/raid1/www/Hosts/bankrupt/TCRAP_Public/091120.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 20, 2009, Vol. 12, No. 230
Headlines
A U S T R A L I A
CENTREX METALS: FIRB Approves Baotou Iron Ore Deal
CENTRO PROPERTIES: Centro Retail Closes Portion of Equity Hedges
CENTRO PROPERTIES: CER Seeks Advisers on Plan to Separate
H O N G K O N G
CITIC PACIFIC: Appoints Zhang Jijing as Managing Director
HONDOR INVESTMENT: Members' Final General Meeting Set for Dec 14
JAPAN LEASING: Creditors' Proofs of Debt Due December 2
MAIN CHANNEL: Creditors' Proofs of Debt Due December 14
MIYANO MACHINERY: Commences Wind-Up Proceedings
ROYAL DOULTON: Creditors' Meeting Set for December 4
SINOFORD HONG KONG: Placed Under Voluntary Wind-Up Proceedings
SHUN FAT HANDBAGS: Members' Final Meeting Set for December 16
TEAMRICH LIMITED: Placed Under Voluntary Wind-Up Proceedings
TIMEBO DEVELOPMENT: Members' Final General Meeting Set for Dec 14
WAH SANG: Members' Final General Meeting Set for Dec. 15
I N D I A
AIR INDIA: NACIL Expects INR4-Bln Partial Funding from Government
I N D O N E S I A
* INDONESIA: ADB Approves $300-Mln Loan to Boost Capital Markets
K O R E A
HYUNDAI MOTOR: To Sell Stake in Hyundai Mobis for US$200 Million
KUMHO ASIANA: Three Overseas Buyers Submit Bids for Daewoo Eng'g.
M A L A Y S I A
OCI BHD: Restraining Order Extended Until February 8
OILCORP BERHAD: Wind-Up Petition Hearing Set for February 11
PRIME UTILITIES: Malayan Banking Serves Winding Up Notice
N E W Z E A L A N D
BOSTON FINANCE: Trustee Appoints Kordamentha as Receivers I
S I N G A P O R E
DRULL SERVICES: Creditors Get 56.15519% Recovery on Claims
ENRON INTERNATIONAL: Declares First and Final Dividend
FUNAI ASIA: Creditors' Proofs of Debt Due on November 30
MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on November 30
NIPPON SP TECH (S): Creditors' Proofs of Debt Due on December 18
OPTIMUM-3 INTERNATIONAL: Creditors' Proofs of Debt Due on Dec 2
OPTIMUM-3 INVESTMENTS: Creditors Get 55.0% Recovery on Claims
UNI-BULK SERVICES: Court to Hear Wind-Up Petition on December 4
T A I W A N
AMERICAN INT'L: Taiwan Rejects Primus' Bid for Nan Shan Life
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
CENTREX METALS: FIRB Approves Baotou Iron Ore Deal
--------------------------------------------------
The Australian Foreign Investment Review Board has approved the
investment of China's Baotou Iron & Steel (Group) Co., Ltd, to
acquire up to 50% of the proposed iron ore joint venture with
Centrex Metals Ltd.
Baotou will pay up to AU$40 million for a 50% interest in
Centrex's Bungalow magnetite deposit in South Australia.
Baotou has informed Centrex that the National Development Reform
Commission has also approved the investment. Baotou is currently
applying to China's State Administration of Foreign Exchange
(SAFE) to approve the remittance of funds.
Baotou Iron & Steel (Group) Co., Ltd. is a state owned enterprise
and is the tenth largest steel producer in China producing over 8
million tonnes of steel products per year. Baotou is part of the
Baogang Group based in Inner Mongolia.
About Centrex Metals
Based in Australia, Centrex Metals Limited (ASX:CXM) --
http://www.centrexmetals.com.au/-- is engaged in exploration for
iron ore. The company has tenement holdings over iron ore
resources and exploration targets on Eyre Peninsula in the
southern Gawler Craton.
* * *
Centrex Metals Limited incurred three consecutive net losses of
AU$2.18 million, AU$1.25 million and AU$0.66 million for the years
ended June 30, 2009, 2008 and 2007, respectively.
CENTRO PROPERTIES: Centro Retail Closes Portion of Equity Hedges
----------------------------------------------------------------
Centro Retail Trust has closed out a portion of its equity hedges
with Centro Properties Group following the the recent significant
appreciation of the Australian dollar, resulted in a mark-to-
market value of the hedges being zero.
As a result of these hedge close-outs, CER has reduced its net
equity hedge exposure to Centro by a further AU$405 million, CER
said in a statement to the Australian Securities Exchange.
CER said the trust's remaining equity hedges with Centro
Properties now totalled AU$1.8 billion.
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).
