/raid1/www/Hosts/bankrupt/TCRAP_Public/090311.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, March 11, 2009, Vol. 12, No. 49
Headlines
A U S T R A L I A
CENTRO: Maurice Blackburn Wants Access to Insurance Docs
CENTRO PROPERTIES: Realigns Executive Team and Head Office Staff
FORTESCUE METALS: Issues Additional 35 Million Shares to Valin
MARINER FINANCIAL: Reports AU$44.8 Million Half-Year Loss
RIO TINTO: Sells U.S. Coal Mine to Arch Coal for US$761 Million
C H I N A
ATLANTIS CHINA: Mother Fund Seeks Liquidation, Bloomberg News Says
CHINA MINSHENG: 10th Largest Shareholder Sold Entire Stake
H O N G K O N G
ASAHI CREATIVE: Briscoe and Meng Step Down as Liquidators
BURNON TECHNOLOGY ET AL: Members' Meeting Set for April 6
DE CORO LIMITED: Financial Woes Cue Chapter 15 Filing
DE CORO LIMITED: Voluntary Chapter 15 Case Summary
HIDDEN DRAGON: Creditors' Meeting Set for March 27
HOI PO: Creditors' Meeting Set for March 20
JOY LINE: Members and Creditors to Hold Meeting on April 9
KEEN FAME: Members and Creditors to Hold Meeting on April 9
KINGSWAY DECORATION: Annual Meetings Set for March 17
LFE INTERNATIONAL: Members to Receive Wind-Up Report on April 7
LFE INTERNATIONAL: Chung Miu Yin, Diana Cease to Act as Liquidator
POWER HERO: Creditors' Meeting Set for March 27
SCIENCE ESTHETIC: Members to Receive Wind-Up Report on April 7
SKYPLANET LIMITED: Members and Creditors to Meet on April 9
WELLDONE CONSULTANTS: Members to Receive Wind-Up Report on April 8
I N D I A
BHASKAR SARACHI: Fitch Assigns 'BB-' National Long-Term Rating
BRITTO SEAFOODS: CRISIL Rates Rs.9.1 Mln Long Term Loan at 'B'
MICRO FIN: RBI Cancels Certificate of Registration
SUNIL HITECH: Fitch Assigns National Long-Term Rating at 'BB+'
TATA MOTORS: Tata Sons Pledges Additional Stake With Lenders
I N D O N E S I A
BANK CENTURY: LPS Not Bound to Pay Antaboga Victims, Lawyer Says
J A P A N
FUJI HEAVY: Widens Loss Forecast on Eclipse Related Writedown
PACIFIC HOLDINGS: Files for Bankruptcy, Reuters Says
PEGASUS FUNDING: Moody's Withdraws 'Ba3' Rating on Class B Loan
* JAPAN: Corporate Bankruptcies Up 10.38% in February
M A L A Y S I A
IDAMAN UNGGUL: Posts MYR12.11 Mln Net Profit in Qtr Ended Dec. 31
NEPLINE BERHAD: Incurs MYR2.92 Mil. Net Loss in Qtr. Ended Dec. 31
SATANG HOLDINGS: Taps MIMB Investment Bank as Principal Adviser
TALAM CORP: Updates Bursa on Default Status as of January 31
WONDERFUL WIRE: Posts MYR8.59 Mln Net Loss in Qtr. Ended Dec. 31
WONDERFUL WIRE: Court Grants Restraining Order Until May 25
* MALAYSIA: Gov't. to Implement MYR60-Bil. Stimulus Plan
N E W Z E A L A N D
HASTINGS BUILDING: Fitch Assigns 'BB' Issuer Default Rating
MASCOT FINANCE: Reserve Bank Given All Relevant Data, Trustee Says
* NEW ZEALAND: Troubled Firms Soar 40% to 3,487 in 7-Months Period
P H I L I P P I N E S
UNITED COCONUT: Gets Additional PHP5 Billion from Government
S I N G A P O R E
CERPROBE ASIA: Creditors' Proofs of Debt Due on April 9
CERPROBE SINGAPORE: Creditors' Proofs of Debt Due on April 9
GEORGE COHEN: Creditors' Proofs of Debt Due on April 6
MARUSAN SINGAPORE: Creditors' Proofs of Debt Due on April 9
PROJECTOR ASIA: Creditors' Proofs of Debt Due on April 8
SUNDAY: Court to Hear Wind-Up Petition on March 20
T A I W A N
FAR EASTERN: Fitch Affirms Long-Term Issuer Default Rating
* TAIWAN: Exports Drop 28.6% in February
U N I T E D A R A B E M I R A T E S
ETA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
X X X X X X X X
* AFRICA: Financial Crisis Threatens Economic Successes, IMF Warns
* Fitch Takes Rating Actions on Various Corp. Technology Issuers
* Upcoming Meetings, Conferences and Seminars
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A U S T R A L I A
=================
CENTRO: Maurice Blackburn Wants Access to Insurance Docs
---------------------------------------------------------
The Australian reports that class action lawyer Maurice Blackburn
Pty Ltd wants access to indemnity insurance documents to find out
if Centro Properties Group could pay its AU$1 billion damages
claim.
According to the report, the Federal Court in Melbourne heard on
Friday, March 6, that Maurice Blackburn believed that neither the
Centro Properties Group nor the Centro Retail Trust would be able
to make full payment of any settlement.
Maurice Blackburn chairman Bernard Murphy, as cited by the report,
said his firm needed to inspect the insurance documents ahead of a
forthcoming mediation.
However, the Australian notes, Centro lawyers opposed access to
insurance documents, claiming it would give Maurice Blackburn an
unfair advantage in settlement negotiations.
As reported by the Class Action Reporter on Aug. 27, 2008, Centro
Properties executives appeared at a Melbourne Federal Court
directions hearing on Aug. 25, 2008. Preliminary hearings for
Maurice Blackburn's "opt in" claim and Slater & Gordon's
traditional claim will be heard before Justice Ray Finkelstein as
part of a billion-dollar-plus joint class action suit.
Investors represented by Slater & Gordon and Maurice Blackburn
have accused Centro of being involved in misleading and
deceptive conduct, failing to adhere to accounting standards,
breaching continuous disclosure obligations and deliberately
misclassifying its debt position.
The law firm Slate & Gordon lodged a class action suit in the
Federal Court in Melbourne specifically against:
-- Centro Properties Ltd,
-- CPT Manager Ltd, the responsible entity for Centro
Property Trust,
-- Centro Retail Ltd, and
-- Centro MCS Manager Ltd, the responsible entity for the
Centro Retail Trust
on behalf of Nicholas Vlachos, Monatex Pty Ltd and Ramon Franco
(Class Action Reporter, May 27, 2008).
The applicants are representative parties for persons who were
not group members in the class action claim commenced against
Centro Properties Ltd and CPT Manager Ltd by Maurice Blackburn
on May 9, 2008, also in the Federal Court in Melbourne.
Maurice Blackburn filed a shareholder class action suit against
the property fund, with a claim value of at least AU$100 million,
on behalf of litigation funder IMF Australia Ltd (Class Action
Reporter, May 14, 2008).
According to IMF, the claims relate to alleged misleading and
deceptive conduct and breaches by Centro of its continuous
disclosure obligations between August 9, 2007, and February 15,
2008.
Maurice Blackburn's shareholder claim seek compensation over the
price paid for securities inflated by Centro's alleged failure
to properly disclose its circumstances.
About Centro Properties
Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres. Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States. Centro has
funds under management of US$24.9 billion.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.
On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three year extension on its AU$3.9 billion of the
senior syndicated debt facility. It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).
CENTRO PROPERTIES: Realigns Executive Team and Head Office Staff
----------------------------------------------------------------
Centro Properties Group has renewed its executive management team
and refocus its head office staff as a result of a detailed review
following the completion of its debt stabilization agreement.
The refocus and alignment follow the announcement that
Glenn Rufrano will continue as Chief Executive Officer and that
Tony Clarke and Michael Carroll were appointed as Chief Executive
Officers of Centro Australia and US, respectively, Centro said in
a statement.
Renewed Executive Committee
To lead Centro Australia, a renewed Executive Committee has been
put into place. Members of the Executive Committee are:
* Tony Clarke, Chief Executive Officer Centro Australia.
Mr. Clarke is responsible for all Centro operations based
in Australia.
* Paul Belcher, General Manager Finance. Mr Belcher has
most recently served as General Manager Accounting and
will have responsibility for accounting, tax, treasury
and finance.
* Michael Benett, General Manager Institutional Funds
Management. Mr. Benett will oversee all areas of the
funds management business including Centro (CNP), Centro
Retail Trust (CER) and the wholesale funds. Mr. Benett
will also be responsible for Corporate Marketing &
Communications. Mr. Benett was most recently Group
Commercial & Business Analysis Manager and has served in
various roles within the Group including as Centro Fund
Manager.
* Gerard Condon, General Manager Syndicate Funds Management.
Mr. Condon will continue to manage all aspects of the Centro
MCS syndicate business. Mr. Condon was appointed to the
Executive Committee in June 2008.
* Mark Wilson, General Manager Property Operations Australia.
