/raid1/www/Hosts/bankrupt/TCRAP_Public/100125.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, January 25, 2010, Vol. 13, No. 016
Headlines
A U S T R A L I A
FIREPOWER HOLDINGS: Liquidator May Seek Further Court Hearings
RIVIERA GROUP: Creditors Agree to Deed of Company Arrangement
OCEANAGOLD CORP: Discloses Fourth Quarter Production Report
STORM FINANCIAL: Consumer Group Calls on CBA to Share Profits
C H I N A
GENERAL MOTORS: Sees 2010 China Sales to Exceed 2-Mil. Units
NEO-CHINA LAND: Moody's Reviews 'Caa3' Corporate Family Rating
NEO-CHINA LAND: Shanghai Industrial Deal Won't Move S&P's Ratings
H O N G K O N G
METRON LIMITED: Members' Final Meeting Set for February 19
MUTUAL FAITH: Members' Final Meeting Set for February 22
NEW PROFIT: Members' Final Meeting Set for February 26
PROFIT HARBOUR: Creditors' Proofs of Debt Due February 1
SELCO SALVAGE: Members' and Creditors Meetings Set for February 10
TECH SYSTEM: Members' Final Meeting Set for February 18
TECH SYSTEM LIMITED: Members' Final Meeting Set for February 18
TRULY TOP: Creditors' Proofs of Debt Due February 17
ULTIMATE PROFITS: Creditors' Proofs of Debt Due February 1
Y.M. LAU: Members' Final Meeting Set for February 19
I N D I A
GROWMORE INT'L: CRISIL Assigns 'BB' Rating on INR25.6MM Term Loan
HIND CHARITABLE: Delay in Loan Repayment Cues CRISIL Junk Ratings
JAMPANA CONSTRUCTION: CRISIL Puts 'BB-' on INR10.9MM Term Loan
INDUS SPORTS: ICRA Reaffirms 'LB+' Rating on INR400MM Loans
MITHILA DRUGS: CRISIL Rates INR50MM Cash Credit Limit at 'BB'
MODERN INSULATORS: CARE Assigns 'CARE BB+' on Long-Term Loans
NEW INDIA: CRISIL Rates INR100 Million Bank Guarantee at 'P4+'
ORIENTAL RUBBER: Weak Capital Structure Cues CRISIL 'BB+' Ratings
RAVE SCANS: ICRA Assigns 'LBB+' Rating on INR340MM Bank Facilities
SIKKIM BREWERIES: CRISIL Rates INR300 Million Term Loan at 'B'
SK SYSTEMS: ICRA Reaffirms Ratings on INR37.5MM Fund-Based Limits
T ABDUL WAHID: CRISIL Puts 'P4' Ratings on Various Bank Facilities
I N D O N E S I A
* INDONESIA: Moody's Retains Stable Outlook on 'Ba2' Rating
J A P A N
AMERICAN INT'L: To Buy Majority Stake in Fuji Fire for JPY13.5BB
JAPAN AIRLINES: Downgraded to "D" by Japan Credits Rating Agency
JAPAN AIRLINES: ETIC Raises JPY355 Bil. in First Request for Loans
JAPAN AIRLINES: Seeks U.S. Court Recognition of Japan Proceedings
JAPAN AIRLINES: Trustees Get Commencement Order from Tokyo Court
JAPAN AIRLINES: U.S. Court Issues Show Cause Order for Injunction
JAPAN AIRLINES INT'L: JCR Cuts Ratings on Senior Debts to 'D'
K O R E A
HYNIX SEMICONDUCTOR: To Pay US$3.32MM to Settle Price-Fixing Case
HYUNDAI MOTOR: Car Sales in China Up 93.6% in 2009
KIA MOTORS: 2009 Car Sales in China Increase 70%
KIA MOTORS: Union Agrees on Wage Deal; Production Resumed
KUMHO ASIANA: KDB Sticks to Plan to Buy Daewoo Engineering
KUMHO ASIANA: Units' Debt-Workout Plans Due Next Month
M A L A Y S I A
OILCORP BERHAD: Defaults on MYR1.53 Mil. Interest Payment
POLY TOWER: Seeks More Time to Submit Regularization Plan
WWE HOLDINGS: Updates Bursa Malaysia on Jeddah Branch Case
S I N G A P O R E
CIRCUITCRAFT PTE: Creditors' Proofs of Debt Due February 22
COMPLIMENT MARKETING: Court to Hear Wind-Up Petition on February 5
EXPRESSWAY LOGISTICS: Court to Hear Wind-Up Petition on February 5
LEUN WAH: Creditors' Proofs of Debt Due February 5
LINK-ZONE PTE: Court Enters Wind-Up Order
MEUCCI SOLUTION: Creditors' Proofs of Debt Due February 22
ORIENT TELECOMMUNICATIONS: Court Enters Wind-Up Order
SEMBAWANG MUSIC: Creditors' Proofs of Debt Due February 5
SENRI ELECTRONICS: Creditors' Proofs of Debt Due February 22
SUBSEA FLUIDS: Meetings Set for January 29
TAKASHIMA PRO: Creditors' Proofs of Debt Due March 5
- - - - -
=================
A U S T R A L I A
=================
FIREPOWER HOLDINGS: Liquidator May Seek Further Court Hearings
--------------------------------------------------------------
ABC News reports that the liquidator of Firepower Holdings may
seek further court hearings into the company's collapse.
According to the report, liquidator Bryan Hughes said the large
number of Firepower entities makes it difficult to work out where
investors' money has gone.
Mr. Hughes said he will meet officials from the Australian
Securities and Investment Commission to see if it is worth
continuing to pursue Firepower boss Tim Johnston, the report says.
"We'll be holding meetings with ASIC, ASIC have funded all of this
to date. Mr. Johnston left the company with absolutely nothing so
no ability for the liquidator, for myself, to pursue any action,"
Mr. Hughes told ABC. Firepower's lack of capital means he needs
the ongoing support of ASIC if he is to re-list for hearings, he
said.
"So it's only through the good will of ASIC that we've been able
to get as much information as we have so we've got to have a look
and see what is pursuing from here," Mr. Hughes added.
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 million and AU$100 million.
The New South Wales Federal Court, subsequently, appointed Pitcher
Partners Perth managing partner Bryan Hughes as liquidator of
Firepower Operations, which owes creditors about AU$16 million.
RIVIERA GROUP: Creditors Agree to Deed of Company Arrangement
-------------------------------------------------------------
At a meeting held Friday in Brisbane, the creditors of Riviera
Group voted in favor of a Deed of Company Arrangement (DOCA) that
will see all current and former employees receive their full
entitlements and a dividend paid to unsecured creditors.
During the receivership the operations of Riviera have been
restructured to achieve greater efficiency and continued
production of high quality Riviera vessels. The DOCA is a further
step in restructuring Riviera and enabling it to trade in its own
right, outside of formal administration processes.
In effect, completion of the terms of the DOCA will bring to an
end the official appointment of Voluntary Administrators to
Riviera. This will allow the receivers and Riviera management to
continue to improve and grow the Riviera business.
"The acceptance of the proposed DOCA is a further milestone in the
rebuilding process of Riviera since the considerable effects of
the Global Financial Crisis (GFC) impacted the global luxury boat
building industry forcing Riviera into receivership on May 8,
2009" commented John Anderson Riviera's Chief Executive Officer.
"Riviera coming out of Administration also removes any possibility
of the liquidation of the legal entities that were previously
under Administration. This creates even greater security and
confidence in Riviera moving forward.
"As we enter a new year, Riviera, is powering into 2010 with
strong sales, realistic global inventory levels. It is actively
engaged in multiple new product development projects for release
at major Boat Shows this year.
"We are certainly in a strong position to maximize the
opportunities of the economic recovery in 2010. Riviera will
continue to excite the market again this year."
This significant agreement was reached with overwhelming support
from creditors for the DOCA covering five trading entities within
the Riviera Group of companies. The DOCA covers the current
Riviera trading entities; Riviera Marine (INT.) Pty Limited, R
Marine Pittwater Pty Limited, Riviera Runaway Bay Pty Limited,
Riviera Coomera Pty Limited and Riviera Marine (MFG) Pty Limited.
The eight remaining, non trading entities of the Riviera Group are
no longer required given the corporate rationalization and
restructuring of the group and so are not included in the DOCA.
Under the terms of the DOCA, former employees of the Riviera DOCA
companies will receive all of their unpaid wages, superannuation,
annual leave and any relevant redundancy payment. Current Riviera
employee's entitlements will continue to accrue and be available
to those employees in the ordinary course of business.
Creditors will also benefit from the terms of the DOCA with a
dividend being paid to unsecured creditors.
Under the terms of the DOCA, former employees entitlements will be
paid by the Receivers and Managers by April 30, 2010 and funds
will be paid to the Administrators by June 30, 2010, to enable a
dividend to be paid to unsecured creditors. This will result in
the Riviera DOCA companies coming out of administration.
As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Riviera Group was placed into voluntary
receivership. Deloitte partners Chris Campbell, Vaughan
Strawbridge and Richard Hughes were appointed receivers and
managers of Riviera. According to the Brisbane Times,
Mr. Campbell said the company's sales over the past 12 months had
been "significantly impacted" by the global financial crisis. It
was proposed to sell Riviera as a going concern after a
restructuring of the company, he said. The Brisbane Times said
Riviera shed 117 of its Gold Coast staff in January and cut more
than 300 staff from its Coomera headquarters in 2008. The company
also closed its production line for three weeks, from April 10 to
May 5, in a bid to clear stock held by international dealers, the
Brisbane Times added.
Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Australia.
OCEANAGOLD CORP: Discloses Fourth Quarter Production Report
-----------------------------------------------------------
OceanaGold Corp. released its Fourth Quarter Production Report for
the quarter ended December 31, 2009.
The company reported fourth quarter gold sales of 72,140 oz., a
14% increase from FY2008 to a record 300,044 ounces. This is a
record result for the Company and a 14% increase over FY2008.
Operational expenditure for the fourth quarter were US$35 million
(excludes depreciation and amortization, and general &
administrative expenses). Exploration expenditure for the quarter
totaled US$1.9 million with the majority attributable to a
continuing brownfields exploration program in New Zealand.
By the end of the quarter, six drill rigs were operating at the
Macraes goldfield and one at the Reefton mine. This program is
part of an ongoing commitment to replace and expand the resource
base at our New Zealand operations. Field sampling was conducted
on six Didipio Regional Exploration Permits with assay results
expected in the first quarter of 2010.
As a Toronto Stock Exchange listed company, the Company will
release its complete FY2009 audited financial and operational
results on February 18, 2009 (Australia Eastern Standard Time).
A conference call to discuss the results will be held on
February 19, 2009.
Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration and
the development and operation of gold and other mineral mining
activities. OceanaGold is a gold producer and is operating two
open cut mines and an underground mine at Macraes and Reefton in
New Zealand. The Company also has the Didipio Gold- Copper
Project in the Philippines as part of its portfolio. The
Company's projects are Macraes Gold Project, Reefton Gold Project
and Didipio Gold Copper Project.
* * *
OceanaGold Corporation reported three consecutive annual net
losses of US$23.43 million, US$69.04 million, and US$54.74 million
for the financial years ended 2006, 2007 and 2008, respectively.
STORM FINANCIAL: Consumer Group Calls on CBA to Share Profits
-------------------------------------------------------------
Storm Investors Consumer Action Group (SICAG) has called on
Commonwealth Bank of Australia to share a portion of its profit
with its members, Kate Kachor at InvestorDaily reports.
But the CBA is unlikely to share a percentage of its forecast
AU$2.9 billion half-year profit with former clients of Storm
Financial, despite their urgings, the report says.
"While we are pleased to see Australia's biggest bank bounce back
strongly from the global credit crisis, we must not lose sight of
the fact that many CBA clients have suffered greatly during the
same period," the report quoted SICAG co-chairman Mark Weir as
saying. "Sadly, some of our members will never recover from the
financial body blow that was inflicted on them when the bank
decided to shut down Storm's index funds without warning."
While SICAG had been encouraged by CBA's good faith through its
resolution scheme, Mr. Weir said the bank was now in a position to
show an "increased level of generosity" to Storm-CBA clients.
"It's timely that we repeat our challenge to the other banks who
were involved in the Storm disaster -- particularly the Bank of
Queensland, ANZ, NAB, Westpac, Macquarie and Suncorp -- to come to
the negotiating table in good faith and restore our members' faith
in the Australian banking system," Mr. Weir said.
A CBA spokesperson would not directly comment on any potential
profit sharing with Storm clients.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products. Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20. Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.
On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up. Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.
=========
C H I N A
=========
GENERAL MOTORS: Sees 2010 China Sales to Exceed 2-Mil. Units
------------------------------------------------------------
Dow Jones Newswires reports Kevin Wale, president and managing
director of General Motors Co. China Group, said Saturday GM
expects to sell more than two million units in China this year.
According to Dow Jones Newswires, Mr. Wale said he expects GM's
sales in China to increase faster than the overall Chinese market,
which he believes will rise 10% to 15% this year from a year
earlier.
Dow Jones Newswires relates GM's sales in China soared 67% in 2009
from a year earlier to 1.83 million units, boosted by government
measures including a purchase-tax cut for small vehicles.
According to Dow Jones Newswires, analysts say the incentives may
have simply pulled forward demand from this year and have forecast
a slowdown in sales for 2010 in the overall market.
Dow Jones Newswires reports Mr. Wale said he expects sales at GM's
mini commercial vehicle joint venture, SAIC-GM-Wuling Automobile
Co., to continue to increase this year. The joint venture will
launch new models this year, he said without elaborating,
according to Dow Jones.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
NEO-CHINA LAND: Moody's Reviews 'Caa3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has placed Neo-China Land Group
(Holdings) Ltd's Caa3 corporate family and senior unsecured
ratings on review for possible upgrade.
This follows the announcement regarding Shanghai Industrial
Holdings Limited's proposed acquisition of 45.02% of the enlarged
shareholding of Neo-China for a total consideration of
HK$2.746 billion.
Of this total, HK$1.160 billion will be paid to Mr. Li, the
largest shareholder, for part of his shareholding, while the
remaining HK$1,586 million will be injected into Neo-China for a
new equity issuance.
At the same time, Neo-China announced it will suffer from an
impairment loss of around HK$2 billion due to the sale of its Qi
Ao Island Project to Mr. Li for a consideration of HK$2.5 billion.
Moody's notes that the proposed share acquisitions and the sale of
the Qi Ao Island Project are subject to shareholder and regulatory
approvals.
SIH will become the largest shareholder of Neo-China upon
completion of the transaction.
"While the fresh capital will provide the company with additional
liquidity, the change of major shareholder to SIH would also
better position Neo-China in accessing new financing given SIH's
more established banking relationship and its stronger credit
profile," says Kaven Tsang, a Moody's AVP/Analyst.
"Nevertheless, the prolonged suspension in the trading of the
company's shares and the ICAC investigation remain a concern.
This uncertainty will continue to constrain Neo-China's credit
profile and ratings," says Tsang.
The review will focus on the role of SIH in Neo-China's operation
in future, as well as the impact of potential changes in
management and corporate strategy on the company's financial
management and policy.
Moody's will also assess the credit position of SIH and the
potential benefits to Neo-China's future growth and funding
abilities.
Additionally, Moody's will review the status of the share trading
suspension and ICAC investigation.
Moody's last rating action with regard to Neo-China occurred on
February 20, 2009, when the company's ratings were upgraded from
Ca to Caa3 with a negative outlook, after it made up for the
missed coupon payment within the specified grace period.
Neo-China Land Group (Holdings) Ltd is a Chinese property
developer engaged in residential and mixed-use developments. It
has 14 major projects under development in 11 cities in China and
a land bank of around 11.5 million sqm in gross floor area.
NEO-CHINA LAND: Shanghai Industrial Deal Won't Move S&P's Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Neo-
China Land Group (Holdings) Ltd. (CCC-/Negative/--) is not
affected by a possible purchase of shares in the company by a
subsidiary of Shanghai Industrial Holdings Ltd. (not rated). S&P
believes the HK$1.59 billion that Neo-China could receive from the
proposed transaction would strengthen the company's capital base
and support its weak liquidity position. It could also provide
Neo-China with funds to pay down debt or to fund new investments
or working capital requirements. Nevertheless, if the transaction
triggers a change-of-control event (i.e. both a "change of
control" of the company and a rating decline) for its
US$400 million bond due 2014, the company may face immediate
liquidity risk.
If all conditions are satisfied, Shanghai Industrial will
effectively become Neo-China's largest shareholder, representing
45% of the issued share capital. Shanghai Industrial has a
stronger credit profile than Neo-China, in S&P's view. Shanghai
Industrial's majority shareholder is supervised by the Shanghai
government. The company had total assets of HK$56 billion at the
end of June 2009, double that of Neo-China.
================
H O N G K O N G
================
METRON LIMITED: Members' Final Meeting Set for February 19
----------------------------------------------------------
Members of Metron Limited, which is in members' voluntary
liquidation, will hold their final meeting on February 19, 2010,
at 2:00 p.m., at Rooms 2102-3 China Insurance Group Building, 141
Des Voeux Road Central, in Hong Kong.
At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
MUTUAL FAITH: Members' Final Meeting Set for February 22
--------------------------------------------------------
Members of Mutual Faith (HK) Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 22,
2010, at 10:00 a.m., at Suite A, 12/F, Ritz Plaza, 122 Austin
Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Pang Wai Kui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW PROFIT: Members' Final Meeting Set for February 26
------------------------------------------------------
Members of New Profit Enterprises Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 26,
2010, at 9:00 a.m., at the Science Park East Avenue, 6/F,
Hong Kong Science Park, Shatin, New Territories, in Hong Kong.
At the meeting, Yip Chee Lan and Li Wai Fan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
PROFIT HARBOUR: Creditors' Proofs of Debt Due February 1
--------------------------------------------------------
Profit Harbour Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 1, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward Simon Middleton
Patrick Cowley
Alexandra House, 27th Floor
18 Chater Road
Central, Hong Kong
SELCO SALVAGE: Members' and Creditors Meetings Set for February 10
------------------------------------------------------------------
Members and creditors of Selco Salvage Limited will hold their
annual meetings on February 10, 2010, at 10:00 a.m., and
11:00 p.m., respectively at 20th Floor, Prince's Building,
Central, in 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.