CENTRO PROPERTIES: CER Seeks Advisers on Plan to Separate
---------------------------------------------------------
The Sydney Morning Herald reports that Centro Retail Trust, which
is managed by Centro Properties Group, is in talks to appoint
advisers that will decouple it more quickly from the present
ownership structure.
According to the report, the move comes as the trust, which has a
portfolio of more than 400 shopping centres in Australia and the
United States, works out its debt refinancing amid continued weak
sales and an appreciating Australian dollar.
SMH states that despite the market's rejection of the proposed
$1 billion Investa Properties float earlier this month, the Centro
trust remains keen to pursue the same path of being a stand-alone
company.
The report, citing the trust's chairman, Peter Day, says that
while the trust had used Centro's expertise and benefited from its
track record in the property management area, the relationship had
presented challenges.
"We have therefore restructured and terminated some of our
financial arrangements with them, Centro Properties," SMH cited
Mr. Day as saying at the group's annual meeting in Melbourne on
Nov. 16.
"This means that we should consider geographic segregation and
other portfolio combinations, how these might best be achieved and
the impacts on all stakeholders. And, also determining the best
structure for the fund from an operational and capital point of
view."
The report says Centro chief executive Glenn Rufrano, who leaves
the group in February, also confirmed the move to divest the fund.
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).
================
H O N G K O N G
================
CITIC PACIFIC: Appoints Zhang Jijing as Managing Director
---------------------------------------------------------
Citic Pacific Ltd has appointed Zhang Jijing as its news managing
director with immediate effect. He has been a non-executive
director of Citic Pacific since April this year.
Mr. Zhang is currently a director, assistant president, and head
of the strategy and planning department of the CITIC group, which
he joined 24 years ago. Since then he has held a number of senior
positions within the Citic Group both in China and in Australia,
including deputy division chief of the overseas investment
department, and 14 years as managing director of the CITIC
Australia Group. He is currently a non-executive director of
CITIC Resources, CITIC Securities and China CITIC Bank.
Shanghai Daily reports that the appointment came after Hong Kong's
securities regulator concluded an investigation into the
conglomerate.
According to the Daily, a government official said the financial
regulator has completed its investigation, but a separate police
probe continues and prosecutors will weigh findings of both probes
before deciding whether to bring charges.
The report says Citic Pacific has been looking for someone to fill
the position since former Managing Director Henry Fan resigned in
April, along with former Chairman Larry Yung, following massive
foreign-exchange trading losses.
About CITIC Pacific
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
Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+'
long-term corporate credit rating on CITIC Pacific on CreditWatch
with positive implications. At the same time, S&P also put the
'BB+' issue rating on CITIC Pacific's outstanding senior unsecured
bonds on CreditWatch with positive implications.
HONDOR INVESTMENT: Members' Final General Meeting Set for Dec 14
----------------------------------------------------------------
Members of Hondor Investment Limited will hold their final general
meeting on December 14, 2009, at 10:00 a.m., at Room 2401, 24th
Floor, Regent Centre, 88 Queen's Road in Central, Hong Kong.
At the meeting, Fan Sheung Ha Debbie, the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.
JAPAN LEASING: Creditors' Proofs of Debt Due December 2
-------------------------------------------------------
Japan Leasing (Hong Kong) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 2, 2009, to be included in the company's dividend
distribution.
The company's liquidators are:
Jacky Chung Wing Muk
Paul Jeremy Brough
Alexandra House, 27th Floor
18 Chater Road
Central, Hong Kong
MAIN CHANNEL: Creditors' Proofs of Debt Due December 14
-------------------------------------------------------
Main Channel Enterprises 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:
Ho Wai Chi
Golden Centre, 20th Floor
No. 188 Des Voeux Road
Central, Hong Kong
MIYANO MACHINERY: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Miyano Machinery Asia Co., Limited on October 31, 2009,
passed a resolution that voluntarily winds up the company's
operations.
The company's liquidator is:
Kenji Oki
6-18-313 Shinogawa-machi
Shinjuku-ku
Tokyo 162-0814
Japan
ROYAL DOULTON: Creditors' Meeting Set for December 4
----------------------------------------------------
Creditors of Royal Doulton Hong Kong Limited will hold their
meeting on December 4, 2009, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.
The meeting will be held at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.
SINOFORD HONG KONG: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on October 30, 2009,
members of Sinoford Hong Kong Investment Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Chung Cheuk Ming
Rooms 1214-1215, Tower A
New Mandarin Plaza
TST East, Kowloon
SHUN FAT HANDBAGS: Members' Final Meeting Set for December 16
-------------------------------------------------------------
Members of Shun Fat Handbags & Belts Factory Company Limited will
hold their final meeting on December 16, 2009, at 11:00 a.m., at
the Room 2810, 28/F., 113 Argyle Street, Kowloon.
