/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100216.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 Tuesday, February 16, 2010, Vol. 13, No. 032 Headlines A U S T R A L I A ABC LEARNING: Federal Court Summons Whole ABC Board BURRANGONG MEAT: Support Services Set Up to Help Affected Staff COEUR D'ALENE: Provides More Info. on $100-Mil. Notes Offering GLOBAL MORTGAGE: Shareholder Files Wind-up Petition GRIFFIN COAL: Miner Tony Sage Eyes Buyout of Assets NSW SUGAR: Receivership Looms Over Legislation, Fuel Issues SEYCHELLES: Fitch Assigns 'B-' Rating on US$169 Mil. Bonds SPA CHAKRA: Sets Hercules-Led Auction on February 24 C H I N A COUNTRY GARDEN: Consent Solicitation Won't Affect S&P's BB Rating GENERAL MOTORS: Hummer Sale Deadline Extended to End of Feb. H O N G K O N G 3CM MEDIA: Creditors' Proofs of Debt Due March 15 ALLIED INDUSTRIAL: Creditors Get 0.15% Recovery on Claims ASIA ALUMINUM: Sutton and Yu Appointed as Liquidators ASIA PACIFIC SP: Court Enters Wind-Up Order ASIAHQ LIMITED: Court to Hear Wind-Up Petition on March 17 BEAUTY CHOICE: Court Enters Wind-Up Order BEST KNIT: Creditors' Proofs of Debt Due March 19 BPI CHARITY: Placed Under Voluntary Wind-Up Proceedings BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on March 17 CAMELOT HONG KONG: Court Enters Wind-Up Order CBN CHINA: Creditors' Proofs of Debt Due March 12 CITIC PACIFIC: Moody's Changes Outlook on 'Ba1' Rating to Stable CITIC PACIFIC: Unit Buys 20% Stake in CTM for HK$1.4 Billion CONCORD ENTERPRISES: Lai and Haughey Appointed as Liquidators COWSLIP COMPANY: Creditors' Proofs of Debt Due March 16 D.B. ZWIRN: Members' Final Meeting Set for March 15 DADE BEHRING: Members' Final Meeting Set for March 12 EAST WAY: Court Enters Wind-Up Order ENRON (CHINA): Creditors' Meeting Set for February 23 ETERNAL FIDELITY: Placed Under Voluntary Wind-Up Proceedings FEIN & CO: Contributories and Creditors to Meet on Feb. 23 FULLEASY LIMITED: Members' Final Meeting Set for March 3 * S&P Puts Ratings on Five Tranches on CreditWatch Positive I N D I A AIR INDIA: Has INR1,725cr in Fuel Dues, Times of India Says DYNAMIC INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit KINGFISHER AIRLINES: AAI Rejects Request to Waive Interest Dues POPULAR VEHICLES: CRISIL Reaffirms 'B' Rating on INR59.3MM LT Loan RAMANI EXPORTS: CRISIL Assigns 'P5' Ratings on Various Bank Debts TEXAS WOOLLEN: CRISIL Assigns 'BB+' Rating on INR80 Mil. Term Loan I N D O N E S I A GARUDA INDONESIA: Concludes Corporate Sales Deal with Shell J A P A N HUIS TEN: H.I.S. Agrees to Provide Financial Aid JAPAN AIRLINES: Delays Release of FY2009 Financial Results JAPAN AIRLINES: Applies to Revise Cargo Fuel Surcharge K O R E A KUMHO ASIANA: Creditors to Provide KRW60-Bil. Funds to Petrochem M A L A Y S I A OILCORP BERHAD: Proposed Listing of Unit on London Bourse Aborted N E W Z E A L A N D AUTEL TV: Placed Into Receivership; McGrathNicol Appointed MONACO VILLAGE: Court Grants Investor Liquidation Bid WILLIAM HILL: To Continue Trading as Receivers Seek Buyers P H I L I P P I N E S ATLAS CONSOLIDATED: To Reopen Palawan Mine on Higher Nickel Prices METROPOLITAN BANK: Moody's Cuts Step-Up Callable Secs. to B2 RIZAL COMMERCIAL: Moody's Cuts Step-Up Callable Secs. to B3 S I N G A P O R E AMMARINE YACHT: Creditors' Proofs of Debt Due March 11 BAYAN HOLDINGS: Creditors' Proofs of Debt Due March 12 COMPLIMENT MARKETING: Court Enters Wind-Up Order ENG HUAT: Creditors' Proofs of Debt Due March 8 EXPRESSWAY LOGISTICS: Court Enters Wind-Up Order GEOWIN CONSTRUCTION: Creditors Get 100% Recovery on Claims X X X X X X X X * BOND PRICING: For the Week to February 8 to February 12, 2010 - - - - - ================= A U S T R A L I A ================= ABC LEARNING: Federal Court Summons Whole ABC Board --------------------------------------------------- Liam Walsh at The Courier Mail reports that the whole board of ABC Learning Centres and founder Eddy Groves's brother-in-law have been issued summons for a courtroom examination into the childcare operator's collapse. The report says that names listed in a Federal Court order published this month include: - ex-ABC chairwoman Sallyanne Atkinson; - founder Eddy Grove; - co-founder and Mr. Grove's ex-wife Le Neve Groves; - former director Bill Bessemer; - company secretary and general counsel Matthew Horton; and - Mr. Groves's brother-in-law Frank Zullo, whose maintenance company won over AU$100 million in contracts with ABC. Administrators Ferrier Hodgson since December 2009 have run a public examination into the company's collapse. The next hearings are due to take place in March and April, the report notes. Based in Australia, ABC Learning Centers Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education in more than 1,200 centers in Australia, New Zealand, the United States and the United Kingdom. The Company's subsidiaries include A.B.C. Developmental Learning Centers Pty Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier Early Learning Centers Pty Ltd., A.B.C. Developmental Learning Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings (NZ) Limited and Child Care Centers Australia Ltd. On January 26, 2007, it acquired La Petite Holdings Inc. On February 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the Company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. In June 2008, the Company completed the sale of a 60% stake in its United States business to Morgan Stanley Private Equity. * * * As reported in the Troubled Company Reporter-Asia Pacific on November 6, 2008, ABC Learning Centers Limited appointed Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary administrators of the company and a number of its subsidiaries. Subsequent to the appointment of administrators, the company's banking syndicate appointed Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers. BURRANGONG MEAT: Support Services Set Up to Help Affected Staff --------------------------------------------------------------- The Sydney Morning Herald reports that support services have been set up for the 300 workers left without jobs after Burrangong Meat Processors went bust earlier this month. According to the report, a team of government support staff have set up a shopfront in Young offering support to businesses affected by the closure. NSW Regional Development Minister Ian Macdonald said federal and state government and non-government agencies had mobilized to support the people of Young, the report says. The Herald relates the shopfront at Lovall Street will offer personal and financial counseling services, advice and assistance from the Office of Fair Trading, Legal Aid and Industry and Investment NSW. Mr. McDonald said the government was working with Burrangong's receiver to ensure that any interest expressed in the operating the facility was pursued, according to the Herald. As reported in the Troubled Company Reporter-Asia Pacific on February 3, 2010, more than 300 abattoir workers at Burrangong Meat Processors in the southwest New South Wales town of Young have lost their jobs after the town's biggest employer closed its doors. Employees were called into a meeting on Tuesday and told the plant had been placed into receivership and was closing immediately. Burrangong Meat Processors Pty Ltd -- http://www.bmpmeat.com.au/ -- is owned and operated by The Edmonds Group, an Australian meat processing and distribution company established in 1984. COEUR D'ALENE: Provides More Info. on $100-Mil. Notes Offering -------------------------------------------------------------- Coeur d'Alene Mines Corporation filed certain exhibits in connection with its public offering of $100,000,000 aggregate principal amount of its Senior Term Notes due December 31, 2012, and a number of shares of common stock of the Company equal to $3,750,000 divided by 90% of the average of the four lowest daily volume weighted average prices of the shares of common stock of the Company during the ten trading days commencing February 8, 2010. On February 5, 2010, the Company filed, pursuant to Rule 424(b) under the Securities Act, a prospectus supplement, dated February 5, 2010, relating to the public offering of the Shares and the Notes. Settlement of the Shares is expected to occur on or around February 23, 2010. The Company issued and sold the Notes on February 5, 2010. The Notes were issued under an indenture, dated as of February 5, 2010, between the Company and The Bank of New York Mellon, as trustee, as supplemented by a first supplemental indenture, dated as of February 5, 2010, among the Company and the Trustee. On August 31, 2009, Coeur d'Alene Mines Corporation filed an automatically effective registration statement on Form S-3 with the Securities and Exchange Commission, relating to the public offering, pursuant to Rule 415 under the Securities Act of 1933, as amended, of an unlimited amount of common stock, preferred stock, debt securities, warrants, depositary shares, purchase contracts, guarantees and units of the Company. All amounts due under the notes may be paid in cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock. The stated rate of interest on the Notes is 6.5%, but payments made under the notes will be computed to give effect to recent share prices. Shares issued in payment of amounts due under the notes will be valued at 90% of the average of the four lowest daily volume weighted average prices of the Company's common stock over a ten trading day period ending shortly before the payment date. Up to 50% of any payment may be paid in cash without any adjustment to give effect to share prices. If the cash portion of any payment exceeds 50%, then the excess cash amount will be paid in an amount equal to the market value of the number of shares that would have been issued for the excess amount if the Company had paid the excess amount in common stock. Principal and interest on the Notes are payable quarterly on March 31, June 30, September 30 and December 31 of each year, beginning on March 31, 2010. The Notes mature on December 31, 2012, unless earlier redeemed or repurchased by the Company. The Notes are unsecured. The Shares and the Notes were sold pursuant to a Securities Purchase Agreement among the Company, Sonoma Capital Offshore, Ltd., Sonoma Capital, L.P., Manchester Securities Corp, JGB Capital L.P., JGB Capital Offshore Ltd. and SAMC LLC dated as of February 5, 2010. The closing of the sale of the Shares and the Notes occurred on February 5, 2010. The net proceeds payable from the offering of the Shares and the Notes, after deducting fees and expenses, were approximately $99.5 million and will be used for general corporate purposes. A full-text copy of the senior debt securities indenture is available for free at http://ResearchArchives.com/t/s?5221 About Coeur d'Alene Mines Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM, ASX:CXC) is one of the world's leading silver companies and also a significant gold producer. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC. At September 30, 2009, the Company had $3,059,759,000 in total assets, including cash and cash equivalents of $45,603,000; against $193,341,000 in total current liabilities and $888,959,000 in total long-term liabilities. At September 30, 2009, the Company had accumulated deficit of $419,574,000 and stockholders' equity of $1,977,459,000. Coeur d'Alene Mines had $402.2 million in accumulated deficit as of June 30, 2009. As reported by the Troubled Company Reporter on August 11, 2009, Standard & Poor's Ratings Services raised its corporate credit rating on Coeur D'Alene Mines to 'B-' from 'CCC' and raised the ratings on the company's $180 million senior unsecured notes due 2024 ($106 million outstanding) and $230 million senior unsecured notes due 2028 ($150 million outstanding) to 'CCC+' from 'CCC-'. The recovery rating on the notes remains unchanged at '5'. S&P removed the corporate credit and issue-level ratings from CreditWatch, where they were placed with positive implications on May 18, 2009. The outlook is positive. GLOBAL MORTGAGE: Shareholder Files Wind-up Petition --------------------------------------------------- The Herald Sun reports that the mortgage broking industry faces another consolidation as the industry awaits the outcome of a court hearing involving Global Mortgage Equity Corporation, one of Australia's leading home loan broking groups. Zoltan Tomanovic, a shareholder of GMEC, has applied to wind up the company in the NSW Supreme Court and the move could have big implications for mortgage brokers and sports sponsorship deals, the report says. If the court decides to appoint a liquidator, says Herald Sun, GMEC's businesses -- including a broking arm servicing more than 40 home loan centers in NSW, Queensland and Victoria and AU$212 million of mortgage assets -- could be put up for sale. According to Herald Sun, such decision would also have implications for Commonwealth Bank, which has a AU$9.45 million loan to the Mortgage House entity. Herald Sun discloses that GMEC announced a profit of AU$3.7 million for the 2008 financial year. However, the report recalls, auditor Jeff Chamberlain of Ernst & Young noted in April there was "material uncertainty" on whether Mortgage House of Australia Pty Ltd could continue as a going concern because of the need to renew finance facilities. The Herald Sun relates that the auditor cast doubt on whether Mortgage House would be able to realize its assets and extinguish its liabilities in the normal course of its business. Global Mortgage Equity Corporation owns Mortgage House of Australia Pty Ltd, one of the country's largest home loan broking networks. GRIFFIN COAL: Miner Tony Sage Eyes Buyout of Assets --------------------------------------------------- West Australian mining entrepreneur Tony Sage is close to finalizing due diligence on failed Griffin Coal Mining Co., Sarah-Jane Tasker writes for The Australian. According to the report, Mr. Sage said he was considering making a bid for the company at the debt level, instead of picking over its various assets. The move would be similar to his mining vehicle Cape Lambert's purchase of the debt of failed Queensland miner Copper Co, he added. "We are treading carefully and the due diligence is expected to be complete in a fortnight," the report quoted Mr. Sage as saying. Mr. Sage said that once the due diligence was completed, he would start talking to key stakeholders of the group, The Australian relates. The Australian notes Griffin Coal has about AU$1 billion of unsecured debts but Mr. Sage said that it was likely to be up to AU$3 billion. About Griffin Coal Based in Australia, The Griffin Coal Mining Company Pty Ltd -- http://www.griffincoal.com.au/-- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. * * * As reported by the Troubled Company Reporter-Asia Pacific on January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as administrator with total debts amounting to about AU$700 million. The coal supplier defaulted on an interest payment in December to bondholders owed US$475 million and also missed a payment to Australia's tax authority. NSW SUGAR: Receivership Looms Over Legislation, Fuel Issues ----------------------------------------------------------- The New South Wales Sugar Milling Co-operative said legislation and fuel issues are threatening the viability of the region's two co-generation plants, ABC News reports. Chris Connors, the chief executive of New South Wales Sugar, said the plants could go into receivership unless there's a significant financial turnaround, the report says. "Both plants are under severe pressure, so at this point in time, nothing is in receivership or in liquidation or anything like that, but they are under pressure and unless there is some changes fairly quickly then I think then there is a possibility that it could go into receivership," the report quoted Mr. Connors as saying. "The renewable energy plants sit by themselves, they're held by a separate company and there's no cross security against that so the co-op itself is quite fine," he said. The New South Wales Sugar Milling Co-operative Limited -- http://www.nswsugar.com.au/-- was formed when cane growers purchased the three New South Wales sugar mills from CSR in 1978. The mills are located at Condong on the Tweed River, Broadwater on the Richmond River and Harwood on the Clarence River. The Co-operative now operates a sugar refinery which is located alongside the Harwood Mill. This is owned by a joint venture company, Manildra Harwood Sugars, in which the Co-operative is a 50% partner with Manildra Flours. In 2008, the New South Wales Sugar Milling Co-operative Ltd, in partnership with Delta Electricity, commissioned two cogeneration power plants at Broadwater and Condong which generate renewable electricity by using bagasse, a material left over after sugar cane stalks are crushed, as fuel. SEYCHELLES: Fitch Assigns 'B-' Rating on US$169 Mil. Bonds ----------------------------------------------------------- Fitch Ratings has assigned Seychelles' new US$169 million discount bond a Long-term foreign currency rating of 'B-'. The bond was issued as part of a debt exchange with Seychelles' creditors following its 2008 default on certain notes. The rating on the bond, which is subject to English law, is equal to the Long-term foreign currency Issuer Default rating of Seychelles assigned on 1 February 2010. The Outlook on the foreign currency IDR is Positive. Seychelles defaulted on the scheduled repayment of its EUR55 million promissory note in July 2008 and the coupon due on its US$230 million eurobond in October 2008. Negotiations with creditors over US$321 million in foreign currency liabilities (including US$9m worth of commercial loans from banks) has now resulted in the issue of a new discount bond that will see investors take a haircut of 50% on the face value of their claims; a six-year grace period on principal repayments (the bond will pay out in 20 equal installments over 2016-2026); and a step-up in interest payments to 8% from 3% over the life of the bond. The interest payments on the new discount bond also benefit from a partial guarantee of up to US$10m from the African Development Bank. On 12 April 2010 Seychelles will also make a "goodwill" payment at the rate of US$10.44 per US$100 of the face value of the new bond (i.e. a total of about US$18m) towards its past-due interest bill. Moreover, the bond also espouses a principal re-instatement clause that will grant bondholders an additional 25% of the face value of the new bond (US$42.3m) if Seychelles fails to pass the International Monetary Fund's first review of its three-year extended fund facility by the end of 2010. Following the debt exchange and earlier write-offs from the Paris Club and other bilateral creditors, the maturity profile of external public debt is significantly improved and the debt burden materially lowered to a projected 50% of GDP in 2010 from 144% in 2008. The sovereign's immediate financing needs have been significantly reduced to less than US$30 million per annum (3% of GDP) over 2010-11, which can be met out of the disbursements from multilateral agencies and the primary fiscal surpluses Seychelles is required to run under the IMF programme. The sovereign rating also takes into account Seychelles' history of macroeconomic and fiscal mismanagement, narrow economic base, still high debt levels, large current account deficit and low levels of foreign exchange reserves that render it susceptible to external shocks. These factors continue to constrain