/raid1/www/Hosts/bankrupt/TCRAP_Public/090204.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 4, 2009, Vol. 12, No. 24
Headlines
A U S T R A L I A
AGI PROJECTS: Members Receive Wind-Up Report
AIRBOAT INDUSTRIES: Declares First and Final Dividend
ASTOR WIRE: Members and Creditors Hear Wind-Up Report
AUSTRALIAN AUTO: Commences Liquidation Proceedings
BAR BOSH: Placed Under Voluntary Liquidation
BLACKWOOD CORPORATION: Declares Final Dividend
CBS ENTERPRISES: To Declare Dividend
CURMI INVESTMENTS: Declares First and Final Dividend
DAYGONE PTY ET AL: Members and Creditors Hear Wind-Up Report
DISMISS PTY: Inability to Pay Debts Prompts Wind-Up
DUNN MARKETING: Declares First Dividend
H10 CABINET: Inability to Pay Debts Prompts Wind-Up
JEWEL PROPERTIES ET AL: Placed Under Voluntary Liquidation
JONROSE LOGISTICS: Declares First Dividend
LEMA LOGGING: Members Receive Wind-Up Report
NATIONAL ALARMS: Commences Liquidation Proceedings
NEW STREET: Declares First and Final Dividend
SABRSH PTY: Enters Liquidation Proceedings
SAPPHIRE IV: S&P Puts 2 Low-B Ratings on 3 Classes on WatchNeg.
SEYMOUR ARCADE: Members Receive Wind-Up Report
STORM FINANCIAL: Advisers Under FPA Probe
W & M DINGWALL: Commences Liquidation Proceedings
* AUSTRALIA: Fin'l Crisis Will Spur Budget Deficit, Treasurer Says
C H I N A
CHINA ORIENWISE: Moody's Confirms Corporate Family Rating at 'Ca'
SINOBIOMED INC: Issues 2.25 Million Shares to Individual
H O N G K O N G
ASAT HOLDINGS: Delayed Interest Payment Cues S&P's 'D' Rating
ASAT HOLDINGS: Moody's Downgrades Corporate Family Rating to 'Ca'
ELITE REGENT: Inability to Pay Debts Prompts Wind-Up
GAIN LINKING: Creditors' Proofs of Debt Due on February 23
GROUPING DEVELOPMENTS: Creditors' Proofs of Debt Due on Feb. 23
KEYWIN LIMITED: Inability to Pay Debts Prompts Wind-Up
MAXCON ENTERPRISES: Commences Liquidation Proceedings
RICHWARE INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 23
STYLATRADE COMPANY: Placed Under Voluntary Liquidation
SUNEX TRADING: Inability to Pay Debts Prompts Wind-Up
TEX HOME: Creditors' Proofs of Debt Due on Feb. 23
TOTAL ACCESS: Moody's Withdraws 'Ba1' Corporate Family Rating
UNI-ARTS: Appoints Chen and Wong as Liquidators
I N D I A
IDBI BANK: Fitch Downgrades Individual Rating to 'D' from 'C/D'
SPICEJET LTD: Incurs Rs 17.9cr Net Loss in 3rd Qtr. Ending Dec. 31
TATA MOTORS: Reports Rs 2,632.60 Mln. Net Loss in Q3
J A P A N
CALYON TOKYO: Moody's Downgrades Credit-Linked Notes to 'Ba1'
TOSHIBA CORPORATION: Posts JPY121.1 Bln. Net Loss in 3Q
M A L A Y S I A
LITYAN HOLDINGS: Default Totals MYR41.03 Million as of Jan. 31
PROTON HOLDINGS: Members Opt to Liquidate Belgian Unit
RYLAND GROUP: Signs 4th Amendment to Credit Pact With JPMorgan
RYLAND GROUP: Posts US$396,585,000 Net Loss for Year Ended Dec. 31
TECHVENTURE BERHAD: Bursa Rejects Appeal on Delisting Decision
TENGGARA OIL: Court Grants Writ of Distress Order Against Unit
N E W Z E A L A N D
AIR NEW ZEALAND: Withdraws Court Action Over Christchurch Airport
APPLIANCE REPAIRS: Appoints Sargison and Rea as Liquidators
CANTERBURY FRESH ET AL: Placed Under Voluntary Liquidation
DOMINION FINANCE: Placed in Liquidation
DORCHESTER PACIFIC: Shareholders to Vote on Liquidation on Feb. 17
INTERNATIONAL TIMBER: Appoints Shephard and Dunphy as Liquidators
JCR DEVELOPMENTS: Court Appoints John Francis Managh as Liquidator
KAI CHEMICAL ET AL: Appoint Terence Hillson as Liquidator
MARIO SELLS ET AL: Appoint Parsons and Kenealy as Liquidators
N. & M. WITEHIRA: Placed Under Voluntary Liquidation
P5 HOLDINGS ET AL: Creditors' Proofs of Debt Due on March 19
PUKAPUKA SOCIAL ET AL: Creditors' Proofs of Debt Due Today
RE MANUFACTURING: Creditors' Proofs of Debt Due on February 5
REGENTS FOOTWEAR: Appoints Crichton and Horne as Liquidators
RETIREMENT SOLUTIONS: Appoints Clive Ashley Johnson as Liquidator
THE WHITE: Appoints Shephard and Dunphy as Liquidators
TRADES R US: Creditors' Proofs of Debt Due on February 13
VIP TAKEAWAYS: Court to Hear Wind-Up Petition on February 9
P H I L I P P I N E S
ASB GROUP: Supreme Court Approves Rehabilitation Plan
T H A I L A N D
* THAILAND: To Borrow $2 Bln. from International Agencies
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
AGI PROJECTS: Members Receive Wind-Up Report
--------------------------------------------
The members of Agi Projects Pty Ltd met on December 12, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
P. R. Vince
Vince and Associates
51 Robinson Street Dandenong
Victoria
AIRBOAT INDUSTRIES: Declares First and Final Dividend
-----------------------------------------------------
Airboat Industries Australia Proprietary Limited, which is in
liquidation, declared the first and final dividend on Nov. 25,
2008.
Only creditors who were able to file their proofs of debt by
November 14, 2008, were included in the company's dividend
distribution.
ASTOR WIRE: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Astor Wire Works Pty Ltd met on
December 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
P. Newman
HLB Mann Judd
Chartered Accountants
160 Queen Street, Level 1
Melbourne VIC 3000
AUSTRALIAN AUTO: Commences Liquidation Proceedings
--------------------------------------------------
The members of Australian Auto Products Pty Ltd met on Oct. 22,
2008, and passed a resolution that voluntarily wind up the
company's operations.
The company's liquidator is:
R. A. Sutcliffe
Ground Floor, 192-198 High Street
Northcote VIC 3070
Telephone: (03) 9482 6277
BAR BOSH: Placed Under Voluntary Liquidation
--------------------------------------------
The members of Bar Bosh (Knox) Pty Ltd met on October 24, 2008,
and resolved that the company be wound up voluntarily.
The company's liquidator is:
Samuel Richwol
O'Keeffe Walton Richwol
Suite 3, 431 Burke Road
Glen Iris 3146
BLACKWOOD CORPORATION: Declares Final Dividend
----------------------------------------------
Blackwood Corporation Pty Ltd, which is in liquidation, declared
the final dividend on November 28, 2008.
Only creditors who were able to file their proofs of debt by
November 14, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
Bruno A. Secatore
Cor Cordis Chartered Accountants
406 Collins Street
Melbourne VIC 3000
CBS ENTERPRISES: To Declare Dividend
------------------------------------
CBS Enterprises (Tas) Pty Ltd intends to declare dividend.
Only creditors who were able to file their proofs of debt by
November 27, 2009, will be included in the company's dividend
distribution.
The company's deed administrator is:
Laurence A. Fitzgerald
BDO Kendalls Business Recovery &
Insolvency (NSW-VIC) Pty Ltd
525 Collins Street, Level 30
Melbourne VIC 3000
CURMI INVESTMENTS: Declares First and Final Dividend
----------------------------------------------------
Curmi Investments (Aust) Pty Ltd declares the first and final
dividend on December 17, 2008, for its priority and unsecured
creditors.
Only creditors who were able to file their proofs of debt by
November 25, 2008, were included in the company's dividend
distribution.
DAYGONE PTY ET AL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
On December 3, 2008, Dean Royston Mcveigh presented the wind-up
report and property disposal to the members and creditors of:
-- Daygone Pty Ltd;
-- Heljoy Australia Pty Ltd;
-- Imagemaker (Aust) Ltd;
-- Pavlova Parlour & JRC Cakes Pty Ltd; and
-- Han Qin Pty Ltd; and
-- R & C Plastering Pty Ltd.
The companies' liquidator is:
Dean Royston Mcveigh
Foremans Business Advisors (Southern) Pty Ltd
56-60 Bay Road, Suite 8
Sandringham VIC 3191
DISMISS PTY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
During a general meeting held on October 24, 2008, the members of
Dismiss Pty Ltd resolved to voluntarily wind up the company's
operations due to its inability to pay debts when it fall due.
The company's liquidator is:
Andrew L. Dunner
Andrew Dunner & Associates
Chartered Accountants
23 Erin Street
Richmond VIC 3121
Telephone: (03) 9428 1888
DUNN MARKETING: Declares First Dividend
---------------------------------------
Dunn Marketing Pty Ltd, which is in liquidation, declared the
first dividend on December 11, 2008.
