/raid1/www/Hosts/bankrupt/TCRAP_Public/090916.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 16, 2009, Vol. 12, No. 183
Headlines
A U S T R A L I A
ABC LEARNING: Gov't. Says 26 More Childcare Centers Will Close
BABCOCK & BROWN: NZ Units Incur Losses on Related Party Lending
BABCOCK & BROWN: Younan CD Portfolio Loan Issues Resolved
MARINER FINANCIAL: Fund Places Two More Resorts on the Market
STORM FINANCIAL: BoQ Admits Mistakes in Dealing with Storm Clients
C H I N A
COUNTRY GARDEN: Issues US$300-Mln Senior Notes Due 2014
NORTHPORT NETWORK: Discloses Going Concern Doubt on Debt Woes
H O N G K O N G
ASIAN CARTRIDGE: Creditors' Meeting Set for October 5
BASIC LIFE: Members' Final Meeting Set for October 15
CITIC PACIFIC: Taps Citic Securities for Possible A-Share Listing
CTIA VSAT: Creditors to Hold Meeting on October 12
EF TECHNOLOGY: Creditors' Meeting Set for September 22
HIH MANAGEMENT: Members and Creditors to Hold Meeting on Oct. 14
HIH UNDERWRITING: Members and Creditors to Hold Meeting on Oct. 14
KIND YIELD: Members' Final Meeting Set for October 20
LAND STEP: Members' Final Meeting Set for October 14
LEXAR HONG KONG: Member to Receive Wind-Up Report on October 12
ONWARD ELECTRICAL: Members and Creditors to Meet on October 12
QUALITY EDUCATIONAL: Tat Steps Down as Liquidator
SIEMENS BUILDING: Placed Under Voluntary Wind-Up
SINO PUBILISHING: Creditors' Meeting Set for September 29
VENTURE CAPITAL: Members' Meeting Set for October 12
WAI LAM: Creditors' Proofs of Debt Due on October 12
XIN MA: Member to Receive Wind-Up Report on October 16
I N D I A
APOLLO VIKAS: CRISIL Rates Rs.30.0 Mln Cash Credit Limit at 'B+'
HUNDEKARI MOTORS: Low Net Worth Prompts CRISIL 'C' Ratings
JHS SVENDGAARD: ICRA Assigns 'LBB+' Rating on Bank Debts
SAIBABA SHIP-BREAKING: CRISIL 'B+/P4' Ratings on Bank Facilities
STONE AGE: CRISIL Assigns 'BB+' Rating on INR27.1 Mln Term Loan
VIYYAT POWER: CRISIL Rates INR110.00 Mln Long Term Loan at 'BB'
WANKSONS CHEMICALS: CRISIL Assigns 'BB-' Ratings on Bank Debts
I N D O N E S I A
ADARO INDONESIA: Seeks US$500-Mln in Syndicated Loans
PT BUKIT: Moody's Assigns 'Ba3' Corporate Family Rating
PT BUKIT: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
SEMEN GRESIK: State Ministry to Appoint an Expatriate as VP
J A P A N
AIFUL CORP: S&P Puts 'BB' Senior Rating on CreditWatch Negative
ELPIDA MEMORY: May Raise US$663 Million on Share Sale Plan
CAFES 4: Fitch Downgrades Ratings on Four Classes of Notes
JAPAN AIRLINES: Stake May Give Delta, American Air Access to China
JLOC41 LLC: Fitch Downgrades Ratings on Various Classes
L-JAC SIX: S&P Downgrades Ratings on Various Classes of Certs.
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
SANYO ELECTRIC: EU Commission Extends Antitrust Probe for 10 Days
K O R E A
MAGNACHIP: Committee Offers 72% Recovery in Cash to Sr. Lenders
SSANGYONG MOTOR: Submits Plan; Seeks Capital Writedown
M A L A Y S I A
IDAMAN UNGGUL: Unit's Annual Results Submission Extended
TIME ENGINEERING: Completes Disposal of Stake in Smartcard Systems
N E W Z E A L A N D
OAKRIDGE RESORT: South Canterbury Puts 6 Firms Under Receivership
S I N G A P O R E
ARIEL SINGAPORE: Creditors' Meeting Set for September 23
AZEGO TECHNOLOGY: Creditors' Proofs of Debt Due on October 12
HEALTHCARE CLINIC: Court Enters Wind-Up Order
MINERAL CAPITAL: Court to Hear Wind-Up Petition on September 25
N.Y.D.C. (II): Court to Hear Wind-Up Petition on September 25
T A I W A N
E.SUN COMMERCIAL: Moody's Withdraws National Scale Ratings
FIRST FINANCIAL: Moody's Withdraws National Scale Ratings
ILI TECHNOLOGY: Fitch Affirms National Long-Term Rating at 'BB+'
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
ABC LEARNING: Gov't. Says 26 More Childcare Centers Will Close
--------------------------------------------------------------
The Age reports that a further 26 childcare centers that were part
of ABC Learning Centers Ltd. network will close because new
operators have not been found.
The report says they were among 262 centers found to be unviable
under the ABC model. Of these, says The Age, many have been
transferred to new owners and 23 have already closed.
The federal government is yet to name the centers that will shut
but say more than 85% of employees will be retained, the report
notes.
Child Care Minister Kate Ellis, according to The Age, told the
parliament on Tuesday that "everything was done to exhaust every
opportunity to keep these centers going."
Meanwhile, The Age reports that the 705 profitable ABC Learning
centers are expected to be transferred to new ownership by early
2010.
About ABC Learning
Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd. On January 26,
2007, it acquired La Petite Holdings Inc. On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP. In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC. In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
BABCOCK & BROWN: NZ Units Incur Losses on Related Party Lending
---------------------------------------------------------------
The Sydney Morning Herald reported that accounts filed by three
Babcock & Brown Ltd. subsidiaries in New Zealand show millions of
dollars of related-party lending to Babcock's Australian
international arm last year.
According to the report, the three Babcock & Brown New Zealand
companies are deep in debt and reported losses of NZ$22.07 million
last year. The report says the accounts, filed last month, show
one subsidiary had breached banking covenants on loans with
Westpac at the end of last year.
The report says Babcock & Brown Real Estate Finance NZ, in its 15-
month accounts ending December 2008, reveals that NZ$8.372 million
was lent to Babcock & Brown International Pty Ltd. Babcock &
Brown Real Estate Finance NZ2 lent NZ$7.8 million to BBIPL in the
13 months to December 2008 while Babcock & Brown NZ Ltd lent BBIPL
NZ$4.16 million in the year to December, the Herald discloses.
According to the Herald, each of the company's accounts is tagged
with fundamental uncertainty regarding the ability of borrowers to
meet their loan repayment obligations. One is tagged with regard
to the value of and timing for realisations of secured real estate
and another for its ability to continue as a going concern, the
report states.
Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate. Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates. The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes. Under the special resolution,
the company's equity and subordinated note holders won't receive
any return. Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.
The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company. Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.
BABCOCK & BROWN: Younan CD Portfolio Loan Issues Resolved
---------------------------------------------------------
Younan Properties, Inc., a privately held real estate investment
and asset management firms, announced September 15 that all issues
have been resolved between the borrower and the special servicer
LNR in connection with a US$261 million loan for one of its
portfolios. The loan, which is in "good standing," will be
transferred back to its normal loan servicer.
Zaya S. Younan, chairman and chief executive officer, commented on
the announcement, "We consistently stated that this dispute had
nothing to do with our ability to meet our financial obligations,
but rather stemmed from a technical dispute over approval
provisions that led to a freeze of our own funded reserves, which
we were using to fund tenant improvements. As a result, this loan
was referred to its special servicer earlier this year." Mr.
Younan added, "We were single-minded in our efforts to correct
this servicing issue and we are pleased with the outcome."
The loan, representing four office properties in Chicago and three
office properties in Dallas, was moved to special servicing in the
first quarter of 2009. The servicing dispute centered around 200
N. LaSalle in the Chicago CBD, which is 92% leased and performing
better than its submarket. Babcock & Brown, the former mezzanine
lender, sought to prohibit Mr. Younan from accessing its own
reserve funds used for tenant improvements and leasing
commissions. Babcock & Brown subsequently filed for bankruptcy
protection in the first quarter of 2009.
Mr. Younan continued, "This is a 2.1 million SF stabilized office
portfolio with about an 85% average occupancy and positive cash
flow. This portfolio has a healthy DSCR, and we have achieved
830,000 SF of new leases and renewals in the last 18 months. The
portfolio is performing better than expected, and actual occupancy
has increased during the past 12 months."
The four office properties in the Chicago metropolitan area
include 200 N. LaSalle, a high-rise office building in the Chicago
CBD; 1600 Corporate Center, Rolling Meadows; Bannockburn Corporate
Center, Bannockburn; and Kensington Corporate Center, in Mount
Prospect. The portfolio also includes three Dallas office
buildings: Energy Square I, II and III, located on the North
Central Expressway.
"While this servicing issue received more public scrutiny than it
deserved because of the current economic climate, we are proud of
the fact that we were able to successfully resolve it using the
same prudent business policies and practices that have made Younan
Properties so successful in the past," Younan said. "This severe
recession has been challenging for all businesses, but moving
forward our superior property management and operational expertise
provide the platform for Younan to continue to grow as the economy
improves," he concluded.