the rating. On a positive note, the authorities are implementing an ambitious and challenging reform programme including the floating of the exchange rate, elimination of subsidies, and extensive public sector downsizing. Fiscal performance has been impressive, outperforming IMF targets despite a sharp drop in GDP, and inflation has been significantly reduced. The extension of an IMF programme to a three-year EFF is testament to the authorities' long-term commitment to reform despite ongoing challenges. As a result, Fitch expects Seychelles' credit profile to gradually improve, consistent with the Positive Outlook on the rating. SPA CHAKRA: Sets Hercules-Led Auction on February 24 ---------------------------------------------------- Bill Rochelle at Bloomberg News reports that Spa Chakra Inc. is holding an auction on Feb. 24 to learn if anyone will beat the offer from Hercules Technology Growth Capital Inc., which proposes to buy the business mostly in exchange for secured debt. Other bids are due Feb. 23. The hearing for approval of the sale will take place Feb. 25. Palo Alto, California-based Hercules is offering $8 million, mostly by exchanging a portion of the $13.8 million in secured debt it held when the Chapter 11 case began in December. Initially founded in 1998 in Australia, Spa Chakra has continued to expand both domestically and overseas. Uniquely positioned in the marketplace, Spa Chakra has developed an award winning network of 16 luxury spas worldwide. Spa Chakra represents leading high- end luxury cosmetic and spa brands and is recognized as one of the top spa operators in the world. The Company filed a balance sheet showing assets of $28.4 million and debt totaling $22.9 million. The largest liability is a $11.1 million loan from Hercules. Spa Chakra, Inc., said it is proceeding towards a sale of substantially all of its assets to Hercules Technology Growth Capital. As part of the process to successfully complete the sale, Spa Chakra has filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for New York (Bankr. S.D.N.Y. Case No. 09-17260). ========= C H I N A ========= COUNTRY GARDEN: Consent Solicitation Won't Affect S&P's BB Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings and outlook on Country Garden Holdings Co. Ltd. (BB/Stable/--) are not immediately affected by a possible solicitation of consent from bond holders to amend certain covenants of the company's US$375 million senior unsecured notes due 2014. The 'BB-' issue rating on this debt considers subordination risks because priority debt represents more than 15% of total assets. S&P understands from Country Garden that it is currently in compliance with its bond covenants. Nevertheless, if the company does not obtain consent from bond holders, its business plan for Asian Games City -- a major development project in Guangzhou acquired in December 2009 -- may be affected. Whether or not Country Garden receives consent, S&P expects the impact on the company's liquidity to be limited. Country Garden's cash flow and financial prospects could change, however, depending on the outcome of the solicitation. GENERAL MOTORS: Hummer Sale Deadline Extended to End of Feb. ------------------------------------------------------------ China's Sichuan Tengzhong Heavy Industrial Machinery Co., and General Motors Co. have agreed to postpone until the end of February 2010 a definitive agreement that will allow the Chinese car manufacturer to acquire GM's all-terrain Hummer brand, GM officials told Bloomberg on January 31, 2010. The parties have agreed to extend the January 31 deadline as they await Beijing's approval for the deal to proceed. Sources close to the deal commented that one major challenge that the sale has to go through is to convince Chinese regulators that Hummer can make trucks that are better in terms of fuel and environment conservation than its current lineup, The Wall Street Journal said on February 2. "While the transaction approval process is not proceeding as quickly as originally forecasted, we're optimistic about the progress that has occurred to date," Jim Taylor, Hummer's chief executive officer, told Bloomberg in an e-mailed statement. "There are more than 3,000 people directly employed in the design, build and sale of Hummer vehicles. As such, we are committed to giving the sale every reasonable opportunity toward a successful conclusion," Mr. Taylor added. 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) ================ H O N G K O N G ================ 3CM MEDIA: Creditors' Proofs of Debt Due March 15 ------------------------------------------------- Creditors of 3CM Media Limited, which is in creditors' voluntary liquidation, are required to file their proofs of debt by March 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 1, 2010. The company's liquidators are: Stephen Briscoe Wong Teck Meng 1801 Wing On House, 18/F 71 Des Voeux Road Central, Hong Kong ALLIED INDUSTRIAL: Creditors Get 0.15% Recovery on Claims --------------------------------------------------------- Allied Industrial Limited, which is in liquidation, paid the third interim dividend to its creditors on February 12, 2010. The company paid 0.15% to all received claims. The company's liquidators are: Desmond Chung Seng Chiong Roderick John Sutton The Hong Kong Club Building, 14/F 3A Chater Road Central, Hong Kong ASIA ALUMINUM: Sutton and Yu Appointed as Liquidators ----------------------------------------------------- Roderick John Sutton and Fok Hei Yu on January 28, 2010, were appointed as liquidators of Asia Aluminum Management Limited. The liquidators may be reached at: Roderick John Sutton Fok Hei Yu c/o Ferrier Hodgson Limited The Hong Kong Club Building, 14/F 3A Chater Road Central, Hong Kong ASIA PACIFIC SP: Court Enters Wind-Up Order ------------------------------------------- The High Court of Hong Kong entered an order December 31, 2009, to wind up the operations of Asia Pacific SP & T Company Limited. The company's liquidator is Lau Siu Hung. ASIAHQ LIMITED: Court to Hear Wind-Up Petition on March 17 ---------------------------------------------------------- A petition to wind up the operations of AsiaHQ Limited will be heard before the High Court of Hong Kong on March 17, 2010, at 9:30 a.m. BEAUTY CHOICE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Hong Kong entered an order January 26, 2010, to wind up the operations of Beauty Choice Limited. The company's liquidator is Lau Siu Hung. BEST KNIT: Creditors' Proofs of Debt Due March 19 ------------------------------------------------- Best Knit Industrial (International) Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 3, 2010 The company's liquidator is: Cheung Yuk Chuen Lee Fung House, Flat 2512 Lee On Estate Ma On Shan, N.T. Hong Kong BPI CHARITY: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on February 1, 2010, creditors of BPI Charity Foundation Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Poon Chi Woo Dominion Centre, Room 1307-8 43-59 Queen's Road East Wanchai, Hong Kong BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on March 17 ----------------------------------------------------------------- A petition to wind up the operations of Business & Industrial Trade Fairs Limited will be heard before the High Court of Hong Kong on March 17, 2010, at 9:30 a.m. The Mandatory Provident Fund Schemes Authority filed the petition against the company on January 7, 2010. CAMELOT HONG KONG: Court Enters Wind-Up Order --------------------------------------------- The High Court of Hong Kong entered an order February 1, 2010, to wind up the operations of Camelot Hong Kong Limited. The company's liquidator is Lau Siu Hung. CBN CHINA: Creditors' Proofs of Debt Due March 12 ------------------------------------------------- Creditors of CBN China Limited, which is in creditors' voluntary liquidation, are required to file their proofs of debt by March 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 5, 2010. The company's liquidator is: Tang Ka Siu Chinachem Hollywood Centre, 9/F 1-13 Hollywood Road Central, Hong Kong CITIC PACIFIC: Moody's Changes Outlook on 'Ba1' Rating to Stable ---------------------------------------------------------------- Moody's Investors Service has changed the outlook on the Ba1 corporate family rating of CITIC Pacific Ltd and the Ba1 bond rating of CITIC Pacific Finance (2001) Ltd to stable from negative. "The change in outlook reflects Moody's opinion that CITIC Pacific's operational and financial profiles have stabilized. The appointment of senior management from CITIC Group seems to have helped the company better focus on its priorities," says Elizabeth Allen, a Moody's VP/Senior Credit Officer. "CITIC Pacific's leverage is still high but further deterioration is unlikely. Its recurring profit and cash flow generation is likely to improve moderately in the next two years, though its debt level is rising further to support its large capex plan at the same time. As a result, its credit metrics will remain weak until contribution from its iron ore mine becomes meaningful, adds Allen. The ratings also reflect the company's significant challenges faced by its core business segments -- iron ore mining, specialty steel, and property development. The execution risk related to the sizeable iron ore project in Australia remains high. The project is scheduled to be completed in 4Q2010. The operating environments across these sectors are inherently cyclical. Mitigating the risks above are the stable cash flows and the diversification offered by CITIC Pacific's infrastructure projects, investment properties, Dah Chong Hong and CITIC1616. The company's liquidity position has also improved from last year reflecting the signing of new committed facilities and the low