TECH SYSTEM: Members' Final Meeting Set for February 18
-------------------------------------------------------
Members of Tech System Technology Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 18,
2010, at 10:30 a.m., at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
TECH SYSTEM LIMITED: Members' Final Meeting Set for February 18
---------------------------------------------------------------
Members of Tech System Limited, which is in members' voluntary
liquidation, will hold their final meeting on February 18, 2010,
at 11:00 a.m., at 35th Floor, One Pacific Place, 88 Queensway, in
Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
TRULY TOP: Creditors' Proofs of Debt Due February 17
----------------------------------------------------
Creditors of Truly Top Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
February 17, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on January 11, 2010.
The company's liquidator is:
Chan Kam Man
Shanghai Industrial Investment Building
Unit 803, 8/F
48-62 Hennessy Road
Wanchai, Hong Kong
ULTIMATE PROFITS: Creditors' Proofs of Debt Due February 1
----------------------------------------------------------
Ultimate Profits Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 1, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward Simon Middleton
Patrick Cowley
Alexandra House, 27th Floor
18 Chater Road
Central, Hong Kong
Y.M. LAU: Members' Final Meeting Set for February 19
----------------------------------------------------
Members of Y.M. Lau Charity Fund Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 19,
2010, at 10:00 a.m., at Room 2305-8, 23/F., Hang Seng North Point
Building, 341 King's Road, in Hong Kong.
At the meeting, Tang Tin Ying, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
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I N D I A
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GROWMORE INT'L: CRISIL Assigns 'BB' Rating on INR25.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Growmore International Ltd.
Facilities Ratings
---------- -------
INR28 Million Cash Credit BB/Stable (Assigned)
INR25.6 Million Term Loan BB/Stable (Assigned)
INR4 Million Export Packing Credit P4+ (Assigned)
INR4 Million Foreign Bill Purchase P4+ (Assigned)
INR78.4 Million Letter of Credit* P4+ (Assigned)
* Including proposed limit of INR3.4 million.
The ratings reflect Growmore's small scale of operations and net
worth, supplier concentration risk, and pressure on operating
margins because of its presence in a competitive and commoditized
industry. The impact of these weaknesses is mitigated by the
company's moderate financial risk profile and the benefits it
derives from its promoters' industry experience.
Outlook: Stable
CRISIL expects Growmore to maintain its business risk profile on
the back of its strong client base and its promoters' industry
experience. The outlook may be revised to 'Positive' in case of
significant increase in the company's revenue, profitability, or
net worth. Conversely, the outlook may be revised to 'Negative'
if the company's profit margins decline, or if it undertakes a
significant debt-funded capital expenditure programme, resulting
in deterioration in its financial risk profile.
About Growmore International
Growmore was started in 1994 as a proprietary concern by Mr.
Yadvendra Singh. The concern was converted into a private limited
company in 2005-06 (refers to financial year, April 1 to March 31)
and into a limited company in 2007.
Growmore is engaged in the manufacture of leather belts, shoe
uppers, and other leather products. The company set up a tannery
in Kanpur in 2007-08. Growmore currently has an installed
capacity to process 100,000 square feet of leather per annum. The
company also trades in finished leather. It exports to Australia,
Europe, and the US.
For 2008-09, Growmore reported a profit after tax (PAT) of INR4.6
million on net sales of INR287.1 million, against INR2.1 million
and INR230.0 million, respectively, in the preceding year.
HIND CHARITABLE: Delay in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Hind Charitable
Trust's bank facilities. The ratings reflect delay by HCT in
repayment of term loan obligations owing to cash flow mismatch.
Facilities Ratings
---------- -------
INR110.0 Million Term Loan D (Assigned)
INR70.0 Million Bank Guarantee P5 (Assigned)
Incorporated in 2004, HCT provides services in the healthcare and
medical education segment. The trust operates a multi-specialty
hospital and three medical institutes, namely Hind Institute of
Medical Sciences, Hind Nursing School and Hind Institute of Para
Medical Sciences in Lucknow (Uttar Pradesh). The trust presently
provides a five year MBBS (bachelor of medicine and bachelor of
surgery) course; approved by Medical Council of India and
Government of India, a three year GNM (General Nursing Midwife)
nursing course, a four year BSc nursing course and various two-
year diploma courses in physiotherapy, optometry, operation
theatre, cardiology, dialysis, etc.
HCT reported a surplus of INR45 million on net fees income of
INR111 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a surplus of INR33 million on net fees
income of INR73 million for 2007-08.
JAMPANA CONSTRUCTION: CRISIL Puts 'BB-' on INR10.9MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to Jampana
Construction Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit BB-/Stable (Assigned)
INR10.9 Million Term Loan BB-/Stable (Assigned)
INR140.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect JCPL's weak liquidity due to large investment
in land, small scale of operations, exposure to risks related to
customer and geographical concentration, large working capital
requirements, and susceptibility to fluctuations in prices of raw
material. These rating weaknesses are partially offset by JCPL's
promoters' experience in the construction industry, and the
company's well-established regional market position, healthy order
book, and comfortable debt protection metrics.
Outlook: Stable
CRISIL believes that JCPL's liquidity will remain weak over the
medium term. The outlook may be revised to 'Positive' if JCPL's
liquidity improves significantly, most likely through fresh equity
infusion and sale of land. Conversely, the outlook may be revised
to 'Negative' in case JCPL's liquidity weakens further, most
likely because of large incremental working capital requirement.
About Jampana Construction
Jampana Construction Pvt Ltd was incorporated in 2003 by Mr. J V
Ranga Raju (promoter-director of Nagarjuna Construction Company
Ltd), and his son and nephews. JCPL executes civil construction
and infrastructure development projects, mainly in Karnataka. JCPL
is registered with the Government of Karnataka and executes
projects for both the state and central governments.
JCPL reported a profit after tax (PAT) of INR34.7 million on net
sales of INR1028 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR34.1 million on net
sales of INR1008 million for 2007-08.
INDUS SPORTS: ICRA Reaffirms 'LB+' Rating on INR400MM Loans
-----------------------------------------------------------
ICRA has re-affirmed a 'LB+' rating to the INR400 million fund
based limits of Indus Sports Resorts Private Limited. The rating
reaffirmation factors in delays in project implementation
resulting in time and cost overruns, stretched financial profile
as reflected in relatively high gearing of the project, and the
fact that ISRPL is yet to obtain certain approvals which are
critical in the progress of the project. The rating is also
tempered by the limited experience of the promoters in the real
estate development space. Moreover, the lower booking level as
compared to the total size of the project coupled with the current
slowdown in the real estate market increases the market risk for
the project. Nevertheless, the rating continues to favorably
factors in the distinctiveness of the project which makes it
marketable to Non-resident Indians (NRIs) and High Net-worth
Individuals (HNIs) and the limited supply of single block of land
suitable to develop a golf project in close proximity to
Bangalore.
ISRPL was incorporated in 2004 with the purpose of building and
promoting a golfing community project, targeting the Non Resident
Indian's (NRI) and High Net worth Individuals (HNI). Dr. Belle
Dinakar Rai, a Non-Resident Indian based in USA, is the main
promoter of the company holding 99.70% of the total paid up
capital. The project comprises of an 18-hole Championship Golf
Course spread over 145 acres of land; a township spread over 49
acres consisting of villas and row houses on the periphery of the
Golf Course and a Clubhouse of 5-star standard in 5 acres of land.
The land for the project is located close to NH-207 on the
outskirts of Bangalore, about 45 Kms from Bangalore City, 41 Kms
from the Bangalore International Airport and 20 Kms from IT
corridor of Whitefield, Electronic City and Sarjapur Road.
MITHILA DRUGS: CRISIL Rates INR50MM Cash Credit Limit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Mithila
Drugs Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit Limit BB/Stable (Assigned)
INR50.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect MDPL's high working capital intensity
constraining financial risk profile and small scale of operations
in the intensely competitive pharmaceutical industry. These
rating weaknesses are partially offset by the benefits that MDPL
derives from the extensive experience of its promoters and strong
relationships with suppliers and customers.
Outlook: Stable
CRISIL believes that Mithila Drugs Pvt Ltd will maintain a stable
credit risk profile over the medium, backed by the established
track record of the promoters in the pharmaceutical bulk drug
industry. The outlook may be revised to 'Positive' if the company
registers high growth in revenues, while diversifying its product
mix and improving its debt protection measures. Conversely, the
outlook may be revised to 'Negative' if MDPL's debt protection
measures deteriorate further because of any large capex or if the
company is adversely impacted by the volatility in raw material
prices.
About Mithila Drugs
Incorporated in 1995 by the Jha family, to Mithila Drugs Pvt Ltd
commenced operations only in 2007-08 (refers to financial year,
April 1 to March 31). In 2008-09, MDPL acquired all the assets
and liabilities of Mithila Drug Laboratories, the Jha family's
partnership firm incorporated in 1993, manufacturing active
pharmaceutical ingredients (APIs), primarily antidiarrhoeals such
as metronidazole benzoate, and metronidazole; antibiotic drug
Ofloxacin and anti-inflammatory drug Nimesulide.
In March 2008, Synergy United Pharmachem Pvt Ltd, incorporated in
September 2007 by the Nachane family, acquired a 20-per cent stake
in MDPL, in addition to the 30-per cent stake by the Nachane
family in individual capacity. Synergy has three broad business
segments, under which it markets products of Chinese and Indian
pharmaceutical manufacturers, trades and exports APIs, and makes
strategic investments in API manufacturing companies.
MDPL has the capacity to manufacture about 1055 tonnes of APIs at
its plant in Udaipur (Rajasthan) and is presently operating at
utilization level of about 50 per cent.
MDPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR162 million for 2008-09. Mithila Drug Laboratories
had reported a PAT of INR2.4 million on net sales of INR56 million
for 2007-08.