Headquartered in Los Angeles, Younan Properties specializes in
acquiring Class A office properties in high-growth U.S. markets.
Known for its detailed, hands-on approach to improving operational
efficiencies while maintaining top building standards for tenants,
Mr. Younan is recognized for turning around undervalued assets and
maximizing the value of stabilized assets. Mr. Younan has
accumulated nearly 15 million square feet of Class A office
buildings valued at more than US$2.0 billion in California, Texas,
Illinois and Arizona.
About Babcock & Brown
Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate. Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates. The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes. Under the special resolution,
the company's equity and subordinated note holders won't receive
any return. Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.
MARINER FINANCIAL: Fund Places Two More Resorts on the Market
-------------------------------------------------------------
Bridget Carter at The Australian reports that receivers of the
Mariner Coastal Land Fund have placed two more resorts on the
market from the collapsed Bill Ireland-backed tourism venture.
The Australian says the Myall Shores Resort and Murramarang Resort
in NSW were put on sale at the weekend. The report notes the
receivers announced earlier this month that the three-star Nestle
Inn Tourist Village at Tingalpa, near Brisbane, was also on offer.
According to the report, the three properties are valued at almost
$40 million, but Mariner paid about $55m for them about two years
ago from trusts managed by collapsed investment bank Babcock &
Brown.
The Nestle Inn would be sold at auction on October 14 by CB
Richard Ellis, the report discloses.
On May 14, 2009, the Commonwealth Bank of Australia appointed
Paul Billingham and Said Jahani of Grant Thornton as receivers of
Mariner Leisure Management Ltd and Mariner Coastal Operations Pty
Ltd. The Mariner Leisure Management Limited shares are stapled to
units in the Mariner Coastal Investment Trust, within the Mariner
Coastal Investment Fund. The appointment of receivers to Mariner
Leisure Management Limited directly impacts the ongoing management
of the Mariner Coastal Investment Fund.
Mariner Leisure Management Ltd and Mariner Coastal Operations Pty
Ltd are not subsidiaries of Mariner Financial Ltd.
The Mariner Coastal Investment Fund is an unlisted satellite fund
which comprises the management company Mariner Leisure Management
and also holds four coastal assets along the east coast of
Australia.
Sydney businessman Mr. Ireland is a director of both companies,
The Australian says.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Financial has been
under considerable financial distress. Its share price plunged
91% from AU$2.15 in February 2007 to just 19c on Nov. 26, 2008.
Mariner's shares closed at 1c on Feb. 27.
The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.
Mariner Financial, according to a TCR-AP report on October 9,
2008, appointed receivers and managers to its wholly owned
subsidiary, Mariner Treasury Limited.
About Mariner Financial
Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors. During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment. The company predominantly distributes its investment
products through independent advisory intermediaries. In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.
STORM FINANCIAL: BoQ Admits Mistakes in Dealing with Storm Clients
------------------------------------------------------------------
The Bank of Queensland has admitted it failed to deal directly
with customers who invested with Storm Financial Group, the
Courier Mail reports.
According to the report, the bank has also revealed that it
approved loans to clients with few assets or little income, based
on the expected returns they would get from Storm.
The report says the admissions are included in a submission filed
on September 11 with the parliamentary inquiry investigating the
collapse of Storm and other finance sector disasters.
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products. Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20. Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.
On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up. Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.
=========
C H I N A
=========
COUNTRY GARDEN: Issues US$300-Mln Senior Notes Due 2014
-------------------------------------------------------
Country Garden Holdings Company Ltd. plans to raise approximately
US$294.7 million through the issue of US$300 million of 11.75%
senior notes due 2014, according to JLM Pacific Epoch.
According to the report, Country Garden said it intends to use the
proceeds:
-- to finance existing and new property project, including
payment of land premium and construction costs;
-- to repay a US$35 million from CITIC Ka Wah Bank Limited;
and
-- for general corporate purposes.
J.P. Morgan will act as sole bookrunner for the issue, the report
notes.
Country Garden Holdings Company Limited (HKG:2007) is an
integrated property developer in the People's Republic of China.
The Company's business comprises construction, fitting, project
development, property management, as well as hotel development and
management. Country Garden offers various products include large-
scale residential projects, such as townhouses, apartment
buildings, as well as car-parks and retail shops. The Company
also develops and manages hotels. It also develops hotels, which
are independent of property developments. As of December 31, 2008,
Country Garden had operations in selected locations beyond
Guangdong Province, including Hunan Province, Jiangsu Province,
Hubei Province, Liaoning Province, Anhui Province, Heilongjiang
Province, Inner Mongolia Autonomous Region and Chongqing
Municipality.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 7, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Chinese property developer
Country Garden Holdings Co. Ltd. to 'BB' from 'BB+'. At the same
time, Standard & Poor's lowered its long-term issue rating on the
company's US$600 million 2.5% convertible bonds and US$300 million
11.75% senior unsecured notes to 'BB-' from 'BB'. All of the
ratings were removed from CreditWatch, where they had been placed
with negative implications on Aug. 26, 2009 (the corporate credit
rating and the issue rating on the convertible bonds), and
Sept. 1, 2009 (the issue rating on the unsecured notes). The
outlook is stable.
TCR-AP reported on September 4, 2009, that Moody's Investors
Service assigned a senior unsecured rating of Ba3 to Country
Garden Holdings Limited's proposed 5-year senior unsecured
144A/Regulation S bonds. The outlook on the rating is negative.
At the same time, Moody's affirmed Country Garden's Ba2 corporate
family rating with a negative outlook.
NORTHPORT NETWORK: Discloses Going Concern Doubt on Debt Woes
-------------------------------------------------------------
Northport Network Systems, Inc., and its affiliates incurred a net
loss of US$184,312 on net sales of US$743,533 for six months ended
June 30, 2009, compared with a US$304,191 net loss on net sales of
US$3.682 during the same period in 2008.
The Company had total assets of US$5,008,881 against total debts
of US$1,949,486 as of June 30, 2009. Current assets total
US$1,493,584 while all debts were current. Cash and cash
equivalents were US$346,425 as of June 30.
The Company has an accumulated deficit of US$2,046,258 at June 30,
2009. The Company's current liabilities also exceed its current
assets by US$455,902 and the Company used cash in operations of
US$305,910. "These factors raise substantial doubt about its
ability to continue as a going concern," the Company said.
A copy of the Form 10-Q filed with the Securities and Exchange
Commission is available at:
http://researcharchives.com/t/s?44b4
About Northport Network
Northport Network Systems, Inc. was incorporated under the laws of
the State of Colorado on July 25, 2000 as Dotcom-netmgmt.com Inc..
Dalian Beigang Information Industry Development Company Limited
was incorporated in the People's Republic of China on June 20,
1997 with its principal place of business in Dalian, PRC.
Dalian Beigang is principally engaged in the provision of
platforms, among other things, to customers in Dalian for
electronic filing of tax returns and payment of taxes and color
photo printing business in the PRC. The Company owns a trade name
"Colorstar" which was registered with the China State
Administration for Industry and Commerce in China as well as a
Chinese patent which was applied for on the color photo printing
technology. In accordance with the business permit, the Company's
right of operation expires on June 20, 2026 and is renewable.
On June 23, 2005, Northport Network entered into a definitive
agreement with the stockholders of Dalian Beigang in which
Northport Network exchanged 100% of the registered and fully paid
up capital of Dalian Beigang for US$150,000 satisfied by the issue
of 1,500,000 shares of common stock of US$0.001 par value to the
stockholders of Dalian Beigang. As both companies are under
common management, the exchange of shares has been accounted for
as a reorganization of entities under common control.
================
H O N G K O N G
================
ASIAN CARTRIDGE: Creditors' Meeting Set for October 5
-----------------------------------------------------
The creditors of Asian Cartridge Supplies Limited will hold their
meeting on October 5, 2009, at 3:00 p.m., for the purposes of
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.
The meeting will be held at Unit A, 10th Floor of TAL Building, 49
Austin Road, Jordon, in Kowloon, Hong Kong.
BASIC LIFE: Members' Final Meeting Set for October 15
-----------------------------------------------------
The members of Basic Life Charitable Fund Limited will hold their
final meeting on October 15, 2009, at 11:00 a.m., at Unit 501, 5th
Floor of Hing Yip Commercial Centre, 272-284 Des Voeux Road, in
Central, Hong Kong.
At the meeting, Ku Ngan Ming, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CITIC PACIFIC: Taps Citic Securities for Possible A-Share Listing
-----------------------------------------------------------------
Bloomberg News, citing Shanghai Securities News, reports that
Citic Pacific Ltd. hired Citic Securities Co. for a possible
A-share listing.
Bloomberg relates that Shanghai Securities News also cited a Citic
Pacific official as saying the company is "very interested" in
selling shares on the domestic stock market.
