/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/091116.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 Monday, November 16, 2009, Vol. 12, No. 226 Headlines A U S T R A L I A CENTRO PROPERTIES: Expects Profit to Dip 45% on Stronger Currency FIREPOWER HOLDINGS: Owner Seeks OK to Travel; Liquidator Alarmed C H I N A GITI TIRE: S&P Downgrades Corporate Credit Rating to 'B' H O N G K O N G 168C COMPANY: Court to Hear Wind-Up Petition on December 23 AD-MAGNETICS COMPANY: Court Enters Wind-Up Order ALTEC LANSING: Placed Under Voluntary Wind-Up Proceedings ANDREW & PAULMANN: Court Enters Wind-Up Order ASK GLOBAL: Court Enters Wind-Up Order BERMORY LIMITED: Members' Final General Meeting Set for Dec. 18 BUYNOW (NANJING): Placed Under Voluntary Wind-Up Proceedings OCEAN PROFIT: Court to Hear Wind-Up Petition on December 30 COLLECTIONS INTERIOR: Lui and Lauren Step Down as Liquidators CONCORD ENTERPRISES: Creditors and Contributories Meet on Nov 26 EFFECTIVE LABEL: Creditors' Proofs of Debt Due December 14 FAR EAST CONNECTION: Court Enters Wind-Up Order FORWARD GROUP: Court to Hear Wind-Up Petition on Dec 2 GEG TRAVEL: Court to Hear Wind-Up Petition on December 9 GIVON INTERNATIONAL: Court Enters Wind-Up Order I N D I A GRANULES INDIA: CARE Assigns 'CARE B' Rating on LT Bank Facilities TATA MOTORS: Settles Compensation Disputes with Vendors TATA STEEL: OKs Exchange Offer for US$875-Mln Securities I N D O N E S I A ANEKA TAMBANG: Drops Plan to Acquire Stake in Newmont BANK MANDIRI: To Receive US$100-Mln Loan from Foreign Bank J A P A N ES-CON JAPAN: JCR Withdraws 'D' Ratings on Bonds K O R E A MAGNACHIP SEMICONDUCTOR: Notice of Suspension of Filing Obligation M A L A Y S I A PRIME UTILITIES: LBCN Served with Originating Summon from CIMB M O N G O L I A * Moody's Gives Stable Outlook on Three Mongolian Banks' B2 Rating N E W Z E A L A N D BRIDGECORP LTD: Petricevic Case Hearing Adjourned INDUSTRIAL TOOLS: To Close New Zealand Factory Next Month * NEW ZEALAND: Retail Sales Increase 0.5% in Third Quarter 2009 S I N G A P O R E AKAN SHIPPING: Creditors' Proofs of Debt Due on December 9 DAISETSUZAN SHIPPING: Creditors' Proofs of Debt Due on December 9 DESIN CONSTRUCTION: Court to Hear Wind-Up Petition on November 20 KAPITAL ASIA: Court to Hear Wind-Up Petition on November 20 POENA SHIPPING: Creditors' Proofs of Debt Due on December 9 QUANTEC REALTY: Creditors' Meeting Set for November 20 X X X X X X X X NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions - - - - - ================= A U S T R A L I A ================= CENTRO PROPERTIES: Expects Profit to Dip 45% on Stronger Currency ----------------------------------------------------------------- Centro Properties Group on Thursday warned of more hurdles for its underlying profits as a consequence of the strong dollar and rising interest rates, according to The Sydney Morning Herald. Citing Centro's sales update for the three months to September 30, SMH relates that underlying profit for the 12 months to the end of next June is expected to fall about 45% compared with the previous 12 months' figure of $229 million, after one-off charges. SMH says distributions are also tipped to drop. Sales over the quarter rose by 4.5%. According to SMH, Centro's outgoing chief executive, Glenn Rufrano, said the September quarter results reflected the general state of the Australian and US economies. "Centro's operations during the financial year ending June 30, 2010, continue to be impacted by economic factors, including the significant appreciation of the Australian dollar and movements in interest rates," the report quoted Mr. Rufrano as saying. "The Australian portfolio has maintained occupancy and rental growth. As expected, comparable income growth in the US declined due to [the] impact of the retailer bankruptcies that occurred during late 2008-early '09." The group's US operations continue to be affected by the weak economy, including retail sales trends, SMH states. Centro Retail Trust Performance Centro Retail Trust expects annual underlying profit to fall by 20% in 2009-10 and net cash flow to be 15% lower, The Australian Associated Press reports. The AAP relates Centro Retail said economic factors, including movements in the Australian dollar and interest rates, had affected its September quarter results. According to the AAP, the shopping centre owner said its expectations of a 20% drop in underlying profit and a 15% fall in net operating cash flow for 2009-10 assumed that the Australian dollar would trade at US 90 cents for the remainder of the year. About Centro Retail Centro Retail Trust is a pure property trust specializing in the ownership of shopping centers. CER owns retail property investments in Australia and the U.S. CER is an ASX-listed property trust managed by Centro Properties Group. About Centro Properties Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/-- is a retail investment organization specializing in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. Centro has funds under management of US$24.9 billion. * * * On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group obtained a three-year extension on its AU$3.9 billion of the senior syndicated debt facility. It also obtained extension of the debt facilities within Super LLC (Centro's US joint venture investment with Centro Retail Trust (CER) and CMCS 40). FIREPOWER HOLDINGS: Owner Seeks OK to Travel; Liquidator Alarmed ---------------------------------------------------------------- The Sydney Morning Herald reports that Tim Johnston, the Perth businessman behind failed Firepower Holdings, has asked the Federal Court for the return of his passport so he could travel overseas for business. The liquidator Bryan Hughes is alarmed, telling the Herald Mr. Johnston is "an enormous flight risk." "You would have to question whether he would come back," he said. According to the report, Mr. Johnston surprised authorities when he returned to Australia on November 2 after 18 months, with up to AU$100 million owing to investors. The Herald relates that Mr. Johnston has a home in Bali and the Australian Securities and Investments Commission -- which has launched a civil case against Mr. Johnston and hopes to mount a criminal prosecution -- is trying to keep him in Australia. On November 6, Mr. Johnston surrendered his two passports, obeying an interim order by Justice Antony Siopis, who granted an ASIC application. Earlier this month, says the