MODERN INSULATORS: CARE Assigns 'CARE BB+' on Long-Term Loans
-------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
facilities of Modern Insulators Ltd. This rating is applicable to
facilities having a tenure of more than one year. Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.
CARE has also assigned a 'PR4' rating to the short-term bank
facilities of Modern Insulators Ltd. This rating is applicable to
facilities having a tenure up to one year. Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk. Such
facilities are susceptible to default.
Amount
Facilities (INR crore) Rating
---------- ---------- ------
Long-term Bank Facilities 39.00 'CARE BB+'
[on credit watch]
Short-term Bank Facilities 22.00 'PR4'
[on credit watch]
Rating Rationale
The ratings are constrained by proposed merger of loss making
group company Modern Terry Towel Ltd., fluctuations in raw
material prices, inadequate mechanism towards hedging of foreign
currency risk and risk associated with the proposed capital
expenditure on the expansion of its yarn division. However, the
ratings derive strength from the established track record of MIL
in the insulator business, capability to manufacture and market a
full range of high voltage insulators, positive outlook for the
power sector and diversification of the business through setting
up of yarn division. The ability of the company to maintain its
profitability margins with the proposed merger of MTTL, improving
the order book position and timely order execution in the sluggish
market condition are the key rating sensitivities.
The rating is kept under credit watch due to the uncertainty
regarding the proposed merger of loss making subsidiary MTTL with
Modern Insulators Ltd. and delay in approval of rehabilitation
package for MTTL by BIFR.
About Modern Insulators
Modern Insulators Ltd. was promoted in 1982 jointly by Mr. H.S.
Ranka of the Modern Group and Rajasthan State Industrial and
Investment Corporation in order to manufacture Alumina Porcelain
Insulators for High Voltage and Extra High Voltage Transmission
Lines and electrical equipment.
On a total income of INR226 cr., MIL earned a PAT of INR17 cr. in
FY08. The long term debt to equity ratio and the overall gearing
ratio of the company stood at 0.16x and 0.39x respectively as on
March 31, 2008. As per the provisional results for FY09, the
company has registered a 26% increase in net sales to INR278
crore while PAT was INR24 cr. Overall gearing ratio increased
to 0.42x as on March 31, 2009.
NEW INDIA: CRISIL Rates INR100 Million Bank Guarantee at 'P4+'
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank facility of
New India Roadways.
Facilities Ratings
---------- -------
INR100.0 Million Bank Guarantee P4+ (Assigned)
The rating reflects NIR's moderate financial risk profile, and
limited diversity in revenues. These weaknesses are mitigated by
the company's established presence in the roads and pipeline
construction segment in Mumbai.
Set up in 1979 by Mr. Hiralal Shah, NIR is a proprietorship firm
and undertakes civil construction projects such as repair and
construction of roads, cable ducts, and sewerage pipes.
Mr. Hiralal Shah's son, Mr. Sharad Shah, is the firm's sole
proprietor and manages its day-to-day activity. The firm is a
registered Class AA contractor with the Municipal Corporation of
Greater Mumbai (MCGM) and Thane Municipal Corporation (TMC), and
can place bids of any value.
NIR reported a profit after tax (PAT) of around INR11.8 million on
net sales of around INR397.9 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.9
million on net sales of INR135.9 million for 2007-08.
ORIENTAL RUBBER: Weak Capital Structure Cues CRISIL 'BB+' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank guarantee
facility of Oriental Rubber Industries Ltd, and reaffirmed the
ratings on ORIL's other bank facilities at 'BB+/Stable/P4+'.
Facilities Ratings
---------- -------
INR160.0 Million Long-Term Loan BB+/Stable
(Enhanced from INR130.5 Million)
INR200.0 Million Cash Credit BB+/Stable
(Enhanced from INR100.0 Million)
INR75.0 Million Bank Guarantee P4+ (Assigned)
INR330.0 Million Bills Discounting P4+
(Enhanced from INR280.0 Million)
INR50.0 Million Packing Credit P4+
(Reduced from INR100.0 Million)
INR320.0 Million Letter of Credit P4+
(Reduced from INR405.0 Million)
The ratings continue to reflect ORIL's weak capital structure, and
its vulnerability to downturns in the mining and capital goods
industries. he impact of these rating weaknesses is mitigated by
ORIL's established presence in the rubber conveyor belts industry,
the healthy growth in its revenue, and its stable margins.
Outlook: Stable
CRISIL believes that ORIL will maintain a stable business risk
profile, backed by the extensive experience of its promoters in
the conveyer belts industry and its diversified customer profile.
The outlook may be revised to 'Positive' in case of an improvement
in ORIL's capital structure. Conversely, the outlook may be
revised to 'Negative' if the company takes on large debt to fund
its capital expenditure or working capital requirements, leading
to deterioration in its financial risk profile.
About Oriental Rubber
Incorporated in 1949, ORIL manufactures rubber conveyor belts and
rubber sheets. The company is promoted by the Makar family, and
is currently managed by Mr. Vijeynand Makar and his two sons,
Mr. Vikram Makar and Mr. Vishal Makar. The company has
manufacturing facilities at Koregaon and Karandi, near Pune.
ORIL's wide range of belts caters to material handling
requirements for the movement of loose bulk material. The belts
are used in various industries such as steel, capital goods,
power, and cement.
For 2008-09 (refers to financial year, April 1 to March 31), ORIL
reported a profit after tax (PAT) of INR62 million on net sales of
INR1525 million; the company reported a PAT of INR65 million on
net sales of INR1224 million for 2007-08.
RAVE SCANS: ICRA Assigns 'LBB+' Rating on INR340MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to the INR340
million fund based facilities of Rave Scans Private Limited. The
outlook on long term rating is stable. ICRA has also assigned a
short term rating of A4+ to the INR60 million non-fund based
facilities of Rave.
ICRA's rating action factors in the modest size of the company's
operations which results in limited bargaining power vis a vis
customers and fragmented nature of industry characterized by
competitive pressures from both organized as well as unorganized
sector. These factors have resulted in moderate net margins of
around 5-6% and this is unlikely to change significantly in the
medium term. The rating is also constrained by relatively higher
gearing levels of the company (1.82 times as on FY09) and high
working capital intensity in the business (resulting from high
debtor days) which has resulted in modest and volatile cash flows
from operations. The rating however derives comfort from
promoter's long experience in the printing industry, well
diversified client base and strong manufacturing facility with
investment in latest and high-end technology and machinery. Going
forward, the company's ability to scale up its operations and to
maintain business volumes and adequate margins in the intensely
competitive business will be key rating sensitivity.
Established in 1993, Rave Scans Private Limited (Rave) is in the
business of printing of magazines, corporate brochures, annual
reports, calendars, advertising posters, and other promotional &
merchandising materials etc. The company is promoted by Mr Rakesh
Bhatnagar who has been in the business for close to two decades.
It is an ISO 9001:2000 company having range of services including
designing, editing, typesetting, scanning, image manipulation,
printing, binding, finishing and distributing. For the year
ending FY09, Rave made a net profit of INR15.08 million on net
sales of INR223.68 million.
SIKKIM BREWERIES: CRISIL Rates INR300 Million Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Sikkim Breweries
Ltd's term loan facility.
Facilities Ratings
---------- -------
INR300 Million Term Loan B/Stable (Assigned)
The rating reflects the project-related risks faced by Sikkim
Breweries, such as cost and time overruns, delays in tie-ups with
suppliers and distributors and in stabilization of operations,
poor off-take, and delay in financial closure or funding by
promoters. The rating also reflects the competition Sikkim
Breweries is likely to face from established players in the beer
market in Sikkim and North East India, the company's high project
cost, and aggressive debt-equity mix. The impact of these
weaknesses is mitigated by the experience of Sikkim Breweries's
promoters in the liquor trading business.
Outlook: Stable
CRISIL believes that Sikkim Breweries's credit risk profile will
be constrained over the medium term because of the implementation
risks the company faces with respect to its ongoing projects and
its large, debt-funded capital expenditure plans. The outlook may
be revised to 'Positive' if the company completes its project
without time and cost overruns, and generates better-than-expected
revenue and profits. Conversely, the outlook may be revised to
'Negative' in case of cost overruns or delays in Sikkim
Breweries's ongoing project, or lower-than-expected profitability.
About Sikkim Breweries
Sikkim Breweries was incorporated in 1995. The promoters
Mr. Gopajji Prasad and his son Mr. Suresh Kumar Gupta, have been
engaged in the liquor trading business in Sikkim since 1939, and
have developed a distribution network. The company is
commissioning a beer plant with production capacity of 100,000
hectolitres per annum (hlpa), expandable up to 250,000 hlpa and
entailing an investment of INR507 million funded by promoter's
equity of INR130 million and debt of INR377 million. As on date
the company has incurred a total cost of INR 115.1 million. The
manufacturing unit will produce mild and strong beer using malt
and hops as its primary raw material. The company has acquired
land at Bagey Khola, Sikkim, for the project. Sikkim Breweries has
also tied up with Praj Industries Ltd. for installation of the
production line on a turnkey basis. Commercial operations are
expected to commence by July 2010.
SK SYSTEMS: ICRA Reaffirms Ratings on INR37.5MM Fund-Based Limits
-----------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR 37.5 million fund
based facilities of SK Systems Private Limited. The outlook on
long term rating is stable. ICRA has also reaffirmed A4+ rating
to the INR 100 million non-fund based facilities of SKS.