Mr. Wilson will be responsible for all areas of leasing and
property management as well as valuations and dispositions.
Mr. Wilson has been a member of the Executive Committee
since joining Centro in 1997 and has served various roles
including Chief Investment Officer, Chief Operating Officer-
Centro US and National Property Manager.
* New appointments for Group Chief Financial Officer and
General Counsel will be made in the future.
John Hutchinson will remain on the Executive Committee
until a new General Counsel is appointed.
Former Executive Committee members Graham Terry and Philippa Kelly
will be leaving the Group.
About Centro Properties
Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres. Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States. Centro has
funds under management of US$24.9 billion.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.
On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three year extension on its AU$3.9 billion of the
senior syndicated debt facility. It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).
FORTESCUE METALS: Issues Additional 35 Million Shares to Valin
--------------------------------------------------------------
Fortescue Metals Group has agreed to issue Hunan Valin Iron and
Steel Group Company Ltd ("Valin") with 35 million shares at
AU$2.48 per share, to raise an additional AU$86.8 million.
The terms of the issue are the same as the previous Share
Subscription Agreement between the two companies, signed on
February 25, which raised AU$558 million. As a result, Fortescue
said it has now raised AU$644.8 million in new capital in the past
two weeks.
Fortescue said if Valin receives Foreign Investment Review Board
approval, Valin's total Fortescue shareholding will increase to
535 million shares, which is equivalent to 17.4 per cent of the
company, but remains below the 17.55 per cent standstill maximum
shareholding agreed between Fortescue and Valin as part of the
original Share Subscription Agreement.
The funds raised through the Valin placements provide extra
strength to Fortescue's balance sheet, and offers a strong
financial base for Fortescue to expand above its 55 million tonne
per annum production capacity.
Chinese Investments
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, Bloomberg News said Senator Barnaby Joyce has
called for an inquiry to consider tightening Foreign Investment
Review Board rules and Chinese sovereign investment in Australian
resources. The committee, Bloomberg News noted, has the power to
summon executives from companies and to block investments.
"This is an economic question about giving another government a
stake in Australian resources, our biggest wealth generator,"
Senator Joyce told Bloomberg News in a phone interview. "This is
not being parochial about foreign investment, it is about the
ownership of Australian resources being handed to another
government."
"The global financial crisis is hurting mining companies and we
need to know the ramifications of an increase in overseas
sovereign ownership in Australian mines," Bloomberg News quoted
Senator Joyce as saying. "No one is against foreign ownership,
but if you have a dispute with a company it is very different from
having a dispute with a government."
According to Bloomberg News, minerals demand has helped extend 17
years of economic growth in Australia. The news agency says China
was the biggest buyer of Australian minerals in 2007, purchasing
one-fifth of the AU$68.5 billion (US$44 billion) worth of exports,
however, according to the Reserve Bank of Australia, waning demand
from its biggest trading partners may cut income from exports by
20 percent this year.
About Hunan Valin
China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes. Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US. It was
formed in 1999. In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.
About Fortescue Metals
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
* * *
Fortescue reported consecutive net losses for the past three
fiscal years. Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.
MARINER FINANCIAL: Reports AU$44.8 Million Half-Year Loss
---------------------------------------------------------
Mariner Financial Limited has reported a AU$44.8 million loss for
the half year ended December 31, 2008.
The losses include unrealised asset revaluations of AU$23.5
million along with a provision for rental lease and leasehold
improvements of AU$2.9 million and realized asset valuations of
AU$7.9 million.
The company said it has reduced its recurring expenses
significantly during the half year by streamlining business
operations, and reducing headcount by 70%. A further 10%
reduction is scheduled for the second half of the year.
The Australian says Mariner's results were reported 10 days after
the company's shares were suspended from trading for failing to
file first-half results by the end of February.
According to the Australian, Bill Ireland, the founder and
executive chairman of Mariner Financial, said he had "done what he
had to do" by selling assets in a very difficult market to reduce
debt.
Mariner, the report states, has sold a series of assets including
Turtle Beach in Queensland; management rights to Mariner Pipeline
Income Trust; Mariner American Property Income Trust and Mariner
Infrastructure Trust No1 and Mariner Mortgage Trust.
The Australian discloses that Mariner Financial was also in
advanced talks to sell two other assets -- Southern Distribution
Hub and management rights to Mariner Property Trust No1 and MSS
Moore Park.
Assets in the group's Mariner German Property Trust (MGPT) and
Mariner Japan Property Trust (MJPT) had been revalued to limit
risks, the Australian notes .
"Accordingly, control of MGPT and MJPT is considered to have
ceased on October 15, 2008," the report quoted Mr. Ireland as
saying.
"In summary, activities of the last six months have resulted in
the reduction of net assets from AU$63.9 million to AU$19
million." No dividend was paid and the company does not expect to
declare any dividends "in the immediate future."
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Financial has been
under considerable financial distress. Its share price plunged 91
per cent from AU$2.15 in February 2007 to just 19c on Nov. 26,
2008. Mariner's shares closed at 1c on Feb. 27.
The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.
Mariner Financial, according to a TCR-AP report on October 9,
2008, appointed receivers and managers to its wholly owned
subsidiary, Mariner Treasury Limited.
About Mariner Financial
Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors. During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment. The company predominantly distributes its investment
products through independent advisory intermediaries. In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.
RIO TINTO: Sells U.S. Coal Mine to Arch Coal for US$761 Million
---------------------------------------------------------------
Rio Tinto has agreed to sell its Jacobs Ranch coal mine to Arch
Coal Inc. for a total cash consideration of US$761 million.
"The sale of Jacobs Ranch is a further illustration of the high
quality of our assets and the strong value we are able to obtain
for shareholders," said Guy Elliott, chief financial officer, Rio
Tinto. "This brings the total asset sales announced this year to
US$2.5 billion."
During 2008, Rio Tinto realized almost US$3 billion from asset
sales, comprising the Greens Creek mine in Alaska for US$750
million, its interest in the Cortez operation in Nevada for
US$1.695 billion and the Kintyre uranium project in Western
Australia for US$495 million. In January 2009, the Group
announced the divestment of its interest in the Ningxia aluminum
smelter in China for US$125 million as well as its potash assets
and Brazilian iron ore operation for US$1.6 billion.
Credit Suisse advised Rio Tinto on the transaction.
Rio said completion of the transaction remains subject to
customary closing conditions, including regulatory approvals.
May Sell Shares
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto may sell shares to
help cut debts.
According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.
The group's net debt as of October 31, 2008 stood at US$38.9
billion.
Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a
Jan. 28 statement obtained by Bloomberg News.
"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying. "Buyers want
super bargains and Rio does not want to sell at those prices. Rio
is probably thinking it's better to go to the market."
Bloomberg News recalled Rio increased its debt almost 19-fold
after buying Canadian aluminum producer Alcan Inc. for US$38.1
billion in 2007.
According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.
To reduce costs, Rio said it will:
-- Reduce global headcount by 14,000, comprising 8,500
contractor jobs and 5,500 employee roles (annual operating
cost saving of US$1.2 billion, upfront severance costs of
US$400 million);
-- Consolidate offices around the Group, including the
London head office;
-- Rapidly accelerate outsourcing and off-shoring of
IT and procurement in 2009; and
-- Defer exploration and evaluation expenditure.
About Arch Coal
Arch Coal, Inc. (NYSE:ACI) -- http://www.archcoal.com/-- is a
coal producer in the United States. The company has three
business segments: the Powder River Basin, the Western Bituminous
region and the Central Appalachia region. During the year ended
December 31, 2008, the company operated 20 active mines located in
each of the low-sulfur coal-producing regions of the United
States. Arch Coal, Inc. sells substantially all of its coal to
power plants, steel mills and industrial facilities. During 2008,
the company sold approximately 139.6 million tons of coal,
including approximately 6.1 million tons of coal it purchased from
third parties, fueling approximately 6% of all electricity
generated in the United States.
About Rio Tinto
Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.
Rio Tinto's business is finding, mining, and processing mineral
resources. Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore. Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.
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C H I N A
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ATLANTIS CHINA: Mother Fund Seeks Liquidation, Bloomberg News Says
------------------------------------------------------------------
Bloomberg News reports London-based Atlantis Investment Management
Ltd is seeking unitholders' approval to liquidate its umbrella
fund, Atlantis China Fortune Fund, by transferring liquid assets
held by the fund to a proposed new vehicle called Atlantis New
China Fortune Fund.
The report relates China Fortune Fund froze withdrawals on Oct. 7,
2008, after "receipt of significant redemptions from the fund."
According to the report, China Fortune Fund, started in July 2005,
lost 66 percent of its net asset value last year, compared with a
64 percent gain in 2007. Its assets shrank 83 percent to US$125
million in the 12 months to December, the report notes.
China Fortune Fund unitholders may choose to exchange their shares
of the liquid assets for units in a new fund or withdraw their
money, the report cited Liu Yang, manager of the fund, as saying
in a Bloomberg Television interview Monday.
The report says China Fortune Fund unitholders have been asked to
vote on its reorganization at a March 25 meeting.