amount of debt due during the year. Its access to the bank market, and to Chinese banks in particular, is also strengthened by confidence instilled from its close relationship with CITIC Group (Baa2/negative), its 57.6% parent company. The Ba1 ratings incorporate a two-notch uplift from a stand-alone Ba3 rating of the company. The rating uplift reflects the expected strong support from CITIC Group in times of difficulties. CITIC Group's response to CITIC Pacific's derivative losses in late 2008 was a clear demonstration of its willingness and ability to support CITIC Pacific. The stable outlook captures Moody's expectation that CITIC Pacific's overall financial and operating profile will improve after the iron ore mine becomes fully operational. The strong liquidity profile and the pre-funding of major capex also support the rating, despite the weak credit metrics in the next one to two years. The rating is unlikely to be upgraded in the near term due to the weak financial profile. Upward rating pressure could emerge in the medium term, however, if i) CITIC Pacific generates sustainable returns and cash flow, in particular from its property development, specialty steel and iron ore sectors; and ii) lowers its leverage. Credit metrics that Moody's will consider for an upgrade include funds from operations /debt above 15-20% and FFO interest coverage above 4-5x on a sustained basis. Downward rating pressure could evolve if i) the company's investments do not generate satisfactory cash flow and profitability; ii) the iron ore project significantly misses its milestones; and/or iii) its liquidity profile deteriorates. Financial indicators Moody's will look for are FFO/debt failing to rebound to 10-15% and FFO interest coverage failing to rebound to 3-4x in the next 2 years. Should there be a downgrade of CITIC Group's rating, its support level and hence the rating uplift for CITIC Pacific would also be revisited. The last rating action with respect to CITIC Pacific was on February 17, 2009 when the ratings were upgraded from Ba2 to Ba1 with a negative outlook. CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6% owned by CITIC Group. It was one of the first Chinese companies to list and invest outside of China. It is engaged in a range of businesses, including special steel manufacturing, iron ore mining, property development and investment, power generation, aviation, infrastructure, communications and distribution. CITIC Group, headquartered in Beijing, is a conglomerate investment company wholly owned by the State Council of the Chinese government. As of end-2008, it had total consolidated total assets of RMB1,652 billion. CITIC PACIFIC: Unit Buys 20% Stake in CTM for HK$1.4 Billion ------------------------------------------------------------ CITIC 1616, a subsidiary of Citic Pacific Ltd., will buy a 20% stake in Companhia de Telecomunica‡oes de Macau S.A.R.L. from its parent for HK$1.4 billion ($180 million), Bloomberg News reports. CITIC 1616 said in statement that it will pay HK$467 million in cash and issue 405.8 million shares at HK$2.30 for the stake in CTM, Macau's biggest phone company, according to Bloomberg. Citic Pacific is selling assets and reorganizing businesses after booking a $1.9 billion derivatives loss in 2008, Bloomberg says. CITIC 1616 is provides telecom services in the Asia Pacific including Voice Service, Mobile SMS and other value added Services (Signaling Transit, Prepaid roaming and VAS applications), Data Service and Telecom solutions to telecom carriers, mobile operators and ISP. Headquartered in Hong Kong, CITIC Pacific Ltd. -- http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing, property development and investment, power generation, aviation, infrastructure, communications and distribution. It is 29% indirectly owned by China International Trust & Investment Corporation. * * * As reported in the Troubled Company Reporter-Asia Pacific on Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+' long-term corporate credit rating on CITIC Pacific on CreditWatch with positive implications. At the same time, S&P also put the 'BB+' issue rating on CITIC Pacific's outstanding senior unsecured bonds on CreditWatch with positive implications. CONCORD ENTERPRISES: Lai and Haughey Appointed as Liquidators ------------------------------------------------------------- Lai Kar Yan (Derek) and Darach E. Haughey on January 20, 2010, were appointed as liquidators of Concord Enterprises Investments Limited. The liquidators may be reached at: Lai Kar Yan (Derek) Darach E. Haughey One Pacific Place, 35th Floor 88 Queensway Hong Kong COWSLIP COMPANY: Creditors' Proofs of Debt Due March 16 ------------------------------------------------------- Cowslip Company Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by March 16, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 2, 2010 The company's liquidator is: Lo Wai On Park-In Commercial Centre, Room 1901-2 56 Dundas Street Mongkok, Kowloon Hong Kong D.B. ZWIRN: Members' Final Meeting Set for March 15 --------------------------------------------------- Members of D.B. Zwirn Asia Partners Limited will hold their final general meeting on March 15, 2010, at 10:00 a.m., at the Level 28 Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Chan Mi Har and Ying Hing Chiu, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. DADE BEHRING: Members' Final Meeting Set for March 12 ----------------------------------------------------- Members of Dade Behring Hong Kong Limited will hold their final meeting on March 12, 2010, at 11:00 a.m., at the 8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong Kong. At the meeting, Iain Ferguson Bruce, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. EAST WAY: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order February 3, 2010, to wind up the operations of East Way International Express Limited. The company's official receiver is E T O'Connell. ENRON (CHINA): Creditors' Meeting Set for February 23 ----------------------------------------------------- Creditors of Enron (China) Limited will hold their meeting on February 23, 2010, at 10:30 a.m., for the purposes provided for in Sections 245 of the Companies Ordinance. The meeting will be held at the 7/F., Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong. ETERNAL FIDELITY: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------ At an extraordinary general meeting held on January 15, 2010, members of Eternal Fidelity Finance Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chim Fun Lung Tai Yau Building, Room 908-9 181 Johnston Road Wanchai, Hong Kong FEIN & CO: Contributories and Creditors to Meet on Feb. 23 ---------------------------------------------------------- Contributories and creditors of Fein & Co. (Hong Kong) Limited will hold their first meeting on February 23, 2010, at 10:30 a.m., and 11:00 p.m., respectively at the 18th Floor, 1801 Wing On House, 71 Des Voeux Road, Central, in Hong Kong. At the meeting, Stephen Briscoe, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FULLEASY LIMITED: Members' Final Meeting Set for March 3 -------------------------------------------------------- Members of Fulleasy Limited will hold their final meeting on March 3, 2010, at 11:00 a.m., at the Rooms 1801-05, Hua Qin International Building, 340 Queen's Road Central, in Hong Kong. At the meeting, Lam Man Chau, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. * S&P Puts Ratings on Five Tranches on CreditWatch Positive ----------------------------------------------------------- Standard & Poor's Ratings Services placed the ratings on five tranches of Asia-Pacific (excluding Japan) synthetic collateralized debt obligations on CreditWatch with positive implications. To assess the creditworthiness of each class, S&P reviewed the credit quality of the securitized assets using the synthetic overcollateralization scores and results from supplemental tests. These results measure the degree by which the credit enhancement of a tranche exceeds the stressed loss rate assumed for a given rating scenario. Tranches where SROC scores are greater than 100% at the current rating level and at a higher rating level (based on the maximum scenario loss rate, largest obligor test, and largest industry test) have been placed on CreditWatch with positive implications. SROC scores rising above 100% reflect an improvement in the credit quality of the underlying portfolio. Deal Name Rating To Rating From --------- --------- ----------- ARLO Ltd. Series 2006 (SKL CDO Series 11) BpNRi/Watch Pos BpNRi DBS Bank Ltd. SG$100 million portfolio credit-linked notes A-/Watch Pos A- Obelisk Trust 2005-3 Mica CCC+/Watch Pos CCC+ Zenesis SPC Series 2005-3 BBB-/Watch Pos BBB- Zenesis SPC Series 2005-4 BBB/Watch Pos BBB NRi?Interest is not rated. Notes: 1. Where the final price on defaulted reference names in CDO portfolios is not known, S&P's analysis takes into consideration the auction results for these names from the International Swaps and Derivatives Association, Inc. 2. In accordance with the criteria for rating CDO transactions, certain factors such as credit stability and rating sensitivity to modeling parameters may be considered in assigning ratings to CDO tranches, in addition to the supplemental tests, the Monte Carlo default simulation results, and the associated cash flow modeling. Such risks in transactions may be assessed on a case-by-case basis and the ratings may be qualitatively adjusted to a rating level different than that indicated by the various quantitative results. The tranches' final ratings reflect the result of any such qualitative adjustments. The Global SROC Report with the SROC analysis as at Jan. 31, 2010, will be published shortly. In the week following the publication of