Only creditors who were able to file their proofs of debt by
December 10, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
G. S. Andrews
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street
Carlton VIC 3053
H10 CABINET: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
During a general meeting held on October 24, 2008, the members of
H10 Cabinet Installation Pty Ltd resolved to voluntarily wind up
the company's operations due to its inability to pay debts when it
fall due.
The company's liquidator is:
Andrew L. Dunner
Andrew Dunner & Associates
Chartered Accountants
23 Erin Street
Richmond VIC 3121
Telephone: (03) 9428 1888
JEWEL PROPERTIES ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Jewel Properties Pty Ltd and Hawthorn Property Holdings Pty Ltd
resolved to voluntarily wind up the companies operations.
The companies liquidator is:
Joseph Loebenstein
Loebenstein Insolvency Services Pty Ltd
1/191 Balaclava Road
Caulfield North VIC 3161
JONROSE LOGISTICS: Declares First Dividend
------------------------------------------
Jonrose Logistics Pty Ltd, which is in liquidation, declared the
first dividend on November 28, 2008.
Only creditors who were able to file their proofs of debt by
November 14, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
G. S. Andrews
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street
Carlton VIC 3053
LEMA LOGGING: Members Receive Wind-Up Report
--------------------------------------------
The members of Lema Logging Qld Pty Ltd met on December 15, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
P. Newman
HLB Mann Judd Chartered Accountants
160 Queen Street, Level 1
Melbourne VIC 3000
NATIONAL ALARMS: Commences Liquidation Proceedings
--------------------------------------------------
The creditors of National Alarms And Patrol Services Pty Ltd met
on Oct. 23, 2008, and passed a resolution that voluntarily wind up
the company's operations.
The company's liquidator is:
B. J. Marchesi
Bent & Cougle Pty Ltd
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne VIC 3004
NEW STREET: Declares First and Final Dividend
---------------------------------------------
New Street Engine Centre Pty Ltd, which is in liquidation,
declared the first and final dividend on December 16, 2008.
Only creditors who were able to file their proofs of debt by
November 24, 2008, were included in the company's dividend
distribution.
The company's liquidator is:
G. Handberg
Rodgers Reidy
Chartered Accountants
200 Queen Street, Level 10
Melbourne VIC 3000
SABRSH PTY: Enters Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on Oct. 23, 2008, the
members of Sabrsh Pty Ltd resolved that the company be wound up
voluntarily.
The company's liquidator is:
Leonard Anthony Milner
Venn Milner & Co
43 Railway Road, Suite 1
Blackburn VIC 3130
SAPPHIRE IV: S&P Puts 2 Low-B Ratings on 3 Classes on WatchNeg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed the
ratings on the Class AA, Class AZ, Class MA, Class MZ, Class BA,
Class BZ, and Class CA notes issued by Sapphire IV Series 2007-1
Trust on CreditWatch with negative implications. The
CreditWatch action reflects an observed deterioration in the
performance of the underlying portfolio of residential mortgages.
The placement of all of the tranches on CreditWatch with negative
implications indicates that the ratings on the notes are likely to
be either be affirmed or lowered within the next 90 days.
Ratings Placed On CreditWatch Negative
Transaction Class To From
----------- ----- -- ----
Sapphire IV Series 2007-1 AA AAA/Watch Neg AAA
Sapphire IV Series 2007-1 AZ AAA/Watch Neg AAA
Sapphire IV Series 2007-1 MA AA/Watch Neg AA
Sapphire IV Series 2007-1 MZ A/Watch Neg A
Sapphire IV Series 2007-1 BA BBB/Watch Neg BBB
Sapphire IV Series 2007-1 BZ BB/Watch Neg BB
Sapphire IV Series 2007-1 CA B/Watch Neg B
SEYMOUR ARCADE: Members Receive Wind-Up Report
----------------------------------------------
The members of Seymour Arcade Pty Limited met on December 11,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
Christopher James Fawcett is the company's liquidator.
STORM FINANCIAL: Advisers Under FPA Probe
-----------------------------------------
The Financial Planning Association of Australia (FPA) said it is
investigating some of its members for their involvement in the
collapse of Storm Financial Limited, The Age reports.
According to the Age, ten of Storm's advisers who are registered
with the FPA are being investigated for possible breaches of the
association's code of practice.
"Any unethical behaviour in relation to the collapse of Storm
Financial will be severely dealt with," the report quoted FPA
chief executive Jo-Anne Bloch as saying. "Investors need to know
that they can trust advice they receive from financial planners
who are members of the FPA."
Ms. Bloch said an investigation by the FPA led to it laying
charges against Storm Financial as a principal member, the Age
relates.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers. These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products. Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.
W & M DINGWALL: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 20, 2008, the
members of W & M Dingwall & Sons Pty Ltd resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Roger David Midgley Smith
126 George Street
Morwell VIC 3840
* AUSTRALIA: Fin'l Crisis Will Spur Budget Deficit, Treasurer Says
------------------------------------------------------------------
Australia's budget will be temporarily pushed into deficit by the
global financial crisis as the sharp drop in commodity prices
affects earnings of the nation's key mining sector, DowJones
reports citing Treasurer Wayne Swan.
According to the report, the government is poised to announce a
fresh package to attempt to stimulate the economy.
The report relates Treasurer Swan said A$50 billion could be wiped
out from company taxation over four years. "I think company
taxation could be down as much as A$50 billion over four years as
a consequence of the global recession," DowJones quoted
Mr. Swan as saying.
=========
C H I N A
=========
CHINA ORIENWISE: Moody's Confirms Corporate Family Rating at 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has confirmed China Orienwise's
corporate family and senior unsecured debt ratings at Ca. The
outlook is negative. This concludes the review for possible
downgrade initiated on November 4, 2008.
"The confirmation of the Ca rating reflects Moody's expectations
that losses to the company's bondholders would be moderate," says
Sally Yim, a Moody's AVP/Analyst.
"Moody's notes that the company is making progress in
restructuring its operations, and the support shown by some of its
noteholders, shareholders and the government of Shenzhen should
help such efforts," says Yim.
"Nonetheless, the Ca rating reflects the expectation that COL's
profitability and capitalization will remain very weak due to
recent disruptions to its business, as well as expected high
delinquencies in the company's financial guarantee and entrusted
loan portfolio, which mainly consists of small- and medium-sized
enterprises and individual clients," says Yim.
The negative outlook reflects uncertainty with respect to the
degree of success of the restructuring of the company, the
execution of the debt-for-equity proposal, and the resolution of
litigation against the company's CEO. In addition, the
challenging nature of the economic environment would also affect
the operating performance of the company. All of the above would
affect recovery for noteholders.
These ratings have been confirmed with a negative outlook:
China Orienwise Ltd -- corporate family rating and senior
unsecured bond rating at Ca.
Moody's last rating action with respect to China Orienwise
occurred on November 4, 2008, when it downgraded the corporate
family and senior unsecured bond ratings from Caa1 to Ca.
China Orienwise's ratings were assigned by evaluating factors
determined to be applicable to the credit profile of the issuer,
such as the franchise value, risk positioning, operating and
regulatory environment and financial fundamentals of the company
versus others within its industry, as well as the projected
performance of the company over the near to intermediate term.
These attributes were compared against other issuers within and
outside of China Orienwise's core industry and the rating placed
at a level that compares to issuers of similar credit risk.
China Orienwise Limited, headquartered in Shenzhen, is 100% owned
by its parent, Credit Orienwise Group Limited and is one of the
largest private guarantee companies in China. As of December
2007, it had total assets of RMB4.1 billion (US$586 million).
SINOBIOMED INC: Issues 2.25 Million Shares to Individual
--------------------------------------------------------
Sinobiomed Inc. disclosed that on January 16, 2009, the company
issued 2,250,000 shares of common stock to one individual with
respect to the conversion of a debt of US$90,000 owing to that
person as a result of outstanding finder's fees associated with
the company's private placement offering at US$1.25 per Unit and
the convertible debenture financing of an aggregate of US$350,000
into shares of common stock of the company at a conversion price
of US$0.04 per share. The company believes that the issuance is
exempt from registration under Regulation S promulgated under the
Act as the securities were issued to the individual through an
offshore transaction which was negotiated and consummated outside
of the United States.
The company did not identify the individual receiving the shares.
Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware. The company is a leading Chinese developer of
genetically engineered recombinant protein drugs and vaccines.
Based in Shanghai, Sinobiomed currently has 10 products approved
or in development: three on the market, four in clinical trials
and three in research and development. The company's products
respond to a wide range of diseases and conditions, including:
malaria, hepatitis, surgical bleeding, cancer, rheumatoid
arthritis, diabetic ulcers and burns, and blood cell regeneration.
Going Concern Doubt
Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007. The auditing firm
reported that the company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.
The company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible. Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.
Sinobiomed Inc.'s consolidated balance sheet at September 30,
2008, showed total assets of US$8,355,042 and total liabilities of
US$16,506,425, resulting in total stockholders' deficit of
US$8,151,383.
================
H O N G K O N G
================
ASAT HOLDINGS: Delayed Interest Payment Cues S&P's 'D' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'D'
from 'CC'. At the same time, it lowered the issue rating on
US$150 million 9.25% senior notes due 2011 to 'D' from 'CC'. The
notes were issued by New ASAT (Finance) Ltd. and guaranteed by
ASAT.