Atlantis plans to terminate the China Fortune Fund by April 2 and
list the new fund on the Irish Stock Exchange the next day, the
report discloses.
About Atlantis China Fortune Fund
Atlantis International Umbrella Fund - Atlantis China Fortune Fund
--- www.atlantis-investment.com/ --- is a UCITS certified open-end
fund incorporated in Ireland. The Fund's objective is to achieve
absolute returns. The Fund invests in a managed portfolio of
equity and equity-related securities such as convertible bonds,
preference shares or warrents, issued by companies established in
The People's Republic of China.
CHINA MINSHENG: 10th Largest Shareholder Sold Entire Stake
----------------------------------------------------------
Temasek Holdings Pte has sold its entire shares in China Minsheng
Banking Corp., Bloomberg News reports citing two people familiar
with the situation, who spoke on condition of anonymity because
the matter is private.
According to the report, Temasek sold its stake in China Minsheng
after a banking regulator said that it could only own stakes in
two Chinese lenders. Temasek also has stakes in China
Construction Bank Corp. and Bank of China Ltd, the report adds.
Citing the China Daily, the Troubled Company Reporter Asia
Pacific reported on March 10, 2009, that China Minsheng is seeking
new strategic investors and has been talking with several foreign
banks on speculations that Temasek will sell its stake.
Last year, Temasek owned 3.26% stake in China Minsheng, making
Temasek the 10th-largest shareholder, the Bloomberg News relates
citing exchange filings.
Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.
* * *
China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "4".
================
H O N G K O N G
================
ASAHI CREATIVE: Briscoe and Meng Step Down as Liquidators
---------------------------------------------------------
On February 24, 2009, Stephen Briscoe and Wong Teck Meng stepped
down as liquidators of Asahi Creative Technology Limited.
The company's former Liquidators can be reached at:
Stephen Briscoe
Wong Teck Meng
1801 Wing On House, 18th Floor
71 Des Voeux Road
Central, Hong Kong
BURNON TECHNOLOGY ET AL: Members' Meeting Set for April 6
---------------------------------------------------------
A final meeting will be held on April 6, 2009, for the members of:
-- Burnon Technology (China) Limited at 3:00 p.m.;
-- Gain Linking Investments Limited at 3:30 p.m.;
-- Grouping Developments Limited at 4:00 p.m.;
-- Richware International Limited at 4:30 p.m.;
-- Standard Investment Limited at 5:00 p.m.; and
-- Tex Home International Limited at 5:30 p.m.
The meeting will be held at the 10th Floor of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.
DE CORO LIMITED: Financial Woes Cue Chapter 15 Filing
-----------------------------------------------------
James Wardell and Chan Wai Dune of CCIF Corporate Advisory
Services Limited, the appointed provisional liquidators and
foreign representatives of De Coro Limited, made a voluntary
petition for De Coro under Chapter 15 before the United States
Bankruptcy Court for the Middle District of North Carolina.
The provisional liquidators are seeking for the entry of an order
to recognize the company's Hong Kong proceedings pending before
the High Court of the Hong Kong Special Administrative Region
Court of First Instance Companies (Winding-Up) No. 03 of 2009
under the Hong Kong Companies Ordinance, Chapter 32 of the Laws
of Hong Kong. In addition, the provisional liquidators commenced
a Chapter 15 case to ensure that certain orders of the Hong Kong
Court are enforced in the United States.
Though the company was able to obtain as much as US$3,300,000 from
the China Construction Bank in November 2008, it found itself out
of available cash by December 2008 that result in its inability to
pay wages to its 2,000 employees, according to Chrstine Myatt,
Esq., at Nexsen Pruet PLLC.
The company maintains an interest in these wholly owned
subsidiaries:
a) De Coro Sofa Industrial (Shenzhen) Co. Ltd., a company
registered in the People's Republic of China with
registered capital of US$25,000,000, which manufactures and
sells sofas;
b) De Coro Sofa Manufacturing (Shenzhen) Co. Ltd., a company
registered in the PRC with registered capital of
US$3,000,000, which manufactures and sells sofa legs;
c) De Coro Sofa Furniture (Shenzhen) Co. Ltd., a company
registered in the PRC with registered capital of
US$1,300,000, which manufactures and sells sofas and
related spare parts;
d) De Coro Furniture (Huizhou) Co., Ltd., a company registered
in the PRC with registered capital of US$10,000,000, which
manufactures sofa related spare parts;
e. De Coro USA Ltd., a company registered in the United States
with registered capital of US$30,000, which carries on
wholesale distribution of furniture in the United States;
f) De Coro Europe, a company registered in France with
registered capital of EUR7,700, which carries on wholesale
distribution of furniture in Europe; and
g) De Coro Italia S.R.L., a company registered in Italy with
registered capital of EUR50,000, which was closed in
December 2008.
Headquartered in Fanling, Hong Kong, De Coro Limited engages
principally in the production of leather upholstered furniture in
China for export to international markets. The Debtor makes its
products at its facility in the Longgang District of Shenzhen,
China. The Debtor is a Hong Kong limited liability company
incorporated on Dec. 11, 1996, under the Companies Ordinance (Cap.
32).
DE CORO LIMITED: Voluntary Chapter 15 Case Summary
--------------------------------------------------
Chapter 15 Petitioners: James Wardell and Chan Wai Dune
Provisional Liquidators
CCIF Corporate Advisory Services Limited
Chapter 15 Debtor: De Coro Limited
Room 416 Sun Ling Plaza
30 On Kui Street, On Luk Tsuen
Fanling, Hong Kong
China
Chapter 15 Case No.: 09-10369
Type of Business: The Debtor engages principally in the production
of leather upholstered furniture in China for
export to international markets. The Debtor
makes its products at its facility in the
Longgang District of Shenzhen, China.
The Debtor is a Hong Kong limited liability
company incorporated on Dec. 11, 1996, under
the Companies Ordinance (Cap. 32).
Specifically, Debtor maintains an interest in
the following wholly-owned subsidiaries: De
Coro Sofa Industrial (Shenzhen) Co. Ltd.; De
Coro Sofa Manufacturing (Shenzhen) Co. Ltd.; De
Coro Sofa Furniture (Shenzhen) Co. Ltd.; De
Coro Furniture (Huizhou) Co., Ltd.; De Coro USA
Ltd.; De Coro Europe; De Coro Italia S.R.L.
In addition, the Debtor's United States assets
consist primarily of De Coro USA, which is
incorporated in 1999. De Coro USA maintains is
located at 1403 Eastchester Drive, Suite 104,
High Point, North Carolina.
Chapter 15 Petition Date: March 5, 2009
Court: Middle District of North Carolina (Greensboro)
Judge: William L. Stocks
Chapter 15 Petitioner's Counsel: Christine L. Myatt, Esq.
cmyatt@npaklaw.com
Nexsen Pruet, PLLC
701 Green Valley Rd., Suite 100
P.O. Box 3463
Greensboro, NC 27408
Tel: ((336) 373-1600
Estimated Assets: unstated
Estimated Debts: unstated
HIDDEN DRAGON: Creditors' Meeting Set for March 27
--------------------------------------------------
The creditors of Hidden Dragon Gifts Limited will hold their
meeting on March 27, 2009, at 11:00 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
The meeting will be held at the 15th Floor of Empire Land
Commercial Centre, 81-85 Lockhart Road, in Wanchai, Hong Kong.
HOI PO: Creditors' Meeting Set for March 20
-------------------------------------------
The creditors of Hoi Po Metal Manufactory Company Limited will
hold their meeting on March 20, 2009, at 3:00 p.m., for the
purposes mentioned in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.
The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.
JOY LINE: Members and Creditors to Hold Meeting on April 9
----------------------------------------------------------
The members and creditors of Joy Line Limited will hold their
meeting on April 9, 2009, at 4:15 p.m. and 4:45 p.m.,
respectively, at Rooms 201-3, 2nd Floor of China Insurance Group
Building, 141 Des Voeux Road, in Central, Hong Kong.
At the meeting, Chow Cheuk Lap, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
KEEN FAME: Members and Creditors to Hold Meeting on April 9
-----------------------------------------------------------
The members and creditors of Keen Fame Industries Limited will
hold their meeting on April 9, 2009, at 2:00 p.m. and 2:30 p.m.,
respectively, at Rooms 201-3, 2nd Floor of China Insurance Group
Building, 141 Des Voeux Road, in Central, Hong Kong.
At the meeting, Chow Cheuk Lap, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
KINGSWAY DECORATION: Annual Meetings Set for March 17
-----------------------------------------------------
The members and creditors of Kingsway Decoration & Engineering
Company Limited will hold their annual meetings on March 17, 2009,
at 2:00 p.m. and 2:30 p.m., respectively, at the 18th Floor of
1801 Wing On House, 71 Des Voeux Road, in Central, Kong Kong.
At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LFE INTERNATIONAL: Members to Receive Wind-Up Report on April 7
---------------------------------------------------------------
The members of LFE International Limited will meet on April 7,
2009, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at Level 28 of Three Pacific Place, in 1
Queen's Road East, Hong Kong.
