/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100914.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, September 14, 2010, Vol. 13, No. 181 Headlines A U S T R A L I A AUSTRALIAN STYLE: Liquidator Reports Potential Breaches and Fraud EMPOWER INVEST: Ordered to Pay Investors; May Face ASIC Wind-Up OCTAVIAR LIMITED: Liquidator Sells 20 Centres for AU$32 Million RIVIERA MARINE: Files for Bankruptcy Protection in Florida RIVIERA MARINE: Chapter 15 Case Summary H O N G K O N G ARCHCORP DESIGN: Creditors' Proofs of Debt Due October 9 BBG CREATION: Chan Kin Hang Danvil Appointed as Liquidator BEST TALENT: Members' Final Meeting Set for October 15 BROAD VIDEO: Creditors' Proofs of Debt Due September 30 CHEER WAY: Yeung Kam Hoi Steps Down as Liquidator DRAGON WAY: Lam Tak Keung Steps Down as Liquidator EASEMIND INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator FORDSPACE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator FOREVER PROFITS: Yeung Kam Hoi Steps Down as Liquidator FORVISION LIMITED: Members' Final Meeting Set for October 15 FRESH MEDIA: Creditors' Proofs of Debt Due October 12 GAINICE INTERNATIONAL: Yeung Kam Hoi Steps Down as Liquidator GRAND SCORE: Yeung Kam Hoi Steps Down as Liquidator HAPPY CHARITY: Placed Under Voluntary Wind-Up Proceedings HARBOUR LEADER: Placed Under Voluntary Wind-Up Proceedings HIGHGANG LIMITED: Yeung Kam Hoi Steps Down as Liquidator IMAGE LEAD: Creditors' Proofs of Debt Due October 11 INFOWAY LIMITED: Yeung Kam Hoi Steps Down as Liquidator INFOISLIVE CORP: Members' Final Meeting Set for October 11 INGRAM MICRO: Yan and Haughey Step Down as Liquidators KAISERSTATE LIMITED: Commences Wind-Up Proceedings LINKBEST DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator MAIN CROWN: Yeung Kam Hoi Steps Down as Liquidator MAXFAME INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator MONTEGRAPPA 1912: Commences Wind-Up Proceedings I N D I A AMETHYST TOWN: ICRA Assigns 'LBB-' Rating to INR386cr Bank Debts CHRISTY FRIEDGRAM: ICRA Assigns 'LBB' Rating to INR18cr Bank Debts FLORA & FAUNA: ICRA Places 'LBB' Rating on INR85cr Bank Debts SREE RENGARAJ: ICRA Assigns 'LBB+' Rating to INR88cr Term Loan J A P A N INCUBATOR BANK: To Get JPY200 Billion from Deposit Insurance LEHMAN BROTHERS: Japanese Unit Gets Court Approval to Liquidate NIS GROUP: May Become Insolvent After Incubator Bank's Bankruptcy N E W Z E A L A N D A2 CORPORATION: Posts NZ$2.19 Million Net Loss in June 30 Year End AORANGI SECURITIES: 2 More Hubbard Trusts in Statutory Management BLUE CHIP: SFO to Disclose Result of Probe on Collapse This Month NATHANS FINANCE: Former Execs Try to Block Banning Report P H I L I P P I N E S PHILIPPINE AIRLINES: Has Yet to Decide on Strike Notice X X X X X X X X * BOND PRICING: For the Week September 6 to September 10, 2010 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN STYLE: Liquidator Reports Potential Breaches and Fraud ----------------------------------------------------------------- Nicole Lindsay at Herald Sun reports that the liquidator of Australian Style Services has reported a string of possible Corporations Act breaches, including fraud, to the regulator. According to the report, liquidator Brent Morgan told creditors in a June 1 letter that he had reported to the Australian Securities and Investments Commission "on various aspects of the company's affairs and possible contraventions of the provisions of the Corporations Act". The report says Mr. Morgan listed 10 potential breaches including: -- allegations of a failure to discharge duties with good faith and diligence; -- making improper use of information for personal gain or to the detriment of the company; -- acting recklessly or with intentional dishonesty; and -- failing to keep proper financial records and not preventing insolvent trading. Owner Nicholas Bolton in February appointed liquidator Brent Morgan from Rodgers Reidy to wind up Australian Style Services, a company supplying staff to Mr. Bolton's domain name companies, the Herald Sun relates. Mr. Bolton first rose to prominence in early 2009 when his company, Australian Style Investments, built a key stake in toll road company BrisConnections. EMPOWER INVEST: Ordered to Pay Investors; May Face ASIC Wind-Up --------------------------------------------------------------- The New South Wales Supreme Court has ordered that investors in a managed investment scheme operated by Empower Invest Pty Ltd and Newcastle Palais Holdings Pty Ltd be repaid within 28 days of the order following action taken by the Australian Securities & Investments Commission. These orders, made on August 30, 2010, follow a declaration that the companies had breached the enforceable undertaking (EU) provided to ASIC on May 9, 2008. ASIC said it will consider making an application to have liquidators appointed if the companies do not comply with the order. Background ASIC initially investigated allegations the companies, and their respective directors, Kenneth Watson and Brien, promoted and operated a managed investment scheme in relation to a property development at Hunter Street, Newcastle, without registration and without holding an Australian financial services license. The scheme raised AU$769,500 in total from ten investors. ASIC's investigation revealed that offers had been made to a larger number of investors to join the scheme. ASIC took action to prevent the further promotion of the scheme. On May 9, 2008, the Court declared, with consent from the companies and the directors, that the defendants had operated an unregistered managed investment scheme and carried on a financial services business in relation to the scheme in breach of the Corporations Act 2001. ASIC also accepted enforceable undertakings from the defendants in which they undertook to: * inform investors in the scheme of ASIC's concerns; * offer to refund money invested; * make a refund to any investor who accepted the offer; and * report to ASIC on any refunds requested and paid to investors. "While the defendants complied in part with their undertaking, they