The reaffirmation of the inadequate credit quality rating reflects
the relatively high credit risk profile arising out of the limited
bargaining powers that SKS has vis-a-vis its customers (who are
much larger entities) and significant competitive pressures in the
business in which it is operating. This is also reflected in
below average profitability shown by the company in the past.
Given the competitive pressures and the impact of the economic
slowdown, it is unlikely that there would be any significant
improvements in the company's profitability in the near term. The
rating is also constrained by high receivables days due to which
the cash flows (adjusted for working capital) has been negative in
the past. The rating however drives comfort from the long
experience of the company in the business of designing,
manufacturing, supply, erection and commissioning of industrial
air handling, air pollution control systems and heating,
ventilation and air conditioning (HVAC) systems to various
industrial users and power plants. The company has over the years
demonstrated a strong track and this coupled with established
relationship with customers and consultants, is likely to result
in revenue growth. Further, the capital structure of the company
is satisfactory in relation to the rating assigned with the
gearing standing at 1.08 times as on March 31, 2009.
SKS was promoted by Mr. N.K. Gupta in 1980 and is engaged in the
field of design, manufacture, supply, erection and commissioning
of air handling systems and equipments for various industrial
applications and power plants. The company has design and sales
offices in Delhi and Bangalore and its own manufacturing facility
in Kundli, Distt. Sonepat (Haryana) Since inception the company
has executed more than 2000 projects in the above fields for
various industries such as automobile, cement, steel, textile,
food and power plants etc. For the year ending 31 March 2009 SKS
made a net profit of Rs 4.82 million on net sales of Rs 259
million.
T ABDUL WAHID: CRISIL Puts 'P4' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of T
Abdul Wahid Tanneries Pvt Ltd.
Facilities Ratings
---------- -------
INR37.50 Million Export Packing Credit* P4 (Assigned)
INR50.00 Million Bill Purchase ? Non LC* P4 (Assigned)
INR10.00 Million Standby Line of Credit P4 (Assigned)
INR10.00 Million Import Letter of Credit P4 (Assigned)
* Export Packing Credit and Bill Purchase-Non LC are fully
interchangeable.
The rating reflects TWTPL's weak financial risk profile and
exposure to risks relating to working-capital-intensive nature,
and small scale, of operations. These rating weaknesses are
partially offset by TWTPL's average business risk profile, backed
by its promoter's experience in the leather industry.
TWTPL was incorporated in 1975 as a private limited company in
Tamil Nadu by Mr T Rafeeq Ahmed; the operations of the company are
currently being managed by his son, Mr T.Adnan Ahmed. TWTPL
undertakes tanning of wet blue goat skin, and caters to the
overseas market. It has an annual production capacity of 3 million
pieces of finished leather.
TWTPL reported a profit after tax (PAT) of INR1.7 million on
operating income of INR580 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on operating income of INR454 million for 2007-08.
=================
I N D O N E S I A
=================
* INDONESIA: Moody's Retains Stable Outlook on 'Ba2' Rating
-----------------------------------------------------------
Moody's Investors Service says -- in a new sovereign report on
Indonesia -- that the outlook for the country's Ba2 rating remains
stable.
"Indonesia's Ba2 rating was upgraded in September 2009, reflecting
fundamental and ongoing improvements in its credit prospects,"
says Aninda Mitra, Moody's sovereign analyst for Indonesia.
"The country's underlying credit improvements reflect growth rates
and a debt burden that are projected to be more favorable than
other Ba-rated countries over coming years," says Ms. Mitra
"Such developments are likely to be supported in turn by ongoing
flexibility in the country's economic policy framework and the
resilience of its domestic economy, based on a low level of
economic openness, a reasonably well diversified economy, low
systemic leverage, and favorable demographics" adds Ms. Mitra.
"The momentum in reform will likely slow on account of the current
parliamentary inquiry into the appropriateness of the Bank Century
bailout, and which has implicated key ministers in the recently
re-elected Yudhoyono administration," says Ms. Mitra.
"However, these risks will take time to play out and they are not
expected to derail the macroeconomic policy framework, which had
ably withstood the impact of recent elections, as well as several
large external shocks," says Ms. Mitra.
"The recent moderation in headline consumer price inflation to
below the central bank's targeted range of 4.5% +/- 1% and an
appropriate stance in monetary policy support near-term price
expectations," says Ms. Mitra, adding, "But, the postponement of
power tariff adjustments poses risks to the medium-term inflation
outlook."
According to Ms. Mitra, sovereign credit improvements are
contingent on greater foreign currency reserve adequacy against
unexpected shocks; and a stronger foreign currency reserve buffer
could also crowd in greater and more stable inflows of foreign
capital and anchor domestic monetary confidence.
"Structural reforms -- which could support medium-term price
expectations, durably improve the financial fundamentals of state-
owned-enterprises, and deepen domestic capital markets -- would
also sustain the country's credit improvements," said Ms. Mitra.
"The stable outlook incorporates the recent increase in political
uncertainty, and reflects the mix of relatively healthy growth
prospects and the likelihood that the policy framework will
maintain recent improvements in key credit metrics," says Ms.
Mitra.
The last rating action on Indonesia was taken on 16 September
2009, when Moody's upgraded the sovereign bond rating to Ba2, from
Ba3.
=========
J A P A N
=========
AMERICAN INT'L: To Buy Majority Stake in Fuji Fire for JPY13.5BB
----------------------------------------------------------------
American International Group Inc.'s property and casualty unit
will invest about JPY13.5 billion (US$147 million) to take
majority control of Japan's Fuji Fire and Marine Insurance Co.,
Reuters reports.
According to Reuters, Fuji Fire and Marine said it would issue
shares to Chartis Non-life Holding Company (Japan) Inc., boosting
the Chartis group's stake in terms of voting rights to 54.79% from
41.69%.
Reuters says the move will bolster the finances of Fuji Fire and
Marine. The insurance company posted a net loss of JPY60 billion
in the financial year to March 2009.
Headquartered in Tokyo, Japan, Fuji Fire and Marine Insurance Co.,
Ltd. (TYO:8763)) -- is an insurance company. The Company operates
in two business segments. The Insurance segment is engaged in the
insurance and insurance-related business, including the provision
of non-life insurance in Japan and overseas markets, the survey of
damage and the insurance soliciting, as well as the general
affairs and clerical business, encompassing manpower dispatching,
system development and the provision of financial shared services.
The Life Insurance segment, through one of its subsidiaries, is
engaged in the life insurance business.
About AIG
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.
JAPAN AIRLINES: Downgraded to "D" by Japan Credits Rating Agency
----------------------------------------------------------------
JCR has downgraded the rating on senior debts of the issuer from C
rating placed under Credit Monitor (#) with Negative direction,
#C/Negative, to D. JCR has similarly downgraded the ratings on
the outstanding bonds and shelf registration (preliminary) from C
rating placed under Credit Monitor (#) with Negative direction,
#C/Negative, to D.
Senior debts: D
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.1 Y10 Dec. 18, 2003 Dec. 18, 2013 2.94% D
bonds no.3 Y10 Feb. 4, 2004 Feb. 4, 2011 1.92% D
(bonds no.1 and no.3 are guaranteed by Japan Airlines
International.)
Shelf Registration: preliminary D
Maximum: Y150 billion
Valid: two years effective from January 31, 2008
Japan Airlines Corporation (JAL) resolved to file for protection
under the Corporate Reorganization Law at the board of directors'
meeting ... and then filed for bankruptcy with the Tokyo District
Court. The Court has accepted the petition. Upon the Court's
acceptance, JCR set the rating on JAL to "D."
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JAPAN AIRLINES: ETIC Raises JPY355 Bil. in First Request for Loans
------------------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that the Enterprise
Turnaround Initiative Corp. of Japan, a state-back fund helping
restructure Japan Airlines Corp., raised JPY355 billion (US$3.9
billion) of loans in its first request for bids from lenders.
Citing ETIC's statement, Bloomberg says the fund received
JPY1.7 trillion in loan offers from banks and lenders to make
six-month loans with an interest rate of 0.131%.
Meanwhile, Bloomberg reports that Japan's Transport Minister Seiji
Maehara told reporters in Tokyo that the government may reconsider
the necessity of having two airlines serving domestic and
international routes after the revitalization of Japan Airlines
Corp. Mr. Maehara said he still prefers to have two carriers
serving the country, Bloomberg notes.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JAPAN AIRLINES: Seeks U.S. Court Recognition of Japan Proceedings
----------------------------------------------------------------
Eiji Katayama, Esq., partner at the law firm Abe, Ikubo &
Katayama, as foreign representative for Japan Airlines
Corporation, Japan Airlines International Co., Ltd. and JAL
Capital Co., Ltd., asks Judge James Peck of the U.S. Bankruptcy
Court for the Southern District of New York to recognize the Japan
Proceedings as "foreign main proceeding" pursuant to Sections
1517(a) and (b)(1) of the U.S. Bankruptcy Code.
In addition, pursuant to Sections 1521(a)(4) and (5) of the U.S.
Bankruptcy Code, the Foreign Representative is asking authority
from the U.S. Court to examine witnesses, take evidence, and
deliver information concerning the Debtors and their business, and
entrust the administration or realization of all of the Debtors'
assets within the territorial jurisdiction of the United States to
the Foreign Representative.