The downgrades followed ASAT's announcement on Jan. 30, 2009 that
the company will delay making the semi-annual interest payment on
its 9.25% senior notes due Feb. 1, 2009 and that the company is in
discussions with certain bondholders to restructure its existing
obligations. ASAT said that it believed it is in the company's
best interest to utilize the 30-day grace period while it attempts
to complete an agreement with its major bondholders.
"In our opinion, ASAT's liquidity is extremely tight and its
ability to meet its interest payment within the grace period is
less than certain. ASAT's ability to meet ongoing liquidity
requirements remains very weak, given the currently weak market
conditions. S&P believes it would be a tough challenge for the
company to generate adequate cash from its business to repay its
US$150 million debt due 2011, if demand for semiconductors remains
weak," said Standard & Poor's credit analyst Ryan Tsang.
According to ASAT's first-quarter fiscal 2009 results, announced
on Dec. 17, 2008, the company had US$12.2 million in cash and cash
equivalents and short-term debt of about US$13.4 million.
S&P lowered its rating on ASAT and the issue rating on the senior
notes to 'D' on Aug. 3, 2007 after the company delayed an interest
payment (see "ASAT Holdings Ltd. Rating Lowered To 'D' On Delay
In Interest Payment," published on RatingsDirect on Aug. 3, 2007).
S&P raised the ratings to 'CCC-' with a negative outlook on Sept.
12, 2007 after the company reached an agreement with its
bondholders to waive or relax certain covenants and after the
company paid the overdue interest and its accumulated penalty
interest within the 30-day grace period.
Standard & Poor's assigns a 'D' rating when payments on an
obligation are not made on the date due even if the applicable
grace period has not expired, unless S&P believes that such
payments will be made during the grace period. Standard & Poor's
has very limited access to the company's management and financial
information. The ratings are based on publicly available
information.
ASAT HOLDINGS: Moody's Downgrades Corporate Family Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of ASAT Holdings Ltd to Ca from Caa1.
At the same time, Moody's also downgraded to Ca from Caa1 the
senior unsecured rating for New ASAT (Finance) Limited's
US$150 million senior notes, maturing in 2011, which are
guaranteed by ASAT. The outlook for both ratings is negative.
"The rating action follows ASAT's failure to make the semi-annual
interest payment on its 9.25% senior notes due Feb 2, 2009, " says
Wonnie Chu, a Moody's Analyst, adding, "Although ASAT has a 30-day
grace period to make up the interest payment, the company's
ability to service its debt obligations in the near term is
limited, given its extremely tight balance sheet liquidity and
increasing reliance on uncommitted short-term debt to partly fund
its operations."
Moody's notes that ASAT has initiated discussions with certain
holders of its senior notes to restructure the debt obligations.
The Ca rating reflects the low expected recovery rate for debt
holders.
The negative outlook reflects significant uncertainty over the
outcome of the negotiation process and wherein a concrete plan has
yet to be established.
The last rating action for ASAT was taken on September 25, 2007,
when the ratings were upgraded to Caa1 with a negative outlook,
following the company's repayment of its interest payment for the
US$150m senior notes within the grace period.
ASAT's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, such as its
i) business risk and competitive position versus others within the
industry, ii) capital structure and financial risk, iii) projected
performance over the near to intermediate term, and iv)
management's track record and tolerance for risk.
ASAT Holdings Ltd is a small provider of outsourced semiconductor
assembly and test services. Revenues were $156 million in FY2008,
which ended April 30.
As at December 31, 2008, QPL and CCMP Capital Asia together owned
80% of the company's outstanding shares, while the public owned
the rest.
ELITE REGENT: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on January 8, 2009, the
members of Elite Regent 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:
Mok Hon Kwong Thomas
Li Po Chun Chambers, 8th Floor
189 Des Voeux Road Central
Hong Kong
GAIN LINKING: Creditors' Proofs of Debt Due on February 23
----------------------------------------------------------
The creditors of Gain Linking Investments Limited are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on January 19, 2009.
The company's liquidator is:
Lam Ying Sui
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
GROUPING DEVELOPMENTS: Creditors' Proofs of Debt Due on Feb. 23
---------------------------------------------------------------
The creditors of Grouping Developments Limited are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on January 19, 2009.
The company's liquidator is:
Lam Ying Sui
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
KEYWIN LIMITED: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on January 7, 2009, the
creditors of Keywin Limited resolved to voluntarily liquidate the
company's business due to its inability to pay debts when it fall
due.
The company's liquidators are:
Huen Ho Yin
Mok Hon Kwong Thomas
Li Po Chun Chambers, 8th Floor
189 Des Voeux Road Central
Hong Kong
MAXCON ENTERPRISES: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on January 12, 2009, the
members of Maxcon Enterprises Limited resolved to voluntarily
liquidate the company's business.
The company's liquidator is:
Chu King Hei, Victor
Yu To Sang Building, Rooms 905-909
37 Queen's Road Central
Hong Kong
RICHWARE INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 23
----------------------------------------------------------------
The creditors of Richware International Limited are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on January 19, 2009.
The company's liquidator is:
Lam Ying Sui
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
STYLATRADE COMPANY: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on January 7, 2009, the
creditors of Stylatrade Company Limited resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.
The company's liquidators are:
Huen Ho Yin
Mok Hon Kwong Thomas
Li Po Chun Chambers, 8th Floor
189 Des Voeux Road Central
Hong Kong
SUNEX TRADING: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on January 9, 2009, the
creditors of Sunex Trading Limited resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.
The company's liquidators are:
Huen Ho Yin
Mok Hon Kwong Thomas
Li Po Chun Chambers, 8th Floor
189 Des Voeux Road Central
Hong Kong
TEX HOME: Creditors' Proofs of Debt Due on Feb. 23
--------------------------------------------------
The creditors of Tex Home International Limited are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on January 19, 2009.
The company's liquidator is:
Lam Ying Sui
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
TOTAL ACCESS: Moody's Withdraws 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investor Services has withdrawn its Ba1 local currency
corporate family rating for Total Access Communication Public
Company Limited. Moody's has withdrawn this rating for business
reasons. The last rating action was on 4th April 2007 when TAC's
ratings were affirmed at Ba1 with a stable outlook.
TAC is the second largest mobile telecommunications service
provider in Thailand, offering analogue and digital services,
under the name DTAC. The company had 18.8 million subscribers and
a subscriber market share of approximately 33% at year-end 2008.
TAC's major shareholder is Telenor Asia which holds a 65.5%
economic interest in the company.
UNI-ARTS: Appoints Chen and Wong as Liquidators
-----------------------------------------------
On January 13, 2009, the creditors of Uni-Arts (Hong Kong) Limited
appointed Chen Yung Ngai Kenneth and Wong Tak Man Stephen as the
company's liquidators.
The Liquidators can be reached at:
Chen Yung Ngai Kenneth
Wong Tak Man Stephen
Caroline Centre, 29th Floor
Lee Gardens Two
28 Yun Ping Road
Hong Kong
=========
I N D I A
=========
IDBI BANK: Fitch Downgrades Individual Rating to 'D' from 'C/D'
---------------------------------------------------------------
Fitch Ratings has affirmed IDBI Bank Ltd.'s Long-term foreign
currency Issuer Default Rating at 'BBB-' (BBB minus) and affirmed
its Short-term foreign currency IDR at 'F3'. The bank's Support
Rating and the Support Rating Floor have been affirmed at '2' and
'BBB-' (BBB minus), respectively, and the National Long-term
rating has been affirmed at 'AA+(ind)' while the National short-
term rating is affirmed at 'F1+(ind)'. At the same time, the
agency has downgraded IDBI's Individual Rating to 'D' from 'C/D'
and simultaneously downgraded the bank's INR15bn Upper Tier 2
subordinated bond programme rating to 'AA-(ind)' (AA minus) from
'AA(ind)'. The Outlooks for the Long-term ratings are still
Stable.
The foreign currency and National Long-term ratings are driven by
expectations of continued support from the government to enable
IDBI to improve its competitiveness and financial standing, which
remain weaker than that of other large government banks in India.
Fitch has downgraded the Individual Rating because the agency
believes that the deterioration in the credit cycle could cause
IDBI's performance to continue to lag behind better positioned
Indian banks for longer-than-expected. Consequently, the National
Rating of the Upper Tier 2 bonds has been lowered by two notches
(earlier one notch) from the National Long-term rating to 'AA-
(ind)' (AA minus) in line with Fitch's revised approach to rating
such instruments for entities with a relatively weaker financial
condition as reflected in Individual Ratings of 'D' or lower.
Government's support for IDBI has been well demonstrated in the
past, including the transfer of the bulk of its NPLs to a
government sponsored vehicle, and the enabling of IDBI's
conversion into a commercial bank. These steps have helped IDBI
improve its funding flexibility and long-term viability, but they
have also resulted in IDBI ceding its pre-eminent position as one
of the largest financial development institutions in India into
the eighth largest commercial bank (by assets) competing with more
established players. IDBI's Support Rating has been affirmed on
the expectation that government support will continue to be
forthcoming during this process of transformation, unless a severe
systemic crisis together with weakening fiscal conditions forces
the government to prioritize its support for larger and
systemically more important banks.
IDBI's net interest margin has gradually improved, but will likely
remain the lowest amongst Indian banks for the next one or two
years given its still small base of low-cost deposits. While
reported NPL ratios improved significantly following the transfer
of INR90 billion problem loans in FY04, the slowdown in the
economy could predominantly impact the bank's corporate loan
portfolio. Some project loans have had to be restructured in the
past and could impact asset quality again during the present
downturn.