failed to repay investors in accordance with the terms of the EU," ASIC said. Under the powers given to ASIC, in particular section 93AA(3) of the ASIC Act, ASIC may seek an order from the Court for a breach of an undertaking. ASIC commenced proceedings against the companies to enforce the undertaking with a view to pursuing an appropriate avenue of compensation for the unpaid investors in the scheme. Australian-based Empower Invest Pty Ltd operates managed investment scheme. OCTAVIAR LIMITED: Liquidator Sells 20 Centres for AU$32 Million --------------------------------------------------------------- The liquidator of Octaviar Ltd said it has sold 20 childcare centres in Queensland and Victoria for AU$32 million, The Age reports. According to the report, liquidator Bentleys Corporate Recovery said the 14 Sunkids Children Centres in south-east Queensland were sold to a private consortium based in the state and the six centres in Melbourne were bought by a Canberra-based private investor. "Both purchasers are retaining the Sunkids brand and staff," the Age cited Bentleys as saying in a statement. Bentleys added that the centres had continued to operate profitably since it was appointed liquidator in September 2009, the report says. Other assets in the portfolio being sold included 24 freehold leased childcare centres and 12 development sites, the report says. A Bentleys spokesman said the Sunkids sale, along with the remainder of the portfolio, "would result in a significant return to creditors". About Octaviar Limited Australian-based Octaviar Limited, formerly known as MFS Limited, operates as an investment management business with a portfolio of businesses and assets. * * * As reported in the Troubled Company Reporter-Asia Pacific on Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas Harwood of Deloitte as Voluntary Administrators. The directors of three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar Investment Bonds Limited, also appointed Messrs. Greig and Harwood as Voluntary Administrators. Fortress Credit Corporation (Australia) II Pty Ltd., one of Octaviar Limited's major creditors, also appointed Stephen James Parbery and Anthony Milton Sims of PPB as receivers and managers for Octaviar. In December 2008, Octaviar's creditors voted for a deed of company arrangement over two entities in the Octaviar group, Octaviar Limited and Octaviar Administration Pty Limited. The three other companies in the group were subsequently wound up. The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of Queensland placed Octaviar Limited into liquidation. Justice Philip McMurdo terminated a deed of company arrangement that has been in place since December 2008, naming company administrators John Greig and Nick Harwood at Deloitte, as provisional liquidators. Administrators and liquidators Greig and Harwood at Deloitte were then replaced by Bentleys Corporate Recovery under court order. According to The Age, creditors are yet to recover about AU$2.5 billion from the Group, which was found to have AU$1 billion in inter-company loans. RIVIERA MARINE: Files for Bankruptcy Protection in Florida ---------------------------------------------------------- Bloomberg News reports that Riviera Marine (Int.) Pty Ltd. sought bankruptcy protection in the U.S. citing a drop in demand starting in January 2008. The company listed assets and debt of as much as $50 million each in Chapter 15 documents filed Sept. 8 in U.S. Bankruptcy Court in Tampa, Florida. Four affiliates also sought protection. Riviera Marine said it sold 52 boats with sales totaling $54 million for fiscal year ending June 30, down from 139 boats with sales totaling $131 million in 2009 and 327 boats with sales totaling $265 million in 2008. The U.S. filing followed a voluntary administration in Australia. About Riviera Group Riviera Group -- http://www.riviera.com.au/--is a luxury boat builder based in Queensland, Australia. Riviera Group was placed into voluntary receivership in May 2009. Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes were appointed receivers and managers of Riviera. According to the Brisbane Times, Mr. Campbell said it was proposed to sell Riviera as a going concern after a restructuring of the company. The Brisbane Times said Riviera shed 117 of its Gold Coast staff in January 2009 and cut more than 300 staff from its Coomera headquarters in 2008. The company also closed its production line for three weeks, from April 10 to May 5, in a bid to clear stock held by international dealers, the Brisbane Times added. In July 2010, Riviera Group said it has received written notice on June 25, 2010, that the Deed of Company Arrangement established in conjunction with Riviera's creditors in January this year has now been completed and the company has now officially exited from administration. RIVIERA MARINE: Chapter 15 Case Summary --------------------------------------- Chapter 15 Petitioner: Stephen James Parbery, As foreign representative Chapter 15 Debtor: Riviera Marine (Int.) Pty Limited 50 Waterway Drive Coomera, Queensland 4209 Australia Chapter 15 Case No.: 10-21722 Type of Business: The Debtor is Australia's largest and most awarded luxury boat builder and exporter of Flybridge Convertibles, Offshore Express and Sport Yachts. Chapter 15 Petition Date: September 8, 2010 Court: U.S. Bankruptcy Court Middle District of Florida (Tampa) Judge: Caryl E. Delano Debtor's Counsel: Daniel C. Guarnieri, Esq. NELSON HESSE, LLP 2070 Ringling Boulevard Sarasota, FL 34237 Tel: (941) 366-7550 Fax: (941) 955-3708 E-mail: dguarnieri@nelsonhesse.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Assets: $10,000,001 to $50,000,000 The Company did not file a list of creditors together with its petition. Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. Petition Date ------ -------- ------------- Riviera Coomera Pty Limited 10-21728 09/08/10 Riviera Marine (MFG) Pty Limited 10-21730 09/08/10 Riviera Runaway Bay Pty Limited 10-21732 09/08/10 R Marine Pittwater Pty Limited 10-21726 09/08/10 ================ H O N G K O N G ================ ARCHCORP DESIGN: Creditors' Proofs of Debt Due October 9 -------------------------------------------------------- Creditors of Archcorp Design and Construction (HK) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by October 9, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 1, 2010. The company's liquidator is: Seto Sau Kuen Christine Room 1509 C C Wu Building 302-8 Hennessy Road Wanchai, Hong Kong BBG CREATION: Chan Kin Hang Danvil Appointed as Liquidator ---------------------------------------------------------- Chan Kin Hang Danvil on September 6, 2010, was appointed as liquidator of BBG Creation Company Limited. The liquidator may be reached at: Chan Kin Hang Danvil Ginza Square, Room 2301, 23/F 565-567 Nathan Road Yaumatei, Kowloon Hong Kong BEST TALENT: Members' Final Meeting Set for October 15 ------------------------------------------------------ Members of Best Talent Investment Limited will hold their final meeting on October 15, 2010, at 10:00 a.m., at Room 1601, Wing On Centre, 111 Connaught Road Central, in Hong Kong. At the meeting, Fung Kit Yee, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BROAD VIDEO: Creditors' Proofs of Debt Due September 30 ------------------------------------------------------- Creditors of Broad Video Technology Co (H.K.) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by September 30, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 31, 2010. The company's liquidator is: Poon Wai Hung Richard Room 1410, 14/F Harbour Centre, No. 25 Harbour Road Wanchai, Hong Kong CHEER WAY: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Cheer Way Development Limited on September 1, 2010. DRAGON WAY: Lam Tak Keung Steps Down as Liquidator -------------------------------------------------- Lam Tak Keung stepped down as liquidator of Dragon Way Far East Limited on August 30, 2010. EASEMIND INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator ----------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Easemind Investment Limited on September 1, 2010. FORDSPACE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Fordspace Development Limited on September 1, 2010. FOREVER PROFITS: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Forever Profits Associates Limited on September 1, 2010. FORVISION LIMITED: Members' Final Meeting Set for October 15 ------------------------------------------------------------ Members of Forvision Limited will hold their final general meeting on October 15, 2010, at 10:00 a.m., at the registered office. At the meeting, Li Wai Sang, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FRESH MEDIA: Creditors' Proofs of Debt Due October 12 ----------------------------------------------------- Creditors of Fresh Media Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 4, 2010. The company's liquidators are: Michael Roger Eyles Yick Wing Keung Suite 905, 9/F, Centre Point 181-185 Gloucester Road Wanchai, Hong Kong GAINICE INTERNATIONAL: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Gainice International Limited on September 1, 2010. GRAND SCORE: Yeung Kam Hoi Steps Down as Liquidator --------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Grand Score Investment Limited on September 1, 2010. HAPPY CHARITY: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on September 1, 2010, creditors of Happy Charity for Public Foundation resolved to voluntarily wind up the company's operations. The company's liquidator is: Pui Chiu Wing Room 10, 16/F Parklane Centre 25 Kin Wing Street Tuen Mun, Hong Kong HARBOUR LEADER: Placed Under Voluntary Wind-Up Proceedings ---------------------------------------------------------- At an extraordinary general meeting held on September 3, 2010, creditors of Harbour Leader Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Lee King Yue 72-76/F., Two International Finance Centre 8 Finance Street Central, Hong Kong HIGHGANG LIMITED: Yeung Kam Hoi Steps Down as Liquidator -------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Highgang Limited on September 1, 2010. IMAGE LEAD: Creditors' Proofs of Debt Due October 11 ---------------------------------------------------- Creditors of Image Lead Group Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by October 11, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 30, 2010. The company's liquidators are: Richard Joseph Barrett 97 Upper Leeson Street Dublin 2, Republic of Ireland Rory John Williams 2, Sorbonne, Ardilea Clonskeagh, Dublin 14 Republic of Ireland INFOWAY LIMITED: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Infoway Limited on September 1, 2010. INFOISLIVE CORP: Members' Final Meeting Set for October 11 ---------------------------------------------------------- Members of Infoislive Corporation Limited will hold their final general meeting on October 11, 2010, at 2:00 p.m., at Unit 1902, 19/F., CLI Building, No. 313 Hennessy Road, Wanchai, in Hong Kong. At the meeting, Chan Kim Fai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. INGRAM MICRO: Yan and Haughey Step Down as Liquidators ------------------------------------------------------ Lai Kar Yan (Derek) and Darach E. Haughey stepped down as liquidators of Ingram Micro (Hong Kong) Limited on September 6, 2010. KAISERSTATE LIMITED: Commences Wind-Up Proceedings -------------------------------------------------- Members of Kaiserstate Limited, on May 5, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is Mr. To Siu Chiu. LINKBEST DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------------ Yeung Kam Hoi stepped down as liquidator of Linkbest Development Limited on September 1, 2010. MAIN CROWN: Yeung Kam Hoi Steps Down as Liquidator -------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Main Crown Development Limited on September 1, 2010. MAXFAME INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator ---------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Maxfame Investment Limited on September 1, 2010. MONTEGRAPPA 1912: Commences Wind-Up Proceedings ----------------------------------------------- Members of Montegrappa 1912 Limited, on September 3, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidators are: Betty Yuen Yeung Paul David Stuart Moyes Level 28, Three Pacific Place 1 Queen's Road East Hong Kong ========= I N D I A ========= AMETHYST TOWN: ICRA Assigns 'LBB-' Rating to INR386cr Bank Debts ---------------------------------------------------------------- ICRA has assigned a 'LBB-' rating to INR386 crore fund-based limits of Amethyst Town Planners Private Limited. The outlook on the long term rating is stable. The rating factors in the company's healthy revenues of INR2255 crores in FY2010 and a large cash balance (INR49 Crores as on March 31, 2010). The company's operations however remain exposed to political scenario within the state and timely renewal of the liquor license to the company will remain key for maintaining business volumes. Moreover, trading nature of the business and the regulatory nature of the sector has restricted the company's operating profit margins around 2% level in the past and given the inherent business dynamics, ICRA does not expect any significant improvement in the margins in the medium term. While assigning the rating, ICRA also notes the high debt level on the company's books on account of demand loans for license fees and security deposit which remains a concern for the rating viewpoint Amethyst Town Planners Pvt. Limited was initially incorporated for the real estate business. However, the company entered the liquor wholesale business during FY2008-09 when it obtained wholesale license for IMFL for 15 districts in Western UP in FY2009. Thereafter, in FY2010 and FY2011, company obtained retail license for both County Liquor and IMFL for the 15 districts in Western Uttar Pradesh CHRISTY FRIEDGRAM: ICRA Assigns 'LBB' Rating to INR18cr Bank Debts ------------------------------------------------------------------ ICRA has assigned an 'LBB' rating to the INR18 crores fund based limits of Christy Friedgram Industry. The outlook on the long term rating is stable. ICRA has also assigned an 'A4' rating to the INR2 crores non-fund based limits of CFI. The inadequate credit quality ratings takes into account the vulnerability of the profitability of CFI's core business of manufacturing of health food to variations in the prices of its key raw materials (mainly grains) given the fixed price nature of the selling price of its final product. ICRA's rating action also factors in the risks inherent in partnership firms and its long track record of supplying food products to UP govt. ICRA also draws comfort from the professional management which is experienced in similar fields and directly involved in operations of the company. Going forward the key success factor for the firm would be to supply the orders at the requisite quality and maintain the adequate margins given the fact that commodity prices are volatile and contracts are of fixed price nature About Christy Fridgram Christy Friedgram Industry is a partnership firm started in December 2003 to supply the health nutrition foods to the UP Govt. It is engaged in the manufacturing of Amylase Rich Energy Food (AREF), a health food which is largely supplied only to government for their nutrition programmes. The finished product of the firm is a multivitamin health food comprising of wheat, soyabean, sugar, ragi malted flour, vitamins and minerals premix. The production capacity of the unit is 1.24 lakh MT per annum FLORA & FAUNA: ICRA Places 'LBB' Rating on INR85cr Bank Debts ------------------------------------------------------------- ICRA has assigned a 'LBB' rating to INR85 crore fund-based limits of Flora & Fauna Housing & Land Developments (P) Limited. The outlook on the long term rating is stable. The rating is constrained by the company's operations which remain exposed to the political scenario within the state and timely renewal of the liquor license that will remain key for maintaining business volumes. Moreover, trading nature of the business and the regulatory nature of the sector has restricted the company's operating profit margins between 1%-2% levels in the past; the margins are expected to remain within this range in the future. ICRA however takes comfort from the fact that the company is operating as the only wholesaler for country liquor in the entire Uttar Pradesh for the last two consecutive years. The rating also derives comfort from the moderate working capital intensity of the business, healthy cash accruals. Although high debt level on the company's books remains a concern, the risk is mitigated to a large extent by the large cash balance available with the company (around INR170 Crores as on March 31, 2010). About Flora and Fauna Flora and Fauna Housing & Land Developments (P) was initially incorporated for the real estate business. However, the company entered the liquor wholesale business when it obtained wholesale license for IMFL for 15 districts in Western UP in FY2009; and for the entire 70 districts in Uttar Pradesh for Country liquor in 2010 and 2011. SREE RENGARAJ: ICRA Assigns 'LBB+' Rating to INR88cr Term Loan -------------------------------------------------------------- ICRA has assigned an 'LBB+' rating to the INR88.00 crore term loan programme of Sree Rengaraj Ispat Industries Private Limited. The outlook on the rating is stable. The rating factors in SRIIPL's moderate operating profitability and coverage indicators, the risks associated with the implementation of SRIIPL's large scale projects and primarily debt funded capital expenditure plan for the same, which is likely to keep the company's capital structure at aggressive levels, at least over the medium term. SRIIPL is currently undertaking a project for setting up a 30 MW thermal power plant and is also proposing to install a 300 tonne per annum billet making facility. Further, in ICRA's opinion, the current low value addition in the stand-alone sponge iron business and a highly raw material intensive nature of operations will make the company vulnerable to the