At the meeting, Cheuk Yee Man, the company's liquidator will give
a report on the company's wind-up proceedings and property
disposal.
TEAMRICH LIMITED: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on November 9, 2009,
members of Teamrich Limited resolved to voluntarily wind up the
company's operations.
The company's liquidator is:
Shum Lap Chi
Unit 1201, 12th Floor
Ka Wah Bank Centre
232 Des Voeux Road
Central, Hong Kong
TIMEBO DEVELOPMENT: Members' Final General Meeting Set for Dec 14
----------------------------------------------------------------
Members of Timebo Development Limited will hold their final
general meeting on December 14, 2009, at 10:30 a.m., at Room 2401,
24th Floor, Regent Centre, 88 Queen's Road in Central, Hong Kong.
At the meeting, Fan Sheung Ha Debbie, the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.
WAH SANG: Members' Final General Meeting Set for Dec. 15
--------------------------------------------------------
Members of Wah Sang Po Yik Company Limited will hold their final
general meeting on December 15, 2009, at 11:00 a.m., at the 1/F,
No. 58A Tak Ku Ling Road, Kowloon.
At the meeting, Chan Chiu Yuet, the company's liquidator will
give a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AIR INDIA: NACIL Expects INR4-Bln Partial Funding from Government
-----------------------------------------------------------------
The National Aviation Company of India Ltd, the holding company
for Air India, said it expects to receive the first installment of
government funding of INR4 billion by January 2010, The Economic
Times reports.
As reported in the Troubled Company Reporter-Asia Pacific reported
on Nov. 13, 2009, the Times of India said the government on agreed
to infuse INR2,000 crore in Air India till March 2010, in a
phase-wise manner of INR400 crore per month, subject to the
airline cuts costs and increases revenue.
The ET relates NACIL said further installments would be linked to
savings effected on account of cost-cutting exercise adopted by
the national carrier at various levels. Air India will cut its
fleet size and network in the coming months, it adds.
PLI Negotiations
Business Standard reports that Air India is set to restart the
process of negotiations on productivity-linked incentives (PLI) in
pay with the staff unions. According to the Standard, earlier
meetings held to agree on an amount to cut from salaries have not
yielded satisfactory results.
"We will be meeting the unions soon and are hopeful that we will
agree to a percentage, as all the employees also want the airline
to survive," a senior government official was quoted by the
Standard as saying.
Any cut in PLI would be across the board, and no move to cut the
incentive completely is being contemplated, the official added.
Corp. Communications Head Search
Business Standard reports that Air India has invited applications
for a new corporate communications head, as the incumbent,
executive director-corporate communications Jeetendra Bhargava is
retiring on January 31, 2010.
"NACIL invites applications from eligible candidates for
appointment to the post of chief of corporate communications of
NACIL and its subsidiaries," the Standard cited an advertisement
posted on the NACIL Webs ite.
The last date for submission of application is December 4, 2009.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd. was
seeking INR14,000 crore in equity infusion, soft loans and grants.
The TCR-AP reported on June 19, 2009, that the Hindustan Times
said Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown. Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 (INR2,226 crore
in 2007-08), according to the Hindustan Times.
Air India incurred a net loss of INR55.48 billion for the fiscal
year ended March 30, 2009.
A TCR-AP report on July 10, 2009, said NACIL is working overtime
to prepare by the month-end a business plan and a financial
restructuring plan. NACIL is also expected to come up with plans
for the next six months, 12 months and 18 months for bringing in
cost reduction and improving revenue generation.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
=================
I N D O N E S I A
=================
* INDONESIA: ADB Approves $300-Mln Loan to Boost Capital Markets
----------------------------------------------------------------
The Asian Development Bank said it is providing further financial
assistance to Indonesia to support its drive to develop deeper,
more liquid capital markets as part of ongoing financial reforms
to strengthen the economy.
The ADB Board of Directors on Monday, November 16, approved a
US$300 million loan for the second phase of the Capital Market
Development Program Cluster. The proceeds cover the cost of
policy reforms and to provide budgetary support for the
government's fiscal stimulus program in response to the global
economic crisis. The program, which underpins the government's
medium-term financial reform agenda, is designed to help unlock
the potential of the capital markets to provide long- term funding
for infrastructure and other critical development needs.
Indonesia has a well-developed and well-regulated banking sector
that accounts for about 80% of the financial industry's assets.
However, its lending capability is constrained by the short- term
maturities of its assets, and the nonbank sector, including equity
and debt markets, remains relatively small and illiquid.
In response, the program is supporting wide-ranging policy reforms
designed to improve information disclosure and surveillance,
strengthen governance and investor protection, boost financial
intermediation, and diversify financial products, in order to
create more resilient and efficient capital markets.
