 28 tranches whose ratings were either affirmed or placed on CreditWatch with positive implications had SROC levels that recovered to 100% or above during S&P's monthly review on Jan. 6. The monthly review was rescheduled to Jan. 6 from the end of December to allow time for the data to reflect the auction results of the International Swaps and Derivatives Association's protocol for Tribune. The auction was held on Jan. 6. Regarding entities that have been exposed to credit events during the past few months, S&P has considered the auction results in its analysis of their recovery assumptions. The rating actions are part of S&P's regular monthly review of synthetic CDOs. These actions incorporate, among other things, the impact of rating migration. The rating migration includes, but is not limited to, the rating changes on Clear Channel Communications Inc. (from 'CC' to 'B' on Dec. 24, 2008), Harrah's Entertainment Inc. (from 'CC' to 'B-' on Dec. 29, 2008, Dow Chemical Co. (from 'A-/Watch Neg' to 'BBB/Watch Neg' on Dec. 29, 2008; and the downgrades on 12 major European and U.S. banks on Dec. 19, 2008. The tranches listed below that have been placed on CreditWatch will be taken to committee in the later part of this month for further rating actions, along with any other tranches with ratings that are currently on CreditWatch with negative or positive implications. Ratings List Andante Ltd. Credit-linked secured notes series 2 Class To From Issue Amount ----- -- ---- ------------ A-1 CCC+/Watch Neg CCC+ JPY1.7 bil. A-2 CCC+/Watch Neg CCC+ JPY1.3 bil. Astra Alpha Ltd. Multi-issuer obligation programme series 2005-01 credit-linked notes To From Issue Amount -- ---- ------------ CCC-/Watch Pos CCC- JPY15.0 bil. Corsair (Jersey) No. 2 Ltd. Floating rate secured portfolio credit-linked notes series 38 To From Issue Amount -- ---- ------------ BB+ BB+/Watch Neg JPY5.6 bil. Fixed rate secured portfolio credit-linked loan series 45 To From Issue Amount -- ---- ------------ BB+ BB+/Watch Neg JPY3.0 bil. Floating rate secured portfolio credit-linked notes series 47 To From Issue Amount -- ---- ------------ BB BB/Watch Neg JPY1.0 bil. Floating rate secured portfolio credit-linked series 52 (Portfolio F360) To From Issue Amount -- ---- ------------ BB BB/Watch Neg JPY1.0 bil. Fixed rate secured portfolio credit-linked loan series 53 To From Issue Amount -- ---- ------------ BBB+ BBB+/Watch Neg JPY3.0 bil. Floating-rate credit-linked notes series 56 To From Issue Amount -- ---- ------------ B/Watch Pos B JPY2.2 bil. Floating rate credit-linked notes series 63 To From Issue Amount -- ---- ------------ B B/Watch Neg JPY3.1 bil. Fixed rate credit-linked notes series 64 To From Issue Amount -- ---- ------------ CCC+/Watch Pos CCC+ $50.0 mil. Floating-rate secured portfolio credit-linked notes series 76 To From Issue Amount -- ---- ------------ BB-/Watch Neg BB- $20.0 mil. Floating-rate secured portfolio credit-linked notes series 78 To From Issue Amount -- ---- ------------ BB/Watch Neg BB JPY3.0 bil. Floating rate secured portfolio credit-linked notes series 81 To From Issue Amount -- ---- ------------ CCC+/Watch Neg CCC+ JPY1.0 bil. Floating rate secured portfolio credit-linked notes series 86 To From Issue Amount -- ---- ------------ CCC+/Watch Neg CCC+ $10.0 mil. Eirles Two Ltd. Portfolio credit linked secured notes series 310 Class To From Issue Amount ----- -- ---- ------------ A BBB/Watch Neg BBB JPY5.0 bil. ELM B.V. Elysium class B secured credit linked notes series 97 To From Issue Amount -- ---- ------------ CCC+/Watch Neg CCC+ $20.0 mil. Helium Capital Ltd. Series 49 limited recourse secured synthetic CDO notes To From Issue Amount -- ---- ------------ B- B-/Watch Neg $40.0 mil. Asset backed securities and collateralized debt obligation limited credit linked notes series 51 To From Issue Amount -- ---- ------------ CCC+/Watch Pos CCC+/Watch Neg JPY1.0 bil. Limited recourse secured floating rate credit-linked notes series 57 To From Issue Amount -- ---- ------------ CCC+/Watch Pos CCC+/Watch Neg $10.0 mil. Corporate basket credit-linked note series 60 (Esperance) To From Issue Amount -- ---- ------------ B/Watch Neg B A$85.0 mil. Hummingbird Securitization Ltd. Series 2 loan Class To From Issue Amount ----- -- ---- ------------ #2 Loan BBB-/Watch Neg BBB- JPY3.0 bil. J-Bear Funding Ltd. Limited recourse secured floating rate portfolio credit-linked notes (Series 31) To From Issue Amount -- ---- ------------ BBB-/Watch Neg BBB- JPY3.0 bil. Limited recourse secured floating rate portfolio credit-linked notes series 36 To From Issue Amount -- ---- ------------ BBB/Watch Neg BBB $10.0 mil. Momentum CDO (Europe) Ltd. Secured credit-linked notes (Louvre CDO) series 2005-1 Class To From Issue Amount ----- -- ---- ------------ AF BB BB/Watch Neg JPY1.0 bil. AX BB BB/Watch Neg JPY1.5 bil. BF B B/Watch Neg JPY1.0 bil. BX B B/Watch Neg JPY200.0 mil. Secured credit-linked notes Louvre II CDO series 2005-2 Class To From Issue Amount ----- -- ---- ------------ AX BBB BBB/Watch Neg JPY700.0 mil. BF BBB BBB/Watch Neg JPY1.5 bil. BX BBB BBB/Watch Neg JPY2.2 bil. Secured credit-linked loan Louvre CDO II series 2005-3 To From Issue Amount -- ---- ------------ BBB BBB/Watch Neg JPY3.0 bil. SONATA notes series 2006-2 Class To From Issue Amount ----- -- ---- ------------ AF BBB-/Watch Neg BBB- JPY2.0 bil. AX BBB-/Watch Neg BBB- JPY1.1 bil. SONATA floating rate notes series 2006-5 Class To From Issue Amount ----- -- ---- ------------ AF BBB-/Watch Neg BBB- EUR5.0 mil. SONATA notes series 2006-7 Class To From Issue Amount ----- -- ---- ------------ BF BB/Watch Neg BB JPY100.0 mil. BX BB/Watch Neg BB JPY700.0 mil. SONATA fixed-rate notes series 2006-10 Class To From Issue Amount ----- -- ---- ------------ AX BB/Watch Neg BB EUR20.0 mil. OPALE floating and fixed-rate credit linked notes series 2006-12 Class To From