Herald, Justice Siopis granted the liquidator's request for a public examination of Mr. Johnston in Perth on November 26, which Mr. Hughes hopes will lead to a criminal prosecution. About Firepower Based in Perth, Australia, Firepower Holdings and Firepower Operations are both Australian arms of Firepower Holdings Group, a fuel technology company based in the British Virgin Islands. According to WAtoday.com.au, Firepower has several high-profile investors, including former AFL star Wayne Carey and several Adelaide Crows players. It sponsored the Western Force rugby union team, basketball side Sydney Kings and NRL team South Sydney, which is owned by Russell Crowe and Peter Holmes. The company, the WAtoday related, also sponsored Fremantle Dockers star Matthew Pavlich and Force players Matt Giteau, Cameron Shepherd and Ryan Cross. * * * As reported in the Troubled Company Reporter – Asia Pacific on Aug. 6, 2008, Firepower Holdings was placed into liquidation after its chairman, Tim Johnston, failed to help in efforts to rescue it, the Herald Sun said citing administrators Brent Kijurina and Geoff McDonald of accountancy and insolvency firm Hall Chadwick. It has 1,208 Australian shareholders who invested between AU$80 and AU$100 million. ========= C H I N A ========= GITI TIRE: S&P Downgrades Corporate Credit Rating to 'B' -------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on China-based tire manufacturer GITI Tire Pte. Ltd. to 'B' from 'B+'. The outlook is stable. At the same time, S&P lowered the issue rating on the company's US$200 million 12.25% senior secured notes due 2012 to 'CCC+' from 'B-'. Both ratings were removed from CreditWatch, where they had been placed with negative implications on Sept. 15, 2009. "We lowered the ratings on GITI and the notes to reflect the company's prolonged period of weak performances and its high vulnerability to industry risks. While GITI's margins have improved since the second quarter of this year, such improvements may not be sustainable, in S&P's view," said Standard & Poor's credit analyst Bei Fu. Raw material costs, which are subject to commodity cycles, account for more than 70% of GITI's total variable costs. This is a higher level than for its global peers, and raw material price movements will therefore have a bigger effect on the financial performance of GITI. Most players, including GITI, are unable to pass on cost rises in a timely fashion. Even if raw material costs remain low, S&P is not certain whether GITI could protect its currently good margins as the domestic and global tire sectors are competitive and fragmented. Given current overcapacity in China and globally, the company's margin would come under significant pressure if peers meaningfully cut prices. S&P acknowledge, however, that GITI focuses more on selling higher-margin products than purely competing for market share. S&P expects GITI's operating margin, like that of its peers, to have increased in 2009 because of the significant drop in raw material costs in recent months. S&P also believes that the U.S. government's decision to impose additional tariffs on tire imports from China for three years will put further pressure on GITI's sales, which have weakened since late 2008. Although car sales in China are strong, helping GITI's domestic sales, a decline in overseas business has affected the company's revenue. GITI's top line is susceptible to rising economic pressure as exports account for about 40% of the company's sales and its global market share is relatively modest. Export sales slowed down substantially from the last quarter of 2008, but started to recover in March 2009 onwards. GITI has increased its shareholding in Indonesia-based PT Gajah Tunggal Tbk. (B-/Stable/--) to 32% in recent months from 28% at the end of 2008. S&P expects stronger cooperation between the two tire makers in future. Given the currently good operating environment for GITI, S&P estimates that its EBITDA margin will rise to more than 15% from less than 10% in 2008 and its ratio of debt to EBITDA could be close to or less than than 5x in 2009. "The rating on GITI reflects the industry risks and the company's highly leveraged financial risk profile, which takes into account its volatile operating margin, weak cash flow protection, high leverage, and tight liquidity. These weaknesses are tempered by GITI's leading market position in China and improving geographic diversity," said Ms. Fu. The stable outlook reflects S&P's expectation that GITI's profit margin will improve in 2009 and its future financial performance will not deteriorate further from that in 2008. The stability of the rating is also dependent on GITI maintaining adequate liquidity while pursuing future growth, and that the company takes a focused and prudent approach to future investments and acquisitions. ================ H O N G K O N G ================ 168C COMPANY: Court to Hear Wind-Up Petition on December 23 ----------------------------------------------------------- A petition to wind up the operations of 168c Company Limited will be heard before the High Court of Hong Kong on December 23, 2009, at 9:30 a.m. AD-MAGNETICS COMPANY: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Hong Kong entered an order on September 26, 2009, to have Ad-Magnetics Company Limited's operations wound up. The company's liquidator is Yuen Tsz Frank Chun. ALTEC LANSING: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on October 30, 2009, members of Altec Lansing Far East Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Natalia K M Seng Susan Y H Lo Three Pacific Place, Level 28 1 Queen's Road East Hong Kong ANDREW & PAULMANN: Court Enters Wind-Up Order --------------------------------------------- The High Court of Hong Kong entered an order on September 22, 2009, to have Andrew & Paulmann Surveyors Limited's operations wound up. The company's liquidator is Yuen Tsz Frank Chun. ASK GLOBAL: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on July 22, 2009, to have Ask Global Enterprises Limited's operations wound up. The company's liquidator is Lau Siu Hung. BERMORY LIMITED: Members' Final General Meeting Set for Dec. 18 --------------------------------------------------------------- Members of Bermory Limited will hold their final general meeting on December 18, 2009, at 10:00 a.m., at the 22nd Floor, Prince's building, Central, Hong Kong. At the meeting, Rainier Lam, the company's liquidator will give a report