the report, a full review of the affected tranches of Asia- Pacific synthetic CDOs will be performed and appropriate rating actions, if any, will be taken. The Global SROC Report provides SROC and other performance metrics on more than 3,000 individual CDO tranches. ========= I N D I A ========= AIR INDIA: Has INR1,725cr in Fuel Dues, Times of India Says ----------------------------------------------------------- The National Aviation Corporation of India Ltd., formed after the merger of Air India and Indian Airlines, has emerged as the biggest defaulter with an outstanding fuel bill of INR1,725 crore. According to the report, state-run oil marketers are threatening to stop fuel supplies to NACIL since the entire outstanding is unsecured -- the oil companies neither have a bank guarantee nor post-dated cheques. The Times notes that other two major Indian carriers, Naresh Goyel's Jet Airways and Vijay Mallya's Kingfisher, fare marginally better. "These airlines are clearing their dues slowly and one of them is on cash-and-carry. But NACIL has not made any payment for 8-9 months," the report quoted an oil company executive as saying. As reported in the Troubled Company Reporter-Asia Pacific on June 10, 2009, the National Aviation Company of India Ltd was seeking INR14,000 crore in equity infusion, soft loans and grants to cope up with mounting losses. The TCR-AP, citing the Hindustan Times, reported on June 19, 2009, that Air India has been bleeding due to excess capacity, lower yield, a drop in passenger numbers, an increase in fuel prices and the effects of the global slowdown. Air India's losses have almost doubled to over INR4,000 crore in 2008-09 compared to INR2,226 crore in 2007-08), according to the Hindustan Times. In December, the Air India board decided to initiate a series of major steps to cut costs and enhance savings. The carrier is focusing on cutting costs by INR1,500 crore and increasing revenues by INR1,200 crore as per its turnaround plan, according to the Business Standard. The airline's turnaround plan has been broadly divided into 0-9 months, 9-18 months and 18-36 months, and has been segregated under operational efficiency, product improvement, organization building and financial restructuring, the Business Standard said. About Air India Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout the world. Affiliate Air India Express operates as a low-fare carrier, mainly between India and destinations in the Middle East, and Air India Cargo provides freight transportation. The government of India has merged Air India with another state- controlled carrier, Indian Airlines, which has focused on domestic routes. The combined airline, part of a new holding company called National Aviation Company of India, uses the Air India brand. The new Air India and its affiliates have a fleet of more than 110 aircraft altogether. DYNAMIC INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit --------------------------------------------------------------- CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' on the bank facilities of Dynamic Industries Ltd. Facilities Ratings ---------- ------- INR4 Million Cash Credit Limit BB/Stable (Reaffirmed) INR140 Million Export Packing Credit P4+ (Reaffirmed) INR75 Million Letter of Credit P4+ (Reaffirmed) The ratings continue to reflect DIL's weak financial risk profile, exposure to risks relating to small scale of operations and intense competition in the dyes industry, and large working capital requirements. These rating weaknesses are partially offset by the benefits that DIL derives from the promoters' extensive industry experience in the dye industry. Outlook: Stable CRISIL believes DIL will maintain its existing credit risk profile in the absence of any major debt-funded capex plan and the CRISIL's expectation of revival in demand of dyes. The outlook may be revised to 'Positive' if there is a substantial improvement in company's scale of operations and profitability from current levels. Conversely, the outlook may be revised to 'Negative' in case of a sustained decline in DIL's revenues and profitability, resulting in lower-than-expected cash accruals and deterioration in debt protection metrics. About Dynamic Industries Incorporated in 1989 by Mr. Harin D Mamlatdarna and Mr. Deepak N Choksi, DIL manufactures direct and acid dyes, which are used in leather, textiles and paper industry. It has two manufacturing facilities in Vatva (Gujarat) with a total installed capacity of 3200 tonnes per annum (tpa) as on March 31, 2009. DIL also trades in colour dyes that are not manufactured in its own plant. DIL reported a profit after tax (PAT) of INR2.2 million on net sales of INR413.3 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR1.9 million on net sales of INR411.9 million for 2007-08. KINGFISHER AIRLINES: AAI Rejects Request to Waive Interest Dues --------------------------------------------------------------- The Economic Times reports that the Airports Authority of India (AAI) has turned down a request from Kingfisher Airlines to waive off the interest on dues. An AAI note obtained by ET says "Kingfisher continues to withhold the interest payment of about INR24 crore, saying it has requested the aviation ministry for a waiver. The airline insists that AAI should demand interest payment only after the ministry takes a decision on the issue." ET recalls that Kingfisher had earlier delayed the payment of about INR280 crore in the face of reduced cash flow due to sharp fall in air traffic. The airline, however, cleared the outstanding, following the state-owned airport operator's repeated demands to settle the same, according to ET. An AAI official, who requested anonymity, told ET that Kingfisher had been asking the airport operator to forgo some of the dues of low-cost carrier Air Deccan, which it had acquired. Kingfisher, currently, owes about INR132 crore to the public sector airport operator. About Kingfisher Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., serves about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintains bases in major cities such as Delhi and Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known for its United Breweries unit, and the carrier shares the Kingfisher brand with a popular Indian beer. UB Holdings also owns a stake in another domestic carrier, Air Deccan, whose operations it combined with Kingfisher Airlines in mid-2008. Kingfisher Airlines began flying in 2005. * * * Kingfisher Airlines reported a net loss of INR16.09 billion for the year ended March 31, 2009, compared with a net loss of INR1.89 billion in the year ended March 31, 2008. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41 billion loss incurred in FY 2006. POPULAR VEHICLES: CRISIL Reaffirms 'B' Rating on INR59.3MM LT Loan ------------------------------------------------------------------ CRISIL's ratings on the various bank facilities of Popular Vehicles and Services Ltd, which is part of the Popular group, continue to reflect the group's weak financial risk profile on account of high gearing, and exposure to risks relating to low bargaining power with principal, and intense competition in the automobile dealership market. These weaknesses are, however, partially offset by the group's established presence in the automobile dealership business, and improving revenue mix. Facilities Ratings ---------- ------- INR59.30 Million Long Term Loan B/Stable (Reaffirmed) INR315.30 Million Cash Credit B/Stable (Reaffirmed) INR50.00 Million Short Term loan P4 (Reaffirmed) INR60.00 Million Letter of Credit P4 (Reaffirmed) INR60.00 Million Bank Guarantee P4 (Reaffirmed) For arriving at the ratings, CRISIL has consolidated the business and financial risk profiles of PVSL and PVSL's subsidiary, Popular Mega Motors (India) Ltd, together referred to as the Popular group. This is because both companies are in the same line of business, and have a common management. Outlook: Stable CRISIL believes that the Popular group will maintain a favourable business risk profile, backed by its established market position. The outlook may be revised to 'Positive' if the group's capital structure and operating margins improve substantially. Conversely, the outlook may be revised to 'Negative' if the company reports reduced revenues and profitability on account of slowdown in the automobile industry, or if its capital structure deteriorates owing to large, debt-funded capital expenditure (capex). About Popular Vehicles Incorporated in 1983, PVSL is a leading dealer for Maruti Suzuki India Ltd (MSIL) in Kerala, with 11 showrooms and 24 service centres. The company also trades in used cars and Maruti spare parts. Its subsidiary, PMML, is an authorized dealer for Tata Motors Limited commercial vehicles in south Kerala, and has been in operations since 1998. The Popular group is part of the Kuttukaran group, promoted Mr. Kuttukaran Porinchu Paul in 1940, and is now managed by his family members, Mr. Francis Paul, Mr. John Paul, and Mr. Naveen Phillip. For 2008-09 (refers to financial year, April 1 to March 31), the Popular group reported a profit after tax (PAT) of INR25.9 million on net sales of INR10.2 billion, as against a PAT of INR18.3 million on net sales of INR9.2 billion for 2007-08. RAMANI EXPORTS: CRISIL Assigns 'P5' Ratings on Various Bank Debts ----------------------------------------------------------------- CRISIL has assigned its 'P5' rating to the bank facilities of Ramani Exports, as the firm's post-shipment facility has remained overdue for more than 30 consecutive days. Facilities Ratings ---------- ------- INR346.0 Million Post-Shipment Credit P5 (Assigned) INR74.00 Million Packing Credit P5 (Assigned) Set up in 1984 as a partnership firm by Mr. Dhirubhai Ramani, Mr. Arjanbhai Ramani, and