"Together with broader economic reforms in Indonesia, the reform
of capital markets will contribute to financial sector stability,
to productivity growth and employment generation, and to poverty
reduction," said Valliyoor Subramanian, Principal Financial Sector
Specialist (Capital Markets) in ADB's Southeast Asia Department.
Under the second phase of the program, actions have been taken to
increase the range of treasury bill maturities on offer, to
establish a taskforce to examine options for an integrated
regulator for the financial sector, to initiate the development of
a Capital Market Master Plan for 2010-2014, to establish an
investor protection fund, to introduce hedging instruments such as
stock options and index-based futures, and to set up an ASEAN
equities trading board with five other participating countries.
Indonesia's economy has expanded strongly over the past decade.
However, the global economic crisis - which saw an outflow of
foreign investor funds and international credit dry up- has
highlighted the need to expand domestic sources of financing to
preserve growth. Strengthening the capital markets will provide
long term funds to aid growth and development, provide a safe and
stable environment for investors, and help reduce debt refinancing
risks.
As full capital markets reform will take time, ADB and other
development partners, such as Japan International Cooperation
Agency and Australian Agency for International Development, are
planning technical assistance to support the continuation of
reform measures beyond the end of ADB's two-stage program,
including policy actions laid out under a post-program monitoring
framework through to 2011.
ADB's loan, from its ordinary capital resources, has a 15-year
term, including a grace period of three years, with interest
determined in accordance with ADB's LIBOR-based lending facility.
=========
K O R E A
=========
HYUNDAI MOTOR: To Sell Stake in Hyundai Mobis for US$200 Million
----------------------------------------------------------------
Hyundai Motor Co. is planning to sell its stake in affiliate
Hyundai Mobis Co. for KRW231 billion (US$200 million) in order to
comply with anti-trust rules, Reuters reports.
Reuters says Hyundai will unload its entire 1.68% stake in Mobis
in accordance with fair trade regulations that it has to meet by
December as part of conditions to merge Hyundai Mobis with Hyundai
Autonet.
Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer. The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC. Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.
The TCR-AP reported on Jan. 16, 2009, that Fitch Ratings
downgraded Hyundai Motor's long-term foreign currency Issuer
Default Ratings to 'BB+' from 'BBB-' (BBB minus), and the Short-
term ratings to 'B' from 'F3'. The rating agency revised the
Outlook to Negative from Stable.
KUMHO ASIANA: Three Overseas Buyers Submit Bids for Daewoo Eng'g.
-----------------------------------------------------------------
Three potential overseas buyers have submitted bids for a
controlling stake in Daewoo Engineering & Construction Co., the
construction unit of South Korea's Kumho Asiana Group, Yonhap News
reported, citing financial sources.
Sources told the news agency that the three bidders are the U.S.-
based AC Development Inc., Jabez Partners Co. and a Russian-led
consortium.
The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.
Bloomberg related Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering. Bloomberg said creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.
Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
===============
M A L A Y S I A
===============
OCI BHD: Restraining Order Extended Until February 8
----------------------------------------------------
The High Court has granted the application of OCI Bhd to extend
its restraining order for another 90 days. The date of the
restraining order will now expire on February 8, 2010.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2008, the High Court of Malaya at Kuala Lumpur
approved OCI Berhad's application for restraining order via
Petition No D6-24-16-2008, under Section 176 of the Companies
Act 1965.
The restraining order provides for all proceedings against OCI,
which included acceptance, summarization, implementation and
proceedings deliberate to be postponed for 90 days from the date
of the order was given except with the permission of the High
Court.
OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.
The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007. The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.
OILCORP BERHAD: Wind-Up Petition Hearing Set for February 11
------------------------------------------------------------
The Shah Alam High Court will hear on February 11, 2010, a
petition to wound up the operations of Oilfab Sdn. Bhd, a
subsidiary of OilCorp Berhad.
The petitioner, Weld Matters Equipment Rental Sdn. Bhd., had
claimed payment for goods and services rendered, amounting to
MYR294,687.70.
Oilcorp intends to oppose the winding up petition.
Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries. Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.
Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.
PRIME UTILITIES: Malayan Banking Serves Winding Up Notice
---------------------------------------------------------
Prime Utilities Berhad disclosed that it has been served with a
winding up notice dated November 12, 2009, by Malayan Banking
Berhad, a corporate guarantor for loans granted to its former
subsidiary Company, Vega Builders Sdn Bhd prior to its disposal.
Malayan Banking Berhad is claiming MYR78,949,586.30 (principal &
interest) payable on or before November 1, 2009, with interest
rate based on the Base Lending Rate + 1.50% per annum.