Headquartered in Hong Kong, CITIC Pacific Ltd. --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution. It is 29%
indirectly owned by China International Trust & Investment
Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
August 20, 2009, Moody's Investors Service sees no immediate
impact on the Ba1 corporate family rating of CITIC Pacific Ltd.
and the Ba1 bond rating of CITIC Pacific Finance (2001) Ltd. after
the announced sale of CITIC Pacific's 14.5% stake in Cathay
Pacific Airways Ltd. for about HK$7.3 billion. The outlook on
these ratings remains negative.
On Feb. 17, 2009, the TCR-AP reported that Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
CITIC Pacific Ltd. to 'BB+' from 'BB'. The outlook is stable. At
the same time, Standard & Poor's also raised its issue rating on
the senior unsecured notes issued by CITIC Pacific Finance (2001)
Ltd. to 'BB+' from 'BB'; the notes are guaranteed by CITIC
Pacific. Both ratings were removed from CreditWatch, where they
were placed with developing implications on Nov. 14, 2008. They
were originally placed on CreditWatch with negative implications
on Oct. 21, 2008.
CTIA VSAT: Creditors to Hold Meeting on October 12
--------------------------------------------------
The creditors of CTIA VSAT Network Limited will hold their meeting
on October 12, 2009, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
EF TECHNOLOGY: Creditors' Meeting Set for September 22
------------------------------------------------------
The creditors of EF Technology (HK) Limited will hold their
meeting on September 22, 2009, at 11:00 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
The meeting will be held at the 6th Floor, No. 560 Chung Hsiao
East Road, Sec. 4, in Taipei 11071, Republic of China.
HIH MANAGEMENT: Members and Creditors to Hold Meeting on Oct. 14
----------------------------------------------------------------
The members and creditors of HIH Management (Asia) Limited will
hold their meeting on October 14, 2009, at 9:15 a.m. and
9:30 a.m., respectively, at the 20th Floor of Prince's Building,
10 Chater Road, in Central, Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HIH UNDERWRITING: Members and Creditors to Hold Meeting on Oct. 14
------------------------------------------------------------------
The members and creditors of HIH Underwriting Services (Asia)
Limited will hold their annual meetings on October 14, 2009, at
8:45 a.m. and 9:00 a.m., at the 20th Floor of Prince's Building,
10 Chater Road, in Central, Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
KIND YIELD: Members' Final Meeting Set for October 20
-----------------------------------------------------
The members of Kind Yield (H.K.) Limited will hold their final
meeting on October 20, 2009, at 3:30 p.m., at Room A, 19th Floor
of Tung Hip Commercial Building, 248 Des Voeux Road, in Central,
Hong Kong.
At the meeting, Shom Chun Po, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
LAND STEP: Members' Final Meeting Set for October 14
----------------------------------------------------
The members of Land Step Development Limited will hold their
final meeting on October 14, 2009, at 11:00 a.m., at Rooms 1201-4
of Cheong Kee Building, 84-86 Des Voeux Road, in Central,
Hong Kong.
At the meeting, Hsu Shin Cheung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LEXAR HONG KONG: Member to Receive Wind-Up Report on October 12
---------------------------------------------------------------
The member of Lexar Hong Kong Limited will receive on October 12,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.
ONWARD ELECTRICAL: Members and Creditors to Meet on October 12
--------------------------------------------------------------
The members and creditors of Onward Electrical & Supplies Company
Limited will hold their meeting on October 12, 2009, at 14:30 p.m.
And 15:00 p.m., respectively, at the 20th Floor of Prince's
Building, 10 Chater Road, in Central, Hong Kong.
At the meeting, Li Man Wai, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
QUALITY EDUCATIONAL: Tat Steps Down as Liquidator
-------------------------------------------------
On August 31, 2009, Lui Wing Tat stepped down as liquidator of
Quality Educational Organisation Limited.
SIEMENS BUILDING: Placed Under Voluntary Wind-Up
------------------------------------------------
On August 28, 2009, the sole member of Siemens Building
Technologies (China) Limited resolved to voluntarily wind up the
company's operations.
The company's liquidators are:
Patrick Cowley
Paul Edward Mitchell
KPMG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
SINO PUBILISHING: Creditors' Meeting Set for September 29
---------------------------------------------------------
The creditors of Sino Publishing House Limited will hold their
meeting on September 29, 2009, at 11:00 a.m., at the 21st Floor of
Chinachem Tower, 34-37 Connaught Road, in Central, Hong Kong.
At the meeting, the creditors will be asked to appoint a
liquidator and consider other matter relevant to the company's
wind-up.
VENTURE CAPITAL: Members' Meeting Set for October 12
----------------------------------------------------
The members of Venture Capital Limited will hold their meeting on
October 12, 2009, at 5:00 p.m., at Room 1806 of Bank Centre, in
636 Nathan Road, Kowloon.
At the meeting, Liu Sing Piu Chris, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WAI LAM: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------
The creditors of Wai Lam Printing Factory Limited are required to
file their proofs of debt by October 12, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 7, 2009.
The company's liquidator is:
Cheng Faat Ting Gary
Gary Cheng & Co., CPA
Richmond Commercial Centre, 8th Floor
109 Argyle Street, Mongkok
Kowloon, Hong Kong
XIN MA: Member to Receive Wind-Up Report on October 16
------------------------------------------------------
The member of Xin Ma Kang International Limited will receive on
October 16, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at Flat B, 16th Floor of Empire Land
Commercial Centre, 81-85 Lockhart Road, in Wanchai, Hong Kong.
=========
I N D I A
=========
APOLLO VIKAS: CRISIL Rates Rs.30.0 Mln Cash Credit Limit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Apollo Vikas Steel Pvt Ltd.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit Limit B+/Stable (Assigned)
INR270.0 Million Letter of Credit P4 (Assigned)
The ratings reflect AVSL's small scale of operations in the
fragmented and cyclical ship-breaking industry, weak financial
risk profile and exposure to risks relating to fluctuations in the
value of the Indian rupee and to adverse government regulations.
The impact of these weaknesses is partially mitigated by the
benefits that the company derives from its promoters' experience,
and healthy growth prospects of the ship-breaking industry.
As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of AVSL and Saibaba Ship Breaking
Corporation. This is because the two entities, collectively
referred to as the Apollo Vikas group, are under a common
management and promoters, and have mutual operational linkages,
including fungible funds.
Outlook: Stable
CRISIL believes that the Apollo Vikas group will maintain its
stable credit risk profile over the medium term on the back of its
promoters' experience and the healthy near-term growth prospects
of the ship-breaking industry. The outlook may be revised to
'Positive' if the group benefits from the expected revival in the
industry, and improves its profitability. Conversely, the outlook
may be revised to 'Negative' if steel prices decline sharply,
leading to losses for the group.
About the Group
AVSL is in the business of ship breaking and owns a plot of 50
square meters at Alang Port (Gujarat). The company's dismantling
capacity is estimated at around 40,000 tonnes per annum (tpa). It
has a track record of more than 25 years in the ship-breaking
business. AVSL installed a furnace division with a throughput
capacity of 9000 tpa in 2008-09 (refers to financial year, April 1
to March 31). SSBC is a partnership firm and has a similar ship-
breaking capacity at Alang.
The Apollo Vikas group posted a profit after tax (PAT) of INR6.8
million on net sales of INR18.4 million for 2007-08, against a PAT
of INR5.2 million on net sales of INR124 million for 2006-07.
HUNDEKARI MOTORS: Low Net Worth Prompts CRISIL 'C' Ratings
----------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of
Hundekari Motors Pvt. Ltd.
Facilities Ratings
---------- -------
INR50.00 Million Cash Credit C (Assigned)
INR13.50 Million Term Loan C (Assigned)
The rating reflects HMPL's weak financial risk profile, marked by
low net worth, high gearing, weak debt protection measures, and
stretched liquidity. The rating also reflects the company's
exposure to risks relating to its small scale of operations, the
regional concentration in its revenues, and the intense
competition in the automotive dealership market. The impact of
these weaknesses is mitigated by HMPL's healthy topline growth and
the benefits it derives from its promoters' experience.
About Hundekari Motors
HMPL, incorporated in 2002 by Mr. Sayyed Abdul Karim Abdul Sattar,
is an authorized dealer of light-motor vehicles and multi-utility
vehicles manufactured by Tata Motors Ltd. It operates three
showrooms, one each in Ahmednagar, Shirdi, and Shrirampur (all in
Maharashtra). It also deals in spares and service for TML's
vehicles.
HMPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR485.6 million for 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR409.7 million for 2006-07.
JHS SVENDGAARD: ICRA Assigns 'LBB+' Rating on Bank Debts
--------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR469.50 million fund
based/non-fund based limits of JHS Svendgaard Laboratories
Limited. The rating indicates inadequate credit quality. ICRA
has also assigned an A4+ rating to INR7.70 million fund based
limits and INR23.30 million non fund based limits of JHSSLL. The
rating indicates risk-prone-credit-quality in the short term.
While assigning the rating, ICRA has noted the pressure on
JHSSLL's profitability because of the intensely competitive nature
of the industry, slowdown in demand and the company's modest scale
of operations. This has resulted in below average returns for the
company. This apart the rating takes into consideration the high
working capital intensity of operations; and the company's modest
debt protection indicators as indicated by net cash accruals /
total debt (NCA/TD) of 9% in FY 2009. However, the ratings draw
comfort from the long track of the promoters in the oral care
industry; JHSSLL's reputed client base and its competitive
advantage on account of excise and income tax benefits available
to its manufacturing facilities in Himachal Pradesh.
