/raid1/www/Hosts/bankrupt/TCRAP_Public/090807.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 7, 2009, Vol. 12, No. 155
Headlines
A U S T R A L I A
AVASTRA SLEEP: Goes Into Voluntary Administration
HEDLEY PRIVATE: Construction Arm Placed In Liquidation
LEHMAN BROTHERS: Local Councils Plea Against Australia Plan
MIRTNA CAPITAL: Court Appoints Grant Thornton as Receiver
PACIFICA GROUP: Posts AU$23.64MM First-Half Net Loss
ROYAL BANK: ANZ Agrees to Acquire Six Asian Banking Units
TZ LIMITED: Lawyers Disclose Reynolds' as Secret Recipient
* AUSTRALIA: Court-Ordered Liquidations Rise 20.8% in May
C H I N A
ADALTIS INC: Commences Liquidation of Assets; Directors Step Down
AFFINIA GROUP: S&P Assigns 'B+' Rating on US$225 Mil. Senior Notes
H O N G K O N G
141 LIMITED: Chung and Har Step Down as Liquidators
ASIA ALUMINUM: Moody's Withdraws 'Ca' Corporate Family Rating
FREDERIQUE HOLISTIC: Creditors' Meeting Set for August 13
GESINGBO KNITTING: Placed Under Voluntary Wind-Up
GUANGDONG (H.K.): Annual Meeting Set for Today
HANG HOI: Members' Final Meeting Set for August 31
KONLEX INVESTMENTS: Lam Tak Keung Step Down as Liquidator
MADIGAN COMPANY: Members' Final Meeting Set for September 8
MCDATA HONG KONG: Seng and Lo Step Down as Liquidators
OFFICE PLANNING: Creditors' Proofs of Debt Due on August 21
PARTNER ASIA: Member to Receive Wind-Up Report on September 1
PLUM VILLLAGE: Placed Under Voluntary Wind-Up
WEALTH DRAGON: Chan Wing Kit Steps Down as Liquidator
WELLBOND CONTRACTING: Creditors' Proofs of Debt Due on August 31
XM HONG KONG: Chung and Har Step Down as Liquidators
YUANMINGYUAN SOCIETY: Members' Final Meeting Set for September 1
I N D I A
DEV ARCADE: CARE Assigns 'CARE B' Rating on INR83.93cr LT Loans
JET AIRWAYS: Sacks Two Pilots for Joining Newly Formed Union
M/S BHARGOVI: CARE Rates INR84.34cr Bank Facilities at 'CARE BB'
SUBHIKSHA TRADING: Shareholder Seeks Compromise With Lenders
TATA MOTORS: In Top 100 Tax Defaulters List
WINSOME YARNS: ICRA Assigns 'LBB-' Rating on INR3.54BB Term Loans
WINSOME TEXTILE: ICRA Rates INR1.18 Billion Term Loans at 'LBB'
I N D O N E S I A
PT EXCELCOMINDO: US$300 Mil. Issue Won't Move Moody's 'Ba2' Rating
J A P A N
EAST STREET: Moody's Downgrades Ratings on Various Classes
JAPAN AIRLINES: May Cut Passenger Services by 10%
TOSHIBA CORP: Expects JPY250 Billion Operating Profit in 2011
* JAPAN: Travel Agencies to Keep Reserves in Case of Bankruptcy
K O R E A
MAGNACHIP SEMICON: U.S. Court Lets Creditors File Bankruptcy Plan
SSANGYONG MOTOR: Unionized Workers Agree to End Strike
N E W Z E A L A N D
CANTERBURY EUROPE: JD Sports to Acquire Trading Assets
P A K I S T A N
PAKISTAN AIRLINE: Is Technically Bankrupt, MD Haroon Says
S I N G A P O R E
GLOBAL A&T: S&P Downgrades Corporate Credit Rating to 'B-'
HEALTHCARE CLINIC: Court to Hear Wind-Up Petition Today
KEPPEL SERVICES: Creditors' Proofs of Debt Due on August 14
LONG HOCK: Pays First and Final Preferential Dividend
SINGAPORE AIR: Creditors' Proofs of Debt Due on August 14
TRANS-ASIAN: Pays First and Final Preferential Dividend
T A I W A N
* TAIWAN: REAT Transactions Highly Sensitive to NPI, Fitch Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
AVASTRA SLEEP: Goes Into Voluntary Administration
-------------------------------------------------
Avastra Sleep Centres Limited has gone into voluntary
administration. The Company appointed John Sheahan and Ian Lock
at Sheahan Lock Partners as administrators.
Avastra disclosed earlier this year its updated guidance for its
fiscal year ending on June 30, 2009, The Age reports. The Company
had projected a net loss after tax of AU$1.3 million to AU$1.8
million, and cash flow from operations of breakeven to AU$500,000.
This compared to the previous guidance of a net profit after tax
of AU$1 million to AU$1.5 million, and cash flow from operations
of AU$3 million to AU$3.5 million, the report says.
According to the Age, Avastra said the primary reasons for the
shortfall in net income and cash flow was the unexpected continued
decline in research clinical studies (AU$1 million to AU$1.5
million), the higher than expected losses and shutdown costs of
the 3 sleep centres in Arizona, operating as Complete Sleep
Analysis (AU$0.4 million), and unexpected under-performance in the
northwest and southwest regions (AU$1 million- AU$1.5 million).
Avastra Sleep Centres Limited (ASX:AVS) -- http://www.avastra.com/
-- formerly Avastra Limited, is an Australia-based company engaged
in the operation of sleep diagnostic clinics in the United States
of America. The Company's business segments comprise: clinical
studies, research studies and medical equipment sales. The
Company's subsidiaries include AvastraUSA, Inc., Pacific Sleep
Medicine Services, Inc., Sleepwell Partners, LLC, California Sleep
Solutions, LLC, Complete Sleep Analysis, LLC and Avastra Eastern
Sleep Centers, Inc.
HEDLEY PRIVATE: Construction Arm Placed In Liquidation
------------------------------------------------------
Cairns-based entrepreneur Tom Hedley, the owner of Hedley Private
Group, has placed Hedley Constructions Ltd into liquidation, Nick
Dalton at The Cairns Post reports.
Citing Hedley Constructions' summary of affairs submitted to the
Australian Securities and Investments Commission, the report
relates that Mr. Hedley has estimated the construction arm has a
"deficiency" of AU$401,421,694. This includes:
* AU$250 million to the ANZ Bank;
* AU$140.3 million to secured creditors;
* AU$14.8 million to unsecured creditors;
* AU$4.7 million in finance and leases
(less AU$3 million in assets);
* AU$757,066 to employees;
* assets of AU$11.6 million; and
* share capital of AU$3.35 million.
According to the report, liquidator Todd Kelly of Foremans
Business Advisors said Mr. Hedley had placed the company in
liquidation so the 90 staff would be paid their full entitlements.
Mr. Kelly said unsecured creditors were unlikely to be paid.
A creditors' meeting is to be held on Thursday, August 13.
Meanwhile, The Cairns Post says Suncorp has appointed Ernst and
Young as a second receiver to Mr. Hedley's nine private companies,
which was placed in receivership on July 1, to redeem a debt
believed to be AU$90 million.
The report relates Mr. Kelly said the liquidation did not impact
on the receivership nor the receiver KordaMentha's plan to
continue to run the businesses and finish several uncompleted
projects.
As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, Hedley Private Group has been placed into
receivership. Hedley Private has debts between AU$150 million and
AU$200 million.
The ANZ Bank appointed Robert Hutson, John Park and Bill Buckby of
KordaMentha as receivers to Hedley Constructions and eight other
companies in the group.
The eight other Hedley firms under receivership are:
-- Tom Hedley Pty Ltd;
-- TW Hedley (Investments) Pty Ltd;
-- Hedley Developments Pty Ltd;
-- Hedleys Pty Ltd;
-- Hedley Constructions Pty Ltd;
-- Hedz Pty Ltd;
-- Arumpin Pty Ltd TWH (QLD) Pty Ltd; and
-- Hedley Commercial Property Services Pty Ltd.
Queensland-based Hedley Private Group operates a number of
businesses including Hedley Constructions (commercial and
residential construction), Hedley Developments (development of
residential land and units) and Hedz (operation of leasehold
hotels).
LEHMAN BROTHERS: Local Councils Plea Against Australia Plan
-----------------------------------------------------------
The Full Federal Court in Australia will convene a hearing on the
week of August 3, 2009, to hear an urgent application filed by
local councils against Lehman Brothers Australia. The
application, according to The Australian, touches on an untested
area of corporations law that forms part of the local councils'
claim against Lehman Brothers Australia.
The local councils are trying to overturn a deed of company
arrangement that was entered into in May 2009. Creditors of
Lehman Brothers Australia voted in favor of the proposal, which
was filed by Lehman Brothers Asia Holdings, that will repay the
creditors more and avoids costly and time delays of litigation.
According to The Australian, the local councils' current
application will have implications for creditors of companies in
administration that want to pursue further legal action against
third parties over losses.