LFE INTERNATIONAL: Chung Miu Yin, Diana Cease to Act as Liquidator
------------------------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana stepped down as
liquidator of LFE International Limited.
The company's former Liquidator can be reached at:
Chung Miu Yin, Diana
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
POWER HERO: Creditors' Meeting Set for March 27
-----------------------------------------------
The creditors of Power Hero International Limited will hold their
meeting on March 27, 2009, at 5:30 p.m., at the 19th Floor of Nan
Dao Commercial Building, 359-361 Queen's Road Central, in Sheung
Wan, Hong Kong.
At the meeting, the creditors will be asked to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
SCIENCE ESTHETIC: Members to Receive Wind-Up Report on April 7
--------------------------------------------------------------
The members of Science Esthetic Solutions Limited will meet on
April 7, 2009, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.
The meeting will be held at Suite 1306, 13th Floor of ING Tower,
in 308 Des Voeux Road Central, Hong Kong.
SKYPLANET LIMITED: Members and Creditors to Meet on April 9
-----------------------------------------------------------
The members and creditors of Skyplanet Limited will hold their
meeting on April 9, 2009, at 2:45 p.m. and 3:15 p.m.,
respectively, at Rooms 201-3, 2nd Floor of China Insurance Group
Building, 141 Des Voeux Road, in Central, Hong Kong.
At the meeting, Chow Cheuk Lap, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WELLDONE CONSULTANTS: Members to Receive Wind-Up Report on April 8
------------------------------------------------------------------
The members of Welldone Consultants Limited will meet on April 8,
2009, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at Room 1901-2 of Park-In Commercial
Centre, 56 Dundas Street, in Kowloon, Hong Kong.
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I N D I A
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BHASKAR SARACHI: Fitch Assigns 'BB-' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(ind)' (BB minus(ind)) National
Long-term rating to Bhaskar Sarachi Alloys Ltd. The Outlook is
Stable. At the same time, the agency has assigned these ratings
to the BASL's various bank loans:
-- INR39.8 million outstanding long-term debt (as at
end-December 2008): 'BB-(ind)' (BB minus(ind));
-- INR265.0 million fund based working capital limit:
'BB-(ind)' (BB minus(ind))/'F4(ind)'; and
-- INR230.0 million non-fund based working capital limit:
'F4(ind)'.
The ratings reflects the relatively small size of the company's
operations (market share of below 1% of the Indian ferro-alloy
industry) and likely impact on revenues and profitability from a
demand slowdown in the steel and real estate sectors. The ratings
also reflect the high working capital intensity of BSAL's
business, as well as the high volatility in raw material prices,
which constrain the company's short-term liquidity. Approximately
23% of BSAL's revenues come from exports, the majority of which
are to the European markets, and with slowing demand in this
region, Fitch believes the company could face further revenue
pressures.
BSAL plans to increase sales in the domestic market to offset this
decline, though this in turn exposes the company to risks of
longer working capital cycles. The company's margins have also
been impacted by the substantial increase in ferro-alloy
capacities in the domestic market, which has resulted in higher
competition for key raw materials. Slowing demand may force
ferro-alloy manufacturers to de-stock inventory which may put
further pricing pressure on prices. This may affect BSAL's margin
on account of lower spreads, high cost inventory and lower selling
prices.
The ratings are supported by BSAL's rapid growth over FY06-FY08
with stable operating EBIDTA margins (3%-4%), partly a reflection
of the impact of the beneficial steel cycle. The ratings also
reflect the company's contract with Indian Railways to supply
railway track materials which is expected to generate
INR250 million-INR280 million per annum (around 16%-18% of FY08
revenues).
The company is changing its product mix by moving towards higher
margin products. It is replacing its 65,000 MPTA ingot unit with
a billet unit of 53,000 MTPA, though there has been a slight delay
in the start of production and production is expected to start in
FY10. This unit is expected to yield better profitability and
faster realizations as cash conversion cycles are shorter in the
case of billets. Also, BSAL is also setting up a new ferro-alloy
capacity of 15,125 MTPA at a total cost of INR168.0 million which
is also expected to start in FY10, and is expected to provide
better profitability. However, given the current market
conditions, capex has since been put on hold.
Substantial debt-funded acquisitions or capex or a further
deterioration in profit margins, which would cause leverage (net
debt/operating EBITDA) to weaken to 5.0x on a sustained basis
would apply downward rating pressure.
BSAL, incorporated in 1995, reported net sales of INR1.55 billion
in FY08 (FY07: INR1.24 billion). BSAL's Operating EBIDTA margins
declined to 3.6% in FY08 (FY07: 3.9%) primarily on the account of
adverse movement in raw material prices. However, in the nine
month period to end-December, BSAL reported better EBIDTA margins
of 6.09% on revenues of INR94.84 million.
BRITTO SEAFOODS: CRISIL Rates Rs.9.1 Mln Long Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of B/Negative/P4' to the bank
facilities of Britto Seafoods Exports Pvt Ltd (Britto Seafoods).
Rs.9.1 Million Long Term Loan B/Negative (Assigned)
Rs.2.5 Million Cash Credit Limits B/Negative (Assigned)
Rs.70.0 Million Packing Credit P4 (Assigned)
Limits
Rs.7.5 Million Foreign Bill P4 (Assigned)
Discounting Limits*
Rs.15.0 Million Stand-by Limits P4 (Assigned)
Rs.45.0 Million Letter of Credit P4 (Assigned)
Limits
* Interchangeable with packing credit facility to the
extent of 50%.
The ratings reflect Britto Seafoods' weak financial risk profile,
marked by high gearing and poor debt protection measures. The
ratings are further constrained by the susceptibility of Britto
Seafoods' margins to fluctuations in foreign exchange rates, and
its exposure to risks inherent to the seafood industry. These
weaknesses are mitigated by the benefits the company derives from
its longstanding presence in the seafood export industry, diverse
customer base, and moderate operating efficiencies.
Outlook: Negative
CRISIL expects the economic slowdown and volatility in seafood
prices to have an adverse impact on Britto Seafoods' revenues and
margins over the medium term. The ratings may be downgraded in
the event of further deterioration in the company's revenues or
margins, or if the company takes on large debt. Conversely, the
outlook may be revised to Stable' if the company benefits from
favourable rupee and seafood price movements, and if infusions of
capital or increasing accruals drive a substantial improvement in
its financial risk profile.
About Britto Seafoods
Set up as a partnership firm by Mr. John Britto and Ms. Sushila
Christian in 1995, Britto Seafoods was converted into a private
limited company in October 2008. It is engaged in the export of
seafood, with a processing capacity of 5500 tonnes per annum (tpa)
for frozen food and 1500 tpa for ready-to-eat food. For 2007-08,
(refers to financial year, April 1 to March 31), Britto Seafoods
reported a profit after tax (PAT) of Rs.0.46 million on net sales
of Rs.336 million, as against a PAT of Rs.3 million on net sales
of Rs.287 million for the previous year.
MICRO FIN: RBI Cancels Certificate of Registration
--------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to Micro Fin Securiteis Private Ltd. for
carrying on the business of a non-banking financial institution as
the company as the company has opted to exit from the business of
a non-banking financial institution.
Following cancellation of the registration certificate Micro Fin
Securiteis Private Ltd. cannot transact the business of a non-
banking financial institution.
Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.
Securiteis Private Ltd.'s registered office is at C-1, 3rd Floor,
Sagar Market, 25/16 Karachi Khana, in Kanpur (Uttar Pradesh).
SUNIL HITECH: Fitch Assigns National Long-Term Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Sunil Hitech Engineers &
Manufacturers Pvt Ltd a National Long-term rating of 'BB+(ind)'
with a Stable Outlook. At the same time, the agency has assigned
'BB+(ind)' National Long-term ratings to SEML's INR87.5 million
long-term fund based limits and INR14.4 million long-term loans,
and a 'F4(ind)' National Short-term rating to its INR132.5 million
short-term non fund-based limits .
The ratings reflect SEML's strong growth potential, decreasing
leverage and increasing profitability. EBITDA margin expanded to
10.7% in FY08 (FY07: 7.5%). The company's revenue growth is
expected to lead to further margin expansion on account of higher
capacity utilization. The ratings also factor support from the
parent - Sunil Hitech Engineers Ltd, and Fitch believes that
operational and strategic linkages between the two entities remain
fairly strong. While SHEL has not guaranteed any of SEML's debt,
the agency believes that the parent would provide support in the
event it is required. In many instances, when the small size of
the entity acts as a hindrance for winning contracts, some
contracts are acquired in the parent's name. Both companies share
the same management and treasury, indicating a fair amount of
integration.
The ratings are constrained by a limited operating record, small
size of operations and client concentration. The company has a
track record of only two years and has not experienced any
downturn in the industry. However, Fitch notes that the
management has been in the construction industry for a long period
of time. With a few customers accounting for a majority of
revenues, the company is exposed to a sharp impact if they lose a
single customer.
Growth in the size of the company, improvement in its credit
metrics and reduction of dependence on key clients would act as
positive rating triggers. Conversely, the loss of a key customer
or worsening of credit metrics would be negative rating triggers.