on the company's wind-up proceedings and property disposal. BUYNOW (NANJING): Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------ At an extraordinary general meeting held on May 22, 2009, members of Buynow (Nanjing) Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Ho Man Kit Simone Kong Sze Man 5th Floor, tower 1, Silvercord No. 30 Canton Road Tsimshatsui, Kowloon Hong Kong OCEAN PROFIT: Court to Hear Wind-Up Petition on December 30 ----------------------------------------------------------- A petition to wind up the operations of Ocean Profit Engineering Limited will be heard before the High Court of Hong Kong on December 30, 2009, at 9:30 a.m. The Petitioner's solicitors are: Messrs Cheung & Yip Dah Sing Life Building, 12th Floor 99-105 Des Voeux Road Cetral, Hong Kong COLLECTIONS INTERIOR: Lui and Lauren Step Down as Liquidators ------------------------------------------------------------- Kennic Lai Hang Lui and Lau Wu Kwai King Lauren stepped down as liquidators of Collections Interior Limited on October 22, 2009. CONCORD ENTERPRISES: Creditors and Contributories Meet on Nov 26 ---------------------------------------------------------------- Creditors and contributories of Concord Enterprises Investment Limited will hold their first meeting on November 26, 2009, at 10:00 a.m., and 11:00 a.m., respectively, at the Official Receiver's office, 10th Floor, Queensway Government offices, 66 Queensway in Hong Kong. At the meeting, E T O' Connell the company's liquidator will give a report on the company's wind-up proceedings and property disposal. EFFECTIVE LABEL: Creditors' Proofs of Debt Due December 14 ---------------------------------------------------------- Effective Label Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by December 14, 2009, to be included in the company's dividend distribution. The company's liquidator is: Natalia K M Seng Cynthia Wong Tak Yee Three Pacific Place, Level 28 1 Queen's Road East Hong Kong FAR EAST CONNECTION: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on August 17, 2009, to have Far East Connection Limited's operations wound up. The company's liquidator is Lau Siu Hung. FORWARD GROUP: Court to Hear Wind-Up Petition on Dec 2 ------------------------------------------------------ A petition to wind up the operations of Forward Group Logistic & Transportation Limited will be heard before the High Court of Hong Kong on December 2, 2009, at 9:30 a.m. The Petitioner's solicitors are: Baker & McKenzie One Pacific Place, 32rd Floor 88 Queensway Hong Kong GEG TRAVEL: Court to Hear Wind-Up Petition on December 9 -------------------------------------------------------- A petition to wind up the operations of GEG Travel Limited will be heard before the High Court of Hong Kong on December 9, 2009, at 9:30 a.m. The Petitioner's solicitors are: T.S. Tong & Co Wing Lung Bank Building, 8th Floor No. 45 Des Voeux Road Central, Hong Kong GIVON INTERNATIONAL: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on August 31, 2009, to have Givon International Health Spa Limited's operations wound up. The company's liquidator is Lau Siu Hung. ========= I N D I A ========= GRANULES INDIA: CARE Assigns 'CARE B' Rating on LT Bank Facilities ------------------------------------------------------------------ CARE has assigned a 'CARE B' rating to the long-term bank facilities of Granules India Ltd. This rating is applicable for facilities having tenure of more than one year. Facilities with this rating are considered to offer low safety for timely servicing of debt obligations and carry very high credit risk. Such facilities are susceptible to default. Also, CARE has assigned a 'PR4' rating to the short-term bank facilities of the company. This rating is applicable for facilities having a tenure up to one year. Facilities with this rating would have inadequate capacity for timely payment of shortterm debt obligations and carry very high credit risk. Such facilities are susceptible to default. The above ratings are assigned to both long-term facilities and short-term facilities aggregating INR202.50 crore. CARE assigns '+' or '-' signs to be shown after the assigned rating (wherever necessary) to indicate the relative position of the company within the band covered by the rating symbol. Amount Instrument (INR crore) Rating ---------- ----------- ------ Long-term Bank Facilities 151.90 'B' Short-term Bank Facilities 50.60 'PR4' The ratings factor in the recent history of delays in debt servicing commitments to Banks and devolvement of Letter of Credit (LC). The ratings are also constrained by the relatively small size of the company, limited product profile, higher sales concentration from few major products, low revenue growth during the last few years and competition from low cost manufacturers. The ratings also consider the experience of the promoters in the business, established presence in the Pharmaceutical Formulation Ingredients (PFI) business, especially in the global paracetamol market, reputed clientele, diversified presence across markets and clients and low overall gearing. Timely payment of debt obligations and easing of liquidity position are the key rating sensitivities. About Granules India Hyderabad based Granules India Ltd. was incorporated in 1991. It is engaged in the business of export of bulk drugs like paracetamol, guaifenesin, other Active Pharmaceutical Ingredients (API) and PFI. GIL was promoted by Shri C.Krishna Prasad (MD) and his father Dr.C.Nageswara Rao. GIL exhibited low growth income from the operations in the past few years and income increased from INR186 crore in FY07 to INR214 crore in FY08. Exports accounted for 70% of the income in FY'08. PBILDT in FY08 had increased by 8.62% to INR34 crore over FY07 due to growth in sales. Low gross profit growth was mainly due to marginal increase in the raw material costs and the sharp appreciation of rupee in the later part of FY08. PAT for FY08 decreased by 9.96% to INR9.13 crore on account of depreciation provided on the new manufacturing plants. For the half year ended Dec. 31, 2008 (Prov), GIL achieved turnover of INR167 crore. The sharp annualized growth in net sales in H1'09 was due to the increase in the sales to Glaxosmithkline and commercialization of the tablet unit. PBIDT and PAT during half year ended Dec.31, 2008 was INR27 crore and INR4 crore respectively. TATA MOTORS: Settles Compensation Disputes with Vendors ------------------------------------------------------- Tata