Under the Deed of Company Arrangement, the contingent creditors
are not allowed to sue third parties, like related Lehman
Brothers companies. A key legal question is whether a DOCA can
include clauses that prevent a creditor from suing third parties
-- in this case the overseas Lehman entities, The Australian
pointed out.
The administrators of Lehman Brothers Australian estimate $142.2
to $247.6 million will be distributed to all the creditors
including other Lehman units, the Herald Sun reported. As part
of the DOCA, $43.5 million is set aside for councils and other
"contingent" creditors, which are owed $626.5 million, Australian
Business related. Executives of Lehman Brothers Asia will
receive as much as $11 million, Brisbane Times said.
Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business
said.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for $2 dollars plus
the retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
MIRTNA CAPITAL: Court Appoints Grant Thornton as Receiver
---------------------------------------------------------
The Australian Securities & Investments said it obtained interim
orders in the Supreme Court of Queensland on July 29, 2009,
appointing Michael McCann and Graham Killer of Grant Thornton as
receivers over specified property of James Kentwell Lovell and
receivers and managers over specified property of Mirtna Holdings
Pty Ltd, Mirtna Investments Pty Ltd, Mirtna Capital Ltd and Life
Super Pty Ltd.
ASIC had alleged that Mr. Lovell operated an unregistered managed
investment scheme which raised approximately AU$7.9 million from
over 200 investors through the abovementioned companies. These
investors included members of 26 self managed superannuation funds
which ASIC alleged had been set up with the assistance of
Mr. Lovell and Life Super Pty Ltd.
ASIC commenced its proceeding in the Supreme Court for the
appointment of receivers and receivers and managers to identify,
collect and secure the assets of the alleged scheme for the
benefit of investors and creditors. Messrs. McCann and Killer are
to provide a report to the Court by August 26, 2009.
ASIC's investigation is continuing.
Established in 2007, Mirtna Capital Limited provides managed fund
services to both wholesale and retail investors in Australia.
PACIFICA GROUP: Posts AU$23.64MM First-Half Net Loss
----------------------------------------------------
The Australian Associated Press reports that Pacifica Group Ltd
said it may require additional equity funding after booking a
first-half net loss.
Pacifica reported a net loss of AU$23.64 million for the first
half of the calendar year, compared with a loss of AU$37.84
million in the corresponding period last year, the AAP says.
Revenue for the six months to June 30 fell 29.8% to AU$192.06
million.
According to the report, Pacifica said its financial performance
for the first half had been affected by the global economic
downturn, which had resulted in falling demand for vehicles,
extended plant shutdowns of carmakers, and a structural shift to
smaller, more fuel-efficient cars.
The Troubled Company Reporter-Asia Pacific, citing the AAP,
reported on July 24, 2009, that Deloitte said the company's net
asset position is likely to be close to nil by the end of the 2009
calendar year unless it raises more capital before the end of
December 2009 and if it continues to generate losses.
In February, Pacifica reported a bottom-line net loss of AU$242
million for calendar 2008 and said it expected to report a third
consecutive operating loss in 2009, the APP noted.
North America is Pacifica's key market, and General Motors Corp,
which recently emerged from bankruptcy protection, is its major
customer, the AAP disclosed.
About Pacifica Group
Pacifica Group Limited (ASX:PBB) -- http://www.pacifica.com.au/
-- is an Australia-based company. The Company's principal
activity is the manufacture and supply of brake systems and
technologies to automotive manufacturers and aftermarket
wholesalers in Australia, North America and Asia. The Company
operates in a single segment, namely automotive products and
services. It operates in three geographical segments: Australia,
United States and Asia. The Company holds interests in FMP Group
(Australia) Pty Ltd, which is engaged the manufacture and sale of
friction materials. Its subsidiaries include Pacific BBA Building
Products Pty Ltd., Pacific BBA (Malaysia) Sdn Bhd, FMP Group
(Thailand) Ltd, FMP Group Pty Ltd, FMP Distribution Ltd and Bosch
Chassis Systems Asia-Pacific Ltd.
ROYAL BANK: ANZ Agrees to Acquire Six Asian Banking Units
---------------------------------------------------------
Malcolm Scott at Bloomberg News reports that Australia & New
Zealand Banking Group Ltd. agreed to buy Royal Bank of Scotland
Group Plc's banking units in six Asian countries.
Bloomberg relates ANZ Bank, Australia's fourth-biggest lender,
said in a statement to the stock exchange on Tuesday that it
will pay US$550 million for the businesses in Singapore, Taiwan,
Indonesia, Hong Kong, the Philippines and Vietnam.
RBS, based in Edinburgh, is selling or shutting operations in two-
thirds of the 54 countries in which it operates after posting the
biggest loss in British corporate history last year.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
As previously reported in the Troubled Company Reporter-Europe,
risky investing and lending by the previous management brought RBS
close to collapse and required a public bail-out. RBS is now 70%
owned by the government.
TZ LIMITED: Lawyers Disclose Reynolds' as Secret Recipient
----------------------------------------------------------
The Australian reports that a leaked email from lawyers of TZ
Limited reveals the Company issued Siimon Reynolds' Moon
Corporation 1 million shares and 1 million options, carrying a
heavily discounted strike price of 75c, to fund "working capital."
The securities were issued by the Company in June, a month before
investors were due to vote on a plan to axe the board, The
Australian reports.
The report says the legality of the issuance, however, is now in
doubt given that TZ had just two directors on its board at the
time. The Corporations Act, says the report, requires public
companies to have at least three serving directors.
The Australian discloses that shares in the Company have been
suspended for more than a month as a new board of directors, led
by Wizard Home Loans founder Mark Bouris, investigates alleged
discrepancies in the financial accounts discovered following its
appointment on June 18.
According to the report, the board is also trying to broker a deal
with TZ's main financier, US-based hedge fund QVT, after
discovering that the Company had defaulted on the terms of a AU$24
million convertible note agreement.
Recipients of the company's recent share placement had not
previously been disclosed, the report notes. However, a June 16
email from legal firm Kemp Strang, which has been obtained by The
Australian, refers to Moon Corporation providing funds to the
company on June 11 -- the same day that TZ chairman Paul Casey
tendered his resignation, leaving John Falconer and Michael Otten
the only remaining board members.
Mr. Casey's resignation came the day after QVT apparently demanded
the repayment of its AU$24 million loan, after the Company
allegedly missed an interest payment, the report says.
TZ Limited (ASX:TZL) -- http://www.tzlimited.com/-- is an
Australia-based company engaged in the development and licensing
of intellectual property particularly, Intelligent Fastening,
Assembly Enabling and FutureWall technologies through
Telezygology, Inc. The Company provides a full service capability
in product development and engineering services through PDT Group.
The Company's operations are based in Illinois, United States. It
operates in two segments: engineering and design, and investment.
The Company's subsidiaries include Telezygology, Inc., PDT
Holdings, Inc., Product Development Technologies, Inc., PDT
Tooling, Inc., PDT Southeast Limited Liability Company (LLC) and
CJSC PDT Ukraine.
* AUSTRALIA: Court-Ordered Liquidations Rise 20.8% in May
---------------------------------------------------------
The number of court-ordered liquidations in Australia increased
by 20.8% in the year to the end of May, led by the mining and
property boom states in Queensland and Western Australia,
according to a report obtained by the Australian Associated Press.
The AAP, citing a report by insolvency practitioners SV Partners
based on Australian Securities & Investments Commission data, says
there were 2,934 court-ordered liquidations in the year to May 30,
up from 2,428 in the year to May 2008.
According to the AAP, SV Partners group managing director
Paul Sweeney said Queensland and Western Australia recorded the
most significant increase in company failures due to their
reliance on the mining sector.
The report says court-ordered liquidations:
* in Western Australia rose 45.45% to 96 from the previous
year's 96; and
* in Queensland jumped 36.25% to 421 from the previous
year's 309.
Voluntary administration appointments, meanwhile, rose by 42.72%
in WA and 17.24% in Queensland, the report notes.
The AAP relates SV Partners said voluntary administration dropped
by 0.56% nationally due to falls in NSW and South Australia.
There was also a 10% increase the number of creditors' voluntary
liquidations, in which shareholders are required to approve
liquidation, to 342 nationally, according to the AAP.
=========
C H I N A
=========
ADALTIS INC: Commences Liquidation of Assets; Directors Step Down
-----------------------------------------------------------------
Adaltis Inc. has filed a voluntary assignment in bankruptcy under
the Bankruptcy and Insolvency Act to effect an orderly liquidation
of its assets, property and operations. The filing of the
assignment in bankruptcy terminates the protection of the Court
granted under the Companies' Creditors Arrangement Act (Canada) on
July 3, 2009.
The directors of the Corporation have resigned.
The implications for creditors and other stakeholders of the
Corporation are not known at this time and will not be known until
the liquidation process is complete. Operations outside of Canada
are not included in this voluntary assignment in bankruptcy.
RSM Richter Inc. has been appointed as trustee in bankruptcy.
About Adaltis Inc.
Adaltis Inc. is an international in vitro diagnostic company with
a mission to become a leading provider of in vitro diagnostic
products in emerging markets, with a particular focus on China.