Fitch believes that the company's ratings would be tied to those
of its parent, and any change to SHEL's rating would impact
SEML's.
SEML was incorporated in May 2005, and commenced production in
November 2006. SEML's equity is held by SHEL (85%) and the
founder's family (15%). The company is involved in the
manufacturing and fabrication of pressure parts and structural
products, and is intended as a backward integration of SHEL. The
main customers for the pressure products are various power plants.
Bharat Heavy Electricals Ltd is a major customer for the
structural products.
In FY08, SEML had revenues of INR204 million and EBITDA of INR22
million. The total debt was INR64 million at end-March 2008. As
of January 31, 2009, debt was largely unchanged, and the company
has liquidity in the form of unutilized fund based limits of
INR38.2 million and unutilized non-fund based limits of INR130.5
million.
TATA MOTORS: Tata Sons Pledges Additional Stake With Lenders
------------------------------------------------------------
The Times of India reports that Tata Motors Limited said Tata
Sons, one of its promoter, has pledged an additional 5.13% stake
in the company with lenders.
Citing Tata Motors in a disclosure to the Bombay Stock Exchange,
the report relates Tata Motors said Tata Sons has pledged further
2.40 crore shares in Tata Motors taking the total pledged share to
over 6.12 crore shares representing 13.42% of the equity capital
of the firm.
Last month, the report recalls, Tata Motors had said Tata Sons had
pledged 3.72 crore shares representing 8.15% stake of Tata Motors.
Estimated on the basis of market price of Tata Motors on the
transaction date (March 4), the Times notes, the additional share
pledge would have fetched the promoters about Rs 344.15 crore.
According to the Times, the disclosure of the pledged shares
follows the Securities and Exchange Board of India (SEBI)'s
directive, which mandates promoters of all listed companies to
disclose information about shares pledged by the promoter group.
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 by the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B3 from B1. The outlook
remains negative.
"The rating change reflects TML's limited financial flexibility,
high gearing as well as imminent refinancing risk in the context
of weak market conditions in India and overseas," says Elizabeth
Allen, a Moody's Vice President/Senior Credit Officer.
"The significant decline in sales volume challenges the company's
ability to achieve cash flow and profitability breakeven and thus
a reliance on debt funding," says Allen.
The TCR-AP reported on July 9, 2008, that 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.
=================
I N D O N E S I A
=================
BANK CENTURY: LPS Not Bound to Pay Antaboga Victims, Lawyer Says
----------------------------------------------------------------
The State Deposit Insurance Corp. (LPS) is not obligated to
compensate the 500 customers of PT Bank Century Tbk, who lost more
than IDR2.8 trillion (US$232.4 million) in the investment scam
operated by PT Antaboga Delta Sekuritas, an affiliate of Bank
Century, Jakarta Globe reports citing Pradjoto, an LPS-appointed
lawyer for Bank Century.
"The government, through the State Deposit Insurance Corp. [or
LPS] is not required to repay money lost as the result of a
criminal act," Pradjoto was quoted by the news agency as saying.
Pradjoto insisted that Bank Century only acted as the sales agent
for the products, meaning that all of its customers' losses were
the full responsibility of Antaboga, the report said.
According to the report, the Antaboga money was allegedly
transferred into accounts owned by Robert Tantular, a major Bank
Century shareholder, his brother Anton Tantular and Hartawan
Aluwi, an associate.
They were arrested in December on embezzlement charges, the report
adds.
"The LPS won't repay depositors until the police have traced all
the assets owned by Tantular, which will later be put towards
repaying investors," Pradjoto was quoted by the report as saying.
Police have already seized assets worth IDR13.72 billion, the
report discloses. They have also frozen a number of domestic bank
accounts and have seized a number of properties, the report adds.
Bank Century, Reuters said, is a relatively small lender with
total assets of INR15 trillion (US$1.3 billion). The government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector, the Post said.
About Bank Century
Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution. The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking. The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.
=========
J A P A N
=========
FUJI HEAVY: Widens Loss Forecast on Eclipse Related Writedown
-------------------------------------------------------------
Fuji Heavy Industries Ltd revised its loss forecast for the year
ending March 31 to JPY23 billion (US$233 million) from a previous
estimate of JPY19 billion after writing off components supplied to
bankrupt aircraft-maker Eclipse Aviation Corp., Bloomberg News
reports citing a company statement. The company earned net income
of JPY18.5 billion a year earlier, the report notes.
According to the report, Fuji Heavy, which supplied wings to
Eclipse, had JPY6.58 billion of inventory with the aircraft maker.
The report states the Japanese company decided to take the charge
after Eclipse's noteholders last month said the planemaker should
be liquidated because it can't complete a sale to its parent.
The report recalls Albuquerque, New Mexico-based Eclipse was
forced to seek bankruptcy protection in November after it was
unable to raise capital due to the global economic crisis.
Meanwhile, the report says Fuji Heavy won't be paying its year-end
dividend for the first time in 14 years.
In January, Bloomberg News reported Fuji Heavy is cutting
worldwide production by 70,000 vehicles this fiscal year and
lowered its global sales target for this fiscal year by 60,900
vehicles to 554,800.
In a statement, Fuji Heavy attributed its lower business
performance forecast to:
-- the revision of the sales plan resulting from
a sharp downturn of automobile demands on a
global basis;
-- the rapid appreciation of yen more than
assumed exchange rates; and
-- incurring uncollectible receivables by the
trading partner company.
Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) --
http://www.fhi.co.jp/english/-- is a global manufacturer of
transportation and aerospace-related products and the maker of
Subaru automobiles. It has four business divisions. The main
products of the Automobiles division include Legacy, Impreza,
Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer. Its Subaru
automotive business manufactures, repairs and sells minicars,
small cars, passenger cars and their components. Through the
Aerospace division, FHI is engaged in the manufacture, repair and
sales of airplanes, aerospace-related machinery and their
components. The Industrial Products division is engaged in the
manufacture, repair and sales of power generators, engine-equipped
machinery, Robin engines, pumps, agricultural machinery,
construction machinery and other machine tools. The Other
division manufactures, sells, repairs and services sweeper and
eco-related machinery, garbage collection vehicles and specialized
vehicles. The Other division is also engaged in real estate
leasing.
PACIFIC HOLDINGS: Files for Bankruptcy, Reuters Says
----------------------------------------------------
Reuters reports Pacific Holdings Inc said it has filed for
bankruptcy protection with JPY163.6 billion (US$1.65 billion) in
debt.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
29, 2009, Japan Credit Rating Agency Ltd. downgraded Pacific
Holdings's "B" and "B-" long-term ratings to CCC, continuing
placing them under Credit Monitor and changing the direction to
the Credit Monitor from Developing to Negative (#CCC/Negative).
According to the rating agency, Pacific Holdings has announced a
series of releases along with the operating results for the fiscal
year ended November 30, 2008. The operating performance resulted
in a net loss of JPY73 billion and a liability in excess of assets
amounting JPY5.4 billion. In addition to a serious concern about
the going concern, disclaimer of opinion was issued by the
auditor, the rating agency noted.
About Pacific Holdings
Pacific Holdings Inc. (TYO:8902) --- http://www.ph-i.co.jp/---
formerly Pacific Management Corporation, is a Japan-based holding
company mainly engaged in in the real estate investment fund
business. The Company has three business segments. The Real
Estate Investment Fund segment is involved in the fund investment
business, as well as the fund business, including the arrangement
and the management of real estate investment fund. The Real
Estate Consulting Service segment is engaged in the due diligence
business, including research and advice services for investors,
real estate collateral assessment service for lenders, as well as
salable assets assessment and exit strategy proposal services for
corporations. This segment is also engaged in the assessment
business for real estate fund and properties. The Real Estate
Investment segment is engaged in the selection of real estate
properties, and the provision of information on investment grade
ratings, among others.
PEGASUS FUNDING: Moody's Withdraws 'Ba3' Rating on Class B Loan
---------------------------------------------------------------
Moody's Investors Service has withdrawn the rating of Class B loan
of Pegasus Funding for business reasons.
The complete rating action follows:
Deal Name: Pegasus Funding
-- Class B, Withdrawn the Ba3 on Review for Possible Downgrade;
previously on December 24, 2008 Downgraded to Ba3 from Baa2
and Placed Under Review for Possible Downgrade
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.
* JAPAN: Corporate Bankruptcies Up 10.38% in February
-----------------------------------------------------
Japan's corporate bankruptcies rose 10.38% in February from a year
earlier to 1,318 cases, Japan Today reports citing private credit-
research agency Tokyo Shoko Research.
The report notes the number of bankruptcies increased for a ninth
straight month.
Citing Tokyo Shoko Research, Japan Today says, corporate
bankruptcy debt more than tripled to JPY1.23 trillion, increasing
for six straight months, with the collapse of relatively large
exchange-listed companies lifting the overall sum.