The likely pressures on asset quality together with the somewhat
low level of loan loss reserves (39.4% of gross NPLs at end-
December 2008) mean that IDBI may likely need to strengthen its
capital ratios. In particular, the Tier 1 capital ratio that had
been above 10% till 2006 fell to 6.9% at end-December 2008 (total
capital adequacy ratio: 11.78%) due to strong loan growth since
FY08. The government's 52.68% shareholding limits IDBI's options
to raising hybrid capital (both Tier 1 and Tier 2). The
government has announced it will ensure that all government banks
maintain a minimum capital adequacy ratio of 12%. The increased
likelihood of asset quality pressures and the weakening core
capital cushion, together with low levels of profitability have
therefore resulted the Individual Rating being downgraded to 'D'.
IDBI has expanded its national presence since it was converted
into a commercial bank and operated 504 branches and 871 ATMs as
of December 2008. Consumer loans were 15% of the total at FYE08.
SPICEJET LTD: Incurs Rs 17.9cr Net Loss in 3rd Qtr. Ending Dec. 31
------------------------------------------------------------------
The Financial Express reported that Spicejet Limited posted a net
loss of Rs 17.9 crore for the third quarter ended December 31,
2008, compared with a net profit of Rs 9.38 crore for the same
quarter in 2007.
The company, Financial Express relates, reported total income of
Rs 528 crore for the quarter under review, against Rs 439.3 crore
in the same period last fiscal.
Citing Spicejet in a filing to the Bombay Stock Exchange, the
report says that during the quarter ended December 31, the company
has entered into a memorandum of settlement on November 26, 2008,
as per the Delhi High Court order with the erstwhile promoter SK
Modi Group to settle various litigations with them. This
settlement has resulted in one-time non-operational loss of
Rs 18.8 crore, the report notes.
For the nine month ended December 31, 2008, the company posted a
net loss of Rs 344.73 crore, compared with a net loss of Rs 9.89
crore in the same period a year ago.
Meanwhile, Spicejet disclosed that Mr. Wilbur Ross and Mr. Ranjeet
Nabha of WL Ross & Co LLC have been appointed as directors on the
Board of the company with effect from January 31, 2009.
SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.
* * *
SpiceJet Limited booked annual net losses of Rs. 707.43 million in
2007 and Rs. 1,335.07 million in 2008.
TATA MOTORS: Reports Rs 2,632.60 Mln. Net Loss in Q3
----------------------------------------------------
Tata Motors Limited posted a net loss of Rs 2,632.60 million for
the quarter ended December 31, 2008, as compared to net profit of
Rs 4,990.50 million for the quarter ended December 31, 2007.
The company's total income has decreased from Rs 73,435.20 million
for the quarter ended December 31, 2007, to Rs 48,581.30 million
for the quarter ended December 31, 2008.
During the quarter ended December 31, 2008, the company sold its
investments in Tata Teleservices Ltd. The resultant profit of
Rs 4,780 lakhs is included in the other income.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2. The outlook
remains negative.
"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets. This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage. Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.
As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--). At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.
The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover. Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights). Ford contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.
=========
J A P A N
=========
CALYON TOKYO: Moody's Downgrades Credit-Linked Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of a credit-linked loan extended to Calyon Tokyo Branch
(Versailles). This loan is collateralized by a credit-linked note
issued by Calyon Finance (Guernsey) Limited, itself referencing a
static portfolio of 13 global corporate entities.
This rating action is based on the credit deterioration of the
reference pool. As the corporate names which are included in the
reference pool could continue to deteriorate in the current
economic environment, this may further weigh on the rating of this
loan.
Because of the credit events on Fannie Mae and Freddie Mac (which
were placed into the conservatorship of the U.S. government on
September 8, 2008), Moody's has been placing the rating of this
loan under review for possible downgrade to assess the result of
valuation process. The valuation process on Fannie Mae and
Freddie Mac for this deal is now completed and the final price
being over 100%, no loss has eventually been incurred by the
Versailles loan due to these two credit events. As a result,
these two credit events have not directly affected the rating of
the Versailles loan.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (December 2008)
-- Moody's updates key assumptions for rating corporate
synthetic CDOs (January 2009)
The rating action is:
Versailles (CDO Credit-Linked Loan) JPY 2,000,000,000 Floating
Rate Credit Linked Loan extended to Versailles (Scheduled
Termination Date: 30 September, 2011):
-- Current Rating: Ba1
-- Prior Rating: Baa3 on review for possible downgrade
-- Prior Rating Date: 10 November 2008
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
TOSHIBA CORPORATION: Posts JPY121.1 Bln. Net Loss in 3Q
-------------------------------------------------------
Toshiba Corporation reported a net loss of JPY121.1 billion for
the third quarter ending December 2008, compared to a JPY80.5
billion profit it booked in the same period in 2007.
For the current quarter, the company also posted a consolidated
operating loss of JPY158.8 billion, compared with a JPY42.1
billion operating profit in the same period last year. Toshiba's
consolidated sales for the third quarter declined 79 percent to
JPY1.49 trillion.
Toshiba said the company's operating loss worsened as the
recession, influenced by the accelerating global financial crisis
since September 2008, took electronic devices heavily into the red
and caused significant declines in digital products and home
appliances, even though social infrastructure remained in the
black.
Full Year Results Forecast
Bloomberg News reports that Toshiba fell the most in at least 34
years in Tokyo trading after the company forecast a record annual
loss as the recession drives down prices and its debt rating was
cut.
According to data compiled by Bloomberg, the company tumbled 17
percent to close on Jan. 30, 2009, at JPY318 on the Tokyo Stock
Exchange, the biggest decline since at least September 1974.
Toshiba said the company's net loss will probably reach JPY280
billion ($3.1 billion) in the 12 months ending March 31, compared
with profit of JPY127.4 billion a year earlier, Bloomberg News
relates. In September, Bloomberg News says, Toshiba forecast it
would generate net income of JPY70 billion this fiscal year.
According to Bloomberg News, the company said it is delaying
construction of new factories, laying off temporary workers,
scaling down output and slashing research spending in the chip
business to weather the slump in demand that led prices of the
devices 62 percent lower last year. The measures will save
Toshiba JPY300 billion in costs next fiscal year.
About Toshiba Corporation
Toshiba Corporation is a Japan-based manufacturer involved in five
business segments. The Digital Products segment offers cellular
phones, hard disc devices, optical disc devices, liquid crystal
televisions, camera systems, digital versatile disc (DVD) players
and recorders, personal computers (PCs) and business phones, among
others. The Electronic Device segment provides general logic
integrated circuits (ICs), optical semiconductors, power devices,
large-scale integrated (LSI) circuits for image information
systems and liquid crystal displays (LCDs), among others. The
Social Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
===============
M A L A Y S I A
===============
LITYAN HOLDINGS: Default Totals MYR41.03 Million as of Jan. 31
--------------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Securities Bhd,
Lityan Holdings Berhad disclosed the status of its payment
default on its credit facilities as of January 31, 2009.
As of end-January 2009, Lityan Holdings owes its creditors
MYR41,032,316.15 in aggregate:
Total Principal and
Lender Type of Facility Interest in Default
------ ---------------- -------------------
RHB Bank Berhad Overdraft Facility MYR353,541.44
of MYR225,000/-
RHB Bank Berhad Overdraft Facility 708,838.18
of MYR450,000/-
Bank Islam Malaysia Letter of Credit 24,103,649.95
Berhad Labuan Facility/ Murabah
Offshore Branch Working Capital
(Formerly known as Financing/ Revolving
Bank Islam (L) Ltd) Al-Bai-Bithaman-Ajil
Facility of US$10-Mil.
(Secured)
Bank Islam Malaysia Revolving Al-Bai- 14,306,248.03
Berhad Labuan Bithaman-Ajil Facility
Offshore Branch of US$5 million
(secured)
Ambank Berhad Overdraft Facility 1,560,038.55
of MYR1 million ----------------
MYR41,032,316.15
The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted MYR39,472,277.60 out of the
MYR41,032,316.15 total amount default are not major subsidiaries
of the company.
Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding. The Group carries out its operations in
Malaysia and the Philippines.
On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category. On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.
PROTON HOLDINGS: Members Opt to Liquidate Belgian Unit
------------------------------------------------------
Proton Holdings Berhad disclosed that Proton Cars Benelux Limited,
a 99% owned subsidiary of Proton Marketing Sdn Bhd (which in turn
is a wholly owned subsidiary of Proton), has been placed under
Members Voluntary Liquidation, pursuant to the passing of a
special resolution by its Members at an Extraordianry General
Meeting.
Benelux was incorporated on October 30, 1998, in Belgium and has
remained dormant since. It has a paid up capital of EUR61,973.38.
According to Proton, the Liquidation is part of the company's
operational and organizational restructuring in order to
streamline and realign entities within Proton and its group of
companies, by consolidating, rationalizing and / or liquidating
the relevant business within the Proton Group in order to create a
leaner, efficient and flexible corporate structure.
The liquidation is not expected to have a material effect on the
share capital, shareholdings of the substantial shareholders of
Proton and the net assets per share and gearing of Proton for the
financial year ending March 31, 2009, the company said.
None of the directors, substantial shareholders or any persons
connected to the Directors and/or substantial shareholders have
any interest, direct or indirect in the Liquidation, the company
noted.
Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products. Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts. The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.
Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss. It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner. The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.
The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.