Adaltis is headquartered in Montreal, with offices in China,
Italy, Mexico, and other parts of the world.
AFFINIA GROUP: S&P Assigns 'B+' Rating on US$225 Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B+'
issue-level rating and '2' recovery rating to Affinia Group Inc.'s
proposed US$225 million senior secured notes due 2016. The issue
rating (which is one notch higher than the 'B' corporate credit
rating on Affinia) and recovery rating indicate S&P's expectation
that lenders would receive substantial (70% to 90%) recovery of
principal in the event of a payment default or bankruptcy.
The 'B' corporate credit rating on Affinia is unchanged. The
outlook is negative; however, S&P currently expect to revise the
outlook to stable if Affinia successfully issues the proposed
notes and replaces its existing revolving credit facility due 2010
with a proposed US$315 million asset-based lending (ABL) facility.
S&P believes the refinancing would improve liquidity by
eliminating financial covenants that currently restrict the amount
the company can borrow from its revolving credit facility.
Proceeds from the secured notes and initial borrowing under the
proposed ABL facility would be used to replace Affinia's existing
senior secured term loan and revolving credit facilities and to
repay US$25 million outstanding under the company's accounts
receivable securitization facility.
Affinia's debt would increase slightly as a result of the proposed
transactions, but in S&P's view, leverage would remain consistent
with S&P's assumptions for the 'B' corporate credit rating. S&P
has assumed that leverage will remain below 6x, including S&P's
adjustments. As of March 31, 2009, debt to EBITDA was 5.0x when
debt is adjusted for the present value of operating leases and for
a payment-in-kind seller note issued by Affinia's indirect parent,
unrated Affinia Group Holdings Inc. Pro forma for the proposed
transactions, this ratio would have been 5.2x.
The ratings on Ann Arbor, Mich.-based Affinia reflect the
company's highly leveraged balance sheet, currently thin liquidity
caused by restrictive financial covenants, and participation in
the intensely competitive auto aftermarket components industry.
These weaknesses more than offset Affinia's fair geographic
diversity and improving profitability resulting from a multiyear
restructuring program, which is now largely complete.
Nearly all of Affinia's sales come from supplying parts to the
replacement aftermarket, so the company is not exposed to the
volatile and declining production schedules of the U.S.-based
automakers. However, the auto aftermarket is intensely
competitive and vulnerable to substitution by low-cost imports, as
well as to fluctuations in consumer demand. Volatile raw material
costs are also a risk, although recent declines in key commodity
prices may alleviate this pressure for the near term.
Industry growth is sluggish, and S&P's ratings reflect the
assumption that this will remain the case for at least the rest of
2009 and much of 2010 because of the weak U.S. economy.
Furthermore, demand for Affinia's products is tied to miles
driven, which is susceptible to higher fuel prices. According to
the Federal Highway Administration, miles driven were up slightly
in April and May compared to those of a year earlier, after being
down significantly in the first quarter of 2009. Through the
first five months of 2009, miles driven were down 0.8% year over
year, or 9.9 billion vehicle miles.
To address the threat of foreign competition and eliminate excess
manufacturing capacity, Affinia has closed numerous plants in
North America and Europe while increasing production and
outsourcing in lower-labor-cost countries such as China, India,
Mexico, and Ukraine. The multiyear restructuring plan is nearing
completion and remains on target for projected cost savings. This
has helped Affinia improve its EBITDA margin to 7.7%, including
S&P's adjustments, for the 12 months ended March 31, 2009, from
about 6.7% a year earlier. S&P's ratings reflect the assumption
that this margin improvement is sustainable and could improve as
more production shifts to Mexico and Asia. However, a key factor
is the company's ability to maintain pricing in the face of lower
raw material costs and high competition. In S&P's view, Affinia
has successfully raised prices in excess of raw material increases
in recent years.
Ratings List
Affinia Group Inc.
Corporate credit rating B/Negative/--
New Rating
US$225 mil. sr. secured notes B+
Recovery Rating 2
================
H O N G K O N G
================
141 LIMITED: Chung and Har Step Down as Liquidators
---------------------------------------------------
On July 21, 2009, Wan Yiu Chung Paul and Lin Lai Har Wendy stepped
down as liquidators of 141 Limited.
ASIA ALUMINUM: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating and C senior unsecured ratings of Asia Aluminum Holdings
Ltd.
Moody's has withdrawn the ratings because the company has
defaulted on its debt obligations and has settled the bonds at a
deep discount upon completion of its debt restructuring.
Moody's previous rating action on AAH was on 17 March 2009 when
the corporate family rating and unsecured debt rating of AAH were
downgraded to Ca from Caa1 and C from Ca with a negative outlook.
AAH has been in provisional liquidation since March 2009, and a
Hong Kong court recently approved a management buyout.
FREDERIQUE HOLISTIC: Creditors' Meeting Set for August 13
---------------------------------------------------------
The creditors of Frederique Holistic Health & Beauty Spa Limited
will hold their meeting on August 13, 2009, at 9:00 a.m., at
Room 1408 of World-Wide House, in 19 Des Voeux Road, in Central,
Hong Kong.
At the meeting, Philip Richard Nicholls, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
GESINGBO KNITTING: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on July 31, 2009, the
members of Gesingbo Knitting Garments Factory Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Tsang Wai Ming
Yue Shing Commercial Building
Room 1003, 10th Floor
15-16 Queen Victoria Street
Central, Hong Kong
GUANGDONG (H.K.): Annual Meeting Set for Today
----------------------------------------------
The members and creditors of Guangdong (H.K.) Tours Company
Limited will hold their annual meeting on August 7, 2009, at
10:00 a.m. and 10:30 a.m., respectively, at Room 203 of Duke of
Windsor Social Service Building, 15 Hennessy Road, in Wanchai,
Hong Kong.
HANG HOI: Members' Final Meeting Set for August 31
--------------------------------------------------
The members of Hang Hoi Electronics (HK) Limited will hold their
final meeting on August 31, 2009, at 10:00 a.m., at Room 1-2,
3rd Floor of Wang Lung Ind. Bldg., 11 Lung Tak Street, in Tsuen
Wan, Hong Kong.
At the meeting, Chung Kit Ling Elaine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
KONLEX INVESTMENTS: Lam Tak Keung Step Down as Liquidator
---------------------------------------------------------
On July 20, 2009, Lam Tak Keung stepped down as liquidator of
Konlex Investments Limited.
MADIGAN COMPANY: Members' Final Meeting Set for September 8
-----------------------------------------------------------
The members of Madigan Company Limited will hold their final
meeting on September 8, 2009, at 3:00 p.m., at Suite No. A,
11th Floor of Ritz Plaza, 122 Austin Road, Tsimshatsui, in
Kowloon, Hong Kong.
At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
MCDATA HONG KONG: Seng and Lo Step Down as Liquidators
------------------------------------------------------
On July 11, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Mcdata Hong Kong Limited.
OFFICE PLANNING: Creditors' Proofs of Debt Due on August 21
-----------------------------------------------------------
The creditors of Office Planning Company Limited are required to
file their proofs of debt by August 21, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 22, 2009.
The company's liquidators are:
Tang Yau Sing
Pang Fung Ming
Allied Kajima Building
Suites 903-5, 9th Floor
138 Gloucester Road
Wanchai, Hong Kong
PARTNER ASIA: Member to Receive Wind-Up Report on September 1
-------------------------------------------------------------
The member of Partner Asia Co. Limited will receive on Sept. 1,
2009, at 3:30 p.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The meeting will be held at Unit 511, 5th Floor, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.
PLUM VILLLAGE: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 15, 2009, the shareholders of Plum Village Hong Kong Co.
Limited resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Woo Siu Wah
Beverley Commercial Centre, Room 1018
87 Chatham Road
TST, Kowloon
WEALTH DRAGON: Chan Wing Kit Steps Down as Liquidator
-----------------------------------------------------
On July 21, 2009, Chan Wing Kit stepped down as liquidator of
Wealth Dragon Trading Limited.
WELLBOND CONTRACTING: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------------------
The creditors of Wellbond Contracting Limited are required to file
their proofs of debt by August 31, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Pang Wai Kui
Ritz Plaza, Suite A, 12th Floor
122 Austin Road, Tsimshatsui
Kowloon, Hong Kong
XM HONG KONG: Chung and Har Step Down as Liquidators
----------------------------------------------------
On July 21, 2009, Wan Yiu Chung Paul and Lin Lai Har Wendy stepped
down as liquidators of XM Hong Kong Limited.
YUANMINGYUAN SOCIETY: Members' Final Meeting Set for September 1
----------------------------------------------------------------
The members of Yuanmingyuan Society of China Foundation Limited
will hold their final meeting on September 1, 2009, at 10:30 a.m.,
at Room 1802, 18th Floor of Sunbeam Commercial Building, 469-471
Nathan Road, in Kowloon, Hong Kong.
At the meeting, Shiu Suk Yin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
DEV ARCADE: CARE Assigns 'CARE B' Rating on INR83.93cr LT Loans
---------------------------------------------------------------
CARE assigned a 'CARE B' rating to the INR83.93 crore long-term
bank facilities of Dev Arcade Pvt. Ltd. Facilities with this
rating are considered to offer low safety for timely servicing of
debt obligations and carry very high credit risk. Such facilities
are susceptible to default.