===============
M A L A Y S I A
===============
IDAMAN UNGGUL: Posts MYR12.11 Mln Net Profit in Qtr Ended Dec. 31
-----------------------------------------------------------------
In a disclosure with the Bursa Malaysia Securities Berhad,
Idaman Unggul Berhad posted MYR12.11 million net profit on
MYR19.89 million of revenues in the quarter ended December 31,
2008, as compared with MYR34.76 million net loss on MYR18.15
million of revenues in the same quarter of 2007.
As of December 31, 2008, the company's balance sheet showed
MYR632.38 million of total assets, MYR569.86 million of total
liabilities, MYR26.61 million of insurance reserves and total
shareholders' equity of MYR35.91 million.
About Idaman Unggul
Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries. The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding. Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd. On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd. On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal. On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.
* * *
As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.
NEPLINE BERHAD: Incurs MYR2.92 Mil. Net Loss in Qtr. Ended Dec. 31
------------------------------------------------------------------
In a filing with the Kuala Lumpur Stock Exchange, Nepline Berhad
disclosed that it incurred MYR2.92 million net loss in the
fourth quarter ended December 31, 2008, as compared with a net
profit of MYR12.55 million in the same quarter of 2007.
For the current quarter, the group registered zero revenue as
compared with MYR5.21 million of revenue in the preceding year
quarter.
As of June 30, 2008, the company's balance sheet showed
MYR215.44 million of total assets, MYR171.62 million of total
liabilities, resulting in a shareholders' equity of
MYR43.82 million.
Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services. The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology. Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd. On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary. On March 10, 2008, the company disposed of its
interest in Nepline International Limited.
* * *
Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:
-- the company was unable to provide a solvency declaration;
and
-- the company's current situation with regards to the global
economic scenario, which had implicated all the vessels as
non-performing and the company is unable to generate any
income/trades.
Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.
SATANG HOLDINGS: Taps MIMB Investment Bank as Principal Adviser
---------------------------------------------------------------
Pursuant to Clause 3.1(b) of PN 17, the Board of Directors of
Satang Holdings Berhad said it has appointed MIMB Investment Bank
Berhad as its Principal Adviser in relation to the company's plan
to regularise its financial position.
Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories. Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.
TALAM CORP: Updates Bursa on Default Status as of January 31
------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of January 31, 2009.
Default Status
A. Europlus Corporation Sdn Bhd has been notified that the
Noteholders have approved and passed the resolution in
writing on the proposed restructuring scheme on September 25,
2006.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Europlus Corp Abrar Discounts Bhd MYR190,000,000
Sdn Bhd
B. These loans with the companies are part of the overall
Financial Restructuring scheme submitted to the respective
financial institutions.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Abra Development EON Bank Bhd MYR13,451,282
Sdn Bhd
Talam Corp Bhd EON Bank Berhad MYR3,242,549
MYR3,220,148
Europlus Bhd RHB Investment Bank MYR3,297,382
Bhd
Talam Industries Bhd RHB Investment Bank MYR11,221,142
Bhd MYR16,816,990
MYR5,710,867
MYR5,657,099
Talam Industries Bhd RHB Investment Bank MYR13,220,954
Bhd
C. These companies are in the midst of finalizing the sales and
Purchase agreement for the disposal of the asset to repay the
banking facilities:
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Maxisegar Realty TA First Credit MYR24,709,461
Sdn Bhd Sdn Bhd MYR64,228,790
MYR68,993,389
D. These companies are finalizing the joint venture agreement
with the reputable developers where the joint venture
company will repay the loan:
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Zhinmun Sdn Bhd Insas Credit & MYR5,342,994
Leasing Sdn Bhd MYR22,118,767
Ukay Land Sdn Bhd Insas Credit & MYR14,431,468
Leasing Sdn Bhd
E. This company is currently under Section 176 of the Companies
Act, 1965.
The Securities Commission approved the Proposed Revised
Regularization Plan on April 29, 2008.
Upon completion of the Plan, the Lender shall receive
Redeemable Convertible Secured Loan Stocks as settlement.
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Maxisegar Sdn Bhd Abrar Discounts Bhd MYR130,000,000
F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:
Amt. Outstanding
Subsidiary Lender of 01/31/2009
---------- ------ ----------------
Talam Corporation Bhd Pengurusan MYR3,126,765
Danaharta Nasional
About Talam Corporation
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development. Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding. Operations of the group are carried out in
Malaysia and China.
The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts. As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.
WONDERFUL WIRE: Posts MYR8.59 Mln Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
Wonderful Wire & Cable Berhad posted a net loss of MYR8.59
million on MYR3.25 million of revenues in the quarter ended
December 31, 2008, as compared to MYR11.63 million net loss on
MYR6.68 million of revenues in the same quarter of 2007.
The company's balance sheet as of end-December showed MYR47.04
million in total assets and MYR89.30 million in total
liabilities, resulting in a shareholders' deficit of MYR42.26
million.
As of December 31, 2008, the company's balance sheet also showed
strained liquidity with MYR7.48 million of current assets
available to pay MYR85.24 million of current liabilities coming
due within the next twelve months.
About Wonderful Wire
Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables. The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors. Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd. The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.
On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.
WONDERFUL WIRE: Court Grants Restraining Order Until May 25
-----------------------------------------------------------
The High Court of Malaya at Kuala Lumpur (Commercial Division)
granted a restraining order to Wonderful Wire & Cable Berhad,
which stated that all ongoing litigation suits against the company
are restrained and stayed for a period of 90 days from
February 26, 2009 until May 25, 2009.
Pursuant to the regularization plan of WWC submitted to the
Securities Commission on December 15, 2008, and as announced on
the same date, it was proposed that the Proposed Restructuring
Scheme ("PRS") of the company be implemented. However, as the
ongoing litigation suits against the company may jeopardize the
implementation of the PRS, WWC said the restraining order is
necessary to prevent any proceedings against the Company, pending
the finalization of the PRS.
Thus, WWC believes the restraining order will enable the company
to preserve the status quo of its financial and operations pending
the implementation of the PRS.
About Wonderful Wire
Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables. The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors. Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd. The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.
On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.
* MALAYSIA: Gov't. to Implement MYR60-Bil. Stimulus Plan
--------------------------------------------------------
Malaysia's government will implement a MYR60 billion
(US$16.3 billion) stimulus package over the next two years,
Bloomberg News reports citing Malaysian Finance Minister Najib
Razak.
The report, citing Mr. Razak, said that the MYR60-billion package
includes:
-- MYR15 billion of fiscal injection;
-- MYR10 billion of equity investments; and
-- MYR3 billion of tax incentives.
"The plan should help cushion the negative effects from the
deteriorating global conditions and prevent the local economy from
spiraling downwards," The Wall Street Journal quoted RAM Holdings
Bhd.'s chief economist Yeah Kim Leng as saying.
According to the Journal, Malaysia is taking these steps amid a
climate of falling commodity prices. Its electronics industry has
been hit hard by declining global demand, hammering the country's
exports, the report adds.
====================
N E W Z E A L A N D
====================
HASTINGS BUILDING: Fitch Assigns 'BB' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned New Zealand's Hastings Building Society
'BB' Long-term foreign and local currency Issuer Default Ratings,
'B' Short-term foreign and local currency IDRs, 'C/D' Individual
Rating, '5' Support Rating and a 'No Floor' Support Rating Floor.
The Outlook is Stable.
HBS' ratings reflect its solid niche in the small but relatively
prosperous region of Hawke's Bay on the east coast of NZ's North
Island. The ratings also take into account a generally
conservative approach to lending and risk management, strong
liquidity and adequate capitalization.
Challenging economic conditions and weaker property markets have
placed pressure on asset quality across NZ's building society
sector during 2008. For HBS, the ratio of gross impaired loans to
gross loans increased steeply to 2.21% from 0.96% in the six
months to end-September 2008 (H109), and although this ratio is
high compared with peers, it was heavily influenced by a small
number of impaired loans - most notably, one residential
development loan (NZD645,000), plus a small number of residential
loans. More broadly, risk management systems are adequate for its
size and key activities, with the loan portfolio almost entirely
secured by registered first mortgages over real estate, and based
on conservative loan to valuation ratios.
The higher impairment charges of NZD376,000 contributed to a 50%
decrease in operating profit to NZD701,000 at H109. Fitch expects
profitability in FY09 to remain modest in the face of higher
overall funding costs, and the adverse effect of higher
unemployment on asset quality.
HBS funds itself entirely from retail sources with more than 50%
in the form of redeemable share term deposits, and at-call savings
deposits comprising the balance. In the event of a winding up,
all deposits rank equally behind any senior unsecured debt. HBS
held NZD44m in liquid assets at H109 (NZD43.7m in bank deposits)
which equated to 24% of total tangible assets (FYE08: 30%), which
is well above the required minimum and reflects a conservative
approach to liquidity in the current climate. Capital ratios are
adequate with equity/assets averaging around 7% during the past
five years.
HBS lends primarily for residential mortgages and to SMEs in the
Hastings/Napier region and is NZ's fifth-largest building society
with total assets of NZD187 million at end-September 2008. It has
provided retail and commercial banking services to NZ's
Hastings/Napier region since 1885, where the local economy is
primarily driven by fruit growing, agriculture and a growing wine
industry. Products and services are distributed via a branch in
Hastings and another in Napier.