Mr. Pravinbhai Ramani, Ramani sells cut and polished diamonds, mainly to markets in Hong Kong, the United Arab Emirates, and the US. The firm has an office at Opera House, Mumbai, and four diamond-manufacturing facilities in Surat. Ramani reported a profit after tax (PAT) of INR4.3 million on net sales of INR1003 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR13.2 million on net sales of INR1020 million for 2007-08. TEXAS WOOLLEN: CRISIL Assigns 'BB+' Rating on INR80 Mil. Term Loan ------------------------------------------------------------------ CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank facilities of Texas Woollen Mills Pvt Ltd. Facilities Ratings ---------- ------- INR60.0 Million Cash Credit Limit BB+/Stable (Assigned) INR80.0 Million Term Loan BB+/Stable (Assigned) INR10.0 Million Letter of Credit P4+ (Assigned) INR10.0 Million Bank Guarantee P4+ (Assigned) The ratings reflect TWM's small scale of operations, and the expected deterioration in the company's financial risk profile given its debt funded capacity expansion plans. These weaknesses are partially offset by its promoters' industry experience. Outlook: Stable CRISIL believes that TWM will continue to benefit from its promoters' industry experience. The outlook may be revised to 'Positive' if the company diversifies its customer profile, and increases its scale of operations, thereby increasing its revenues. Conversely, the outlook may be revised to 'Negative' in case of decline in cash accruals, or if the company takes more than expected time to stabilize its expanded operations. About Texas Woollen Promoted by Mr. Pankaj Takkar in 1992, Texas Woollen Mills Pvt Ltd is engaged in the manufacture of acrylic yarn (over 90 per cent of the operating income) and polyester yarn (less than 10 per cent). The company's manufacturing facility in Ludhiana, Punjab, has an installed capacity to process up to 6000 kilograms (kg) per day of acrylic yarn and 500 kg of polyester yarn. The company procures acrylic fibre, its primary raw material, from Vardhman Acrylics Ltd, Pasupati Acrylon Ltd, and Indian Acrylics Ltd, and processes it into yarn and sells to to local dealers in the Ludhiana market. The company is presently undertaking expansion for increase in capacities to around 12,000 kg per day. For 2008-09 (refers to financial year, April 1 to March 31), TWM reported a profit after tax (PAT) of INR5.70 million on net sales of INR274 million, against a PAT of INR5.60 million on net sales of INR275 million, the previous year. ================= I N D O N E S I A ================= GARUDA INDONESIA: Concludes Corporate Sales Deal with Shell ----------------------------------------------------------- PT Garuda Indonesia has concluded a corporate sales agreement with PT Shell Indonesia as part of its program to cooperate with 750 companies to secure a potential income of IDR2 trillion, according to Antara News. "It is in line with the increase in our capacity after the acquisition this year of 24 new planes and the opening of 10 new domestic and international routes," the news agency quoted Garuda president director Emirsyah Satar as saying. According to Antara, Mr. Emirsyah said the company had prepared special packages for Shell employees in Indonesia for domestic as well as international flights. Antara recalls Mr. Satar said last year the airline signed a memorandum of understanding for corporate sales with 580 big companies in Indonesia with total income expected more than IDR600 billion. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 13, 2009, Garuda Indonesia expects to raise as much as US$400 million from its much-awaited Initial Public Offering in June this year. The expected launch, however, is based on a positive outlook of the market condition, vis-a-vis investor sentiment. According to analysts, market response to the IPO will largely depend on the company's ability to settle its US$670 million in debts. Garuda's total debts as of the end of last December reached US$670 million -- US$450 million to the European Credit Agency (ECA), US$100 million to Bank Mandiri, and the rest to other creditors. On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached a debt restructuring agreement with several of its creditors to pay its debts. Restructuring the airline's debt into a manageable package is a major prerequisite for holding its initial public offering. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. ========= J A P A N ========= HUIS TEN: H.I.S. Agrees to Provide Financial Aid ------------------------------------------------- Japan Today reports that H.I.S. Co. will provide financial assistance to struggling theme park Huis Ten Bosch in Sasebo, Nagasaki Prefecture, to help its turnaround efforts. According to the report, H.I.S. said it has made the decision to help in the rehabilitation of the theme park after judging that it will help promote tourism in the region. The report relates H.I.S. said it will also be beneficial for its travel operations particularly for visitors from Asian countries such as China and South Korea. Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular theme park, which imitates Holland villages. It is located in Kyushu. It is a fun place for travelers to experience the exotic culture and atmosphere of Europe. The Troubled Company Reporter-Asia Pacific reported on July 5, 2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s rehabilitation plan under the support of Nomura Principal Finance Co., an investment firm controlled by Nomura Holdings Inc. Huis Ten Bosch inked a rehabilitation sponsorship contract with Nomura Principal in December 2003. JAPAN AIRLINES: Delays Release of FY2009 Financial Results ---------------------------------------------------------- Japan Airlines Corp. will delay the release of its consolidated financial results for the April-December 2009 period from early February to February 26, Japan Today reports. The report relates JAL said the delay was necessary as it suspended the process of compiling the financial statements after it filed for bankruptcy protection on January 19 with the Tokyo District Court under the Corporate Rehabilitation Law. According to the report, JAL stock is to be delisted from the Tokyo Stock Exchange on February 20, and JAL will no longer be obligated to submit financial statements to the exchange under TSE disclosure rules. About Japan Airlines 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: Applies to Revise Cargo Fuel Surcharge ------------------------------------------------------ Japan Airlines (JAL) has applied to the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) to revise from March 1, 2010, its international cargo fuel surcharge for flights departing from Japan only. Since April 1, 2009, JAL started adjusting its fuel surcharge levels on a monthly basis by using the one-month average fuel price of Singaporekerosene of the month before last. As the average fuel price of Singapore kerosene for the month of January in 2010 was US$85.94 per barrel, the benchmark fuel price used for calculation of the fuel surcharge level in March will be within the range of US$85.00 to US$89.99 per barrel (refer to table below). The international cargo fuel surcharge will therefore increase on long-haul international routes from 73 yen per kg to 80 yen, on medium-haul international routes from 63 yen per kg to 69 yen, and on short-haul routes from 53 yen per kg to 58 yen accordingly. International Cargo Surcharge --------------------------------------------------------------- Benchmark Surcharge by Route (per kg) FuelPrice Range 1. Long-haul 2. Medium-haul 3. Short-haul (US$/bbl) Routes Routes Routes Japan-Americas, All routes China, Guam, Europe, Middle other those Hong-Kong, East Africa mentioned in Korea, 1& 2 Philippines, Taiwan --------------------------------------------------------------- 95.00 - 99.99 /94 /81 /68 90.00 - 94.99 /87 /75 /63 Revised Level from March 1, 2010 85.00 - 89.99 /80 /69 /58 Current Level 80.00 - 84.99 /73 /63 /53 75.00 - 79.99 /66 /57 /48 70.00 - 74.99 /59 /51 /43 65.00 - 69.99 /52 /45 /38 60.00 - 64.99 /45 /39 /33 55.00 - 59.99 /38 /33 /28 50.00 - 54.99 /31 /27 /23 40.00 - 44.99 /17 /15 /13 35.00 - 39.99 /10 /9 /8 Below 35.00 Discontinued --------------------------------------------------------------- About Japan Airlines 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) ========= K O R E A ========= KUMHO ASIANA: Creditors to Provide KRW60-Bil. Funds to Petrochem ---------------------------------------------------------------- Bloomberg News reports that the creditors of Kumho Petrochemical Co. will provide about KRW60 billion (US$51.9 million) in fresh funds this week. Citing a report from Yonhap News, Bloomberg relates Korea Development Bank is collecting approvals from creditor financial institutions this week before giving the money to Kumho Petrochemical. Yonhap said Kumho Tire Co. isn't able to receive money yet as its labor union hasn't submitted an approval for the restructuring plans, according to Bloomberg. Kumho Petrochemical is the holding company of Kumho Asiana Group. As reported in Troubled Company Reporter-Asia Pacific on August 6, 2010, The Korea Herald said that Kumho Asiana Group 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 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. 