The rating is primarily driven by past instances of delays in debt
servicing and reschedulement of outstanding term loans along with
risk associated with the sale of remaining commercial space in the
existing projects in Ahmedabad and Anand in light of weak scenario
for the real estate sector. The rating takes into account
experience of promoters of DAPL in successful development of
various real estate projects, mainly in the residential segment,
at premium locations within Ahmedabad and other cities of
Gujarat. The Company's ability to sell remainder of the
commercial spaces in its projects in a timely manner at
appropriate price realizations, thereby ensuring timely debt
servicing, is the key rating sensitivity.
Established in 2005, DAPL is promoted by Shri Sanjay Thakkar and
Smt. Rita Thakkar, to carry out commercial real-estate projects at
different locations in Ahmedabad and Anand. DAPL is part of
Ahmedabad-based Dev group, which is engaged in developing
real estate properties in residential and commercial segment for
more than a decade at various locations in different cities in
Gujarat with majority of projects being in Ahmedabad. Dev group
has successfully completed more than 30 real estate projects
(largely residential) with a total area of 4 mn Sq. ft. and value
of nearly INR388 crore.
Presently, DAPL has three live projects, of which two ('Dev Arc
Mall' and 'Dev Commercial Complex' located in Ahmedabad) have been
constructed and majority of area has been sold. DAPL's third live
project ('Dev Grand Mall') is a mall in the city of Anand whose
construction is nearly complete with significant portion of area
remaining unsold as on date.
Due to weakening scenario for the real estate sector, especially
in the commercial segment, during second half of FY09, DAPL was
unable to sell its project spaces which resulted in instances of
delays in its debt servicing and the company had approached
the banks for reschedulement of its term loans. Installments on
term loans for two projects, 'Dev Commercial Complex' and 'Dev
Grand Mall', were deferred by 6 to 13 months as per the terms of
reschedulement.
JET AIRWAYS: Sacks Two Pilots for Joining Newly Formed Union
------------------------------------------------------------
Jet Airways has sacked two of its senior pilots for joining a
newly formed union, The Times of India reports.
The report says Balaraman and Sam Thomas were sacked for joining
the National Aviators Guild which was registered with the labor
commissioner in Mumbai last month.
"The two pilots were asked to leave last week. It is, however,
not part of our cost restructuring operations," the report quoted
a Jet Airways spokesperson as saying.
According to the report, union officials said the two sacked
pilots enjoy the backing of over 600 union members, who were
considering going on strike if the two were not reinstated.
Jet had sacked 32 foreign pilots to cut costs in November 2008,
the report notes.
Jet Airways reported a first-quarter loss of INR2.25 billion
(US$47 million) in the first quarter ended June 30, 2009,
compared with a net income of INR1.43 billion a year ago.
For the quarter ended June 30, the carrier posted revenue of
INR24.28 billion (US$ 506.9 million), down by 16.2% from a year
ago.
About Jet Airways
Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business. The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit. The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V. On
April 20, 2007, the company acquired Sahara Airlines Limited.
* * *
Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.
M/S BHARGOVI: CARE Rates INR84.34cr Bank Facilities at 'CARE BB'
----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of M/s Bhargovi. This rating is applicable for
facilities having tenure of over one year. Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk. These ratings are assigned to the Long-term Bank Facilities
(inclusive of all outstanding loan facilities) aggregating
INR84.34 crore.
The rating assigned by CARE is based on the capital deployed by
the partners and the current financial strength the firm. The
rating may undergo change in case of withdrawal of capital or of
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.
Rating Rationale
The rating considers the experience and track record of promoters
in the diamond processing business. The rating is however
constrained by the closely-held nature of the partnership firm,
small size of business, concentration of exports to a few
destinations and uninsured debtors. The rating is further
constrained by declining trend in turnover and profitability
levels and long working-capital cycle.
Further, strong competition from large number of players in
organized and unorganized sectors and economic slowdown in major
export markets are the key rating sensitivities.
About M/s. Bhargovi
M/s. Bhargovi was formed on September 12, 1988 as a partnership
firm by the promoter Mr. Bhagwanbhai P Patel and is run by
partners who are family members and relatives. The firm is
engaged in processing and exporting of polished diamonds. The
firm processes mainly round-shaped diamonds which are below one
carat and exports mainly to three countries viz USA, Hong Kong and
Belgium (amounting to 64% of the total sales in FY08).
During FY08, the net sales of the company registered a y-o-y
decline by 15.76% on account of economic slowdown in its major
export markets viz USA and Hong Kong and the inability of the firm
to tap other countries. PBILDT dipped to INR10.87 crore in FY08,
on account of disproportionately lesser increase in prices of
polished diamonds vis-a-vis increase in rough prices. Lower
profitability, higher depreciation and interest expense resulted
in a dip in interest coverage ratio to 1.15x and PAT margin to
1.96% in FY08. The overall gearing ratio has shown a decline, as
on March 31 2008 to 1.35x on account of lower working capital
borrowings. Further, during FY06-FY08, there was an increase in
the inventory level resulting in a long working capital cycle of
204 days as on March 31, 2008. The scenario of uninsured debtors,
recession in major export markets coupled with concentration of
sales in a few markets increases the possibility of non-recovery
of debts.
SUBHIKSHA TRADING: Shareholder Seeks Compromise With Lenders
------------------------------------------------------------
Subhiksha Trading Services Ltd said that one of its shareholders
has filed a court petition seeking a compromise between the
company and its creditors, The Economic Times reports.
Cash and Carry Wholesale Traders Pvt Ltd filed a petition in the
Madras High Court under Section 391 of the Companies Act, the
report said.
"We have been informed and notified that Cash and Carry Wholesale
Traders Pvt Ltd, the promoter of Blue Green Construction and
Investment Ltd, into which we are merging has filed a Section 391
petition before the High Court," the Times quoted Subhiksha
Trading Services Ltd Managing Director R Subramanian as saying in
a statement.
Section 391 of the Companies Act provides that the court may order
a meeting of the company and its creditors to arrive at a
consensus on any issue, the Times notes.
According to Bloomberg News, Subhiksha and its lenders didn't
reach an agreement on a debt restructuring plan for the company,
key to the survival of the retail chain, by a July 31 initial
deadline, or six months since the beginning of the process under
the Corporate Debt Restructuring Cell. The Company owes 13 banks
about INR8 billion (US$168 million), Bloomberg says.
The Times relates the company said it hope to resume operations in
three-four months and its management is working with lenders on
restructuring the firm.
About Subhiksha
Subhiksha Trading Services Ltd operates about 1,600 discount
stores in India. The company employs about 15,000 people directly
and through contractors.
TATA MOTORS: In Top 100 Tax Defaulters List
-------------------------------------------
Tata Motors Ltd is in the list of top 100 tax defaulters in India,
besides state-owned bank SBI, oil major Indian Oil Corporation,
Sahara India and its promoter Subroto Roy, according to The
Economic Times.
The Minister of State for Finance S S Palanimanickam disclosed
that top 100 tax defaulters owe to the exchequer INR1.41 lakh
crore, the report says.
The report relates that while SBI owes INR333.6 crore in taxes,
Tata Motors and Indian Oil Corporation have to pay INR206.5 crore
and INR210.3 crore to the treasury.
According to the report, the minister said the Centre is taking
various steps to recover the outstanding dues. The minister said
the government has requested the adjudicating authorities like
ITAT and Settlement Commission "to dispose of high demand cases
expeditiously."
The list of tax defaulters also includes stock broker late Harshad
Mehta and his associates and other brokers like A D Narrotam and
Hiten Dalal, the Times states.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'. The outlook is negative. At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'. Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.
WINSOME YARNS: ICRA Assigns 'LBB-' Rating on INR3.54BB Term Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR3.54 billion term loans
and INR595.4 million fund-based limits of Winsome Yarns Limited,
indicating inadequate credit quality. ICRA has also assigned an
A4 rating to INR577.0 million fund based limits and INR84.1
million funded interest term loan, indicating risk-prone credit
quality in the short-term.
The ratings reflect WYL's well established track record in
manufacturing yarn, its preferred supplier status with eminent
domestic and international brands, forward integration through
presence in flatbed knitting and ability to produce wide variety
of value added yarns. The ratings, however, are constrained by
company's high debt burden resulting from aggressive debt-funded
capital expenditure program and international acquisitions. Though
WYL has recently restructured its debt obligations through a
corporate debt restructuring program (CDR), the company still has
large interest servicing and debt repayment obligations falling
due over the medium term. The ratings are also constrained by
fall in WYL's profitability due to a combined effect of high
cotton prices and fall in export realizations resulting from
subdued international demand for its finished products during the
second half of 2008-09.