Mr. Katayama says the Chapter 15 Cases will complement the
Debtors' primary proceedings in Japan to ensure the effective and
economic administration of their restructuring efforts. Further,
Mr. Katayama contends that recognition of the Japan Proceeding
will not undermine the rights that United States creditors
typically would enjoy in a Chapter 11 proceeding, as all creditors
will have the right to prosecute their claims and vote on the
Debtors' ultimate reorganization plan in the Japan Proceedings.
According to Mr. Katayama, the Debtors' proceeding in the Tokyo
District Court, commenced to restructure the Debtors' financial
obligations clearly, meets the requirements to constitute a
"foreign proceeding" for purposes of Section 101(23) of the U.S.
Bankruptcy Code. Mr. Katayama points out these reasons to support
his argument:
(1) The Japan Proceeding is a proceeding commenced pursuant to
the Corporate Reorganization Act of Japan, a Japanese law
that governs corporate reorganizations and that is
specifically "intended to be used for the rehabilitation
of large corporate debtors."
(2) The proceeding is "judicial," as it has been commenced
before the Tokyo District Court and is thereafter subject
to the day-to-day supervision of that court, in
conjunction with the Trustees. Importantly, the Tokyo
District Court has been given nation-wide jurisdiction
over corporate reorganization proceedings, and thus, the
Foreign Representative submits that the Tokyo District
Court properly has exercised jurisdiction over the Japan
Proceedings.
(3) The Japan Proceeding is collective in nature in that all
affected creditors are allowed to participate. The
Debtors have commenced the Japan Proceeding after
consultation with various parties-in-interest, including
their secured creditors and Enterprise Turnaround
Initiative Corporation of Japan. In addition, certain
creditors -- depending on their rights under Japanese law
-- will be entitled to vote on the Debtors' ultimate plan
of reorganization and received distributions thereunder.
Importantly, the Japan Proceeding will not in any way
prejudice many of the Debtors' creditors, much less
prohibit their participation in the restructuring efforts,
as the Debtors intend to pay and honor all outstanding
obligations to their customers, vendors and employees in
the ordinary course of business, including, without
limitation, paying any trade claims as and when those
claims come due, and to continue their frequent flyer
program (i.e., JAL Mileage Bank program) to preserve their
customers' mileage points and loyalty awards.
(4) The Tokyo District Court, where the Japan Proceeding is
pending, is located in Tokyo, a city in Japan, which is a
foreign country.
(5) The JRA is the Japanese law governing corporate
reorganizations like the Japan Proceeding.
(6) The Debtors' assets are subject to the supervision of the
Tokyo District Court during the pendency of the insolvency
proceeding.
(7) The objective of the insolvency proceeding is
reorganization. The Foreign Representative intends to
submit, and indeed must submit, pursuant to the JRA, a
plan of reorganization within one year of the Petition
Date, which will provide for a substantial deleveraging of
the Debtors' balance sheets and return the Debtors to
profitability. The Foreign Representative therefore
submits that the Debtors have commenced the Japan
Proceeding for the purpose of reorganization, as required
by Section 101(23) of the U.S. Bankruptcy Code.
Accordingly, as all of the criteria required by Section 101(23)
are satisfied, Mr. Katayama asserts that the U.S. Court should
find that the Japan Proceeding constitutes a "foreign proceeding"
as required by Section 1517 of the U.S. Bankruptcy Code.
In furtherance of his argument, the Foreign Representative also
contends that the Japan Proceeding is a "foreign main proceeding"
as the term is defined in Section (b)(1) of the U.S. Bankruptcy
Code. Section 1517(b)(1) provides that a "foreign main
proceeding" is a "foreign proceeding" pending in the country where
the debtor has its center of its main interests or COMI.
Mr. Katayama asserts that, under all the relevant criteria, Japan
is the Debtors' COMI and points out that:
-- the Debtors, along with the overwhelming majority of the
Debtors' non-debtor affiliates, are incorporated in Japan;
-- the Debtors' head office is located at 4-11,
Higashi-shinagawa 2-chome, Shinagawa-ku, Tokyo 140-8637,
Japan;
-- the Debtors are primarily controlled by, and
decision-making is made from, their principal place of
business in Japan;
-- the majority of the Debtors' employees reside in Japan;
-- the majority of the Debtors' assets are located in Japan;
-- the majority of the Debtors' creditors are located in
Japan; and
-- all of the Debtors' administrative functions, including
accounting, financial reporting, budgeting, and cash
management are conducted in Japan.
Further, although the Debtors have issued bonds that are held
worldwide and although other creditors of the Debtors are located
in the United States and other countries, the Debtors' principal
secured creditors, including the Bank of Tokyo-Mitsubishi UFJ,
Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking
Corporation and DBJ, which, in the aggregate hold more than US$7
billion in secured debt obligations, all reside in, and have their
principal places of business, in Japan, Mr. Katayama asserts.
Indeed, given the overwhelming presence of the Debtors' operations
and creditors in Japan, if the U.S. Court were not to find that
Japan is the Debtors' COMI, it would be difficult to imagine where
the Debtors should have filed their reorganization proceedings
instead, Mr. Katayama avers.
February 17 Hearing
The U.S. Court schedules a hearing for February 17, 2010, at 2:00
p.m. (Eastern Time), to consider approval of the recognition
motion. Objections to the motion must be submitted on or before
February 12.
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JAPAN AIRLINES: Trustees Get Commencement Order from Tokyo Court
----------------------------------------------------------------
Pursuant to the commencement order entered by the Tokyo District
Court on January 19, 2010, Enterprise Turnaround Initiative
Corporation of Japan and Eiji Katayama, Esq., partner at the law
firm Abe, Ikubo & Katayama, in Tokyo, Japan, were appointed as
trustees to the reorganization proceedings of Japan Airlines
Corporation, Japan Airlines International Co., Ltd. and JAL
Capital Co., Ltd.
The Trustees, in addition to the responsibilities provided for in
the Corporate Reorganization Act of Japan, will:
(1) Submit to the Tokyo District Court a written report
provided for in paragraph 1 of Article 84 of the Corporate
Reorganization Act before March 19, 2010;
(2) Prepare a written report and profit and loss statement
with respect to the management of the Debtors' business
and property every month, and submit the written report,
accompanied by a copy of profit and loss statements, to
the court by the last day of the next month;
(3) Prepare a balance sheet before the evaluation of property
at the time of commencing the corporate reorganization
proceedings, and thereafter promptly submit it to the
court;
(4) Prepare a balance sheet and an inventory of property and
submit it to the court; and
(5) Prepare a document stating the total amount of assets
based on liquidation value and going concern value at the
time of preparing a proposed reorganization plan, and a
profit and loss statement during the period until the time
of preparing a proposed reorganization plan after
commencing the corporate reorganization proceedings, and
submit them to the court with a proposed reorganization
plan.
The Debtors, creditors, shareholders, the labor unions, and all
other parties-in-interest are given until February 19, 2010, to
state their opinion in writing with respect to the appointment of
trustees.
Under the commencement order, the Trustees received authority to
pay and honor outstanding obligations to the Debtors' customers,
vendors, employees and business partners in the ordinary course of
business. Consistent with the order, the Trustees intend to honor
those obligations, including, without limitation, paying any trade
claims as and when those claims come due, and continuing the
Debtors' frequent flyer program (i.e., JAL Mileage Bank program)
to preserve their customers' mileage points and loyalty awards.
To ensure sufficient liquidity to satisfy those obligations, the
Enterprise Turnaround Initiative Corporation of Japan and the
Development Bank of Japan have committed to provide the Debtors
approximately $5 billion of postpetition financing to effectuate
the reorganization and to ensure that the Debtors maintain their
businesses and safe flight operations without disruption during
the pendency of the Japan Proceeding.
The Tokyo District Court set these dates for filing reorganization
claims:
March 19, 2010 - Deadline for filing reorganization claims
April 30, 2010 - Date for admission or denial for filed
reorganization claims to be made
May 10 to
May 24, 2010 - Deadline for ordinary investigation of filed
reorganization claims
The Trustees are given by the Tokyo District Court until June 30,
2010, to file a proposed reorganization plan. The Debtors,
creditors who made a filing of reorganization claims, and
shareholders may submit their proposed reorganization plans until
May 31, 2010.
A full-text copy of the Commencement Order signed by the Tokyo
District Court is available for free at:
http://bankrupt.com/misc/jal_1storder.pdf
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JAPAN AIRLINES: U.S. Court Issues Show Cause Order for Injunction
-----------------------------------------------------------------
At the behest of Eiji Katayama, Esq., Abe, Ikubo & Katayama, in
his capacity as the foreign representative to Japan Airlines
Corporation, Japan Airlines International Co., Ltd., and JAL
Capital Co., Ltd., Judge James Peck issued a show cause order
directing all parties-in-interest to convene on January 28, 2010,
at 2:00 p.m., to show why a preliminary injunction should not be
granted, pending the issuance of an order recognizing the Japan
Proceeding as a "foreign main proceeding" as defined in Section
1502(4) of the Bankruptcy Code.
Pending entry of further order of the U.S. Court, Judge Peck, on
January 19, 2010, ruled that the protections of Sections 361 and
362 of the U.S. Bankruptcy Code, to the extent applicable, apply
to the Debtors and their assets in the United States.