risks of adverse raw material price fluctuations. The rating however takes into account the experience of the promoters in the steel business and the comfortable repayment terms of the sanctioned term loans for the envisaged power project. Further, the envisaged merger of Sree Rengaraaj Power India Pvt Ltd, a group company which owns an 8 MW power plant, with SRIIPL would bring in operational cost benefits going forward. SRPIPL currently purchases steam from SRIIPL, which is produced from the waste gases generated from SRIIPL's sponge iron unit. The group level restructuring and implementation of the envisioned projects would bring in benefits in the form of cost efficiency due to availability of captive power and vertical integration in operations. Notwithstanding the above benefits, the ability of the promoters to infuse the envisioned promoter's contribution and completion of the projects in a timely manner, without cost overruns would be key rating sensitivities. Also, the debt contracted by the company for the projects is quite significant as compared to the current net worth of the company that is likely to keep the capital structure of the company at an adverse level in the medium term at least. About Sree Rengaraaj SRIIPL was incorporated as Sree Rengaraaj Ispat Private Limited in 2003. The name was changed to Sree Rengaraj Ispat Industries Private Limited during 2009-10. SRIIPL is currently engaged in production of sponge iron, and has a production capacity of 350 tonne per day in Perundurai SIPCOT, Tamil Nadu. Apart from production of sponge iron for external sales, the company also undertakes production of sponge iron on job work basis for a group company. One of the group companies, viz. SRPIPL, which owns an 8MW power plant, is proposed to be merged with SRIIPL in the near term. Recent Results During 2008-09, SRIIPL reported a net profit of INR0.68 crore on a turnover of INR95.80 crore. During 2009-10, the company posted a provisional profit before tax of INR3.84 crore on a turnover of INR95.97 crore. ========= J A P A N ========= INCUBATOR BANK: To Get JPY200 Billion from Deposit Insurance ------------------------------------------------------------ Bloomberg News, citing the Yomiuri newspaper, reports that Japan's Deposit Insurance Corp. may provide as much as JPY200 billion ($2.4 billion) in aid to Incubator Bank of Japan Ltd. to help the lender continue operating. As reported in the Troubled Company Reporter-Asia Pacific on September 13, 2010, Kyodo News said the Incubator Bank of Japan Ltd. filed for bankruptcy proceedings with the Financial Services Agency under the Deposit Insurance Law. The FSA is expected to invoke the deposit protection scheme for the first time since it was instituted in 1971. The protection covers up to JPY10 million in deposits and interest. According to Kyodo, sources said the bank may incur a capital deficit in its semiannual period through September. The bank had about JPY592.7 billion in deposits as of March 31, of which JPY68.6 billion had been deposited in excess of the JPY10 million threshold by some 4,800 depositors. Incubator Bank of Japan Ltd. is a Tokyo-based small business lender. LEHMAN BROTHERS: Japanese Unit Gets Court Approval to Liquidate --------------------------------------------------------------- Lehman Brothers Japan Inc. got approval for its debt repayment plans from a Tokyo district court, according to a September 1 report by Reuters. The company also secured support from the majority of its creditors, and is expected to start repaying its debt by late November this year, the report added. While the exact proportion is unknown, the figure is expected to rise from the 16.8% set for the first reimbursement, the report said. Lehman Brothers Japan is one of Lehman Brothers Holdings Inc.'s major subsidiaries to get going with its liquidation. Other major Lehman units in the United States, United Kingdom and Hong Kong still have not drawn up their plans for liquidation as their operations involve complex cross-border financial transactions, Reuters reported. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) NIS GROUP: May Become Insolvent After Incubator Bank's Bankruptcy ----------------------------------------------------------------- NIS Group Co. said Friday that it will book impairment losses on Incubator Bank of Japan stock and outstanding long-term loans to the lender, potentially leading to liabilities exceeding assets by as much as JPY3 billion for the interim half ending Sept. 30, The Nikkei reports. The Nikkei said the provider of business financing and credit guarantees held 9,720 shares of Incubator Bank, with JPY6.65 billion in long-term loans outstanding. Through last month, it had been part of a network of small and midsize businesses with close ties to the bank. As reported in the Troubled Company Reporter-Asia Pacific on September 13, 2010, Kyodo News said the Incubator Bank of Japan Ltd. filed for bankruptcy proceedings with the Financial Services Agency under the Deposit Insurance Law. The FSA is expected to invoke the deposit protection scheme for the first time since it was instituted in 1971. The protection covers up to JPY10 million in deposits and interest. According to Kyodo, sources said the bank may incur a capital deficit in its semiannual period through September. The bank had about JPY592.7 billion in deposits as of March 31, of which JPY68.6 billion had been deposited in excess of the JPY10 million threshold by some 4,800 depositors. Incubator Bank of Japan Ltd. is a Tokyo-based small business lender. ==================== N E W Z E A L A N D ==================== A2 CORPORATION: Posts NZ$2.19 Million Net Loss in June 30 Year End ------------------------------------------------------------------ A2 Corporation Limited reported an audited Group post-tax loss of NZ$2,193,973 for the 12 months ended June 30, 2010. This compared to a loss of NZ$3,528,057 for the 15 months ended June 30, 2009. The audited Group post-tax loss is made up of: * a2C operational loss of NZ$640,596 versus