Winsome Yarns Limited was incorporated in 1990 by Winsome Textile
Industries Limited of Winsome Group in collaboration with Punjab
State Industrial Development Corporation Limited for setting up
100% export oriented unit for spinning cotton yarn with counts
ranging from 16-40s. WYL has presence in spinning as well as
knitting where in it is manufactures and sells cotton yarn,
melange dyed yarn, sweaters and knitwear. The company's spinning
plant is located at Derabassi, District Patiala, in Punjab with an
installed capacity of 109,824 spindles and knitting plant is
located in Mohali, Punjab.
WINSOME TEXTILE: ICRA Rates INR1.18 Billion Term Loans at 'LBB'
---------------------------------------------------------------
ICRA has assigned an LBB rating to INR1.18 billion term loans and
INR568.5 million fund-based limits of Winsome Textile Industries
Limited, indicating inadequate credit quality. ICRA has also
assigned an A4 rating to INR254.5 million fund based and non-fund
based limits of WTIL, indicating inadequate credit quality in the
short-term.
The ratings reflect WTIL's well established track record in
manufacturing wide variety of value added yarns, and its preferred
supplier status with well known domestic and international brands.
The ratings however, are constrained by high debt burden resulting
from aggressive debt-funded capital expenditure program undertaken
by the company during the recent years. Though WTIL has recently
restructured its debt obligations, the company still has large
interest servicing and debt repayment obligations falling due over
the medium term. The ratings are also constrained by fall in
WTIL's profitability due to a combined effect of high cotton
prices and fall in export realizations resulting from subdued
international demand for its finished products.
Winsome Textile Industries Limited was promoted by Mr. S C
Bagrodia and his associates in 1980 for setting up a spinning unit
at Baddi, Himanchal Pradesh. The Company started commercial
production of cotton yarns in June 1983 with an installed capacity
of 16,400 spindles for manufacturing cotton and synthetic yarns.
Periodically, WTIL expanded and modernized its capacity and
currently has installed capacity of 64,032 spindles and a
yarn/fiber dyeing capacity of 20 tons per day. In August 1993,
WTIL was one of the earliest textile companies to get ISO 9002
certification. Subsequently, it received ISO14001 Environmental
Management System certificate in March 2000. Currently, the
company manufactures wide variety of yarn including 100% cotton as
well as cotton blends with viscose / polyester / acrylic / linen /
modal / wool / silk in raw white, melange and solid dyed suitable
for domestic markets & for direct exports to Europe and USA.
=================
I N D O N E S I A
=================
PT EXCELCOMINDO: US$300 Mil. Issue Won't Move Moody's 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service says that PT Excelcomindo Pratama Tbk's
recent announcement of a proposed US$300 million capital issue has
no immediate impact on the company's Ba2 ratings and negative
outlook.
According to the announcement, the capital raising exercise will
be composed of an undetermined mix of common equity and mandatory
convertible notes. It is expected to be completed in Q4 2009.
"With projected operating cash flow not fully able to cover XL's
capex plan and maturity schedule for the year, Moody's expects the
company to generate negative free cash flow in FY2009. In this
context, the proceeds from the rights issue will provide
additional support to cover the free cash flow deficit and
refinancing requirements over the next 12 months, alleviating
near-term pressure on the company's liquidity profile," says Ivan
Palacios, a Moody's AVP/Analyst.
"While a step in the right direction, the planned rights issue
will only have a limited impact on XL's credit metrics, given that
the company will require additional funding to support its
liquidity requirements over the medium term; therefore, the rights
issue has no immediate impact on its rating or rating outlook,"
adds Palacios, also Moody's lead analyst for the company. Pro
forma the rights issue, Moody's expects the company to report
Adjusted Debt/EBITDA of around 3.5x in 2009, as compared to 3.8x
during 2008.
Moody's will review the terms of the mandatory convertible note
once available in order to assess the amount of equity credit that
this instrument can receive under Moody's methodology for hybrid
instruments.
Moody's also notes that the rights issue demonstrates strong
support from the company's two main shareholders, Axiata Group
Berhad and Emirates Telecommunication Corporation (Aa2/Stable),
which have both agreed to fully subscribe to their rights
entitlement under the rights issue. Such strong support is
already reflected in the one-notch uplift factored in XL's Ba2
ratings.
Once the equity issuance is completed, Moody's would consider
returning the outlook to stable if i) XL's operating performance
returns to sustainable growth; ii) its leverage is reduced, such
that retained cash flow ("RCF")/Adjusted Debt remains above 15% on
a consistent basis and Adjusted Debt/EBITDA improves to below
3.5x; and iii) the company is able to secure long-term committed
financing to fund its upcoming maturities and capital expenditure
commitments.
The last rating action with respect to XL was taken on June 30,
2009, when Moody's withdrew the company's Aa1.id national scale
rating.
XL is the third largest cellular provider in Indonesia. As of
March 2009, it had a market share of approximately 18% and
24.9 million subscribers, of which approximately 98% were prepaid.
=========
J A P A N
=========
EAST STREET: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of the Class D and E of Series 1 and Class X1 of Series 2 notes.
Moody's also announced it has confirmed its ratings of Class X1
through C of Series 1 and its ratings of Class A and B of Series 2
notes as issued by East Street Referenced-Linked Notes, 2002-1
Limited. It has also confirmed the all Classes of Series 3 notes
excluding Class A issued by East Street Referenced-Linked Notes,
2004-1 Limited, and has downgraded Class A.
These transactions are managed synthetic CDOs referencing mainly
Japanese and Asian structured finance products, including exposure
to Japanese CMBS.
Moody's notes that the rating actions have mainly been taken due
to the conclusion of the review of Japanese CMBS deals between
April and July. The final conclusion of the review of Japanese
CMBS deals was announced in a press release entitled "Moody's
concludes review of Japanese CMBS," published on July 16, 2009.
Moody's monitors these transactions using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Reports below:
-- Moody's Approach to Rating SF CDOs (March 2009).
The rating actions are:
East Street Referenced-Linked Notes 2002-1 Series 1
(1) JPY23,000,000,000 Class X1 Floating-Rate Notes
-- Current Rating: Aaa confirmed
-- Prior Rating: Aaa, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(2) JPY10,000,000,000 Class A Floating-Rate Notes
-- Current Rating: Aa1 confirmed
-- Prior Rating: Aa1, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(3) JPY6,000,000,000 Class B Floating-Rate Notes
-- Current Rating: A2 confirmed
-- Prior Rating: A2, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(4) JPY5,000,000,000 Class C Floating-Rate Notes
-- Current Rating: Ba1 confirmed
-- Prior Rating: Ba1, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for
possible downgrade
(5) JPY1,500,000,000 Class D Floating-Rate Notes
-- Current Rating: B2
-- Prior Rating: B1, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(6) JPY500,000,000 Class E Fixed-Rate Notes
-- Current Rating: Caa2
-- Prior Rating: B2, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
East Street Referenced-Linked Notes 2002-1 Series 2
(1) JPY9,000,000,000 Class X1 Floating-Rate Notes
-- Current Rating: Aa1
-- Prior Rating: Aaa, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(2) JPY4,875,000,000 Class A Floating-Rate Notes
-- Current Rating: Aa3 confirmed
-- Prior Rating: Aa3, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(3) JPY4,500,000,000 Class B Floating-Rate Notes
-- Current Rating: Caa1 confirmed
-- Prior Rating: Caa1, placed under review for possible
downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
East Street Referenced-Linked Notes 2004-1
(1) JPY18,750,000,000 Class X1 Floating-Rate Notes
-- Current Rating: Aaa confirmed
-- Prior Rating: Aaa, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(2) JPY7,500,000,000 Class A Floating-Rate Notes
-- Current Rating: Aa3
-- Prior Rating: Aa2, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(3) JPY3,750,000,000 Class B Floating-Rate Notes
-- Current Rating: Baa1 confirmed
-- Prior Rating: Baa1, placed under review for possible
downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(4) JPY3,000,000,000 Class C Floating-Rate Notes
-- Current Rating: Ba2 confirmed
-- Prior Rating: Ba2, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(5) JPY1,500,000,000 Class D Fixed-Rate Notes
-- Current Rating: B2 confirmed
-- Prior Rating: B2, placed under review for possible downgrade
-- Prior Rating Action Date: April 27 2009, placed under review
for possible downgrade
(6) JPY1,500,000,000 Class E Fixed-Rate Notes
-- Current Rating: Caa1 confirmed
-- Prior Rating: Caa1, placed under review for possible
downgrade
-- Prior Rating Action Date: April 27, 2009, 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 AIRLINES: May Cut Passenger Services by 10%
-------------------------------------------------
Japan Airlines Corp. is considering slashing its passenger
services by about 10% as it struggles to return to profit with
financial help from the government, AFP reports citing the Yomiuri
Shimbun.
According to the report, the newspaper said the carrier may cut
jobs and unprofitable flights while downsizing to smaller planes
on some routes.
AFP relates that the newspaper said the flight reductions would
mainly affect international routes, while cost reductions for
domestic trips would likely come from greater use of smaller
planes.
Japan Airlines reported a net loss of JPY63.1 billion for the
year ended March 31, 2009, compared with a net profit of
JPY16.9 billion in 2007. The company also booked an operating
loss of JPY50.8 billion.