JHS Svendgaard Laboratories Limited was promoted in October 2004
by Mr. Nikhil Nanda to carry out the business of manufacturing and
trading of oral hygiene products. The company started its
commercial activities by taking over the businesses of three
proprietary concerns on a going concern basis namely
M/s Sunehari Svendgaard Laboratories, M/s Sunehari Oral Care and
M/s Jai Hanuman Exports with effect from April 1, 2005. These
three proprietary concerns were earlier run by the family of
Mr. Nikhil Nanda. In FY 2009, the company reported a net profit
of INR15.20 million on an operating income of INR282.37 million.
SAIBABA SHIP-BREAKING: CRISIL 'B+/P4' Ratings on Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Saibaba Ship-breaking Corporation.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit Limit B+/Stable (Assigned)
INR270.0 Million Letter of Credit P4 (Assigned)
The ratings reflect SSBC's small scale of operations in the
fragmented and cyclical ship-breaking industry, weak financial
risk profile and exposure to risks relating to fluctuations in the
value of the Indian rupee and to adverse government regulations.
The impact of these weaknesses is partially mitigated by the
benefits that the firm derives from its promoters' experience, and
healthy growth prospects of the ship-breaking industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSBC and Apollo Vikas Steel Pvt Ltd
(AVSL), as both the entities, collectively referred to as the
Apollo Vikas group, are under a common management and promoters,
and have mutual operational linkages, including fungible funds.
Outlook: Stable
CRISIL believes that the Apollo Vikas group will maintain its
stable credit risk profile over the medium term on the back of its
promoters' experience and the healthy near-term growth prospects
of the ship-breaking industry. The outlook may be revised to
'Positive' if the company benefits from the revival, which is
expected over the medium term, in the industry, and improves its
profitability. Conversely, the outlook may be revised to
'Negative' if steel prices decline sharply, leading to losses for
the company.
About the Group
SSBC is in the business of ship breaking and owns a plot of 50
square metres at Alang Port (Gujarat). The partnership firm's
dismantling capacity is estimated at around 40,000 tonnes per
annum (tpa). AVSL has a similar capacity. It installed a furnace
division with a throughput capacity of 9000 tpa in 2008-09 (refers
to financial year, April 1 to March 31). The Apollo Vikas group
has a record of more than 25 years in the ship-breaking business.
The Apollo Vikas group posted a profit after tax (PAT) of INR6.8
million on net sales of INR18.4 million for 2007-08, against a PAT
of INR5.2 million on net sales of INR124 million for 2006-07.
STONE AGE: CRISIL Assigns 'BB+' Rating on INR27.1 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Stone Age Ltd.
Facilities Ratings
---------- -------
INR78.0 Million Overdraft Facility BB+/Stable (Assigned)
INR27.1 Million Term Loan BB+/Stable (Assigned)
INR72.0 Million Export Packing Credit P4 (Assigned)
INR30.0 Million Bills Discounting P4 (Assigned)
The ratings reflect SAL's weak financial risk profile, working-
capital-intensive operations, and small scale of operations in the
fragmented stone processing industry. These weaknesses are,
however, partially offset by SAL's improving operating efficiency
and established customer base.
Outlook: Stable
SAL is expected to maintain stable business and financial risk
profiles over the medium term, supported by its established
customer base. The outlook may be revised to 'Positive' if a
substantial increase in cash accruals drives improvement in
financial risk profile for SAL. Conversely, the outlook may be
revised to 'Negative' if SAL's profitability declines due to
increase in the value of the Indian rupee, or if fresh debt-funded
capital expenditure leads to deterioration in financial risk
profile.
About Stone Age
Incorporated in 1991, SAL processes and exports all types of
stones used in construction activity. The company's plant at
Jaipur has capacity to produce 18,60,000 square feet per annum of
stone. It has facility to cut, calibrate, polish and package
stones. It procures raw stone from Rajasthan and Madhya Pradesh.
SAL exports to customers in USA, Europe, Africa and the Middle
East. SAL reported a profit after tax (PAT) of INR24 million on
net sales of INR400 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR15 million on net
sales of INR467 million for 2007-08.
VIYYAT POWER: CRISIL Rates INR110.00 Mln Long Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Viyyat Power Pvt Ltd.:
INR110.00 Million Long Term Loan BB/Stable (Assigned)
The rating reflects VPPL's project-related risks, revenue
concentration (single power-generation site), and hydrology risk.
The impact of these weaknesses is mitigated by VPPL's comfortable
financial risk profile, revenue stability because of long-term,
fixed-price, power purchase agreement (PPA) with the Kerala State
Electricity Board, and its promoters' experience in executing
hydel power projects.
Outlook: Stable
CRISIL believes that commencement of operations at VPPL's hydel
plant by January 2010 will support the company's cash flow
requirements. The outlook may be revised to 'Positive' in case of
significant and sustainable increase in the company's cash flows
and improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company reports time
or cost overruns in commencement of operations, undertakes a
large, debt-funded capital expenditure programme, if unplanned
outages result in low plant load factor and decline in cash flows,
or if there is prolonged drought in the River Kallar.
About Viyyat Power
Incorporated in 2003 by Mr. P D Nair, VPPL is expected to begin
commercial operations from January 2010. The company is
constructing a 3-megawatt (MW) capacity small, hydro-power plant
on the River Kallar (in Idukki District, Kerala). The project has
been allotted to VPPL by the Government of Kerala on a build-
operate-transfer basis for a period of 30 years.
WANKSONS CHEMICALS: CRISIL Assigns 'BB-' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Wanksons Chemicals Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit BB-/Stable (Assigned)
INR50.0 Million Working Capital BB-/Stable (Assigned)
Demand Loan
The rating reflects Wanksons's weak financial risk profile, marked
by high gearing and below-average debt protection measures, and
the product concentration in its revenue profile. The impact of
these weaknesses is mitigated by the benefits the company derives
from its strong customer relationships.
Outlook: Stable
CRISIL expects Wanksons's capital structure to improve over the
medium term on the back of its healthy profitability and
increasing accretions. The company is unlikely to undertake large
debt-funded capital expenditure programme over the medium term.
The outlook may be revised to 'Positive' if the company registers
more revenues than expected, led by the performance of its newly
installed plants, while maintaining stable profitability.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected improvement in the company's capital structure.
About Wanksons Chemicals
Incorporated in 1992 by Mr. Navnitlal Jamnadas Wankawalla and his
son, Mr. Raj Wankawalla, Wanksons is primarily a manufacturer of
agrochemical products, which include chloral and ethyl chloride.
These chemicals are largely used in the pesticide industry. The
company also has two other divisions, which undertake packaging,
job work, and manufacturing of bulk drug intermediates. The
company's plant at Bharuch, Gujarat, has a total installed
capacity of over 4500 tonnes per annum.
Wanksons reported a profit after tax (PAT) of INR7.9 million on
net sales of INR185.0 million for 2007-08 (refers to financial
year, April 1 to March 31), against a PAT of INR6.8 million on net
sales of INR159.2 million for 2006-07.
=================
I N D O N E S I A
=================
ADARO INDONESIA: Seeks US$500-Mln in Syndicated Loans
-----------------------------------------------------
PT Adaro Indonesia is seeking syndicated loans totaling US$500
million, The Jakarta Post reports citing a person familiar with
the matter.
"The company is in need of those loans to finance its investment
and capital expenditure," the Post quoted Riswinandi, corporate
director of PT Bank Mandiri, as saying.
The report notes Riswinandi said Mandiri might take part in the
syndicated loans.
PT Adaro Indonesia -- http://www.adaro-envirocoal.com/-- is an
Indonesia-based integrated coal mining company. The Company,
through its subsidiaries, is engaged in coal mining and trading
and other related services, such as coal infrastructure and
logistics. The Company has three direct subsidiaries, namely
PT Alam Tri Abadi, PT Saptaindra Sejati and PT Makmur Sejahtera
Wisesa.
* * *
The Troubled Company Reporter-Asia Pacific reported on Aug. 5,
2009, that Moody's Investors Service upgraded PT Adaro Indonesia's
local currency corporate family rating to Ba1 from Ba2.
PT BUKIT: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a provisional Ba3 corporate
family rating to PT Bukit Makmur Mandiri Utama. At the same time,
a provisional Ba3 senior secured bond rating was assigned to
senior secured notes issued by Prime Dig Pte Ltd, an entity wholly
owned by, and whose bonds are also guaranteed, by Buma. The
outlook on both ratings is stable.
This is the first time that Moody's has assigned ratings to Buma
or Prime Dig.
Buma intends to raise up to US$600 million of debt financing and
is considering various options including a US$ bond offering. The
proceeds from the bond issue will be used to refinance outstanding
debt under an existing US$366 million bank facility at the Buma
level, as well as retiring existing indebtedness of PT Delta Dunia
Property Tbk. Moody's expects to remove the provisional status
and assign final ratings when the bond transaction completes.