a budgeted loss of NZ$1,291,012, compared to a prior year operational loss of NZ$2,734,215 (Prior Year F2009 for 15 months). The full year F2010 operational loss was made up of a first half loss of NZ$544,185 and a second half loss of NZ$96,411. * Foreign exchange losses (realized and unrealized) of NZ$92,458. * Non cash expense of NZ$210,386 relating to share based incentive schemes for a2C's CEO & executive directors. * Costs of NZ$1,307,613 associated with the purchase of 50% of the Australian joint venture, A2 Dairy Products Australia Pty Limited (A2DPA) that a2C did not already own: i. Due diligence NZ$315,581 ii. Termination of CEO role NZ$500,000 iii. Incentive scheme expensed NZ$492,032 * Gain from NZTE grant of NZ$57,080 A pleasing aspect is the net level of cash of NZ$5,214,589 at year end (pre termination payments and approximately NZ$100,000 outstanding for due diligence costs). Over the past twelve months the Company has continued on a major transitional phase with the aim of building a global A2 milk business. This has been progressed with the intention of aligning all parts of the business. The most significant changes include: * The completed purchase by a2C of 50% of the Australian joint venture, A2DPA, which the company did not previously own. The benefits of this transaction include: - A united management team focused on building a profitable business undistracted by territory. The JV included the territory of Japan (a2C had the territory of Korea) and so a united market strategy in Japan and Korea was not able to be achieved. Following the acquisition an alignment and united strategy is now possible in Japan where functional foods are sought after products. - A2DPA had introduced a range of UHT milks and wished to export them however this had the potential to create issues with existing licensees in New Zealand. - An expansion of the product range including Yoghurt and further development in infant formula. - The repositioning of the Company, both internally and externally as a differentiated, premium priced, branded, fast moving consumer goods & ingredients business. This position is in contrast to the previously held view that a2C was an IP company. - A focus on dealing with legacy issues including licence agreement issues in a number of markets. About A2 Corporation New Zealand-based A2 Corporation Ltd. (NZAX: ATM) -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * The company incurred three consecutive net losses of NZ$6.3 million, NZ$5.08 million and NZ$448,800 for the years ended March 31, 2008, 2007 and 2006, respectively. The Company posted NZ$3.53 million net loss for the 15 months ended June 30, 2009. AORANGI SECURITIES: 2 More Hubbard Trusts in Statutory Management ----------------------------------------------------------------- The New Zealand Press Association reports that Commerce Minister Simon Power said Monday two more trusts established by Allan Hubbard have been put into statutory management. The Temple Bar Family Trust and Barns Charitable Trust were put into statutory management on recommendation from the Securities Commission, the report says. According to the report, the Commission made the recommendation after receiving a report from the statutory managers of Aorangi Securities, another of Mr. Hubbard's companies. The Temple Bar and Barns Charitable hold shares which are recorded as assets in Aorangi's financial statement, NZPA notes. NZPA says Graeme McGlinn has been appointed as an additional statutory manager for all corporations connected to Mr. and Mrs. Hubbard, including the trusts. As reported in the Troubled Company Reporter-Asia Pacific on June 23, 2010, Bloomberg News said New Zealand appointed statutory managers for Aorangi Securities Ltd. and seven trusts, which are associated with Allan Hubbard, to protect investors and prevent fraud. Citing Commerce Minister Simon Power's e-mailed statement, Bloomberg related that Mr. Hubbard and his wife are also subject to statutory management because they are so closely connected with the businesses. The seven charitable trusts included in the statutory management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and Wai-iti. Trevor Thornton and Richard Simpson of Grant Thornton were appointed as statutory managers. More than 400 investors in Aorangi Securities owed NZ$96 million have been told by the statutory managers they will not receive any return of capital or interest in the short term, stuff.co.nz said. Aorangi Securities was incorporated in 1974 and is solely controlled by the Hubbards. BLUE CHIP: SFO to Disclose Result of Probe on Collapse This Month ----------------------------------------------------------------- The Serious Fraud Office is expected to announce this month whether charges will be laid against any of those involved in promoting or running the Blue Chip schemes, The New Zealand Herald reports. SFO boss Adam Feeley said the investigation is in its final stages and an announcement is expected this month, the report says. Meanwhile, the NZ Herald adds, liquidator Jeff Meltzer has just issued the latest liquidation statements for the slew of collapsed Blue Chip companies. The liquidators report stated that a Queen's Counsel had found a range of options to pursue the directors -- but that "the liquidators need to obtain funding". According to the NZ Herald, the liquidators report said that investors' hopes of getting money back rested on the liquidators getting enough money to "issue proceedings against the directors and others." However, the funding was "uncertain" and the lawsuits would take a long time. Mr. Meltzer said he expects to tell investors whether funding is available by the end of the month, the NZ Herald notes. The NZ Herald says the liquidators report also stated not all Blue Chip companies would be sued and which they would only be identified if the money is found for lawsuits. Only investors owed money by those companies had any hope of getting anything out of the case. About Blue Chip NZ Blue Chip New Zealand Ltd. is a financial services