JAL projects a JPY63 billion net loss on sales of JPY1.75 trillion
for the current business year through next March. The company
said it expected international passenger revenue to decline even
more than it did in FY2008 in view of the unremitting sluggishness
in demand plus the foreseeable decrease in yield as the fuel
surcharge component of international fares falls along with the
fuel price.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive. The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.
Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit. The outlook is
positive.
TOSHIBA CORP: Expects JPY250 Billion Operating Profit in 2011
-------------------------------------------------------------
Toshiba Corp. said Wednesday it slashed its forecast for operating
profit and sales for the next fiscal year after the global slump
drove it to post its first net loss in seven years, Bloomberg News
reports.
The Tokyo-based company said operating profit will probably be
JPY250 billion (US$2.6 billion) in the 12 months ending in
March 2011, half the amount targeted in May 2008, Bloomberg
relates.
Toshiba cut the estimate for sales by 25% to JPY7.5 trillion, the
report says.
Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal. For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.
Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others. The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others. The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment. The Others segment
leases and sells real estate.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation. The rating outlook is negative.
* JAPAN: Travel Agencies to Keep Reserves in Case of Bankruptcy
---------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that about 290
travel agencies in Japan have reached an agreement with the
International Air Transport Association to keep reserves in case
of bankruptcy to cover unpaid fares for airlines.
The system will commence in October, Bloomberg says citing the
Nikkei.
=========
K O R E A
=========
MAGNACHIP SEMICON: U.S. Court Lets Creditors File Bankruptcy Plan
-----------------------------------------------------------------
Judge Peter Walsh of the U.S. Bankruptcy Court for the District of
Delaware has entered an order terminating MagnaChip Semiconductor
LLC's exclusive period to propose and solicit support of a Chapter
11 plan as to the Official Committee of Unsecured Creditors only.
Had the Court terminated the exclusive periods in their entirety,
other stakeholders would also be allowed to file competing plans.
Judge Walsh said that he entered the order after a hearing on the
disclosure statement explaining the proposed Chapter 11 plan of
MagnaChip.
Pursuant to the plan co-sponsored by the Debtors and UBS AG,
Stamford Branch, as agent to the first lien lenders, creditors
will receive these recoveries:
Estimated
Creditor Class Treatment of Claims Recovery
-------------- ------------------- --------
First Lien Payment from most 70.6%
Lenders Owed of the proceeds
US$95 Million of the sale
Second
Lien
Noteholders Payment from the US$1 million 0.2%
owed about allocated to unsec. Creditors
US$500 million and noteholders
Unsec. Creditors Payment from the US$1 million 0.1%
Owed US$3.2 million allocated to unsec. creditors
and noteholders.
The 0.1% recovery by unsecured creditors is contingent on their
support of the plan. Unsecured creditors would get nothing if
they vote to reject the plan.
The Court has approved the Disclosure Statement, paving the way
for MagnaChip to solicit votes on the Plan.
The Committee, however, said in its objection to the Disclosure
Statement that MagnaChip's plan is essentially a "friendly
foreclosure" between the Debtors and the First Lien Lenders upon
the valuable businesses and assets of mostly non-debtor
subsidiaries of the Debtors located in Korea and other foreign
countries. It noted that the sale of non-debtor affiliates is not
subject to supervision by the Bankruptcy Court. Yet, the
Committee points out, the Plan Proponents seek to use the United
States bankruptcy process to dictate the rights and remedies of
creditors of these non-debtor foreign subsidiaries against each
other and to compel releases of claims and liens against them and
their assets. The Creditors Committee said it is rejecting the
plan and stated that the Debtor should pursue a plan with better
terms.
The Committee has recently filed an application to retain Drinker
Biddle & Reath LLP as co-counsel and Delaware counsel.
About MagnaChip Semiconductor
Headquartered in South Korea, MagnaChip Semiconductor LLC --
http://www.magnachip.com/-- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications. The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise. Citigroup
Venture Capital Equity Partners LP was part of the investor group
that acquired MagnaChip in 2004 from Hynix Semiconductor Inc.
MagnaChip Semiconductor S.A. and five other entities filed for
Chapter 11 on June 12, 2009, in the U.S. Bankruptcy Court for the
District of Delaware. The Chapter 11 cases are jointly
administered under Case No. 09-12008, MagnaChip Semiconductor
Finance Company. Judge Peter J. Walsh handles the case. Curtis
A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. Howard A. Cohen, Esq., at
Drinker Biddle & Reath serves as counsel for the official
committee of unsecured creditors. Omni Management Group LLC is
the Debtors' claims agent. In its petition, Magnachip
Semiconductor Finance Company listed assets below US$50,000 and
debts of more than US$1 billion.
In their formal schedules, MagnaChip Semiconductor S.A. disclosed
US$951,917,782 in assets against US$845,903,186 in debts while
MagnaChip Semiconductor B.V. disclosed assets of US$762,465,739
against debts of US$1,800,612,084.
SSANGYONG MOTOR: Unionized Workers Agree to End Strike
------------------------------------------------------
Ssangyong Motor Co. reached an agreement Thursday with its union
on job cuts, ending displaced workers' takeover of the company's
main factory, Bloomberg News reports citing a company spokesman.
According to Bloomberg, spokesman Cha Ki Woong said agreement
between the company and the labor union representatives was signed
later in the day.
JoongAng Daily, citing court-ordered trustee Lee Yoo-il, reports
that the two sides agreed to slash 52% of the 976 striking workers
while the rest will be put on unpaid leave.
Meanwhile, JoongAng Daily says creditors of Ssangyong Motor's
subcontractors withdrew their request before the Seoul Central
Court to liquidate the automaker.
"Heads of subcontractors will meet on Aug. 10 and discuss ways to
lead to the smooth resumption of supplying goods [to the
automaker]," Choi Byeong-whoon, a senior member of the Ssangyong
subcontractor creditor group, was cited by JoongAng Daily as
saying.
The Troubled Company Reporter-Asia Pacific reported on Jan. 12,
2009, that Ssangyong filed for receivership with a Seoul district
court in a bid to stave off a complete collapse. On Feb. 6, 2009,
the TCR-AP reported the Seoul Central District Court accepted
Ssangyong's application to rehabilitate under court protection.
The court named former Hyundai Motor Co. executive Lee Yoo-il and
Ssangyong executive Park Young-tae to run the automaker.
The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan. The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.
Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan. Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald. Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.
About Ssangyong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs). The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius. It also
provides automobile parts such as coolers, diesel engines and
others.
====================
N E W Z E A L A N D
====================
CANTERBURY EUROPE: JD Sports to Acquire Trading Assets
------------------------------------------------------
Thomas Williams at The Financial Times reports that JD Sports
Fashion plc is to acquire the trading assets of Canterbury Europe
Ltd.
According to the FT, the group will pay GBP6.5 million cash for
the brand, goodwill and fixed assets of Canterbury Europe, which
is the current brand shirt sponsor of the international rugby
union teams of South Africa and Australia and of many leading
clubs worldwide. The deal, the FT discloses, also gives JD the
global rights to the "Canterbury" and "Canterbury of New Zealand"
rugby brands.
The deal will secure 50 jobs, Press Association reports.
As reported in the Troubled Company Reporter-Europe on July 15,
2009, David Costley-Wood and Brian Green from KPMG Restructuring
were appointed joint administrators for Canterbury Europe, the
European trading arm of the Canterbury Group, which distributes
branded sports and leisure wear, predominantly for the rugby union
sector. Canterbury Europe's UK operation is based in Stockport,
Cheshire and employs 86 people. As a result of the
administration, 72 members of staff were made redundant.
Canterbury sponsored a number of rugby union and rugby league
teams in the UK and Europe including the Scottish national team,
as well as Leinster, London Wasps and Cardiff. In addition, the
company also expanded into others sports including football,
cricket and golf, and most notably has sponsorship agreements in
place with Portsmouth Football Club, Lille and Yorkshire and
Hampshire Cricket Clubs. All sponsorship contracts in Canterbury
Europe were terminated as a result of the administration.
Press Association relates a spokeswoman for administrators KPMG
said it believed JD had plans to renew some of its sponsorships,
but it was not known which deals would be affected.
Canterbury Europe collapsed after an unsuccessful expansion push
was followed by difficult trading and the weakness of the pound --
it imports most of its good from the Far East.
===============
P A K I S T A N
===============
PAKISTAN AIRLINE: Is Technically Bankrupt, MD Haroon Says
---------------------------------------------------------
The Pakistan International Airlines has "technically gone
bankrupt", the Daily Times reports citing PIA Managing Director
Captain Ijaz Haroon.
Citing Capt. Haroon in a private TV channel, the report relates
that Capt. Haroon said the PIA is spending INR11 billion on the
maintenance of its aircraft. The national carrier does not have
any money and owes a huge sum of money to the Pakistan State Oil
for fuel for its aircraft, Capt. Haroon added.
According to the report, Capt. Haroon said no one had bothered to
inquire about PIA's affairs for the past many years and now there
was nothing that he could do to improve the worsening situation.