Motors Ltd has sorted out differences with vendors regarding compensation issues arising out of its decision to shift the Nano plant from Singur, The Economic Times reported, citing Tata Motors President (Passenger Car) Rajiv Dube. "The issues have been resolved with the [vendors] internally. Vendors are in line to set up their facility in Sanand," Mr. Dube was quoted by the ET as saying. According to the report, several auto parts suppliers were earlier reportedly seeking compensation from the company on the ground that they would incur huge losses if their component units were to be relocated to Sanand in Gujarat, where the carmaker is now setting up the world's cheapest car facility. Tata Motors had announced to pull out the INR1,500-crore Nano project from Singur in October last year after following violent protests by Trinamool Congress over land acquisition, the ET recalls. Mr. Dube, however, declined to give details whether the company has compensated the vendors financially or has offered some other benefits in Sanand, the report notes. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, Standard & Poor's Ratings Services said that it had lowered its long term corporate credit rating on India-based Tata Motors Ltd. to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on the company's senior unsecured notes to 'B' from 'B+'. Both ratings were removed from CreditWatch, where they were placed with negative implications on December 18, 2009, and refreshed in March 2009. TATA STEEL: OKs Exchange Offer for US$875-Mln Securities -------------------------------------------------------- Tata Steel Ltd said it has approved an exchange offer of new foreign currency convertible bonds for any or all of the existing US$875,000,000 Convertible Alternative Reference Securities due 2012. The CARS have a yield to maturity of 5.15% per annum and are convertible into qualifying securities or ordinary shares of the issuer. The company said it is making the exchange offer to: (i) lengthen its debt maturity profile; (ii) reduce the cost to the issuer; and (iii) potentially reduce future repayment obligations. The exchange bonds have a coupon of 4.5% each and will mature on November 21, 2014. Standard Chartered Bank, ABN Amro Bank NV, Hong Kong Branch and Citigroup Global Markets Ltd are acting as dealer managers and Calyon Singapore as the co-manager for the offer. Citibank NA, London Branch is the exchange agent. About Tata Steel Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- is a diversified steel producer. It has operations in 24 countries and commercial presence in over 50 countries. Its operations predominantly relate to manufacture of steel and ferro alloys and minerals business. Other business segments comprises of tubes and bearings. On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel completed the acquisition of Corus Group plc. Tata Metaliks Limited, which is engaged in the business of manufacturing and selling pig iron, became a subsidiary of the Company with effect from February 1, 2008. In September 2008, the Company acquired a 7.3% interest in Riversdale Mining Ltd. * * * As reported in the Troubled Company Reporter-Asia on June 10, 2009, Moody's Investors Service downgraded the corporate family rating of Tata Steel Ltd to Ba3 from Ba2. Moody's said the rating outlook is stable. ================= I N D O N E S I A ================= ANEKA TAMBANG: Drops Plan to Acquire Stake in Newmont ----------------------------------------------------- The Jakarta Post reports that PT Aneka Tambang Tbk withdrew plans to acquire part of a 14% divested stake in PT Newmont Nusa Tenggara, a subsidiary of US mining company Newmont. According to the report, Antam had planned to team up with the regional government of West Nusa Tenggara province, but the company withdrew the plan as it and the regional government failed to reach an agreement on the shareholder composition. The Post quoted West Nusa Tenggara Governor Muhammad Zainul Majdi as saying that "Antam proposed that the divested stake be split equally, 50% for Antam and 50% for the regional government. Our proposal is that the regional government gets 25%, while Antam and PT Multicapital [the regional's government partner in the acquisition process] will each get 37.5%. Antam evaluated the offer and decided to withdraw from the acquisition." Meanwhile, Jakarta Globe reports that State-Owned Enterprises Minister Mustafa Abubakar has called for Antam to reenter negotiations with Newmont. "We want Antam [Aneka Tambang] to renegotiate with the local governments," the Globe quoted Mr. Abubakar as saying. Antam's withdrawal from a consortium seeking a stake in Newmont subsidiary Newmont Nusa Tenggara caused the signing of the transfer of the 14% stake to be delayed until at least Nov. 21, according to Jakarta Globe. About Antam PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an Indonesia-based diversified mining and metals company. The Company is engaged in the mining of natural deposits, manufacturing, trading, transportation and other related activities. The Company undertakes activities from exploration, excavation, processing to marketing of nickel ore, ferronickel, gold, silver, bauxite and iron sands. Its nickel operations are located in Southeast Sulawesi and North Maluku, its gold mine is in Pongkor in West Java, while its precious metal refinery is in Jakarta, its bauxite mine is in Riau province and its iron sands mine is in Central Java. Its largest bauxite deposit is located at Tayan, West Kalimantan and its largest nickel deposit is at Buli, North Maluku. * * * The company continues to carry Moody's Investors Service 'Ba3' long-term corporate family rating. It also carries S&P's 'B+' ratings on long-term foreign and local issuer credit. BANK MANDIRI: To Receive US$100-Mln Loan from Foreign Bank ---------------------------------------------------------- PT Bank Mandiri will get a US$100 million (IDR1 trillion) loan from a foreign bank in November, The Jakarta Post reports, citing the bank's president director Agus Martowardojo. The report relates that Mr. Agus refused to identify the foreign bank, saying it was not within his authority to do so. The loan will be used to expand the bank's credit using foreign currencies, the Post notes. PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, and provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. * * * As reported in the