company with offices throughout New Zealand. It is a subsidiary of Blue Chip Financial Solutions Limited, now known as Northern Crest Investments. Northern Crest operates in two divisions: financial services and leasing services. The financial services division is engaged in the provision of financial structuring services and investment product to a variety of clients. The leasing activities division is engaged in rental of residential property. * * * As reported by the Troubled Company Reporter-Asia Pacific on April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary liquidation, joining 20 other Blue Chip companies that are now being wound up. NATHANS FINANCE: Former Execs Try to Block Banning Report --------------------------------------------------------- Former Nathans Finance directors Roger Moses and Don Young have asked the High Court to prevent the Registrar of Companies from receiving a report that could see them banned as directors, BusinessDay.co.nz reports. BusinessDay.co.nz says Gary Stevens, a director of Nathans' parent company VTL Ltd, is also a plaintiff in the action -- a judicial review aimed at blocking the Ministry of Economic Development from handing over the contentious report. According to BusinessDay.co.nz, John Hotchin and Mervyn Doolan, also former Nathans directors, are not named in the proceeding. But Mr. Doolan's lawyer Nathan Gedye said each has filed an application to the court in Auckland and an agreement has been struck with the registrar where the final decision will apply also to them, BusinessDay.co.nz relates. BusinessDay.co.nz discloses that the matter was called in the High Court on September 13 and adjourned until November, when Justice Graham Lang said a date would be set for a substantive hearing early next year. About Nathans Finance Nathans Finance Ltd went into receivership when the finance company's trustee, Perpetual Trust Limited, appointed receivers on August 20, 2007. The company owed approximately NZ$174 million to some 7,000 investors. Nathans Finance is a wholly owned subsidiary of VTL Group Limited, which also went into receivership in November 2008. VTL Group owns a number of vending machine related businesses which operate in New Zealand, Australia, North America and Europe. ===================== P H I L I P P I N E S ===================== PHILIPPINE AIRLINES: Has Yet to Decide on Strike Notice ------------------------------------------------------- BusinessWorld Online reports that Philippine Airlines is letting the legal process "take its due course" after flight attendants and stewards filed a notice of strike last Thursday to force to flag carrier to improve its offer in collective bargaining talks. PAL spokeswoman Ma. Cielo C. Villaluna said the airline's management has yet to decide what it would offer to members of the Flight Attendants' and Stewards' Association of the Philippines (FASAP), according to BusinessWorld. "PAL management will strike a balance between what the union desires and what we can afford to give," BusinessWorld quoted Ms. Villaluna as saying. "PAL management is leaving it up to DoLE at this point to do what it deemed best under the circumstances." The FASAP filed a notice of strike with the Department of Labor and Employment (DoLE) following a deadlock over retirement policies and wage increases. The group withdrew from mediation talks with the management Aug. 18. BusinessWorld notes that FASAP claims the PHP80-million package offered by the management was not enough for 1,600 members, noting that many members of the cabin crew have not been getting the minimum wage. BusinessWorld Online reports that Philippine President Benigno Simeon C. Aquino III has reiterated his warning that the implementation of an "open skies" policy would be hastened if PAL and its employees failed to resolve the issue. About Philippine Airlines Philippine Airlines -- http://www.philippineairlines.com/-- is the Philippines' national airline. It was the first airline in Asia and the oldest of those currently in operation. With its corporate headquarters in Makati City, Philippine Airlines flies both domestic and international flights. First taking off in 1941, the carrier has grown into a fleet of about 40 aircraft (including five Boeing 747-400s) flying to more than 20 domestic points and about 30 foreign destinations. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2010, the Manila Bulletin said that the Philippine Airlines is to spin off its three non-core units as a last resort to avoid bankruptcy. PAL will spin off its three non-core units: inflight catering services; airport services, including ground handling, cargo handling and ramp handling; and call center reservations, the Manila Bulletin said. The PAL Employees Union estimated that 2,000 to 4,000 employees assigned to those departments could be retired. PAL said competition from overseas carriers, slower global economic growth, and higher oil prices had prompted the airline to slash its non-core businesses. The carrier had approached several investors but failed to secure financial help, and equity had dropped to a worrisome US$1.1 million as of February 2010, according to the Manila Standard. The TCR-AP, citing BusinessWorld Online, reported on July 28, 2010, that Philippine Airlines announced a narrower loss for its fiscal year that ended March 2010 to $14.3 million, from the previous year's $297.8 million, but warned of still weak demand for international flights. =============== X X X X X X X X =============== * BOND PRICING: For the Week September 6 to September 10, 2010 -------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07 AINSWORTH GAME 8.00 12/31/2011 AUD 0.98 AMP GROUP FINANC 9.80 04/01/2019 NZD 1.03 ANTARES ENERGY 10.00 10/31/2013 AUD 1.86 BECTON PROP GR 9.50 06/30/2010 AUD 0.19 CBD ENERGY LTD 12.50 01/29/2011 AUD 0.14 CHINA CENTURY 12.00 09/30/2010 AUD 0.85 EXPORT FIN & INS 0.50 12/16/2019 AUD 61.45 EXPORT FIN & INS 0.50 06/15/2020 AUD 59.63 EXPORT FIN & INS 0.50 06/15/2020 AUD 61.76 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.45 GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.91 GRIFFIN COAL MIN 9.50 12/01/2016 USD 61.00 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.71 MINERALS CORP 10.50 09/30/2011 AUD 0.25 NEW S WALES TREA 1.00 09/02/2019 AUD 68.15 NEW S WALES TREA 0.50 09/14/2022 AUD 54.85 PRAECO P/L 7.13 07/28/2020 AUD 74.74 RESOLUTE MINING 12.00 12/31/2012 AUD 1.13 SUN RESOURCES NL 12.00 06/30/2011 AUD 0.45 TREAS CORP VICT 0.50 08/25/2022 AUD 55.60 CHINA ----- CHINA GOV'T BOND 1.64 12/15/2033 CNY 64.60 SUZHOU HI-TECH 5.50 11/09/2014 CNY 55.96 ZHANGJIANG GRP 3.87 06/10/2012 CNY 73.52 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 35.83 INDIA ----- L&T FINANCE LTD 8.40 03/08/2013 INR 8.15 PUNJAB INFRA DB 0.40 10/15/2024 INR 26.33 PUNJAB INFRA DB 0.40 10/15/2025 INR 24.03 PUNJAB INFRA DB 0.40 10/15/2026 INR 22.04 PUNJAB INFRA DB 0.40 10/15/2027 INR 20.25 PUNJAB INFRA DB 0.40 10/15/2028 INR 18.62 PUNJAB INFRA DB 0.40 10/15/2029 INR 17.16 PUNJAB INFRA DB 0.40 10/15/2030 INR 15.85 PUNJAB INFRA DB 0.40 10/15/2031 INR 14.66 PUNJAB INFRA DB 0.40 10/15/2032 INR 13.58 PUNJAB INFRA DB 0.40 10/15/2033 INR 12.61 PYRAMID SAIMIRA 1.75 07/04/2012 USD 12.43 JAPAN ----- AIFUL CORP 1.20 11/22/2012 JPY 59.88 AIFUL CORP 1.22 10/19/2015 JPY 45.90 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 61.69 JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 61.02 SHINSEI BANK 5.62 12/29/2049 GBP 72.75 TAKEFUJI CORP 9.20 04/15/2011 USD 61.50 TAKEFUJI CORP 9.20 04/15/2011 USD 61.50 TAKEFUJI CORP 4.00 06/05/2022 JPY 53.47 MALAYSIA -------- ADVANCED SYNERY 2.00 01/26/2018 MYR 0.07 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.28 CRESENDO CORP B 3.75 01/11/2016 MYR 0.91 DUTALAND BHD 6.00 04/11/2013 MYR 0.36 DUTALAND BHD 6.00 04/11/2013 MYR 0.92 EASTERN & ORIENT 8.00 07/25/2011 MYR 1.10 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.11 KUMPULAN JETSON 5.00 11/27/2012 MYR 0.91 LION DIVERSIFIED 4.00 12/17/2013 MYR 1.66 MITHRIL BHD 3.00 04/05/2012 MYR 0.61 NAM FATT CORP 2.00 06/24/2011 MYR 0.06 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.52 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.19 OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.20 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.65 REDTONE INTL 2.75 03/04/2020 MYR 0.08 RUBBEREX CORP 4.00 08/14/2012 MYR 0.94 SCOMI ENGINEERING 4.00 03/19/2013 MYR 1.06 SCOMI GROUP 4.00 12/14/2012 MYR 0.10 TATT GIAP 2.00 06/06/2015 MYR 0.70 TRADEWINDS CORP 2.00 02/08/2012 MYR 0.77 TRADEWINDS PLANT 3.00 02/28/2016 MYR 0.83 TRC SYNERGY 5.00 01/20/2012 MYR 1.10 WAH SEONG CORP 3.00 05/21/2012 MYR 2.50 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.25 YTL CEMENT BHD 5.00 11/10/2015 MYR 1.95 NEW ZEALAND ----------- ALLIED FARMERS 9.60 11/15/2011 NZD 3.93 ALLIED NATIONWIDE 11.52 12/29/2049 NZD 28.00 CONTACT ENERGY 8.00 05/15/2014 NZD 1.05 FLETCHER BUI 8.50 03/15/2015 NZD 7.50 FLETCHER BUI 7.55 03/15/2011 NZD 7.15 GMT BOND ISSUER 7.75 06/19/2015 NZD 0.08 INFRATIL LTD 8.50 09/15/2013 NZD 7.90 INFRATIL LTD 8.50 11/15/2015 NZD 8.90 INFRATIL LTD 10.18 12/29/2049 NZD 61.00 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.33 MARAC FINANCE 10.50 07/15/2013 NZD 0.96 NZ FINANCE HLDGS 9.75 03/15/2011 NZD 47.15 SKY NETWORK TV 4.01 10/16/2016 NZD 5.62 SOUTH CANTERBURY 10.50 06/15/2011 NZD 1.00 SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.66 ST LAURENCE PROP 9.25 07/15/2010 NZD 53.58 TOWER CAPITAL 8.50 04/15/2014 NZD 1.03 TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.90 TRUSTPOWER LTD 8.50 03/15/2014 NZD 7.30 TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.03 TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.00 UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.03 VECTOR LTD 7.80 10/15/2014 NZD 1.00 VECTOR LTD 8.00 12/29/2049 NZD 7.00 SINGAPORE --------- BLUE OCEAN 11.00 06/28/2012 USD 25.75 DAVOMAS INTL FIN 5.50 12/08/2014 USD 66.26 NEXUS 1 PTE LTD 10.50 03/07/2012 USD 0.06 SENGKANG MALL 4.88 11/20/2012 USD 0.10 SENGKANG MALL 8.00 11/20/2012 USD 0.10 UNITED ENG LTD 1.00 03/03/2014 SGD 1.52 WBL CORPORATION 2.50 06/10/2014 SGD 1.81 SOUTH KOREA ----------- DAEWOO MTR SALES 6.55 03/17/2011 KRW 70.71 DONGSAN DEVELOPM 3.50 05/08/2011 KRW 12.12 DONGYANG TELECOM 6.00 07/17/2012 KRW 69.53 DONGYANG TELECOM 6.00 07/02/2013 KRW 45.37 HOPE KOD 1ST 8.50 06/30/2012 KRW 34.27 HOPE KOD 2ND 15.00 08/21/2012 KRW 30.51 HOPE KOD 3RD 15.00 09/30/2012 KRW 30.52 HOPE KOD 4TH 15.00 12/29/2012 KRW 30.61 HOPE KOD 6TH 15.00 03/10/2013 KRW 39.76 IBK 2008/12 ABS 25.00 06/24/2011 KRW 70.44 IBK 2009/13 ABS 25.00 02/03/2012 KRW 65.38 IBK 2009/16 ABS 25.00 09/24/2012 KRW 59.40 IBK 2009/17 ABS 25.00 12/29/2012 KRW 55.87 KB 10TH SEC SPC 23.00 01/03/2011 KRW 62.25 KB 10TH SEC SPC 20.00 01/03/2011 KRW 41.94 KB 11TH SEC SPC 23.00 07/03/2011 KRW 62.91 KB 12TH SEC SPC 25.00 01/21/2012 KRW 60.75 KB 13TH SEC SPC 25.00 07/02/2012 KRW 57.77 KB 14TH SEC SPC 23.00 01/04/2013 KRW 56.02 KDB 1ST SEC SPC 20.00 06/20/2013 KRW 72.72 KDB 5TH SEC SPC 15.00 01/04/2013 KRW 72.98 KDB 6TH SEC SPC 20.00 12/02/2019 KRW 52.95 KEB SEC 17TH SPC 20.00 12/28/2011 KRW 56.49 KEDCOM CO LTD 8.00 05/29/2012 KRW 46.06 NACF-13 ABS SPS 25.00 09/25/2010 KRW 73.22 NACF-14 ABS SPS 25.00 01/15/2011 KRW 60.25 NACF-15 ABS SPS 25.00 03/18/2011 KRW 59.17 ONE KDB 1ST ABS 12.00 12/13/2010 KRW 72.46 ONE KDB 1ST ABS 7.60 06/13/2011 KRW 29.26 OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 62.61 OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 62.38 SAM HO INTL 6.32 03/28/2011 KRW 72.53 SHINHAN 7TH SEC 20.00 12/14/2010 KRW 47.24 SINBO 2010 1ST 15.00 07/22/2013 KRW 30.43 SINBO 2ND ABS 15.00 08/26/2013 KRW 32.55 SINBO 3RD ABS 15.00 09/30/2013 KRW 32.60 SINGOK ABS 7.50 06/18/2011 KRW 51.47 SINGOK NS ABS 7.50 06/27/2011 KRW 51.53 SMI XVI ABS SPC 9.99 04/30/2011 KRW 74.40 VIETNAM -------- VIETNAM MACHINE 9.20 06/06/2017 VND 74.61 VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.66 VIETNAM-PAR 4.00 03/12/2028 USD 74.00 ********* 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 T. Fernandez, 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 ***