Issue Amount ----- -- ---- ------------ AF B-/Watch Neg B- JPY1.0 bil. AX B-/Watch Neg B- JPY600.0 mil. Floating-rate credit-linked notes series 2006-20 To From Issue Amount -- ---- ------------ CCC/Watch Neg CCC JPY1.0 bil. SONATA 4 floating rate notes series 2006-21 To From Issue Amount -- ---- ------------ CCC/Watch Neg CCC $20.0 mil. Morgan Stanley ACES SPC Secured floating-rate notes series 2004-5 To From Issue Amount -- ---- ------------ AA- AA-/Watch Neg $10.0 mil. Octagon Ltd. Secured floating rate credit-link notes series 2005-1 (Aska V) Class To From Issue Amount ----- -- ---- ------------ B BBB BBB/Watch Neg JPY1.5 bil. Omega Capital Investments PLC Series 10 secured floating rate notes Class To From Issue Amount ----- -- ---- ------------ A BBB-/Watch Neg BBB- JPY2.0 bil. B BBB-/Watch Neg BBB- JPY3.1 bil. Series 16 secured floating rate notes To From Issue Amount -- ---- ------------ BBB BBB/Watch Neg JPY2.0 bil. Secured multi rate notes series 21 Class To From Issue Amount ----- -- ---- ------------ A1 BBB-/Watch Neg BBB- $20 mil. A2 BBB-/Watch Neg BBB- JPY300.0 mil. Series 29 secured fixed rate notes Class To From Issue Amount ----- -- ---- ------------ A1 CCC+/Watch Neg CCC+ JPY2.3 bil. Series 48 secured notes Class To From Issue Amount ----- -- ---- ------------ 5Y-A1 B+/Watch Neg B+ JPY1.3 bil. 5Y-A2 B+/Watch Neg B+ JPY1.2 bil. Signum Vanguard Ltd. Secured credit-linked loan series 2004-6 To From Issue Amount -- ---- ------------ A- A-/Watch Neg JPY4.0 bil. Class A secured floating rate credit-linked notes series 2004-08 To From Issue Amount -- ---- ------------ A- A-/Watch Neg JPY1.0 bil. Class A secured floating rate credit-linked notes series 2004-09 To From Issue Amount -- ---- ------------ BB+ BB+/Watch Neg JPY1.0 bil. Class A secured fixed rate credit-linked loan series 2005-04 To From Issue Amount -- ---- ------------ BBB-/Watch Neg BBB- JPY4.0 bil. Class A secured floating rate credit-linked notes series 2005-06 To From Issue Amount -- ---- ------------ BBBpNRi/Watch Neg BBBpNRi JPY3.0 bil. Secured floating rate credit-linked notes series 2006-03 To From Issue Amount -- ---- ------------ BBB-/Watch Neg BBB- $10.0 mil. Series 2006-04 secured floating rate credit-linked notes To From Issue Amount -- ---- ------------ CCC- CCC-/Watch Neg JPY1.0 bil. Secured floating rate credit-linked notes series 2006-10 To From Issue Amount -- ---- ------------ B B/Watch Neg JPY300.0 mil. Series 2007-02 secured fixed rate credit-linked notes To From Issue Amount -- ---- ------------ CCC+/Watch Neg CCC+ JPY1.0 bil. ========= K E N Y A ========= * Fitch Changes Outlook on Kenya's 'B+' Rating to Stable -------------------------------------------------------- Fitch Ratings revised the Outlooks on Kenya's Long-term foreign and local currency Issuer Default Ratings to Stable from Negative. The ratings were affirmed at 'B+' and 'BB-' (BB minus), respectively. The Short-term rating is affirmed at 'B' and the Country Ceiling rating at 'BB-' (BB minus). "The Stable Outlook reflects the return to stability following the formation of a grand coalition government, in the wake of disputed elections held in December 2007, which remains intact almost a year later and has put Kenya on the road to recovery," says Veronica Kalema, a Director in Fitch's Middle East and Africa Department. "Though Kenya's recovery is being affected by the global economic slowdown and liquidity crunch, this will delay rather than derail a return to strong growth and Kenya's fundamentals remain supportive of a 'B+' rating." The impact of the post-election violence has been compounded by the global situation which will slow Kenya's recovery by reducing non-regional exports, tourism, remittances and capital flows for much needed investment. After a contraction by 1% y-o-y in Q108, growth recovered to 3.4% in Q208, before easing to 2.1% in Q308. Fitch estimates that Kenya's growth slowed to around just 2% for 2008 as a whole, down from 7% in 2007. The agency, nonetheless, believes that Kenyan growth will improve in 2009, supported by strong regional and domestic demand and a recovery of agriculture to around 4-5%. Public finances proved resilient to the country's political crisis. The deficit in FY08 (July 2007-June 2008) came in at 3.5% of GDP, below the projected 5.3% of GDP, reflecting strong revenue growth in the lead-up to the crisis, while reduced capital spending offset increased spending on security. The public debt ratio continued to decline to 43% of GDP from as high as 63% in FY04, although this is higher than the 29% of GDP median for the 'B' category, where many countries, unlike Kenya, have been beneficiaries of debt relief. Deficits are projected to widen due to increased infrastructure investment which is positive for longer-term creditworthiness, but means that debt ratios will decline more gradually going forward. In FY09 the planned Eurobond issue is unlikely to go ahead due to tight global credit markets. This will delay some planned infrastructure spending, and lower the deficit to around 4% of GDP compared with a budgeted 5.5%. Up until 2007 the widening current account deficit was financed by increased capital inflows, including record FDI in 2007. However, in 2008, net capital flows were insufficient to finance the further widening caused by higher oil prices and lower tourist receipts. Balance of payments pressures worsened in Q408 due to the withdrawal of capital by foreign investors, resulting in a fall in reserves and the KES. These have since stabilised. In 2009, despite a narrowing of the CAD, mainly due to lower oil prices, BOP pressures may continue, due to limited access to finance and lower remittances. This would increase macroeconomic risks. Successfully navigating the economy through the adverse global environment - by sustaining growth and keeping inflation in check - would