Troubled Company Reporter-Asia Pacific on September 21, 2009, Moody's Investors Service lowered Bank Mandiri's global local currency deposit ratings to Baa3 from Baa2. The revised rating carries a stable outlook. The foreign currency long-term deposit rating was raised to Ba3 from B1. The revised rating carries a stable outlook. All other ratings are unaffected and carry stable outlooks: foreign currency short-term deposit of Not Prime and BFSR of 'D-'. The TCR-AP reported on September 2, 2009, that Fitch Ratings affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and local currency Issuer Default Ratings at 'BB' with a Stable Outlook, Short-term rating at 'B', National Long-term rating at 'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support Rating Floor at 'BB-'. ========= J A P A N ========= ES-CON JAPAN: JCR Withdraws 'D' Ratings on Bonds ------------------------------------------------ Japan Credit Rating Agency, Ltd. has withdrawn the 'D' rating on each of the already issued bonds of Es-Con Japan Ltd. Withdrawn Ratings: Issues Amount Issue Date Due Date Coupon Rating ------ ------ ---------- -------- ------ ------ bonds no.1 JPY3 bil. May 10, 2007 May 10, 2010 3.36% D bonds no.2 JPY5 bil. June 26, 2007 June 26, 2009 3.02% D Rationale JCR downgraded the ratings on ES-Con Japan to D on June 26, 2009, upon the happening of obligation acceleration with regard to each series of the two series of the outstanding bonds of the Company as it failed to redeem its bonds no 2, which matured on June 26, 2009. The changes to be made in the prospectus of corporate bond issue for both bonds no.1 and bonds no.2 were approved at creditors' meeting held on October 28, 2009 and then approved and ruled by the Tokyo District Court on November 4, 2009. The prospectuses, in which changes have been made, become effective on November 11, 2009. As a result, JCR withdraws the rating on each of the bonds. Concerning the rating on the senior debts of the Company, JCR will determine the rating anew after reviewing the business revitalization plan in the business revitalization alternative dispute resolution (ADR) procedures, which came into existence on October 29, 2009. ========= K O R E A ========= MAGNACHIP SEMICONDUCTOR: Notice of Suspension of Filing Obligation ------------------------------------------------------------------ MagnaChip Semiconductor LLC has filed a Form 15 certification and notice of the suspension of its duty to file reports under Sections 13 and 12(d) of the Securities Act of 1934. On December 23, 2004, MagnaChip Semiconductor LLC subsidiaries, MagnaChip Semiconductor S.A. and MagnaChip Semiconductor Finance Company, sold (and MagnaChip and certain of its subsidiaries guaranteed) $300 million in aggregate principal amount of floating rate second priority senior secured notes due 2011, $200 million in aggregate principal amount of 6 7/8% second priority senior secured notes due 2011 and $250 million in aggregate principal amount of 8% senior subordinated notes due 2014. The Borrowers exchanged all of the Original Notes for identical notes registered under the Securities Act of 1933, as amended, pursuant to a Registration Statement on Form S-4 declared effective by the Securities Exchange Commission on July 20, 2005. The notice was signed by John T. McFarland, Esq., senior vice president, general counsel and secretary of MagnaChip. A full-text copy of the Form 15 Notice is available for free at: http://researcharchives.com/t/s?4937 As reported in the Troubled Company Reporter on November 9, 2009, MagnaChip Semiconductor announced that its Second Amended Plan of Reorganization confirmed by the United States Bankruptcy Court for the District of Delaware on September 25, 2009, will become effective on Monday, November 9, marking MagnaChip's emergence from voluntary Chapter 11 restructuring. The Plan was overwhelmingly supported by the Company's creditors. Under the Plan, Avenue Capital Management II, L.P. has become the controlling shareholder of MagnaChip, and other secured and unsecured creditors have received minority equity stakes. MagnaChip has reduced its long-term debt to only $62 million, leaving the Company's balance sheet nearly net debt free with over $50 million of cash on the balance sheet. 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 $951,917,782 in assets against $845,903,186 in debts while MagnaChip Semiconductor B.V. disclosed assets of $762,465,739 against debts of $1,800,612,084. =============== M A L A Y S I A =============== PRIME UTILITIES: LBCN Served with Originating Summon from CIMB -------------------------------------------------------------- LBCN Development Sdn Bhd, a major subsidiary of Prime Utilities Berhad, has been served with Originating Summon filed by CIMB Bank Berhad with the Kuala Lumpur High Court for these claims: * MYR25,614,378.94 (principal & interest); * further interest at the rate of 1.5% per annum above base lending rate on a daily basis from March 8, 2006, until full settlement; and * legal costs and any other relief deemed suitable by the Court. Prime Utilities said it will appoint a legal counsel to defend the Company and at the same time LBCN will be negotiating with CIMB to resolve the matter amicably. Prime Utilities Berhad is a Malaysia-based investment holding company. Through its subsidiaries, the company is engaged in property development. The company's wholly owned subsidiaries include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd. In addition, Prime Utilities Berhad has a 52 % interest in Supreme Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn. Bhd. * * * Prime Utilities Berhad has been classified as an affected issuer under Amended Practice Note No. 17/2005 of the Bursa Malaysia Securities Bhd's Listing Requirements for having an insignificant business or operations. =============== M O N G O L I A =============== * Moody's Gives Stable Outlook on Three Mongolian Banks' B2 Rating ------------------------------------------------------------------ Moody's Investors Service has changed to stable from negative the outlook on the B2 long-term foreign currency deposit ratings of Khan bank, Trade and Development Bank of Mongolia and XacBank. These rating actions follow Moody's outlook change to stable from negative for Mongolia's B1 foreign and local currency government bond ratings, and its Ba2 and B2 foreign currency bond and bank deposit ceilings. "The long-term foreign currency deposit