MASCOT FINANCE: Reserve Bank Given All Relevant Data, Trustee Says
------------------------------------------------------------------
The New Zealand Herald reports that Louise Edwards of Perpetual
Trust, the trustee of Mascot Finance Limited, said she supplied
"all relevant" information about the company to the Reserve Bank.
According to the Herald, Ms. Edwards statement follows after Prime
Minister John Key last week said the company should "probably" not
have been in the scheme.
"Perpetual Trust is confident that all relevant information about
Mascot's financial position was fully disclosed to the Reserve
Bank in December by the trustee and is not responsible for the
judgments made by the Reserve Bank and Treasury on that
information," the report quoted Ms. Edwards as saying.
The report relates that by the time Mascot applied for coverage,
the company had already ceased raising money via debentures. It
had reported a NZ$7.5 million loss in the March 2008 year, and was
"reviewing" its future in the finance industry.
As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 3, 2009, Mascot Finance was placed in receivership on
March 2, 2009, making it the first finance company covered by the
government's deposit guarantee scheme to collapse.
The New Zealand Herald said Mascot Finance has 2,558 debenture
holders with NZ$70 million invested.
Trustee Perpetual Trust has appointed Deloitte partners Brett
Chambers and Paul Munro as receivers to the company. The
appointment followed discussions between Perpetual Trust and
Mascot Finance directors.
"In continually reviewing impairments in the loan book the board
has concluded that a major loan is now unlikely to be recovered in
full," the report cited Perpetual Trust in a statement.
"A writedown of that loan would result in a breach of the
company's trust deed. The trustee and the board of directors of
the company concluded receivership was the best option to protect
all investors and to ensure all investors are treated fairly."
According to the Herald, Treasury Secretary John Whitehead said
that all eligible Mascot Finance depositors will get 100 per cent
of the money they are entitled to under the Crown's guarantee.
"The Crown stands behind the deposit guarantee scheme, and Mascot
Finance depositors can be assured that they will get back all of
the money they are entitled to under the guarantee," the Herald
quoted Sec. Whitehead as saying.
Citing the Treasury in a statement, the Herald related that
deposits covered by the guarantee include the principal sum
deposited, along with interest accruing in accordance with the
terms of the deposit up to NZ$1 million per depositor, per
institution. Deposits made and interest earned both before and
after Mascot Finance's approval are covered, the report says.
Mascot Finance Limited specializes in the provision of financial
services to small to medium sized businesses throughout
New Zealand.
* NEW ZEALAND: Troubled Firms Soar 40% to 3,487 in 7-Months Period
------------------------------------------------------------------
The number of failed companies in New Zealand went up by 40% to
3,487 in the seven months since July 2008, compared to the 2,424
troubled companies recorded in the same period last year, The New
Zealand Herald reports citing the data from the Ministry of
Economic Development.
The report, citing the data, relates that out of the 3,487
companies, 3270 have gone into liquidation while 217 went into
receivership.
Meanwhile, in the same period last year, 2,344 were liquidated
while 80 companies were placed under receivership, the report
adds.
According to the report, the worst month was December, when 594
companies failed -- 560 liquidations and 34 receiverships.
Damien Grant, a liquidator of Waterstone Insolvency, told NZ
Herald that his firm, is so busy that it had doubled its staff.
Mr. Grant's records show that there were 236 applications in
February to have a debtor company wound up, the report said.
Businesses were being hit by common factors such as declining
orders and customers not paying their bills, the report noted.
=====================
P H I L I P P I N E S
=====================
UNITED COCONUT: Gets Additional PHP5 Billion from Government
------------------------------------------------------------
United Coconut Planters Bank (UCPB) received an additional
PHP5 billion from the government, bringing state deposits in the
bank to PHP11 billion, Manila Standard reports citing UCPB
sources.
The transfer is part of the bank's PHP30-billion rehabilitation
package signed between UCPB, the Finance Department, Philippine
Deposit Insurance Corp. and the Bangko Sentral ng Pilipinas, the
report recounts.
Citing the Philippine Daily Inquirer, the Troubled Company
Reporter Asia Pacific reported on Dec. 23, 2008, that under the
framework, the government will get PHP30 billion of its deposits
with the central bank and transfer these deposits to UCPB, which
in turn will invest the proceeds in government securities. The
funds will thus revert to the government, which will afterward
place the money with the central bank.
The release of the entire PHP30 billion, however, was tied to the
capitalization of the Bangko Sentral to compensate for the
withdrawal of government deposits from the central bank to UCPB,
Manila Standard notes.
About UCPB
United Coconut Planters Bank -- http://www.ucpb.com/--
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
June 4, 2008, UCPB incurred financial difficulties due to
its inability to raise new capital and its sequestered status.
In June 2007, UCPB reported a non-performing loans ratio of 29.8
percent and a negative 36.3 percent return on equity.
Accordingly, Manila Standard related, the bank disposed of
Php8.68 billion in bad assets in November 2007, which reduced
the level of its bad assets by 42 percent to Php12.11 billion.
The TCR-AP reported on August 7, 2008, that Moody's Investors
Service said the announced recapitalization agreement between
United Coconut Planters Bank (UCPB) and three government agencies
should help stabilize the bank's financial condition.
Moody's currently assigns to UCPB a bank financial strength
rating of E and foreign currency deposit ratings of B1/Not-
Prime. The outlook for the ratings is stable.
=================
S I N G A P O R E
=================
CERPROBE ASIA: Creditors' Proofs of Debt Due on April 9
--------------------------------------------------------
The creditors of Cerprobe Asia Pte Ltd are required to file their
proofs of debt by April 9, 2009, to be included in the company's
dividend distribution.
The company's liquidator is:
Tam Chee Chong
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
CERPROBE SINGAPORE: Creditors' Proofs of Debt Due on April 9
------------------------------------------------------------
The creditors of Cerprobe Singapore Pte Ltd are required to file
their proofs of debt by April 9, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Tam Chee Chong
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
GEORGE COHEN: Creditors' Proofs of Debt Due on April 6
------------------------------------------------------
The creditors of George Cohen (Far Eeast) Pte. Ltd. are required
to file their proofs of debt by April 6, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Lai Seng Kwoon
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
MARUSAN SINGAPORE: Creditors' Proofs of Debt Due on April 9
-----------------------------------------------------------
The creditors of Marusan Singapore Asset Pte Ltd are required to
file their proofs of debt by April 9, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Tam Chee Chong
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
PROJECTOR ASIA: Creditors' Proofs of Debt Due on April 8
--------------------------------------------------------
The creditors of Projector Asia Pte Ltd are required to file their
proofs of debt by April 8, 2009, to be included in the company's
dividend distribution.
The company's liquidator is:
Don M Ho, FCPA
c/o Don Ho & Associates
Public Accountant & Certified Public Accountant
Corporate Advisory & Recoveries
20 Cecil Street, #12-02 Equity Plaza
Singapore 049705
Telephone: 65320 320 (8 lines)
Facsimile. 65320 331
e-mail: don@donhoassociates.com
SUNDAY: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------
A petition to have Sunday Telecommunications Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
March 20, 2009, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the
company on February 24, 2009.
The Plaintiffs' solicitors are:
Messrs WongPartnership LLP
One George Street #20-01
Singapore 049145
===========
T A I W A N
===========
FAR EASTERN: Fitch Affirms Long-Term Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Far Eastern International
Bank's Long-term foreign currency Issuer Default Rating at 'BBB-'
(BBB minus), Short-term foreign currency IDR at 'F3', National
Long-term rating at 'A(twn)', National Short-term rating at
'F1(twn)', Individual rating at 'C/D', Support rating at '4' and
Support Rating Floor at 'B+'. Simultaneously, the agency has
revised the Outlook to Negative from Stable to reflect its
concerns that the bank's weak asset quality and poor earnings
prospects are putting pressure on its capital strength.
FEIB's ratings consider its satisfactory liquidity, acceptable
capitalization (although under pressure) and potential support
from Far Eastern Group, if needed. Contracted core earnings and
elevated credit costs amid the deteriorating domestic economy have
continued to weigh on FEIB's profitability. The bank's asset
quality appeared weak, with NPL ratio of 2.5% at end-Q308. Fitch
also considers loan loss reserves coverage of 47.9% at end-Q308 as
low, taking into account the potential defaults from FEIB's
corporate and unsecured consumer loans.
Nevertheless, Fitch notes FEIB's efforts in reducing its loan book
to contain the impact from its three consecutive years of net
losses. FEIB's capitalization improved to an acceptable level
(un-audited Tier 1 ratio and CAR of 8.4% and 10.6% respectively at
end-2008) after the completion of capital infusion by FEG in
December 2008. FEIB has a satisfactory liquidity position, with
loan/deposit ratio at 77.1% at end-Q308. FEIB also maintained a
relatively high liquidity reserve of 31.9% at end-Q308, markedly
higher than the 7% regulatory requirement.
FEIB was founded in 1992, and is one of Taiwan's medium-sized
private banks with a deposits market share of 1.2% at end-December
2008. FEG, one of the largest conglomerates in Taiwan, has around
60% controlling shares in FEIB and dominate the bank's board of
directors. FEG owns several leading industrial and service
companies in various sectors, consisting telecommunications,
textiles, shipping, retail and petrochemicals.