be important to maintain the current rating. Kenya has had a poor recent inflation record. Inflation shot up in 2008 and averaged 26%. However, it is expected to fall substantially in 2009 due to methodological changes, a fall in fuel prices and normalisation of domestic food supplies. Gross external debt and net external debt ratios have declined steadily and GXD ratios are stronger than the medians of the 'B' and more or less in line with 'BB' credits. However, these are now expected to stabilise rather than continue a downward trend due to a rise in borrowing for infrastructure spending and the recent fall in official reserves. The GCG has held together in the past year. However, the real test will come as it deals with underlying issues that caused the post- election violence - constitutional and electoral reform - as well as land reforms issues. Any progression up the rating scale will depend on addressing these issues so as to prevent a cycle of instability with future elections. Conversely, an unravelling of the GCG - which, though not Fitch's central assumption, is a risk as it starts addressing these issues - would lead to negative rating action. There has been some progress, with a Constitution Amendment Bill passed in December 2008 that officially disbanded the electoral commission of Kenya and which enables the country to embark on constitutional review. Additionally in December, the President and Prime Minister signed off an agreement to implement an internal tribunal as recommended by the Waki report, to bring to account those involved in the post-election violence. ========= K O R E A ========= KOREA DEVELOPMENT: Moody's Reviews 'D' Bank Financial Rating ------------------------------------------------------------ Moody's Investors Service has assigned an Aa3 rating to Korea Development Bank's USD senior bond due 2014 under the U.S. SEC registered shelf program. The rating is on review for possible downgrade. Note that this debt is not being issued under the Korean government's guarantee program for external debts announced on October 19, 2008. The rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents Moody's has already reviewed. The rating reflects KDB's special status as Korea's primary developmental finance institution. The bank functions as a conduit for funds derived from domestic and foreign sources which are channeled to strategic and often under-served sectors of the Korean economy. KDB also plays a critical role in the country's reform efforts as it provides funds to restructuring corporates with liquidity needs. Its policy function ensures strong government support. The last rating action on KDB was taken on January 15, 2009, when the Aa3 long-term foreign currency senior debt rating and the Aa1 long-term local currency deposit rating were placed on review for possible downgrade. Moody's Investors Service has put on review for possible downgrade the ratings of 10 Korean financial institutions, including KDB, in relation to concerns expressed in Moody's press release of January 15, 2009, which commented on Korea bank foreign currency obligations and the increased dependence of banks on the Korean government for foreign currency support KDB was established in 1954 pursuant to the KDB Act, which requires the government to maintain 100% ownership and support the bank's solvency. With KRW140.6 trillion in assets (USD138 billion) as of June 30, 2008, the bank is the largest policy bank in Korea. Below are KDB's ratings (all have a stable outlook, except for the long-term foreign currency senior debt rating and the long-term local currency deposit rating which have been placed on review for possible downgrade): -- Bank Financial Strength D -- Long Term/Short Term Bank Deposits (Foreign) A2/P-1 -- Long Term/Short Term Bank Deposits (Domestic) Aa1/P-1 -- Long Term/Short Term Senior Debt (Foreign) Aa3/P-1 SSANGYONG MOTOR: Submits Bailout Plan ------------------------------------- Kim Hyun-cheol at The Korea Times reports that Ssangyong Motor submitted a bailout program to the Seoul Central District Court on Sunday, January 18. Citing industry sources, Korea Times relates the bailout program didn't include a proposal for a cash injection from its Chinese parent firm, Shanghai Automotive Industry Corporation (SAIC). Korea Times says there is reportedly no explicit comment that SAIC will pay back its unpaid royalties for Ssangyong's technology for sports utility vehicle production. According to the Korea Times, Ssangyong officials said the money will be paid in several stages, regardless of the bailout plan, because the payment should be made according to the signed contract between the two companies. If the court accepts the application for receivership next month, Korea Times notes, SAIC will lose its management control in the company but still retain its majority stake. Meanwhile, english.chosun.com reports that Russian automaker Sollers says it is willing to buy the rights to produce Ssangyong Motors' sport utility vehicles. Sollers is preparing to buy the full license for Ssangyong's SUV line and to continue to produce the vehicles independent of the Korean company, english.chosun.com relates citing the CEO of Sollers in an interview with Russian newspaper Kommersant. According to english.chosun.com, Sollers already has a license agreement with Ssangyong signed in 2004 and currently manufactures two Ssangyong SUV models in Russia. 