ratings of Khan bank, TDB and XacBank are currently constrained by the foreign currency bank deposit ceiling of B2," says Yvonne Zhang, a Moody's Vice President and Senior Analyst. "A rating change in the ceiling would lead to similar rating action for these three Mongolian banks." Moody's last rating actions on Khan Bank and XacBank were taken on June 11, 2009, when their bank financial strength ratings, long- term local currency deposit ratings and issuer ratings were downgraded. The last rating action on TDB was taken on September 10, 2009, when its ratings were confirmed and their outlook was changed to negative from stable, due to Moody's concern over its asset quality, capital position, and liquidity position. All three banks are headquartered in Ulaanbaatar, Mongolia. As of December 31, 2008, Khan bank reported assets of MNT839 billion (approximately US$654 million), TDB MNT659 billion (US$514 million) and XacBank MNT208 billion (US$162 million). Ratings for the three banks (all with stable outlooks, unless specified): Khan Bank (all with stable outlook): -- Bank Financial Strength D- -- LT Bank Deposits (Foreign) B2 -- LT Bank Deposits (Domestic) Ba3 -- LT Issuer Rating (Foreign) Ba3 -- LT Issuer Rating (Domestic) Ba3 -- Senior Unsecured MTN (Foreign) Ba3 -- Senior Unsecured MTN (Domestic) Ba3 -- Subordinate MTN (Foreign) B1 -- Subordinate MTN (Domestic) B1 -- ST Bank Deposits (Foreign) NP -- ST Bank Deposits (Domestic) NP Trade and Development Bank of Mongolia: -- Bank Financial Strength D- with negative outlook -- Long-Term Bank Deposits (Foreign) B2 with stable outlook -- Long-Term Bank Deposits (Domestic) Ba3 with negative outlook -- Long-Term Issuer Rating (Foreign) Ba3 with negative outlook -- Long-Term Issuer Rating (Domestic) Ba3 with negative outlook -- Senior Unsecured (Foreign) Ba3 with negative outlook -- Senior Unsecured MTN (Foreign) Ba3 with negative outlook -- Subordinate MTN (Foreign) B1 with negative outlook -- Short-Term Bank Deposits (Foreign and Domestic) NP -- Short-Term Issuer Rating (Foreign and Domestic) NP -- Other Short-Term (Foreign) NP XacBank (all with stable outlook): -- Bank Financial Strength D- -- LT Bank Deposits (Foreign) B2 -- LT Bank Deposits (Domestic) Ba3 -- LT Issuer Rating (Foreign) Ba3 -- LT Issuer Rating (Domestic) Ba3 -- ST Bank Deposits (Foreign and Domestic) NP -- ST Issuer Rating (Foreign and Domestic) NP ==================== N E W Z E A L A N D ==================== BRIDGECORP LTD: Petricevic Case Hearing Adjourned ------------------------------------------------- Insolvency matters raised by the Official Assignee pertaining to the tranfers of wealth between bankrupt Bridgecorp founder Rod Petricevic and his family trust have been adjourned until next year, Kris Hall writes for The Dominion Post. The report says the Official Assignee, part of the Government's Insolvency and Trustee Service, is investigating Mr. Petricevic's personal financial affairs with a view to recovering monies for creditors. According to The New Zealand Herald, the High Court at Auckland Associate Judge Hannah Sargisson adjourned two matters until February 11. The former finance company chief executive was bankrupted last year owing NZ$4.7 million, the Herald discloses. About Bridgecorp Bridgecorp Ltd. is a New Zealand-based property development and finance company. Bridgecorp was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. The company owes around 1,800 debenture holders, which liquidators estimate hold approximately NZ$500 million. Bridgecorp's nine Australian companies were placed into voluntary administration, owing about 100 investors about AU$24 million (NZ$27 million). INDUSTRIAL TOOLS: To Close New Zealand Factory Next Month --------------------------------------------------------- The New Zealand Herald reports that Irwin Industrial Tools Ltd in Wellsford will shut its door a week before Christmas with the loss of 56 jobs, just seven months after 105 staff were made redundant. According to the report, the closure is a blow to the people of Wellsford, where the factory has been the principal employer for decades. The report says the company -- which makes circular saw blades, nearly all of them for export -- announced on November 12 that the factory would close on December 18. "The company is going to look after us; they're a good company to work for," the NZ Herald quoted worker Alan Martin as saying. Workers said they had hoped that the decision would have been taken after Christmas, and were now looking further afield than the town for a future. The Engineering, Printing and Manufacturing Union blamed fluctuating New Zealand dollar as the reason for the closure. The union, which represents workers at the Wellsford tool company, said the government needs to take a serious look at measures to control the New Zealand dollar including indexing it against our trading partners' currencies and reforming the Reserve Bank Act. Irwin Industrial Tools -- http://www.irwintools.co.nz/-- manufactures and distributes professional grade hand tools and power tool accessories worldwide for trade professionals. * NEW ZEALAND: Retail Sales Increase 0.5% in Third Quarter 2009 --------------------------------------------------------------- The value of New Zealand's seasonally adjusted total retail sales increased 0.5%(NZ$82 million) in the September 2009 quarter, according to the country's statistics agency. Statistics New Zealand said this is the second quarter with increased sales values, following four quarters of decreases. Although sales values were up, volumes were flat (up just 0.1%), suggesting that prices, in general, rose this quarter. The picture for retailing for the September 2009 quarter is mixed, with just over half the industries recording sales increases. The biggest increase in sales value was in supermarket and grocery stores (up 1.1% or NZ$41 million), followed by appliance retailing (up 5.1% or NZ$32 million). The biggest decreases in sales value were in automotive fuel retailing (down 2.5% or NZ$38 million), and department stores (down 3.2% or NZ$30 million). A sizeable increase in appliance retailing volumes (up 6.5%) offset decreases in motor vehicle retailing, department stores, and the other retailing industry, to give a flat result overall. Both the value and the volume of seasonally adjusted core retail sales, which excludes the four vehicle-related industries, increased in the latest quarter. The value was up 0.6% (NZ$69 million) and the volume up 0.5%. The trend in the value of total retail sales has risen 1.1% since the March 2009 quarter, after falling 2.3% in the previous four quarters. The trend in the volume of total retail sales appears to have flattened – after a 6.6% decline over the previous eight quarters – up just 0.2% in the latest quarter. In the September 2009 month, compared with August 2009, seasonally adjusted total retail sales were flat, increasing just 0.2%. Thirteen of the 20 core retail industries moved, up or down, by less than NZ$3 million. ================= S I N G A P O R E ================= AKAN SHIPPING: Creditors' Proofs of Debt Due on December 9 ---------------------------------------------------------- Akan Shipping Pte. Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by December 9, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 DAISETSUZAN SHIPPING: Creditors' Proofs of Debt Due on December 9 ----------------------------------------------------------------- Daisetsuzan Shipping Pte. Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by December 9, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 DESIN CONSTRUCTION: Court to Hear Wind-Up Petition on November 20 ----------------------------------------------------------------- A petition to wind up the operations of Desin Construction Limited will be heard before the High Court of Hong Kong on November 20, 2009, at 10:00 a.m. The Petitioner's solicitors are: Messrs A.Ang, Seah & Hoe International Factors Building 141 Market Street #06-01 Singapore 048944 KAPITAL ASIA: Court to Hear Wind-Up Petition on November 20 ----------------------------------------------------------- A petition to wind up the operations of Kapital Asia Pte Ltd will be heard before the High Court of Hong Kong on November 20, 2009, at 10:00 a.m. The Petitioner's solicitor is: WongPartnership LLP One George Street, #20-01, Singapore 049145. POENA SHIPPING: Creditors' Proofs of Debt Due on December 9 ----------------------------------------------------------- Poena Shipping Pte. Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by December 9, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 QUANTEC REALTY: Creditors' Meeting Set for November 20 ------------------------------------------------------ Quantec Realty Pte Ltd, which is in liquidation, will hold their meeting for its creditors on November 20, 2009, at 10:00 a.m. The company's liquidator is: Seshadri Rajagopalan Quantec Realty Pte Ltd c/o One Raffles Quay North Tower, Level 18 Singapore 048583 =============== X X X X X X X X =============== NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions ------------------------------------------------------------- Nortel has recently won significant public sector deals in several countries across the Asia Pacific region that cover a range of emerging networking technologies including Unified Communications (UC), Ethernet Routing Switches, contact center deployments and virtual collaboration environments. Governments are traditionally conservative in their technology buying patterns with intense scrutiny on technology decisions and long buying cycles. Nortel's continued growth in the government sector is a clear indicator of the industry's confidence in Nortel's technology and its long term ability to meet customer needs. Nortel has seen recent success with public sector investments in Australia and New Zealand, Greater China, India, South East Asia and Japan. Central and local government departments, healthcare institutions, educational establishments, court systems, tax offices, energy and transport network providers have all upgraded or deployed new communications environments as the region's central services have dramatically improved the way in which they communicate both internally and with their external stakeholders such as citizens, suppliers and other government departments. The government court systems in two of the region's most populous cities have invested in Nortel Unified Communications and Ethernet Routing Switch solutions. There are changing demands within modern courts, as court employees are required to be available to their clients and co-workers anytime, anywhere. This has created a high demand for end-to-end UC technologies, including full 10GE backbone support to the desktop, and leading edge UC applications. In one instance, the court was able to streamline its operations by deploying a powerful and secure data network from Nortel to support a centralized judicial system database. In education, trials and deployments of Nortel's virtual world application known as web.alive are providing an immersive learning experience for students in both primary school and university environments. Web.alive is a virtual world software application that provides a network secured virtual world platform for collaboration, assisted virtual learning and training applications. The solution allows education providers to adapt teaching methods to the modern communications-rich world, enhancing student attention, engagement and retention. This virtual world collaboration environment is helping learning centers deal with one of the major drawbacks of other communication technologies: the ability to give users a "real- life" experience that is more interactive and intuitive. It is another example of how Nortel's technology is supporting the learning needs of students across the region -- with other major educational deployments announced in recent times in Australia, India, Japan and South East Asia. And learning centers across the region are now looking to technology solutions as a way of safeguarding educational continuity in the face of the continued threat of a more severe swine flu pandemic. With Nortel's unified communications solution in place, employees at Porirua City Council in New Zealand are now more accessible to their colleagues, suppliers and customers whether they are in the office or performing their duties off-site -- meaning enhanced productivity and increased efficiency. The solution also allows Porirua City Council to address the unique needs of its mobile workforce, which forms over 30% of the organization and which has previously had to manage a variety of systems to stay in touch. The new multimedia contact center solution, which enables UC capabilities such as integrated voice, email, fax and instant messaging, will drive up customer service quality on offerings such as holiday