Vega has defaulted on the payment of the loan and the Plaintiff
had served a Writ of Summons dated September 5, 2007 to the
Company.
Prime Utilities said it cannot determine the exact financial and
operational impact as the principal borrower, Vega is still
negotiating for an amicable settlement.
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.
====================
N E W Z E A L A N D
====================
BOSTON FINANCE: Trustee Appoints Kordamentha as Receivers I
---------------------------------------------------------
The National Business Review reports that Boston Finance, which is
currently in moratorium, has been put into receivership by its
trustee Perpetual Trust.
According to the report, Perpetual Trust appointed Grant Graham
and Brendon Gibson of KordaMentha as receivers of Boston Finance
after consulting with Boston's directors and KordaMentha, which is
the company's moratorium manager.
Boston Finance was placed into moratorium in March 2008. Since
then, NZ$14.24 million of the NZ$38.5 million owing to Boston
Finance's 1,300 investors has been paid back, equating to a 37%
return, the report discloses.
The report says nearly NZ$16 million of investors' money is tied
up in eight loans that have yet to be recovered. A substantial
portion of their value is subject to High Court litigation, NBR
notes.
Boston Finance is a wholly owned subsidiary of the Australian
Octaviar group, formerly MFS, which is in liquidation.
=================
S I N G A P O R E
=================
DRULL SERVICES: Creditors Get 56.15519% Recovery on Claims
----------------------------------------------------------
Drull Services Pte Ltd declared the first and final dividend on
November 9, 2009.
The company paid 56.15519% to the received preferential claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
ENRON INTERNATIONAL: Declares First and Final Dividend
------------------------------------------------------
Enron International Energy (Asia) Pte Ltd declared first and final
dividend on November 18, 2009.
The company paid SG$0.07878 and US$0.03625 to the received claims.
The company's liquidator is:
c/o PricewaterhouseCoopers LLP
8 Cross Street #17-00
PWC Building
Singapore 048424
FUNAI ASIA: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------
Creditors of Funai Asia Pte. Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
November 30, 2009, to be included in the company's dividend
distribution.
The company's liquidator is:
Bob Yap Cheng Ghee
c/o KPMG Advisory Services Pte. Ltd.
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on November 30
----------------------------------------------------------------
Creditors of Megavisa Solutions (Singapore) Pte. Ltd, which is in
liquidation, are required to file their proofs of debt by November
30, 2009, to be included in the company's dividend distribution.
The company's liquidators are:
Peter Chay Fook Yuen
Bob Yap Cheng Ghee
Yeap Lam Kheng
c/o KPMG LLP
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
NIPPON SP TECH (S): Creditors' Proofs of Debt Due on December 18
----------------------------------------------------------------
Creditors of Nippon SP Tech (S) Pte. Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by December 18, 2009, to be included in the company's dividend
distribution.
The company's liquidator is:
Seshadri Rajagopalan
One Raffles Quay
North Tower Level 18
Singapore 048583
OPTIMUM-3 INTERNATIONAL: Creditors' Proofs of Debt Due on Dec 2
---------------------------------------------------------------
Creditors of Optimum-3 International Pte. Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by December 2, 2009, to be included in the company's dividend
distribution.
The company's liquidator is:
Goh Boon Kok
c/o Goh Boon Kok & Co
1 Claymore Drive
#08-11, Orchard Towers Rear Block
Singapore 229594
OPTIMUM-3 INVESTMENTS: Creditors Get 55.0% Recovery on Claims
-------------------------------------------------------------
Optimum-3 Investments Pte Ltd declared first and final dividend on
November 18, 2009.
The company paid 55.0% to the received claims.
The company's liquidator is:
Don M Ho
Office of the Liquidator
c/o Don Ho & Associates
Public Accountants & Certified Public
Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02
Singapore 049705
UNI-BULK SERVICES: Court to Hear Wind-Up Petition on December 4
---------------------------------------------------------------
A petition to wind up the operations of Uni-Bulk Services Pte Ltd
will be heard before the High Court of Singapore on December 4,
2009, at 10:00 a.m.
Horizon Mobile Communications (HK) Co. Ltd filed the petition
against the company on October 21, 2009.
The Petitioner's solicitor is:
T S Oon & Bazul
3 Raffles Place
#06-01, Bharat Building
Singapore 048617
===========
T A I W A N
===========
AMERICAN INT'L: Taiwan Rejects Primus' Bid for Nan Shan Life
------------------------------------------------------------
Jessie Ho at Dow Jones Newswires reports that the Taiwan
government has rejected an application submitted by Primus Nan
Shan Holding, a company set up by Primus Financial Holdings Ltd.
and China Strategic Holdings Ltd., to buy American International
Group's Taiwan unit Nan Shan Life Insurance Co.