* TAIWAN: Exports Drop 28.6% in February
----------------------------------------
Taiwan's exports fell 28.6 percent in February to US$12.59
billion, the sixth straight month of year-on-year decline as
demand for electronics declined, various reports say.
The Finance Ministry, as cited by various reports, said the
decline in overseas shipments in February was an improvement from
January's record 44.1 percent slump as electronics manufacturers
received large orders from mainland China.
According to China Post, exports, which are equivalent to about 70
percent of gross domestic product, fell 37.2 percent over the
first two months of 2009, the largest decline on record.
In February, China Post relates, Taiwan's imports declined 31.6
percent to US$10.9 billion, resulting in a trade surplus of
US$1.67 billion, compared with a US$3.4 billion surplus in
January.
"Amongst the major emerging-market Asian exporters, Taiwan has
been the worst hit by the global recession," China Post cited
Frank Gong and Grace Ng, Hong Kong-based economists at JPMorgan
Chase & Co., in a report. "Looking ahead, rising unemployment,
falling real income and an uncertain external-demand outlook all
point to further near-term growth risks."
=====================================
U N I T E D A R A B E M I R A T E S
=====================================
ETA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Dubai-based industrial conglomerate ETA
Group to 'BB+' from 'BBB-'. The outlook is negative.
At the same time, the debt rating on the group's $300 million
senior unsecured bank loan due 2012, for which subsidiaries
Emirates Trading Agency LLC, ETA Star Holdings Ltd., and
Associated Construction and Investments Co. LLC are the joint
borrowers, was also lowered to 'BB+' from 'BBB-'. A recovery
rating of '4' has been assigned to the loan, indicating S&P's
expectation of an average (30%-50%) recovery in the event of
payment default. The ratings were removed from CreditWatch where
they were placed with negative implications on Nov.20, 2008.
"The downgrade reflects our expectation of a significant increase
in financial leverage for the year ending 2008, and a weakening of
the financial profile to a level below our expectations for the
previous 'BBB-' rating," said Standard & Poor's credit analyst
Stuart Clements. "The downgrade also reflects our belief that ETA
may struggle to meet financial covenants in the short term and
that this may put additional pressure on liquidity, at a time when
banking markets are also less favorable." It also reflects S&P's
view that the adverse economic conditions will continue to present
a challenging environment for ETA's mainly cyclical businesses.
The rating continues to include a one-notch uplift to reflect
implicit support as a result of ETA's 52% ownership by, and close
relationship with, the Al Ghurair family.
ETA's debt levels have risen significantly in recent years to fund
the increasing working capital and capital investments that have
fueled the company's rapid growth. While increasing profitability
and cash generation had partially mitigated the impact on
leverage, key credit measures have now weakened following a
downturn in some of ETA's key markets. S&P believes that funds
from operations to adjusted debt for the fiscal year to Dec. 31,
2008, will fall to about 11% from 19%, and that adjusted debt to
adjusted EBITDA will deteriorate to over 6.5x from 5.2x in 2007.
ETA management have now embarked on a program focused on improving
the financial profile through a reduced capital expenditure
program, temporarily restricted dividend policy, and through the
disposal of selected noncore assets. While S&P believes this will
have a positive effect, S&P think a recovery in the financial risk
profile may be partially offset by the weaker economic
environment.
ETA continues to have a satisfactory business risk profile
underpinned by stable contractual businesses with significant
order backlog predominantly with large well-established or
government-related entities. It also has a good mix of
complementary business divisions, creating opportunities for
synergies, strong positions in its key markets, and good diversity
of earnings. However, S&P believes that the continuing global
economic slowdown is having an adverse effect on overall demand
and pricing in the company's main markets in India, China, and the
Gulf Cooperation Council. While the significant contract backlog
should help soften the impact this may have on trading performance
in the short term at some of its key businesses; shipping,
commodity trading, cement manufacturing, property development, and
car trading are all considered to be more sensitive to economic
conditions. At the current 'BB+' rating S&P would expect to see
ETA maintain a FFO to adjusted debt ratio in the range of 15%-20%
and an adjusted debt to EBITDA ratio of less than 4.5x.
"The negative outlook reflects our concern that management's
efforts to reduce debt levels and improve the financial profile
may be hampered by the difficult economic conditions and the
adverse impact this is likely to have on some of ETA's cyclical
businesses," said Mr. Clements. "It also reflects our negative
industry outlook for most of the core sectors within which ETA
operates." The rating continues to assume that there is no change
to ETA's shareholding and that the group's close relationship with
the Al Ghurair family will continue. A deterioration in
liquidity, or a failure to return leverage ratios to S&P's
expected range for the rating, in the near-term, could result in a
negative rating action. This could be due to weaker-than-expected
cash flows from asset disposals or due to a further weakening of
the group's major markets. Upside potential is currently limited,
given the weak trading environment and financial profile, but
would likely be related to a combination of a successful asset
disposal program and better-than-expected trading performance that
led to strong cash generation, debt reduction, and an improvement
in the financial risk profile.
===============
X X X X X X X X
===============
* AFRICA: Financial Crisis Threatens Economic Successes, IMF Warns
------------------------------------------------------------------
The International Monetary Fund (IMF) has warned that a slow
global economy, declining commodity prices, and tighter credit
markets are seriously threatening Africa's economies. "The gains
of the past decade, during which many countries in sub-Saharan
Africa saw sustained high rates of economic growth and rising
income levels, are at risk," said Antoinette M. Sayeh, the IMF's
African Department Director.
In a new report entitled The Impact of the Global Financial Crisis
on Sub-Saharan Africa, which was released on Monday, March 9,
2009, in Dar es Salaam, on the eve of the high-level conference
"Changes: Successful Partnerships For Africa's Growth Challenge,"
the IMF said that economic growth in Sub-Saharan Africa is
expected to slow to 3-1/4 percent in 2009 from 5 percent in 2008,
half of what was expected a year ago. "African policymakers must
balance two competing priorities: supporting domestic activity
while maintaining macroeconomic stability," Ms. Sayeh said. "Some
countries have the space for fiscal easing. They need to respond
by targeting the poor and putting in place social safety nets.
But some others have fiscal constraints and need to act carefully
in order to protect their macroeconomic gains."
These policy responses should be combined with additional support
from donors. "While African policymakers are rising to meet this
unexpected challenge, donors must also play their part. They must
maintain their commitments and scale up, not scale back their
support," Ms. Sayeh said.
"The IMF is mounting an extraordinary response. It has already
increased its financial support to African countries, including
under its new Exogenous Shocks Facility, and is stepping up its
technical assistance. The Conference will be an opportunity to
discuss what more we can do and reaffirm the IMF's strong
partnership with its African members during these difficult
times," Ms. Sayeh concluded.
* Fitch Takes Rating Actions on Various Corp. Technology Issuers
----------------------------------------------------------------
Fitch has taken a number of rating actions on the issuers listed
below following a sector-wide review of its Asia-Pacific corporate
technology ratings.
The list below details the rating actions taken on the Long-term
foreign currency Issuer Default Ratings. Full details for each
issuer and the ratings rationale will be provided shortly by
separate press releases.
China:
-- ZTE Corporation: Affirmed at 'BB+' with Stable Outlook.
Japan:
-- Panasonic Corporation: Downgraded to 'A+' from 'AA-' (AA
minus); Rating Watch Negative maintained;
-- Sharp Corporation: Downgraded to 'A' from 'A+'; Placed on
RWN;
-- Hitachi, Ltd: Downgraded to 'BBB+' from 'A-' (A minus);
Placed on RWN;
-- Sony Corporation: Downgraded to 'BBB+' from 'A-' (A minus);
RWN maintained;
-- NEC Corporation: Downgraded to 'BBB-' (BBB minus) from 'BBB';
Outlook revised to Negative from Stable;
-- Toshiba Corporation: Downgraded to 'BB' from 'BBB'; Placed on
RWN.
Korea:
-- Samsung Electronics Co., Ltd.: Affirmed at 'A+'; Outlook
revised to Negative from Stable;
-- LG Electronics Co., Ltd.: Affirmed at 'BBB'; Outlook revised
to Negative from Stable;
-- Hynix Semiconductor Inc.: 'B+'; RWN maintained.
Taiwan:
-- Taiwan Semiconductor Manufacturing Company Limited: Affirmed
at 'A'; Stable Outlook;
-- United Microelectronics Corporation: Affirmed at 'BBB';
Stable Outlook;
-- Acer Inc.: Affirmed at 'BBB-' (BBB minus); Outlook revised to
Negative from Stable;
-- ASUSTeK Computer Inc.: Downgraded to 'BB+' from 'BBB-' (BBB
minus); Placed on RWN;
-- Quanta Computer Inc.: Affirmed at 'BB'; Outlook revised to
Negative from Positive;
-- AU Optronics Corporation: Downgraded to 'BB-' (BB minus) from
'BB+'; Outlook revised to Negative from Positive.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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 ***