Headquartered in Karachi, Pakistan, Pakistan International
Airlines Corporation (KAR:PIAA) -- http://www.piac.aero/-- is
principally engaged in the provision of air transport services.
Other activities of the Company include provision of engineering
and other allied services. The Company operates in two business
segments: airlines operation and hotel operation. The airlines
operation segment provides air transport and other allied
services. Hotel operation segment provides accommodation and
related services in Pakistan, United States and Europe. Its
wholly owned subsidiaries include Skyrooms (Private) Limited and
Midway House (Private) Limited. Pakistan International Airlines
Corporation has a 99% interest in PIA Investments Limited.
=================
S I N G A P O R E
=================
GLOBAL A&T: S&P Downgrades Corporate Credit Rating to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Global A&T Electronics Ltd. to 'B-'
from 'B'. The outlook is negative.
Standard & Poor's also lowered the issue rating on the
US$625 million senior secured first-lien facility and the
US$150 million senior secured revolving credit facility to 'B-'
from 'B+'. Recovery ratings on these debts have been lowered to 4
from 2, indicating the expectation of average recovery (30%-50%)
in the event of a payment default.
"The rating action reflects rapidly declining revenue and
profitability, resulting in weakening of credit protection metrics
and diminished liquidity -- a trend that is not likely to be
reversed in the near term," said Standard & Poor's credit analyst
Wee Khim Loy.
The rating on Gate also reflects the high leverage with debt to
capitalization exceeding 65% and challenging industry conditions,
such as margin erosion and volatile demand, particularly in the
memory product segment. In S&P's view, these conditions are
likely to continue, Ms. Loy said.
Gate is a special purpose vehicle created by TPG Capital and
Affinity Equity Partners for privatizing United Test and Assembly
Center Ltd., a Singapore-based provider of outsourced
semiconductor assembly and test services.
First-quarter 2009 continued to be severely affected by intense
competition and broad-based depressed semiconductor market
conditions, with Gate reporting revenue of US$99.4 million, a
decline of 27% from the last quarter of 2008 and 41% year on year.
Standard & Poor's does not expect sharp revenue declines to
continue, as it appears that order books have improved and the
industry-wide inventory drawdown has subsided. Still, S&P expects
revenues are not likely to surpass 2008 level as demand remains
highly muted across most markets.
The negative outlook reflects the likely pressure on liquidity
stemming from a possible declining cash balance to comply with
excess free cash flow sweep covenants. The negative outlook also
reflects the bleak macroeconomic factors that have affected
product demand for the company and S&P's expectation of continued
weakness in the higher-margin memory chip business in the short to
medium term.
HEALTHCARE CLINIC: Court to Hear Wind-Up Petition Today
-------------------------------------------------------
A petition to wind up the operations of Healthcare Clinic &
Surgery Pte. Ltd. will be heard before the High Court of Singapore
today, August 7, 2009, at 10:00 a.m.
GP Holdings Pte. Ltd. filed the petition against the company on
July 15, 2009.
The Petitioner's solicitors are:
NLC LAW ASIA LLP
8 Robinson Road #10-00 ASO Building
Singapore 048544
KEPPEL SERVICES: Creditors' Proofs of Debt Due on August 14
-----------------------------------------------------------
The creditors of Keppel Services Staff Union are required to file
their proofs of debt by August 14, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
LONG HOCK: Pays First and Final Preferential Dividend
-----------------------------------------------------
Long Hock Huat Construction (1990) Pte Ltd. paid the first and
final preferential dividend on July 27, 2009.
The company paid 9.7493% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SINGAPORE AIR: Creditors' Proofs of Debt Due on August 14
---------------------------------------------------------
The creditors of Singapore Air Transport-Workers' Union are
required to file their proofs of debt by August 14, 2009, to be
included in the company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
TRANS-ASIAN: Pays First and Final Preferential Dividend
-------------------------------------------------------
Trans-Asian Construction Pte Ltd. paid the first and final
preferential dividend on July 27, 2009.
The company paid 16.0677% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===========
T A I W A N
===========
* TAIWAN: REAT Transactions Highly Sensitive to NPI, Fitch Says
---------------------------------------------------------------
Fitch Ratings has commented that Taiwan's real estate asset trust
transactions are highly sensitive to net property income and
refinance rates, and that NPI may have a bigger impact on ratings
as compared to refinance rates. As a result, the rising vacancy
rates and decreasing average rental levels of Taipei's office
leasing market since Q308, have brought downward pressure to the
NPI of the collateral backing Taiwan's REAT transactions, which
are mainly entrusted with office buildings located in Taipei.
NPI is calculated by deducting operating expenses and the property
management fee from annual property revenue generated by entrusted
properties. Fitch reviews the historical financial performance of
the entrusted properties, then arrives at the stabilized occupancy
level, rental rate and operating expenses to further derive a
stabilized NPI which reflects the volatility in historical NPI,
management quality and competition; and is expected to reflect the
likely cash flow performance of the entrusted properties over the
tenor of a REAT transaction.
To assess the credit risk of a Taiwan REAT transaction, the
stabilized NPI is further deducted by capex and securitization-
related expenses (trustee fee, OTC listed fee, etc.) to arrive at
Fitch's stabilized cash flow, which is defined as the free cash
flow available for the REAT debt service under the agency's
assumptions. Fitch will then calculate the Fitch Debt Service
Coverage Ratio by dividing its stabilized cash flow by the
stressed debt service amount (i.e., the refinancing interest
payment for the REAT transaction), and compare it with the
agency's DSCR parameters to assess the transaction's rating level.
For refinancing, Fitch assumes that the total outstanding rated
beneficiary certificates (after giving certain credit to the
scheduled amortization amount on the most senior beneficiary
certificates) would be refinanced at the agency's refinance rate,
which takes into account various factors including interest rate
movement, spread for secured real estate lending and volatility of
property sector cash flow. An increase in the volatility of the
market interest rate and spread will potentially increase the
refinance rate assumption. Besides, more volatile property
sectors, such as hotel and retail mall sectors, are assumed to
have higher refinance rates.
When Fitch analyses the rating sensitivity of a Taiwan REAT
transaction, only one parameter is stressed at a time while others
are kept constant. Furthermore, three classes of beneficiary
certificates, namely Class A, Class B and Class C, are tested to
mimic a typical Taiwan REAT structure. An example of the rating
sensitivity of a Taiwan REAT transaction with a single office
building entrusted to assumed parameters of stabilized NPI
(NT$200 million) and refinance rate (6%) is indicated below:
Rating Sensitivity to Stabilized NPI - Original rating:
-- Class A: 'AAA(twn)';
-- Class B: 'A(twn)';
-- Class C: 'BBB(twn)'
Rating after a 20% decrease in stabilized NPI while keeping other
parameters constant:
-- Class A: 'A(twn)';
-- Class B: 'BB(twn)';
-- Class C: 'B(twn)'
Rating Sensitivity to Refinance Rate - Original rating:
-- Class A: 'AAA(twn)';
-- Class B: 'A(twn)';
-- Class C: 'BBB(twn)'
Rating after a 20% increase in stressed refinance rate while
keeping other parameters constant:
-- Class A: 'A+(twn)';
-- Class B: 'BBB-(twn)';
-- Class C: 'BB-(twn)'
The agency has observed downward pressure on the actual NPI of
Taiwan's REAT transactions due to the deterioration of the global
and Taiwanese economies. Some properties backing the REAT
transactions are experiencing higher-than-expected vacancy rates
and/or facing the pressure of offering rental discounts or longer
rent-free periods when renewing existing leases or signing new
leases. Nonetheless, most transactions are still generating
healthy net cash flows exceeding Fitch's stabilized assumptions.
Should the cash flows generated by the underlying properties
continue to deteriorate, negative rating actions may be warranted.