"We rejected the application last week because some needed papers
are missing," Dow Jones quoted Emile Chang, deputy executive
secretary of Taiwan's Investment Commission, as saying.
The consortium of Primus Financial Holdings Ltd. and China
Strategic Holdings Ltd. agreed in October to buy Nan Shan Life for
US$2.15 billion.
Dow Jone relates Mr. Chang said AIG, as the seller, also needs to
jointly file the application.
According to Dow Jones, Mr. Chang said more documents are needed
after China Strategic said Tuesday it plans to sell a 30% stake in
Nan Shan to Chinatrust Financial Holding Co., in exchange for a
9.95% stake in the Taiwan financial conglomerate.
About American International
Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions. AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer. In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world. AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.
In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings. On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG. The credit facility was eventually
increased to as much as $182.5 billion.
AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ALLOMAK LTD AMA 39033742.73 -860795.01
ALLSTATE EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATIO-N ARXN 58544299.4 -15958771.93
ARC EXPLORATION ARX 58544299.4 -15958771.93
AUSTAR UNITED AUN 508844538.84 -310055789.75
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BIRON APPAREL LT BIC 19706736.59 -2220069.65
CENTRO PROPERTIE CNP 14725100625.83 -495299520.84
CHALLENGER INF-A CIF 2307005549.62 -104582562.08
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7606555987.32 -533212434.19
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.3 -252490904.13
TERRITORY RESOUR TTY 78228985.46 -3340627.52
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.56 -190859513.39
CHINA
ALONG TIBET CO-A 600773 10464676.88 -1595236.07
AMOI ELECTRONI-A 600057 186715365.62 -176172893.15
ANHUI KOYO GROUP 979 60095557.3 -52690109.57
BAO LONG ORIENTA 600988 16377750.71 -3240620.82
CHANG LING GROUP 561 38762049.02 -11329795.61
CHENGDU UNION-A 693 52165432.95 -7597337.92
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 83777990.18 -182385776.83
CHINESE.COM LOGI 805 12863797.92 -10344736.06
DANDONG CHEM F-A 498 100503616.6 -111136778.31
DONGGUAN FANGD-A 600656 62015004.14 -10113540.83
DONGXIN ELECTR-A 600691 20724702.93 -6133630.21
GAOXIN ZHANGTO-A 2075 119522500.57 -30482708.26
GUANGDONG HUAL-A 600242 19919002.62 -2062133.21
GUANGDONG KEL-A 921 650072211.91 -103760527.2
GUANGMING GRP -A 587 48717132.13 -47591274.78
GUANGXI BEISHE-A 600556 103117750.75 -138381185.31
GUANGXIA YINCH-A 557 19312064.17 -37899432.38
HEBEI BAOSHUO -A 600155 133672291.78 -361688438.08
HEBEI JINNIU C-A 600722 241278846.12 -228118601.81
HUDA TECHNOLOG-A 600892 21311206.3 -2895690.19
HUNAN ANPLAS CO 156 50288007.12 -83158991.31
LIAOYUAN DEHENG 600699 138723006.79 -6687883.61
QINGHAI SUNSHI-A 600381 56020954.09 -25865577.47
SHAANXI QINLIN-A 600217 233974560.07 -21072044.24
SHANG HONGSHENG 600817 17942699.21 -396969357.95
SHANG LIANHUA-A 600617 15681816.46 -1544918.91
SHANG LIANHUA-B 900913 15681816.46 -1544918.91
SHANGHAI WORLDBE 600757 181367559.65 -127597631.15
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 61819712.4 -3403468.93
SHENZHEN DAWNC-A 863 28093818.24 -157709151.5
SHENZHEN KONDA-A 48 195270812.62 -14899608.82
SHENZHEN SHENXIN 34 23960824.39 -166323495.41
SHIJIAZHUANG D-A 958 235063468.55 -54144995.52
SICHUAN DIRECT-A 757 128388979.9 -118667098.38
SUNTEK TECHNOL-A 600728 37921349.96 -21207299.94
TAIYUAN TIANLO-A 600234 50402317.95 -25241975.23
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 78159663.43 -14223854.17
TOPSUN SCIENCE-A 600771 183017873.28 -138219542.25
WINOWNER GROUP C 600681 10719752.69 -71846635.31
WUHAN BOILER-B 200770 349547198.5 -74888578.37
WUHAN GUOYAO-A 600421 11452683.85 -39410107.27
XIAMEN OVERSEA-A 600870 306958973.67 -146753875.61
YUEYANG HENGLI-A 622 37274086.29 -15525013.51
YUNNAN MALONG-A 600792 144996362.47 -10651003.29
ZHANGJIAJIE TO-A 430 52226364.35 -5625101.14
HONG KONG
21 HOLDINGS LTD 1003 43646556.17 -4262036.57