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. On Dec. 30, 2008, citing The Scotsman, the TCR-AP reported that SAIC asked the South Korean government to help secure new loans for Ssangyong Motor, as the company struggles to stave off a potential liquidity crisis. SAIC, the Scotsman added, sought government's help to ensure that Korea Development Bank (KDB), Ssangyong's main creditor, offers new loans to the firm. According to the Tribune, SAIC and Ssangyong's creditor banks have been locked in a dispute about who should bail out Ssangyong. =============== M A L A Y S I A =============== SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to April 9 -------------------------------------------------------------- The Bursa Malaysia Securities Bhd has extended the deadline for Satang Holdings Berhad to submit its regularization plan to the Securities Commission and other relevant authorities to April 6, 2009. Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is engaged in the maintenance, repair and overhaul of aviation and safety equipment and operations and principally in Malaysia. Through its subsidiaries, the company is also engaged in the supply and distribution of environmental products, providing training and seminar in respect of environmental management system and other related services; providing consultancy and solution services and implementing of high-technology and surveillance security systems and its related services; supplying and servicing of pipe cleaning products and equipment, and supplying and maintenance of marine safety and survival equipment and accessories. Its subsidiaries include Satang Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd., Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn. Bhd. * * * As reported by the Troubled Company Reporter-Asia Pacific on May 13, 2008, the company triggered Paragraph 2.1 of the Amended Practice Note 17/2005 as its independent auditor, Anuarul Azizan Chew & Co., has concluded in its Audit Investigative Reports that out of the MYR39.27 million alleged overstated revenue of the company, MYR35.43 million represents invalid sales which should not be recorded in the books for the financial year ended September 30, 2007. UBG BERHAD: Summary Judgment Hearing Moved to February 2 -------------------------------------------------------- UBG Berhad disclosed in a regulatory filing that the hearing of Merrill Lynch (Singapore) Pte Ltd's application for summary judgment in the High Court of the Republic of Singapore has been adjourned to Monday, February 2, 2009, at 2:30 p.m. Formerly known as Utama Banking Group Berhad, UBG Berhad's principal activities are banking and related financial services. Other activities include investment holding and provision of nominees services. Operations of the Group are carried out in Malaysia. * * * The company is classified under Amended Practice Note 17 of the Bursa Malaysia Securities Bhd's Listing Requirements after it completed the disposal of its entire investment in Rashid Hussain Berhad, leaving UBG with no significant business operations. =============== M O N G O L I A =============== * Fitch Downgrades Mongolia's Issuer Default Ratings to 'B' ----------------------------------------------------------- Fitch Ratings has downgraded Mongolia's Long-term foreign and local currency Issuer Default Ratings to 'B' from 'B+'. The Outlook remains Negative. At the same time, the agency has downgraded the Country Ceiling to 'B' from 'B+' and affirmed the Short-term foreign currency IDR at 'B'. Fitch notes that the decision to downgrade Mongolia's ratings is based on continued pressures on the country's external finances and ongoing problems with respect to economic policy continuity. The agency believes it is becoming more probable that the country will need to rely on external financing support from bilateral and/or multilateral sources. In the meantime, there is likely to be continued downward pressure on the exchange rate, which depreciated by 11% against the USD in the last two months of 2008, and has depreciated by another 7% since year-end. Net international reserves stabilized in December 2008, but at only US$637 million, after five months of sizable declines. Fitch suggests that the capacity of the central bank to manage the exchange rate is diminished, as is the ability of the banking system to absorb further exchange rate deprecations. Serious problems in the banking sector are confirmed by Bank of Mongolia taking over the management of Anod Bank, one of Mongolia's five largest banks, in December 2008. The recent unexpected resignations of the president of the Bank of Mongolia and the head of the Financial Regulatory Committee have escalated uncertainty, with respect to banking and financial supervision and policy implementation. Fitch has said such disruptions reduce the likelihood of a controlled, policy-induced stabilization of Mongolia's external financial position. ==================== N E W Z E A L A N D ==================== CA CONSULTANTS: Appoints Crichton and Horne as Liquidators ---------------------------------------------------------- On December 1, 2008, David Donald Crichton and Keiran Anne Horne were appointed as liquidators of CA Consultants Ltd. Only creditors who were able to file their proofs of debt Jan. 5, 2009, will be included in the company's dividend distribution. The Liquidators can be reached: David Donald Crichton Keiran Anne Horne c/o Marie Inch HFK Limited 567 Wairakei Road PO Box 39100, Christchurch Telephone: (03) 352 9189 EON DESIGN: Creditors' Proofs of Debt Due Today ----------------------------------------------- The creditors of Eon Ltd. are required to file their proofs of debt today, January 20, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 2, 2008. The company's liquidator is: Christopher Robert Ross Horton c/o Horton Price Limited PO Box 9125, Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 e-mail: jprice@hortonprice.co.nz EON LTD: Creditors' Proofs of Debt Due on January 24 ---------------------------------------------------- The creditors of Eon Ltd. are required to file their proofs of debt by January 24, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 3, 2008. The company's liquidators are: John Albert Price Christopher Robert Ross Horton c/o Horton Price Limited PO Box 9125, Newmarket Auckland 1149 Telephone: (09) 366 3700 Facsimile: (09) 366 3705 e-mail: jprice@hortonprice.co.nz EZIFUEL LTD: Creditors' Proofs of Debt Due on January 30 -------------------------------------------------------- The creditors of Ezifuel Ltd. 