programs and inspection bookings, with a focus on increased speed and an enhanced user experience. In India, Nortel has supported the huge investment in new airport infrastructure across the country with significant voice and data solutions, together with ongoing managed service deals, in a number of the country's new international airports, including those in Mumbai, Bangalore, Delhi and Hyderabad. And in the healthcare sector, Nortel's solutions are helping speed patient discharge procedures, improve staff efficiency, enable better communications for a mobile workforce, and improve the quality of patient care. Agile clinical communications use many of the voice and data networks components that already exist in a hospital to connect the disparate systems, people and processes in order to maximize return on investment in clinical systems and infrastructure. Healthcare providers and teaching hospitals from Singapore to Japan are relying on Nortel's solutions to support their critical communications needs. Examples of how Nortel's Solutions are Supporting Public Sector Initiatives: * New Zealand Public Service Association Gets Unified With Nortel and Gen-I -- The New Zealand Public Service Association (PSA), New Zealand's largest union with more than 57,000 registered members, expects to save up to 18 percent annually on call fees by migrating to a unified communications network from Nortel, Microsoft and implementation partner Gen-i. The solution gives PSA new functionality -- such as unified messaging and presence - that allows operators to instantly "see" the status of their colleagues and know exactly how to reach them, be it by phone or e-mail. The system also creates a single collection point for voicemails for all staff so no message goes unanswered. * Taiwan Post Secures Business Continuity with Nortel Metro Ethernet Solution -- Taiwan Post, the largest postal, banking and insurance services provider in Taiwan, ensures customers will continue to be served and catastrophic failure to business operations averted in the event of disaster through a Nortel Metro Ethernet solution. Taiwan Post is ensuring business continuity with Metro Ethernet technology by enabling real-time information backup, access and recovery. * Nortel Metro Ethernet Solution Helps Shanghai Metro Line 1 Trains Run on Time -- With the Nortel Metro Ethernet solution in place, CBDTS will transmit information relating to wireless access systems, electronic monitoring, digital television and broadcasting, including comprehensive network monitoring and alerting tools. All operational and management information -- voice, data and video -- will be securely and accurately transmitted and monitored, ensuring seamless communications among train staff and access to the PIS (Passenger Information System) at all times. * Nortel Provides Network Infrastructure for Commonwealth Youth Games 2008 -- The Commonwealth Youth Games 2008, held in Pune, India from October 12 to 18, ran on a next- generation data network infrastructure set up by Nortel. The always-on, highly available network supporting 1,000 users, ran multimedia applications including real-time schedule updating, statistical analysis, resource coordination and media coverage helping ensure the Commonwealth Youth Games 2008 ran smoothly. * Japan's Kyushu University Hospital has improved patient care by fostering staff collaboration over a new medical information network based on Nortel's clinical-grade Healthcare Solutions portfolio. And in Taiwan, the wireless Taiwan Mobile Healthcare Services give Taipei- based doctors virtual access to patient medical records, high-quality diagnostic images and video, and other innovative connectivity services. * The University of the East (UE) in the Philippines has selected Nortel to help upgrade its information technology infrastructure and to boost the performance of all its computerized and web applications systems. With this system, UE students, faculty and personnel can access UE's centralized database enabling quicker, easier, and more efficient academic, financial and administrative transactions. * Australia's renowned RMIT University has upgraded its Nortel data network to support new, high-bandwidth services such as media streaming, YouTube feeds and videoconferencing for staff and students across 220 campus locations. The data network allows the University to drive high-bandwidth media streaming applications across its 12,500 PCs without affecting the performance of business-critical communications and media-intense research applications. * The Victorian Education and Research Network (VERNet) has deployed a Nortel Metro Ethernet Solution to significantly boost network capacity to provide member institutions with "always on" high-speed broadband connectivity. This allows more than 100 research and education institutions in the state of Victoria to introduce services such as real-time, high-definition video broadcasts, offsite disaster recovery and connections to radio telescopes. * National University of Malaysia Unleashes Student Learning With Nortel -- Formed to deliver an innovative education with roots in traditional knowledge and culture, Universiti Kebangsaan Malaysia(UKM) is expanding its online usage by introducing a range of online applications including e-learning, network-intensive research applications, VoIP, IPTV and more. These applications empower students and faculty to teach and learn in collaborative new ways, and their successful deployment provides an important competitive differentiator for universities. About Nortel Networks Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/-- delivers communications capabilities that make the promise of Business Made Simple a reality for our customers. The Company's next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate the barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel Networks Corp., Nortel Networks Inc., and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young has been appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor also sought recognition of the CCAA Proceedings in the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. Certain of Nortel's European subsidiaries have also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Bankruptcy Creditors' Service, Inc., publishes Nortel Networks Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) ********* 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 ***