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
CHINA CYBER PORT 8206 12615789 -25845509.5
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
CHINA GOLDEN DEV 162 252996681.97 -2720111.36
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
FULBOND HLDGS 1041 60255000 -14419000
HISENSE ELEC-H 921 650072211.91 -103760527.2
HUTCHISON TELE H 215 2400098040.83 -366059762.21
MITSUMARU EAST K 2358 38170722.85 -1449668
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 157691358.46 -6232217.57
PALADIN LTD -PRE 642 157691358.46 -6232217.57
PCCW LTD 8 5990928703.57 -394965167.61
PROVIEW INTL HLD 334 412845082.41 -191257992.5
SANYUAN GROUP LT 140 15148448.77 -1587205.23
WAI CHUN MINING 660 12791013.67 -14603647.06
WAYTUNG GLOBAL G 21 12327016.69 -2955593.7
INDONESIA
BANK MUTIARA TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 18968940.39 -16565907.15
ERATEX DJAJA ERTX 10046910.69 -15287833.76
JAKARTA KYOEI ST JKSW 27995871.44 -39747802.26
KARWELL INDONESI KARW 10279359.22 -8092809.68
MULIA INDUSTRIND MLIA 342682884.88 -423294727.62
PANASIA FILAMENT PAFI 51388821.53 -3769923.94
PANCA WIRATAMA PWSI 28574747.93 -34354941.95
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18209576.7 -1625327.43
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 248504328.81 -92414388.08
TEIJIN INDONESIA TFCO 192946176 -12344400
UNITEX TBK UNTX 15674797.91 -14254278.79
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.6
BALAJI DISTILLER BLD 51161385.13 -38383503.3
BELLARY STEELS BSAL 451679252.4 -108504755.34
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 14305706.35 -40038022.22
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 422081403.33 -127614551.41
DISH TV INDIA DITV 422081403.33 -127614551.41
DUNCANS INDUS DAI 114362122.22 -185510212.55
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GEM SPINNERS LTD GEMS 15233308.38 -112427.32
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HARYANA STEEL HYSA 10831176.59 -5909008.81
HENKEL INDIA LTD HNKL 102052835.27 -10237657.2
HFCL INFOTEL LTD HFCL 151650830.03 -85807810.61
HIMACHAL FUTURIS HMFC 406633181.85 -210980393.95
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 139311695.43 -277691144.15
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
INFOMEDIA 18 LTD INF18 35798533.98 -1937646.71
INTEGRAT FINANCE IFC 45562399.88 -43272851.09
ITI LTD ITI 1116207771.94 -800236.54
JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.5 -5623616.49
JK SYNTHETICS JKS 13506415.91 -3030846.61
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 32038613.71 -26757740.06
KERALA AYURVEDA KRAP 13409639.48 -586700.12
KINGFISHER AIR KAIR 1458636203.2 -418911009.67
LLOYDS FINANCE LYDF 27683041.19 -8642121.28
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 36392748.17 -3197477.14
MILTON PLASTICS MILT 18310810.9 -40438966.11
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 28843462.7 -56773550.08
NOVA PETROCHEM NVPC 44390476.41 -925948.57
ORIENT PRESS LTD OP 16699814.52 -94789.33
PAC PLYWOOD 767 75639000 -5411000
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 38841457.46 -641194.41
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 11395867.81 -14396604.39
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 11613867.7 -22282942.24
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
RELIGARE TECHNOV RTCL 44130883.78 -1460240.41
RENOWNED AUTO PR RAP 14120061.57 -1253759.75
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SCOOTERS INDIA SCTR 13288115.8 -578097.97
SEN PET INDIA LT SPEN 13283611.52 -25431862.1
SHALIMAR WIRES SWRI 24489676.4 -49901704.65
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SOUTHERN PETROCH SPET 1543609373.57 -35609423.98
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STERLING HOL RES SLHR 52909027.3 -631043.63
STERLING HOL-FOR SLHR/F 52909027.3 -631043.63
STI INDIA LTD STIB 44107456 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 145706493.29 -114873890.12
USHA INDIA LTD USHA 12064900.61 -54512967.31
VENTURA TEXTILES VRTL 14254627.45 -325402.59
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRE-PP WNWPP 102422193.22 -37057061.49
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