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. 1, 2008. The company's liquidators are: John Howard Ross Fisk Craig Alexander Sanson c/o PricewaterhouseCoopers 113-119 The Terrace PO Box 243, Wellington Telephone: (04) 462 7238 Facsimile: (04) 462 7492 GRAY'S TRANSPORT: Appoints Madsen-Ries and Vance as Liquidators --------------------------------------------------------------- On December 1, 2008, Vivien Judith Madsen-Ries and David Stuart Vance were appointed as liquidators of Gray's Transport 2004 Ltd. Only creditors who were able to file their proofs of debt Jan. 19, 2009, will be included in the company's dividend distribution. The Liquidators can be reached at: Vivien Judith Madsen-Ries David Stuart Vance c/o Liubov Medvedeva Deloitte Deloitte House, Level 8 8 Nelson Street, Auckland 1010 Telephone: (09) 309 4944 Facsimile: (09) 309 4947 HURSTMERE LTD: Commences Liquidation Proceedings ------------------------------------------------ Hurstmere Ltd. commenced liquidation proceedings on Dec. 4, 2008. Only creditors who were able to file their proofs of debt by January 7, 2009, will be included in the company's dividend distribution. The company's liquidators are: Craig Andrew Young Raymond Gordon Burgess Restructuring Services Limited PO Box 87340, Meadowbank Auckland Telephone: (09) 525 7236 Facsimile: (09) 528 9521 LOVITT'S NZ: Court to Hear Wind-Up Petition on January 28 --------------------------------------------------------- A petition to have Lovitt's NZ Ltd.'s operations wound up will be heard before the High Court at Auckland on January 28, 2009, at 2:15 p.m. Talley's Group Limited filed the petition against the company on November 14, 2008. LUXOR DEVELOPMENTS: Court to Hear Wind-Up Petition on January 28 ---------------------------------------------------------------- A petition to have Luxor Developments Ltd.'s operations wound up will be heard before the High Court at Tauranga on January 28, 2009, at 10:45 a.m. W Stevenson & Sons Limited filed the petition against the company on November 3, 2008. The Petitioner's solicitor is: Alistaire Hall Debtforce Limited 25 Norman Spencer Drive, Unit 1 Manukau City, Auckland 2104 PO Box 98724, Manukau City 2241 Facsimile: (09) 250 1262 MAINSTAY CHRISTCHURCH: Commences Liquidation Proceedings -------------------------------------------------------- Mainstay Christchurch Ltd. commenced liquidation proceedings on December 1, 2008. The company's liquidator is: Murray G. Allott 111 Bealey Avenue Christchurch 8013 PO Box 29432, Christchurch 8540 Telephone: (03) 365 1028 Facsimile: (03) 365 6400 e-mail: murray@profitco.co.nz PREMIER SECURITY: Creditors' Proofs of Debt Due on January 24 ------------------------------------------------------------- The creditors of Premier Security Systems Ltd. are required to file their proofs of debt by January 24, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 27, 2008. The company's liquidator is: L. R. Irwin RSM Prince PO Box 3685, Auckland 1001 Telephone: (09) 379 5324 Facsimile: (09) 307 0778 e-mail: office@prince.co.nz REAL APPLIANCES: Commences Liquidation Proceedings -------------------------------------------------- Real Appliances Ltd. commenced liquidation proceedings on Dec. 1, 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 SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28 ---------------------------------------------------------------- A petition to have Sydney Productions (No.11) Ltd.'s operations wound up will be heard before the High Court at Auckland on January 28, 2009, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on August 11, 2008. The CIR's solicitor is: Michael Yan Inland Revenue Department Legal and Technical Services 5-7 Byron Avenue PO Box 33150, Takapuna Auckland Telephone: (09) 984 1514 Facsimile: (09) 984 3116 SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28 ---------------------------------------------------------------- A petition to have Sydney Productions (No.12) Ltd.'s operations wound up will be heard before the High Court at Auckland on January 28, 2009, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on August 11, 2008. The Petitioner's solicitor is: Michael Yan Inland Revenue Department Legal and Technical Services 5-7 Byron Avenue PO Box 33150, Takapuna Auckland Telephone: (09) 984 1514 Facsimile: (09) 984 3116 TE ROOPU: Fixes March 1 as Last Day to File Claims -------------------------------------------------- The creditors of Te Roopu Whakapiringa (Coming Together) Inc. are required to file their proofs of debt by March 1, 2009, to be included in the company's dividend distribution. The company's liquidators are: Vivian Judith Fatupaito Colin Thomas McCloy PricewaterhouseCoopers Private Bag 92162, Victoria Street West Auckland 1142 Telephone: (09) 355 8000 Facsimile: (09) 355 8013 TRITEC MANUFACTURING: Calls in Receivers ---------------------------------------- The National Business Review reports that Tritec Manufacturing, which makes Mountain Buggy pushchairs, has gone into receivership. According to the report, acting chief executive Peter Robertson said the company had suffered badly as a result of the international downturn. In December last year, the Business Review relates, Tritec axed 25 of its staff. The manufacturing plant is still operating with the remaining 89 staff. "What we're looking at the moment is continuing to trade the business and look to try and find a buyer for the business as a going concern," the report quoted Receiver John Fisk, of PricewaterhouseCoopers, as saying. Tritec Manufacturing Ltd is the