RYLAND GROUP: Signs 4th Amendment to Credit Pact With JPMorgan
--------------------------------------------------------------
On January 22, 2009, The Ryland Group, Inc., entered into the
Fourth Amendment to Credit Agreement, among the company, J.P.
Morgan Chase Bank, N.A., as Agent, and the lenders listed therein,
which amended its US$550.0 million unsecured revolving credit
facility.
The Amendment, among other things:
a) decreased the company's borrowing availability from
US$550.0 million to US$200.0 million;
b) changed the definition of consolidated tangible net worth
and reduced the base amount for the minimum consolidated
tangible net worth covenant default limit to
US$300.0 million;
c) amended the leverage ratio restriction to be no more than
55 percent;
d) agreed to establish certain liquidity reserve accounts in
the event the company fails to satisfy an interest coverage
test and an adjusted cash flow from operations to interest
incurred test;
e) changed the restriction of the company's book value of
unsold land to 1.20x its consolidated tangible net worth;
f) changed the borrowing base to allow for 100 percent use of
unrestricted cash in excess of US$25.0 million, less any
drawn balances on the revolving credit facility;
g) established a requirement for the company to cash
collateralize a pro rata share of a defaulting lender's
letter of credit and swing line exposure;
h) established an annual common stock cash dividend limit of
US$10.0 million; and
i) increased the pricing grid, which is based on the company's
leverage ratio and public debt rating, as well as the
interest coverage ratio.
The Credit Agreement's maturity date of January 2011 remains
unchanged and the uncommitted accordion feature has been reduced
to US$300.0 million.
Pro forma
Pro rata Existing Commitment For
Lender Share Commitment 4th Amendment
------ -------- ---------- -------------
JPMORGAN/
WASHINGTON MUTUAL BANK 13.3216% US$73,268,636.97 US$26,643,140.72
REGIONS BANK 4.4111 24,261,138.07 8,822,232.03
BANK OF AMERICA, N.A. 8.8222 48,522,276.14 17,644,464.05
BANK OF IRELAND 1.9850 10,917,512.13 3,970,004.41
BARCLAYS BANK PLC 6.6167 36,391,707.10 13,233,348.04
CALYON NY BRANCH 2.6467 14,556,682.84 5,293,339.21
CHANG HWA
COMMERCIAL BANK LTD. 0.8822 4,852,227.61 1,764,446.40
CITICORP NORTH
AMERICA INC. 8.8222 48,522,276.14 17,644,464.05
CITY NATIONAL BANK, N.A. 2.2056 12,130,569.04 4,411,116.01
COMERICA BANK 3.0878 16,982,796.64 6,175,562.41
COUNTRYWIDE BANK, N.A. 6.6167 36,391,707.10 13,233,348.04
FIRST COMMERCIAL BANK 0.8822 4,852,227.61 1,764,446.40
GUARANTY BANK 5.7345 31,539,479.49 11,468,901.63
MALAYAN BANK BERHAD 0.4411 2,426,113.81 882,223.20
NATIXIS, SA 3.0878 16,982,796.64 6,175,562.41
PNC 3.9700 21,835,024.26 7,940,008.82
THE ROYAL BANK
OF SCOTLAND PLC 8.8222 48,522,276.14 17,644,464.05
SUNTRUST BANK, INC. 5.2933 29,113,365.68 10,586,678.43
UBS AG 3.5289 19,408,910.45 7,057,785.62
WACHOVIA BANK, N.A. 8.8222 48,522,276.14 17,644,464.05
--------- -------------- --------------
100% US$550,000,000.00
US$200,000,000.00
A full-text copy of the Fourth Amendment is available for free at:
http://researcharchives.com/t/s?38e1
About Ryland Group
Based in Calabasas, California and founded in 1967, The Ryland
Group Inc. (NYSE: RYL) -- http://www.ryland.com/-- is one of the
nation's largest homebuilders and a leading mortgage-finance
company. The company currently operates in 28 markets across the
country and has built more than 275,000 homes and financed more
than 230,000 mortgages since its founding in 1967.
* * *
As of December 31, 2008, the company's balance sheet showed total
assets of US$1,862,988,000, total liabilities of US$1,123,810,000,
minority interest of US$13,816,000, resulting in total
stockholders' equity of US$725,362,000.
As reported in the Troubled Company Reporter on Dec. 16, 2008,
Fitch Ratings has downgraded Ryland Group, Inc.'s issuer default
rating and outstanding debt ratings: (i) IDR to 'BB' from 'BB+';
(ii) senior unsecured to 'BB' from 'BB+'; and (iii) unsecured bank
credit facility to 'BB' from 'BB+'. The rating outlook remains
negative.
The TCR reported on Nov. 28, 2008, that Moody's Investors Service
downgraded all of the ratings of The Ryland Group, Inc., including
its corporate family rating to Ba3 from Ba2, its probability of
default rating to Ba3 from Ba2, and its senior notes rating to Ba3
from Ba2. At the same time, Moody's affirmed the company's
speculative grade liquidity rating at SGL-3. The outlook remains
negative.
RYLAND GROUP: Posts US$396,585,000 Net Loss for Year Ended Dec. 31
----------------------------------------------------------------
The Ryland Group, Inc., disclosed in a regulatory filing dated
January 28, 2009, the results for its fourth quarter ended
December 31, 2008.
-- Cash from operations totaled US$78.7 million for the quarter
ended December 31, 2008;
-- Cash balance of US$423.3 million as of December 31, 2008;
-- Current tax receivable of US$160.7 million as of December 31,
2008;
-- Net debt-to-total capital ratio was 33.6 percent at
December 31, 2008;
-- Pretax charges for inventory valuation and other
adjustments were US$48.9 million, option deposits and
feasibility write-offs were US$6.2 million, and losses from
land sales totaled US$19.7 million for the fourth quarter of
2008;
-- Loss of US$1.40 per share for the quarter ended December 31,
2008, included inventory valuation adjustments, write-offs,
and impairments to goodwill and joint ventures, compared to
a loss of US$4.80 per share for the same period in 2007;
-- Consolidated revenues of US$528.2 million for the quarter
ended December 31, 2008, reflected a decrease of 38.6
percent from the quarter ended December 31, 2007;
-- Housing gross profit margins averaged 10.2 percent,
excluding inventory valuation adjustments and write-offs,
for the quarter ended December 31, 2008, compared to 14.0
percent for the same period in 2007. Including the
inventory valuation adjustments, housing gross profit
margins averaged 0.1 percent for the fourth quarter of
2008, compared to negative 15.3 percent for the same period
in 2007;
-- Selling, general and administrative expenses, as a
percentage of homebuilding revenue, were 11.7 percent for
the fourth quarter of 2008, compared to 10.2 percent for
the fourth quarter of 2007. Excluding severance,
relocation, model abandonment and goodwill impairment costs
and charges, selling, general and administrative expenses,
as a percentage of revenue, were 9.1 percent for the fourth
quarter of 2008;
-- Closings totaled 1,964 units for the quarter ended
December 31, 2008, reflecting a 35.8 percent decrease from
the same period in the prior year;
-- New orders in the fourth quarter of 2008 declined 65.3
percent to 554 units from 1,596 units in the fourth quarter
of 2007;
-- Inventory of houses started and unsold decreased by 22.4
percent to 639 units at December 31, 2008, from 823 units
at December 31, 2007.
Results for the Fourth Quarter of 2008
For the fourth quarter ended December 31, 2008, the company
reported a consolidated net loss of US$59.9 million, or US$1.40
per diluted share, compared to a loss of US$201.9 million, or
US$4.80 per diluted share, for the same period in 2007. The
company had inventory and other valuation adjustments, including
goodwill and joint venture impairments, and option deposit and
feasibility write-offs that totaled US$55.1 million during the
fourth quarter ended December 31, 2008.
The homebuilding segments reported a pretax loss of US$82.7
million during the fourth quarter of 2008, compared to a pretax
loss of US$211.3 million for the same period in 2007. This
reduction was primarily due to lower inventory valuation
adjustments and write-offs, partially offset by a decline in
closings and margins and higher losses from land sales.
Homebuilding revenues decreased 38.0 percent to US$513.5 million
for the fourth quarter of 2008, compared to US$828.8 million for
the same period in 2007. This decline was primarily attributable
to closings totaling 1,964 units for the fourth quarter ended
December 31, 2008, reflecting a 35.8 percent decrease from
closings totaling 3,061 units for the same period in the prior
year, and to an 8.6 percent reduction in the average closing price
of a home, which declined to US$246,000 for the quarter ended
December 31, 2008, from US$269,000 for the same period in 2007.
Homebuilding revenues for the fourth quarter of 2008 included
US$29.6 million from land sales, which contributed a net loss of
US$19.7 million to pretax losses, compared to US$5.9 million from
land sales for the fourth quarter of 2007, which contributed a net
loss of US$223,000 to pretax losses.
New orders of 554 units for the quarter ended December 31, 2008,
represented a decrease of 65.3 percent, compared to new orders of
1,596 units for the same period in 2007. For the fourth quarter
of 2008, new order dollars declined 66.9 percent to US$122.0
million from US$368.7 million for the fourth quarter of 2007.
Backlog at the end of the fourth quarter of 2008 decreased 47.5
percent to 1,559 units from 2,969 units at September 30, 2008, and
declined 45.7 percent from 2,869 units at the end of the fourth
quarter of 2007. At December 31, 2008, the dollar value of the
company's backlog was US$407.1 million, reflecting a decrease of
47.0 percent from September 30, 2008, and a decline of 48.2
percent from December 31, 2007.