Pending further order of the Court:
(a) the Foreign Representative is established as the
representative of the Debtors with full authority to
administer the Debtors' assets and affairs in
the United States, including, without limitation, making
payments on account of the Debtors' prepetition and
postpetition obligations;
(b) protections of Sections 361 and 362 of the U.S. Bankruptcy
Code apply to the Debtors and their assets in the United
States;
(c) all persons and entities are enjoined from seizing,
attaching and enforcing or executing liens or judgments
against the Debtors' property in the United States or from
transferring, encumbering or otherwise disposing of or
interfering with the Debtors' assets or agreements in the
United States without the express consent of the Foreign
Representative;
(d) all persons and entities are enjoined from commencing or
continuing, including the issuance or employment of
process of, any judicial, administrative or any other
action or proceeding involving or against the Debtors or
their assets or proceeds thereof, or to recover a claim or
enforce any judicial, quasi-judicial, regulatory,
administrative or other judgment, assessment, order, lien
or arbitration award against the Debtors or their assets
or proceeds thereof.;
(e) the administration and realization of all of the Debtors'
assets in the United States is entrusted to the Foreign
Representative, including all of the Debtors' assets
located in the United States or which may have been
transferred to third parties in the United States; and
(f) the Foreign Representative is given the right and power to
examine witnesses, take evidence or deliver information
concerning the Debtors' assets, affairs, rights,
obligations or liabilities.
The Foreign Representative, in connection with his appointment as
the Debtors' trustee in the Japan Proceeding or as the "foreign
representative" in the Chapter 15 Cases, and the Debtors, are
granted the full protections and rights available pursuant to
Section 1519(a)(1)-(3) of the U.S. Bankruptcy Code.
Pursuant to Rule 65(b) of the U.S. Federal Rules of Civil
Procedure, made applicable to the Chapter 15 Cases by Rule 7065 of
the U.S. Federal Rules of Bankruptcy Procedure, no notice to any
person is required prior to entry and issuance of the Order.
The banks and financial institutions with which the Debtors
maintain bank accounts or on which checks are drawn or electronic
payment requests made in payment of prepetition or postpetition
obligations are authorized and directed to continue to service and
administer the Debtors' bank accounts without interruption and in
the ordinary course and to receive, process, honor and pay any
checks, drafts, wires and automatic clearing house transfers
issued, whether before or after the Petition Date and drawn on the
Debtors' bank accounts by respective holders and makers thereof
and at the direction of the Foreign Representative or the Debtors,
as the case may be.
The Foreign Representative, in court papers filed in the U.S.
Court, asserted that absent a grant of the relief requested, the
Debtors' United States creditors and other parties could threaten
to disrupt the Debtors' operations, including by taking actions
against the Debtors' aircraft temporarily in the United States or
other critical assets. Even the threat of those actions could
undermine the confidence of the Debtors' customers and suppliers,
causing the Debtors considerable distraction as they move forward
with their restructuring in the Japan Proceeding or worse,
disrupting the Debtors' flight operations.
According to David R. Seligman, Esq. at Kirkland & Ellis LLP,
Chicago, Illinois, the Foreign Representative's U.S. counsel,
those developments would hinder the Debtors' ability to operate
its airline business at even the most basic level, causing severe
disruption to the Debtors' flight schedules and seriously damaging
the Debtors' credibility in the marketplace during a time of
heightened scrutiny -- due to the Debtors' pending restructuring -
- and a time of substantial financial distress -- due to the
current global recession.
Atsuro Nishi, managing executive officer of the Americas division
of Japan Airlines International Co., Ltd., in a declaration filed
in support of the request, asserted that the Debtors' objective is
to engage in business as usual following the commencement of the
corporate reorganization proceeding in Japan with as little
interruptions to the Debtors' operations as possible. He
maintained that in light of the facts and circumstances of the
Debtors' cases, immediate relief and the preliminary injunction
requested are necessary and unwarranted.
Paul Wierbicki, Esq., at Kirkland & Ellis LLP, in a separate
affidavit, certified that the Foreign Representative's request for
entry of an order to show cause with temporary restraining order
on an ex parte basis is appropriate.
Naho Ebata, Esq., at Abe, Ikubo & Katayama, in Tokyo, Japan, also
filed a separate declaration stating that the Debtors are seeking
provisional relief under Section 1519 of the U.S. Bankruptcy Code
against litigation parties, lists of which are available for free
at:
* http://bankrupt.com/misc/jal_litigparties.pdf
* http://bankrupt.com/misc/jal_proviparties.pdf
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JAPAN AIRLINES INT'L: JCR Cuts Ratings on Senior Debts to 'D'
-------------------------------------------------------------
Japan Credit Ratings Agency, Ltd., has downgraded the rating on
senior debts of the issuer from C rating placed under Credit
Monitor (#) with Negative direction, #C/Negative, to D.
Japan Airlines International Co., Ltd. resolved to file for
protection under the Corporate Reorganization Law at the board of
directors' meeting held on January 19 and then filed for
bankruptcy with the Tokyo District Court. The Court has accepted
the petition. Upon the Court's acceptance, JCR set the rating on
the Company to "D."
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: To Pay US$3.32MM to Settle Price-Fixing Case
-----------------------------------------------------------------
Hynix Semiconductor agreed to pay US$3.32 million to settle a
claim in the United States accusing the company of price-fixing on
memory chips, Yonhap News Agency reports citing U.S. court record
released Friday.
The news agency relates that a document from the U.S. District
Court for the Northern District of California showed that Hynix
was among six memory chipmakers that have agreed to pay a total of
US$25 million to the plaintiffs, a group of purchasers of static
random access memory (SRAM) chips used for computers and mobile
devices.
Yonhap says court record showed the settlement is subject to the
court's approval. The court is expected to make ruling in the
first half of this year, the report notes.
In 2007, Yonhap recalls, the group of SRAM direct purchasers
lodged a class action suit, claiming that the manufacturers fixed
prices, reduced production and allocated markets and customers for
the sale of SRAM in the U.S. from 1996-2005. Hynix denied all
allegations, according to the court document.
Other memory chipmakers that have agreed to settle are Micron
Technology, Renesas-Hitachi-Mitsubishi, NEC Electronics, Etron
Technology and Integrated Silicon Solution, according to Yonhap.
About Hynix
Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers. The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability. At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.
Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook. Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved. At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured debt
to 'B'/'RR5' from 'B+' and removed it from RWN.
HYUNDAI MOTOR: Car Sales in China Up 93.6% in 2009
--------------------------------------------------
Hyundai Motor Co. and its affiliate Kia Motors Corp. ranked second
in China in the number of vehicles sold last year due to increased
demand for their small-sized cars amid an economic slump, Yonhap
News reports.
Citing data provided by automobile companies in China, Yonhap
discloses that Hyundai Motor and Kia Motors sold a combined
811,695 units of vehicles in China last year. The Korean
companies followed Volkswagen which ranked first by selling 1.39
million units, Yonhap says.
The data showed Hyundai Motor sold 570,309 units in China last
year, up 93.6% on-year while Kia Motors sold 241,386 units, a 70%
increase from a year earlier, according to Yonhap.
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 December 11, 2009, that Fitch Ratings
revised the Outlook on Hyundai Motor's and Kia Motors' foreign
currency Long-term Issuer Default Ratings to Positive from
Negative, and simultaneously affirmed them at 'BB+'. The agency
also affirmed the 'BB+' rating on both companies' senior unsecured
debt and the Short-term IDRs at 'B'.
HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.
KIA MOTORS: 2009 Car Sales in China Increase 70%
------------------------------------------------
Hyundai Motor Co. and its affiliate Kia Motors Corp. ranked second
in China in the number of vehicles sold last year due to increased
demand for their small-sized cars amid an economic slump, Yonhap
News reports.
Citing data provided by automobile companies in China, Yonhap
discloses that Hyundai Motor and Kia Motors sold a combined
811,695 units of vehicles in China last year. The Korean
companies followed Volkswagen which ranked first by selling 1.39
million units, Yonhap says.
The data showed Hyundai Motor sold 570,309 units in China last
year, up 93.6% on-year while Kia Motors sold 241,386 units, a 70%
increase from a year earlier, according to Yonhap.
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 December 11, 2009, that Fitch Ratings
revised the Outlook on Hyundai Motor's and Kia Motors' foreign
currency Long-term Issuer Default Ratings to Positive from
Negative, and simultaneously affirmed them at 'BB+'. The agency
also affirmed the 'BB+' rating on both companies' senior unsecured
debt and the Short-term IDRs at 'B'.
HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.
KIA MOTORS: Union Agrees on Wage Deal; Production Resumed
---------------------------------------------------------
Kia Motors Corp. said Friday it resumed production at its plants
across South Korea after reaching an agreement with unionized
workers over a wage deal, according to Yonhap News.
Yonhap says the carmaker's union voted on January 21 for the wage
agreement which freezes basic salaries for this year in return for
a one-time payout of KRW5 million (US$4,400) plus a 300% bonus for
each worker.
Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer. The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses. The Company
also offers concept vehicles and automobile parts. The Company's
products are distributed in both domestic and overseas markets.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating. At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC. The rating outlook is negative. This concludes Moody's
review for downgrade initiated on January 21, 2009.
KUMHO ASIANA: KDB Sticks to Plan to Buy Daewoo Engineering
----------------------------------------------------------
The Korea Development Bank intends to stick to its original plan
to buy Daewoo Engineering & Construction Co. in a bid to help
Kumho Asiana Group, the firm's parent group, avert a liquidity
crisis, Yonhap News reported citing the head of KDB.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2010, Bloomberg News said Kumho Asiana Group agreed to
sell a controlling stake in Daewoo Engineering for KRW2.9 trillion
(US$2.5 billion) to its main creditor Korea Development Bank to
help meet a cash call from banks. The state-owned bank will buy
50% plus one share from the South Korean conglomerate through a
private-equity fund for KRW18,000 a share.