"Buma's provisional Ba3 ratings reflect its well recognized
franchise and established relationships with Indonesia's largest
coal concession holders as well as the contractual nature of its
revenue base with various in-built protections against cost
increases," says Laura Acres, a Moody's Vice President.
Furthermore, Buma benefits from its 19% market share and position
as Indonesia's second largest mining services operator and
inherent growth potential in the Indonesian coal mining industry
which, given its market position and experience, Buma is well
placed to benefit from.
"At the same time, the rating recognizes key challenges facing
Buma, such as its concentration risk in the customer revenue base
and its exposure to the Indonesian coal industry, as well as
concerns over its strategy and shareholder clarity given a
proposed acquisition of a significant indirect stake in Buma by a
private equity-led consortium," adds Acres, also Moody's Lead
Analyst for Buma.
The rating outlook is stable in the expectation that Buma will
execute on its business plan.
Given the focused business model and depth of coverage, it is
unlikely that Buma will experience any upward rating pressure
under its current operating profile. However, some upward
pressure could emerge should Buma manage to increase its market
share in the coal mining industry and/or diversify into non-coal
mining operations. Such growth could be reflected in Buma
achieving an adjusted debt/EBITDA ratio of less than 2.0x on a
consistent basis, as well as improved EBITDA margins such that
they are above 40%.
Downward pressure on the rating could emerge should any of Buma's
contracts fall away or not be renewed on similar or enhanced
terms, thereby reducing the company's revenue base and placing
pressure on cash flows. Such pressure may be evidenced by key
metrics, such as adjusted debt/EBITDA rising above 3.5x or EBITDA
margins falling below 25-30%.
In addition, Moody's would be concerned should the investor
consortium led by Indonesian private equity firm ("Northstar")
seek in the near-term to fully exit from its investment in Delta,
(Buma's 100% owners), thereby indirectly exiting from its
investment in Buma, given that this would potentially invoke the
change of control clause with subsequent need to refinance debt.
The rating agency would also be concerned if Buma's underlying
operating or financial strategy were to materially alter.
Buma's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Buma's core industry and Buma's ratings are believed to
be comparable to those of other issuers of similar credit risk.
Buma is one of Indonesia's leading mining services contractors
providing full mine services to many of Indonesia's largest coal
mine companies.
Buma is wholly owned by Delta, in which Northstar will own a
significant stake. Delta's principal asset is a 100% (less one
share) stake in Buma.
PT BUKIT: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' Long-term foreign currency
Issuer Default Rating and a 'AA-(idn)' National Long-term rating
to Indonesia based coal mining contractor, PT Bukit Makmur Mandiri
Utama. The Outlook on the ratings is Stable. At the same time,
Fitch has assigned an expected rating of 'BB-' to the proposed
senior secured notes to be issued by Prime Dig Pte Ltd, a fully-
owned subsidiary of BUMA, and guaranteed by BUMA. BUMA expects to
raise up to US$600m of debt; the notes offering is one of various
options being considered by the company. The final rating is
contingent upon receipt of documents conforming to information
already received and a review of BUMA's capital structure
following the conclusion of the transaction.
BUMA's ratings are supported by its established position as the
second-largest coal mining contractor in Indonesia with a market
share of 19% and its proven ability to win contracts from new and
existing customers, which include some of Indonesia's largest and
most profitable coal mining companies. BUMA's bargaining power
with its customers appears good, as indicated by the significant
rate increases it negotiated in 2008. This is mostly due to the
critical nature of its services to its customers and its strong
market position.
The company's large contract backlog (over 7x its 2008 revenue
based on current volume guidance given by customers) provides good
earnings visibility for the next five to seven years. In
addition, the industry's growth prospects are good due to the
increasing demand for thermal coal from Indonesia and a number of
Asian countries.
BUMA's revenues are not directly exposed to the fluctuating coal
prices as the bulk of its revenues is linked to the volume of
overburden it removes. Some of BUMA's input costs are also
volatile, although the largest component -- fuel costs -- is
typically passed through to customers. Also, as most of BUMA's
operating revenues and expenses are US$-denominated or linked, it
is shielded from exchange rate risks arising from borrowing in
US$.
While BUMA's revenues are not directly exposed to coal prices, a
sustained downturn in prices may lead to fewer new mines being
developed by coalminers, and hence, dimmer growth prospects for
BUMA. Mining companies also typically adjust strip ratios in
periods of low prices, which lower the amount of overburden
removed. Additionally, lower coal prices may weaken the credit
quality of BUMA's customers. These factors constrain BUMA's
ratings, as does the capital intensity of BUMA's operations. BUMA
needs to incur constant capital expenditure to grow its business,
although Fitch acknowledges that the capex is scalable.
Of the total debt proceeds, US$240 million will be on-lent to
BUMA's prospective holding company, PT Delta Dunia Property Tbk
(Delta), to repay indebtedness incurred in connection with the
acquisition of BUMA and a further US$310 million will be used to
refinance existing debt of BUMA. This will increase the company's
financial leverage (as measured by adjusted debt net of cash to
EBITDAR) to over 2.5x in 2009 from 1.75x in 2008. However, Fitch
expects BUMA to generate positive free cash flows, allowing it to
deleverage beyond 2009. The proposed terms of the US$ notes do
not allow any cash returns to shareholders until the notes are
fully repaid. Notwithstanding the higher indebtedness, Fitch
expects BUMA to maintain strong interest coverage, which underpins
the Stable Outlook on the ratings.
A negative rating action may arise if the leverage of BUMA or
Delta is sustained above 2.5x. In addition, any failure to retain
major customers, grow volumes and/or maintain market share could
also result in a negative rating action.
BUMA reported revenues of US$693 million and EBITDA of
US$199 million in 2008. A group of private equity investors is
acquiring BUMA via a reverse merger with Delta. BUMA's founder,
Johan Lensa, will remain as the President Commissioner of BUMA for
at least two years and its key management will also be retained
after this transaction.
SEMEN GRESIK: State Ministry to Appoint an Expatriate as VP
------------------------------------------------------------
The Jakarta Post reports that the State Minister for State
Enterprises is to appoint an expatriate as the new vice president
director of PT Semen Gresik.
The Post notes that Enterprises Minister Sofyan Djalil said the
nominee, who will replace VP-Director Heru Adiningrat, was
proposed by PT Rajawali Group. Mr. Sofyan, however, refused to
mention name of the candidate, the report says.
PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company. The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement. It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations. The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.
* * *
PT Semen Gresik Tbk continues to carry Moody's Investors Service
"Ba2" senior unsecured debt rating.
=========
J A P A N
=========
AIFUL CORP: S&P Puts 'BB' Senior Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
counterparty credit and senior unsecured debt ratings on Aiful
Corp. and its 'BB+' long-term counterparty credit and senior
unsecured debt ratings on Takefuji Corp. on CreditWatch with
negative implications. The CreditWatch listing reflects S&P's
view that the financial cash flows of both companies have been
squeezed due to the severe financing environment. In addition,
the companies' operating cash flows have deteriorated due to
reduced operating assets and refunds of overpaid interest, which
remain at an elevated level. At the same time, Standard & Poor's
affirmed its 'B' short-term counterparty credit rating on Aiful.
As of June 30, 2009, Aiful's consolidated debt amounted to
JPY826.6 billion, of which JPY415.3 billion was scheduled to be
repaid within one year. The financing environment remains
difficult due to refunds of overpaid interest and uncertainty
surrounding the implementation of the revised Money Lending
Business Law in mid-2010. Although the company's debt has been
decreasing, Standard & Poor's believes that Aiful needs to reduce
its operating assets so that it can accelerate debt repayments.
Consequently, the company's operating cash flow may decline
further as earnings from assets could decline.
Standard & Poor's believes that Takefuji's financing is being
pressured due to increasing capital outflows related to refunds of
overpaid interest, constraints on funding, and stricter financing
conditions as a result of the company's lower credit quality.
Although there is relatively limited immediate repayment pressure
on the company, the financing environment is unlikely to improve
in the short term, which could lead to Takefuji reducing its
operating assets. As a result, S&P is of the opinion that
Takefuji's business base and cash flow may deteriorate to a level
that is below the level expected for the current ratings.
Standard & Poor's will resolve the CreditWatch placement after
confirming the two companies' financial conditions and the
feasibility of their funding plans. The ratings on both companies
are highly likely to be affirmed if their cash flows remain within
S&P's current expectations. Conversely, the ratings may come
under downward pressure if: 1) the companies' cash flows are
highly likely to deteriorate to levels below S&P's expectations;
2) S&P take the view that there is a heightened possibility of a
default under S&P's rating criteria in relation to their existing
debt (regardless of being rated by Standard & Poor's). If there
are downgrades, the ratings on the entities could be lowered by
two or more notches.
Ratings List
Ratings Affirmed; CreditWatch/Outlook Action
Aiful Corp.
To From
-- ----
Counterparty Credit Rating BB/Watch Neg/B BB/Negative/B
Senior Unsecured B/Watch Neg BB
Takefuji Corp.
To From
-- ----
Counterparty Credit Rating BB+/Watch Neg/-- BB+/Negative/--
Senior Unsecured BB+/Watch Neg BB+
ELPIDA MEMORY: May Raise US$663 Million on Share Sale Plan
----------------------------------------------------------
Bloomberg News reports that Elpida Memory Inc. cut the scale of a
proposed share sale after the stock tumbled more than 20% in two
weeks.