Housing gross profit margins averaged 10.2 percent, excluding
inventory valuation adjustments and write-offs, for the quarter
ended December 31, 2008, compared to 14.0 percent for the same
period in 2007. This decrease was primarily due to price
reductions related to home deliveries for the fourth quarter of
2008. Including the inventory valuation adjustments, housing
gross profit margins averaged 0.1 percent for the fourth quarter
of 2008, compared to negative 15.3 percent for the same period in
2007. The gross profit margin from land sales was negative 66.5
percent for the fourth quarter ended December 31, 2008, compared
to negative 3.8 percent for the same period in 2007. Selling,
general and administrative expenses, as a percentage of
homebuilding revenue, were 11.7 percent for the fourth quarter of
2008, compared to 10.2 percent for the fourth quarter of 2007.
This increase was primarily attributable to a decline in revenues,
as well as to severance, relocation, model abandonment and
goodwill impairment costs and charges that collectively totaled
US$13.5 million, partially offset by lower marketing and
advertising costs per unit. Excluding these costs and charges,
selling, general and administrative expenses, as a percentage of
revenue, were 9.1 percent for the fourth quarter of 2008, compared
to 9.9 percent for the same period in 2007. Selling, general and
administrative expense dollars for the fourth quarter ended
December 31, 2008, decreased US$24.5 million from the same period
in the prior year. The homebuilding segments capitalized all
interest incurred during the fourth quarters ended December 31,
2008 and 2007.
Corporate expenses were US$10.8 million for the fourth quarter of
2008, compared to US$10.9 million for the same period in the prior
year. Losses in the market value of investments included within
the company's 2008 and 2007 benefit plans totaled US$3.1 million
and US$2.4 million, respectively, and were recognized in corporate
expenses.
During the fourth quarter of 2008, the company provided US$78.7
million of cash from operations, used US$2.4 million for
investing activities and provided US$2.1 million from financing
activities.
The company's financial services segment, which includes mortgage,
title, escrow and insurance services, reported pretax earnings of
US$5.0 million for the fourth quarter of 2008, compared to pretax
earnings of US$16.3 million for the same period in 2007. This
decrease was primarily attributable to a 34.5 percent decline in
the number of mortgages originated due to a slowdown in the
homebuilding market and to a 6.2 percent decrease in average loan
size, as well as to a US$3.7 million decline in sales of insurance
renewal rights in the fourth quarter of 2008, compared to the
fourth quarter of 2007. The capture rate of mortgages originated
for homebuilding customers of the company was 81.0 percent for the
fourth quarter of 2008, compared to 78.5 percent for the same
period in 2007.
Annual Results for 2008
For the twelve months ended December 31, 2008, the company
reported a consolidated net loss of US$396.6 million, or US$9.33
per diluted share, compared to a loss of US$333.5 million, or
US$7.92 per diluted share, for the same period in 2007. The
company had inventory and other valuation adjustments, including
goodwill and joint venture impairments, and option deposit and
feasibility write-offs that totaled US$328.3 million, as well as a
noncash income tax charge of US$143.8 million related to its
deferred tax valuation allowance, for the twelve months ended
December 31, 2008.
The homebuilding segments reported a pretax loss of US$385.9
million during the twelve months ended December 31, 2008, compared
to a pretax loss of US$425.0 million for the same period in 2007.
This decrease was primarily due to lower inventory valuation
adjustments and write-offs, partially offset by a decline in
closings and margins and higher losses from land sales.
Homebuilding revenues decreased 35.4 percent to US$1.9 billion for
the twelve months ended December 31, 2008, compared to US$3.0
billion for the same period in 2007. This decline was primarily
attributable to closings totaling 7,352 units for the twelve
months ended December 31, 2008, reflecting a 28.8 percent decrease
from closings totaling 10,319 units for the same period in the
prior year, and to an 11.6 percent decline in the average closing
price of a home, which declined to US$252,000 for the twelve-month
period ended December 31, 2008, from US$285,000 for the same
period in 2007. Homebuilding revenues for the twelve months ended
December 31, 2008, included US$55.0 million from land sales, which
contributed a net loss of US$25.8 million to pretax losses,
compared to US$21.2 million from land sales for the same period in
2007, which contributed a net gain of US$2.2 million to pretax
losses.
New orders of 6,042 units for the twelve months ended
December 31, 2008, represented a decrease of 32.7 percent,
compared to new orders of 8,982 units for the same period in 2007.
For the twelve months ended December 31, 2008, new order dollars
declined 39.2 percent to US$1.5 billion from US$2.4 billion for
the same period in the prior year.
Housing gross profit margins averaged 11.6 percent, excluding
inventory and joint venture valuation adjustments and write-offs,
for the twelve months ended December 31, 2008, compared to
17.1 percent for the same period in 2007. This decrease was
primarily due to price reductions and increased sales incentives
related to home deliveries for the twelve months of 2008.
Including the inventory valuation and other adjustments, housing
gross profit margins averaged negative 3.2 percent for the twelve
months ended December 31, 2008, compared to negative 0.4 percent
for the same period in 2007. The gross profit margin from land
sales was negative 47.0 percent for the twelve months ended
December 31, 2008, compared to 10.3 percent for the same period in
2007. Selling, general and administrative expenses, as a
percentage of homebuilding revenue, were 13.1 percent for the
twelve months ended December 31, 2008, compared to 11.9 percent
for the same period in the prior year. This increase was
primarily attributable to a decline in revenues, as well as to
severance, relocation, model abandonment and goodwill impairment
costs and charges that collectively totaled US$25.9 million,
partially offset by lower marketing and advertising costs per
unit. Excluding these costs and charges, selling, general and
administrative expenses, as a percentage of revenue, were 11.7
percent for the year ended December 31, 2008, compared to 11.0
percent for the same period in 2007. For the twelve months ended
December 31, 2008, selling, general and administrative expense
dollars decreased US$101.1 million from the same period in the
prior year. The homebuilding segments capitalized all interest
incurred during the twelve-month periods ended December 31, 2008
and 2007.
Corporate expenses were US$42.3 million for the twelve months
ended December 31, 2008, compared to US$35.6 million for the same
period in the prior year. This increase was primarily due to a
US$5.7 million rise in losses within the market value of
investments included in the company's benefit plans.
The company's financial services segment, which includes mortgage,
title, escrow and insurance services, reported pretax earnings of
US$23.0 million for the twelve months ended December 31, 2008,
compared to pretax earnings of US$40.9 million for the same period
in 2007. This decrease was primarily attributable to a 26.4
percent decline in the number of mortgages originated due to a
slowdown in the homebuilding markets, a 10.1 percent decrease in
average loan size and a US$2.5 million decline in sales of
insurance renewal rights in 2008, compared to 2007, partially
offset by a US$1.7 million gain related to the 2008 implementation
of Staff Accounting Bulletin No. 109, which requires that
servicing rights related to interest rate lock commitments be
recorded at fair value. The capture rate of mortgages originated
for the company's homebuilding customers was 82.2 percent for the
twelve months ended December 31, 2008, compared to 78.8 percent
for the same period in 2007.
Overall Effective Tax Rate
The company's effective tax benefit rate was 2.3 percent for the
year ended December 31, 2008, compared to an effective tax benefit
rate of 20.6 percent for the same period in 2007. This decrease
was primarily due to the company's deferred tax valuation
allowance. Due to the uncertainty of current market conditions,
the company is unable to provide precise annual effective rate
guidance at this time.
Subsequent Events
Subsequent to December 31, 2008, these events occurred:
-- The company amended its US$550.0 million revolving credit
facility by reducing its borrowing capacity to US$200.0
million and by modifying several of its covenants, which
included changing the definition of its consolidated
tangible net worth covenant; amending its leverage ratio;
changing the borrowing base; and establishing certain
liquidity reserve accounts in the event the company fails
to satisfy an interest coverage test and an adjusted cash
flow from operations to interest incurred test. The Credit
Agreement's maturity date of January 2011 remains unchanged
and the uncommitted accordion feature has been reduced to
US$300.0 million from US$1.5 billion.
-- Ryland Mortgage Company entered into a repurchase agreement
with Guaranty Bank and Buyers, which provides for
borrowings up to US$60.0 million in funding for its mortgage
origination operations. The RMC Repurchase Agreement
contains representations, warranties, covenants and
provisions defining events of default, which require RMC to
maintain a minimum net worth and certain financial ratios.
This repurchase facility matures in January 2010.
-- The company repurchased US$46.6 million of its senior notes
at a significant discount in the open market.
A full-text copy of the company's financial statements is
available for free at: http://researcharchives.com/t/s?38e2
About Ryland Group
Based in Calabasas, California and founded in 1967, The Ryland
Group Inc. (NYSE: RYL) -- http://www.ryland.com/-- is one of the
nation's largest homebuilders and a leading mortgage-finance
company. The company currently operates in 28 markets across the
country and has built more than 275,000 homes and financed more
than 230,000 mortgages since its founding in 1967.
* * *
As of December 31, 2008, the company's balance sheet showed total
assets of US$1,862,988,000, total liabilities of US$1,123,810,000,
minority interest of US$13,816,000, resulting in total
stockholders' equity of US$725,362,000.