producer of the Mountain Buggy pram. WESTIES BY TWO ET AL: Appoint Shephard and Dunphy as Liquidators ---------------------------------------------------------------- On November 24, 2008, Iain Bruce Shephard and Christine Margaret Dunphy were appointed as liquidators of: -- Westies By Two Ltd; and -- Thorndon Home Centre Limited. The Liquidators can be reached at: Iain Bruce Shephard Christine Margaret Dunphy Shephard Dunphy Limited Zephyr House, Level 2 82 Willis Street, Wellington Telephone: (04) 473 6747 Facsimile: (04) 473 6748 ================= S I N G A P O R E ================= ARMADA SHIPPING: New York Court Signs Chapter 15 Petition --------------------------------------------------------- Judge James Peck of the U.S. Bankruptcy Court for the Southern District of New York has signed Singapore-based Armada (Shipping) Pte. Ltd., petition for protection from creditors under Chapter 15. Bloomberg News reports that the Court granted interim approval to the petition for creditor protection. The procedure allows the business to reorganize in Singapore and protects it from U.S. lawsuits. Armada announced January 6 that it has been granted leave to convene a creditors' meeting to vote on a proposed Scheme of Arrangement pursuant to Section 210 of the Companies Act of the Republic of Singapore that will protect its assets and maximize funds available to creditors as it restructures its business operations. Armada (Shipping) Pte. Ltd. -- http://www.armadagroup.com/-- is a privately owned holding company incorporated and based in Singapore. It is one of the world's leading dry bulk shipping companies. It provides ocean transportation services to a variety of major raw material and commodity shippers and consumers located throughout the globe. Armada filed for bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code on January 7, 2009, to seek recognition of its bankruptcy proceedings in Singapore and imposition of the automatic stay to protect its assets while it restructures (Bankr. S.D. N.Y. Case No. 09-10105). The petitioner's counsel is Barbra R. Parlin, Esq., at Holland & Knight, LLP, in New York. In its bankruptcy petition, Armada estimated assets and debts of US$100 million to US$500 million. * SINGAPORE: 2008 Overseas Shipments Down by 7.9% ------------------------------------------------- Bloomberg News reports Singapore's exports fell the most since early 2002 in December as a deepening slump in global economies pared demand for electronics and pharmaceuticals. Citing the city-state's trade promotion agency, the report says non-oil domestic exports dropped 20.8 percent from a year earlier, after contracting 17.5 percent in November. On a seasonally adjusted basis, Singapore's exports last month fell 13.1 percent from November, when they slid 2.8 percent, the report notes. Singapore's overseas shipments fell 7.9 percent in 2008, the worst performance in seven years, and, only a 1 percent decline is expected this year, Bloomberg News says. "Exports are falling off a cliff across the region and intra- regional demand is also dropping," Bloomberg News quoted Vishnu Varathan, an economist at Forecast Singapore Pte, as saying. "It's quite terrible and there's no way Singapore can escape the impact." The report relates electronics shipments slipped 25.4 percent in December from a year earlier, the 23rd consecutive drop, following a 17.3 percent decline in November, while non-electronics shipments, which include petrochemicals and pharmaceuticals, fell 17.4 percent in December from a year earlier. Pharmaceutical shipments meanwhile plunged 51.1 percent, the report adds. =========== T A I W A N =========== PROMOS TECHNOLOGIES: Held Talks with Gov't. as Debt Repayment Near ------------------------------------------------------------------ Lisa Wang at Taipei Times reports that Taiwan government held talks last week with ProMOS Technologies Inc. in an effort to rescue the ailing chipmaker. "As ProMOS is facing pressing problems paying debts, government representatives met [Wednesday last week] with the company's major credit banks to resolve its financial difficulties," Chen Chao-yi, director-general of the Industrial Development Bureau, told Taipei Times in an interview. According to Taipei Times, ProMOS is facing mounting pressure to repay US$330 million in overseas corporate debt that will mature on Feb. 14. Taipei Times relates the Ministry of Economic Affairs last week dashed the company's hopes of getting governmental bailout funds for a consolidation plan filed with Tokyo-based Elpida Memory Inc. Taipei Times discloses the ministry said the plan did not meet its requirements. However, Taipei Times notes, Director-general Chen said the government agencies will hold more meetings with the companies' credit banks and hopefully reach a solution by the Lunar New Year holiday. Meanwhile, Reuters reports that shares of ProMOS Technologies fell more than 5 percent on Friday, January 16, after the company said it was raising NT$580 million ($17.4 million) through the sale of the chip-making equipment to Taiwan Semiconductor Manufacturing Co. ProMOS, Reuters relates, said it would incur a NT$570 million loss on the sale. For the first nine months of 2008, ProMOS lost NT$22.5 billion amid a slump in demand for memory chips. The company reported a net loss of NT$7.32 billion for the year ended December 31, 2007. About ProMOS ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a semiconductor memory solution provider in Taiwan. The Company is principally engaged in the research, design, development, manufacture and sale of synchronous dynamic random access memories (SDRAMs), as well as the related import and export businesses. The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others. The Company distributes its products within the domestic market and to overseas markets. As