The report, citing Elpida in a filing with Japan's finance
ministry, discloses that the chip-maker may raise as much as
JPY60.1 billion (US$663 million), after fee payments, selling
JPY55 million new shares. That's about 23% lower than the JPY78.5
billion Elpida said it planned to raise in a Sept. 1 disclosure,
Bloomberg relates.
Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips. The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others. The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.
According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.
CAFES 4: Fitch Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded four classes of trust beneficiary
interest from Cafes 4 Trust due November 2011 and maintained
Rating Watch Negative on these classes, following the
implementation of the recently published criteria for Japanese
CMBS surveillance. Fitch took these rating actions:
-- JPY4.45 billion* Class A TBIs downgraded to 'A' from 'AAA';
remains on RWN;
-- JPY0.8 billion* Class B TBIs downgraded to 'BB' from 'AA';
remains on RWN;
-- JPY0.8 billion* Class C TBIs downgraded to 'B' from 'A';
remains on RWN;
-- JPY0.95 billion* Class D TBIs downgraded to 'CCC' from 'BBB';
remains on RWN; assigned a Recovery Rating of 'RR4'; and
-- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
Stable.
* as of September 14, 2009
Classes A to D TBIs have been downgraded reflecting Fitch's
concern over potential recovery amounts from the single loan (set
to mature in October 2009) backing the transaction, given that any
recovery activity will likely occur under stressed market
conditions. The loan is backed by a commercial real estate
property located in Tokyo's Shibuya-ku, which is currently used
for both office and retail purposes.
As Fitch has received no information about refinancing plans, it
has assumed that the property would be disposed of. Given the
time remaining to loan maturity, the recent property cash flow
performance and tenancy levels, Fitch has adopted a value for the
property which is 51.8% lower than the initial value. The agency
believes the property continues to have a high potential value due
to its good location; however, a substantially lower value could
materialize, if the property were to be disposed in the near term,
given the current stressed real estate market.
Fitch has also maintained the RWN on Classes A to D, reflecting
the possibility that further rating action may follow, depending
on the progress of property disposition.
The ratings on the dividend-only Class X TBIs address only the
likelihood of receiving dividend payments, while principal on the
related TBIs remain outstanding. No dividends are currently being
paid to the Class X TBIs in line with the terms of the related
contracts.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
JAPAN AIRLINES: Stake May Give Delta, American Air Access to China
------------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Delta Air Lines Inc.
or American Airlines may get improved access to China, Asia's
biggest air traffic market, if either U.S. carrier's plan to take
a stake in Japan Airlines Corp. or have a tie-up succeeds.
Bloomberg notes that a tie-up would give American or Delta more
access to Chinese cities as JAL has the widest network of flights
between China and Japan.
According to the report, Delta, which lacks a code-sharing
agreement with a Japanese carrier, sees an expanded Asian network
to compete with American, in the same Oneworld alliance as JAL,
and All Nippon Airways Co., a member of the Star Alliance group.
Japan Air, Bloomberg notes, needs more funding as it predicts a
fourth annual loss in five years amid the biggest passenger drop
since 2003.
As reported by the TCR on Sept. 15, 2009, AMR Corp. and Delta Air
are reportedly in separate talks with Japan Airlines to forge an
expansive joint venture with the carrier. The Wall Street Journal
said that American Airlines would also consider taking a minority
stake in JAL, although any such investment would likely be capped
at hundreds of millions of dollars. Delta is also negotiating to
acquire a minority stake of around $300 million in JAL. The
Journal relates that Delta wants JAL to join its rival SkyTeam
alliance.
About Japan Airlines
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 continues to carry Standard & Poor's Ratings 'B+'
LT Foreign & Local Issuer Credit. The outlook is positive.
JLOC41 LLC: Fitch Downgrades Ratings on Various Classes
-------------------------------------------------------
Fitch Ratings has downgraded all class notes of JLOC41 LLC due
February 2015 and removed all, except classes C2 and D2, from
Rating Watch Negative, following the implementation of the
recently published criteria for Japanese CMBS surveillance. Fitch
took these rating actions:
-- JPY14.57 billion* Class A downgraded to 'A+' from 'AAA';
off RWN; Outlook Negative;
-- JPY2.7 billion* Class B downgraded to 'BBB-' from 'AA';
off RWN; Outlook Negative;
-- JPY1.07 billion* Class C-1 downgraded to 'BB' from 'A';
off RWN; Outlook Negative;
-- JPY0.86 billion* Class C-2 downgraded to 'BB+' from 'A';
remains on RWN;
-- JPY0.99 billion* Class C-3 downgraded to 'BB-' from 'A';
off RWN; Outlook Negative;
-- JPY0.78 billion* Class D-1 downgraded to 'B' from 'BBB';
off RWN; Outlook Negative;
-- JPY0.69 billion* Class D-2 downgraded to 'B-' from 'BBB';
remains on RWN;
-- JPY0.87 billion* Class D-3 downgraded to 'B-' from 'BBB';
off RWN; Outlook Negative.
* as of September 14, 2009
Fitch has maintained RWN on the class C-2 and D-2 notes, whose
underlying loan defaulted in March 2009, as further rating actions
may be necessary should the disposition activities diverge from
the agency's expectations. Assuming disposition under stressed
market conditions, Fitch adopted values for the properties that
are 33.3% lower on average than its initial valuation for the
purpose of this review, although to date the operating performance
of the underlying properties has generally remained in line with
the agency's initial expectations.
Fitch has resolved the RWN status on classes A, B, C-1, C-3, D-1,
and D-3, since the likelihood of additional rating action has
reduced given the relatively long period (over two years) to the
maturity date of the underlying loans to these classes. The
agency has assigned Negative Outlooks to these classes, which
reflects the risk that if severe market conditions continue, the
asset manager may be forced to sell the properties in a stressed
market in the future as loan maturity approaches. Therefore,
Fitch has adopted values for the underlying properties which are
20.2% lower than the initial valuations on average -- not assuming
disposition under stressed market conditions at this stage. In
addition to the revaluations, Fitch revised the property
disposition scenarios for these loans and assumed that no further
property disposition would materialize by loan maturity, due to
the prevailing state of the commercial real estate market.
Fitch assigned ratings to this transaction in June 2008. At
closing, the notes were ultimately secured by three loans
collateralized by 31 properties. One property has been sold to
date.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
L-JAC SIX: S&P Downgrades Ratings on Various Classes of Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B-1 to G-1 trust certificates issued under the L-JAC Six
Trust Beneficial Interest transaction and removed the ratings from
CreditWatch with negative implications, where they had been placed
on July 6, 2009. At the same time, Standard & Poor's affirmed its
ratings on classes A and X-2.
Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010. Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B-1 to G-1 of L-JAC 6, on CreditWatch with
negative implications.
One of the transaction's two underlying loans (representing about
83.6% of the initial issuance amount of the trust certificates) is
due to mature by the end of August 2010 and is a "loan considered
to be in default," as stated in the aforementioned report.
Accordingly, Standard & Poor's has reviewed the property
management report for the property backing the "loan considered to
be in default" and met with the asset manager.
Standard & Poor's sees a risk that the aforementioned "loan
considered to be in default" may not be repaid by the maturity
date given the level of leverage. S&P is downgrading classes B-1
to G-1 because S&P has lowered its assumptions with respect to the
recovery amount from the collateral property backing the
aforementioned "loan considered to be in default," in light of its
location, type, and specifications, based on the possibility that
the loan may not be redeemed by the maturity date and the property
may need to be liquidated.
The rating affirmation on class A reflects the credit support
provided by the subordinate tranches for the upper-level tranches
through the transaction's senior/subordinate structure.
Standard & Poor's intends to continue to monitor progress in the
repayment of the "loan considered to be in default," as well as
the performance and recovery prospects of the related collateral
property backing that loan.
S&P is considering amending the rating methodology for interest-
only certificates, which include class X-2 of this transaction.
If the proposal is adopted, it could affect the rating on class X-
2. At this point, however, Standard & Poor's has affirmed its
rating on class X-2.
L-JAC 6 is a multi-borrower CMBS transaction. The trust
certificates were initially secured by two loans that were
originally extended to two obligors. The loans were originally
backed by two real estate certificates. The transaction was
arranged by Lehman Brothers Japan Inc. Premier Asset Management
Co. is the transaction servicer.
Ratings Lowered, Off Creditwatch Negative
L-JAC Six Trust Beneficial Interest
JPY97.5 billion floating-rate trust certificates due October 2016
Class To From Initial Issue Amount Coupon Type
----- -- ---- -------------------- -----------
B-1 A+ AA/Watch Neg JPY8.4 bil. Floating Rate
C-1 BBB- A/Watch Neg JPY8.5 bil. Floating Rate
D-1 B BBB/Watch Neg JPY9.5 bil. Floating Rate
E-1 B- BBB-/Watch Neg JPY3.2 bil. Floating Rate
F-1 B- BB+/Watch Neg JPY4.2 bil. Floating Rate
G-1 B- BB/Watch Neg JPY4.0 bil. Floating Rate
Ratings Affirmed
Class Rating Initial Issue Amount Coupon Type
----- ------ -------------------- -----------
A AA JPY59.7 bil. Floating Rate
X-2* AAA JPY97.5 bil. (notional principal)
* Interest only
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to I trust certificates issued under the ORIX-NRL Trust 15
transaction and removed the ratings from CreditWatch with negative
implications, where they had been placed on July 6, 2009. At the
same time, Standard & Poor's affirmed its ratings on the class A
and X certificates issued under the same transaction.
Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010. Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B to I of ORIX-NRL Trust 15, on CreditWatch with
negative implications.
One of the transaction's underlying loans (representing about 4.7%
of the initial issuance amount of the trust certificates) and two
underlying specified bonds (representing a combined 24.5% or so of
the initial issuance amount of the trust certificates) are due to
mature by the end of August 2010 and are "loans considered to be
in default," as stated in the aforementioned report. In addition,
another underlying loan (representing about 41.0% of the initial
issuance amount of the trust certificates) had defaulted in
December 2008. Accordingly, Standard & Poor's has reviewed the
property management reports for the properties backing the "loans
considered to be in default" and met with the asset manager.
S&P is downgrading classes B to I because S&P has lowered its
assumptions with respect to the recovery amounts from the
collateral properties backing the aforementioned "loans considered
to be in default" (one loan and two specified bonds), in light of
their location and type, based on the possibility that the loans
may not be redeemed by the maturity date and the properties may
need to be liquidated.
S&P is considering amending the rating methodology for interest-
only (IO) certificates, which include class X of this transaction.
If the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.
The rating affirmation on class A reflects the credit support
provided by the subordinate tranches for the upper-level tranches
through the transaction's senior/subordinate structure.
Regarding the loan that defaulted in December 2008, recovery
procedures relating to the collateral properties are now underway,
in accordance with rules specified in the servicing agreement and
the trust agreement. Standard & Poor's will assess the progress
of recovery from the related collateral properties.
In addition, Standard & Poor's intends to continue to monitor
progress in the repayment of the "loans considered to be in
default," as well as the performance and recovery prospects of the
related collateral properties backing those loans.
This is a multi-borrower CMBS transaction. The trust certificates
were initially secured by seven nonrecourse loans and three
specified bonds (tokutei shasai) extended to nine obligors, which
were originally backed by 33 real estate certificates and real
estate properties. The transaction was arranged by ORIX Corp.,
and ORIX Asset Management & Loan Services Corp. is the transaction
servicer.
Ratings Lowered, Off Creditwatch Negative
ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014
Class To From Initial Issue Amount
----- -- ---- --------------------
B A+ AA/Watch Neg JPY3.5 bil.
C BBB- A/Watch Neg JPY3.4 bil.
D B+ BBB-/Watch Neg JPY3.0 bil.
E B BB+/Watch Neg JPY1.3 bil.
F B BB/Watch Neg JPY0.4 bil.
G B- BB-/Watch Neg JPY0.4 bil.
H B- B+/Watch Neg JPY0.2 bil.
I B- B/Watch Neg JPY0.2 bil.
Ratings Affirmed
Class Rating Initial Balance
----- ------ ---------------
A AAA JPY25.4 bil.
X* AAA JPY37.8 bil. (Initial notional principal)
* Interest only
SANYO ELECTRIC: EU Commission Extends Antitrust Probe for 10 Days
-----------------------------------------------------------------
The European Commission on September 10 extended its antitrust
probe into Panasonic Corp.'s plan to buy Sanyo Electric Co. by 10
working days, Peppi Kiviniemi at Dow Jones Newswires reported.
The commission will use the extra time to study commitments
offered by Panasonic to remove competition concerns, the report
said.
Dow Jones said the new date for the commission to clear the deal
or launch a full fledged four-month investigation has now been set
for Sep. 29.
Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.
=========
K O R E A
=========
MAGNACHIP: Committee Offers 72% Recovery in Cash to Sr. Lenders
---------------------------------------------------------------
The official committee of unsecured creditors formed in MagnaChip
Semiconductors LLC's cases filed with the U.S. Bankruptcy Court
for the District of Delaware an amended Chapter 11 plan of
reorganization and related documents.
"Absent acceptance of the Committee's Plan, the Debtors will
likely be liquidated pursuant to a chapter 7 liquidation or sold
in exchange for minimal value pursuant to the Debtors' Plan," the
Committee said in the Amended Disclosure Statement.
According to the Amended Disclosure Statement, under the
Committee's Plan, first lien lenders will recover 72% to 100% of
their allowed claims, and the unsecured creditors will recover
10%. Second lien noteholders will recover 2% of their claims plus
a chance to participate in the rights offering and holders of
subordinated debt claims will recover up to 8%.
As reported by the Troubled Company Reporter on Aug. 28, 2009,
Judge Peter Walsh approved the disclosure statement explaining the
proposed Chapter 11 plan proposed by the Creditors Committee.
With the approval, creditors of MagnaChip will be choosing between
competing plans submitted by the Creditors Committee and the
MagnaChip. Ballots are due September 21. The Plan confirmation
hearing is scheduled for September 25.
The Official Committee of Unsecured Creditors, under the its plan,
seeks to reorganize the Debtors' operations and provide for the
satisfaction of claims against the Debtors through (a) payment or
issuance to first lien lenders owed an aggregate of US$95 million
(i) cash equal to 72% of the claim of the first lien lender
(“Treatment A”), or (ii) cash equal to 35% of the first lien
lender's secured claim and a pro rata share of term loans with
principal equal to the remaining amount of the claim (“Treatment
B”), (b) the distribution of 5% of the new stock and rights to
participate in a US$25 million offering for new common stock to
holders of second lien notes aggregating US$500 million, (d)
distribution, as a "gift" from second lien noteholders, cash
equivalent to 10% of their allowed claims to holders of unsecured
claims expected to aggregate US$3.23 million, (e) distribution, as
a "gift" from second lien noteholders, of 1% of the new stock plus
warrants to purchase 5% of the New stock with a strike price
equivalent to a US$600 million total enterprise value to holders
of US$250 million subordinated notes claims.
Under the Original Plan, the Committee offered full recovery for
the lenders through the issuance of a new term loan in full and
complete satisfaction of the first lien lender claims aggregating
US$95 million.
The Company will launch an offering of no less than $35 million
and no more than $50 million in aggregate new common units to
second lien noteholders.
Copies of the Committee's Plan and the explanatory Disclosure
Statement, as amended, are available for free at:
http://bankrupt.com/misc/MagnaCh_Creditors_AmendedPlan.pdf
http://bankrupt.com/misc/MagnaCh_CreditorsAmendedDS.pdf
MagnaChip Plan
MagnaChip's Chapter 11 plan is co-sponsored by UBS AG, Stamford
Branch, as agent to the first lien lenders. The Debtors' Plan
provides for the satisfaction of Claims against the Debtors and
the enforcement of first lien lender secured Claims through the
authorization by the Debtors of the sale of substantially all of
the assets of mostly non-debtor subsidiaries located in Korea and
other foreign countries. Under MagnaChip's plan, 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.
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 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: Submits Plan; Seeks Capital Writedown
------------------------------------------------------
Ssangyong Motor Co. has submitted a turnaround plan to the Seoul
Central District Court seeking capital reduction and a debt-for-
equity swap by creditors, The Wall Street Journal reports.
According to the Journal, Ssangyong said it will cut stakes held
by SAIC Motor Corp. and other shareholders. Under the capital
reduction, the Journal says, SAIC Motor, the largest shareholder
with a 51.33% stake, will be left with one share for every five it
owns now, and other shareholders face a 3-to-1 writedown.
The Journal states that under the plan, Ssangyong will also
convert KRW393.3 billion (US$322 million) worth of debt into
shares. The report says that following the capital writedown and
debt-for-equity swap, SAIC's stake in Ssangyong will drop to
11.2%, with the other shareholders owning the remaining 88.8%.
Korea Development Bank, a creditor of Ssangyong Motor, meanwhile,
said that it has no immediate plan to extend new loans to help
Ssangyong develop the C200 compact sport-utility vehicle, the
Journal reports.
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.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse. On
Feb. 6, 2009, the TCR-AP reported that 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.
===============
M A L A Y S I A
===============
IDAMAN UNGGUL: Unit's Annual Results Submission Extended
--------------------------------------------------------
Idaman Unggul Berhad disclosed that Bank Negara Malaysia has
granted Tahan Insurance Malaysia Berhad, a wholly owned subsidiary
of Idaman, an extension of time to submit the signed copies of the
annual audited accounts for the financial year ended December 31,
2007, and December 31, 2008, until September 30, 2009.
Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries. The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding. Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd. On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd. On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal. On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.
* * *
As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.
TIME ENGINEERING: Completes Disposal of Stake in Smartcard Systems
------------------------------------------------------------------
TIME Engineering Berhad said that it has accepted the offer from
Encik Mohd Ariff Mohd Noor, a Director and shareholder of
Smartcard Systems (M) Sdn Bhd, to dispose its entire stake of
102,000 ordinary shares of MYR1.00 each representing 51% of the
issued and paid-up capital of Smartcard to Encik Mohd Ariff Mohd
Noor for a cash consideration of a nominal sum of MYR1.00
(Disposal). The Disposal had been completed on September 11,
2009.