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: Proposed Listing of Unit on London Bourse Aborted ----------------------------------------------------------------- Oilcorp Berhad has aborted the proposed listing of D'Tiara Corp. Sdn Bhd, a wholly owned subsidiary of Oilcorp, on the alternative investment market of the London Stock Exchange. On February 13, 2008, Oilcorp proposed to undertake: (i) Proposed Reorganization and Admission; and (ii) Proposed Acquisition. The Company's shareholders approved on March 21, 2008, the proposed reorganization and subsequent admission of its property division on the AIM market of the London Stock Exchange PLC, via D'Tiara Corp Ltd, a company incorporated in Jersey, Channel Islands. About Oilcorp Bhd 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. ==================== N E W Z E A L A N D ==================== AUTEL TV: Placed Into Receivership; McGrathNicol Appointed ---------------------------------------------------------- Eloise Gibson at The New Zealand Herald reports that Autel, a New Zealand-owned kitchen and appliance chain, has been placed in receivership. Kerryn Downey and William Black of McGrathNicol were appointed receivers and managers of three companies that sell imported kitchen and laundry goods: Autel TV Services Limited, Lifestyle Appliances (2004) Limited and Prestige Appliances NZ Limited, the Herald says. According to the Herald, the companies' 15 staff members must wait to find out what will happen in the coming weeks while receivers decide whether it is feasible to sell the companies as they are or whether they should be put into liquidation. Mr. Downey said the companies' four showrooms -- Autel's in Greenlane, Mt Roskill and Mairangi Bay, and Lifestyle's in Parnell -- would stay open for a few weeks while receivers looked at the options, the Herald notes. The report relates the receivers said the company has been buffeted by the housing downturn and pressure from big international chains. Autel -- http://www.autel.co.nz/-- is a New Zealand-based kitchen appliances retailer. MONACO VILLAGE: Court Grants Investor Liquidation Bid ----------------------------------------------------- The National Business Review reports that associate Judge Rob Osborne at the High Court of Christchurch has granted an application to liquidate Monaco Village Ltd. Wellington-based investor Warwick Walbran Consulting sought the liquidation against the company after it failed to pay the so called "guaranteed returns," NBR says. The liquidation petition, according to NBR, was for the amount of NZ$18,500, understood to be the amount Mr. Walbran claims is outstanding under the so called guaranteed return arrangement with Monaco Village. According to the report, dozens of investors have complained that they were not receiving the 8% guaranteed returns promised in their sale and purchase contracts. NBR relates the company blamed lower than expected visitors and the collapse of Lombard Finance, which underwrote the guarantees. The resort is run under a separate company and operations are not directly affected by the court action, the report notes. Monaco Village Ltd. is a Nelson company that developed the NZ$60 million Grand Mercure Nelson Monaco. The resort offers a range of rooms, suites and apartments overlooking the Nelson waterfront catering for up to 280 guests. WILLIAM HILL: To Continue Trading as Receivers Seek Buyers ---------------------------------------------------------- The Southland Times reports that the receivers of William Hill said the Central Otago winery will continue to trade throughout the 2010 vintage. Southland Times says the company's receivers, Wanaka accountant Alistair King and chartered accountant Peter Heenan, of WHK Southland, filed their second receivers' report last month. According to the Times, Mr. King said the receivers and Bayleys Real Estate were trying to find a buyer for the Dunstan Rd property, including a 7.5-hectare vineyard, a 300-tonne winery, plant and equipment. The second report showed that if the company assets were sold, it was unlikely to generate a surplus to pay off unsecured creditors, owed NZ$574,000. Mr. King said until a buyer was found it was impossible to say whether unsecured creditors would be paid. About William Hill William Hill Winery Ltd -- http://www.williamhill.co.nz/-- was established in 1973 when founders Bill and Gillian Grant planted the first pinot noir vines. Its first commercial production was in 1987. William Hill Wine's are marketed worldwide under the brand name Shaky Bridge. William Hill Winery Ltd was placed in receivership in May 2009. Wanaka accountant Alistair King and Invercargill chartered accountant Peter Heenan, of WHK Cook Adam Ward Wilson, have been appointed as receivers and managers of the company in respect of all rights, titles and interests in the undertaking, property, assets and revenues of the winery. The firm's principal debt of NZ$4.2 million is owed to Southland Building Society for property, stock and equipment. ===================== P H I L I P P I N E S ===================== ATLAS CONSOLIDATED: To Reopen Palawan Mine on Higher Nickel Prices ------------------------------------------------------------------ BusinessWorld Online reports that Atlas Consolidated Mining and Development Corp. is planning to reopen its nickel mine in Southern Luzon this year to take advantage of the recovery in nickel prices. Company executives said the miner is also studying the feasibility of putting up a processing plant to add value to the nickel ores they sell, the report relates. "I think they are going to resume soon . . . the interest in nickel is starting [to go up] again," Atlas Consolidated Chairman Alfredo C. Ramos told BusinessWorld in an interview. "Hopefully we will be mining again soon," he said. In February last year, BusinessWorld recalls the publicly listed miner closed the Berong nickel mine in Palawan, laying off more than 600 workers and retaining only 50 employees, due to low metal prices as a result of soft demand. According to the report, Mr. Ramos said that if Berong Nickel Corp. resumed operations, the miner would still ship nickel ores to traditional markets like Japan, South Korea and China. Berong Nickel is a joint venture composed of European Nickel Plc, Atlas Consolidated, and Toledo Mining Corp., which is listed in London. Headquartered in Mandaluyong City, Philippines, Atlas Consolidated Mining and Development Corporation was established through the merger of assets and equities of three Soriano- controlled pre-war mines, the Masbate Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields Mining Company. The company is engaged in mineral and metallic mining and exploration that primarily produces copper concentrates and gold with silver and pyrites as major by-products. The company's copper mining operations are centered in Toledo City, Cebu, where two open pit mines, two underground mines and milling complexes (concentrators) are located. The Cebu copper mine ceased operations in 1994. Activities after the shutdown were limited to safeguarding and maintaining the property, plant and equipment at the minesite. The closure has brought huge losses to the mining firm. In January 2004, Atlas decided to rehabilitate the company and its assets since copper and nickel prices have recovered. METROPOLITAN BANK: Moody's Cuts Step-Up Callable Secs. to B2 ------------------------------------------------------------ Moody's Investors Service has downgraded the ratings on the hybrid Tier 1 securities of two Philippine banks, in line with Moody's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009. The affected banks are Metropolitan Bank & Trust Company and Rizal Commercial Banking Corporation. The rating of MBT's non-cumulative step-up callable perpetual capital securities was lowered from B1 to B2, which is 3 notches below the Adjusted BCA of Ba2. The rating of RCBC's non-cumulative step-up callable perpetual capital securities was lowered from B2 to B3, which is 3 notches below the Adjusted BCA of Ba3. This concludes Moody's reviews for possible downgrade that began on 18 November 2009, and which were the last rating action dates for each issuer. The rating outlook for the two Philippine banks remains stable, and all their other ratings remain unchanged. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that the support provided by national governments and central banks to a troubled bank would, to some extent, benefit subordinated debt holders as well as senior creditors. But, in many cases, systemic support for these instruments has not been forthcoming. Moody's revised methodology largely removes Moody's previous assumptions of systemic support, resulting in the rating actions. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA is Ba2 for MBT and is the same as the BCA, given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba3 for RCBC and is the same as the BCA, given that parental and/or cooperative support does not apply. The hybrid instruments issued by the two Philippine banks are perpetual and rank deeply subordinated in liquidation. Their terms and conditions indicate that coupon payments must be suspended upon breach of minimum capital adequacy ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Separately, the Philippine regulations prohibit payment of dividends on ordinary shares and coupons on hybrid tier 1 securities, if a loss is reported. According to Moody's revised hybrid rating guidelines, preferred instruments with net income loss triggers would generally be rated four notches below an issuer's Adjusted BCA. However, the Philippine regulations also allow losses arising from sales of non-performing assets under the Special Purpose Vehicles (SPV) Law to be amortized over 10 years, and which typically enable a profit to be reported. Considering this and the terms of the hybrid Tier 1 securities, Moody's believes rating such instruments three notches rather than four notches below an issuer's Adjusted BCA is appropriate in this case. Metropolitan Bank & Trust Co., headquartered in Manila, had assets of P793.1 billion as at September 30, 2009. Rizal Commercial Banking Corp., headquartered in Manila, had assets of P267.9 billion as at September 30, 2009. RIZAL COMMERCIAL: Moody's Cuts Step-Up Callable Secs. to B3 ------------------------------------------------------------ Moody's Investors Service has downgraded the ratings on the hybrid Tier 1 securities of two Philippine banks, in line with Moody's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009. The affected banks are Metropolitan Bank & Trust Company and Rizal Commercial Banking Corporation. The rating of MBT's non-cumulative step-up callable perpetual capital securities was lowered from B1 to B2, which is 3 notches below the Adjusted BCA of Ba2. The rating of RCBC's non-cumulative step-up callable perpetual capital securities was lowered from B2 to B3, which is 3 notches below the Adjusted BCA of Ba3. This concludes Moody's reviews for possible downgrade that began on November 18, 2009, and which were the last rating action dates for each issuer. The rating outlook for the two Philippine banks remains stable, and all their other ratings remain unchanged. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that the support provided by national governments and central banks to a troubled bank would, to some extent, benefit subordinated debt holders as well as senior creditors. But, in many cases, systemic support for these instruments has not been forthcoming. Moody's revised methodology largely removes Moody's previous assumptions of systemic support, resulting in the rating actions. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA is Ba2 for MBT and is the same as the BCA, given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba3 for RCBC and is the same as the BCA, given that parental and/or cooperative support does not apply. The hybrid instruments issued by the two Philippine banks are perpetual and rank deeply subordinated in liquidation. Their terms and conditions indicate that coupon payments must be suspended upon breach of minimum capital adequacy ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Separately, the Philippine regulations prohibit payment of dividends on ordinary shares and coupons on hybrid tier 1 securities, if a loss is reported. According to Moody's revised hybrid rating guidelines, preferred instruments with net income loss triggers would generally be rated four notches below an issuer's Adjusted BCA. However, the Philippine regulations also allow losses arising from sales of non-performing assets under the Special Purpose Vehicles (SPV) Law to be amortized over 10 years, and which typically enable a profit to be reported. Considering this and the terms of the hybrid Tier 1 securities, Moody's believes rating such instruments three notches rather than four notches below an issuer's Adjusted BCA is appropriate in this case. Metropolitan Bank & Trust Co., headquartered in Manila, had assets of PHP793.1 billion as at September 30, 2009. Rizal Commercial Banking Corp., headquartered in Manila, had assets of PHP267.9 billion as at September 30, 2009. ================= S I N G A P O R E ================= AMMARINE YACHT: Creditors' Proofs of Debt Due March 11 ------------------------------------------------------ Creditors of Ammarine Yacht Sales Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 11, 2010, to be included in the company's dividend distribution. The company's liquidator is: Ler Ching Chua c/o 541 Orchard Road #18-01 Liat Towers Singapore 238881 BAYAN HOLDINGS: Creditors' Proofs of Debt Due March 12 ------------------------------------------------------ Creditors of Bayan Holdings Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 12, 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 COMPLIMENT MARKETING: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on February 5, 2010, to wind up the operations of Compliment Marketing (IMP & EXP) 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 #06-11 The URA Centre (East Wing) Singapore 069118 ENG HUAT: Creditors' Proofs of Debt Due March 8 ----------------------------------------------- Creditors of Eng Huat Marine Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 8, 2010, to be included in the company's dividend distribution. The company's liquidator is: Wee Hui Pheng c/o M/s Wee Hui Pheng & Co 1 Coleman Street #06-10 The Adelphi Singapore 179803 EXPRESSWAY LOGISTICS: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on February 5, 2010, to wind up the operations of Expressway Logistics Pte Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee?s Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 GEOWIN CONSTRUCTION: Creditors Get 100% Recovery on Claims ---------------------------------------------------------- Geowin Construction Pte Ltd declared the first and final dividend to creditors on January 26, 2010. The company paid 100% to the received claims. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 =============== X X X X X X X X =============== * BOND PRICING: For the Week to February 8 to February 12, 2010 --------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ADVANCE ENERGY 9.50 01/04/2015 AUD 1.02 AINSWORTH GAME 8.00 12/31/2011 AUD 0.77 AMP GROUP FINANC 9.80 04/01/2019 NZD 0.92 ANTARES ENERGY 10.00 10/31/2013 AUD 1.98 AUROX RESOURCES 7.00 06/30/2010 AUD 0.80 BECTON PROP GR 9.50 06/30/2010 AUD 0.51 BOUNTY INDUSTRIES 10.00 06/30/2010 AUD 0.03 CBD ENERGY LTD 12.50 01/29/2011 AUD 0.12 CHINA CENTURY 12.00 09/30/2010 AUD 0.82 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.50 GRIFFIN COAL MIN 9.50 12/01/2016 USD 50.00 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.25 JPM AU ENF NOM 1 3.50 06/30/2010 USD 8.08 MINERALS CORP 10.50 09/30/2011 AUD 0.66 NEW S WALES TREA 1.00 09/02/2019 AUD 63.25 ORCHARD INVEST 7.36 12/15/2010 AUD 29.50 PRAECO P/L 7.13 07/28/2020 AUD 70.84 RESOLUTE MINING 12.00 12/31/2012 AUD 0.98 SUN RESOURCES NL 12.00 06/30/2011 AUD 0.45 SUNCORP METWAY 6.75 09/23/2024 AUD 58.80 SUNCORP METWAY 6.75 10/06/2026 AUD 58.31 TIMBERCORP LTD 8.90 12/01/2010 AUD 26.10 VERO INSURANCE 6.15 09/07/2025 AUD 71.03 CHINA ----- JIANGXI COPPER 1.00 09/22/2016 CNY 73.54 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 23.50 INDIA ----- AFTEK INFOSYS 1.00 06/25/2010 USD 60.00 AKSH OPTIFIBRE 1.00 01/29/2010 USD 55.00 GEMINI COMMUNICA 6.00 07/18/2012 EUR 41.75 SUBEX AZURE 2.00 03/09/2012 USD 61.50 WANBURY LTD 1.00 04/23/2012 EUR 75.00 INDONESIA --------- BSD KOTA MANDIRI 15.00 10/20/2011 IDR 63.44 TRUBA JAYA 11.75 07/08/2010 IDR 60.62 JAPAN ----- AIFUL CORP 1.50 10/20/2011 JPY 62.61 AIFUL CORP 6.00 12/12/2011 USD 69.62 AIFUL CORP 6.00 12/12/2011 USD 71.87 AIFUL CORP 1.20 01/26/2012 JPY 57.37 AIFUL CORP 1.99 03/23/2012 JPY 56.96 AIFUL CORP 1.63 11/22/2012 JPY 51.08 AIFUL CORP 1.22 04/20/2012 JPY 52.10 AIFUL CORP 1.74 05/28/2013 JPY 49.72 AIFUL CORP 1.99 10/19/2015 JPY 44.64 COVALENT MATERIAL 2.87 02/18/2013 JPY 61.91 CSK CORPORATION 0.25 09/30/2013 JPY 70.69 FUKOKU MUTUAL 4.50 09/28/2025 EUR 72.75 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 56.00 JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 56.44 SHINSEI BANK 5.63 12/29/2049 GBP 73.50 TAKEFUJI CORP 9.20 04/15/2011 USD 57.00 TAKEFUJI CORP 9.20 04/15/2011 USD 57.00 TAKEFUJI CORP 8.00 11/01/2017 USD 13.12 TAKEFUJI CORP 1.50 06/19/2018 JPY 71.83 TAKEFUJI CORP 4.00 06/05/2022 JPY 53.15 WILLCOM INC 2.35 06/27/2012 JPY 40.00 MALAYSIA -------- ADVANCE SYNERGY 2.00 01/26/2018 MYR 0.07 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.13 CRESCENDO CORP B 3.75 01/11/2016 MYR 1.00 DUTALAND BHD 4.00 04/11/2013 MYR 0.48 DUTALAND BHD 4.00 04/11/2013 MYR 0.78 EASTERN & ORIENT 8.00 07/25/2011 MYR 0.81 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.01 HUAT LAI RESOURC 5.00 03/28/2010 MYR 0.49 KRETAM HOLDINGS 1.00 08/10/2010 MYR 1.13 KUMPULAN JETSON 5.00 11/27/2012 MYR 1.69 MITHRIL BHD 3.00 04/05/2012 MYR 0.67 NAM FATT CORP 2.00 06/24/2011 MYR 0.20 OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.19 OLYMPIA INDUSTRI 4.00 04/11/2013 MYR 0.23 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.63 RUBBEREX CORP 4.00 08/14/2012 MYR 1.50 SCOMI GROUP BHD 4.00 12/14/2012 MYR 0.10 TRADEWINDS PLANT 2.00 02/08/2012 MYR 0.62 TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10 TRC SYNERGY 5.00 01/20/2012 MYR 1.12 WAH SEONG CORP 3.00 05/21/2012 MYR 2.50 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.32 YTL CEMENT BHD 5.00 11/10/2015 MYR 1.94 NEW ZEALAND ----------- ALLIED NATIONWID 11.52 12/29/2049 NZD 50.00 BLUE STAR PRINT 9.10 09/15/2012 NZD 70.00 CAPITAL PROP NZ 8.00 04/15/2010 NZD 8.25 CONTACT ENERGY 8.00 05/15/2014 NZD 1.04 FLETCHER BUILDIN 7.55 03/15/2011 NZD 7.50 FLETCHER BUI 8.50 03/15/2015 NZD 8.50 GMT BOND ISSUER 7.75 06/19/2015 NZD 0.12 INFRASTR & UTIL 8.50 09/15/2013 NZD 12.25 INFRATIL LTD 8.50 02/15/2020 NZD 66.60 INFRATIL LTD 8.50 11/15/2015 NZD 10.00 INFRATIL LTD 10.18 12/29/2049 NZD 67.00 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.37 MANUKAU CITY 6.90 09/15/2015 NZD 1.02 MANUKAU CITY 6.15 09/15/2013 NZD 1.01 MARAC FINANCE 10.50 07/15/2013 NZD 0.99 NZ FINANCE HLDGS 9.75 03/15/2011 NZD 50.16 SKY NETWORK TV 4.01 10/16/2016 NZD 55.84 SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.56 SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.63 ST LAURENCE PROP 9.25 05/15/2011 NZD 71.07 TOWER CAPITAL 8.50 04/15/2014 NZD 1.01 TRUSTPOWER LTD 8.50 09/15/2012 NZD 8.00 TRUSTPOWER LTD 8.50 03/15/2014 NZD 8.25 UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.94 VECTOR LTD 7.80 10/15/2014 NZD 1.01 VECTOR LTD 8.00 12/29/2049 NZD 7.50 SINGAPORE --------- DAVOMAS INTL FIN 5.50 12/08/2014 USD 54.32 SENGKANG MALL 8.00 11/20/2012 SGD 0.10 UNITED ENG LTD 1.00 03/03/2014 SGD 1.37 WBL CORPORATION 2.50 06/10/2014 SGD 2.18 SRI LANKA --------- SRI LANKA GOVT 7.00 10/01/2023 LKR 65.89 ********* 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 ***