of December 31, 2007, the Company had six wholly owned subsidiaries, including United Memories, Inc, ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS Technologies Japan Limited and ProImage Technologies Inc. STAR CRUISES: May Withdraw Operations in Taiwan ----------------------------------------------- The China Post reported that Star Cruises Limited may consider withdrawing from the Taiwan market if Taiwanese authorities deny its application to operate a direct cruise service between the northeastern port of Keelung and Xiamen in China's Fujian province. Star Cruises, the report recounts, filed the application with the Keelung Harbor Bureau in December last year to serve the route, but government officials and the cruise line's executives disagree over the nature of the service. According to the report, Ministry of Transportation and Communication officials believe that regular cruises between Keelung and Xiamen would amount to marine passenger services, which only Taiwanese vessels or vessels owned by Taiwanese-Chinese joint ventures are allowed to operate under local regulations. However, China Post says, Star Cruises contends that ordinary people are unlikely to use expensive cruises as "passenger services." According to the report, transportation officials have suggested that Star Cruises add another destination to the line to make the operations look more like a cruise than a ferry service. Citing sources at the company, China Post says, an initial evaluation has shown that the proposed change would be much less attractive than the originally planned route. Star Cruises has already reduced its work force in Taiwan by 70 percent amid the global economic downturn, the report discloses citing company sources. About Star Cruises Based in Kowloon, Hong Kong, Star Cruises Limited -- http://www2.starcruises.com-- is an investment holding. The Company has a combined fleet of 21 ships with about 33,300 lower berths in service and an additional two ships with some 8,400 lower berths. It operates under two principal brand names: Star Cruises and Norwegian Cruise Line (including NCL America). Star Cruises operates eight ships offering various cruise itineraries and calls destinations primarily in the Asia Pacific region. Norwegian Cruise Line (including NCL America) and Orient Lines operate 13 cruise ships offering cruises in Alaska, Antarctica, the Bahamas, Bermuda, the Caribbean, Europe, Hawaii, Mexico, New England, North Africa and Central and South America and Scandinavia. On January 7, 2008, the Company completed the deemed disposal arising from subscription for new shares by Apollo Management, L.P. in a then major subsidiary, NCL Corporation Ltd. (NCLC). * * * As reported by the Troubled Company Reporter-Asia Pacific on Sept. 9, 2008, Moody's Investors Service confirmed the B1 corporate family rating of Star Cruises Limited (SCL). The rating outlook is negative. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 19 to January 23, 2009 ----------------------------------------------------------- AUSTRALIA --------- A&R Whitcoulls 9.500% 12/15/10 NZD 37.82 Ainsworth Game 8.000% 12/31/09 AUD 0.65 Aust & NZ Bank 6.540% 06/29/49 GBP 67.58 Allco Hit Ltd 9.000% 08/17/09 AUD 10.00 Alumina Finance 2.000% 05/16/13 USD 65.30 Antares Energy 10.000% 10/31/13 AUD 1.20 Babcock & Brown Pty 8.500% 11/17/09 NZD 4.50 Becton Property Group 9.500% 06/30/10 AUD 0.20 Bemax Resources 9.375% 07/15/14 USD 37.23 Bemax Resources 9.375% 07/15/14 USD 37.23 Bounty Industries Ltd 10.000% 06/30/10 AUD 0.02 Capral Aluminum 10.000% 03/29/12 AUD 50.00 China Century 12.000% 09/30/10 AUD 0.70 Djerriwarrh Inv 6.500% 09/30/09 AUD 3.97 FMG Finance 9.750% 09/01/13 EUR 55.81 FMG Finance 9.750% 09/01/13 EUR 55.81 FMG Finance 10.000% 09/01/13 USD 73.21 FMG Finance 10.000% 09/01/13 USD 73.21 FMG Finance 10.625% 09/01/16 USD 72.29 FMG Finance 10.625% 09/01/16 USD 66.45 Griffin Coal Min 9.500% 12/01/16 USD 37.80 Griffin Coal Min 9.500% 12/01/16 USD 37.80 Hanson Australia 5.250% 03/15/13 USD 44.95 Heemskirk Consol 8.000% 04/29/11 AUD 2.35 Insurance Austra 5.625% 12/21/26 GBP 72.97 Jpm Au Enf Nom 1 3.500% 06/30/10 USD 0.75 Macquarie Bank 5.500% 09/19/16 GBP 69.80 Metal Storm 10.000% 09/01/09 AUD 0.81 Minerals Corp 10.500% 03/31/09 AUD 0.90 Myer Group Fin 10.194 03/15/13 AUD 62.20 Nylex Ltd. 10.000% 12/08/09 AUD 1.20 Paladin Energy 4.500% 12/15/11 USD 64.58 Paladin Energy 5.000% 03/11/13 USD 58.26 Resolute Mining 12.000% 12/31/12 AUD 0.50 Rio Tinto Financ 6.500% 07/15/18 USD 73.69 Suncorp-Metway 6.500% 06/22/16 AUD 70.77 Suncorp Insuran 6.250% 06/13/27 AUD CHINA ----- China Govt Bond 4.860% 08/10/14 CNY 0.00 Jiangxi Copper 1.000% 09/22/16 CNY 72.64 HONG KONG --------- Resparcs Funding 8.000% 12/29/49 USD 25.00 INDIA ----- Bank of Baroda 6.625% 05/25/22 USD 73.30 Canara Bank 6.365% 11/28/21 USD 73.53 Gitanjali Gems 1.000% 11/25/11 USD 69.00 Hindustan Cons 10.000% 10/25/09 INR 33.35 ICICI Bank Ltd 6.375% 04/30/22 USD 58.79 ICICI Bank Ltd 7.250% 08/29/49 USD 46.23 State BK India 6.439% 02/28/49 USD 71.12 UTI Bank Ltd 7.250% 05/16/13 USD 65.30 INDONESIA --------- Bank Lippo TB PT 7.375% 11/22/16 USD 63.75 Indonesia (Rep) 6.875% 01/17/18 USD 73.99 Indonesia (Rep) 8.500% 10/12/35 USD 72.00 Indonesia (Rep) 6.625% 02/17/37 USD 60.50 Indonesia (Rep) 6.625% 02/17/37 USD 63.94 Indonesia (Rep) 7.750% 01/17/38 USD 72.42 JAPAN ----- Aiful Corp 5.000% 08/10/10 USD 69.83 Aiful Corp 5.000% 08/10/10 USD 69.83 Aiful Corp 6.000% 12/12/11 USD 54.73 Aiful Corp 6.000% 12/12/11 USD 54.73 Aozora Bank 0.660% 11/12/12 JPY 74.95 Aozora Bank 0.660% 10/27/12 JPY 74.72 Aozora Bank 0.660% 11/12/12 JPY 74.42 Aozora Bank 0.660% 11/27/12 JPY 74.17 Aozora Bank 0.660% 12/12/12 JPY 73.92 Aozora Bank 0.660% 01/12/13 JPY 73.42 Aozora Bank 0.660% 01/27/13 JPY 73.18 Aozora Bank 0.560% 02/12/13 JPY 72.56 Aozora Bank 0.560% 02/27/13 JPY 72.31 Aozora Bank 1.300% 