Smartcard started operations on January 1, 1991, with its
principal activities being the design, development, marketing,
distribution, maintenance and support of smart card applications
and technologies. The company ceased operations in 1993 and had
remained dormant since then.
TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services. The company operates through three segments. The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy. The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate. The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.
====================
N E W Z E A L A N D
====================
OAKRIDGE RESORT: South Canterbury Puts 6 Firms Under Receivership
-----------------------------------------------------------------
Ben Heather at The Southland Times reports that six companies
associated with Oakridge Resort were placed in receivership on
Thursday by financier South Canterbury Finance after a default on
loan payments.
Gordon Hansen, of Goldsmith Fox PKF, were appointed as receiver to
the six companies. The companies placed in receivership are:
-- Nord Ltd.;
-- Oakridge Resort Ltd.;
-- Oakridge Resort Holding Ltd.;
-- Oakridge Land Holdings Ltd.;
-- Oakridge Pool and Spa Resort Ltd.; and
-- Northern Link Developments Ltd.
According to the report, developer Par Hallberg, the sole director
of all six companies, said money owed to South Canterbury Finance
was related to unrealized plans for a 48-villa development on 25ha
of land beside the resort.
The Southland Times notes Mr. Hallberg said that arrangements with
an Australian buyer had fallen through after he paid for the land
and resource consent.
Mr. Hansen confirmed it would be business as usual at the resort
for now, the report notes.
The report relates Mr. Hansen would not comment on how much money
South Canterbury Finance was owed, other than it was in the
millions and "substantial relative to the business".
=================
S I N G A P O R E
=================
ARIEL SINGAPORE: Creditors' Meeting Set for September 23
--------------------------------------------------------
The creditors of Ariel Singapore Pte Ltd will hold their meeting
on September 23, 2009, at 10:30 a.m. at 16 Raffles Quay, #22-00,
in Hong Leong Building, Singapore 048581.
At the meeting, the creditors will be asked to:
-- accept the resignation of Wong Joo Wan and Lim Siew Soo as
joint and several liquidators with effect from September 23,
2009;
-- accept the appointment of Tay Puay Cheng and Bob Yap Cheng
Ghee of KPMG Advisory Services Pte Ltd, having given their
consent, as the new joint and several Liquidators of the
company with effect from September 23, 2009;
-- provide an update on the status of the liquidation of the
company;
-- approve the provisional liquidators' and Liquidators' fees;
and
-- discuss other business.
AZEGO TECHNOLOGY: Creditors' Proofs of Debt Due on October 12
-------------------------------------------------------------
The creditors of Azego Technology Services (Asia Pacific) Pte Ltd
are required to file their proofs of debt by October 12, 2009, to
be included in the company's dividend distribution.
The company's liquidator is:
Tay Swee Sze
c/o Tay Swee Sze & Associates
10 Anson Road
#19-01 International Plaza
Singapore 079903
HEALTHCARE CLINIC: Court Enters Wind-Up Order
---------------------------------------------
On August 28, 2009, the High Court of Singapore entered an order
to have Healthcare Clinic & Surgery Pte. Ltd.'s operations wound
up.
GP Holdings Pte. Ltd. filed the petition against the company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
MINERAL CAPITAL: Court to Hear Wind-Up Petition on September 25
---------------------------------------------------------------
A petition to wind up the operations of Mineral Capital Investment
Pte Ltd will be heard before the High Court of Singapore on
September 25, 2009, at 10:00 a.m.
OCBC Securities Private Limited filed the petition against the
company on July 29, 2009.
The Petitioner's solicitor is:
M/s Tan Kok Quan Partnership
No. 8 Shenton Way, #47-01
Singapore 068811
N.Y.D.C. (II): Court to Hear Wind-Up Petition on September 25
-------------------------------------------------------------
A petition to wind up the operations of N.Y.D.C. (II) Pte Ltd will
be heard before the High Court of Singapore on September 25, 2009,
at 10:00 a.m.
HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust filed the petition against
the company on August 28, 2009.
The Petitioner's solicitor is:
Bernard & Rada Law Corporation
50 Robinson Road #08-00 VTB Building
Singapore 068882
===========
T A I W A N
===========
E.SUN COMMERCIAL: Moody's Withdraws National Scale Ratings
----------------------------------------------------------
Moody's Taiwan Corporation has withdrawn its national scale
ratings on E.Sun Financial Holding Co Ltd. and E.Sun Commercial
Bank Ltd. for business reasons.
This action does not reflect a change in the creditworthiness of
the issuers. ESFHC's and ESB's global scale ratings are
unaffected.
These rating withdrawals follow Moody's decision to reorganize
certain aspects of its business in Asia, including the closing of
its offices in Taiwan and Indonesia.
These ratings have been withdrawn:
-- ESFHC: A1.tw national scale long-term issuer rating, TW-1
national scale short-term issuer rating, and A2.tw national
scale subordinated debt rating. The outlook of these ratings
was stable.
-- ESB: Aa3.tw national scale long-term bank deposit rating and
TW-1 national scale short-term bank deposit rating. The
outlook of these ratings was stable.
These ratings are unaffected:
-- ESFHC: Baa2 global local currency and foreign currency long-
term issuer rating and P-2 foreign currency short-term issuer
rating. The outlook of these ratings is stable.
-- ESB: D+ bank financial strength rating, Baa1 foreign currency
long-term deposit rating, and P-2 foreign currency short-term
deposit rating. The outlook of these ratings is stable.
Moody's last rating action with respect to ESFHC was taken on
November 16, 2007, when an A2.tw rating was assigned to ESFHC's
proposed subordinated notes due 2014.
On the same date, Moody's also upgraded ESFHC's global issuer
ratings to Baa2/P-2 from Baa3/P-3 and raised the national scale
ratings on its senior unsecured debt to A1.tw/TW-1 and for its
existing subordinated debt to A2.tw.
Moody's last rating action with respect to ESB was taken on
November 16, 2007, when ESB's global local currency and foreign
currency deposit ratings were upgraded to Baa1/P-2 from Baa2/P-3,
and its national scale deposit ratings to Aa3.tw/TW-1 from
A1.tw/TW-1. Its bank financial strength rating was unaffected and
affirmed at D+.
ESFHC, headquartered in Taipei, Taiwan, had assets of
NT$890 billion as of end-June 2009 on a consolidated basis.
ESB, headquartered in Taipei, Taiwan, had assets of NT$884 billion
as of end-June 2009 on an unconsolidated basis.
FIRST FINANCIAL: Moody's Withdraws National Scale Ratings
---------------------------------------------------------
Moody's Taiwan Corporation has withdrawn its national scale
ratings on First Financial Holding Co Ltd. and First Commercial
Bank. Moody's has withdrawn these ratings for business reasons.
This action does not reflect a change in the creditworthiness of
the issuers. FFHC and FCB's global scale ratings are unaffected.
The rating withdrawal follows Moody's decision to reorganize
certain aspects of its business in Asia, including the closing of
its offices in Taiwan and Indonesia.
These ratings have been withdrawn:
-- FFHC: Aa3.tw national scale long-term issuer rating. The
outlook of this rating was stable.
-- FCB: Aa2.tw national scale long-term bank deposit rating and
TW-1 national scale short-term bank deposit rating. The
outlook of these ratings was stable.
These ratings are unaffected:
-- FFHC: Baa1 global scale local currency and foreign currency
long-term issuer rating. The outlook of this rating is
stable.
-- FCB: D bank financial strength rating, A3 global scale local
currency and foreign currency long-term deposit rating, and
P-1 global scale local currency and foreign currency short-
term deposit rating. The outlook of these ratings is stable.
Moody's last rating action with respect to FFHC was taken on
May 16, 2007, when its ratings were first assigned.
Moody's last rating action with respect to FCB was taken on May 4,
2007, when FCB's long-term/short-term foreign currency deposit
ratings were affirmed at A3/P-1; its long-term/short-term national
scale deposit ratings were affirmed at Aa2.tw/ TW-1 with a stable
outlook. The BFSR was unchanged at D.
First Financial Holding Co Ltd, headquartered in Taipei, Taiwan,
had assets of NT$1.90 trillion and shareholders' equity of
NT$101.3 billion as of end-June 2009 on a consolidated basis.
First Commercial Bank, headquartered in Taipei, Taiwan, had assets
of NT$1.86 trillion and shareholders' equity of NT$87.0 billion as
of end-June 2009 on a consolidated basis.
ILI TECHNOLOGY: Fitch Affirms National Long-Term Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed Ili Technology Corp.'s National Long-
term rating at 'BB+(twn)' with a Stable Outlook, the National
rating of 'AA(twn)' of its TWD160m three-year zero coupon senior
secured convertible bond, and simultaneously withdrawn them.
Fitch will no longer provide ratings or analytical coverage on
this issuer.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 21-23, 2010
INSOL
International Annual Regional Conference
Madinat Jumeirah, Dubai, UAE
Contact: 44-0-20-7929-6679 or http://www.insol.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. 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 ***