Yonhap says financial investors of Daewoo Engineering oppose the
transfer of their stakes at the offered price, however, suggesting
they would invest around KRW2.2 trillion in Kumho Industrial Co.,
the biggest shareholder of Daewoo Engineering, to secure
managerial rights to the firm.
"As there is a time constraint to push for the restructuring of
Kumho Group, we cannot switch the (overhaul) process whenever an
alternative comes out," Yonhap quoted Min Euoo-sung, president of
KDB Financial Group, as saying. "As the investment plan suggested
by financial investors does not have sufficient details, we cannot
wait blindly."
The KDB, however, said it could carefully consider an alternative
with open-minded attitude if the suggestion helps the group make a
turnaround.
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, after acquiring it in 2006 for KRW6.4 trillion.
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.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.
According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion. Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.
About Kumho Asiana
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.
KUMHO ASIANA: Units' Debt-Workout Plans Due Next Month
------------------------------------------------------
The Korea Herald reports that the creditors of Kumho Industrial
Co. and Kumho Tire, two units of Kumho Asiana Group, have started
conducting due diligence and are likely to come up with the
details of the debt-workout plans next month.
The report, citing industry officials, says the creditors have
named two accounting and consulting firms PricewaterhouseCoopers
Korea and Deloitte Anjin LLC, to begin due diligence of the two
financially troubled firms.
The consulting firms may take about two months to deliver reports
but creditors decided to conclude the process earlier than
previously planned to speed up normalizing management of the two
cash-scrapped companies, the report says.
The Herald relates industry officials said creditors and the two
units of Kumho Asiana will likely sign a memorandum of
understanding for implementing final work-out programs by the end
of March.
Creditors said in its preliminary report that said the two
companies' business potential and value are greater than their
disposable assets, the report notes. "We have concluded that with
debt rescheduling program, the companies would be able to continue
their businesses," the Herald quoted an official from one of
creditors as saying.
Creditor banks of Kumho Industrial and Kumho Tire earlier this
month agreed to freeze debt repayments by the two companies for
three months. During the period, the creditors will come up with
a plan to put the two Kumho units back on track after a due
diligence is conducted.
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, after acquiring it in 2006 for KRW6.4 trillion.
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.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.
According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion. Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.
About Kumho Asiana
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
===============
OILCORP BERHAD: Defaults on MYR1.53 Mil. Interest Payment
----------------------------------------------------------
Oilcorp Berhad said it fails to pay an interest amount of
MYR1,530,180.82 due on January 21, 2010, under the Facility
Agreement dated January 8, 2007, between RHB Investment Bank
Berhad, Prima Uno Berhad and Oilcorp under a Primary
Collateralised Loan Obligation Transaction.
Oilcorp Berhad had said it received on November 16, 2009, a
declaration of default under this facility agreement.
The outstanding amount demanded under the facility to be
immediately due and payable as at January 21, 2010, are:
Principal amount due: MYR40,000,000.00
Interest amount due: MYR1,530,180.82
----------------
Total amount: MYR41,530,180.82
Prima Uno Berhad may commence legal action against the Company if
it fails to pay the amount due, together with all interest
accruing in accordance to the terms of the facility until date of
full payment.
The Company said it is seeking legal advice on the matter.
About Oilcorp Berhad
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.
POLY TOWER: Seeks More Time to Submit Regularization Plan
---------------------------------------------------------
Poly Tower Ventures Berhad has submitted an application with the
Bursa Malaysia Securities Berhad to seek an extension of time for
submitting a regularization plan pursuant to paragraph 8.04(3) of
the Main Market LR.
The extension request is currently pending Bursa's approval.
Hence, Poly Tower said the bourse deferred de-listing procedures
against the Company.
Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company. The Company's segments include investment holding and
property investment, manufacturing, and trading. The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment. The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.
Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.
WWE HOLDINGS: Updates Bursa Malaysia on Jeddah Branch Case
----------------------------------------------------------
WWE Holdings Bhd provided Bursa Malaysia Securities Bhd an update
on the case of notification against the Company's Jeddah Branch by
Civil Works Company Limited.
WWE said that at the court session held on January 20, 2010, the
Jeddah Grievance Council made these decisions:
* Appointment of an Independent Engineer Office to look into
the Case and to submit the technical report within four (4)
months from January 20, 2010.
The Jeddah Grievance Council will review the said technical
report after receiving the same from the Independent Engineer
Office.
* Combined hearing on two different suits. The Company
announced on November 11, 2009, that the Jeddah Grievance
Council decided to hear the SR20.4 million (approximately
MYR18,375,340.80) Performance Bond for the Project liquidated
by CWC as a separate hearing from the Case.
WWE Holdings' branch office in Jeddah had been served with a case
of notification dated July 3, 2007, by the solicitors of Civil
Works Company Limited, Kingdom of Saudi Arabia as Plaintiff.
The case of notification is pertaining to the "The Construction of
Branch Sewer Networks in North Central Districts of Jeddah, Saudi
Arabia". The Plaintiff is the main contractor and the company has
been appointed as the sub contractor for the JSN Project. The
plaintiff claiming for damages of Saudi Riyal 125.94 million
(approximately MYR115.91 million).
About WWE Holdings
WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities. The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater. On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company. Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.
=================
S I N G A P O R E
=================
CIRCUITCRAFT PTE: Creditors' Proofs of Debt Due February 22
-----------------------------------------------------------
Circuitcraft Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by Feb. 22,
2010, to be included in the company's dividend distribution.
The company's liquidator is:
Yiong Kok Kong
c/o 19 Keppel Road
#02-01 Jit Poh Building
Singapore 089058
COMPLIMENT MARKETING: Court to Hear Wind-Up Petition on February 5
------------------------------------------------------------------
A petition to wind up the operations of Compliment Marketing (Imp
& Exp) Pte Ltd will be heard before the High Court of Singapore on
February 5, 2010, at 10:00 a.m.
Standard Chartered Bank filed the petition against the company on
January 12, 2010.
The Petitioner's solicitors are:
Rajah & Tann LLP
4 Battery Road, #15-01
Bank of China Building
Singapore 049908
EXPRESSWAY LOGISTICS: Court to Hear Wind-Up Petition on February 5
------------------------------------------------------------------
A petition to wind up the operations of Expressway Logistics Pte
Ltd will be heard before the High Court of Singapore on Feb. 5,
2010, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on January 12,
2010.
The Petitioner's solicitors are:
Khattarwong
No. 80 Raffles Place #25-01
UOB Plaza 1
Singapore 048624
LEUN WAH: Creditors' Proofs of Debt Due February 5
--------------------------------------------------
Creditors of Leun Wah Electric Company (Private) Ltd, which is in
liquidation are required to file their proofs of debt by Feb. 5,
2010, to be included in the company's dividend distribution.
The company's liquidator is:
Tam Chee Chong
c/o 6 Shenton Way, #32-00
DBS Building Tower Two
Singapore 068809
LINK-ZONE PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on January 15, 2010,
to wind up the operations of Link-Zone Pte Ltd.
Standard Chartered Bank filed the petition against the company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre, East Wing
Singapore 069118
MEUCCI SOLUTION: Creditors' Proofs of Debt Due February 22
----------------------------------------------------------
Creditors of Meucci Solution Sasia Pte. Ltd., which is in members'
voluntary liquidation are required to file their proofs of debt by
February 22, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Eu Chee Wei David
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
ORIENT TELECOMMUNICATIONS: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Singapore entered an order on January 15, 2010,
to wind up the operations of Orient Telecommunications Networks
Pte Ltd.
Tam Chee Chong filed the petition against the company.
The company's liquidator is:
Tam Chee Chong
Care of Deloitte & Touche Financial Advisory Services
6 Shenton Way
#32-00, DBS Building Tower Two
Singapore 068809
SEMBAWANG MUSIC: Creditors' Proofs of Debt Due February 5
---------------------------------------------------------
Sembawang Music Centre Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by February 5, 2010, to
be included in the company's dividend distribution.
The company's liquidators are:
Mick Aw Cheok Huat
Neo Keng Jin
c/o 10 Anson Road
#29-15 International Plaza
Singapore 079903
SENRI ELECTRONICS: Creditors' Proofs of Debt Due February 22
------------------------------------------------------------
Senri Electronics (1997) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 22, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Yiong Kok Kong
c/o 19 Keppel Road
#02-01 Jit Poh Building
Singapore 089058
SUBSEA FLUIDS: Meetings Set for January 29
------------------------------------------
Subsea Fluids Pte Ltd, which is in liquidation, will hold a
meeting for its contributories and creditors on January 29, 2010,
at 4:00 p.m. and 4:30 p.m. respectively.
Agenda of the meetings includes:
a. to update on the status of liquidation;
b. to consider and if thought fit to appoint a committee of
inspection; and
c. discuss other business.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
TAKASHIMA PRO: Creditors' Proofs of Debt Due March 5
----------------------------------------------------
Takashima Pro Eco (Singapore) Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by March 5,
2010, to be included in the company's dividend distribution.
The company's liquidator is:
Heng Lee Seng
15 Hoe Chiang
Road #12-02 Tower Fifteen
Singapore 089316
*********
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 2010. 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 ***