02/27/13 JPY 74.83 Aozora Bank 0.560% 03/12/13 JPY 72.11 Aozora Bank 1.560% 03/27/13 JPY 71.87 Aozora Bank 1.250% 03/27/13 JPY 74.25 Aozora Bank 0.560% 04/12/13 JPY 71.61 Aozora Bank 1.300% 04/26/13 JPY 73.98 Aozora Bank 0.560% 04/27/13 JPY 71.39 Aozora Bank 0.560% 05/12/13 JPY 71.17 Aozora Bank 0.560% 05/27/13 JPY 70.89 Aozora Bank 1.600% 05/27/13 JPY 74.60 Aozora Bank 0.560% 06/12/13 JPY 70.64 Aozora Bank 0.560% 06/27/13 JPY 70.40 Aozora Bank 1.650% 06/27/13 JPY 74.35 Aozora Bank 0.560% 07/12/13 JPY 70.17 Aozora Bank 1.700% 07/26/13 JPY 74.13 Aozora Bank 0.560% 07/27/13 JPY 69.95 Aozora Bank 0.560% 08/12/13 JPY 69.68 Aozora Bank 0.560% 08/27/13 JPY 69.44 Aozora Bank 1.600% 08/27/13 JPY 73.32 Aozora Bank 0.560% 09/12/13 JPY 69.19 Aozora Bank 0.560% 09/27/13 JPY 68.96 Aozora Bank 1.800% 09/27/13 JPY 73.66 Aozora Bank 0.560% 10/12/13 JPY 68.75 Aozora Bank 0.560% 10/25/13 JPY 68.53 Aozora Bank 0.560% 11/12/13 JPY 68.25 Aozora Bank 0.560% 11/27/13 JPY 68.02 Aozora Bank 0.400% 12/12/13 JPY 67.16 Aozora Bank 0.400% 12/27/13 JPY 66.93 Aozora Bank 0.400% 01/12/14 JPY 66.71 Aozora Bank 0.400% 01/27/14 JPY 66.52 Chuo Mitsui Trst 5.506% 12/29/49 USD 59.88 CSK Corporation 0.250% 09/30/13 JPY 61.50 Ebara Corp 1.700% 09/30/11 JPY 72.62 Hiroshima Bank 1.720% 05/14/14 JPY 70.44 Hiroshima Bank 1.890% 09/20/17 JPY 58.65 Hitachi Zosen 1.500% 09/30/12 JPY 63.17 Nichiei Co Ltd 1.750% 03/31/14 JPY 62.00 Resona Bank 4.125% 09/29/49 EUR 52.54 Resona Bank 5.850% 09/29/49 USD 50.35 Resona Bank 5.986% 08/29/49 EUR 71.03 Shinsei Bank 1.300% 02/27/13 JPY 74.83 Shinsei Bank 1.250% 03/27/13 JPY 74.25 Shinsei Bank 1.350% 04/26/13 JPY 74.15 Shinsei Bank 1.600% 05/27/13 JPY 74.60 Shinsei Bank 1.650% 06/27/13 JPY 74.35 Shinsei Bank 1.700% 07/26/13 JPY 74.13 Shinsei Bank 1.600% 08/27/13 JPY 73.33 Shinsei Bank 1.700% 09/27/13 JPY 73.28 Shinsei Bank 1.960% 03/25/13 JPY 67.91 Shinsei Bank 2.010% 10/30/15 JPY 65.85 Shinsei Bank 3.750% 02/23/16 EUR 35.02 Shinsei Bank 5.625% 12/29/49 GBP 29.88 Softbank Corp 7.750% 10/15/13 EUR 69.98 Sumitomo Mitsui 4.375% 07/29/49 EUR 56.50 Sumitomo Mitsui 5.625% 07/29/49 EUR 71.12 KOREA ----- GS Caltex Corp 5.500% 10/15/15 USD 71.41 GS Caltex Corp 5.500% 10/15/15 USD 71.13 GS Caltex Corp 6.000% 08/08/16 USD 69.56 GS Caltex Corp 5.500% 04/24/17 USD 66.40 GS Caltex Corp 5.500% 04/24/17 USD 65.30 Hynix Semi Inc. 4.500% 12/14/12 USD 60.56 Hynix Semi Inc. 7.875% 06/27/17 KRW 39.87 Hynix Semi Inc. 7.857% 06/27/17 USD 39.21 Korea Dev Bank 7.350% 10/27/21 KRW 54.50 Korea Dev Bank 7.400% 10/27/21 KRW 54.50 Korea Dev Bank 7.450% 10/31/21 KRW 54.47 Korea Dev Bank 7.400% 11/02/21 KRW 54.46 Korea Dev Bank 7.310% 11/08/21 KRW 54.41 Korea Elec Pwr 6.000% 12/01/26 USD 74.96 LG-Caltex Oil 5.500% 08/25/14 USD 74.17 Shinhan Bank 5.663% 03/02/35 USD 52.19 Shinhan Bank 6.819% 09/20/36 USD 55.28 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.04 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.92 Berjaya Land Bhd 5.000% 12/30/09 MYR 3.00 Cagamas Berhad 3.640% 05/05/09 MYR 4.01 Eastern & Orient 8.000% 07/25/11 MYR 0.60 Huat Lai Resources 5.000% 03/28/10 MYR 0.25 Insas Berhad 8.000% 04/19/09 MYR 0.29 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.16 Kretam Holdings 1.000% 08/10/10 MYR 0.99 Kumpulan Jetson 5.000% 11/27/12 MYR 0.41 LBS Bina Group 4.000% 12/31/09 MYR 0.60 Mithril Bhd 8.000% 04/05/09 MYR 0.11 Mithril Bhd 3.000% 04/05/12 MYR 0.65 Nam Fatt Corp 2.000% 06/24/11 MYR 0.15 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.72 Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.72 Silver Bird Grp 1.000% 02/15/09 MYR 0.26 NEW ZEALAND ----------- Allied Farmers 9.600% 11/15/11 NZD 31.02 Allied Nationwid 11.520% 12/29/49 NZD 50.00 BBI Ntwrks NZ Ltd 8.000% 11/30/12 NZD 51.36 Blue Star Print 9.100% 09/15/12 NZD 28.92 Cadmus Devt. Ltd 9.900% 01/15/10 NZD 63.57 Fidelity Capital 9.250% 07/15/13 NZD 23.46 Fletch Build Fin 9.000% 03/15/10 NZD 43.83 Fletcher Bui 8.900% 03/15/13 NZD 11.96 Fletch Build Fin 8.900% 03/15/13 NZD 11.95 Generator Bonds 8.200% 09/17/11 NZD 24.84 Goodman Finance 9.950% 11/15/11 NZD 17.90 Hellaby Holdings 8.500% 06/15/11 NZD 28.49 Infratil Ltd 8.250% 05/15/11 NZD 20.19 Infrastr & Util 8.500% 11/15/11 NZD 17.87 Infratil Ltd 8.500% 02/15/20 NZD 9.89 Infratil Ltd 10.180% 12/29/49 NZD 54.00 Marac Finance 10.500% 07/15/13 NZD 0.11 Nuplex Industrie 9.300% 09/15/12 NZD 13.21 NZ Finance Hldgs 9.750% 03/15/11 NZD 34.93 Pins Securities 9.250% 01/31/14 NZD 26.11 PGG Wrightson 8.250% 10/08/10 NZD 27.39 Powerco Limited 7.640 04/15/10 NZD 38.86 Powerco Limited 6.220% 03/29/11 NZD 20.29 Powerco Limited 6.590% 09/28/12 NZD 10.98 Powerco Limited 6.390% 03/29/13 NZD 9.65 Powerco Limited 6.740% 09/28/17 NZD 7.32 PPCS Ltd 11.500% 12/15/10 NZD 33.73 Skycity Entert 8.000% 05/15/10 NZD 36.07 South Canterbury 10.430% 12/15/12 NZD 0.11 St Laurence Prop 9.250% 07/15/10 NZD 41.11 St Laurence Prop 9.250% 05/15/11 NZD 30.29 PHILIPPINES ----------- Rizal Comm Bank 9.875% 10/31/49 USD 75.00 SINGAPORE --------- Avago Tech Fin 11.875% 12/01/15 USD 74.88 Capitaland Ltd. 2.100% 11/15/16 SGD 73.62 Capitaland Ltd. 3.125% 03/05/18 SGD 71.99 Capitaland Ltd. 2.950% 06/20/22 SGD 58.93 Chartered Semico 6.375% 08/03/15 USD 67.01 Empire Cap Res 9.375 12/15/11 USD 70.06 Olam International Limited 1.000% 07/03/13 USD 69.51 SRI LANKA --------- Sri Lanka Govt 6.850% 04/15/12 LKR 73.85 Sri Lanka Govt 6.850% 10/15/12 LKR 71.12 Sri Lanka Govt 8.500% 01/15/13 LKR 74.43 Sri Lanka Govt 8.500% 07/15/13 LKR 72.69 Sri Lanka Govt 7.500% 08/01/13 LKR 69.51 Sri Lanka Govt 7.500% 11/01/13 LKR 68.61 Sri Lanka Govt 8.500% 02/01/18 LKR 64.22 Sri Lanka Govt 8.500% 07/15/18 LKR 63.46 Sri Lanka Govt 7.500% 08/15/18 LKR 58.64 Sri Lanka Govt 7.000% 10/01/23 LKR 52.42 THAILAND -------- Advance Agro Pub 11.000% 12/19/12 USD 49.87 Italian-Thai Dey 4.500% 06/10/13 USD 47.71 ********* 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 ***