As reported in the Troubled Company Reporter on Dec. 16, 2008,
Fitch Ratings has downgraded Ryland Group, Inc.'s issuer default
rating and outstanding debt ratings: (i) IDR to 'BB' from 'BB+';
(ii) senior unsecured to 'BB' from 'BB+'; and (iii) unsecured bank
credit facility to 'BB' from 'BB+'. The rating outlook remains
negative.
The TCR reported on Nov. 28, 2008, that Moody's Investors Service
downgraded all of the ratings of The Ryland Group, Inc., including
its corporate family rating to Ba3 from Ba2, its probability of
default rating to Ba3 from Ba2, and its senior notes rating to Ba3
from Ba2. At the same time, Moody's affirmed the company's
speculative grade liquidity rating at SGL-3. The outlook remains
negative.
TECHVENTURE BERHAD: Bursa Rejects Appeal on Delisting Decision
--------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that the securities of
an Amended PN17 Company, Techventure Berhad, will be de-listed and
removed from the Official List of Bursa Securities at 9:00 a.m. on
Tuesday, February 10, 2009.
Bursa Securities said it had earlier announced its decision to de-
list the company as it does not have an adequate level of
financial condition and operations to warrant continued listing on
the Official List of Bursa Securities.
Techventure had submitted an appeal against the decision of Bursa
Securities. After having considered all the facts and
circumstances of the matter, Bursa Securities said it has resolved
to disallow the company's appeal.
Bursa Malaysia added Techventure securities may remain deposited
with Bursa Depository notwithstanding its delisting. However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.
Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository. These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.
About Techventure Berhad
Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.
* * *
The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.
The company fell under the category because:
-- the auditors have expressed a modified opinion with
emphasis on Techven's going concern status in the latest
audited accounts for the financial year ended Dec. 31, 2005,
and
-- there are defaults in payment by Techven and its major
subsidiaries as announced pursuant to Practice Note
No. 1 and Techven is unable to provide a solvency
declaration to Bursa Malaysia Securities Berhad.
TENGGARA OIL: Court Grants Writ of Distress Order Against Unit
--------------------------------------------------------------
Tenggara Oil Bhd disclosed that the Johor Bahru Sessions Court
Distress Application No. 54-24 of 2008 (4) had granted an order to
Pelabuhan Tanjung Pelepas Sdn Bhd ("PTP" or "Bailiff") to issue a
Writ of Distress against Tenggara Lubricant Sdn Bhd ("TLSB"), a
subsidiary of the company.
The Writ of Distress orders were granted due:
-- to the outstanding rental for the period of 12 months
from July 2007 to June 2008 amounting to MYR205,920
and for the period still continuing; and
-- failure to hand over vacant possession of the property
known as part of PTD 2500, Mukim Tanjung Kupang, Pelepas
Free Zone of Tanjung Pelepas, Gelang Patah, Johor.
On January 28, 2009, the company's solicitor received a copy of
the order dated January 13, 2009. The property had been sealed by
the Bailiff on January 28, 2009.
About Tenggara Oil
Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses. Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction. As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business. The Company is headquartered
in Kuala Lumpur, Malaysia.
Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.
====================
N E W Z E A L A N D
====================
AIR NEW ZEALAND: Withdraws Court Action Over Christchurch Airport
-----------------------------------------------------------------
The National Business Review reported that Air New Zealand has
withdrawn its application for a judicial review over Christchurch
International Airport's NZ$208 million terminal development.
Both parties, the Business Review said, had considered the
judicial review to be a last resort.
"We've worked hard to address various concerns about the project
and will continue to work closely together to ensure the project
is a success," the Business Review quoted outgoing airport chief
executive Rene Bakx as saying.
Mr. Bakx said some final details of the terminal development
project had yet to be decided, the Business Review related.
According to the Business Review, the airport company expected to
award a contract in the next month or so, and wanted to start the
project as quickly as possible ahead of the 2011 Rugby World Cup.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 9, 2009, The Press said Air New Zealand has filed a judicial
review of the airport terminal redevelopment plans.
The Press related that the airline has booked a court-based
judicial review in the week beginning February 9, claiming the
airport has not conducted adequate consultation over the costly
domestic terminal revamp.
Meanwhile, the National Business Review said Air New Zealand will
terminate its flight services to Australia from Hamilton due to
the decreasing number of passengers.
The airline, Business Review stated, will stop flying from
Hamilton to Brisbane from April 25. Air New Zealand's Hamilton-
Brisbane flights have only been 58 percent full in the past three
months, Business Review notes.
"In that time, we have flown the equivalent of 32 empty A320
aircraft between Hamilton and Brisbane," the Business Review
quoted said Glen Sowry, Air New Zealand's general manager Tasman
Pacific, as saying. "That is clearly unsustainable, and in the
current environment we cannot afford to fly routes that make
substantial losses with no forecast improvement."
Mr. Sowry said the yield on the Hamilton-Brisbane service was also
poor, with 94 percent of the fares being sold as sale or Smart
Saver fares, the Business Review related.
According to the Business Review, Air New Zealand had earlier
stopped flying from Hamilton to Sydney and Hamilton to the Gold
Coast. It also stopped Freedom Air flights from Palmerston North
to Sydney and Brisbane from March last year.
About Air New Zealand
Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business. Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.
* * *
On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating. At the
same time, it changed the outlook on the rating to stable from
positive.
APPLIANCE REPAIRS: Appoints Sargison and Rea as Liquidators
-----------------------------------------------------------
On December 17, 2008, the shareholders of Appliance Repairs 1988
Ltd. appointed Paul Graham Sargison and Gerald Stanley Rea as the
company's liquidators.
Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
Paul Graham Sargison
Gerald Stanley Rea
Gerry Rea Partners
PO Box 3015, Auckland
Telephone: (09) 377 3099
Facsimile: (09) 377 3098
CANTERBURY FRESH ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
Canterbury Fresh Limited and Canterbury Fresh Processing Limited
commenced liquidation proceedings on December 15, 2008.
Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.
The companies' liquidator is:
Murray G. Allott
111 Bealey Avenue, Christchurch 8013
Telephone: (03) 365 1028
Facsimile: (03) 365 6400
e-mail: murray@profitco.co.nz
DOMINION FINANCE: Placed in Liquidation
---------------------------------------
Dominion Finance Holdings (DFH) has been placed into liquidation
by its creditors.
At the Watershed Meeting held on February 2, 2009, the company's
creditors appointed Andrew John McKay and John Joseph Cregten, of
Corporate Finance Limited, Auckland, as joint and several
liquidators.
Creditors and shareholders may direct their inquiries to the
Liquidators at:
Level 15, AMP Centre
29 Customs St. West
P O Box 532 Auckland
Telephone: (09) 358 1230
Facsimile: (09) 358 3646
Website: www.corpfin.co.nz
Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock. The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited. Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
its subsidiary Dominion Finance Group (DFG), rather than allow DFG
to put its moratorium proposal to DFG stockholders for approval.
Dominion Finance Group owes 6,055 debenture holders NZ$224
million.
A TCR-AP report Oct. 17, 2008, said Dominion Finance Holdings
Limited appointed John Joseph Cregten and Andrew John McKay of
Corporate Finance Limited as the company's voluntary
administrators.
According to The National Business Review: "Dominion Finance
Holding went into voluntary administration after it was fined
NZ$65,000 by NZX Discipline for filing its annual report late. At
that time, directors said the holding company had little cash to
its own name."
In addition, the TCR-AP on Dec. 3, 2008, reported that the debt
moratorium for Dominion Finance Holding's other subsidiary North
South Finance Ltd was approved by the stockholders on Dec. 2,
2008.
DORCHESTER PACIFIC: Shareholders to Vote on Liquidation on Feb. 17
------------------------------------------------------------------
Dorchester Pacific Limited said it will hold a special meeting of
shareholders to vote on liquidating the company, the National
Business Review reports.
The report relates that the call for the vote was led by the
Shareholders' Association and supported by more than 5% of
Dorchester shareholders.
However, the report says, director Paul Byrnes and investors Hugh
Green and Kevin Podmore, who together hold more than 44% of the
company's shares, will vote against the resolutions.
According to the Business Review, there is little prospect of the
company being liquidated as the special resolution requires a 75%
majority to pass.
If the resolution fails, the report notes, shareholders will also
vote on whether to remove directors Barry Graham and Paul Byrnes
from their posts.
The special meeting of shareholders will be held on Tuesday,
February 17, 2009, at 4:00 p.m. at the Ellerslie Event Centre, 80-
100 Ascot Avenue, in Greenlane, Auckland.
About Dorchester Pacific
Headquartered in Auckland, New Zealand, Dorchester Pacific Limited
(NZE:DPC) -- http://www.dorchester.co.nz/-- is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings, reverse mortgage and debt
recovery. The Finance division provides investment opportunities
through secured debenture stock and subordinated unsecured notes
and financing solutions for the property, business, equipment,
motor vehicle and personal finance sectors. Its insurance and
savings, and reverse mortgage division provides a range of
savings, life insurance, reverse annuity mortgages, home equity
release loans and other financial products and services. The debt
recovery division provides debt recovery services across a range
of debt classes and values. Dorchester Pacific holds a 25%
shareholding in St Laurence Limited, the holding company for a
property-based investment and finance group of companies, which
manages assets for over 16,000 investors.
* * *
For the 12 months ended March 31, 2008, Dorchester Pacific Limited
recorded a net loss after tax of NZ$18.1 million on total revenue
of NZ$64.4 million compared to net profit after tax of NZ$3.8
million on total revenue of NZ$71.0 million.