ARDEPRO 8925 345613037.14 -207111362.39
COMMERCIAL RE 8866 296849343.44 -346788.57
COSMOS INITIA CO 8844 1652687333.82 -564005337.19
DDS INC 3782 10683845.35 -5696657.23
FLIGHT SYS CONSU 3753 14883586.17 -1071275.6
G-TRADING 3348 32944112.56 -22016255.44
HARAKOSAN CO 8894 265026322.03 -21407690.82
ICHITAN CO LTD 5645 99161219.02 -4383920.24
L CREATE CO LTD 3247 42344509.56 -9146496.9
NESTAGE CO LTD 7633 11772250.32 -12201325.38
PLACO CO LTD 6347 16492585.21 -1881199.74
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
SAIKAYA CO LTD 8254 398458490.74 -17564816.07
SHINWA OX CORP 2654 61394021.32 -12954325.95
SUMIYA CO 9939 54843407.5 -9480273.64
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
AJU MEDIA SOL-PF 44775 13822171.46 -1245278.05
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.3 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140474
ROCKET ELECTRIC 420 68584186.91 -2140474
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.1 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
MALAYSIA
AXIS INCORPORATI AXIS 42453772.51 -79710389.89
HARVEST COURT HAR 10993283.82 -7102079.77
LITYAN HLDGS BHD LIT 14275991.47 -29485796.94
NEPLINE BHD NL 20755619.11 -27545946.39
NIKKO ELECTRONIC NIKKO 11189473.86 -8723186.48
WONDERFUL WIRE WW 11594594.78 -14561593.4
WWE HOLDINGS BHD WWE 66753912.87 -904694.18
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75331140.18 -35697080.01
BENGUET CORP-A BC 75331140.18 -35697080.01
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.5 -23332404.14
PRIME ORION PHIL POPI 90349299.63 -5122560.28
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11785309.58 -12808326.82
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CARRIERNET GLOBA CARG 14286897.57 -17258.04
CHUAN SOON HUAT CSH 31243269.09 -16230153.11
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 93731888.39 -15671356.22
JURONG TECH IND JTL 98760092.87 -227275152.06
LINDETEVES-JACOB LJ 155633719.48 -88389478.73
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 17857346.66 -4522591.85
SUNMOON FOOD COM SMOON 19286019.65 -10665672.56
TT INTERNATIONAL TTI 303817166.63 -38088237.05
WESTECH ELECTRON WTE 28290170.94 -12855750.98
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 85509149.46 -65276912
BANGKOK RUBBER BRC 85509149.46 -65276912
BANGKOK RUBBER-F BRC/F 85509149.46 -65276912
BLISS-TEL PCL BLISS 12646465.4 -2089674.34
BLISS-TEL PCL-F BLISS/F 12646465.4 -2089674.34
BLISS-TEL PCL-NV BLISS-R 12646465.4 -2089674.34
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 17385099.26 -87998004.08
CIRCUIT ELEC PCL CIRKIT 17385099.26 -87998004.08
CIRCUIT ELEC-FRN CIRKIT/F 17385099.26 -87998004.08
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 32845084.57 -82941414.71
ITV PCL-FOREIGN ITV/F 32845084.57 -82941414.71
ITV PCL-NVDR ITV-R 32845084.57 -82941414.71
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 53933645.39 -6900644.95
MALEE SAMPRAN MALEE 53933645.39 -6900644.95
MALEE SAMPRAN-F MALEE/F 53933645.39 -6900644.95
NFC FERTILI-NVDR NFC-R 41433204.74 -2287708.95
NFC FERTILIZER P NFC 41433204.74 -2287708.95
NFC FERTILIZER-F NFC/F 41433204.74 -2287708.95
PATKOL PCL PATKL 53430390.26 -26540095.34
PATKOL PCL-FORGN PATKL/F 53430390.26 -26540095.34
PATKOL PCL-NVDR PATKL-R 53430390.26 -26540095.34
PICNIC CORPORATI PICNI 162041208.32 -79858191.23
PICNIC CORPORATI PICNI/F 162041208.32 -79858191.23
PICNIC CORPORATI PICNI-R 162041208.32 -79858191.23
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.9
PONGSAAP PCL PSAAP 26599991.38 -3496872.9
PONGSAAP PCL-NVD PSAAP-R 26599991.38 -3496872.9
SAFARI WORL-NVDR SAFARI-R 101048401.65 -21027662.26
SAFARI WORLD PUB SAFARI 101048401.65 -21027662.26
SAFARI WORLD-FOR SAFARI/F 101048401.65 -21027662.26
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
TRANG SEAFOOD TRS 13251979.73 -3373.42
TRANG SEAFOOD-F TRS/F 13251979.73 -3373.42
TRANG SFD-NVDR TRS-R 13251979.73 -3373.42
UNIVERSAL S-NVDR USC-R 85671220.21 -49479729.86
UNIVERSAL STAR-F USC/F 85671220.21 -49479729.86
UNIVERSAL STARCH USC 85671220.21 -49479729.86
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
*********
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 ***