Fitch will continue to monitor the performance of outstanding REAT
transactions closely and publish relevant commentaries should
circumstances warrant.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$) (US$)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ADVANCE HEALTHCA AHG 16933460.19 -8226075.95
ALLOMAK LTD AMA 40685785.47 -5913422.67
ALLSTATE EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ARC EXPLORATION ARX 58544299.4 -15958771.93
AUSMELT LTD AET 10421943.8 -1558622.35
AUSTAR UNITED AUN 508844538.84 -310055789.75
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
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BIRON APPAREL LT BIC 19706736.59 -2220069.65
BISALLOY STEEL G BIS 54556820.43 -7472108.44
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7921901248.89 -381294562.59
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
ETW CORP LTD ETW 83708786.34 -58673955.65
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HYRO LTD HYO 19685101.98 -15769362.01
JAMES HARDIE-CDI JHX 1898699904 -108700000
JAMES HARDIE NV JHXCC 1898699904 -108700000
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.3 -252490904.13
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.56 -190859513.39
CHINA
ALONG TIBET CO-A 600773 10645458.33 -1260472.65
AMOI ELECTRONI-A 600057 208865199.77 -161881131.09
ANHUI KOYO GROUP 979 60010204.49 -52445757.65
BAO LONG ORIENTA 600988 16279600.58 -1854369.56
CHANG LING GROUP 561 37577889.93 -9465740.92
CHENGDU UNION-A 693 55030423.06 -2741222.75
CHINA EAST AIR-A 600115 10702789177.41 -1851807066.86
CHINA EAST AIR-H 670 10702789177.41 -1851807066.86
CHINA KEJIAN-A 35 75056861.57 -184097248.8
CHINESE.COM LOGI 805 12869661.54 -10094949.57
CITIC GUOAN VI-A 600084 362240219.99 -110093269.44
DANDONG CHEM F-A 498 104365074.72 -103885795.87
DONGXIN ELECTR-A 600691 20560051.24 -3771204
FUJIAN SANNONG-A 732 61811813.75 -53114169.28
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GUANGDONG HUAL-A 600242 19373034.05 -2325690.04
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GUANGMING GRP -A 587 46455752.14 -40019198.72
GUANGXI BEISHE-A 600556 126091499.15 -153594444.24
GUANGXIA YINCH-A 557 21664724.6 -34846155.01
HEBEI BAOSHUO -A 600155 131548104.09 -354980505.73
HEBEI JINNIU C-A 600722 221627306.84 -223054026.56
HISENSE ELEC-H 921 540254350.35 -125797076.1
HUATONG TIANXI-A 600225 70268587.22 -35844635.44
HUDA TECHNOLOG-A 600892 20047637.29 -1792599.78
HUNAN ANPLAS CO 156 53136755.69 -81141655.2
HUNAN AVA HOLDIN 918 190693717.92 -71587580.42
JIANGXI CHANGH-A 600372 316925380.97 -3387818.97
JIAOZUO XIN'AN-A 719 16263330.39 -3681456.28
QINGHAI SUNSHI-A 600381 53430938.15 -26418232.17
SHANG HONGSHENG 600817 18084539.68 -396285379.92
SHANG LIANHUA-A 600617 16795640.14 -1743299.26
SHANG LIANHUA-B 900913 16795640.14 -1743299.26
SHANGHAI WORLDBE 600757 221563153.24 -116684849.78
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 87929092.73 -12564255.28
SHENZHEN DAWNC-A 863 28956539.07 -151601215.51
SHENZHEN KONDA-A 48 202326403.32 -13552596.4
SHENZHEN SHENXIN 34 28627569.28 -165833104.81
SICHUAN DIRECT-A 757 121641656.08 -112131770.94
SUNTEK TECHNOL-A 600728 35176457.04 -23191875.13
TAIYUAN TIANLO-A 600234 12265615.62 -60715447.57
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 72677899.02 -13527522.12
TOPSUN SCIENCE-A 600771 200059655.52 -121606797.74
WINOWNER GROUP C 600681 15621614.17 -72193630.51
WUHAN BOILER-B 200770 413277147.43 -44507992.86
WUHAN GUOYAO-A 600421 11548487.32 -37317665.16
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37038161.53 -15556588.42
ZHANGJIAJIE TO-A 430 47476905.56 -6608204.52
HONG KONG
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BINHAI INVESTMEN 8035 73711393.1 -114389190.24
CHINA CYBER PORT 8206 16718083.9 -21712245
CHINA GOLDEN DEV 162 249858442.34 -1458174.64
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
FULBOND HLDGS 1041 66063004 -11679000
HUTCHISON TELE H 215 2400098040.83 -366059762.21
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 160927722.22 -1629398.23
PALADIN LTD -PRE 642 160927722.22 -1629398.23
SANYUAN GROUP LT 140 15148448.77 -1587205.23
INDONESIA
BANK CENTURY TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 20182967.71 -14063966.67
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SURABAYA AGUNG SAIP 211007388.88 -113611192.14
TEIJIN INDONESIA TFCO 199177024 -55412900
UNITEX TBK UNTX 13649308.63 -14400120.13
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
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DISH TV INDIA DITV 422081403.33 -127614551.41
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GALADA POWER & T GCC 10899606.76 -27849464.86
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GLOBAL BOARDS GLB 25154303.78 -793024.17
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HFCL INFOTEL LTD HFCL 233136050.86 -59728545.83
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JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.5 -5623616.49
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
LLOYDS FINANCE LYDF 36822038.19 -10290725.19
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 39726352.09 -732186.48
MILTON PLASTICS MILT 26114050.07 -42391324.19
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 38788084.34 -61659313
ORIENT PRESS LTD OP 16699814.52 -94789.33
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 30241162.87 -9403739.61
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 14682895.47 -18138660.88
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 17540987.69 -24687678.21
PRECISION CONTAI PCLL 10013065.56 -3669728.21
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
REMI METALS GUJA RMM 82273746.28 -1650461.11
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SEN PET INDIA LT SPEN 13283611.52 -25431862.1
SHALIMAR WIRES SWRI 30588221.25 -63772177.8
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
FDK CORP 6955 465071545.7 -85901797.18
G-TRADING 3348 53439073.69 -19823380.51
GREEN FOODS CO 3367 87003396.49 -48040344.74
L CREATE CO LTD 3247 42344509.56 -9146496.9
MORISHITA CO LTD 3594 168223801.88 -2415401.06
NESTAGE CO LTD 7633 15752022.32 -7045459.62
OPEN INTERFACE I 4302 10824431.23 -25566252.98
PLACO CO LTD 6347 19727184.96 -1662140.28
PLACO CO LTD-WI 63471 19727184.96 -1662140.28
PROPERST CO LTD 3236 854806960.92 -17847055.11
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
ZENTEC TECHNOLOG 4296 61693138.35 -30725846.21
SOUTH KOREA
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.3 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140474
ROCKET ELECTRIC 420 68584186.91 -2140474
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
SUNNY TRENDS CO 35500 32757713.75 -7323573.46
TAESAN LCD CO 36210 187935112.1 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
MALAYSIA
BSA INTERNATIONA BSAI 60415146.27 -45433037.17
HARVEST COURT HAR 10626827.67 -6604210.03
LITYAN HLDGS BHD LIT 15777258.11 -28374431.5
MALAYSIAN AIRLIN MAS 2505043640.24 -122541475.48
NEPLINE BHD NL 20464406.2 -25108761.81
NIKKO ELECTRONIC NIKKO 10890137.48 -8147304.11
PECD BHD PECD 247769002.01 -363970343.69
WONDERFUL WIRE WW 11189410.52 -13834863.57
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75710043.41 -35193170.69
BENGUET CORP-A BC 75710043.41 -35193170.69
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.5 -23332404.14
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 13594299.01 -8730090.95
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CHUAN SOON HUAT CSH 33386752.42 -11485337.08
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 93947954.45 -12514151.49
INFORMATICS EDU INFO 21961840.29 -412465.93
LINDETEVES-JACOB LJ 149102492.24 -82583823.03
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 84332200.42 -2695477.98
SUNMOON FOOD COM SMOON 37238842.66 -13726971.17
TT INTERNATIONAL TTI 274506594.33 -42323078.96
WESTECH ELECTRON WTE 28290170.94 -12855750.98
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 81029895.85 -63623979.94
BANGKOK RUBBER BRC 81029895.85 -63623979.94
BANGKOK RUBBER-F BRC/F 81029895.85 -63623979.94
BLISS-TEL PCL BLISS 12552268.65 -1546013.01
BLISS-TEL PCL-F BLISS/F 12552268.65 -1546013.01
BLISS-TEL PCL-NV BLISS-R 12552268.65 -1546013.01
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 61295807.28 -25886476.66
CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66
CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 31557425.41 -76616907.26
ITV PCL-FOREIGN ITV/F 31557425.41 -76616907.26
ITV PCL-NVDR ITV-R 31557425.41 -76616907.26
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 52662866.04 -6699070.37
MALEE SAMPRAN MALEE 52662866.04 -6699070.37
MALEE SAMPRAN-F MALEE/F 52662866.04 -6699070.37
NATURAL PAR-NVDR NPARK-R 99405582.21 -795660.77
NATURAL PARK PCL NPARK 99405582.21 -795660.77
NATURAL PARK-F NPARK/F 99405582.21 -795660.77
NFC FERTILI-NVDR NFC-R 41394761.31 -328937.74
NFC FERTILIZER P NFC 41394761.31 -328937.74
NFC FERTILIZER-F NFC/F 41394761.31 -328937.74
PATKOL PCL PATKL 56238621.35 -21509387.22
PATKOL PCL-FORGN PATKL/F 56238621.35 -21509387.22
PATKOL PCL-NVDR PATKL-R 56238621.35 -21509387.22
PONGSAAP PCL PSAAP 26782248.02 -2033209.65
PONGSAAP PCL PSAAP/F 26782248.02 -2033209.65
PONGSAAP PCL-NVD PSAAP-R 26782248.02 -2033209.65
SAFARI WORL-NVDR SAFARI-R 98372248.17 -18046379.39
SAFARI WORLD PUB SAFARI 98372248.17 -18046379.39
SAFARI WORLD-FOR SAFARI/F 98372248.17 -18046379.39
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
UNIVERSAL S-NVDR USC-R 77602986.98 -55435027.3
UNIVERSAL STAR-F USC/F 77602986.98 -55435027.3
UNIVERSAL STARCH USC 77602986.98 -55435027.3
*********
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. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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 ***