As of March 31, 2008, the company had NZ$208.6 million in Secured
Debenture Stock and Subordinated Unsecured Notes on total assets
of NZ$308.3 million.
INTERNATIONAL TIMBER: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------------
On December 19, 2009, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of International Timber
Processors Ltd.
The Liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street
Wellington
Facsimile: (04) 473 6748
JCR DEVELOPMENTS: Court Appoints John Francis Managh as Liquidator
------------------------------------------------------------------
On December 11, 2008, the High Court at Napier appointed John
Francis Managh as the liquidator of JCR Developments Ltd.
The Liquidator can be reached at:
John Francis Managh
50 Tennyson Street
PO Box 1022, Napier
Telephone/Facsimile: (06) 835 6280
KAI CHEMICAL ET AL: Appoint Terence Hillson as Liquidator
---------------------------------------------------------
On December 22, 2008, Terence Hillson was appointed as liquidator
of Kai Chemical Trading Limited and Scarlet Investments Limited.
Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.
The Liquidator can be reached at:
Terence Hillson
PO Box 1240, Auckland
Mobile: 027 280 5580
MARIO SELLS ET AL: Appoint Parsons and Kenealy as Liquidators
-------------------------------------------------------------
On December 15, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as liquidators of:
-- Mario Sells Homes Limited;
-- Gibson's Tile Style Limited; and
-- Netherby Farming Company Limited.
The Liquidators can be reached at:
Dennis Clifford Parsons
Katherine Louise Kenealy
Indepth Forensic Limited
PO Box 278, Hamilton
Telephone: (07) 957 8674
Website: http://www.indepth.co.nz
N. & M. WITEHIRA: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 22, 2008, the shareholders of N. & M. Witehira Ltd.
resolved to voluntarily liquidate the business of N. & M.
Witehira Limited.
The company's liquidator is:
Grant Bruce Reynolds
Reynolds and Associates Limited
PO Box 259059, Greenmount
Auckland
Telephone: (09) 526 0743
Facsimile: (09) 526 0748
e-mail: grant@randa.co.nz
P5 HOLDINGS ET AL: Creditors' Proofs of Debt Due on March 19
------------------------------------------------------------
Vivian Fatupaito and Colin Thomas McCloy fixed March 19, 2009, as
the last day to file proofs of debt by for the creditors of:
-- P5 Holdings Limited;
-- ECS Personnel Limited;
-- F O W Limited;
-- E F R Limited;
-- Peterson Financial Mortgagelink Limited;
-- Goodves Services Limited;
-- Courthouse Number 14 Limited;
-- J.T. Painters Limited; and
-- 621534 Limited;
-- Begley Properties Limited;
-- Detroit Capital Limited; and
-- Armo Holding Limited.
The Liquidators can be reached at:
Vivian Judith Fatupaito
Colin Thomas McCloy
PricewaterhouseCoopers
Private Bag 92162, 188 Quay Street
Auckland 1142
Facsimile: (09) 355 8013
PUKAPUKA SOCIAL ET AL: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
Vivian Fatupaito and Colin Thomas McCloy set today, Feb. 4, 2009,
as the last day to file proofs of debt by for the creditors of:
-- Pukapuka Social Services Limited
-- S.W.A Limited; and
-- Walrus Trading Limited.
The Liquidators can be reached at:
Vivian Judith Fatupaito
Colin Thomas McCloy
PricewaterhouseCoopers
Private Bag 92162, 188 Quay Street
Auckland 1142
Facsimile: (09) 355 8013
RE MANUFACTURING: Creditors' Proofs of Debt Due on February 5
-------------------------------------------------------------
The creditors of RE Manufacturing Ltd are required to file their
proofs of debt by February 5, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 23, 2008.
The company's liquidators are:
Digby John Noyce
Keith Mawdsley
RES Corporate Services Limited
PO Box 302612, North Harbour
Auckland
Facsimile: (09) 918 3691
REGENTS FOOTWEAR: Appoints Crichton and Horne as Liquidators
------------------------------------------------------------
On December 15, 2008, the shareholders of Regents Footwear Ltd.
appointed David Donald Crichton and Keiran Anne Horne as the
company's liquidators.
Only creditors who were able to file their proofs of debt by
January 15, 2009, will be included in the company's dividend
distribution.
The Liquidators can be reached at:
David Donald Crichton
Keiran Anne Horne
HFK Limited
567 Wairakei Road
PO Box 39100, Christchurch
RETIREMENT SOLUTIONS: Appoints Clive Ashley Johnson as Liquidator
-----------------------------------------------------------------
The shareholders of Retirement Solutions Ltd resolved on Dec. 17,
2008, to appoint Clive Ashley Johnson as the company's liquidator.
Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.
The Liquidator can be reached at:
C. A. Johnson
PO Box 33171, Takapuna
North Shore City 0740
Telephone: (09) 377 5536
Facsimile: (09) 377 5537
THE WHITE: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------
The shareholders of The White Room Cafe Ltd met on December 15,
2008, and appointed Iain Bruce Shephard and Christine Margaret
Dunphy as the company's liquidators.
The Liquidators can be reached at:
Iain Bruce Shephard
Christine Margaret Dunphy
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street, Wellington
Facsimile: (04) 473 6748
TRADES R US: Creditors' Proofs of Debt Due on February 13
---------------------------------------------------------
The creditors of Trades R US Ltd. are required to file their
proofs of debt by February 13, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 15, 2008.
The company's liquidators are:
Peter Reginald Jollands
Michael John Fisher
Jollands Callander, Accountants and Insolvency
Practitioners
Administrator House, Level 8
44 Anzac Avenue, Auckland 1010
PO Box 106141, Auckland City 1143
Website: http://www.jollandscallander.co.nz
VIP TAKEAWAYS: Court to Hear Wind-Up Petition on February 9
-----------------------------------------------------------
A petition to have VIP Takeaways Ltd.'s operations wound up will
be heard before the High Court at Whangarei on Feb. 9, 2009, at
10:00 a.m.
ANZ National Bank Limited filed the petition against the company
on November 10, 2008.
S. C. D. A. Gollin is the Petitioner's solicitor.
=====================
P H I L I P P I N E S
=====================
ASB GROUP: Supreme Court Approves Rehabilitation Plan
-----------------------------------------------------
The Supreme Court has approved the rehabilitation plan and the
appointment of a rehabilitation receiver for the ASB Group, which
filed a petition for rehabilitation before the Securities and
Exchange Commission (SEC) in 2000, despite opposition from two of
its creditor banks, Malaya News reports.
Inquirer.net relates that creditor banks, including the Philippine
National Bank ("PNB") and Equitable PCI ("EPCIB"), opposed the
rehabilitation plan for lack of basis.
According to Malaya News, the 22-page decision by the Supreme
Court Second Division penned by Associate Justice Presbitero
Velasco Jr. dismissed the petition of the PNB and EPCIB which
sought to reverse a Court of Appeals (CA)'s ruling affirming the
Nov. 11, 2003 en banc resolution of the Securities and Exchange
Commission (SEC) giving its go-signal for the rehabilitation plan
submitted by ASG Holdings.
In the decision, Inquirer.net relates, the high court said that
the CA did not abuse its discretion when it entertained the ASB
Group's petition for rehabilitation without a previous finding of
technical insolvency.
The high court said that even if the ASB group had enough assets
to cover its obligations, it did not make the group "solvent"
enough to prevent it from filing a petition for rehabilitation,
according to the Inquirer.net.
Malaya News notes the high court held that the SEC ruling was
intended to protect the interest of the 725 unsecured creditors
with a much higher stake in the combined claims of PHP4 billion as
compared to the creditor banks.
According to Malaya News, the ASB Group is composed of ASB
Holdings Inc., ASB Development Corp. (ASBDC), ASB Land Inc., ASB
Finance Inc, Makati Hope Christian School Inc., Bel-Air Holdings
Corp., Winchester Trading Inc., VYL Holdings Corp., and
Neighborhood Holdings Inc., which are engaged in real estate. The
group claimed to have assets worth PHP19.41 billion and
liabilities worth PHP12.7 billion.
===============
T H A I L A N D
===============
* THAILAND: To Borrow $2 Bln. from International Agencies
---------------------------------------------------------
Thailand plans to borrow $2 billion (Dh7.34 billion) from
international agencies such as the World Bank to help its economy
through the financial crisis, The Seoul Times reports citing
Thailand's Finance Minister Korn Chatikavanij.
Finance Minister Korn said the government plans to discuss the
loans with the Asian Development Bank, the World Bank and Japan
International Cooperation Agency, the report relates.
The report says the Finance Ministry would seek approval for the
loans from cabinet next week, and most of the money would be used
for state financial institutions, such as Export-Import Bank of
Thailand.
Last week, the Times notes, the Bank of Thailand cut its 2009
economic growth forecast to a decade low of zero to two percent
from 3.8-5.0 percent seen in October, and against 3.6 percent
growth in 2008.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casurina, Grand Cayman Island, Alabama
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
Chicago Regional Conference
Union League Club of Chicago, Chicago, Illinois
Contact: 1-541-858-1665; http://www.airacira.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
2009 Chicago/Spring Meeting
Westin Hotel on Michigan Ave., Chicago, Ill.
Contact: (312) 781-2000; http://www.clla.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners
Alexander Hamilton Custom House, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
6th Annual Conference on
Distressted Investing - Europe
The Le Meridien Piccadilly Hotel, London, U.K.
Contact: 1-903-595-3800 or
http://www.renaissanceamerican.com/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
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 ***